Full text of The Northwestern Banker : October 1960, 66th Year, No. 879

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

NOBIHWESTERN
l /U


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

l l M

l

f f

M Â k J JL

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

O
U
S
T HAVING HAPPIER EMPLOYEES
SERVING HAPPIER CUSTOMERS WITH
M

o s te fT a p e s )

ba^oicoirottttid m u s i c

N ow , at AM AZIN GLY LO W COST, you can
m ake your bank a w arm er, friendlier place in
w hich cheerful em ployees serve contented cus­
tom ers, sim ply by installing Mastertapes Back­
ground M usic.
Banks across the country w hich are now using
Mastertapes Background M usic report that their
custom ers do not fret w hile waiting as before.
And the banks also report higher em ployee
m orale and less em ployee fatigue.
And now you can get com pletely autom atic
background m usic without expensive wired
m usic line costs and the problem s o f record se­
lection and replacem ent.
Best o f all, you can obtain as m any com pletely
new instrum ental m usic program s from Mastertapes as you need — at LO W -CO ST MONTHLY
RENTALS.
The revolutionary Mastertapes cartridge is a
tape m agazine that is sim ply inserted into the
specially constructed autom atic M o o d M a s t e r

!

player. Then, custom ers and em ployees enjoy
the finest instrum ental m usic for hours w ith­
out repetition. The cartridge will play contin­
uously, without adjustm ent, unless you wish to
substitute a new program .
Mastertapes Background M usic is selected from
a library containing m ore than 12,000 selec­
tions of the finest instrumental m usic available.
You will not get any noisy jazz or rock and roll
m usic when you subscribe to the Mastertapes
Background M usic Service.
Make your custom ers happy and raise em ployee
m orale and efficiency with Mastertapes Back­
ground Music.

Mail Coupon For Complete Inform ation.
M A S TE R TA P ES M U S IC , INC.
709 R A I L R O A D A V E N U E
WEST DES M O I N E S , I O W A
Please see that I receive full in fo rm ation about the M A S T E R -

Maslerlapesj
M U S I C ,

I N C .

709 RAILROAD AVE. • WEST DES MOINES, IOWA • CR 4-1588

Distributor For CONLEY JVIoodJVIa ste r

T A P E S B a c k g ro u n d M u sic Service.

1 u nderstand that i am

u nd er no ob liga tio n to subscribe.
N A M E ..................................................................................
N A M E O F B A N K .................................................................
A D D R E S S .............................................................................
C IT Y ................................................S T A T E ..........................

N o. 879. Northwestern Banker is published m onthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines 9, Iowa. Subscription,
35c per copy, $3 per year. Entered as Second Class M atter January 1, 1895, at the Post Office at Des Moines, Iowa, under the A c t of March 3, 1879.


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

N orthw estern Banker, O ctober, 1960

S
I fe.
sr

«S
24
chofe*
C
T
>Y
1

■Qn

%?
16;

“ *?
o ."

Ota

3 £

vs ™
c fe.
$~
x-o
& . Su

3 ?

■tre
feR.
3 g.

3^

? s,

s
5I?°*
3o
3
a *&


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

5

Six More
Sorters
Delivered!
The Pitney-Bowes G /f^tw ?ial * Magnetic
Sorter . . . the practical, proved sorter
. . . has been delivered to six more
prominent banks.
These banks are among the first to prepare
for automated check processing methods
considered most expedient for the
clearing of 12 billion checks through our
nation’s banking system each year.
The Pitney-Bowes National Magnetic Sorter
utilizes the most advanced principles of
electronics as applied to Magnetic
Ink Character Recognition (M IC R ) of the
bankers’ Common Machine Language.

MELLON NATIONAL BANK AND TRUST COMPANY
PITTSBURGH PENNSYLVANIA

■:oc 3 0 - 0 0 ?&•: »•sos»' i ?3?#*

N A T IO N A L N EW AR K & ESSEX
Banking Company
NJ BWARK, N. J.

•:o 2 i e-'O oo n :

& s a i.—o a?s3»"

>M£4DOM'flÄOO#i
» « / « o n « / /»«/,
WEST HEMPSTEAD.

H E A D O F F IC E

Se c u r it y
66t SOUTH 8PHINO STREET LOS ANGELES

This sorter . . . first to be demonstrated . . .
first to be proved on actual bank check
sorting work . . . is now produced on an
increased manufacturing schedule. This
facility . . . coupled with most exacting
product-testing techniques . . . now provides
for the delivery of sorters each week to
banks— from coast to coast, and in each
Federal Reserve District.
Your nearby National representative will be
pleased to discuss the many advantages to be
obtained through use of the Pitney-Bowes
National Magnetic Sorter. He will answer
your questions regarding MICR, magnetic
ink imprinting and testing, and sorter
installation planning and operating
procedures. Call him now— it could be
one of your most important calls TODAY!

THE NATIONAL

»: ; 1 2o»'OOD3i:oo i -

e r g 's . Q L P E S

x~.J ìa t TÓ N a

First ««»Citizens National Bank
A l e x a n d r i a .Vi r g i n i a

i:o s

i c »'0

; o ? i:

l

- br

o b l

«*

BASE LINE BRANCH

A merican N ational B ank
SAN BERNARDINO. CAL

«U i 2 2» 1 5 3 7«: 3 0 3 «RLE,u*

CASH R EG ISTER COMPANY, Dayt on 9, Ohio

1039 O F F IC E S I N 121 C O U N T R I E S

aa

• 76 YEARS O F H ELPING B U S I N E S S S A V E M O N E Y

* TRADE

MARK

REG,

U.

S.

PAT.

OFF.

C/fcatwnal
ACCOUNTING MACHINES
ADDING MACHINES • CASH REGISTERS
ELECTRONIC DATA PROCESSING
ncr pa pe r

(No

C a r b o n R equired )

Northw estern Banker, O ctober, 1960


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

6

Roland Irvine Retires

out the nation . . . checks on

Roland C. Irvine, vice president of
The Chase Manhattan Bank, New
York, has been elected chairman and
chief executive officer of the American
State Bank in San
Antonio, Texas.
Mr. Irvine will
retire from Chase
Manhattan on No­
vember 30 but was
to move to San
Antonio about Oc­
tober 1 to assume
his new duties.
T h o m a s B e ll­
inger, vice presi­
R. c . IR V IN E
dent, will replace
Mr. Irvine as the officer in charge of
Chase Manhattan’s business in Arkan­
sas, Louisiana, Oklahoma and Texas.
Mr. Irvine joined the staff of the
National Park Bank of New York in
January of 1929 as a second vice presi­
dent. After the Chase National BankNational Park merger that same year,
he continued as a second vice presi­
dent of Chase National. In 1939 he
was promoted to vice president and
he retained that title after the Chase
National-Bank of the Manhattan Com­
pany merger in April of 1955.
Born in Little Rock, Ark., Mr. Irvine
attended Hendrix College and acquired
some early banking experience in the
Faulkner County Bank and Trust
Company in Conway, Ark. In 1915 he
joined Bankers Trust Company in Lit­
tle Rock where he was successively
assistant cashier, cashier, vice presi­
dent and cashier, and a member of
the board of directors.

Bergstrom

Name PR Firm

Thanks to a check, these tickets
became a reality . . . and contri­
buted to the pleasure of a mem­
orable evening. Every day thea­
tres receive orders by mail for
tickets accompanied by checks
drawn on many banks through­

safety papers pro­

vided by banks as a service to
their customers.
These check papers perform an
almost-infinite number of serv­
ices, quietly and efficiently . . .

and they are safe.

BERGSTROM

PAPER

COMPANY

N E E N A H , W I S C O N S I N

Northw estern Banker, O ctober, I960


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

The New York public relations firm
of George Green Associates has been
retained by the Mosler Safe Company
to handle its public relations. Jack
Coneybear will be the account exec­
utive.
P U B L IS H E R ’S S T A T E M E N T
Statem ent required by the A c t of Au gust 24,
1912, as amended by the Acts of M arch 3, 1933,
and July 2, 1946 (Title 39, U nited States Code,
Section 233) showing the Ownership, M anage­
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, 1960.
1. The names and addresses of the publisher,
editor, m anaging editor, and business managers
are : Publisher, Clifford DePuy, Des Moines, Iowa ;
Editor, Ben H aller, Jr., Des Moines, Io w a ; Presi­
dent, Malcolm K. Freeland, Des Moines, Iowa;
Associate Editors, W alter T. Proctor and Doyle
Minden, 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 9, Iow a; M al­
colm K. Freeland, President; Des Moines, Iowa;
Ben H aller, Jr., V ice President, Des Moines, Iowa.
3. The known bondholders, m ortgagees, and
other security holders owning or holding 1 per­
cent or more of total amount of bonds, m ortgages,
or other securities are : Malcolm K . Freeland,
President, Des Moines, Io w a ; Ben H aller, Jr., Vice
President, Des Moines, Iowa ; Clifford DePuy,
Chairman, Des Moines, Iowa ; Frances Prouty De
Puy, Des Moines, Iowa.
M a lc o l m F r e e l a n d , President.
Sworn to and subscribed before me this 12th day
of September, 1960.
(Seal)
B e n H a l l e r , J r ., N otary Public
(M y commission expires July 4, 1963)

IOW A’S FAVORITE CORRESPONDENT RANK

NATIONAL BANK
and Trust Company
D E S M O IN ES ,

IO W A

upon tlxe occasion of the
in Des Moines

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

'j

October 2 3 rd ....

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

we’ll be looking for you a t . . .

9wua's Fournie Cuw m pm idm l Bank
If there is anything any of our
officers can do to add to your
comfort and pleasure . . . while
attending the 74th Annual Con­
vention of the Iowa Bankers’

F R E D H. QU IN E R

Association, Des Moines, Iowa
... October 2 3 -2 6 th ... please pay
us a call. The "W ELCO M E" mat
is always out . . . to all visiting
bankers.

E M M E T T E. JOHNS

IR W IN A B R A M

V ice-President

W. G. K A N E

V ice-President

Vice-President

L. W. C A R T W R IG H T

H. C. W IN D E R

C. M. LARSON

Vice-President

Vice-President and Cashier

Assistant Cashier

F LO Y D L. M A D D E N

IV A N L. JOHNSON

M A R IE H U LD ER SO N

T. W A R D P H ILLIPS

Assistant Cashier

Assistant Cashier

Assistant Cashier

Assistant Cashier

R A Y G. JOH N STON

JOE D. YOUNG

Trust Officer

Trust Officer

R O B E R T R. S N Y D E R

Vice-President

E V E R E T T M. G R IF F IT H

Vice-President

W IL L IS O. CAIRO

Trust Officer


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

Trust Officer

In Its First Full Year of Operation
Individual Banking
Transactions Were Cleared Through...

Iowa’s Most

im e

C

CTi

U

and

Drive-In Bank

On September 8, 1959, our new drive-in bank was
formally opened for business. Its first full year
of operation far exceeded our fondest expectations,
as evidenced by the tremendous acceptance it
has received.
You are cordially invited to visit this unusual
drive-in banking facility during the 74th Annual
Convention of the Iowa Bankers Association. Even
if you have seen it previously a return call will
prove worthwhile to you.

*

T

e le p h o n e

CH

erry

3 -8 1 8 1

5th and Grand

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

D

es

M

o in e s

, Io

w a

5th and Locust

11

F l l i r IVives M i d -Y e a r T etá is
A SSETS of the 13,415 banks insured
x V by the Federal Deposit Insurance
Corporation totaled $274 billion on
June 15, 1960, Chairman Jesse P. W ol­
cott announced.
Though slightly below the level at
the beginning of 1960, total assets
were nearly 4 per cent greater than a
year earlier, conforming to the usual
pattern of growth.
Changes in deposits were similar to
those in assets. On June 15, 1960, de­
posits of all insured banks totaled
$242 billion. Capital and surplus ac­
counts advanced to nearly $23 billion,
and miscellaneous liabilities totaled
$9 billion.
Insured banks, consisting of 13,147
commercial banks and 268 mutual
savings banks, held approximately 96
per cent of the assets and deposits of
all banks in the nation.
Assets of insured commercial banks
increased $9 billion to a total of $241
billion during the year ended June 15,
1960. There was a $12 billion growth
in loans, a $4 billion increase in cash
items, and nearly $1 billion advance
in miscellaneous assets. Offsetting
about one-half of these additions to
assets, holdings of securities declined
$8 billion, most of the decrease occur­

ring in investments in United States
Government obligations.
Loans totaled $115 billion at mid1960, 12 per cent greater than a year
eariler. A new classification of loans
adopted in the December 31, 1959, call
took about $5 billion from the “com­
mercial and industrial” loan category,
and $1 billion from the “all other”
loan category, and placed them in a
new group called “loans to other fi­
nancial institutions” ; that is, financial
institutions other than banks. This
category totaled $7 billion on June 15,
1960. The apparent stability of “in­
dustrial and commercial” loans from
June to June was due to this abstrac­
tion, as well as the nominal decline in
“all other” loans. In addition to these
changes, consumer-type loans rose $3
billion and real estate loans about $2
bililon during the year.

let recommends for the first time a
solution to the problem of multiple
drawee checks — those checks which
are designated for payment at named
alternate banks. A solution to this
problem became a necessity when
automation of check handling became
a reality.

¡New A .B . . M a n u a l
The Bank Management Commission
of the American Bankers Association
has published a new manual, “ Check
Standards Under the Common Ma­
chine Language.” It was mailed to
the entire A.B.A. membership during
late September.
An important section of the book­

PUBLIC SERVICE display at the
Security First National Bank, Los
Angeles, is this display on the his­
tory of money. Arthur M. Gaines,
manager of the head office banking
department, looks over the display
with new accounts teller Celeste
Gilson. Included are 36 water color
paintings.

C e n t r a l N a t i o n a l Mo t o r Ba n k Us e s
STRUCTURAL CLAY PRODUCTS
To Best A d v a n t a g e . . .

T

HE Central National Motor Bank is an ex­
cellent example of imaginative and func­
tional use of structural clay products. All the
elements of eye appeal, durability, and cus­
tomer service were neatly combined by Wetherell and Harrison, Architects, to form a fresh
and modern concept to banking.

OLAR Screens supplied by Redfield Brick
and Tile Company were given the same
exterior color treatment as do Glazed Provin­
cials. Thus, all of the many desirable features
of Solar Screens were incorporated into the
structure without interrupting the color pano­
rama.

HE exterior Glazed Provincials face brick
from Des Moines Clay Com pany give an
exciting depth of color and hue without the
flat, anticeptic air sometimes associated with
glazed surfaces.

F course, clay tile from Redfield Brick & Tile
were used for the basement and Ottumwa
Buff Valour face tile for several exposed in­
terior walls.

T

HIS same modern theme is carried to the
inside of the drive-in teller windows where
Glazed Provincials are delicately combined
with Frosty Wire-Cut from Des Moines Clay
Com pany to give a friendly, warm appearance.

T

G O O D W IN C O M P A N IE S
ENGINEERING & PROMOTION OFFICES
614 Central National Bldg. 513 Foshay Tower
Des Moines, Iowa
Minneapolis, Minnesota
Phone AT 8-3387
Phone FE 6-6788


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

S

O

HE entire project was designed and con­
structed with an eye toward beauty, per­
manence, ease of maintenance, and of course,
customer service. W e are proud that structural
clay products were able to play an important
part in achieving this goal.

T

DES MOINES CLAY COMPANY
MASON CITY BRICK AND TILE COMPANY
0TTUM,WA BRICK AND TILE COMPANY
0SKAL00SA CLAY PRODUCTS COMPANY
REDFIELD BRICK AND TILE COMPANY
N orthw estern Banker, O ctober, 1960

12

A n n ou n ee ¡H eb o id 's S e w W in d ow
NEW view in drive-up banking
is provided by the new pano­
ramic drive-up window introduced by
Diebold, Inc., for the American Bank­
ers Association Convention in New
York City last month.
“The Panoramic combines all the
best features of Diebold Equipment
with innovations that make the most
of motor banking for customer and
teller alike,” commented Raymond
Koontz, president of Diebold, in an­
nouncing the new window.
Seven new features support the Die­
bold claim that the panoramic is the
most efficiently designed and most
strikingly beautiful drive-up window
available today:

1. New Slant from Curb to Canopy:
A complete unit in itself tapering
gracefully from base to top for custo­
mer convenience, ease of teller trans­
actions and instant eye appeal.
2. New Speaker Design: Square
speakers on either side of deal drawer
which blend smartly with the modern
motif while providing improved con­
ditions.
3. New Drop-Front Deal Drawer:
Top and front of deal drawer auto­
matically spring open to permit a
clear opening for customers to reach
in.
4. New Window Beauty: New ex­
truded seal, replacing unsightly putty,

DIEBOLD’S
window.

new

panoramic

drive-up

joins frame and window in one
smooth, graceful line.
5. New Weather Protection: Hid­
den rain spout carries away water
without splashing while overhanging
canopy provides weather protection.
6. New Hi-Fi Intercom System: Au­
tomatic speaker with sensitive volume
pick-up improves communications,
speeds up transactions.
7. New Easy-to-Reach Call Button:
Conveniently placed at left of win­
dow within easy reach of motorist at
all times, even when drawer is ex­
tended.

Mamed Board Member

............ builds experience! And City National has been called upon to plan
many successful pension and/or profit-sharing programs fo r a wide
variety of businesses. A special division o f our Trust Department has
built a wealth of experience, pioneering and perfecting standardized pen­
sion and profit-sharing plans. W e’ve helped many businesses adapt these
proven plans to their special needs at considerable savings in “ set-upcost” ; a “ trade-secret” we are glad to share with our more than 1,000
correspondent banks.
Your Kansas City Account Is Cordially Invited

CITY N A T IO N A L B A N K
and Trust Company of Kansas City, Missouri
10TH & G R A N D • K A N S A S CITY 4-1, MIS SOU RI
Established 1913 • Member Federal Deposit Insurance Corporation

Worthwestern Banker . O ctober, 1960

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

T. M. Thompson, president of Gen­
eral American Transportation Corpo­
ration, has been elected to the board
of directors, American National Bank
and Trust Compa­
ny, Chicago, Law­
rence F. Stern,
chairman of the
board, announced
r e c e n t l y . Mr .
T h o m p s o n tills
I the vacancy created by the recent
. '0k heath of William
J. Stebler, former
president of GenT. M. T H O M P S O N
1
.
.
eral A m e ri c a n
and an American National board mem­
ber for six years.
Mr. Thompson joined the Cleveland
office of General American in 1939, fol­
lowing his graduation from Western
Reserve University of Cleveland. In
1952, he was transferred to the corpo­
rate headquarters in Chicago, being
named vice president of the Tank Car
Division in 1958. In April of this year
he was elected to the presidency of
General American, known primarily
for its fleet of 65,000 freight cars which
it leases to shippers and railroads.

how to make your new
quarters investment
pay maximum dividends
Your investment in new quarters is pro­
tected, and pays its biggest dividends,
when every detail is planned right from
the start. That’s the kind o f “ profit engi­
neering” you get from Bank Building
Corporation’s skilled analysts, the experts
who work with you to pinpoint your
requirements before a line is drawn on
paper. Because they know both banking
and building, they make sure you get the
most and the best bank for your money
. . . new quarters that not only look
attractive, but function efficiently and
profitably at minimum operating cost.
The practical planning o f these experi­
enced analysts is a big reason why more
than 3,500 bankers have chosen Bank
Building Corporation as their designer.

OF AMERICA

ST. LOUIS, 1130 H AM PTON A VEN U E
NEW YORK • C HICAGO • SAN F RA N C ISCO
ATLANTA • DETRO IT • A U ST IN


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

His shoeleather keeps your money one step ahead
The man from Chemical New York wears
out a lot of shoeleather in your service.
He makes the rounds gathering vital in­
formation for you and your customers. His
travels can help you in developing new
business in your part of the country.
But he puts much more than just shoe­
leather at your service. He gives you the
financial experience and know-how a man
can get only in New York, the world’s
financial capital. And he also makes avail­
able to you grass-roots information gath­

ered by our team of traveling bankers who
visit Main Streets all over America. We
call this the “ hometown touch.”
Isn’t this combination of hometown
knowledge and metropolitan know-how
what you’re looking for in a correspond­
ent bank? Call “ The New York Banker
with the hometown touch,” and find out
how he can keep you and your customers
a step ahead. Chemical Bank New York
Trust Company, New York 15.
Member Federal Deposit Insurance Corporation

r\

Total banking
ind trust services
•es
here and abroad

y
Chemical Bank
NewYork, ini,si, (iompany
Northw estern Banker, O ctober, 1960


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

i

Oldest Financial Journal West of the Mississippi

for your O C T O B E R , I960, reading

D ea r E d ito r

6 6 th

Year

No. 879

ED IT O R IA L S
22

Across the Desk from the Publisher

4
15
19

Frontispage “ Autumn Melody”
Dear Editor
Carl A. Bimson— A President of Vision and Vitality— Clifford
De Puy
Our “ Gilt” Edged 4-H Program— A rthur D. Norman
Cost Squeeze Hits Cattle Ranchers, Feeders— Ben Haller, Jr.
Carl A. Bimson Heads A.B.A.— Malcolm K. Freeland
Bankers Must SELL— Reed Sass
Bankers You Know— O. Paul Decker
Group Officers Report on Farm Conditions— A N orthwestern
B anker Survey
Bond Price Rise Encourages Advance Treasury Refunding—
Raymond Trigger

FEATURE A RTICLES

25
26
28
32
33
34
36

‘‘■Brings News Each Month”
“Linus

Southwick

and I read the
N orthwestern B anker each month with a
great deal of interest as it brings news of
people and things that are very near and
dear to our hearts. You are doing a fine
job and are to be congratulated.
“ I was hopeful that I could be in Ne­
braska for the October 12 convention but
as I will be moving the family into the
Glendale area at about that time, my hopes
are growing dim.”
Clarence C. Jones, Vice Pres­
ident and Cashier, Valley
National Bank, Glendale 3,
California.

IN SU R A N C E
67

Selling in a Farm Market— Ken Linafelter

STATE B A N K IN G N E W S
Minnesota
Twin City
South Dakota
Sioux Falls

News
News
News
News

73
74
81
82

83
84
86
87

North Dakota News
Montana News
Colorado News
Wyoming News

N E B R A SK A C O N V E N T IO N SEC TIO N
89
90
95
96
98
100
102
104
107

63rd Convention Program
Lincoln : Host Convention City
Omaha News
Lincoln Banking Houses
Nebraska Bankers Convention Committees
NBA Presidential Profiles
Lincoln News
You Will See Them at the Convention
Omaha’s Amazing Growth Sets New Pace for Decade of Prog­
ress— Ralph E. Kiplinger

111
112
116
120
122
126

74th Annual Convention Program
Two IBA Presidential Candidates
Des Moines Bankers Are Convention Hosts
Iowa State Banking Board
Persons You Will See at the Convention in Des Moines
Des Moines News

146
147
148
148

Bankers Market Place
Index o f Advertisers
In the Directors’ Room
Conventions

IO W A C O N V E N T IO N SEC TIO N
“ Interested in
Compensating Balances”
“ I read with interest the survey on com­
pensating balances in the August issue of
the N orthwestern B anker. I noticed ref­
erence to a forthcoming article on the same
topic. I would appreciate it very much if
you could send me a copy of the journal
containing this article or a reprint of the
article.
“ I f you happen to know of any other
source of information on this subject, I
would be very grateful if you would call it
to my attention.
“ I spent six weeks on a fellowship with
the Marine Midland Trust Company of New
York this summer and became very much
interested in this topic.”
Egon Neuberger, Assistant
Professor, Departments o f
Economics, Amherst College,
Amherst, Massachusetts.

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

O TH ER FEATURES

NORTHWESTERN BANKER
306 15th Street, Des Moines 9, Iowa, Telephone CHerry 4-8163
Publisher

Associate Publisher

Clifford De Puy

Editor

Malcolm K. Freeland

Ben J. Haller, Jr.

Associate Editor

Associate Editor

Walter T. Proctor
Advertising Assistant

Elizabeth Cole

Doyle Minden
Circulation Department

Lena Sutphin
AI Kerbel

Auditor

Margaret Huffman
Field Representative

Field Representative
Paul Masters
Frank P.Syms, Vice President, 505 Fifth Ave., Suite 1806, New York, MUrray Hill 2-0326
Milton P. Bock, Vice President, 654 Baker Building, Minneapolis, FEderal 6-5357

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

Northw estern Banker, O ctober, 1960

16

T a len ti Sonrías 31 i eêirosi Steiß ion
AMES TALCOTT, INC. has an­
nounced the formation of a mid­
west region, under the direction of
Russell R. Campbell, regional vice
president. It will consist of Talcott
district offices in Chicago, Detroit and
Minneapolis.
Mr. Campbell, who has also been
appointed to Talcott’s executive com­
mittee, announced the appointment of
Russell B. Donahue to succeed him as
general manager of the Chicago dis­
trict. Maurice H. Schwartz, vice pres­
ident, is general manager of the De­

J

troit district, and Donald E. Bates is
general manager in Minneapolis.
Other appointments for the new
Midwest Region include Oran W.
Hark, who was named regional oper­
ations manager; Richard J. O’Connor,
regional sales manager of the com­
pany’s commercial finance division;
and Clarence A. Adams, regional sales
manager for the company’s industrial
time sales division.
Mr. Campbell, who joined the com­
pany in 1955 as vice president in
charge of the Chicago district, had

R. R. C A M P B E L L

R. B. D O N A H U E

been associated with General Electric
Company for more than 25 years.
Mr. Donahue joined Talcott’s Chi­
cago office in 1958, after serving as an
assistant vice president and divisional
sales manager of Commercial Credit
Corporation for seven years.

October 4-H Drive

Entry a fte r entry,
t h e y ’ ll t h a n k y o u
fo r the c o n v e n ie n c e

C o lu m b ia n
A rt W o rks

of

POCKETBANKER

And filler after filler, your customers will buy personalized checks
. . . and help remove your cost of handling free checks.
The Pocket Banker is designed from the customers’ viewpoint.
It’s handsome . . . with the ease and accuracy of 100 per cent
vertical computation. It’s designed to sell!
When choosing a personalized check service to represent your
bank . . . remember, only Columbian Art Works Pocket Banker
offers all these features:
• Name and address imprinted on every check.
• Choice of green, black, brown, blue or scarlet
cover attractively stamped with name in 24Kt.
gold.
• Checks available in most popular colors — blue,
buff, pink or green.
• Pocket or purse convenience. Fits neatly, folds
flat with no bulky check stubs.
• Checks numbered in advance. Provides safety,
saves bother, adds convenience for easy filing and
reference.

Appoints Three

Write for Columbian Art Works'

O PERA TIO N S O UTLIN E
Explains our tested, proved promotion that awakes customers to the
need for personalized checks. Shows you how to get maximum benefit
from the Columbian Art Works FREE 50 TRIAL ORDER PLAN.

WEST

CORNELL

STREET

N orthw estern Banker, O ctober, 1960


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

j

WORKS, INC.

COLUM BIAN
2300

•

MILWAUKEE

9,

The nation’s bankers are reaffirm­
ing their faith in America’s basic re­
source, our young people. During
October, it is an­
ticipated that well
over 2,000 banks
in 35 states and
Puerto Rico will
balance their lo­
cal 4-H Club sup­
port by contribut­
ing to the Nation­
al 4-H Club Foun­
dation.
Jesse W. Tapp
J. W . T A P P
of Los Angeles,
board chairman of the Bank of Amer­
ica, is bank chairman for the Na­
tional 4-H Sponsors Council, which
conducts the drive. In a kick-off
statement, Tapp asks bankers to join
him this year “in helping to develop
better citizens and future leaders.”
He adds, “At the same time, you will
be promoting good public relation­
ships for your bank and for the en­
tire banking fraternity.”

W ISCO NSIN

Appointments of William J. Slattery
and Raymond J. Stallings as assistant
secretaries of Manufacturers Trust
Company and Richard H. Moore, Jr.,
as an assistant treasurer were an­
nounced recently by Horace C. Flani­
gan, chairman of the board.
Mr. Slattery came to the bank in
1947. He is a New York University
graduate and is assigned to the bank’s
West Side office.
Mr. Stallings, a New York Univer­
sity graduate, joined the bank in 1950.
He is a U. S. Navy veteran of World
War II and is assigned to the bank’s
Rockefeller Center office.
Mr. Moore joined the bank in 1956.
He is a graduate of Cornell University
and is assigned to the bank’s National
department.

17

s s * * * - '

**■.

IN -N EW Y O R K ...
Your ^
, Make ' /rFirst Call
WHitehall 3-4800

THE
BANK
OF
NEW YORK

You will find officers o f
The Bank o f New Y ork here to
provide whatever inform ation
and assistance you may need
to accom plish your objectives
prom ptly and effectively
in New York.

N ew Y ork ’s F irst B ank • Founded 1784 • M ain Office: 48 W all St., New Y ork 15, N. Y.

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION


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

Northw estern Banker, O ctober, I960

&/--->
Combs J'Hazard
.Hy*«, (j£ ®—'—(Jenkins'- _
»• "'Copyright 1960 By 7 /V II. M .C O U S IIA C O M P /1

^

Don losch is the American National Bank
i

mm
ii

£
■■


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

-

19
C a rl A . B i niso n

A P resid en t
«/ Vision
tint! Yitulitfi

By CLIFFORD DE PUY
Publisher
NORTHW ESTERN BANKER

American National’s Don
Tosch covers the waterfront
in Chicago and-the port
cities of northern Indiana
one day . . . and the next day
he's likely to be in the
industrial areas of Ohio or
the blue-grass country of
Kentucky. Another American
National “ man in motion,"
Don is characterized by his

informality and friendliness
. . . and he’s typical of all
his associates. “ Banking
American National" means
doing business with folks
like Don Tosch who believe
that customers are more
important than anyone.
When you do business with
Don Tosch, you'll find
this to be true, too.

American
Aafional Bank
and Trust Company
of Chicago
LA SALLE at WASHINGTON • FRanklin 2-9200
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION


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

A LEADER in the economic growth of Ari­
zona—the new president of the American
Bankers Association, Carl A. Bimson.

Wall Street, LaSalle
N OTStreetfromor Market
Street comes the

new president of the American Bank­
ers Association—but from the land of
cactus and coyotes, sand and sage­
brush—from the city of Phoenix, in
the Valley of the Sun, where the past
two decades have witnessed one of the
most rapid economic growths in the
nation. Where only yesterday the
cowboys roamed and rode—today sky­
scrapers, supermarkets, modern homes
and a new industrial empire are ris­
ing to meet the needs and desires of
a fast growing population, and to sat­
isfy the demands of luxurious or mod­
est living.
In this expanding section of Arizona
lives the new president of the Ameri­
can Bankers Association, a man of
vision and vitality, Carl A. Bimson,
who as president of the Valley Na­
tional Bank has helped to make the
dreams come true of thousands of his
bank’s customers who have crossed
the threshold of his bank and its
branches to ask his advice and his
associates about financial problems.
In 1933 Mr. Bimson joined the Val­
ley National Bank when the deposits
were about $7 million. Today they are
$575,000,000 with a capital of $11,199,000 and surplus and undivided profits
of over $36,308,000.
In 1939 Mr. Bimson was made assist­
ant vice president of the bank; in
1940, vice president; in 1949, executive
vice president, and in 1953, president.
Also, in 1953 Mr. Bimson was presi­
dent of the Arizona Bankers Associa­
tion and in his own city of Phoenix
is a past president of the Chamber of
Commerce, Clearing House Associa­
tion and the Better Business Bureau.

From 1955 to 1958 he was chairman
of the Installment Credit Commission
of the American Bankers Association
and has become an authority on that
branch of commercial banking.
To the presidency of the American
Bankers Association Carl A. Bimson at
60 years of age, brings a wealth of
experience in banking and banking
association affairs, backed by the
power and stamina of a 200 pound
physique, 6 feet 2ya inches tall.
A prominent executive once said:
“ Successfully to accomplish any
task it is necessary not only that
you should give it the best there
is in you, but that you should ob­
tain for it the best there is in
those under your guidance.”
The N orthwestern B anker is sure
that Mr. Bimson will give “the best
he has” to make the coming American
Bankers Association administration
one of the most successful in its his­
tory.

Southwest Expansion
A new printing plant being built in
Dallas for the Todd Company Divi­
sion of Burroughs Corporation will
double production capacity in the
southwest, it has been announced by
Jack N. Friedman, division general
printing production manager.
In addition to replacing the present
Southwestern plant in Dallas at 1000
Belleview Street, the doubled floor
space of 40,300 square feet in the new
building will allow incorporation of
the division’s off-premise printing fa­
cilities, now housed at 126 Parkhouse
Street. Estimated cost is $375,000.
Northw estern Banker, O ctober, 1960

20
...

VITAL RECORD SECURITY PROGRAM

Are you doing a complete
DAILY
ITEMS microfilmed

“ On

U s’’

checks

Transit checks
Bond and Clearing House items
Commercial Account Led,
Consumer Loon Acc
Savings Account
Trust Departmen^
Loan Deparimer
Genera! Ledger
Genera! Ledger
Savings W ithdraw al^

filli

■s.g »

N orthw estern Bunker, O ctober, i960


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

m onthly

21

job of protecting your records?
W h e n you stop and think about it, it’s only smart
banking to microfilm all those records you would be
lost without.
No doubt you’re already taking care of many im­
portant bank records. But there may be some you’ve
overlooked . . . records you should be putting on film
regularly. Or it may be that you have only one micro­
film copy of these items . . . when it would be safer to
have a duplicate roll for ofif-the-premises storage.
Chances are you can set up a vital records security
program with your present microfilming equipment.
We will be glad to answer any question you may have
and help you get your program started.
And if you feel the need for newer, more automated
microfilming equipment, you’ll want to know more
about the new R e c o r d a k RELIANT 500 Microfilmer,
which lets you expose two rolls simultaneously, and
combines new speed and convenience.
W rite today for free booklet, “ Operation Prepared­
ness,” off ered to financial institutions as a public service.
Recordak Corporation, 415 Madison Avenue, New
York 17, N.Y.

^ R E 'C C IW D IÇ
(Subsidiary o f Eastman K o d a k C o m p a n y )

originator of modern microfilming
— now in its 33rd year
I N C A N A D A contact Recordak o f C a n a d a Ltd., Toronto


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

Northw estern Banker, O ctober, 1960

22

A C R O

S S

tit* D E S K

Lfumt tke PuMulic’i

(Dacia. William, $. (RsmduVucL:
President, Chemical Bank New York Trust Company,
New York.

If banks had popcorn, peanuts or prunes to
sell instead of “ service” it might be easier than
to promote the sale of an “ intangible” which the
operations of a bank represent.
Because of this it is your belief that “ good
public relations are so important.”
“ The essentially personal and confidential rela­
tionship between bank and customer makes it
imperative,” in your opinion, Mr. Rencliard, “ that
we emphasize continuing human relationships.
“ The sale of merchandise brings the seller an
immediate profit, but the opening of a bank ac­
count is an actual expense to the bank. Our
profit comes only through the continued patron­
age of the depositor, and we have to keep in mind
that he can easily take his business elsewhere . . .
and with it goes the profit.”
Thus the “ contacts” that each bank customer
has with any of the personnel, whether tellers or
top officials in the bank is most important indeed.

(Dsuxa, yiikilcL <S. JfhAJUAhdvw:
Soviet Premier, Moscow.

As we approach our national presidential elec­
tion on November 8, it is your belief that Richard
M. Nixon and John F. Kennedy are a “ pair of
boots— which is better the right or left b oot: It
would be difficult to distinguish between them.”
Maybe you can’t, but we can.
Among your other statements were these:
1. “ Both candidates are lackeys of monopoly capi­
tal.”
2. “ They are both representatives of big business.”
3. “ Their children will undoubtedly live under
Communism which will he brought about not
by the Russians but by the working class, the
H orthw estern Banker, O ctober, I960


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

working farmers, the working intellectuals of
the United States.”
Are the citizens of the United States so dissatis­
fied with the economic climate of this country that
they will willingly exchange our way of life and
living now, or in the future, for the Russian va­
riety ?
We do not think so—hut if there are those who
like Russia better and prefer Communism, then
let them move to your country and enjoy ? ? the
Russian family life in its “ two room, air conditionless, bathless apartment with its cracked plaster
and exposed wires and stale aroma from the com­
munal kitchen down the hall” as the Wall Street
Journal describes your “ living conditions.”
No, Mr. K, we have not yet succumbed to your
system based on lies, broken agreements, blasted
summit conferences — and God helping us we
never will— no matter whether Nixon or Kennedy
is President.

(Dsux/u

J fe ilA , JunAiotu:

President, New York Stock Exchange,
New York, New York.

In your public opinion survey conducted by the
New York Stock Exchange you found how impor­
tant the opinions o f bankers are when individuals
decide to purchase stocks.
Your survey gave these interesting facts:
1. In 1959 one in every eight adults, or 12.5
million people, owned stocks in one or more pub­
licly held companies.
2. Thirty-five percent of the total adult popula­
tion and 52 percent of adults who are already
shareowners want more information about common
stocks.
3. In seeking advice about investing in stocks
38 percent would ask a broker but 33 percent
would ask their banker.
This survey indicates most impressively the im­
portant place that bankers have in the minds of
prospective stock market investors.

23

Services of Experienced Bank Stock Brokers
Now Available Without Expense to the Seller
W hy em ploy "do it yourself" methods or ask your city cor­
respondents to find a buyer when the entire transaction can
be handled quickly and confidentially by an experienced
bank stock broker without expense to you?
W e are not trying to "kid" anyone— the broker must be
paid. But, at present, the dem and for good banks is such
that w e can arrange with the buyer to pay the finder's fee,
if your price is reasonable.

Henry H. Byers, President
Bank Stock Broker
Since Feb. 8, 1914

Here is How it Works:
1. You quote the price net to you and give us a definite commitment for a reason­
able period of time— sixty to ninety days.
2. One of our officers calls on you personally, analyzes your bank, your town
and trade territory and assembles the data which long experience has proven
to be necessary in order to present the merits of a bank opportunity to the
best advantage.
3. Your time is not taken up with a lot of bargain hunters and curiosity hounds,
pawing through your records seeking information.
4. Your proposition is presented only to a small, hand picked group of carefully
investigated buyers who have agreed in writing to treat all information sup­
plied by us as strictly confidential.
5. W e carry on all negotiations with prospective purchasers, separate the wheat
from the chaff, and make an appointment with you to show your bank when
our prospect is sold and ready to deal, subject only to confirmation of our
representations. More than 50% of our sales are made to the first or second
prospect introduced.

Buyers Available: W e have more than a dozen bona fide
purchasers who are actively in the market for majority
stock in a bank with assets of $10,000,000 to $15,000,000 and
many times that number who are equally anxious to pur­
chase majority stock in smaller banks.

Erwin W . Jones, Vice. Pres.
45 Years of Banking
5 Yrs.„ Bank Stock Broker

If you desire to sell, either majority stock or minority inter­
est carrying a top executive position, contact us by letter or
telephone. Let us counsel with you, without expense or
obligation on your part. All correspondence and negotia­
tions are strictly confidential.

Bankers Service Company
1301 Register & Tribune Building

Telephone ATlantic 2-7800

Des Moines 9, Iowa
Western Office:

E. G. Untiedt, Mgr., Box 1421, Colorado Springs, Colo.


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

E .G. Untiedt, Vice Pres.
25 Years of Banking
10 Yrs., Bank Stock Broker

Northw estern Banker, October, 1960

III
E s i IPs?
lar-ll

•1-ir-V,

*.. •*

vS

%tjl

¡ h h A lJ P
;>■ m

W v -*1
vl-jrfiiii;
f1

« " l*

¡S ¡!;

' t If l

ry VJ
iy i ' * *i

If?
J. ,_T___ L±-\
— • ' i

is p e o p l e l i k e t o m p a u l s o n —49, has-been golfer whose teen­
age son out-shoots him, Palm Springs weekender, member of three state bar asso­
ciations, called “ Doc” by his kids because he has Doctorate in Jurisprudence. 13
years with Security Bank, 4 years as head of the Central Division, Bank and Customer
Relations Department. Tom Paulson is the man to know when you want fast, sure
banking service. He brings to businessmen and bankers the complete facilities and

https://fraser.stlouisfed.org
services of the nation’s sixth largest bank SECURITY FIRST NATIONAL BANK
Federal Reserve Bank of St. Louis
SECURITY SERVICE

25

Our “Gilt” Edged
.*. ^

1-11 Program

F arrow ing T ime

V accinating T ime

INCE its beginning in 1941, the
Iowa State Bank, Des Moines, al­
ways has had a policy of promot­
ing and encouraging things worth
while in the community.
In keeping with this policy and our
desire to help promote and encourage
4-H work within the county, 10 years
ago we made available to the Polk
County Extension Office a purebred
gilt to be placed with some deserving
youngster for a 4-H club project.
This project was set up in a selfperpetuating nature. The gilt was
given to the first boy with these stipu­
lations: that the gilt and offspring
would become his property if he com­
pleted his project and showed the lit­
ter at the annual 4-H fair. Also, a
right was reserved to choose one gilt
from the litter to be given to a young­
ster the next year. The bank also pro­
vides for the breeding of the gilt.
This project has continued on for
10 years with varying degrees of suc­
cess. Every youngster has made
money from his project, ranging from
$350 to $46. It is estimated that 4-H
youngsters of Polk County have mar­
keted an estimated 350 head of hogs
from this project.
The bank does not choose the boy
to receive the project. This is done
by a committee appointed by the ex­
tension office, and usually is composed
of club leaders. The bank also asks
that the youngster should not be
chosen for his past accomplishments
in 4-H work, but rather on a basis of
need. If possible, a youngster who
has shown interest in 4-H work but
who might not otherwise have a club
project is chosen.
On several occasions, the youngsters
have been unable to pay their own

S


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

Growing T ime

feed bills for the project. In these
cases, the bank has paid for the feed
upon delivery to to the boy. Then
when the project was concluded and
the stock disposed of, the boy reim­
bursed the bank. Through the 10
years, the bank has had no unpaid
feed bills.
An agreement that is signed both by
the youngster and his father or legal
guardian, as the case may be, is held
by the bank. In this agreement, we
suggest the youngster follow some
good feeding practice, and require that
the pigs be vaccinated at weaning
time. Also, if there are other hogs on
the place, the project must be kept
apart from other hogs. It also is re-

THE AUTHOR, Arthur D. Norman, assist­
ant cashier and agricultural representative,
Iowa State Bank, Des Moines, congratu­
lates Jim Hill of Elkhart, the 1959 partici­
pant in the program.

S how T im e

quired that the boy give us a state­
ment of his profit or loss at the con­
clusion of the project, and that no
bills be left unpaid. We feel that if
we are starting someone in a live­
stock enterprise, we should start him
with a good foundation of breeding
stock and this is why we have stayed
with a purebred project.
The folks at the Iowa State Bank
are proud of the achievements of the
youngsters over the past 10 years. One
of the most satisfying aspects of the
project is working with the youngsters
and seeing them develop their project
and their own personalities. As these
things develop, their spirit and enthus­
iasm for the project increases in di­
rect proportion. Frankly, we feel it is
one of the most worth-while projects
we have done, and look forward to its
continued success for many years to
come.
The parents also have been most en­
thusiastic about this project, and have
4-H PRO G R AM . . .

(Turn to page 58, please)
Northw estern Banker, O ctober, 1960

26

Cost Squeeze Hits Cattle
B y BEN HALLER, JR.
Editor

A N K E R S , ranchers, feeders,
commission y ar ds men and
packers took part in a number
of meetings last month and agreed on
at least one important point—the
cost-price squeeze is pinching all
along the line.
For ranchers and feeders alike,
overhead has reached a certain level
below which it is difficult to go, and
increasingly easy to exceed.
For the 1960 fall outlook and the
immediate months ahead, it appears
that the law of supply and demand is
asserting itself in the livestock mar­
kets just as it has in past years.
Cattle population in the United States
is approaching 110 million head for
an all-time record, thus the supply is
ample. At the same time, near-record
crops mean that feeders will have
plenty of corn that can probably be
sent to market at the best price in
finished cattle.
Simplicity, however, is not a trade­
mark of the touch-and-go business of
ranching, feeding, slaughtering and
marketing. Side issues other than the
number of head and the amount of
corn have considerable bearing. Is­
sues such as weather, labor costs,
machinery costs, financing, shipping
and many others, plus the final say-so
from the one who foots the bill for the
entire livestock industry—the retail
purchaser, Mrs. Housewife.
Consequently, the fact that record
numbers of cattle are available today
from western ranch areas where mi­
nor to severe drouth has affected
certain sections, does not mean that

B

feeders can anticipate big runs with
producers willing to settle for any
price.
At the present time, based on in­
formation available from interviews
with men representing various parts
of the livestock industry, it appears
that the price range for yearling steers
is $24-$26, calves range from $23 to
$27, few cattle have been contracted
this year compared to 1959, and the
impending marketing of an exces­
sively high number of heavy cattle
in winter months will have some de­
pressing effect on the 1961 prices paid
at livestock markets.
Among the numerous meetings held
in recent weeks, ones in which bank­
ers had a major interest were these:
First National Bank of Omaha “ Beef
Cattle Conference” in mid-Sep­
tember.
First Stock Yards Bank of South
St. Joseph, Mo., annual “ Market

Day.”
Plymouth-Sioux County Bankers As­
sociation meeting to set advice to

feeders.
Central Bank, Central City, Nebr.,

Livestock Panel at Financial Fo­
rum.
Humboldt Auction Company, Hum­
boldt, Iowa, “ 1960 Livestock Out­

look” for 250 bankers from four
states.
Summaries from each of these meet­
ings show that the feeder and pro­
ducer are interested in the problems
of each man because improvements
in operations made by one eventually
aid the other. One rancher appearing

PANELISTS at First National Bank of Omaha “ Beef Cattle Conference” were (from
left): Julius Rohwer, pres., Farmers State Bank, Schleswig; Courtenay C. Davis, rancher,
Horse Creek, Wyo., Bruce Russell, pres. Farmers National Co., Omaha; James Hassler,
ag. econ., Ag. College, University of Nebraska, and John H. Litzelman, rancher-feeder,
Vermillion, S. D.
Northw estern Banker, O ctober, 1960


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

on a panel put it this way: “Feeders
are our best customers and we have
no intention of trying to ruin our best
market.”
Here are reports from these meet­
ings:
First of Omaha Conference

John R. Lauritzen, senior vice pres­
ident, introduced the following panel­
ists: Bruce Russell, president, Farm­
ers National Company, Omaha, mod­
erator; Courtenay C. Davis, rancher,
Horse Creek, Wyo.; James Hassler, ag
economist, University of Nebraska
College of Agriculture, Lincoln; John
H. Litzelman, rancher-feeder, Vermil­
lion, S. D., and Julius Rohwer, presi­
dent, Farmers State Bank, Schleswig,
Iowa.
Mr. Davis gave a report on a survey
of Wyoming he had just completed.
Water was short (mid-September) in
many places, drouth had badly limited
needed grazing supply, hay was be­
ing shipped in at premium prices
from $27 to $38 a ton, few cattle con­
tracted compared to previous year,
but held cattle and calves still in
pretty good shape. Mr. Davis said
Rock Springs people consider the sit­
uation as serious as in 1934. Twoyear old cattle are gone from Laramie,
but calves don’t wean until October
and November. Most yearling steers
were still on hand. At Casper, year­
lings priced at $24 but not many sold.
Bids of $23-$25 for yearling calves
were not being accepted. Prices at
Douglas were reported at $29 for steer
calves and $26 for heifer calves.
Mr. Litzelman, who does both feed­
ing and producing, said Sand Hills
cattle are in good shape. Excellent
rainfall gave an abundance of hay
this summer, replacing the hay sup­
ply that was used up through the
hard winter, when spring blizzards
took their toll of calves. Feeding area
conditions are good with corn all be­
ing cribbed this year after a good
spell of hot weather. Ranchers are
holding back here, also, for they think
prices too low. Runs had not started
(mid-September), will start soon.
Mr. Litzelman advises feeders to
use caution and try to maintain the
ranching-feeding operation balance in

,

27

Feeders

PAR TIC IPAN TS in livestock panel sponsored by Central Bank at Central City, Nebr.,
were (from le ft): Floyd Bond, farmer-rancher, Central City; Roy Baxter, feeder, Dannebrog; Lester S. Curran, livestock rep., 1st Continental National B & T, Lincoln; Frank
Siebert, mgr., Sand Hills Cattle Assn., Valentine, and Moderator John M. Shonsey, exec,

v.p., The Omaha National Bank, Omaha.

existence for many years. Feeder
should determine his feed inventory
and what he will need, the labor he
will need, availability of capital, his
credit, kind of cattle he should buy,
and when he should buy.
Mr. Russell said it appears ranch­
ers aren’t getting or won’t get the
prices they want and are reluctant to
sell, with little contracting this year.
Feeders, he said, also are holding back
because they think prices are too
high. He pointed out that 800,000
head were held back by ranchers in
1958 and the same in ’59, and these
heavy cattle have to move some time.
Mr. Rohwer made a statement sub­
scribed to by many people at the var­
ious meetings. Cattle well bought are
half sold. He said Iowa’s corn crop
is above the 10-year average for an
abundant supply. He feels the 110
million head of cattle in the nation
is getting dangerously high, especial­
ly when considering the things that
can happen. Drouth in the range
county can wreck fat cattle prices.
Mr. Rohwer said feeders appreciate
that ranchers need a good price but
feels feeders pay too much of the
fringe benefits. He urged feeders to
buy on Omaha or Sioux City or local
markets for their replacement cattle
rather than going 700 miles away.
“The matter of shrinkage and freight
can be a terrible thing, adding as
much as $3 to the cost,” he reminded.
The time is here when we can’t pay
a premium for feeder cattle.
Mr. Rohwer said from January,
1958, to July, 1960, the price of feeder
steers was consistently higher than
the price of slaughter steers. In July,
when the price of slaughter steers
averaged $23.75 and stockers and feed­
ers were down to $23, it was the first
time in two years and a step in the
right direction.
He urged feeders not to try to keep
buying more cattle than they could
handle, but settle for the efficient op­
eration and get their cattle to market

before getting replacements.
The matter of how many times a
year feeders should buy or market
received much discussion. Mr. Roh­
wer reported feeders in his area
mostly buy only once or twice a year,
but have enough diversification in
types that they market three or four
times a year.
First Stock YTards Bank

At this meeting, held for corre­
spondent banks from Missouri, Kan­
sas, Nebraska and Iowa, a panel of
feeders, livestock commission men
and packers said a big movement of
stockers and feeders is anticipated in
the next 60 days. It was reported that
plenty of feed is on hand and feeders
should make money on the cattle
they can buy at today’s prices and
feed out for market. Prices on fat
cattle will be up slightly in late Oc­
tober and November when stockers
and feeders taper off.
The president of Seitz Packing Com­
pany said the relationship of net
profits to net worth of packing com­
panies is the sorriest spectacle in
business today, with packers now
thinking that one per cent is a good
return. The lowest paid man in the
plant gets $2.90 an hour. He said 25
per cent of the animal is wasted, the
public wants center cuts, and conse­
quently the other cuts must sell
cheaper, with the profit coming from
better cuts of meat. He advised ranch­
ers and feeders there is a change in
beef demanded and best weights are
from 1,150 pounds live and down. The
retail customer is complaining more
and more about having to pay for ex­
cessive fat, causing refund claims
from the retailer to the packer. He
advises that lighter weight, well-fed
cattle are selling freely. The most
demand is in young animals carrying
from 750 pounds to 1,100 pounds go­
ing into choice grades. These animals
have not yet reached the point where
excessive feeding goes into fat.
The necessity for higher quality in
meat was stressed on several occa­

sions during the day. It was pointed
out that feeding of stilbestrol has
been drastically curtailed because it
apparently makes the critter tail high
and too broad, making the cattle lose
their best conformation.
The report from one man here that
the cost of starting with a 400 pound
calf and feeding it to 900 pounds is
approximately 22% cents is the same
as the cost reported by the Omaha
panel. Several of the men urged feed­
ers not to try to put substitute, lowgrade feeds in cattle, but to use good
corn at today’s lower price since they
are paying a good price for cattle and
should give them the best feeding.
The cost spread between well-fed and
cheap-fed cattle is not much and there­
fore not worth the gamble, they
stated.
As for the longer term outlook it
was felt that fat cattle would later
be selling for $2 per 100 pounds less
than this year. A price of $26 this
year is anticipated, while last year it
was $28.65 at St. Joe.
Plymouth-Sioux County

At a joint meeting in Alton, Iowa,
of Plymouth and Sioux County bank­
ers, it was felt that more cattle are
available on the range than can be
fed at this time, hence the feeders
should be able to barter more for a
better price than they have been able
to get the past two years. Feeders
were also advised by the bankers to
rely on experienced buyers before
closing deals for feeder cattle. The
group adopted these four points for
advice to feeders:
1. More cautious buying of range
cattle.
2. More willingness to dicker on
price, now that they are in the driver’s
seat.
3. Asking for, and capitalizing on,
the advice of experienced buyers be­
fore purchasing cattle to feed.
4. Buying cattle only when the
COST SQUEEZE . . .

(Turn to page 62, please)
Northw estern Banker, O ctober, 1960


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

28

Carl A. Bimson Heads
By MALCOLM Iv. FREELAND
President

NORTHWESTERN BANKER

REGISTRATION of more than
8,700 bankers from all of the
fifty states, the District of Co­
lumbia, U. S. Territories, and 11 for­
eign countries was announced at the
86th Annual Convention of the Amer­
ican Bankers Association held in New
York City last month.
Carl A. Bimson, president of the
Valley National Bank, Phoenix, Ari­
zona, was elected president of the
ABA, and a special cover story on
Mr. Bimson appears in this issue.
Other offices and division heads are
shown in photographs accompanying
this story.

A

Among the many pressing financial
and economic problems of both do­
mestic and international importance
on which the bankers of the nation
expressed their views were the finan­
cial aspects of economic growth and
the measures necessary to control in­
flation. The growing importance of
world markets for American products

N A T IO N A L B A N K D IV ISIO N officers are,
from left, Ben H. Wooten, president, chair­
man, First National of Dallas; Harold J.
Marshall, vice president, president, Na­

tional Bank of Westchester, White Plains,
N.Y.; John S. Coleman, outgoing president,
chairman, Birmingham (Ala) Trust Na­
tional Bank.
Northw estern Banker. O ctober, 1960


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

and the increasing competition af­
forded by other industrial nations also
received important consideration.
The session held by the Agricultural
Commission of the ABA was of spe­
cial interest to bankers throughout
N orthwestern

B anker

territory.

Archie K. Davis, chairman of the
board, Wachovia Bank and Trust
Company, Winston-Salem, N. C., told
delegates that “American agriculture
has done such an effective job of pro­
duction that progress is our most im­
portant problem.”
The situation, Mr. Davis said, is far
from hopeless and shows many bright
spots.
“ In spite of the general feeling that
agriculture is in a chaotic situation,
we should draw satisfaction from the
knowledge that in many areas of our
country the farmer is prospering, the
agricultural economy is healthy and
growing. Significant progress is be­
ing made in many areas and in many

TRUST D IV IS IO N officers are, from left,
Thomas H. Beacom, vice president, vice

president, First National of Chicago; Pres­
ident Robert R. Duncan, chairman, Har­
vard Trust Co., Cambridge, Mass.; and
Charles W , Hamilton, outgoing president
and senior vice president and trust officer,
National Bank of Commerce, Houston, Tex.

communities not supported by gov­
ernmental control and regulation.”
The subject of tax equality was dis­
cussed by many of the speakers, and
the new A.B.A. President, Carl A. Bim­
son, reaffirmed the stand taken by
bankers throughout the nation, in
making the following comments;
“Basically, the A.B.A. seeks tax
justice through tax uniformity. We
believe that the bad debt reserves
of commercial banks, savings banks,
savings and loan associations should
be made more realistic by bringing
them in line with the facts as indi­
cated by historical losses. This is
possible only by lowering the pretax
bad debt reserves of mutual institu­
tions and by increasing the pretax
bad debt reserves of the commercial
banks.
“We also believe that the pretax
dividend payments of mutual institu­
tions should be limited to the actual
interest portion of the total dividend.

STATE B A N K D IV IS IO N officers are pic­
tured at the 86th annual A.B.A. convention.
From left, those shown are Harry Eaton,
division president for 1959-60 and presi­
dent, Twin Falls (Idaho) Bank and Trust
Company; and Roland L. Adams, 1960-61
president, president, Bank of York, Ala.

A.B.A.
TOP OFFICERS of the A.B.A. elected last month are, from left, Merle E. Selecman,
executive manager, A.B.A., New York; new Vice President Sam M. Fleming, president,
Third National Bank in Nashville, Tenn.; new president Carl A. Bimson, president, Val­
ley National Bank, Phoenix, Ariz.; re-elected Treasurer I. F. Betts, president, The Ameri­
can National Bank of Beaumont, Tex.; and John W . Remington, 1959-60 A.B.A. president,
and president of the Lincoln Rochester Trust Company, Rochester, N.Y.

The net income or profit portion of
the dividend should be subjected to
the same treatment as is given all
corporations including commercial
banks. Finally, we believe that the
Treasury should incur no losses in
tax receipts as a result of changes in
the tax laws as applied to financial
institutions.”
Changes in the concept of personal
savings have created serious chal­
lenges to bank of the country, ac­
cording to Louis S. Finger, president,
savings and mortgage division and
president of the Andover Savings
Bank, Andover, Mass. Increased sav­
ings account activity was discussed
a great deal by delegates.
“Despite the increased competiti­
on,” Mr. Finger said, “bankers should
not be too pessimistic. However, we
as bankers should review our atti­
tudes and policies with regard to sav­
ings and adopt a new concept of
thrift banking.

SA V IN G S D IV IS IO N officers elected last
month are, from left, Gaylord A. Freeman,
Jr., president and president, First National
of Chicago; Louis S. Finger, past presi­
dent, president Andover (Mass.) Savings
Bank; and Roger L. Currant, vice presi­
dent, president, Fall River (Mass.) Na­
tional.

“ Banks should not treat savings
business as a mere sideline. We are
competing with those who are spe­
cialists in this field and who have de­
veloped extensive programs of thrift
education to insure the continual flow
of savings funds into their institu­
tions.
“ I think banks have an excellent
opportunity to demonstrate the need
for more individual savings and to
recommend that those savings be de­
posited in banks. If bankers make
the most effective use of the argu­
ments in their favor, banks should
be in a position to compete with other
institutions.”
Resolutions adopted at the second
general session included the follow­
ing:
Encouragement of flexible mone­
tary policies to aid the growth and
stability of our economy; encourage­
ment of avoiding large increases in
government spending at every mild

STATE ASSOCIATION D IV IS IO N officers
are, from left, Howard J. Morris, Jr., new

vice president, executive vice president,
Alabama Bankers Assoc.; William K . Men­
denhall, new president, executive vice pres­
ident, New Jersey Assoc.; and Carl E.
Bahmeier, Jr., executive manager, Cali­
fornia Assoc., outgoing president.

interruption of business activity; con­
tinued attention to the development
of effective means of eliminating large
balance of payments deficit; resisting
lengthening of maturities, reduction
of equities and downgrading of credit
standing in regard to consumer in­
stallment credit; continuing efforts to
eliminate existing inequities in the
taxation of financial institutions; op­
position to the establishment of a
federally-chartered mutual savings
bank system; continued support of
the savings bond program; and the
encouragement of all persons to par­
ticipate in the coming National elec­
tions.
In other important convention ac­
tivity, changes in the A.B.A. by-laws
and constitution were given unani­
mous approval.
One important change now allows
banks to become members of more
than one division of the Association.
The only limitation is that state banks
cannot join the national bank division
and national banks are limited to
their own division. All banks may be­
come members of the other division.
The new provision also eliminates all
distinction between regular and as­
sociate members. Also, the Savings
and Mortgage division was changed
to the Savings Division.
Other changes were laregly admin­
istrative and procedural.
The A.B.A. will hold its 1961 con­
vention at San Francisco and in At­
lantic City, N. J., in 1962.
The 1961 convention, with the San
Francisco bankers serving as hosts,
will be held October 15-18. The A.B.A.
has met in San Francisco on five pre­
vious occasions, most recently in
1949.
The bankers in the Atlantic City
area are already making plans for
the 1962 convention. The dates will
be September 23-26.— End.
N orthw estern Banker, O ctober, i960


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

30

FROM L E F T : Lester Crews, Sr., v.p., Gamble-Skogmo, Minne­
apolis; Goodrich Lowry, pres., Northwestern Bancorporation,
Minneapolis; Robert Zimmer, pres., First Natl. Bk., Mason City;

Gerald O. Nelson, v.p., Iowa-Des Moines Natl. Bk., Des Moines;
Mr. and Mrs. James* Kemper, Jr. Mr. Kemper is president of

Commerce Trust Co., Kansas City.

FROM L E F T : W . W . Summerwill, pres., Ben S. Summerwill,
ehm., Iowa State Bk. & Tr. Co., Iowa City; E. F. Buckley, pres.,
Central Natl. Bk., Des Moines; Warren L. Segertsen, director of

marketing and Frederick L. Dilsner, product planning and re­
search manager, Cummins-Chieago Corp., Chicago.

FROM LEFT John Hamilton II, pres., Merchants Natl., Cedar
Rapids; Fred H. Douglas, a.c., Omaha Natl.; Joe Knock, pres.,

Iowa State Sav. Bk., Creston, Iowa; D. W . Ernst, pres., Ameri­
can Tr. & Sav. Bk., Dubuque; Edward Burchette, chm., Valley
Bk. & Tr. Co., Des Moines.

Northw estern Banker, Oetober, 1960


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

31

v

r

.

«'■*' W' 3j

A . H. A
Convention
Pictures
FROM L E F T : Scott C. Pidgeon, pres., Bankers Tr. Co., Des Moines; R. K . Popple, v.p.,
Bankers Tr. Co., Des Moines; Carroll Burton, v.p., First of St. Louis; Leonard J. Schrewe,
v.p., First of St. Louis.

»
FROM L E F T : S. E. Coquillette, chm., Merchants Nat. Bk.,
Cedar Rapids; David Kennedy, chm., Continental Illinois Natl.
Bk. & Tr. Co., Chicago; Vivian Johnson, pres., First Nat., Cedar
Rapids; W m . F. Zinkel, pres., Palo Alto County St. Bk., Emmetsburg, Iowa; Henry Byers, pres., Bankers Service Co., Des Moines.

Photo at right, Curtis Lovre, pres., N.W. Security Natl., Sioux
Falls; Robert Walrath, pres., First Citizens Natl., Watertown,
S.D.; S. C. Young, v.p., First Natl, Aberdeen; C. C. Lind, pres.,
First Natl., Aberdeen W . Dan Heupel, v.p. & mgr., Mobridge
Branch, First Nat., Aberdeen.

H ank H old in g C om pang F o rm ed
LANS to form a bank holding
P
company w e r e announced last
month by Bankers Trust Company of
New York City and The County Trust
Company of Westchester. William H.
Moore, chairman of Bankers Trust
Company, and William L. Butcher,
chairman of The County Trust Com­
pany, issued a joint statement, which
said in part:
“Under the recent amendments to
the New York State Banking Law, an
application to establish a bank hold­
ing company requires consideration
by the New York superintendent of
banks and prior approval of the New
York state banking board. It must
also be submitted to the board of gov­
ernors of the Federal Reserve Sys­
tem for approval under the Federal

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

Bank Holding Company Act of 1956.
In addition, the proposal will be pre­
sented to the stockholders of both
banks.
“This proposed affiliation is consist­
ent with the resolution favoring state­
wide bank holding companies ap­
proved last year by the Council of
Administration of the New York
State Bankers Association and the
unanimous statements to the State
Legislature of all Westchester com­
mercial banks advocating statewide
holding company banking.
“ Both banks will continue to oper­
ate as state-chartered institutions re­
taining their present identity under
existing management and with their
present personnel.
“ It is now widely recognized in

banking circles that the bank holding
company is a proven method of pre­
serving unit banking and making it
more effective by providing reserves
of management skills and capital to
keep pace with our increasingly com­
plex and expanding economy. We be­
lieve, therefore, that our proposed
affiliation will benefit the communi­
ties and customers served by both
banks and is clearly in the public
interest.”
Bankers Trust Company has 46 of­
fices in New York City, two in Lon­
don and representation in Paris and
Rome. One June 30, 1960, its re­
sources totaled $3,143,025,096, and de­
posits were $2,754,021,344.
The County Trust Company has 40
offices in Westchester County. On
the same date, its resources were
$492,425,159 and d e p o s i t s totaled
$448,823,596.
Northw estern Banker. O ctober, 196&

32

Bankers

M ust SELL
Competition is doing it
and succeeding

. says REED SASS
President
Unancial Public Relations Association
Vice President
Fort Worth ISational Bank
Fort W orth, Texas

PUBLIC relations program suc­
ceeds or fails on salesmanship,
the vehicle by which products
and services are sold.
Since each of our financial institu­
tions is an artificial and intangible
entity in the eyes of the law, each
must be guided by human hands and
minds. Through this guidance each
institution takes on its own corporate
personality, creating an image. For
this image to be a warm, attractive
and well-regarded one, the human
hands and minds that guide must be
those of warm, attractive and wellregarded individuals.
The image or personality of a cor­
poration is established and nurtured
by its leaders, its guiding hands, its
management. The desire of the cor­
poration to provide its customers and
prospects with helpful, useful and
beneficial services or products must
be sold to every staff member through
continuous example by management
and by continuous staff training.
Business, Not a Profession
Banks and other institutions pro­
viding financial services are engaged
in a business as opposed to a profes­
sion. Because banking is a business
and not a profession it can and should
merchandise its services to the public
through staff effort devoted to:
(1) On-the-pre m is e s salesmanship

A

Northw estern Banker, O ctober, 1960


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

or selling additional services from
within the institution to our present
customers.
(2) Off-the-premises salesmanship,
or selling services through personal
calls on our more important pros­
pects and customers.
(3) Retailing mass appeal service
through recognized mass advertising
media.
The failure of banking to compete
successfully and sell its improved and
expanded services is evidenced in the
findings of the National Bureau of
Economic Research which shows that
while banks enjoyed a growth of total
assets from $10 billion to $218 billion
from 1910 to 1956, total assets of the
country’s financial system enjoyed a
growth from $18 billion to $691 bil­
lion. Thus, our bank’s share of the
assets of the country’s total financial
system declined from 56 per cent in
1910 to 31 per cent in 1956.
Just Beginning
That banks have only begun to tap
the rich market for their services is
further evidence by the Economic
Almanac for 1960 published by the
National Industrial Conference Board.
Out of a preliminary total population
estimate of the United States for 1959
made by the Bureau of the Census,
there are more than 177 million peo­
ple in our country. Of this popula­

tion, 42% million have personal
checking or savings accounts in the
insured banks of the nation. There­
fore, there are more than 134 million
people of all ages who do not have
bank accounts. All of these people
are not children, for we find there are
110 million men and women in our
country over 19 years of age. Based
on these figures, we find that less
than one out of three people over 19
have a checking or savings account
in an insured bank. We find there is
a vast market of more than 68 million
men and women past 19 who are po­
tential prospects yet to be sold ad­
vantages of a checking or savings ac­
count.
During the past 35 years we have
removed physical barriers between
ourselves and our customers, such as
barred windows, expanse of cold mar­
ble and solid brass fittings . . . now
we are working on mental inhibitions.
Yet, many of us refuse to put up a
sign while the competitor down the
street uses one to welcome customers
into his place of business. We ignore
“cluttering our lobby” with important
“point-of-sale” m e r c h a n d i s i n g and
cling to extravagant use of statement
of condition because it is dignified.
“Sell” to Masses

But banks can and do use advertis­
ing promotion that will sell services
with mass appeal.
One bank in 12 years, without ad­
vertising, accumulated 750 special
checking accounts. A competitor initi­
ated a special checking account serv­
ice with an advertising promotion
that opened nearly 1,800 accounts in
90 days and no prizes or premiums
were offered. Though it was a “hard
sell” promotion, the advertising bank
lost none of its corporate customers
and the only complaints were from
employees and staff members who
muttered about “bargain basement
tactics.” But the following year, the
promotion, using testimonials and pic­
tures of satisfied customers, was re­
peated to produce an additional 2,000
accounts. This time all of the old in­
hibitions remained concealed and un­
muttered.
What banks are allocating budgetwise to business development pro­
grams is not known. Surveys by the
F.P.R.A. and the A.B.A. reveal the in­
adequacy of the advertising budgets
of the more than 14,000 banks in the
nation. In 1957, when A.B.A. indi­
cated an advertising expenditure of
$100 million on all forms of advertis­
ing and production, General Motors,
according to Printer’s Ink, spent more
BA N KE R S . . .

(Turn to page 60, please)

33

H a n kers Van tin air

00. P a t t i H e c k e r
President
National Boulevard Bank
Chicago, III.

of the short work
week have not taken their clue
from O. Paul Decker, president
of the National Boulevard Bank of
Chicago. He began his banking career
some 40 years ago by reporting daily
for work at 6:30 a.m. His day ended
at 7:00 p.m.
Serving in his present capacity as
head of National Boulevard Bank for
the past four years, he has continued
to spend seven days a week planning
ways to make his institution grow and
prosper. In this short time, deposits
have increased from $69,000,000 to
$90,000,000; the bank has more than
doubled the size of its physical plant,
and new services have been added, in­
cluding a trust department, drive-in
banking, revolving credit, three park­
ing lots, budget checking department
and investment department. His great­
est challenge is for someone to say,
“ This can’t be done,” and then find
a way to do it. He recognizes that
many customers, successful in their
own business, are not experts on finan­
cial matters; that they know what
they want to do, but are not familiar
with statutes and techniques that may
prevent them from doing it.
Mr. Decker firmly believes that a
good banker never makes a loan un­
less he can see . . .
1. How it benefits the customer.
2. How can this be repaid?

A

dvocates

3.
How can a loss be avoided if plans that on Saturdays he locked the ledg­
ers in the vault at 3:00 p.m. He con­
do not work out?
He believes the most important sidered it a break when assigned to
problem in banking is that of bringing the savings teller window on Satur­
along personnel who are interested in days. That window remained open
banking business and will go out of until 6 p.m., entitling him to $1 extra
their way to give customers the serv­ pay and 75 cents supper money!
Mr. Decker’s business career is real­
ice to which customers are both en­
ly a series of diversified interests in
titled and expect.
Mr. Decker’s family roots stem from banking; including operations, invest­
deep in Iowa history. His mother’s ments and lending activities.
Following his graduation from the
family entered Iowa in 1850 and set­
tled in Oskaloosa. His mother was University of Chicago, he remained
born in Monroe, Iowa, and still lives there from 1924 to 1927 doing graduate
work and teaching. In 1927, he joined
in Burlington.
His wife, Alice, nee Thompson, can the S. W. Strauss & Company invest­
also claim an early Iowa heritage, her ment firm and in 1928 he became direc­
family having migrated to Iowa in the tor and treasurer of the Wolff Com­
pany.
mid-19th century.
From 1930 to 1956 he was on the
O. Paul Decker was born in Chicago
and began his education at Todd staff of the American National Bank
School for Boys at Woodstock, 111. In and Trust Company of Chicago as an
1924, he was graduated summa cum assistant cashier, assistant vice presi­
laude from the University of Chicago dent, vice president and chairman of
where he was a member of Lambda the investment committee succes­
Chi Alpha and Phi Beta Kappa fra­ sively.
During World War II, Mr. Decker
ternities.
One of his first positions in the finan­ served as a colonel in the General
Staff Corps of the Army where he was
cial world was with the Illinois Trust
Company (then located on the present assigned as general staff officer to
site of the Continental Illinois Nation­ Control Division Headquarters of the
al Bank and Trust Company). It was Army Service Forces. Serving with
him were men who have since become
in this job that he reported for work
at 6:30 a.m. to make the 7:00 a.m.
clearings in the Clearing House, and B A N K E R S YOU KN OW . . .
(Turn to page 64, please)
his day ended at 7:00 p.m. He recalls
Northw estern Banker, October, 1960


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

34

From Iowa and Nebraska

Group O fiieers R ep o rt on F orm
A NORTHWESTERN BANKER Survey

and b u sin e ss
conditions throughout the two
states of Nebraska and Iowa
have been sent in special reports to
the N orthwestern B anker by group
officers in both states. The reports
were based on conditions prevailing
in mid-September. Comments from
these men follows:

A

g r ic u l t u r a l

The trend is still away from the
farm. A good many farm sales are
already booked but it is not believed
there will be as many as in the past
two years. Retail business is good
but competition is keener and the
margin of profit is less.

N. T. TIEMANN
President
Commercial State
Bank, Wausa
HENRY
GRAMANN, JR.
Vice President
Adams State Bank
Adams
President
Group 1

G ENERALLY in the area we are
going to harvest the best crop of
corn in years. The per acre yield will
no doubt be the largest ever for dry
land. The total milo acreage is some
less than last year but the yields will
surpass the previous year. The wheat
harvest was somewhat spotty. Those
farmers who sowed their wheat early
in 1959 had excellent yields while
those who sowed after the normal fly
free date had only about one-half the
yields. Hence, this fall most of the
crop was sown by September 20.
Since the rains of September 22 and
23 the growth is excellent.
Cattle feeding will perhaps be on a
par with the past years. Roughage
and feed are abundant but many of
the farmers are reluctant to buy feed­
ers at this time hoping that the fat
cattle market will show some stabil­
ity.
Northw estern Banker, O ctober, 1960


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

President
Group 3

T HE geographical condition in the

is good and recent unseasonable hot
weather has matured the corn so that
frost is not the threat that it was. A
normal frost date will see the corn
crop well matured.
Cattle feeders are not showing the
necessary profits to continue paying
prices for replacement cattle that
were paid previously or are being
asked now. Most feeders and bankers
financing feeder operations are ex­
tremely cautious. Most feel that cattle
will have to be bought at a low
enough figure to insure a profit when
the cattle are sold for slaughter at $20.
Many bankers are putting a limit on
the amount their feeder-borrowers
can pay on a given class of cattle.
Most of these bankers are having
little difficulty convincing their bor­
rowers of the advisability of heeding
this advice.
Business conditions are on the slow
side. Receivables seem to be up and
merchandise is not moving as fast as
the merchants would like. However,
the retail trade is still showing an
average profit.

Group 3 region is the most unique
of any in the midwest, in that the
western half is primarily suited for
ranching operations and the eastern
half adapts itself ideally for general
farming and livestock feeding. Topog­
raphy, soil structure and rainfall dic­
tate these conditions.
In the range area, drouth is apparent
in small and limited areas. However,
generally speaking, hay supplies are
plentiful and cattle are in good flesh.
Very little contracting of replace­
ment cattle for future delivery has
taken place. Asking prices are higher
ARDEN D. WOLF
than cattle feeders are willing to pay
President
and a limited movement of cattle has
been the result.
Platte Valley Bank
North Bend
Bids are as much as $3 to $4 apart.
As of this writing in early September,
President
receipts of stockers is small but begin­
Group 2
ning to increase.
In the eastern half of Group 3, rain­ C ONSIDERING the flood, and heavy
fall has been plentiful generally. Feed
: rains, that we had early in the
supplies are more than adequate and year, we are going to have a good crop
recent general rains have assured a if the frost stays away until the nor­
good supply of fall feed. The corn crop mal frost date, which I understand is

35
in the banking field without too great
a decrease in deposits for the year.
There has been a large amount of in­
terest in the area in the introduction
of caster beans, and canning crop
vegetables on an experimental basis,
and should these prove successful the
future years mays show greater
promise.

outlook, our retail merchants are look­
ing forward to another increase this
year in retail sales.

J ig
M. H. ADAMS
President
Bank of Brule
Brule

Conditions

President
Group 6
CHARLES E.
MOYER
President
Bank of Wood River
Wood River
President
Group 5

about the 8th of October. There was a
good deal of replanting done here be­
cause of the flood, and of course, these
crops are a couple of weeks later than
usual in many instances. I would say
that 50-60 per cent of our crops are
safe from frost at the present time. We
should have a better crop and be more
prosperous this year than in 1959.

W. H. CURRY
Cashier
Security State Rank.
Holbrook
President
Group 4

B USINESS

conditions in Group
Four started off with prospects
for a bumper year. The whole group
territory received more than average
rainfall, and better than normal cli­
matic conditions for crops.
The 1960 wheat crop over the dis­
trict was well above average, and was
of good quality. The remainder of
the crops on dry land farming began
to suffer for lack of moisture after the
harvest season. The western half of
the district will be hard pressed for
crops from their dryland area, while
the eastern half of the district has
faired well for moisture and should
maintain their crop yield averages.
The irrigated areas of the district
have come into their own this year
with the shortage of moisture, and
will help to stabilize the economy in
those areas.
Prospects therefore are limited as
to increased business over the area,
however, the area should hold its own

HE eastern part of Group 5 area
received good rainfall during
the growing season. The area
to the west has been critically short
most of the summer. However, the
crops in the irrigated portion of the
Platte Valley are in excellent condi­
tion. Fine yields are anticipated. The
low bushel price along with the high
cost of operating the irrigated units
are the main concern of most farm
operators.
The cattle feeders received very at­
tractive prices for their stock during
the first half of the year. Many cattle
being marketed after July 1 were
showing slight losses. The level of
hog prices helped balance this down­
ward price in fat cattle prices the past
90 days. There are very few replace­
ment cattle coming into the area at
present. Most feeders feel the re­
placement cattle should be purchased
at a lower price than they are now
available. There is going to be an
abundance of roughage in the area; so
I believe the interest in cattle for the
cornfields will be very active in the
next 60 days.
Retail trade in the Group 5 area has
shown a definite increase since Jan­
uary 1. The severe winter had its ef­
fect during January. However, start­
ing in February, sales rose approxi­
mately 10 per cent between February
1 and May. Due to excess rain during
May and crop planting conditions,
crop expectations dropped approxi­
mately 4 per cent during June. How­
ever, crop conditions during June
showed a definite improvement and
by July 1, with the outlook from im­
proved crops, the recovery of the
June loss had been made, with August
showing a continued improvement
and carrying on into the first ten days
of September. With the present crop

T

T HIS area enjoyed the best wheat
and spring grain crop in its his­
tory in 1960. A high percentage of
farmers will take advantage of CCC
loans on their wheat, which means
that we expect to handle more CCC
loans this year than in 1959.
However, weather conditions have
not been favorable since the wheat
and spring grain harvest. It has been
hot and dry in much of our area.
Many farmers have planted wheat
during the first week of September,
but the big question is whether mois­
ture is ample so that it will both
sprout and have sufficient growth be­
fore winter.
Sorghum crops in this immediate
area on dry land has suffered severely
from the dry and hot weather. Also
it is anticipated that crops under irri­
gation will be somewhat less this year
than 1959 because it has been difficult
to keep crops properly watered.
The immediate cattle prices appear
lower this year than last year, and
most feeders expect to pay from three
to five cents less per pound this year
than in 1959.
Business conditions appear good be­
cause of the above average wheat crop
in this area, and irrigated crops should
be about average. Cattle prices will be
lower, but cattlemen should still oper­
ate profitably for the year.
t o n a

GORDON L.
MENNEN
President
LeMars Savings
Bank
Chairman
Group 1

iowa has prospects
of having a bumper corn crop.
The corn is a little behind, but if we

N

orth w est

GROUP OFFICERS . . .

(Turn to page 143, please)
Northw estern Banker, O ctober, 196&


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

36
HE Treasury’s move to refund
up to $5,000,000,000,000 of 2 V2 per
cent war bonds not due for from
seven to nine years into 3% per cent
bonds maturing from 1980 to 1998 will
probably go down as one of the most
significant undertakings in public debt
management since the war.
The move, regardless of outcome,
probably will be seized upon as a
political issue for the Presidential elec­
tion campaign. If so, the campaign
talk will center largely on the added
interest cost incurred by the Treasury
for the period of from seven to nine
years that the exchanged bonds could
still have been served at 2V2 per cent.
Whether a refunding could have then
been achieved at 3% per cent is a ques­
tion.
If, from 1967 to 1969, a parallel ag­
gregate of the bonds converted could
be refunded at rates under 4!4 per
cent, the Treasury will have lost out
somewhat in interest cost. If a re­
funding at that time were to incur a
cost of more than 414 per cent, the
Treasury will be ahead.

T

No Market Impact

Konti Krire Kise
Min couragesA
Treasury Kefundiny
B y RAYM OND TRIGGER
Investment Analyst
New York City

To a big extent, the shift of the
weight of the public debt from the
long-term to the short-term end is due
to the disinclination of public officials,
regardless of political affiliation, to sell
long-term bonds at any time.
In times of business recession, when
interest rates are low, it is argued that
government long-term loans tend to
shunt the market’s money away from
private business and to increase long­
term borrowing rates at a time when
their tendency to decline is held to be
a factor for spurring business recov­
ery.

The Treasury takes the position that
the extent of debt extension achieved
by the advance refunding — a proce­
dure involving virtually no impact on
Bong Term Question
the market—is more than worth any
And if the government tries to bor­
additional interest cost paid for it. row at long term during periods of
Who lives will see.
business boom, the complaint is made
The refunding was inspired largely that the Treasury is drying up the
by two considerations. First was the capital market and incurring an ex­
state of the market. Because of the cessive borrowing cost. What it comes
recent rise in bond prices and corre­ down to is that there is never an ex­
sponding decline in market yields it pedient time for the Treasury to bor­
was momentarily possible for the row long term. At least to political
Treasury to offer an attractive conver­ administrators.
sion rate, 3% per cent. To have de­
However, the most forceful reason
layed the undertaking until after the behind this assertion is rarely dis­
election would have meant running cussed. It consists in the fact that the
the risk of missing the market bus.
postwar Federal government has seen
The second encouragement to the fit to pledge the government’s credit
Treasury to go ahead was the success­ behind billions upon billions of debt
ful outcome of an advance refunding contracts owed by private and local
last spring of a big block of short-term government debtors.
2% per cent bonds of postwar origin.
Most of the government’s financial
In this operation, $4,216,000,000 of an guarantees are behind housing-mort­
issue of $11,178,000,000 of 2y2s due in gages guaranteed or insured by the
1961 were converted into 3% per cent Federal Housing Administration and
notes due in four years and 378 per the Veterans Administration. Again,
cent bonds due in eight years.
the idea is spreading. GovernmentThe major force moving the Treas­ guaranteed debt money is financing
ury to the advance refunding of the shipping, military housing, slum clear­
war bonds, however, was the progres­ ance, urban renewal, college housing
sive shortening of the average matur­ and low-rent housing sponsored by
ity of the public debt since 1946. To m u n icip a l authorities. The market
some extent, this is due to the old yields on such investments range from
statutory prohibition against the sell­ over 5 per cent, taxable, in the case
ing of Treasury bonds bearing an in­ of the guaranteed and insured mort­
terest coupon of more than 4% per gages, to 3% per cent, tax free, in
cent. This limit was imposed during the case of public housing bonds sold
World War I and Congress has not by local government authorities.
seen fit to change it.
How can “breadth, depth and resiliNorthw estern Banker, O ctober, 1960


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

ency”—to cite a desideratum publi­
cized at past Congressional hearings
about public debt management—be ex­
pected from a government securities
market where long-term yields are 1V2
per cent or more less than those of­
fered by private mortgages and other
debt-contracts guaranteed by agencies
of the Federal government?
If there is truth in the political apol­
ogy “there is no right time to sell long­
term government bonds” the place to
look for the real reason is in the
volume of competitive market invest­
ments furnished by debt contracts but­
tressed with government guarantees.
In this light, the fuss about possible
added interest cost incurred in the
Treasury’s advance refunding takes
on an importance even minor to that
assessed by the Treasury’s partisan
critics. The realistic fact is that the
active government market in long­
term government securities today is
not to be found in quotations made
by dealers for the 57 issues of the
Treasury’s interest-bearing securities.
Rather, it is to be found in the going
market prices paid by investing insti­
tutions for private mortgages guaran­
teed or insured by the Federal govern­
ment.
This month’s advance refunding of
war bonds affects only $12,474,000,000
of the $28,000,000,000 of war-issued
marketable 2V2 per cent bonds still
outstanding when the Treasury made
its offer. Presumably, holders of these
war issues will not be again invited in
the foreseeable future to participate in
another advance refunding.
Under the terms of the Treasury
offering, holders of 2V2s due in 1967
and callable in 1962 were privileged to
exchange into new 3V2 per cent
bonds due in 1980. Holders of the
2 V2 S of 1968-1963 were permitted to
exchange into 3V2s due in 1990. Hold­
ers of the two issues of 2V2s of June
and December, 1969-1964, were invited
to exchange into new 3V2s due in
1998.

Feeder loans, when properly made, represent sound credit
risks benefiting the borrow er, the bank and the entire com ­
m unity as well. Over the past several years there has been
a substantial increase in all types o f agricultural loan
demands. A s a result, m any banks are turning to The
L ive Stock National Bank o f Chicago fo r assistance in
m eeting the requirements o f their cattle feeder customers.
W hy Live Stock N ational? Because this bank's m ore
than 90 years o f experience in cattle loans make it easy to
w ork w ith. Our specialists are at your service to assure
satisfaction fo r you and your custom ers.
W e look forw a rd to w orkin g with you in this and in
any other correspondent services you m ay require.


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

3 A e

L IV E S T O C K
J Ÿ c U ù m a / B A N K o ^ c(o A ic a (f€ i
4150 South Halsted Street, Chicago, Illinois
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

SERVING INDUSTRY AND AGRICULTURE
FOR OVER NINETY YEARS

38

B an kern C ast M a il B allotn fo r
M onier'n *pMinn B r ir e -In T e lle r 99

graduated from Assumption High
School in Davenport and has been
employed by the First Trust and Sav­
ings Bank in Davenport since 1950.
Mrs. Harkins likes sports and is acttive in boating and swimming. She
hasn’t tried water skiing yet — she
runs the boat while her husband wa­
ter skiis—but she plans to try it soon.
Miss Krug lives with her parents,
Mr. and Mrs. W. J. Krug in Eliza­
beth, N. J., where she was graduated
from Battin High School and has
since been employed by the Union
County Trust Company.
Miss Krug likes sports and is active
in swimming, tennis and riding. She
has studied dancing for eight years
and is particularly interested in bal­
let. A budding journalist, she is editor
of the Junior Woman’s Club news­
paper and publicity chairman. In ad­
dition to her other activities, she has
been a Sunday School teacher for two
years.

Chemical Bank Elects

THE THREE F IN A L IS T S in the Mosler Safe Company’s “ Miss Drive-in Teller” contest
are, left to right, Carol Harkins of Davenport, Iowa : Tamra Evans of Mill Valiev. Calif.,
and Arlene Krug of Elizabeth, N. J.

HREE lovely bank tellers, final­
ists in the national contest to pick
“ Miss Drive-in Teller,” were present­
ed to the press at the American Bank­
ers Association convention in New
York last month.
The finalists in the third annual
contest, sponsored by the Mosler Safe
Company, are Tamra Evans of Mill
Valley, Calif.; Carol Harkins of Dav­
enport, Iowa, and Arlene Krug of
Elizabeth, N. J.
The three finalists, who were guests
of the Mosler Safe Company in New
York during the A.B.A. convention,
had a visiting celebrity time in the
city. They had dinner at Sardi’s; saw
“ Bye Bye Birdie” ; dined at Leone’s;
lunched at Four Seasons, and saw the
shows at Copacabana.
The winner will be picked by bal­
lots which were to be mailed to all
banks in the United States following
the A.B.A. convention.
Grand prize for the winner will be
a one week vacation for two at the
Lantana Colony Club in Bermuda

T

Northw estern Banker, O ctober, I960


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

with transportation by Eastern Air
Lines. The winner will reign for a
year as Miss Drive-In Teller and will
appear at bank openings and other
banking activities throughout the
year.
Miss Evans, who has been em­
ployed by the First National Bank,
San Rafael, Calif., for the past six
months, lives with her parents, Mr.
and Mrs. R. W. Evans, in Mill Valley,
Calif. She was graduated from Tamalpais High School in 1958 and at­
tended the College of Marin for two
years.
Miss Evans has reigned as Miss
Marin County for two years and in
1959 was voted “ Miss Congeniality”
by the finalists in the Miss California
contest. Interested in all outdoor
sports, she particularly likes to hunt,
fish, water ski, ice skate and ride.
She is also interested in art, and
paints in her spare time.
Mrs. Harkins, the former Carol Pe­
ters, has been married to Howard E.
Harkins for three years. She was

George L. Farnsworth has been
elected executive vice president of
Chemical Bank New York Trust Com­
pany, it was announced recently by
Chairman Harold H. Helm.
Mr. Farnsworth was born Novem­
ber 13, 1912, in Camden, N. Y. He was
graduated from the University of
Pennsylvania, Wharton School of Fi­
nance, with a B.S.-Economics degree
in 1933. On October 29, 1934, he joined
Chemical New York where he became
assistant secretary in 1943 and assist­
ant vice president in 1947.
Since 1950, he has been vice presi­
dent, National Division, where he has
been in charge of the bank’s business
in Ohio and Indiana and the Pitts­
burgh and Detroit areas. More re­
cently, he has supervised the bank’s
activities in the central, western and
far western areas of the United States.

Named to Board
The First National Bank of Arizona
announced that James B. Phillips,
prominent Phoenix businessman, has
been elected to
the board of di­
rectors.
Mr. Phillips, 43,
is president and
treasurer of the
KPC Equipment
Company. Kitche ll-P h illip s
is
holder of an $8m illio n sub-contract with Rust
Engineering Com­
pany of Pittsburgh on Southwest For­
est Industries Pulp Mill at Snowflake.

39

m a n - o n - t h e - s p o t in L agos
N ow is the time o f opportunity in N igeria. This
new nation, eager to expand its prom ising economy,
is w elcom ing foreign trade and investments. And
Bank o f A m erica men are on-the-spot — ready to
help you make m utually profitable arrangem ents
w ith businessmen in Nigeria.
W herever your business interests are — from

Lagos to London, from Naples to New Delhi —our
m en-on-the-spot can provide first-hand service and
inform ation. You save time, effort and money when
they represent you in your dealings abroad.
F or full inform ation about our International
Banking Organization, ju st give us a call. There’s
no better way to handle your business overseas.

OVERSEAS BRANCHES: London • Manila • Tokyo • Yokohama • Kobe • Osaka • Bangkok
Guam • Okinawa • Lagos; REPRESENTATIVE 0FFICS6: New York • Washington, D. C. • Chicago
Mexico City • Rio de Janeiro • Buenos Aires • Lisbon • Milan • Zurich • London • Paris • Beirut
Duesseldorf • New Delhi • Tokyo; BANK OF AMERICA (International) —a subsidiary: New York
Guatemala City • Paris • Duesseldorf • Hong Kong • Singapore • Kuala Lumpur • Beirut; BANCA
O'AMERICA E D'ITALIA: over 60 Branches throughout Italy; CORRESPONDENTS WORLD-WIDE

B A N K OF A M E R IC A
N AT IO N A L

TRUST

HEAD

O F F IC E S :

BANK

OF

AND

S A V IN G S

SAN

F R A N C ISC O

A M E R IC A

A SS O C IA T IO N
20

(IN T E R N A T IO N A L )

•

LOS
NEW

• MBR.

F.D.I.C.

ANGELES
YORK

C IT Y

5 4
5

Northw estern Banker, O ctober, I960


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

40

ÍWmstructinif H ev erly H ills Offiet*

D O W N W AR D CONSTRUCTION, five stories deep, lias been completed on the new

Beverly Hills office of California Bank building in Los Angeles. Construction
on the eight above ground floors is now under way. The above sketch shows the main
entrance to the new Beverly Hills office. An unusual design treatment allows the
bank vault to be displayed in a circular, glass-enclosed rotunda visible to pedestrians and
travelers as they approach the building. The vault area is connected with the main
banking area by an enclosed walkway.

nual convention of the National As­
sociation of Bank Women, October
10 to 13 at the Huntington-Sheraton
Hotel, Pasadena.
Miss Helen Rhineart, secretary of

NABW Meets in Pasadena
Key women in the education, medi­
cine, journalism and banking fields
will discuss “Women’s Viewpoint in
a Changing World” at the 38th an-

IN T R O D U C IN G

N ORW ALK

W e are pleased to announce the
o p e n in g o f a nice new plant in
N o r w a lk , C o n n e c tic u t . Ray
Cavanagh is the manager and Jim
M cKnight is the production super­
intendent. Both o f these young men
came out o f our Clifton plant and
are thoroughly familiar with the
needs o f the N ew England banks
which Norwalk will serve. They are
backed up by a nucleus of experi­
enced people, as well as a cleancut group o f youngsters who will
quickly learn the significance o f
DeLuxe service.

orders for magnetic ink encoded
c o d e d '^ k
checks. At the present time we are
encoding for 126 N ew England
banks and 205 branches, for a total
o f 331 banking offices, and we an­
ticipate switching them over as fast
as Norwalk can handle the work.
Another advantage in having a
plant in this location is that it pro­
vides us with a cushion to take care
o f peak loads from Metropolitan
N ew York, and in fact even now
a portion o f the orders from one
large bank are being produced
there.

W e did not have time to construct
a new building in Norwalk but were
fortunate in acquiring one only five
years old. W e have 22,000 square
feet on one floor, and 6,000 square
feet in the basement which can be
used for storage. The interior looks
good now that the alterations are
completed, and when we finish
the landscaping the exterior should
be most attractive.

This new plant is one o f several
planned for the next five years. As
we have said before, we are not try­
ing to expand just to becom e big,
but we must provide facilities for
steady growth. During the past
five years we have opened plants in
Dallas, Indianapolis, Detroit, and
Chatsworth, California, and in ad­
dition have moved our Paoli and
Cleveland plants in to enlarged
buildings. W e hope keeping pace
will continue to be our greatest
problem.

In one respect this new plant is
unusual, since it will handle only

Manufacturing Plants at:
C L IF T O N . P A O L I , C L E V E L A N D , D E T R O I T , 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 , C H A T S W O R T H

N orthw estern Banker, O ctober, 1960


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

Brenton Banks, Des Moines, is com­
pleting her term as N.A.B.W. presi­
dent.
General convention chairman Mrs.
Louis Crew, assistant cashier, First
Western Bank and Trust Company,
Pasadena Main Office, announces that
in addition to two panels, members
will hear these speakers:
Carl A. Bimson, president, Ameri­
can Bankers Association, and presi­
dent of Valley National Bank, Phoe­
nix; Jerry Wald, 20th Century-Fox
Film Corporation, producer; Milton
F. Darr, Jr., president, American In­
stitute of Banking, and vice president,
La Salle National Bank, Chicago; Hon.
Mildred M. Lillie, justice of the Ap­
pelate Court, State of California, and
Mrs. J. Maria Pierce, educator and
civic leader, Pasadena.
All of the more than 3,500 N.A.B.W.
members hold executive positions in
banks. The group was organized in
1921 with 16 members. Currently
there are 12,506 women bank officers
and directors in the U.S., up from
11,000 last December 31.

LeFebure Change
LeFebure Corporation, Cedar Rap­
ids, Iowa, announces the appointment
of L. R. Addington as assistant to the
president. Mr. Addington was for­
merly vice presi­
dent-general sales
m an ager of Art
M etal Construc­
tion C om pany,
and also served
on their board of
directors.
In making the
appointm ent, K.
W. Watts, presi­
dent of the busi­
ness systems and
equipment firm, pointed to Mr. Ad­
dington’s extensive background in the
business equipment field. This expe­
rience will be drawn on heavily during
LeFebure’s current expansion pro­
gram.

Trust School Elects
John W. Curtis of the Worcester
County National Bank, Worcester,
Mass., recently was elected permanent
president of the class of 1960 at the
National Trust School.
Robert B. Horan of the City Na­
tional Bank and Trust Company, Chi­
cago, was named class secretary.
The National Trust School, newly
founded educational activity of the
Trust Division of the American Bank­
ers Association, held its first session
last summer on the campus of North­
western University in Evanston, III.

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

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

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

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

BAN K ER S TR U ST COM PANY
16 Wall Street, New York 15, N.Y.
Member Federal Deposit Insurance Corporation

42

I ttli forniti E xp a n sion R evea led
HE expansion and modernization
p r o g r a m throughout Southern
California by Security First National
Bank of Los Angeles took a major
step forward last month when four
new branches were officially opened
for business.
The current program includes five
rebuilt or relocated branches, 13 new
branches and 15 remodeled branches

T

so far this year. For the remainder
of the year, plans call for eight
new, 14 remodeled and six relocated
branches to be opened.
Security Bank now has 246 branches
in Southern California and is the
sixth largest bank in the nation.
Closely allied with this program is
Security Bank’s announcement that
it has moved into the field of auto-

Another M an on the GO
from the "FIRST”
(of Course W e Mean Kansas City's FIRST NATIONAL BANK)

mation with installation of a Bur­
roughs 205 computer system. It con­
sists of a medium-scale computer, four
magnetic tape reel units, a datafile
and an electronic card handling sub­
system.
Security’s president, Lloyd L. Aus­
tin, said it will be used first to process
more than 100,000 checking accounts
kept at 30 Security branches through­
out Los Angeles. This will involve
the keypunching and processing of
some 120,000 items every day. Work­
ing at night, the 205 computer will
prepare a daily report for each branch
on the preceding day’s activity.
Master customer account records
will be kept on magnetic tape reels
and updated daily during the com­
puter’s processing run. Future uses
of the computer include payroll, ac­
crual and trust work and also the
preparation of statements.
Mr. Austin said, “Our new com­
puter will enable us to meet the in­
creased demands of modern banking
and allow us to provide better and
faster customer service. At the same
time, the computer’s capability for
expansion will help us keep pace with
the rapid growth of Southern Califor­
nia.”

New Branch Office

Ever know a w alking calling card called "Fifi”?
Arden Bruch, Vice-President of the First
National Bank, in his travels throughout
Kansas and Nebraska always has his
traveling companion “ Fifi.” Bankers
throughout this area know Arden is in
town for “ Fifi” makes the call official by
her presence first, a sort of an advance
messenger. This pair is well known to

bankers, as Arden Bruch is known for
his knowledge and experience of all
phases of banking. Many bankers rely
on this experience; it can be of help to
you too. Let Arden Bruch, or one of the
“First Men On The Go”, help you. A call
is all that is needed.

S T

FIRST NATIONAL BANK
1886
MEMBER

OF

Northw estern Banker. O ctober, 1960


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

■

FEDERAL

■

■

D E P O S IT

■

1960

IN S U R A N C E

C O R P O R A T IO N

Beginning construction of the 62nd
office of the First National Bank of
Arizona was underway last month at
1400 E. Apache, Tempe.
This First National Bank branch, to
be known as the Tempe-Mesa Office,
marks the third for that city. It will
have six teller windows in the lobby
and two drive-up facilities featuring
the new four-way teller’s drawer de­
veloped by the bank for easier drive-in
banking for customers. The new
Tempe-Mesa Office will be built by the
construction division of the bank and
will be completed by the end of the
year.
It was also announced that First
National Bank’s Tempe Office will
undergo extensive remodeling in the
near future. The entire building will
be refaced and provision made for
expanding the officers’ platform, work­
ing area, and customer area. The re­
modeling is expected to be completed
by mid-year 1961, according to Vice
President and Manager Malcolm Clark.
Also last month the First National
Bank staff and equipment moved into
new permanent quarters in the fast­
growing Apache Junction section. The
new Apache Junction Office, located in
the Bayless Shopping Center, now
boasts more spacious and convenient
quarters with expanded facilities to
the community. Manager is Lee W.
Olson.

43

ALL NEW FROM THE GROUND UP!

DIEBOLD
H e r e ’ s th e la t e s t a n d m o s t
s ig n ific a n t a dva n ce in d r iv e - in
b a n k in g ! I t ’s th e D ie b o ld P a n or­
a m ic w in d o w w ith a sw ee p ing ,
d e sig n th a t w ill be a h an d so m e c o m p le m e n t to th e a rc h ite c tu re o f a n y ban k. And b eyond th e
is th e d o w n -to -e a rth p ra c tic a lity o f th e P a n o ra m ic w in d o w ’s in s ta lla tio n s a vin g s: the fr o n t pan e l
a ll th e w ay dow n, g re a tly s im p lify in g in s ta lla tio n p ro c e d u re s , im p o r ta n tly re d u c in g s u b -s tru c tu re
co sts.

DRIVE-IN BANKING WINDOW

g ra c e fu l
b e a u ty,
e x te n d s
b u ild in g

A n o th e r p re c e d e n t-s e ttin g fe a tu re o f th e P a n o ra m ic w in d o w by D ie b o ld is th e new deal d ra w e r w ith a u to ­
m a tic fu ll d ro p fr o n t and ris in g co ver. T h is p ro v id e s a m o re c o n v e n ie n t o p e n in g fo r c u s to m e rs . . . h e lp s
speed tra n s a c tio n s . . . serves m o re c u s to m e rs p e r h ou r.
E v e ry th in g a b o u t th is fu tu re -m in d e d d riv e -in
r

-

-

r .“

i " :---------------- ---D IE B O L D- •Incorporated'
C A N T O N 2, OH IO

b a n k in g w in d o w is n ew — fro m its s ta in le s s ste e l c o n s tru c tio n
to its h i-fi in te rc o m s yste m . M ake th e
--------------------------------------------1 P a n o ra m ic p a rt o f y o u r d riv e -in bank~
in g p la n s ! M a il co up o n fo r c o m p le te
Dept. ”B-123‘
d e ta ils w ith o u t o b lig a tio n !
“

G e n tle m e n : Please send illu s tra te d lite ra tu re on th e D ie b o ld
P a n o ra m ic D rive -in B a n k in g W in do w .
N a m e __
B a n k ___

-Zone

C ity ____

IN

CANADA:

DIEBOLD

D IE B O L D
I N

A d d re ss

OF

CANADA,

S ta te

LTD.,

C

O

R P O

R A

T E

D

J (Sheb /O O ^/eaM ^
TORONTO;

AHERN

SAFE

CO. ,

MONTREAL

Northw estern Banker, O ctober, I960


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

44

NORTHWEST

a

| _ /V S K *

V icto r C. v o n M e din o

J oh n C. H e m m er le

Asst. Vice-President

Asst. Cashier

C harles F. N ewhall

Vice-President

R a y m o n d V. D i e b a l l

Jack W . H a leberg

Asst. Cashier

Asst. Cashier

SOUTHWEST

G eorge W . M iller

Vice-President

H A W A II

E r ne st

J. H u l t g r e n

Asst. Vice-President

IN

A L L

R o b e r t E . W h it e

Asst. Cashier

50

These men offer you

correspondent

The twenty-five men pictured here are members
of our Banks and Bankers Division team a'
The First National Bank of Chicago. They're
specialists who have only one jo b —to serv
our more than 2,000 correspondent banks around
the country.

banking service!

Because they’re assigned to specific geograph
ical areas, the Banks and Bankers Divisio

the finest, full-time

T h e F irst
N o rthw estern Banker, O ctober, I960


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

45

CENTRAL

W il l ia m T. D w y e r

H. S t a n l e y P ick for d

Asst. Vice-President

Asst. Cashier

L e sl ie V. B jo r k

A r th u r F. S tak e

Asst. Cashier

Asst. Cashier

J oseph C. F e n n e r

L a w r e n c e J. B e rr y

H . R o b e r t G r id l e y

Asst. Vice-President

Asst. Cashier

Asst. Cashier

J ohn K . T u l l

C h a r l e s P. O n g e n a

Asst. Cashier

Asst. Cashier

BANK PLANN IN G
AND DE SIG N

C. H ugh A lheks
Asst. Cashier

F r ed S. F loyd

N e v in G. B o w se r

Asst. Vice-President

Asst. Cashier

SP E CIA L
SERV ICES

C h a r l e s L. M o n r o e

Asst. Cashier

men understand the problems and needs of local
bankers. And because they work closely with
the officers in our ten commercial divisions,
they’re able to supply our correspondents with
first-hand financial and industrial information.
If this is the kind of full-time correspondent
banking service you want, call or write the
Banks and Bankers Division today.

N a tio n a l B a n k o f C h ic a g o
Dearborn, Monroe & Clark Streets • Building with Chicago since 1863
MEMBER


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

FEDERAL

DEPOSIT

INSURANCE CORPORATION

N orthw estern Banker. O ctober, I960

46

M e r c a n tile T ru st to
M

and discount departments will occupy
the second floor, and the trust depart­
ment will move to the bank’s third
floor, upon completion of the project.
Among improvements will be new
carpeting, desks, panelled walls, acous­
tical ceilings, new lighting and new
customer conference rooms, all of
which will be installed under the di­
rection of Bank Building and Equip­
ment Corporation.
Other expenditures include $74,257
for the installation of new elevators
to serve the executive, commercial

e r c a n t il e t r u s t c o m pa n y ,

St. Louis, Mo., has announced
plans to spend over $1 million to re­
model and renovate the interior of
the bank.
“We look upon this project not only
as an improvement in service to our
customers, but also as added evidence
to our faith in downtown St. Louis,”
said Sidney Maestre, board chairman,
in making the announcement.
The bank will spend $346,106 in re­
modeling and redecorating the second
and third floors. The commercial loan

loan, discount, trust and safe deposit
departments; $245,066 for replacement
of present heating and air condition­
ing equipment in the main bank
building; $198,382 for new plumbing
and electric work.
Contractors include Westlake Con­
struction Company; Sodemann Heat &
Power Company; General Elevator En­
gineering Company; Mid-City Plumb­
ing & Engineering Company; and
Sachs Electric Corporation. The architest is Schwarz & Van Hoefen.
Work started September 12 and is
scheduled to be completed in May,
1961.

Heads Bank Relations
Allan D. Gulliver has been elected
vice president in charge of bank re­
lations, it has been announced by the
. international in' vestment firm of
M e rrill Lynch,
Pierce, Fenner &
Sm ith Incorpo­
rated.
The bank rela­
tions department
is responsible for
establishing and
d e v e lo p in g the
firm’s
relations
A . D. G U L L I V E R
w i t h banks in
this country and abroad.
Mr. Gulliver joined the firm in 1950
and has served as an account execu­
tive and research chief in the market­
ing department.

THE
AUTHORITATIVE
ARIZONA
ANNUAL
just off the press. Complimentary copies
gladly furnished to our friends in the
financial and industrial world.

Chemical Bank Offers
New Savings Plan

A RI ZONA
Ü

R

E V IE W

Write: R E S E A R C H D E P T .
P. O. B O X 7 1
P H O E N IX, A R IZ O N A

Lia. di/LWjiwL
MEMBER

65

OFFICES

FEDERAL
DEPOSIT

Resources $641 Million

INSURANCE
CORPORATION

msÊi^ÈËËÊmmÊâÈÊÊÈmm
Northw estern Banker, O ctober, I960


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

“Check ’n Save,” a new kind of
checking account with an automatic
savings feature, is being introduced
by Chemical Bank New York Trust
Company, Chairman Harold H. Helm
announced.
Chemical New York’s “Check ’n
Save” account will let individuals
write the checks they want, while it
automatically puts a regular amount
of their deposits to work monthly at
interest as well. The interest is com­
pounded every three months on the
amount set aside as savings.
“ ‘Check ’n Save’ is a complete per­
sonal checking service with an extra
savings feature,” the hank explains.
“ Customers simple decide how much
they wish to save on the 5th or 18th
of each month—in amounts of $10 or
more—and the bank handles all details
automatically. In addition to monthly
statements accompanying ca n ce le d
checks, the customer is advised of
each transfer to his savings fund
through a separate deposit notice each
time a transfer is automatically made.

47

r

■ Is Your Kindergarten
G row ing?
Christmas Club is the kindergarten o f banking— and has been for
fifty years. In that half century, m illions o f members have graduated to
a better understanding o f banking and have learned to use the other
services their financial institutions provide.

Building up to graduation time— in habits o f thrift and saving,
habits o f follow ing through to reach a goal, habits o f self-reliance and
self-discipline— has established a base o f econom ic perception in bank­
ing functions.

Christmas Club members are ready and willing to add new courses
to their higher education in banking. Financial institutions have the
facilities to promote dynamic educational programs that will open
doors o f opportunity for these people. Richer, wiser citizens will result.

Financial institutions that promote Christmas Club properly will
keep their present members and bring to their doors new pupils who
need this basic training in economics.

Christmas Club
a

C o r p o r a t io n
Founded by Herbert F. Rawll

230
Builds Character

*

Park Ave., New York 17, N. Y.
Builds Sa v in g s

*

Builds Business for Financial Institutions

1910 • C H R I S T M A S C L U B 'S G O L D E N Y E A R • 1960


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

Northw estern Banker, O ctober, I960

48
tours of historic and scenic Boston. On
W ilt Ito H o st to ï'.l'.IWednesday
t.A night at 8:00 p.m., an in­

H ost on

national figures
will be guest speakers at the
45th Annual Convention of the Finan­
cial Public Relations Association in

D

is t in g u is h e d

R. S A S S

A. C A P P

Boston’s Statler-Hilton Hotel, October
30 through November 3. The Associ­
ation, known for its working, learn­
ing and doing meetings, has planned
over 50 sessions during the four-day
gathering which will cover financial
public relations, advertising, and busi­
ness development.
Reed Sass, F.P.R.A. president and
vice president of the Fort Worth Na­
tional Bank, Fort Worth, Texas, will
deliver the president’s message at the
general session Monday morning. The
keynote address at that same session
will be delivered by Carl Bimson, new
president of the American Bankers
Association. Mr. Bimson is a former
vice president of F.P.R.A. and served
as a director from 1953 to 1957. He
is the president of the Valley Nation­
al Bank in Phoenix, and is a jiast
president of the Arizona Bankers As­
sociation.
Jordan J. Crouch, F.P.R.A. first vice
president and vice president of the
First National Bank of Nevada, Reno,
is general convention chairman. Har­
old W. Lewis, vice president of The
First National Bank of Chicago, is gen­
eral program chairman.

A

Guest speaker at a luncheon session
on Tuesday noon will be Rev. Canon
Laurence H. Hall, Rector, St. Paul’s
Episcopal Church, East Cleveland,
Ohio. Rev. Canon Hall is nationally
known for giving after-dinner talks
which are both inspirational and hu­
morous.
A1 Capp, famed cartoonist creator of
“Li’l Abner,” will speak at the banquet
on Thursday evening. Officers for the
forthcoming year will be installed at
this final session of the convention.
Workshops
Delegates attending the convention
will participate in the School of Pub­
lic Relations, which will have four
sessions; the departmental sessions on
commercial development, installment
credit, officer calls, savings and mort­
gages, staff relations and trust develop­
ment; 29 clinics, with nine Tuesday
evening and 10 each on Wednesday
and Thursday; a general wrap-up
“bonus” clinic on Thursday, and a pre­
sentation on progress by the Founda­
tion for Commercial Banks.
Entertainment
The entertainment committee has
arranged for delegates to attend a
hockey game between the Boston
Bruins and the Montreal Canadians,
defending hockey champions.
The hockey game will be preceded
by a reception at the Statler-Hilton for
delegates attending the convention for
the first time and for “early bird” ar­
rivals.
A special breakfast will be served
for the ladies Monday morning, Oc­
tober 31. That same day a women’s
luncheon is planned.
Monday evening at 8:30 p.m. a firstrun motion picture will be shown for
delegates. Wednesday afternoon at
1:00 p.m., delegates will be able to take

c o m p le te , tim e tested, p e r fo r m a n c e g u a r a n t e e d

o u t fit

For Auction Sale Clerks
C O M B IN E S ALL THE FEATURES YOU D E M A N D
Receipts for Each Buyer

•

• Combats Skip Buyers

No Additional Listing

•

• Speeds Up Settling

No Posting of Accounts

•

• Buyers Like It

Absolutely the only outfit on the market combining all these features—
sold on a money back guarantee.

formal light concert will be presented
in the hotel ballroom by the world
famed Boston Pops Orchestra, under
the direction of Arthur Fiedler.
New officers will be installed at the
banquet Thursday evening which will
conclude the convention.
As usual, one of the outstanding
features of the convention will be the
Exhibit of Financial Advertising, a
display that annually draws the at­
tention of all delegates to the varied
use of advertising and promotional ma­
terials by member financial organiza­
tions.

First of Tulsa Changes
Three important top management
promotions were announced Septem­
ber 13 by the First National Bank
and Trust Company of Tulsa.
Frank G. McClintock was named ex­
ecutive vice pres­
ident, moving up
from the position
of gener al vice
presi dent. New
senior vice presi­
dents are John L.
R o b e r t s o n and
Robert E. Davis.
Both f o r me r l y
were vice presi-

J. L. R O B E R T S O N

W ayne H um mer & C o.
CHICAGO

BLACK SALE SYSTEM
(Form erly Black M fg. Com p any I

Fullerton, Nebraska
W rite Us for Sam ple Sheets and Inform ation

Northw estern Banker, October, 1960

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

R. E . D A V I S

are effective immediately. All three
men are commercial lending officers.
Mr. McClintock has been a First
National director since 1949. The new
executive vice president moved to the
bank in February, 1959, from Zephyr
Drilling Corporation, where he had
been president eight years. Mr. Mc­
Clintock helped organize Zephyr in
1937.

NEW YORK STOCK EXCHANGE

49

A re Y o u r F u n d s too lo n g in T r a n s it ?
One million checks— or m ore— spin through the 136 IBM p r o o f machines in our Central
Clearance Department each day. This department, staffed by more than 400 skilled employees,
works 24 hours a day, including Saturdays and most holidays. Our correspondent banks thereby
obtain the benefit o f earliest possible presentation o f their items.
In addition, Manufacturers Trust Company has developed a number o f other “ availability
aids,” including:
• Individually imprinted 3-part carbon­

• A ir mail pouch stickers, with frequent
airport pickups.

less cash letter forms.
• Self-addressed cash letter envelopes in

• Hourly pickup o f cash letters from a
24-hour post office.

several sizes to meet the volume needs
o f the individual bank.

• Direct sendings to non-Federal points.

Let us write you in m ore detail about the advantages o f using Manufacturers Trust Company
for cash letter and collection sendings. Just tear out this advertisement and mail it to National
Department, Manufacturers Trust Com pany, 44 Wall Street, New Y ork 15, N. Y .

M

anufacturers
HEAD

44

W A L L

S T R E E T ,

T

C

rust

ompany

OFFICE:
N E W

Y O R K

I S ,

N . Y ,

Member Federal Deposit Insurance Corporation


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

N orthw estern Banker, O ctober, 1960

50
design concepts for the nation’s num­
ber one building materials, brick and
tile.”
More information about the uses of
brick and tile in modern bank con­
struction is available to bankers, ar­
chitects, and builders from the Struc­
tural Clay Products Institute, 120V2
Welch Avenue, Ames, Iowa.

H an ks
A r e I sin y T ile
t*ern ia n en ce and B e a u ty o f B e siy n
N OW, more than ever before, banks
are using structural clay prod­
ucts in both new construction and
remodeling of present structures be­
cause brick and tile help provide the
proper atmosphere for the modern
warm and friendly concept of bank­
ing.”
This statement was made during an
interview by J. E. Neville, Region Six
director of the Structural Clay Prod­
ucts Institute in Ames, Iowa. The
Institute is a non-profit association of
leading brick and tile manufacturers
in Iowa, Minnesota, Missouri, Nebras­
ka, North Dakota and South Dakota.
“ The reason for this significant
trend,” Mr. Neville explained, “is that
brick and tile offer bankers tradi­
tional beauty and permanence com­
bined with an extreme flexibility of
design, a low first cost and minimum
maintenance costs.”
The modern architectural concept
of bank design incorporates the time
tested values of brick and tile, and
then steps forward into the new
realm of color and design flexibility.
The new wide selections of red, buff
and grey face brick that combine well
with brightly colored faces for ac­
cents help create the effects architects
and bank designers desire.
Gone are the days when a bank had
to resemble an impregnable fortress

in order to symbolize strength and
solidarity. Instead, banks are emerg­
ing as some of the most modern and
beautiful structures in the commu­
nity.
“Take color for example,” Mr. Nev­
ille continued.
‘Today’s new face
brick offers limitless color combina­
tions from bright rich glazed values
to low intensity harmony that is not
only attractive but has great struc­
tural strength. In addition, back-up
tile behind exterior brick is being
used much more extensively because,
when combined with proper design
concepts, tile will help lower heating
and air conditioning costs as well as
offer greater moisture resistance.
“Exposed brick interiors,” he said,
“are becoming more and more com­
mon because architects and bankers
alike are well aware of the economy
of brick, the one product that never
needs painting, redecorating, or any
other type of maintenance of an ap­
preciable nature. What’s more, cus­
tomers respond favorably to the
warm, friendly surroundings created
by exposed brick interiors.
“Colorful and functional clay prod­
ucts,” Mr. Neville concluded, “are
preferred even more today than in
years past because the clay products
industry has kept abreast of the times
with new ideas, new uses, and new

A r t C o llection

BRONCO BUSTER — A dramatic
bronze sculpture by tlie famous ar­
tist, Frederick Remington, is a
choice item in a collection of wes­
tern art being assembled by R.
Crosby Kemper, Jr., president, City
National Bank and Trust Co., Kan­
sas Cityy. This sculpture, along
with works by the Montana artist,
Charles M. Russell, and the Mis­
souri painter, George Caleb Bing­
ham, form the nucleus of the col­
lection.

DO YOU HAVE ACCOUNTS
R E Q U I R I N G S P E C IA L F I N A N C I N G ?
Talk to Talcott. If you have loan c u s ­
tom ers w hose requirem ents are tem ­
porarily beyond your loan ing policy,
J am e s Talcott, Inc. can help you
keep their go od will and loyalty. If
y o u ’re faced with the decision of
lim iting loans, Talcott will cooperate
with you in w orking out a financing

program in which you m ay w ish to
participate. Rem em ber: if you, a s a
banker, feel that your client requires
special financing beyond the se rv­
ices of a bank, Talcott can su p ply
this additional w orking capital until
such tim e a s the needs of your c u s ­
tom er are again acceptable to you.

T alcott’s Special Financing . . .
• A ccou n ts Receivable (N on -N otification ) • Inventories
• M achin ery & Equipm ent • In stalm en t & Lease S a le s
• Factoring (N otification & N on-N otification)

J

a m e s

Ta

l c o t t

F O U N D E D
C H IC A G O

209 SOUTH LaSALLE STREET
Financial 6-1444
Northw estern Banker, O ctober, I960


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

NEW

. In

1854

YORK

221 FOURTH AVENUE
ORegon 7-3000

i
D E T R O IT

1870 NATIONAL BANK BLDG.
WOodward 2-4563

51

S T ate 2 - 9 0 0 0 in C h icago
W H it e h a ll 3 - 0 1 0 0 in N e w Y o r k
N eed to sell foreign exchange for a custom er? Canadian dollars? Swiss francs?
Indian rupees? Just call the Continental for an immediate quote.
T he Continental, w e’re happy to say, is equipped to provide its correspondents
with an exceptionally adept— and complete— International Banking Service.
Our traders are in constant contact with the w orld’s m ajor foreign exchange mar­
kets. And the inform ation you get by dialing either our Chicago or New York
number will be up-to-the-m inute . . . that very minute!
Collections, transfers, letters o f credit . . . these, too, receive prom pt and expert
handling in our International Banking Departm ent. W hy not give us a call?

N A T IO N A L
Lock Box H, C h ic a g o 90


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

BANK

ANO

TRUST

COMPANY

OF

C H IC A G O
M em b er F. D .I.C.

Northw estern Banker, O ctob er, J96Ü

52

•Bet T rip

How to Improve Service
and Keep Customers Happy

TO EUROPE is Mrs.
in the Chase Manhattan Bank’s reLillian Gunnarson, top prize winner
cent campaign for new business. A
teller in the bank’s 60th Street and
Park Avenue branch in Manhattan,
Mrs. Gunnarson introduced 475 new
accounts to win the two-week trip
to London, Paris and Rome, all ex­
penses paid by the bank. The cam­
paign brought more than 60,000 new
accounts to the bank.
JETTING

B. of M. Changes

Here’s a brand-new booklet with a fresh, proved-effective solution to
a problem that is fast reaching the despair point for many institutions
handling repetitive payments. It tells what to do about the growing
line at the payment window—the slow-moving line that tries tempers,
loses customers.

Malcolm Allan, manager of an im­
portant Montreal branch for the past
five years, becomes president and cash­
ier, Bank of Montreal (San Francisco),
succeeding Albert St. C. Nichol, who is
retiring after a 44-year banking career.

“ Long Lines and Short Friendships” gives vital facts on the Cummins
Coupon-Payment System .. . how it improves service, keeps customers
happy, reduces costs, simplifies posting, and prepares for future auto­
mation. Data is also included on the coupon processing equipment
that can provide completely automatic accounting at any time once
all accounts are on the coupon system.
Prepare now for automation . . . write today for your copy of this au­
thoritative new publication.
IN iUSlMCSS AND

8ANNS

SINCI

<«87
C. R. M . A L L A N

C u m m i n S 'C h ic a g o C o r p o r a t io n
4 7 4 0 North Ro venu wood Avenue, Chicago 40, Illinois
So/ei and Service in all Principal Cities

B R A N C H O FFICES
310 Perry St.
Davenport, Iowa
DAvenport 3-0047
3820 First Street
Des Moines, Iowa
CHerry 4-3836

4607 Wakely St.
Omaha, Nebr.
CApital 1676

N orthw estern Banker, O ctober. 1960


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

1719 Nicollet Ave.
Minneapolis 3, Minn.
FEderal 8-0833
4007 Riverside Road
Billings, Montana
8-8333

L . G. R O L L A N D

H. B. Francis, an assistant superin­
tendent of the business development
department at the bank’s Montreal
head office, becomes, resident repre­
sentative of the B of M at Chicago,
succeeding Niels Kjeldsen, who be­
comes an agent at the B of M’s New
York agency.
In New York, Mr. Kjeldsen succeeds
John B. Lesslie, who has been named
manager of a large Montreal branch.
He, in turn, succeeds John S. Hughes,
who takes over Mr. Allan’s post in
Montreal when the latter goes to San
Francisco.
Lucien G. Rolland, B.A., B.A.Sc.,
C.E., president and general manager
of the Rolland Paper Company, has
been appointed a director of the bank
of Montreal.

53

e Case of the
Opulent Orchid Collector
(Hubert, the Harris Lion, recounts a true story about
an unusual service extended one of our
correspondent banker friends)
"O v er the years we have perform ed all manner
o f extra services for our correspondent cus­
tomers. The following is the story o f an 'un­
usual’ extra service— and we use it here to
emphasize what you can expect at the Harris
Bank.
"P ictu re in your mind a banker and an in­
dustrialist visiting greenhouse after green­
house for an entire afternoon— searching for
rare species o f orchids.
"N o w to outsiders, to people unfamiliar
with the ways o f the Harris, this situation
m igh t be regarded as slig h tly u n orth od ox
banking procedure. But to insiders, to people
who do business with the Harris, the above is
a perfect example o f the close, personal rela­
tionship that exists between the Harris and
its customers.
" T h e O r c h id o lo g is t o f ou r s to r y was a
valued ou t-of-tow n Harris customer. W hile in
Chicago, after winding up his business discus­
sion with us, he expressed a desire to search
for rare species o f orchids to add to his private
collection at home.
"O ne o f our officers was, o f course, more
than delighted to escort him — and happily the
tour was a success.
" A t the Harris— any request from a corre­
spondent gets the enthusiastic attention o f
our officers. Keep this firmly in mind when
you are planning to estab­
lish a new — or additional
— correspondent relation­
ship here in C hicago.”
N ew Home for a great tradition

This is the enlarged Harris Bank
Building at Clark and Monroe
Streets with its new 23-story ad­
dition. Here in Chicago’s newest
large banking home, the Harris
tradition continues. The heart of
the Harris remains in the people
who serve you.

Organized as N . W . Harris & Co. 1882— Incorporated 1907

111 W E S T M O N R O E S T R E E T — C H IC A G O 90
Member Federal Reserve System . . . Federal Deposit Insurance Corporation

N orthw estern Banker, O ctober, i960


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

54

N ew in sta llm en t

through the bank’s auditing and ac­
counting staff. He was elected a vice
president in July of 1957. He now has
charge of the bank’s accounting and
audit divisions as City National’s chief
financial officer.
Mr. Rockholm, the new auditor, has
been in charge of the audit division
since April 1, when it was split off
from the accounting division. Assist­
ant Comptroller Edmund Zanin heads
that division.
R. L. Kelley is a loaning officer in
Loaning Division C, while Mr. Bo­
gaerts will actively assist M. A. Georgen, vice president and cashier, in the
general operations of the entire bank.
In further action, the board declared
a regular quarterly dividend of 75
cents per share of stock, payable on
November 1, 1960, to shareholders of
record as of the close of business Oc­
tober 20, 1960.

NEW AND ENLARGED quarters for the Installment Credit Department of the First
National Bank of Chicago is shown here. Homer J. Livingston, chairman, announced
the opening of the new department, formerly called the consumer credit department,
last month. Address of the new department is 65 West Madison and it provides the
bank with an additional entrance in the block bounded by Dearborn, Monroe, Clark and
Madison Streets. It is connected with the commercial banking department in the main
building.

City National Promotions
At its regular meeting the board of
directors of City National Bank and
Trust Company of Chicago announced
the following promotions:
William E. Harrison from vice pres­
ident and auditor to vice president and

S E LE C TE D

Northern Promotion

comptroller. Arthur A. Bogaerts, Jr.,
and R. L. Kelley to assistant vice pres­
idents. Martin Rockholm from assist­
ant auditor to auditor, and Edmund
Zanin elected assistant comptroller.
With City National since its found­
ing, Mr. Harrison has progressed

Cyril G. Burgess recently was elect­
ed a second vice president in the in­
ternational banking department of
The Northern Trust Company, Chi­
cago. Previously he had been located
in New York city as assistant to the
representative of Westminster Bank,
Ltd., London.

O F F E R IN G S

f o r y o u r in v e s tm e n t n e e d s
BONDS

• NOTES

E Q U I P M E N T

• D E B E N T U R E S

T R U S T

C E R T I F I C A T E S

Exclusively

Bank investment officers and other investors will appreciate the excep­
tional diversity of public utility, industrial and tax-exempt securities
among our current offerings.
To aid in their selection, we offer the helpful knowledge and experience
gained in more than half a century of service.
May we send you our latest list of selected offerings? There is no
obligation, of course.

HALSEY, STUART & CO. INC.
123

SOUTH

LA S A L L E

STREET,
AND

Northw estern Banker, O ctober, 7960


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

CHICAGO
OTHER

90

•

PRINCIPAL

35

WALL

CITIES

STREET,

NEW

YORK

5

55

FEDERAL RESERVE
BANK OF NEW YORK

NEW YORK
STOCK EXCHANGE

IMPORT-EXPORT
AREA

AMERICAN
STOCK EXCHANGE

CUSTOM HOUSE

NEW YORK
CLEARING HOUSE
ASSOCIATION

•
FOREIGN FREIGHT
FORWARDERS AND
CUSTOM BROKERS

STOCK CLEARING
CORPORATION

SHIPPING INTERESTS
MEMBER FIRMS
OF THE
STOCK EXCHANGES

FINANCIAL
STATISTICAL
SERVICES

GOVERNMENT
AND MUNICIPAL
BOND DEALERS

FINANCIAL PRINTERS
FINANCIAL PUBLISHERS
AND NEWS SERVICES

COMMERCIAL BANKS
INVESTMENT BANKERS

BANK NOTE ENGRAVERS

•

•

FOREIGN EXCHANGE BROKERS

COMMODITY EXCHANGES

INVESTMENT COMPANIES

^

c

i

a

l

center

Y o u r man at the Irving is ideally situated to
assist you. H e puts you, in effect, at the very
center o f the financial and com m ercial world.
Whatever services y ou or your customers may
require, y ou can call on your man at the Irving
as you w ou ld a mem ber o f your ow n staff.

IRVING TRUST COMPANY
Capital Funds over $145,000,000
O ne Wall Street, N e w York IJ, N . Y
Total Assets over $1,700,000,000
G e o r g e A. M u r p h y , Chairman of the Board
W i l l i a m E. P e t e r s e n , President
National Division—H. M i l l e r L a w d e r , Senior Vice President in Charge
«

MEMBER

FEDERAL

D EPO SIT

IN SU R AN CE

C O R PO R ATIO N

•

Northw estern Banker, O ctober, 1960


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

56

N o rth ern T ru st S tork Split
of The Northern
Trust Company at a special meet­
ing approved a five-for-one split of
the bank’s capital stock through an
exchange of each of the outstanding
125,000 shares of capital stock of par
value $100 for five shares of par value
of $20 each, and the issue of 125,000
additional shares of $20 par value
stock to make a total of 750,000 shares
of capital stock outstanding.
At a meeting following the stock­
holders’ meeting, directors established
a price of $105 per share for the ad­
ditional offering of 125,000 new shares.
Holders of Northern Trust stock will
have rights to subscribe to these
shares on the basis of one new share
for each five $20 par value shares held
at the close of business September 15.
1960. The rights expire October 5.
The offering is being underwritten
by a group managed by Blyth & Co.,
Inc.
The bank’s directors also declared a
quarterly dividend of 75 cents per
share on the 625,000 shares of $20 par
value capital stock outstanding, pay­
able October 1, 1960 to stockholders
of record September 15, 1960, thereby
placing the new stock on a $3.00 an­
nual dividend basis. This represents

S

tockholders

an increase of 25 percent in the bank’s
payment of dividends to current
stockholders. The first dividend on
the additional 125,000 shares will be
paid in January, 1961.

Recordak Announces
New, Low Cost Reader
A completely new lightweight mi­
crofilm reader, the Recordak 310, has
been announced by Recordak Corpo­
ration, the Eastman Kodak Company
subsidiary in the microfilm and busi­
ness systems field.

The new unit weighs only 23 pounds
and is less than 20 inches high. At­
tractively styled in two-tone green, the
310 has 9 x 12 inch viewing screen,
tinted a soft green to ease operator
eye fatigue. It will accommodate 16
mm unperforated microfilm in 100 foot
lengths.
In making the announcement, Van
B. Phillips, vice president of sales and
advertising, pointed out, “The 310
Reader will not only serve as an ex­
cellent companion for the new port­
able microfilmer, but will also fill
many needs for a low-cost extra reader
for departmental use in larger installa­
tions.”
Features of the new unit include
full 90 degree image rotation and a
film advance handle on the side of the
machine for convenient scanning of
the microfilm. Reduction ratios avail­
able are 20:1, 24:1, 32:1 or 40:1.
A basically similar reader, the Mod­
el 310-A, featuring 270 degree rotation,
was designed for installations where
the duo method of microfilming is in
use.

Joins Bank of California

NEW, LOW COST Recordak Microfilm
Reader.

George L. Lorimer, Jr., has joined
The Bank of California as assistant
vice president, it was announced by
Edwin E. Adams, president.
Prior to his appointment, Mr. Lori­
mer, who has been in banking for 25
years, was serving as a bank execu­
tive in Seattle, Wash. He is a gradu­
ate of the Pacific Coast Banking
School, past president of the Seattle
chapter of the American Institute of
Banking and has been most active in
various civic organizations.

Loaned Executive

c o r d i a l l y in v i t e d
t o v is it US

Joseph V. Goldbach, assistant vice
president of the Illinois National
Bank of Springfield, will participate
in the United Fund “Loaned Execu­
tive” program for the 1960 campaign
in Springfield. Mr. Goldbach, after in­
tensive orientation and training, will
devote from three to six weeks of
full-time work to the United Fund.
Mr. Goldbach is head of the busi­
ness development and correspondent
banking departments of the Illinois
National Bank.

o n y o u r n e x t t r ip
to C h i c a g o .

In the Wrigley Building * 400-410 North Michigan Avenue
Superior 7-2323
Northw estern Banker, O ctober, I960


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

Heads London Chamber
Hubert B. Chappell, vice president
in charge of The Hanover Bank's
London City office, has been elected
president of the American Chamber
of Commerce in London for 1960-61.
Mr. Chappell was second vice presi­
dent of the American Chamber dur­
ing 1959-60. Prior to that he had been
the Chamber’s honorary treasurer for
many years.

57

V IN T O 1* N • •’ ’
j
e 30 , V
, , a* oi t * m

SHe

= •'... i . l :

I J « l « ,ie
.

r,v\ .V\V V \ » ^

(J^ÎLâÂ/vvi ^

77..

T H E BEST L OAN C O L L A T E R A L
Even though inventories are in plain sight, they are often overlooked as
prime collateral for secured loans.
So M R . LO AN O F F IC E R - the next time you see IN V E N T O R Y in
plain sight on a financial statement — why not call in Lawrence. The use
of Lawrence Field Warehouse Receipts enables your bank to make safe
and profitable inventory loans. It also makes it possible for you to provide
your customers with needed working capital on a secured basis.
LAWRENCE ON WAREHOUSE

RECEIPTS

■r IaWRENCE^B . . . IS
S y s te m

L

J

LIKE CERTIFIED ON CHECKS

T h e La w r e n c e C o m p a n y
N A T IO N W ID E F IE L D

C H IC A G O 2, IL L IN O IS
100 North LaSalle Street
DENVER 2, C O L O R A D O
818 17th Street Building


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

PORTLAND 4, O R E G O N
Cascade Building
ST. LO U IS 2, M ISS O U R I
Boatmen's Bank Building

W A R E H O U S IN G

SA N F R A N C IS C O II, C A L IF O R N IA
37 Drumm Street
SEATTLE 4, W A S H IN G T O N
Exchange Building

OFFICES IN PRINCIPAL CITIES

SP O K A N E 8, W A S H IN G T O N
Empire State Building
W IC H IT A 8, K A N SA S
1714 North Vassar Avenue
N EW Y O RK 5, N EW Y O RK
79 W all Street

58

O ur "O il/ ** E d g ed 4 -H P ro g ra m
(Continued from page 25)
cooperated to the fullest extent. For
instance, one parent said, “You know,
you have no idea what this has done
for our boy. He was able to do and
accomplish something worth while by
himself, without his folks providing it
or even helping. It was something he
could call his own and he fairly wor­
shipped the pigs.” Others have com­
mented, “You have no idea how our
youngster’s attitude toward life and
people changed the year he had the
project.”

The comments of the youngsters
have been equally gratifying. One lit­
tle fellow said, “The project provided
me with a wrist watch I had always
wanted but my parents couldn’t afford
to buy for me. I also put some
money in my savings account from the
proceeds of my project.” Other young­
sters have said, “The money from my
project helped buy me school clothes.”
And still others, “This money will help
me go on to school.” The proceeds
from one boy’s project even helped to

New Dimensions to
Correspondent Service
AVAILABLE
AT THE
ILLINOIS NATIONAL BANK
OF SPRINGFIELD

J O S E P H V. G O L D B A C H
Assistant Vice President

1. Operations Trouble-shooting—

Our daily contact and experience
with banks in numerous smaller
Midwestern towns enables us to
understand your problems com­
pletely. Ed McGuar, Vice Presi­
dent and Cashier, is on call at all
times to lend a helping hand.
2. Trust Service for Your C u s­
tom ers — Bob Prather, Vice Presi­

dent and Trust Officer, is thor­
oughly familiar with estate-plan­
ning and trust problems. He will
work with you and your cus­
tomers. This means you can offer
your customers the same experi­
ence and guidance offered by met­
ropolitan Trust Departments.

3. Need to Increase Your Bank
E arn in gs? Many banks in rural

areas need to increase their earn­
ings. The Illinois National Bank
can be a very helpful source of
short term, quality, high-yield in­
vestments. We’ll be glad to make
recommendations.
4. B u sin e ss Developm ent and A d­
vertising Problem s? Let an Illi­

nois National Bank representative
sit down with you and discuss
some of the latest innovations in
these fields. We will be glad to
help you with your programs.
Call Joe Goldbach now for
really fast service.

replace the family car that had given
out because of old age.
The future of this project, we be­
lieve, is insured because of the success
of those in the past. As our farming
enterprise becomes more technical and
scientific, we believe this project will
mean a great deal to youngsters of to­
day who will be our farmers of to­
morrow.
You, as bankers, are probably by
now asking yourselves, “What are the
benefits to the bank in such a proj­
ect?” The tangible, immediate bene­
fits probably are not too great. But
as the project goes on, the bank begins
to be associated with one of the great­
est youth organizations in our world
today. Each year as the youngster
is chosen to have the project, the ex­
tension office sends news releases to
all the publications in the county. We
also have had occasional radio public­
ity about the project. Best of all are
those benefits that cannot be bought
at any price; the word-of-mouth com­
ments made throughout the county
about the bank and its interest in the
4-H project.
The 10 boys who have taken part in
the project are as follows:
Vernon Deaton of Runnells, in 1950;
Gary Lewis of Bondurant, in 1951;
Gary Fry of Elkhart, in 1952; Gary
Carlson of Polk City, in 1953; Larry
Haines of Bondurant, in 1954; Verle
Streeter of Runnels, in 1955; David
Weaver of Carlisle, in 1956; William
Foulkes of Altoona, in 1957; Lynn
Johnson of West Des Moines, in 1958,
and Jim Hill of Elkhart, in 1959.
In conclusion, I call your attention
to the pledge a 4-H member takes
when he joins his club and repeats
many times throughout his club ca­
reer:
I pledge my head to clearer think­
ing,
My heart, to greater loyalty,
My hands, to larger service,
My health, to better living for my
club, my community and my
country.
With a guide of this kind to follow
and live by, it is easy to understand
why very, very few 4-H youngsters go
wrong, and how could you as bankers
find a more worth-while movement to
encourage and promote.— End.

New Assistant Cashier

I l l i n

o

i s

NATIO NAL BANK OF SPRINGFIELD

M e m b e r Federal D e p o s i t Insurance Co r po r at i o n

Northw estern Banker, O ctober, I960


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

Fifth at Washington

David H. Reimers, chairman of the
board and president, The Live Stock
National Bank of Chicago, announces
the appointment of George H. Sinn as
assistant cashier, September 1. Mr.
Sinn has been active in Chicago
banking for many years and will serve
in the new business department.

59

j

...y

»

ART

I !|

:

IN S T IT U T E

m

vï's

m

I••

I

o r

> s- $ .| ;v ;
- .\ f
■ m m m m ........

C B IC A *:\ u M
\\IIP \

L --

à

\,

■ ifV ci

-

îE

■

\

Your eyes and ears in Chicago
One of the finest of Arts is being able to supply
the information you want when you need it.
Sometimes this means wearing many hats . . . or
at least knowing what is going on under some
of the others. T hat’s why our many Correspond­
ent Banking friends use City National as their
eyes and ears in Chicago.
Big enough to handle a ll correspondent bank-

Member
Federal Deposit
Insurance
Corporation

C

i t

y

N

ing transactions . . . buy and sell . . . portfolio
advice . . . transferal of funds . . . transit service
around the clock . . . clearings. Small enough to
provide the personal attention each job needs.
You always deal with an officer at City National.
Whenever you need diligent eyes and ears in
or fro m Chicago, call on City National. W e’d like
to do business with you.

a

t

i o

n

a

l

I

î

\ >

k

AND TRUST COMPANY OF CHICAGO

208

South L a S a lle Street • F R a n k lin 2 - 7 4 0 0
Copyright City National Bank and Trust Company of Chicago, 1960


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

Northw estern Banker, O ctober, I960

60

Ita nine's

M

(Continued from page 32)
than $104 million for time and space
only to advertise in magazines, news­
papers, television, outdoor signs and
bill boards. During the same year,
Procter and Gamble and ColgatePalmolive together spent as much for
television time only to sell soap as all
the nation’s banks spent in every con­
ceivable media to sell approximately
125 different banking services and to
publicize financial statements.
Confusing “ Shop Talk” Words
Bank shop talk is as confusing as
shop talk in the hospital operating
room would be to someone outside
the pale of ether lexicon. This prob­
lem has had marked effect on our
ability to sell our variety of financial
services. Patently, few prospects buy
what they can’t understand.
Three years ago we discovered in a
survey of 25 employees of a printing
plant that seven did not know the
bank’s meaning of the word “deposit.”
To these people, their understanding
was from putting down a deposit on
utility meters or placing a deposit on
something purchased on layaway. In
these si tuati ons, experience had
taught them that to deposit money
F I R S T IN A R I Z O N A
"Ted, First N a tio n a l Bank w ill tell
you everything about A riz o n a ."

was to lose control of it until fulfill­
ment of a contractual obligation.
These same people were prospects for
special checking accounts we were
trying to sell with advertising which
said: “You can open a special check­
ing account with a deposit of as little
as $10.”
By removing the word “deposit”
and by saying, “You can open a spe­
cial checking account with as little as
$10,” we removed shoptalk that was a
sales obstacle to perhaps seven out of
every 25 of the prospects we were try­
ing to reach.
What to Sell
If we are to sell prospects and re­
sell present customers, we must sell
with understandable language. The
company that sells the beverage that’s
“Delicious and Refreshing” hasn’t
spent a thin dime to tell you about its
complicated formula, the day the com­
pany was founded, or how friendly
you would find their chemists. The
manufacturer that equips its cars
with “Torsion Air Ride” sells the ben­
efits of this equipment—“a more com­
fortable, less fatiguing ride.” The
prospect never buys shoptalk. He
buys benefits, whether they be in soft
drinks, automobiles or financial serv­
ices.
The attitude we have—the attitude
of all the people in the world of bank­
ing—either sells or negates a sale to
the public we serve.
I believe that selling—selling our
free enterprise system . . . selling the
financial institutions we represent
. . . selling the financial services that
benefit mankind . . . selling these serv­
ices in an ever increasing volume—
will make it possible for your institu­
tion and mine to achieve the goal of
better financial public relations. —
End.

Bank of America
National Division Change
Yes, Arizona’s oldest bank knows
the state through and through. Send
for “ A r iz o n a ’ s C h allen ge o f the
’60’s,” a free report giving projec­
tions on future population, employ­
m ent, bank deposits, in com e and
oth er vital facts. C ontact F irst
National first and see how we can
serve you.
B usiness D e ve lop m e n t Dept
First N a t io n a l B a n k
P hoen ix, A riz o n a
A L p in e 8-7212

FIR ST
NATIONAL
B A N K OF ARIZONA

*OED

Northw estern Banker, October, 1960

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

Bank of America has named its
New York representative, Vice Presi­
dent Vernon C. Richards, to head the
national division of the business de­
velopment department at the head
office in San Francisco, President S.
Clark Beise announced last month.
At the same time, Mr. Beise an­
nounced that Mr. Richards’ successor
in New York is Ralph W. Fellman,
vice president at the head office who
has worked closely with clients in
the New York area the past five years.
Mr. Richards, assigned to San Fran­
cisco offices most of his 37-year ca­
reer with the bank, has held the New
York position since 1955.

V.

C. R IC H A R D S

R. W . F E L L M A N

In his new post, Mr. Richards will
have responsibility for the bank’s re­
lationships with banks and businesses
which operate on a national basis.
Mr. Fellman, a former New York
banker, joined Bank of America as a
credit and investment analyst in San
Francisco in 1946, advancing to as­
sistant vice president in 1950 and vice
president in 1955. He was associated
with a New York bank before enter­
ing the army during World War II.

Announces Changes
At a board of directors’ meeting last
month, Homer J. Livingston, chairman
of the board of The First National
Bank of Chicago, announced the pro­
motion of Mel C. Carney from assist­
ant cashier to assistant vice president
in Division “E.”

ONE OF NEW YORK’S
FINER HOTELS
On t h e c i t y ’ s m o s t f a m o u s
t h o r o u g h f a r e , 5 th A v e n u e in
e xcl us iv e W a s h in g to n Square.
Sp ac iou s s ing le ro o m s f r o m $10
dail y. W it h a ir - c o n d it io n in g fr o m
$12-$14. Lavis h 2 & 3 room a p a r t ­
m e n ts w ith s e rv in g p a n trie s .
Te levi sion avai la ble .
S P E C IA L R A T E S

on a m o n t h l y
basis. A d d it io n a
s u b s t a n t ia l
sa vings, on
u n f u r n i s h e d and
fu r n is h e d
apartments
on lease.
W ri te f o r d e s c r i p ti v e b r o c h u r e
N. Sc h e in m a n , M a n a g i n g D ir e c to r

Í^ K Á ki vemie
H o te l
24 FIFTH AViNUE ot 9th STREET

61

¡mm-

TO G ETH ER
to brin g you the
fin est correspondent
service a v a ila b le

(dmmerceTrust (ompany9
KANSAS CITY’S OLDEST AND LARGEST BANK
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northw estern Banker, O ctober, 1960


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

62

COST SQUEEZE . . .
(Continued from page 27)

Most bankers have enough to worry about without having
to assume the added rigk of making unsecured inventory
loans. * ß j
y * -''a B; f
That’s where Douglasjluardian can be so helpful to
you and your customers. Once we issue field warehouse
receipts on your custo friers’ inventory, you can rest
assured that the inventory in question will rfftiain in your
control until
Douglas-Guardian has, at one time or another, field
warehoused just about every marketable item imaginable.
Won’t you give us a call next time an inventory loan will
assist your customers?

DOUGLAS-GUARDIAN
W AREHOUSE CO R P O R A TIO N
FIELD W A R E H O U S I N G - C O A S T TO C O A S T
EXE CU T IV E OFFICE: 118 N o rth F ro n t S tre e t

(P. O. Box 3 9 7 )
N e w O rle a n s I, Lo u isia n a
A T LA N T A 3, G a ., Hurt Building

N E W O R L E A N S 16, La., 118 N . Front St.

B O IS E , Id ah o, Bank of Id a h o Bldg.

N E W Y O R K 4, N.Y., 50 B roa d St.

C H I C A G O 2, III., 173 W. M a d is o n St.

P H IL A D E L P H IA 2, Pa., G ira rd Trust Bldg.

D A L L A S I, Texas, Tower Petroleum Bldg.

P O R T L A N D 4, O re., U .S. N a t 'l Bank Bldg.

DETRO IT 26, M ich., Penobscot Bldg.

S A N F R A N C IS C O 3, C a l., 785 M arke t St.

L O S A N G E L E S 15, Calif., MIO W. O lym p ic Blvd.

S P R IN G F IE L D , M o ., M c D a n ie l Building

M E M P H IS 3 , Tenn., Porter Bldg.

TAM PA 2, Fla., 416 Tampa St.

M I A M I 32, Fla., 150 S. E. 2nd St.

19 o t h e r c o n v e n ie n t o ffic e s

N orthw estern Banker, O ctober, 1960


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

price is low enough to permit a chance
for profit under long-range predic­
tions.
The speakers particularly scored
the narrow spread between the price
of range cattle and fat cattle the past
two years, stating that farmers have
paid more for feeders than they later
brought on the market in finished
condition.
Feeders were advised to hold for
the right price and that it would be
better to sell their bumper crop and
play it safe rather than run too much
risk of losing on cattle that cannot
be purchased at the right price.
Central Bank
Mark Dittman, president of this
bank at Central City, Nebr. (pop.
2,500) said interest in his bank’s first
Financial Forum was “a tremendous
success” with an overflow crowd. The
cattle panel reported the following:
Current situation tight, however,
no great price decline this year or
early part of 1961. The price will
probably be $2 or $3 below present
market for fat cattle in mid-1961
(similar to that reported at St. Joe
meeting). There is a possibility of
some strengthening if orderly market­
ing is achieved. The Sand Hills are
looking for buyers! Yet, replacement
cattle will be in demand and may hold
steady for better grades.
Humboldt Auction
It was the concensus that feeders
are paying too much for cattle. Rep­
resentatives from ranching areas took
part in the program with feeders, and
both parties agreed they should try
to help figure out a way to help make
each other’s operation less costly.
Bankers were advised to see that the
feeder’s money goes into cattle wellbought (the same statement made by
Mr. Rohwer of Schleswig). In and
outers are buying too high and don’t
take the advice of experienced men.
Officials of the Humboldt Auction
Company tried to convince the 250
bankers that their customers can buy
better cattle at the right prices from
the Humboldt Auction Company or
similar firms rather than the indi­
vidual buying where feeders can get
stuck on prices.
Humboldt had one shipment of 83
carloads of cattle shipped in, with
40-50 head per car. On Friday, Sep­
tember 23, the auction company sold
$750,000 worth of cattle. Prices of
feeder calves there range from 23%
cents to 27 cents, and for 700 pound
yearlings from 24-26 cents.
A 4-county meeting similar to the
Plymouth-Sioux County meeting was

63

Drive-In drives out traffic problem!
G e o r g e T. N e ls o n , A s s is t a n t
Cashier o f Central National Bank
and Trust Com pany o f Des Moines,
sa ys, “ T h e o n ly w a y to h a n dle
the t r a f f ic w as w ith a M oslerequipped d riv e-in fa cility . We
thought our new drive-in would
handle the same number o f trans­
actions as the previous installa­
tion. Instead, each o f the fo u r
M osler drive-in w indow s did the
sam e am ount o f b u sin ess! The
fou r w indow s handled well over
5000 custom ers in D ecem ber.”
S a y s R o b e r t K . G o o d w in ,
C hairm an o f the B o a r d : “ The
basis fo r our phenomenal grow th
is warm custom er relationships.
Our custom ers needed the con­
venience o f a drive-in facility, so
we gave them one.”

E. F. Buckley, President, says,
“ We a re m ost s a t i s f i e d w ith
M osler equipm ent. The e le ctri­
ca lly operated deposit draw er
efficiently serves small and large
c a r s . . . e v e n t r u c k s . We u sed
M osler equipm ent exclu sively.
I t ’s tro u b le -fre e and has won
many satisfied custom ers.”

“ This Mosler walk-up window really surprised
us. Even though the main bank is just up the
street, it averaged a transaction every two m in­
utes in the month of December.”

Problem Solving — A Mosler Specialty

From the largest bank vaults to
the smallest safe deposit boxes,
Mosler design and m anufactur­
ing experience is at your service.
W rite fo r in form a tion on any
kind of customer convenience and
protection equipment.

“ The facilities in our Mosler Drive-In W indows
are so complete that each one is practically a
branch office in itself. Their ease of operation
keeps our tellers comfortable and alert.”

The Mosler Safe Company
Dept. A -360, 320 Fifth Avenue, New York 1, N . Y.
Factories, Hamilton, Ohio
W orld’s Largest Builder o f Safes and Vaults

Northw estern Banker, O ctober, I960


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

64
held at Okoboji by 39 bankers repre­
senting all but two of the banks in
Emmett, Dickinson, Clay and Palo
Alto counties. They adopted much
the same stand as that taken by Plymouth-Sioux bankers. They also indi­
cated they were not favorable to
some of the ideas now being promoted
in regard to contract feeding.—End.

L o n g S ervice

Named Vice President

BANKERS YOU KNOW . . .
(Continued from page 33)
presidents of Westinghouse, Raytheon,
Car bor undum, Miami University,
American Association of Mayors, an­
other who became comptroller of Gen­
eral Foods, one who became the Sec­
retary of Labor and a vice president
of Field Enterprises.
As an instructor at the Graduate
Schools of Banking at Rutgers and
Northwestern Universities, as a lec­
turer at bankers’ conventions in Iowa,
Illinois, Kansas. North Carolina, Vir­
ginia and at the School of Banking at
Madison, Wis., he has gained a wide
acquaintance among bankers and is
respected for his ability and leader­
ship.
These tenents of hard work and
sound beliefs have led Mr. Decker to
a top position in banking and have
qualified him for the directorship of
several outstanding firms. Included
are the Glencoe National Bank; F. M.

CENTURY OF SERVICE to the
Continental Illinois National Bank
and Trust Company, Chicago, is rep­
resented by these two 50-year vet­
erans. Lester T. Boe, left, vice
president in the commercial depart­
ment, completed his half-century
last month and will retire later this
year. Reynold H. Golterman, mem­
ber of the loan division, observed
his anniversary August 30 and re­
tired last month.

Hubbell Sons & Company, Des Moines;
B/G Foods, Inc.; Chicago & North
Western Railway Company; Chicago,
Minneapolis, St. Paul and Omaha Rail­
way Company; Consolidated Foods

F lo rid a V a c a tio n

thecAleud '

LAUDERDALE
RESORT-O-TEL
DIRECTLY ON THE OCEAN
FO RT LAUDERDALE
with T W O leisure styles of vacation living!
★ COMPLETE HOTEL SERVICES
A N D STAFF, or
★ T H R IF TY “ DO-IT-YO U R SELF”
M OTEL UNITS
Double rooms, efficiencies, suites, many
with private balconies.
★ PR IVATE BEACH
★ H EA TED , FRESH-W ATER POOL
★ ELEVATOR ★ SHUFFLEBOARD
★ PUTTING GREEN
Poolside Pagoda Bar, Sai Wen Lounge,
Far East Dining Room.
Owner-M anagement assures
personal friendly service

On the Famed Galt Ocean Mile, Fort Lauderdale, Florida
Affiliated with Ruttger R esorts in Florida and M innesota

Northw estern Banker, O ctober. I960


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

Corporation; John Morrell & Company,
and H. L. Green Company, Inc.—End.

Ray R. Eppert, president, Burroughs
Corporation, has announced the pro­
motion of Harry G. Bowles, controller,
to vice president and controller.
Mr. Eppert stated that in addition
to Mr. Bowles’ responsibilities as cor­
porate controller he will be chairman
of a new integrated financial planning
committee which will serve all seg­
ments of the corporation.
Mr. Bowles, 54, joined Burroughs in
1929. He has served Burroughs in
various executive, financial and ad­
ministrative positions. He was elected
corporate controller December 16,
1959.

Gainble-Skognio Gains
Gamble-Skogmo, Inc., Minneapolis,
reported net sales for the first eight
months of 1960 were the second high­
est, on a comparable basis, for a like
period in the history of the company.
While sales were $92,622,796, against
sales of $93,059,185 for the same period
in 1959, “They were only .5 of one per
cent behind our record breaking re­
sults last year,” said B. C. Gamble,
president of the firm.
Consolidated net sales for the month
of August were $13,273,043, against
sales of $13,941,014 in August, 1959, a
decrease of 4.8 per cent, also their
second highest month of August, ac­
cording to the firm.

New Assistant Cashiers
The Bank of California, N.A., has
appointed Cecil G. Smith and Henry
H. Sorenson assistant cashiers at the
bank’s head office,
according to El­
l i o t t McAllister,
chairman.
Mr. Smi t h be­
gan his banking
c ar e e r in 1927
with First Nation­
al Bank in his na­
tive Two Harbors,
Minn., where he
served until 1939,
when he came to
the west coast. For the past nine
years he was an executive of a Rich­
mond, Calif., bank, prior to joining
The Bank of California earlier this
year.
A native of San Mateo (Calif.) Mr.
Sorensen entered banking after being
graduated from San Mateo Junior Col­
lege (1946) and University of Cali­
fornia (1948).

H o w A M id w e ste rn B a n k
R ed u ced F loat $ 1 0 0 ,0 0 0 D a ily
Northern Trust Company specialists
are frequently called upon to assist
correspondents in reviewing their op­
erating procedures. Many instances
can be cited where this assistance has
resulted in substantial cost reductions
and improved operating efficiency.
Recently, for example, a team of
Northern Trust officers analyzed the
check handling operations of a M id­
western correspondent bank. Their
recommendations resulted in speeding

In t h e

H e a rt of th e


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

F in a n c ia l

D is tric t

check collections and reducing float by
more than $100,000 daily—a substan­
tial increase in funds available for the
bank to invest. Other economies were
realized at the same time by eliminat­
ing unnecessary operations and by sim­
plifying the bookkeeping procedures.
Would an operations survey help
your bank? You are invited to discuss
this service— and other advantages of
being a Northern Trust correspondent
—with one of our officers.

M e m b e r F . D . I. C

Northw estern Banker, O ctober, 1960

66

p r o v id e s a w o r l d - w i d e p ic t u r e o f
e a c h M a r in e C o r p s U n it , in c l u d i n g e a c h
M a r i n e ’ s t r a in in g e x p e r ie n c e , a n d k n o w l ­
e d g e o f f o r e i g n la n g u a g e s .

U. S. MARINE CORPS
s tre a m lin e s

now

u sin g

G /f^ D lJ & D T l4 t £

chan ges

a n n u a lly .

ca r d s

m in u te .

a

1 ,0 0 0 ,0 0 0

R eads
P rin ts

p erson n el

2 ,0 0 0

p unch ed

rep orts

at s p e e d

e q u iv a le n t to 2 9 0 typ ists.

The U.S. M a rin e Corps uses three N a tio n a l 304 E lectronic Data Processing Systems:
W a sh in g to n , D.C. — Camp Pendleton, C a lifo rn ia — Cam p Lejeune, N orth C a ro lin a .

T h e N ational 304 sim plifies person­
nel c o n t r o l. . . reduces the time re­
quired to prepare reports . . . and
provides the U.S. M arine C orps with
m ore in fo r m a tio n — q u ic k e r — and
m ore com plete.
If y ou were a M arine, you r com ­
plete profile w ould consist of ap p rox­
im ately 150 item s of inform ation . . .
filed on less than tw o inches of m ag­
netic tape. C om plete M arine C orps
personnel records, covering 475,000
men, regular and reserve, can be
stored on 20 reels o f tape— a space
no larger than a suitcase.

T h e N ational 304, designed for
high-volum e business activity, is now
being applied to all kinds o f business
— industry, finance, retail, and gov­
ernment.
It w ill p a y y o u to evaluate this
m odern electronic system in the light
o f you r specific requirements . . . its
superior punched paper tape and
card reading ability . . . its “ building
b lo ck ” design . . . its sim plified p ro ­
gram m ing techniques.
F or com plete inform ation, con tact
th e E le c t r o n ic S a le s D iv is io n in
D ayton , Ohio.

THE NATIONAL CASH REGISTER COMPANY,
1039 O F F IC E S

IN

121

C O U N T R IE S

Northw estern Banker, O ctober, i960


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

D a y t o n 9f Ohio

• 76 Y E A R S O F H E L P I N G B U S I N E S S S A V E M O N E Y

h e lp s p r e p a r e b u d g e t s , a llo t m e n t
ch eck s,

tra in in g

r e q u ir e m e n t s ,

and

w ill

p e r f o r m o t h e r r e c o r d - k e e p in g tasks.

u ses o n l y 2 7 o p e r a t in g p e r s o n n e l
to c o n t r o l 4 7 5 ,0 0 0 r e c o r d s — s a v in g h u n ­
d r e d s o f th o u s a n d s o f d o lla r s a n n u a lly .

•TRADE

MARK

REG.

U. S.

Q / fc a tU m

PAT. OFF.

c U

ELECTRONIC DATA PROCESSING
ADDING M A C H IN E S.C A SH REGISTERS
ACCOUNTING M A C H IN E S.N C R PAPER

67

L

* A ST fall, after 11 years as a teller and book k eeper
in our local bank, I entered the life insurance business at
Allen, Neb., as an agent fo r E quitable of Iow a.

M y first thought at that tim e was, “ H ow am I ever
goin g to sell m y farm m ark et?” This is still m y problem ,
but it no longer bothers m e as much.

Selling in
A Farm Market

Personal experiences
of a life underwriter
in a rural territory

W ritten Especially for
the U N DERW RITERS R E V IE W

By KEN LINAFELTER
Equitable of Iowa
Allen, Nebraska

Originally, I set three goals for m yself, all of w h ich
have been m ost helpfu l in getting m e through those first
difficult m onths, and these same rules w ill no doubt serve
as a guide tow ard a successful career as a life under­
w riter.
The first goal w as to m ake tw o sales a week. T o do
this it required con tacting 40 people and talking life insur­
ance to 20 o f these.
This form ula has w ork ed out v e ry w ell for me. T o
date, I have averaged 45 contacts per w eek. A s of May
1, w h ich was the end o f m y first six m onths in the bu si­
ness, I had w ritten and paid fo r 50 policies.
The second goal I set up fo r m y self was to just go out
and m eet people. In ch eck in g over m y records, I find
that this has really paid off. Usually, w h en I am driving
through the cou n try and pass b y a farm place w h ich I
know , at least casually, I think to m yself that here is a
farm er w h o m ight be interested in som e life insurance. I
approach the individual b y explaining I w ou ld like to dis­
cuss his life insurance program w ith him.
If the prospect already ow n s som e insurance, he is
proud o f it and w ill discuss it w ith me. If he has none he
generally says so and this gives m e an opening for a sell­
ing interview . Over 50 per cent o f m y sales have been
made in this m anner; sim ply b y discussing the m an’s life
insurance program w ith him and finding a need.
M y third goal was to m eet at least three people each
day so that m y supply o f prospects w ou ld n ever run dry.
A t first this goal seem ed as if it w ou ld take quite an
effort. F rom m y contacts at the bank, I kn ew personally
over 600 people in and around Allen. A llen itself has a
population of about 380. It seem ed like I already knew
just about everyon e in m y area.
H ow ever, there are seven counties in m y territory and
I soon found there w ere plen ty o f n ew persons to m eet
and n ew territory in w h ich to w ork. D irect m ail seem ed
the answ er to m eeting as m any o f these n ew faces as pos­
sible, and last D ecem ber I started on a direct m ail p ro­
gram.
Since that tim e I have sent n ever less than 20 letters
a w eek. M any o f the m ailing lists nam es cam e from the
fou r different new spapers to w h ich I subscribe. W h en ­
ever I am in a n ew tow n I m ake an effort to bu y one of
the local papers strictly for the nam es contained.
I m ake a real effort to contact every nam e on m y direct
m ail list, not just those that reply. This enables m e to
m eet far m ore than three n ew people each day.
W h en ever I contact a direct mail prospect, I find the
m ailing has given m e som ething w ith w h ich to open m y
conversation. A n exam ple is, “ I ’m K en L inafelter, rep ­
resenting the E quitable o f Iow a. Do y ou recall receivin g
a letter from m y com pan y recen tly.”
Nine tim es out o f ten the prospect d oesn ’t recall the
letter, but the question has made him curious. U sually
the prospect says, “ N o” and then w ants to k n ow w h at it
was all about. This gives m e an opportu n ity to explain
Northw estern Banker, O ctober, I960


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

68

Insurance

the purpose o f m y call and to go right
into a selling in terview if the p ros­
pect has the time. If the prospect is
pressed for time, I try fo r an appoint­
ment.
I find that on m y direct mail I have
sold far m ore non-repliers than rep li­
ers. M ost o f the people w h o have
replied anticipate taking out life in ­
surance som etim e in the future. These
people give m e an excellent backlog
of future prospects. I w o n ’t sell all
these but at least th ey are potential
clients.
N aturally I have had m any discou r­
aging m om ents since entering this
business. One day, for exam ple, m y
car was stuck three tim es and each
tim e the chains had to be put on b e­
fore I cou ld m ove. But, the last farm ­
yard in w hich I becam e m ired dow n
produced a good prospect, w hich I
sold the follow in g w eek. So it seems
that even the w orst days are n ever a
total loss.
F or me, the best w ay to com bat a
feeling o f discouragem ent is to force
m yself out and to m ake several calls.
This is w ork until I pick up m y first
prospect or sale; from then on this
again becom es a w on d erfu l business.

Last spring seem ed like a particular­
ly discouraging time; the roads w ere
mud and alm ost im possible to travel
on and it looked like th ey w ere goin g
to get w orse instead o f better.
M y general agent chose this partic­
ular tim e to run a fishing contest. In
order to qualify, each agent had to
w rite and issue $60,000 o f paid bu si­
ness during F ebruary and March.
T o m y am azem ent, these tw o m onths
turned out to be the best I have had
in spite, or rather because, o f the bad
roads. Once I got to a farm er’s plac \
he was usually hom e and ready to sit
dow n and discuss life insurance.
M y records show that I bettered m y
tried and tested form ula o f seeing 40
people, talking life insurance to 20 and
selling two. I qualified fo r the fishing
trip w ith about $5,000 to spare and
had a total o f 23 apps during the c o n ­
test period.
It seem s the law o f averages plays
an im portant part in this business.
Some days I w ill go out and contact
10 to 15 people a day and have p rog ­
ress on on ly one. The next day, or
the next, progress can be recorded on
ev ery contact. W h en I have had five
selling in terview s and no sales, I kn ow

PAID!
$57,410
. . . 4 hours
after
the
robbery!

Fast claim service with

ST. PAUL’S BANKER’S BLANKET BOND
Just fou r hours after the Ju ly 6 h old u p o f the C herokee
S ta te B a n k , L e n M o e lle r (a b o v e r ig h t ), S t. P a u l
A ssistant S ecretary, B o n d D ep a rtm en t, h anded B ank
President, R uss Gesell, a ch eck for $57,410. It pays
to be p rotected w ith St. P a u l’s B a n k e r’s B la n k et B o n d ,
b r o a d u p -t o -d a t e c o v e r a g e w ith fa s t cla im service.
dl RE om

a sale is close and this know ledge
keeps m e going. I was told the law
o f averages catches up sooner or later,
and it alw ays does.
L ook in g back ov er m y first six
m onths in the life insurance business,
I find it has turned out m uch better
than I had expected.
W h en I first entered this business
a g ood friend o f m ine told m e three
o f the hardest things to sell in this
w orld w ere “ religion, con crete paving
and life insurance.”
I d on ’t know
about the first tw o, but as far as life
insurance is concerned, I have m an­
aged to p rove m y friend w rong.
So far the secret o f success for me
has been ju st being w illin g to w ork
and to go out and see people. The
produ ction takes care of itself.— End.

Work Donna Disaster
T hree St. Paul F ire and Marine In­
surance C om pany d i s a s t e r crews,
along with som e 60 local com p an y ad­
justers, are on the scene up and dow n
the A tlantic seaboard settling some
6,000 St. Paul claim s resulting from
H urricane Donna.
P relim inary estim ates accordin g to
com p an y loss and u nderw ritin g offi­
cials sh ow the St. P aul’s share o f the
prop erty losses, caused b y the $1 bil­
lion storm , is around $1 m illion.
St. Paul was hardest hit in the
Tampa, Fla.; W ilm in gton , N. C., N or­
folk, Va.; N ew Y ork City and Boston
areas.
T w o crew s are in the Tam pa area
and a third crew in the W ilm ingtonM orehead City, N. C., area.
In other new s, Donald O. Copley,
St. Paul F ire and M arine Insurance
C om pany bond underw riter, drow n ed
last m onth w h en he fell from his boat
into B ig M arine Lake, som e 25 miles
north o f St. Paul.
Mr. Copley, w h o had been w ith the
St. Paul fo r 20 years, developed out­
board m otor trouble w h en he was
crossing the rough waters o f Big
M arine Lake.

Mutual Agents Meet
T he annual agents’ con feren ce of
Iow a Mutual T ornado Insurance A s­
sociation w as held in Des M oines re­
cently, at H otel F ort Des M oines. A p ­
proxim ately 500 Iow a agents and
cou n ty m utual associates o f IM T at­
tended the tw o-day conference.
B. J. K erper, president, G. J. Timm erm ann & C om pany, D avenport, ad­
dressed the open in g session on “ To
Maintain a Strong E con om y W e Must
Sell H ard.” A w ell-know n speaker
on the su bject o f selling, Mr. K erper
is a past president o f the Sales E x ­
ecutive Bureau.

Northw estern Banker, O ctober, 1960


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

Insurance

1 tunp n n if M o v e s 1 .0 0 0 M ile s
Y E R 100 em ployees of W estern
L ife Insurance Com pany, an af­
filiate o f the St. Paul F ire and M arine
Insurance Com pany, m oved into new
quarters recen tly on the fifth floor o f
the parent com p a n y ’s $6 m illion hom e
office addition.
Som e 70 traveled over som e 1,000
m iles as th ey left W estern ’s hom e
office in Helena, M ont.
A nother
30 em ployees recruited fro m the St.
Paul area join ed the staff w h en W est­
ern opened its doors for business. The
rem aining W estern L ife people w ill
m ov e to St. Paul in 1961 w hen W esttern transfers its hom e office to M in­
nesota.
M ayor G eorge V avou lis was on hand
to present the “ k ey s” to the city to
T. P. Patterson, first v ice president in
charge o f W estern ’s operations here.

O

Rapids and w ill be operated in addi­
tion to the existing L eF ebu re plant
in that city.
Other L eF ebu re plant facilities in­
clude a 14 press printing plant de­
voted entirely to business form s p ro­
duction.
The space freed b y this new acqui­
s it io n w ill be devoted to production
o f equipm ent for A U TH O-VISO R, the
com p a n y ’s new Signature Identifica­
tion System, and allow som e expan­
sion of the departm ents devoted to
m anufacture o f Sorters, Indexing and

69

com pon en t parts.
L eF ebu re is a subsidiary o f Craig
Systems, Inc., Law rence, M assachu­
setts. The parent com pan y produces
a variety o f m aterials for the Defense
Departm ent and com m ercial airw ays,
plus a line o f pleasure boats.

St. Louis Change
H arry A. Serth has been appointed
an assistant cashier o f M ercantile
Trust Com pany, St. Louis. Mr. Serth’s
banking career began in 1914 when
he w ent to w ork for the National Bank
of Com m erce, a predecessor o f the
present bank.

Banker Agents Recommend

LeFebure Expanding
L eF ebu re C orporation has expanded
its m an u factu rin g facilities w ith the
purchase of the Cedar Rapids plant
o f F rueh au f T railer Company.
The plant contains 172,000 square
feet, and is located on nine acres of
land. In addition to the plant and
tru ck loading areas, the facilities in­
clude rail trackage, a three story
office building and a parking lot to
accom m odate several hundred em ­
p loyee autom obiles.
K. W . W atts, L eF ebu re president,
pointed out that the acquisition of
this plant perm its a m ore rapid ex ­
pansion than the n ew building p ro ­
gram w h ich w as p reviou sly being
planned. The plant w ill be used for
all L eF ebu re steel bank and business
equipm ent m anufactured in Cedar

FIRE

•

BO N D S

•

CASUALTY

INCLU D ING W O R K M E N ’S CO M PEN SATIO N
•

M oney-saving premiums
•

N atio n w id e claim service
•

4,000 independent agents
•

Branch Offices coast to coast

PROTECTION IN ACTION — EVERYWHERE.'
A NATIWAl INSTITUTION

RECEN TLY

*

PURCHASED

b y L eF ebu re
C o r p o r a t i o n i n C e d a r R a p i d s , I o w a , is t h is
C e d a r R a p id s p la n t o f F r u e h a u f T r a ile r
C om pan y.
The
p la n t
c o n t a in s
1 7 2 ,0 0 0
s q u a r e f e e t , a n d is l o c a t e d o n n i n e a c r e s
o f la n d .
I n a d d itio n to th e p la n t a n d
tru ck lo a d in g a rea s, th e f a c ilit ie s in c lu d e
r a il t r a c k a g e , a t h r e e - s t o r y o ffic e b u i l d i n g
an d a p a r k in g lo t to a c c o m m o d a te se v e ra l
h u n d r e d a u to m o b ile s .

MUTUAL CASUALTY COMPANY
DES

M O IN ES

7, I O W A

ASSETS OVER $50 MILLION
Northw estern Banker, O ctober, I960


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

Insurance

70

N ew N orth C en tra i Com panjf

Wins Loan Award;
Promotions Given

HE N orth Central Com pany, a new
h oldin g com p an y designed to p ro ­
vide a “ one-stop” insurance and in ­
vestm ent service, has been form ed in
St. Paul, Minn., through sale o f $1,000,000 in n ew stock and exchange o f
shares in the long-established and suc­
cessfu l N orth Central L ife Insurance
Company.
The n ew firm w ill operate in fou r
main areas. It w ill ow n N orth Cen­
tral Life, one of the n ation ’s select
group o f firms w ith m ore than $100,000,000 o f life insurance in force. It
w ill begin selling m utual funds either
b y setting up its ow n fund or b y sell­
ing shares in existin g funds. It w ill
enter the fire and casualty field, p rob ­
ably b y acqu iring an existing firm.
A nd it w ill offer large insurance agen­
cies an op p ortu n ity to set up their
ow n insurance com panies b y p rov id ­
ing financial back in g and m anagem ent
know-how .
T h e o d o r e Sanborn, w h o becam e
president o f N orth Central L ife in 1951
and led its rem arkable rise, is p resi­
dent o f the n ew firm and w ill continue
as president o f N orth Central Life.
“ The goal o f N orth Central Com ­
pany,” he says, “ is to build a diversi­
fied financial organization that w ill al-

R odgers L. W y ck off, vice president
in Security F irst N ational B ank’s cen ­
tral credit d e p a r t m e n t , has been
aw arded tw o o f R obert M orris A sso­
c ia t e s ’ h ig h e s t
a w a rd s: D is tin ­
guished S e r v i c e
A w ard and L ife
M em bership.
Mr. W y c k o f f ’ s
honors put Secu­
rity ahead o f all
banks in the na­
tion in the num ­
b e r of o f f i c e r s
w h o have been
R. L, W Y C K O F F
so h o n o r e d b y
the national organization o f credit
and loan executives.
A lso announced w ere five head o f­
fice appointm ents.
The appointm ents i n c l u d e Scott
Griesa, appointed an assistant vice
president in the branch locations d ivi­
sion; R alph V. Saums, assistant cash­
ier in the con troller’s departm ent;
Jack R. Brink, assistant cashier in
m arketing research and retail services
departm ent, and R obert E. Cedergren,
assistant auditor, audit departm ent.
In S ecu rity’s F arm ers & M erchants
office, John S. W ard, Jr., has been ap­
pointed an assistant trust officer.

T

low its custom ers to b u y all their in­
surance from one source. This trend
tow ard one-stop selling is becom ing
in creasingly evident throu ghou t the
cou n try.”
A ddition o f a m utual fund is de­
signed to provide an answ er to insur­
ance prospects w h o feel funds offer a
better hedge against inflation than
does insurance. The proposed entry
into the fire and casualty field is
aim ed at filling out the com p a n y ’s
insurance line. Mr. Sanborn says the
com p an y has looked over several fire
and casualty firms but has made no
decision on a purchase yet.
The new com p a n y ’s plan to help
large insurance agencies form their
ow n insurance firms is Mr. Sanborn’s
answ er to the often-expressed but sel­
dom -realized desire of such agencies.
N orth Central C om pany was set up
through sale o f 142,860 shares o f new
stock at $7 a share and b y exchange
o f one share o f N orth Central L ife

First VRC Showing

M E R MCUH
ANTS
TUAL

BONDING
COMPANY
Incorporated

1933

Home Office
2100 GRAND AVENUE

Des Moines, Iowa

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

W. W . W ARNER
Vice President

M . J. C O R B IN
Secretary-Treasurer

Northw estern Banker, October, I960


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

FIRST

STOCK CERTIFICATE in t h e
N o r t h C e n t r a l C o m p a n y is b e i n g m a i l e d
h ere b y , fr o m
l e f t , Theodore Sanborn,
p r e s id e n t , A . L. G-arnaas, fir s t v i c e p r e s i ­
d e n t , a n d Volney Hildreth.

for 27 shares in the holding com pany.
A t last cou nt over 84 per cent of
N orth Central L ife stock had been ex ­
changed for h oldin g com p an y shares.
The sale o f n ew stock was carried
out b y a handful o f officers and em ­
ployees o f the firm. It took on ly eight
w eeks to com plete the sale although
none o f the salesm en had ever sold a
share o f stock before. “ N orth Central
L ife ’s record has sm oothed the w ay
and created a trem endous dem and for
the n ew com p a n y ’s stock ,” Mr. San­
born says.
N orth Central L ife was founded in
1921 as the M odern L ife Insurance
Com pany. It had on ly $8,000,000 in
insurance in force in 1951 w hen Mr.
Sanborn and his you th fu l and aggres­
sive team reorganized it. Last year it
topped the $100,000,000 figure.

F irst pu blic show ings o f B urroughs
C orporation’s B251 V isible R ecord
Com puter system — the on ly electronic
data processin g system developed es­
pecially fo r the banking industry—
have been scheduled fo r O ctober and
N ovem ber in L os A ngeles.
The solid-state system w ill be first
dem onstrated fo r delegates at the 36th
annual con ven tion o f the National
A ssociation fo r Bank Audit, Control
and Operation (N A B A C ), O ctober 1012.
The VRC, w h ich processes con v en ­
tional bank records at electronic
speeds b y means o f M agnetic Ink
Character R ecogn ition (M IC R ), w ill
then be held over fo r the second an­
nual Office E quipm ent M anufacturers
E xp osition at the L os A ngeles Sports
Arena, N ovem ber 1-4. M IC R is the
com m on m achine language o f the
A m erican Bankers A ssociation.
The appearances w ill be the V R C ’s
first an yw h ere w est o f the M ississippi.

Honor of O. P. Decker
O. P. Decker, president o f National
B oulevard Bank of Chicago, has been
elected to the board o f directors o f
H. L. Green Com pany, Inc., it was an­
n ounced recently.

71

W h a t did
M e rc a n tile ’s

Som ething alm ost certainly that will interest a correspon den t.
F or at hom e, or in your tow n, your M an from M ercantile keeps
posted constantly on news concerning you, your bank, and your
com m unity.
This intimate know ledge o f your needs and problem s . . . plus his
own banking skill and experience . . . makes your M an from
M ercantile a handy person to have on your team.
F or the latest news on profitable bank operation, keep in touch
with this man. H e knows banking. H e knows your com m unity.
A n d it takes only a phone call . . . anytime . . . to put him to
w ork fo r you.

just s e e in
the n e w s ?
Y o u r Men from M ercantile ...

M ERCANTILE

a conscientious team always ready to

serve your correspondent banking needs.

T R U S T
COMPANY

ST. LO U IS 66. M ISSO U RI

M EM BER
F. D. I. C.

Serving M O R E St. Louisans than any other bank

MACK A
ALD R IC H

JA M E S E
BROW N

J O H N F.
W IL K IN S O N

A. U. (J IM )
HOOSS

JO H N
P IS A R K IE W IC Z

ED W A R D H
S C HO O R

M A U R IC E J.
SINGER

J A M E S A.
S M IT H

ROBERT C
BU TLER

Northw estern Banker, O ctober, i960


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

72

What’s your request? Correspondent bankers John Ordos, Wally Engstrom and Doug Johnson will harmonize with you to help solve operation and equipment problems.

I t ’s s w e e t m u s i c

the way M idland offers help with

operation and equipment problems to correspondent banks. Most
any question on the technical side o f banking can be answered by
Midland’s operation specialists . . . in most cases from Midland’s
own experience. Another example of how Midland proves friendship
with special service to
correspondent banks.
Northw estern Banker, O ctober, I960


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

T H E B A N K W IT H T H E B IG W ELC OM E

idland National Bank
FEderal 2-0511/Second Ave. So. and Fourth St./Minneapolis 40, Minn./Member FDIC

73
increased surplus from $500,000 to
$600,000, announces P. R. Kenefick,
president. Increases m ake this bank
the first one in M ankato to have com ­
bined capital and surplus o f $1,200,000.
M ore than 2,300 area residents at­
tended the recent 25th anniversary
open house at the bank. Coffee and
cake w ere served and souvenirs w ere
given guests, w h o vied fo r fou r prizes
o f 25 silver dollars each.

Minnesota

NEWS
ft. N. REPPE
K. A . WALES

President

Grand M eadow

Secretary

M inneapolis

Joins Buffalo Staff'
R ichard G. B abcock, assistant cash ­
ier o f the F arm ers State Bank, F red ­
eric, W is., has becom e assistant cash­
ier and m anager o f the insurance and
chattel loan departm ents o f the B u f­
falo National Bank, Buffalo, Minn.

Staff Increased
E dw ard Stotesberry, president, Co­
lum bia H eights State Bank in subur­
ban M inneapolis, has announced the
addition to the staff o f R. E ugene LaF rance as assistant cashier heading
the loan departm ent and Dennis R.
Carlson as installm ent loan officer.

Promoted at Duluth
W illard R. Maynard, savings super­
visor at the W estern N ational Bank,
Duluth, since 1948, has been elected
assistant cashier, reports G uilford S.
Lew is, president.
Mr. M aynard has been a m em ber of
the board o f govern ors o f A.LB. and
is active in ch urch and civ ic affairs.

v otin g age, one w as not a U. S. c it i­
zen and one was a rural area resident.

New Bedwood Falls Cashier
L eon H ennes has resigned as cash ­
ier o f the N orthw estern State Bank
o f Jordon to becom e cashier o f the
Citizens State Bank o f R edw ood Falls.
He had been w ith the Jordan bank
since 1946, was nam ed assistant cash­
ier in 1955 and cashier in 1959.

Arthur B. Borchert
A rth ur B. B orchert, 71, assistant
cashier, F irst N ational Bank o f Mapleton, died last m onth in a Mankato
hospital. He had been in the banking
business in M apleton fo r 40 years.

Elected at Bush City

F lo y d Bates, c a s h i e r , Sandstone
State Bank, has been elected vice
president o f the State Bank o f Rush
City and is active in its managem ent.
Completes Bank Purchase
He has served w ith the State Banking
J.
H. Grinnell, president of the D epartm ent fou r years and as cashier
State Bank o f Loretto, Minn., has now
o f the Sandstone Bank 12 years.
com pleted purchase of the con trollin g
Carl H. Som m er, Rush C ity’s noted
interest of the R ock ford State Bank.
historian and civ ic leader, retired
He has been at the L oretto bank since
from activity the first o f this m onth
1935, was elected execu tive officer in
at the State Bank o f Rush City. He
1943 and president in 1959.
will rem ain a director and chairm an
o f the board, but w ill spend tim e n ow
Mankato Stock Increase
with his m any hobbies, w h ich include
The National Citizens Bank, M an­ civ ic projects, historical research, h or­
ticulture, breeding o f p ou ltry and fish­
kato, Minn., has increased its capital
ing.
stock from $500,000 to $600,000 and

N ew Chat fi eld H ank H om e

Gonvick Stock Increase
G eorge Beito, president, N orthern
State Bank o f G onvick, has an­
n ounced the recent authorization b y
the board for d ou blin g the firm ’s cap i­
tal stock from $50,000 to $100,000.

Granite Falls Open House
The Y ellow M edicine C ounty Bank
in Granite Falls, Minn., held open
house recen tly to celebrate the co m ­
pletion o f a rem odelin g project. Milk,
coffee, cook ies and doughnuts w ere
received b y all visitors. In addition
to the enlargem ent o f the ba n k ’s in­
terior, air con ditionin g w as installed
and a night dep ository w as added.
A com plete rem odelin g m akes it one
o f the beautiful banks o f the area.

A Moorman & Co., Minneapolis, Architects

N E W B U ILD IN G f o r t h e R o o t R i v e r S t a t e B a n k , C h a t fie ld , M i n n ., is n o w u n d e r c o n ­

“ Get Out the Vote”
The F irst A m erican National Bank
o f Duluth recen tly prom oted v otin g in
local, state and national elections and
urged em p loyees to register and vote.
P osters w ere prepared and a v otin g
questionnaire w as com pleted b y each
em ployee. A su rvey o f the question­
naire indicated that o f 218 em ployees,
174 registered to vote, 42 w ere not of

s tru c tio n .

E x t e r i o r w i l l f e a t u r e p i n k f a c e b r i c k , a n d a lu m in u m d o o r s a n d w i n d o w

The new est bank bu ildin g in the
104-year-old h istory o f the R oot R iver
State Bank at Chatfield is n ow under
construction. It w ill have an 80-foot
frontage predom inantly o f glass w ith
alum inum trim. G. A. H aven, p resi­
dent, points out that a drive-in service
w ill be provid ed w ith access to the
service w in d ow from a d rivew a y ad­

t r im .

join in g an alley at the rear o f the
building.
A continuous row o f seven tellers’
w in dow s w ill be im pressive to cus­
tom ers as w ill m any of the latest fea­
tures o f m odern banking services.
A m ple parking space fo r custom ers
w ill offer them con venien t access to
the banking room s.
Northwestern Banker, O ctober, I960


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

74

Twin City News

lllliiliill
w^ f » « S I * l l |

W O St. Paul bankers are am ong
seven business leaders nam ed by
M ayor George V avou lis to a com m it­
tee to coordinate plans for d ow n tow n
developm ent. T hey are H. William
Blake, president, N orthw estern Na­
tional Bank of St. Paul, and Philip H.
Nason, president, F irst National Bank
o f St. Paul.
* * *

T

Wendell T. Burns, execu tive secre­
tary, U pper M idw est R esearch and
D evelopm ent Council, has been reap­
pointed to the investm ent com m ittee
o f the M innesota A lu m n i A ssociation.
Mr. B urns retired last year as senior
v ice president, N orthw estern N ation­
al Bank of M inneapolis.
* * *
Irving C. Rasmussen, M innesota
state banking com m ission er and presi­
dent o f the National A ssociation of
Supervisors of State Banks, presided
at the g rou p ’s con ven tion in A tlantic
City, N. J., Septem ber 20 to 23.
* * *
Paul Noreen, F ourth N orthw estern
N ational Bank o f M inneapolis, is the
n ew president o f the E xchequ er Club
o f M inneapolis, organization of bank­
ing officials. Other officers are Carl
Bergquist, F ederal R eserve Bank of
M inneapolis, v ice president, and El­
mer Lindborg, St. A n th on y Falls o f­
fice o f the First N ational Bank o f
M inneapolis, secretary-treasurer.

Carl Poblad, president, M arquette
National Bank o f M inneapolis, has
been elected chairm an o f the new
board o f directors o f E lizabeth K en n y
Institute o f M inneapolis and its affili­
ates. He also was nam ed chairm an of
the board ’s execu tive and finance
com m ittees.
* *
P rom otions fo r three m em bers of
the staff of N orthw estern National
Bank have been announced b y John
A. Moorhead, bank president.
Richard Naumann was elected cash-

ARNOLD

NAUMANN

ier, William T. Arnold was prom oted
to assistant v ice president, and C.
Harry St. Cyr w as nam ed assistant
trust officer.
* * *
A single charge card replaced fou r
bank charge accou nt cards in the
T w in Cities, Septem ber 26. F our T w in
Cities banks — F irst N ational and
N orthw estern N ational of M inneapo­
lis and F irst N ational and N orthw est­
ern N ational o f St. Paul— sold their

BUY MUNICIPAL BONDS
A sound Portfolio of Municipal Bonds adds
to the stability and earning power of your bank.

JURAN & M OODY, INC.
M UNICIPAL SECURITIES EXCLUSIVELY
93 E ast S ix th S tre e t
St. P a u l 1, M in n e s o t a
C A p i t a l 4-9661

Minneapolis
Northw estern Banker. O ctober. I960


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

ST. CYR

St. Paul

charge accounts plans to Shoppers
Charge Service, Inc., a subsidiary of
E con om y F inance Com pany, M inne­
apolis.
The banks had operated their com ­
peting charge accou nt banking plans
since early last year.
* * *
John B. Exley, assistant cashier,
Stock Yards National Bank o f South
St. Paul, has been p rom oted to vice
president, R. L. Smith, president, an­
n ounced recently. Hoyt W . Lathen
was advanced from field representa­
tive to assistant v ice president.
*
*
William D. Dewald, associate econ o­
m ist at the F ederal R eserve Bank of
M inneapolis, resigned recen tly to be­
com e associate p rofessor and acting
chairm an o f the econ om ics depart­
m ent at St. Olaf College, Northfield,
M inn. He had been w ith the bank
since 1957.
* * +
A ppointm en t o f Ralph F. Spearing
as assistant cash­
ier, c o m m e r c i a l
loan
d iv is io n ,
M a rq u e tte N a ­
t i o n a l Bank of
M inneapolis, h a s
b e e n announced
b y Carl R. Pohlad, president. A
p a s t p r e s id e n t,
M i nneapolis
C h a p t e r A .I.B .,
R. F. SPE AR IN G
he served also as
T w in City Chapter treasurer of the
FPRA.
* * *
A bout 500 em ployees o f M inneapo­
lis banks began classes in the Ameri­
can Institute of Banking recently.
Bank officers are instructors in bank­
ing, accou ntin g and e c o n o m i c s
courses. L aw classes are taught b y
attorneys, and speech and E nglish
courses by college and high sch ool
instructors.
♦ * *
Philip H. Nason, president, F irst
N ational Bank o f St. Paul, was am ong

75

Banker Buelter and Gary L. Schwartz, Manager of Ixonia Farm Product Company, inspect a cornfield near Ixonia. Corn production
is on the increase around Ixonia and farmers are getting more value from it by using the Dealer’s Check-R-Mix Service.

“O U R T E A M W O R K W IT H O U R P U R IN A D E A L E R
H A S H E L P E D F A R M E R S S H IP M O R E M IL K ”
— says Otto Buelter, Cashier,
Ixonia State Bank, Ixonia, Wisconsin
In the last five years, average
milk production in the Ixonia
area has increased at least 2,000
pounds a year per cow. Team­
work of Ixonia State Bank and
the Purina Dealer, Ixonia Farm
Product Company, has been a
major factor in bringing about
this increase.

farmers and through on-the-farm
service, introduces modern, farmproved programs to dairymen.
The Banker-and-Dealer team­
work in Ixonia has been contin­
uous since 1922. It has been
profitable for the Bank, for the
Dealer and for Ixonia farmers.

The Bank provides financing that
makes possible the improvement
of dairy herds with better cows
. . . and by enabling dairymen to
adopt high-production Purina
Programs offered by the Dealer.
The Dealer, in meetings with

Much of the agricultural financing
by Ixonia State Bank is done directly
with farmers. The Bank also buys
notes which the Dealer takes from
his customers. “We have not had
a single dollar loss on loans to
farmers,” says Mr. Buelter.


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

* *

*

Northw estern Banker, O ctober, I960

76

Minnesota News

H v iim h ív Iv ü - t u r ! ;s i m I f n a r l v r s

ber, visitin g eight o f the corp oration ’s
15 affiliates in that state. T hey left
the T w in Cities Septem ber 25, return­
ing Septem ber 28, and stopped in
Havre, Great Falls, M issoula, Butte
and Helena.
* * *
Klondike Kate and her sourdough
friends w ere the attractions that
lured all St. Paul bankers to the
“ Y ukon B ra w l” given last m onth by
the St. Paul Chapter, A m erican Insti­
tute of Banking. P rovid in g a genuine
gold rush atm osphere o f the early
north, it featured m an-sized grub,
dancing girls and a “ G oosetow n ”
band. Chairman w as Gerald Kaphing,
A m erican N ational Bank.

REM ODELING U N D E R W A Y i n

J a c k s o n , M in n ., w ill t r a n s fo r m th e fo r m e r S o re m
B u i l d i n g i n t o t h i s m o d e r n a n d c o n v e n i e n t h o m e f o r t h e F i r s t N a t i o n a l B a n k in J a c k s o n . F i n a l p la n s c a l l f o r s i x t e l l e r s t a t i o n s , a n o t e p a y m e n t w i n d o w , c a r p e t e d o ff ic e r s
a r e a , t w o p r iv a t e c o n fe r e n c e r o o m s , a la r g e c o m m u n ity r o o m , a d r iv e -u p w in d o w , p a v e d
p a r k i n g s p a c e , a n d o t h e r n e w f a c i l i t i e s , a c c o r d i n g t o B. E. Grottum, p r e s id e n t . A r c h i ­
t e c t s a r e H i c k e y a n d L i t t l e , I n c ., o f M a r s h a l l a n d M i n n e a p o l i s .

John V. Wallace has been elected
assistant cashier, F irst R obbinsdale
State Bank, reports John G. Branch,
president.
In the banking business
since 1953, Mr. W allace was m ost re­
cen tly assistant cashier at the First
H ennepin State Bank.
* * *

a group o f St. Paul and M inneapolis
business and civ ic leaders w h o recen t­
ly directed a united appeal to Baseball
C om m issioner F ord F rick and the 16
m ajor league club ow n ers fo r a m ajor
league franchise in the T w in Cities.
The T w in Cities have been m en ­
tioned for one of fou r franchises to
be granted in an expansion m ove
agreed upon recen tly by the National
and A m erican Leagues.

D irectors of the First National
Bank Stock Corporation took their
board m eeting to M ontana in Septem-

For Your

ANADIAN

David J. Schroeder
David J. Schroeder, 80, vice presi­
dent, F arm ers State Bank, M ountain
Lake, Minn., died recen tly in Bethel
Hospital.

Charlein Cattle Experiment
Silver-cream colored calves in the
Milaca, Minn., area attract attention
because o f their beauty o f color and
m any farm ers call them “ Charley
Calves,” but B urton P. Allen, presi­
dent o f the F irst N ational o f Milaca,
k now s them as Charlein Cattle, a
name w h ich incorporates their parent­
age— a Charoláis father and H olstein
m other. The cattle are an experim en t
started a year ago to help raise the
farm in com e o f the area, u nderw rit­
ten b y the F irst M innesota Founda-

F o r L ib r a r y

Patent, Copyright
and Trademark...
r e g u l a t i o n s a r e o u t l i n e d in " Your Guide to Busi­
ness in Canada, ” j u s t p u b l i s h e d a s a s e r v i c e t o
A m e r ic a n e x e c u t iv e s b y C a n a d a ’s F ir s t B a n k ,
M a n y o t h e r e s s e n t i a l s u b j e c t s , i n c l u d i n g C a n a d ia n
ta x e s a n d c o m p a n y fo r m a tio n , a re d is c u s s e d .
T h is b o o k le t is o n e o f a n u m b e r o f B o f M p u b li
c a t io n s w h ic h m a y h e lp y o u r e n d e r b r o a d e r s e r
v ic e t o y o u r C a n a d ia n -m in d e d c u s t o m e r s . F o r a
fr e e c o p y w r ite o n y o u r b a n k le t te r h e a d to o u r
n e a r e s t U . S . o ffic e o r t o t h e B u s in e s s D e v e lo p ­
m e n t D e p a r t m e n t , H e a d O ffic e , M o n t r e a l.

B

râpii

a n k

o f

M

o n t r e a l

(?a *u id a J 'p v u tf ^ a c t£ ( f a t e t - f o B R A N C H E S IN A L L T EN P R O V IN C E S

District Headquarters:
H a lifa x, Toronto, W in n ip e g, C a lg a ry , V an cou ve r
N E W Y O R K :T w o W a ll St.
• S A N F R A N C IS C O : 333 C a lifo rn ia St.
C H IC A G O : Spe cia l R e p re se n ta tiv e 's Office, 141 W e st Ja ckson Blvd.

O fó íc e : ‘TfCoK&ieai
8 0 0 BRANCHES IN C A N A D A , U.S., GREAT BR IT A IN A N D EUROPE

Northwestern Banker, O ctober, I960


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

RESOURCES EXCEED $3,000,000,000

THE LAST W IS H o f Herman Fred­
erick Bommelman, a S k i d R o w r e ­
c lu s e w h o d i e d r e c e n t l y a t 83, is c a r ­
r ie d o u t b y th e N o r th w e s t e r n N a ­
t io n a l B a n k , M in n e a p o lis . A f t e r l i v ­
i n g a s o l i t a r y , f r u g a l e x i s t e n c e in
l o w e r l o o p h o t e ls , h e d i e d , l e a v i n g a n
e s t a t e o f t h r e e $ 8 ,0 0 0 b a n k a c c o u n t s ,
$ 6 ,0 0 0 i n g o v e r n m e n t b o n d s a n d a n
o il a n d m i n i n g le a s e o n N o r t h D a k o t a
p r o p e r ty to th e p u b lic lib r a r y , a fte r
fu n e r a l ex p en ses an d p a y m e n t o f
d eb ts.
N o rth w e ste rn
N a tio n a l a r ­
r a n g e d h is f u n e r a l a n d r e t a i n e d a n
a tto r n e y to t a k e p ro p e r le g a l p r o c e e d ­
in g s .
I n a b o v e p h o t o , Samuel H.
Rogers, l e f t , s e n i o r v i c e p r e s id e n t ,
p r e s e n t s a c h e c k f o r $ 1 3 ,8 7 2 .3 5 t o
Mrs. Dorothy A. Rood, l i b r a r y b o a r d
p r e s id e n t .
W a t c h i n g a r e Raymond
D. Williams, l e f t , a n d Burns Swen­
son, r i g h t , v i c e p r e s id e n t .

Minnesota News

77

untiti tm iiì Class

SENIOR CLASS o ffic e r s , e l e c t e d a t t h e r e ­
c e n t s e s s io n o f t h e S c h o o l o f B a n k i n g a t
M a d i s o n , W i s e ., a r e , l e f t , P r e s i d e n t , Leo
F. Winegar, a s s i s t a n t v i c e p r e s id e n t , F i r s t
A m e r i c a n N a t i o n a l B a n k , D u lu t h , M i n n .,
a n d V i c e P r e s i d e n t , John H. Reid, c a s h ie r .
S e c u r ity S ta te B a n k , H u b b a r d , I o w a . O th er
o f f ic e r s a r e S e c r e t a r y , Leslie O. Knutson,
m a n a g e r , B a n k o f A m e r i c a N . T . & S . A .,
A r b u c k l e , C a l i f ., a n d T r e a s u r e r , William
C. Dowd, c a s h i e r , S e c u r i t y M u t u a l B a n k
a n d T r u s t C o ., S t . L o u i s , M o .

tion o f M ilaca and the F irst National
Bank, in co-operation w ith farm ers
in the M ilaca vicinity.

Promotion at Owatonna
C lifford C. Som m er, president of
the S ecurity Bank & Trust Com pany
o f Owatonna, an­
nounces the elec­
tion o f Norm an
L. W ick low , vice
president to the
board o f directors
o f the Security
Bank.
M r. W i c k l o w
join ed the staff
o f the Security
Bank in 1936, was
elected as assist­
ant cashier in 1939 and advanced to
the position o f v ice president in 1951.
Mr. W ic k lo w ’s service to the Security
Bank has been continuous since 1936
except for an interruption of 26
m onths o f service in W orld W ar II.

Prescription for Reject Rate
N o w t h a t a n u m b e r o f s o r t e r s ha ve b e e n d e liv e r e d
and w e a r e no lo n g e r b l in d e d by t h e d a z z lin g p e r ­
f o r m a n c e o f t h e s e m a c h in e s , o u r f o c u s c o m e s upon
t h e c h e c k s t h a t m ake t h e s e m a c h in e s p e r fo r m .
Checks

th a t

in s u r e

m a x im u m

s o r t in g

e f f ic ie n c y

s h o u ld be m a d e on m a c h in e r y s p e c i a l l y a d a p te d f o r
M I C R p r in t in g , by p e o p le w ith e x p e r i e n c e and b a c k ­
g r o u n d in m a g n e tic p r in t in g r e s e a r c h , and on a p a p e r
c r e a t e d f o r t h e p u r p o s e . F o r c h e c k s t h a t a re b o th

New Director at Kochester
Leonard N. Eckstrand, m anager of
the F. W . W oolw orth C om pany o f
R ochester, has been elected a director
o f the F irst National Bank, R och es­
ter.

safety paper for checks

1 0 0 % Stock Dividend
T he Citizens State Bank o f N or­
w ood recen tly declared a 100 per cent
stock dividend, increasing capital from
$30,000 to $60,000, reports D. J. Kehrer,
president.

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

GEORGE

LA MONTE

& SON

• NUTLEY

10, N E W

JERSEY

Northw estern Banker, O ctober, I960

78

M in n eso ta H a n kers at S chool o í ttankinff

M IN N E SO TA B AN K ER S w h o a t t e n d e d t h e 1 9 6 0 S c h o o l o f B a n k i n g a t M a d i s o n , W i s c o n s i n , a r e s h o w n h e r e .

A t o ta l o f 106 p erson s
T h e 1 ,1 4 6 b a n k o f f ic e r -s t u d e n t s a t t e n d i n g t h e s c h o o l c a m e f r o m 4 1 s t a t e s , t h e D i s t r i c t o f C o l u m b i a , P a n a m a

a t te n d e d fr o m M in n e s o ta .
a n d P u e r to R ic o .

25tli Anniversary
The N orthern State Bank o f T h ief
R iver Falls celebrated its 25th anni­
versary recen tly w ith an open house
to ren ew old acquaintances and m eet
n ew fr ie n d s .
R efreshm ents w ere
served and orchids w ere presented
the ladies and leather key cases w ere
given the men. C hildren received
balloons and candy.
The local new spaper gave p rom i­
nence to the event and printed a his­

torical backgrou nd o f the bank and
its officers from the fou n din g in 1935
to the present.

President at Wheaton
E d M osher has been elected p resi­
dent o f the F irst State Bank o f
W heaton.
He started his banking career in
1937 w ith the F irst o f M inneapolis
and was transferred to the F irst o f
W h eaton that same year as a b o o k ­

keeper. In 1939 he w en t to V alley
City, N. D., as teller and advanced to
auditor and assistant cashier. Next,
he w en t to National Bank o f Jam es­
tow n, N. D., as cashier, then to First
State Bank o f B enson as cashier.
W h ile there, he w as nam ed vice presi­
dent and m anaging editor and a di­
rector. A ll o f these banks are affili­
ated w ith F irst Bank Stock C orpora­
tion

Two Additional Directors

If M O M in n e s o ta llis fr ic t b iv e tin y s
D istrict

1
3, 4 ,5
6
8
9
7
2

D a te

Monday
Tuesday
Wednesday
Thursday
Saturday
Monday
Tuesday

M e e tin g P la ce

October 17

Rochester

October 18
October 19

Wayzata

October 20
October 22

Little Falls
Duluth

October 24

Crookston
Montevideo

October 25

New Ulm

R obert W o lf o f W o lf & Habein
Com pany, Inc., and Jerry E. Rutledge,
vice president and assistant manager,
W aseca Insurance C om pany, have
been elected directors o f the F arm ­
ers National Bank o f W aseca, increas­
ing the size o f the board from five to
seven.

Promoted in Moorhead
L loy d Odin has been prom oted from
teller to the loan departm ent o f the
F irst National Bank o f M oorhead, an­
nounces R. D. H arkison, president.
He has been w ith the bank since 1953
and a teller the past six years.

Tax free municipal bonds
Pillager Bank Sold

for bank investment

Allison-\\ iHiatus Company
NORTHWESTERN BANK BUILDING
MINNEAPOLIS

N orthw estern Banker, O ctober, 1960


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

FEderal 3-3475

G. E. Parsons, cashier, Security
State Bank o f Pillager, recen tly an­
nounced that con trollin g interest in
the bank has been purchased by M.
M. W elshons, Jr., o f E xcelsior. Mr.
W elsh on s was an assistant national
bank exam iner from 1954 to 1959
w h en he received his com m ission as
a bank exam iner. He held this latter
position until A ugu st o f this year. Mr.
Parsons, active in the bank since 1911,
w ill rem ain as cashier and a director.

79

Nonworking
inventories

become working
capital through

American Express Field Warehouse Receipts
Field warehousing means “collateralizing” a loan by
putting inventories to work . . . a principle that has
helped many industries achieve great savings and
profits . . . helped banks to new and safer loans.
American Express Field Warehousing puts those
loans on a sound basis . . . provides the finest protec­
tion for inventory collateral. Their efficient adminis-

tration of field warehouses provides: monthly IBM*
commodity reports; extensive legal liability and
fidelity bond protection; lender-controlled releases;
frequent inspections, and many more advantages.
For information, contact your nearest American
Express office, or write for a free copy of "Inventory
in Action.”

American Express Field Warehousing Corporation, 65 Broadway, New York 6, N. Y.
‘ Registered Trademark of IBM Corporation


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

Offices Nationwide

A member of the 110-year-old American Express family
Northw estern Banker, O ctober, I960

80

Minnesota News

President at Winona Bank
A rn old E. Stoa, v ice president,
N orthw est B ancorporation, M inneap­
olis, has been elected president o f the
F irst
National
Bank o f W inona.
P r e v i o u s l y , he
had b e e n vice
president o f the
F irst N ational of
A berdeen, S. D.
P rior to that
tim e he was v ice
p r e s i d e n t and
m anager o f the
B ritton
Branch,
F irst
National
Bank o f A berdeen, S. D. Mr. Stoa
join ed the B ritton bank in 1940 after
graduating from the Business A dm in ­
istration School, U n iversity o f M in­
nesota. W h ile in Britton, he was city
auditor tw o years and m ayor fou r
years.
Mr. Stoa is a graduate o f the F i­
nancial P ublic R elations School of
Chicago, and o f the A m erican M an­
agem ent A ssociation School o f N ew
York.

R oast” at M inneopa State Park near
Mankato.
E ig h ty registrations have been re­
ceived for the courses offered this
year. Principals o f Bank Operations
and B usiness A dm inistration are b e­
ing offered during the fall quarter
and N egotiable Instrum ents during
the w in ter quarter. B ob Currier of
the F irst N ational Bank, M ankato, is
again instructing the class on P rin ­
cipals of Bank Operations and Prof.
E arl A lberts o f the M ankato State
C ollege staff is instructor for Business
Adm inistration. K elton Gage, attor­
ney at law, w ith offices in Mankato,
w ill teach N egotiable Instrum ents
during the w in ter quarter.

The South
Central M innesota
Chapter, A.I.B., began its 1960-61
y ea r’s program recen tly with a “ Corn

Daniel J. Connolly
Daniel L. Connolly, 59, execu tive
vice president, State Bank of Dan­
vers, died recen tly in M iller Hospital.
He had been a banker 41 years.

4 -H B a rbecu e

Expansion and Remodeling
A m ajor expansion and rem odeling
program has been launched at the
F irst National Bank o f D etroit Lakes
and plans call for an enlarged lobby,
eight teller cages in a h orsehoe ar­
rangem ent, a larger b ook k eepin g area
and a tim e-tem perature sign.
EIG H TH A N N U A L 4 - H

Silver Lake Expansion
South Central A.LB. Activities

ence room s, a portion o f a n ew service
counter and extra vault space for safe
deposit boxes. Present plans call for
com plete rem odelin g o f the entire
bank building.

F. J. Burich, president o f the Citi­
zens State Bank, Silver Lake, has an­
n ounced that a n ew addition is to be
added to the south part o f the present
building to house tw o private co n fe r­

C lu b B a r ­
b e c u e w a s s p o n s o r e d r e c e n t ly b y th e
N o r th w e s t S e c u r ity N a tio n a l B a n k
o f S io u x P a lls .
C h e fs are sh o w n
h ere p r e p a r in g p a r t o f th e m ore
th a n 700 p o u n d s o f J o h n M o r r e ll &
C o m p a n y p rim e b e e f s e r v e d to th e
1 ,7 0 0 4 - H c l u b e x h i b i t o r s , le a d e r s
an d g u e sts t a k in g p a rt.

A VOTE FOR COMPLETE, SATISFACTORYCORRESPONDENT
SERVICE

The Live Stock National Bank
SIOUX CITY, IO W A
M EMBER

FEDERAL DEPOSIT I N S U R A N C E C O R P O R A T I O N

THE BANKER'S CHOICE
Go Where They KNOW Livestock
Northw estern Banker, O ctober, 1960


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

81
to 3 p. m. and 4 p. m. to 6:30 p. m.
Banks w ill be closed Saturdays.

South Dakota

Joins Rapid City Staff

NEWS
ROBERT

H.

FREI

A. S. GULUCKSON

President
Secretary

R onald J. Cam pbell recen tly left the
H astings N ational Bank, Hastings,
Minn., w h ere he w as assistant cash­
ier, to becom e v ice president o f the
R apid City N ational Bank, w h ere he
w ill head the n ew business develop ­
m ent department.

Wagner
Huron

The O. R. Skolas Honored
M ore than 300 persons attended a
reception last m onth in Eden, S. D.,
to pay tribute to Mr. and Mrs. O. R.
Skola, long-tim e E den residents, w h o
are leaving to establish a n ew hom e
in Sioux Falls.
Mr. Skola cam e to E den in O ctober
o f 1919 to help organize the F irst Na­
tional Bank and is retirin g after 41
years o f service in the bank as its
m anager, cashier, and later president.
A h istory o f the bank was read b y
E dw in Jaspers, cashier, and directors
o f the bank and E den businessm en
presented Mr. Skola a plaque in ap­
p reciation o f the 41 years o f public
service to the E den com m unity.

Lennox-Parker AIB
A n ew A m erican Institute o f B ank­
ing study group has been form ed for
the L ennox-P arker area and its ch air­
m an is Charles J. Bennett, cashier,
Parker State Bank in Parker.
L. E. G underson, cashier, Chancel­
lor State Bank, is the in stru ctor of
classes w h ich have already begun.
H elpin g the group get organized was
John V. Krastins, cashier, N orthw est
Security N ational Bank o f Sioux Falls.

New Director at Castlewood

A lso in observance o f its birthday,
the bank gave 18-carat gold-plated car
keys to all w h o opened a savings ac­
cou nt o f $25 or m ore, or added to
their present accounts. T he keys
w ere grou nd to fit requirem ents o f
each p erson ’s auto and w ere fitted
w ith personal initials.

Edgemont Bank Increase
T. L. Seppala, president, Southern
H ills Bank, E dgem ont, S. D., recen tly
announced an increase in capital stock
at the bank fro m $35,000 to $50,000
and surplus from $45,000 to $50,000,
m aking total capitalization $100,000.
Total assets w ere $2,377,996 on June
15 of this year, an increase o f $178,448
since last year.
Of this amount,
$157,171 was in the form of increase
or n ew deposits.

Purchases Gayville Bank
John T. V u cu revich , president, Rushm ore State Bank, R apid City, recen tly
purchased con trollin g interest in the
Security State Bank at Gayville. P er­
sonnel at the G ayville bank rem ains
the same, w ith T. B. W etteland as
m anager and cashier.

Carl B. Quail

Carl B. Quail, 62, assistant cashier,
R obert M iller has been elected a di­
Farm ers and M erchants State Bank,
rector o f the Citizens State Bank,
Iroquois, S. D., died last m onth in a
Castlew ood, to fill the v a ca n cy left by
H uron hospital. Mr. Quail had m an­
the recen t death o f C. N. H alvorson.
aged a bank at B em is m any years ago
J.
E. Miller, v ice president, has been and also had, in the past, been a
acting-president. A n ew president is
w ell-know n businessm an in the B rook ­
to be nam ed v e ry soon at a reorganings area.
izational m eeting.

New Schedule of Hours
Celebration at Estelline
The F arm ers State Bank o f E stel­
line recen tly observed its 40th anni­
versary w ith an open house and a
giant sm orgasbord was served all
guests and visitors o f the bank in the
city auditorium . In addition, door
prizes and souvenirs w ere given.

The Lead, D eadw ood and Spearfish
offices of The F irst National Bank of
the B lack H ills are n ow operating un­
der a n ew schedule o f hours.
W ith 2% additional hours o f serv­
ice available each w eek, the schedule
n ow reading: M onday through T hu rs­
day— 9 a. m. to 3 p. m. F riday— 9 a. m.

Newr Facilities at Branches
A n ew walk-in banking w in d ow and
a n ew after-hours d ep ository are b e­
ing installed at the F irst National
Bank o f the B lack H ills’ H ot Springs
office.
The facilities are part o f a con stru c­
tion program o f the F irst National
Bank o f The B lack H ills w h ich in ­
cludes n ew bank buildings at Spear­
fish and Sturgis, n ew drive-in w in d ow
at the Villa R anchaero office at E lls­
w orth A ir F orce Base and the Robbinsdale office in R apid City and after
hours depositories and letter drops at
the Lead and D eadw ood offices.

Southeastern S.D. NABAC
“ A rch the E y e b ro w and D on ’t Be
B ashful” was the talk given b y R ich ­
ard C. B elew, assistant cashier, First
National Bank o f M inneapolis, at last
m on th ’s dinner-m eeting o f the South­
eastern South Dakota C onference of
NABAC. The talk— a discussion on
financial statem ents— was heard b y 53
bankers of the area.
A certificate o f m em bership in the
con feren ce was presented to the
F arm ers and M erchants State Bank
of Plankton, reports E lm er Jorgen ­
sen, N A B A C secretary.

SDBA State Fair Booth
Attracted 10 ,0 0 0 Visitors
A popular booth at the recent South
Dakota State F air was the South Da­
kota B ankers A ssocia tion ’s display
and interest was high in the dim e­
guessing skill fo r the S D B A ’s prizes
of savings bonds. A s there w as a tie
for first place, each o f the tw o re­
ceived a $100 bond, w h ile second place
w on a $50 and third received a $25
one.

Bank Management Clinic
SD B A ’s Bank M anagem ent Clinic
is N ovem ber 3-4 at the M arvin Hughitt H otel, Huron.

THE NATIONAL BANK OF SOUTH DAKOTA
Huron

Sioux Falls
9th at Phillips ♦ Minnesota at 33rd

Member o f Federal Deposit Insurance Corporation


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

Vermillion

Affiliated with F IR ST B A N K STOCK CORPORATION
Northw estern Banker, O ctober, I960

82

South Dakota News

Joins Villa Ranchero Staff
Dan D utton has left the Sturgis
office o f the F irst N ational Bank o f
the B lack H ills to becom e assistant
m anager and cashier o f the b an k ’s
Villa R anch ero facility at E llsw orth
A ir F orce Base. He has been suc­
ceeded at the Sturgis office b y Bill
H ardin o f D eadw ood, w h o has been
w ork in g at the office since the trans­
fer was decided.

Moves Into New Building
The northeast Branch o f the Rapid
City N ational Bank recen tly m oved
into its n ew quarters at 301 East
N orth Street, R apid City.
C om plete banking services are avail­

able at the branch office, President
W alter Pailing said, including loan
service, deposits and withdraw als,
safe deposit boxes, tw o drive-in w in ­
dows, a walk-up w in dow , and after­
hour depository.
Phil Schroeder, assistant v ice presi­
dent, is m anager o f the N ortheast
Branch w hich opened fo r business
last January 12 in a house trailer.
A lso on the staff is L ew is R ohrer, as­
sistant cashier. Both have been with
Rapid City National for som e years.

S iou x F a lls
T

OM S. H A R K ISO N , president o f
The National Bank o f South Da­

Fastest Check Clearing
in the Sioux Empire
Located in the heart of the Sioux Empire, the
NORTHWEST BANK

of Sioux Falls has direct

clearing connections with over 90 banks in a three
state area.
We are ready to give you fast, personalized attention
with transit problems, excess loans and trust matters.
Just give us a call!

m
rnm
m
m
m
m
m
m
nm
m
m
m
MI NN.

'

I S.DAK.

Hu ran (

!

Madi son®
Dell R a pi ds ®
Chamberlain.®

;

Sioui F a l l s ® » ^ . .

IO W A
■■■■■•■■■■■■■■••«•■■a

NEBR.

'* * * T \ \

Security

N o r t h w e s t National
»
B a n k
Member Federal Deposit Insurance Corporation

Northw estern Banker, O ctober, I960


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

kota, has announced that the board
o f directors have elected A. S. Jacob­
son, Lloyd L. W . Jones and Roger M.
Swenson as m em bers o f the advisory
board o f the ba n k ’s East Branch,
w h ich w as opened Septem ber 15. Mr.
Jacobson is president o f the Sioux
V alley H atchery. Mr. Jones is ow ner
and operator o f the Jones M ill & Ele-

of Sioux Falls

P E E M A N E N T SITE f o r t h e n e w E a s t
B r a n c h o f th e N a tio n a l B a n k o f S o n th
D a k o t a is p o i n t e d o u t b y Tom S. Harkison,
l e f t , b a n k p r e s id e n t , t o Leonard E. Martinek, m a n a g i n g o ff ic e r o f t h e b r a n c h , a n d
M a y o r Fay L. Wheeldon.
The b ra n ch ’s
t e m p o r a r y b u i l d i n g is s h o w n in t h e b a c k ­
grou n d .

vator C om pany at R ow ena, S. D., and
Mr. Sw enson is v ice president of
Sw enson P lu m bin g & H eating of
Sioux Falls, M adison and Brookings.
E stablishm ent o f the n ew East
B ranch gives T he N ational Bank of
South Dakota five locations. In addi­
tion to its m ain office in dow n tow n
Sioux Falls and the South Branch, it
also has branches at V erm illion and
Huron. It is one o f the largest o f the
86 banks in the Ninth Federal R e­
serve District w h ich are affiliated
with F irst Bank Stock Corporation.
L eonard E. M artinek is the vice
president and m anaging officer o f the
n ew branch.
* *
D irectors o f the W estern State Bank
recen tly announced the election of
B. Scott Reardon as president o f the
institution. H e succeeds Oscar Brosz,
w h o resigned from that position. Mr.
Brosz, a form er Tripp, S. D., banker,
had been president of the Sioux Falls
bank since it w as opened N ovem ber
30, 1959. He is a form er state auditor.
Charles I). Gregg, w h o join ed the
bank as v ice president Ju ly 15, was
elected ex ecu tiv e v ice president, m an­
aging officer and a director.
D irectors also announced the elec­
tion o f R. S. Sweet man to the bank’s
board o f directors. Other board m em ­
bers are T. M. Reardon, chairm an; B.
Scott Reardon, George T. Kirk, Os­
wald E. Sehock and Charles D. Gregg.
Mr. Sweetm an, president o f the
Sweetm an C onstruction Com pany and
the C oncrete M aterials Com pany, has
been engaged in h igh w ay con stru c­
tion in South Dakota fo r 38 years.

83

North Dakota

NEW S
EARL W EYDAHL

President

Killdeer

C. C. W ATTAM

Secretary

Fargo

Bowman Construction Begun
C onstruction on an all-new $150,000
F irst National Bank B uilding in B o w ­
m an w as begun recen tly and it is ex ­
pected that the n ew bu ildin g w ill be
ready for occu p an cy in about six
m onths.
The p roposed structure w ill be 55 by
75 feet w ith basem ent and one story
and w ill feature m odern facilities in ­
clu d in g air conditioning, drive-in bank­
ing, night d ep ository and am ple p ark­
ing space. The fron t o f the building
w ill be an expanse o f glass and glazed
w ith one-inch th ick insulating gray
glass w h ich w ill diffuse sunlight so
the interior can be kept at year ’round
com fort.

Joins Merchants National
John A. A lphson, recent graduate of
the U n iversity o f N orth Dakota’s law
school, has join ed the staff o f the M er­
chants National B ank & T rust o f F ar­
go, announces A drian O. M cLellan,
president.

Fargo National Increase
Capital structure of the F argo Na­
tional Bank has been increased b y the
sale o f 1,000 n ew shares of stock to
present stockholders.
The increase gives the hank com ­
bined capital and surplus o f $975,000
and increases the lending limits. The
institution lists assets at $15,291,263
and deposits o f $13,777,513. F. J. Car­
lisle is chairm an o f the hoard and E. L.
Shaw is president.

is V irg il’s brother, and W alt Scholbrock, w ith the bank at H azelton the
past several years.

New Cashier at Hebron
V ic Abraham , cashier at the Bank of
Glen U llin for seven years, has been
elected cashier of the Security Bank of
H ebron. He had experien ce as assist­
ant cashier at the Security Bank o f
H ebron five years b efore join in g the
staff at Glen Ullin.

Lakota Addition Completed
A n open house at the State Bank o f
Lakota celebrated the com pletion of an
addition to the bank building and offi­
cers and directors w elcom ed m any
from the tow n and surrounding area
to see the m odern structure. O. K.
A nderson, cashier from 1946 until Jan­
uary o f this year w h en he becam e
president o f the bank, headed the re­
ception line.

Announce New President,
Art Hagan’ s Retirement
Several changes have been an­
n ounced at the F irst National Bank in
Mandan recen tly and these include the
election o f W . E. T ooley, Jr., as p resi­
dent o f the bank, succeeding J. R. Mad­
sen w h o retired in July after 23 years
in that position. Mr. T ooley has been
assistant v ice president and cashier

o f the bank fo r tw o years. He cam e
Next, the announcem ent was made
o f the election o f N orm an K. C hristen­
sen to assistant v ice president and
cashier and E m il E. Kautzm an to as­
sistant v ice president. Both had been
assistant cashiers.
G eorge L. Selinger was nam ed m an­
ager o f the installm ent loan depart­
m ent succeeding Mr. Kautzm an.
A rt Hagen, w ell k n ow n in N D BA
circles, v ice president o f the bank, re­
tired the first o f last m onth after 17
years’ service. He rem ains interested
in the hank, how ever, and serves as a
m em ber of the hoard.

Lewis Mortensen
L ew is M ortensen, w h o for 42 years
was president o f the F irst State Bank
of n ew R ock ford and w as a resident
o f his com m u n ity for 73 years, died re­
cen tly at his hom e.

Scandia American Opens
Modern New Bank Building
Officers and directors o f Scandia
A m erican Bank, Stanley, N. D., re­
cen tly announced open house for their
n ew banking building, O ctober 5, 6, 7.
The ban k ’s first day o f business in the
n ew building was Septem ber 6.
The n ew bank building is 40 b y 140
feet. Banking quarters occu p y the first
80 feet.
Scandia A m erican B ank’s golden an­
niversary is this year, so the architect
cleverly designed the building to com ­
m em orate the occasion w ith a large
circular fixture in the m iddle o f the
lob b y w h ich is anodized gold. The
outside clo ck is likew ise anodized
gold.
Officers are A. H. Nelson, president,
M. T. Nelson, v ice president, and L. A.
Nelson, cashier.

N orth D a k o ta ('la ss o f 9GO

Sell Bank of Haze Iton
And Buy Enderlin Bank
Mr. and Mrs. V irg il H egeholz have
sold their interest in the Bank o f
H azelton, N. D., to G eorge Heitm ann
and F red Zerr, both of N apoleon. The
n ew m anagers are stockh olders and
officers o f the Stock G row ers B ank in
N apoleon. K urt Zerr, son o f Fred
Zerr, is the n ew m anager o f the Hazelton bank. He has been w ith the James
R iver N ational at Jam estow n the past
few years.
A t the same time, Mr. and Mrs.
H egeh olz assum ed con trollin g interest
in the P eoples & E nderlin State Bank
at E nderlin. A ssistin g them at the
E nderlin bank is Dean H egeholz, w h o

AM ONG 18 NORTH D A K O T A B A N K E R S w h o a t t e n d e d t h e 1 6 th A n n u a l S e s s io n o f t h e
S c h o o l of B a n k i n g , U n i v e r s i t y o f W i s c o n s i n , w e r e t h e s e fiv e m e m b e r s o f t h e g r a d u a t i n g
c la s s o f 1 9 6 0 , l e f t t o r i g h t : Walter Bauer, F i r s t N a t i o n a l B a n k , V a l l e y C i t y ; Gerald J.
Bogers, c a s h ., T h e U n i o n B a n k , H a l l i d a y ; Gary R. Hanisch, v .p ., F i r s t S t a t e B a n k .
C r o s b y ; Charles A. Thorkelson, c a s h ., J a m e s R i v e r N a t i o n a l B a n k , J a m e s t o w n , a n d D. R.
Browne, p r e s ., T h e F i r s t B a n k o f R o l l a .
N orthw estern Banker, O cto b e r. i960


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

84
ago last January and Mr. G oodrich,
form erly w ith the trust departm ent,
F irst N ational of M inneapolis, in July
o f 1958.

M o n ta n a

NEWS
R. M. WATERS

President

Billings

R. C. W ALLACE

Secretary

Helena

Senior Advisory Committee

B a n k 's / -# # f till' P r o je c t
T L A S T y ea r’s Big H orn County
Youth Fair, H ardin, Mont., ranch­
ers o f the area furnished quality
calves for a 4-H calf scram ble, p erm it­
ting each 4-H you th to keep the ca lf
he or she was able to catch in the
arena. T he calves w ere then raised
b y the lu ck y ones as a 4-H project.

A

The B ig H orn C ounty State Bank
o f H ardin did a fine “ follow -u p ” on
this stunt as its officers and personnel
prepared a display area fo r the sh ow ­
ing o f all livestock raised b y the
youngsters. This was done the full
w eek before this y ea r’s Fair.
T hree or fou r calves, plus tw o or
three sheep, w ere show n from the
m orn in g ’s opening until n oon and a
sim ilar group w as displayed from
n oon until closing.
L eroy 0 . W allin, execu tive vice pres­
ident, told editors o f the N orthwestern
B anker that “ the display w ork ed out
w on d erfu lly.”
A P olaroid picture was taken of
each calf, together w ith its ow n er and
Mr. W allin o f the bank, and sent to
the don or o f the calf and this was ac­
com panied b y a con gratu latory letter.

D irectors o f the M ontana Bank of
Great Falls have announced the elec­
tion o f Y ern E. H endershott as senior
vice president and the advancem ent
o f V. R. Schlim gen to senior vice pres­
ident and cashier. These tw o, along
with G eorge O. H uston, senior vice

Bozeman Grand Opening
V isitors at the grand opening last
m onth o f the n ew building o f the
Security Bank and T rust Company,
Bozem an, w alked through the new
“ air d o o r” to tour the bank and par­
ticipate in opening day activities.
Other special events in con nection
w ith the grand opening w ere “ K id ’s
D ay,” a series o f service club lunch­
eons— K iw anis, R otary, Lions, Opti­
m ists and E xchan ge clubs served in
the bank, and an “ A g D ay” for farm ­
ers and ranchers in the area.
The bank is housed in the first tw o
floors o f the three-story bu ildin g and
has a custom er parking lot at the rear
of the building. J. D. Street is presi­
dent.

Elected at Helena Bank
G eorge L. Beall and George D.
G oodrich w ere recen tly elected assist­
ant trust officers o f the F irst Trust
C om pany o f Montana, Helena, it has
been announced b y F orrest H ender­
son, president. Mr. Beall, form er as­
sistant cou n ty attorney o f Y e llo w ­
stone County, join ed the bank a year

V. E. H E N D E R S H O T T

V. R. SC H LI MG EN

president since 1957, w ill serve as a
s e n i o r advisory com m ittee under
Charles J. Thronson, president.

Increase Capital, Parking
The F i r s t National Bank, H ot
Sprngs, Mont., recen tly purchased a
vacant lot on the east side o f the bank
building fo r custom er parking and
announced that the capital structure
has been increased to $250,000 w ith
the stated increase in the surplus to
$150,000. Capital rem ains $100,000.

Progress at Plains
T he F irst National Bank o f Plains,
M ontana, recen tly increased its sur­
plus $50,000 m aking a total surplus of
$150,000, w h ich together w ith capital
o f $100,000 m akes a total capital struc­
ture o f $250,000.
The bank has purchased a lot on the
east side o f bank building w h ich at a
future date w ill be utilized for drivein facilities. A large lot in rear of
the bank bu ildin g has also been ac­
quired w h ich w ill be m ade into a
parking lot w h en conditions warrant,
reports E. L. Johnson, president.

Open House in Superior

IN THE B A N K a r e t h r e e 4 -H c a l v e s a n d t h e i r o w n e r s . B a n k e r s i n t h e b a c k g r o u n d a r e ,
f r o m l e f t : Charles E. Sweeney, v . p . ; John D. Lawrence, Jr., a g . r e p .; Leroy O. Wallin,
e x e c , v .p ., a n d Leo Kleffner, c o u n t y a g e n t .
Northw estern Banker, O ctober, 7960


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

Open house fo r the new F irst State
Bank o f M ineral County, Superior,
Mont., fou n d Paul D. Caruso, bank
manager, and his staff greeting hun­
dreds of visitors and sh ow ing them
around the building. E ach guest was
given a sou venir o f a pen, a rain cap
or a plastic ball for the kiddies.
B ankers fro m the n eigh borin g area
w ere treated to cocktails and a sm or­
gasbord dinner at an even in g recep­
tion.

85

THIS
MAN
COMES
TO YOU

PRE-SCREENED
When a man comes to you for help in start­
ing a business, you ask certain questions, to
which you expect satisfactory answers.
Y ou ask: “ What kind o f business are you
going into? How will you run it? What’s the
potential? How much money can you reason­
ably expect to make?”
If the would-be business man is a prospec­
tive Gamble Dealer, he comes to you pre­
screened and pre-selected. Gambles’ dealer
recruitment methods have already established
that he has the ambition and the ability to
succeed as a Gamble Dealer. He has qualified
for the opportunity o f becoming a full-fledged
member o f the fastest-growing retail organi­
zation in mid-America.
This prospective Gamble Dealer has other
qualifications that will keep his cash register
ringing year-in and year-out. Gambles’ unique
Dealer Assistance Plan gives him a head start
toward success with experienced merchandis­
ing help, efficient warehousing, prepaid de­
livery o f merchandise, dynamic national ad­
vertising, accounting services and store plan­
ning, proved in more than 2,300 Gamble stores.
This combination o f the right man, the right
company and the right business methods makes
a Gamble Dealer franchise an unbeatable
investment opportunity, . ; an investment you
can share with confidence. Gamble-Skogmo,
Inc., 15 North 8th Street, Minneapolis 3, Minn.

G rcw n M ed .
The F riendly Store
^^vyyyYYYYVVW V':

N orthw estern Banker, O ctober, I960


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

86

Colorado-W yom ing News
L. E. FITZGERALD, Yuma
President
Colorado Bankers Assn.

JOHN W. FRANCE, Rawlins
President
Wyoming Bankers Assn.

New Facilities at Alamosa

Buys Cortez Bank

Services at the F irst National Bank
o f Alam osa, Colo., n ow include a n ew
com bination walk-up and drive-thru
w in dow , used prim arily for p ayin g
and receiving. This is the first fa cil­
ity o f its kind in the San Luis Valley.

Jack C. W ells, W illiam sburg, Iowa,
and E. D w ight M artin, W alker, Mo.,
have purchased con trollin g interest in
the Citizens State Bank o f Cortez,
Colo., from R. N. Usher.
Mr. Usher, retirin g to reside in Cali­
fornia, organized the bank in 1936
and this is the first m ajor stock sale.
A ll parties in the negotiations w ere
represented b y the Charles E. W alters
C om pany o f Omaha.

Promotions at Aurora
John Mathis has been prom oted
from assistant v ice president to vice
president and L. G. K rieger, fro m as­
sistant cashier to vice president o f
the Peoples Bank o f A urora, reports
H. J. B leakley, president.

Expansion and Remodeling;
The A lam osa National Bank has
m oved into its n ew additions on the
w est and north portions o f the pres­
ent building. M ore recent reports
from the bank tell o f a com plete re­
m odeling o f the entire bank building.
W ork has already been started on a
beautiful n ew interior w hich, officers
say, w ill be the m ost m odern and at­
tractive in the area.

S ta rt

Harry E. Buchanan
H arry E. Buchanan, 74, retired vice
president of the Colorado National
Bank, Denver, died last m onth at his
hom e. He had join ed the staff o f the
bank in 1905 as a secretary.

S. Cosgriff Retires, Succeeded
By Dobbins and Knight
Stewart Cosgriff has resigned as
chairm an o f the board and ch ief executtive officer o f the D enver United
States N ational Bank. The resigna­
tion was accepted b y the board w ith

V a lley C ity H uihliny

regret, but Mr. Cosgriff w ill rem ain a
director o f the bank.
Cris Dobbins, president o f the Ideal
Cement Com pany, has been elected
chairm an to succeed Mr. Cosgriff.
R oger D. Knight, Jr., president o f
the bank since the consolidation o f
the U. S. N ational and the D enver
National in 1958, has been advanced
to ch ief execu tive officer and p resi­
dent.

Mural Unveiled at Fleming
A panoram a o f F lem ing, Colo., has
been captured on a m agnificent mural
w h ich w as unveiled last m onth at the
F irst N ational Bank o f F lem ing. The
mural show s in clear detail scenes
along Main Street, green fields, A ngus
cattle and w h ite H erefords, w ork in
the fields and pheasants feeding on
corn, as w ell as m any other sights
fam iliar to people in the area.

New Building in Craig
The main structural part of the allnew M offat C ounty State Bank, Craig,
Colo., is n ow up and this n ew building
w ill be m odern in ev ery detail and
provide all banking services.

Joins Pikes Peak Bank
M. J. Griffin, form erly assistant vice
president at the
Colorado C o m ­
m ercial and Sav­
i n g s B a n k , has
join ed the staff of
the P i k e s P e a k
B a n k of C om ­
m e r c e , Colorado
Springs, Colo., as
assistant v i c e
president and in ­
stallm ent loan o f­
M. J. GR IF FI N
ficer.
His back ­
ground includes all phases o f banking
and extends from 1935 to the present.

Renamed to Civic Post
E lw ood M. Brooks, chairm an of the
board, The Central Bank & Trust
Com pany, D enver, was re-elected j to
the board o f trustees o f the N ational
S ociety fo r C rippled C hildren and
A dults at the annual m eeting in N ew
Y ork City.

Assistant Cashier at Laramie
D irectors o f the Bank o f Laram ie
have announced the election o f Bob
F ordham as assistant cashier. He re­
cen tly w as w ith the F irst National
Bank o f T herm opolis.
BREAKING- GROUND f o r t h e n e w A m e r i c a n N a t i o n a l B a n k o f V a l l e y C i t y , N o r t h
D a k o t a , is Russell Hougen, p r e s id e n t . W i t h h im a r e , f r o m l e f t , Clarence Bums, William
Paulson, Don Sheldon, John Carlisle, Jerry Zinck, Bob Griffin, Leonard Welken_ Maurice
Wick, Karl J. Olsen, Neil Ludwig, Roy Ployhar, Harold Bechtel, Magne Mickelson,
Hjaimer Holt a n d Roy Bryngelson. P e r s o n s s h o w n a r e d i r e c t o r s a n d o f f ic ia ls o f t h e
b a n k , c i v i c o ffic ia ls , t h e a r c h i t e c t a n d c o n t r a c t o r s .

Northw estern Banker, O ctober, I960


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

Stock Growers Open House
The Stock G row ers Bank o f W heatland observed its 50 years o f banking
service to Platte C ounty recen tly w ith
at open house. J. E. Forem an, presi-

Colorado-Wyoming News

87

A t S ch ool o f H o ills in tf

dent and director, was on hand w ith
all other officers, directors and em ­
p loyees to w elcom e tow nspeople into
the bank for socializing and refresh ­
ments.

Glenwood Open House
The recen tly-com pleted rem odeling
o f the F irst N ational Bank o f Glen­
w ood was celebrated recen tly w hen
officers and person nel entertained at
an open house.
S upplem enting tours of the bank
and explanations o f n ew equipm ent
and m achines w ere souvenirs for all
and several savings bonds prizes and
savings account gifts.

COLORADO B A N K E R S a t t e n d i n g t h e r e c e n t S c h o o l o f B a n k i n g a t t h e U n i v e r s i t y o f
W is c o n s i n , M a d i s o n , i n c l u d e d t h e s e f iv e m e n . P r o m l e f t t h e y a r e William K. Ingram,
a s s i s t a n t v i c e p r e s id e n t , C e n t r a l B a n k & T r u s t C o m p a n y , D e n v e r ; Robert H. Hedges,
c a s h i e r , C i t i z e n s N a t i o n a l B a n k , A k r o n ; Allen R. Koeneke, f a r m s e r v i c e d e p a r t m e n t
m a n a g e r , F a r m e r s S t a t e B a n k , B r u s h ; Delano F. Scott, e x e c u t i v e v i c e p r e s id e n t a n d
c a s h i e r , R o u t t C o u n t y N a t i o n a l B a n k , S t e a m b o a t S p r i n g s ; a n d Gerald L. Jones,
C o lo r a d o N a t io n a l B a n k , C o lo r a d o

President of New Bank

J A M E S

W illiam N efsy, form er stock raiser
o f Upton, W yo., has been nam ed pres­
ident o f the n ew Security Bank and
T rust C om pany that opens this m onth
in Casper. The n ew bank w as capi­
talized for $600,000 and w ill open in
tem porary quarters until a n ew 11story bu ildin g is com pleted in the fall
o f 1962.

J.

S p rin g s .

,

D U R K I N ,

i

V i c e P r e s id e n t a n d C a s h i e r

. . . is o n e m o r e r e a s o n w h y th e c o r r e s p o n d e n t b a n k
list o f t h e C o l o r a d o N a t i o n a l c o n t i n u e s to g r o w .

Cody Banker Promoted
K eith A. Bourn, assistant cashier
o f the F irst State Bank, Cody, W yo.,
has been elected cashier o f the bank.
Mr. B ourn form erly w as assistant
cashier o f the L exin gton State Bank,
L exington, Neb.

Promoted at Lamar Bank
Jack L. Grace, assistant cashier,
First National Bank in Lam ar, has
been advanced to cashier, succeeding
G eorge A. H albe, w h o has resigned
to accept a position as v ice president
and director o f the Independence
State Bank, Independence, Kan.
J im

Six $ 2 0 0 Scholarships
M innequa Bank o f Pueblo, Colo.,
has established a P ueblo College
scholarship program w h ereb y $200
scholarships w ill go annually to six
outstanding local high sch ools boys,
reports W illiam M. W hite, bank pres­
ident.

Green River Construction
Som etim e after the first o f the year,
officers and personnel o f the State
Bank o f Green R iver, W yo., w ill m ove
into their n ew bu ildin g ju st east o f
the tow n hall.

began

h is c a r e e r in b a n k i n g in

1 9 1 7 a t t h e a g e o f 14 as a b a n k m e s ­
s e n g e r a t th e C o l o r a d o N a t i o n a l B a n k .
H e rose th r o u g h v a r io u s d e p a r t m e n ts
o f th e b a n k t o b e e l e c t e d A u d i t o r in 1 9 3 9 . I n 1941 h e w a s e l e c t e d A s s is t ­
a n t C a s h ie r , in 1 9 4 7 A s s is t a n t V i c e P r e s id e n t , C a s h i e r in 1 9 5 1 , a n d V i c e
P r e s id e n t a n d C a s h i e r in J a n u a r y o f 1 9 5 5 .
M r . D u r k in
C om m erce

in

g ra d u a ted

1929.

He

fr o m

r e ce iv e d

th e
a

U n iv e r s ity o f D e n v e r S c h o o l o f
S ta n d a rd

C e r tific a t e

fr o m

th e

A m e r i c a n I n s t it u t e o f B a n k in g in 1 9 3 2 . H e is a m e m b e r o f t h e B o a r d o f
T r u s t e e s o f th e C o l o r a d o S c h o o l o f B a n k i n g a t t h e U n i v e r s i t y o f C o l o r a d o ,
a m e m b e r o f th e E x e c u tiv e D e v e lo p m e n t C o m m it t e e o l th e A m e r ic a n
B a n k e rs A s s o c ia t io n , a m e m b e r o f th e A c c o u n t in g C o m m is s io n o f th e
N a t io n a l A s s o c ia t io n o f B a n k A u d ito r s a n d C o m p t r o lle r s , a n in s tr u c to r
a t t h e C o l o r a d o S c h o o l o f B a n k i n g , a m e m b e r o f th e

1 e x tb o o k C o m ­

m it t e e o f th e A m e r i c a n I n s t it u t e o f B a n k in g . H is c l u b s a r e t h e A v i a t i o n
C o u n t r y C lu b a n d th e D e n v e r A t h le tic C lu b .

Outstanding Thesis
R obert W . Miracle, assistant trust
officer o f the W y om in g N ational Bank,
Casper, recen tly received prom inent
recogn ition for a thesis w h ich was
prepared fo r the three-year Pacific
Coast B anking School, Seattle, W ash.

■

C o lo r a d o n a t io n a l B a n k

OF D EN VER

Northw estern Banker, O ctober, 1960


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

88

The U. S. red carpet will be out again at both
the Nebraska and Iowa conventions.
A warm welcome awaits you in our hospitality
rooms. We invite you to stop by for a viist.

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

N orthw estern Banker, O ctober, i960


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

89

fölrd AhiliniI NBA Convention
H R E E outstanding s p e a k e r s
w ill h igh light the 63rd annual
con ven tion o f the Nebraska
Bankers A ssociation in L in coln Oc­
tober 11 and 12, as announced in the
N orthwestern B anker last m onth.
The speakers are:
Dr. H a r r y M.
L o v e, chairm an,
departm ent o f ag­
riculture e con om ­
ics and rural soci­
ology, V i r g i n i a
P olytech n ic Insti­
t u t e , Blacksburg,
Va., w i l l s h o w
w hat m akes our
econ om y tick and
in doing this he
w ill graphically dem onstrate h ow

T

our com petitive m arket operates.
Joseph K olodny, m anaging d irec­
tor, N ational A ssociation o f T obacco
Distributors,
helped o r g a n i z e
t h i s association
w h i c h n o w ac­
counts fo r over 90
per cent o f the to­
b a c c o in d u stry’s
w holesale volum e;
over $5 b i l l i o n
w orth o f goods a
year. He is k n ow n
as the v o ice and
j. k o l o d n y
force behind the
tobacco industry, one o f the m ost
com petitive in the nation.
W illiam H. Neal, assistant to the

Tuesday, O ctober 11
A.M.
9:00
P.M.
12:00

R egistration— M ezzanine F loor, C ornhusker Hotel.
N oon L un ch eon Session — Ballroom , Cornhusker
Hotel.
P residing— E. M. Black, president, N ebraska Bank­
ers A ssociation and execu tive v ice president, F irst
N ational Bank, F ullerton.
In vocation — R everend F. A. R oblee, pastor, W est­
m inster P resbyterian Church.
A ddress o f W elcom e — The H onorable Bartlett E.
B oyles, M ayor, City o f Lincoln.
R esponse and P resident’s A ddress— E. M. Black.
“ E con om ic G row th W ith ou t Inflation” — W illiam H.
Neal, assistant to the Secretary, T reasu ry D epart­
m ent, and N ational D irector, United States Savings
Bonds D ivision, W ashington, D. C.
“ T he L iv estock Situation” — Panel discussion.
M oderator — C. W . Means, v ice president, Stock
Yards National Bank, Omaha.
Panelists:
R. L. D avenport, president, Nebraska State Bank,
V alentine.
R obert L. Voss, v ice president, F irst National
Bank, F rem ont.
M. J. H ankins, cattle feeder, Stanton.
Dr. E verett E. Peterson, P rofessor o f A gricu ltu r­
al E conom ics, U n iversity o f Nebraska, Lincoln.
P resented in cooperation w ith the Com m ittee on
A gricu ltu re, N.B.A.
Business Session:
R eport o f C onvention Com m ittee on N om inations.
E lection o f officers.
R eport o f C onvention Com m ittee on R esolutions.

P.M.
5:30
7:00

Social H our, B allroom , C ornhusker H otel — Dele­
gates and ladies. H osts, L in coln banks.
C onvention B anquet — P ersh in g M unicipal A u d i­
torium .
Installation o f officers.
E ntertainm ent.

Secretary o f the T reasury and nation­
al director of the U. S. Savings Bond
Division, has been
a leading Savings
B ond v o l u n t e e r
s i n c e 1941. A
N orth C a r o l i n a
r, he is past
president of his
s t a t e association,
was chairm an o f
A B A Public
R elations C ouncil
for five years, a
w. h . n e a l
m e m b e r of the
A B A C o m m i t t e e f o r E con om ic
G row th W ith ou t Inflation, a past
president of the F P R A and senior
v ice president, W a ch ov ia Bank and
Trust Comnanv. W inston-Salem .

Wednesday, October 12
A.M.
7:00-8:30 B reakfast— U n iversity Club, delegates and la­
dies and T he Nebraska Club, School o f Banking,
U n iversity o f W iscon sin. Hosts, L in coln banks.
9:00

R egistration— M ezzanine F loor, C ornhusker Hotel.

9:30

C onvention Session— Ballroom , C ornhusker Hotel.
P residing— E. M. Black, president, Nebraska Bank­
ers A ssociation, Inc.
E lection — A m erican B ankers A ssociation.
P residing— Chase Neum ann, A.B.A. state vice pres­
ident and president, Farm ers and M erchants Na­
tional Bank, Oakland.
“ W h o Shall R un Y ou r B usiness”— Dr. H arry M.
L ove, chairm an, Departm ent o f A gricu ltu ral E co ­
nom ics and R ural Sociology, V irginia P olytech n ic
Institute, B lacksburg, Va.
B usiness session.

P.M.
12:30

L un ch eon — B allroom , C ornhusker H otel, delegates.
Presiding— E. M. Black, president, Nebraska Bank­
ers A ssociation, Inc.
A ddress— Joseph K olodny, m anaging director, Na­
tional A ssociation o f T ob a cco Distributors, N ew
Y ork City.

Ladies Program
Tuesday, October 11
A.M.
9:00
P.M.
12:30

5:30
7:00

R egistration— M ezzanine F loor, C ornhusker Hotel.
L adies’ L un ch eon and Style Show — L in coln Coun­
try Club.
(B uses fo r C ountry Club leave Corn­
husker H otel at 12:00 noon.)
Social H ou r— B allroom , C ornhusker Hotel.
C onvention B anquet — P ershing M unicipal A udi­
torium .
Wednesday, October 12

A. M.
7:00-8:30 B reakfast — U n iversity Club. Hosts, L in coln
banks.
9:00 R egistration— M ezzanine F loor, Cornhusker Hotel.
11:00 a.m.-l:30 p.m. L adies’ Drop-in Buffet L un ch eon —
U n iversity Club.— End.
Northw estern Banker, O ctober, 1960


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

90

40th Anniversary

M u g o lìi:
H

o

s t

t o o volition
0 I t if
N e b r a s k a S t a t e C a p it o l
INCOLN, the site for the 1960
con ven tion o f the Nebraska
Bankers A ssociation, October 11
and 12, is a g row in g cultural and
industrial center.
N ow boasting a population o f
nearly 130,000 persons, this city is
the capital o f Nebraska. T ow erin g
above the nearly 26 square m iles of
city is the im posin g State Capitol
B uilding w h ich is often called the
m ost beautiful capitol building in
the United States. C onvention v is ­
itors w ill find a tour o f this b u ild­
ing both interesting and in form a­
tive from the standpoints o f arch i­
tecture and history.
E ducational points o f interest in ­
clude the U n iversity o f Nebraska,
State C ollege o f A gricu ltu re, N e­
braska W esleyan U niversity, Union
C ollege and Cotner School o f R e­
ligion.
L in coln also is the site o f the
L in coln (SA C ) A ir F orce Base
w h ich is staffed w ith nearly 6,000
personnel.
A recent addition to L in coln is
its Pershing M unicipal A uditoriu m
w h ich can accom m odate groups of
7,000 persons and has 45,000 square
feet o f floor space in its tw o floors.

L

The outstanding m osaic m ural on
the fron t of the auditorium makes
it one of the m ost striking public
buildings in the area. The con v en ­
tion banquet w ill be held here.
A lthough L in coln developed early
as a leading retail and w holesale
trade center, it w as not until after
W orld W ar II that industrial ex ­
pansion began rapid developm ent.
L on g established industries include
Cushman M otor W ork s and Russell
Stover Candies. N ew com ers on the
scene include the G oodyear Tire
and R ubber C om pany and W estern
E lectric C om pany’s central office
fo r its dial telephone equipm ent.
Over 30 insurance com panies also
have their hom e offices in L incoln.
M any o f the large retail and indus­
trial firms are u ndergoing expan­
sion at this time.
A dditional interesting places to
visit in L in coln include Elephant
Hall in the U n iversity o f N ebras­
ka’s State M useum; the P ioneer and
A ntelope Park Zoos; the H istorical
M useum at 15th and R Streets; the
planetarium , also at the U niversity
o f Nebraska, and Oak Lake Park
w h ich is com posed o f tw o lakes.—
End.

Citizens o f D eW itt visited the DeW itt State Bank recen tly to pay trib­
ute to Miss M ary Arledge, w h o was
celebrating her 40th year o f service
to the bank and its custom ers.
Miss D eW itt, an assistant cashier,
show ed tow nspeople her first posting
m achine. The open house was a sur­
prise to her until the bank closed to
prepare for the event.

J. Stewart Elliott
J. Stewart Elliott, 72, senior vice
president o f the Beatrice National
Bank the past three years, died last
m onth after a heart attack. He had
been a director o f the bank since 1949.
A ctiv e in m any civic fields, he has
been honored for w o rk w ith B oy
Scouts, Salvation A rm y, R otary Club,
Y.M.C.A., L ib ra ry Board, and others
too num erous to m ention.

Beatrice National Progress
The Beatrice National Bank has put
into operation their tw o n ew B ur­
roughs Sensim atic E lectron ic B ook ­
keeping M achines, also the n ew B ur­
roughs A uto-Reader. Some 6,000 state­
m ents w ere sent out to the ban k ’s
custom ers the night o f A ugust 31. As
this bank is under a perpetual audit
program , con ducted b y Dana Cole &
Com pany, A uditors, L incoln, Neb., di­
rect verification slips w ere sent out
w ith each statement, and the slips
w ill be returned to Dana Cole & Com ­
pany in Lincoln.
E ldon Goble, assistant vice presi­
dent, attended the second year o f his
three-year course at the Graduate
School o f B anking in M adison, W is.,
and Jerry D. Schierm eyer, assistant
vice president, has returned from his
first year in attending the School of
Consum er Banking in Charlottesville,
Va.

1st National Motor Bank
The F irst N ational M otor Bank in
Grand Island was opened last m onth
at 5th and E dd y Streets. L eonard
C onnor is m anager o f the n ew facility
and assisting him is Fern E atherton
and Joyce Steckm eyer.

IN V E S T M E N T S E R V IC E F O R B A N K S
Specializing in Nebraska
Municipal Bonds

KIRKPATRICK-PETTIS
COMPANY
Member Midwest Stock Exchange
540 Omaha National Bank Building
OMAHA, NEBRASKA
LINCOLN OFFICE— 618 First National Bank Bldg.
N orthw estern Banker, O ctober, I960


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

Open House in Mead
The Bank of Mead held open house
last m onth to com m em orate the 75th
anniversary o f the bank. A bout 500
guests w ere served refreshm ents by
the Mead School Band parents.
Present officers are: R. M. E rw ay,
president; R oland G. Nelson, vice
president; E m erson E. E rw ay, cash­
ier, and Ella E. E rw a y and L loyd F.
Benal, assistant cashiers.

A special invitation
to our friends,..
Come to see us at the Nebraska
and Iowa Bankers Conventions.
Nebraska

Lancaster Room
Hotel Cornhusker
Lincoln, Nebraska
Rooms 321-322
Hotel Fort Des Moines
Des Moines, Iowa

Member Federal Deposit
Insurance Corporation


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

Wade Martin and Bob Larsen
Dave Johnson and R. H. Kroeger

helping people
is our
business
The men of The Omaha National spend
most of their time on your banking
problems. And working with bankers
all of their lives, they’ve made some
mighty good friends. They hope to see
all of you at their headquarters rooms
during the Nebraska and Iowa
Conventions.


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

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

“ The Transit Bank

Mi

o f the

99

The

OmahaNational
Bank
HELPING


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

OMAHA

M em ber Federal Deposit

GROW

Insurance Corporation

SINCE

1866"

95
T w o w om en em ployees o f the Oma­
ha N ational Bank have retired. T hey
are Miss Ethel Mellor, assistant cash­
ier and on ly w om an officer o f the
bank, and Mrs. H. F. Fellers.
* * *

OBERT E. JOHNSON, assistant
vice president, Omaha National
Bank, was elect­
ed v ice president
of the freshm an
class
at t h e
School o f Bank­
ing at Madison,
Wis., recently.
Class president is
S u a li a o M i y a bara, a s s i s t a n t
vice
president,
L ib erty Bank of
R. E. J O H N SO N
Honolulu, Ha-

Don Anderson, assistant cashier of
the F irst N ational Bank of Omaha,
has been elected v ice president o f his
class o f the S chool o f C onsum er B ank­
ing held at the U n iversity o f V irginia
in Charlottesville. Mr. A nderson just
com pleted his second year of the
three-year course.
* * *
One o f the Pacific n orth w est’s m ost
prom inent bankers, Jay G. Larson,
execu tive v ice president of the Seat­
tle-First N ational Bank and chairm an
of its senior loan com m ittee, retired
recen tly after 45 years in banking,

Chairman Lawrence M. Arnold has
announced.
Mr. A rn old reported that Mr. L ar­
son is succeeded as chairm an o f the
senior loan com m ittee b y Charles D.
Saunders, execu tive v ice president,
w h o has been com m ittee v ice ch air­
man fo r the past several years.
Both Mr. L arson and Mr. Saunders
are w ell kn ow n to N o r t h w e st e r n
B a n k e r area bankers, having started
their banking careers in the upper
m idwest. Mr. Saunders form erly was
v ice president o f the F irst National
Bank o f Omaha.
* ^ *

Harry G. Green way, 61, resident
m anager o f Dean W itter and C om ­
pany, died recen tly after a short ill­
ness.
A native o f F airbury, Neb., he at­
tended G rinnell College at Grinnell,
Iow a, and Graceland C ollege at Lam oni, Iow a. He was an officer in the
United States N ational T rust Com ­
pany fo r m any years b efore fou n din g
his ow n investm ent firm, G reenw ay
and C om pany. The G reenw ay C om ­
pany was sold to the Central R epublic
C om pany o f C hicago in 1957 and in
that same year was sold again to Dean
W itter and Company.

J. M. Hart, Jr., v ice president and
cashier o f the N orth Side Bank of
Omaha, w as a delegate to the IowaNebraska D istrict K iw anis con v en ­
tion. Mr. Hart is president of the
North Omaha Kiwanis.
* * *
Mrs. Thomas C. Flanagan, a v ice
president o f the Storz-W achob-B ender
C om pany o f Omaha, recen tly learned
o f the death o f her son, Dennis, in
R iverside, Calif. H e had been in ill
health fo r alm ost tw o years.

THE FORUM OF FIN AN C E, s p o n s o r e d
a n n u a lly b y F ir s t N a t io n a l B a n k o f O m a h a ,
f e a t u r e d a n a d d r e s s l a s t m o n t h b y John
W . Enders ( c e n t e r ) , e c o n o m i s t , L i o n e l D .
E d ie & C o ., I n c ., N . Y . H o s t s w e r e John
Davis ( l e f t ) , p r e s ., a n d John R. Lauritzen
( r i g h t ) sr. v .p . A r e v i e w o f t h e B e e f C a t t le
C o n f e r e n c e P a n e l a p p e a r s o n p a g e 26 .

Municipal and Corporate Bonds

T - V D isc u ssio n

Listed Stocks
Unlisted and Local Stocks
ORDERS EXECUTED ON ALL PRINCIPAL EXCHANGES

C H IL E S -S C H U T Z CO.
ON C A M E R A r e c e n t l y t o d is c u s s b u s in e s s
a ffa ir s a n d r e la t e d t o p ic s o f s p e c ia l i n ­
terest
to
w om en
v ie w e r s
of
O m aha
K M T V ’s “ M a r k e tp la c e ” w e re , fr o m le ft ,
G. E. “ Ned” Winslade, t r u s t o ffic e r , U . S .
N a t i o n a l o f O m a h a ; Dean Vogel, e x e c u ­
t iv e v i c e p r e s id e n t, U . S. N a t io n a l; th e
m o d e r a to r , M rs. P e te r s , a n d a g u e st, M rs.
R asch k e.

O m a h a , N ebraska

L in c o l n , N ebrask a

412 Farm Credit Building
Phone 34 6-6677

Phone HEmlock 2-3325

203 Stuart Building

C h a d r o n , N ebraska
L e x in g t o n , N e b r a s k a

346 Main Street

Phone F Air view 4-3766

Phone HEmlock 2-5555

Northw estern Banker, O ctober, I960


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

96

V is it N . B . A . H o s t s ’ M in ia r t i F a o it it ie s
A
L L seven L in coln banks w ill be open
fo r y ou r inspection during the N e­
braska B ankers A ssocia tion ’s annual con ­
vention October 11-12.

Havelock National Bank

Six of the m odern banks are show n on
this page. The seventh is the n ew Gate­
w a y Bank w hich has recen tly opened at its
n ew quarters at the Gateway Shopping
Center, Cotner and O Streets.

A ll o f the L in coln banks have been m od ­
ernized or new buildings con stru cted since
1957. The U nion Bank was com pleted in
early 1957 and the Citizens State was fin­
ished later the same year. In early 1958,
the H avelock N ational was com pleted. The
main office o f the F irst Continental Na­
tional Bank and Trust C om pany was re­
m odeled and opened in N ovem ber, 1958,
and its drive-in facility show n here was
com pleted last spring. The National Bank
o f C om m erce has ju st recen tly com pleted
its rem odelin g and expansion program .
The C ornhusker Bank is under con stru c­
tion now.

U nion Bank

Cornhusker Bank

National Bank

of

Commerce

Citizens State Bank

F irst Continental National Bank & T rust Company Drive-I n
Northw estern Banker, O ctober, I960


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

97

THE CENTRAL NATIONAL
INSURANCE GROUP OF OMAHA

The Central National Insurance Co.

•

The Protective National insurance Co.

The Central National Life Insurance Co.

The largest writers of Installment Lending Insurance
domiciled in the State of Nebraska
C E N T R A L

N A TIO N A L

BUILDING

• O M A H A

Northw estern Banker, O ctober, I960


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

98

Nebraska Hankers Convention
Committees

C en era i
B. Y A T E S
President
First Con. N at.
& Tr. Co.

Bk.

C. W . B A T T E Y
Chairman
First Con. N at. Bk.
& Tr. Co.

B. D U N N
President
N ational Bank
of Commerce

■ ARRANGEMENTS for the 63rd annual convention of the
Nebraska Bankers Association are being made
by these committee members.
Assisting Mr. and Mrs. Robert Wekesser on the
banquet committee will be Mr. and Mrs. Gene Eaton,
Mr. and Mrs. Oscar L. Clarke, Jr., and Mr. and Mrs.
Herman Brockmeier of the National Bank of Commerce:
and Mr. and Mrs. Wheaton Battey, Mr. and Mrs.
Howard Hadley, Mr. and Mrs. Walter E. Nolte, and
Mr. and Mrs. Dale L. Young of the First Continental
National Bank and Trust Company.
Co-chairmen of the hostess committee are
M rs. W. E. Edgecomb and Mrs. Eames Irvin. Other members
are Mrs. Glenn Yaussi, Mrs. Myron Weil,
Mrs. Gene C. Eaton, Mrs. Robert Wekesser,
Mrs. Lester Curran and Mrs. Lyle F. Stoneman.

E n te r ta in m en t
D. M . S H O E M A K E R
A sst. V ic e Pres.
First Con. N at. Bk.
& Tr. Co.

A.

B. G O O D W I N
A sst. Cash.
National Bank
of Commerce

E. I R V I N
A sst. Cash.
First Con. N at. Bk.
& T r. Co.

R r e a k fa s t
A. A. H E L D
Exec. V ic e Pres.
National Bank
of Commerce

.4 w o n (fernen ts
R. L .

C U N N IN G H A M
V ic e Pres.
F irst Con. N at. Bk.
& Tr. Co.

W . E. ED G E C O M B
V ice Pres.
First Con. N at. Bk.
& Tr. Co.

Planning New Building
H astings’ oldest continuous banking
institution, the F irst N ational Bank,
w h ich has done business at the corn er
o f Second and D enver since 1919, is
planning a n ew home.
C onstruction w ill begin on the
ba n k ’s n ew bu ildin g at T hird and
H astings in Ju ly or A u gu st o f 1962,
accord in g to an announcem ent b y
Charles L. V an H orne, bank presi­
dent.
N o plans have as y et been draw n
fo r the building, w h ich w ill occu p y a
site in cluding the A rndt Building, on
N orthw estern Banker, O ctober, 1960


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

G. Y A U S S I
Sr. V ic e Pres.
N ational Bank
of Commerce

W . S. B A T T E Y
Sr. V ice Pres.
First Con. N at. Bk.
& Tr. Co.

E. K. R E E C E
V ic e Pres.
First Con. N at. Bk.
& T r. Co.

R an q ue t
M. W E IL
V ic e Pres.
N ational Bank
of Commerce

the southeast corn er o f T hird and
Hastings. T he p roposed site m easures
125 b y 176 feet.

Overland Open House
The Overland National Bank, Grand
Island, has been m oved into its m od ­
ern n ew building one b lo ck n orth o f
its tem porary quarters in the Path­
finder Building.
Open H ouse w as held O ctober 1
and 2 and large crow d s visited the
m odernistic structure, m ore interest­
ing because o f its “ folded plate c o n ­
crete ro o f.”

R. W E K E S S E R , Chm.
V ic e Pres.
N ational Bank
of Commerce

Open House at Elwood
Officers o f the H om e Bank o f E l­
w ood entertained 200 friends and cus­
tom ers last m onth at an open house
to celebrate their institution’s golden
anniversary.
R efreshm ents w ere served in the
new ly-decorated bank building and
visitors w ere sh ow n highlights of
m odern bank service.
Guests o f the bank w ere im pressed
th rou ghou t the open house day w ith
styling w h ich look ed like that o f to­
m orrow .

99

A

\

W J e lc o m e

to

c jC in c o ln

YOU ARE INVITED
TO VISIT OUR
COFFEE BAR
LINCOLN ROOM
CORNHUSKER HOTEL
During
The Convention of

NEBRASKA BANKERS ASSOCIATION
OCTOBER 11 & 12, 1960


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

Northw estern Banker. O ctober, i960

100

N B A i Bresidfíittial P ro files
HE annual con ven tion o f the Ne­
braska Bankers A ssociation, w hich
con venes O ctober 11 at the Cornhusker H otel in L incoln, w ill m ark the end
o f one successful year fo r the asso­
ciation and the begin n in g o f a year
w h ich holds prom ises of even greater
success.

T

S'

>

'
HHRp

W
¿£HM

J.
E. M . B L A C K

M . P. B A I R D

A m ajor portion of the success can
be attributed to the presidents o f the
association. E. M. Black, execu tive
v ice president o f the F irst National
Bank, F ullerton, has guided the asso­
ciation during the past year, and M i­
nor P. Baird, president, F arm ers State
Bank, Superior, is slated to head the
N.B.A. in 1960-61.
A lth ou gh the con ven tion w ill m ark
the end o f Mr. B lack’s term o f office,
it is dou btfu l that his leadership w ill

be lost to the association in years to
com e. His record of success and lead­
ership is too long to allow him to
rem ain in the background.
Mr. B lack is a native o f Nebraska
and has been a resident o f F ullerton
since 1907. He has been in banking
42 years and has been execu tive vice
president o f the F irst N ational since
1948. H is activities w ith in the asso­
ciation include service on the ex ecu ­
tive council, past president o f Group
T w o and chairm an o f several com m it­
tees.
L ocally, Mr. B lack has served as
M ayor o f F ullerton, and is chairm an
of the F ullerton hospital board, secre­
tary o f the Nance C ounty F air A sso­
ciation and past president o f the F u l­
lerton Cham ber o f C om m erce.
He is a m em ber o f the M asonic
L odge and the F ullerton L ions Club,
and is a 40-year m em ber o f the A m er­
ican L egion, having served as adjutant
and com m ander o f the F ullerton Post.
Mr. B lack’s successor, M inor P.
Baird, likew ise has had a distinguished
career in banking and business and
w ill provid e excellent leadership to
the N.B.A. during the com in g year.
Mr. Baird also is a native o f N ebras­
ka and attended the U n iversity o f N e­

braska. F rom 1925 to 1934 he was in
the insurance and real estate business
in Superior and in 1934 he join ed the
F arm ers State Bank, becom in g its
president in 1945.
Mr. B aird also has been active in
m any local organizations. H e is on
the board o f directors o f the Superior
Cham ber o f C om m erce; endow m ent
trustee o f the B rodstone M em orial
H ospital, and a trustee o f the Over­
land Trails C ouncil o f the B oy Scouts
of A m erica.
He has served on several N.B.A.
com m ittees and has been a m em ber
o f the execu tive council, and w as elect­
ed v ice president o f the association
last fall.— End.

To Tucson Bank
Joseph W . P oynter, execu tive vice
president o f the F irst National Bank
o f Kearney, announced his resigna­
tion to assum e the post o f executive
v ice president o f the Bank o f Tucson,
in Tucson, Ariz.
In the banking business for the
past 36 years, Mr. P oynter has been
in the bank here for over 16 years.
Mr. P oynter is a past president of
the Buffalo C ounty B ankers A ssocia­
tion; past president o f G roup Five,
Nebraska B ankers A ssociation, and a
form er m em ber o f the execu tive cou n ­
cil.

MARKET TIME IS
PAYOFF TIME . . .
BANKERS K N O W the value of competition.

At Om aha

the concentrated, competitive buying power of 19 local
packers, as well as order buyers for packers in 179 other
cities in 36 states, assures livestock shippers FULL MAR­
KET VALUES.

IT PAYS TO SH IP W H ERE D E M A N D IS GREATEST

O M A H A

became the leader by SERVING YOU BETTER

UNION
Northw estern Banker, O ctober, 1960


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

STOCK

YARDS

CO M PA N Y

of

O M A H A

c o n -v e il t io il,
<

co n v e n io ,

kon-ven'shon, n. [ <

< con-together, +

L.

C O T lv e n tio ( 71) ,

v e n i o - come.

] A meet­

ing of delegates or representatives. Syn.: Get together,
good time, renewal of old friendships. E xam ple: W e ’ ll
see you at the convention.

F IR S T N A T IO N A L
OF

BANK

OM AHA

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

Northw estern Banker, O ttober, 1960


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

102

Change in De Lay Title
The De L ay N ational Bank, N or­
folk, has in corporated the w ord
“ F irst” into its official title and n ow
is T he De L ay F irst National Bank.

Construction at Palmer
A n ew bank building tw o doors
east o f its present location is being
constructed b y the State Bank of
Palmer. The n ew structure w ill af­
ford tw ice the room and w ill be m od­
ern in all respects w ith brick and
double glass exterior.

Increases Surplus
OWARD A. CHAPIN, vice presi­
dent and trust investm ent offi­
cer, F irst T rust Com pany, attended
the F inancial A nalysts Sem inar in B e­
loit, W is., last m onth.
John C. Whitten, vice president, re­
cen tly was named to the L in coln City
L ibrary board for a seven-year term.
Gerald H. Maddox, assistant m an­
ager o f the m ortgage departm ent, at­
tended an appraisal sem inar held at
Colorado U niversity recently.
* * *

H

A n ew em ployee publication has
been in troduced at the F irst Conti­
nental National Bank and Trust Com ­
pany. The bank’s Junior Board with
•the assistance of several volunteers,
prepared the first issue. Co-editors
are Ken Langford and Lois Tefft.
M onthly publication is planned.

W. B. Aldrich Joins
Correspondent Department
A m erican National Bank and Trust
Com pany o f Chicago recen tly an­

nounced the appointm ent of W illiam
B. A ld rich to the correspon dent bank
division.
Mr. A ldrich is cu rren tly assigned to
assist Charles C.
Kuning, v ice p res­
ident, and W il­
liam B. W hitm an,
a s s is ta n t v i c e
president, in c o v ­
erin g Iow a, M on­
tana, W y o m i n g ,
Colorado, Kansas
a n d particularly
Nebraska, his na­
tive state.
W . B. A L D R I C H
Mr. A ldrich was
born in L incoln, and is a m em ber of
a ren ow n ed Nebraska fam ily. His pa­
ternal grandfather, Chester H. Aidrich, served as g ov ern or o f the state,
and his father, F red S. A ldrich, was
w ell k now n in the state’s financial
com m unity, holding the position of
senior v ice president in the F irst Con­
tinental National Bank & Trust C om ­
pany of L in coln until his recent death.

Surplus at the Plattsm outh State
Bank has been increased from $150,000 to $200,000. Capital and surplus
is n ow $300,000.
Total capital ac­
counts are $565,359.

Drive-In Plans
A drive-in facility is bein g planned
fo r the north side o f the F irst Se­
cu rity Bank o f H oldrege.
A section o f glass b lock s are to be
rem oved and a six-foot drive-in w in ­
d ow installed w ith a d rivew ay built
across the sidewalk. R obert H. P erry
is president o f the bank.

Promotions, Extra Hours
Announced at Ralston Bank
R. F. Clarke, president, Ralston
Bank, has announced that A. H.
Denker, assistant cashier, has been
advanced to v ice president, and E. H.
Littrell, presen tly cashier, has been
given the additional title o f v ice presi­
dent.
E xtra teller w in d ow hours are n ow
bein g offered to custom ers: M ornings
7:30 to 9:30 and afternoon s 4 to 6.
Mr. Clarke also announces that ex ­
tra teller w in d ow hours are bein g o f­
fered b y the Clarke Bank at Papillion,
m aking con tin u ou s service from 7:30
a.m. to 6 p.m., secu rity being m ain­
tained by installation o f a W alk-Up
W in d ow in the outer lobby.

New Valparaiso Officer
E . M . “ B ud” Hunt

Charles Burm eister

Jerry Stirtz

YOUR FIRST TRUST "TEAM"
Specializing in Municipal Bonds and Corporate Investments
Write, wire, call or teletype

T IE FUST THUST »

M

O F L IN C O L N , N E B R A SK A
10th & 0 Sts.
N o r t h w e s t e r n Banker, O c t o b e r,


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

•

Tel. LD-140

I960

•

Teletype LI-8190

l

It has been announced that James
T. M argrave has
been elected ex ­
ecu tive v ice pres­
ident and cashier
o f the Oak Creek
V alley Bank, V al­
paraiso. He w ill
serve as manager
o f the bank. F or­
m erly, Mr. M ar­
grave was affili­
a te d w ith th e
F irst Bank o f St.
Maries, St. M aries, Idaho, as assist­
ant manager.

103

We look forward to seeing
you when you're in Lincoln
for the Convention....
*
at our
new
Drive-In
Bank

at 12th&N

AND AT OUR H O SPITALITY ROOM in the CORNHUSKER

F IR S T
N A T I O N A L
|2 T H

<5t N

C O N T IN E N T A L
B A N K

S T R E E T

&

T

R- U S X

L I N C O L N ,

C O M P A N Y
N

E

B

R

A

S

K

A

member federal deposit insurance corporation


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

Northw estern Banker, O ctober, I960

104

N ebraska

News

You
W ill
S ee al th e
Hih'd N eb ra sk a T aareatioa
F F IC E R S and representatives of
larger banks throu ghou t the na­
tion, and those associated w ith m any
industries servin g banks, w ill attend
the 63rd N ebraska Bankers C onven­
tion at the C ornhusker H otel in L in ­
coln, O ctober 11-12.
The follow in g have in form ed the
N orthwestern B anker o f their inten­
tion o f attending the Nebraska m eet­
ing:
Chicago
American National Bank & Trust

O

Company: Charles C. Kuning, vice
president; W illiam B. W hitm an, assist­
ant vice president, and W illiam B.
A ldrich, representative.
Continental-Illinois National Bank &
Trust Company: John Q. Adam s, Jr.,
v ice president, and Charles R. Hall,
assistant cashier.
First National Bank of Chicago: V ic­
tor C. v o n M eding, assistant v ice pres­
ident; R aym ond V. Dieball and Jack
W . H allberg, assistant cashiers.
Northern Trust Company: Thom as

of Saws and Suitcases
Big things have been happening at The TootleEnright National Bank since our merger Feb­
ruary 1st.
An extensive expansion and remodeling pro­
gram is now underway, and we are already
offering many added services to correspondents.
For the first time this year, you’ll see “ TootleEnright” men at the state convention. They will
be looking forward to visiting with you.

The TOOTLE-ENRIGHT
NATIONAL BANK
Sixth and Francis Streets

Saint Joseph, Mo.

Member Federal Deposit Insurance Corporation

Northw estern Banker, O ctober, I960


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

F. Duffy, v ice president.
Council Bluffs
Council Bluffs Savings Bank: L. W .
Ross, president, and Ed. H. Spetman,
Jr., execu tive v ice president.
Denver
Central Bank & Trust Company:
H arley N. Patton, Jr., assistant vice
president.
Colorado National Bank: Gene Huff­
man, assistant v ice president.
Denver-United States National Bank:
G eorge Alff, v ice president.
The First National Bank of Denver:
C. L. Stubbs, v ice president.
Kansas City
City National Bank & Trust Com­
pany: Dale R. A in sw orth , senior vice
president; M elvin D. Ellis, G uy S. Hadsell and R o y A. Thom pson, v ice presi­
dents.
Commerce Trust Company: Richard
L. Dunlap, v ice president; R ussell W .
W oolley , E ugene B. F on can n on and
G eorge L. Clayton, assistant v ice pres­
idents.
First National Bank: E dw ard Huwaldt, A rden B ruch and George C.
Dudley, v ice presidents.
Dos Angeles
California Bank: John V. Haas, vice
president.
Security First National Bank of Dos
Angeles: John J. Stine, assistant vice
president.
New York
Chase Manhattan Bank: Jackson D.
Breaks, v ice president, and Stanley J.
Lewand, assistant v ice president.
Chemical Bank New York Trust
Company: R ich ard D. S. Bryan, assist­
ant v ice president.
First National City Bank: Douglas
C. Salter, assistant cashier, and Doane
P. L ydecker, representative.
Manufacturers Trust Company: H ar­
old A. W alsh, assistant v ice president.
Morgan Guaranty Trust Company:
R ichard F. Dundore, assistant treas­
urer.
Omaha
First National Bank of Omaha: L.
M. McCague, D. R. Ostrand and E. T.
Tanner, v ice presidents; John Bates,
Carl B loom , C. D. A nderson and C. E.
Paulson, assistant cashiers.
Omaha National Bank: W . Dale
Clark, chairm an o f the board; H en ry
C. K arpf, v ice chairm an (retired ); W .
B. Millard, Jr., president; M orris F.
M iller and John M. Shonsey, executive
v ice presidents; James H. M oore, sen­
ior v ice president; David F. Davis, H.
H. E chterm eyer, Paul Hansen, H ow ­
ard M. Johnson, R. H. K roeger, E.
Stanton M iller II, C. G. Pearson, A. J.
R hodes, V ictor D. Smith, A lbert R.
Stelling, B ruce H. Thom as, M arvin
R. W erv e and Stephen J. W irtz, vice
presidents; L ew is C. M cVea, vice presi-

105

STOCK YARDS NATIONAL B A N K
THE ONLY BANK IN OMAHA’S UNION S T O C K YARDS
OMAHA, NEBRASKA
MEMBER OF THE FEDERAL DEPOSIT INSURANCE CORPORATION
Northw estern Banker, O ctober, 1960


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

106

-V e ir f otum lm s H unk Êtuihlhiq

ARCHITECT S SKETCH of the new Citizens Bank Building at Columbus, Neb., now
under construction. Completion is scheduled for the latter part of this year. The new
building will feature walk-up and drive-in facilities, ample customer parking, after-hour
banking and modern fixtures, according to Paul W. Abegglen, vice president and cashier.

&'Bmk a known,
b(fih ^ ( áAám m
a K eefii

* O nly bank in the n a tio n ’s
fa ste st grow ing stockyards.
* 62 years o f livestock banking.

dent and cashier; R obert E. Johnson
and Russell A. Loring, assistant v ice
presidents; F red H. Douglas, M ary E.
Gleason and R obert E. Larsen, assist­
ant cashiers; Thom as C. Quinlan, v ice
president and John R. Cockle, trust
officer, both in estate and trust depart­
ment.
Stock Yards National Bank: A. J.
Hallas, president; John M cCum ber,
senior v ice president; C. W . Means and
C. A. M asilko, v ice presidents.
United States National Bank of
Omaha: E dw ard W . Lym an, president;
Dean V ogel, execu tive v ice president;
H arold R. B row ning, F red Peters and
H en ry R. R oose, v ice presidents;
G eorge E. W inslade, trust officer; A r­
thur W . Knapp, v ice president and
trust officer; W ayn e M. T horndyke,
K erm it Hansen, Carl E. Scheer and
Jam es A. Zim m erm an, assistant v ice
presidents; Dennis J. Cortney, assist­
ant trust officer; R obert W . Haseb ro o ck and James C. Lyle, assistant
cashiers; R obert D. Satrapa, advertis­
ing manager, and Jay F. B ordew ick,
representative.
St. Joseph
American National Bank: Charles K.
R ich m on d and B enton M. Calkins, Jr.,
v ice presidents.
First National Bank: Jack K illackey,
v ice president, and B enton O’Neal, ag­
ricultural representative.

Tootle-Enright National Bank: E ver­
ett L. Crum e and G ilbert Tootle, vice
presidents.
First Stock Yards Bank: Thos. J.
M c C u l lo u g h , president; H arry H.
Broadhead, Jr., vice president, and A r­
thur R. M cClaskey, agricultural rep­
resentative.
St. Louis
Mercantile Trust Company: A. U.
“ J im ” H ooss, assistant v ice president.
San Francisco
Bank of California: Irv in g W . Dan­
ielson, v ice president.
Sioux City
F irst National Bank: E dw ard V.
Hoffm an, v ice president, and Ernest
A. K enny, v ice president and cashier.
Live Stock National Bank: Carl
Fredricksen, chairm an of the board,
and R. K. Draper, representative.
Security National Bank: Chas. H.
W alcott, president; B. M. W heelock,
senior v ice president, and Thos. C.
H orn, v ice president.
Toy National Bank: J. Wm. Van
Dyke, chairm an o f the board; E. E.
E rickson, v ice president, and C. E.
A ronson, assistant v ice president.
Bank Equipment and Other Firms
American Express Field Warehous­
ing Corporation: James F letcher, as­
sistant v ice president, Des M oines.
American National Insurance Com­
pany: C. A. “ C huck” A nderson, Am es.
Bank Building & Equipment Corpo­
ration: H. N. A rnold, sales analyst,
and Hal G. Maurer.
Bankers Service Company: H enry
H. Byers, president.
Burroughs Corporation: C. R. Philbrick, branch m anager; V. E. Dudley,
zone sales m anager; D. E. Burcham ,
financial accou nt representative, and
R oy Leibee, sales representative.
Central States Health & Life Com­
pany: W . M. Kizer, execu tive vice
president; John D. M ace and E. Dean
Miller, vice presidents; Robert F. F in d­
lay, assistant v ice president, and Robbert Ballew , m anager, credit division.
De Luxe Check Printers, Inc.: L arry
YOU W IL L SEE THEM 7^
(Turn to page 108, please)

INVESTMENT INCOME YOU CAN KEEP!

S t o c K

U cudA

U anic
Telephone ADams 8-1738
South St. Joseph, M issouri

The interest you receive on Municipal Bonds is n o t subject to
Federal Income Taxes.
W e specialize in these bonds and can now offer yields of 3 %
to 5% (equal to 6 % to 10% on government or taxable corporate
bonds).
Call or write!

ROBERT E. SCHWESER COMPANY
L. L. Lawrence, President
Patrick H . Rensch, V . P.-Gen- Counsel

Frank E. W illiam s, Exec. V . P.
W illiam March, Secy.-Treas.

2 0 8 South Nineteenth Street
Telephone 3 4 4 -4 6 1 1
Northw estern Banker, O ctober, 1960


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

OM AH A 2 . NEBRASKA

Nebraska

O m aha 's . t m azing Or air I h Sais
N ew P a c e fa r O eea d e a f P r o g r e s s
Written Especially for
The Northwestern Banker

By RALPH E. KI PLUNGER
President, Guarantee Mutual Life Company
Preisdent, Omaha Chamber of Commerce
H E Omaha Cham ber o f Com m erce
has been a significant force in the
rise o f Omaha as a key city in the
m i d l a n d s o f A m erica.
Since the
Cham ber was organized in 1893, Oma­
ha has grow n in
size and stature
as a transporta­
t i o n , m anufactur­
ing and distribu­
tion center. Our
livestock market
has b e c o m e the
l a r g e s t in th e
w orld. Our role
as a m edical cen ­
ter increases in
R. E. K I P L I N G E R
im portance ev ery
year. Omaha is the hom e office o f 38
insurance com panies.

T

F or over a decade Omaha has been
the headquarters o f the Strategic A ir
Command. Industrial grow th since
W orld W ar II has added such names
as W estern E lectric, A llied Chemical,
Continental Can and Central F ibre
Products to the list of m anufacturers
with Omaha plants. Omaha w on an
all-A m erica City award in 1958. The
1960 census pushes our population
past 300,000, w ith 465,000 in our stand­
ard m etropolitan area. T hrou gh all
o f this period o f grow th, the Cham ber
o f C om m erce has been in the fo re ­
front, m obilizin g the energies o f our
people to m ake these strides.
T o serve as president of the Cham­
ber of C om m erce is one o f the m ost
challenging assignm ents I have ever
had. Our Cham ber has m any ach ieve­
m ents behind it, and w e are n ow em ­
barkin g on an am bitious “ Program for
P rogress” to carry us into the 1960’s,
a decade w h ich is expected to add 80,000 to our city population. This p ro ­
gram is especially excitin g because it
recogn izes that n ew thinking m ust in­
vade our civ ic life in the years ahead.
The Cham ber is attem pting to develop
the “ area con cep t” in its efforts for
civ ic and econ om ic developm ent. W e
are com in g to realize that our ow n city

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT A N D
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.

boundaries — even cou n ty and state
lines— m ust be bridged b y cooperative
action during this era o f rapid urban
grow th.
Omaha cannot ignore that
its prosp erity is bou nd up w ith that
o f surrounding sm aller tow ns and
farm ing areas, and our suburbs are as

News

107

vital to our business health as the
d ow n tow n section.
Our “ P rogram for P rogress” in­
cludes not on ly this broaden in g o f v i­
sion, but a variety o f other p rojects—
a con tin u in g effort for city beautifica­
tion, establishing a p riority system for
com m u n ity needs, getting a m uchneeded urban renew al program off the
ground, solvin g the traffic problem s
w h ich g row m ore com p lex every day.
In Omaha w e are entering a new
decade w ith confidence that our p rob­
lems can be solved by people getting
together, thinking together, acting to­
gether, and it is in the Cham ber of
C om m erce that this group thinking
and action are taking place.— End.

Our representatives look forward
to renewing old acquaintances
and meeting new friends.

May we offer our friendly and experi­
enced service to your contacts with the
livestock interests at Missouri’ s first and
the nation’ s sixth livestock market.

Member
Federal
Deposit
Insurance
Corporation

Member
Federal
Reserve
System

St. Joseph, Mo.

Since 1887

OMAHA

Northw estern Banker, O ctober, I960


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

108

N ebraska

News

1 'attie9I f of/. Sheep K e ee ip ts
E x c e e d MO- Y ea r A v e r a g e
HE Union Stock Yards C om pany
o f Omaha during the first six
m onths o f 1960 handled 3,094,599 head
o f cattle, calves, and sheep. T his is
2.10 per cent less than fo r the same
period in 1959. H ow ever, in com p ar­
ing the first six m onths o f 1960 w ith
the 10-year average (1949-1958), the
follow in g is found:

T

Cattle— 7.8 per cent over the 10year average.
Hogs— 22.7 per cent over the 10year average.
Sheep—3.5 per cent under the 10year average.

in S t Joseph .. J

think

F IR S T
o f the m en...

A t the end o f the first six m onths,
Omaha m aintains its title as the
“ W o rld ’s Largest L ivestock M arket
and M eatpacking Center.” T otal re­
ceipts o f 3,094,599 lead St. Paul, the
next largest m arket, b y 422,957 head.
The Omaha m arket interests look
forw ard to a large run o f stocker and
feeder cattle this fall, both on the open
m arket and in the six auction sales
w hich are scheduled fo r Om aha’s auc­
tion arena.
The first auction sale,
featuring tw o-year-old steers and year­
ling heifers, w as held on A ugu st 26.
F rom that date until N ovem ber 4,
Omaha w ill hold a carload auction
sale e v ery other Friday. T hese auc­
tion sales are designed to a ccom m o­
date those w h o like to b u y and sell
at auction.
A lso, on O ctober 27 and 28, Omaha
w ill hold its Sixteenth A nnual F eeder
Calf Show and Sale. This year the
sh ow and sale w ill be in tw o divisions.
The m orn in g w ill be dedicated to the
4-H d ivision and the afternoon to the
carload d ivision w h ere feeders m ay
purchase top quality calves in car­
load lots for com m ercial purposes.

Nebraska Bankers Aid
Sale o f Savings Bonds

J. M. FORD II

JACK KILLACKEY

and their Bank...

T H E F IR S T
N A T IO N A L
B A N K
TELEPHONE ADams 4 -2 72 6
ST. JOSEPH, MISSOURI

Northw estern Banker, O ctober, I960


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

Nebraska bankers have played a de­
cisive part in m aking their state one
o f the n ation ’s leaders in the sale of
United States Savings Bonds. Frank
B.
H eintze, Nebraska state director,
was in terview ed in Omaha recen tly by
the N orthwestern B anker and p re­
pared the follow in g report for the
C ornhusker state:
• Total sales o f E and H Bonds in
the state from May, 1941, through
A ugust, 1960, inclusive, w ere $1,600,000,000!
• Sales fo r the period January 1A ugust 31, 1960, w ere $61,237,000,
representing 57 per cent of this
y ea r’s quota.
• Since 1945, Nebraska has had the
highest per capita sales in 13 of
14 years; 1959 per capita sales in
Nebraska w ere $69.42.
• Since 1953, N ebraska has been
N um ber One in per cent o f quota
achieved am ong all states fou r out
of seven years.
(T h ere w as no
state quota set from the end of
W orld W ar II through 1952.)
This outstanding record is a tribute
to the hard w o rk o f the state director
and his predecessors, as w ell as the
dedicated efforts of the present state
chairm an. W . B. M illard, Jr., and the

A RECORD HIGH of $42.8 billion in
series E and H savings bonds was re­
corded at the end of August. The amount
of bonds in the hands of owners is shown
in the graph held by W. B. Millard, Jr.,
left, president of the Omaha National
Bank and chairman of the Nebraska Ad­
visory Committee, and Frank B. Heintze,
state director, Nebraska Savings Bonds
Division.
hundreds o f other bankers w h o have
volu n ta rily assisted w ith ou t com pen­
sation in this program . Mr. M illard is
president o f The Omaha National
Bank.
Mr. H eintze states that Nebraska has
received considerable attention fo r one
o f the special drives conducted yearly
the last three years. The cam paign is
one aim ed at attracting ranchers and
farm ers in the “ cattle co u n try ” to the
benefits o f the regular purchase o f E
and H Savings Bonds. It is sponsored
b y the state’s tw o largest cattle asso­
ciations, The Nebraska Stock G row ers
A ssociation and The Sandhills Cattle
A ssociation. It has proved to be one
o f the m ost effective w ays to increase
bond sales in the rural com m unities.
The 1958 cam paign, conducted dur­
ing Septem ber and October, resulted
in an increase of 48 per cent over
sales fo r the corresp on d in g period of
1957, and the 1959 cam paign produ ced
an increase o f 4 per cent over the 1958
cam paign. The 1960 drive is under­
w ay at this time.

YOU WILL SEE THEM . . .
(C ontinued from page 106)
G a s s a w a y , representative, Kansas
City.
Diebold, Inc.: R. F. King, represent­
ative, D enver office; H. H erron, rep­
resentative, Omaha office, and Richard
S. Gwinn, representative, Des Moines
office.
Doane Agricultural Service, Inc.:
Colin C. Dover, sales representative,
Sioux City.
Douglas-Guardian Warehouse Corpo­
ration: Charles J. R euscher and Paul
R. Bradford.
George LaMonte & Sons: Jack Por­
terfield, sales representative.
Lawrence Warehouse Company: G.
A. Johnson, assistant v ice president.

109

F irst o f Om aha A n n ou n ces
V

moving the smoke shop presently located in the Farnarn Street
entrance. Lobby space will thus be increased about 25 per cent.
Two staircases to the commercial banking department also will
be reconstructed. Lobby and corridor remodeling should be
completed by the middle of next May and the elevators installed
within 18 months. Leo A. Daly, Omaha, is architect, and A.
Borchman & Sons Company, Omaha, is general contractor.

ANNOUNCED LAST MONTH was a $500,000 remodeling
project on the 14-story First National Dank of Omaha. The
project includes the enlarging and modernization of the Farnam Street entrance (shown at riglit) and building lobby, com­
plete refacing of the lower portion of the 16th and Farnarn
sides, modernization of the upper floor corridors and replacement
of the present elevators with four Otis Autrotronic lifts. En­
trance space and the elevator lobby, at left, will be doubled by

w ig, manager, Omaha branch, and Don
B. Keller, sales representative, L in ­
coln.

Mosier Safe Company: W illiam J.
Blue, bank sales supervisor, Kansas
City, and L aird Gillem, bank sales rep ­
resentative, L in coln , Neb.
National Cash Register Company:
C. R. N agy and W . F. Harris, Grand
Island, Neb.; W . B. Sparks, R. C.
R hodes and R. E. A dam son, Lincoln,
Neb.; M. H. Planck, E. L. H agedorn,
L. H. Jorgensen, J. B. K elley and L.
P. Kelly, Omaha, and V/. S. Goode,
Jr., Sioux City.
Recordak Corporation: Jack A. Lud-

St. Paul Terminal Warehouse Com­
pany: R. V. Peterson, district manager,
Omaha.
United States Check Book Company:
C l i f t o n Batchelder, president; Ed.
Peck, Jim L indberg, K ent M iller and
Chuck Strattan, salesmen.
Western Bank Contractors:
Neal, Jr., president.

L eR oy

Joins Y ork State Bank
W . A rn old R efshauge has recen tly
join ed the staff of Y ork State Bank as
v ice president and trust officer, and
w ill be in charge o f the n ew ly form ed
trust departm ent of the bank. Mr.
R efshauge was form erly m anager of
the F ederal Land Bank A ssociation
o f York.

MORE NEBRASKA NEWS
ON PAGE 138

Correspondent Banks Can Be Different!
Art Bridgew ater, A rt W illiam s and Harley Patton, Correspondent Bank
Representatives for the Central Bank & Trust Company of Denver, w ant you to take
a look inside and understand our philosophy at Central. You'll see the
difference. The warm personal relationship between Central and its customers is
unequaled. W e have a personally concerned approach to every problem of
our Correspondent Banks. Central correspondents are friends, indeed,
in every sense of the w ord.

And, by the way, Harley Patton will be at
the NEBRASKA C O N V E N T IO N in LINCOLN,
October 11 and 12. Hope to see you at this
meeting.

HARLEY PATTON

H

E

C

E

N

T

R

A

L

.

B

A

N

K

A

M

D

T

R

U

i

T

C

O

C entral P a r k ... 15th & A ra p a h o e . . . Denver 17, Colo.

MEMBER: FEDERAL DEPOSIT INSURANCE CORPORATION • FEDERAL RESERVE SYSTEM
N orthw estern Banker, October, 1960


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

110

¿ ¿ÍZíC ÍO ^

a V** ^

.

, 25 a nd * . ’ 9 * °
< jw ít

Co

J A o in t*

Bankers Trust Co.
The Des M o in e s B ank for Y O U

Northw estern Banker, O ctober, I960


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

Ill

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

F. W A R N E R

A. V . D IE K E N

J. H . C R O C K E R

R. O D L I N

G. R. C L A R K

1*000 Expected
74ihJotro Convention
ORE than 4,000 persons are ex ­
pected to register fo r the 74th
annual con ven tion of the Iow a
B ankers A ssociation O ctober 23-26 at
H otel F ort Des M oines in Des M oines.
Total con ven tion registration at this
con vention , rated the largest state
m eeting in the nation, has advanced
from 2,306 registrants in 1949 to 3,994
in 1959.
R udy R. Schroeder, president of the

M

A ssociation and president o f the Iow a
County Savings Bank in M arengo, w ill
preside at the convention. A ssisting
him this past year as v ice president
has been Clifford C. Fritcher, vice
president o f Security T rust & Savings
Bank, Storm Lake. N ow in his 45th
year as secretary of the Iow a A sso­
ciation is F rank W arner.
A s usual, the first order of business
on M onday, October 24, w ill be the an-

SUNDAY, OCTOBER 23
Hotel Fort Des Moines
P.M.
2:00
8:00
8:15

9:15

10:00

R egistration B egins— M ezzanine F loor.
M usic— Grand Ballroom .
P residing— R. R. Schroeder, President, Iow a Bank­
ers A ssociation; President, Iow a C ounty Savings
Bank, Marengo.
P resenting Mrs. Eddie M. Carlson, R. 2, Boone,
Iow a— “ H old On to Y our H at.”
P resenting Mrs. W . A. B row n, D irector o f the Bell
Ringers, Shenandoah, Iowa.
B oys Bell Choir.
“ The Shenandoah B elles.”
A djournm ent.

MONDAY, OCTOBER 24
Hotel Fort Des Moines
A.M.
7:45
7:45

8:15

R egistration continued on M ezzanine F loor.
12th A nnual C onvention A gricu ltu ral Breakfast
Conference.
(R ou nd table after each talk, if desired, and
as tim e m ay perm it)
M eeting Called to Order— R em arks— A. V. Dieken,
Chairman, A gricu ltu ral Com m ittee, Iow a Bankers
A ssociation; President, Farm ers Savings Bank,
G rundy Center.
T o Take a Bow:
(a) K erm it A. Scheibe, V ice Chairman, A g ricu l­
tural C om m ittee of IBA; President, M orningside Savings Bank, Sioux City
(b) V aughn J. Hartzell, Chairman, F orestry C om ­
m ittee of IBA; E xecu tive V ice President,
F arm ers State Bank, Marion

8:20

8:40

8:55

nual A gricu ltu ral Breakfast follow ed
by a fu ll m orning o f discussion by
various authorities on farm and live­
stock operations. Starting at 7:30 a.
m., w h en breakfast w ill be served
p rom ptly in the Grand B allroom of
H otel F ort Des M oines, the ag p ro­
gram w ill continue through until
noon. A feature o f this part of the
con vention this year w ill be a guided
tour through Iow a Packing Company.

(c) John B. Kelly, Chairman, A gricultural Credit
School Com m ittee of IB A; V ice President,
Iow a T rust & Savings Bank, E m m etsburg
(d) R. R. Schroeder, President, Iow a B ankers A s­
sociation; President, Iow a C ounty Savings
Bank, M arengo
(e) C. Clifford Fritcher, V ice President-Treasurer,
Iow a B ankers A ssociation; V ice President, Se­
cu rity Trust & Savings Bank, Storm Lake.
(f) John B. K eeline, R etiring President, Iow a
B ankers A ssociation; President, Central Trust
& Savings Bank, Cherokee
(g ) Joe H. Gronstal, State Superintendent of
Banks; V ice President, Carroll County State
Bank, Carroll
(h ) E. H ow ard Hill, President, Iow a F arm Bureau
Federation, Des M oines
(i) V. W . Johnson, an Iow a D irector, Federal R e­
serve Bank of Chicago; President, F irst Na­
tional Bank, Cedar Falls
(j) H arry W . Schaller, R ecent Chairman, A gricu l­
tural C om m ission, A m erican Bankers A ssoci­
ation; President, Citizens F irst N ational Bank,
Storm Lake
“ Updating Our B anks’ F arm P rogram s”— John H.
Crocker, Chairman, A gricu ltu ral Com m ission of
A m erican Bankers A ssociation; President, The
Citizens N ational Bank, Decatur, Illinois.
“ L iv estock F eeding Outlook in 1961”— John R.
Zeis, General Manager, Iow a P acking Com pany
(D ivision of Sw ift and C om pany), Des Moines,
Iowa.
A djou rn m en t M essage— Chairman A. V. Dieken.

IOWA CONVENTION . . .
(T urn to page 112, please)
Northw estern Banker, October, I960


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

112

Io w a

News

E x p e c t 4 ^ 0 0 0 nt Mourn C onvention
(C ontinued from page 111)
P.M.
1:30

C onvention Called to Order— R. R. Schroeder,
President, Iow a Bankers A ssociation; President,
Iow a C ounty Savings Bank, M arengo, Iowa.
In vocation — The R everend N orm an T. Laesch,
Pastor, St. Joh n ’s Lutheran Church, M arengo,
Iowa.
R em arks o f the V ice President— C. C. F ritcher,
V ice President-Treasurer, Iow a Bankers A sso­
ciation; V ice President, Security T rust & Savings
Bank, Storm Lake, Iowa.
A nnual A ddress o f the President— President R. R.
Schroeder.
Presentation to the President o f the Iv o ry Gavel—
E. A. E bersole, V ice President and Cashier, The
State Central Savings Bank, K eokuk, Iowa.
R espon se— President R. R. Schroeder.
A dop tin g R eports of Chairm en of the A ssociation ’s
Committees.
A w ard in g Citations— President R. R. Schroeder.

2:00

“ The A rt o f L iv in g H appily Into Old A g e ”— W alter
C. A lvarez, M.D., F am ous Colum nist, Chicago, 111.

2:40

“ This B usiness o f Debt M anagem ent”— R eno Odlin,
Chairman, Savings B onds Com m ittee o f the A m er­
ican B ankers A ssociation; President, Puget Sound
N ational Bank, Tacom a, W ashington.
“ S olven cy v. Sorcery in Federal F in a n ce”— The
H onorable M aurice H. Stans, D irector o f the
United States Bureau of the Budget, W ashington,
D. C.
Session A djourned.
Caucus o f Iow a A.B.A. M em bers— City R oom ,
M ezzanine F loor.

3:20

4:00
4:00
8:30
to
12:30

12:00
P.M.
1:25

C onvention Called to Order— President R. R.
Schroeder.
1:30 “ M oney and Stability”— Dr. Ralph A. Young, A d ­
viser to the F ederal R eserve Board, W ashington,
D. C.
2:10 “ A N ew Challenge fo r B ankers” — Casimir A.
Sienkiew icz, Chairman, A.B.A. Com m ittee for E co­
n om ic G row th W ith ou t Inflation; President, Central-Penn N ational Bank, Philadelphia, Pa.
2:50 “ A Plan for the C ooperative Use o f Com puter Sys­
tem s B y Small B anks”— Clifford E. M yers, B anking
Consultant, General E lectric C om puter D epart­
ment, P hoenix, Arizona.
3:55

1:15
1:30

3:30
8:30

Hotel Fort Des Moines
A.M.
8:00
9:30

10:00

10:40

11:20

R egistration Continued on M ezzanine F loor.
C onvention Called to Order— President R. R.
Schroeder.
M eeting o f Iow a A.B.A. M embers:
R em arks— E. F. B uckley, A.B.A. V ice President for
Iow a; President, Central N ational Bank and Trust
Com pany, Des M oines.
E lection of Iow a A.B.A. Officers.
A n y N ew or Unfinished Business.
Iow a A.B.A. M eeting A djourned.
Mr. B uck ley Turns M eeting Back to President
Schroeder.
“ L ook in g A head W ith the A m erican Bankers A s­
sociation— Carl A. Bim son, President, A m erican
Bankers A ssociation; President, V a lley National
Bank, P hoenix, Arizona.
“ The N ew Y ork Pattern for B anking in the Six­
ties”— The H onorable G. R ussell Clark, Superin­
tendent o f Banks, State o f N ew Y ork, Banking
Departm ent, N ew Y ork, N. Y.
“ Current E con om ic D evelopm en ts” — The H on or­
able R aym ond J. Saulnier, Chairman, Council of

Northw estern Banker, O ctober, 7960


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

A djou rnm ent A t Y our Pleasure.
The rest o f this a ftern oon ’s C onvention session
has been set aside fo r the G E N E R A L E L E C T R IC
COM PU TER E X H IB IT and general discussion
w ith Mr. M yers and his associates.
For the Ladies— Hotel Savery

P.M.
12:15

D ancing and Buffet Supper— Val A ir Ballroom ,
presenting Peter Palmer, and his Nationally
K n ow n 18 P iece Dance Orchestra, In clu din g 6
Singers C hicago and N ew York.
TUESDAY, OCTOBER 25

E con om ic A dvisers to the President of the United
States, W ashington, D. C.
N oon — Session A djourned.

(M ezzanine F lo o r), P residing— Mrs. R. R. Schroe­
der o f M arengo, Iow a, assisted b y the w ives o f the
other m em bers o f the C ouncil o f A dm inistration
o f the Iow a B ankers A ssociation and Mrs. W illiam
H. Brenton, President o f the Ladies o f the Des
M oines B ankers Club.
M usic During Luncheon.
(Grand B allroom ), R em arks and Presentation o f
Guests b y P residing Officer.
“ H eadline H ilarity”— Miss Jacqueline M ackenzie,
London, England. (M em o:) Miss M ackenzie was
born in L ond on o f Scottish parents. H er program
is one o f good h um or and fun. Jacqueline M acken­
zie is a British TV com edienne.
A djournm ent.
Curtain T im e— K R N T Theater.
W EDNESDAY, OCTOBER 20
Hotel Fort Des Moines

A.M.
8:00
9:15

9:40

10:20

11:00
11:45

11:50

R egistration continued on M ezzanine F loor.
C onvention Called to Order— President R. R.
Schroeder.
E lection o f Officers.
(a) President
(b ) V ice President-Treasurer.
“ The Outlook for Interest Rates in the Decade o f
the 1960’s”— Dr. Jules I. Bogen, P rofessor o f F i­
nance, N ew Y ork U niversity, N ew York, N. Y.
“ Alaska in T ransition ”— The H onorable W illiam A.
Egan, G overnor of the State of Alaska, Juneau,
Alaska.
A ddress— Jose Jim enez, President, Bill Dana P ro­
ductions, Ltd., H ollyw ood , California.
The Council o f A dm inistration o f our A ssociation
w ill, in accordance w ith custom , fix the 1961 Con­
ven tion dates as soon as possible so they can be
announced to the m em bership.
A n y N ew or U nfinished Business.
A djou rn m en t o f 74th A nnual Convention.— End.

113

ALLEY BANK AND TRUST COMPANY
W A L N U T AT FOURTH

DES M O IN E S , IOWA

Member Federal Deposit Insurance Corporation

Northw estern Banker, O ctober, I960


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

114

Tiro titA P re sid en tia l C andidates
W O prom inent Iow a bankers have
announced their candidacy fo r the
office o f president of the Iow a Bankers
A ssociation. The election w ill take
place at the 74th annual con vention in
Des Moines, O ctober 23-26.
The tw o candidates are R. W . Eastburn, president, Iow a State Bank and
T rust Com pany, Fairfield, and Charles
H. W alcott, president, Security Na­
tional Bank, Sioux City.
Mr. Eastburn was first endorsed for
the presiden cy at the F ebruary 1960
m eeting of Group 11. He w ith drew
during the race last year in favor of
R. R. Schroeder, execu tive v ice presi­

T

for

fast

see

NATIONAL

dent, Iow a C ounty Savings Bank, Ma­
rengo. Mr. Schroeder is n ow serving
as I.B.A. president, elected at the 73rd
annual con ven tion last fall.
Mr. W alcott announced his candi­
dacy last May, accedin g to the w ishes
o f m any friends, not on ly in n orth ­
w est Iowa, but from various sections
o f the state.
Mr. E astburn served as chairm an of
G roup 11 from 1955 to 1957 and was
secretary o f the group the tw o preced ­
ing years. H e served three years
(1956, 1957, 1958) as Iow a ’s representa­
tive on the execu tive com m ittee o f the
A m erican B ankers A ssociation, and

correspondent

service

R. W. EASTBURN

C. H. WALCOTT

was nom inating com m itteem an from
Iow a to the A B A for the 1959 con v en ­
tion in M iam i Beach.
He has been in banking since 1920,
starting in Charles City. In 1934, Mr.
E astburn m oved to Fairfield w h ere he
was in charge o f reorganizing closed
banks. In 1939 he w en t to the Iow a
State Bank and Trust C om pany as
execu tive vice president. He was
elected president in 1941.
Mr. W alcott is w ell know n th rou gh ­
out the m iddlew est. He has served on
several com m ittees o f the Iow a Bank­
ers A ssociation and in 1957 served as
vice president and treasurer o f the
State A ssociation.
T o the m any Iow a bankers w ho
have attended the School of Banking
at the U niversity of W iscon sin, Mr.
W a lcott’s name is a fam iliar one in­
asm uch as he serves the sch ool as a
m em ber o f the com m ittee on adm is­
sions, representing the I.B.A.
His long-tim e service to the associa­
tion and on behalf o f the Iow a banking
industry does, in the opin ion o f his
friends, h igh ly qualify him to serve as
president of the State A ssociation.—
End.

C. A. K nudson

BANK

OF

WATERLOO

Let our complete facilities. . . our
staff of friendly, helpful Iowans . . .
save you valuable time on all items
and collections.
Send your items to us for fast,
accurate, efficient banking service.

C. A. Knudson, 69, president of the
College Savings Bank at A m es for 34
years, died of a heart ailm ent late last
m onth at M ary G reeley H ospital in
Am es. Mr. K nudson entered banking
at Badger, w h ere he was born. Later
he was connected with banks in Des
M oines and Dallas, then organized a
bank at W illiam son, leaving there in
1926 to becom e president of the Col­
lege Savings Bank.
He is su rvived by his w ife, Jessie;
a son, Dean A., vice president of the
College Savings Bank, and tw o daugh­
ters, Mrs. H elen F acto o f A m es and
Mrs. B ettey L ou Martle o f Fayettesville, N. C.

T o A dd Drive-In
Plans have been announced by the
C om m ercial Trust and Savings Bank,
Storm Lake, Iow a, fo r the installation
o f a drive-up facility. L. A. Tym eson,
president, said the M osler facility w ill
be located at the rear of the present
building and w ill be accessible from
the alley.
Northw estern Banker, O ctober, 1960


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

115
The Kirk Gross Company is proud of the part its Bank Planning
Experts had in the development of the exciting and efficient
interior quarters of Iowa’s Newest and Most Modern Bank

. . . The NEW

Front view of new Peoples Bank and Trust Company, W aterloo, Iowa, as
seen from the downtown intersection of W est Fourth and W ashington Streets.
The three-lane Auto Drive-Through Lobby, first of its kind in Iowa, is at
right rear.

PEOPLES
BANK &
TRUST CO.
Waterloo, Iowa

Entrance to fully carpeted main lobby. This spacious area is designed with
the most m odem teller counters, customer desks and many other features
that provides fast, efficient and convenient service to all customers.

Vision has been a notable attribute of the Peoples Bank and
Trust Company ever since the bank’s beginning.

Specialization takes the guesswork out of building planning

A nd no­

. . . and you’re wise giving the most careful consideration to

where is this trait more evident than in the planning of the
beautiful and functional interior of the new building. Right
from the start, the building committee depended on special­
ized skills of our bank experts in the selection of all furni­
ture, office equipment and decorative themes.

choosing the correct furniture, office equipment and interior
decorations — and wiser still to lean on Kirk Gross Bank
Experts for this specialized assistance. A letter or call will
find one of our experts ready to assist in your initial planning
— and at no obligation, of course.

G. E . Allbee, president of Peoples Bank and Trust Company,
checking final arrangements with Kirk Gross. Our Bank Planning
Experts prepared complete floor blueprints and presentation
boards showing each piece of office equipment, chairs, desks and ’
counters in place, with swatches of fabric and floor covering
attached to layout. Mr. Allbee said, “ . . . this unique presentation

enabled us to see at a glance just how our new quarters woidd
look when completed. W e had utmost confidence in the Kirk Gross
organization, as they supervised the remodeling in 1956, and today
took complete charge of the entire interior job. W e are indeed
extremely happy with the new, modern decor.”

7R O S S C o .
E Q UI P ME NT /
T H E KIRK G R O S S C O M P A N Y

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

•

110 EAST SEVENTH STREET • W A T E R LO O , IO W A

•

ADam s 4-6641

Northw estern Banker, O ctober, 1960

116

th is M o in e s

H n n h ers A r e
H O W N here are the m anaging offi­
cers of Des M oines banks w h o w ill
be hosts during the 74th Iow a Bank­
ers A ssociation con ven tion in Des
M oines.
These officers cordially invite y o u to
visit their banks w h ile y ou are in Des
M oines and w ill be happy to assist
y ou in any w a y possible.
President of the Des M oines Clear­
ing H ouse is James W . Hubbell, ch air­
m an o f the B ankers T rust Com pany.
Secretary is S. G. Barnard, v ice presi­
dent and cashier, B ankers Trust C om ­
pany.

H osts

S

C. W . A U R A N D
President
Io w a -D .M . N ational

R. K. G O O D W I N
Chairman
Central National

H. N. G A L L A G H E R
President
Iow a State Bank

J.

HUBBELL
S. C. P I D G E O N
Chairman
President
Bankers T rust Company

R. O. W A G N E R
R. G. M I L L E R
Chairman
President
Capital City State Bank

E. B U R C H E T T E
N. A . S A N D S
Chairman
President
V a lle y Bank and T rust

E. F. B U C K L E Y
President
Bank and Trust

w.

ALLIED MUTUAL
INSURANCE CO M PAN Y
(Formerly Allied Mutual Casualty Company)

AN EXPANDING INSURANCE COMPANY FOR EXPANDING
BANK
AGEN, Backed by the Policies, the Personnel, the Surplus, and the Field
and Claim Services you need to Serve you and your Policyholders well.
W e Appreciate your Inquiries and will honor them promptly.

Ask about our Claim-Free

Discount Plan for your Insured Motorists.
•
•
•
•
•
•
•

Full Automobile Coverage
Workmen's Compensation
Manufacturers' Public Liability
Contractors' Public Liability
Elevator Public Liability
Farmers' Liability
Residence and Outside Theft

‘1A llie d

W u tu J / V

’

ALLIED

• Storekeepers' Burglary and Robbery
• Comprehensive Liability
• Inland Marine
• Glass Insurance
• Owners' Landlords' and Tenants'
Public Liability
• Fire and Extended Coverages

When in Des Moines at the Convention
come in and visit us or any other time

M U T U A L

I N S U R A N C E
*'T:*- *■
’-

700 FO URTH STREET
Northwestern Banker, O ctober, I960

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

C O M P A N Y

v.¿•>. V'iWW

DES M O IN E S, IO W A

117
years, resigned last m onth from the
A m erican Savings Bank after m ore
than 30 years o f continuous service
as a director and assistant cashier.
His resignation becam e effective Oc­
tober 1. He has sold his entire inter­
est in the bank.

and is n ow president and operating
head o f the bank. Mr. B onander has
been cashier for a num ber of years.
A lso in volved in the transaction,
w h ich w ill be com pleted January 1,
1961, is the insurance business that
has been operating under the name
of W yan t & Bonander.

Larchw ood Sale

G. J. B U S E R
Exec. V . P.
Plaza State Bank

C. K . G R O C H A L A
Exec. V . P.
H ighland Park St. Bk.

Mr. and Mrs. R. W . W ya n t are sell­
ing their stock and con trollin g inter­
est in the Security Savings Bank,
L archw ood, Iow a, to H arold R. Bonander w h o has been associated with
the bank since 1934.
Mr. W yan t has been in the banking
business in L a rch w ood fo r 45 years

W apello Anniversary
The State Bank o f W apello observed
its 25th anniversary recently, accord ­
ing to A. T. W ollenhaupt, execu tive
v ice president. A special open house
was held b y the bank for residents.
Total resources as o f June 30 w ere
$2,808,107.

We’ll see you at the
W . H. B R E N T O N
President
N atl. Bank of D .M .

E . F. P E T E R S
Exec. V . P.
First Fed. St. Bank.

IOW A STATE
C O N V E N T IO N
DES MOINES

• OCTOBER 23-26

Once again, we at Drovers look forward to the
opportunity of visiting with old friends and mak­
ing new friends at the Iowa State Convention.
C. S. J O H N S O N
President
South D .M . N atl.

L. F I N C H
President
N .W . D .M . N atl.

We invite you to drop in at our Convention head­
quarters. Leo Gruber, Fred Cummings and Bernard
Miller will be on hand to greet you.

Buys Property
The O d a r Falls T rust and Savings
Bank has purchased city p rop erty at
T hird and W ash in gton fo r $50,000.
John Kyhl, president, said that no
definite plans have been draw n yet,
but that a n ew bank building w ill be
con stru cted on the site. A n architect
has been hired and plans are being
m ade to raze the old city building on
the property. Plans also are being
m ade to sell the present bank building
on Main at T hird Street.
P ossession of the n ew p rop erty w ill
be given May 1, 1960.
LE O G R U B E R

FR E D C U M M IN G S

B E R N A R D M IL L E R

In New Quarters
The Peoples Savings Bank, W ellsburg, Iow a, m oved to n ew quarters
last m onth a b lock north of its form er
location on Main Street. A form al
open in g is planned fo r the near fu ­
ture.

H. J. Freze Retires

Throws Hanks
47th Street & A s h la n d Avenue
S I NCE

•

C h ic a g o

1 8 8 3

H. J. F reze, w h o has been a T ripoli,
Iow a, businessm an for the past 44
Northw estern Banker, O ctober, I960


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

118

Iowa

News

N ew ton

D r iv e -In P e r m it

H E Iow a execu tive cou n cil last
m onth upheld a decision b y the
Iow a B anking Departm ent refusing
approval o f a drive-in banking office
for the Jasper C ounty Savings Bank
at N ew ton.
The state ban kin g departm ent had
refused to approve the bank office,
and the bank appealed to the ex ecu ­
tive cou ncil as p rovided b y law.
The 1959 session o f the Iow a legis­
lature passed a law perm itting banks
to operate drive-in teller services at
bank parkin g lots w ith ou t a direct
con n ection to the main bank building.

T

15 Blocks
The N ew ton bank w anted to locate
its facility in a n ew sh oppin g center
on H ighw ay 6 about 15 b lock s from
the m ain bank.
State B anking Superintendent Joe
H. Gronstal said at the hearing before

JAM ES C. SHAW
o w e n p . M cDe r m o t t

the execu tive cou n cil that the depart­
m ent felt it w a sn ’t the intent o f the
law to rem ove such facilities great
distances from a bank.
He said that if the N ew ton ban k ’s
plan w as approved, the door m ay be
opened to branch banking, w h ich n ow
is banned in Iow a.
H erbert S. Selby, attorney for the
bank, said the 1959 law clearly p er­
m its establishm ent o f such facilities.
He declared the banking departm ent
has set up a restrictive rule that in
effect nullifies the law.
Support
F ive legislators spoke in support o f
the ba n k ’s p roposed facility at the
hearing. T hey are Senators E arl E li­
jah (Rep., C larence), E ugene Hill
(Dem., N ew ton ) and R obert R igler
(Rep., N ew H am pton) and R epresent­
atives A. L. M ensing (Rep., L ow d en )

ROBERT J. KIRKE
th om as l. w orm ley

SJlaw,Mdlermott &fHo.
MUNICIPAL BONDS EXCLUSIVELY
Underwriters and Distributors
of
County, City, School and Revenue Bonds
916 Liberty Bldg.
DES

MO INES

N orthw estern Banker, O ctober, 1960


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

Phone CH 3-6119
9, I O W A

and Gail R usk (Dem., N ew ton ).
T h ey said the legislature didn’t in ­
tend to lim it the distance from the
bank that such a fa cility m ay be lo­
cated.

Observes 60th Year
K.
S. Paulson, president o f the
F arm ers Savings Bank, Joice, recen t­
ly celebrated his 90th birthday and
his 60th year in the ban kin g busi­
ness. His distinguished career serves
as an outstanding exam ple for you n ger
men in the finan­
cial w orld.
B o r n J u l y 12,
1870, in D a n e
County, W i s c o n ­
sin, he attended
rural s c h o o l s in
the area and grad­
uated from high
sch ool at Dodgev i l l e , W is. F o l­
lo w in g g ra d u a ­
K. S. P A U L S O N
tion, he taught in
rural sch ools around D odgeville for
several years. D uring the same p e­
riod, he attended several term s at the
Indiana N orm al College, Valparaiso,
Ind. In 1898, he follow ed relatives,
w h o had m oved b efore him, to Fertile,
Iow a, and taught sch ool there one
year. He w as then em p loyed b y J. F.
Rhodes, cashier o f the F ertile Savings
Bank, a privately ow n ed bank in F er­
tile. W ork in g in F ertile fo r a year,
he obtained his initial banking ex p e­
rience.
D uring this time, the con stru ction
o f the N orthw estern R ailroad from
M ason City to Sanborn w as com pleted,
and a num ber o f tow ns w ere platted
along the right o f way. C. H. McNider, president of the F irst National
Bank, M ason City, and W . E. Brice, a
M ason City railroad builder, interested
them selves in open in g a num ber o f
banks along the railroad. One of these
was at Joice, and Mr. Paulson was
em ployed to operate this bank. The
Farm ers Savings Bank was opened for
business as a private bank in 1900,
w ith Mr. Paulson servin g as cashier.
It w as in corporated about 1910, and
has since operated under the same
charter. Serving as the execu tive offi­
cer since its founding, he was elected
president in the mid-1930’s, a position
w h ich he still holds.
In 1908, he w as m arried to Christina
Abraham , a resident o f the N orth w ood
vicinity. She died in 1952. He has
tw o children— K erm it S., president of
the N orth w ood State Bank, and Crys­
tal (M rs. R oyd en C hristianson), w h o
lives in Joice and w h ose husband is
the execu tive officer o f the F arm ers
Savings Bank, the bank Mr. Paulson
has been associated w ith for m ost of
his banking career.

119

V ice P re s id e n t K en M a rtin

A s s is ta n t V ice P re s id e n t B u d O m lie

See you at the
I.B .A . Convention
October 23-26
The Iowa Bankers Association adds another
milestone to its long, illustrious record o f service to
banking at its 74th annual convention in
Des Moines, October 23-26.
First National Bank o f Minneapolis joins its Iowa
banking friends in saluting I.B .A . officers, directors,
com m ittees—everyone who has had a hand in
putting together another outstanding
convention program.
As always, we’ll be represented at the sessions.
It’s an opportunity we never miss, and we’ll be
looking forward to seeing you there.

CORRESPONDENT BANK DIVISION

1 FIRST NATIONAL BANK

Minneapolis

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


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

Northw estern Banker, O ctober, i960

120

Io w a

New s
from
ISankH oa rd
coln

loivu S ta te

FIVE-MAN TEAM making up the Iowa Banking Board is shown in session. Pictured,
left to right, are: Chairman Joe E. Gronstal, E. Walter Nun, W. P. Ronan, J. H. Pullman
and J. Yvo Floerchinger.
O W A ’S five-man banking board
quite naturally is o f vital interest
to bankers throu ghou t the state. A s
part o f the N orthwestern B anker’ s
pre-convention coverage of the Iow a
Bankers A ssociation, w e are present­
ing here a brief biographical sketch
o f each of the board m em bers:
Joe H. Gronstal, Chairman — Mr.
Gronstal graduated from St. B enedict
College at A tchison, Kan., in D ecem ­
ber, 1942. He served as an exam iner
for the Iow a B anking Departm ent
from F ebruary 1, 1943, to January 1,

I

1945. He joined the S ecurity State
Bank, K eokuk, Iow a, in January, 1945,
and continued there until June, 1948,
as v ice president and cashier.
In June, 1948, he becam e assistant
national bank exam iner under the
C om ptroller of the C urrency and co n ­
tinued in that capacity until June,
1949, w h en he join ed the Carroll Coun­
ty State Bank, Carroll, Iow a, as v ice
president. He rem ains in this capac­
ity and also is Iow a ’s superintendent
of banking.
E. W . Nun — Mr. N un graduated

the banking course at the L in ­
(N eb.) S chool of C om m erce in
1930 and then join ed the National
Bank o f C om m erce in Lincoln. F rom
January, 1936, to April, 1937, he was
em ployed at the L ytton (Iow a) Sav­
ings Bank, and from A pril, 1937, to
January, 1940, he was associated with
the Pioneer Credit C orporation at F air­
m ont, Minn.
In January, 1940, he acquired an in­
terest in the F irst N ational Bank, W ilm ont, Minn., and served that bank as
cashier. In February, 1943, he sold
his interest in that bank and joined
the arm ed services. W h ile w aiting to
enter the service, Mr. Nun w ork ed
w ith the Office o f P rice A dm inistration
as a rent inspector at Grand Island
and K earney, Neb. He was in the
A rm y from July, 1943, to January,
1946, serving 21 m onths in N ew Guinea
and the Philippines.
In A ugust, 1946, Mr. Nun acquired
con trollin g interest in the Ute State
Bank w h ich he n ow serves as cashier
and execu tive officer.
J. H. Pullman— Mr. Pullm an com ­
pleted the banking course at MosherLam pm an B usiness C ollege on October
1, 1908, after w h ich he was em ployed
as auditor of the W ood m en Circle, the
w om en ’s auxilliary for the W oodm en
of the W orld L ife Insurance Com ­
pany, until February, 1909.

W e l l Be Looking fo r Y o u

Member Federal Deposit Insurance Corporation

SIO U X CITV, IO W A
Northw estern Banker, O ctober, 7960


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

Io w a

Mr. Pullm an then was elected assist­
ant cashier o f the Silver City, Iowa,
State Bank. He rem ained there for
five years and in 1914 purchased an
interest in the A nderson (Iow a ) Sav­
ings Bank. In March, 1917, he organ­
ized the R andolph (Iow a ) State Bank.
He purchased an interest in the
F rem on t C ounty Savings Bank, Sid­
ney, Iow a, in A ugust, 1919, and was
elected cashier, then v ice president
and later president, a p osition w h ich
he still holds.
W m . P. R onan — Mr. R onan started
his banking career as a clerk in the
D ecorah State Bank in the fall of
1923. Later he w as elected assistant
cashier. In 1947 he was elected vice
president and in January, 1957, he was
elected to his present position as pres­
ident.
He attended L uther C ollege for tw o
years, studying in the liberal arts de­
partm ent, and then took advanced
study at the State U n iversity of Iow a
and De Paul U n iversity in Chicago.
He was graduated from the U n iversity
o f W iscon sin S ch ool of B anking in
1949.
In addition to his banking interest,
Mr. R onan is in partnership w ith J o­
seph Gerlem an in a 200-acre farm . He
has been a m em ber of the banking
board since 1957.

J. Yvo F loerch in g er — Mr. Floerchinger began his banking career at
the Farm ers State Bank at Oxford,
Iow a, in 1922. In January, 1928, he
purchased an interest in the Tiffin
(Iow a ) Savings Bank w h ere he served
until the late fall of 1932, w h en he be­
cam e a special exam iner w ith the
State B anking Departm ent. He co n ­
tinued in this capacity until June,
1934, w h en he becam e one o f the or­
ganizers o f the D eW itt Bank & Trust
C om pany w h ich he still serves as exec­
utive v ice president.— End.

News

121

ioMi'a iton d F itjurvs

Foil Burglary
T hree bandits w ere foiled in an at­
tem pt to burglarize the Norwalk-Cumm ing State Bank in N orw alk, Iowa,
last m onth. P olice had received a re­
port that the attem pt was to be made
and set a trap fo r the w ould-be ban ­
dits. A ll three of the bandits w ere
apprehended at the scene.

Livestock C onference
R obert Peterson, assistant cashier
and farm representative of the United
H om e Bank & Trust Com pany, Mason
City, was in charge o f a farm m eeting
sponsored b y the bank at the North
Iow a F airgrounds recently. A panel
from the Sioux City Stock Yards with

IOWANS have invested $2.85 billion in
series E and H savings bonds since 1941,
and Iowa bankers have issued more than
90 per cent of them. Glenn L. Ingle, right,
state director, is shown pointing out these
figures to Marvin M. Schmidt, recently
appointed volunteer chairman of the Iowa
savings bond program.

H arry Gamage, Jr., as m oderator, p ro­
vided a v e ry interesting program dis­
cussing the current livestock and
feeder outlook.
Coffee and doughnuts w ere fu r­
nished fo r refreshm ents to ap p roxi­
m ately 275 persons in attendance.
The bank plans to m ake this an an­
nual affair.

W e tcc o m e

IO W A BANKERS
to

AMERICAN

TRUST

LEADS

C O N V E N T IO N
HEADQUARTERS
The entire staff of the H o te l Fort Des
M o in e s will be " a t your se rvice " to make
your convention stay in Des M o in e s a
m ost pleasan t one. Io w a's le a d in g and
p re stige hotel offers you . . .

• The exciting "Steak Ranch" fea­
turing hickory charcoal broiled
steaks
• The "Boulevard Cafe" with a
touch of old New Orleans
• The new "Hob Nob" open 24
hours a day
• The relaxing "Walnut Tap" Room

• The most modern equipment and
methods, plus a friendly attitude
are geared to be of service to you
and your customers at any time.

AMERICAN TR UST
and Savings Bank
N I N T H and M A I N Streets
J o se p h E. W h a le n ,

G e n e ra l M a n a g e r

A n o t h e r Frie nd ly B O S S


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

Hotel

Mem ber Federal Reserve System
M ember Federal Deposit Insurance Corporation

Northw estern Banker, O ctober, 1960

122

lowa News

I o n W ill S ee Them a t th e

7 4 th

ion-a H a n kers C onvention

H E H otel F ort Des M oines again
w ill be headquarters O ctober 23-26
for officers and representatives o f the
n ation s’ largest banks, and those rep ­
resen tin g i n d u s t r i e s w h ich serve
banks, w h en the 74th annual m eeting
o f the Iow a Bankers A ssociation co n ­
venes.
M any banks and equipm ent firms
w ill greet their friends in headquar­
ters room s, w h ile others w ill have
elaborate displays in the hotel lobby.
T he follow in g have reported to the
N orthwestern B anker their intention
to be in Des M oines for this con v en ­
tion, on e o f the largest state m eetings
in the nation:
Cedar Rapids
Merchants National Bank: S. E. Co­
quillette, chairm an o f the board; John
T. H am ilton II, president; R eginald
F igge, execu tive v ice president; A. E.
Lindquist, Jr., L eonard B roulik, James
E. C oquillette, and F orbes Olberg, vice
presidents; John M angold and Peter
Bailey, assistant cashiers.
Peoples B ank & T rust Com pany:
F rank C. W elch , chairm an of the
board; T ed J. W elch , president; E. F.
“ B ud” Stepanek, v ice president and
cashier; Charles E. K rejci, v ice presi­
dent, and D ick N ew land, assistant
cashier.
Chicago
American National Bank & Trust
Company: W . O. Kurtz, Jr., and
Charles C. K uning, vice presidents;
W illiam B. W hitm an, assistant v ice
president; W alter A rm stron g, director

T

of purchases, and W illiam B. A ldrich.
City National Bank & Trust Com­
pany: W illiam H. M iller, senior vice
president; A lfred H. L indgren, vice
president; John M. Davis, assistant
vice president, and George W . Bandy,
assistant cashier.
Continental Illinois National Bank
& Trust Company: A. J. F rey, M erle
G. Glanville and R ichard C. Rastetter,
v ice presidents; L. H. F ro w ick and Leland C. Parkin, second vice presidents,
and A rth ur L. Jackson, Jr., assistant
cashier.
Drovers National Bank: L eo R. G ru­
ber, president; F red D. Cum m ings, vice
president, and B ernard D. M iller, as­
sistant cashier.
First National of Chicago: Charles
F. N ew hall and George W . M iller,
vice presidents; V ictor C. v on M eding,
assistant v ice president; R aym ond V.
Dieball and Jack W . H allberg, assist­
ant cashiers.
Harris Trust & Savings Bank: R. H.
W ayne, v ice president; D. F. Graves
and T. C. Barnes, assistant v ice presi­
dents; G. J. M cE w en and J. A. Sivright, assistants cashiers, and S. K.
Peirce.
LaSalle National Bank: R obert T.
H anlon, v ice president; M ax R oy, as­
sistant v ice president, and L ew is C.
Hanson, Jr., assistant cashier.
Live Stock National Bank: A lden S.
B agnall and Paul T. Betz, senior vice
presidents; Joseph E. Lisek, v ice presi­
dent; R obert E. H am ilton and L ew is
L. H olland, assistant v ice presidents.

M U N IC IP A L B O N D S
Specializing in Iowa
County, City, School and
Municipal Utility Revenue Issues

C a u l b t o n
TELETYPE NO. D. M 19-4

TELEPHONES
4 -S I5 6
CHERRY
-4 - ö 15 7

4 -e is e

Northw estern Banker. October, 1960

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

INVESTMENT

D . B e h
SECURITIES

D E S M O IN E S BUILDING

De s Mo eses, Iowa

C o .

National Boulevard Bank of Chi­
cago: M erle E. Hess, assistant cashier.
Northern Trust Company: Solom on
B. Smith, v ice chairm an; A lan R. Kidd,
R obert E. H unt, E. N orm an Staub, N.
H all L aym an and R obert P. Kline,
v ice presidents; W arren F. Sarle, vice
president and m anager, bond depart­
m ent; R oland C. R oos, assistant m an­
ager, bon d departm ent, and John D.
W oods, assistant cashier.
Clinton
City National Bank: B ruce T ow n ­
send, president.
Council Bluffs
Council Bluffs Savings Bank: Ed. H.
Spetman, Jr., execu tive v ice president.
Davenport
Davenport Bank and Trust Com­
pany: J. M. H utchinson, execu tive vice
president; E. L. Carm ody and Kenneth
C. Hartman, senior v ice presidents; E.
H. K etelsen, v ice president and cash­
ier; E dm und W . Braack, C. M. F iedler
and E. H. R unberg, v ice presidents,
and James F. Gruenwald, assistant
v ice president.
Dubuque
American Trust & Savings Bank: N.
J. Gretem an and N. J. Schrup, vice
president, and L eo F. Kane, assistant
v ice president.
Dubuque Bank & Trust Company:
J. M. Burch, Jr., president, and Greg.
W . Corken, v ice president.
Iowa City
T oA va State Bank & Trust Company:
Ben S. Sum m erw ill, chairm an o f the
board; W . W . Sum m erw ill, president,
and W . F. Schm idt, v ice president.
Kansas City
City National Bank & Trust Com­
pany: James F. M ack, senior vice pres­
ident; James F. M cP herson and Clair
H. Schroeder, v ice presidents.
Commerce Trust Company: Tom C.
Cannon and R ich ard L. Dunlap, vice
presidents.
First National Bank: Charles Griesa,
vice president, and G ordon W ells, as­
sistant v ice president.
Los Angeles
California Bank: John V. Haas, vice
president.
Mason City
First National Bank: R. J. Zim m er,
president; R. C. Keister, v ice president,
and E. N. Nuddlem an, assistant vice
president.
Milwaukee
First Wisconsin National Bank: D on­
ald A. H arper, v ice president.
Minneapolis
First National Bank: K enneth T.
Martin, v ice president, and R ichard
O. W eyrau ch, assistant vice president.
Marquette National Bank: Otto H.
Preus, v ice president, and John T.
Pain, assistant cashier.
Northwestern National Bank: Keith

Io w a N e w s
M. Barnett, v ice president, and R o b ­
ert G. Ziem er, assistant cashier.
New York
Bank of New York: H arry S. Oliver,
Jr., assistant treasurer.
Bankers Trust Company: K en n edy
Randall, Jr., assistant v ice president,
and R oger A. Martin.
Chase Manhattan Bank: Jackson D.
Breaks, v ice president; W illiam M. E l­
lis and John S. H ejinian, assistant
v ice presidents.
Chemical Bank Neve York Trust
Company: R ich ard D. S. Bryan, assist­
ant v ice president.
First National City Bank of New
York: B urton J. Lee, v ice president;
Daniel C. deM enocal and Jack Heilshorn, assistant v ice presidents.
The Hanover Bank: Donald E. Paul,
assistant secretary.
Irving Trust Company: A lfred G.
S. M oody, Jr., assistant secretary.
Manufacturers Trust Company: Joe
Snyder, assistant v ice president.
Morgan Guaranty Trust Company:
H. C lifton W hitem an, v ice president,
and W illiam S. M organ, Jr., assistant
treasurer.
Omaha
First National Bank of Omaha: L.
M. McCague, E. T. T anner and Don
O. Ostrand, v ice presidents; Carl B loom
and C. E. Paulson, assistant cashiers.
Omaha National Bank: John M.
Shonsey, execu tive v ice president; H.
H. E chterm eyer, Paul Hansen, and
B ruce H. Thom as, v ice presidents;
R obert Johnson, assistant v ice p resi­
dent; R obert L arsen and Mrs. James
Gleason, assistant cashiers.
Stock Yards National Bank: John
M cCum ber, senior v ice president, and
C. W . Means, v ice president.
United States National Bank: Dean
V ogel, execu tive v ice president; H ar­
old R. B r o w n i n g , v ice president;
W ayn e M. T horn dyk e, assistant vice
president, and Jay P. B orde w ick, c o r­
respon dent departm ent.
Ottumwa
Union Bank & Trust Company: M ax
v on Schrader, president; E arl A. W im m er and J. C. B lackford, v ice p resi­
dents; B axter R. Sm ith and M ax v o n
Schrader, Jr., assistant v ice presidents.
St. Joseph
First National Bank: Jack K illackey,
v ice president.
First Stock Yards Bank: H arry H.
Broadhead, Jr., v ice president, and A r­
thur R. M cClaskey, agricultural rep re­
sentative.
St. Louis
First National Bank: L eonard J.
Schrew e, v ice president, and Charles
F. Teschner, assistant v ice president.
Mercantile Trust Company: John F.
W ilk in son , v ice president, and M au­
rice J. Singer, assistant v ice president.

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

San Francisco
Bank of California: James L. Sharp,
Jr., assistant v ice president.
Sioux City
First National Bank: Joe T. Grant,
president; Neal C. Tennis and E dw ard
V. H offm an, v ice presidents; E rnest
A. K enny, v ice president and cashier.
Live Stock National Bank: C. L.
Fredricksen, chairm an o f the board;
C. L. Adam s, president; S. W . Evans,
first v ice president, and E. L. New ell,
assistant cashier.
Security National Bank: Chas. H.
W alcott, president; B. M. W h eelock ,
senior v ice president; Thos. C. Horn,
v ice president, and John D iefendorf,
assistant cashier.

123

Toy National Bank: Carleton C. Van
Dyke, president; E. E. Erickson, vice
president, and C. E. Aronson, assistant
vice president.
Springfield
Illinois National Bank: Joseph V.
Goldbach, assistant vice president.
Waterloo
National Bank of Waterloo: R. L.
Penne, president; A. J. Burk, vice pres­
ident; R. L. Kilgore, cashier, and H. F.
Hoffer, assistant vice president.
Waterloo Savings Bank: F. R. LaBarre, vice president; Earl UnderY OU W IL L SEE THEM . . .
(T u rn to page 136, please)

The really fine things in men’s clothing,
like all really fine things, are seldom made
in quantity. They are comparatively rare
. . . rare as the luxurious fabrics and
expert styling of Louis Roth suits. The
latest California creations of that master
stylist have just arrived. For you who
know and wear the finest, there’s no sub­
stitute for Louis Roth.

THE

U
Sixth and W alnut

t ic a
Des Moines

Northw estern Banker, O ctober. I9 6 0

124

Io w a

News

$ 6 5 0 ,0 0 0 W a te r lo o BuiM infg
■

in the drive-through facility, it has an
after-hour d ep ository in the fron t re­
ception hall, and a roll-dow n metal
grille partition perm its closing off the
m ain lobby from the loan departm ent
for after-banking-hours handling of
loan requests.

Muscatine Bank Sold

FRONT VIEW of Peoples Bank and Trust Co., Waterloo, as seen from the downtown
intersection of West Fourth and Washington. The three-lane auto drive-through lobbv.
first of its kind in Iowa, is at right rear.
TW O -D AY public open house
was held last m onth at the re­
cen tly com pleted Peoples Bank and
Trust C om pany at W aterloo. Opera­
tions began in the n ew building ear­
lier in the month.
Built at a cost of $650,000, in clud­
ing real estate and furnishings, the
)iew banking hom e brings a num ber

A

of innovations fo r custom er con v en i­
ence.
It is located at the edge o f the
d o w n t o w n business district away
from the h eavy traffic; it has a threelane drive-through lobby w ith three
teller w in dow s protected from the
weather; it has a 29-car parking lot;
it has a special com m ercial depository

John M. M usser o f St. Paul, ch air­
man of the board of the M uscatine
Bank and T rust Com pany, has an­
n ounced the sale of m ost o f the M us­
ser fa m ily stock in the bank.
The n ew ow n ers are a group of
bankers and business people from
Joliet, W aukegan and Moline, 111.,
headed b y Clarence D. Oberw ortm ann,
president, U nion N ational Bank and
Trust C om pany o f Joliet.
Mr. M usser said that no change in
personnel is contem plated and indi­
cated he w ill continue to serve as
chairm an o f the board and that all
other present directors w ill continue
to serve.
B. L. M cK ee is president of the
bank. F. W . A llen is v ice president
and cashier, H. E. Lem kau is assistant
cashier, George Springborn, assistant
cashier and trust officer, and R. A.
Shults is auditor.

9 0 Attend School
N inety Iow a bankers w ere am ong
the 1,146 bankers attending the 16th
annual session o f the School of B ank­
ing at the U n iversity o f W isconsin.
T he School o f B anking is sponsored
b y the Central States C onference o f
Bankers A ssociation of 16 m idw estern
states.

Cedar Kapids Change

We Are Actively Interested in All Issues of

Charles Cebuhar w as elected assist­
ant trust officer o f the Peoples Bank
and T rust Com pany, Cedar Rapids,
Iow a, at a m eeting of the board last
m onth.
Mr. Cebuhar joined the bank last
M ay after six years w ith the estate
tax division o f the Internal R evenue
Departm ent. He received his law de­
gree from the U n iversity of Iow a in
1954.

Eastern NABAC Meeting

Qowcl W lnnidpal SondL.
FIRM BIDS

•

FIRM OFFERS

•

QU OTATIO NS

SPARKS & CO .
"Y o u r C o rresp o ndent for M unicipal B onds"

1203 Savings & Loan Bldg.
DES MOINES. IO W A
Northw estern Banker, October, I960


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

Phone CHerry 3-5154

F irst o f the 1960-61 series o f m eet­
ings o f the M ississippi V alley C onfer­
ence o f the National A ssociation of
Bank A uditors and Com ptrollers was
held last m onth at the Clinton Coun­
try Club. The con feren ce has 40 m em ­
ber banks in E astern Iow a and W est­
ern Illinois.
Donald C. M iller, v ice president o f
the C ontinental Illinois National Bank
and Trust Com pany, Chicago, spoke
on “ Current E con om ic Outlook and
M onetary P olicy .”

125

A close look at Iowa banks
tells you that more and more
of them are working with La
Salle National these days.
Visit

our headquarters

at

the Iowa Convention and find
out how we can work for y o u .
Bob Hanlon

and Lew Hanson

will be there with me.

135 S. La Salle S treet, C hicago 90
STate 2-5200
C om plete Trust Services

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 orthw estern Banker, O ctober, I960


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

126
m ent of the bank in 1926 follow in g his

H . P. K L E I N

O L L O W IN G a m eeting o f the
board o f directors o f the Iowa-Des
M oines N ational Bank, Calvin Arn­
aud, president, announced the p rom o­
tion o f Harold P. Klein and Harry G.

F

Wilson to senior v ice presidents and
the election o f John R. Fitzgibbon o f
W inona, Minn., as v ice president and
cashier.
Mr. K lein join ed the bond depart-

ATTENTION IBA
CONVENTIONEERS
Mr. Charles A. Gustaveson will be in
charge of NFL’s booth at the IB A again
this year.
You are invited to stop in our booth
and discuss Insurance Service for Banks.

a t io n a l f i d e l i t y \ j f e
Insurance Company
1002 Walnut, Kansas City, Mo.

H . G. W I L S O N

graduation f r o m
the U n iversity o f
N otre Dame. In
1931
he w as
n a m e d m anager
o f the m unicipal
bon d departm ent
and in 1933 b e­
c a m e an assist­
a n t c a s h i e r in
the
com m ercial
j . R. f i t z g i b b o n
b a n k i n g depart­
ment.
He was
p rom oted to assistant v ice president
in 1937, v ice president in 1943, and
w as nam ed a director in 1957. Mr.
K lein is a v ice president and director
of N orthw est E q u ity C orporation and
state chairm an o f the federal legisla­
tive cou n cil o f the A m erican B ankers
A ssociation. H e is a m em ber o f the
advisory board o f M ercy H ospital and
o f the past presidents’ cou n cil o f the
Greater Des M oines Cham ber o f C om ­
m erce.
Mr. W ilson, veteran officer in the
departm ent o f bank adm inistration,
started w ith the bank in 1916 as a
m essenger. H e served in a num ber
o f departm ents o f the bank and was
nam ed an assistant cashier in 1927,
cashier in 1930 and v ice president and
cashier in 1940. L on g active in civic,
church and charitable w ork , Mr. W il-

M unicipal B ond s

(p e ck e r

& (5 ° w n ie ;

nc.

818 Insurance Exchange Building
Des Moines, Iowa, Phone CII 3-5189

N orthw estern Banker, O ctober, i960


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

TWO NEW MEN joined the staff of
Shaw, McDermott & Company, Des
Moines, recently and they are Robert J.
Kirke, second from left, and Thomas L.
Wormley, second from right. At left is
Owen P. McDermott and at right is James
C. Shaw, partners. Mr. Kirke, Iowa State
University graduate, will represent the
bond firm in Western Iowa; Mr. Wormley,
in Eastern Iowa. Both recently completed
a year of law at Drake University.
Charles H. McDowell, formerly with Shaw,
McDermott & Co., is now with the First
of Arizona Corp., Phoenix.

127

IO W A BANKERS
A SSO C IA T IO N
AERIAL PHOTO, Downtown Des Moines— Courtesy of The Des Moines Register and Tribune

74th A N N U A L C O N V E N T IO N
OCTOBER 2 3 - 2 6

MARQUETTE WILL MEET
YOU IN DES MOINES!
Des Moines—industrial, mercantile, agricultural, and
financial center of the first rank . . . Iowa’s Capital City
—grows with the times in the very heart of the tall corn
country. There, a warm welcome awaits you at another
memorable conclave — where friendly contacts are
always high on the “ agenda.”

7A m a r q u e t t e
OF M IN N EAPO LIS

^

HOTEL FORT DES M O IN E S

W e of Marquette look
forward to seeing you
there — renewing old
friendships . . . making
new ones... discussing,
in person, questions in
our mutual interest.

4

/ ban k

a £ /M a A q « £ fo

FE 3 - 5 4 1 1

M EM BER FEDERAL DEPO SIT IN SU R A N C E C O R P O R A T IO N

N orthw estern Banker, O ctober, I960


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

128

Io w a

News

son is a past v ice chairm an o f the
United Campaign and a m em ber of
the board and form er chairm an o f the
Des M oines C onvention Bureau.
Mr. F itzgibbon com es from the
F irst National Bank o f W inona,
Minn., w h ich he join ed in 1956 as v ice
president and director.
In 1957 he
was nam ed execu tive v ice president
and since January, 1958, has been
president of that bank. Mr. F itzgib­
bon was graduated from the U n iver­
sity of Nebraska in 1943. D uring
W orld W ar II he served w ith the
arm y in the South Pacific. In 1952
he began his banking career w ith the
Hastings N ational Bank, Hastings,

Neb., and later becam e an assistant
vice president.
In W inona, Mr. F itzgibbon has
served on the boards o f the Cham ber
of Com m erce, Industrial D evelopm ent
A ssociation, the General H ospital and
the Paul W atkins M em orial M ethod­
ist Hom e. Mr. and Mrs. F itzgibbon
and tw o daughters w ill m ove to Des
M oines about N ovem ber 1.
^
^
T w o assistant cashiers at the V al­
ley National Bank w ere honored last
m onth b y the P olk C ounty Society
for Crippled Children and Adults.
Roy A. Sandin, retirin g society
treasurer, received the M e d a l l i o n

Now In Our 9 0 th Year

Founded in 1870, the City
National Bank has watched
and proudly taken part in
eastern Iowa progress.

O FF IC ER S
B R U C E T O W N S E N D , President
G. E . W I L S O N , V ice President
W I L L I A M E. J O N E S , V ice President
E. H . J O R G E N S E N , Vice President

Intimate knowledege of the
area and experience of
many generations add up
to better correspondent
service to you.

R O B E R T J. W H IT E , Cashier
F R A N K G. H A U N , A sst. Cashier
F R E D L U C K E , JR ., A sst. Cashier
A L F R E D J. N IS S E N , A sst. Cashier
G EO RG E E . T A Y L O R , Trust Officer

FI FTH AVENUE
SOUTH-226-

NATIONAL
c/

BANK

L&nton,J î w »

Member of the Federal Deposit Insurance Corporation, W ashington, D. C.
$10,000 — Maximum Insurance for Each Depositor — $10,000

Northw estern Banker, O ctober, 1960


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

H a nkers o n G uan i

FOUR BANKERS are members of
the 132nd Air Defense Wing of the
Iowa Air National Guard. Prom
left they are Capt. Robert E. Nye
and Capt. Garland K. Carver of the
Iowa-Des Moines National Bank;
Capt. Cyrus D. Kirk of Bankers
Trust Company, and Maj. Robert
W. Stafford, Ames Trust and Sav­
ings Bank.
A w ard fo r his seven years o f service
to the society. Keith P. Eaton was
nam ed as Mr. Sandin’s successor.
* =i= *
Joe H. Gronstal, Iow a superintend­
ent o f banking, was elected secretary
of the National A ssociation o f Super­
visors o f State Banks at the associa­
tion ’s annual m eeting in A tlantic City
last m onth.
* * =i=
The annual F low er Show presented
b y the Des M oines Garden Club w as
held last m onth on the first floor and
lob b y floor o f the Iowa-Des M oines
National Bank. T hem e fo r the sh ow
this year w as “ W estw ard H o.”

* * *

A n aw ard-w inning series of televi­
sion program s is bein g presented this
fall b y the B renton Banks, in coop era­
tion w ith Io w a ’s celebration of the
Civil W ar Centennial.
T he program , “ The A m erican Civil
W ar,” is seen at 7:30 p.m. each
W edn esday on Station K R N T-TV , Des
M oines. The series started Septem ­
ber 21 and continues through D ecem ­
ber 14.
The series is bein g presented in
half-hour chapters.
It is based on
over 3,000 authentic photographs by
M athew B. Brady, pictorial historian
and official photographer o f the Civil
W ar.
* * *
A m on g those attending the R obert
M orris A ssociates annual m eeting in
D enver last m onth w ere G. A. Moeckly, vice president, and C. C. Hubbell,
v ice president, both o f Bankers Trust
Com pany, and Edward P. Kautzky,
execu tive v ice president, V alley Bank
and T rust Com pany, and W . G. Kane
and Irwin Abram, v ice presidents,
Central National Bank and Trust
Company.

129

I O W

A

B A N K E R S
to the

Seventy-Fourth Annual Convention
of
IOWA BANKERS ASSOCIATION
October 23-26, I960
Your many orders for I. B. A. Standard Forms are very much appreciated.
W e stock the following forms for immediate shipment.
Chattel Mortgage

Conditional Sales Contracts

FORM No. 29

FORMS No. 26 and 60

Chattel Mortgage

Note Form—Single

FORM No. 45

FORM No. 26A

( Short form covering automobiles and other
collateral taken to secure personal loans)

Extension of Chattel or Real Estate
FORM No. 36

Collateral Note

Agreement to Subordinate Landlord’s Lien

FORM No. 12

FORM No. 55

Collateral Receipt and Agreement

Safe Deposit Box Lease and Receipt

FORM No. 39

FORM No. 7

All carried in stock for immediate shipment.
Samples and prices sent promptly on request.

W A L L A C E - H O M E S T E A D
PRINTING
1912 Grand Avenue

•

BINDING

•

C O .
ENGRAVING

DES MOINES 5, IOW A

......... Printers of the NORTHWESTERN BANKER for fifty-one years
Northw estern


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

...... —
Banker, O c t o b e r ,

19 6 0

130

Iowa News

Xetr

O ska loosa Q u a rters

and stand-up check desks, and in­
cludes a lowered ceiling and new
lighting. A new officers’ area is car­
peted.

Start Denison Work
Work on the Crawford County
Trust and Savings Bank, Denison, is
underway and is expected to be com­
pleted by the spring of 1961.
The entire bookkeeping section will
be transferred to the basement of the
bank when the work is completed and
an electronic bookkeeping machine
will also be installed at that time.
The entire first floor has been
scheduled for remodeling in the latest
bank-type designing.

Willis K. Bramwell

NEW BUILDING for the Iowa Trust and Savings Bank of Oskaloosa.

O PEN house was held last month
at the newly remodeled Iowa
Trust and Savings Bank, Oskaloosa.
R e m o d e lin g and modernization
work began a year ago and was com­
pleted last summer. At no time were
banking operations suspended.
A heavy veneer of polished manu­
factured granite on both the first and
second floor walls with the lower por­

tion in opalescent blue and the upper
portion silver gray make the refur­
bished building one of the most at­
tractive in the area.
Interior remodeling included two
new c o n fe r e n c e rooms, a new
V-shaped open counter for note tell­
ers and facilities for six to eight reg­
ular tellers beyond a dividing planter.
The enlarged lobby provides sit-down

Willis K. Bramwell, 69, chairman of
the board of the Hardin County Sav­
ings Bank, Eldora, died last month of
cancer. He had banking interests at
Stockton, 111., and at Greene, Allison,
Traer and Marshalltown in Iowa.
His survivors include the widow;
two sons, Willis K., president of the
Commercial State Bank, Marshall­
town, and Clark of Eldora and Los
Angeles. Dana D. Bramwell, a broth­
er, is president of the First National
Bank, Hampton.
Mrs. Bramwell has been elected
board chairman and Keith Strother
was named as a new director.

Marshalltown Facility

M U N IC IP A L B O N D S
F O R IN V E S T M E N T

A new motor bank is being con­
structed by the Commercial State
Bank, Marshalltown, according to W.
K. Bramwell, Jr., president. The new
facility will have a walk-in vestibule
and two teller windows.

STATE
COUNTY

H e a d IHUl C lass

CITY
SCHOOL
FREE FROM ALL FEDERAL INCOME TAXES
FREE FROM M ON EYS AND CREDITS TAX IN IO W A

THE WHITE-PHILLIPS CO., INC.
First National Bldg.

DAVENPORT OFFICES
Phone 6-2527

Teletype DV 84

201 Fleming Bldg.

DES MOINES OFFICES
Phone AT 2-1456

Teletype DM 73

38 S. Dearborn St.

CH ICAGO OFFICES
Phone FI 6-3336

Northw estern

Banker, O c t o b e r ,


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

I9 6 0

Teletype CG 2175

JUNIOR CLASS officers at the School of
Banking in Madison, Wis., are Robert M.
Rauterberg, assistant cashier, Marine Na­
tional Exchange Bank, Milwaukee, Wis.,
president, shown at left; and Cyrus D.
Kirk, assistant vice president, Bankers
Trust Company, Des Moines, vice president.
Secretary is Jean M. Noel, chairman of the
board and president, First National Bank,
Glasco, Kan., and treasurer is Robert L.
Newton, Bank of the Commonwealth, De­
troit, Mich.

w
MA

N/

;H E K

C O R P*

•HiftO S T R E E T

»

.'D i

w m .- i:jIJf *

• I

I

1

ÜP -

..

/

Wk

INI

More than |ust
a NEW LABEL!
There is much more to the magnetic imprinting of checks
than is apparent at first glance. It’s a precision operation
that requires the most modern electronic apparatus and
printing equipment. To be able to use this equipment
properly, a printer needs a technical background that
years of precision color printing provide.
The Magna-Chek Corporation-a subsidiary of Associated
Lithographers, Inc.-has such a background. A quarter
century of full-color process lithography assures you of
magnetic encoded checks that are not only excellent in
appearance and quality but also trouble-free in use.
V IS IT

US AT THE

IO W A B A N K E R S C O N V E N T IO N !

M A G N A -C H E K C O R P O R A T IO N
215 EAS T T H I R D S T R E E T • DES M O I N E S ,


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

I OWA

A D V E R 'T ! S E M
e!

Elect ric typewriters,
equipped with special
type faces, are used for
preparation of copy.

Designers and paste-up artists
prepare copy and layouts for
the lithographic cameras.

Newest automated offset equipment is used in the
magnetic check encoding operation. Checks are prelighographed on other Magna-Chek litho presses.

Ultra-modern optical and electronic test and quality-control
equipment is essential to first-rate magnetic encoding opera­
tion. Magna-Chek imprint is magnified 50 times for image
analysis, then electronically checked for signal strength.

Conveyor delivers encoded checks to semi-automatic stitcher
and cutter prior to final assembly and delivery.

A PEEK AT T O M O R R O W
Few business men follow the giant
strides of the nation’s electronics lab­
oratories so closely as does the Ameri­
can banker, who knows only too well
how rapidly those strides are changing
his methods and making obsolete his
newest ideas.
For the miracle brains undergoing
their final exams today are— with small
modifications — the everyday bookkeep­
ing and posting machines of tomorrow’s
up-to-date bank.
So it is with one of the most farreaching developments yet to appear on
the financial horizon — the so-called
magnetic check. Though the check that
requires no handling by humans is only
a snap-of-the-finger away when figured
in today’s split-second world of science,
the check that almost thinks for itself
is already beginning to revolutionize
the work schedules of the nation’s
banks.
While scores of firms race to enter
the expanding field opened up bv mag­
netic ink encoding of checks, the tech­
nical problems and
requirements
are sure to weed out unqualified

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

printers at an increasing rate. Few
printers are equipped technically and
financially to whip those problems as
they crop up. Those who are best
equipped fall into a unique catagory —
precision color printers of long standing.
Such a firm is Magna-Chek Cor­
poration, fast-growing subsidiary of As­
sociated Lithographers, Inc., in Des
Moines. For years one of the midwest’s
outstanding color-lithograph houses, As­
sociated made the decision to enter the
magnetic imprinting business only after
ten months of intensive market and
product research. Once the decision was
made, all stops were pulled and the
establishment of a fully integrated op­
eration was undertaken without delay.
Carl F. Mahnke, Sr., head of Associ­
ated, took over the reins of MagnaChek as well, carefully plotting the
course of the new company through its
early days. New equipment and new
personnel moved into expanded quar­
ters and began extensive training and
test runs before the first checks were
released to customers.
Now thousands of staff-designed and
produced checks roll down specially

built conveyors to semi - automatic
stitching and cutting equipment at a
mounting rate.
In addition to the inherent problems
of printing magnetic ink there are those
of precise register and trimming. For
even a small deviation spells trouble
once the checks reach a bank’s elec­
tronic equipment. T o catch any mis­
takes before they are made, MagnaChek invested heavily in optical and
electronic test equipment. The princi­
pal investment was made in an auto­
mated offset press that can encode,
number and count up to six check
orders simultaneously.
Well on its way to making these in­
vestments pay off, Magna-Chek con­
tinues to add new check styles to its
line. Currently being offered customers
in three states is a full-line catalog of
special business checks and five styles
of personalized checks. One-line im­
prints and special-checking or mini­
mum-balance programs are also avail­
able. Working with the senior Mahnke
at Magna-Chek are N. F. Crosby, vicenresident, C. W. Sanner, secretary.
Carl F. Mahnke, Jr., treasurer, and
Wayne Densmore, production manager.

Iowa News

133

W a te r lo o R em o d elin g C om p leted
A

s

e

r

v

n

i c

i c

e

o

...

RECENTLY COMPLETED is the remodeling of the Waterloo Savings Bank. An ex­
tensive “ House Warming” celebration was held early last month to mark the completion.

HE Waterloo, Iowa Savings Bank
has completed a remodeling pro­
gram that covered both the ex­
terior and interior of the bank, re­
ports L. J. Walker, president.
The front of the building has col­
umns of colorful tile, plus an expan­
sive canopy. The interior has a glass
enclosed foyer with special, subdued
lighting. There is a separate trust de­
partment, a comfortable lounge area.
The entire lobby has been carpeted.
Along with this remodeling pro­
gram, the bank has added two new
services, automatic savings and junior
savers.
An open house was held last month
marking the completion of the pro­
gram.

T

George B. Easker
George B. Easker, 69, manager of
the Newhall and Center Point offices
for the Peoples Bank and Trust Com­
pany, Cedar Rapids, died recently of
cancer. He was a life-long resident of
Cedar Rapids.

Iowa Bond Sales
Sales of U. S. Savings Bonds in
Iowa for the first seven months had
reached $88,619,704 for 57 per cent of
the 1960 quota, Glenn L. Ingle, state
director for the program, announced.

Waterloo Director

Joins Creston Bank
Maurice E. Nickel, former secretary
of the Creston Chamber of Commerce
and more recently of Lincoln, 111.,
has accepted a position with the staff
of the Iowa State Savings Bank, Cres­
ton.
Mr. Nickel began his duties with

w .;

%

the Creston bank the latter part of
September, P re sid e n t Joseph G.
Knock said.

w

R. L. Kilgore, cashier, has been ap­
pointed to the board of the National
Bank of Waterloo, according to Rob­
ert L. Penne, president. He fills the
vacancy left by the death of E. P.
Horslund. Mr. Kilgore has been affil­
iated with the bank since it opened
in 1933.

,l

W o in e i a n d the

Among other things . . . A N I C O
has special facilities for admin­
istering your credit insurance
program . ..
• prompt, unsurpassed service
• sound, continuing growth

y ,f o u

anher J (Conventi on

Credit
Insurance

F ir s t

of

I o w a C o r p o r a t io n

INVESTMENT SECURITIES
200 Equitable B uilding
Des Moines 9, Iowa
Phone CHerry 4-7158

Division
Dallas 5,
Texas

AMERICAN
N A TIO N A L
INSURANCE
COM PANY
of GALVESTON, TEXAS

N o rth w e s t e r n Banker, O ct o b e r,


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

19 6 0

134

Iowa News

iith A n n u a l In sta llm en t M e e tin g S ets

Tr. & Sav. Bk., Cherokee, and Keith G. Cone, v.p., LaSalle Natl.
Bk., Chicago.
Installment loan panel, appearing at the 6th annual confer­
ence, are shown in photo at right. They are: Claude E. Sinnett,
v.p., United Home Bk. & T. Co., Mason City; Edward V. Hoff­
man, v.p., First Natl., Sioux City; Collin W. Fritz, v.p., Jasper
Co. Sav. Bk., Newton; George W.' Gill, v.p., Valley Bk. & Tr. Co.,
Des Moines, and Richard L. Cousin, cash., State Bk., Waverly.

PROCLAMATION extended by Iowa’s Governor Loveless mark­
ing 50th anniversary of Consumer Bank Credit is inspected by
the group in photo at left. Shown from left to right are: IBA
President R. R. Schroeder, pres., Iowa County Savings Bank,
Marengo; Iowa Supt. of Banking Joe H. Gronstal; U. Wendell
Lowe, vice chm., Iowa Installment Loan Committee and cash, of
Boone St. Bk. & Tr. Co.; Chm. George H. Pingrey, v.p., Central

NEW attendance record was set
last month at the 6th Annual In­
stallment Lending Conference when
186 persons from 95 Iowa banks regis­
tered for the two-day event sponsored
by the Iowa Bankers Association in
Des Moines.
George H. Pingrey, chairman of the
Installment Lending Committee, and
vice president of the Central Trust
and Savings Bank, Cherokee, headed
the program that featured well-known
business and banking leaders. The
speakers included: Robert Zinn, dis­
trict manager, Allied Mills, Mason

A

City; Keith G. Cone, vice president, La­
Salle National Bank, Chicago; William
E. Drenner, president, The City Na­
tional Bank, Fort Smith, Ark.; Dr.
Howard R. Bowen, president of Grinnell College; Walter E. Kelley, vice
president of Commerce Trust Com­
pany, Kansas City, and Guy Steagall,
public relations manager, Chicago Na­
tional Bank.
A special feature of the 6th annual
conference was the panel shown
above, moderated by Collin W. Fritz,
vice president, Jasper County Sav­
ings Bank, Newton. Their topic was

T. C. HENDERSON & CO., INC.
Established 1930

MEMBERS
NEW YORK STOCK EXCHANGE • MIDWEST STOCK EXCHANGE
AMERICAN STOCK EXCHANGE (Associate)

Underwriters

•

Distributors

•

Dealers

•

Brokers

Empire Building, Des Moines, Iowa
Burlington
%
Cedar Rapids
•
Sioux City

“ Best Wishes to Members of the Iowa Bankers Association”
W . B. Kramme, Vice Pres.
John Hunt, Vice Pres.
R. K. Hollingsworth, Asst. Vice Pres.
S. R. Henderson, Secy.-Treas.
E. P. Kearns, Asst. Secy.

T. C. Henderson. Pres.
L. H. Flower, Vice. Pres.
E. A. Petersen, Vice Pres.
T. J. Landstorfer, Vice Pres.
K. C. Shreve, Vice Pres.
G. D. Kaufman, Vice Pres.

See You a t
The I'on ren tion . . .
FIRST FEDERAL STATE BANK
OES MOINES, IOWA

F ir s t

F a ir e s t
FD IC

N o rth w e st e r n Banker, O cto b e r,


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

I9 6 0

“Acquisition and Servicing of Our Di­
rect and Indirect Installment Loans.”
The conference was also highlighted
by the fact that this year marked the
50th anniversary of Consumer Bank
Credit. It was further highlighted by
the fact that one of the speakers, a
prominent member, Keith G. Cone,
vice president of the LaSalle National
Bank of Chicago, of the group of 31
banker leaders in the nation who are
serving as a “National Committee for
50th Anniversary of Consumer Credit
in Commercial Banks” and who are
conducting a nation-wide program of
public education to take national cog­
nizance in many forms to adequately
celebrate that banking anniversary.
The Installment Lending Conference
also transacted some very important
business pertaining in particular to
Iowa bank installment lending offi­
cers and intended for their help and
benefit. This had to do with our 6th
Annual Installment Lending Confer­
ence adopting two resolutions.
One of these resolutions included
the adoption by the conference of the
“ Standards of Practice” and the “ In­
stallment Credit Creed” originally
adopted in 1941 by the American Bank­
ers Assocation; and the other resolu­
tion included the adoption of a plan
to bring about the largest possible at­
tention from our Iowa bankers and to
enlist their cooperation in carrying on
as best they can in Iowa for the bal­
ance of the year 1960 with the “Na­
tional Committee” above referred to,
a campaign to fittingly and adequately
observe this 50th Anniversary Year
of Consumer Credit in Commercial
Banks.

C. A. Knutson

F a s te s t

Clarence A. Knutson, 75, chairman
of the board of the Clear Lake Bank
and Trust Company, died late last

135

Iowa News
month in a Rochester, Minn., hospital.
Mr. Knutson was organizer and presi­
dent of the predecessor First National
Bank.
Mr. Knutson had been president of
Iowa Hardware Mutual Insurance
Company of Mason City since 1930.
He was active in the Republican
party for many years. In 1934 he
was an unsuccessful candidate for the
Republican nomination for governor.
In 1942 he managed the successful
senatorial campaign of the late George
Wilson, who was then governor of
Iowa. Mr. Knutson started as Mayor
of Clear Lake in 1916 and progressed
through various state political offices,
serving in the state legislature from
1923 to 1929.

aluminum windows on the north and
west sides of the bank.

John Plank was named assistant
cashier and trust officer. Jack Grothusen was elected assistant cashier.

European Tour
Ralph McGee, president of the
Clarke County State Bank, returned
to Osceola recently after a tour of
more than six weeks in several coun­
tries of Europe.

Bettendorf Promotion
Edwin P. Lantau has been named
vice president and cashier of the Bet­
tendorf Bank and Trust Company.
Mr. Lantau has served as cashier
for the past five years and has been
associated with the bank since its
start in 1949. He succeeds William
Wilder, resigned.

Randolph Change
Marian L. Zdychnec h a s b e e n
elected vice president and cashier of
the Randolph State Bank. She will
also serve on the board of directors.
Mrs. Zdychnec fills the vacancy left
by her husband who died July 9.

Capital Increase
Joe Gronstal, superintendent of the
Iowa Banking Department, has an­
nounced the capital stock of the Com­
mercial State Bank, Marshalltown,
has been increased from $200,000 to
$300,000 by a stock dividend.

Names Vice President
Institutional Agencies Corporation
announced that Mr. Charles A. Gustaveson has been named vice presi­
dent, and member
of the board. Mr.
Gustaveson h a s
been with IAC
for two years in
which time he
has made himself
and Iowa a lead­
er.
IAC represents
the National Fi­
delity Life Insur­
C. A. G U S T A V E S O N
ance Company of
Kansas City, Mo. Mr. Gustaveson
graduated from the University of
Colorado and belongs to Phi Epsilon
Phi, Delta Tau Delta, Delta Sigma Pi
and is a member of the USMCR. He
makes his home and office in Des
Moines.

Banks Help Parties
Woodbury County, Iowa, banks are
participating in the “Give a Buck or
More to Your Political Party” cam­
paign by handling the contributions.
Seven Sioux City and 14 rural banks
are taking part.

J. T. GRANT

N. L. TENNIS

E. A. K EN N Y, JR.

E. V. HOFFMAN

WE LL BE LOOKING FOR YOU
W e’re all looking forward to visiting with
you at the Iowa Convention.
The First National Bank officers pictured
above will be there to greet you and discuss
with you the versatile line of services so many
of our correspondents have found both pleasant
and profitable through the years.

Cedar Falls Remodels
Work began recently on an exten­
sive remodeling program at the First
National Bank, Cedar Falls.
Vivian Johnsosn, president of the
bank, said it is hoped that the whole
project can be planned by the archi­
tects and completed by the contrac­
tors before the end of the year.
Much of the remodeling will be
done on the interior of the structure,
built in 1910, with the object of pro­
viding greater space and more teller
windows because of increased patron­
age.
Exterior work will include replac­
ing the original frame windows with

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

F ir st N a t io n a l B a n k
_ Member Federal Deposit Insurance Corporation /y i t

S to tt.r

(J ittf

Member Federal Reserve System
N orthw estern

Banker, O ct o b e r,

I9 6 0

136

Iowa News

You

W ill

of America:
S ee Them . .A.Bank-O-Medic
.
Bergland, state director.

(Continued from page 123)
brink, vice president and cashier;
Merle W. Rodgers and Willis J. Vollenweider, assistant vice presidents.
Bank Equipment and Other Firms
to he Represented at the Iowa
Convention
American Express Field Warehous­
ing: Jim Fletcher, assistant vice presi­

dent, Des Moines, and Dave Coffman,
vice president, New York.

Associated Lithographers, Inc.: Carl
Mahnke, Jr., treasurer; C. William
Sanner, secretary; Jim C. Rosby, Dick
Jacobson and Clarence Crosby, sales
representatives.
American National Insurance Com­
pany: C. A. Anderson, special repre­

sentative, Ames.
Bank Building & Equipment Corpo­
ration, St. Louis: H. G. Maurer and

N. Leppo.

American Lithographing & Printing
Company, Des Moines: J. B. Hill, pres­

Bankers Service Company, Des
Moines: Henry H. Byers, president,

ident.

and Erwin W. Jones, vice president.

PROGRESS
IS O U R T R A D I T I O N

William

Burroughs Corporation: J. R. Rowen, branch manager; Dale Beaty, Carroll Beem and Don Cottong, sales rep­
resentatives.
Central States Health & Life Com­
pany, Omaha: John D. Mace and E.

Dean Miller, vice presidents; W. W.
Hoffman, manager, credit division;
Robert Palmer, area supervisor.
Columbian Art Works, Milwaukee,
Wis.: Donald C. Marks, vice president,

and Robert A. Schulz, Iowa represent­
ative.
De Luxe Check Printers, Chicago:

Clyde McEntire, Jr.
Diehold, Inc.: Richard S. Gwinn, re­
gional sales engineer, and Hal Herron,
Des Moines.
Doane Agricultural Service: Colin
C. Dover, northwestern sales repre­
sentative, Sioux City.
Douglas-Guardian Warehouse Cor­
poration, New Orleans: Charles J.

Reuscher and Marshall R. Christensen.
Elkirt Corporation, Des Moines: C.

M. Kirtley and R. J. Eldredge, Jr.
Bud Greenspan Enterprises, Omaha:

Bud Greenspan.

SERVICE
O U R CREED
In Cedar Rapids tlie people look to Peoples for
personalized banking service. Our growth has come
from anticipating the banking needs of our individ­
ual and commercial customers and providing the
services and facilities to make banking a pleasure.
Spacious bank-side parking and instant motor bank­
ing are typical Peoples’ conveniences. Undergirding
our services is an unwavering policy of sound bank­
ing principles designed to increase the worth of all
customers.

Kirk Gross Company, Waterloo,
Iowa:
Hawkey e-Security Insurance Com­
pany: G. T. Kerlin, assistant vice pres­

ident and home office bond depart­
ment; E. G. Webbies, assistant secre­
tary and home office bond department;
Phil Blumberg, assistant vice presi­
dent and Iowa branch manager; Mrs.
Doris B. Reid, Iowa branch bond un­
derwriter; Don Rhoades, Don Carson,
Larry Donaghy, Gene Wright and
Erv Wieck, Iowa branch fieldmen.
Kalman and Company, Inc., Minne­
apolis: Richard D. McFarland.
George LaMonte & Son, Chicago:

Jack Porterfield and Bob O’Connor,
sales representatives.
Lawrence Warehouse Company, Chi­
cago: L. S. Coates, executive vice pres­

ident; G. A. Johnson and C. L. Miller,
Jr., assistant vice presidents.
Mastertapes Music, Inc., West Des
Moines: Lynn M. Kruger, assistant

sales manager; Owen L. Johnson, Dick
Johnson and Dwight Fazel, sales rep­
resentatives.
Mosler Safe Company, Hamilton,
Ohio: John E. Hampel, vice president,

and Larry W. Troy, bank manager,
Chicago, and J. D. Eagleson, sales rep­
resentative, Des Moines.
National Cash Register Company: J.

BANK

AND T R U S T

COMPANY

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
MEMBER FEDERAL RESERVE SYSTEM

N o r t h w e s t e r n B a n k e r , O c t o b e r , 7960


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

D. Bernetich, Dayton, Ohio; J. T. Jan­
sen, Burlington, Iowa; J. A. Schulte,
Cedar Rapids; G. L. Riedel, Dubuque;
G. S. Bestul and A. A. Murray, Daven­
port; F. L. Rogan, P. R. Schwader and
F. A. Weyer, Des Moines; L. H. Jor­
gensen, Council Bluffs; W. S. Goode,

Iowa News
Jr., Sioux City; R. R. Braden, Fort
Dodge; W. H. Rippey, Waterloo, and
R. A. Raven, Mason City.
Reoordak Corporation: Jack A. Lud­
wig, manager, Omaha branch; Don
Frankland, sales representative, Oma­
ha, and Henry Banks, sales represent­
ative, Cedar Rapids.
St. Paul Terminal Warehouse Com­
pany, St. Paul: W. G. Johnson, district

manager, Des Moines.
St. Paul Western Insurance Compa­
nies: L. R. Moeller, assistant secre­

tary, bond department, and John D.
Cleary, bond department, St. Paul; M.
Toussaint, Iowa manager, and R. C.
Knudson, state agent, Des Moines,
Iowa.

137

Approvi» Tiro M illion I ahi ns
HE Manufacturers Trust Compa­
ny, New York, began its second
quarter century of installment credit
service, bank officials disclosed recent­
ly. Since opening its personal loan
department Manufacturers Trust has
made more than 2,000,000 loans to
New Yorkers totaling more than
$1,600,000,000.
What started 25 years ago as a 23man staff has today expanded to a
department of more than 500 employ­
ees in 117 banking offices, according
to John B. Paddi, vice president in
charge, who originally organized Man­

T

ufacturers’ Installment Credit Serv­
ice.
Loan applications totaling as many
as 1,300 in a single day are processed
on a three-shift, around-the-clock ba­
sis, he said, to insure quick decisions.
Seven out of eight applications are
approved, Mr. Paddi pointed out.

Heads United Campaign
Carelton C. Van Dyke, president,
Toy National Bank, has been selected
as chairman of the Sioux City United
Campaign.

United Security Life Company, Des
Moines: Raymond L. Smith, vice pres­

ident.
United States Check Book Company,
Omaha: Clifton Batchelder, president;

Homer Peterson, sales manager; Ed.
Peck, B. J. McCartney, Jim Lindberg
and Chuck Peterson, salesmen.
Charles E. Walters Company, Oma­
ha:
Western Bank Contractors, Inc.,
Kansas City: LeRoy Neal, Jr., presi­

dent.
Western & Southern Life Insurance
Company, Cincinnati: Edgar A. Kaest-

ner, credit insurance representative.

50tli Anniversary
S. T. Lawler, president, Casey, Iowa
State Bank, completed 50 years of
banking in Iowa last month. He
started his career as a messenger at
the First National Bank of Omaha,
coming to Casey in 1910. He was
elected president of the Casey bank
in 1955.

Ëtuys F u ir W in n e r

W e’re looking forward to seeing you again
and exchanging ideas about your favorite sub­
ject and ours— banking. The convention is
always a busy time but we hope you’ll have
a chance to visit us at our bank . . . or stop
in at our Hospitality Suite at the Fort. Feel
free to call on us anytime while you’re in Des
Moines.

We would like to help make your

stay a most enjoyable one!

BLUE RIBBON WINNER at the Polk
County Pair this year was purchased by
the Plaza State Bank in suburban Des
Moines. “ Fuzzy” the 996 pound blue rib­
bon winner, is shown here with his owner,
Shirley Osborne, 16, of Grimes, and Paul
T. Manning, president of Plaza State
Bank. The Black Angus brought 27.5
cents a pound at auction.

EAST LOCUST AT 5th
MEMBER FEDERAL DEPOSIT IN S U R A N C E C O R P O R A T IO N
N o rth w e ste rn B a n k e r , O c t o b e r , I9 6 0


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

138

Iowa News

P r o c e ss A lili ion Chech A c co u n ts
M ORE than one million checking
accounts are being processed au­
tomatically at Bank of America.
“We are increasing this volume at
the rate of 100,000 accounts a month,”
President S. Clarke Beise said in his
first operational status report on
ERMA.
ERMA, the bank’s completely auto­
mated electronic bookkeeping system,
sorts checks, post debits and credits,
records new and closed accounts, han­
dles stop payment and hold orders,
prints customer’s statements and pre­
pares branch reports.
“By mid-1961 practically all our

checking accounts will be converted to
the ERMA process,” Mr. Beise said.
“We believe our experience indi­
cates that the ABA’s Common Ma­
chine Language and proper electronic
equipment provide the appropriate so­
lution to operational problems all
banks have experienced in the manual
bookkeeping process,” Mr. Beise said.
A major customer benefit from this
program, Mr. Beise pointed out is that
“ . . . personalized checks with the de­
positor’s name address and check se­
rial number are being issued without
charge and shortly will be in the
hands of all our customers.”

SNB

The one million accounts now being
processed represent 264 Bank of Amer­
ica’s 691 branches. This will increase
to 650 branches within the next 10
months.
At present six ERMA centers are in
full time, round-the-clock operation.
They are in Berkeley, Covina, Los An­
geles, North Hollywood, Paramount,
and San Jose.
During the next several months
ERMA centers will be opened in San
Francisco, West Los Angeles, Monte­
bello, Southwest Los Angeles, San
Diego, Sacramento and Fresno.

Approve Harris Merger
The merger of the Harris Trust and
Savings Bank and the Chicago Na­
tional Bank has received the approval
of the Federal Reserve Board under
the new Federal law known as the
Bank Merger Act, which became ef­
fective on May 13. This merger had
been previously approved by the
stockholders of both banks and by
the Director of Financial Institutions
for the State of Illinois.
In announcing this approval, Ken­
neth V. Zwiener, president of the Har­
ris Bank, indicated that the physical
merger of the two banks will be con­
summated on October 24 as originally
scheduled.

M a r k e t MBay

It's CONVENTION TIME
... we will be seeing YOU!
W e ’re looking forward to another great get-together with
you at the Iowa State Convention . . .
The annual meeting is always one of the highlights of the
year's activities with us, as we look forward to the privilege
and pleasure of visiting personally with you.
W e extend our sincere best wishes for a highly successful
I960 Iowa Convention.

S e c u rity N ational Bank
of Sioux City
Member of Federal Deposit Insurance Corporation

N o rth w e s t e r n Banker, O c t o b e r,


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

I9 6 0

HOSTS to more than 150 bankers at the
annual Market Pay sponsored by First
Stock Yards Bank, South St. Joseph, were
H. H. Broadhead, Jr. (left), v.p.; Arthur
R. McOlaskey (center), ag. rep., and Thos.
J. McCullough, pres. A report on the live­
stock panel conducted at the conference
is included in the special feature appearing
on page 26 in this issue.

MOKE NEBRASKA NEWS
New Building Planned
W. T. Knievel, president of the
Farmers & Merchants National Bank
of West Point, has announced the
purchase of a corner lot on Main
Street. Plans are underway to con­
struct a new bank building with
drive-in and parking facilities.

Iowa News

•IOih A n n iv e r s a r y

sponsored the affair and had invited
several of Mr. Towle’s out-of-town
friends. Mr. Towle’s service to his
bank and community were reviewed.

Surplus Account Increased
The Franklin State Bank, Franklin,
recently increased its surplus account
from $75,000 to $125,000 by transfer of
$50,000 from undivided profits.

Promotion, Open House

50TH ANNIVERSARY in banking was
celebrated recently by Robert Weidenbach, president, First National Bank of
Eldon, Iowa. He started in banking at
Aberdeen, S. D., in 1910 and for the past
20 years has been at Eldon.

Mrs. Frances McCarty has been pro­
moted to assistant cashier, First Na­
tional Bank, McCook. Also, open
house is being held this month in ob­
servance of the bank’s 75th anniver­
sary.

139

Heads Chamber of Commerce
George Keller, vice president, Lex­
ington State Bank, has been named
president of the Lexington Chamber
of Commerce.

Attend Officers’ Seminar
E. K. Yanney, cashier, First State
Bank, Lodgepole, Neb., attended the
recent Senior Bank Officers’ Seminar
at Harvard University.

Leonard H. Van Horne
Leonard Hugh Van Horne, 46, died
recently at Veterans Hospital in Oma­
ha where he had been a patient for
several months. He was born in

On State Chamber
Of Commerce
Ralph E. Misko, president of The
First National Bank of York, has been
elected director of the newly formed
Nebraska State Chamber of Com­
merce.

Frank Worden
Frank Worden, 85, one of the organ­
izers of the Security National Bank,
Superior, died recently in that southcentral city.
He had served the bank and its
community as vice president and a
director for 30 years. He had been
interested and active in fa rm in g
throughout his lifetime.

Robert I. Armstrong
Robert I. Armstrong, 69, president,
Citizens National Bank, St. Paul, died
last month following a heart attack.
A surviving brother, George, is presi­
dent of the Overland National at
Grand Island.

Our new building, modern equipment and compe­
tent official and clerical staffs make it possible
for us to offer you tbe most complete, efficient
modern correspondent service in Southern
Iowa. Take advantage of our 89 years of service
in this rich agricultural and industrial area.

D IR E C T O R S'
M AX VON SCHRADER

President
E. PAUL ALLEN

J. RAYNER HARPER

General Manager
John Deere Ottumwa Works

President, Harper

S. S. BARKER

President, Barker Poultry Equipment Co.

FRANK M. POLLARD

Vice President and Cashier

Vice President

The low, long, modern-looking new
Stromburg Bank building addition is
expected to be completed in Decem­
ber. There will be no windows and
the steel-sided building will have
pleasant fresh air and proper temper­
atures the year ’round.

EUGENE M. FOSTER

Surprised on Birthday
E. H. Towle, president, First Na­
tional Bank, Falls City, was surprised
on his 91st birthday last month when
29 friends met with him at a steak
house dinner party.
Officers and directors of the bank

P. C. WARDER

Warder Feed Company

Investments

EARL A. WIMMER

Vice President

ROBERT T. FOSTER

Vice President, John Morrell & Co.
C. P. GLENN

Vice President

Hofmann Drug Co.
Cramblit & Poling

Livestock Consultant
J. C. BLACKFORD

St romburg Building Progress

LLOYD WINGER

President
Winger Manufacturing Co., Inc.

ti «iinnn

Serving Southern Iowa for 89 Y ears

OTTUMW A, IO W A

Member of Federal Deposit Insurance Corporation
Member of Federal Reserve System

Northw estern


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

Mclntire Co.

H. L. POLING

CARL M. BENTZTNGER

C. C. COUPLAND

&

RICHARD M. HOFMANN

Banker, O ct o b e r,

19 6 0

140

Iowa News

I rider

4'oust m e t ion M a r eus

NOW UNDER CONSTRUCTION is a new building to house the Farmers State Bank,
Marcus, Iowa. The above photo shows a drawing of the 43%.- by 60-foot structure which
is going up on a 100- by 100-foot corner lot one block east of the present bank building.
Featured will be a concrete-paved parking lot, paved drive with provisions for future
drive-up window and an exterior of Collinsville Hackberry Norman Brick with limestone
trim. Interior features are walnut fixtures, louver-lighted ceilings in teller area, air con­
ditioning, terrazzo floors and acoustical ceilings. The new building, designed by Becker
& Associates of Alta, Iowa, is expected to be completed about April 1, 1961.

POWER
BUILDS
AHEAD
“ PO W ER BEFORE
IT ’S N EED ED” IS
C O M P A N Y ’S PO LICY

TO K E E P A H E A D of
Iowa’s growing demand for
electricity, Iowa Power and
Light Company is . . .
finalizing plans for construc­
tion o f a giant new 150,000k i lo w a tt plant. T h is is
enough new electricity to
light 300,000 average
homes. And . . .
cooperating with 10 other
Midwest utilities in the con­
struction of a 66,000-kilo­
watt atomic power plant.
This is good evidence, we
believe, o f our policy to be
ready to furnish our cus­
tomers plenty of power—
even before they need it.

Pawnee City, Neb., and was the oldest
son of Edwin N. Van Horne, director
of banking for the state of Nebraska.
Leonard Van Horne attended the
University of Nebraska and worked
for a number of years in the Contimental National Bank of Lincoln.
He accepted a position as senior
bank examiner in the state of North
Dakota and also assisted in organizing
the Valley Bank of Grand Forks. He
left that position to join with his
brother, John, in organizing the Gret­
na State Bank at Gretna, Neb., where
he became president of that institu­
tion and served in such capacity until
his health failed.

Considering Expansion Plans
The Platte Valley Bank, North
Bend, has taken possession of a 44foot building to the south of its pres­
ent building and studies are being
made for remodeling of the new pur­
chase together with present quarters.
Plans consider facilities to accommo­
date a bank twice its present size, re­

ports Arden D. Wolf, president. Some
work may be done soon, with more
to follow later, he said.

Construction Underway
Construction and remodeling is well
underway at the First National Bank
in Holdrege and will not be completely
finished until next year.
However, the drive-in on the north
section should be ready for use in
November, reports Joe Titus, presi­
dent.

Ultra-Modern System
Now in Herman Bank
A completely integrated electronic
banking system has been installed by
the Herman State Bank, making it
one of the first banks of its size in
the United States to adopt the ultra­
modern system.
In announcing the move Mr. How­
ard C. Hanson, president, said that
the equipment has been built especi­
ally for the installation by various
divisions of Burroughs Corporation.

M O R R I S S E Y & CO.
M U NI C IP AL BONDS EXCLUSIVELY

Davenport Bank Building

IO
W
AP
O
W
E
RA
N
D
LIG
HT CO
M
PAN
Y
Des Moines, Iowa

N o rth w e ste rn B a n k e r , O c t o b e r , 19 6 0


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

DAVENPORT, IO W A

Phone 6-2356

Iowa News

O b serve .1 0 /h A n n iv e r sa r //
O f C on su m er C red it in H anks
B ANKS throughout the nation are
currently conducting advertising
and publicity programs on a local level
in connection with the 50th anniver­
sary of consumer credit in commercial
banks.
The campaign started after a na­
tional committee of leading bankers
was organized earlier this year for the
purpose of broadening the public’s un­
derstanding of consumer bank credit.
Thomas C. Boushall, chairman of The
Bank of Virginia, heads the 30-man
committee.
The educational program will con­
tinue through 1960, and banks that
have not initiated a campaign still

production, distribution and consump­
tion.
4. Make it clear to the public that
wise use of consumer installment cred­
it—not its exploitation—can help pro­
mote economic growth without infla­
tion during the expanding sixties.
5. Show how consumer installment
credit can continue its role in helping
to make the United States economy
stronger as it faces increasing compe­
tition in the cold war.
A special feature of the 50th anni­
versary program will be recognition

141

of pioneers and leaders in consumer
bank credit at anniversary banquets
and other important events. State
bankers associations and members of
the national committee are submitting
written nominations on behalf of can­
didates for the awards. The three-man
judging committtee consists of: Carl
Bimson, president of the American
Bankers Association, and president of
the Valley National Bank, Phoenix;
Kenton Cravens, president of the Mer­
cantile Trust Company, St. Louis, and
William F. Kelly, president of The
First Pennsylvania Banking & Trust
Company, Philadelphia. R e g io n a l
chairmen in the N o r t h w e st e r n B an k e r
area include:
R egion 8—Keith G. Cone, vice presi-

SPECIAL PLANS are being made to pro­
mote the 50th anniversary of consumer
credit in commercial banks by Ted J.
Welch (left), pres., Poeples Bk. & Tr. Co.,
Cedar Rapids, and Keith G-. Cone, v.p., La­
Salle Natl. Bk., Chicago. Mr. Cone named
Mr. Welch as chairman of Iowa promotion
efforts.

have time to do so. The campaigns
can be conducted on an individual
bank basis or through county or clear­
ing house associations, using the local
newspapers, radio, TV and direct mail
to accomplish the following:
1. Help the public better to know
and understand and constructively use
consumer banking installment credit.
2. Win greater public acceptance
and appreciation of the role of banks
in bringing credit within reach of the
average man, woman and family—
making possible higher living stand­
ards for all.
3. Show the public how banks have
helped the national economy and great
industries to grow over the past 50
years through installment credit, and
in aiding the development of mass

ACORN
in fo r m a t io n

When you are in Waterloo, you are invited to visit Waterloo
Savings Bank. W e will give you the warm welcome that has
become a tradition.
Now in our 58th year, we are completing an extensive improve­
ment program on our main banking quarters in order to better
serve the business and banking needs of northeast Iowa. Call on
us at your very first opportunity.

Waterloo Savings Bank

Registers

"A ccepted Sale Registers by Bank
Clerks Everywhere"
Fo r

Y o u ’r e I n v i t e d !

Waterloo, Iowa

—

Dial ADams 4-4471

w r ite

THE ACORN PRINTING CO.
OAKLAND, IOWA '

M e m b e r Fe d eral D e p o sit in su ra n ce C o r p o r a t io n

Northw estern


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

Banker, O c t o b e r,

1 96 0

142

Iowa News

dent, LaSalle National Bank, Chicago
(Illinois, Indiana, Iowa, Wisconsin
and Michigan).
Region 10—T. M. Kulp, vice presi­
dent, First National, Minneapolis (Min­
nesota, North Dakota, South Dakota
and Montana).
Region 11 — C. J. Jedlicka, senior
vice president, City National Bank &
Trust Company, Kansas City (Kansas,
Colorado, Nebraska and Wyoming).

Wes M o in e s A.M.U. IHnner-Mhinee

THREE GUESTS at the fall dinner-dance of the Des Moines AIB chapter are shown
here with the featured speaker, Milt Darr, center, and Des Moines Chapter president,
Don Hammer, second from right. They were from left, Max Roy, assistant vice presi­
dent, LaSalle National, Chicago; John E. Mangold, assistant cashier, Merchants National,
Cedar Rapids, and at far right, Leslie Olson, assistant cashier, Toy National, Sioux City.
Mr. Mangold and Mr. Olson are associate councilmen for the 10th district.

M ORE than 150 bankers and their

P R IN T E R S
<-

M established K

STATIONERS V
1889
7 BOOK BINDERS
OFFICE OUTFITTERS \^_W^''''BUSINESS MACHINES

Grand Ave. at Fourth

Des M oines , IA

Attention Bankers:

WESTERN AND SOUTHERN
Will Help

the times with continuous study. He
stated that only through constant
study can bankers hope to meet com­
petition.

wives attended the fall dinnerdance of the Des Moines Chapter of
A.I.B. early last month at the Hotel
Savery in Des Moines.
This meeting traditionally marks
the beginning of A.I.B. events for the
year and is one of the highlights of
the season.
Featured speaker was the national
president, Milton F. Darr, Jr., vice
president, LaSalle National Bank, Chi­
cago. Master of ceremonies for the
event was Don Hammer, assistant
cashier, Bankers Trust Company, Des
Moines, and president of the Des
Moines chapter.
In his address, Mr. Darr pointed out
the bright future that lies ahead of
the banker who keeps abreast of

INew Ad Program
American Sign and Indicator Corpo­
ration has announced its new Double
TT Coordinated advertising and mer­
chandising program.
This program includes newspaper
ad mats, lobby displays, contest mate­
rial, changeable advertising panels,
employee merchandising badges, radio
commercials, art work for direct mail
pieces, envelope stuffers, and other
advertising aids designed to coordinate
your advertising with the Double TT
to attract maximum readership and
results.

You
Promote Your

VOTE FOR THE BEST
N A M ES IN PAPER

CREDIT LIFE
PR O G R A M
For Complete Information
Contact Our
CREDIT IN S U R A N C E
DEPARTM ENT

During election year (and every year)
efficient firms cast their ballot select­
ing only the best paper for their com ­

P. O. Box 1119
C in c in n a ti 1, O h io

munications and printed messages.

THE

•

WESTERN AND SOUTHERN
LIFE INSURANCE
COMPANY

NEWHOUSE PAPER COMPANY
"Better Printing Papers"

W illia m C. Sa lfo rd , P re side nt

N orthw estern

Banker, O cto b e r,

9

C o n s u l t this Fi rm

A M u tu a l C o m p a n y


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

•

F O R T H E BEST IN P A P E R S T O C K

i9 6 0

M in n e a p o lis

St. Paul

Des M o in e s

M olin e

Iowa News

firou p O fficers

C ROP conditions in the Group 3

. . .

counties are generally favorable,
and, in some places, particularly Cerro
Gordo County, very good.
Summer rains were quite spotty, re­
sulting in fairly normal growth after
a late start in most areas, but in near
drouth conditions in some thin-soil
areas in Hancock, Worth and Mitch­
ell counties. Late August’s drenching
rains came in time to help the corn in
all but the hardest hit sections.
Unusually hot weather early in
September brought most corn ahead
rapidly after being well behind normal
growth. Most corn should be safe be-

(Continued from page 35)
can have a few more days of frostfree weather, the corn will be fully
matured. The moisture condition is
the best in years.
The cattle picture is a rough situ­
ation with replacement costs being
higher than the fat cattle price. Our
customers are hesitating in buying
and holding off for lower prices. They
realize the narrow margin. We still
feel that a lot of cattle will be fed in
the area. The bankers in Sioux and
Plymouth Counties, at a joint meet,
stressed the use of caution in this
year's feeder operations. Generally
business is good, however we are pre­
dominantly an agriculture area and
low farm prices reflect on all business
conditions.

143

MARK A.
ARNESON
President
Clear Lake Bank
& Trust Co.
Chairman
Group 3

WAYNE L.
VALUE
President
First National Bank
Spirit Lake
Chairman
Group 2

has been an area of 30
T HERE
miles around us that the crops
have been poor for the past three
years, but this year we should have
an excellent crop of corn and beans,
the oats crop was above average.
Retail trade this year is down 15 to
20 per cent, however white goods are
up over last year. The farm machin­
ery and auto business are hurting the
most. There was one month, August,
which was better than last year. Live­
stock trend is far more cautious buy­
ing, and not at large numbers as a
year ago. We are pulling the reins
tighter on livestock loans.
Not as much demand for money as
a year ago, except on real estate.
Some farmers have indicated that if
this isn’t a good year, they plan to
quit.
This being a resort area we have
noticed that people didn’t have the
money to spend this year, they
shopped for more economical places
to stay and they didn’t eat out as much
which helped local food stores, their
business was up over last year.

$ t t o n $ -$ t $ n d in $

P

I O
t f id

N
à

E

E
w

R
tm

C

o m

f o

d

. . .
d

i

Order Pioneer Seed Corn from
your local Pioneer salesman

P IO N E E R H I-BRED C O R N CO.
Des Moines, Iowa

G A R S T & T H O M A S H Y B R ID C O R N CO.
Coon Rapids, Iowa

Y O U R ST ATE B A N K E R S A S S O C IA T IO N
O F F IC IA L S A F E , V A U L T A N D
T IM E L O C K EXPERT S

F. E. D AVEN PO RT & CO .

© P IO N E E R

is a re g is te r e d tra d e m a rk o f P io n e e r H i-B re d

C orn Co.

O M AH A
N orthw estern


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

B a n k e r , O c to b e r, 19 6 0

144

Iowa News

fore October 1, the average first frost
date here.
Oats and other small grains were the
best in years. Hay and pastures have
been good to excellent and beans look
like a bumper crop in most areas.

GEORGE
ARMSTRONG
Exec. Vice Pres.
Perry State Bank
Perry

tures are excellent. There is an
abundance of hay.
The cattle feeders have been dis­
appointed with their returns on fat
cattle and very few have purchased
any replacements. They feel the price
is too high and are in no hurry to
buy.
Retail sales seem to be spotty.
Some lines holding up well and oth­
ers down from a year ago. Traveling
men report this is generally true over
a wide area, but for the most part
they are looking forward to a good
fall and Christmas trade.
R. L. KILGORE
Cashier
National Bank of
Waterloo
Chairman
Group 7

Chairman
Group 6

1 WOULD say the crops in our area
are good although we do have
some corn that has been quite badly
blown down. This is going to make
quite a hardship in harvesting and
there will no doubt be considerable
corn left in the field. Soybeans ap­
pear to be better than average. The
oats in this area were about average.
Moisture has been plentiful and pas­

I N VISITING with the farmers,
they indicate that if weather con­
ditions remain favorable until Oc­
tober 1 they will have a fair crop—
probably 15 per cent below normal.
Neither do the farmers expect an in­
crease in the near future in livestock
prices.
General conditions in this area are

Quality Equipment
At Sensible Prices!

Certified Gemologist American Gem Society

T R Y A n A.B.E.
Ele ctric
Check
P e rfo ra to r
D esk M o d e l
T ro u b le FR EE

Visit Our New
Merle Hay Plaza
Store

— F a st —
No O p e ra to r
Fa tig u e

A Complete Jewelry
and Gift Store
Iowa’s Newest
and Finest

FREE TRIAL! WRITE TODAY!

American Bank Equipment
Perforators
By

BUD GBEE1VSPAN
4775 D ecatur, O m a h a 4, N e b ra sk a
C o upo n Loan System s

down. However, the merchants are
anticipating an improvement in re­
tail sales between now and the first
of the year, as well as a good Christ­
mas season.

C. W. GRIMES
Exec. Vice Pres.
First National Bank
West Union
Chairman
Group 4

OT, humid weather for the past
ten days and adequate rainfall
have boosted crop prospects consider­
ably in the northeast section of the
state.
A large percentage of the corn is
still late, however with good drying
weather it is making good progess. An
excellent soybean crop is anticipated
in our area. The hay crop has been
plentiful and the pastures and mead­
ows are in good condition. This is
good, for we have many dairy farmers
in this section and we find that the
monthly cream or milk checks go a
long way in meeting their living and
operating expenses.
Our retail merchants have enjoyed
a good business; it has been somewhat
slower for the implement dealer and
automobile dealer, however now with
prospects for a good crop, they think
business will be generally good to
very good for the remainder of the
year.
Many of our banks have experienced
a drop in deposits while there has been
a very good demand for loans. We
feel this is due mainly to low hog
prices last winter and also that last
years corn crop contained too much
moisture to be eligible for sealing.
The picture in general is good and
business in northeast Iowa tends to
stay on a pretty even level.

H

C h e c k Endorsers, Sig n e rs
C ertifiers a n d N u m b e r in g M a c h in e s
EQUITABLE
CORNER

Paper Cutters and Shredders

★

Des Moines
AND MERLE H A Y PLAZA

★
★
★
★
★
★
★
★
P ro m p t S e rv ic e O n A ll M a k e s C h e ck
C a n c e llin g P e r fo ra to r s

No Minimum
Balance
United States Check B ook Company
1311 H O W ARD ST.

N orthw estern

Banker, O ct o b e r ,


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

OM AHA
7960

C. R. ATWELL
President
Mt. Pleasant
Bank & Trust Co.
Mt. Pleasant
Chairman
Group 11

T HE AGRICULTURAL outlook in
this area is not as bright as we
would like to see it. This has been
brought about by a tremendously wet
spring and the continued close mar-

Iowa News
gin in the feeding of cattle and hogs.
Operating costs as well as machinery
have shown no inclination to fall in
line with lower prices of livestock and
grain.
The 1960 rainfall for the first six or
seven months of the year was con­
siderably above normal and kept the
farmers out of the fields for days at
a time. The result is that we will
have a lot of late corn, poor yields
and possibly low quality should frost
come too early. There are a few ex­
ceptions of course. Beans look fairly
good but as a whole are late and have
been hurt some by the lack of rain­
fall.
The cattle feeders have operated
on a very close margin. Very little
real money has been made in the
cattle feeding business this past year.
Hogs have been better property than
last year but the break in prices
came earlier and broke farther than
was anticipated by many. However,
the lower prices of cattle and hogs
have not been reflected to any great
extent in the price to the consumer.
It seems our industrial situation
has held up very well. Some of the
plants have reduced the number of
employees slightly but to our knowl­
edge none has had wholesale lay-offs
or closed down. We are not aware of
any problem in unemployment, a
man wanting to work can still get a
job.
All in all, our economy is on a
slightly lower plane than a year ago
but as we see it there is no reason
for too much pessimism, rather it is
a good time to re-appraise our posi­
tion and make the necessary adjust­
ments.—End.

At a press reception in The Savoy
Hotel, Mr. Livingston, who also is
head of the Federal Advisory Council
of the Federal Reserve System, and
former president of the American
Bankers Association, explained the
reasoning behind the bank’s decision
to open a European office. He cited
the emergence of trading areas such
as the European Common Market and
the European Free Trade Association.
He also noted that “the stride toward
the convertibility of currencies in Eu­
rope has resulted in an increase in
the number of our customers moving
into overseas markets.
The new office will be in charge of
Guy A. Crum, vice president, and Olof
D. Lindstedt, assistant cashier, and
will serve as a base for The First
National’s European operations.

Boosts Community
The First National Bank of Farragut, Iowa, took part in a “Commu­
nity Day” in Farragut, recently. As
part of its activities, the bank en­
tered a float in an hour and a half
long parade. The float, showing a

145

N ix o n in Moira

WHEN Vice President Richard. Nixon was
in Des Moines as part of his campaign
seeking election as President, he was
greeted by Arthur T. Donhowe, vice pres­
ident of the Central National Bank and
Trust Company, a long-time Republican
party worker. Mr. Nixon toured Iowa and
other midwestern states on this trip.

large heart enscribed with the words
“Bankers Do Have A Heart!” received
a great deal of favorable comment
from persons attending the event.

Since 1922
MUNICIPAL BONDS
N E U & C O M P A N Y , I NC.
INVESTMENT SECURITIES
Phones CH 3-6135 and CH 3-6136

Open London Office
The First National Bank of Chicago
opened its first overseas office recent­
ly in the heart of London’s financial
district.
The opening ceremonies were pre­
sided over by the bank’s chairman,
Homer J. Livingston. Other senior
officials present included Walter M.
Heyman, vice chairman; Gaylord A.
Freeman, Jr., president; Herbert V.
Prochnow, executive vice president;
Leslie H. Dreyer, vice president and
head of The First National’s Interna­
tional Banking Department, and the
honorary chairman of the board,
James B. Forgan.
POSITIONS AVAILABLE
for bankers of all skills and ex­
perience. In absolute confidence
write to
BANK PERSONNEL
CLEARING HOUSE
and Employment Agency
503 N. Washington
Naperville, Illinois

406 Central National Building

Des Moines

L IT H O G R A P H E R S * PRINTERS • D IR EC T M A IL SP E C IA L IST S
"From the Idea to the Mail Box"

BUILDING RESULTS

W H IT IN G

□

PLANNING

□

CR EA TIN G

□

PRODUCING

DIRECT ADVERTISING Inc.
SERVING BUSINESS A N D INDUSTRY SIN C E 1930

424 EAST G R A N D A V EN U E • DES M O IN E S, IO W A • CHerry 4-0106

Creative Copy and A rt e Campaign Planning • Promotional Advertising
Complete Mailing Facilities & Color Lithography and Printing « Lettershop

N o rth w e s t e r n Banker, O ct o b e r,


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

i960

146

The Bankers’ Market Place
A Page Telling Wliat’s New for Banks and Bankers

Each month the Bankers’ Market Place will bring you listings of new
products, specialty items, banking equipment, and gift items which will
help you and your staff do a better job. This is the selection for this month.

L ATEST models of the Conley Mood. Master Background Music player
will be on display at the Iowa Bankers
Association’s convention by Mastertapes, Inc., West Des Moines.
The MoodMaster player, when com-

MOODMASTER 400 changes records bv
insertion of tape magazine in slot at top
of machine. Can be attached to existing
amplifier system.

bined with the Mastertapes back­
ground music service, is the ultimate
in simplicity of operation. The player
contains a slot into which the tape
magazine is placed. The music then
plays endlessly and automatically un­
til the magazine is removed. Magnetic
tape, used by this machine, is in its
own container. The compact new ma­

chines are about the size of a standard
size tablemodel record player.
* ^ *
d. beers
c o m p a n y , i n c .,
A
■* sales and service office for
Davidson printing equipment in Des
Moines, is making available the new
Davidson Embee ledger - statement
form folder.
The Davidson Embee solves the
problem in electronic posting of cut­
ting apart combination ledger-state­
ment forms at the end of an account­
ing period. The Embee slits forms at
the rate of 12,000 per hour, folds them
and returns them to their original al­
phabetical order with precision, yet so
simply that an office girl can learn to
operate the table top machine in min­
utes.
* *
B LACK SALES SYSTEMS of Fuller­
ton, Neb., has over 250 users of its
sale outfit and sheets throughout the
midwest and makes shipments to six
states.
This unique sorting cabinet, steering
wheel desk and listing board are fur­
nished in plastic which is both light
weight and durable. Many users re­
port they have saved more than the
cost of supplies used at each sale as
the small unsettled accounts are re­
duced to a minimum with this system.

BLACK SALE SYSTEM includes this
steering wheel desk and listing board.

Also, skip buyers are eliminated by re­
quiring that purchasers produce their
tickets before loading purchases. Buy­
ers report liking the system since they
can assemble their purchases from
their tickets after settlement has been
made.
* * *
W ALLACE-HOMESTEAD COMPA­
NY, Des Moines printing, bind­
ing and engraving firm, has in stock
a full line of Iowa Bankers Association
standard forms. Included are Chattel
mortgage form 29; chattel mortgage
form 45, collateral note form 42; col­
lateral receipt and agreement form 39;
conditional sales contracts forms 26
and 60, extension of chattel and real
estate form 36; agreement to subordi­
nate landload’s lien form 55 and safe
deposit lease and receipt form 7.

FOR
POSTRONIC OR SENSITRON3C
BOOKKEEPING
*

SAtt
N o w Y O U can have b eau tifu l b a c k -lig h te d
T R A N S P A R E N C Y ty p e d is p la y s fo r less than
the co st of m any o r d in a ry p rinted cards.
A tt r a c t iv e h a rd w o o d cu stom c a b in e ts e n ­
h a nce these b rillia n t " V I V I D - S C E N E " fullc o lo r tra n sp a re n cie s, actu al E K T A C H R O M E
re p ro d u c tio n s, 2 4 " x 3 6 " in area. F I N A N ­
C I A L C O L O R A D C O M P A N Y , P.O . Box 83,
Brecksville, O h io , offer g ia n t size co lo rfu l
" C O L O R A D S " also, used in co n ju n ctio n with
" V I V I D - S C E N E S " b rin g the u ltim ate in a d v e r ­
tisin g e m p h a sis to the banker. C o v e r s A L L
B A N K se rvice s— attra ct M A X I M U M
a tte n ­
tion! W r it e fo r fu rth e r in fo rm ation , fu ll-co lo r
b ro ch u re . A m inim u m p rice d C O M P L E T E
B A N K A D V E R T I S I N G and P U B L I C R E L A ­
T I O N S p ro g ra m ! C a b in e t p rice s b e g in at
$89.50. Inserts a d d itio n a l.

Northw estern

Banker, O ct o b e r ,


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

I9 6 0

THE EMBEE FOLDER
R e m a rk a b le a d v e rtisin g v e rsa tility is offered
the b a n k in g field by " G lo - P r o c e s s e d D is ­
p la y s " system o f re p e titiv e c o p y p r o g r a m ­
m ing. Y O U sele ct se rvice s Y O U wish to
em p h a size — Y O U se le ct a p p ro p ria t e c o p y
from extensive lists. S u ffic ie n t inserts s u p ­
p lie d to p re sen t y o u r sele ctio n s in th irty -d a y
series— with fresh c o p y ev e ry se c o n d d a y!
R e p e a te d each m onth, y o u r a d v e rtisin g p ro ­
g ra m is m a in ta in e d on a m axim um e m p h a sis
b asis fo r the entire year. B rilliant flu o re sc e n t
d isp lays, u ltra -vio le t lighted , a ttra ct eve ry
eye— S E L L y o u r service s! C a b in e t sizes fo r
ev e ry
a p p lic a tio n —
wall - c o u n te r - f l o o r w in d o w - exterior.
S ta t io n a r y an d ro ta tin g
m od els. G lo -P r o c e ss e d D isp la ys, Inc., 1874
W . 47th St., C le v e la n d 2, O h io .

• C u t s a p a r t le d g e r sta te m e n t fo rm after
p o stin g.
• R eturn s b oth le d g e r and sta te m e n t to
the ir o rig in a l order.
• F o ld s sta te m e n ts fo r m a ilin g
A n Em b e e F o ld e r will p a y fo r itself m any
tim e s o v e r in tim e an d la b o r sa vin gs.
A s k fo r a D e m o n stra tio n .
C a ll or write.

<Qf. <Q).

INCORPORATED

'

DAVIDSON SALES AND SERVICE
1457-59 Keo Way
Des Moines 14, Iowa

^

147
II

I N D E X OF
A D V E R T IS EUS
O C T O B E R . 1960

H a lse y , S tu a r t an d C om p a n y , I n c ...........54
H a r r is T r u s t an d S a v in g s B a n k ............. 53
H e n d e r so n . T. C., an d Co., I n c .......................134
H u m m e r, W a y n e , an d C o m p a n y .............. 48
I

I llin o is N a tio n a l B a n k o f S p rin g fie ld . . 58
I n t e r -s t a t e A s s u r a n c e C o m p a n y ...............147
I o w a -D e s M o in e s N a tio n a l B a n k ............ 150
I o w a P o w e r a n d L ig h t C o m p a n y .............140
I r v in g T r u s t C o m p a n y .................................. 55

A

A c o r n P r in t in g C o m p a n y .............................. 141
A llie d M u tu a l I n s u r a n c e C o m p a n y ......... I l o
A llis o n - W i l l i a m s C o m p a n y ......................... 78
A m e r ic a n E x p r e s s F ie ld W a r e h o u s in g
C o m p a n y .......................................................... 79
A m e r ic a n N a tio n a l B a n k — St. J o s e p h ..1 0 7
A m e r ic a n 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 — C h ic a g o ...................................18-19
A m e r ic a n N a tio n a l I n s u r a n c e C o m p a n y
o f G a l v e s t o n .....................................................133
A m e r ic a n T r u s t a n d S a v in g s B a n k —
D u b u q u e ........................................................... 121
A s s o c ia t e d L ith o g r a p h e r s , I n c ...........131-132
It

B a n k o f A m e r ic a ............................................. 39
B a n k B u ild in g a n d E q u ip m e n t C orp. . . 13
B a n k o f M o n t r e a l ............................................. 76
B a n k o f N ew Y o r k ........................................ 17
B a n k e r s R u b b e r S ta m p .................................147
B a n k e r s S e r v ic e C o m p a n y ......................... 23
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 . .110
B a n k e r s T r u s t C o m p a n y — N e w Y o r k . . 41
B e c k e r & C o w n ie , I n c ........................................ 126
B eers, A . D., C o m p a n y , I n c ............................. 146
B eh, C a r le to n D., C o m p a n y .......................... 122
B e r g s t r o m P a p e r C o m p a n y .............................. 6
48
B la c k S ale S y ste m ........................................
B o s s H o t e ls C o m p a n y ..................................... 121
B e r g s t r o m P a p e r C o m p a n y .........................
6
C

C a p ita l C ity S ta te B a n k .............................. 137
C e n tr a l B a n k a n d T r u s t C o.— D e n v e r . .109
C e n tr a l N a tio n a l B a n k a n d T r u s t C o m ­
p a n y — D e s M o i n e s .............................. 7 -8 -9 -1 0
C e n tr a l N a tio n a l In s u r a n c e G r o u p . . . . 97
C e n tr a l S ta te s H e a lth a n d L ife C o .......... 149
C h e m ic a l B a n k N e w Y o r k T r u s t Co. . . . 14
C h ile s -S c h u t z C o ................................................. 95
C h r is tm a s C lu b a C o r p o r a t i o n .................. 47
C ity N a tio n a l B a n k — C l i n t o n ..................... 128
C ity N a tio n a l B a n k a n d T r u s t C o m p a n y
— -C h ica g o ........................................................ 59
C ity N a tio n a l B a n k a n d T r u s t C o m p a n y
K a n s a s C ity .................................................... 12
C o lo r a d o N a tio n a l B a n k ............................. 87
C o lu m b ia n A r t W o r k s .................................. 16
C o m m e r ce T r u s t C o m p a n y ............................ 61
C o n t in e n ta l I llin o is N a tio n a l B a n k an d
T r u s t C o m p a n y ............................................. 51
C u m m in s -C h ic a g o C o r p o r a t io n ................ 52

J

J o s e p h ’ s J e w e lr y C o m p a n y ..........................144
J u ra n & M o o d y ................................................. 74

Jv

K i r k p a t r ic k - P e t t is C o m p a n y .................... 90
K o c h B r o t h e r s .....................................................142

I.

L a M o n te , G e o r g e , & S on ............................. 77
L a S a lle N a tio n a l B a n k ...................................125
L a u d e r d a le R u t t g e r H o t e l ......................... 64
L a w r e n c e W a r e h o u s e C o m p a n y ........... 57
L iv e S to c k N a tio n a l B a n k — C h ic a g o . . 37
L iv e S to c k N a tio n a l B a n k — S io u x C ity 80

E

E m p lo y e r s M u tu a l C a s u a lty C o m p a n y . . 69

>1

N

N a tio n a l B a n k o f C o m m e r ce .................... 99
N a tio n a l B a n k o f S ou th D a k o t a .................81
N a t io n a l B a n k o f W a t e r lo o .......................... 112
N a tio n a l B o u le v a r d B a n k o f C h ic a g o . . 56
N a tio n a l C ash R e g is t e r C o m p a n y ......... 5-66
N a t io n a l F id e lit y L ife In s u r a n c e Co. ..1 2 6
N eu a n d C o m p a n y ............................................145
N e w h o u s e P a p e r C o m p a n y ..........................142
N o r th e r n T r u s t C o m p a n y ........................... 65
N o r th w e s t S e c u r ity N a tio n a l B a n k . . . . 82

<)

O m ah a N a tio n a l B a n k

G

G a m b le -S k o g m o , I n c ........................................ 85
G lo -P r o c e s s e d D is p la y s , I n c ...........................146
G o o d w in C o m p a n ie s ...................................... 11
G r e e n s o a n . M. I. (B u d ) ...................................144
G ro ss, K ir k , C o m p a n y ...................................115

11

/“T

................ 91-92-93-94

P

P e o p le s B a n k an d T r u s t C o m p a n y ......... 136
P io n e e r H i-B r e d C orn C o m p a n y ...............143
P la z a S ta te B a n k ..............................................124

u

R a ls t o n P u r in a C o m p a n y ........................... 75
R e c o r d a k C o r p o r a t io n .............................. 20-21
R o w a n C o m p a n y , I n c ........................................ 147
S

St. P a u l W e s te r n C o m p a n ie s ........................68
S c h w e se r , R o b e r t E., C o m p a n y ...............106
S e c u r it y -F ir s t N a tio n a l B a n k — L o s
A n g e le s ............................................................ 24
S e c u r ity N a t io n a l B a n k — S io u x C ity . . .138
S h a w , M c D e r m o tt an d C o m p a n y ............ 118
S p a rk s an d C o m p a n y ....................................... 124
S to c k Y a r d s N a t io n a l B a n k — O m ah a . . .105

F

F ift h A v e n u e H o t e l ........................................ 60
F in a n c ia l C o lo r a d C o m p a n y ........................146
F ir s t C o n t in e n ta l N a tio n a l B a n k an d
T r u s t C o m p a n y .............................................. 103
F ir s t F e d e r a l S ta te B a n k .........................1 3 4
F ir s t o f I o w a C o r p o r a t io n ..........................133
F ir s t N a tio n a l B a n k o f A r i z o n a .............. 60
F ir s t N a tio n a l B a n k — C h ic a g o ............ 44-45
F ir s t N a tio n a l B a n k — K a n s a s C ity . . . . 42
F ir s t N a t io n a l B a n k — M in n e a p o lis . . . .119
F ir s t N a tio n a l B a n k — O m a h a ..................... 101
F ir s t N a tio n a l B a n k — St. J o s e p h ............ 108
F ir s t N a t io n a l B a n k — S io u x C ity .............135
F ir s t S to c k Y a r d s B a n k — St. J o s e p h . . .106
F ir s t T r u s t C o m p a n y o f L in c o ln ............ 102

a hearty welcome to the

IOWA
BANKERS

T

T a lc o tt , J a m es, I n c ............................................ 50
T o o t l e - E n r ig h t N a tio n a l B a n k .................104
T o y N a tio n a l B a n k ............................................120

TJ

U n io n B a n k an d T r u s t C o.— O ttu m w a . .139
U n ion S to c k Y a r d s C o.— O m ah a ...............100
U n ite d S ta te s C h e c k B o o k C o m p a n y ..1 4 4
U n ite d S ta te s N a tio n a l B a n k — O m a h a . . 88
U tica , T h e N e w .................................................. 123
V
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 e s ............................................
113
V a lle y N a t io n a l B a n k — P h o e n ix ........... 46
W

W a l l a c e -H o m e s t e a d C o m p a n y ................... 129
W a t e r lo o S a v in g s B a n k .............................. 141
W e s te r n an d S o u th e r n L ife Ins. C o .......... 142
W h it e - P h illip s C o m p a n y , I n c .......................130

T

317 Shops Bldg.

rtowan Company, Inc* Des Moines 9, ioW
a
A B B O T T COIN COUNTERS and SORTERS
Coin W rappers - Bill Straps - R ob b er Bands
Pass B ooks, Coin Bags, Duplicate Deposit Tickets
Ball Pens - Desk Sets - Pencils
PREMIUMS OF ALL KINDS

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

The First National City Bank of
New York has introduced a new
banking technique for the Metropoli­
tan area, whereby employees of par­
ticipating companies can draw upon
the complete services of the bank usu­
ally without leaving their places of
business. First National City’s “ Ready
Banking Service” offers individuals
the opportunity of initiating savings,
checking and Christmas Club ac­
counts, personal and auto loans, and
Citibank Ready-Credit directly from
their places of employment.

M a n u fa c t u r e r s T r u s t C o m p a n y ................ 49
M a r q u e tte N a t io n a l B a n k ............................ 127
M a s te r ta p e s M u sic, I n c ..................................
3
M e r c a n tile T r u s t C o m p a n y ......................... 71
M e rc h a n ts M u tu a l B o n d in g C o m p a n y . . 70
M e rc h a n ts N a tio n a l B a n k ...........................
2
M id la n d N a tio n a l B a n k ............................. 72
M o r r is s e y an d C o m p a n y .............................. 140
M o s le r S a fe C o m p a n y .................................... 63
M u rp h y , T h o m a s D., C o m p a n y .................118

1)

D a v e n p o r t , F . E., C o m p a n y ...............107-143
De L u x e C h e c k P r in te r s , I n c ........................ 40
D ie b o ld , I n c ........................................................... 43
D ir e c t A d v e r t is in g I n c .....................................145
D o u g la s -G u a r d ia n W a r e h o u s e C orp . . . . 62
D r o v e r s N a t io n a l B a n k .................................117

Offers New Service

W e cordially invite you to stop
in and say “ Hello” during your
stay in Des Moines.

INTER-STATE
Assurance Company
A M U T U A L C O M P A N Y -L E G A L RESERVE
R o b e rt A. Brow n, P re sid e nt
H O M E O F F IC E : D E S M O IN E S , IO W A
Northw estern

Banker, O ct o b e r ,

196 0

148

In the

DIRECTORS’
ROOM
He Got the Bird

Time to Complain

The colonel insisted that his cook
serve a domestic, corn-fed turkey for
Thanksgiving—no wild fowl. Came
the day and the colonel cut into a
b e a u tifu l done-to-perfection bird,
frowned, cut again and said to his
cook, “ Didn’t I tell you I wanted a
domestic bird?”
“Yah, suh, dat’s domestic, corn-fed
fowl.”
“Well, what about this shot I’m
finding?”
The cook shuffled from one foot to
the other. “Dat shot, colonel, suh,
was meant fo’ me.”

Slim, one of the boys in the back
office, got $5 too much in his pay en­
velope. He didn’t say anything and
the next week his pay was $5 short.
The paymaster had discovered the
previous error.
Slim went to see the paymaster
right away: “ Say, my pay was $5
short this week.”
“ It was $5 over last week, and you
didn’t say anything.”
“Well, a guy can overlook one mis­
take, but when it happens again, it’s
time to complain.”

“ No Change '

A newly married man found his wife
sitting stock still in the kitchen. She
was following a recipe which said:
“Don’t stir for fifteen minutes.”

L ucky Husband
An obviously well-fed gentleman
ate a fine meal at a posh Texas hotel,
capped it with some rare Napoleon
brandy, then raised a pudgy finger to
the headwaiter.
All attention, the headwaiter lis­
tened.
“ I wonder if you remember,” the
man asked, “how I enjoyed just such
a meal last year and, because I
I couldn’t pay for it, you had me
thrown out like a run-of-the-mill
bum?”
Flustered, the headwaiter said, “ I’m
terribly sorry, sir.”
“ Perfectly all right,” smiled the gen­
tleman, fingering a cigar, “but I’m
afraid I’ll have to trouble you again.”

W orth M ore
After 50 years of marriage, the
elderly folks obviously were still
quite happy and in love. A young
couple, very much impressed, asked
them their secret for maintaining a
happy marriage for so long.
“Well, sonny,” said the old man,
“ I’ve always tried to treat Ma in
such a fashion that if I should have
died, it would have taken more than
a hot water bottle to replace me.”

Learning Fast
Banker: I hear your son’s in college.
How’s he making it?
Businessman: He isn’t. He’s spend­
ing it!

Future Security
“Hello, is this the Fidelity Insurance
Company?”
“Yes, madam.”
“Well, I want to arrange to have my
husband’s fidelity insured.”

Feels L eft Out
Psychiatrist: You mustn’t be dis­
couraged. In this world there’s a man
for every woman. You can’t improve
on that.
Spinster: I don’t want to improve
it. I just want to participate.

It’s Possible
The girl gazed soulfully into the
eyes of her new boy friend and asked:
“Am I the first girl you ever kissed?”
The boy thought seriously for a
moment and replied: “You may be.
Did you ever live in Pittsburgh?”

G ood !
Sailor (saying goodnight to girl at
end of his first date): What would
you do if I were to kiss you?
Girl: I’d call my brother.
Sailor: How old is he?
Girl: Goin’ on three.
N o r th w e st e r n Banker, O cto b e r,


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

I96 0

Final P ro o f!
Wife: Just look at me! My clothes
are so shabby that any stranger com­
ing here would think I was the cook.
Husband: Not if he stayed for
dinner.

C O N V E N T IO N S
October 3-6, Mortgage Bankers’ 47th
Annual, Conrad Hilton Hotel,
Chicago.
October 9-16, NABAC Annual Con­
vention, Statler-Hilton Hotel, Los
Angeles.
October 10-13, National Association
of Bank Women, 38th Annual,
Huntington Hotel, P a s a d e n a ,
Calif.
October 11 -12, Nebraska Bankers
Association, Annual Convention,
Cornhuslcer Hotel, Lincoln.
October 17-26, Minnesota Bankers
Association District Meetings.
October 23-26, Iowa Bankers Associa­
tion, Annual Convention, Fort
Des Moines Hotel, Des Moines.
October 30-November 3, 45th FPRA
Annual Convention, Statler Ho­
tel, Boston.
November 2-3, South Dakota Bankers
Association Bank Management
Clinic. Marvin Hughitt Hotel,
Huron.
November 3-5, ABA 34th Western
Regional Trust Conf er enc e ,
Phoenix, Ariz.
November 14-15, 9th National Agri­
cultural Credit Conference, Den­
ver Hilton Hotel, Denver.
November 17-18, ABA 29th MidContinent Trust Conf er enc e,
Drake Hotel, Chicago.

1961
January 23-24, ABA 13th National
Credit Conference, LaSalle Hotel,
Chicago.
February 6-8, ABA Midwinter Trust
Conference, Waldorf-Astoria, New
York.
March 20-22, ABA Instalment Credit
Conference, Conrad Hilton Hotel,
Chicago.
April 20-22, Independent Bankers
Association, Annual Convention,
Sheraton-Park Hotel, Washing­
ton, D. C.
May 29-June 2, American Institute of
Banking, Annual
Convention,
Statler-Hilton, Seattle.
June 6-7, Minnesota Bankers Associ­
ation, Annual Convention, Hotel
St. Paul, St. Paul.
June 22-24, Montana Bankers Associ­
ation, Annual Convention, Jackson Lake Lodge, Wyoming.
September 11-13, NABAC 37th annual
national convention. Conrad Hil­
ton Hotel, Chicago.
October 15-18, American Bankers
Association, Annual Convention,
San Francisco.
November 13-14, 10th National Agri­
cultural Credit Conference, The
Statler-Hilton, Dallas, Texas.

Bank-Health
pays the b ill.

pays you for providing the service !
Hospital, sickness and medical care bills needn’t hurt your
bank customers. By making Central States’ Bank-Health
premium deduction program available in your community,
your bank can earn good will as well as profitable extra income.
This success-proven program is popular with banks in many states
— in Nebraska and South Dakota, for example, more than
5 0 % of the banks offer it. Contact us for full information—
no obligation, of course.

Cen tr al Sta te s
H

ealth &

of

L if e C o .

Omaha

T. L eslie K izer, President
U N D E R W R I T E R S
A N D

L I F E ,

T H R O U G H


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

O F

H E A L T H ,
F I N A N C I A L

C O N S U M E R
A C C I D E N T

A N D

I N S T I T U T I O N S .

C R E D I T
H O S P I T A L

I N S U R A N C E
I N S U R A N C E

JERRY NELSON
Vice President
CHRISTY F. ARMSTRONG
Vice President
K EITH W. CAMPBELL
Assistant Vice President
GEORGE E. HARNAGEL
Assistant Cashier
BOB BUENNEKE
Assistant Cashier

W arm W elcom es: alw ays a little fa ster
Convention time is a big occasion for us here at the
Iowa-Des Moines. All year long we visit you at your
bank. Now, we have a chance to invite you to ours; to
show you how we perform those always-a-little-faster ser­
vices we tell you about. .
W on’t you stop in for a visit during the convention?
W e’ll be delighted to show you through our transit,

Io w a -De s M o i n e s
Sixth and Walnut, Des Moines 1+

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

CHerr y 3-1191

proof and other departments. Happy to help with your
questions on investment and any and all other banking
problems.
And, if you should happen to have a suggestion as to
how we can improve our service to you, so much the
better. In fact, we’ll be delighted!
See you at the convention!
.’

(ff)
Member Federal Deposit Insurance Corporation