Full text of The Northwestern Banker : October 2, 1967, No. 1057

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Oldest Financial Journal West of the Mississippi
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No. 1057
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Des Moines, Iowa

October 2,1967

11,000 Bankers At ABA In New York
By MALCOLM FREELAND
Publisher
NEW YORK -- Registration at the
93rd annual convention of the
American Bankers A ssociation was
expected
to total out near the
11,000 mark. At the election of
officers during the first general
business
session on Tuesday,
September 26', J. Howard Laeri was
advanced to the presidency o f ABA.
Mr. Laeri is vice chairman of the
First National City Bank, New
York. He succeeds Jack T. Conn,
president and chairman, Fidelity
National Bank & Trust C o., Okla
homa City, Okla.
Newly
elected vice president
of the ABA is Willis W. Alexander,
Jr., president of the Trenton Trust
Company, Trenton, Mo.
One o f the principal speakers
at the state bank division meeting
on Monday was the Hon. Norbert T.
Tiemann, Governor o f Nebraska and
former president of the Nebraska
Bankers A ssociation. His provoca
tive talk was being discu ssed long
after the division meeting con
cluded and will be reported in
detail in the convention report in
the October issue. The other prin
cipal speaker was The Hon. Wal
lace Bennett, U. S. Senator from

Utah. Sen. Bennett likened the
third of a century of “ government
welfare’ ’
programs to Charles
D ickens’ description in a “ Tale
of Two C ities” -- when Dickens
wrote “ it was the age o f foolish
n e s s .”
Sen. Bennett noted that the
persons receiving government wel
fare payments has increased from
just
over
3,000,000
to
over
12,000,000 and this spending has
been accompanied by “ a tragic
increase in crime, divorce, bank
ruptcy, illegitim acy, {slum housing,
alcoholism and drug u sage.” He
stated “ we are beginning to accept
the fact that there is a definite
correlation between unemployment,
lack of education, slum housing
and crime . . . the recent rioting has
been largely by those who are not
participating in production and
ownership in our system .” A sthose
who are now outcasts “ are made to
feel part of the system ,” he said,
“ all of us will reap the benefits
through civ il peace as well as a
greater level of prosperity, not to
mention the obvious increases in
economic rewards.”
In his address before the first
general convention se ssio n , Comp
troller of the Currency William B.
Camp stated: “ If we are to respect
our traditional reliance on private

initiative and freely competitive
markets, banks should be entirely
free to compete in the performance
of any financial function which
does not impair their solvency or
liquidity . . . The broad interest of
the public is in making certain
that all banking needs are e ffi
ciently served as they arise, and
that the fullest and most effective
use is made o f all banking fa cili
ties . . . The manner in which banks
draw upon and utilize the resources
at their command — more than any
other single factor -- will set the
pace and direction of industrial
and
commercial
development
throughout the nation.”
A call for an immediate tax
increase was sounded by Paul W.
McCracken in his address to the
Savings Division on Monday. Dr.
McCracken is professor of business
administration at the University of
Michigan and a respected econ o
mist. He said in part: “ The time
has come fora National Commission
on Expenditure P o licie s and Pro
cedures. Its charge should be to
review thoroughly the whole ex
penditure process from the shaping
of the President’ s Budget Message
through the Congressional appro
priations process to the Adminis
tration’ s decisions that determine
how rapidly those appropriations

ABA Convention. . .
(Continued to back page)

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IOWA NEWS
CEDAR RAPIDS: Approval was
granted last week by the Iowa
Banking Board to P eoples Bank &
Trust Co. for a second parking lot
office . The new facility will be
located in northeast Cedar Rapids
on 1st Avenue East between 35th
and 36 th Streets northeast. The
bank’ s other parking lot office is
in the southwest portion of the
city.
COUNCIL BLUFFS: Jack R. Eakin,
president of the State Savings Bank,
has announced that the name of
that bank has been changed to the
State Bank and Trust.
DES MOINES: The Iowa Banking
Board last week denied the appli
cation for a state bank charter in
the R oosevelt Shopping Center that
had been filed by a group of 13
businessmen. Principal of the group
was Harry Pomerantz.
HUMESTON: Application has been
filed with the State Superintendent
of Banking by The Citizens State
Bank to consolidate with the Lineville State Bank and the Security
State Bank of Allerton. The sur

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HUMESTON: The board of directors
of The Citizens State Bank recently
announced the appointment, e ffe c
tive November 1, of Ardys Jennison
of Humeston as cashier to replace
Tom Henderson who resigned. Mrs.
Georgia Smith, who has been em
ployed at the bank for eight years,
has resigned. Mrs. Phyllis Moser
of Humeston has accepted the
position
as
assistant cashier.
RUTHVEN: Jennie M. Keeline has
been named chairman of the board
o f Ruthven State Bank. She has
been a vice president of the bank
for a number o f years and as chair
man su cceeds her husband, John B.
Keeline, who continues as pres
ident of the family’ s principal bank,
Central Trust & Savings Bank at
Cherokee.
SIOUX CITY: Rushmore Credit Cor
poration of Rapid City, S.D., a
major stockholder of the First Na
tional Bank in Sioux City, has been
merged into Life Investors of
Nebraska,Inc. of Omaha. Announce
ment was made by M. M. Meyers,
president of L ife Investors in
Omaha. Mr. Meyers and Joe T.
Grant, president o f First National,
said no change would be made in
the present officers or management
of the bank, which has $68 million
in a ssets. Rushmore Credit also
owns the Minnesota Small Loan
C o., Minneapolis, and its building
in Rapid City.
L ife Investors’ principal hold

ing has been Investors Life Insur
ance Co. of Omaha, which was
founded six years ago and now has
$125 million of life insurance in
force.
WEST UNION: Carl Schori, 54, vice
president and cashier o f the First
National Bank died suddenly Mon
day, September 25. He had no
record of previous illness.

A-

NEBRASKA NEWS
BEATRICE: William W. Cook, pres
ident and chairman of Beatrice Na
tional Bank and Trust Company,
has been named Nebraska chairman
for the Foundation for Commercial
Banks.
ELM CREEK: Donald E. Harms has
been appointed president of the
Elm Creek State Bank, but will
also continue as active vice pres
ident o f the Exchange Bank, Gib
bon. Donald Kearney has been ap
pointed executive vice president,
and Gorden Larsen will take over
the duties as cashier.
KEARNEY: Elmer W. Divan, an
incorporator of Crossroads Bank,
has filed an application with the
Nebraska Department of Banking
for a state bank charter. A hearing

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WHITTEMORE: Directors of the
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The new building will be twice as
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will be held by C. R. Haines, direc
tor o f banking, on December 14 at
9:00 a.m. in room 2026 of the State
Capitol.
LINCOLN: Richard L. Davenport,
convicted
three years
ago o f
embezzling $3 million from a
Valentine bank which he headed,
will not be considered for parole
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MINNESOTA NEWS

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Sioux City, Iowa

DULUTH: Emmons W. C ollin s, pres
ident of the First American Nation
al Bank, has announced the pro
motion of Bruce W. Potter to a s
sistant trust officer.
MINNEAPOLIS: Stanley J. Peterson
has been named an assistant vice
president of Midland National Bank.
He was formerly assistant cashier.
MINNEAPOLIS: Some 600 persons
are expected to attend the Minne
sota Bankers A ssociation ’ s 18th
annual Junior Bank Officers and
Staff Conference in Minneapolis,
October 11-12. The meeting will be
held at the Leamington Hotel.
MOORHEAD: The board of direc
tors of the American State Bank
has elected Fred M., Scheel chair
man. E lected to succeed Mr. Scheel
as president is P. J. Canton, who
has served as executive vice pres
ident for the past 11 years. E. O.
Nelson, who has been with the bank
for 26 years, was elected to the
board of directors to fill the un
expired term of Leo Johnson. He
was also named vice president.
OTISCO: An amendment authorizing
the increase of the amount of cap
ital stock from $25,000 to $35,000
by the sale of new stock has been

passed by the Otisco State Bank.
ROCHESTER: Roy Reifsnider, an
assistant vice president and man
ager o f real estate department at
the First National Bank, has taken
early retirement as o f October 1,
because of health reasons. Paul
G lass, former officer at the First
Edina National Bank has joined
the bank as assistant vice pres
ident.

NORTH DAKOTA NEWS
The North Dakota Bankers A s
sociation will hold its group meet
ings beginning October 9. Dates,
locations and group presidents are
as follow s: Northeast Group —Mon
day, Oct. 9, American Legion Club,
Grafton: President D. N. LaRocque,
vice president Walhalla State Bank.
Northwest Group- - Tuesday, Oct. 10,
Elks Club, Williston; President
L. Donald Thorson, vice president
1st National Bank, Minot. South
west Group —Wednesday, Oct. 11,
Liberty National Bank Hospitality
Room (meeting), 1st National Bank
Crown Room (dinner), Dickinson;
President K. A. Meier, executive
vice president 1st National Bank,
Linton. Southeast Group —Thurs
day, Oct. 12, Elks Club, Valley
City; President S. D. Jacobsen,
president 1st State Bank, Sharon.

Registration will be held at
3:00, with the meeting beginning
at 4:00. The program will include
an AIB study o f banking, a report
on the Tri-State Rural Banking
School at Morris, Minn., a d is
cussion of bankers area-wide ad
vertising program and a report on
financial institutions’ regulations.
Election of officers, followed
by a social hour at 6:00 and dinner
at 6:45, will conclude the program.

COLORADO NEWS
COLORADO SPRINGS: Controlling
stock in the Northern National Bank
has been sold by J. Carter Culley and
associates to Norman M. P ostles of
Milwaukee. The sale was negotiated
by Bankers Service Corporation of
Des Moines. Mr. Postles has been
elected president, and Mr. Culley
has been named chairman and will
continue to be active in the bank.

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ABA Convention. . .
(Continued from page one)
will be activated and spent. There
are reasons for believing that the
present process does give us a
volume o f outlays in e x ce ss of
the proportion of their incomes that
people prefer to allocate to the
public sector. The present fiscal
problem will not be entirely a mis
fortune if we now get this longneeded basic review under way.
“ ,We need at once, however, a
substantial tax increase if the
nation’ s fisca l affairs are to be
conducted in an orderly way during
the months ahead . . . members of
the financial community should be
under no illusions about the alter
natives
we
now
con fron t. . . a
d eficit for this fiscal year of at
least $24 billion, and the figure
could be as high as $30 billion . . .
the only way to narrow this d eficit
is through a substantial tax in
crease. The consequences of in
action are well understood by
bankers.”
A complete on-the-spot report
o f the convention, with pictures,
will be published in the October
Northwestern Banker.

NATIONAL NEWS
NEW YORK: First National City
Bank is introducing five-year sav
ings certificates that offer a guar
anteed annual interest rate of 5%.
The new certificates became avail
able September 25 in denominations
$100 to $25,000, and are redeem
able without prior notice at sixmonths intervals from date of pur
chase.
ST. LOUIS: Emil E. Schuster has
been elected assistant vice pres
ident o f First National Bank. He
will be manager of the new credit
card department. He has been with
Continental Illinois National of
Chicago.
WASHINGTON, D.C.: The Treasury
is expected to publish soon its
long-awaited ruling on commercial
bank loans that anay be included
in a bank’ s loan base for purposes
of computing tax free additions to
its bad debt reserve. If all or part
of the items being questioned by
the Treasury were eliminated from
the loan base, the effect would be
to reduce the 2.4% bad debt reserve
formula to approximately 1.9%. The
questioning does not imply the
items will be excluded.

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NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309.
BANK OFFICER OPPORTUNITY
Immediate opportunity for opera
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No. 1057 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa 50309. Subscriptions 50£ per copy, $6 per year. Second c la ss postage paid at D es Moines, Iowa. Address all mail
subscriptions, changes o f address (Forms 3579), manuscripts, mail items to above address.

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Full text of The Northwestern Banker : October 2, 1967, No. 1057

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