Full text of The Northwestern Banker : October 1961, 67th Year, No. 891

View original document

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

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

OVER HALF OF ALL IOWA BANKS ARE MERCHANTS NATIONAL CORRESPONDENTS
The Merchants National’s experienced staff along with over
night mail service from every community in Iowa assures
you of faster, more efficient correspondent banking. W hat
ever your needs may be, the Merchants National corres
pondent bank specialists are ready to serve you. Your call
will be welcomed.

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

THE MERCHANTS NATIONAL BANK OF CEDAR RAPIDS

H o w a n alert b a n k e r built a s u c c e s s fu l
fa r m -s e r v ic e d epartm en t

This is the story of a midwestern banker who
was determined to increase his business
among the farmers in his area. Being a prac
tical man, he set out to get the suggestions of
others with more experience in developing
this kind of business. His search brought him,
among other places, to his Chicago corre
spondent, The Northern Trust, and here he
found ready know-how and cooperation.
We worked with the banker in determining
his business potential, the types of services to
be offered, the type of staff he would need,
and many other factors. A capable farm man
was hired, and as a part of his training, he

visited The Northern Trust Company and
spent a good deal of time with our farm man
agement, banking and credit officers.
The result? The bank’s program, run by its
own farm man, was developed on a sound and
profitable basis . . . bringing the bank a sub
stantial volume of new business.
Correspondents of The Northern Trust
Company can count on this valuable type of
cooperation at every turn . . . plus a full range
of banking, bond and trust services. If you are
not already acquainted in the Bank, call or
write N. Hall Layman, Vice President, or one
of his associates in the Banking Department.

N O R T H E R N / T?UST
5 0 South L a S a lle S tre e t
C h i c a g o
9 0 ,
Illinois
FI 6 - 5 5 0 0 • M e m b e r F . D . I . C .
Á.

BANK

No. 891. Northwestern Banker is published monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines 9, Iowa. Subscription 35c
Per copy, $3 per year. Second class postage paid at Des Moines, Iowa. Address all mail (subscriptions, change of address, Form 3579, manuscripts,
mail items) to above address.

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

ju st push
the button...

•

* th e R ecordak

For fast , convenient reference to microfilm and printmaking
In seconds the versatile R ecordak Reader-Printer
gives you a sharp and photo-exact paper copy of
any document on 16mm or 35mm Recordak
microfilm, whether in roll form, transparent ace
tate jacket, or aperture card.
Operation is completely automatic from the
instant the Print Button is pushed. There is
nothing further to do but pick up the trimmed,
ready-to-use print of the projected microfilm
image. The cost is about 9p for photographic
paper and chemical used.
Special features of the new R ecordak ReaderN o r th w e s te rn

Banke r, O c t o b e r ,

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

7961

Printer add versatility to its speed and conven
ience. For example:
• Microfilm images can be viewed right side up regard
less of how they are positioned on the film, thanks
to Reader Head which can be rotated full 360°.
• Full line of accessory lenses of magnifications be
tween ll x and 34x—interchangeable in seconds—is
available. The R e c o r d a k Reader-Printer comes
equipped with one lens of your choice.
• Illumination control. A calibrated dial allows in
stant adjustment to assure optimum print quality.
• One-year service at no extra charge . . . an important
Recordak extra that’s backed up by a skilled,
nationwide service organization.

.geta prin t
in seconds

READER-PRINTER
whenever needed
Write today for full details on the R ecordak
Reader-Printer, also on Recordak microfilmers
designed for large and small operations. Recordak
Corporation, 415 Madison Avenue, New York 17,
New York.

(S ub sid iary o f Eastman K odak C om pany)

o r ig in a t o r of m o d e rn m ic r o film in g
— n ow in its 34th year
IN C A N A D A con tact Recordak o f C anada Ltd., Toronto

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

New R e c o r d a k
R E L IA N T 500
M icrofilm er automatically feeds, photographs,
indexes up to 500 checks a minute. Even cancels or endorses
them automatically with accessory unit. Also features
instantly interchangeable film units.
New R e c o r d a k P O R T A B L E
Microfilmer weighs only
24 lbs. Just the microfilmer
to use in decentralized
operations . . . or where
the volume doesn’ t war
rant high-speed, automatic
Recordak equipment. Easy to operate.
Photographs up to 90 checks a minute.
N o r t h w e s t e r n Banker, O c t o b e r ,

1961

m¡

you can employ a staff of experts to survey your
bond portfolio . . . without adding to your payroll
Just call upon the Continental, and let our Bond
Department make a survey of your portfolio. Ours
is one of the biggest bond departments in the nation.
And one of the most experienced.
Upon receipt of the necessary information, our
analysts will review your investment account in

relation to your bank’s balance sheet and your par
ticular banking situation. We will offer helpful
advice in setting up an investment policy, and sug
gest ways of implementing this policy in light of
current and expected market conditions.
Phone us at STate 2-9000, Chicago.

C O N T IN E N T A L

IL L IN O IS
N A T IO N A L

A N D T R U S T C O M P A N Y OF C H IC A G O
Member f. d.

i. c.

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

Lock Box H, Chicago 90, Illinois
1961

BANK

Cable Car Tickets Free
Bankers with a nose for nostalgia
will be in seventh heaven at the ABA
convention, thanks to the First Na
tional Bank and Trust Company of
Tulsa.
With the fabled cable cars of San
Francisco being one of the principal
attractions in the Golden Gate City,
First National has come up with a
novel plan to provide bankers at the
convention with a free ride on one of
the cars.
Nearly 3,000 bankers have taken
First National up on their offer for
free cable car tickets and the number will be much higher by ABA
convention time.
Each of the ticket books being sent
out in response to advertisements in
banking journals i n c l u d i n g the
N o rth w estern
B a n k e r , contains six
tickets, good for one ride each.
And if you don’t have your tickets
yet, drop a line to Richard A. Wagner,
vice president of First National, and
he’ll mail them to you.
Heads Leasing; Firm
Robert N. Tuttle has been elected
the vice president in charge of Talcott Leasing Corporation, a wholly
owned subsidiary of James Talcott,
Inc.
Talcott Leasing, established in early
1960, leases production machinery and
commercial equipment to business
and industry.

Oldest Financial Journal W est o f the Mississippi

for your OCTOBER, 1961, reading
0
67th Year

No. 891

E D IT O R IA L S
12

Across the Desk from the Publisher

FEATURE A RTICLES
23
27

33
34
35
36
38

Frontispage
The Cattle Picture— A N orthwestern B anker Survey
A.B.A. Features Prominent Speakers
San Francisco Banks Plan Open House During A.B.A.
What to See in San Francisco
Automation Equipment Highlights NABAC Convention
— Malcolm Freeland
Fed’s Dilemma : Encourage Spending or Head Off Inflation
— Raymond Trigger

IN S U R A N C E
61

Your Client Will Face Facts— Marcus F. Koosmann

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

"P retty P a c k a g e "

News
News
News
News

67
68
73
76

Colorado-Wyoming News
Montana News
Iowa News
Des Moines News

77
79
111
118

N E B R A S K A C O N V E N T IO N SECTION
81
82
83
88
94
95
98
101

64th Annual Program
Nebraska Convention Committees
You Will See Them at the 64th Annual Nebraska Convention
Omaha News
Bankers Invited to Visit NBA New Offices
Group Presidents Report Crop, Business Outlook
Lincoln News
Feature Attraction for Annual Convention Banquet

O THER FEATURES
La, Salle National’s
new pre-packaging currency machine
above is John Herod and LaDaine
Prosser.
Arthur W . Glennie, vice president
and comptroller of La Salle Na
tional Bank, Chicago, has announced
the installation of the first currency
pre-packaging machine in the Chi
cago area.
The machine automatically bands
a pre-determined number of bills and
automatically prints on each band
the value of the package.
I f an incorrect number of bills
appear in a package, the machine
will reject it.
The machine has a capacity of
3,000 packages an hour.
OPERATING

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

126
127

Index o f Advertisers
The Bankers’ Market Place

NORTHWESTERN BANKER
306 15th S tr e e t, Des Moines 9, Io w a , Telephone C H erry 4-8163

Publisher

Associate Publisher

C lifford De Puy

Editor

M alcolm K. Freeland

Associate Editor

W a lte r T. P roctor

Advertising Assistant

Doyle M inden

Circulation Department

Elizabeth Coie

Len

Field Representative
A I Kerbel
Frank P. Syms,
M ilto n P. Bock,

Ben J. H a lle r, Jr.

Auditor

Sutphin

M a r g a r e t Redding

Field Representative
Paul M asters

Vice P resident, 550 Fifth A v enue, N e w York 36, JUdson 2-7126
Vice Presiden t, 654 Baker Building, M inneapolis,
FEderal 6-5357

DE PUY PUBLICATIONS: U n d e rw rite rs R eview , N o rth w estern B anker,
lo w a -N e b ra sk a B ank D irectory
Northw estern

Banker, O c t o b e r ,

1961

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

❖

FIRST NATIONAL CITY BANK, o f c o u rs e !
M e m b e r F e d e ra l D e p o s it In su ra nce C o rp o ra tio n , n a tu ra lly

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

1961

A n n ou n ce fíeautj/ l'on test un is

A S YOU READ T H IS...

40
MILLION

B E T T Y JE A N SCHULTZ

CAROL TH O M M EN

HREE finalists in the fourth an
T
nual contest to pick Miss Drive-In
Teller have been announced by The
Mosler Safe Company.
The finalists, who will be presented
to bankers attending the ABA Con
vention in San Francisco, are Miss
Betty Jean Schultz of the Peoples
Bank and Trust Company, Cedar Rap
ids, Iowa; Mrs. Joyce Ross of The
Citizens National Bank, Tunkhannock,
Pa., and Miss Carol Thommen of the
First National Bank of Aberdeen,
Aberdeen, S. D.
These three attractive drive-in tellters will be guests of The Mosler Safe
Company at the ABA Convention and
will be awarded wardrobes for the
trip. The winner, who will be elected
by a national vote of bankers follow
ing the convention, will receive an all
expense Caribbean Holiday for two,
including jet transportation by Trans
Caribbean Airways, one week in San
Juan, P. R., and one week in Aruba,
D. W. I., plus a cash award.
The panel of four judges who se
lected the finalists included stage and
CBS radio singing star Martha Wright,
recording and CBS radio star Richard
Hayes, cartoonist Milton Caniff and
poet-columnist Nick Kenny of the
New York Mirror.
M ICK Pilot Study
In one of five pilot studies initiated
by the Federal Reserve System to
evaluate the use of banking’s MICR
common language with various elec
tronic systems, the Chicago bank suc
cessfully concluded a six months test
of a Burroughs B 301 magnetic docu
ment processing system.
More than 30 million check passes
were performed by the B 301 system
during the pilot study, without a sin
gle footing (addition) error.
At the Chicago bank, the pilot test
was limited to check collection opera
tions for 628 Illinois country banks,
which represent approximately one
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

JOYCE ROSS

fourth of the 2,900 banks located in
the five-state Seventh Federal Reserve
District.
Ninety-three percent of the banks
included in the test are now preprint
ing checks with MICR numbers and
symbols.
Pension Plan Growth
Vigorous postwar growth of private
pension plans was reported by the
Federal Reserve Bank of Chicago in
its September issue of Business Con
ditions. Today over 20 million work
ers are covered under private pension
plans whereas in 1940 the number
covered was only about four million.
Total assets of these plans rose from
$2.4 billion in 1950 to $50 billion at
the end of 1960.
According to the bank, Federal tax
considerations are probably the most
important factor in the rapid growth
of private group pension plans. Un
der Federal tax laws, employer con
tributions to group pension plans are
exempt from income taxes.
Tulsa Capital Increase
A stock dividend has been voted by
the First National Bank and Trust
Company, Tulsa, whereby $365,000
will be transferred from undivided
profits to the capital account. An ad
ditional $135,000 will be transferred to
surplus from undivided profits.
The dividends and transfers in
crease the First’s capital and surplus
to $25,500,000, largest among Okla
homa banks. Capital will be $7,665,000; surplus, $17,835,000, and undivided
profits in excess of $4 million.

READERS OF
TIME

•NEWSWEEK

U.S. NEWS & WORLD REPORT
HOLIDAY

•

NEW YORKER

NATIONAL GEOGRAPHIC
SPORTS ILLUSTRATED

WITH MONEY TO SPEND
ARE BEING REACHED WITH
THIS MESSAGE

. . D O E S Y O U R B A NK O FFER

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

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

Elect W om an Economist
Bank of Montreal has named Miss
Frances T. Noble, a graduate of the
London School of Economics, as an
assistant economic advisor. She joined
the bank in 1955, and has helped on
many of the economic studies for the
monthly Business Review.

FIRST
NATIONAL CITY
BANK
Member Federal Deposit Insurance Corporation

N o r t h w e s t e r n Banker, O c t o b e r ,

1961

Banker-to-bankei
Join the m o re th a n 2,00<
fu ll-tim e co rre sp o n d e n t services
NORTHWEST

C harles F. N ewhall
V ice-President

V icto r C. von M edino

J oh n C. H e m m er le

A sst. Vice-President

A sst. Cashier

R a y m o n d V. D ieb a ll

J ack W . I I a l i .bero

A sst. Cashier

Asst. Cashier

G eorge W. M iller
Vice-President

B A N K P L A N N I N G A N D D E S IG N

E r n e st J. H u lto re n

R o b e r t E. W hite

A sst. Vice-President

Asst. Cashier

S P E C IA L S E R VIC E S

R . G arth D u n n , Jr .
A sst. Cashier

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

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

1961

D a v id R . M a in

F r a n k J. S or g

ervice in 50 States!
a n k s w h o re c e iv e th e fin e s t
co n tact o u r D iv is io n F to d a y !

CENTRAL

W il lia m T. D w y e r

H. S t a n l e y B ick f o r d

A sst. Vice-President

L e s l ie V. B jork

A r th u r F. S t a k e

A sst. Cashier

A n d r e w J. N ie i .o

C. H ugh A l b e r s

A sst. Cashier

J oseph C. F e n n e r

L a w r e n c e J. B erry

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

A sst. Vice-President

Assi, Vice-President

A sst. Cashier

SOUTHEAST

F red S. F loyd
A sst. Vice-President

N e v in G . B o w se r

D a n a B . K a sn er

A sst. Cashier

Representative

irst National Bank of Chicago
Dearborn, Monroe, Clark and Madison Streets • Building with Chicago since 1863
MEMBER

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

FEDERAL

DEPOSIT

IN SU R AN CE

Northw estern

CORPORATION

B a n k e r , O c t o b e r , 1961

»S ti» DESK
jyioni

iJnB

Pabftljkc'i

(D m A , (fjosL anjdL Q o h n . 3 (sm n su d i^:

(D q jcU

t Q jftd c m ,

to u c h .:

Q. Q l

President, Financial Public Relations Association,
Chicago.
Banks, like other commercial institutions, are
constantly competing for the dollars received by
individuals.
Retailers, manufacturers and service organiza
tions all use intensive advertising and publicity
programs to lure the customers’ dollars into their
cash registers.
In the last ten years bank advertising has made
tremendous strides and much of this, Mr. Crouch,
has been due to the excellent work carried on by
the Financial Public Relations Association.
In looking over some of the methods used by
banks to increase their business, we noticed, among
others, the following ideas:
1. A new car auto show on a bank’s parking lot.
2. A special coffee hour from 3 :30 to 6 :00 p.m.
on Fridays of each week for the bank’s cus
tomers.
3. The use of a series of cartoons to promote
savings.
4. A plan where a bank supplies “ practice
checks” to students so that they can learn
banking methods.
5. Mailing special savings passbooks to high
school students when they graduate.
6. Publishing a new city map for bank custom
ers.
7. During a city-wide DOLLAR D A Y a bank
sold silver dollars for 98 cents.
8. Another bank offers an atlas whenever it sells
travelers’ checks to a customer.
9. In a community where roses bloom in profu
sion a bank sponsors an annual rose show.
These are only a few of the ideas which bankers
are using to create good will and secure new ac
counts, but the main point, Mr. Crouch, is that
bankers today are alive, alert and eager to use
any advertising or publicity program which will
bring more accounts and more dollars into their
institutions.
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

1961

Palm Beach and Washington, D. C.
As a distinguished father and son combination
your philosophies of what our economic policy
should be are very divergent.
Today “ John” favors more spending, a bigger
national debt and no reduction in government ex
penses.
“ Joe,” who has had more financial, as well as
considerable political experience, views the current
scene by saying:
“ We can do well to mind our business and inter
fere only where somebody threatens our business
and our homes.
“ The policy I suggest, moreover, gives us a
chance economically to keep our heads above water.
For years, I have argued the necessity for not bur
dening ourselves with unnecessary debts. There is
no surer way to destroy the basis of American en
terprise than to destroy the initiative of the men
who make it.
“ An Atlas, whose back is bowed and whose hands
are busy holding the world, has no arms left to
deal with his own defense.
“ Increase his burdens and you will crush him, or
attack him from behind and he cannot turn to de
fend himself. This is our present posture. It
strangles our might.”
May we suggest a little “ fireside chat,” John,
with your father, “ Joe?” because we think Joseph
P. Kennedy knows his “ way around.”
A Few Opinions on Current Events

1. Prosperity is ahead of us for 1962.
2. There will be no big war but plenty of “ tight
spots” to cause us worry.
3. In a nuclear war Russia would be blown to
pieces— also.
4. Why should the steel union get a raise in
wages with the blessing of Washington, but
when the companies suggest a raise in steel
prices they get a rebuke from JF K ?
5. In 1962 new car models may sell 6.5 and per
haps 7 million units.
6. A new record net realized income per farm of
$3,300 may be reached.
7. Our Gross National product is on the way to
$600 billion by the end of 1962.

WHO among these people should
be your customers?

Growing children, college students, bakers, butchers, professors, doctors,
chefs, salesmen, engineers, architects, housewives, plumbers, business execu
tives, telephone operators, lawyers, masons, carpenters, chauffeurs, secre
taries, druggists, ministers, clerks, pilots

actors

stewardesses

models

editors, scientists insurance agents real estate brokers, school teachers?

All of them, Mr. Banker!
They are Christm as Club members and all are potential customers for every service you offer.
If you do not now offer a Christmas Club, join the successful financial
institutions that do. If you do offer a Christmas Club service, get to
know your Christm as Club members. Cultivate them and help them to
m anage their money by using the other services you offer.

Cijrtsitmasi Club
a Corporation
230 Park Avenue, New York, N. Y.
Founded by Herbert F. R a w ll

B uilds C h a ra c te r

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

•

B uilds S avin g s

•

B uilds Business fo r F in a n c ia l In stitu tio n s
N o r t h w e s t e r n Banke r, O c t o b e r ,

7961

Mr, Dowd, why did First National o f Cincinnati
choose Bank Building Corporation?”

FiR ii
ÌW A T tO N A t»

SANK

Artist’s concept of the six-story addition to First National Bank.

Says FRED A. DOWD, president of Cincinnati’s First National
Bank: “Our project is a large one, involving complete
modernization of our existing banking quarters and the
erection of a six-story addition that will more than double
our space and permit us room to grow. To this important
assignment, Bank Building Corporation brings wide expe
rience in planning and building major construction projects,
as well as complete facilities for handling all phases of the
job and a thorough understanding of our special needs.”

N o r t h w e s t e r n Ba nker, O c t o b e r ,

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

1961

“becau se of y o u r
experience in
planning and
building major
projects”
another reason why
more bankers say —
‘‘C all in Bank B u ild in g !”
The larger your project, the more impor
tant is your selection of the men who will
create and construct it. There’s just natu
rally more chance of problems, headaches,
and unexpected extra items in a multimillion-dollar project than a smaller one.
That’s why it makes sense to bankers like
Mr. Dow d to choose a planner and builder
w ho know s all the p ro b lem s through
experience . . . and who has solved them
successfully. W h o can minimize the head
aches by bringing to your project a team
geared to handle every phase of planning,
designing, engineering, building, decorat
ing, and equipping your building from
sub-basement to top floor. W h o can elim
inate unexpected costs by giving you, in
advance of any major commitment on your
part, a guaranteed estimate of final costs.
A n d who will build maximum efficiency
and profit potential into every square foot
of your new quarters.
The bankers whose projects are shown on
these pages chose Bank Building Corpora
tion. Chances are you will, too, when you
know all the facts. W e ’ll be glad to supply
them. Phone us or write us; there’s no
obligation. Before you invest— investigate!

Send for your free copy of
“ B U IL D I N G A T A
GUARANTEED

C O S T ”—

Among the many major bank and bank-office
buildings created by Bank Building Corpora
tion are, top to bottom: Liberty National Bank,
Louisville, Ky.; contemporary Pascagoula-Moss
Point Bank, Pascagoula, Miss.; First American
National Bank's 9-floor building in Duluth,
Minn.; Citizen’s National Bank, Evansville, Ind.;
and the striking Firestone Bank, Akron, Ohio.

a survey of Bank Building
projects and methods
ST. LOUIS,
1130 HAMPTON AVENUE
ATLANTA • CHICAGO
DALLAS • NEW YORK
SAN FRANCISCO

OF AMERICA

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

N o r t h w e s t e r n Banker, O c t o b e r ,

1961

10th Fed Appointm ent
William H. Leedy, well-known Kan
sas City attorney who is currently
serving as treasurer of the Kansas
City Board of Police Commissioners,
has been appointed general counsel
and secretary of the Federal Reserve
Bank of Kansas City, it was an
nounced by George H. Clay, president.
He will handle the bank’s legal affairs
and serve as secretary to the board of
directors.
In order to comply with Federal
Reserve regulations, Mr. Leedy will
resign his position on the police board.
He was appointed to the board earlier

♦
Í

P 1 7 A M A
H lY I « . U IV A

this year by Missouri Governor John
M. Dalton.
Mr. Leedy will be taking over a posi
tion once held by his uncle, H. G.
Leedy, who retired in March of this
year after 20 years as president of the
Federal Reserve Bank. H. G. Leedy
was general counsel from 1924 until
1941 when he became president.
Las Vegas Meeting
Supervisors of state banks will hold
their annual convention at Las Vegas,
October 9-11. Dick Simpson, bank
commissioner from Arkansas, is pres
ident of NASSB.

N0W 1st |Nrate ° f growth
AMONG THE 50 STATES!

Sam Fleming, vice president of the
American Bankers Association, and
Winslow Pike, president of NABAC,
will be featured speakers.
Nam e Chemical Executives
Directors of Chemical Bank New
York Trust Company have promoted
three officials to the rank of senior
vice presidents, Chairman Harold R.
Helm announced recently. They are
Walter M. Ross,
Granger Costikyan and Seymour
Dribben.
Mr. Ross is des
ign a ted head of
the b a n k ’ s Na
tional D iv ision ,
succeeding
George L. Farns
worth, executive
v ic e p resid en t,
who is transfer-

L a t e s t co m p a riso n s in d ica te th a t A r iz o n a ran ks

first n ation ally in ten out
♦

of tw elve m a jor indices of
g ro w th

( s e c o n d in t h e

other tw o ca teg ories).
Our new

S ta tistical

G. C O S T IK Y A N

R e

v ie w , j u s t o ff t h e p r e ss,

i'
HÉ!'

has 4 0 pages of reference
m aterial on this exciting
a n d d y n a m ic S t a t e . . .
including current and his
torical d ata on p opulation ,
em p lo y m en t, retail sales,
agriculture, m in in g, b a n k
ing, m an u factu rin g, tou r
ist business, construction
a n d real e s t a te a c tiv ity ,
taxes, clim ate, etc.

T he on ly com plete sum m ary
of current A rizona facts and
figures. P repared by our
R esearch D epa rtm en t and
used as authentic source
material by new spapers,
governm ental agencies (and
even our com petition !).

FOR YOUR FREE COPY WRITE OUR
SPEC IA L S E R V IC E S DEPARTMENT,
P. 0. BOX 71, PHOENIX 1, ARIZ.

“41ST IN THE NATION”

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

1967

S. D R IB B E N

ring to the International Division. Mr.
Farnsworth will be associated with
Clinton C. Johnson, executive vice
president, in directing this fast-grow
ing department. Mr. Dribben con
tinues to serve as an administrative
officer of the International Division.
Mr. Costikyan is named associate head
of the National Division.
Mr. Ross is particularly well known
by bankers throughout the nation,
having supervised the bank’s business
in the western and southern states in
recent years. He is a native of Mar
ion County, Iowa, having been born
in Bussey. In the mid-20’s, he worked
at the old Rollins Hosiery Mills in Des
Moines before joining GMAC. After
World War II service, he joined the
First National Bank, Louisville, where
he rose to vice president. In 1950, he
joined the Chemical Bank, and in 1952
was named vice president. His moth
er and sister live in Des Moines.
Kansas City Director
John P. Miller, executive vice pres
ident of the Spencer Chemical Com
pany, Kansas City, has been elected
to the board of directors of the City
National Bank & Trust Company,
Kansas City.

NCR announces

a new proof concept for banks!

releases the most complete, most
economical Bank Proof Machine ever offered!
WHY?

Because the NCR 450 completes the entire
proving requirements more simply, more easily, in less
time and with less effort than any other proof machine
available.
EXCLUSIVE COMBINATION OF FEATURES
that make this the most complete, most economical
Proof Machine ever developed:
1 Selective Programming . . . provides versatility in sort
and print control
2 Automatic Totaling— Sub-totaling . . . 24, 32 or 40
Distribution Totals
3 Automatic 3-Way Float and Service Charge Analysis
with Deposit Slip Validation

4
5
6
7
8
9
10
11
12

Programmable 3-Way Batch Control
Independent Add-Subtract “ List'’ Total
Automatic “ Single Point” Media Sorting
Direct, Simplified Error Correction
MICR Amount and Transaction Code Number Im
printing
Automatic Endorsing
Automatic Itemized Listing . . . with bank identifica
tion . . . for all distributions
Time-Shared Media Handling
Greater Production . . . more operator conveniences
. . . minimum fatigue

The NCR 450 Proof Machine will meet the exacting demands of the most
efficient proof operation. Investigate the specific benefits your bank can
obtain by using the NCR 450. Your nearby National representative is pre
pared to give you all the details. Call him TOD A Y!

THE N ATIONAL CASH REGISTER COMPANY, DAYTON 9, OHIO

* TBAOtMASM---«CO. U .9. t*AT.

O /fla tio n c U
ELECTRONIC DATA PROCESSING
ADDING MACHINES * CASH REGISTERS
ACCOUNTING MACHINES
NCR PAPER (NO CARBON REQUIRED)

1039 offices in 121 countries • 77 years of helping business save money

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

N o r t h w e s t e r n Banker, O c t o b e r ,

1961

Obsi>rrinfj

M E IN H A R D H ILF, right, German

exchange student, discusses banking
procedures with Cyril G. Burgess,
second vice president in the Inter
national Banking Department of
The Northern Trust Company, Chi
cago. Mr. Hilf is spending 10 weeks
as a trainee at the Chicago bank
prior to resuming his studies at the
University of Munich. He is visit
ing the United States on a program
operated by the Association for the
International Exchange of Students
in Economics and Commerce, the
University of Chicago being one of
the participating AIESEC colleges.

INTERNATIONALLY
SPEAKING

New Omaha H otel Opens
The Diplomat Hotel, Omaha’s new
est lodging facility, opened at 1511
Farnam Street in downtown Omaha
last month. Patrons may drive direct
ly into the hotel from Farnam Street
and unload at the registration desk
near the front entrance. Parking fa
cilities are provided in an adjacent
building for guests’ cars.
Carl B. Hurd, executive assistant to
the president of Dillon Hotels, is man
ager of The Diplomat.
Mr. Hurd said the 130 room hotel
will have the coffee shop open the
first week in October. A dining room
on the ground floor and a basement
club will open about mid-October.
Mr. Hurd said construction will be
gin immediately on an 11-story, 115room addition to be built just east of
the present structure.
The project is a joint venture of
Barton Ford and Robert W. Dillon,
president of the Dillon Hotels Com
pany. The latter operates The Town
House motels in Omaha, The Inn re
sort at Lake Okoboji, Iowa, and the
Red Cedar Lodge at Austin, Minn.

N o t o nly has th e C o m m o n M a c h in e L a n
g u a g e o f M I C R b e e n w i d e l y a d o p t e d in t h e
U n i t e d S t a t e s , b u t p la n s a r e u n d e r w a y f o r
its u s e b y b a n k s in c h e c k - h a n d l i n g s y s te m 's
in o t h e r p a r t s o f t h e w o r l d . In d e e d , M I C R
m a y w ell m e e t w o r ld - w id e a d o p tio n w ith in
a re la tiv e ly s h o r t tim e.
A s a n i n s t r u m e n t f o r m o n e y t r a n s f e r in th is
“ in te rn a tio n a l la n g u a g e ” o p e ra tio n , th e c h e c k
is n o w , m o r e t h a n e v e r , a p r e c is i o n f o r m . . .
f r o m p a p e r t h r o u g h p r in tin g .
T h e s a f e t y a n d s o r t a b i l i t y o f c h e c k s p r in t e d
on L a M o n t e S a f e t y P a p e r s s p e a k
e l o q u e n t l y f o r t h e i r u s e in t h e p r e
c is io n r e q u i r e m e n t s o f M I C R .

THE
W A V Y L IN E S ©
ARE A
LA M O N T E
TRADE-MARK

GEORGE

LA M O N T E

N o r t h w e s t e r n Banke r. O c t o b e r ,

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

&
1961

SON

•

NUTLEY

10,

NEW

JERSEY

St. Louis Increase
Mercantile Trust Company in St.
Louis has increased its capital and
surplus from $38,000,000 to $50,000,000,
making it the largest capitalization in
Missouri.
To reach the figure, $12,000,000 was
transferred from undivided profits to
surplus. Deposits as of June 30 were
$586,917,628.

As the West’s oldest bank, we’ve called San Francisco home since it was a raw Gold Rush town in the 1 8 5 0 ’s.
It is still an exciting city. We hope our special convention plans will add to your pleasure. Visit the
Wells Fargo History Room, 22 Montgomery Street • See “ Banking in the Round” at our Crown Zellerbach Office,
Market, Sansome and Sutter Streets • See our new Head Office under construction at 464 California Street.
MEMBER

FEDERAL

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

DEPOSIT

INSURANCE

CORPORATION

•

MEMBER

^Sfcer EO c lo b e r Efv61

To Aterhanize Sari 111/s A rro n a ts
HE First National Bank of Chi
cago has revealed plans for install
T
ing an electronically controlled system
that will completely mechanize its
$600 million savings operation.
Gaylord A. Freeman, Jr., president,
said “ IBM equipment designed espe
cially for First National’s savings de
partment was ordered with installa
tion scheduled to begin in mid-1963.”
First National, largest savings or
ganization in the world under one
roof, is the first commercial bank in
the industry to order a completely
automated on-line savings system.
On an average day, First National’s

savings department will handle about
5,500 separate transactions; on peak
days it will hit as high as 16,000, ac
cording to Walter Clow, vice president
of that department.
When the new system is installed,
there will be a specially designed tell
er’s machine available at each of 80
savings windows. As information con
cerning a transaction is entered into
this machine, it instantaneously trans
mits the data to a central IBM 1410
data processing system. In fractions
of seconds the computer will single
out the customer’s account from over
250,000 savings accounts stored on

whirling magnetic disks.
It will then automatically and with
out manual intervention by the teller
post directly onto the passbook all un
posted interest and unposted transac
tions, in chronological order. At the
same time, transactions will be posted
to a visible journal for use by the
teller and to reels of magnetic tape
to provide the bank with a good audit
trail.
The entire on-line savings system
includes some of I MB’s newest, fast
est: and most powerful data processing
equipment. The 1410, for example,
can perform 1,800,000 logical decisions,
600,000 additions or subtractions, 60,000 multiplications or 40,000 divisions
in 60 seconds.

.
*

Enters Senate Race
Crosby Kemper, Jr., president of
the City National Bank and Trust H
Company, Kansas City, has entered
the G.O.P. race for U. S. Senator
from Missouri.
The 34-year-old bank president is a
third generation
member of the
prominent Kan
sas City banking
family, h a v i n g
succeeded his fa
ther, Rufus Kem
per, as president
of the City Na
tional in 1959. He
had j o i n e d the
bank in 1950 after
R. C. KEMPER, JR.
serving two years
in the United States Navy and attend
ing the University of Missouri.
In filing for the 1961 Republican
nomination, Mr. Kemper’s ultimate
goal is the Senate seat now held by
Senator Edward Long, who is filling
out the unexpired term of the late
Senator Thomas Hennings.

I! yo u r c u s to m e r is lo o k in g for

NEW HORIZONS

m a r k e t in g

C IT Y N A T IO N A L

l o o k to
That's right, the
international m arket is no fu rth e r than your telephone right now! Over the
years, we've built the largest foreign d epartm en t in the H eart of Am erica
. . . and it's paid big dividends fo r our custom ers and our correspondents.
W ith over 400 direct overseas contacts and a capable, experienced inter
national staff, w e're ready to serve you and your custom ers now.
S e r v i n g t h e H e a r t of A m e r i c a and over 1000 correspondent banks . . .

C ITY N A T IO N A L B A N K
and

Trust

IOTH

Com pany

& GRAND

•

K AN SAS

KANSAS

C IT Y ,

Established 1913 — Member Federal Deposit Insurance Corporation

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

1961

M issou ri

C I T Y 4-1, M I S S O U R I

Heads Nebraska Office
Lester E. Crow of Wichita, Kan.,
has been named manager of the Ne
braska branch office of the Employers
Mutual Casualty Company in Omaha.
The office is at 3172 Dodge Street.
Mr. Crow has been with the com
pany 21 years, and will succeed Don
Hendrix, who resigned to enter busi- >
ness outside the insurance field. Mr.
Crow was formerly assistant manager
in the Kansas-Oklahoma territory.
New Gam ble Catalog
Gamble-Skogmo, Inc. has announced
the release of its new 272 page 1961-62
Fall and Winter mail order catalog. _
It will be distributed to about threequarters of a million customers in the
company’s 22-state trade area.

“ Th e thing that decided us on a M osler
vault door was its appearance,” says M r.
Stanley T . Smith, Assistant Vice Presi
dent of the Huntington National Bank,
Columbus, Ohio.
Huntington National constructed its
new Eastm oor office, installing a Century
7 " Vault D oor and other M osler equip
ment. Says M r. Smith:

MOSLER-EQUIPPED BRANCH
ADDS NEW BUSINESS

“ M an y large Columbus corporations,”
says M r. Smith, “ have moved to the sub
urbs. It would be unrealistic to expect
them to travel all the way in to our main
office. So, we m oved with them . Our
E a s tm o o r o ffic e is tru ly m o d e r n ...

“ W e found the M osler door fit our
specifications perfectly. There’s a psycho
logical ‘confidence-building’ factor in the
appearance of the M osler door.
“ O u r m a in v a u lt at E a s tm o o r is
equipped with M osler deposit boxes. W e
reasoned that when a customer wants
access to his property it certainly bet
ters his opinion of us if all our equip
ment has an air of stability and optimum
protection.”

M o sler-eq u ip p ed . W e believe it’s the
latest in efficient operation and the ulti
mate in protective design.
“ A t the Eastmoor office, in the first
two months of 1961, we added many new
checking and savings accounts. Unques
tionably, one reason for the new business
is our three new Mosler D rive-In W in
dows. W ith them, we can offer the kind
of service that saves our customers’ time.
And, that’s the decisive elem ent in bank

ing today.”
PROBLEM S O L V IN G -A MOSLER SPECIALTY

f Transactions

are fast and convenient at one of
three Mosler Drive-In Windows.

From the largest bank vault to the sm all
est safe deposit box, M osler design and
m an u factu rin g experience is at your
service. M o sle r is the w orld’s largest
builder o f safes, vaults, and banking
equipm ent. W r ite for in form ation on
auto banking and protective equipment.

The Mosler Safe Company
320 Park Avenue, N ew Y ork 22, N . Y .
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

1961

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

N o r t h w e s t e r n Ba nker, O c t o b e r ,

1961

New
Film
Em phasizes
In P lan n in g iiniUling P r o je c t
By D . E . M O S B Y , Vice President
Bank Building & Equipment Corporation
Saint Louis

IMING’S the mark of a champion.
In competition victory goes to the
T
people who make the big move at the
right time. This all important in
gredient can be right for one compet
itor . . . wrong for another. For tim
ing, the real factor in success, can go
wrong, and when it does, it hurts.
Many banks today are wondering
about their timing . . . is now the time
to modernize or move to new quar
ters?
An important documentary for pro
viding the answers to these and count
less other questions has been carefully
researched and produced in a new
sound film by the Public Relations
Division of Bank Building & Equip
ment Corporation of America. This
enlightening film reviews what has
happened to progressive, forward-look
ing banks that completed building
programs during the recession periods
of 1958 and 1960. It takes into ac
count actual business conditions, de
posits, depositors, consumer credit and
the total deposit dollars at each insti
tution described.

To be fair about it, the Public Rela
tions Division selected one bank lo
cated in the heart of the steel belt
where our economy suffered its great
est decline. Not only does the film in
dicate how well the bank actually
fared during the period, but it also in
dicates what it actually cost to rebuild
during these years.
Had the same quarters been delayed
until 1961 actual costs for the identical
facilities would have increased sub
stantially. Since 1950 building costs
in 20 typical cities have risen 55 per
cent. If that rate of climb is projected
to 1970, and there’s no foreseeable rea
son why it shouldn’t be, it will mean
another 55 per cent advance over pres
ent construction levels.
There’s no question that banks that
attract the business get the business.
In the competitive race for depositor
dollars, the only safe route to future
growth and profit will be one of suit
able quarters on the best possible site
with an eye to business volume proj
ected by the Department of Commerce
for 1970.

Banking authorities project a check
paper flow by 1969 that will double
the present load. With Gross National
Product, the real guidepost for finan
cial men, projected at $770 billion, it’s A
clearly evident that successful banks
—the banks that will really reap the
rewards from this prosperity—will be
those who plan and prepare for the
future now.
Bank Building’s Public Relations
Division is delighted to make all nec
essary arrangements to show this new
film “Timing” to interested banks in
their own quarters at any time, with
out obligation of any kind. It’s a ter
rific, fact-filled presentation designed
to provide helpful, authoritative infor
mation in only 15 minutes.

Attend ABA Convention
Because of the important role field
warehousing plays in many of today’s
business and financial transactions,
Lawrence Warehouse Company will
have a sizable delegation from its San
Francisco executive offices on hand for
the American Bankers Association
convention, opening October 15 in San
Francisco’s Fairmont Hotel.
The group, headed by Louis A. Be
noist, president, will include Paul
Lorton, vice president, sales; Harold
S. Hildreth, vice president, San Franciso office; E. C. Yuille, vice president,
Los Angeles office, and Edward Botsford, bankers’ representative from the
company’s executive offices.

E xten sive underw riting activities assure
broad selection for bank investm ent
A lo o k at our record b o o k s will show the active role played by H alsey, Stuart in the
underwriting and distribution o f new issues o f b on ds, notes, debentures and equipm ent
trust certificates. In the first six m on ths o f 1961, we purchased over 150 o f such new
issues, either as sole underwriter or as m anager or co-m an ager o f underwriting accounts.
F o r the year 1960, the record show ed 266 new issues totaling $ 2 .2 billion— equivalent
to one new $ 8 ,0 0 0 ,0 0 0 issue each w orking day o f the year.
It is this extensive m arketing activity that m akes possible the exceptional diversity
o f our current offering list. M a y we send you this list, w ithout cost or obligation.

HALSEY, S T U A R T & CO. INC.
123

SOUTH

LASALLE

STREET, C H I C A G O
AND

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

1961

OTHER

•

PRINCIPAL

WALL

CITI ES

STREET, N E W

YORK

Their know-how in consumer credit can
help your bank.

Based on long years of experience in

all phases of installment lending, the counsel of these Harris
specialists is yours for the asking. This is one way we help
our correspondents. H ow can we help you?

HARRIS“ BANK

Organized as N . W . Harris & Co. 1882— Incorporated 1907— Member Federal Reserve System . ..Federal Deposit Insurance Corporation

111

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

W E S T M O N R O E S T R E E T — C H I C A G O 90

Northwestern Banker, October, 1961

There’s a new name
in banking

MANUFACTURERS HANOVER
TRUST COMPANY
Manufacturers Trust Company and The Hanover Bank have merged.
The people, experience and resources of both have been brought together
into New York's newest bank—Manufacturers Hanover Trust Company.
Stronger and better balanced than either predecessor,
Manufacturers Hanover Trust — the nation's fourth largest bank —
offers greatly expanded services to its more than 3,700
correspondent banks across the country.

CHAIRMAN, EXECUTIVE COMMITTEE

CHAIRMAN, FINANCE COMMITTEE

Downtown Headquarters: 4 4 Wall Street, New York 15, N. Y.
Uptown Headquarters: 3 5 0 Park Avenue, New York 22, N. Y.

133 B an kin g O ffices in G reater N ew Y ork

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

Northwesters

Banke r, O c t o b e r ,

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

19 6 1

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

The C a ttle Outlaoh

...

each of them, preclude any simple answer to this question
that is so vital to everyone connected with the livestock
industry—and in upper midwest and mountain states this
includes most people in one way or another.
To obtain some well qualified opinions on this impor
tant subject, the N o r t h w e s t e r n B a n k e r invited comment
from leading feeders, ranchers, livestock bankers and
central stock yards managers. In addition, we have
attended two livestock meetings in St. Joe and Omaha
where veterans of the industry took a good look at what
is happening in the cattle markets today. All of the
comments were expressed in mid-September and are as
follows:

By A. J. HALLAS
President
Stock Yards National
Bank, Omaha, Nehr.

■ It is our opinion that the fat
cattle market will not materially
change in the immediate months
ahead.
From all the figures that we are
able to assemble, it appears that fat cattle marketings
will continue on about a 3 per cent increase during these
months, and with the prospect for increased pork and
poultry supplies in the market, it would not appear that
any material change could take place that would make
for an increased fat cattle market. It is quite apparent
that fat cattle are being marketed at prices approximately
$2 per hundred lower than during the same period in
1960, and the early sales of feeder cattle have been near
the 1960 levels. This being the case it would appear to
me that if a profitable feeding operation is to be had, that
prices for feeder cattle this fall will tend toward lower
levels. Early prices for feeder cattle have been high
compared with a year ago and today’s fat cattle prices.
Taking into consideration an increase in fat cattle mar
keting, increase in the supply of pork and poultry in our
markets, and a possibility of higher feed costs, it is quite
evident to me that if any money is to be made in the cat
tle feeding industry, that it will have to come from lower
feeder prices.

By RAY A. RODEEN
President
Sioux City Stock
Yards Company
Sioux City, Iowa

■ With the prospective increase
in broiler production and the in
crease in spring pig crop, together
with a 1 per cent increase in num
ber of cattle in the country last
N o r t h w e s t e r n Ba nker, O c t o b e r ,

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

1967

January as compared to the previous year, it is my opin
ion that prices for fat cattle will be somewhat lower this
fall and winter than they were a year ago. Of course, this
forecast of cattle prices is dependent upon status quo in
the cold war and the avoidance of any open conflict as a >
result of Berlin or other situations. If anything should
happen in the international field involving the United
States directly or its allies, naturally, livestock prices will
zoom.
T
It is my impression, from talking to many feeders in
our area, that, because of the comparable high price at
which they purchased stockers and feeders a year ago,
their cattle feeder operations were not particularly profit
able this past year. With this experience behind them
this past year, they may be very cautious in purchasing
stockers and feeders this season. However, the average
corn belt farmer has his operations geared for livestock
feeding. His program is to convert crops into cash
through livestock and it is extremely unlikely that he
will change these operations much. We will undoubtedly
carry on with his cattle feeding operations. This belief
is justified by the fact that the early demand for stockers
and feeders has been broad enough to make these cattle
somewhat higher than they were a year ago.

By N. T. TIEMANN
President
Commercial State Bank
Wausa, Nehr.

■ One of the best corn crops in
our history, that will mature in all
probability, has given cattle feeders y
a relative amount of optimism with
regard to replacement cattle pur
chases. An abundance of roughage and a good carryover
of alfalfa adds fuel to the bullishness. However, even in
view of this excess feed and grain our cattle feeders are >
exercising caution in cattle purchases. They reason that
replacement cattle prices will work lower and at this
writing (mid-September), some of the corn is already
frost-proof and with a normal frost date the entire crop
will mature. Thus, the feeder with dry corn on hand
is not forced to buy now. Further, it is believed that fat
cattle prices will work lower in the next 60 to 90 days.
This fact, coupled with increasing replacement cattle re
ceipts, puts the feeder in a better bargaining condition
than he, the rancher, and many bankers realize.
We have counseled our feeders along these lines and
replacements to date have been very slow. It does not
seem logical to us that feeders should be stampeded into X
paying such current high prices when the price of fat
cattle is lower now than a year ago and the price of corn
higher.
Reports indicate that fat cattle prices may average
slightly lower for 1962 than for the current year. For
1960, U.S.D.A. figures indicate average margin for steers
in the Corn Belt was $11.83 per head compared to $29.07
in 1959. The 1961 average margin will probably be in
line with the 1960 figure. If this be true, why then should
the cattle feeder and his banker agree to pay the high
price being asked on current replacement cattle?
We are counseling our feeders to bear down on replace
ment prices and sit tight if prices do not respond down
ward. We expect at least $2.50 to $3 off of current calf
quotations and $1.50 to $2 off of yearling prices. We
further expect the fat market to drift downward about

$1.50 in the next two to three months. Sometime this
fall or early winter stock cattle prices will be attractive
to the feeder and purchases can be made. Last fall early
purchases were the best. That apparently won’t be the
case this fall.
We expect more than the usual demand for credit in
the coming months and the money supply is sufficient to
take care of our anticipated needs.
One of the reasons for the increased credit demand is
high moisture storage construction and expansion in cat
tle feeding programs.

B y DAVID H. REIMERS
Chairman & President
Live Stock
ISational Bank
Chicago, III.

■ It appears that the current ag
ricultural b a n k in g situation is
somewhat different than that at
this time last year inasmuch as
there has been a greater liquidation
of cattle loans through marketing processes than a year
ago at this time, thus placing the banks in better position
to meet their feeder customers’ requirements than was
the case a year ago, and we feel that interest rates will
continue at last year’s level, at least during the fall
period.
In view of the fact that cattle feeding has been without
profit for many feeders this past season, there will be
a strong tendency to hold off purchases with the hope
that when movement from the ranges gets under way,
prices will be more in line with the fat cattle market
than in late August. We doubt that feeding operations
will be expanded unless market supplies of corn at har
vest time result in prices which will have a material
bearing on feeding costs.
Feeding programs should be adjusted to the production
of leaner beef at finishing weights between 1,100 and
1,200 pounds rather than those operations entailing heavy
consumption of corn and long fed cattle in the heavier
weight classes, as it has been such operations that have
been the least profitable for most feeders.
With the economy once again turning upward and the
results of heavy government spending to be reflected in
further acceleration next year, it would appear that the
cattle feeder who buys conservatively and who keeps his
feeding program pointed toward the area of greatest pub
lic demand, has a fair chance of turning a profit.

B y J. H. ROHW ER
President
Farmers State Bank
Schleswig , Iowa

■ Never in my experience has
there been a time when it has been
more difficult to decide what ad
vice to give the customer that
comes in to make preparation for
next year’s feeding operation.
During the past six months we have had quite a num
ber of cattle go to market that have shown a loss. In
other instances feeders claim that they have broken even,
but an analysis will show that they lost money.

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

In our community 75 per cent of our people feed cattle.
They are not in and outers; most of them are calf feeders
All reports indicate that compared to 1960 there will be
4 per cent more cattle marketed during the last quarter
of 1961. Add this 5 per cent increase in the number of
hogs to be marketed, and the terrific increase in turkeys
and broilers, we cannot expect much of an increase in fat
cattle prices.
The way the feeder cattle market acted during Septem
ber, there is little possibility of there being cheap feeder
cattle this fall. Due to the abundance of moisture all
through the south part of the wheat belt and most excel
lent range conditions in most of Texas and the south
west, demand for grazing cattle is going to be strong.
We are hoping that our people can lay in good commer
cial calves weighing from 375-450 pounds for $26-$28 per
cwt. We figure this a better buy than the yearlings at
present prices.
and their program is very similar year after year. We
expect that demand for money for next year’s operation
will be quite similar to that of 1960-61 and previous years.
We are coming up with an above average corn crop.
Our people have an abundance of roughage on hand and
fall pastures are in excellent condition, so we do not
expect much cut-back in the number of cattle that will
be purchased this fall.
Last year our customers handled more than the usual
number of yearling steers and these are the cattle that
have shown the loss so far. Our advice is to buy the
cattle light, hold them for the long pull and use roughage
and grass to the fullest extent. The cheaper the gain the
more chance they will have holding their money together
or showing a profit.

B y W. H. BROW N
President
Tri-County State Bank
Zearing, Iowa

■ We honestly believe that cat
tle should be bought for what they
were bought last fall, or lower in
order to give our feeder an oppor
tunity to hold his money together,
and make a little profit. We have found that the cattle
market is rather a staple market on the bulk of our sales.
For a number of years our cattle feeders have been
selling for around 24, 25, and 26. However, we do have
some men who get as high as 28, and we have gone as
high as 3214, but on sale price of these fat cattle you must
figure around 24 or 25.
I have made a number of visits to the ranges and have
talked with cattle growers, and it is their honest opinion
that they like to have the cattle feeder come back year
after year, and they feel that they should be bought so
that the cattle feeder can make a profit or they don’t have
a market for their feeders.
We think that if ranchers get what they got last fall
for cattle or a little less they are still getting a fair price,
and this gives them a future market for their cattle.
We think that calves should be bought for around 25,
yearling steers should be bought for 23, and heifers
should be bought for 21.
We base our opinion on the fact that we are going to
have a higher feed cost for the coming year. We realize
too there is a certain amount of feed on the farm; that
the only way to dispose of this feed is through cattle. We
also realize that the cattle feeding business is not a one
N o r t h w e s t e r n Banker, O c t o b e r ,

1961

The C u ttle Outlook

...

year business, but is continuance and there is no man
or group of men that can predict which are going to be
good years and which are going to be bad years, so it is a
matter of staying in the business and the cattle feeders
for the last several years have had a very small margin
profit, and many times just break even, and occasionally
a loss.
We earnestly believe this coming year cattle feeders
must be in a position where they can take a lower price
for their feed and still continue in the business. We do
not believe it is any time for new feeders to start or
people with small margin. We have noticed there is a
tremendous shift into larger operations, and we think
that a farmer should not feed any more cattle than he
has feed to mature these cattle, or he should have credit
or financial standing to buy the feed that is necessary.
We are entering a period where it is unwise to speculate
or depend on a rise in the market, but we do personally
feel that the coming year will probably see a more stable
cattle market. Nothing large, but owing to the fact that
the higher cost of feed has a tendency to stabilize and
cause more reasonable numbers to be fed.
In the years we have financed cattle feeding we have
seen very little money lost in feeding cattle. But we
have seen lots of money lost in feeders trying to out
guess the market. Feeding cattle is no longer an off
season chore, but a big business. In our area there is
an abundance of feed, and the prospects for a crop are
excellent. We believe that the cattle buyer can buy a
good grade of cattle, but should not buy cattle just for the
privilege of owning cattle. I think that the quicker the
range people realize that our cattle feeders have got to
have some assurance of a profit, the quicker these cattle
prices can more readily adjust themselves.
But our final opinion is that cattle must be bought for
what they were bought a year ago or less.

By LEROY O. WALLIN
Exec. Vice President
Big Horn County
State Bank
Hardin, Mont.

■ Big Horn County — and all of
eastern Montana—suffered a severe
drought the past year, seriously af
fecting yields on all dry land crops.
However, irrigated crops seem to
be above average, helping to keep our economy in bal
ance. Recent rains have been a Godsend.
Everything seems to point to relatively good cattle
prices for the next several years. Decrease in unemploy
ment and extensive government spending coupled with a
general business recovery within our economy would
tend to make this so. Demand has been good for calves
and yearlings, and contract prices for calves exceeded 30
cents in some instances for a time. There has been some
Northw estern

Banker, O c t o b e r ,

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

I9 6 J

softening of prices the past week or two. Potential feed
ers in the area have settled on a “wait and see” policy, so
to date we have had little loan demand for feeding pro
grams. We will have an ample money supply this year,
and will make it available to those feeders who have a >
proper feed supply and good feeding facilities. Due to
drought conditions, there will be a shortage of barley in
this area, but there will be a greater supply of corn silage,
and hay seems to be plentiful.
We have for the past several years encouraged in
creased livestock feeding in our area, as our economy is
well geared for it. The Holly Sugar Company plant
located here has just completed the construction of beet
pulp drying facilities, which will create a further advan- >
tage to feeders. However, with the cost of calves and
yearlings at the present levels, we are reviewing each
loan application carefully, to see that proper feed and
good feeding facilities present a reasonable assurance of
success.

■ We in n o rt h ea st e r n
Wyoming have had an ex
tremely dry year. There
B y WM. W . SMITH
are a few small areas that
have fairly good grass, but
Vice President
75 per cent of our trade ter
Stockmens Bank
ritory is about 50 per cent
Gillette, W yo.
of normal.
Our loan demand will not
be heavy this fall but we
expect it to be exceedingly heavy next spring if our mois
ture conditions are good. If our customers have some
feed and some range we are advising them to buy supple
ment feed and hold as many head of livestock as they
possibly can.
Calves in the past 60 days weighing 220 to 280 pounds
have sold for 32 cents on the heifers and 34 cents on the
steers. One sale was 34 cents on heifers and 36 cents on
steers. Heavy calves the past week, through our local
auction, have sold from 26 to 29 cents on the heifers and
from 27 to 31 cents on the steers. These calves weighed
300 to 350 pounds.
Several of our ranch customers have been offered $30.50
for mixed heifers and steers for fall delivery. We have
one contract and these calves will weigh 340 to 350
pounds and sold for $105 per head and they received them
at the ranch. Yearling steers have been selling from 24
to 26 cents, depending on quality and weight. Yearling
heifers have been selling from $20 to $25. Again weight
and quality was the determining factor. Our trade terri
tory is strictly a range proposition. We do not have any
feed lots in our trade territory.

■ We have not noticed
any particular change in
the practice of our cattle
B y JOHN N. THOMSON
feeders in replacing fat cat
tle which have been mar
President
keted. They seem to feel
Bank of Centerville
that
if they are to stay in
Centerville, S. D.
the feeding business, they
must pay the market prices
for the feeder cattle.
We have been fortunate in this vicinity this year with
the weather conditions and will have a very good corn
crop in addition to a good small grain crop already har
vested.

01
01
We do not expect the loan demand to be very different
from normal and have ample funds with which to finance
our feeders’ requirements.
We have never tried to advise our customers, especially
cattle feeders, as to how to operate their business, nor
have we tried to predict what the future market prices
might be.

By LEO R. GRUBER
President
Drovers National Bank
Chicago, III.

■ I think the demand for loans to
feeders will be high this fall be
cause of the high prices of feeders
and calves, especially calves. I be
lieve there will be an ample sup
ply of money unless the feeders start accumulating feed-v ers before they have sold last year’s crop. This might
be a possibility because pastures are exceedingly good
and they might want to put on 30 to 45 days of cheap
gain. This could create overlines for local banks in feeder
r areas.
The outlook is for an ample, if not excessive, supply
of feed. We feel that there will be a good supply of free
corn as we understand that under the present support
program the grower can seal only the average number of
I. bushels per acre which he anticipates growing.
It looks to us as though corn yields will be in excess
of the average. It is estimated that 60 per cent of range
cattle have been sold with some going southwest to the
f wheat fields. Yearling prices recently have been off a
little but calf prices continue to be strong.
There is still a strong demand for all lines and we find
that some of our feeders have been buying heavy cattle
they can bring to the market around the first of the
year. This would indicate that they are not too optimis
tic over long range cattle prices.
a After a note of pessi
mism among cattle feeders
in the early part of the
By R. B. McCREIGHT
year, a renewed note of op
President
timism is reflected in the
Union Stockyards Co.
current broad demand for
all classes of replacement
South St. Paul, Minn.
livestock at prices some
what higher than antici
pated earlier. The average
return to livestock feeders in the 1960-61 feeding season
was about 33 per cent less than the five-year average, but
this has not curtailed demand for replacement stock at
prices ranging from steady to $3 higher than a year ago.
Despite the drouth scare early in the season, feed sup
plies should be abundant for the fall-winter feeding sea
son. Prospects for “cheaper” replacements due to the
over-publicized drouth situation have failed to material
ize. Demand for stocker and feeder cattle continues to
run ahead of available supplies, even at the higher rates.
Cattle numbers, up 6.3 per cent over a three-year period,
will probably increase another million head by the end
of the year. However, this is only slightly greater than
the rate of population growth, and beef-hungry consum
ers should readily absorb the increase in supplies.
Increased meat promotional efforts, improved meat

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

merchandising methods and improved quality of meat
supplies should help keep beef in a competitive position
with other meat and poultry items.
Expanded use of enzymes for tenderizing low-grade
beef prior to slaughter could be an increasingly important
factor in demand for lean, less fatty grades of cattle in
the month ahead, particularly in the face of increasing
consumer and retailer attitudes toward excessive fat.
If current marketing trends continue, 1961 cattle ar
rivals at the South St. Paul stockyards will probably run
slightly higher than the 1,085,000 head handled during
1960.

h Demand for money is
about normal for this sea
son of the year. Consider
By H. T. HAYNES
able reduction in loans will
be made in October when
President
the fed cattle and calf crop
Spink County Bank
is marketed. This locality
Red field, S. D.
has ample rough feed, more
silage is being put up than
usual and we will harvest
an average corn crop. The small grain crop was about
average. Deposits are higher than a year ago and there
will be ample funds for financing customers this fall and
winter.
Offers up to 28 cents are being made for feeder calves
for October delivery and yearlings are being sold for
around 23 cents. Cows are bringing from $150 to $175 on
sales.
Fat cattle are being sold on the local market for from
$22.50 to $24. About the same number of cattle will be
put in the feed lot this fall as last year.

By L. C. RUMMELLS
Exec. I ice President
First Slate Bank
West Branch, Iowa

■ We keep an exact record of all
the cattle financed by our bank,
using a fiscal year of July 1 to July
1. Our loan demand is very strong.
In fact, we have financed twice as
many cattle since July 1 in comparison with a year ago.
Our farmers can readily remember what happened a year
ago, so I think this one year memory sets the pattern
for their action the next year. A year ago our farmers
were hesitating buying their replacement cattle at what
they thought was too high a figure. The early purchasers
fared best last year so several of our farmers have made
their purchases earlier so when our fiscal year ends, I
think we will have financed about as many cattle as nor
mal.
Probable Money Supply

Our cattle loans run between 20 and 40 per cent of our
deposits every year which makes our total loans quite
high percentage-wise. We are telling our customers that
we will finance them if they can take another loss, be
cause we must be near the bottom of the cattle cycle
barring a severe widespread drought which would flood
the market and cause prices to drop drastically.
Feed Supply

The feed supply in our area will be very satisfactory.
We have had a lot of good rains this year, and it looks as
N o r t h w e s t e r n Banker, O c t o b e r ,

1961

T h e f 'a f t le O a f h a th . . .

if our crops will be as good as any year we have had for

many years. I know the rancher is always glad to hear
that we have a bumper crop as he thinks he can sell his
cattle for a long price because we have cheap feed. This
is erroneous and a worn out idea because the midwest
feeding states cannot survive on cheap feed. If one com
mercial feed lot was started in many of our communities
and could buy the cheap feed from the farmer, then they
could pay a long price for their feeding cattle on the
range. One commercial feed lot operator in a community
could not contribute very much to the economic life and
the survival of the community.
Advice to Our Customers

We are cautioning our customers again this year that
there may not be too many profits in feeding cattle for
another year, and if they can stand another loss, we will
be glad to finance them. We never like to see any of our
good feeders stay out of the market one or two years be
cause, according to past history, the cattle situation has
always corrected itself and they should be in when it
starts getting better. I really do not see where there is
an opportunity to make much money for another year
on cattle and try to impress our customers not to moregage the profits for any new machinery and cars until
they actually have the cattle returns in their account.
Price Range

The price range that our feeders are paying are higher
this year than a year ago and will probably continue to
pay more than they did a year ago for calves and year
lings and other feed lot replacements. Our customers
have been paying 25% cents for heifer calves, 27% cents
for steer calves, 25 cents for yearlings and 23 cents for
two-year-old steers which is about 5 per cent higher than
a year ago. We have several farmers who think they
have just got to have cattle whether or not the outlook
is bright. I know this attitude is forcing a stronger de
mand thus far this year.
We expect an up and down market the next three
or four months; however, I believe it will be a little more
on the up side than the down which would make it pos
sible that a few of our farmers would get another dollar
or possibly two dollars for their cattle around the holi
days.
This actually would not make them any profit on pur
chases made last year, but would help them recover their
full feed costs which many feeders have sacrificed in
sales the past 60 days.
By F. J. S IB E R T
Manager
Sandhills Cattle Assn.
Valentine, TSehr.

■ Up to this point, prices re
ceived for yearling heifers, twoand three-year-old steers and year
ling steers, plus contract prices on
yearling steers and calves, have
N o r t h w e s t e r n Ba nker, O c t o b e r ,

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

1961

been somewhat higher than most people who were bet
ting on the futures back in July expected.
Yearling heifers have gone from contract sales made in
early July at $21.50 up to $24 and $25 during the peak
around the first part of September. Big steers sold on >1
contract in early July at $21, and have advanced in price
from $2 to $2.50 per hundred since that time.
A few early contracts on yearling steers were let
around the $23.50 mark, but the demand from feeders and
farmers who had grass and who wanted to get steers
early to take them home and cheapen them down, pushed
the price up to $25 and $26 during the month of August.
Some contracts have been let on yearling steers for
October delivery at $24.50 up to $25.50, and it looks as if
yearling steers should be selling in this price range, give
or take 50 cents per hundred, throughout the fall selling
season.
Calf contracts were few and far between early, with
both ranchers and feeders being relunctant to commit
themselves until closer to delivery time. A few contracts
were made the latter part of August and up to the middle
of September at $28-$30, with some outside sales made
on top-quality, reputation steer calves up to as high as *
$35 per hundredweight. (The latter figure would be for
strictly fancy 4-H Club type feeder calves that would be
going for either 4-H Club or show purposes.)
Cattle feeders, for the most part, have been reluctant
to pay the $30 or above asking price for good to choice
calves, but with the strong demand from operators in the
wheat country and also with the strong demand from
ranchers who are buying calves to stock over, it would
seem that the bulk of the good choice calves will be sell
ing from $29-$31 on the steer end, and heifer mates, for
the most part, should bring from $2-$3 per hundred less.
Feed Conditions

Feed conditions throughout the Sandhills range area
are a little short compared to a year ago, but with the
carryover from last year and with the fall range, which
has resulted from local showers during August and Sep
tember, winter feed supplies in the Nebraska range area
will be adequate. Ranchers report that the hay crop, in
most areas, is about one-fourth short as compared to last
year. The quality of the hay is excellent, however, and
the majority of the hay went into the stack without los
ing any hay or any quality from excessive moisture dur
ing the haying period. Following the haying period, scat
tered moisture throughout the region improved the after
grass and fall range to the point where the entire Sand
hills region is in good shape as far as winter feed is con
cerned.
Indications are that cattle feeders should have a fairly
good year as far as marketing fed cattle is concerned.
The fact that jobs are now available to anyone who wants
to work means that before too many months the Ameri
can labor force should be back on the job and making
money. When people are prosperous, they’re eating beef;
and this, of course, directly affects the price received by
cattle feeders who are selling finished cattle. Indications
now are that the competition from poultry will be less
next year than it has been this past year. This will mean
that the consuming public will be offered less poultry at
higher prices. This, in turn, will help move the available
beef into the consumers’ homes and eliminate any block
ing or piling up of beef in the trade channels. Even
though there will probably be a few more total cattle on
feed during the coming year than we’ve seen in the past,
numbers have very little to do with the total tonnage of
THE CATTLE OUTLOOK . . .

(Turn to page 128, please)

C. A. B I M S O N

R. L. R E IE R S O N

R. W . G A L V I N

ffi

B. H. W O O T E N

G. A. F R E E M A N

financial and business experts will be fea
LEADING
tured on the program of the 87th annual convention
of the American Bankers Association to be held in San
Francisco, October 15-18. An outstanding program has
been arranged under the able direction of Carl A. Bimson,
president of the A.B.A., and president of the Valley Na
tional Bank in Phoenix, Ariz., and A.B.A. Vice President
S. M. Fleming, president, Third National Bank, Nashville,
Tenn.
General sessions have been scheduled to start at 9:15
a.m. October 17 and 18 in the Civic Auditorium at Con
vention Hall. National Banks, State Banks, Savings and
Trust Divisions will hold their meetings on Monday, Octo
ber 16, all in the Civic Auditorum. The Savings Division
will meet in Larkin Hall at 10 a.m. while the State Bank
Division meets at the same time in Convention Hall at the
Civic Auditorium. At 2 p.m. the National Bank Division
will meet in Convention Hall and the Trust Division will
convene in Larkin Hall.
The Agricultural Subscription Breakfast, a convention
feature of growing importance, will be held at the Sheraton-Palace Hotel, Golden Ballroom, at 8 a.m. Monday,
October 16.
A varied entertainment program also is scheduled for
visiting bankers and their ladies. From 4:30 to 6 p.m. Sun
day, October 15, an informal reception will be held at the
Sheraton-Palace Hotel. A ladies’ luncheon will be held at
the Fairmont Hotel at 12:30 Monday with a fashion show
immediately following at the Masonic Memorial Temple.
On Tuesday Ernie Heckscher and his orchestra will en
tertain guests at 8:30 p.m. in Convention Hall of the Civic
Auditorium. Cruises of San Francisco Bay on the “Har
bor Queen” will be featured Monday and Tuesday.
Following is the complete convention program:
Tuesday, October 17
FIRST GENERAL SESSION

A.M.
9:15

Civic Auditorium, Convention Hall—Presiding, Carl
A. Bimson, president, American Bankers Associa
tion , and president, Valley National Bank of Ari
zona, Phoenix.
Address—C. Douglas Dillon, secretary of the treas
ury, Washington, D. C.

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

R. M. G I D N E Y

G. C H A M P IO N

S a n F r a n e i s e o O c t . I S i-! U

i.tt.A . Pea tures
P rom in en t
Speakers
Election of officers.
“A Look at Electronics”—Robert W. Galvin, presi
dent, Motorola, Inc., Chicago, 111.
Wednesday, October 18
SECOND GENERAL SESSION

A.M.
9:15 Civic Auditorium, Convention Hall — Presiding,
President Bimson.
Address—Roy L. Reierson, senior vice president,
Bankers Trust Company, New York, N. Y.
Report of the Resolutions Committee.
Inauguration of officers.
“Losing Freedom by Installments”—Ronald Rea
gan, actor, Pacific Palisades, Calif.
Monday, October 16
AGRICULTURAL BREAKFAST

A.M.
8:00 Sheraton-Palace Hotel, Golden Ballroom—Presid
ing, John H. Crocker, chairman, Agricultural Com
mittee, American Bankers Association, and chair
man, Citizens National Bank, Decatur, 111.
“Barns and Skyscrapers — Inseparable”—W. B.
Camp, president, W. B. Camp & Sons, Inc., Bakers
field, Calif.
SAVINGS DIVISION

A.M.
10:00 Civic Auditorium, Larkin Hall—Presiding, Gaylord
A. Freeman, president, Savings Division, American
Bankers Association, and president, First National
Bank of Chicago.
Symposium: “Your Savings Can Be More Profit
able”—Presiding, President Freeman. Participants
will be Charles M. Williams, Edmund Cogswell
Converse professor of banking and finance, Har
vard University, Graduate School of Banking Ad
ministration, Boston; S. Edgar Lauther, president,
Irwin Union Bank & Trust Company, Columbus,
Ind., and Courtenay J. Moon, vice president and
creative director, Johnson & Lewis, Inc., San Fran
cisco.
A.B.A. CONVENTION . . .

(Turn to page 54, please)
Northwestern Banker, October, 1961

San
Franeiseo Hanks Plait
Open Hause Huri a if A .tt.A .
and their wives attend
BANKERS
ing the 87th annual convention
of the American Bankers Association
in San Francisco will find that the
major banks in the area have many
new and interesting facilities.
A close look at the new age in bank
ing will be offered ABA delegates
when they visit Bank of America’s
building at One South Van Ness in
downtown San Francisco. Visitors
can tour any part of the building be
tween 4 p.m. and 10 p.m. on Sunday,
Monday and Tuesday of convention
week.
The ERMA Center, one of the 13
in the state, will be doing all the
bookkeeping for 200,000 checking ac
counts c a r r i e d in 104 Bay Area
branches. Visitors will be able to
watch the entire operation from the
Center’s mail room through the sorter,
computer, printer and branch distri
bution points.
In the Data Processing Center elec
tronic computers will be processing:
clearings between the bank’s 724
branches in California, accounting for
approximately 250,000 Timeplan loans
and the accounting for more than
120,000 real estate loans.
Other highlights of the building,
which has 13% acres of floor space
are: the mail department which han
dles a daily volume comparable to
that of a post office for a city of 80,000,
various administrative department of
fices designed for maximum in effi
ciency and staff comfort, the central
office which clears more than a mil
lion transit items a day, the Travelers
C h e q u e department servicing the
bank’s world-wide operation, as well
as the drive-in banking facilities, high
speed elevators and fully reversible
escalators.
----------------------------------------------------------- >.

Construction of One South Van
Ness, which represents an investment
of $17 million, was begun in August
of 1958. A public preview of the build
ing was held in November 1960. There
are now 30 departments with a staff
of 7,600 working in the building.
Delegates will have an opportunity
to visit one of the most colorful and
historic banks in the United States at
The Bank of California, which is lo
cated just six blocks from convention
headquarters at 400 California Street.
The bank began business on July 5,
Northwestern Banker, October, 1961

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

1864. Its range of service includes
Washington, Oregon, and nearly the
entire western third of the nation.
The Bank of California was heavily
involved in financing mining opera
tions on the Comstock Lode and, dur
ing the 1860’s opened offices in the
Nevada silver fields. In the following
years, the bank encouraged the ex
panion of lumbering, fishing and
ranching in the northwest. Today,
the bank has 23 offices and retains its
exclusive tri-state charter. Edwin E.
Adams, president, was elected to his
position in January, 1956.
After taking his first step into
Crocker-Anglo National Bank’s Inter
national Banking Department at 1
Sansome Street in San Francisco, a
visitor realizes immediately that he
has entered an area in which the ge
ographic scope of daily thinking ex
tends to the horizons of the free
world.
Dominated by a huge map of the
world, the decor of Crocker-Anglo’s
international banking department re
flects a global atmosphere character
istic of the highly cosmopolitan out
look of the city in which it is located.
Visitor’s attention soon is caught by
a foreign-exchange currency quota
tion board on which the current rates
for eighteen selected foreign curren
cies are quoted. Adjacent to the quo
tation board is a sign, printed in
EIGHT STORIES high with
13% acres of floor space, this
$17 million structure features
the most advanced electronic
and mechanical equipment
available for banking services.
The only public banking area
is a motor branch offering
drive-in and walk-up service.

eleven languages, stating that foreign
exchange is sold.
Located a few steps across from
the main section of the international
banking department is the officers’
platform. Off this platform, in a hand
some conference room, decorated with
conventional maps, polar projections
and trade route charts.
Wells Fargo Bank American Trust
Company, the west’s oldest bank, has
issued an invitation to visiting bank
ers to see the Wells Fargo History
Room (in the former Wells Fargo
head office just across Market Street
from the Sheraton-Palace). This is a
unique collection of Gold Rush souve
nirs, documents, gold nuggets, fire
arms and western stamps, franks and
postmarks. On exhibit is an original
Wells Fargo Overland Stage, one of
the Concord coaches which trans
ported mail, passengers, and millions
in gold dust and bullion during the
early days in California. The room
will be open every banking day from
9 a.m. to 4 p.m.
Delegates will also want to see
Wells Fargo American Trust’s “Bank
ing In The Round.” One block north
east of the Sheraton-Palace on Market
Street, in a park-like plaza, is the
Crown Zellerbach office, with its cir
cular glass walls and fluted copper
roof. Already a San Francisco tourist
attraction, during its first year this
office logged more than 10,000 out-oftown visitors.
Visitors will also wish to see the
new head office building being con
structed at 464 California Street by
Wells Fargo American Trust. The
main banking room can be entered
from California, Montgomery, Leidesdorff or Sacramento Streets.— E n d .

llr v

" ñ iíd i
*

95 PROOF M A CH IN ES and
their operators are easily ac
commodated in this spacious
Central Office in Bank of Amer
ica’s new building. Occupying
about one-third of the oneand-a-half acre third-floor of
the building, the Central Office
is one of 30 departments
scheduled for the building.

35
VISITOR once said, “ In San
Francisco, it’s like being on
shipboard all the time. The sea
almost surrounds the city. Tall build
ings stand like masts. . . . There’s salt
in the ocean breeze.”
This is the setting that will greet
bankers attending the 1961 convention
of the American Bankers Association,
October 15-18. It is a city of infinite
variety, ranging from cable cars run
much as they were when invented in
1873 and from picturesque Chinatown
to modern skyscrapers in the city’s
bustling financial district. It is a city
as varied as the visitors themselves.
Typical of San Francisco’s continen
tal atmosphere are its dining places.
Armenian food at Omar Khayyam’s;
Chinese food at Tao Tao; East Indian
food at India House; sea food at Fish
ermen’s Wharf; French food at Fleau
de Lys; German food at The Shadows
atop Telegraph Hill; Italian food at
New Joe’s or Original Joe’s; Japanese
food at Yamoto Sukiyaki House; Latin
American food at The Tortola or Poly
nesian food at Trader Vic’s—all have
been reported as being excellent tour
ist restaurants offering the opportu
nity of dining around the world in San
Francisco.
Sightseeing in San Francisco is par
ticularly rewarding since most points
of interest are within easy reach by
cab, cable car or via the city’s trans
portation system. Following are a few
of the many interesting things to see
during a visit to the Golden Gate city.

Fishermen’s Wharf — This is the

port for the Ital
ian fish erm a n .
C u r b ca ld r o n s
line the sidewalks
FISHERMEN’S WHARF
boiling crabs. Res
Embarcadero ends here.
taurants fe a t u r
Bay tours, seafoods.
ing fine sea food
Aquatic Park nearby.
abound as do souvenir shops and night
clubs.
Chinatown—Just one block off the
city’s main shopping district, this is
the largest orient a l s e ttle m e n t
outside of Asia.
The Old W o rld
CHINATOWN
m eets the N ew
Largest outside
here. Such places
of Asia. Temples,
as the C h in ese
bazaars, Chinese food
Benevolent Society, and the various
Family Houses are well worth visit
ing. Also of interest will be a visit to
the unusual Chinese playhouses.
Cable Cars—The turntable, Market
Street at Powell, is the place to see
these interesting cars placed into posi
tion for their climbs up the San Fran
cisco hills.
Coit Tower on Telegraph Hill—Just
a few minutes from downtown is this

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

W h at to
in
San Fra noi seo

outpost of the Latin Quarter. A broad,
circling drive reaches the top of world
famous Telegraph Hill which is topped
by Coit Tower. From here both the
Golden Gate and the bay bridges can
be seen with the entire city and it in
relation to the contours of the bay, the
piers along the Embarcadero and
Treasure Island.
Civic Center—The $28 million civic
center is composed of a group of splen
did buildings surrounding a formal
garden of lovely
flowers. The City
Hall occupies two
square blocks; the
OPERA HOUSE
Civic Auditorium
Great music, ballet.
seats 12,000, the
United Nations born'
Opera House and
here, 1945.
Veterans War Memorial buildings
were the birthplace of the United Na
tions in April, 1945, the Public Library
is among the finest in the nation, and
the federal and state office building
complete the center.
Flower Stalls—The unique custom
of selling flowers on nearly every
downtown corner was started by the
Italians long before the earthquake
and fire of 1906 and continues today.
Market Street—This is the keel of
the city, and is one of the busiest
streets in the world. It runs from
Twin Peaks Tunnel entrance to the
Ferry.
Mission Dolores—This is one of the
best known tourist landmarks in the
city. It was found
ed in 1776, the
sixth Mission in
t h e C a lifo rn ia
MISSION DOLORES
chain. The mis
Founded 1776.
sion is still in an
One of California’s
excellent state of
21 original Missions,
preservation. The altar was brought

from Spain and the rafters were paint
ed by Indian converts nearly 150 years
ago.
Union Square—This is a peaceful
park that was completely dismantled
while San Francisco built a parking
garage u n d e r
ground. It was
t h e n rea ssem
bled to once again
UNION SQUARE
become a beauty
Shopping district,
spot of the city.
art stores, rail and
airline offices, etc.
The center of the
downtown district radiates from this,
one of the world’s largest garages—a
square block substructure with capac
ity for 2,000 cars on four underground
levels.
Presidio and Golden Gate Bridge—

Located at the foot of the world’s long
est bridge span is
the P resid io, a
1,540 acre military
reservation . Lo
GOLDEN GA1I BRIDGE
cated here is the
Highways 1 & 101 to
oldest abode
Marin, Wine Country,
b u ild in g in the
Redwood Empire, Oregon.
city and the site of the first white set
tlement in San Francisco. A walk
across the Golden Gate Bridge takes
about 50 minutes round trip.
Fleishhacker Zoo — Located at the
extreme southwest end of the city is
F le is h h a c k e r
P la y g ro u n d and
Zoo, one of the
finest west of the
ZOO
M is s is s ip p i. It
Animals.
houses an unusu
pool, miniature r.r.
al c o lle c t io n of
Stem Grove nearby
animals and close by it the world’s
largest outdoor swimming pool, 1,000
SAN FRANCISCO . . .

(Turn to page 62, please)
Northwestern Banker, October, 1961

MODERN 450 PROOF machine is shown to Bill Werner, left,
v.p., United Home Bk. & Tr. Co., Mason City, by Bob Raven,

RIGHT— Bob O’Connor and Jack Porterfield, Chicago office of
George LaMonte & Son, Nutley, N.J., handled delegates re
quirements on quality check paper answering questions on bank
automatic programs. LOWER RIGHT— Bob Bonebrake, adv.
and sales prom, mgr., Tension Envelope Co., Kansas City.

bank repr., Natl. Cash Register Co., Dayton, Ohio. CENTER
— Mosler Selectronic File wa.s shown to delegates by A1 Kwiecinski, product mgr., systems div., Hamilton, Ohio. UPPER

t o

i i f f h

t i g

t i o

t s

i p

B y MALCOLM FREELAND
President

EARLY 2,000 bankers in attend
N
ance at the 37th annual NABAC
convention had an opportunity to in
spect a record display of bank equip
ment, designed to automate operations
for banks in all deposit groups. Most
major equipment companies were rep
resented with their most modern ma
chines and systems.
Keynote speaker for the convention,

held in Chicago last month, was Gay
lord Freeman, president of the First
National Bank of Chicago. Mr. Free
man told delegates that if this nation
is to survive, we must return to the
principles which made it great. He
indicated that we must change our na
tional policy from one of penalty to
one of reward for investment, man
agement and labor. “Depreciation al

lowances must be liberalized; the
graduated income tax must be amend
ed to avoid the confiscatory rates on
higher income,” Mr. Freeman stated.
Turning to the principles of political
and religious freedom, Mr. Freeman
emphasized that, “We must make a
reality of what is now the fiction of
political and religious freedom.”
Winslow E. Pike, NABAC president,

B-270 ELECTRONIC data processing system was feature of Burroughs Corp. exhibit. RIGHT— R. J. Nachazel, v.p. & cash., Farm
ers & Merch. Sav. Bk., Burlington, left, inspects new equipment with B. Ray Howard, Le Febure Corp. market research mgr.

Northwestern Banker, O ctober, 1961

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

37
a n n ou n ce d th at responsibility for
maintaining the signal level standard
of Magnetic Ink Character Recogni
tion documents is being assumed by
the NABAC research institute at the
request of manufacturers of bank
equipment.
E x t e n s i v e discussion centered
around automated pooling arrange

ments for small banks in a joint ven
ture. Van Vechten Shaffer, president
of the Guaranty Bank & Trust Com
pany, Cedar Rapids, spoke on the sub
ject, indicating that the NABAC re
search institute can be of valuable
assistance to country banks consider
ing such a venture. He urged bank
ers everywhere to get together with

C U M M IN S COUPON P A Y M E N T system was displayed by
Neal J. Ryan, reg. mgr. from Milwaukee and other officials

from Chicago headquarters. Enthusiasm was shown by dele
gates visiting booth manned by Paul McGuire, staff rep. for

NCR COMPUTER like the one which will serve as master con

trol of Central Natl. Bk. & Tr. Co’s, new automation center is
being inspected by Harold Winder, v.p., & cash., Central Natl.,
and Pred Olin, bank repr., Natl. Cash Register Co., Dayton.
NABAC delegates visited with Peter Hinsch (St. Paul) and

their fellow bankers even to organize
loose groups into committees in order
to study the joint venture problem.
He added that any sort of joint ven
ture, now or later, will be more eco
nomical if a uniform numbering
system is used. NABAC has provided
a numbering system that will answer
most problems.— End.

Christmas Club, a corporation, New York. Mr. McGuire head
quarters out of Chicago. EIGHT—Columbian Art Works, Mil
waukee, displayed its new checks through the courtesy of Jim
Dichting, Detroit repr. and other officials.

other executives of DeLuxe Check Printers at booth shown
above. RECORDAK Reliant 500 Microfilmer (2nd from right)
was exhibited by George McMahon, v.p., left, and Van B.
Phillips, v.p., BRANDT Automatic Cashier display was manned
by C. H. Wellman, shown at far right.

N E W CONTINUOUS FORMS feeder introduced by Recordak is being shown to Ted Smith, left, asst, v.p., Continental Natl. Bk., Ft.
Worth, by John Eager, Recordak v.p. RIGHT— John L. Stiles, gr. mgr., Chicago office of Diebold, Inc., displays modern filing

system.
?

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

Northwestern Banker. October, 1961

F ed 9s IHIeinmaz
Fneoaratfe Spandili ff
i f rad O ff inflation
By RAYMOND TRIGGER
Investment Analyst
JSew York City

many ways. At literal face value, it
might be viewed as an unwarrantable
and intimidative interference by the
public authority with the responsibili
ties of a private enterprise to its
stockholding owners. Or as a wish
and a prayer—a naive notion that the
prestige of the Presidential office
would be great enough to spur the
steel managers to a course of action
that they might otherwise properly
shun.
It is more likely that President Ken
nedy’s m essage was a rhetorical
stroke worthy of study not only for
what it may have overstated purpose
ly, but for what it did not say.
Price— Cost Controls?

ITH the rise in economic activ
ity in the United States to the
highest level on record, the
claim of stock equities for the top fa
vor of the investment world has be
come further entrenched. Average
prices of representative common stock
have once more penetrated the ceil
ings hitherto limiting the standard in
dices.
Nevertheless, no hardening of the
money market is yet visible. The res
ervoir of net free reserves tolerated in
the banking system by the Federal
Reserve authorities keeps aggregating
$500,000,000, a money abundance that
has made it possible for the basic
money market rate—that at which ex
cess reserves are put out by commer
cial banks on day-to-day loans — to
fluctuate well below the 3 per cent
discount rate of the Federal Reserve
System, a rate that has been in effect
since the late summer of last year.

Reasons for Reluctance

Federal Reserve spokesmen indicate
that the central bank is constrained
about making any hasty move to curb
the money supply because of the fol
lowing considerations:
The national rate of unemployment
is staying at 7 per cent, a level that
in the past has been held to be too
high.
The nation’s production plant is op
erating below capacity.
Goods are generally in ample supply
and prices stable.
There are, however, signs that ap
prehensions of inflatitonary boom are
spreading. Even though living costs
stay relatively stable, both industry
and government are becoming sensi
tive about the competitiveness of
United States production costs with
the costs of producers abroad.
Payments Problem

has

taken

Washington

many

Northwestern Banker, October, 7961

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

years to take any notice of cost com
petition in international trade. What
has provoked the scrutiny is the less
secure position of the United States
dollar as the world’s leading hard cur
rency. It has been made clear over
the past year that the chronic deficit
in the United States balance of pay
ments—an imbalance resulting from
our vast exports of capital to aid un
derdeveloped nations — cannot be in
dulged in indefinitely by a community
heedless of the competitiveness of its
p r o d u c t io n costs in international
trade.
The extraordinary message sent by
President Kennedy to executives of
the leading steel companies also re
flects the rising sensitiveness of Wash
ington about production costs.
Right after his election, President
Kennedy made it clear that a rise in
interest rates would be unwelcome so
long as unemployment persisted in
material degree. The point then was
that an increase in prices was prefer
able to an increase in the cost of bor
rowing money and a high unemploy
ment rate.
New Meaning

Nine months later, the Presidential
statement has another ring. In urg
ing the steel companies not to raise
prices, Mr. Kennedy warned that if
they did it might become necessary
for the credit authorities to brake an
inflationary price rise in the economy
by measures of restraint, measures
that could set back the economy and
even increase unemployment. This
suggested that Washington now is in
a state of mind where it might hold
higher interest rates preferable to a
higher cost structure and even wider
unemployment.
The unusual appeal directed by
President Kennedy to the steel lead
ers can be construed, however, in

In some quarters, it is felt that the
Kennedy Administration would choose
to meet the threat of an inflationary
boom not through the money supply
limits of a free market but rather
through the authorization devices of
price and cost administration and ra
tioning. This school holds that the
President’s a d v ise rs are generally
skeptical about the effectiveness of a
market economy and would welcome
any excuse for the development of a
more socialistic state, one where the
channeling of investment and the play
of prices would be determined by dis
interested theoreticians in the govern
ment employ.
While it is conceivable that a com
pounding and worsening of the na
tion’s economic and political problems
could bring pressure on Washington
to adapt wartime controls to a per
petual emergency of cold-war peace, it
is more likely that the Presidential
message to the steel leaders meant
something far less drastic.
After all, the essential warning,
while addressed to the company exec
utives in terms of prices, was rather
a declaration addressed to the labor
unions about wages. It was a service
of notice — admittedly oblique rather
than blunt—that the less secure posi
tion of the United States in world
affairs can no longer let labor leaders
count on a silent partner in Washing
ton to bail them out of impasses in
collective bargaining. Rather than
hold off a year and then send a crack
down message to labor, was it not
more politic to dress it up as a warn
ing to the steel leaders and send it off
now?
Financial Orthodoxy

That financial orthodoxy still claims
a place of major influence in the Ken
nedy Administration is suggested by
INVESTMENTS . . .

(Turn to page 58, please)

. . there is a real place in New York fo r conservatively managed banks

and trust companies o f moderate size where customers m ay have easy access to
and personal acquaintance with the senior officers .
.

QUOTED FROM "THE BANK'S DECLARATION OF PRINCIPLES"

Copyrighted map used by permission Denoyer- Geppert Co., Chicago

W hen The Mid-W est Needs New York Money Services
Today, just eight m id-w estern states produce one-third of the nation’s
m anufactured goods and m eet one-third of the nation’s industrial
payroll. C entrally located to both raw m aterials and m arkets, w ith
superb land, air and w ater transportation facilities, this industrial
heartland can anticipate continued dynam ic grow th. This Bank
is privileged to be doing business w ith m any correspondent banks
in the M id-W est, planning w ell-rounded financial program s
th a t will keep pace w ith the region’s growth.

THE
BANK
OF
NEW YORK
Main Office: 48 WALL ST.

•

Uptown Offices: 530 FIFTH AVE.

•

New York’s First Bank . Founded 1784
360 PARK AVE.

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

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

•

MADISON AVE. AT 63rd

19 6 1 B N Y

•

MADISON AVE. AT 73rd

P la n

A y

C redit Conference

panels and a complete after
T WO
noon of audience participation bull
sessions will be featured at the Na
tional Agricultural Credit Conference
planned by the Agricultural Commit
tee of The American Bankers Associa
tion for the Statler-Hilton Hotel, Dal
las, Tex., November 13 and 14, accord
ing to John H. Crocker, chairman of

J. H. CROCKE R

H. W . S CH AL LE R

session will be Harry W. Schaller,
president, The Citizens First National
Bank, Storm Lake, Iowa, a former
chairman of the A.B.A. Agricultural
Committee. He will introduce a flannelboard presentation by Dr. George
M. Beal and Dr. Joseph M. Bohlen,
both professors, rural sociology, Iowa
State University, Ames. Their sub
ject will be “Farmers’ Attitudes To
ward the Use of Credit.” This will be
followed by seven simultaneous audi
ence participation bull sessions, with
Dr. Timm as coordinator. Some of
the nation’s outstanding agricultural
bankers will be discussion leaders for
the various groups.
Joe A. Clarke, executive vice presi
dent, Fort Worth National Bank, will
preside at the Tuesday session, which
will be addressed by Charles N. Shepardson, governor, Federal Reserve
System, Washington, D. C.
Bank o f New Y ork Trustee
Howard E. Simpson, chairman and
chief executive of the Baltimore and
Ohio Railroad, was elected a trustee
of The Bank of New York recently,
succeeding the late Colonel Roy Bar
ton White, it was announced by Albert
C. Simmonds, Jr., chairman.

W . E. D R E N N E R

Mr. Simpson, a career railroad man,
is chairman of the Reading Company
and the Central Railroad of New Jer
sey, with which he started as a clerk
in 1912.
Elect Douglas F. Graves
Douglas F. Graves, vice president of
the First National Bank, Freeport,
Illinois, has been
elected as a di
rector.
M r. G r a v e s
joined the Free
port bank in June,
1961, after resign
ing as assistant
vice president of
the Harris Trust
& Savings Bank,
Chicago. He trav
D. F. G R AVE S
eled I o w a and
Illinois for the Harris.
Trust Men to Dallas
Speakers representing banking, the
law, education, and government will
appear before the 30th Mid-Continent
Trust Conference of the Trust Divi
sion of The American Bankers Asso
ciation, according to the program
announced today by Robert R. Dun
can, president of the Division. The
Conference will be held at the Baker
Hotel, Dallas, November 9 and 10.

R. T IM M

the committee and chairman of the
board, Citizens National Bank, Deca
tur, 111.
In addition to formal addresses by
some of the nation’s outstanding agri
cultural leaders, the bankers attending
will have an opportunity to participate
in discussions concerned with bank
operations and administration in the
agricultural field. The first such dis
cussion will be a panel on Monday
morning on “Providing a Complete
Financial Service.” Edward M. Nor
man, president, The First National
Bank of Clarksville, Tenn., will be
moderator.
The second panel will be on “Which
Way Is Livestock Feeding Going?” for
which William E. Drenner, president,
The City National Bank, Fort Smith,
Ark., will be moderator.
The formal addresses on Monday
morning will include “American Agri
culture in the 60’s” by Dr. Tyrus R.
Timm, head, Department of Agricul
tural Economics and Sociology, Texas
A. & M. College, College Station, and
“What’s Ahead for Agriculture and
Banking?” by Dr. Kenneth Hood, di
rector of Commodity Division, Ameri
can Farm Bureau Federation, Chi
cago.
Presiding at Monday afternoon’s
Northwestern Banker, October, 1961

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

P la n 4 2 Story Hoy a l B a n k
that the “topping out” cere
NOW
mony has been completed, the
Royal Bank of Canada is speeding up
its own preparations to move its head
office from Montreal’s traditional fi
nancial district on St. James Street
West to the uptown site on which is
being constructed the largest and one
of the finest office buildings in Canada.

NEW 42-STORY head office building for
Royal Bank of Canada.

The “topping out” ceremony of the
new Royal Bank of Canada Building,
a 42-story structure designed in the
form of a cross, took place recently
when bolt number 1,226,869, goldplated for the occasion, was tightened
on the towering steelwork to mark
the completion of that phase of con
struction.
The building’s design, unique in
Canada, and its height, will easily
make it one of the dominant office
buildings throughout the cou n try.
With almost an acre of rentable space
on each floor, it promises to make an
ideal home for major corporations and,
in fact, many have completed arrange
ments to move there in mid-1962, the
date set for its completion. The Royal
Bank will occupy five floors.
One of the most interesting things
about the new Royal Bank Building is
its surroundings. It is the focal point
of a three-block development in the
very heart of Montreal, known as
Place Ville-Marie, which will be a
beautiful and carefully inter-related
ensemble of modern buildings, with
huge built-in parking levels, its own
shopping center and a handsome
three-acre plaza.

Feeder loans, when properly made, represent sound credit
risks benefiting the borrower, the bank and the entire com
munity as well. Over the past several years there has been
a substantial increase in all types of agricultural loan
demands. A s a result, many banks are turning to The
Live Stock National Bank of Chicago for assistance in
meeting the requirements of their cattle feeder customers.
Why Live Stock National? Because this bank’s more
than 90 years of experience in cattle loans make it easy to
work with. Our specialists are at your service to assure
satisfaction for you and your customers.
We look forward to working with you in this and in
any other correspondent services you may require.

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

LIVE STOCK
BA NKl

tA a / tm ia /

o f l c{o / u c a < jc

4150 South Halsted Street, Chicago, Illinois
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

SERVING INDUSTRY AND AGRICULTURE
FOR OYER NINETY YEARS

At BaJ H arbour Nov. 2 6 -3 0

Full Srhrdule fur Fi*IS. I ileleya trs
Business for You in ’62” is
MORE
the theme of the 46th annual
convention which the Financial Public
Relations Association will hold at the
Americana Hotel in Bal Harbour, Fla.,
November 26-30.
According to Program Chairman
Frederick J. Blake, the many attrac
tions planned for the meeting will
more than warrant the record attend
ance, expected to approximate 1,500
delegates. Mr. Blake, who is vice pres
ident of the Central National Bank of
Cleveland, promised delegates “the
most profitable five days any financial

public relations or advertising man
will spend this year.”
Fresh and practical suggestions for
developing additional business will be
heard at the morning school sessions,
while the remainder of each day will
be filled with over 80 departmental
and clinic meetings on every conceiv
able facet of public relations, advertis
ing, and business development.
General Sessions

When delegates are not busy updat
ing their abilities by attendance at
these sessions, they will be attending
to the affairs of the association. The

Soonerville Trolley!
Elmo Thompson, Jack Allen, “ Mac” McClintock, Bill Michaels and Dick Wagner
will all be on hand to greet you at the ABA. One of the first things they’ll ask“ Do you have your cable car tickets?” * For First of Tulsa is determined to help
every single one of its banking friends enjoy the unique experience of a ride on
San Francisco’s fabled cable cars. If you are interested in free tickets for rides,
why not "Think . . . FIRST,” clip the coupon and send it to us?
* The next question, of course, will be: “ How can we help you?” A letter or phone
call will bring fast action!

THE FIRST N A TIO N A L BANK
(•&} A N D TRUST CO M P AN Y
BANKS AND BANKERS DEPARTMENT
FIRST NATIONAL BANK AND TRUST CO.
BOX 2240
TULSA, OKLAHOMA
Send cable car tickets to:
NAME
BANK
CITY
N o rth w estern Banker, October, 7961

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

first business day of the convention
will include a morning general session
at which Jordan J. Crouch, president
of FPRA, will preside. Mr. Crouch,
who is vice president of the First Na
tional Bank of Nevada, Reno, will be

STATE

J. J. CR OU CH

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

ending his administration, a period
during which FPRA scored an un
usual growth period. Membership is
expected to be close to the 3,000 mark
by convention time.
All in all, the convention promises
to be an idea-packed one. General
Convention Chairman John P. Ander
son, first vice president of FPRA and
vice president, First National Bank of
Paterson, N. J., called the November
convention a “treasure chest . . . filled
with the most bountiful load of good
solid money making ideas ever.”
The keynote address will be deliv
ered at this opening general session
by William K. Mendenhall, president
of the State Association Section of the
American Bankers Association and
executive vice president of the New
Jersey Bankers Association.
A general session also will close the
four-day convention when delegates
gather to install new officers for the
coming year. Appearing at this ban
quet will be Dr. Carl S. Winters of
General Motors Corporation, who will
speak on “Your Human Relations Are
Showing.”
This year the work will include a
half dozen departmentals on topics in
major phases of banking, 30 clinics,
and four morning sessions of the asso
ciation’s School of Financial Public
Relations.
School Meetings

School meetings will be concerned
with four specific topics—market re
search, human relations, communica
tions, and advertising. On four suc
ceeding mornings, delegates will hear
experts in their fields discuss new de
velopments in four areas of public
relations activities. Opening the series
Monday morning, November 27, will
be a session on “Human Relations,”
conducted by Dr. W. E. Kendall, direc
tor of the Psychological Corporation
of New York and a widely published
writer on personnel and counseling.
At Tuesday morning’s session “ Mar-

Look at the 16 reasons so many banks
call on Chase Manhattan for Bank Portfolio Review
Perhaps foremost among the reasons is the fact that
Chase Manhattan’s Correspondent Bank Portfolio
Review Department is a separate and distinct entity
set up solely to analyze bank portfolios. A large and
skilled staff of specialists devotes all its efforts to this
single task at hand. Correspondent banks in need of
complete investment advisory service or periodic
spot reviews— or simply an informal investment con
tact to answer occasional questions about their own
portfolio holdings— value the prompt and undivided
attention their questions receive at Chase Manhattan.
Whatever y o u r reasons for outside advice with
your bank’s investments— gain more time for other
important duties . . . check your judgment with
other men who have a unique understanding of bank
investment problems . . . make sure your portfolio’s
composition is in line with latest developments and

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

trends in the investment market— look at the advan
tages of using Chase Manhattan’s Bank Portfolio
Review Service. Send for “Portfolio Review Book
let” and read all sixteen ways your bank can benefit.
Write Roger A. Lyon, Vice-President, for your copy
today.

THE
CHASE
MANHATTAN
BANK
H e a d O ffic e : 1 C h a s e M a n h a tta n P la z a , N e w Y o r k 1 5 , N . Y.
Member Federal Deposit Insurance Corporation

Northwestern Banker, October, 196f

keting” will be the topic and the
speaker will be General Alfred G.
Tuckerman of the management con
sultant firm, William E. Hill & Com
pany, New York.
The following morning, delegates
will hear Barry McCarthy, a director
and vice president of the advertising
agency, Batten, Barton, Durstine &
Osborn, Inc., New York.
Communications

The school sessions will close Thurs
day, following a meeting on “Com
munications,” directed by James L.
Hayes, dean of the School of Business

Administration, Duquesne University,
Pittsburgh.
Afternoons will find delegates chart
ing their own courses amid the monu
mental array of meetings on a wide
variety of topics. The convention’s
six major departmentals this year will
be devoted to 54 specific topics within
the principal divisions of financial
public relations.
A departmental on Commercial De
velopment, under the chairmanship of
R. Kirby Whyte, vice president of the
Indiana National Bank, Indianapolis,
will feature 13 speakers. The depart-

T a lc o tt’ s billion dollar SERVICE
VOLUME OF CLIENT RECEIVABLES PROCESSED PER YEAR
ONE BILLION PLUS

$1,000,000,000
900.000. 000
800.000. 000
700.000. 000
600.000. 000
500.000. 000
400.000. 000
300.000. 000

200.000. 000
100.000,000

The value of Talcott’s Financing Service to
American industrial and commercial business is
reflected in the growth of client sales volume it
processes annually, now well over the billion
dollar per year mark. Our clients find it profit
able to use Talcott funds. A very substantial
part of this growth is attributable to bank
referrals and Talcott cooperation with its
banker friends over many years.
When your customers’ loan requests cannot be
accommodated, we continue to suggest “ if you
can’t say ‘yes’, say Talcott.” Talcott will do
its utmost to provide the interim secured
financing required and your bank may partici
pate if you desire. When the interim financing
needs are over, your customer returns to you
for his normal loan needs.

Jam
esTalcott, In
c.
MIDWEST REGION
DETROIT F irs t N ational B u ild ing WOodward 2-4563
CHICAGO 209 South LaSalle S treet Financial 6-1444
MINNEAPOLIS F irs t Acceptance Division
N orthw estern Bank B u ild ing FEderal 9-7711
New Y ork » Los A n gele s * Boston • A tla n ta • San Francisco
M ia m i • M o n tre a l (IT L ) • Puerto Rico

Northwestern Banker, October, 1961

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

DR. C. S. W I N T E R S

V. E. S C H W A E G E R L E

mental is being subdivided for large
and not-so-large banks so that dele
gates will be able to get a more prac
tical picture of the potential open to
them in their own particular situa
tions.
The Installment Credit departmen
tal program contains a number of
talks on subjects that promise to bear
directly on credit men, including a dis
cussion of the “truth in lending” bill
sponsored by Senator Paul Douglas.
Staff Relations

Staff Relations, under the chairman
ship of William C. Speer, vice presi
dent of Essex Trust Company, Lynn,
Mass., will follow a bank’s relationship
with employees from the beginning
(“Recruiting and Effective Interview
ing of the Prospective New Em
ployee” ) to the advanced years in an
e m p lo y e e ’ s career (“Finding Staff
Members With Management Poten
tial” ).
Attracting savings and making the
best use of them through good mort
gage loans is of primary interest to
most financial men and it is under
standable why the Savings and Mort
gages departmental is always a well
attended one at FPRA conventions.
Three opening meetings of the depart
mental will be devoted to the selling
and servicing of mortgages while the
six remaining meetings will be con
cerned with the building of savings
to back up those mortgages.
Trust Discussion

The Trust Departmental, under the
chairmanship of Thomas A. Slaughter,
Jr., trust officer of the First National
Bank of Atlanta, Ga., will emphasize
salesmanship with meetings devoted
to the skills, talents, and tools of trust
selling, including a “brain picking ses
sion” on new ideas in the field.
A special Public Relations depart
mental, an extra feature at this year’s
convention, has been arranged by
Program Chairman William N. Flory,
assistant vice president, Harris Trust
& Savings Bank, Chicago. The de
partmental will deal with public rela
tions problems e x c lu s iv e ly , with
speakers from the top echelons of
media and agencies as well as finan
cial institutions.

T H IS
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? H ow 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.

f e e

G rc w n M e 4 .
The Friendly Store

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

Northwestern Banker, October, 1961

"A
u
to
b
a
n
” Units

Unveil New

pany and manufactured by Interna
tional Telephone and Telegraph Cor
poration, Autobanker consists of a
specially engineered combination of
television, voice communication and
pneumatic tube system to provide
drive-in and walk-up banking at points
separated from the main bank build
ing while the teller remains within
the bank.
Having the Autobanker teller re
main inside the bank means that more
banking services are available to cus
tomers at the drive-in or walk-up win
dows, since all necessary records are
a v a ila b le to the teller. Services
through drive-in windows with the
teller located outside the bank are
limited.

FIRST CUSTOMER stops at Mosler Autobank at the First National, Waukesha, Wis.

Visible in the Autobank customer unit are the TV screen showing the teller in the bank
and the TV camera which provides a picture of the customer for the bank teller.

“Autobanker,” a modern
MOSLER
development in banking equip
ment, was unveiled last month in

Waukesha, Wis., at the First Nation
al Bank.
Developed by The Mosler Safe Com-

GADGETS
W e are intrigued by gadgets. W e
devote a lot o f time and spend a
lot o f money in developing them,
and, while they have little intrinsic
value since they are not salable, they
have tremendous value to us be
cause of their contribution to our
specialized needs. For example, we
hang twenty-eight hundred dollars
worth o f gadgets on a conven
tional press and each is important
to us although perhaps not too
appealing to other establishments.
What gadgeteering does for us is
that it permits us to utilize a stand
ard piece o f equipment which,
when loaded with our improve
ments, enables us to get an output
considerably in excess o f the rated
factory capacity. This is no reflec
tion on equipment manufacturers
from whom we buy because they
have no general market for the in
novations that are standard with us.

About fifty per cent o f the gadgets
we develop originate with the man
on the job. His ideas are tried and,
if they don’t work, we get them
out o f sight without delay. If they
do work, the only reward he gets
is the satisfaction o f knowing he
has made a contribution. There is
no "cent” in our incentive, which
means that as a company we are
always indebted to our people.
This in no way hurts our pride.
The point is that if we do enjoy
any manufacturing advantage over
other check printers, it is largely
due to the fact that gadgets con
tribute to processing and process
controls. These devices are a con
stant challenge to our inventive
ness and we never hope to catch
up. While it is difficult to pinpoint
their value to our customers, we
think in the aggregate they provide
the "plus” they get from us.

Manufacturing Plants at:

Deluxe

c l if t o n , n o r w a l k , p a o l i,

CLEVELAND, DETROIT, INDIANAPOLIS, CHICAGO. KANSAS CITY,
ST. PAUL, DALLAS, CHATSWORTH, PORTLAND

CHECK PRINTERS

d>nc

Northwestern Banker, October, 1961

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

Solves Traffic

As with most drivein facilities, Auto
banker is designed to solve the prob
lems of traffic congestion and limited
parking facilities as well as to make
banking more convenient for custom
ers. In addition, Autobanker requires
no special building since the outside
customer units are enclosed in a metal
housing, are watertight and have thenown integral heating and cooling
units.
With the teller located inside the
bank, no additional teller equipment
is required.
The customer unit, in satin finish
stainless steel, includes a television
camera and screen, microphone and
loudspeaker, and transaction drawer
which is, actually, the carrier for the
pneumatic tube that speeds the trans
action between customer and teller.
Inside the bank there is a similar
arrangement at the teller’s position
with the addition of a few simple con
trols to activate the system and move
the carrier back and forth through
the pneumatic tube.
Signal for Teller

A button on the outside unit signals
the teller in the bank who appears on
the television screen in the customer
unit. With a simple fingertip switch,
the teller opens a door in the cus
tomer unit and asks the customer to
place his transaction in the pneumatic
carrier.
The teller closes the door and re
turns the carrier to the bank at a
speed of 25 feet per second. During
the time of the transaction, the teller
and customer can see each other on
television and talk together over the
sound system. The customer’s money,
receipt or bank book is returned via
the pneumatic tube and the transac
tion is completed. Average time for
a transaction is less than one minute.

He lands a $4billion bank at your doorstep
When the traveling banker from Chemical
New York walks into your office, he has
behind him the resources of one of the
world’s largest banks. (Our assets on
March31,1961, stood at $4,374,930,456.)
The large resources at his command
permit him to solve virtually any bank
ing problem.
And he has behind him large resources
in manpower, too.
Overseas, our representatives travel to
over 140 countries, learning about busi
ness conditions firsthand. They can ar
range every kind of financial transaction.
Foreign collections in Nigeria, for in
stance. Or letters of credit in England.
Or foreign exchange in India.

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

At home, we can provide you with
extensive credit information. Or perform
any of the other services you could
expect only from a bank of our size.
It’s the traveling banker from Chemical
New York who arranges these services
and makes all this information available
to you and your customers.
And he brings you the hometown touch
besides. Because he travels extensively

in your region, and intimately knows
business there. He talks New York finan
cial language, but with a local accent.
To get this hometown touch plus the
resources and manpower you need for
any banking transaction, just call this
traveling banker from Chemical New
York. Chemical Bank New York TrustCompany, New York 15.
Member Federal Deposit Insurance Corporation

Chemical Bank € 3
New York Frust Company
Northwestern Banker, October, 1961

IT .l

Art McClaskey, ag representative, arSt. •/«(' Storls Yards
ranged tours of various yards’ points

Toar

of interest during the morning.
After the meat cutting demonstra
tion, a panel reviewed current market
trends and their comments are con
tained in the lead article in this issue,
“The Cattle Outlook.”
A dinner at St. Joseph Country Club
concluded the one-day event.

HOSTS H. H. Broadhead, Jr., v.p., and Thos. J. McCullough, pres, (left), welcome L.
Boyd Rist, pres., Wymore National, Wymore, Nebr.; J. E. Howe, chmn., Adair County
Bank, Greenfield, Iowa, and Dr. E. W . Freeland, dir., Citizens State, Clarinda, la..

than 175 bankers and stockMORE
men were guests of First Stock
Yards Bank of St. Joseph, Mo., at
“Market Day” in the South St. Joe
stock yards last month. Following a
noon buffet luncheon they watched an
extremely interesting demonstration
of retail meat cutting by Galen Gra
ham, chief butcher for the Green Hills
Markets of St. Joe.
Mr. Graham proved his point well
that beef cattle finished for the tastes
and desires of the retail trade can be

trimmed out most efficiently with a
good profit margin, by a retail store
that will learn to make the most of
every part of the carcass, particularly
the fore quarter. He demonstrated
this ably by deftly preparing two cuts
of meat that frequently are by-passed
by many retail stores as being worth
only chuck meat to mix in with
ground beef.
Thos. J. McCullough, president, and
Harry H. Broadhead, Jr., vice presi
dent, welcomed the visitors, and with

When it comes to selling a
sizable block of s t o c k . . .
You would probably prefer a minimum of publicity so that news of
the offering won’t depress the price of the stock, and the transaction
can be completed as fast and efficiently as possible.
Many people with sizable holdings are apt to have some familiarity
with the established techniques, especially the Secondary Distribution
and the Special Offering, but they are not likely to know much about
the technique that often is the most efficient. That’s the Exchange Dis
tribution, which we find can frequently be used to sell a large block of
stock at less cost and with greater net return to the seller.
If you would like to know more about the Exchange Distribution—
or the Secondary or Special, for that matter—we will be glad to send
you our new 16-page study “How To Sell a Sizable Block of Stock.’'
You’ll find it contains information about each of the methods for han
dling large blocks to help you decide which is the right technique for you.
What’s more, you’ll find fourteen typical examples of Secondaries and
Exchanges handled by this firm during 1960. Examples showing num
ber of shares, price, and gross spreads in dollars that we think you
might find surprisingly attractive.
If you’d like a copy, we’d be happy to mail one. But since the supply
is limited, may we ask that you address your request directly to Joseph
C. Quinn, Vice President, Sales Division.

BEEF CUTTING demonstration was given
by Galen Graham, head butcher for Green

Hills Markets in St. Joe.

a
hearty
welcome
fo r the
BUSINESS TRAVELER
From coast to coast, mo
tels displaying the Con
gress sign proudly offer
fine accommodations to
traveling America.
Diner's Club, American
Express and C arte Blanche
credit cards honored. Free
advance reservation serv
ice.

Enjoy your trip more —
travel first class — travel
the Congress way.

CONGRESS
M otor Hotels
2503 Santa Monica Boulevard
Santa Monica, California

M E R R IL L

fre e !

L Y N C H ,

P IE R C E , F E N N E R S

S M IT H

IN C

MEMBERS NEW YORK STOCK EXCHANGE AND OTHER PRINCIPAL STOCK AND COMMODITY EXCHANGES
70 PINE STREET, NEW YORK 5, NEW YORK
Northw estern Banker, October, 1961

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

W rite fo r lite ra tu re and new
TRAVEL G U ID E lis tin g fine
m otels from coast to coast,
inspected and approved by
Congress o f M o to r Hotels.

OUR M O D U LA R D E S IG N C O N C EPT M AK ES IT PO SSIB LE

111 mini

r=t
©9

W itho ut question, the best counter e q u ip m e n t in stallation for you, is one that's tailored expressly to your
tra ffic patterns, m ethods and procedures. Such custom -designing can be prohib itively costly but it need
not be, for you can realize the sam e benefits and advantages by assem bling our counter equ ip m en t
com ponents exactly to fit your requ irem en ts, ft The Diebold and H e rrin g -H a ll-M a rv in line of co unter
e q u ip m e n t com ponents is so extensive and com prehensive th a t th e re ’s virtu ally no application problem
th a t cannot be solved to your com p lete satisfaction w ith com ponents assem bled to m atch your req u ire
m ents. ft In addition, our design d e p a rtm en t is a t all tim es ready to consult w ith you and your architects
on the most e ffic ie n t ways you can use com ponents in your operations. You’re invited to m ake use of
these advisory design c ap a b ilitie s at any tim e w ith out obligation. For com p lete inform ation w ith out
obligation, use the coupon below.
D IE B O L D ,

DIEBOLD

C a n to n

IN C O R P O R A T E D

D e p t.

2 , O h io

G entlem en:

Please send me com plete in form ation
m odular bank counter equipm ent.

your

I N C O R P O R A T E D
Name________________________________________________________
F irm _________________________________________________________
A d dre ss______________________________________________________

|
j

I
j
I

C ity ___________________________ Zone______ S tate______________
DI-1320

SAFE COMPANY
A Divi sion of Die b o ld ,In co rp o ra te d

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

Northwestern Banker, October, 1961

OFFICERS of the new Manufacturers Hanover Trust Company, New York, joined in
a ceremonial sign installation at the headquarters at 350 Park Avenue recently. Present
for the occasion were, left to right: William S. Gray, climn., finance committee; Gabriel
Hauge, vice chmn. of the board; Charles J. Stewart, climn. of board; R. E. McNeill, Jr.,
pres., and Horace C. Flanigan, climn., exec. comm.

3ta n u fa etu rers H anover Trust
Annies Aeiv E xecu tive O fficers
anufacturers

hanover

TRUST COMPANY, New York,
M
disclosed its top officer lineup follow
ing approval by the bank’s new board
of directors recently.
The general administrative board,
as previously announced, will consist
of Charles J. Stewart, chairman, board
of directors; R. E. McNeill, Jr., presi
dent; Horace C. Flanigan, chairman,
executive committee; William S. Gray,
chairman, finance committee; Gabriel
Hauge, vice chairman, and Raymond

C. Deering, Andrew L. Gomory, Reese
H. Harris, Jr., Milo B. Hopkins and
Eugene S. Northrop, executive vice
presidents.
Corporate staff and services officers
include Edmund Leone, vice presi
dent-administration; Walter F. Thom
as, vice president-operations; John B.
Henneman and Frederick W. Oswald,
vice presidents, personnel; Colin MacLennan, controller, and Stanley van
den Heuvel, secretary.
National division senior vice presi

dents are Raymond A. Lockwood, W il
liam H. Miller and Roger D. Elton.
Total combined resources for the
new institution is $5,794,906,556. De
posits figured on the basis of June 30
are $4,984,411,685. Capital funds are
$440,421,730. There will be about 10,000 employees. A total of 132 branch
offices will be operated in the New
York area, and two a d d itio n a l
branches in London. The bank has
six representative offices located in
other major foreign centers.

New Economic Bulletin
A new monthly bulletin entitled,
International Economic Review is be
ing published and distributed by the
First National Bank of Chicago, ac
cording to Homer J. Livingston, chair
man.
The initial issue discusses economic
conditions in Italy, Japan, Great Brit
ain, Canada and Argentina. The pub
lication is available to anyone inter
ested in receiving copies.

Charles R. Phillips
Charles R. Phillips, retired Chicago
banker, died last month in Charlottes
ville, Va.
Mr. Phillips retired in 1947 as pres
ident of the LaSalle National Bank.
He was a native of Iowa.

DOUGLAS-GUARDIAN
H W
Helps You Provide
U W
INSTANT m o n e y
For MORE of Your CLIENTS
This booklet tells how D O U G L A S G U A R D IA N Warehouse Receipts can
help you to make inventory loans that
might not be possible without the extra
support of this Field Warehousing.
W e have several pamphlets telling how
you can finance extra business with
D O U G L A S -G U A R D IA N ’S assistance.
W e ’ll gladly send you one of each . . .
as well as additional copies of any that
may help you to provide "I N S T A N T
M O N E Y ” for still more clients.
S im p ly w r ite to . . .

D o u g la s -G u a rd ia n
W AREHOUSE

C O R P O R A T IO N - 1 1 8

FRO NT

S T ., N E W

BRANCHES IN PRINCIPAL CITIES

O U R I N T E G R I T Y IS Y O U R S E C U R I T Y ! ”
Northwestern Banker, October, 1961

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

O RLEANS

1, L A .

Let’s
get
together
William A. McDomell
Chairman of the Board

Janes P. Hickok
President

Meredith C. Jones
Senior Vice President

Edwin S. Jones
Executive Vice President

W. R. Mesenbrink
Senior Vice President

First
National
Bank
John F. Hallett
Vice President

C. Arthur Hemminger
Vice President and
Public Relations Director

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

Leonard J. Schrewe
Vice President

Harry L. Smith
Vice President

Carroll F. Burton
Vice President

THE FIRST
IN ST.LOUIS

in St. Louis
Member Fedcrol Deposit Insurance Corporation

Northwestern Banker, October, 1961

t 'orrespon lien t H ankers F e te d tty City N a ti anni

IN PHOTO A T LEFT are, left to right: R. Crosby Kemper,
Jr., pres., City National; Dr. Albert E. Burke; Dr. Wernher von
Braun, and R. C. Kemper, chm. of bd., City National.
IN
PHOTO AT RIGHT are, left to right: Lauren Reynolds, exec.

v.p., First National of Joplin, Mo.; Everett Crume, v.p., TootleEnright National, St. Joseph, Mo.; F. Phillips Giltner, exec,
v.p., City National; Mrs. Crume; C. V. Morris, pres., and L. J.
Freeman, v.p., of Citizens National of Emporia, Kan.

ELL over 1,200 out-of-town visit
W
ors and their wives attended the
recent Correspondent Bankers and
Corporate Treasurers Conference spon
sored in Kansas City by City National
Bank and Trust Company.
City National guests were enter
tained in various ways during the
course of the week end, including a
performance of the “Flower Drum
Song” at Kansas City’s outdoor Star
light Theater and a close game be
tween the New York Yankees and the
Athletics at Municipal Stadium.
Highlights of the conference were
speeches at the Municipal Auditorium
by the noted television commentator,
Dr. Albert E. Burke, and by Dr. Wern-

E N JO YIN G C ITY N A T IO N A L ’S H O S P IT A L IT Y are, from left: C. L. Van Horne,
pres., First National of Hastings, Nebr.; Dale R. Ainsworth, sr. v.p., City National;
Penni Van Horne; Mrs. G. P. Scholz and G. P. Scholz, exec. v.p. & cash., First National
of Falls City, Nebr.; Mrs. Van Horne, and James Jackson, a.v.p., City National.

her von Braun, rocket and missile sci
entist from Huntsville, Ala.
KANSAS CITTs Hospitality Hotel
• Dow ntow n — Heart o f Theatre,
Shop p in g an d Business D istrict
• 10 M in u te s from A irp o rt, R a ilro ad
• 350 A ir C on d itio n e d Rooms
• G a r a g e N e x t D o o r-2 4 Hr. Se rvice
• Y e a r Round Sw im m ing

City National even provided a holein-one for one of its guests when C. E.
Moyer, president of the Bank of Wood
River in Wood River, Neb., shot a 147yard hole-in-one at the Mission Hills
Country Club during the course of the
week end.

W ayne

H um m er
CHICAGO

Koch Brothers
V

7 N) I >R 1 N T E R S Y
c------- M

ESTABLISHED

;

STATIONERS V
1889 J BOOK BINDERS
FFICE O U T F IT T E R S '^
^-^BUSINESS MACHINES
>r a n d A v e . a t Fo u r t h

D es M o in e s , U

Northw estern Banker, October, 1961

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

Famous for
Charcoal Broiled Steaks

Phone: HA 1-6040
Baltimore at Eleventh St.

M EM BERS
NEW

KANSAS CITy

m is s o u r T

YORK

STO CK

EXCH ANGE

& C o.

Our man in charge was telling us about
it. He leaned forward, relishing the
group’s inquisitive expressions. “ There
are,” he said, “ the usual well-known
routes. Then there is our route—some of
us call it ‘The Phantom Route.’ ”
We were waiting for him to explain
when one of the listeners spoke up:
“ You mean we have established con
tact with a ghost train?”
Our man laughed and went on. “ Not
quite, but we have developed some un
usual transit methods—ways of sending
checks that you won’t find on any of
the published timetables.
“ Here’s an example of how it works.
For one correspondent friend we found
that we could save time in clearing his
cash letter by actually flying it in the
Digitized fordirection
FRASER 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 of some two or three hours to him.
We always look for quicker ways of
getting transit items to us and we are
helped considerably by the people at
the Postal Service in doing this.
“ Pouch mail? Sure, it’s a regular part of
the system. Making use of every clock
beating advantage, charting individual
plans and the like—these add up to what
we call ‘The Phantom Route.’ ”

b a n k e r s t r u s t

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

c o m p a n y

16 Wall Street, New York 15, N. Y.
Member Federal Deposit Insurance Corporation

A.B.A. CONVENTION . . .
(Continued from page 33)
STATE BANK DIVISION

A.M.
10:00 Civic Auditorium, Convention
Hall — Presiding, Roland L.
Adams, president, State Bank
Division, American Bankers As
sociation, and president, Bank
of York, York, Ala.
Address of the president.
Address — George Champion,
chairman of the board, Chase
Manhattan Bank, New York,
N. Y.
Remarks—Robert L. Myers, Jr.,
first vice president, National
Association of Supervisors of
State Banks; Secretary of Bank
ing for Pennsylvania, Harris
burg.
NATIONAL BANK DIVISION

THE STUDLEY, SHUPERT TRUST INVESTMENT COUNCIL
PROVIDES COMMUNITY BANK TRUST OFFICERS
WITH SERVICE AS PERSONAL AND INDIVIDUALIZED
AS YOU GET FROM YOUR FAMILY PHYSICIAN

P.M.
2:00 Civic Auditorium, Convention
Hall — Presiding, Ben H. Woo
ten, president, National Bank
Division, American Bankers As
sociation, and chairman, First
National Bank, Dallas, Tex.
Address of the president.
Remarks — Ray M. Gidney,
Comptroller of the Currency,
Washington, D. C.
“ Problems of Success”—Thomas
B. Curtis, United States Repre
sentative, Webster Groves, Mo.

It's true! A s a member of the Studley, Shupert Trust Investment Council,
you are an individual, a personality known by name to the Council Staff
. . . and the individuality, the trust objectives of each of your accounts
is equally well known.
Indeed, the relationship of Council Staff and Members becomes so in
timate and confidential that it actually is closely akin to your relationship
with your family physician. And, like your family physician, the Council
Staff is available to you at all times, whenever an account problem arises.
Unlike your family physician, however, the Staff is not com posed of
general practitioners. Instead, it is a group of competent, experienced,
trust-minded specialists. And their research facilities for studying and
analyzing the complications of individual account problems from a trust
viewpoint are second to none.
Also, unlike your relationship with your physician, your Council
Membership is not just an aid in times o f emergency. Again and again at
frequent intervals, month after month, the Council sends you its easy-tounderstand, up-to-the-minute trust investment guide material designed to
help you keep all of your accounts in good health.
W e will be happy to tell you more about the advantages of Council
Membership without you being obligated. Write today to Dept. N W -DB.

S TU D LE Y , S H U P E R T T R U S T IN V E S TM E N T CO U NC IL
1617 P E N N S Y L V A N IA B LVD., P H IL A D E L P H IA 3 , PA.
1 5 5 B E R K E L E Y S T R E E T , B O S T O N 16, M ASS.

Northwestern Banker, October, 1961

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

TRUST DIVISION

P.M.
2:00

Civic Auditorium, Larkin Hall
—Presiding, Robert R. Duncan,
president, Trust Division, and
chairman, Harvard Trust Com
pany, Cambridge, Mass.
Address of the president.
Address—Eliot J. Swan, presi
dent, Federal Reserve Bank of
San Franisco, San Francisco.—
End.

Alert A.B.A. Visitors
The American Bankers Association
has mailed to all who made hotel res
ervations for its 87th annual conven
tion in San Francisco, October 15-18, a
letter explaining that the special North
American Air Defense Command “Ex
ercise Sky Shield” on October 14 will
ground all commercial aircraft in the
United States and Canada between 12
noon and 12 midnight (e.s.t.) that day.
As a result, registrants are requested
to get in touch with the hotel where
they are registered and make arrange
ments for arrival before or after the
“Exercise Sky Shield” period, and to
reschedule flights to San Francisco.
The exercise will not affect railroad,
bus or automobile transportation.

G e o r g ia n R o o m —M e z z a n i n e F l o o r —S T . F R A N C I S
S a n F r a n c is c o • O c t o b e r 1 5 - 1 7

HOTEL

Kenton R.
Cravens

Harrison F.
Coerver

Drew
Brown

William G.
Moore, Jr.

James E.
Brown

John F.
W ilkinson

Edward H.
Schoor

Maurice J.
Singer

Mack A.
Aldrich

John
Pisarkiewicz

A. U. (Jim)
Hooss

James A.
Smith

Robert C.
Butler

M E R C A N T IL E
Serving MORE St. Louisans
than any other bank

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

S T . L .O U IS , M O .

C O M

P A N Y

■•i

MEMBER
F . D . 1. C .

Northwestern Banker, October, 1961

Of f er

The new First National service, of
Trainint/ Course to Ittin Its
fe re d to correspondents w ith o u t

addition to the varied list
A NEW
of services offered to correspond
ents by city banks has been an
nounced by Barret S. Heddens, Jr.,
president of the First National of Kan
sas City. It is a training and re
fresher course for bank employees,
and First National officials believe it
is only one of its kind in the area.
In announcing the program, Mr.
Heddens emphasized that the First
National course in no way conflicts
with the activities of the American

Institute of Bank
ing. A d m itte d ly
an elementary ap
proach to bank
ing, the two-week
session is, in fact,
d e s ig n e d to en
able new employ
ees to becom e
q u a l i f i e d and
rea d y fo r A IB
work more quick
ly.

B. S. H E D D E N S . JR.

charge, is an outgrowth of a program
set up to train the bank’s own em
ployees. It began last January when
classes were started in the Victor
Building, adjacent to the bank on
Tenth Street. Willard L. Plummer,
an AIB instructor for nine years and
an employee with experience in near
ly every department, is in charge of
the course.
Early last month, the bank an
nounced its decision to open the
course to employees of correspond
ents. Classroom, instruction and prac
tical demonstratiton facilities are fur
nished without charge by the First
National. Many banks have sent em
ployees to the school and all banks
whether correspondents of the First
or not are invited to take advantage
of this First service.

Over 1,200 Attend
School of Banking

"Men on the G o" from the First National Bank of Kansas City,
Missouri, frequently extend their working day far into the night, for
the banks we serve. It may be attending night conferences . . .
or making long distance calls to various parts of the world. It may be
analyzing a special portfolio for a correspondent bank where
time is the essence and advice is needed at once . . . or it may be
credit information taken from our own files (which contain
up-to-date information on individuals, firms or banks).
One thing sure — we’ll come up with the answer promptly.
Try us and see. Make the FIRST your bank in Kansas City.

The First National Bank . . .
Famous for its "Men on the Go'

FIRSTNATIONALBANK

1961

1886

Three Quarters of a Century of Ranking Service
MEMBER

Northwestern
Banker, October, 1961
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

FEDERAL

D EPO SIT

INSURANCE

CO R PO R ATIO N

There were 1,241 students enrolled in
the 17th annual session of the School
of Banking at the University of Wis
consin; 399 in the senior class which
graduated August 25.
Officers of the senior class, elected
last year, are Robert M. Rauterberg,
assistant cashier,
M arine National
Bank, Milwaukee,
Wis., p resid en t;
C yrus D. K irk,
v ic e p resid en t,
B an k ers T rust
C o m p a n y , Des
M oines, I o w a ,
v ic e p resid en t;
J e a n M. N o e l ,
ch a irm a n a n d
presid en t, First
National Bank, Glaseo, Kan., secretary,
and Robert L. Newton, Bank of the
Commonwealth, Detroit, Mich, treas
urer.
Members of the senior class came
from 37 states and Panama. In all
classes, students came from 43 states,
the District of Columbia, Panama,
Puerto Rico and Honduras.
Among states in the N orthwestern
B anker territory, Iowa had the largest
representation with 97 bankers attend
ing. Minnesota had 79 bankers en
rolled this year and 38 came from Ne
braska. Another 27 enrolled from
South Dakota and 14 attended from
North Dakota.
A total of 444 bankers enrolled in
the school as freshmen this year, 55
per cent of them from communities of
more than 25,000 persons and seven
out of 10 coming from relatively
smaller banks with resources of $50
million or less.

V^
W
* *
W

W
* *
W

&sk

* *

#sk

Jfi*k
W
**.
W

w
w

W
# *k
W

j**k.
JtSk.
'W

W
W
W

w
J**k

* sk
'-*9<f

B >ankers who’ve come lip through the ranks recognize
these numbers instantly as the symbol of The Bank of California,
San Francisco.
This unique distinction dates from March 11, 1876,

'W
&Sk
W
&sk
W
JÏX
W

when the San Francisco Clearing House was organized and the

5C9Í
JtSk.

'mrt
# *k
W

15 charter member hanks awarded Number 1 to The Bank of

California in recognition, by its peers, of The Bank’s preeminent

jesk.
¿¿Sk.

position in the financial community.
w
W

w
w

Today only two others of the original 15 hanks

'^9^

survive, and their names and identities have been changed by
mergers. The Bank of California retains the name it started with

y-sk.
y *

in 1864 and is identified, as it has always been, as the Number 1
PSk

* *
W

bank in San Francisco.
From this distinctive position, we extend a cordial

J*Sk

W
**k

welcome to the nation’s bankers and our other friends on the

JtSk.

occasion of the American Bankers’ Association convention in

San Francisco.

*S k
y *
JtSk.

&Sk
W '

^Q9ff
'*9^
W

THE BANK OF CALIFORNIA

NATIONAL ASSOCIATION

w
W

Only bank with direct offices in all three west coast states
HEAD OFFICE: 4 0 0 CALIFORNIA STREET • SAN FRANCISCO

'*9^
&Sk
W
V¿

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

MEMBER FEDERAL DEPOSI T I NSURANCE CORPORATION

W
j**k
W
* *
W
* *
W
**k
W
W
* *

Northwestern Banker, October, 1961

Inw stm vnt Itr-por/ . . .
(Continued from page 38)
another major development, one af
fecting public debt management.
A financing transaction of great
sweep just announced revealed the
lasting interest of the new adminis
tration in achieving more balance in
the structure of the public debt. An
other invitatiton was issued to holders
of United States bonds to participate
in an advance refunding, one in which
they would be privileged to exchange
up to $7,600,000,000 of war-issued 2V2s
for 3V2 per cent bonds due either in
1980, 1990 or 1998. The exchangeable
bonds are those due in 1970 and 1971.

At the same time, the Treasury an
nounced plans for borrowing $5,000,000 of new cash. Of the new money,
$2,500,000,000 is coming from tax an
ticipation bills due on June 15, 1962;
$2,000,000,000 from one and one-half
year notes; and $500,000,000 by enlarg
ing, in an October refunding opera
tion, the $1,500,000,000 issue of oneyear discount bills then coming due
to a new issue of $2,000,000,000. There
will be no need for any substantial
Treasury borrowing again this year,
and probably not for the rest of the
fiscal year ending next June 30.

... protecting business and industry
FIRE

•

BONDS

•

CASUALTY

However, little progress has been
made in shifting the weight of the
Treasury’s debt repayment commit
ments. As things stand today, the
Treasury must pay off more than $80,000,000,000 of marketable public debt
within a year, an amount about $10,000,000,000 more than the within-oneyear commitments in June of last
year.
Securities that have to be paid off
within five years total about $67,000,000,000, which is about $6,000,000,000
less than in the summer of 1960. The
total of bonds to be paid off in five
years or more has increased in the
same period from less than $41,000,000,000 to $43,000,000,000 as a result of
the Treasury’s advance refunding op
erations.
An examination of the makeup of
the Federal Reserve’s portfolio shows
the extent to which the central bank
is becoming a substantial owner of
Treasury debt of other than short
term. Holdings of issues due in from
one to five years totaled $11,934,000,000, just about twice as much as a
year ago. Holdings of bonds due in
from five to ten years also have been
nearly doubled—from $1,178,570,000 to
$2,254,000,000.— E n d .

Chicago Prom otions
Three new assistant cashiers have
been named by the National Boule
vard Bank of Chicago. They are:
Lewis H. Ruff, Ralph A. Corbin, Jr.
and Bruce M. Bulmer.

including WORKMEN’S COMPENSATION
• Competitive mutual rates
• Prompt nationwide claim service
• Accident prevention engineering
• Branch offices coast to coast
PROTECTION IN ACTION— EVERYWHERE
Æ
A NATIONAL tNSTiTUTION

MUTUAL CASUALTY COMPANY
D e s M o in e s 7, Io w a

100%

American Agency System

Northwestern Banker, October, 1961

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

Assets
Over 54 Million Dollars

RUFF

CO R BI N

BULMER

Mr. Ruff is in the installment loan
division; Mr. Corbin is in commercial
loans, and Mr. Bulmer is in customer
service.
California Prom otions
Election of James C. Ellsworth to
senior vice president and George C.
Briggs to vice president has been an
nounced by the United California
Bank in Los Angeles.
Mr. Ellsworth joined the bank in
1954, and serves as an administrative
officer for operations and personnel
relations.
Mr. Briggs joined the bank in 1960
after serving as athletic director for
the University of Washington. He is
currently director of advertising for
the bank.
r

M A N U FACTURIN G

RETAILING

^ lo u r m a n a t

AVIATION

PUBLIC UTILITIES

EUROPEAN CO M M O N MARKET

COMM ODITIES

the Irving takes your point of view
Pinpoint the areas o f interest that mean profit
able business to you— and you ’ll find a man at
the Irving ready to assist you. His flexibility
and experience in visualizing your needs can
lead to expanded business opportunities for
you and your customers.
T o aid you further, he can draw upon the re
sources o f Irving men familiar with operations
in many fields— Manufacturing, Public Utili
ties, Retailing, the European Com m on Market,
Aviation or Commodities— just to name a few.
And in addition to the usual banking serv

ices, your Man at the Irving very often can help
you develop new business contacts, advise you
in advance about businesses to be established
in a region, or introduce you to the man who
makes the decisions in a national organization
— all with your best interests in mind.
Constantly traveling throughout the country,
Irving representatives are ready to work with
you. When questions arise, your Man at the
Irving can be reached quickly and easily on his
own direct dial phone. Look upon him as a
member o f your own staff and consult him freely.

IR V IN G TRUST COMPANY
Capital Funds over $130,000,000

One Wall Street, New York ij, N. Y.

Total Assets over $1,730,000,000

G eorge A. M urphy, Chairman of the Board
William E. Petersen, President
National Division—H. M iller Lawder, Senior Vice President in Charge
MEMBER

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

FEDERAL

DEPOSIT

INSURANCE

CORPORATION

Northwestern Banker, October, 1961

NCR

ADDING MACHINES
g M H p iK

designed with BANKS in mind!
That’s right— the long line of
N C R A dding M achines in
cludes special models and spe
cial features, designed to fit
your exacting requirements.

You have a Choice
of M odels and Features:
•

10, 12, and 14-column models.

•

Group and Grand Total and Selective Total Models.

•

Shuttle Carriage Models.

•

Exclusive “ Live” Keyboard Models.

•

Wide, movable carriages in 121/4 " and 15” widths.
Instantly adjustable for listing on columnar forms.

•

Keyboard “splits” for entering two or more amounts
(columns) at one time.

•

Item Counter and Printer.

•

Consecutive Number Printer.

•

Visible Print Line. (You can see what and where you print.)

•

Subtractions and credit balances print in red.

•

Large, easy-to-read “Answer Dials.”

•

Descriptive word and character keys.

Of course, you get Rugged Duty Construction on every model.
Rugged Duty working parts are your assurance of longer service and
lower cost per year.
All new NCR adding machines are unconditionally guaranteed
for o n e fu ll y ea r. They’re engineered and manufactured by The National
Cash Register Company, producers of quality business machines for
over 77 years.
You, too, can benefit from the many time- and money-saving fea
tures of an NCR System. NCR’s pay for themselves quickly through
savings, then continue to return a regular extra yearly profit. NCR’s
world-wide service organization will protect this profit.

THE NATIONAL CASH REG ISTER COMPANY,

Dayton 9, Ohio

1039 O F FIC ES I N 121 C O U N T R IE S • 77 YEARS O F H ELP IN G B U S IN E S S S A V E M O N E Y

Northwestern Banker, October, 1961

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

Ask about the NCR Mainte
nance Plan. (See the yellow
pages of your phone book.)

e / ffä tic n a l
ADDING MACHINES
CASH REGISTERS • ACCOUNTING MACHINES
ELECTRONIC DATA PROCESSING
NCR PAPER (NO CARBON REQUIRED!

IN SU RAN CE

“ He says he feels he should
discontinue part of his program, hut he still owns all of
it . . . and I am sure he does
so because he knows he will not
save money any other way'

Your Client Will Face Facts
. . . if you w ill help h im !

RECENT months I have become
I Nincreasingly
aware of my obliga

tion to help my clients, first of all
to understand the facts concerning
their financial situation, and secondly
to protect themselves against the ero
sion of their family’s security and
their own old age security due to in
flation. Anyone who has counseled
with families in regard to their finan
cial program is aware of the fact that
very few people keep their security
and retirement programs up-to-date.
We read much in newspapers and
magazines about the decreasing value
of the dollar, but very little regarding
the urgency of the need each family
has to increase its savings and pro
tection program as increased income
makes it possible. If inflation con
tinues, as it has for many years, the
amount of income that was provided
to take care of the widow and the
children as well as the amount of
retirement income that seemed ade
quate only a few years ago, will fall
far short of providing what obviously
will be needed 10, 15, 20 or 30 years
from now.
By and large, our clients do not ap
preciate what is happening to them
and, more important, the great major
ity of life insurance men apparently
do not realize it either. If we did re
alize it, we would work much harder

to acquaint the client with his prob
lem.
The following case will illustrate
what is happening to all of our clients
and will, I believe, also provide a very
effective sales procedure we can use
to help them appreciate and solve
their problem.
Effective Sales Procedure

The man I refer to here has been
my client since 1946. At that time he
owned two $1,000 20-Pay Life policies,
one of which he purchased in 1934
and the other, 1941. On my first inter
view with him in 1946, I sold him
$5,000 Endowment at 85 rather easily.
Two years later I reviewed his cir
cumstances and he bought another
$5,000 Endowment at 85 policy. In
1952 we programmed his situation and
it developed that he needed an addi
tional $22,000 of insurance to provide
for minimum needs. No sale resulted
because he insisted he was unable to
put more money into life insurance
premiums, much as he would like to.
Three years later, in 1955, we again
discussed his program and, as he did
not qualify for Social Security at that
time, he purchased an additional $5,000
Term policy which he subsequently
lapsed when he did qualify for Social
Security benefits. Two years later we
were visiting casually and I suggested
that we review his program again and

urged him to increase his amount of
insurance. He seemed willing to talk
about it. A date was set for the inter
view and this is the procedure I fol
lowed.
I asked him to give me the amount
of net income he had shown on his tax
return for several of the past years.
His figures were as follows: In 1950
his net income was $3,800; in 1953,
$4,190; in 1956, $5,805, and he esti
mated that his income for 1957 would
be somewhat above $6,000. I then
listed the total amount of premiums
he paid on life insurance during those
years. The total equaled $299.56 and
had remained the same from 1948

B y MARCUS F. KOOSMANN
General Agent
Lutheran Brotherhood
Eau Claire, Wisconsin
Northwestern Banker. October, 1961

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

Insurance

through 1954 when a $1,000 policy
with a premium of $25.85 was paid up.
Since that time his total life insurance
premium equaled $273.71.
I pointed out to him that in 1950
when he was still struggling to pro
vide a home and get established in
his business, he was putting approxi
mately 7.8 per cent of his income into
permanent life insurance. Incidental
ly, he has no other savings program.
In 1953 this represented only 7.1 per
cent of his income, and in 1956, it
represented only slightly more than
4.8 per cent.
I pointed out to him that any au
thorities he might question on the
subject would insist that at least, as
the very minimum, 10 per cent of his
income should go into some plan that
would guarantee security for his fam
ily and retirement income for himself.
I emphasized the fact that his income
would continue to increase as it had
in the past and that the amount of
money needed to provide security for
his family, in the event of his prema
ture death and an adequate income for
himself in retirement, if he lived,
would also increase.
I pointed out that unless he took
some definite steps to correct the situ
ation, nothing but tragedy could re
sult. Without some definite savings
plan, he and his family would con
tinue to live up to the maximum of
their income in the future just as
they had done in the past.
Since his estimated income for 1957
would be at least $6,000, I suggested
$10,000 of Life Paid-Up at 85 with an
annual premium of approximately
$326. This would bring his total pre
mium for permanent life insurance
up to $601.71.
When I asked him what he thought
of my proposal, he said, “Well, I guess
I haven’t any choice.” The application
was completed and promptly signed.
When I prepared to leave he said, “ I
suppose we had better talk this over
with my wife.”
He had been busy at this work when

I arrived and still had a lot of work
to finish that day. So, I suggested that
he return to his work and that I re
view our discussion with his wife. I
spent about 10 minutes with her briefly
reviewing it. Her only comment was,
“I hope we won’t have too much trou
ble paying the premium.”
The policy was delivered to him to
gether with a simple program and dia
gram showing how his total life insur
ance program would provide for his
family in the event of his death and
what his retirement income would be
at age 65 if he lived to carry the pro
gram through to that age.
He has, since our last interview, re
peatedly said that he felt that he
should discontinue a part of his pro
gram. I have paid little attention to
such comments, merely suggesting
that he certainly knows better than to
do a thing like that.
He still owns all of the program and
I am sure he does so because he knows
he will not save money any other way.
Also, because the simple program and
graph shows so clearly the protection
provided for his family that the dis
advantage of lost protection greatly
overshadows the advantage of saving
a few premium dollars. He just
doesn’t have the heart to quit.— End.

SAN FRANCISCO . . .
(Continued from page 35)
feet in length and filled with warmed
sea water. Here, also, are tennis
courts, baseball diamonds, a children’s
playground and picnic grounds.
Seal R o ck and
Cliff H o u s e — T h e

Cliff House over
looks the ocean
SEAL ROCKS
and the famous
Cliff House, ocean
Seal R ock s. It
views; sea lions on off
houses interesting
shore rocks in season.
and amazing exhibits from bygone
days and “believe-it-or-nots.”
The Enibarcadero—This is miles of
docks serving the port of San Fran
cisco. Center of this area is the Ferry

n sum nce

Building, historic landmark of the
f e r r y boat days.
As in every city
of any size, it
w ou ld re q u ire
EMBARCADERO
weeks to see ev
Docks & ships. Arrow
e r y t h i n g worth
passes Ferry Bldg.,
seeing. Visitors to
foot of Market St.
San Francisco say it is one of the most
rewarding trips that can be made and
one should return as often as possible.
Upon arriving in San Francisco, con
vention hosts will be pleased to give
information regarding points of inter
est. Additional information can be
obtained from the San Francisco Vis
itors and Convention Bureau, 300 Civ
ic Auditorium.— E n d .

Saxon Replaces Gidney
rtay ivi. Urianey nas resigned as comp
troller of the Currency effective No
vember 15 and President John F. Ken
nedy has nomina
ted J a m e s J.
Saxon of Chicago
to take over as
Co mp t r o l l e r on
that date.
Mr. Gidney has
had a r u n n i n g
battle with the
Kennedy Admin
i st r at i on ever
since the Presij. j. s a x o n
dent took office
and his brother became Attorney Gen
eral. The latter has injected the Jus
tice Department more and more into
the area of bank merger approval and
currently has several law suits pend
ing to block or dissolve mergers ap
proved by Mr. Gidney and other su
pervisory officials.
Mr. Saxon has been an attorney for
the First National Bank of Chicago
since 1956. For four years prior to
that he was assistant general counsel
in the Washington office of the A.B.A.,
and for 15 years prior to that held a
number of positions in the Treasury
department.

com

CEDAR RAPIDS
Serving Iowa Banks with Com petitive

CREDIT LIFE AND DISABILITY INSURANCE
A w holly owned subsidiary of the 11,000
stockholders o f Life Investors o f Iowa

Provide Your Customers with Credit Life Insurance
Through the Company They Oun
Northwestern Banker, October, 1961

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

T. P. (T O M M Y ) TH O M SE N
1030 Merchants N a tl. Bldg.
C edar Rapids, Iowa
H O W A R D E. SHEARY
3924 74th Street
Des Moines, Iowa

Company

Great National Manui ■
ANYTOWN,

BALANCE

1961

SHEE

Assets

Cash
A c c o u n t s R e c e iv a b le

./jig

L e s s A l l o w a n c e s f o r E s t im a t e s

IN V E N TO R Y

¡y s t e m

R a w M a t e r i a l s ..............................

W o r k in P r o d u c t i o n ....................
F in is h e d G o o d s

LO O K TO T H E L E A D E R
. . . in Field Warehousing
w hen Collateral is a P ro b le m -y e t inventory is an asset
■ Lawrence has the largest and most experienced
force of trained field men operating the famed
Lawrence System “ Know-How.”

■ Lawrence provides the most comprehensive bond
coverage — assuring you maximum protection.
■ Lawrence furnishes an I.B .M . Loan Officers
Monthly Collateral Report that simplifies your
record keeping.

■ Lawrence has an unblemished record of almost50 years service to banks everywhere.

So the next time you see Inventory on a client’s statement, why not call in Lawrence —and be secure!

LAWRENCE ON WAREHOUSE RECEIPTS

RENCE^

i$ UK£

C E R r /F /E D

QN CHECKS

Sy stem

Th e La w r e n c e C o m p a n y
N A T I O N W I D E FIELD W A R E H O U S I N G

C H IC A G O 2, IL L IN O IS
I00 North LaSalle Street
DENVER 2, C O L O R A D O
8 18 - 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 UIS 2, M IS SO U RI
Boatmen's Bank Building

SAN F R A N C IS C O I I , 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

SPOKANE 8, W A S H IN G T O N
Empire State Building
W IC H IT A 8, KANSAS
17 14 North Vassar Avenue

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

As the shadows o f late summer

help build the new Science building and for new

lengthen over the lush Mississippi River pali

dormitory construction . . . and loaned money

sades o f the Hiawatha Valley, you get a good

to the College o f Saint Teresa to complete

feeling about America, talking to S. J. (Kris)

their chapel.

Kryzsko, president o f the W inona National
and Savings Bank.

“ W e often depend,” Kris said, “ on the finan
cial advice o f our big city Correspondent Banks

“ Employment is g oo d ,” Kris tells you. “ Our

before making many loans for education or

90 diversified industries give W inona the high

industry. The bankers at American National

est percentage o f manufacturing payroll o f any

‘live’ with our problems and invariably come

city in Minnesota . . . and as the fastest grow

up with the right advice— and the overline

ing bank in W inona, we are acutely aware o f

credit we need— with no red tape.”

our healthy economy.
“ M ore im portant, h ow ever,” Kris says,

The American National is proud to have a
hand in helping W inona grow . . . and in mak

“ we’re proud o f our colleges here. The College

ing sure that W inona’s most important crop—

o f Saint Teresa (women), Saint Mary’s College

young people— receives plenty o f financial at

(men) and W inona State College (co-ed) have

tention. Each o f our Correspondent Banks is

a combined enrollment o f over 3,000 students

our m ost important account! W e ’d like to

representing some 40 states and over 30 foreign

work with you, too.

countries. Here . . . young people are really
our most important c r o p .”
Kris Kryzsko knows what he’s talking about.

FIRST CLASS BANKS HELP GROW
Æ

FIRST CLASS CITIZENS

Kris is immediate past president o f the Min
nesota State College Board, o f which he has
been a member since 1951, and is on the Lay
Advisory Boards o f Saint Mary’s College and
the College o f Saint Teresa.
His bank has made loans to Saint Mary’s to

A m e r ic a n N ation al B a n k
and Trust Company o f Chicago

La Salle at Washington, Chicago, Illinois
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Vice President Joe Krier (left) and President S. J. “ K ris” Kryzsko sm il
ingly acknowledge the fact that “ Business is good in the Hiawatha V alley.”

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

Not even a camera can stop the tra n sit activities of correspondent bankers Doug Johnson, Wally Engstrom and John Ordos.

Activity in transit!

Everybody in Midland’s

transit department moves fast. This means availability o f your
funds through prompt presentation. . . speed and accuracy in the
handling o f return items. Effort and dependability — both are
yours as a Midland correspondent. Y ou ’ll find that Midland proves
friendship with special service.
T H E B AN K W I T H T H E BIG W E L C O M E

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

N o r t h w e s t e r n B an ke r, O c t o b e r , 1961

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

LeBeau, who has become auditor. In
the insurance industry seven years,
Mr. Bragg has been a field representa
tive in a four-state area for a multiple
line insurance company.

M in n e s o ta

NEWS
P. R. KENEFICK
K. A . W A LE S

President
S e c re ta ry

M a n k a to
M inneapolis

O lm sted C ou n ty C red it C om pa n y
C or m et! to M e e t Cnrm N eed s
J OHN D. C H ISH O LM , president,

Olmsted County Bank & Trust
Company, Rochester, has announced
the organization of a new company to
provide funds for the increasing agri
cultural credit needs of farmers resid
ing in the southeast Minnesota area.
The corporation, with an author
ized capitalization of $100,000, is a
wholly-owned subsidiary of Olmsted
Bank & Trust Company, and will be
similar in operation to the Production
Credit Association, rediscounting its
loans with the Federal Intermediate
Credit Bank. There will be no neces
sity, however, for borrowers or cus
tomers to purchase stock in the com
pany to qualify for loans.
The new corporation, Olmsted Coun
ty Credit Company, will office in the
Olmsted County Bank Building and
present bank officers will administer
its affairs.
Officers of the corporation are: John
D. Chisholm, president; E. D. Humke,
vice president; Ray Aune, secretary,
and C. L. Jossart, treasurer. An eightman board of directors is comprised of
John D. Chisholm, I. Coppe, L. J. Fiegel, R. E. Graupmann, L. C. Green,

M in n eso ta

A. L. Becker, L. C. Miller and F. J.
O’Brien, all presently serving as direc
tors of the Olmsted County Bank &
Trust.
The field work and appraisals for
the Credit Company will be serviced
by Ray Aune, farm representative for
the bank and secretary of the new cor
poration.
Joins Staff at Cokato
A s Two Others Advance
Bruce M. Peterson, formerly man
ager, Bachman & Associates, Inc, of
Minneapolis, has joined the staff of the
State Bank of Cokato as assistant cash
ier.
Henry E. Ruggles has been pro
moted from assistant cashier to cash
ier and C. T. Olsen, from cashier to
vice president.
M innetonka State Hires
Experienced Insurance Man
R. S. Lundsten, president, Minne
tonka State Bank, Excelsior, has an
nounced that John G. Bragg has been
named manager of the bank’s insur
ance department, succeeding Charles

E. C. M eidinger Elected
Cashier at Findlay son
H. E. Shafer, president, First State
Bank of Finlayson, has announced
that Earl C. Meidlinger has been pro
moted from assistant cashier to cash
ier, to succeed the late cashier, V. E.
Shafer.
Mr. Meidlinger started with the
bank March 1, 1955, having formerly
been with the Finlayson post office.
He will be assisted by Vallie L. Carl
son and Edna Osladil, assistant cash
iers, and A. B. Fitzloff, vice president.
Alpha Bank (and P resident)
Celebrate 5 0 th Anniversary
The golden anniversary of the Farm
ers & Merchants State Bank of Alpha
was observed recently concurrently
with the same anniversary of the pres
ident’s activity in that bank. F. W.
Striemer had three years’ experience
with the Fairmont National at Fair
mont prior to his joining the Farmers
& Merchants State when it began,
September 5, 1911.
Also, P. C. Verdick, cashier and a
director, has been with the bank 40
years.
Refreshments were served at an
open house and many friends and cus
tomers visited the bank to congratu
late the president and the staff.
P rom otion at Le Sueur
Arnold J. Osmundson, who has been
with the Valley State Bank of Le
Sueur since July 1, has been elected
assistant cashier.

ita n h ers A it en d S eh oo! a t M a d iso n

M IN N E SO T A B A N K E R S attending the 17th annual session of the School of Banking at the University of Wisconsin recently are
shown above. A total of 79 Minnesotans were among the 1,241 bankers attending the school. Seventy-three are shown here.

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

N o r th w e s te r n Banker, O c to b e r,

1961

ON W. ZOLLARS, vice president,

S econ d Northwestern National
Bank of Minneapolis, has been elected
to the bank’s board. He has been in
banking since 1938.
Morrow Peyton, president, also an
nounced the election of Merle J. Tommeraasen as assistant vice president
and John Gmitro as assistant cashier.
* * *
H. William Blake, president, North
western National of St. Paul, is among
five new members appointed by Min
nesota’s Governor Andersen, to his
advisory commission on business de
velopment. Clifford C. Sommer, presi
dent, Security Bank & Trust Com
pany, Owatonna, is commission chair
man.
* * *
J. Richard Wren retired recently as
a vice president and director, Second
Northwestern National of Minneapo
lis. He had been in hanking since 1916
and with Second Northwestern since
1945.

The Franklin National Bank of Min
neapolis, first national bank chartered
in the Twin Cities in 34 years, had its
grand opening recently. Capitalized
at $600,000, the bank is quartered in a
converted mansion at Franklin and
LaSalle Avenues, south of the city’s
downtown area. J. A. Price is presi
dent; William J. Ryan, vice president,
and Dale Gustafson, vice president and
economist.
* * *
The Federal Reserve Board in Wash
ington agreed recently to reconsider
its split decision denying Northwest
Bancorporation permission to open a
new bank in Roseville, northern St.
Paul suburb. Oral arguments were
heard in Washington, September 1.
The proposed bank would be called
R o s e v ille N o rth w e ste rn National
Bank.
* * *
First Bancstock Equity Corporation
has announced a slate of new officers
and directors in an executive realign

O rien ta l H arden in bliitneapalis

M IN IA T U R E JAPAN ESE GARDEN installed recently at the First National Bank

of Minneapolis is the center of the bank’s new women’s lounge and waiting area. Ad
miring the garden are, from left, Naomi Washizu and her mother, Mrs. Mine Washizu,
formerly of Tokyo, and Keiko Tofuku of Chigasaki City, Japan, now attending the
Minneapolis Art Institute. A living Ming tree highlights the garden.
N o r th 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

1961

ment. Richard C. Belew, formerly
with the correspondent bank division
of First National Bank of Minneapolis,
is the new president. He succeeds
Frank H. Delaney, who retired. Direc
tors are Joseph H. Column, who con
tinues as chairman; Mr. Belew, Gor
don Murray, Philip H. Nason, Eugene
W. Leonard, Conley Brooks, Richard
A. Devereaux, Russell B. Hart, James
W. Hoeschler, David M. Lilly, Edward
L. Murphy, Jr., C. P. Pesek, Paul K.
Schilling, Mortimer A. Wilk and
James T. Wyman.

* *
The United States Department of
Justice last month served subpoenas
on Northwest Bancorporation, First
Bank Stock Corporation and Bank
Shares, Inc., ordering the three Min
neapolis firms to turn over records of
the company for investigation by the
department.
Officials of the three companies
stated no indication was given them
as to the extent of the proposed inves
tigation or its purpose. They stated
that cooperation in fulfilling the re
quest would be extended to the Justice
Department.
All three corporations stated, how
ever, that they would seek an agree
ment with the department or ask for
a court order if necessary to limit the
records and information it would be
necessary to turn over to investiga
tors. The reason for this is the ex
treme cost in time and money in
preparing information sought by the
government.
One official described the govern
ment move as a “fishing expedition.”
* * *
Sixteen M in n esota n s have been
graduated from a course in fundamen
tals of investment banking at North
western University, Evanston, 111.
They are Gordon A. Schaeffer, Du
luth, and M. S. Alexander, A. Leon
Binger, Arthur J. Hausker, Lawrence
L. Horsch, Arthur R. Hustad, Jr.,
Roger A. Kahn, Thomas A. Pryor, Ed
win C. Bra man, Larry L. Kukura,

Minnesota News

J V etv Q u a r t e r s
A RIBBON CUTTING- ceremony re
cently marked the Grand Opening of
the new quarters for the Minne
apolis Chapter, American Institute
of Banking, in the WCCO-Radio
Building. Among those at the cere
mony were, from left: Charles R.
Bard, chapter president; J. Cameron
Thomson, retired bd. dim., North
west Bancorporation, and E. S.
Jones, retired v.p., Marquette Na
tional Bank. The new quarters in
cluding a, lounge, seven classrooms,
private office, general office and stor
age space, was open to all banking
employees for three days. Featured
were historical and educational dis
plays tracing the history of the local
chapter since its founding in 1898.

officer, the Specialized Investment
Fund (Fund S) will give companies
participating in a pension or profit
sharing trust the opportunity to in
vest part of their funds in relatively
new areas of the economy.
He reported that Fund S, first of its
type in this area and one of the first
in the nation, will be invested pri
marily in smaller companies with un
usual promise, providing participation
in the rapid growth of technological
and service industries.
*
*
The Marquette National of Minne
apolis featured a display last month in
its street-floor lobby of vital Civil De

fense communications op era tion s,
planned to increase public knowledge
of emergency communications sys
tems that can be used in the Twin
City area to save lives in case of nu
clear attack or other public disasters.
At about the same time, the most
complete display of Family Fallout
Shelters and equipment ever shown in
the state was open on the main bank
ing floor of the American National of
St. Paul. The governor was on hand
to inspect the shelters when the dis
play opened.
Thousands of Twin City residents
have toured the displays in both
banks, pointing up the increasing in-

Hugh Morris, Howard Lorberbaum,
Mac W . McGrew, Stuart A. Olson,
Frank G. Hurley and James B. Kaiser,

all of the Twin Cities.
* * *
The Minneapolis chapter, American
Institute of Banking, held open house
recently at its new quarters in the
WCCO building in downtown Minne
apolis. Honor guests at a ribbon-cutting ceremony included Charles R.
Bard, chapter president, and AIB past
presidents and heads of Minneapolis
banks. The new quarters include a
lounge area, seven classrooms, private
and general office space and a work
room.
* * *
Tom B. Mathison, branch manager,
Recordak Corporation, has announced
that the branch office has been moved
to a new location, complete with the
most up-to-date facilities required to
service accounts. He said a welcome
will be extended at a later date for a
personal inspection of the new prem
ises and procedures.
The new address is: 2412 Nicollet
Avenue, Minneapolis 4.
* *
The trust department of Northwest
ern National of Minneapolis has an
nounced the formation of a new Spe
cialized Investment Fund as an ad
junct to the bank’s existing Invest
ment Fund for Employee Benefit
Plans.
According to Samuel H. Rogers, sen
ior vice president and executive trust

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

N o r th w e s te r n Banker, O c to b e r,

1961

Minnesota News

M o d e r n . X e ir Itnnliinij

in M in n esota

STR EAM LIN ED CONTEM PORARY STYLIN G marks the Oak

dale State Bank’s new quarters. Fashioned of brick, redwood
siding, concrete block, aluminum and plate glass, the new
building provides more than 3,000 square feet of floor space,
drive-up teller service, a night depository and off-street park
ing accommodations. Planned for customer comfort and con

terest in family survival necessities,
which will be of utmost importance if
the “cold war” gets much warmer.—
End.

Swift County Bankers
Elect New Officers
The Swift County Bankers Associa
tion met recently at the Golf Club
House in Appleton, Minn., to discuss

venience the new lobby presents the attractive appearance
shown at right. Low open tellers stations are accented by dur
able tile floors, carpeting, acoustically treated ceilings and cus
tom styled furnishings. Bank Building & Equipment Corporation
of America, St. Louis, were consultants for the building pro
gram.

emergency preparedness for banks,
their ag scholarship program and to
elect new officers.
Named president was Richard Lin
dahl, assistant cashier, Swift County
Bank of Benson. R. C. Krebs, vice
president, Northwestern State of Ap
pleton, was elected vice president, and
Roger Stehn, Farmers & Merchants
State of Appleton, secretary-treasurer.

For Y o u r ß C

t e t t fo

Patent, Copyright
andTradem
ark...
regulations are outlined in "Y o u r Guide to Busi
ness in Canada, just published as a service to
American executives by Canada’s First Bank.
Many other essential subjects, including Canadian
taxes and company formation, are discussed.
This booklet is one of a number of B o f M publi*
cations which may help you render broader service to your Canadian-minded customers. For a
free copy write on your bank letterhead to our
nearest U. S. office or to the Business Develop
ment Department, Head Office, Montreal.

n k

ontreal

BRANCHES IN ALL TEN PROVINCES
Di s t r i c t H e a d q u a r t e r s :
H a lif a x , T o ro n to , W in n ip e g , C a l g a r y , V a n c o u v e r

N E W YO R K :Tw oW aII St.
•
SA N FRANCISCO: 333 C a lifo rn ia St.
C H IC A G O : S p ecial R e pre sentative's O ffice, 141 W est Jackson B lvd.

“r^ead Ofótce: ’TfanttnetU
8S0 BRANCHES IN CANADA, U.S., GREAT BRITAIN A N D EUROPE

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

1961

RESOURCES EXCEED $3,300,000,000

Anoka-Rural H ennepin Bankers
Elect 1 9 6 1 -6 2 Officers
Henry C. Johnson, vice president,
State Bank of Anoka, was elected pres
ident of the Anoka-Rural Hennepin
Bankers Association at its recent an
nual meeting held at Greenhaven.
Other new officers are: Odin A.
Sather of the Northwestern National
Bank of Bloomington-Richfield, vice
president, and Elmer W. Bratsch of
the Golden Valley State Bank, secre
tary-treasurer.
Approximately 100 bankers attend
ed the dinner meeting following an
afternoon golf tournament.
Iowan to Rusliford State
Gaylord Worden, farm representa
tive of the Farmers Savings Bank of
Grundy Center, Iowa, joined the staff
of the R u s h fo r d State Bank last
month. A graduate of Iowa State Uni
versity, Ames, Iowa, he earned a de
gree in ag education and economics.
Prior to his working with the Grundy
Center bank, he was vocational ag in
structor in that community’s school.
New Building Planned
For Bank at W arroad
Harold Heneman, president of Secu
rity State Bank of Warroad, an
nounced last month that a new bank
building would be built, with construc
tion being started immediately.
The new 40 by 100 foot bank, to be
built across the street south from the
Fox Theater, will be of cement block
and brick construction, one story high.
A. Moorman and Company of Minne
apolis conceived the plans for the
structure. This firm of architects spe
cializes in bank buildings.

Minnesota News
M ankato Building Sold
P. R. Kenefick, president of the Na
tional Citizens Bank of Mankato,
which plans to move into its all new
bank building the first of the new
year, has announced that the old build
ing at South Front and Hickory
Streets has been sold to Matt J. Graif,
Mankato clothing store owner. Future
use of the four-story building has not
been disclosed.
New President Elected
At North Branch Bank
William Holt, Jr., a director and vice
president of the First National of Col
eraine the past five years, has assumed
the presidency of the Merchants State
Bank of North Branch, succeeding A.
F. Johnson, who has been associated
with the bank since 1918, and who is
retiring from the active roll he has
taken in banking and community af
fairs for more than 40 years.
Joins Babbitt State Bank
Robert Brolin, assistant auditor at
the First National Bank of Willmar,
resigned last month to join the staff
at the First State Bank of Babbitt, an
affiliate of the First Bank Stock Cor
poration.
He joined the First National in June,
1948, immediately following gradua
tion at Gustavus Adolphus College. He
served in various capacities at the
Willmar bank until he was named to
the post of assistant auditor.

From the world Inventory of great ideas

LET NOTHING
THAT WIL
ADVANTAGE

V r.

Great ideas provide the foundation for
sound business practice.
Many of America’s leading banks have
long used St. Paul Terminal’s Preferred
Warehouse Receipts as bonded collateral
upon which to secure loans—beyond open
line credit limits.

N ew

17###/

CARL E. LIND, left, a.v.p., and
Rollin O. Bishop, pres., hold the
American National Bank flag which,
together with the flag of the United
States, will fly from the new 20-foot
flag poles recently erected atop the
American National Drive-In Bank
at Sixth and Minnesota. The com
pany features the newly adopted
American National “ logo” which is
being incorporated in all display ad
vertising, internal and external
forms.

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

Let us show you how inventory control
through St. Paul Term inal’s field ware
housing can increase your banking serv
ices, good will, and profits.

ST . P A U L T E R M I N A L
W AREHOUSE CO M PAN Y
O ffic e s in p r in c ip a l c itie s
4 2 5

E a s t

8 th

S t r e e t

•

St.

Paul,

N orthw estern

M i n n e s o t a

Banker, O c to b e r,

1961

Minnesota News

Joins Staff at Roseau
Robert F. Foley, a bank examiner
the past five years for the FDIC, has
joined the staff of the Citizens State
Bank of Roseau as vice president, re
ports C. B. Dahlquist, president. Prior
to his bank examiner experience, Mr.
Foley worked with Kaiser Aluminum
and Chemical Sales, Inc., in Chicago,
gaining experience in various aspects
of financial work.
George C. Magoris
George C. Magoris, 83, president of
the Peoples State Bank, Warren, since
it was founded in 1926, died recently
at Warren Hospital.
He had begun his banking career at

Aneta in 1903, moving to Warren in
1926 when he became cashier and man
aging officer of the Peoples State. He
retired from active management in
1956, but continued as president until
his death.
Two Directors Added
At First National, W inona
Rudolph W. Miller, president, Miller
Lubricator and Miller Felpax of Wi
nona, and Dennis W. Dunne, vice pres
ident, First National of Winona, have
been elected additional directors of the
First National of Winona, announces
A. E. Stoa, president.
Mr. Miller also is board chairman,
Universal Manufacturing; secretary,

Miller Waste Mills, and secretarytreasurer, Filter Supply. A former
director of the Chamber of Commerce,
he also is director, General Electronic
Control of Minneapolis, and trustee,
Mount Sinai Hospital, Minneapolis.
Mr. Dunne began his banking career
with the First National of Billings,
Mont., in 1950; was an examiner for
Northwest Bancorporation in Minne
apolis, 1953-1954, and assistant cash
ier, Great Falls National, Great Falls,
1954-1958. Active in civic affairs, he
is second vice president, Winona
Chamber of Commerce; treasurer, Wi
nona Community Chest, and director,
Winona Chapter of the American Red
Cross.
Attorney Joins W in on a Staff
Walter R. Thompson, who has been
with the office of Clinton J. Hall, Rushford lawyer and state representative,
has joined the staff of the Merchants
National Bank, Winona, as an assist
ant trust officer. A member of the
American Bar Association, he served
in the army after graduation, before
joining the Hall law office.

A N Y of the “ vapor trails’' seen over Iowa,

Nebraska, South Dakota and Minnesota today
are being made by officers of The Live Stock
National Bank, Sioux City.

W inona National President
Enjoys Nautical Experience
S.
J. Kryzsko, president, Winona
National and Savings Bank, returned
last month from the Naval Air Station
at Quonset Point, Rhode Island, where
he was flown from the aircraft car
rier USS Essex, while the carrier was
about 150 miles out at sea.
He had boarded the Essex at Hali
fax, Nova Scotia, a week before as a
civilian guest of the Secretary of the
Navy. Arrangements had been made
through the office of the Commandant,
Ninth Naval District, Great Lakes, 111.,
and Commander T. A. Smithey, inspec
tor of naval material, at Minneapolis.
The USS Essex is a 30,000 ton car
rier with a complement of approxi
mately 2,500 men and is flagship of an
anti-submarine war maneuvers while
Mr. Kryzsko was able to observe
anti-submarine warfare task force,
the task force was patroling its North
Atlantic assigned area.

Whatever your correspondent needs may he,
you can rely on “ The Only Bank In The Yards”
for prompt, accurate service.

The Live Stock National Bank
SIOUX CITY
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

N orthw estern

Banker, O c t o b e r,

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

1961

M IN N E SO T A

CALENDAR

October 11-12, MBA Junior Bank Of
ficer & Staff Conference, St. Paul
Hotel, St. Paul.
November 20, MBA Agricultural
Credit Conference, Minneapolis.
1962
January 18, MBA Mid-Winter Confer
ence, Radisson Hotel, Minne
apolis.
June 5-6, MBA 72nd Annual Conven
tion, Leamington Hotel, Minne
apolis.

Join Aberdeen Staff
Robert R. Hawley, a former Aber
donian and most recently operator of
a tire firm in Rapid City, has joined
the staff of the First National Bank
of Aberdeen, reports C. C. Lind, presi
dent. His duties are in the install
ment loan department.

Sonili Dakola

NEWS
C. C. L IN D
A . S. G ULLICK SO N

P resident

A b erd een

S e c re ta ry

Vermillion Expansion

Huron

Hitchcock Opening
Between 600 and 700 persons visited
the new Hitchcock Branch of the
Farmers & Merchants Bank of Huron
during an open house recently. The
new branch is located in quarters va
cated by the Hitchcock State Bank
which closed in 1938.
Manager of the branch is Warren
Gilchrist, formerly with the parent
bank at Huron. Mrs. Norman Hoehring will be assisting Mr. Gilchrist as
teller and bookkeeper. Hours are
from 9 a.m. to 4 p.m. six days a week.
The banking building has been com
pletely remodeled and future plans
call for a community room in the
basement.

New Lake Andes Bank
A state charter was granted last
month for the establishment of a
bank at Lake Andes, S. D. It will be
known as the Andes State Bank.
Opening dates will be set after ap
proval is received from the FDIC.
Morris Winter, p r e s i d e n t , First
State Bank, Armour, who has been
named president of the Lake Andes
bank, owns controlling interest. He
plans to resign his Armour post but
probably will remain as a director.
The office of the Commercial State
Bank of Wagner, which has served
Lake Andes for 19 years, will close
once the newly chartered bank is in
operation.
Capital structure of the new bank
totals $130,000 with $60,000 capital,
$40,000 surplus and $30,000 undivided
profits.

A. R. Olson
Funeral services were held recently
for A. R. Olson, president, First Na
tional Bank, Beresford, who died un
expectedly of a heart attack at his
cottage at Lake Okoboji in Iowa. He
came to Beresford from Minneapols
in 1916 and was associated with the
First National for 43 years. He also

was vice president of the State Bank
of Hudson, S. D., and a director of
the Delay First National Bank in Nor
folk, Neb.

Dupree Director
Vern L. Oliver has been elected to
the board of directors of the Farmers
State Bank, Dupree, S. D. Mr. Oliver
operates a service station at Isabel
and is well known in the Isabel-Dupree area.

New Wolsey Branch
Construction is underway on a Type
A branch office of the Bank of Alpena,
S. D., at Wolsey. The new building
will be a 40 by 48-foot cement block
structure. Completion is expected by
about November 10.

S O U T H

Mrs. Clarence Harholt, an employee
of the First National Bank of Aber
deen, S. D., retired recently after 42
years of banking. A special Katherine
Harholt Day was held in her honor
during the summer. More than 1,000
persons attended. She is the only
woman in South Dakota to receive
a 40-year pin from the South Dakota
Bankers Association. She retires as
vice president of the bank.

SOUTH DAKOTA BANKERS took the opportunity presented by the South
Dakota State Fair to explain to persons attending how banks serve the public.
A booth sponsored by the South Dakota Bankers Association was the media
used. More than 30,000 persons tried to guess the number of pennies in a gallon
jar. First prize was $100, second was $75 and third was $50, all in the form
of savings accounts in the bank of the winner’s choice. Manning the booth
above are, from left, H. D. Ekeland, exec, v.p., Bank of Kimball; R. F. Petschow,
pres., Corn Exchange Bank, Elkton; A. S. G-ullickson, secy.-treas., SDBA, Huron;
R. C. Hersrud, a.c., Sioux Valley Bank, Sioux Falls, a,nd R. J. Fineran, a.c.,
Pierre National Bank.

D A K O T A

Member of Federal Deposit Insurance Corporation

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

Retires at Aberdeen

S .10.It.A . S pon sors F a ir

The National Bank
O F

Work started recently on an addi
tion to the National Bank of South
Dakota in Vermillion.
An old structure on the Court Street
side has been razed to make way
for the 52 by 23 foot addition. The
expanded area will provide space for
the Timepay and insurance depart
ments. There also will be a confer
ence room and kitchenette.

i f SIOUX FALLS, 100 North Phillips Avenue
i f SOUTH BRANCH, 2501 South Minnesota Avenue
i f EAST BRANCH, 2301 East 10th Street
★ VERMILLION
★ HURON

Affiliated with F IR S T B A N K STOCK CORPORATION
N o r th w e s te r n B anker, O c to b e r,

1961

South Dakota News

M isso u r i B u n k ers T

ourSouth

FAR M TOUR— Fred Barth, left, vice president, American National Bank, Rapid City, S. D., welcomes Bob King, assistant vice
president, Chillicothe State Bank, Chillicothe, Mo., at the chartered tour bus. In the photo at right, Sam Wedmore, extreme right,
shows one of his registered Hereford bulls during the tour.

L ABOR DAY afternoon at the Sam
Wedmore ranch on Spring Creek
about 20 miles southeast of Rapid
City, S. D., was the scene of a tour of
ranch operations by a group of 38
livestock feeders from the Chillicothe,
Mo., area. The ranch tour was part of
a week-long farm tour arranged by
the Chillicothe State Bank taking the
group through parts of Western South
Dakota, Eastern Wyoming and South
ern Montana.
Bob King, assistant vice president
and agricultural representative of the

Chillicothe bank, said the tour was an
annual program for the bank. Ar
rangements for the tour of the Wed
more ranch were made by Fred Barth,
v i c e president, American National
Bank, Rapid City, S. D.

Selby Construction
Contracts were let recently for the
construction of a new First National
Bank building in Selby, S. D. The
50 by 14-foot brick and tile structure
will be located on the corner just
south of Red Owl Agency store. No
date has been set for the start of
construction.

Brookings’ Krazy Daze
The Northwest Security National
Bank of Brookings, S. D., set up “on
the street” banking to participate in
Brookings first annual “Krazy Daze”
promotion.
Theme for the bank was “Old Fash
ion Banking” with costumes for all
employees and officers to match the
theme. The bank also obtained some
“antique” office equipment for the
street display. Included was an old
roll type desk, book case, chairs, and
also a 1926 Chevrolet which was
featured in “Old Fashion Cars” adver-

Moves to New Quarters
The Commercial Trust and Savings
Bank, Mitchell, opened for businss
recently in its new quarters at Third
and Lawler. The bank had been at
the old location since 1906. Estimated
cost of the new structure was $160,600.
Interior of the brick and glass new
building contains nearly twice the
floor space of the old structure. It is
centrally air conditioned and has mod
ern, indirect lighting. Music is piped
throughout the building. Architects
were A. Moorman and Company, Min
neapolis, in cooperation with Walter
J. Dixon, architects, Mitchell.

Meet DICK TAYLOR, re
cently appointed assist
ant cashier at the First
National Bank of Sioux
City. Dick will soon be
c a l l i n g on b a n k s
throughout the Siouxland Empire to bring the
finest in correspondent
service.

N o r t h w e s t e r n B anker, O c t o b e r , 1961

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

SO U T H D A K O T A
CALEN D AR
South Dakota Group Meetings are in
progress as this issue of the
NORTHWESTERN BANKER is
being prepared for publication.
A complete story, with pictures,
will feature these important meet
ings next month.
November 8, SDBA Bank Manage
ment Conference, Marvin Hughitt Hotel, Huron.
1962
May 17-19, SDBA 71st Annual Con
vention, Sioux Falls.

M A IN ATTR A C TIO N at the Krazy Daze
Promotion was this wheelbarrow full of
pennies. Visitors registered their guesses
of the number in the wheelbarrow. With
the pennies are, from left, Arthur Wilbur,
teller; Wayne Hawley, insurance agent;
Harry L. Birath, assistant vice president
and assistant manager, and Dick Wold,
assistant vice president,

tising. The bank also used a “ Car
Gone Sour” promotion initiated re
cently by the Northwest Security Na
tional in Sioux Falls.
The “outdoor” banking quarters did
not actually conduct any serious busi
ness, but 2,000 prsons did visit the
bank’s street desk.

South Dakota News

Top K ru sif lìu ze K r o w d

Hosts 4-H Barbecue
The Northwest Security National
Bank, Sioux Falls, again sponsored
the annual Minnehaha County 4-H
Club Exhibitor’s Barbecue during the
Sioux Empire Fair.
About 1,500 persons were served,
included some 1,050 4-H club exhib
itors and leaders. They consumed 900
pounds of Morrell Prime Beef, 1,300
pounds of french fried potatoes, and
huge quantities of milk, ice cream,
pickles and cookies. A half ton of
charcoal was used to barbecue the
beef.

FIRST PRIZE for participants in Watertown’s Centennial Krazy Daze went to the
staff of the First Citizens National Bank of Watertown, shown above.

Barbecuing was done by John Mor
rell & Company chefs. Serving, plan
ning and other labor was by staff
members of the Northwest Bank, in
cluding the Dell Rapids Sioux Falls
Stockyards offices.

T HE First Citizens National Bank
of Watertown, S. D., was judged
as first prize winner for participation
in the Territorial Centennial Theme
during Watertown’s Centennial Krazy
Daze.
During Krazy Daze, the bank offered
gold centennial coins to all depositors
for 40 cents, a 10 cent reduction. In
line with the centennial theme, the
bank also displayed an exhibit of
American currency, beginning with
colonial coins and carrying on through
to present day money. A counterfeit
money display also attracted consid
erable interest.

Heads Rushmore State
William E. Troutman, vice presi
dent, Central Bank & Trust Company,
Denver, has been elected president of
the Rushmore State Bank in Rapid
City, S. D., according to John T. Vucurevich, who moved up to chairman
of the board.

to improve employee efficiency and courtesy
to provide an incentive to do a better job

C o n sid e r

W e 'r e H e r e
t o H e l p Y o u ...
£
J. T. V U C U R E V I C H

W . E. T R O U T M A N

hìdiudh

Mr. Troutman joined the Central
Bank in 1934 and was elected vice
president in 1955. He is a graduate of
the Stonier Graduate School of Bank
ing at Rutgers State University, New
Brunswick, N. J.; and has been active
in civic and public affairs in Denver.
T

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

3 u m ili
jjS jU l

Even a small bank can easily operate a profitsharing plan and reap the benefits of better em
ployees and a major income tax deduction. Our
Trust Department can show you the most up-todate plans and tailor a profit-sharing arrangement
for your particular needs. W rite or call us today.

iíll¿
M rIN O R T H W E S T
TR UST

DEPAR TM EN T

Security
National

a n k

SIOUX FALLS, SOUTH DAKOTA
MEMBER

FEDERAL D EPO SIT

IN S U R A N C E

C O R PO R A TIO N

N o r th w e s te r n Banker, O c to b e r,

1961

Langdon Building Plans
S o r t i i

M yles Johnson, president, First
Bank of Langdon, has announced that
low bidders for three separate con
tracts on a contemplated new bank
addition were submitted recently to
the First Service Corporation, Min
neapolis for review. Tentative com
pletion date for the construction is
February 1, 1962.

I I » k o l a

NEWS
G ARY L. LERBERG
BILL DANER

President
S e c re ta ry

Parshali
Bismarck

Dickinson First National
Opens WalkUp Window
The First National Bank of Dick
inson, in another step at further
customer convenience, has opened a
new walk-up window at the south
side of the bank. Called an “Express
Window” it speeds up banking for
those who wish to cash checks or
make deposits without waiting in line
inside the bank.
Of stainless steel and bulletproof
glass, the facility will maintain longer
banking hours than the bank proper,
which closes at 3 p.m. The window
will be open until 4:30 p.m. each week
day and until 9 p.m., Fridays, an
nounces Mrs. E. E. Natchwey, presi
dent.

New Building Open House
At Foster State, Carrington
Although the beautiful new bank
building of the Foster State Bank,
Carrington, had been the site of the
bank’s business for about a month,
the officers and directors held open
house recently to give visitors the
opportunity of touring the new quar
ters. Special prizes were awarded and
a souvenir gift was given each guest.

A private showing of the new
banking home was given bankers of
neighboring communities the evening
before.

Former ND Legal Official
Joins Merchants National
James A. Murray, former assistant
U. S. district attorney for North Da
kota, has joined the trust department
of the Merchants National Bank &
Trust Company of Fargo, announces
Adrian O. McLellan. He was a legal
officer with the air force from 1955
to 1957, when he was appointed to
the North Dakota legal post.

Montana Banker Joins
Staff at E. Grand Forks
L. H. Everett, president, East Grand
Forks First National Bank, has an
nounced that Robert W. Solien of
Havre, Mont, has been appointed
manager of the timepay department.
Mr. Solien replaces William O. Skar
who has been promoted to a similar
position at the First National Bank
of Owatonna, Minn. Mr. Solien held
the same position at the Havre, Mont,
bank. Both banks are affiliated with
the First Bank Stock Corporation.

itvm udvlvti at E a d w lia

E. Dahlen Succeeds Weyrich
At Mandan Security
Ed Dahlen, who has been in real
estate in California the past year, has
returned to Mandan where he has be
come executive vice president and
cashier of the Mandan Security Bank.
Mr. Dahlen was associated with the
PCA at Fargo from 1936 to 1949, be
coming manager, then was cashier
of the Security Bank in Hebron, N. D.,
10% years before moving to Califor
nia the summer of 1960.
He succeeds Vernon Weyhrich, who
sold his stock recently to Ben Meier,
president.

Four From North Dakota
In Graduating Class

In the graduating class of 399 bank
ers at the recent Wisconsin School of
Banking commencement were four
men from North Dakota: Carl A. Berg,
president, First Merchants & Farm
ers, Cavalier; Harry A. Lenz, assistant
cashier, First National of Dickinson;
Emil E. Kautzmann, assistant vice
president, First National of Mandan,
and John E. Norgaard, vice president,
First National of Bowbells.
Next year, North Dakota plans to
see eight of their bankers in the grad
uating class.

Ag Scholarships Given
The 1961 North Dakota Bankers As
sociation ag scholarship of $250 each
have been awarded young men from
Cavalier, Ayr, Trenton and Bismarck.
The scholarships are for North Da
kota State University.

Elected Director, Williston

DOUBLE THE FLOOR SPACE is now available as a result of a recently-completed
remodeling program of the Peoples & Enderlin State Bank, Enderlin, announces Y. E.
Hegeholz, president. The inside of the bank and a recently-acquired adjoining store
have been completely renovated, with new fixtures, new front and an all-new look. The
above photo was taken when the project neared completion. An open house is being
planned for sometime in December, at which time the bank will celebrate the start of
its 70th year of service. Mr. Hegeholz reported also that the bank’s total footings
topped the $4 million mark in early September.
N o r th 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

1961

Irving W. Severtsen, assistant vice
president, First National of Williston,
has been elected a director of the
bank. He succeeds the late Fred Johns
of Arnegard.
Mr. Severtsen joined the staff of the
bank in his present capacity in June
of 1960. His work for the 25 years
prior to that was with Farmers Union
organizations as officer and manager.
X

Colorado-Wyoming News

New Trinidad Directors
Three new directors were elected re
cently at the First National Bank in
Trinidad, Colo. They are T. C. Harper,
retired dentist; James Cummings, cat
tleman, and Lloyd Burton, formerly
executive vice president and cashier of
the First National Bank of Anamosa
and now vice president of the Trinidad
bank.

Loveland Promotions
1 ,2 0 0 at Yuma Bank
Nearly 1,200 persons visited the
Farmers State Bank, Yuma, Colo., re
cently during its 50th anniversary cel
ebration. Seen by the public for the
first time during the open house were
six oil paintings done especially for
the bank. All depict the early history
of Yuma county. Herb Rayburn is
the artist.

Joins Boulder Bank

Mrs. L. IN. Burch
Mrs. Susan Schmit Burch, 58, wife of
Leonard N. Burch, president, First Na
tional Bank, Greeley, died recently at
a local hospital. She had been in ill
health for the past five years.
She married Mr. Burch in 1927 in
Omaha where they made their home
until moving to Denver in 1948. They
moved to Greeley in 1958.

At the Home State Bank of Love
land, Keith Richards, cashier, has been
named vice president and cashier; Don
Benson was promoted from assistant
cashier to assistant vice president in
charge of the installation department,
and Vera Mothershead was elected as
sistant cashier.
Vern Manahan remains as vice pres
ident and Harold Pickier is president.

V o m p u t v r in

Joseph W. Miller has resigned as
cashier of the First State Bank of
Louisville to join the First National
Bank in Boulder as a trainee. J. Fred
Thorne, vice president, now also be
comes cashier. The First State Bank
of Louisville recently became affiliated
with the First National in Boulder.

Joins Denver Bank
Paul L. Howes, Jr., formerly associ
ated with Burroughs Corporation in
Denver, has been elected assistant vice
president of the American National
Bank of Denver. Prior to joining the
Burroughs Corporation, he was assist
ant cashier and operations officer of
the American Trust Company of South
Bend, Ind.

COLORADO GOVERNOR Steve MeNichols reads message by Flexowriter, part of the

new General Electric 210 Computer installed at the First National Bank of Denver.
The governor pushed the button officially starting the new system at a special showing
for state, civic, chamber of commerce officials and members of the press. Shown in
specting the high speed printer at right are, left to right, Tim Armstrong, Colorado
state treasurer,- George L. Irvine, GE regional vice president, Chicago; Neil King,
vice president, First of Denver; Gov. MeNichols; Lew Hunter, sales manager, KLZ
radio, Denver, and Garry Covey, programmer, First of Denver.

Buys Walden Interests

Chris Furneaux of Farmington, N.
M., has purchased the interest of
Walter Best in the North Park State
Bank in Walden, Colo. Mr. and Mrs.
Furneaux have been in the loan and
insurance business in Farmington for
the past six years. They are moving
to Walden.

Leadville Changes
James F. Mack, with the bank since
November, 1960, has been named cash
ier, and Otis Teel has joined the Com
mercial Bank of Leadville as assistant
cashier, reports Hugh E. Smith, presi
dent.
Prior to joining the Leadville bank,
Mr. Mack was with the First National
of Loveland. Mr. Teel recently retired
from the U. S. Army after more than
20 years of service.

OVERNOR Stephen L. R. McNichG
ols officially signaled the start of
full electronic data processing at the
First National Bank of Denver recent
ly with the pushing of a button which
set the General Electric 210 Computer
system in operation. The ceremony
was the climax of converting all de
mand-deposit accounting at the bank
to electronic data processing through
use of the Magnetic Ink Character
Recognition technique.
The First National Bank of Denver
is the first bank in this area and one
of the first banks in the nation to in
stall an electronic bookkeeping sys
tem.
Installation of the General Electric
210 Computer system concluded nearly
three years of investigation, study and
planning by the bank.

Eugene H. Adams, president of the
First National Bank of Denver, said
the new system is essential to keep
pace with growth of the region’s larg
est and oldest banking institution.
In addition to handling its own data
processing, the First of Denver will
serve as an automated data processing
headquarters to handle bookkeeping
on the checking accounts of its corre
spondent banks in the Denver area.
Metropolitan D en v er correspondent
banks have already indicated their in
tention to use this system.
The system is leased from General
Electric and is housed in the bank’s
new computer center on the seventh
level of the parking structure which
adjoins the 28-story skyscraper. The
room is climate-controlled, necessary
for efficient operation of the computer.
N o r t h w e s t e r n Banker, O c to b e r,

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

1961

Wyoming News
W y o m in g

N ew s

Casper Building
Plans Announced
Construction is expected to start in
January on the new Wyoming Nation
al Bank to be built at First and Durbin
in Casper. Cost is expected to ex
ceed $1 million.
The building is designed specifically
for the bank’s needs and will provide
space for expansion of over 100 per
cent in all departments. The site will
include a 26-car parking lot and six
drive-up windows.
Designed by Charles Deaton of Den
ver, the new building is almost sculp
tural in concept with a domed rotunda

formed by large leaf-like segments ar
ranged in a circular pattern. Spaces
between the leaves will be filled with
a special sun filtering and hail resist
ant glass. The second floor, cantilev
ered 10 feet on all sides, will appear to
float above the ground. The drive-up
units follow the rotunda theme in de
sign.
A sunken garden is planned at the
front corner. Being lower than the
main structure, the garden will reveal
the full sculptural form of the ro
tunda, provide a large area of green
ery, and will admit light to the base
ment.
Total area of the building will be
42,000 square feet and will be built of
reinforced concrete.

BIG ENOUGH

to handle all
correspondent banking
transactions

To Build at Casper
Directors of the Security Bank and
Trust Company of Casper have an
nounced the purchase of a tract of
land in downtown Casper for construc
tion of a new bank building between
Walcott and Durbin on Midwest Ave
nue.
Plans for the bank to occupy a por
tion of the proposed Nicolaysen Tower
Building have been abandoned due to
delays in construction. The Security
is completing its first year of operation
in rented quarters at 311 South Center.

Closed Saturdays
Casper, Wyo., banks have decided to
remain closed on Saturdays through
out the year. Wyoming legislators
passed a law in the last session to
allow Saturday closing year-around.
Previously banks could remain closed
on Saturdays only during the summer
months.

James R. Chrisman
James A. Chrisman, president, First
National Bank of Green River, Wyo.,
since 1954, died recently at a Sweet
water hospital where he had been a
patient for two days. He was 77 years
old. Mr. Chrisman became associated
with the First National in 1915 as a
teller, became cashier in 1916 and pres
ident in 1954.

New Riverton Bank

■.
Whenever you need correspondent services
in or from Colorado, call us

UnlnrutinIlnlinnalllnnlt ,

17TH AND CHAMPA . MEMBER F.D.I.C. •ACOMA J2-9311

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

1961

A nine-man board of directors has
been elected at an organizational meet
ing of stockholders of the planned
American National Bank of Riverton,
Wyo.
The board includes six Riverton
businessmen: Kenneth Slagle, Donald
Spiker, Jerry Meadow, James Barquin,
Herbert Learning and Mike Guilford.
Other directors are Del Crouse of Worland, Bruce Ritchie of Shoshone and
Harold Hayes of Lander.
Mr. Crouse was elected president at
the first meeting of the board. Mr.
Crouse is president and principal
stockholder and director of the Secu
rity State Bank in Basin.
The new bank is capitalized at $500,000 and is expected to open for busi
ness next March. An architect is pre
paring plans for a new building, al
though no final decision has been
made on the site.

Gets Bond Honors
Alyce Myrer, service bond teller,
First National Bank of Denver, was
the recipient of a special United States
Treasury certificate award recently in
recognition of more than 15 years’
continuous service in the sale of U. S.
Savings Bonds.

Deer Lodge Changes

M o n ta n a

NEWS
R. D. RUBIE

President

R. C. W A LL A C E

S e c re ta ry

H a rv e
H e len a

A sso c ia tio n C om m ittees N a m ed
R ICHARD D. RUBIE, president of
the Montana Bankers Associa
tion, has announced his appointments
for standing and special committees
for the 1961-62 association year. Fol
lowing are the committee chairmen:
S tand in g C om m ittees

Agricultural Committee — George
Ferguson, First National Bank, Bill
ings. Sub-committee on 4-H Club Sales
and other 4-H Projects — Charles P.
Moore, Great Falls National Bank. Ed
ucational Committee — Harold Pitts,
Miners National Bank, Butte. Legis
lative Committee — A. R. Appelgren,
First State Bank, Wolf Point. Nomi
nating Committee — V. C. Hollings
worth, Citizens State Bank, Hamilton.
Uniform Practices Committee—George
Johnson, Exchange State Bank, Glenclive.
Special C om m ittees

Public Relations Committee—LeRoy
O. Wallin, Big Horn County State
Bank, Hardin. Special Education Com
mittee—John R. Collins, First Nation
al Bank, Missoula. Consumer Credit
Committee — R. L. Samson, Union
Bank and Trust Company, Helena.
Trust Committee — J. T. Slingsby,
Great Falls National Bank, Great
Falls. Taxation Committee — O. M.
Jorgenson, Security Trust & Savings
Bank, Billings. Bank Operations Com
mittee— Ken B. Jacobson, Midland
National Bank, Billings. Resolutions
Committee — Theodore Jacobs, First
National Bank, Missoula; Credit Union
Committee—B. Meyer Harris, Yellow
stone Bank, Laurel. Committee to
Work With C.P.A.—J. E. Tenge, Mid
land National Bank, Billings. Insur
ance Committee—Y. C. Hollingsworth,
Citizens State Bank, Hamilton. Agri
cultural Credit Conference — E. E.
Coombs, Secruity Trust and Savings
Bank, Billings.

New Trust Quarters
O. M. Jorgenson, chairman of the
Security Trust & Savings Bank, Bill
ings, Mont., has announced that the
trust department, headed by James W.
Heath, as assistant vice president and

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

trust officer, has moved into newly ex
panded redecorated facilities on the
second floor of the Security Bank
Building.
Natural finish black walnut wood
paneling covers the walls. Lighting
is from continuous ceiling lights,
shielded by diffused anodized alumi
num. Interwoven burnt orange cloth
panels frame the windows.
Others in addition to Mr. Heath in
the trust department are Lee L. Hafner and Robert M. Muir, assistant
trust officers.
3>

Joins Billings Staff
Shown here is James F. Spelman
whose appointment as vice president
in charge of busi
ness development
and p u b lic rela
tions at the First
National Bank in
Billings was ann o u n c e d last
m o n t h in the
N orthwest
B anker .

Henry J. Hukill, vice president, sec
retary and managing officer of the
bank, has been elected president of
the Deer Lodge Bank & Trust Com
pany, Deer Lodge, Mont., succeeding
Lee Williams who died recently.
At the same time S. J. Pauly, vice
president, was named chairman of the
board and Don Tavenner, a director
since 1952, was elected vice president.
Mr. Pauly is owner of the Pauly
Range Company and Mr. Tavenner is
associated with the Williams & Taven
ner ranching firm and is past presi
dent of the Montana Stockgrowers
Association.
In addition, Frank E. Dougherty,
lifelong resident of Elliston and now
retired from the mercantile business,
has been added to the board of direc
tors.

Joins Seattle Bank
William Oliver, assistant cashier of
the First State Bank of Thompson
Falls, Mont., has left that bank to
take a job with the Commercial Bank
of Seattle. Mr. Oliver has been active
in Thompson banking since 1958.

Hours Changed
The Northwestern and the First Na
tional Banks at L e w is to w n have
changed their banking hours and now
are closed on Saturdays. New hours
are from 9:30 to 3 Monday through
Thursday and from 9:30 to 5:30 on
Friday.

er n

Mr. Spelman is
a native Montan
J. F. S PE L M AN
an and formerly
was manager of the Carpenter Paper
Company in Billings.

New Roundup Ag Hep.
John Armstrong, a recent graduate
of Montana State College, has joined
the Miners and Merchants Bank of
Roundup, Mont., as agricultural rep
resentative.
At the same time it was announced
that James E. Sherod has left the bank
to accept a job with the National
Bank of Commerce at Kennewick,
Wash.

Great Falls Director
Erwin H. Johnson, head of a whole
sale trucking firm, has been elected
director of the First Westside National
Bank in Great Falls. He founded
Johnson Inc. in 1948, after entering
the oil trucking business in Great
Falls in 1942.

Leaves Wyola Staff
J.
P. Bzoski, cashier of the Little
Horn State Bank of Wyola, Mont., has
left that bank to become executive
vice president of the Citizens Bank of
Mobridge, S. D. He had been asso
ciated with the Little Horn bank for
10 years.

Robert Grieve
Robert “Bob” Grieve, chairman of
the board of the First National Bank
of Casper, Wyo., died recently after
a heart attack. He was 83.
Mr. Grieve had been a resident of
central Wyoming since 1890, starting
in the sheep ranching business and be
came well known throughout the state
as a civic leader and banker. He had
been active in Casper banking since
1925. He was president of the First
Trust and Savings Bank of Casper
from 1928 until 1933 when it was pur
chased by the Casper National. In
1947 he was elected president of the
First National and became chairman
of the board in 1953.
N o r th w e s te r n Banker. O c to b e r,

1961

O WA

The U. S. red carpet will be out again at both the
Nebraska and Iowa Conventions.
A warm welcome awaits you in our hospitality
suite. Stop by for a visit. W e’re looking forward
to seeing all of you.

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Em
N o r t h w e s t e r n B anker, O c t o b e r,

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

1961

04th Annusi] NBA loiiveiilioii
SELECTION of top-notch speakers on a variety of
vital topics will highlight the 64th annual convention
of the Nebraska Bankers Association in Omaha, October
11 and 12, as announced in the N orthwestern B anker last
month.
The government bond market, tax equality, and agri
culture will be discussed in talks by leading authorities in
these fields. In addition, a special panel will center atten
tion on “ Industrial Development for Nebraska,” a topic
of utmost importance to the continued growth of the
state.
Following is the complete convention program:

R. L. H R U S K A

J. H. CL AR K E

H. J. S T O D D A R D

7:00 Convention Banquet—Omaha Civic Auditorium.
Installation of officers.
Pops Concert—Omaha Symphony Orchestra, Jo
seph Levine, music director and conductor.

NBA Officers

Thursday, October 12

M. P. BA IR D
President

B. D. B E R K H E I M E R
Vice President

J. H. S H O N S E Y , Jr.
Treasurer

Wednesday, October 11

„

A.M.
9:00 Registration — Mezzanine Floor, Sheraton-Fontenelle Hotel.
P.M.
12:00 Noon Luncheon Session — Ballroom, SheratonFontenelle Hotel.
Presiding—Minor Baird, president, Nebraska Bank
ers Association, Inc., and president, Farmers State
Bank, Superior.
Invocation—The Very Rev. Carl M. Reinert, S.J.,
president, Creighton University.
Welcome—The Honorable James J. Dvorak, mayor,
city of Omaha.
Response and President’s Address—Minor Baird.
Remarks—Robert I. Stout, state chairman, A.B.A.
Savings Bond Committee, and chairman of the
board, First National Bank, Tekamah.
“Your State Banking Department” — Ralph E.
Misko, director of banking, state of Nebraska, Lin
coln.
Address—The Honorable Roman L. Hruska, United
States Senator, Nebraska.
“The Government Bond Market as I See It”—
James H. Clarke, vice president, American Na
tional Bank and Trust Company, Chicago 111.
“ Tax Justice Between Competing Financial Insti
tutions—Howard J. Stoddard, president, Michigan
National Bank, Lansing, Mich.
Business Session:
Report of Committee on Nominations.
Election of officers.
Report of Committee on Resolutions.
P.M.
5:30 Social Hour—Ballroom, Sheraton-Fontenelle Hotel.
Delegates and Indies, Hosts, Omaha banks.

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

A.M.
9:30 Convention Session — Ballroom, Sheraton-Fonte
nelle Hotel.
Presiding—Minor Baird, president, Nebraska Bank
ers Association, Inc.
Election—American Bankers Association.
Presiding—Chase Neumann, A.B.A. state vice pres
ident, and president, Farmers and Merchants Na
tional Bank, Oakland.
“Your College of Agriculture”—Dr. E. F. Frolik,
Dean and Director, College of Agriculture, Univer
sity of Nebraska, Lincoln.
“ Industrial Development for Nebraska” — Panel
Discussion.
Moderator—J. O. Peck, chairman of the board, The
Central National Bank, Columbus.
Panelists:
W. E. Young, vice president The Cozad State Bank,
Cozad.
Jerry Huse, publisher, Norfolk Daily News, Nor
folk.
Charles Uerling, Sr., president, Charles Uerling
Company, Hastings.
P.M.
12:30 Luncheon — Ballroom, Sheraton-Fontenelle Hotel,
Delegates.
Presiding—Minor Baird, president, Nebraska Bank
ers Association, Inc.
Presentation of Committee Chairmen.
“What It Looks Like Now”—Dr. Arthur A. Smith,
economist and vice president, First National Bank
in Dallas, Dallas, Tex.
CONVENTION PROGRAM . . .

(Turn to page 106, please)

A. A. S M IT H

E. F. F R O L IK

J. O. PECK

N o r t h w e s t e r n Banker, O c to b e r,

1961

Nebraska News

N eb ra sk a Caarentiaa í'a m m ittees
B. NEWMAN, president, South
• Omaha Bank, is chairman of the
general convention committee for the
64th annual convention of the Nebras
ka Bankers Association in Omaha, Oc
tober 11 and 12.
Members of the general committee
assisting Mr. Newman are W. B. Mil
lard, Jr., presi
dent, Omaha Na
tional Bank, and
Kenneth G. Har
vey, p re s id e n t,
D ou g la s County
Bank.
Other commit
tees are as fol
lows:
A. J. H a l l a s ,
C. B. N E W M A N
president, Stock
Yards National Bank of South Omaha,
chairman; J. F. Davis, president, First
National Bank of Omaha; Edward W.
Lyman, president, United States Na
tional Bank; L. Dale Matthews, presi
dent, North Side Bank; Ray E. Stan
ley, executive vice president. The
Center Bank; A. L. Coad, president,
Packers National Bank, and J. A. Irv
ing, executive vice president and cash
ier, First West Side Bank.

W . B. M I L L A R D , JR.

K. G. H A R V E Y

vice president, South Omaha Bank;
James L. Doody; Eugene Zaloudek, as
sistant cashier, Stock Yards National
Bank; M. B. Coffey, vice president, The

E. W . L Y M A N

R. E. S T A N L E Y

J. A. I R V IN G

Center Bank, and H. H. Meile, senior
vice president, Douglas County Bank.
Banquet

L. D. M A T T H E W S

Kermit Hansen, vice p resid en t,
United States National Bank, and Mrs.
Hansen, head of the banquet commit
tee. Couples serving on this commit
tee are Mr. and Mrs. Bernard J. Mur
phy, Mr. and Mrs. Ray F. Slizewski,
Mr. and Mrs. C. W. Means, Mr. and
Mrs. Marvin H. Frey, Mr. and Mrs.
Russell A. Loring, Mr. and Mrs. T. J.
Spencer, Mr. and Mrs. P. F Pedersen,
Mr. and Mrs. L. M. McCague and Mr.
and Mrs. Warren T. Rushing.

Entertainment

A. J. H A L L A S

John B. Foley, vice president, Pack
ers National Bank, chairman; H. H.
Echtermeyer, vice president, Omaha
National Bank; James A. Zimmerman,
assistant vice president, United States
National Bank; Joseph M. Hart, Jr.,
vice president, North Side Bank; C. D.
Anderson, assistant vice president,
First National Bank; Elmer C. Olson,

J. F. D A V IS

J. B. F O L E Y

K. H A N S E N

Village Picnic a Success
Municipal and Corporate Bonds
Listed Stocks
Unlisted and Local Stocks
ORDERS EXECUTED ON A L L PRINCIPAL EXCHANGES

Marvin L. Killion, vice president
and cashier of the Gretna State Bank
at Gretna, reports that approximately
1,200 persons attended the recent com
munity picnic held by the bank in
the village park. Highlights of the
afternoon were a free variety show,
free merry-go-round rides for the chil
dren and lunch served through the
courtesy of the bank. Extremely fa
vorable comment was received from
all who attended.

Ralston Bank Expands

C H I L E S -S C H U T Z CO .
OM AH A, NEBRASKA
412 Farm Credit Building
Phone 346-6677

LIN C O LN , NEBRASKA
203 Stuart Building
Phone HEmlock 2-3325

LEXING TO N, NEBRASKA
Box 532
Phone FAirview 4-3766

CH ADRON, NEBRASKA
Box 607
Phone HEmlock 2-3366

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

1961

R. F. Clarke, president, the Ralston
Bank at Ralston, announces that addi
tional space in the Hill Crest Shopping
Center has been acquired. This will
provide space for two enclosed walkup windows, primarily to be used for
after hours service. Night depository
service and several private offices will
be in addition to the present banking
room. Diebold, Inc., is installing the
teller windows and depository.

Nebraska News

Y ou
Will
S ec Them a t th e
A n n u a l N eb ra sk a C onvention
T HE following metropolitan bank
ers and equipment dealers have
indicated they will be attending the
Nebraska Bankers Association’s An
nual Convention:
Chicago
American National Bank & Trust
Company: James H. Clarke and

Charles C. Kuning, vice presidents;
William B. Aldrich, assistant cashier,
and George H. Spence, agricultural
representative.
Continental-Tllinois National Bank
& Trust Company: John Q. Adams,

vice president, and Charles R. Hall,
assistant cashier.
First

National

National Bank of Commerce: Byron
Dunn, chairman; Albert A. Held, vice
chairman; Glenn Yaussi, president;
Myron Weil, executive vice president;
H. A. Brockmeier, Gene C. Eaton,
E. N. Thompson and Robert A. Wekesser, senior vice presidents; John C.
Whitten, senior vice president and
trust officer; O. L. Clarke, Jr., vice
president and trust officer; Paul

Bogott, vice president and cashier;
A. F. Jorgensen, Clarence Hinds, Rex
E. Miller, Ted Thompson, Dan Van
Buskirk and Wilbur Baack, vice pres
idents; D. L. Sommerhalder, Carl
Amos, Donald J. Kroger, vice presi
dent and trust officer; John Shipferling, Oral B e c k m a n , Don Wright,
James Nissen, A. B. Goodwin, and
Chester Nielsen, assistant vice presi
dents; Faye Van Landingham, A. C.
Holmquist III, L. M. Novak, Paul R.
Scott, Karl Wellensiek, assistant cash
iers; John Wilson and Norma Ver
Maas, trust officers.

W e ’ll B e T h e r e !

Bank of Chicago:

Victor C. Von Meding and Frank G.
Herman, assistant vice presidents;
Raymond V. Dieball and Jack W. Hallberg, assistant cashiers.
Northern Trust Company: Thomas
F. Duffy, vice president.
Council Bluffs
Council Bluffs Savings Bank: L. W.

Ross, president, and Ed. H. Spetman,
executive vice president.
Denver
Central Bank & Trust Company:

Donald F. Delano, vice president;
Harley N. Patton, Jr., assistant vice
president.
Colorado National Bank: John D.
Turner, assistant cashier.
Denver-United States National Bank:

Don Ferrel, assistant vice president.
The First National Bank of Denver:

James R. Morris, vice president.
Kansas City
City National Bank & Trust Com
pany: Dale R. Ainsworth, senior vice

president; Melvin D. Ellis, vice presi
dent; James M. Jackson, assistant vice
president.
Commerce Trust Company: Tom C.
Cannon, Bill M. Lamberson and Rich
ard L. Dunlap, vice presidents; Rus
sell W. Woolley and Eugene B. Foncannon, assistant vice presidents.
First National Bank: Barret S. Heddens, Jr., president; Edward A. Huwaldt and George C. Dudley, vice
presidents'.

NEBRASKA STATE
CONVENTION
October 11 and October 12
Omaha, Nebraska

THE TOOTLE-ENRIGHT
NATIONAL BANK
SAINT JOSEPH

MISSOURI

Member F. D .I.C .

Lincoln
First Continental National Bank &
Trust Company: C. Wheaton Battey,

chairman of the board; Burnham
Yates, president; A. S. Chaves, Roger
L. Cunningham, Dale M. Shoemaker,
Lyle F. Stoneman, Max Schneider and
W. E. Edgecomb, vice presidents; Les
ter Curran, agricultural representa
tive.

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

N o r th w e s te r n B anker, O c t o b e r , 1961

Nebraska

N ew s

Los Angeles
California Bank: John V. Hass, vice

president.
Security First National Bank of Los
Angeles: John J. Stine, assistant vice

old A. Walsh, assistant vice president.
Morgan Guaranty Trust Company:

Richard F. Dundore, assistant vice
president.
St. Joseph
American National Bank: Benton

president.
New York
Chase Manhattan Bank:

John S.
Hejinian, assistant vice president;
Brian F. Reynolds, representative.
First National City Bank: John W.
Heilshorn, assistant vice president;
Douglas C. Salter, assistant cashier.
New York
The Hanover Bank: John F. King,

assistant secretary.
Manufacturers Trust Company: Har-

. mi

M. Calkins, Jr., Charles K. Richmond
and Charles J. Conant, Jr., vice presi
dents; Donald D. Folks, assistant cash
ier.
First National Bank: Jack Killackey,
vice president; Benton O’Neal, agri
cultural representative.
First Stock Yards Bank: Harry H.
Broadhead, Jr., vice president; Arthur
R. McClaskey, agricultural representa
tive.

in v ita tio n
Leonard L. Lawrence

President

Tootle-Enright National Bank: Ever
ett L. Crume and Gilbert Tootle, vice
presidents.
St. Louis
Mercantile Trust Company: A. U.

“Jim” Hooss, assistant vice president.
San Francisco
Bank of California: Irving W. Dan

ielson, vice president.
Sioux City
First National Bank: E. V. Hoffman,

vice president; Richard C. Taylor, as
sistant cashier.
Live Stock National Bank: C. L.
Adams, president; S. W. Evans, first
vice president; R. K. Draper, repre
sentative.
Security National Bank: Chas. H.
Walcott, president; B. M. Wheelock
and Thomas C. Horn, vice presidents;
John Diefendorf, assistant cashier.
Toy National Bank: J. Wm. Van
Dyke, chairman of the board; E. E.
Erickson, vice president; C. E. Aron
son, assistant vice president; L. H.
Olson, assistant cashier.
Bank Equipment and Other Firms
American Express Field Warehous
ing Corporation: Jim Fletcher, assist

ant vice president, Des Moines.
Bank Building & Equipment Corpo
ration: H. N. Arnold, St. Louis.
Burroughs Corporation: C. R. Phil-

You are invited to make full use of our
experience and facilities for analyzing
municipal bonds.
You may like to have us study your
municipal bond holdings and make rec
ommendations that might improve your
position in view of present market con
ditions.
Feel free to send us your bond portfolio
for analysis — a list of your holdings
designating amount, issuer, type of bond,
maturity, option and interest rate — or
call on us for any type of bond coun
seling.

brick, branch manager, Omaha.

Frank E. W illiam s

Executive
Vice-President

Charles E. Walters Company: J.
Mason Henry, president, and Robert
Kunkel, vice president, Omaha.
Chiles-Schutz Company: Warren D.
Chiles, president; John C. Schütz, ex
ecutive vice president, and Eldridge
B. Scurr, Hal Childs and John J. Bohrer, vice presidents, Omaha.
Central States Health & Life Com
pany: W. M. Kizer, executive vice

president; John D. Mace, R. W. Ballew and R. C. Findlay, Omaha.
Central National Insurance Compa
ny: John J. Micek, Jr., assistant vice
P a trick H . Rensch

V ice-President
and Counsel

Naturally, there is no cost or obligation
to you.

president; John R. Knight and Colon
Chisholm, fields representatives Oma
ha.
Cruttenden, Podestà & Company:

Cecil W. Slocum, K. L. Bredensteiner
and Robert L. Soener, Omaha.
Cummins-Chicago

Corporation:

Bernard Hillyer, Omaha.

W illia m M arch

Secretary and
Treasurer

ROBERT E. SCHWESER CO

De Luxe Check Printers, Inc.: Larry
Gassaway, sales representative, Lin
coln.
Diehold, Inc.: H. R. Herron, sales
representative, Omaha office.
Doane

Agricultural

Service, Inc.:

C olin D over, sales representative,
Sioux Falls, S. D.
First Nebraska Securities, Inc.: E.

M. “Bud” Hunt, president; Dale C.
Tinstman, executive vice president;

I.
IN V E S T M E N T BAN KERS

208 S. 19th Street

U ND E R W R ITE R S

N o r th w e s t e r n Banker, O c t o b e r , 7961

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

TAX E X E M P T B O N D S

O M A H A , NEBRASKA

EXCLUSIVELY

Telephone 344-4611

YOU W ILL SEE THEM . . .

(Turn to page 104, please)

During the convention...
make our Green Roo m ^
your headquarters
frank
love

CARL
BLOOM

FIR
STN
A
T
IO
N
A
Lo
B
A
N
KO
FO
M
A
H
AI
Member Federal Deposit insurance Corporation am
Sixteenth and farnam S3 Omaha, Nebraska * * *

SUITE 133 ■ SHERATON-FONTENELLE HOTEL ■ OCTOBER 11-12,1961
I

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

N o r th w e s r e r n

Banker, O c to b e r,

1961

Nebraska News

4 A ff C red it C on feren ces A r e W e ll A tte n d e d

PAR TIC IPATIN G in the NBA Ag Credit panel were (left to
right): W. W . Marshall, Jr., v.p., Commercial National, Grand
Island; Henry Reynolds, pres., National Bank of Norfolk; Ber
nard R. LeMaster, a.v.p., 1st National, Tekamah; Cecil W .
Means, v.p., Stock Yards National, Omaha; W iley Green, NBA

seh, and out of picture at right, E. A. Carlson, cash., Deuel
County State, Chappell. The four conferences were well at
tended at each session. Meetings took place in Norfolk, Lin
coln, Scottsblutf and Kearney. A look at the cattle and hog
situation current at the time of the meetings proved to be a
popular part of the program. A chartered bus took the panelists
and a number of eastern Nebraska bankers to Scottsbluff and
Kearney for the meetings at the west end, affording many a
first-hand look at crop conditions in the far end of the state.

ag. comm. chmn. and pres., Wauneta Fails Bank, Wauneta;
Minor Baird, NBA president and pres., Farmers State, Su
perior; Lester Curran, ag. rep., 1st Continental National B&T,
Lincoln; J. V. Johnson, Jr., v.p., Johnson County Bank, Tecum-

W ork Area Doubled
H. E. Green, president of the Bank
of Valley, announces that the bank’s
work area has been nearly doubled by
removing the wall between the old
bank building and the building im
mediately south. The interior and ex
terior of both buildings have been
completely remodeled, all new fix
tures were purchased and another
vault added for safe deposit boxes

and storage. Open house was sched
uled tentatively for October 1.

Bank Builders & Designers of Springfield, Mo., will have the general con
tract and supervision of construction.

Starts New Building
Construction of a new building was
to get underway the latter part of
September for the Platte Valley Bank
at North Bend, it was announced by
Arden D. Wolf, president. The new
structure will be one-story and will
include a drive-in window facility.

Rejoins Cody Bank
Mrs. Mildred Teaford has been pro
moted to the position of assistant
cashier of The Bank of Cody at Cody.
She recently returned to the bank as
bookkeeper after an absence of many
years.

We take pleasure in announcing the formation of
F ir s t

e b r a s k a

S e c u r it ie s ,I n c .

• First and only member investment firm of the New York Stock Exchange
with home offices in Nebraska. • Complete investment service and facilities to
serve you— staffed by 36 people

EVERT M. HUNT
President

DALE C. TINSTMAN
Executive
Vice President

GENE H. TALLMAN
Vice President
& Treasurer

F ir s t

CHARLES J. BURMEISTER
Assistant Secretary &
Assistant Treasurer

e b r a s k a

Lincoln Bldg., 10th & “ O” Streets

JEROME A. DRULINER
Vice President
& Secretary

S e c u r it ie s , I n c .

Lincoln, Nebraska

Telephone 477-9221

M E M B E R N E W YORK S T O C K E X C H A N G E • A S S O C I A T E M E M B E R A M E R I C A N STOCK E X C H A N G E

N o r t h w e s t e r n B an ke r, O c t o b e r , 7961

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

Y o u are cordially invited to join us
in our

h o s p it a l it y

r o o m s

at the

Sheraton-Fontennelle Hotel
Omaha, Nebraska
during the

Nebraska Banker's Association Convent.on
N«»n.l BANK

Lorelle E.
A^ord

Carl Amos

T,“S' 1

Wilbur Baack

Herman
Brockmeier

Paul Bogott

Floyd B.
Chapman

Oscar L.
Clarke, Jr.

Byron Dunn

Gene C. Eaton

Vincent J.
Goeres

A. F.
Jorgensen

Clifford
Jorgensen

D. J. Kroger

A. B. Goodwin

Ross Hecht

Albert A.
Held

Charles H.
Hinds

Clarence E.
Hinds

Robert Hinds

A. C.
Holmquist, III

Rex E. Miller

Chester
N¡elsen

James Nissen

L. M. Novak

Paul R. Scott

John
Shipferling

George W.
Shrewsbury

Dan Van
Buskirk

Faye Van
Landingham

Norma
Ver Maas

Myron Weil

Robert
Wekesser

Karl
Wellensiek

John C.
Whitten

D. L.
E. N. Thompson Ted Thompson
Sommerhalder

John E. Wilson

Don Wright

Glenn Yaussi

NATIONAL

BANKofCOMMERCE
TRUST&SAVINGS
L inco ln, N e b ra s k a
N o r th w e s te r n Banker, O c t o b e r ,

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

1961

N O ACTION had been taken by late
September by the Nebraska bank
ing department on the application for
a state bank charter for a bank to be
known as Ames Plaza Bank at 59th
and Ames Avenue in Omaha.
Edwin E. Brodkey, Omaha, applied
for the charter stating that he and
his associates would furnish total
capitalization of $500,000. This is the
amount of capital required by State
Banking Director Ralph Misko for the
new bank opening at 90th and Center
in Omaha.
The survey on this latest applica
tion had not been completed and fur
ther action must await this study.
Mr. Brodkey is an Omaha retailer and
is also chairman of the board of the
Sidney National Bank at Sidney, Neb.
* * *
Richard H. Mallory, vice president,
United States National Bank, was hon
ored at a party last month to mark his
retirement from the bank after 21

years’ service. Mr. Mallory was in
charge of business development and
public relations at the bank.
Prior to coming with the bank, he

Long.

BOWLING- BALL, specially equipped with
“ handles” is presented to Richard H. Mal
lory, right, vice president, by Edward W.
Lyman, president, at Mr. Mallory’s retire
ment party.

Underwriters and Distributors of

Municipal and Corporation Bonds
Stocks

- Mutual Funds

For com plete service to Nebraska banks we maintain
offices in Omaha and Lincoln.
Robert H. Storz, Chairman
M. J. “Zaek” W arren, Pres.
Fred C. Colby, C. W illiam Daly, Marie H. Flanagan, Charles
F. Heider, E. J. Ternus, Vice Pres.; Fred S. K uethe. John L.
Reece, Charles W. Watts, Asst. Vice Pres.; Larry Carlson.

S torz -Wachob-B ender C o.
OMAHA
3624 Farnam Street
Phone 342-4204
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

LINCOLN
613 Sharp Building
Phone HEm lock 2-4219
I9 6 J

had been Omaha manager of the U. S.
Supply Company, where he was asso
ciated for 21 years.
Mr. Mallory joined John M. Jenkins
Real Estate Company on September 1
to head a new industrial and commerciol real estate department.
* * *
At the conclusion of the board of di
rectors’ meeting of The Omaha Na
tional Bank in mid-September, Chair
man W. Dale Clark announced that
directors had voted to propose a onefor-seven stock dividend to the share
holders. A meeting of the sharehold
ers has been called for October 6 at
10 a.m. to act upon the board’s recom
mendation, with such action subject to
the approval of the Comptroller of
the Currency.
This action will increase the bank’s
capital stock from $7 million to $8 mil
lion. Concurrently, the directors will
increase the bank’s surplus from $11
million to $12 million. This will make
a total capital and surplus of $20
million.
Mr. Clark also announced the elec
tion of Paul It.
Thompson as a
director to fill the
v a ca n cy caused
by the re sig n a
tion of Louis F.
Mr. Thompson,
p re s id e n t a n d
c h ie f e x e c u tiv e
officer o f T h e
p. b . T h o m p s o n
C udahy Packing
Company, is a na
tive of Lamar, Mo. In 1925, he began
his career with Cudahy in the finan
cial department of the company’s Kan
sas City, Kan., plant. In March of
this year, he assumed his present posi
tion.
Mr. Long, who started with the Cud
ahy Packing Company in 1924, served
as its president from 1952 through
March of 1961 when he was elected
vice chairman of the board. Although
Mr. Long is moving to Fort Lauder
dale, Fla., in October, he will continue
to serve his company on an active con
sulting basis from his new residence.
He has served on the board of direc
tors of The Omaha National Bank
since 1953.
* * *
The softball team of the United
States National Bank of Omaha en
joyed its most successful season this
year. S ta rtin g slowly, the team
dropped its first two games. Manager
Bob Satrapa, advertising manager,
then revised the lineup for the third
game and the team responded with a
victory. The win was sparked by the
masterful no-hit, pitching of Lowell

A-

A special invitation
to our frien d s.,.
Come to see us at the Nebraska
and Iowa Bankers’ Conventions
Nebraska . . . October 11 and 12

i «*»

Parlors A, B and C and the West Room
Sheraton Fontenelle, Omaha, Nebr.
I %«5

I o w a . . . October 2 9 to Nov. 1
Rooms 321 and 322

Hotel Fort E>es Moines, Des Moines

T he

Omaha National
T>
I
JLPdlllV

~~^

M em ber Federal Deposit
insurance Corporation

'z* sp

iu
#

•, * * «

> r?

f Hr

:
f..

— nr

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

...

JSH H W k

John M. Shonsey and, Del Olson
Fred Douglas

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

Bob Larsen, Herb Echtermeyer and Bob Johnson
Dave Johnson

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

Hubert Shellenburger

“ The Transit Bank
o f the Midwest ”

The

O m a h a N ational
Bank

HELPING

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

OMAHA

M em ber Federal Deposit

GROW

Insurance Corporation

SINCE

1866

Cham pion S ofth a ll Team

SO FTB ALL C H A M P S! — Left to right—first row— Don Mitera, Henry Stevenson, Ed
ward Arndt, Bob Satrapa, John Kotera and Gien Ried. Second row— Gary Davis, Norris
Siert, Lowell Boetger, Jay Bordewick, Henry Schneller and Raymond Miller.

The team, made up of bank
personnel, then went on to win 14 con
secutive games and the Slow Pitch
League championship.
This was the first year for Slow
Pitch softball in Omaha. It has, how
ever, been played in other localities
for a number of years. Under slow
pitch rules, the pitcher must deliver
the ball with an arching toss. This
puts the emphasis on batting and field
ing—and also makes the no-hit game
pitched by Boetger an even more re
markable feat. It is believed to be the
only no-hitter of the season in the
many slow pitch leagues across the
country.
Boetger.

The team concluded the season by
appearing in the World Championship
Slow Pitch Tournament in Louisville,
Ky., September 1-4. Although defeated
in both games, Manager Satrapa re
ported that the team “played well, but
lost to more experienced opponents.”
* * *
Kenneth G. Harvey has been named
chairman of Division I of the Red
Feather Red Cross Campaign.
The division, first to make contact

with contributors, is in charge of in
itial gifts, pattern gifts and the profes
sional group. Its goal: $577,000.
Mr. Harvey is president of the
Douglas County Bank.
* * *
Mrs. Lillian Jones was the 100,000th
customer to be served at the drive-in
bank of The Omaha National Bank.
The drive-in, located at 17th and Doug
las Streets, has been in operation
since February 20 of this year. In six
months time, or 126 working days,
100,000 cars have used the five drivein windows, making an average of
approximately 800 cars a day.
L. C. McVea, vice president and
cashier, presented Mrs. Jones with a
$100 U. S. Savings Bond.
>K * *
S. Emerson Westgate, general book
keeper of the Stock Yards National
Bank, retired August 31 after 43 years’
continuous service with the bank.
Prior to his joining the bank in No
vember of 1918, Mr. Westgate was em
ployed by the Omaha live stock com
mission firm of A. G. Buchanan & Son.
The members of the Stock Yards
National Bank 25 Year Club had a
dinner honoring Mr. W estg a te at
Johnny’s Cafe.
After some planned traveling, Mr.
and Mrs. Westgate will return to their
Omaha residence.

N e ir T y p e Creili t

JO HN VAN

HORNE

M IC H A E L V A N H O R N E

THESE MEN ARE W ANTED!

E D W IN VA N H O RN E

Known as the "V A N

HORNE TRIO" . . . (non-vocal) . . . these men are
after your business! They've armed themselves with
smiles, cordiality, and a wealth of experience in
banking and bank portfolio management. Be on the
lookout for them in the vicinities of the NBA conven
tion in O m aha, and the IBA convention in Des
Moines.
CREDIT
became available
overnight at the First National Bank in
Morrill recently without the knowledge of
bank officials until the next morning! It
turned out to be a temporary offer, how
ever, for Charles T. Karpf, cash., removed
the sign shown above the first thing in
the morning. A prankster had moved the
“ All Credit Cards Accepted” sign from a
filling station to the bank during the small
hours of the morning.
IN S T A N T

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

N o r t h w e s t e r n Banker, O c to b e r,

1961

Nebraska News

94
K

o n

t i e r s

in vited to

V isit Nerv

A L L REG ISTRAN TS for the Nebraska Bankers Association
convention have been invited by NBA Secretary H. V . Osterberg to visit their recently revamped and enlarged association

offices. Located at 420 Uarnam Building, these quarters were
remodeled to improve the working layout for daily office work,
and enlarged to provide a large meeting room for NBA com
mittees, A.I.B. class work and similar purposes. The tastefully
decorated offices have been arranged for maximum efficiency.
Upper left photo shows Mr. Osterberg at his desk. At right,
in the main reception office, are the three ladies on the staff,
Miss Edith Mayes (seated); Mrs. Helen Halpenny (center) and
Mrs. Dora Braasch, assistant secretary. At left, the board of
directors of the Omaha A.I.B. Chapter is shown conferring in
the new room where their classes are held four nights each
week. More than 40 persons can be seated comfortably at
tables in this room. The entire association offices are air-con
ditioned.

MARKET TIME IS
PAYOFF TIME . .
BANKERS K N O W the value of competition. At
O m 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 M A R
KET VALUES for their slaughter livestock.

REMEMBER T O O . . . O m ah a is an excellent
source for replacement cattle and calves . . .
here the Com Belt feeder can find a broader
selection

of top quality

stockers-and-feeders

than he can find any place else in his travels.

IT PAYS TO SHIP WHERE DEMAND IS GREATEST

O M A H A

became the leader by SERVING YOU BETTER

UNION
N orthw estern

Banker, O c t o b e r ,

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

1961

STOCK

YARDS

COMPANY

OMAHA

Nebraska News

MARIE C.
WOLDEN
Cashier

Farmers State
Bank, Wallace
President
Group 5

HIS area has enjoyed so many
good years we have begun to feel
T
top yields and prices to be a normal

R e p o r t C rop, R o si n ess O u tlook
GRICULTURAL and business con
A
ditions throughout Nebraska have
been reported for various sections of
the state by presidents of the six
Nebraska Bankers Association groups.
The reports, which follow, are based
on conditions prevailing in mid-Sep
tember.

I believe that there has been a
slight rise in business activities since
early Spring and this condition should
remain more or less stable and pos
sibly get better, particularly in the
areas not hurt by corn root worm in
festation.

condition. There were some setbacks
this year, but taken all in all it has
been a good year. Wheat crop was
perhaps half an average crop. Spring
prospects were splendid, but unfavor
able weather conditions the last month
before harvest changed the picture.
Dry land corn will not produce a
normal yield this year due to lack of
moisture. Irrigated corn this year has
been damaged by root worm in the
eastern part of the territory. Root

dCoohiny forward. to âeeiny
our m any friends
a t the

NBA C O N V E N T I O N

R. K. ARMSTRONG
President

O ctober 11-12 - Sheraton-Fontenelle Hotel

Minden Exchange
National, Minden
President
Group 4

J. Cliff Rahel
George Knack

Cliff R. Rahel
Ernie Thompson

HE wheat crop in this area was
T
not as good as in 1960, however in
most instances yields were slightly
over average, with wheat for the most
part moving under commodity credit
support prices.
This area took advantage of the
new feed grain program which sup
plied considerable working capital for
the farmers. The central area of
Group 4 there has had a great deal of
corn root worm damage, particularly
in the irrigated corn, with estimated
yields cut from 25 to 50 per cent. The
damage from root worm is not so evi
dent in the corn under dry land farm
ing and I believe that there is suf
ficient moisture to mature this to
above average dry land crop. If the
irrigated yields are reduced to the
degree as outlined above it is possible
that cattle on feed will also be down.
The cattle movement to the farm has
been very slow up till now and a lot
of previous feeders are considering
taking the commodity credit supports
on their grain rather than feeding
with the present profit margins very
narrow.

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

ITSTVCESTIMiElSrT B ^ -T S T K E F IS
SUITE

1136-1140

FIRST

NATIONAL

BANK

BUILDING

• OMAHA

2, N E B R A S K A

Underwriters and Distributors
M UNICIPAL AN D CORPORATE BONDS
PREFERRED AND C O M M O N STOCKS

BEST

W IS H E S

TO NEBRASKA

BANKERS

Y O U R H O S T S IN O M A H A

. . . SUITE 117

JIM FOLEY

SHERATON-FONTENELLE

CHARLIE KING
HARVEY HAYES
BILL BLOOM
OCTOBER 10-11-12

OMAHA PRINTING COMPANY
N o r t h w e s t e r n Banker, O c t o b e r , 1961

Nebraska News

worm has not been so evident in the
western half, but the beetle is present
and caution will be necessary next
year.
Cattle prices are satisfactory for
grass cattle, however cattle are only
starting to move at this time. Cattle
feeders are hesitant to buy at present
prices. More hogs are being raised
than in former years. The sheep mar
ket is unsatisfactory. There is an
abundant hay crop.
There has been considerable oil ac
tivity in Lincoln County, both in
leasing and drilling. The first oil
producing well in Lincoln County was
discovered seven miles southeast of
Wallace a few weeks ago. Pumping
has not started, reports are that they
are awaiting equipment, but another
well is being drilled a short distance

from the present well. We are hoping
this will develop a new activity, for
this community.
As one drives through the Platte
valley new industry is evident in
many of the towns. This area can and
will support more intensive develop
ment both in farming and industry.
Banks are in a sound condition and
able to meet all legitimate credit
needs. I feel we have had a very good
year, regardless of a few setbacks in
crop conditions.

HAROLD R.
KILLINGER

only

ONE BANK
in
the
St. Joseph
Stock

Yeté

FIRST STOCK
YARDS BANK
.. . make it your correspondent!
The only bank with up-to-the minute
information on livestock marketing and
financing!
FIRST STOCK YARDS BANK
SOUTH ST. JOSEPH, MO.
N orthw estern

Banker, O c t o b e r, 1961

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

H. L. McKIBBIN

Exec. V.P.

President

Thayer County Bank
Hebron
President
Group 1

First National
Bank, Bayard
President
Group 6

there
is

dry period a few weeks before harvest
which damaged the grain. The new
crop is planted and rain is needed at
present.
The abundance of feed and grain in
dicates that the number of cattle to be
fed will compare favorably with last
year. Early feeder cattle prices are
somewhat stronger than last year.
Pastures have held up reasonably well
and there was no early rush in mar
keting of stocker and feeder cattle.

ROUP SIX, comprising the Pan
handle area of Nebraska, has a
wide diversification of agriculture.
Most crops in the area had a late start
last spring due to the severe winds
and late frost, but timely rains, suf
ficient irrigation water, and good
growing weather throughout the sum
mer brought on prospects for a good
harvest.
While the sugar beet crop in the
North Platte Valley area received
some early damage from winds and
frost, it appears now that the yield
will be normal, but not as great as
the bumper crop of 1960. Beans har
vest is now underway in the Valley
area, and early reports indicate a
good yield. However, in some locali
ties in the Panhandle, the bean crop
will be late, and an early frost could
do considerable damage. The corn
crop is a little late, but with 10 days
to two weeks with no freezing tem
peratures, an excellent crop is in
prospect.
Wheat yields varied considerably
throughout the Panhandle. Some lo
calities had good yields, but in some
areas the wheat suffered from a hot

Group 1 is comprised of 16 counties
in southeast Nebraska, and a survey
of this area indicates a somewhat im
proved business and farm outlook.
The wheat yields were better than
1960 over most of the area and corn
prospects appear to be about the same
as 1960, except in the irrigated area
where root worm damage in some
fields is severe. Corn in some of the
low land is late due to the wet spring,
but could mature with the normal
frost date. Milo will not equal 1960
yields because of lack of moisture at
heading time. More warm weather is
needed to mature the late planting.
Pasture conditions are generally
good and there will be plenty of
roughage for cattle. Thus far there
has been little cattle buying, as most
farmers feel prices are too high. How
ever, they may pay the price if early
frost hits or if they need cattle to
glean the fields badly damaged by root
worm.
Business conditions in most lines
have improved. Sales are up, but prof
its are not as good. This is also true
GROUP REPORT . . .

(Turn to page 104, please)

INVESTMENT SERVICE FOR BANKS
Specializing in Nebraska
Municipal Bonds

KIRKPATRICK-PETTIS COMPANY
Member Midwest Stock Exchange

540 Omaha National Bank Building
OMAHA, NEBRASKA
LINCOLN OFFICE— 618 Trust Building

LOOKINGBACK

OVER 75 YEARS OF BANKING IN THE LIVESTOCK INDUSTRY
Although often times we’re unaware of it, each of us has in his bones a
special feeling for the long slow lines of Conestoga wagons which crept west
ward more than a century ago— for the sod houses— for the herds of rangy
longhorns. It’s a heritage that belongs to every American.
For people privileged to spend their lives in the Middle West, this feeling
for the frontier is even stronger. It’s perhaps more meaningful yet for those
of us who have had a part in serving its greatest industry — the livestock
market.
The destiny of our bank is intertwined with that of the cattlemen, the feed
ers, the bankers, the businessmen and the people of the Midwest. As the
livestock industry develops new techniques, as business expands, and as the
people of the area build their future, we pledge that the services of The Stock
Yards National Bank will keep pace.
The past has shown us the example of service— the fast-moving present
shows us the success of that philosophy. With this common heritage to guide
us, we look forward with you to a future whose bounds are limitless.

STOCK YAR
THE ONLY BANK

ONAL BANK
N STOCK YARDS
A

M e m b e r o f Fed eral D e p o sit In su rance C o rp o ratio n

W e’re looking1 forward to seeing- you in Omaha at the Nebraska Bankers’ Convention, October 11-12, and in Des Moines
at the Iowa Bankers’ Convention, October 29-November 1.
N o rth w e s tern

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

B an ker,

O c to b e r,

1961

ir s t

Ne b r a s k a s e c u r i t i e s ,

INC., of Lincoln has become a
F
member corporation of the New York

Stock Exchange, Evert M. Hunt, pres
ident of First Nebraska, announced.
Mr. Hunt’s application to become an
individual member of the Exchange
was approved by the Exchange’s
board of governors. His status as a
member enabled the securities invest
ment firm to become a member organi
zation, the first with its main office in
Nebraska.
There are more than 670 member
firms of the Exchange and 1,366 indi
vidual members.
The company’s first day of business
was September 1, 1961. First Nebras

ka will occupy the first floor and lower
lobby of the Lincoln Building, south
east corner 10th and O Streets. A
branch office in Hastings, Neb., will
also be maintained. The Lincoln
Building formerly was named First
National Bank Building.
The 36-member staff is composed
composed exclusively of Nebraskans.
A large securities board has been
erected on the firm’s trading floor to
show up-to-the-minute prices of New
York Stock Exchange stocks.
A complete source library contains
background information ab ou t all
leading companies. The firm is also
an associate member of the American
Stock Exchange. In addition to serv-

ing customers with corporate stocks
and bonds of these two leading Ex
changes, First Nebraska will also offer
municipal bonds, mutual funds, and
over-the-counter securities.
A
Mr. Hunt has been vice president of
the investment department of The
First Trust Company of Lincoln. Ex
ecutive vice president of First Nebras
ka Securities is Dale C. Tinstman, who
formerly headed Tinstman & Compa
ny, Inc., also of Lincoln.
Other voting stockholders of First
Nebraska Securities, besides Mr. Hunt,
are Mr. Tinstman, Charles J. Burmeis-

E. M . H U N T

J. D R U L IN E R

D. T IN S T M A N

G. T A L L M A N

ter, assistant sec

retary

treasurer;

Jerome A. Druliner, vice presi

Complete Line of Bank Supplies.
^

Check Imprinting.
^

Office Equipment & Supplies.
^

Office Furniture.
^

Stationery.

W e're happy to serve you

UNITED STATES CHECK BOOK CO.
1311 HOWARD STREET
N o r th w e s t e r n Banker, O c t o b e r , 7961

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

O M A H A 2, NEBR.

dent - s e cre ta ry ,
adn Gene H. Tailman, vice presi
dent-treasurer, all
of Lincoln. They
become
allied
members of the
c. b u r m e i s t e r
E x ch a n g e and
subject to the Exchange’s regulations.
* * *
When the physical merger of First
Trust Company with National Bank
of Commerce was accomplished last
month, 44 men and women left their
desks at the First Trust Company of
fices on Friday and then sat down to
the same desks on Monday in the Na
tional Bank building. This number
swelled NBC’s total payroll to 252 per
sons.
Glenn Yaussi, president, said 30 of
the 44 new employees are working in
the trust department, six in mortgage
loans and eight in farm management.
* * *
G. A. Frampton, president of Cornhusker Bank, announces that John T.
Rutherford became associated with

C. WHEATON BATTEY

A. S. CHAVES

WALKER S. BATTEY

“BE SEEING YOU”
at the convention in

OMAHA...
OCTOBER 11th & 12th
LESTER CURRAN

WILLIAM E. EDGECOMB

we’d be pleased to have you

STOP IN OUR

OSPIT ALITY
R O O M at the
SHERATON FONTENELLE
WALTER E. NOLTE

A. W. GRIFFIN

MttX SCHNEIDER

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

LYLE F. STONEMAN

BURNHAM YATES

100

N ebraska

News

N eb ra sk a B a n k e rs A tte n d School at M adison

NEBRASKA BANKERS attending the 17th annual session of the School of Banking at the University of Wisconsin recently are
shown above. A total o f 38 Nebraskans were among the 1,241 bankers attending the school. Twenty-nine are shown here.

S t.

J o s e p h ...

THINK
"FIRST”
of the men from
The First
and their Bank

Cornhusker Bank as of September 1.
Mr. Rutherford has been in banking
since 1917 and was with the American
National Bank of St. Joseph, Mo., for
30 years. For the past 11 years he has
been vice president of the Decatur
County State Bank, Leon, Iowa.
* * *
State Banking Director Ralph Misko
has moved his family from York to
Lincoln. Since taking office early in
1961, Mr. Misko has been living in
York, where he had resided since 1949
while affiliated with First National
Bank there.
While heading a department where
mathematical science must be exact,
Mr. Misko is now faced with a math
problem that doesn’t seem to be solved
quite readily—how to divide 10 rooms
of furniture from York into one du
plex in Lincoln and come out even!
=n * >1«
Robert D. McNutt, vice president

J. M. Ford II

Macon Dudley

and trust officer of the First Trust
Company, Lincoln, resigned just prior
to the merger of the firm with Nation
al Bank of Commerce last month to
accept the same position with the
Santa Barbara National Bank in Santa
Barbara, Calif. He will head the
bank’s trust department.
=1= * *
Ralph E. Misko, director of banking,

conducted a two-day State Bank Ex
aminers’ Conference for all members
of his staff last month. An interesting
program was arranged with these sub
jects:
“Internal Control and Audits”—Phil
ip Johnson, C.P.A., Lincoln.
“As I See the Examiner’s Duties and
Responsibilities” — Maurice Hevelone,
president, State Federal S & L, Bea
trice.
“Commercial and Real Estate Loans”
—Myron Weil, executive vice presi
dent, National Bank of Commerce,
Lincoln.
“Loans from Correspondent Banks”
—Lyle Stoneman, vice president, First
Continental National B & T, Lincoln.
“ Installment Loans” — Mar vi n
Werve,, vice president, Omaha Nation
al Bank.
“Functions and Operations of Fed
eral Reserve Bank and Federal Re
serve System”—Phil Debus, vice pres
ident, Federal Reserve Bank, Omaha.
“ Some Steal Away”—Alonzo Canaday, examiner, FDIC, St. Louis.
A general round table discussion
was held throughout the final after
noon by all examiners.
The conference was held in the
board room of the National Bank of
Commerce.

Distribution - Underwriting - Municipals - Trading
Jack Killackey

V e rn M eyer

T H E F IR S T
N A T IO N A L B A N K
F e lix a t F o u rth
St- J o s e p h , M o .

N o rth w e s te rn

B anker,

You are invited to get the latest market reports from our quotation
board during the Nebraska Bankers Association annual conven
tion. Our office is just one block south of the headquarters hotel.
RO BE R T L. SOENER, M a n a g er

ruttenden,

P odesta &

Co.

Members: New York, American, Midwest and Pacific Coast Stock Exchanges

1801 Farnam Street, Omaha 2, Nebraska
O c to b er,

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

1961

•

346-4555

N ebraska

News

101

F e a tu re A ttr a c tio n fo r A n n u a l Convention B a n qu et

O m ah a Sym ph ony Orchestra

E ntertain N ebraska B ankers

Inducted into Army
Jerald H. Volin, assistant cashier,
First National Bank of Wahoo, also
a supply sergeant in the Wahoo unit
of the Nebraska National Guard, was
inducted into active duty on Septem
ber 1. A dinner and party for all of
the bank employees and officers was
given in his honor on September 23.
Mrs. Tillie Basel of Ithaca joined
the First National Bank of Wahoo re
cently. She is employed in the book
keeping department.

Moves to Milligan
Bert J. Lynn has been elected as
sistant cashier of the Farmers and
Merchants Bank of Milligan, accord
ing to J. J. Klima, president. Mr.
Lynn formerly was employed at the
National Bank of Commerce in Lin
coln and the First West Side Bank
in Omaha.

Joins Scottsbluff National
John T. Selzer has joined the staff
of Scottsbluff National Bank. After a
training period he will become a
member of the administrative and
loan staff of the bank. He has been
associated with the Coca Cola Com
pany for 12 years, serving as general
manager in Scottsbluff since 1952.

Named Assistant Cashier
Election of Miss Priscilla Watt as
assistant cashier of the First National
Bank at Bradshaw was announced
last month by L. W. Farquhar, cash
ier. He also reported that general re
modeling of the bank building is
planned for the near future.
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & C O .

NATIONAL

BANK

Member F. D. I. C.

O M AHA

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

N o rth w e s te rn

B anker,

O c to b e r,

1961

102

N ebraska

News

o
fWi'r « m 7 /. itoom

I N t i ' h í/

than 350 bankers, livestock
MORE
men and Omaha businessmen at
tended the annual Forum of Finance
and Third Annual Beef Cattle Confer
ence sponsored last month by the
First National Bank of Omaha. They
were guests of the bank at lunch, after
which they heard Arthur S. Harper,
vice president of Lionel D. Edie &
Company, New York, discuss the econ
omy in the months ahead.
He said it is important to realize the
economy is moving through a 10-year
period in order to obtain the right
perspective of current trends. The
postwar period of 10 years ended in
1955-56 and our growth of more than
5 per cent per annum ended with that
period of postwar growth. We have
been averaging about a 3 per cent
growth since then, and Mr. Harper
does not foresee a return to a 5 per
cent growth level or greater until 1964
or 1965.
He pointed out that prior to 1955 we
were averaging a recession every five
years, while during the present 10year period we have been averaging
one every two years. He advised all
businessmen to stay alert during the
periods of recovery and expect new

T A L K given by A rthur S. Harper
(center), v.p., Lionel D. Edie and Co., Inc.,
New York, is reviewed by John R. Lauritzen, (left), sr. v.p., and F. W . Thomas,
chmn., 1st National of Omaha.
THE

highs in various segments of the econ
omy but not to look for a boom or
superboom.
The basic reasons for the projected
upswing, as well as the current period
of lower activity, he stated, has to do
with age brackets and the income of
the country going through drastic
changes. The 18-25 age group is ex
panding but is a low income group,
while the 25-35 agre group is declining
at present due to the low birth rate
of the 1930’s.
A constructive change will hit about
the middle of this decade when the
present 18-25 group moves into the
25-35 age group and steps up to a
higher income bracket.
He also said that from 1955-56 to the
present, 40 per cent of American in
dustry went through a period of
slowed down growth, most of these
our key industries, such as auto, trans
portation, steel, rubber, oil, and this

slowdown will continue for another
three or four years. The other 60 per
cent is going ahead at a higher growth
rate than 3 per cent, with “services”
leading the pack.
He emphasized that present months
are a recovery period and not a take
off point for new high levels in the
economy and businessmen should not
be swayed by some advances made by
certain industries. The first quarter
of 1962 should be good with GNP hit
ting about 550 billion, after which he
looks for a 3 per cent growth rate
again, and possibly a stepup to 4 per
cent by year end. With more people
working now, gradually increased pro
duction should help as well to create
more jobs gradually and ease the un
employment level of 7 per cent.

-X

In the securities market, he said, he
is convinced the bond market will go
down and interest rates will go up.
The combination of forces of a recovtry point to a rising interest spectrum
that takes in anything from Federal
funds or 90-day bills clear out to con
sumer loans or mortgage rates. “When
Federal rates move at the front of the
train,” he stated, “the rest moves be
hind it.
From this point on he looks for a
better than seasonal advance in loan
demand caused by a return of supply
and demand factors, thus boosting
rates. When the bill rate goes to
three or above in six months, the re
discount rate will go up, possibly
around it. The prime rate also will
probably go up.
Mr. Harper stated it is his guess
that in six months the stock market
will go a little higher and the bond
market a little lower.
The Beef Cattle Conference was
held throughout the afternoon. A di-

A c o m p le te , tim e te s te d , p e rfo rm a n c e g u a r a n te e d o u tfit

For Auction Sale Clerks
C O M B IN E S ALL THE FEATURES YO U 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.

BLACK SALE SYSTEM
♦Telephone Nos. 536-2651 or 536-2522

Fullerton, Nebraska
W rite

N o rth w e s tern

B anker,

O c to b er,

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

7961

Us f o r

S a m p le

S heets

and

In fo rm a tio n

103

“ Our night transit unit
helps cut days off collection time,”
says Ken Brown, assistant vice president

“ A vital part of our 24-hour
transit operation, ou r n ig h t
unit not only handles checks
but collections of all descrip
tions as well.”

“ C om m erce T ru st intro
duced the nation to com
plete 24-hour transit service
in 1928.”

“ Messengers pick up regular mail
every half hour; air mail as each
flight arrives.”

“ W e’re still developing new ways to
speed service to correspondents. W e’-d
like to work for you too.”

(pm merce Jrust (pmpany7
10th and Walnut

Kansas City, Mo.

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Kansas City’s Oldest and Largest Bank

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

N o r t h w e s t e r n B anker, O c t o b e r , 1961

104

N ebraska

News

St. Paul Terminal Warehouse Com
pany: R. C. Schall, vice president, St.

Paul, Minn., and R. V. Peterson, dis
trict manager, Omaha.
St. Paul Western Companies: D. N.
Shaw, manager; John J. Stokman, spe
cial agent, and Reuben E. Larkin,
state agent.
Storz- Wachoh- Bender C o m p a n y:

Robert H. Storz, chairman and treas
urer; M. J. “Zack” Warren, president;
Fred C. Colby, C. William Daly, Marie
H. Flanagan, Charles F. Heider and
E. J. Ternus, vise presidents, and
John L. Reece and Charles W. Watts,
assistant vice presidents, Omaha.
United States Cheek Book Company:
PANELISTS—Frank L. Love (left, seated), v.p., 1st National, Omaha; Leonard N.
Burch, pres., 1st National, Greeley, Colo., and Lee Kolmer, assoc, prof., dept, of econ.
and soc., Iowa State University, Ames. Standing: Erwin E. Dubbert, v.p., National
Livestock Feeders Assn., Laurens, and Courtenay Davis, rancher, Horse Creek, Wyo.

gest of the remarks delivered at this
meeting appear with the lead feature
article in this issue under the title,
“ The Cattle Outlook.”
John R. Lauritzen, senior vice presi
dent, presided at the noon luncheon

and introduced the afternoon panel in
the absence of John F. Davis, presi
dent of the First National of Omaha,
who was called away just before the
start of the luncheon due to the illness
of his daughter.

YO U W ILL SEE THEM . . .

meister, assistant secretary-assistant
treasurer, Lincoln.

C. B. Batchelder, president; Fred E.
Pfaff, sales manager; Ed C. Peck, Jim
Lindberg, Chuck Peterson, Kent Mil
ler and Joe Peer, representatives,
Omaha.
Van Horne Investments, Inc.: Ed
win N. Van Horne, chairman; John E.
Van Horne, president, and Mike Van
Horne, Omaha.

GROUP REPORT . . .
(Continued from page 84)
Jerome A. Druliner, vice president
secretary; Gene H. Tallman, vice pres
ident-treasurer, and Charles J. Bur-

Attention Bankers:

WESTERN AND SOUTHERN
W ill Help
You
Promote Your

CREDIT LIFE
PROGRAM
For Complete Information
Contact Our
CREDIT IN S U R A N C E
DEPARTMENT
P. O. Box 1119
Cincinnati 1, Ohio

THE
WESTERN AND SOUTHERN
LIFE INSURANCE
COMPANY
A Mutual Company
William C. Safford, President

N o rfor
th w
e s te rn B anker, O c to b e r,
Digitized
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1 961

Kirkpatrick-Pettis Company:

S. R.

Kirkpatrick, president; Don L. Pettis,
vice president, and J. F. McCloud,
secretary-treasurer, Omaha.
George LaMonte & Sons: Jack Por
terfield, sales representative, Chicago.
Lawrence Warehouse Company: G.

A. Johnson, assistant vice president,
Chicago.
Mosler Safe Company: Laird P. Gillem, Nebraska representative, Lincoln;
Jim Clybourn, manager, Kansas City
office.
National Cash Register Company: M.
H. Planck, L. H. Jurgensen, K. L. Con
rad, L. B. Kelley, E. L. Hagedorn and
L. P. Kelly, Omaha. C. R. Nagy and
W. F. Harris, Grand Island. W. B.
Sparks, R. G. Malone and R. E. Adam
son, Lincoln W. S. Goode, Jr., and
D. S. Taylor, Sioux City.
Omaha Printing Company: Harvey
Hayes, sales manager; Jim Foley,
Charlie King and Bill Bloom.
J. Cliff Rahel & Company: J. Cliff
Rahel, president; Cliff R. Rahel, vice
president and secretary, and Ernie
Thompson and George E. Knack, Oma
ha.
Recordak Corporation: Jack A. Lud
wig, manager, Omaha; Don B. Keller,
Don Frankland, sales representatives.
Robert E. Schweser Company: Leon
ard L. Lawrence, president; Frank E.
Williams, executive vice president;
Patrick H. Rensch and Marshall J.
Barlow, vice presidents, and William
March, secretary-treasurer, Omaha.

(Continued from page 96)
of the farm net income, where larger
income is offset by increased cost of
operation. However, there have been
very few farm sales, which indicates
a more stable agriculture.
Moisture condition is excellent for
the seeding of wheat and on the whole
there is a feeling of optimism.

Bonham Moves to York
Marion C. Bonham has resigned as
vice president of the First National
Bank in Hastings to accept the app o i n t m e n t as
president of the
F i r s t National
B a n k of York.
His election to
thi s position ef
fective September
1, was announced
by E. A. Levitt,
chairman of the
First National of
York.
Mr. B o n h a m
fills the vacancy created by the resig
nation last December of Ralph Misko,
who left that post to accept appoint
ment as Nebraska’s director of bank
ing.
Mr. Bonham has been vice president
of the First National of Hastings for
six years. Prior to that he was cashier
of the First National in Bethany, Mo.,
for one year, but had spent 20 years
previously in his family’s bank, the
State Bank of Table Rock in extreme
southeastern Nebraska.

105

both men called on an outstate account today

Men who value th e ir tim e —on the job and at leisure—fly Ozark . . . the airline th a t m easures the m idw est in m inutes.
So check your travel plans . . . check Ozark’s fast, fre q u e n t service between 53 cities in nine states. Two m inutes
sp en t now on a call to Ozark or your travel agent can save you many valuable hours.

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

N o rth w e s te rn

Banker,

O c to b er,

1961

106

N ebraska

News

ti lth A ehru ska Convention #Voj

. . .

(Continued from page 81)
LADIES’ PROGRAM
Wednesday, October 11

P.M.
1:00 Ladies’ Luncheon—Omaha Country Club. (Buses
leave Sheraton-Fontenelle Hotel at 12:00 noon.)
5:30 Social Hour—Ballroom, Sheraton-Fontenelle Hotel.
7:00 Convention Banquet—Omaha Civic Auditorium.
Tuesday, October 12

w .

E .

Y O U N G

H U S E

4-H Clubbers Kewarded
The Stamford Bank at Stamford has
rewarded each 4-H Club member who
has completed a 1961 project, and
whose parents are customers of the
bank, with a cash deposit in a savings
account. Wm. F. Pentz, cashier, said
$5.00 was awarded for a livestock
project and $2.50 for an extension
project. Now in its fifth year, this

E .

C .

U E R L I N G

P.M.
12:00 Noon
to 1:00 Ladies’ Drop-In Luncheon — Omaha Athletic
Club, 1714 Douglas Street.—End.

program by the bank replaces the for
mer practice of bidding on livestock
at local fairs, thus giving each mem
ber a definite reward.
The money is added to each 4-H
members’ savings account. If no sav
ings account is owned, one is opened
for the youngster and the pass book
is forwarded with a letter of explana
tion.

F u llerto n item odelintj Undenvuti

Name Change at Columbus
Effective Monday, October 16, the
name of The Central National Bank
of Columbus will be changed to First
National Bank and Trust Company of
Columbus, according to H. L. Burdick,
president.

Surplus Increased
Surplus of the First National Bank
of Tekamah has been increased from
$200,000 to $250,000. Capital is $100,000.
The announcement was made by H.
J. Wragge, president.

Peru Promotion
Mrs. John L. Lewis has been elected
assistant cashier of the Bank of Peru.
Mr. Lewis is vice president and cash
ier of the bank.

Heads Exeter Bank

C O N S T R U C T IO N has started on extensive remodeling of the First National Bank in
Fullerton, according to E . M . Black, president. The present building, erected in 1893,
has two stories but the second story has not been used for several years so the building
is being cut down to one story. The first floor will be extended to the alley, giving 52
feet of added space. The exterior will be refaced with light buff colored bricks with
sections of light green terra.za tile to break the continuity. The new section of the
building is being completed first so all operations can be moved there while the original
building is being remodeled. John Claussen Sons Co., Grand Island, is general con
tractor. Keith Skeels, Grand Island, is architect.

(B a n k & h A , a n d

Jhsdx.

d a d io A

are cordially invited to visit our newly fur
nished model rooms on the Fourth Floor
and our Williamsburg galleries, Fifth Floor.

Orchard & Wilhelm Co.
COMPLETE H O M E FUR NISH INGS
Sixteenth and H ow ard Streets

N o rth w e s te rn

Banker,

O c to b e r,

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

1961

Om aha

E. L. McCabe has been elected pres
ident of the First National Bank at
Exeter to fill the vacancy created by
the unexpected death of the long-time
president, H. M. Link. Mr. McCabe
has been vice president and cashier.
Lillian Barkmeier has been advanced
to cashier. Paul Dunlap is vice presi
dent.

Donates $ 1 0 ,0 0 0 for Park
Richard H. Holsten, president of the
Farmers State Bank at Dodge, has in
formed the village board of trustees
of his intention to donate $10,000 to
the town to be used for improvements
in the park. Specifically mentioned by
Mr. Holsten is erection of a memorial
arch entrance to the park. The re
mainder of the funds are to be used
at the discretion of the board.
Mr. Holsten’s f a t h e r , Herman,
founded the Farmers State Bank at
Dodge in 1889. He died in 1946. Both
the senior Mr. Holsten and Richard
H. Holsten were extremely active in
constructive work for the community
during their years of business work
in Dodge.

107

Are w rdropping the ball ?
Here is what Carl A. Bimson, Presid e n t, V a lle y N a tio n a l B an k,
Phoenix, Arizona, and President,
ABA, wrote about the full-service campaign created
bv the Foundation for Commercial Banks.
“ When I saw this ad, I said to myself, ‘ This
shows what happens in individual hit-or-miss ac
tion.What we need in banking is unified teamwork.’
“ This campaign should have the active support
of all banks—large or small. It speaks for the entire
banking industry . . . says things for and about
commercial banks in national media that they are
not in a position to say for themselves.
“ I would personally like to see 100% bank par
ticipation in this effort.”

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

This emblem identifies your

Full-service
Commercial Bank
Mail to: Foundation for Commercial Banks, Philadelphia l,
Pennsylvania. C o u n t u s in ! O u r B a n k is g l a d t o j o i n t h e
F o u n d a tio n .
c lo s e d .

C heck

S u b s c r ip tio n

fo r

m e m b e r sh ip

b a s is :

$10

per

s u b s c r ip tio n
m illio n

d e p o sits

(d e p o sits as o f D e c e m b e r 3 1 , 1 9 6 0 )

NAME_______________________ —___ ______________________ ________________
■

TITLE____________________________—-------------------------------------------------------

BANK--------------------------------------------------------- ---------------------------------------------

CITY-------------------------------------------------- —

-------------------------------------------- —

!______________________________________________________1
N o rth w e s te rn

Banker,

O c to b er,

1 961

108

N ebraska

News

SamI Hills
Ha alita'-A rtist

ST R O U D , vice president and
cashier, Bank of Hyannis, Nebr., was
featured in the June issue of the Oma
ha National Bank’s “ Around the Bank.”
One of his paintings, The Grand Can
yon, is at left.
W ALT

STROUD, vice president and
W ALT
cashier, Bank of Hyannis, Neb.,
doesn’t look like an artist, but he is.
And he is as talented with a brush and
paints as he is with finances, according
to a feature article on Mr. Stroud in
a recent issue of Around the Bank, a
publication of the Omaha National
Bank, Omaha, Neb. Following are
several quotations from the article:
The Bank of Hyannis is as pretty a

one as you will ever see. Newly re
modeled, the exterior is marble and
the interior sparkling and modern.
When you enter it, your eye is caught
immediately by the handsome oil
paintings hung on the walls. There is
an autumn scene in the Sand Hills,
and a view of the Platte River. There
is one of the Grand Canyon, breath
taking in its color, and one of the
Mission in Taos, N. M. And the ar

tist? None other than vice president
and cashier of the bank, Walt Stroud.
Walt Stroud doesn’t look like an ar
tist. He looks like a westerner, which
he is. His entire life has been spent
in Oshkosh and Hyannis, Neb. He has
drawn or painted since he can remem
ber and says that the only reason he
passed his high school course in bot
any was the minutely accurate draw
ings he made of the plants they stud
ied.
As a young man, Mr. Stroud met an
artist in the Sand Hills, Miles J. Maryott, who talked painting with him—
balance and color and light—and who
gave him one unforgettable piece of
advice: “Don’t fool around with watercolor, paint in oil.” Walter followed
this counsel, and his paintings reveal
how well he learned to do it.
He paints in a little room on the
second floor of his home, where there
are stacks of canvases—a fresh one on
the easel—a jar of brushes and tubes
of paint on a table nearby. He pre
fers to paint the southwest—New Mex
ico, Utah and Arizona.
It would be hard to live in Nebras
ka’s Sand Hills, with beauty all around
and not see it, feel it, and reproduce
it. Walt Stroud does see it, feel it and
reproduce it. Put very simply, Walt
Stroud is an artist.—End.

IF IT S A
MOMENTOUS QUESTION

— or a minor one —pertaining
to the heart beat of the fast-growing
mountain empire, Central’s
Correspondent Banking
Department has the answers.

Why not talk to our
Correspondent Staff
about YOUR needs?
B A N K

A N D T R U S T
M e m b e r

Central Park . . . 15th & Arapahoe Street, Denver 17, Colorado
N o rth w e s te rn

B anker,

O c to b er,

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

796 1

F e d e ra l

CO .

F. D . I. C .

Reserve

System

N ebraska

S tu rt

Attili ti on to tteut rice

News

109

of Hooper, died recently at Dodge
County Community Hospital after sev
eral months of illness. Mr. Rodgers
had farmed in Nebraska and Okla
homa before returning to Hooper in
1906.

To Study Uniform Code

E X P A N S I O N of present quarters for tlie First National Bank of Beatrice was
announced recently by H arold R. Deitem eyer, president. The building just south of
the bank is being remodeled and the entire front has been designed in contemporary
fashion as noted above to tie in properly with the bank’s existing new building. The
new addition will house First National’s small loan center. Completion of construction
is scheduled for the end of the year.

Nebraska Deaths
The following deaths of Nebras
ka bankers were reported to the
N o r t h w e s t e r n B a n k e r this past month:
Roy M. Erway, 80, former president
and member of the board of the Bank
of Mead, and the Bank of Valley, died
recently at Orchard Hill Nursing
Manor in Omaha. He was one of the
founders of the Bank of Valley and
was president of the two banks until
he retired in 19(50.
Glen G. Hampton, 78, vice president
of the Gothenburg State Bank, died
recently at his home in Gothenburg.
Before joining the staff at Gothenburg
bank in 1910, he had been with the
First National of Alliance. Mr. Hamp
ton was city clerk in Gothenburg from
1925 to 1935 an was active in church
and civic affairs.
H. M. Link, 75, president of the
First National in Exeter when he re
tired in 1960, died recently while va
cationing in Colorado Springs.

Mrs. Gladys McGuire, 68, assistant
vice president, First State Bank of
Loomis, died last month at Rochester,
Minn., where she had gone for treat
ment of an illness. Mrs. McGuire had
served on the bank staff for 12 years
and also was very active in business
and social affairs of the Methodist
Church in Loomis.
F. G. Stilgebouer, 96, pioneer Ne
braskan and chairman of the board
of the State Bank at Benkelman, died
recently at Pringle Memorial Hos
pital. Mr. Stilgebouer trained for the
banking business in Red Willow Coun
ty, later working for the Southwick
interests in the Bank of Benkelman
in 1923. Two years later, he and his
son-in-law, D. E. Gallatin, purchased
the Max State Bank and, during the
depression, moved it to Benkelman
(1932), where the banks had been
closed.
Will H. Rodgers, 87, vice president
(inactive) of the First National Bank

A four-man committee has been ap
pointed by the Nebraska Bankers
Association to work with a similar
committee of the Nebraska Bar Asso
ciation in a study of the Uniform
Commercial Code. At a mid-June
meeting, both groups decided to make
a report to their respective associa
tions at their annual conventions in
October. The proposed code is under
study in many states for consideration
as a means of revising present volumi
nous state statutes.
NBA President Minor P. Baird has
appointed the following men to the
committee: Glenn Yaussi, president,
National Bank of Commerce, Lincoln;
T. J. Waldo, executive vice president
and cashier, Republican Valley Bank,
Orleans; Keene Ewart, vice president,
United States National Bank, Omaha,
and W. W. Marshall, Jr., executive
vice president, Commercial National
Bank, Grand Island.

50 T H A N N I V E R S A R Y of the marriage of M r. and M rs. W illia m F. W enke was cele
brated recently. The couple is shown here with their three sons. Mr. Wenke is presi
dent and chairman of the Pender State Bank, Pender, Nebr. At left is Paul, an at
torney in Fort Collins, Colo., who is also a state senator from that district. Standing
next to him is Sterling, operator of an implement business in Pender. At right is
Clark, associated in the bank with his father as vice president and cashier.

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

N o rth w e s te rn

Banker,

O c to b er,

1961

110

it Pays to Have an

Effective Connection

Bankers Trust believes the strongest link

From long experience, the bankers of Iowa

is one o f mutual understanding and out

have found that Bankers Trust Company

standing service. Greater headway can be

is a highly effective banking connection in

made through such an effective connection.

Des Moines.

Correspondent Bank Department

CYRUS D. KIRK

HOMER R. JENSEN

Bankers Trust
Company
The Des Moines Bank tor YOU
Member: Federal Deposit Insurance Corporation • Federal Reserve System
N o r t h w e s t e r n B an ke r, O c t o b e r , 196J

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

I l l

She started her banking career with
the old First National Bank in Council
Bluffs in April, 1920. She came to the
Council Bluffs Savings Bank follow
ing the merger of the two banks in
1949.

Riceville Opening

Name Shaffer Trustee
Van Vechten Shaffer, president of
the Guaranty Bank and Trust Com
pany, Cedar Rapids, was named re
cently as one of the 15 men who will
guide the work of the NABAC Re
search Institute.
Mr. Shaffer will serve as a trustee
for the association for bank audit,
control and operation, which has its
headquarters in Chicago.

Mrs. John A. Canning
Mrs. John A. Canning, 86, widow of
a pioneer Albia banker, died last
month. Mr. Canning retired as pres
ident of the Peoples National and
Peoples Savings Bank preceding his
death in 1944.

George Maas
George Maas, president of the
Farmers Trust & Savings Bank, Wil
liamsburg, died recently at the age of
83. He had been in failing health for
several years.

Major features of the newly remod
eled bank include six new teller sta
tions; new safe deposit boxes; air
conditioning; time and temperature
sign; music system; and new book
keeping e q u i p m e n t for electronic
banking.
Established in 1927, the bank has
current deposits of over $3 million
and total capital accounts of nearly
$600,000. Carl E. Lundeen is president,
T. P. Feddersen is executive vice
president, and Howard Qualheim is
cashier.

Council Bluffs Retirement
Maude McAneney retired from
Council Bluffs Savings Bank
month after serving 41 years in
banking business. She was in the
sonnel department of the bank.

Netv

the
last
the
per

Open house was held by the Rice
ville State Bank recently in observ
ance of the completion of an extensive
remodeling project, according to Paul
Bringgold, president.
The remodeling operation included
the installation of new wood paneling
throughout the bank, new lighting,
new fixtures, the installation of a new
sign in the front of the bank, com
plete with clock, new flooring, and a
complete new sidewalk in front of
the bank.

Remodel Lenox Bank
A remodeling program has been
started by the First National Bank,
Lenox.
The bank purchased the adjoining
building and plans are being made to
expand the present banking quarters.
Kansas City Bank Builders and Con
sultants, Kansas City 23, Mo., are
working on the project.

A pen eu Office Opens

Cattle Feeders Meet
Over 700 farmers, bankers and busi
ness men attended the annual beef
barbecue and Fall Cattle Feeders’
Outlook meeting held last month in
Webster City.
Hamilton county bankers joined
with beef producers and the exten
sion service in sponsoring the event.
George Peterson of Highwood, Mont.,
and Senator Norman Barlow of Pinedale Wyo., were featured speakers.

Tripoli Promotions
Melvin Krumm, formerly cashier of
the Swea City State Bank, has as
sumed the duties of executive vice
president of the American Savings
Bank, Tripoli.
The bank has also announced the
election of C. C. Eichmann as cashier,
succeeding L. H. Fink, who will retire
October 1, after serving the bank for
over 45 years.

Denison Bank Opening
Open house was held recently by
the Crawford County Trust and Sav
ings Bank, Denison, observing the
completion of an extensive remodel
ing project.

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

AGENCY, IOWA, OFFICE of tlie Union Bank & Trust Company of Ottumwa, Iowa,
opened for business recently. Approximately 750 persons attended an open house just
prior to the opening.

VER 600 people visited the new
O
banking office in Agency opened
by the Union Bank & Trust Company
of Ottumwa during a recent open
house.
An unusual feature of the bank is
the enclosed front vestibule. Pro
tected from weather by glass, this
area is lighted all the time.
Inside the bank at one side of the
lobby, are 100 safe deposit boxes.
Coupon rooms are located near these.
The bank vault, steel and fireproof,
includes a large new safe, and other

facilities for protection of valuables.
Main service area of the bank in
cludes three teller windows. These
are in addition to the drive-in teller
window.
Recessed lighting illuminates the
lobby and bank interior. The walls
are frosted pine paneling up to the
dado rail, and a contrasting blue above
this. The ceilings are cream. The
floor is terazzo.
Baxter R. Smith, bank assistant vice
president, is in charge of the Agency
office.
N o rth w e s te rn

B anker,

O c to b er,

196J

112

Io w a

News

2 0 0 h u m h u n k e rs IHseuss
Current In sta llm en t M^ending
b a n k ers
from throughout Iowa heard out
standing speakers last month in Des
Moines at the 7th Annual Conference
on Installment Lending. Sponsored
by the Installment Loan Committee of
the Iowa Bankers Association, the con
ference p rog ra m featured bankers
from all parts of the nation who are
doing an exceptional job with install
ment lending at their respective banks.
This year’s conference sp ea k ers
were: Gene McGreevy, division man
ager, major appliances and TV, Cres
cent Electric Supply Company, Daven
port; Marvin R. Werve, vice president,
Omaha National Bank, Omaha, Neb.;
Arthur Frigaard, representative, Fed
eral Reserve Bank of Chicago; John
L. Gibson, senior vice president, Re
public National Bank of Dallas, Tex.;
Charles A. Gage, vice president, North
western National Bank of Minneapo
lis, Minn., and William S. Blatt, at
torney, Chicago.

p p r o x im a t e l y

200

Panel Is Highlight

Always a highlight in a special panel
discussion and this year’s subject was
“Acquisition and Servicing of Our Di
rect and Indirect Installment Loans.”
Panel members were: Willard D.
King, vice president, Davenport Bank
& Trust Company, Davenport, modera
tor; Douglas S. Grinde, assistant cash
ier, Peoples Bank & Trust Company.
Cedar Rapids; W. B. Griffin, Jr., vice
president, Iowa State Bank & Trust
Company, Fairfield; George J. Buser,
Jr., executive vice president, Plaza
State Bank, Des Moines, and Blaine
S. Fox, in charge, installment loan de
partment, The State Bank of Fort
Dodge.

Mr. We rve stressed several points in

his talk, among which the following
excerpts were noted:
1. Volume lenders are affecting qual
ity, integrity and morality of consum
er credit business, by encoraging ques
tionable business. Banks can keep
standards high by (a) policy-making
management being conscious of desire
for quality business, (b) quality adver
tising which attracts quality business
and (c) employees having the know
how to attract quality business.
Keep Valuable Men

2. Avoid training a man to where he
is valuable to your bank, then losing
him to another lender who offers him
a few extra dollars. Learn what
they’re paying and pay to keep him
yourself.
3. A complete loan application is
necessary for making the loan, but
rea lly important in case of a collection
problem. Regardless of how well a
banker knows “Good 01’ George,” com
plete the form at the origination of
the loan. People expect to be asked
questions when they borrow money.
4. The stigma of bankruptcy is dis
appearing. It used to be the “Kiss of
Death” to an individual, but volume
lenders see him today as a target for
loans. Bankers should be cautious in
this area as they and their institutions
lose the prestige, dignity and stability
image they have built through the
years if they are listed as creditors.
There is, of course, also a dollars and
cents loss.
Mr. Frigaard said, “The era of auto
matic check handling is upon us.” He
said 14 billion checks were handled
in this country in 1960 and that 22

S P E A K E R S with successful backgrounds
in their respective fields held the interest of their listeners at
last month’s Conference on Installment Lending. In photo at
left, Charles A . Gage, left, v.p., Northwestern National of Min
neapolis, is congratulated on his talk by Charles R. C lift, v.p.,
installment loan dept., Iowa-Des Moines National Bank of Des
Moines. In middle photo, left to right, are: Clay W . Stafford,

W E L L -Q U A L I F I E D

N o rth w e s t e rn Banker, O c t o b e r ,

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

1961

billion will be handled in 1970, the lat
ter figure representing more than 65
million checks per day. Mr. Frigaard
read results of recent surveys on the
number of banks now using encoded
checks and the number preparing for
automation. He said 36 per cent of all
checks today are imprinted with mag
netic ink characters compared to only
19 per cent in February of this year.
“ Country banks are making greater
progress than city banks in this re
spect,” he said.

X-

Auto Dealer Outlook
Mr. Gage gave a detailed report on

the auto situation as it affects the auto
dealer. He said the auto dealer has
been in a dilemma and cited three rea
sons for this situation: 1. General eco
nomic slowdown. 2. Introduction of
domestic compact cars. 3. Going into
1961 car year with a fantastic carry
over of 1960 models.
“This year,” he said, “there will not
be the big carryover of ’61 models and
a more orderly liquidation will result.
Also, an increase in sales, along with
higher incomes by the public in gen
eral and more confidence should make
the 1962 model year a good year for
the industry.”
Dealers are having success now with
used cars again and are planning for
no forced sales of the ’61s as they had
to for the ’60s, he said.
“Bankers must help dealers avoid
a rut caused by big inventory,” he con
tinued. “Dealers are wiser now and
will hold a 30- to 45-day inventory.
They realize they cannot carry vari
ous colors and sizes and shapes of the
many models each auto manufacturer
is offering in ’62 and will have more of
a catalog type of sales business. Cus
tomers will order the type of model
they want, along with the colors and
accessories and the dealer will order
it for them.”
The panel discussion attracted many

Iowa supt. of banking, and pres., Ames Trust & Savings, Ames;
W . A . Kneeland, pres., Postville State, Postville, and v.p. and
treas., Iowa Bankers Association, and A rthur Frigaard, rep.,
Federal Reserve Bank of Chicago, Monday luncheon speaker.
At right are U . W endell Lowe, left, cash., Boone State Bank
& Trust, chairman of the conference, and speaker M arvin R.
W erv e, v.p., Omaha National of Omaha, Nebr.

No. 10 in a Series

1928 Chevrolet
Owner: Mr. Eugene E. Cruikshank

This 1928 Chevrolet was advertised as the “big” Chev
rolet. The car was several inches longer than previous
models to prepare for the new, larger, 6-cylinder motor
to be installed in the 1929 models. This was the last
of the 4-cylinder Chevies.
When this Chevrolet was new, the Val
ley Bank had already been a part of
Iowa banking history for more than half
a century . . . with progressive forwardlooking service to banks throughout the
state.

Ä IL IL Ü V
A N D

T R U S T

C O M P A N Y
Des Moines, Iowa

W alnut at Fourth
F.D.I.C.

N o rth w e s te rn

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

B anker,

O c to b er,

J961

114

Io w a

News

or cash, and “3” means dealer checks.
Our code “3” payments are always ver
ified by letter or phone and when a
letter comes back we check the signa
ture against the one on the contract.
Mr. King added that his bank has a
girl who checks from 10 to 15 per cent
of such payments by phone. She keeps
after the party until she gets a call
through.
Questions and Answers
Mr. King was asked about the re

about “ Acquisition and Servicing of Direct and In
direct Installment Loans” were panel members, seated, left to right: Douglas S. Grinde,
a.c., Peoples Bank & Trust, Cedar Rapids; W . B. Griffin, Jr., v.p., Iowa State Bank &
Trust, Fairfield; George J. Buser, Jr., exec, v.p., Plaza State Bank, Des Moines, and
Blaine S. F ox, in chge., installment loan dept., State Bank of Fort Dodge. Standing,
from left: Collin W . F ritz, v.p, & mgr., installment loan dept., Jasper County Savings
of Newton, who was v. chm., of the conference and presiding officer at this session,
and W illard D. K in g, v.p., Davenport Bank & Trust, moderator.

A N S W E R I N G T H E Q U E S T IO N S

questions from the floor as interest
ran high in the various observations
by panel members. The following are
remarks from this interesting session:
Better Merchandising
Mr. Buser: The boom expected in

our economic recovery the past few
months has not materialized and in
stallment loans in the United States
were down the first four months of
this year. We can better the situation
by changing antiquated loan policies
and doing a better job of merchandis
ing. Some people are still not aware
of our desire to have their loans.
Mr. Fox: In a one-man operation,

collections and delinquencies suffer as
that one person must be taking appli
cations. He doesn’t have the time for
effective collection work. (It was sug
gested that such a bank get part-time
help on collections, or that a teller
stay over to help as the best tirhe for
collections is between 4 and 5 p.m.)
Mr. Griffin: We check on dealer pa
per to see if the customer still has the
auto or refrigerator. All coupon books
from dealer paper are sent out by reg
istered mail. This is costly, but cer
tainly worth while. We use a coding
system of “ 1,” “2” and “3” in which
the “ 1” means cash, “2” means draft

Add Han ta Your Farai Staff
Y O U ARE INVITED to use the exclusive
correspondent service rendered b y Ron
Sealock, m a n a g er of our Agricultural
Department.
R O N IS FA M ILIA R with the farm and
livestock problem s in W estern Iow a,
and through him our ba n k 's agricultural
service includes:
Farm
Farm
Farm
Farm

M a n a g em en t
Credit
A p p ra isa ls
Loan A p p raisa l

FOR COMPLETE F A C T S, write Ron
Sealock. Y o u will find him m ost co
operative.

COUNCIL BLUFFS SAVINGS BANK
COUNCIL BLUFFS. IOW A
M e m b e r Federal D e p o sit In su ra nce C o rp o ratio n

N o rth w e s te rn

Banker,

O c to b e r,

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

1961

fund to a customer who pays his loan
early and he replied that the dealer
helps the bank finance the refund.
Other questions and answers at this
session were:
Q.
If you did not have to pay dealer
reserve, would you go lower to the
customer?
A. We would continue to buy at the
same rate.
Q. When a customer brings a car
back to the bank to sell, what do you
do with it?
A. We would not sell it as dealers
do not want us selling cars to poten
tial customers of theirs. Give it to a
garage man to sell.
Q. Let us say your bank has 1,000
accounts. When do you add another
man to the department?
A. We have heard that for every
$1 million outstanding, you should
have one man and three girls.
Panel m em bers also encouraged
bankers at the conference to contact
their customers when the latters’ pay
ments are down to two or three re
maining and suggest that they con
tinue making the payments, but into
a savings account.
U.
Wendell Lowe, cashier, Boone
State Bank & Trust Company, Boone,
and Collin W. Fritz, vice president,
Jasper County Savings Bank, Newton,
chairman and vice chairman, respec
tively, were active at the conference,
insuring its smooth operation, and
they were assisted in the conduct of
the various sessions by W. A. Kneeland, president, Postville State Bank,
IBA vice president; Ted J. Welch, pres
ident, Peoples Bank and Trust Com
pany, Cedar Rapids, members of the
IBA installment loan committee and
the ABA installment credit committee,
and Charles R. Clift, vice president,
installment loan department, Iowa-Des
Moines National Bank, Des Moines,
and member, IBA installment loan
committee.— End.

YOUR STATE BANKERS A SSO C IA T IO N
O FFICIAL SAFE, V A U L T A N D
TIMELOCK EXPERTS

F. E. DAVENPORT &CO.
OMAHA

Corn 8' high. M yron Thompson, Cashier, Farmers & Mechanics State Bank, Lake M ills, lets Northwestern's Bob Ziemer prove to himself that Iowa's where the tall corn grows.

I n N o r th w e s te r n la n d . . .

I OWA IS THE MARCH OF TALL CORN IN A BREEZE
Some say you can even hear
it grow!
The reference is to the corn,
of course, but it could apply
equally well to the State. For
NORTH W ESTER N LAN D
Iowa is growing.
Vigorously, relentlessly—like the march of its own
tall corn in a hot summer breeze!
We of Northwestern National Bank, along with the
850 banks who serve this great state, are impressed
by the responsibility we have to advance its interests

N O R T H WE S T E R N
JO H N

A. M O O R H E A D ,

and share in its prosperity. Already the nation’s top
corn and hog producer, Iowa’s future is unlimited.
And we’d like to talk about it. May we? Next time
you’re in Minneapolis plan to be our guest for lunch.
Hope you can make it soon.
D e p a rtm e n t of B a n k s a n d B a n k e r s
D. E. Crouley, Senior Vice President
L. P. Gisvold, Vice President; L. M . Broom, Vice President;
C. P. Lindholm, A s s t Vice Pres.; R. G. Ziemer, A s s ’t Vice Pres.
P. B. Damkroger, A s s ’t Cashier; D. M . Anderson, A s s ’t Cashier
E. N . Axness, Representative
Credit Consultant, H. L. Tyson, Vice President
Investment Consultant, H. G. Peterson, A s s ’t Vice Pres.

NATIONAL
P re s id e n t

•

H EN R Y

BANK

MI NNEAPOLI S

T . R U T L E D G E , E x e c u tiv e V ice P re s id e n t

FEderal 2-0 1 2 3

•

Serving Banks and Bankers since 1872
ME MB ER F E D E R A L DE PO S IT I N S U R A N C E CO RP OR A TI O N

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

N o rth w e s te rn

B anker,

O c to b e r,

1967

116

Io w a

News

Council M u f f s Hunk to ttuihl
NATIONAL BANK, Council
CITY
Bluffs, has announced plans for
a $216,000 building program, accord
ing to Robert W. Turner, chairman.
Major features will include a new
two-story addition at the north side
of the bank and a sidewalk canopy,
with indirect lighting. The size of the
lobby will be tripled. Modernization
of equipment is expected to push the
total expenditure well over a quartermillion dollars.
The addition will be constructed of
masonry to match the existing build
ing and form a single structure. The
first floor exterior will be faced with
mosaic tile.

sec

N A TIO N A L

Vaults installed when the bank was
built in 1909 will be removed and a
new vault 34 feet long and 18 feet
wide will be installed in the lobby.
Two elevators will serve the build
ing—the one now located at the Broad
way entrance and a new one to be
installed at the north end of the
structure.
There will be two entrances off
Broadway and another off Main Street.

Observes 50th Year
John Krall, president of the Fairfax
State Savings Bank, Fairfax, is com
pleting his 50th year in the banking
business this month.

BANK

Mr. Krall began work at the old
Commercial Savings Bank in Iowa
City on October 7, 1911, serving as
stenographer and
bookkeeper a n d
later as assistant
cashier.
In October, 1919,
he took the job as
ca sh ie r at the
H i l l s S avin gs
Bank, Hills, serv
ing in this capac
ity unti l May,
J O H N

■K

K R A L L

On October 20,
1924, Mr. Krall came to Fairfax as one
of the original organizers of the Fair
fax State Savings Bank. He served
as cashier until June, 1950, when he
was elected vice president and cash
ier. In June, 1951, he was named pres
ident and cashier. David G. Neuhaus
was elected cashier in June, 1957, and
Mr. Krall continued as president, the
position which he holds today.
In banking circles, Mr. Krall served
as secretary for Group 7 in 1939-41
and chairman from 1941-43. He has
also held all of the offices in the Linn
County Bankers Association, and has
missed only one meeting since 1924.
He has also been active in American
Legion work, and he received his 40
year award for continuous service
from the Fairfax post in 1960.
Total footings of the Fairfax State
Bank are now $2.5 million. The bank
and town continue to show progress,
and an indication of past success is
the fact tha Mr. Krall has never found
it necessary to foreclose a chattel
mortgage in his 50 years of banking.

W ATERLOO
New Knoxville President

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.

N o rth w e s te rn

B anker,

O c to b er,

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

1967

Raymond S. Glenn has been elected
president of the Iowa State Savings
Bank, Knoxville. He has been with
the bank for the
past 28 years.
Mr. Glenn suc
ceeds Joe E. Snover, who has re
signed to accept
a position as vice
president of the
Valley Bank &
Tr ust Company
in Des Moines.
Mr. Snover had
R . S. G L E N N
b e e n president
for the past two years and had been
with the bank for 24 years.
The bank also announced the pro
motion of Leonard Long from assist
ant cashier to cashier, filling the po
sition formerly held by Mr. Glenn.
Mr. Long has been with the bank for
14 years.

À-

Io w a

2 5 th

News

117

Year for M ason City Hank
:
j*

S H A R E A N N I V E R S A R Y — Honored at tlie 25th anniversary dinner of the United
Home Bank and Trust Co. were these six who have been with the institution from the
beginning. They are (from left) Frances Dormedy, asstistant cashier; J. A . V an Ness,
board of directors; John Gallagher, board of directors; E. W . Clark, chairman of the
board; W . E. Gildner, vice president and member of board, and Ross A . Potter, vice
president and board member.

than 250 officers, employees,
M ORE
stockholders, and their wives
commemorated the 25th anniversary
of the founding of the United Home
Bank & Trust Company, Mason City,
wi t h a speci al
d i n n e r last
month.
The bank was
founded in 1936
with an original
capital structure
of $100,000 com
mon and $50,000
surplus, and no
undivided profits.
Stockholders
R . H . I S E N S E E
have recently ap
proved a stock dividend in the amount
of $100,000, increasing the capital from
$400,000 to $500,000 with surplus of
$500,000. Undivided profits approxi
mate $500,000.
On July 1, 1949, R. H. Isensee joined
the bank as vice president, at which
time the footings of the bank were
$9,000,000 and the total capital struc
ture was $475,000. During the past 12
years, footings have more than dou
bled and the capital structure has trip
led.
An attractive brochure was pre
pared for the anniversary, and a spe-

cial open house was held for the pub
lic.

NABW Iowa Meeting
New officers installed at the Iowa
meeting of the National Association of
Bank Women held last month in New
ton are: Chairman, Miss Helen K. Col
lins, assistant cashier, State Bank of
Fort Dodge; co-chairman, Miss Eloise
Pearson, assistant vice president, City
State Bank, Madrid; secretary, Mrs.
Betty L. Steele, assistant cashier,
Northwest Des Moines National Bank,
Des Moines, and treasurer Mrs. Eliza
beth Dambrog, assistant cashier, Clar
ence Savings Bank.
Miss Hilda Kollman, national vice
president from Blue Mound, 111., spoke
to the group.
BOB WILLIAMS,

New Sibley Appointment
Leo E. Carlson, Jr., has been named
vice president of the First National
Bank of Sibley, according to E. W.
Maser, president.
Mr. Carlson assumed his duties at
the First National last month. He
came to Sibley from Des Moines where
he served as the manager of the Ur
bandale office of the Northwest Des
Moines National Bank.

"Strong friend o f the
ù?
Independent Ban

FEderal
3-5411

La Salle Vice
President in charge
of advertising,
knows how to blow
the advertising horn
of plenty. Experience
with many successful
promotions proves
he’s hitting the right
notes. Need to boost
business? W hy not call
on Bob? H e’s at
STate 2-5200. That’s
L a S a lle N a tio n a l
B a n k , 135 S. La Salle
St., Chicago 90, 111.
Member FDIC.

T^m a r o u e t t e

Complete Trust

OF M IN N EAPO LIS

Services.

a t A rfoM fuàfàl'
1EMBER

FEDERAL

DEPOSIT

INSURANCE

CORPORATION

N o rth w e s tern

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

B an ker,

O c to b er,

1961

118

Three executives of the Bankers
Trust Company have been promoted,
according to an announcement by

Des Moines News

J. W. H ubbell,

chairman of the
board.
David S. Baker,

w h o joined the
bank’s trust de
partment in 1960
as assistant trust
officer, was elect
ed vice president
and trust officer.
Joseph M. Barnes
D .

of the Central Nation
D IRECTORS
al Bank & Trust Company have
a n no unc e d the
a p p o i nt me n t of
Paul K. A s h b y,
Des Moines real
estate dealer, as
vice president in
c h a r g e of the
b a n k ’ s mortgage
l oan department.
Mr. A s h b y has
been in the real
estate business in
Des Moines since
1930 and has been a member of the
board of adjustment of Des Moines
zoning and planning commission for
six years.
* * *
Rolfe O. Wagner, chairman, Capital

City State Bank, has announced that
the bank is remodeling two rooms on
the first floor of its building to depart
mentalize its trust department. Com
pletion is expected by about Novem
ber 1.

Banker,

O c to b e r,

was

p r o mo t e d

J. N. Coffey, vice president and
trust officer, will be in charge. O. Dee
Minear, vice president and assistant
trust officer; Harold Wellander, assist
ant cashier, and Genevieve Whitehead,
secretary, will complete the staff.
In addition, a new director’s and
conference room is being remodeled
adjacent to the trust department.
^

j(c

>jc

Wm. J. Marks, Jr., cashier, South

Des Moines National Bank, has re
signed his post with that bank and
joined the Bank of Tucson, Tucson,
Ariz. Donald J. Tew, assistant vice
president, has been elected cashier
and Gene Blaskovich has joined the
bank as assistant cashier.
>i= * *
Robert Wede, recently elected assist

ant cashier of the Northwest Des
Moines National Bank, last month be
came manager of the bank’s Urbandale office. Mr. Wede replaces Deo
Carlson, who became vice president
of the First National Bank of Sibley,
Iowa.

J. M .

B A R N E S

S. T .

C A R L S O N

from assistant trust officer to trust
officer. He has been with the bank
21 years and in the trust department
since 1948. S. T. “Fred Carlson, a rep
resentative in the bank’s promotion
department, was elected assistant vice
president.
* * *
Edward Burchette, chairman of the

board, Valley Bank and Trust Com
pany, Des Moines, has announced the
appointment of Joe E. Snover as vice
president of the
b a n k , effective
October 2. He will
serve in the com
mercial loan de
partment.
For the past 24
years Mr. Snover
has been associ
ated w i t h t h e
Iowa State Sav
ings
B a n k of
J . E . S N O V E R
Knoxille serving
the past two years as president. He
will continue to serve as a member of
the board there.

O n T T ve

Thousands o f D ubuquer’s are anxiously awaiting the
com pletion o f First National Bank of D ubuque’s new
home. The new facilities, providing the most modern
banking services in Northeast Iowa, are expected to be
com pleted in late Spring, 1962.
N o rth w e s te rn

B A K E R

«i ■■■«■■■■rwrr^ \

/ /i^e fta s tA

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

1961

BANK REMODELING
W
aterloo, Iowa

Io w a

F lo w e r

News

119

D is p la y

The Iowa-Des Moines National Bank
again this year hosted the annual
flower show of the Des Moines Gar
den Club. Theme of the show this
year was “ Carnival Capers.” Shown
here with the lobby display are,
James R. Rasley, assistant vice presi
dent, and Robert Buenneke, assistant
cashier.

Before joining the Iowa State Sav
ings Bank, Mr. Snover was employed
by the Iowa state banking department.
The Snovers have two daughters:
Mrs. A. W. Halweg of Minneapolis,
Minn., and Judy Snover of Kansas
City, Mo.
*

More than 200 members and guests
attended the Fall Dinner-Dance of
the Des Moines Chapter of A.I.B. at
Wakonda Country Club last month.
James Duncan, head of the radio and
television department at Drake Uni
versity, was the featured speaker.
Two important A.I.B. events have
been scheduled for October. On Oc
tober 12, a women’s style show will
be held at Taylor’s Department Store
DES

M O IN E S

NEW S . . .

(Turn to page 120, please)
A r tis t* s R e c e p tio n

BONDS ?
F R A M I N G A B E A U T I F U L W A T E R CO L
OR at Valley Bank and Trust’s reception

last month for the picture’s artist were
E dw ard Burchette, chm. of the bd., Valley
Bank and Trust, and the artist herself,
M a ria Zeitlm ann, of Bismarck, N.D. Many
of Mrs. Zeitlmann’s paintings are on dis
play in the bank and will remain available
for public viewing through October 13.
Born in West Amana, la., she was a sec
retary at the bank from 1943 to 1946.
Later, in Bismarck, she became interested
in art and her water colors have since
been shown in many art shows and festi
vals, winning recognition and awards, in
cluding several firsts.

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

Dealing with the complexities of Government
financing and Debt position —keeping in con
stant touch with markets for both current of
ferings and prices-is all in a day’s work for
Drovers’ investment specialist, Bob Lough. Bob’s
40-plus years of banking investment experience,

CALL BOB LOUGH
A T D R O V E R S ...
Y A rds 7 -7 0 0 0
and his energetic business leadership are the
reasons behind the confidence folks like your
self have placed in him and in Drovers.
If we can serve you and your customers
through buying, selling or safekeeping of Gov
ernment and Municipal Bonds or other securi
ties, call Bob Lough.

DroversBanks

Drovers N a tio n al B a n k • D rovers T ru s t & S a v in g s B ank

U N IO N S T O C K Y A R D S , C H IC AG O 9, IL L IN O IS
N o r t h w e s t e r n Banker, O c t o b e r ,

1961

120

Io w a

News

A t H u xley Office Opening
A

r t i c

i c

O P E N IN G last month of an office in Huxley of the Slater State Bank,
Slater, Iowa, were, left to right: Tom C. Dunlap, cash., Slater State Bank; N eal A .
Sands, pres., Roy A . Sandin, a.v.p., and M illard K . Chambers, a.c., all three of Valley
Bank & Trust, Des Moines, and John A . Hendricks, a.c., Slater State Bank and manager
of the new Huxley office.
AT GRAND

DES MOINES NEWS . . .

P. O. BOX 149

•

AMES, IOW A

Among other things . . . A N IC O
has special facilities for admin
isterin g you r cre d it insu ran ce
p rogram . . .
* prompt, unsurpassed service
• sound, continuing growth

(Continued from page 119)
at 7 p.m. Models will be employees
of all Des Moines banks. Prizes will
be given by Taylor’s and refresh
ments will be served.
On October 23, the A.I.B. speech
club will meet at 6:15 p.m. in Younkers Tea Room.
Preliminary membership in A.I.B.
now totals 600 persons. Enrollment
in the three classes offered this fall
is 100.
* * *
Edward P. Kautzky, executive vice
president, Valley Bank & Trust, vis
ited Minneapolis last month with a
group from the Greater Des Moines
Chamber of Commerce. The group
went to view the urban renewal proj
ect there and to attend a forum on
urban renewal.
* * '
Four Des Moines bankers were
among those graduating at completion
of the recent session of the School of
Banking at the University of Wis
consin. They are Robert M. Donhowe,
vice president and cashier, National
Bank of Des Moines; Ardell Kurschinski, assistant cashier, First Federal
State Bank; O. Eee Minear, assistant
vice president, Capital City State
Bank; and Cyrus I). Kirk, vice presi
dent, Bankers Trust Company. Mr.
Kirk was vice president of the gradu
ating class.— End.

“Holders of these Series H savings
bonds will be notified by the Treasury
of the extension privilege granted
them when they receive their next to
the last interest check. Owners will
not have to do anything about ex
tending their H bonds. This is auto
matic. As long as the H bond is not
cashed, the owner will continue to
receive interest checks two a year for
a full ten years at .the new higher rate
of interest—a straight 3% per cent an
nually.

Wins Iowa Golf Tourney
Clyde McEntire of Marshalltown,
35-year old representative for DeLuxe
Check Printers, Inc. of Chicago, won a
three-way p l a y
off last month for
the I o w a Open
Gol f Champion
ship in a dramat
ic finish to the
7 2-h o 1e tourna
ment.
He had turned
in an eight-underpar 64 to wind up
in a three-way
C. M c E N T I R E
de a d l o c k wi t h
Bob Stone of Junction City, Kansas,
and Professional Joe Brown of Des
Moines, at 11-under par 277.
The playoff ended on the first hole
when Mr. McEntire’s approach shot
settled eight inches from the cup. He
tapped it in for a birdie 3.

Extend Savings Bonds
Credit
Insurance
Division
Dallas 5,
Texas

AMERICAN
NATIONAL
INSURANCE
COMPANY
of GALVESTON, TEXAS

N o rth w e s te rn B anker, O c to b e r,

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

1961

Series H United States savings
bonds issued between June, 1952, and
January, 1957, have been extended an
additional ten years, according to Mar
vin M. Schmidt, volunteer state chair
man of the savings bonds program.
“This is the first time in history the
Treasury Department has ever ex
tended a current-income bond,” Mr.
Schmidt said.

Honor Eldora Man
The Hardin County Savings Bank,
Eldora, honored an employee recently
who began working for the concern
years after most persons retired for
life.
“Frank Jackson Day” was held in
commemoration of Mr. Jackson’s 90th
birthday. He began work at the bank
nineteen years ago at the age of 71.

Io w a

New Huxley Office
The Slater State Bank opened an of
fice in Huxley last month, according
to Tom Dunlap, cashier. John A. Hen
dricks, assistant cashier, will be manmager of the new office. The SlaterState Bank increased capital recently
from $40,000 to $50,000.

News

121

Kithichi>s. Czech Costum es= P a r ty

Central NABAC Clinic
The Central Iowa Conference of
NABAC will conduct an all-day “Loss
Prevention Clinic” October 26 at the
Hyperion Field Club north of Des
Moines.
Among those scheduled to speak are
Larry Chemberlin, comptroller, IowaDes Moines National Bank, and David
Wright, executive vice president and
cashier, Northwest Des Moines Na
tional Bank.
All officers and directors of central
Iowa banks are invited to attend.
Noon luncheon and evening dinner
will be served.
Officers of the Central Iowa Confer
ence are: President, Harold E. Lewis,
cashi er, Hartford-Carlisle Savings
Bank, Carlisle; vice president, Walter
K. Stephenson, assistant vice presi
dent, Bankers Trust Company, Des
Moines; secretary, Marv Hiddleson,
auditor, Iowa-Des Moines National
Bank, and treasurer, William Boyken,
auditor and assistant cashier, Ames
Trust & Savings Bank.
Directors of the group are John F.
Gronstal, cashier, Carroll County State
Bank, Carroll; T. J. Nicholls, cashier,
Peoples Trust & Savings Bank, Indianola, and Ray A. Sandin, assistant
vice president, Valley Bank & Trust
Company, Des Moines.

C O L O R F U L C O S T U M E is modeled by Mrs. Frank J. Stastny at left. In the photo at
right, M rs. Lindquist, her husband, A rthur E. Lindquist, vice president, Merchants Na
tional, and M rs. Forbes Olberg watch as M rs. Frank Podzimek does some machine work
on a costume.

will be no lack of kolaches
T HERE
when officers of the Merchants Na
tional Bank of Cedar Rapids enter
tain at their annual kolach and coffee
party during the Iowa State Bankers
Convention. This year’s party is
scheduled for Tuesday, October 31, fol
lowing the evening theater party, and
will be held on the mezzanine at the
Hotel Fort Des Moines.
A special feature of this year’s party
will be the Czech costumes worn by
the waitresses serving the kolaches.

These costumes were designed and
made by the Sokol Sewing Circle of
Cedar Rapids, and they are authentic
to the minutest detail.
The kolach is a Czech pastry made
of enriched bread dough with various
types of filling. The Merchants Na
tional Bank has ordered 160 dozen
kolaches from the Hotel Roosevelt in
Cedar Rapids to be served at their
kolach party. Hotel Roosevelt kolaches
are made from a Czech recipe pur
chased by the hotel.

Name Rolfe Director
R.
D. Van Nostrand, cashier of the
Rolfe State Bank, was elected to the
board of directors
last month. He
fills the vacancy
created by t h e
resignation of S.
G. Webb.
Mr. Van Nos
trand joined the
R o l f e bank as
cashier in Sep
tember, 1959. He
had
previously
been w i t h the
First National of Tipton, Bennett
State, and Riceville State.

R 'C A N

t r u s t

a n d

s a v i

M®5

° U8 u q UE'S l a r g e s t b a n
Me m b e r

f d i c

a n d

f r S

Doubles Capital
The State Savings Bank, Council
Bluffs, has doubled its capital stock,
increasing it from $200,000 to $400,000.

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

N o rth w e s tern

B anker,

O c to b er,

7961

122

Io w a

News

W ort hi tit/ton H olds Open House
VER 1,000 people visited the new
O
ly remodeled quarters of the
State Bank of Worthington during a
recent open house, according to Olan
F. Tegeler, president.
The bank has a new front consist
ing of charcoal blue porcelain, lustric
aluminum, thermopane windows, plate

entertained at the grand open
ing of the modern State Bank of Worth
ington included Joe Burright (left), of
Kirk Gross Co., which designed, built and
supplied the equipment, and Spencer M ulford, construction man for Kirk Gross Co.,
shown here with Olan F . Tageler, presi
dent of the State Bank (center).
V IS IT O R S

glass entry and an after hour deposi
tory.
Walnut paneling was used for the
entrance, lobby and counter. Center
ing the lobby is a check writing desk,
and a large electric silver dollar clock
has been installed overhead. Four
teller windows with Black Belgian
Marble deal plates are placed in a
slanting effect and extend to the Mo
saic covered vault.
The private office and new directors’
room are paneled with walnut and
carpeted. Walnut furniture and gold
draperies have been used in both
rooms. The banking quarters are com
pletely air-conditioned with a new
unit, water cooler, baseboard heating,
lowered suspension ceiling with acous
tical tile, translucent light defusers,
new rest room, two coupon booths,
and background music are additional
features.
The Kirk Gross Company in Water
loo designed, built and supplied the
equipment.

Install New Clock
A new time and temperature clock
has been installed by the Page County

BANK
EXECUTIVES
T h e F in e st P o sitio n s
in B a n k in g
. . . A r e A v a ila b le
T h r o u g h C adillac

TOP MEN — At every level know that
Cadillac has the widest choice of the
best available positions in the banking
field — positions throughout the nation
with growth organizations offering chal
lenging work and top earning potential.
LEADING BAN KS— Be they large or
small, know that Cadillac's 35 year repu
tation has been built on effective confi
dential service to the employer looking
for the right man.

BOTH TOP MEN A N D LEADING BANKS
— know that their confidence is well
placed with the nation's largest executive
and professional placement service.
Whatever your requirements
contact us in absolute
confidence without obligation

ARVID D. JO H N SO N
Personal Consultant to the Banking Field

Cadillac
Associates, Inc.
29 East Madison Bldg.
Chicago 2, 111.
Financial 6-9400
*W h ere M ore E xecu tives Find Their P osi
tions Than Anywhere E lse in the World.

N o rth w e s tern

Banker,

O c to b er,

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

1961

State Bank in Clarinda. The new
clock replaces one that had served the
bank since 1908.

Algona Increase
The Iowa State Bank of Algona has
increased its surplus from $100,000 to
$150,000, making total capital struc
ture over $570,000. Total deposits are
over $5 million.

Observes 55th Year
The Farmers Savings Bank of
Grundy Center held open house last
month to observe its 55th year.
The bank was organized at Hol
land in 1906 with $20,000 capital. Total
assets are now more than $3,200,000,
according to A. V. Dieken, president.

Chester U. Schaefer
Chester U. Schaefer, 74, retired vice
president of the Northwest Bank &
Trust Company, Davenport, died in
Mercy Hospital in Davenport recently.

Mrs. H. H. Epperson
Mrs. H. H. Epperson, wife of the
founder and present board chairman
of the Morningside Savings Bank,
Sioux City, died recently as the re
sult of a hip injury suffered earlier
this summer.

Sioux City Promotion
Miss Emeline Fremder has been
promoted to the
position of wom
e n ’ s c o uns e l o r
and a s s i s t a n t
trust officer of
the First Nation
al Bank, Si oux
City.
Mi ss Fremder
has been with the
bank for many
years, and has
E . F R E M D E R
worked in virtu
ally every department. In recent
years, she has been specializing in
bond and investment work.

60th Wedding Anniversary
Mr. and Mrs. Sam H. Watkins will
celebrate their 60th wedding anniver
sary on October 16. Mr. Watkins is
president of the Iowa State Bank at
Stockport and the Libertyville Sav
ings Bank at Libertyville. They were
married on that date in 1901 in Liber
tyville where Mr. Watkins was farm
ing.
Several years later he became a di
rector of the bank in that community,
and after serving for some time as
vice president was elected president,

Io w a

To H a n d le
a n u f a c t u r e r s t r u s t com -

pany has completed the installa
M
tion of an electronic data processing
system at its Data Center, 67 Broad
Street, New York. The new system
will soon begin to assume the account
ing operations required by the bank’s

News

123

IOOM illion
will proceed as rapidly as practicable,
according to Gilbert Lawrence, assist
ant vice president and data processing
director. More than a year may be
required to transfer all checking ac
counts from Manufacturers Trust’s
122 New York City banking offices.

“ Farming for
Profit” reports
pay big dividends
in better farm
customer relations

E L E C T R O N IC “M A G I C ” is viewed by Horace C. Flanigan (seated), chmn. of Manu
facturers Trust, New York, and Thomas J. W atson , Jr., pres., IBM, as they watch
new IBM 7070 Computer installed by the bank put through its paces by console at
Mr. Flanigan’s fingertips. In background are magnetic tape units.

467,000 regular and special checking
accounts as well as the sorting and
handling of the approximately 100
million checks a year which its de
positors draw on their accounts.
The system was formally inspected
recently by Thomas J. Watson, Jr.,
chairman of the board, International
Business Machines Corporation, and
Horace C. Flanigan, chairman of the
board, Manufacturers Trust Company,
together with Dr. Gabriel Hauge,
chairman of the bank’s finance com
mittee, and Edmund Leone, the bank’s
comptroller.
The centralization of the bank’s de
mand deposit (checking account) book
keeping operations at the Data Center

As soon as accounts are transferred
to the computer, all changes in ac
count balances will be made on a daily
basis, thus providing both customers
and bank officials with up-to-date in
formation at all times.
The heart of the new system is the
IBM 7070 data processing system, a
large-scale computer which will proc
ess and store data fed to it by IBM
1412/1401 systems. Each of the smaller
auxiliary systems can read and sort
magnetically i ns c r i b e d checks at
speeds upto 57,000 documents an hour,
automatically transmit the data to the
7070 for processing, and prepare print
ed reports and statements at 600 lines
per minute.

a post he has held a number of years.
They moved to Stockport in 1928
when the bank there was organized.
Mr. Watkins left his farming business
to become cashier of the Iowa State
Bank. He has been president for 30
years. Mr. Watkins will be 84 in De
cember. Mrs. Watkins is 80.
Their daughter, Mildred, now Mrs.
Hugh G. Newman, became cashier
when her father was elected president
and served in that position until 1946
when succeeded by her brother, Har
old W. When the latter died suddenly
of a heart attack in 1957, Mr. Newman
joined the staff as cashier. She now
operates the Newman Insurance Agen
cy in the bank building.
Mr. and Mrs. Watkins also have

three grandchildren and three great
grandchildren.

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

FARM ING FOR PROFIT Reports are
loaded with vital marketing, production
and farm management information. You
can distribute these reports to your farm
clients and prospects for only pennies
a copy.
Farmers everywhere know and respect
the name "Doane," the nation's No. I
farm management and agricultural con
sultation organization.
See for yourself why FARM ING FOR
PROFIT is today's most widely-used
bank service report. Send for a free
sample report and full information
about how you can use this potent pub
lic relations service. Mail coupon today.
NOW AVAILABLE IN MANY AREAS
ON AN EXCLUSIVE BASIS

Appointed Auditor
J. Robert Umbarger has been ap
pointed auditor of the First National
Bank of Mason City. He has been
with the bank since 1958, most recent
ly as manager of the First Drive-In
Bank.

ADDRESS .

Remodeling Completed

CITY ....... ................ STATE.....

D. D. Bramwell, president of the
First National Bank at Hampton, an
nounces that remodeling of the bank
building has been completed. The
bank also recently paid a $50,000 stock
dividend.

SEND ME FULL DETAILS
AND FREE SAMPLE
NAME ....................... ..... ........
______

DOANE
AGRICULTURAL SERVICE. INC.
5142 Delmar Blvd., Dept. F-105
St. Louis 8, Mo.
Northwestern

Banker,

O c to b e r,

1961

124

Io w a

News

Moum-MMes M oines N a tio n a l Ms
MHanninff Com plete A ntoniathm
step towards total automa
FIRST
tion at Iowa-Des Moines National
Bank was disclosed by Calvin W.
Aurand, president, with announce
ment of plans for installing a General
Electric computer system.
The computer system will be in-

stalled early in 1963, with additional
systems planned at a later date. In
itially, it will be used to handle all
check accounting, including those
drawn on local, regional and nation
wide banks. The system will be ex
panded later to include installment-

Larry It. Chemberlin, comptroller, shows Calvin W . Aurand, president, a roll of mag
netic tape which will be used in their new electronic data processing system. All
the information contained on the customer ledger cards and statements pictured can
be stored on this roll of magnetic tape.

MERCHANTS
MU T U A L

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.
We are proud of our three hundred
hank agents in Iowa.
To be the exclusive representative of
this company is an asset to your hank.
iN

11i§f V
¡A y b

|l 1SB ,

¡1

E. H. WARNER
President and Manager
■

i- vá-’ a ; ■: >y'v

'
•.

W. W. WARNER
Vice President

M. J. CORBIN

Secretary-Treasurer

N o rth w e s tern

B anker,

O c to b er,

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

1961

loan accounting, corporate and per
sonal trusts.
One of the most important aspects
of the installation will be the ability
to process correspondent bank’s work.
In selecting the General Electric sys
tem, Mr. Aurand stated, “We picked
equipment that would be able to proc
ess not only data for our own bank
in the most efficient and flexible man
ner, but could handle correspondent
banks’ work as well.”
A study program is already under
way, he explained, for offering “total
electronic bookkeeping service on an
over-night basis to many of the 677
banks in the state.”
In using this service, the corre
spondent banks would need no in
vestment in bookkeeping equipment.
“When such services are offered, IowaDes Moines will thus provide advan
tages of computer speeds and accuracy
to smaller banks who cannot economi
cally justify their own installations,”
Mr. Aurand said.
The new $1 million electronic infor
mation-handling system will be built
around General Electric’s high-speed
GE 225 general-purpose computer. The
system comprises the computer, with
8,000-word memory, two document
handlers or check sorters, six mag
netic tape units, card reader, and high

speed printer. It will be manufac
tured at General Electric’s Computer
Department, Phoenix, Ariz.
Announcement of today’s plans, ac
cording to Mr. Aurand, climaxes two
years of study and research by IowaDes Moines National Bank. The study
was directed by Larry R. Chemberlin,
comptroller of the bank, in coopera
tion with the management control de
partment of Peat, Marwick, Mitchell
& Company, a consultant firm.
The new computer system incorpo
rates Magnetic Ink Character Recog
nition (MICR) techniques now being
adopted by other of the nation’s lead
ing banks. The reader was recently
issued the 3,000,000th patent to be
granted by the U. S. Patent Depart
ment. The patent is assigned to the
General Electric Company.
Mr. Aurand said, “The system’s phe
nomenal speed will make it possible
to sort and verify 2,400 checks every
minute, recording all check informa
tion on storage tapes for the bank’s
permanent r e c o r d s and customer
statements.”
The new system is expected to an
swer one of the bank’s most perplex
ing problems—the steadily increasing
flow of paper. Iowa-Des Moines is the
state’s largest bank and 205th largest
in the nation. An unusually large
amount of checks drawn on other
banks pass through Iowa-Des Moines
because of its location in the state and
the fact that Iowa does not have a
Federal Reserve Bank or branch.
Prior to complete installation of the
system, customer checks and deposit
slips will be preprinted in magnetic
ink. Many of Iowa-Des Moines cus
tomers already have received the new
MICR checks. During the past few
months, the bank has adopted a new,
modern design and color of checks.
According to Mr. Aurand, installa
tion of the new system “will not result
in any curtailment of employment.”
In addition to new opportunities for
training in the bank’s new computer
department, he added, “those directly
affected by the conversion will be able
to take advantage of openings in other
areas of the bank. The computer it
self will require many people to proc
ess the accounting tasks which will
be assigned.”
“As banking operations expand and
become more complex and intricate,
we must turn to high-speed electronic

ACORN

Sale
Registers

"Accepted Sale Registers by Bank
Clerks Everywhere"

For information write
THE A C O R N PRINTING CO.
Oakland, Iowa

Io w a

data processing to reduce the amount
of paper work if we are to keep pace
with the times,” Mr. Aurand said.
“Our new automated banking sys
tem will do just that,” he added, “and
it will be the key to continued broad
ening of present customer services
while we at the same time will be de
veloping and offering many new serv
ices.”
As part of the automation program,
Mr. Aurand said the hank may offer
expanded services to corporate cus
tomers, such as payroll accounting, in
ventory control and even billing.

JJerelunilti

News

125

Xation

Heads New Systems Plan
Appointment of Donald C. Fiske to
the newly-established position of man
ager of systems and procedures for
Iowa-Des Moines National Bank was
a n n o u n c e d last
month by Calvin
W. Aurand, presi
dent.
Mr. Fiske was
formerly a sales
e ng i ne e r w i t h
Gener al Electric
Company’s c o m
p u t e r department, in charge
of the Minneapo
c. F I S K E
lis sales district.
In his new position, Mr. Fiske will be
responsible for heading up the bank’s
program for automating all check-han
dling procedures.
In announcing the appointment, Mr.
Aurand said the bank is accelerating
its program aimed at automating the
handling of the growing volume of
paper work without sacrificing the
quality of service to customers. A
two-year study program, headed by
Comptroller Larry R. Chemberlin, led
to establishment of the new system
and procedures department.
A native of Stanley, N. D., Mr. Fiske
received a Bachelor of Science degree
from the University of Nebraska in
1951, and a Master of Business Admin
istration degree from the University
of California in 1956.
He joined the General Electric Com
pany in 1956 on the manufacturing
training program and subsequently
served in various manufacturing posts
in electronics. In 1959, he was as
signed to contracts administration at
the company’s computer department
in Phoenix, Ariz. He was assigned to
sales early in 1960 and later appointed
to head the Minneapolis sales district.

Named Bank Director
George M. Smith, postmaster at
North English since 1936, has been
elected a director of the Farmers Sav

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

ARTIST’S CONCEPTION of the revised exterior plan for the new building being con
structed by The Merchants National Bank, Cedar Rapids, directly west of the present
building.

ings Bank. He fills the vacancy cre
ated by the recent death of Frank
C. Allen.

Wallace P. Geiger
Wallace P. Geiger, 59, whose wife,
Burnice, is serving a 15-year federal
prison term for embezzling more than
$2 million from the now defunct Shel
don National Bank, died at his Shel-

don home several weeks ago. Death
was due to a severe asthmatic condi
tion from which Mr. Geiger suffered
for many years.

Open House at Dows
Approximately 1,200 persons attend
ed open house at the Farmers State
Bank of Dows last month and toured
the new building.
•*

•

Complete

•

----------------------

;

•

: Investment Banking :

| SERVICE
•
2

J
J
2

2
2

ERN BANKER brings prompt re
sponse. Your ad will be read by more
tban 12,000 bank executives in the
North Central United States and in
major metropolitan areas.
Buying or selling, hiring or hunting,
your best investment is a NORTH
WESTERN BANKER classified . . .
Just 20c per word. Copy needed by
the 15th of the month preceding pub
lication. October 15 for the November
issue. No extra charge for “blind”
box-number addresses. Replies for
warded promptly, completely confi
dential.

NORTHWESTERN BANKER
306 15th Street
Des Moines 9, Iowa

•
•

Over half a century of experience, integrity and tradition.
Extensive, modern facilities.
One of the largest and most
active investment firms in the
Midwest.

■

P o r t fo lio P la n n in g
P u rc h a s e a n d S a le o f L is te d a n d
U n lis te d S e c u r itie s

■

•
•

2
2

•
•

M u n ic ip a l S e c u r itie s
■

•
2
2

P r iv a te P la c e m e n t o f L o n g - t e r m
F in a n c in g

m E s ta te

•
2

U n d e r w r it in g o f C o rp o ra te a n d

•
2
2
•

2
2

•
■

•
2

•

•
2

A p p r a is a ls

•
2
2
»
•

•
•

1 K alm an j
j & Co m p a n y j
2

Established 1910

• M cK night Bldg., Minneapolis
•

E ndicott Bldg., St. Paul
N o rth w e s tern

B anker,

O c to b e r,

l
*
1961

126
F*

I N D E X OF
A D V E R T IS E R S
OCTOBER,

1961

A c o rn P r in tin g C o m p a n y .............................. 124
A d v a n ta g e F ilm S ales, In c ............................ 127
A m e r ic a n N a tio n a l B a n k , St. J o s e p h . .. 101
A m e r ic a n N a tio n a l B a n k & T r u s t
C o m p a n y , C h ic a g o ......................................6 4-65
A m e r ic a n N a tio n a l In su ra n c e C o m p a n y
G a lv e sto n .............................................................. 120
A m e r ic a n T r u s t & S a v in g s B a n k ,
D u b u q u e .................................................................121
B

B a n k B u ild in g & E q u ip m e n t Corp. ..1 4 - 1 5
B a n k o f C a l i f o r n i a .............................................. 57
B a n k o f M o n tr e a l .............................................. 70
B a n k o f N e w Y o r k ............................................ 39
B a n k e r s T r u s t C o m p a n y, D es M o i n 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 . . 53
B a n k P e rs o n n e l C le a r in g H o u s e ............. 126
B la c k Sale S y s t e m ................................................102
C
C a d illa c A s s o c ia te s ............................................. 122
C en tral B a n k & T r u s t C o m p a n y,
D e n v e r ..................................................................... 108
C e n tra l N a tio n a l B a n k & T ru s t
C o m p a n y , D es M oin e s ................................ 22
C e n tra l S ta te s H e a lth & L ife C o ............... 129
C h a se M a n h a tta n B a n k , T h e ...................... 43
C h em ic a l B a n k N e w Y o r k T r u s t C o .. . . 47
C h ile s -S c h u tz C o m p a n y .................................. 82
C h ristm a s C lub A C o rp o ra tio n ................. 13
C ity N a tio n a l B a n k & T r u s t C o m p a n y ,
K a n s a s C i t y ........................................................ 20
C o lora d o N a tio n a l B a n k , D e n v e r ............ 78
C o m m e rce T r u s t C o m p a n y , K a n s a s
C i t y .............................................................................103
C o n g re ss o f M o to r H o te ls ........................... 48
C o n tin e n ta l Illin o is N a tio n a l B a n k
& T r u s t C o m p a n y ..........................................
6
C o u n cil B lu ffs S a v in g s B a n k ....................... 114
C ru tte n d e n , P o d e s tà & C o m p a n y ............. 100

I)
D a v e n p o rt, F . E ......................................... 101, 114
D e L u x e C h eck P rin te rs , In c .......................... 46
D ie b old , In c ............................................................... 49
D ip lo m a t, T h e ......................................................... 109
D o a n e A g r ic u ltu r a l S e rv ice. In c ..................123
D o u g la s -G u a r d ia n W a r e h o u s e
C o rp o ra tio n ........................................................ 50
D r o v e r s N a tio n a l B a n k ................................... 119
E
E m p lo y e r s M u tu a l C a s u a lty C o .................58

F a rm B u s in e s s C o u n cil, In c ........................... 127
F ir s t C o n tin en ta l N a tio n a l B a n k &
T r u s t C o m p a n y ................................................. 99
F ir s t N a tio n a l B a n k , C h ic a g o .............. 10-11
F ir s t N a tio n a l B a n k , D u b u q u e .................118
F ir s t N a tio n a l B a n k , K a n s a s C ity . . . . 56
F ir s t N a tio n a l B a n k , O m a h a .................... 85
F ir s t N a tio n a l B a n k , St. J osep h ............. 100
F ir s t N a tio n a l B a n k , St. L o u is ................. 51
F ir s t N a tio n a l B a n k ,
S io u x C ity ....................................... 74, 102, 122
F ir s t N a tio n a l B a n k & T r u s t Co., T u ls a 42
F ir s t N a tio n a l C ity B a n k , N e w Y o r k . . .8 -9
F ir s t N e b r a s k a S e c u ritie s, Inc. ................... 86
F ir s t S tock Y a r d s B a n k ,
S ou th St. J osep h ............................................ 96
F o u n d a tio n F o r C o m m e rc ia l B a n k s . . . 1 0 7

t
"V

(i
G a m b le -S k o g m o , In c ........................................... 45
G ro ss, K ir k , C o m p a n y .................................... 118
H

H a ls e y , S tu a rt & C o m p a n y ........................
H a rris T r u s t & S a v in g s B a n k .................
H o te l C o n tin e n ta l ..............................................
H u m m e r, W a y n e & C o m p a n y ....................

24
25
52
52

I
In v e s to r s L ife In su ra n c e C o m p a n y
o f Io w a .................................................................... 62
I o w a -D e s M oin e s N a tio n a l B a n k ......... 130
I r v in g T r u s t C o m p a n y .................................... 59
K

K a lm a n & C o m p a n y , In c .................................125
K ir k p a t r i c k -P e t t is C o m p a n y ................... 96
K o c h B r o s ................................................................... 52

L a M on te, Geo. & S o n ....................................... 18
L a S a lle N a tio n a l B a n k .................................. 117
L a w re n c e W a r e h o u s e C o m p a n y ............... 63
L iv e S to c k N a tio n a l B a n k , C h ic a g o . . . 41
L iv e S tock N a tio n a l B a n k , S io u x C ity . . 72
ill
M a n u fa c tu r e r s H a n o v e r T r u s t C o m p a n y 26
M a rq u e tte N a tio n a l B a n k .............................. 117
M e rc a n tile T r u s t C o m p a n y
.................... 55
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 .. 124
M e rc h a n ts N a tio n a l B a n k ,
2
C edar R a p id s ...................................................
M e rrill, L y n c h , P ierce, F e n n e r & S m ith 48
M id la n d N a tio n a l B a n k ...........................
66
M o sle r S a fe C o m p a n y ..................................... 21
N

N a tio n a l B a n k o f C o m m e r c e ...................... 87
N a tio n a l B a n k o f S ou th D a k o ta , T he . 73
N a tio n a l B a n k o f W a t e r lo o , T he ........... 116
N a tio n a l C ash R e g is t e r C o m p a n y . . . 1 7 , 60
N o rth e rn T r u s t C o m p a n y .............................
3
N o r th w e s te r n N a tio n a l B a n k .....................115
N o r th w e s t S e c u rity N a tio n a l B a n k ,
S iou x F a l l s .......................................................... 75

o
POSITION WANTED
INSTALLMENT LOAN OFFICER:
Wishes to re-locate with another
bank. Must have position with
more responsibility, income. Prefer
independent, medium sized bank in
Mid-west or East. Presently em
ployed as second man in 2 million
plus operation. Age 34, married,
B.A., 8 years with bank, small loan
and auto sales finance companies.
Have exceptional credit judgment,
collection know-how and capacity
to produce. Thorough knowledge
of dealer relations and finance in
surance. To contact — write Box
FLW, c/o N O R T H W E S T E R N
BANKER, 306 15th Street, Des
Moines 9, Iowa.

O m ah a N a tio n a l B a n k ................................. 8 9-92
O m ah a P r in tin g C o m p a n y ........................... 95
O rch ard & W ilh e lm ....................................... 106
O za rk A ir L in e s, In c ............................................ 105
It

Ra'hel, C liff & C o m p a n y .................................. 95
R e co rd a k
...................................................................4 -5
S
St. P a u l T e r m in a l W a r e h o u s e C o m p a n y
S c h w e ser, R o b e r t E ., C o m p a n y .................
S to c k Y a r d s N a tio n a l B a n k , O m a h a . . . .
S to c k Y a r d s N a tio n a l B a n k , S. St. P a u l
S t o r z -W a c h o b -B e n d e r C o m p a n y ...............
S tu d le y , S h u p ert T r u s t In v e s tm e n t
C o u n cil ....................................................................

71
93
97
69
83
54

T a lc o tt, J am e s, In c ..............................................
T o o t le -E n r ig h t N a tio n a l B a n k , T h e . . .

44
88

'll

HELP W ANTED
Operations Officer in an $8,000,000
suburban bank. This offers an ex
cellent opportunity fo r advance
ment. Write Box DLS, c/o NORTH
W ESTERN BANKER, 306 15th
Street, Des Moines 9, Iowa.
N o rth w e s te rn

B anker,

O c to b er,

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

1961

U n ion S tock Y a r d s C o m p a n y ..................... 94
U n ite d S ta te s C h eck B o o k C o m p a n y . . 98
U n ite d S ta te N a tio n a l B a n k ........................ 80
V a lle y B a n k & 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 tio n a l B a n k , P h o en ix ................. 16
V a n H o rn e In v e s tm e n ts , In c ........................ 84

V
W e l l s - F a r g o B a n k A m e ric a n T r u s t Co. 19
W e s te r n & S ou th ern L ife In su ran ce
C o m p a n y ............................................................... 104
Jr

The Bankers’ Market Place
A Page Telling What’s New for Banks and Bankers
Each month the Bankers’ Market Place will bring you listings of new
products, specialty items, banking equipment, and gift items which will
help you and your staff do a better job. This is the selection for this month.

Chase Manhattan Bank recent
T HE
ly used “Matchbook Game” to pro
mote the recognition of the new Chase
symbol. The game was in the form of
a puzzle that could be punched from
a matchbook which was distributed to
customers. The puzzle provided an
effective way to establish identification
of the new symbol.

Further information on the program
can be obtained by contacting Robert
Cranston, Advertising Representative,
Spokesman Press, Grundy Center,
Iowa.
plexiglass houses, which the
T HE
FPRA has made available to mem
bers on a rental basis as attention-get
ters for special events, have been
turned over to The Republic Com
pany, 75 West Van Buren Street, Chi
cago, for future handling. Banks in
terested in booking one of these
houses should write to J. R. Crowder
at The Republic Company.
HE FPRA Film Library has added
a series of filmstrips on “ The Role
of the Commercial Banking System.”
The films and study guide were pre
pared by the ABA Joint Council on
Economic Education and are designed
to explain to students the history, the
services, and the economics of bank
ing in this country. Teaching sugges
tions and discussion questions and ac
tivities are included. The three 35mm

T
THE CHASE’S PUZZLE MATCHES

Manufacturer of the unique game is
Cub Products Corporation, a division
of the Lion Match Company, 11-49 44th
Road, Long Island City 1, New York.
Similar games are produced on an ex
clusive basis by this company.
VER 40 Iowa banks are now par
ticipating in a new public rela
tions program aimed at better farmer
understanding of banks and their func
tions.
Originated and sold by the Spokes
man Press, Grundy Center, Iowa, the
program offers a bi-monthly column
authored by Douglas F. Graves, vice
president of the First National Bank
of Freeport, 111.
It is now appearing in four of the
Iowa Farm Bureau Spokesman’s 12
area editions, going to over 40,000 Iowa
farmers, and plans are to have it ap
pear in all editions by the end of the
year.
One bank in each county is given
exclusive sponsorship of the program
which also includes reprints of the
column each time it appears and a
number of volumes of the columns at
the end of a year’s publication.
Mr. Graves, a graduate of Iowa State
University with a major in Agricul
tural Economics, has written many ar
ticles for farm publications dealing
with farm credit and will write on sub
jects pertaining to farm financing.
Woven through the entire series of
articles in the Spokes?nan will be the
theme “ contact your banker.”

NEW method of premium giving
A
has been announced by Auto
mated Gift Plan, Inc., of New York
City. Gift or premium recipients se
lect the gift of their choice from a gift
catalogue. The bank sends a card to
the firm and mailing is handled by
Automated Gift Plan, Inc. Details can
be obtained by writing the firm at 80
Park Avenue, New York 16, N. Y.

OUTSTANDING CHOICE
OF OUTSTANDING BANKERS

The bank newsleteer for modern agriculture
— providing an excellence of quality that
elevates bank promotion to the full service
level. Preferred by 8 out of 10 farmers be
cause it helps with their "money matters."

E3HEEHH3 sHr■

NEW line of equipment that re
A
duces handling time required to
process MICR documents has been de
signed by the Wright Line Division of
Barry Wright Corporation, Worces
ter, Mass.
Known as Duco-Tray Checking Han
dling Equipment, it speeds feeding of
checks to the sorter-reader, collects
them after reading, and simplifies the
entire operation by transporting them
during the process. Specially-designed
racks hold trays behind and in line
with the pockets of the Burroughs
a n d Pitney-Bowes-National sorterreaders. The IBM sorter-reader is
serviced with a rack which is used
in front of the pockets.
Wright Line also has designed a
three-level truck for use close to the
feeder to further speed the handling,
collection and transportation. The
truck holds 18 Duco-Trays.
institutions interested
FINANCIAL
in expanding their library of pub
lic relations study will want to check
the revised bibliography series on pub
lic relations by William A. Nielander.
Available from the Bureau of Business
Research, University of Texas, Austin,
Tex., the price is 50 cents. Cash or
check is requested with the order.
ANY banks are making their win
dows and lobbies pay extra divi
dends with Timely Events’ attentiongetting fluorescent displays featuring
time, barometric pressure and out
standing news pictures. Signs are cus
tom designed to blend with decor of
the individual banks. Details are
available from Timely Events, 236 N.
Clark, Chicago 1, 111.

SALES TESTED animated television spots
selling bank services are available to your
bank, even if you have a limited advertis
ing budget. By syndicating these effective
films on a regional basis, tremendous sav
ings are realized for the individual banks.
Development expense is spread over many
markets instead of being paid by one spon
sor of a single message. Yet, it lets your
bank achieve the effect of a custom-made
commercial. For complete details on how
your bank can use effective TV commercials
write: ADVANTAGE FILM SALES, INC.,
736 North Seward Street, Hollywood 38,
Calif.
N o rth w e s tern

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

Banker.

O c to b er,

1961

128

The

V a lí le
(Continued from page 32)

beef that goes into consumer channels. The weights of
cattle that are slaughtered mean more when it comes to
tallying the volume of beef than does the numbers fed.
With the numbers of cattle being fed going into the feedlots at lighter weight, one could conclude that they will
be coming out of the feedlot as finished cattle at lighter
weights. This will find less total beef going into con
sumer channels and will result in better prices for cat
tlemen who are selling finished cattle.
Both feeders and ranchers have a tremendous chal
lenge to meet the demand for beef in the future. It is
my opinion that both feeders and ranchers have a bright
and profitable future in the months and years to come.

S í» J o s e p h

C o n fe r e n c e

■ Livestock Conference at First Stock Yards Bank,
South St. Joseph, Mo.—A summary of the panel’s com

ments shows these points:
The fat cattle market is fairly decent right now and
will continue stable through the last quarter of 1961.
Strictly light choice could go $2 higher. Heavy beef is
a thing of the past, for nobody wants it. The good de
mand for top grade beef will continue if everyone keeps
working and the economy stays at the present level
where people can buy beef.
Feeders should be careful buying replacement cattle,
which are $2-$3 more now than last year. The 1,3001,500 pound steers took all day at 23% cents to sell. Buy
ers want a 600 pound carcass or in that general weight
class.
In the past few years heifers have sold pretty close to
steers. The tendency is to leaner beef. When cattle are
quick-fed and gotten into market younger, they grade
into choice much quicker. The trick in buying cattle is
to get those that are not fat and heavy them up with
grain so they marble well, getting $l-$3 more.
Last April calves and light yearlings were 25-26 cents
and up to 30 cents. The fat cattle market started down
in May and continued until August when it went up.
New areas of the country (wheat states) began bu3dng
lightweight feeders. Through this fall you won’t see any
lightweight stockers. Oklahoma, Texas and Kansas had
another terrific wheat crop and these farmers are putting
cattle on all the wheat they have. Consequently, there
are too many buyers and the market price on lightweight
stockers will stay up. These people don’t feed any fat
cattle.
The 1961 corn crop is 14 per cent under 1960’s record
crop but 11 per cent above the average of the last 10
years. Many expect corn to be $1.20, with cattle prices
at $22.95 for choice and $20.12 for standard.
One man said he’d never seen so many western cattle
sold as early as he has this year. (This was repeated in
many places.)
Another man pointed out that with corn just 10 cents
a bushel more, a feeder with a 700 pound steer needs to
N o rth w e s tern

Banker,

O c to b er,

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

1961

buy the steer 50-75 cents cheaper than he did last year
just to break even. Feeder prices are a little out of line
and need more spread, but these current prices are the
result of demand, created by low priced corn, excess
wheat pasture and soybean oil—all in surplus. Feeders
will have to be content this year with a small operating
margin. The small margin in price between choice and
standard is reflected in feeder prices.
Tremendous excess of dressed poultry will adversely
affect dressed beef prices.

0 0 m a it a 0 o n f e r e n e e
■ Beef Cattle Conference at First National Bank of
Omaha—A summary of the opinions expressed by the

four man panel, consisting of a livestock banker, rancher,
feeder and university extension economist, was presented
by Frank Love, moderator of the panel and vice president
of the host bank:
Steer calves (choice 400 pounds) f.o.b. Omaha will sell
for the balance of the fall at 29-30 cents. The cost coming
out of the farm feed lot will be $25-$26. The fat cattle
market will be $24-$26 at the time calves come from the
feed lot. Yearling steers that are left—the big run is
over—will cost $27-28 cents f.o.b. Omaha; 600 pounds or
lighter at 28 cents or more. Yearling steers will cost $25$26 coming out of the feed lot and the fat cattle market
then will be $24-$26.
It is the opinion of the panel that the efficient farmerfeeder may be able to make a little money this year. The
inefficient operator, one who does not get 214-2% pounds
gain per day, probably won’t make any money. Farm
feeders as a whole can’t make money as in and outers.
The farm customer should buy the kind, quality and
weight of cattle best suited to his farm operations. The
local banker should do everything he can to assist his
farm customer in doing this. He should talk to the
farmer and see, for one thing, if the feeder is balancing
his feeding rations.
If there were some way to get the farm feeder to go
west in the spring and not in the fall, and let the order
buyer in the central market or in range country do his
buying, he would be $l-$3 a head better off and eventu
ally he would be a better customer for ranchers for a
long time to come.
Bankers are about the only ones who can get to the
smaller, less efficient farm operator and encourage him
to improve with the efficient ideas and procedures of the
better producers.
The rancher panelist, Courtenay C. Davis of Horse
Creek, Wyo., gave a fine rundown on conditions in Colo
rado, Wyoming, Montana and western South Dakota, indi
cating yearlings were practically gone and most steer
calves were sold or going at 28-31 cents with heifers close
behind. Drouth hit parts of this area in the north and
he cited the instance where a sale was held in Gillette
due to the drouth, but so many buyers bid in that 32-32%
cents was paid for calves, much more than was expected.
He also mentioned the influence of the wheat area farm
ers in the buying pressure that has held up feeder prices.
Lee Kolmer, associate professor of economics at Iowa
State University, Ames, said there will be a 7 per cent
increase in cattle marketing late this fall, at the same
time the 7 per cent increase in farrowing of pigs will hit
the market, probably in late October or early November.
Also, a 26 per cent increase in turkeys will bring real
pressure on red meat prices. For 1962 the fat cattle price
will average $1-$1.50 higher than in 1961, with supply in
1962 worked off with less bounching than in 1961.—End.

STATES

Since 1959 the number of states in
Central States’ area of operations has
more than doubled. This rapid growth
could only indicate stability and vigor
in the field of health care insurance sold
exclusively through banks. It is made
possible because Central States' Bank
Health plan meets a need . . . then pays
banks for the service rendered to their
communities. Investigate now.

V IF »

IN O V E R 7 0 0 B A N K S ^Voluntary Insurance Protection

Ce n t r a l S t a t e s
H e a l t h & L i f e C o.
of Om ah a
T. LESLIE KIZER, President
C EN T R A L STATES IN S U R A N C E B U IL D IN G
H O W A R D AT 18TH STR EE T • O M AH A

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

■i

ASSOCIATOCI

CptfàWM
Oct^-Nov.1
JERRY N E L S O N
V ic e P re sid e n t

GEO. E. H A R N A G E L
A s s is ta n t C ashier

BOB B U E N N E K E
A s s is ta n t C ashier

W arm W elcom es:
Convention time is a big occasion for us here at the IowaDes Moines. All year long we visit you at your bank. Now,
we invite you to ours; to show you how we perform those
always-a-little-faster services we tell you about.
Won’t you stop in for a visit during the convention? We’ll

BE N E IL D ER S
Assistant C ashier

JOHN H U N T
A s s is ta n t C ashier

always a little faster

be delighted to show you through our transit, proof and other
departments. Happy to help with your questions on invest
ment and any and all other banking problems.
And, if you have a suggestion as to how we can improve our
service to you, so much the better. In fact, we’ll be delighted!

We’re here to help you get what you want

Io w a D e s M o i n e s •National Bank
Sixth and Walnut, Des Moines 1+ * CHerry

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

3 -1 1 9 1

Member Federal Deposit Insurance Corporation