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m / 1 'jH ki V w Ê Ê Ê ÊÊÊÊm ■ m ■ mÈÊÈÈB . ■ ■ ■ ■ I \ V; 'll h« Oldest Financial Journal West o f the Mississippi s p ir i M B -WsmsemM > > > $ Suspend New Federal Security Sales Washington, D .C .—While the Sen ate was concluding action last week to hurriedly pass S.B .3687, a companion to the House-passed H.R. 17255 which gives the Federal Reserve Board discretionary author ity over savings interest rate c e il ings, another arm of the federal government was pushing rates still higher. On Saturday, September 10, Treasury Secretary Henry H. Fow ler said instructions had been issued suspending until the end of the year the sales of federal agency securities except for refunding of maturing issu es. This meant suspension of new sales of federal agency issu es and participation certificates. Issues are to be confined to rollover re funding. Last Tuesday, September 13, when the Federal Home Loan Bank announced plans to sell $650 million 1-year bonds, the issue was given a 6%% coupon for a new high. The issue will pay off $500 million in notes due tomorrow, September 20, and provide additional funds for seasonal purposes. The latest monthly survey of CD maturity shows that $5^ billion mature this month, a sizeable in crease over the $4 billion Septem ber maturities previously reported. NATIONAL NEWS CHICAGO: Mrs. Harold Meidell, wife of the chairman of the board, La Salle National Bank, died last week following a lengthy illness. 4 ir September 19,1966 Des Moines, Iowa NO. 992 9 » ...._ ..........••'WK£n - ? ••I WB i Ä ■■•....... ■ ..................■ ............. •........-■ ~ ;y §g¡i ___________ > B m emmÊlalm CHICAGO: Clarence Eichenberger, senior vice president, First Nation al Bank, has retired, ending a 47-year career with the bank. Neil McKay, vice president, moves up in loan Division “ C” to succeed Mr. Eichenberger. Heading other appointments announced by the bank were promotions to vice pres ident for Jack W. Hallberg and Arthur F. Stake in Division “ F ” , banks and bankers. Mr. Hallberg was recently named to head the northeastern states division for the bank, and Mr. Stake the Chicago section for the division. NEW YORK: J. Stewart Baker, 73, former president of the Chase Man hattan Bank, died last week in Morristown, New Jersey. His bank ing career started in 1915. He was president of Bank of the Manhattan starting in 1927 and became chair man in 1932. When the Chase and Manhattan banks merged into the present bank in 1955 he was named chairman of the executive committee and president. He retired in 1957 as an officer and in 1965 as a director. ST. LOUIS: John H. Obermann and James A. Smith, both of Mercantile Trust Company’ s banks and bank ers department, have been elected vice presidents. Charles H. Murray of the international banking depart ment was elected assistant vice president. Mr. Obermann, who will now head the banks and bankers department, formerly handled busi ness for Mercantile in Iowa, Ill inois, Indiana and Kentucky. Mr. Smith will be assistant head of the department. TULSA: When the city of Tulsa found itse lf facing a statutory 4% maximum interest ceiling on its municipal bonds, the 16 Tulsa banks formed a syndicate to buy the $18.2 million issue, each bank taking a proportionate share. The bid will be made Wednesday, Sept ember 21 when the bonds are put up for sale for a second time. The city will redeposit the money with the banks at no interest to let the banks regain at least a part of the loss due to the low rate. TULSA: R. Elmo Thompson, 71, re tired chairman of the board of the First National Bank and Trust C o., died September 10 of a heart attack. In The September Issue Of... The NORTHWESTERN BANKER The Cattle Outlook Leading bankers and ranchers give their views on “ The Cattle Outlook” in the September issue of the Northwestern Banker. Be sure to read this informa tive article on pages 31 through 36. An extensive crop report also appears in this issue. For Full Correspondent Banking Service Wayne Thorndyke https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis | W | W e’re as near P j t e p as your phone Ê1 C A L L Howard Nielsen m em b er fed era l d e p o s it in s u r a n c e W 3 4 1 -8 7 6 5 c o r p o r a t io n Jarry Parker is deeply Earnest If you're earnestly seeking better correspondent banking service, it's high time you got in touch with Jarry Parker and his associates at Commerce Trust. They don't fool around. For example, they see that transit mail is picked up 40 times a day at the mam post office. Isn't this the earnest service you want and deserve? Call us soon. (ommerce Trust (ompanr Kansas City's Oldest and Largest Bank Member Federal Deposit Insurance Corporation IOWA NEWS ALBIA: Both the P eoples National Bank and First Iowa State Bank have increased their interest rate on time CD’ s to 4 appli cabl e to $1,000 CD’ s of six months or more. The rate previously was 4%. ATLANTIC: Norm Wilson, 27, has resigned as assistant cashier at Central National Bank and Trust Company, Des Moines, to become assistant vice president and oper ations officer at Whitney Loan and Trust Company here. He was with Central B&T 7]/2 years. CENTERVILLE: Richard R. Park has moved from Seymour to join Centerville National Bank as a loan officer. He replaces B. J. Mease, assistant cashier, who has moved to Oregon. CRESCO: John F. O’ Byrne has been appointed farm representative C E C IL MEANS WE’ RE HERE TO HELP YOU H SOUTH - 0 MAHA •s T0CKYARDS NATIONAL BANK Member F .D .I.C . for C resco Union Savings Bank. A 1964 graduate of Iowa State ag colle g e , Mr. O’ Byrne has been a farm mortgage representative the past 234 years in Mason City for Metropolitan Life. DANVILLE: Bert E.' Dodds, pres ident of the Danville State Savings Bank since 1945, died at his home September 5. He had been a direc tor of the bank since December. 2, 1930. DES MOINES: George J. Buser, Jr., resigned as assistant secretary of the Iowa Bankers A ssociation e f fective September 15. His future plans have not been announced. DES MOINES: The Northwest Des Moines National Bank opened its new office in Johnston last week. Johnston is a Des Moines suburb. DONNELLSON: The Citizens State Bank has been purchased by E. A. Hayes of Mt. Pleasant, Donald J. B ell of New London, and L. T. Har lan of H illsboro. The stock was purchased from Walter T. Robinson, who is retiring from the bank as chairman of the board and director, and from M. G. Addicks, who will continue as president. Mr. Hayés, who is president, Hillsboro Savings Bank and president, Burlington Bank and Trust C o., as well as director o f Henry County Savings, Mt. P leas ant, will su cceed Mr. Robinson as chairman. Mr. Harlan, who is vice president, Hillsboro Savings Bank, will join the Donnellson bank’ s board. Mr. Hayes and Mr. B ell pur chased the Burlington Bank and Trust several weeks ago. EAGLE GROVE: Work on the new Proud of our heritage of service to Iowa banks, we're building at 6th & Locust for an even greater tomorrow. NATIONAL BANK AND TRUST COMPANY Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis drive-in facility of the Security Savings Bank was to have gotten underway last week. Sande Con struction Company, Humboldt, was awarded the contract. The project is expected to be completed in 60 days. EPWORTH: Construction of a new bank building for Epworth Savings Bank was scheduled to start last week, according to J. J. Marget, president. The 42 x 34 structure will be located at the corner of Center and Main Streets. Completion is expected around December 1. MAQUOKETA: Donald Henningsen and Glen Woods have been named to the farm department of the Jackson State Savings Bank in Maquoketa. The department is headed by David Luett, assistant vice pres ident. MASON CITY: Miss Margaret Hen dry, secretary, Home Trust and Savings Bank, Osage, was in stalled September 15 as chairman of the Iowa Group of the National A ssociation of Bank Women, Inc. The two-day meeting was held at Hotel Hanford here. Other officers elected are: Miss Prudence Naber, auditor, First National Bank, Cedar F a lls, co-chairman; Miss Jean McMahan, assistant cashier, Forest City Bank & Trust, Forest City, secretary, and Mrs. Wilma Weinkauf, a ssist ant cashier, C resco Union Savings Bank, C resco, treasurer. The meeting attracted more than 75 Iowa Group members. NEVADA: Dale Collings has been promoted from assistant cashier to cashier at State Bank and Trust Company. He has been with the bank 10 years. PANORA: Paul F. Petersen, ca sh ier and director of the Panora State Bank, resigned effective Septem ber 15 to return to college to com plete his degree work. He will remain as a director of the bank. James R. Smith of Webster City, previously employed by O’ Dea Finance Company, has been elec- IN SIOUX CITY. THE BANK FOR PERSONAL SERVICE C H R IS T Y ARM STRO N G a 9TH NEBRASKA NEWS BELLEVUE: The application of Wm. A. Fraser, Jr., to organize a national bank at Offutt Air Force Base (Strategic Air Command head quarters) has been denied by the Comptroller of the Currency. Mr. Fraser is president of First Na tional Bank in Bellevue, which adjoins the air base. COZAD: The First National Bank is providing a new parking lot for bank patrons and downtown parking. DAVID CITY: First National Bank has completed part of its remodel ing and expansion program with installation last week of a night depository unit. DODGE: Remodeling of the Farm ers State Bank has now been com pleted. FULLERTON: Work began last week on the new addition to the First National Bank building. OGALLALA: The First National Bank’ s drive-in facility was sch ed uled to be open this week, accord ing to M. G. Keller, president. Open house is scheduled for later this month. OMAHA: Fred E. Pfaff, vice pres ident of United States Check Book Company, announces the appoint ment of Richard A. Dick and John W. Fudge to the sales staff. Mr. Dick, most recently with Indian H ills Bank in Omaha and prior to that with Council Bluffs Savings Bank, will travel in southwestern Iowa and some Nebraska cities. Mr. Fudge will call on banks and firms in southeastern Nebraska. SCHUYLER: Donald joined the Schuyler staff September 12. E. Groulik State Bank AND M A IN , D U BU Q U E, IO W A M EMBER: FDIC • FRS MORTON: Farmers State Bank capital stock has been increased from $15,000 to $30,000 by sale of new stock. SOUTH DAKOTA NEWS ABERDEEN: Daniel Fritz has been elected assistant trust officer of the First National Bank, according to S. H. Larsen, president. NORTH DAKOTA NEWS CROSBY: Farmers. State Bank has received FDIC approval for estab lishing a paying and receiving station at Noonan in Divide County. DICKINSON: Charles E. Jenkins on, MINNESOTA NEWS The Minnesota Bankers A s s o c i ation district meetings continue today, Tuesday and Wednesday. District 6 is meeting in Little Falls today (September 19). D is trict 9 meets in Bemidji Tuesday, and District 8 meets in Hibbing Wednesday. One change in the program was made last week when the other six districts met. Dr. Charts Walker, executive vice president of the ABA spoke as scheduled at Rochester and Man kato, but was unable to be at Montevideo and Hopkins. He was replaced for these two se ssion s by Charles R. McNeill, director of ABA’ s Washington o ffice . Dale Reistad is giving the ABA report this week as scheduled. CLOQUET: Allen Stafford, 70, prominent civ ic leader in this area, died recently. A retired vice president of Wood Conversion C o., he was a director of the First National Bank at the time of his death. FACTS ABOUT STUDLEY, SHUPERT APPRAISALS FOR YOUR PERIODIC TRUST ACCOUNT REVIEWS IN COMPLIANCE WITH REGULATION 9 W rite fo r pam phlet “ C ” STUDLEY, SHUPERT & CO., INC., o f Philadelphia 860 Suburban Station Bldg. Phila., Pa. 19103 Always the First to Serve You! First National Bank of Omaha 16TH & FARNAM - OMAHA, NEBRASKA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis bank’ and sa v in g s b a n k Member Federal Deposit Insurance Corporation WATERLOO: The National Bank of Waterloo will host its annual party for correspondent banks tomorrow at the Waterloo Country Club. correspondent american trust SECURITY NATIONAL BANK ROWLEY: An addition that will double the size of the Rowley Sav ings Bank is slated for completion October 15, according to Don Shields, executive vice president and cashier. The present building will also be remodeled com pletely to give the structure a unified appearance. LEO SCH LU ETER ‘WE H A V E W HAT YOU W ANT in ted cashier to succeed Mr. Peter sen. LE O KANE Member Federal Deposit Insurance Corporation LINCOLN ...Experts in Mortgage Loans FIRST NATIONAL BANK & TRUST COMPANY OF LINCOLN 12th & N S tre e t • LINCOLN, NEBRASKA • Member: F.D.I.C. w est.” It is Montana’ s investment company. OVER oldest GREAT FALLS: Donald C. Taylor, vice president and controller of the Great F alls National Bank, was arraigned September 8 before U. S. Commissioner Dirk Larsen, charged with embezzling $51,633.30 from the bank. The embezzlement was reported to have occurred between January 1,1964 and August29, 1966. He will appear later before a fed eral district judge. 10,000 financial institutions across the country buy our equipment and services every year. WYOMING NEWS CEDAR RAPIDS, IOWA 5 2 4 0 6 formerly district manager of Uni versal C .I.T. Credit Corporation, has been named vice president and installment loan officer for First National Bank. ROLL A: Howard E. Brash has joined the First Bank of R olla as assistant vice president in the Timepay department. He has been assistant cashier at the Jamestown National Bank in Jamestown, N.D., where he had worked since 1953. MONTANA NEWS BILLINGS: James A. Johnson has joined Midland National Bank here as v ice president. The report on his election in last week’ s issue did not list the correct city for the bank. GREAT FALLS: D. A. Davidson & C o., founded in 1935 by David A. Davidson, president of the firm, held open house last week in what was billed as “ the most modern investment office in the north CHEYENNE: Wade H. McDowell has been named senior bank examiner to succeed A. R. Hafer, retired. Mr. McDowell’ s appointment was announced by State Examiner Dwight Bonham. Mr. McDowell re tired July 31 as a senior examiner for the Federal Reserve Bank of Kansas City. He is now living in Cheyenne. COLORADO NEWS DENVER: The three principals involved in the defunct Brighton National Bank were sentenced last week by U. S. District Judge Alfred A. Arraj. Richard M. Horton, 44, was given a 4-year term. Hugh C. B est, 42, former president of the bank, was given 2 years. James W. Egan, 49, former chief stock holder, got three 3-year terms to run concurrently. The first two received 10-day stays to wind up affairs. Egan will be committed to the federal prison hospital at Springfield, Mo., for a complete physical examination to determine where his 3 years will be spent. PUEBLO: Mahlon Thatcher White has been named president of the ( five banks in Colorado controlled by his family. He su cceeds his We're here to help you get what you want late father, William White, who was killed August 16 in an auto crash. The latter’ s widow, Mrs. Helen Thatcher, was named chairman of the board of the banks. A younger son, William M. White, Jr., a mem ber of Allen & C o., investment firm in New York City, will act as advisor and consultant in operation of the banks. Mahlon White lives in Durango, where he has been v ice president of the First National Bank six years. VAIL: An application for Gore Valley National Bank, to be located in the resort section of this moun tain town, has been filed with J . R . Thomas regional administrator of national banks at Denver. The organizers withdrew a previously filed letter of intent to apply for a state charter. WANT ADS Rates 25 cents per word per insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th St., Des Móines, Iowa HELP WANTED Second man in Nebraska Bank. Some experience necessary. Write EXB, NORTHWESTERN BANKER, 306 - 15th St., Des Moines, Iowa 50309. AVAILABLE First release air mail copies of The Farm Picture for next month -$10.00 per year. Farm Picture, P .O .B o x F, Urbana, Illinois 61801. THESE GUNS FOR HIRE! We have the ammunition and fire power to add growth to your bank. Specialists in automation, oper ations, marketing, advertising and promotion, loans and overlines, investments, trust, fed fu n d s... all phases of bank operation are avail able to fire up your bank. Will quickly respond to your needs. Call Cy Kirk in Des Moines at 277-2602. Or phone us direct at La .Salle National Bank, 135 South La Salle St., Chicago, 111. 60690. STate 2-5200 (hrea code 312). “ SERVIN G BAN KS AND BANKERS SINCE 1948" IOWA-DES MOINES Bankers Service CORPORATION__________ NATIONAL BA N K Bob Buenneke Member F ed era l D e p o sit Insurance C orporation BANK STOCK BROKERS BANK PERSONNEL ‘ 1301R8TBLDG . PHONE 515-244-3113 DES MOINES, IOWA S0309 No 992 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fiftef j J Street’ De.® M o h S lov^a'5 O3 W9 "subscription 50« p e, copy, $4per y ea,. Second c l.n o postage paid a , D es Mo.nes, Iowa. Address all ma.l subscriptions, changes of address, Forms 3579, manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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