Full text of The Northwestern Banker : September 1962, 68th Year, No. 902

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National Bank Study Raises
Controversial Issues
— Page 40

CED 5-Point
Farm Program
■

-

.

p r-,.

— Page 28

CONVENTIONS

A.B.A. Meets in
Atlantic City
— Page 34


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Federal Reserve Bank of St. Louis

Nebraska Bankers
Meet in Lincoln
— Page 83

S. E. C o q uillette,
C h a irm a n of th e Board

S ta n le y M o h rb ach e r, V ice P re sid e n t.
In sta llm e n t Lo an D e p artm e n t

'A%

Jo s e p h M cA ndrew , D irector,
M N B E le ctro n ic D a ta c e n te r

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Federal Reserve Bank of St. Louis

THE MERCHANTS NATIONAL BANK OF CEDAR RAPIDS
MEMBER F.D.I.C.

3
r

How
midwestern
banker \ _ p|f
landed J
a hometown a|scou
via Switzerland !

Som etim es th e long w ay around is th e m ost
d ire c t ro u te . E x am p le: O ur c o rre sp o n d e n t
banker in a m idw estern tow n h ad been seeking
—for a long period of tim e —the account of a
sizeable firm m anufacturing electrical equip­
m ent in his tow n. M ore recently, a Swiss bank
h ad begun to channel paym ents through T he
N o rth ern T ru st to th e sam e m anufacturer.
One of our In tern atio n al B anking officers
noted this flow and called it to the atte n tio n of
th e m idw estern banker, suggesting th a t cred it­
ing of th e foreign paym ents to his account a t
T he N orthern T ru st could in tu rn m ake funds
available to th e m anufacturer sooner. This
“ door-opener” was a natural, and th e local

banker used it so successfully th a t he landed a
m ajor account from th e local m an u factu rer—
to th e m u tu al profit of all concerned.
Are there businesses or individuals in your
tow n who could benefit by this kind of direct
access to leading banks in other p arts of the
world? T he N o rth ern T ru s t’s world-wide n e t­
work of banking connections is a t your service
. . . ready to help in m any ways and on m any
occasions.
I f you are n o t already acquainted in the
B ank, phone or w rite M r. George S. R ead,
Vice President, or one of his associates in th e
In tern atio n al B anking D ep artm en t to arrange
a m eeting a t your convenience.

N O R T H E R N / TRUST
N O R T H W E S T

C O R N E R

LASALLE

MONROE

In th e H e a r t of t h e F i n a n c i a l D i s t r i c t

*

AND

C h i c a g o 9 0 , Illin o is

•

BANK
Fi 6 - 5 5 0 0

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

N o . 902. N o r th w e s te r n B a n k e r is p u b lish e d m o n th ly b y th e N o r th w e s te r n B a n k e r C o m p a n y 306 F i f te e n th S tr e e t, D es M o i 9
p e r co p y , $3 p e r y e a r. S eco n d class p o s ta g e p a id a t D es M o in es, Io w a . A d d re s s a ll m a il ( s u b s c r ip tio n s , c h a n g e o f a d d re s s , F o r m
m a il ite m s ) to a b o v e a d d re s s .


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Federal Reserve Bank of St. Louis

5f a ^ m à n u s e h n t í
3579, m a n u s c r ip ts ,

J. Harry Arnold, president,
Leominster Savings Bank,
Leominster, Mass.

. .the plans stirred a lot
of community interest"
Says J. H arry A rnold, president, Leominster Savings Bank,
Leominster, Mass. : “The public relations value of our new quar­
ters has been a source of much satisfaction. Right from the start,
when we signed a contract with Bank Building Corporation in
’57, the plans stirred a lot of community interest. And when
the ‘sidewalk superintendents’ saw the very handsome, contem­
porary building taking shape, you could feel they were sharing our
pride in the project. The good will and prestige generated by
this building have been important factors in our progress.”

Both inside and out, the design
of Leominster Savings features clean,
classic lines that wear well with time.

M

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■ ' 1

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Federal Reserve Bank of St. Louis

Send today for your FREE copy!

5
L eases CBS Q u arters
The first te n a n t lease for th e new
CBS h e a d q u a rte rs building now u n d er
constructio n has been signed by The
B ank of New York.
F ra n k Stanton, p resid en t of CBS,
signed th e 21-year lease w ith A lbert
C. Sim m onds, Jr., ch airm an of th e

O ld est F in an cial Jo u rn a l W est o f th e M ississip p i

for your S E P T E M B ER , 1962, reading
68th Year

No. 902

E D IT O R IA L S
12

A cro ss th e D esk fro m th e P u b lish e r

6
23
28

R educes R a te on C D ’s
F ro n tis p a g e — “ Go H o m e !”
B a n k e rs O ppose C E D 5 -P o in t F a r m P ro g ra m

34
36

S p e a k e rs a n d W o rk sh o p s to H ig h lig h t A .B.A .
P ro c e d u re s in P u rc h a s in g In s ta llm e n t C re d it P a p e r

37
38
40
50

N ew T a x D e p re c ia tio n S chedules fo r B a n k s
P a n a m a C a ttle F eel C h ase B ra n d
O u r D y n am ic C o m p tro lle r— C o n tro v e rsia l J a m e s M. Saxon
C onducts I m p o rta n t S tu d y A m o n g N a tio n a l B an k s
T he P e rso n a l C olum n— J. H. Bohm er

61

T he C h a n g in g F a rm M a rk e t fo r A & H — E . L. “E d ” Goehring

FEA T U R E A R T IC L ES
N E W M O D EL of CBS head q u arters b u ild ­
ing is inspected by A lb ert C. Simmonds,
Jr., le ft, chmn. of The B ank of New
York, and F rank Stanton, pres, of Colum­
bia B roadcasting System .
The B ank of New Y ork w ill occupy a
to ta l of 16,600 fe e t on th e stre e t floor and
basem ent of the new 38-story skyscraper
now und er construction on th e A venue of
the A m ericas betw een 52nd and 53rd
streets.

— A N o r t h w e s t e r n B a n k e r S u rvey
— W illiam G. Heise

IN SU R A N CE

board of th e bank, w hich is th e city ’s
oldest, hav in g been founded in 1784 by
A lexander H am ilton.
The b an k w ill occupy a to tal of 16,600 square feet of space on th e plaza
floor and basem en t of th e granite-clad
skyscraper, designed by th e late E ero
S aarinen. T he 38-story building w ill
rise on th e e asterly b lockfront of th e
A venue of th e A m ericans betw een
52nd and 53rd Streets.
The b an k in g floor w ill cover th e en ­
tire fro n t of th e build in g facing the
A venue of th e A m ericas, w ith en­
tran ces on b oth 52nd and 53rd Streets.

94
100
102
104

N e b ra sk a B a n k e rs C o nvention P ro g ra m
O m ah a N ew s
C rop a n d B u sin e ss O utlook
Y ou W ill See T hem a t th e C onvention
L incoln N ew s
N e b ra s k a ’s R eso u rces D ivision W o rk s fo r Local B an k s

1 0 th F ed R e tir e m en t

106
108

N e b ra sk a C onvention C om m ittees
P la n N ew H o ld in g C om pany

66
124
125
126

C onventions
In d ex of A d v e rtise rs
B a n k e rs ’ M a rk e t P lace
In th e D ire c to rs ’ Room

E. U. S herm an, vice p resid en t of the
F ed eral R eserve B ank of K ansas City,
retire d last m onth a fte r m ore th a n 29
y ears of service. H e h ad served in his
p resen t capacity since 1959 and w as
m ade an officer in Ju ly , 1942.

ST A T E BAN KIN G N EW S
M in n eso ta
T w in C ity
S o u th D a k o ta
N o rth D a k o ta
C olorado

79 W y o m in g N ew s
N ew s 69
81 M o n ta n a N ew s
N ew s 70
111 Iow a N ew s
N ew s 75
112 8 th A n n u a l In s ta llm e n t
N ew s 77
C re d it C onference
N ew s 79
120 D es M oines N ew s

N EB R A SK A CO N V EN TIO N
83
86

— D avid O sterhout

O T H ER FEA T U R ES

NORTHWESTERN BANKER

N ew “ W eath er S ta tio n s”
F irs t N ational B ank in St. Louis has
ju st com pleted th e in stallatio n of tw o
new w ea th e r stations, as a public serv ­
ice, in its Sixth S treet and B roadw ay
display w indow s.
E ach of th e stainless steel stations
has six illu m in ated dials w hich elec­
tro n ically actu ate to give th e correct
tim e, outside tem p eratu re, b arom etric
pressure, w ind direction, w ind veloc­
ity and relativ e hum idity.

306 15th Street, Des Moines 9, Iowa, Telephone (Area Code 515) 244-8163
P ublisher
Clifford De Puy

A ssociate P ublisher
Malcolm K. Freeland

A ssociate E d ito r
Walter T, Proctor
A d v e rtisin g A s s ista n t
Elizabeth Cole

A ssociate E d ito r
Doyle Minden

C irculation D e p a rtm e n t
Lena Sutphin

F ield R e p rese n ta tiv e
AI Kerbel

E d ito r
Ben J. Haller, Jr.

A u d ito r
Bertha Soderquist
Field R e p rese n ta tiv e
Paul Masters

Frank P. Syms, Vice President, 550 Fifth Avenue, New York 36, JUdson 2-7126
Milton P. Bock, Vice President, 654 Baker Building, Minneapolis, FEderal 6-5357

DE PUY PUBLICATIONS: U nderw riters Review, N orthw estern Banker,
Iow a-N ebraska Bank Directory
Northwestern Banker, Se pte m ber, 1962


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Federal Reserve Bank of St. Louis

Reduces
Itsile 011
CD’s

F T E R an inten siv e study of sev­
eral m o n th s’ d uration, th e Cen­
tra l N ational B ank and T ru st
Com pany of Des M oines late last
m onth announced th a t effective Sep­
tem ber 1, 1962, it w ould discontinue
issuing tim e certificates of deposit at
th e ra te s of 4 p er cent for one year
and 3 V2 p er cent for six m onths.
Board C hairm an E. F. Buckley said
th e new plan w as m ade know n to cus­
tom ers of th e b an k and to each b ank
in th e state of Iow a w ith th e following
card announcem ent:
“E ffective Sep tem b er 1, 1962, this
bank w ill discontinue the issuance
of tim e certificates of deposit at the
rates of 4 per cent for one year and
3 V2 percent fo r six m onths.
“T h erea fter tim e certificates of
deposit w ill bear 3 per cent, w hich
is the sam e as the rate being paid
on passbook savings accounts.
“Central N ational B a n k and T ru st
Com pany, Des M oines, Iow a.”
Mr. B uckley said in itial reaction
from a n u m b er of b an k ers in Iow a w as
favorable, w hile no u nfavorable reac­
tion had y e t been noted am ong cus­
tom ers.
T he stu d y re fe rred to show ed th a t
w hile an increase of several m illion
dollars in CD’s w as noted by C entral
N ational, th e n e t increase in tim e
m oney w as less because of tra n sfe r of
funds from o th er deposits accounts
into CD’s. M any b anks have h ad sim ­
ilar experience.
* * *

A

Curren t it ep o rt
B y BEN H ALLER, JR.

Editor
H E p ressu re for perm ission to of­
fer h ig h er ra te s of in te re st on
tim e deposits w as in itiated by some of

T

Northwestern Banker, September, 1962


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Federal Reserve Bank of St. Louis

the n a tio n ’s large banks in m ajor cen­
ters. A t the sam e tim e, th ere w as
considerable d i s s e n t am ong o th er
b an k ers w hen su p ervisory officials
sanctioned th e increase to a m axim um
of 4 p e r cent.
T hese objections w ere n ot voiced in
p ro te st of th e need for large banks to
m eet com petition for foreign deposits,
b u t w ere expressed principally against
settin g a new m axim um for all banks
w hich th ey felt w ould be au to m ati­
cally in terp reted by th e public, w ith
m uch “ballyhoo” in th e daily press, as
being th e new “floor” th a t should be
paid by all banks.
R ecognition by th e public of the
new p erm issive 4 per cent m axim um
as th e desirable “floor” soon becam e a
re a lity in the days im m ediately follow­
ing an n o uncem ent th a t th e perm issive
ra te had been raised. B anks all over
th e co u n try raised in terest rates on
tim e deposits w ith in a sh o rt period.
M any of th em in m idw estern states
rep o rted to th e N o r t h w e s t e r n B a n k e r
th a t th ey had tak en steps to protect
them selves against com petition from a
neigh b o ring b an k o r com m unity w here
rates h ad been raised.
W hen th e chain reaction w as com­
plete th e n atio n ’s com m ercial banks
for th e m ost p a rt w ere offering tim e
certificates of deposit at 4 p er cent for
12 m o n ths and 3% p er cent for six
m onths, w ith passbook savings in
m ost cases ran ging from 3 to 4 per
cent.
A n u m ber of ban k ers in m idw est
states, as well as m etropolitan banking
cen ters elsew here, have told us at
vario u s tim es th is year th ey did not
agree w ith “th e race to get on the 4
p er cent bandw agon” and th a t reluc­
ta n tly th ey w en t along for th e ride.
On th e o th er hand, th ere have been

A fter S ep tem b er 1, C entral
N a tio n a l B & T , D es M oin es,
w ill pay 3 % in stea d o f 4 %
on C D ’s. First m a jo r b a n k
in m id w est to lo w er sa v in g s
rate.

some banks, although a m inority, who
looked on th e new perm issive ra te as
an o p p o rtu n ity to build savings totals
in th e ir own p articu lar cases and have
actively sought as m uch new tim e
m oney as th ey could get. Some of
these banks have been notably suc­
cessful, u sually w ith the help of con­
sisten t new spaper, radio, TV and bill­
board advertising, as w ell as carefully
planned and executed prom otion cam ­
paigns.
The m ajo rity of ban k ers interview ed
by our staff on th is subject d uring
1962 have been opposed to every bank
going to th e h igher in te re st levels.
The feeling freq u en tly expressed has
been th a t th e previous ceiling of 3 per
cent should have been m erely elim i­
nated and tim e deposit in te re st rates
be allow ed to seek th e ir own level.
This, th ey feel, w ould have given the
n atio n ’s m ajor banks th e a u th o rity
th ey need to set h igher rates and a t­
tra c t foreign deposits w hich w ould
help solve p a rt of our intern atio n al
m o n etary problem . I t w ould also have
avoided th e settin g of an autom atic
floor by pegging th e m axim um rate at
4 per cent.
This, in fact, is w h a t leaders of sev­
eral of th e larg est banks in th e nation
requested. T hey foresaw th e need for
m ajor banks to operate on a different
level of rate com petition, and several
predicted w h a t ev en tually followed—
th e com petitive race th a t forced prac­
tically all com m ercial banks to raise
tim e deposit in te re st rates regardless
of w h eth er th e b ank felt it could af­
ford to do so.
P ublication of m id-year statem en t of

REDUCED R A T E S . . .
(T u rn to page 10, please)
V-

7

Am erican
Bankers Convention
T h e S o la riu m — C L A R I D G E H O T E L
A tla n tic C ity • S e p t e m b e r 2 3 - 2 6

Sidney
Maestre

James E.
Brown

John F.
W ilkinson

Maurice J.
Singer

MERCANTILE
S ervin g M O RE St. L o u isan s
than any o th er b an k

ST. LOUfS, MO.

j

T

R

U

COM PA NY

S

T
MEMBER
F. D . i. C .

Northwestern Banker, Se ptem ber, 7962


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Federal Reserve Bank of St. Louis

8

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Northwestern Banker, September, 1962


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Federal Reserve Bank of St. Louis

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Northwestern Banker, Se ptembe r, 1962


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

10
H eads G am ble S u b sid iary
Gamble, Skogmo A cceptance Cor­
poration, a w holly owned financing
subsidiary of Gamble-Skogmo, Inc., re ­
cently announced th e election of a
n e w p re s id e n t
and com pletion of
arran g em en ts for
$20,000,000 l o n g ­
t e r m borrow ing,
m aking the com ­
pany one of the
five l a r g e s t fi­
nance subsidiaries
of retail com pa­
nies in th e U nited
States.
J. N. A N D E R S O N
J. N. A nderson
w as nam ed to succeed L. F. Crews as
president.
The long term financing includes
$16,000,000 senior debentures at 5 per
cent and $4,000,000 subordinated de­
b en tu res at 5% p er cent.

O zark A ir lin e s R ecord
P relim in ary traffic figures for Ju n e
show th a t 57,174 p a s s e n g e r s flew
Ozark, a 11 per cent increase over the
51,448 passengers flown the same
m onth last year.
F o r the first six m onths of this year,
Ozark flew 323,943 passengers as com­
pared to 276,496 for th e sam e period
of 1961 or a 17.2 p er cent increase.
O zark’s fiscal year, w hich ends Ju n e
30, w ill show th a t th e airline carried
614,023 p a s s e n g e r s d u rin g th e 12
m onth period, an 8.56 p er cent in­
crease over th e previous year.

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Northwest ern Banker, September, 1962


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Federal Reserve Bank of St. Louis

condition rep o rts gave an o p p o rtu n ity
to stu d y effects of 4 p er cent in te re st
du rin g th e first six m onths of th e
year. In m any cases deposits had in ­
creased, b u t n et profits w ere reduced
proportionately because of th e bigger
am ount paid out in in terest. In some
cases, those actively seeking increased
savings totals w ere pleased w ith the
resu lts and renew ed th e ir efforts to
secure m ore of the same.
Several of those banks w ho did not
like th e re su lts th ey saw chose to drop
th e h ig h er in te re st level. Less th an
a dozen such instances have been
noted in recen t w eeks, p rim arily in
the east and in Florida. The action
taken by th e C entral N ational B ank
and T ru st C o m p a n y , as reported
above, is probably th e first such re ­ -À I
duction by a m ajor b ank in the m id­
west.
This m ove is now being studied by
m any banks and th e ir reaction to it
w ill be influenced to a m arked degree
by its acceptance or rejection by the
public.—End.

11

you are cordially invited ...
D ro p b y an y tim e d u rin g y o u r stay . R enew old frien d ­
s h ip s, m a k e new o n es. Y o u ’ll fin d a w a rm w elco m e
w aiting for you from th e m en of F irst N atio n al.

James P. Hickok
Chairman of the Board

John B. Mitchell
President

William A. McDonnell
Chairman, Exec. Committee

Meredith C. Jones
Senior Vice President

W. R. Mesenbrink
Senior Vice President

Carroll F. Burton
Vice President

FIRST
NATIONAL
BANK
I N ST. L O U I S
John F. Hallett
Vice President

Leonard J. Schrewe
Vice President

Harry L. Smith
Vice President

Member Federal Deposit
Insurance Corporation

Northwestern Banker, Septem be r, 1962


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Federal Reserve Bank of St. Louis

12

(Ds.arc (DavicL dfock&falkA,:
President, Chase M anhattan Bank,
New York, N. Y.

For many years bankers have almost always
“shied away” from taking an active part in local,
state, or national politics, but times have changed.
Today with organized pressure groups of every
kind, and especially of labor, working to pass legis­
lation to their liking, it is time for bankers in each
major party to “speak up” and make their influ­
ence felt in their communities.
We noticed in your “Stockholder News” that
1,200 staff members are “either now active in po­
litical affairs or have expressed a desire to become
active during the current election year.”
Of the 416 who are, “currently active in political
affairs, nearly 30 have been candidates for elective
offices, including school boards. In addition, 775
staff members who have never participated in po­
litical activities indicated they would like to be­
come active.”
Good government will not survive in this coun­
try unless, and until, every banker and business
man does his part to see that the right people are
elected to office, and whose ideas are based on
sound economics, and not on left wing, spendthrift
legislation.

(bswuc VYlaArum/L. S- ¿ jcjcIslAu :
Former Chairman, Federal Reserve Board,
Washington, D. C.

In testifying before the Senate-House Economic
Committee you made these statements:
1. The “real monopoly today is organized labor.”
2. “Strikes as well as lockouts should be out­
lawed.”
If the United States is to compete with the com­
mon market it must reduce prices, and if wages
continue to rise, this cannot be done unless in­
creased productivity is the result. So far this has
not happened.
“Excessive increases of wages and fringe bene­
fits of organized labor,” as you put it, “have tended
to price American goods and services out of the
Northwestern Banker, September, 7962


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Federal Reserve Bank of St. Louis

world markets and the domestic markets as well.”
Furthermore, compulsory arbitration should b<j
provided to replace strikes which have, and are
causing millions of 'dollars in lost wages and lost
sales of manufactured products, each year.
(D & a h , (B u s d L

5-

C b u n zw v ,

<Ja .;

Vice President, First National Bank,
Orlando, Florida.

AVith increased competition to secure the deposits
of new customers for banks, it is imperative that
officers increase their “selling efforts”, by every
method possible and especially by making personal
calls.
Whether a bank is large, or small the individual
contacts by bank officers with present customers,
and prospective ones is usually a highly rewarding
effort.
In the program for your bank, you have sug­
gested :
1. One planned call is worth a dozen “peanut
calls.”
2. Marshall your facts before each call and plan
your strategy on a series of 3 steps.
(1) Sell the need of the service.
(2) Sell your bank as the supplier.
(3) Sell now as the time to buy.
Every call does not result in a sale, but each
call should be a step toward finally getting the
account, and as you mentioned “At our bank we
just received three large accounts that we had been
working on for at least three years.”
To get business IN, officers must go OUT and
make calls.
TH A N K S VERY MUCH

May we express again our sincere appreciation
for the many letters which we received on the oc­
casion of our 50th anniversary as publisher of the
N o r t h w e st e r n B a n k e r which occurred with the
August, 1962, issue. Thanks very much.

Mosler took TV Banking out of the research stage...


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Federal Reserve Bank of St. Louis

with 6 years of outstanding performance!

' : si


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Federal Reserve Bank of St. Louis

iii®

Mosler’s Auto-Banker
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proved effective by
six years of actual
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HERE’S HOW IT WORKS! Mosler’s Auto-Banker can
be located at any high-traffic spot convenient to you
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the teller and sees her on the TV monitor. A panel in
the customer’s unit controlled by the teller, opens to
receive the customer’s passbook, cash, checks, etc. In
seconds, a pneumatic carrier whisks this material
right to the teller inside the bank. Because the teller
is inside the bank at her normal work station, all bank
records are handy for reference, and one teller per­
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has been completed, the customer’s passbook, slips
or change go bach the way they came. The average
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HERE ARE THE ADVANTAGES! First and foremost,
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-----------------------------------------------------------------------------1

The Mosler Safe Co.
Dept. NB-4
320 Park Avenue
New York 22, N.Y.
We’ re interested in TV Banking. Please send
the complete story on Mosler’s TV Auto-Banker.
YOUR NAME____________________________ —----------------The A uto-B anker T e lle r’s U n it is
located w ith in easy reach o f the
te lle r 's n o rm a l w o rk area, so
th a t the te lle r has access to all
th e ba nk's records as she co m ­
pletes the tra n s a c tio n w ith the
c u sto m e r outside.


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

This is the A uto-Banker C usto m ­
e r’s U nit. W hile the custo m er is
com pleting her tra nsaction , she
can see and ta lk to the te lle r
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average tra nsaction : less than
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BANK------------------------------ ---- --------------------------- -------------------ADDRESS__________________ _______________________
CITY_____________________ ZONE____STATE---------------------

16

Mst National City Promotes 3

C om pany’s new ly form ed S y s t e m s
S tandards Section of th e NCR P roduct
P lanning D epartm ent, it w as an ­
nounced recently by R obert G. Chollar, vice president, R esearch and De­
velopm ent.
The new section w ill coordinate
NCR’s activities, both dom estically
and overseas, in w orking tow ard the
developm ent of standards for business -A/
equipm ent and system s.

ir s t n a t io n a l c it y b a n k
vice p resident on Ju n e 19, 1962, joined
New Y ork City, last m onth a n ­ th e bank in 1950 follow ing his g rad u a­
nounced th e prom otion of P hilip Con­ tion from Yale. He joined the Middle
w ay to vice president. Mr. Conway, W estern d istrict in 1952, and has been
form erly of th e C entral A tlantic dis­
trict, w ill assum e supervision of the
h a n k ’s Middle W estern district.
A t the sam e tim e, th e b an k an ­
nounced th a t Daniel C. deMenocal,
vice president, w ill take over su p erv i­
H erbert V. A lw ard
sion of th e N orth C entral district.
H erb ert V. A lw ard, form er vice p res­
It w as also announced th a t Douglas
ident and d irector of The B ank of Cal­
C. S alter of F irs t N ational C ity’s N orth
ifornia, died a t age 82 recently, fol­
C entral d istrict has been prom oted to
low ing an operation. H e served as
a ssistan t vice president.
president of the California B ankers
The Middle W estern d istrict in­
D. C. d e M E N O C A L
D. C. S A L T E R
A ssociation in 1949-50.
cludes th e states
of A rkansas, Col­ w ith th e N orth C entral d istrict since
B ranch B a n k in g B o o k le t
1960.
orado, Kansas
A new 12-page “F act Book” o u tlin ­
Mr. Salter joined th e bank in 1957 ing the arg u m en ts against the a t­
and M issouri. The
N orth C entral dis­ follow ing his g raduation from the tem pts to legalize branch banking in
tric t c o n s i s t s of N o rth w estern U n iversity G r a d u a t e
Illinois has been published by th e Illi­
Iowa, M innesota, School of B usiness A dm inistration
nois B ankers A ssociation.
M ontana, N ebras­ w ith a m asters degree. He had p re ­
The association has rejected propos­
ka, N orth Dakota, viously grad u ated from Colgate U ni­ als for b ranch banking on th e grounds
South D akota and v e rsity in 1955.
th a t “it leads to less com petition and
F o r th e p ast four y ears Mr. Salter to danger of m onopoly w hich consti­
W yom ing. B o t h
d istricts p rev io u s­ has been assigned to states in the m id­ tu te a real th re a t to th e public in te r­
ly w e r e s u p e r ­ dle w estern area.
est.”
vised by B urto n J. Lee, vice p resi­
Copies of th e booklet can be ob­
dent, w ho died suddenly on Ju ly 22, NCR S ystem s M anager
tained by w ritin g to th e Illinois B ank­
1962.
R.
J. M indlin has been nam ed m an­ers A ssociation, 188 W est Randolph
Mr. deMenocal, w ho w as appointed a ager of the N ational Cash R egister Street, Chicago 1, 111.

F

DOUGLAS-GUARDIAN Shows
How Warehouse Plan Can
MAKE YOUR LOANS SAFER

4r

Y

JL-

4

W ith F ield W areh o u se R eceip ts, b a c k e d b y D o u g lasG u a rd ia n ’s in te g rity , y o u c an an sw er m a n y calls for
“ I n s ta n t M o n e y ” t h a t otherw ise m ig h t be d isa p p ro v e d
w ith o u t th is e x tra p ro te c tio n .

V*

O ur b o oklet, “ F ield W are h o u sin g on Y o u r P re m ise s,” tells
y o u r c lien ts how we c a n a ssist y o u in h elp in g th e m m ore.
W e h a v e b ro c h u re s t h a t ex p lain th e m a n y a d v a n ta g e s of
D o u g la s-G u a rd ia n F ield W areh o u sin g . W e ’ll g lad ly sen d
y o u copies t h a t m a y p ro v e h elp fu l in solving y o u r
len d in g p roblem s.

A

A d d ress y o u r in q u irie s to . . .

JL

Douglas-Guardian
WAREHOUSE CORPORATION
P. 0. Box 52978, New Orleans 50, La.

OUR

I N T E G R I T Y

Northwestern Banker, September, 1962


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

A
BRANCHES IN PRINCIPAL CITIES

IS

Y O U R

Phone Area Code 504 523-5353

S E C U R I T Y

17

Correspondent banker Joseph R. Hartz ( center) flanked by Chase
Manhattan officers Ralph W. Berrey ( left ) and Robert B. Rivel.

Joseph R. Hartz said it:

“Portfolio Review and Fed Fu n d s...C h ase Manhattan for u s!”
And Mr. Hartz, President of The
First National Bank of Stevens
Point, Wisconsin, continued:
“Federal Funds sold are often an
important part o f our bank's invest­
ments. And we've found that we do
best market-wise by trading through
Chase Manhattan. Your Govern­
ment Trading Desk gives us objec­
tive service, regardless o f the effect
on your own cash position. And the
Portfolio Review Division provides
just as practical—and profitable
help with our portfolio."
Vice President Robert B. Rivel
and Assistant Vice President Ralph
W. Berrey, of Chase M anhattan’s
—

Investments and Financial Plan­
ning Department, were both pleased
to hear Mr. Hartz’s comments. But
they weren’t surprised. Hundreds
of correspondent bankers with
whom Chase Manhattan works
have expressed similar satisfaction.
They find Chase equally helpful
with both money position and the
more permanent aspects of their
bank investment portfolios. And
their reaction results from Chase
M anhattan’s insistence on “ service
first” to every correspondent bank.
This helps explain why Chase
serves half of all the U. S. banks
that usea New Y ork correspondent.

If your bank needs assistance
with portfolio or Federal Funds
. . . talk to the people at Chase
Manhattan.

the

o

CHASE
MANHATTAN
BANK
C H A R T E R E D IN 1799

1 Chase Manhattan Plaza
New York 15, New York
Member Federal Deposit Insurance Corporation

Northwestern Banker, Se ptembe r, 1962


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

18

F r e n c h V isitor

M ile. M arie-Francoise B esnier, p u b ­
lic relatio n s g rad u ate from B or­
deaux, F rance, inspects a publicity
scrapbook a t H a rris T ru st and S av ­
ings B ank as she gains knowledge
about th e b a n k ’s public relations
program from W illiam N . Flory,
a ssista n t vice p resid en t in the H a r­
ris public relatio n s departm ent.
Mile. B esnier, who is v isitin g the
U n ited S ta te s as p a rt of an ex­
change program sponsored by the
P ublic B elations Society of A m erica,
is spending the m onth of A ugust
v isitin g public relatio n s d epartm ents
of various Chicago firms before re­
tu rn in g to F rance w here she w ill
apply her know ledge in the public
relations field.

Q : How to keep
a loan customer
you
say “yes”

B u rrou gh s In crease

A : Say... “TALCOTT”
There are times when customers come to you with
financing needs exceeding their line of bank credit.
That’s the time to talk with Talcott! We can work
out commercial financing or factoring plans which
provide the capital your customers need and help
you retain their good will . . . and you can partic­
ipate in the financing if you wish. Your customers
continue to bank with you . . . and return to you
for full borrowing requirements when their credit
is again acceptable.
For “Basic D ata F ile” w rite to Clarence A.
A dam s, General M anager, Jam es Talcott, Inc.,
F irst A cceptance D ivision, N orthw estern B a n k
Building, M inneapolis, M in n e so ta , Dept. 19.

James Talcott, Inc.
M ID W E S T R E G IO N

CHICAGO 209 South LaSalle Street Financial 6-1444
DETROIT First National Building Woodward 2-4563
MINNEAPOLIS First Acceptance Division
Northwestern Bank Building FEderal 9-7711

Northwestern Banker, September, 7962


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

Other offices
and subsidiaries
NEW YORK
BOSTON
ATLANTA
MIAMI
LOS ANGELES
SAN FRANCISCO
HOUSTON
PUERTO RICO
MONTREAL
PHILADELPHIA

B urroughs C orporation rep o rts $207,031,000 revenue for th e six m onths
ended Ju n e 30, com pared w ith $184,856,000 f o r t h e
sam e p e r i o d in
1961. Consolidated
n et earnings w ere
$4,454,000 against
$3,185,000 in t h e
first half of last
year.
Second q u arter
n et earnings w ere
$ 2 ,3 33,000 or 35
cents per s h a r e .
R. R. E P P E R T
In th e 1961 sec­
ond qu arter, earnings w ere $1,780,000
or 27 cents p er share.
R ay R. E ppert, president, stated
th a t new orders received in the first
i six m onths w ere 12 per cent ahead of
th e sam e period last year.

N ew C o n su ltin g F in n
Charles A. Roloff has resigned as a
vice presid en t of th e F irs t W isconsin
N ational B ank to form his own m an ­
agem ent consulting firm based on his
! extensive experience in b ank opera­
tions and autom ation.

F ield W a reh o u se A p o in tm en t
The ap p ointm ent of F ra n k A. Yates
as d istrict m anager of th e Springfield,
Mo., office of th e Douglas-Guardian
W arehouse C orporation w as recently
announced. P rio r to his appointm ent
he w as associated w ith the Dallas of­
fice for th e last 10 years.
Don S t e k e t e e , form erly in the
Springfield office, has been tran sferred
to San Antonio, Tex.

19

FULL RANGE OF BOND DEPARTMENT SERVICES

... something else Continental provides as “your bank’s bank”
Phone us to sell, and chances are the sale will be made before you hang up. Phone us to buy,
and we’ll probably have what you want right at hand. Continental’s Bond Department is
one of the largest and most active primary bank markets for U.S. Government, Federal
Agency, State, and Municipal securities in the country. Our experience can prove a valuable
advantage. Concerning Government Bonds, call us at 828-2523. For Municipals, call 828-2542.

CONTINENTAL

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

BANK

A N D T R U S T C O M P A N Y O F C H IC A O O
Lock Box H, Chicago 90

oA
f0 5 I _____
YEAR

Member Federal Deposit Insurance Corporation
Northwestern Banker, Se ptembe r, 1962


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

20
vention in A tlantic C ity w here th ey
w ill be guests of T he M osler Safe Com­
pany. Follow ing th e convention, the
w in n er w ill be chosen by a national
vote of bankers.
The w in n er w ill be aw arded a vaca­
tion cruise to B erm uda for tw o and
w ill reign for a year as Miss D rive-In
Teller.

i

R ecord E u ro p ea n T ravel

C LETA DO BSO N

S U S A N E R IC K SO N

A m erican p l e a s u r e and business
trav el to E urope m ay set a record this
year if th e up w ard tre n d set in the
first seven m onths continues into the
fall. T he A m erican E x p ress estim ates
900,000 v isitors th is year.
“Econom y-m inded” to u rists are in ­
creasing in num ber. “H igh sp en d ers”
are on th e decrease. M edium-priced
hotel accom m odations are up m uch
h ig h er th a n deluxe. Top re sta u ra n ts
in 14 cities rep o rt less A m erican busi­
ness. Rent-a-car continues to increase;
chauffeur-driven to decline.

PA TTI FLY

M iss iPvive-Mii Teller Fin a lists
H R E E lovely b an k tellers — from
M assachusetts, M i s s i s s i p p i and
Oregon—have been chosen as finalists
in th e fifth an n u al Miss D rive-In Tell­
er Contest, sponsored by T he Mosler
Safe Com pany, New York.
The finalists are Cleta Dobson of th e
K ingston, Mass., B ranch of th e P lym ­
outh N ational Bank; P a tti Bess F ly of
The Progressive B ank, Sum m it, Mass.,

T

and Susan E rickson of th e Citizens
B ank of Corvallis, Corvallis, Ore.
Ju d g es w ho pick th e finalists w ere
H ugh Downs, sta r of NBC-TV’s “Con­
c e n tra tio n ”; M erv Griffin, sta r of NBCTV’s “P lay Y our H unch,” and Marie
F ronow , beau ty editor of Good H ouse­
keeping m agazine.
The finalists w ill be p resented at the
A m erican B ankers A ssociation Con­

A

$ 7 5 0 M illio n Savings
D eposits in savings accounts at The
F irs t N ational B ank of Chicago passed
the $750 m illion m ark J u ly 30, 1962.
T his rep resen ts an increase of $129
m illion since Ja n u a ry 1, 1962, and $150
m illion over Ju ly 30, 1961.

T

^

X

V

y*

X.

Through our own offices in all 3 states, you can
reach im m ediately into California, Oregon and
W ashington, c o v erin g a ll your W estern tra n s­
action s w ith one account in th is one bank.

THE BANK OF
CALIFORNIA
n

SAN FRANCISCO and other California c it ie s .. . PORTLAND, Oregon. . . SEATTLE and
TACOMA, Washington • HEAD OFFICE: 400 CALIFORNIA STREET, SAN FRANCISCO 20

Northwestern Banker. September, 7962


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

a

t

i

o

n

a

l

a

s

s

o

c

i

a

t

i

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n

A

CUMMINS

T H E B R E A K T H R O U G H IN A U T O M A T I O N
T H A T B A N K S HA VE B E E N W A I T I N G F O R
C O M P A R E D TO ANY OTHER
S Y S T E M • O D P ’S B A S I C
SIM PLICITY CU TS R E J E C T
• SEE CUMMINS ODP
IN ACTION# • • • •
• ABA CONVENTION •
«BO O THS NO. 160-164

RATE TO L E S S THAN 1/3RD
• REDUCES CHECK COSTS
TO BANK B Y 1 /3 R D TO 1/2»
• • • • • LOW ERS
MAINTENANCE
C O S T S E N O U G H TO PAY
O P E R A T O R S SALA RY
B E N E F I T S OF C O M M O N L A N ­

EXTENDS
GUAGE T O 5 T IM E S AS MANY B A N K S « P R O ­
V ID E S G R E A T E R O P E R A T IN G S A V I N G S • Y E T
C O S T S L E S S THAN 1/4TH AS M U C H ! • • • •

FO R IN FO R M A T IO N A BO U T
C U M M IN S O D P — CO M PLETE
O N -P R EM IS E BAN K AUTOM A­
T IO N — SEN D NOW FOR THE
C U M M IN S ODP B R O C H U R E

I SIMCC W T

/

C U M M IH S -C H IC A G O C O R P O R A T IO N
4 U 0 N RAVENSW OOD AVE
• CH IC A G O 40. IL L ,
S A L E S AND S E R V IC E 'N A LL P R IN C IP A L C IT IE S

Northwestern Banker, Se ptem ber. 1962


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

Iowa's Favorite
Correspondent
Bank"
The C en tral N a tio n al B an k & Trust C o m p an y did not come
b y th e title of — " Io w a 's Fa v o rite C o rresp o n d en t B a n k " ,
e a s ily . It had to be e a rn e d .
Devoted to du ty — d ilig e n t to d e ta ils . . . our T ran sit D e p art­
m ent . . . w o rkin g on an "aro u n d -th e -clo ck " b a sis . . . o ffers
a tra n sit serv ice th at s a v e s both tim e and m o ney fo r our
C o rresp o n d en t Accounts.
W e'd w elco m e the o p p o rtun ity of ad d in g YO U R Account . . .
to our co nstan tly g ro w in g list.

Iowa's Favorite Correspondent Bank

Central National Bank
and

Moines
Telephone: CHerry 3-3181

Member Federal

Deposit

Insurance

Corporation

*
m
llilllii
Northwestern Banker , Septe m ber , 1962


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

23

Northwestern Banker, Se ptem ber, 1962


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

24

F P R A F in n s Convention in
A t ¡untie City.
I /-#//
N ADVANCE program , ju st re ­
leased by F inancial Public R ela­
tions A ssociation to cover its 37th a n ­
nual convention in A tlantic C ity’s
C halfonte-H addon Hall, October 14-18,
indicates th e re w ill be an abundance
of profit m ak in g ideas for th e financial
executives w ho w ill attend.
In addition, F P R A rep o rts th a t early
reserv atio n s for th e ev en t prom ise to
m ake it one of th e largest ever in
term s of delegates. M em bers and non­
m em bers alike are being u rged to a t­
ten d th e m eeting for a look at th e
“B luep rin ts for B uilding Profits,” the
them e of th is y e a r’s convention, th e
association’s 47th an n u al get-together.
T hese b lu e p rin ts w ill include no
few er th a n 19 sep arate d ep artm en tal
sessions at w hich delegates w ill h ear
leaders in financial public relations,
advertising, and business developm ent
in presen tatio n s on a w ide range of
subjects of in te re st to th e practitioner.
In addition, th e re w ill be 31 clinic ses­
sions, inform al m eetings a t w hich del­
egates have th e chance to share ideas
and experiences th a t have been found
both practical and profitable.

A

38 th in the
NATION!

1962 ( f 7 0 9 6 3 3 OOO)
1961

C hairm en of the dep artm en tal and
clinic program s are F ra n k R. Swan,
executive vice president, City N ational
B ank & T ru st Company, O klahom a
City, and Jam es E. Vance, vice p resi­
dent, F irs t N ational Bank, B irm ing­
ham , Ala., respectively.
A high point of this y e a r’s con­
v ention w ill be a com plete, well in­
teg rated short course in the m er­
chandising of financial services. Ira
M. H ayes, m anager of the R etail
M ethods D epartm ent of N ational Cash
R egister Company, and a m aster at
th e a rt of retailing, w ill conduct
th ese school sessions w hich com prise
th e opening hours of each convention
day. The school, long a popular part
of th e FPR A convention program , is
expected to w a rra n t special delegate
in te re st th is year because of H ayes’
dem o n strations on how financial in­
stitu tio n s can prosper in an age of in­
creasing com petition by taking adv an ­
tage of th e latest m ark etin g innova­
tions.
The convention will m ark th e fourth
an n u al presen tatio n of the “ Idea
F a ir,” a com prehensive display of fi-

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Home Office
2100 GRAND A V EN U E

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W. W. WARNER
President

M. J. CORBIN
V ice President
(EM BER

FE D E R A L 6 e PO SIT I N SU RA N CE C O R PO R A T IO N

Northwestern Banker, S e p te m b e r, 1962


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

nancial advertising cu rre n tly
produced by FPR A m em bers.

being

D ie b o ld E arn in gs Up
F irs t half earnings of Diebold, In ­
corporated, after provision for F ederal
and C anadian income taxes, increased
5.6 p er cent to $992,254 or 98 cents per
sh are in 1962 com pared w ith $939,641
or 93 cents per
share earned in
th e c o m p a r a b l e
period, R aym ond
Koontz, president,
rep orted in Can­
ton, Ohio.
In m aking his
first half rep o rt to
shareholders, Mr.
Koontz rem arked
t h a t “o u r comr. k o o ntz
m ercial orders en­
tered are continuing to ru n ahead of
last year. In addition, we have re­
cently received production orders for
equipm ent for th e D epartm ent of De­
fense th a t approxim ate $2,000,000. As
a result, our backlog is su b stan tially
h igher th a n it w as at th is tim e last
y ear.”

A n n o u n c e C u m m in s P u rch ase
Cummins-Chicago Corp., a m anufac­
tu re r of business m achines celebrating
its 75th year, has announced the p u r­
chase of P ro tectu Bank-Note C orpora­
tion, a 46-vear-old
Chicago check
lithographer.
“T his a c q u i s i ­
tion is a v ery im ­
p o r t a n t s te p in
implementing a
rev o lu tio n ary new
check autom ation
system r e c e n t l y
d e v e l o p e d by
C um m ins,” stated
J. E. J O N E S
Jo h n E. Jones, ex­
ecutive vice president. “This system ,”
he said “ (a m ajor b reak th ro u g h in the
autom atic processing of checks for
banks) is called ODP for O riginal Doc­
um ent Processing. Com pared to any
o ther autom ation system , ODP’s basic
sim plicity cuts th e reject ra te to less
th a n one-third, can reduce check cost
to th e b ank by one-third to one-half,
and, m ost im portant, costs only onefo u rth as m uch. T his developm ent
w ill m ake it possible for five tim es as
m any banks to enjoy th e benefits of
com plete autom ation of th e ir book­
keeping operation as has been pos­
sible w ith any o th er system up until
this tim e.”
Mr. Jones fu rth e r stated th a t P ro ­
tectu gives th em a needed source of
checks and o th er b ank docum ents for
th e users of th e ir ODP system .

-H

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25

A year from now there’ll be a town here. Instead
of sand and sage and chaparral, there’ll he drug
stores, launderettes and superm arkets.
Everywhere in C alifornia, the story is the same
— new tow ns, new in d u s tr y , new g ro w th . A nd
Bank of Am erica is keeping pace. W ith over 700
branches, Bank of A m erica is ready to provide you
with fast transit service—throughout the state.
W hatever y o u r req u irem en ts — fu tu re tra n sit
service on this tow n-to-be, im m ediate collections

in any p art of the state, or last minute reports from
world m arkets — Bank of Am erica can assist you.
For complete correspondent service, write, wire or
call: National Division, Bank of Am erica, 300 Mont­
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Street, Los Angeles.

One A c c o u n t Cover s A l l California

BAN K OF A M ER ICA
NATIONAL. TRUST AND SAVINGS ASSOCIATION
MEMBER

FEDERAL.

DEPOSIT

INSURANCE

CORPORATION

Northwestern Banker, Se pte m ber, 1962


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

26

3 iereu n tiie
¡tata
F irst o f it s K in d in N ation
ITH th e anno u n cem en t of th e de­
W
livery of its new high-speed elec­
tronic check-handling equipm ent, M er­
cantile T ru st C om pany sim ultaneously
acquired tw o u n u su al d istinctions —
th e first in stallatio n in th e U nited
S tate of th e pow erful new IBM 1410/
1412 MICH Data P rocessing System ,
and th e first on-the-prem ise bank in ­
stallatio n in the St. Louis area of a
c o m p l e t e u ltra-m odern MICR data
processing system .
Indicative of its advanced design,
th e IBM 1410 Data Processing System

has m ore th an tw ice the processing
speed of the reg u lar 1401 unit. In the
com plete MICR system , as installed
on-prem ise at M ercantile, th ere are
seven basic com ponents:
The R eader-Sorter, w hich serves
tw o functions, reads m agnetically en ­
coded inform ation into the com puter
for check processing, and also sorts
m agnetically encoded docum ents. This
u n it can handle up to 950 docum ents
p er m inute.
T he C entral Processing U nit, w hich
is th e so-called “b rain ,” providing stor-

age for as m any as 20,000 alpham eric
characters. This is the h e a rt of th e
system , containing all logical and
arith m etic circuitry.
The Synchronizer, w hich perm its
the system to perform m ore th an one
function a t a time.
The P rin te r, w hich p rin ts at speeds
up to 600 lines per m inute.
The Card Read Punch, w hich can
read cards at th e ra te of up to 800 per
m inute or punch cards up to 250 per
m inute.
The M agnetic Tape U nits, com plete
w ith six tape drives w hich can read at
the rate of 20,000 characters per sec­
ond.
And, finally, the Console, w hich
serves as m onitor for th e e n tire sys­
tem.

^

NCR E arn in gs In crease

T H E A N SW ER TO
T H E T O U G H E S T Q U E S T IO N
E V E R PU T TO
A C O M M U N IT Y B A N K
T R U S T O F F IC E R

You’ve surely had the question put to you
by prospective trust department clients.
Aware of your necessarily small staff and
limited investment research facilities, the prospects are lukewarm . . .
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But not members of the Studley, Shupert Trust Investment Council!
All they do is hand the prospect a copy of the leaflet entitled “Let’s Take
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Like to see the leaflet? Like to know the details of Council Membership
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STUDLEY, SHUPERT TRUST INVESTMENT COUNCIL
1617 P E N N S Y L V A N I A B L V D . , P H I L A D E L P H I A 3 , PA.
155 B E R K E L E Y

Northwestern Banker. September, 1962


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

S T R E E T , B O S T O N 16, M A S S .

Sales and earnings of The N ational
Cash R egister Com pany for th e first
six m onths of 1962 show ed increases
of 8 and 5 per cent respectively over
the sam e period
in 1961, R obert S.
Oelman, c h a i r ­
man and presi­
dent, announced.
Six-month sales
t o t a l e d $259,106,842, c o m p a r e d
w i t h $238,846,485
for th e first half of
1961. N et reported
earnings w ere $8,R . S. O E L M A N
580,750, com pared
w ith $8,135,853 for th e first six m onths
of 1961. The 1962 six-m onth sales fig­
u re rep resen ted a new record for the
com pany, Mr. Oelman said. N et re ­
ported earnings also w ere at an alltim e high for th e period.
“The first six m onths of 1962 have
been p a rticu larly significant in achiev­
ing fu rth e r p en etration into the elec­
tronic data processing field,” Mr. Oel­
m an said.
He cited as especially favorable the
reception being given NCR’s new est
com puter system , th e 315, w hich fea­
tu res a unique “Card R andom Access
M em ory” called CRAM, and th e com­
p an y ’s sm aller desk-size com puter, the
390, w hich has now been installed by
approxim ately 150 com panies in the
U nited States and Canada and 40 busi­
ness firms in 23 overseas countries.
Since en terin g the E D P field, NCR
has installed or has on order m ore
th an 500 electronic com puter system s,
rep resen tin g a sales value of well over
$100 million.
O ther new products w hich are ac­
counting for an increasing proportion
of th e com pany’s incom ing business
include th e new NCR “Class 450” bank
proof system and a new 10-key adding
m achine.

Y1

Y

A

V

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T hey can help you plan the rig h t lay o u t
T hese H a rris m en can help you plan th e m ost functional use
of your n ew or rem odeled q u a rte rs —and develop th e lay o u t
th a t w o r k s for you and your custom ers. T his is one w ay w e
help o u r correspondents. W e’d like to help y o u .

HARRIS ” BANK

O r g a n ized a s N . W . H a r ris & C o. 18 8 2 — In c o r p o r a te d 1907— M e m b er F e d e ra l R e s e r v e S y s te m . ..F e d e r a l D e p o s it I n su ra n ce C o rp o ra tio n

111 WEST MONROE STREET—CHICAGO 90
Northwestern Banker, Se ptem ber, 1962


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

H a n k e rs O p p o se

y
4
N O R T H W E ST E R N BA NK ER
Survey

F T H E R E w as any th o u g h t th a t “all's q u ie t” on the
a g ric u ltu ra l fro n t follow ing rejection by Congress
of th e a d m in istra tio n ’s proposed farm program , it has
been decisively dispelled by th e C om m ittee for Econom ic
D evelopm ent. The CED on J u ly 16 published re su lts of
an exh au stiv e stu d y conducted by th e ag ricu ltu re sub­
com m ittee of its R esearch and Policy C om m ittee in a 74page page booklet titled “An A daptive P ro g ram for A gri­
cu ltu re .”
T he re p o rt proved to be explosive, receiving n atio n ­
w ide publicity im m ediately follow ing its release. Press
coverage on th e proposals it contains ran g ed from a fea­
tu re article on page one of The N ew Y o rk T im es to ex ten ­
sive review s on th e farm pages of practically every new s­
paper in th e nation.
CED is a priv ate, nonprofit, nonpolitical organization
in terested in developing policies designed to stren g th en
and prom ote a p roductive natio n al econom y in a free
society.

I

W. H. Brenton Committee Chairman
C hairm an of th e ag ric u ltu re subcom m ittee p rep arin g
th e rep o rt w as W. H arold B renton, p resid en t of B renton
Com panies, Inc., of Des Moines, w hich o perates 13 banks
in cen tral Iowa. Mr. B renton is a fo rm er p resid en t of
th e Iow a B ankers A ssociation and th e A m erican B ankers
A ssociation. He also ow ns and su pervises o perations of
several farm s in cen tral Iowa.
The basic recom m endations of th e re p o rt call for a
reduction in th e n u m b er of farm s from 3,900.000 to about
1,225,000, w ith an accom panying decrease in th e num ber
of farm w o rk ers to talin g betw een tw o and tw o and onehalf m illion. T his w ould cu t th e n u m b er of farm w ork­
ers by one-third from th e p re se n t estim ated total of 5.5
m illion, leaving betw een th re e and th re e and one-half
m illion w orkers.
These reductions in the n u m b er of farm s and w orkers
w ould tak e place over a five-year period, according to the
Horthwestern Banker, September, 1962


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Federal Reserve Bank of St. Louis

CED proposal. D uring this period, “it is recom m ended
th a t th e price su pports for w heat, cotton, rice, feed grains
and related crops now u n d er price su p p o rts be reduced
im m ediately to th e prices th a t could be expected to bal­
ance o u tp u t and use, after th e tran sitio n period, w ithou
new additions to governm ent stocks.”
T em porary incom e protection w ould be given produc­
ers of th ese crops d u rin g the five-year period to provide
a cushion offsetting the effect of any low er prices d u rin
th e a d ju stm en t period.
The re p o rt fu rth e r calls for a reduction in th e presen
$6.5 billion federal outlay for ag ricu ltu re by approx
m ately $3 billion.
Retrain Displaced Farm Workers
F ed eral and state funds should be used to re tra in di
placed farm w o rk ers for em ploym ent in o th er industrie:
th e CED re p o rt states. In addition, federal funds shoul
be increased to fu rn ish farm y o u th w ith advanced educa
tion to equip th em b e tte r to com pete for off-farm em ­
ploym ent.
A nother m ajor point in the CED plan is th e recom ­
m endation th a t 20 m illion acres be shifted from cropland
to grassland to prom ote livestock production. T his w ould
p rim arily affect th e G reat P lains and R ocky M ountain
states.
As w ould be expected w ith a rep o rt such as this, those
com prising th e a g ricu ltu re subcom m ittee of CED soon
found them selves th e center of controversy. Mr. B ren­
ton and T. O. Y ntem a, ch airm an of th e CED board of
tru ste e s and chairm an of its R esearch and Policy Com­
m ittee, w ere requested to testify A ugust 6 before the
Com m ittee on A griculture of th e U nited States H ouse o"
R epresentatives, to give C ongressm en a first-hand in te r­
p retatio n of th e report. Mr. Y ntem a is ch airm an of the
finance com m ittee of F o rd M otor Company.
Comments from Midwestern Bankers
Because th e CED recom m endations w ould have trem en-

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29

CED 5-Point Farm Program

C o m m ittee fo r E c o n o m ic D e v e lo p m e n t P r o p o se s:
1.
2.
3.
4.
5.

R ed u ce Farm L abor B y 2 M illio n W ork ers
R ed u ce N u m b er o f F arm s fr o m 3 .9 to 1 .2 M illion
R etrain Farm W ork ers fo r O th er Job s
G ive T em p o ra ry In c o m e P r o te c tio n D u rin g A d ju stm en t
C onvert 2 0 M illio n C ropland A cres to G rassland

dous im pact on co u n try b anks th ro u g h o u t th e nation, the
N o r t h w e s t e r n B a n k e r pu rch ased several copies of the re ­
p o rt and m ailed th em to a few leading a g ric u ltu ral b an k ­
ers w ith a re q u e st for th e ir com m ents on th e proposals.
These com m ents ran g e from o u trig h t condem nation of
th e re p o rt to serious q uestioning of w h e th e r th e nation
could w ith sta n d th e economic im pact of th is adjustm ent.
One of th e vocal spokesm en for c o u n try b ankers, inde­
pen d en t b ankers, and the farm ers them selves is P at Du-,
Bois, ch airm an of th e In d ep en d en t B ankers Associatioj
ag ricu ltu re com m ittee and executive vice p resid en t of the
F irs t S tate B ank in Sauk Centre, Minn. H e testified be­
fore a H ouse A g ricu ltu re Com m ittee on A ugust 7 in oppo­
sition to th e CED rep o rt. A su m m ary of his com m ents
are included w ith those received directly from o th er
bankers.
The N o r t h w e s t e r n B a n k e r also invited Mr. B fenton to
m ake a sta te m e n t concerning th e CED rep o rt and it is
included here:
W . H ARO LD B R EN TO N
P r e s id e n t, B re n to n C o m p a n ie s, Inc.
D es M oin es, Iow a
T ru ste e , C o m m itte e f o r E co n o m ic D e v e lo p m e n t;
M e m b e r o f CED R e se a rc h a n d P o lic y C o m m itte e ;
C h a irm a n , CED S u b -C o m m itte e on A g ric u ltu ra l
P o lic y
UR concern w ith the problem s of ag ricu ltu re is a logi­
cal p a rt of our concern w ith th e problem s of th e
w hole econom y and we have applied to ag ricu ltu re only
those principles th a t we are p rep ared to apply to other
sectors of th e economy.
Before becom ing convinced th a t th e assig n m ent to p re ­
p are a sta te m e n t on a g ric u ltu ra l policy w ould be useful,
and before I accepted th e chairm an sh ip , I w anted the
opinion of som e sound ag ricu ltu ral econom ists. W e in ­

O


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Federal Reserve Bank of St. Louis

vited 20 to m eet w ith us in Chicago. I w as am azed to find
th a t w ith all th a t has been said on th e subject of agricul­
tu re, these m en th o u g h t th ere w as a g reat need for an
objective study.
I should m ake clear th a t those of us on th e com m ittee
w ho are responsible for th e CED statem en t do not reg ard
ourselves as ex perts in agriculture. W e do not th in k th a t
we have b rought dow n th e tablets of w isdom from M ount
Sinai on th is subject. W e should like to be regarded as
in terested and responsible citizens w ho are p u ttin g fo rth
th e ir b est th in k in g for discussion by others. Our p u r­
pose in doing this is an educational one.
One Basic Concept
As we have been w orking on th is statem en t I have kept
this basic concept in m ind—ag ricu ltu re can be such th a t
it w ill offer as g reat a profit o p p o rtu n ity to com petent
men, over a period of tim e, as does o th er business, and
this can be accom plished w ith o u t subsidy and regim en­
tation.
M any of th e people now in ag ricu ltu re p refer to be
there, even w hen th e re are favorable opportunities to
shift. B ut we know th a t large n um bers of people have
left ag ricu ltu re in th e last decade, and th a t increasing
n u m bers of those w ho rem ain in ag ricu ltu re have supple­
m ented th e ir incom es in non-farm em ploym ent. This
tre n d is expected to continue. Those w ho have shifted
f r om ag ricu ltu re have in general im proved th e ir lot by
doing so. A nd th e incom es of those w ho rem ain in ag ri­
cultu re have been helped by th e m ovem ent of others.
Give Farmers Opportunity of Choice
The basic recom m endation of our statem en t is th a t
every effort should be m ade to im prove th e o p p o rtu n ity
of farm ers to choose betw een farm in g and some o th er
occupation. W e believe th a t if th e o p p o rtu n ity is en­
hanced th e ra te of m ovem ent out of ag ricu ltu re w ill in ­
crease, and both those w ho leave and those w ho stay w ill
be b e tte r off.
Northwestern Banker, Se ptem ber, 1962

"The im p o rta n t lessons of agriculture are th at the free m arket is precious and
th at its p reservation requires p o sitive action.”
— CED report, page 8.

1-

E v ery proposal to solve the farm problem sta rts w ith
one fu n dam en tal proposition. I t is th a t th e net income
earned from th e sale of farm pro d u cts w ill be h ig h er the
sm aller is th e volum e of farm p roducts sold. F ro m this
proposition, w e have developed a plan w hich we have
chosen to call “An A daptive P ro g ram for A g ricu ltu re.”
PAT D u B O IS , C h a irm a n A g r ic u ltu r e C o m m itte e
In d e p e n d e n t B a n k e rs A sso cia tio n
E x e c u tiv e V ice P r e s id e n t
F irst S ta te B a n k in S a u k C e n tre , M inn.
H E Ind ep en d en t B an k ers A ssociation, and our com ­
m ittee, w ish to place on th e record h ere o u r em phatic
opposition to T he C om m ittee for Econom ic D evelopm ent’s
proposal. It w ould m ove 2,000,000 farm w o rk ers off the
land in th e n e x t five y ears and w ould ad ju st com m odity
prices dow nw ard. F o r th e m ost part, w hen we speak of
farm w orkers, w e are re fe rrin g to m arried m en w ith ta m ­
iles. T he proposal for m ig ratio n out of farm in g w ould,
as I see it, m ean th e d e p a rtu re of a t least 6,000,000 persons
from ru ra l A m erica w ith in five years.
As I read th e rep o rt, m y reaction w as th a t it dem on­
stra te d a high-handed, a rb itra ry a ttitu d e tow ard a sizable
and vital segm ent of o u r population. W h a t’s th e real
objective here? To fu rth e r depress th e already low price
level of food and fiber and to secure even low er farm
labor costs by hav in g available a large pool of u n em ­
ployed farm w orkers?
The CED re p o rt affirms w h a t we all know —th a t a g ri­
c u ltu re is ailing—th e n offers a p rescrip tio n th a t w ould
m ake it m uch sicker th a n it is now. The re p o rt acknow l­
edges th a t th e farm er h as achieved a high degree of effi­
ciency, th e n proposes th a t as a rew ard he be kicked off
his land.
“There Are Uncertainties . .
The CED concedes, on page 27 of its rep o rt, th at, and I
quote, “. . . th e re are u n c e rta in tie s in th e course we rec­
om m end.” I m ig h t add th e re also is h ard sh ip and degredation for th e farm er in th e CED course. If th e recom ­
m endations of th e re p o rt w ere followed, h u n d red s of
thousands of farm people w ho now are on em ploym ent
rolls in ag ricu ltu re w ould stan d a good chance of being
tra n sfe rre d to relief rolls in u rb a n areas.
In view of th e u n c e rta in tie s th a t th e CED itself adm its
are in its plan, I su b m it th e re is no w isdom in try in g it
on A m erican agriculture.
I t is not difficult to visualize w h a t w ould h ap p en to
ru ra l com m unities if th e m igration of 2,000,000 farm fam ­
ilies to m etro p o litan and in d u stria l cen ters is h asten ed in
th e m an n er proposed by th e CED rep o rt. F ew er farm
fam ilies m ean few er people to buy shoes and groceries
and overalls and shirts. Rem ove one farm fam ily and
you have tak en aw ay th e financial resources to su p p ort
one tow n “service fam ily.” Rem ove 20 farm and ru ral

T


Northwestern Banker, September, 1962
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

tow n service fam ilies and you have lost th e people wh7f
spend th e incom e th a t w ill sustain one su b stan tial ru ra l
business.
Migration Would Glut Labor Market
The proposed m igration w ould trig g e r a drop in our
ru ra l com m unities th a t challenges com prehension. F u r­
th er, th e serious dislocation of our n atio n ’s ru ra l econom y
w ould so g reatly reduce th e buying pow er of ru ra l A m er­
ica th a t th e ability of n o nfarm in d u stries to absorb the
displaced farm ers w ould be fu rth e r dim inished. We
w ould be dum ping an additional 2,000,000 w o rk ers on a
labor m ark et th a t already has m ore th a n 4,000,000 u n ­
employed.
W ho is to h ire the displaced farm er? Not steel, w hich
already is o perating a t only a fraction of its productive
capacity. The electronics in d u stry has sufficient em ­
ployees. The auto in d u stry is not op eratin g at full p lan t
capacity. F a rm im plem ent production is down.
I am su re th a t all of you on th e com m ittee are even
m ore fam iliar th a n I w ith w h at has been happening in
ru ra l A m erica for a n um ber of years. All across th e land
are ru ra l com m unities w hose economic level has been de­
pressed by th e inadequate prices farm ers receive for th e ir
products. The depressed condition of ag ricu ltu re already
has prom pted m illions of farm people to leave th e soil.
T here is no m erit, no benefit to anyone, in attem p tin g to
accelerate th is m ovem ent.
Interdependence of Farming Interests
Our com m ittee’s position is th a t th e producer, th e ru ra l
com m unity and th e co u n try b an k er are so interd ep en d en t
th a t th ey m u st be considered as one. All are com pletely
dependent on farm income. T he w ith d raw al of hum an
and financial resources from ag ricu ltu re does not answ er
th e ag ricu ltu ral problem .
P resently, co u n try b ank loans, earn in g s—and expenses
—are at an all-tim e high. As one of th e m em bers of our
com m ittee p u t it recently, and I quote, “On th e surface,
w e never had it so good, b u t expanded credit cannot m uch
longer serve as a su b stitu te for adequate earnings in ag ri­
cu ltu re.” Our com m ittee believes th a t a h igher price
level for a g ric u ltu re ’s production is th e key factor in any
attem p ted solution of the farm problem,^
L et’s p roject a bit on the basis of to d ay ’s p^ice tren d s in
a g ricu ltu re and o th er segm ents of th e econom y A U nited
States D ep artm ent of A g ricu ltu re official estim ates th a t
gross farm incom e in 1975 w ill be $41 billion, com pared
to an estim ated $39.6 billion in 1961. The increase, then,
in th e nex t 13 y ears is estim ated to to tal $1.4 billion.
Now le t’s look for a m om ent a t a projection of Gross
N ational Product, th e value of all goods and services p ro ­
duced annually. The 1960 total w as 504.4 billion. I t ’s
estim ated th e total w ill be $787.8 billion in 1970, an in ­
crease of $283.4 billion. I t ’s evident th a t ag ric u ltu re ’s in-

31

frV / iv
fo r

“Resources, m ost im p o rta n tly labor, do not flow freely out of agriculture at the
rate necessary to avo id fallin g incomes."
-—CED report, page 18.

crease of $1.4 billion is a p itifu lly sm all po rtio n of the
total.
Agriculture Needs Better Prices
I m ention th ese p rojections to em phasize m y conviction
th a t ag ricu ltu re m u st have b e tte r prices for its products.
W e co u n try b an k ers can see th e h a n d w ritin g on the
wall. The depression in ag ricu ltu re has forced farm ers
to increase th e ir borrow ing. The borrow ing alw ays is in
an ticip atio n of fu tu re profits, b u t th e sad fact is th a t re ­
p ay m en t often is m ade from liquidation of assets accum u­
lated in p rio r years. I know th is is h ap p en in g every tim e
a farm er b rings in savings bonds to pay off a loan.
The declining farm population and depressed condition
in ag ricu ltu re is to d ay ’s problem b u t it can be closely re ­
lated, if th e condition continues, to th e big b anking prob­
lem of th e 1970s, w hich is th e th re a te n e d disappearance of
hu n d red s of sm all ind ep en d en t b anks in th e poorer farm
com m unities. Move th e people from th e farm s and you
also rem ove th e b an k s and o th er service in stitutions.
T here is no need for th em then.
Country Banks Would Be Service Stations
If th e CED proposal becam e reality, it’s likely th a t
co u n try b anks w ould be little m ore th a n service stations
for th e large city b an k s by 1970. In fact, is is probable
th a t m an y custom ers w ould bypass th e local bank. T hey
w ould go directly to th e larg er centers w h ere a larg er
nu m b er of service in stitu tio n s is located.
R ecently a noted ag ricu ltu ral econom ist w arned, “The
farm ers cam e to th e p rairies before th e tow ns and w hen
th e farm ers are gone th e re will be no fu rth e r need for
th e tow ns.”
P u sh in g farm ers off th e land at th e ra te of 400,000 a
y ears to tak e jobs in m an u factu rin g doesn’t m ake good
sense. T here are one and one-half m illion few er jobs in
in d u stry today th a n th e re w ere ju s t seven y ears ago. The
CED recom m endations w ould produce a n e t economic loss
to th e total economy. Our econom y cannot afford to go
backw ards.
W e in The In d ep en d en t B ankers A ssociation ask o u r­
selves, “Can th e erosion of 2,000,000 farm fam ilies in a
period of five y ears as p rojected by CED be considered

'On:

an y th in g b u t abnorm al a ttritio n by any stretch of the
im agination?” The proposal creates a dangerous and dif­
ficult condition, one th a t it seem s our econom y is incapa­
ble of coping w ith.
LeRO Y A B B O T T , C h airm an o f th e B o a rd
T h e G u ardian S ta te B a n k
A llia n ce , I\eb.
EI NG from a strictly ag ricu ltu ral com m unity, I can
see no m erit in th e plan and believe no good cause
could be served by such a w holesale read ju stm en t to th e
ag ricu ltu ral econom y and I believe it w ould n ot be ad van­
tageous to anyone connected w ith agriculture.
In the first place, such an upheaval in farm ing com m u­
nities w ould cut dow n ag ricu ltu ral incom e to the ex ten t
th a t businesses depending on ag ricu ltu re could not s u r­
vive. Secondly, I don’t believe u rb an areas could absorb
th e w ork force created by such an upheaval. R eduction
in price su pports for w heat, feed grains, cotton and rice
w ould be so drastic th a t f ar m com m unities could not
stand it. Shifting of so m uch cropland to grassland w ould
be im possible in m y opinion in th e tim e allotted. In
o th er words, I am thoroughly opposed to th e plan and
don’t believe it w orkable.

B

E. E. M ANUEL, P re sid e n t
G eo rg e S ta te B an k
G eo rg e , Iow a
S YOU probably know, th ree y ears ago several of us
co u n try ban k ers asked th e Independent B ankers
A ssociation to have a com m ittee w ith in the IBA called
th e “A griculture Com m ittee.” I served on th is com m it­
tee last year and, w hile not serving directly on it this
year, I am still v itally in terested and still follow this com­
m ittee’s w ork.
R ecently the chairm an of this com m ittee m ade a sta te ­
m ent before th e H ouse A griculture Com m ittee concerning
our stand on th e above CED program . I believe you w ill
be in terested in th e contents of this report, w hich has my
com plete endorsem ent.
The th in g w hich distu rb s me is th a t I am inform ed th a t

A

“W hat w e have in m ind in our p ro ­
gram is a redu ction of th e farm labor
force on the order of one-third in a
p eriod of not m ore than five years."
— CED report, page 59.

Northwestern Banker, Se pte m ber, 1962


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Federal Reserve Bank of St. Louis

32
“The m aintenance of e m p lo y ­
m en t o p p o rtu n ities in lion-agri­
cu ltu ral in du stry and services is
an essential con dition for the
m ost s a t i s f a c t o r y agricultural
adju stm en t.”
— CED report, page 32.

W. H arold B renton of Iow a—of all places—headed the
subcom m ittee on th e ag ric u ltu ra l proposal. It is m y opin­
ion th e farm ers of th e com m unities w hich his b anks serve
should know his feelings about th e farm ers.
FLO YD F. W H ITM O R E, P r e s id e n t
T h e O k e y -V e rn o n N a tio n a l B a n k
C o rn in g , Iow a
H E sta te m e n t by th e CED should n o t be looked upon
as u n d isp u ted fact, b u t ra th e r should be looked upon
as m erely a d issertatio n by co rporate business executives.
T he booklet is rep lete w ith m em oranda of “com m ent,
reserv atio n or d issent.” Socrates said, “W hen you hear
tw o people arguing, rem em ber th e y both can’t be right,
b u t th e y can both be w rong.”
In th e w ake of th e ag ricu ltu ral rev o lu tio n farm ers will
organize (as in th e NFO) ju st as lab o rers organized in
th e afte rm a th of th e in d u strial revolution. Only by so
doing can th e y m ake th e ir voices felt and gain th e respect
of the re st of society.
Need Increased Farm Income
The CED re p o rt states th e re is too m uch u n used labor
in agricu ltu re. My fam ily ow ns and operates 1,600 acres
of land in four u n its and it is our feeling th e re is far too
little labor to p ro p erly o perate and m ain tain our im prove­
m ents. If farm incom e w ere in creased I believe alm ost
every farm er could afford to fix fences, re p a ir b arn s and
build a house com parable to our city re la tiv e s’ houses.
W hy is farm housing so poor? Because th e farm er can ’t
afford to build him self or his te n a n t a decent house. W hy
are livestock raised in obsolete b arn s and m ud? Because
farm incom e ju s t w on’t ju stify th e expense of decent

T

”It is eq u a lly evid en t th a t th e farm er in the
U nited States has d e v o te d a great p a rt of his
earnings and energies to the purchase of m a­
ch in ery and the use of advanced techniques,
th ereb y con tribu tin g m a rk ed ly through high
farm p r o d u c tiv ity to the n ation’s p o te n tia l over­
all econom ic efficiency.”— CED report, page 29.
Northwestern Banker, September, 1962


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Federal Reserve Bank of St. Louis

sheds and concrete lots. F a rm prices are not too high—
th e city m an is ju st g etting his food too cheap.
If th e CED plan w ere to succeed and few er farm s of
large acreage w ere th e result, th e n you could expect th a t
in about an o th er generation you w ould have over-popu­
lated cities attack in g th e “landed gen try .” T hen you
w ould have a land reform m ovem ent. W e had b etter be
m ore m oderate in our recom m endations w ith a far eye to
the future.
As I have stated in your m agazine before, cheap feed
m eans cheap livestock. F a rm e rs can do only two th ings
w ith grain produced: sell it, or feed it. As livestock n u m ­
bers get burdensom e th en we can expect a farm depres­
sion. The research d ep artm en t of th e F ed eral R eserve
B ank of Chicago says it costs 87 cents to raise a bushel
of corn. Corn is perilously close to th a t price now, and
if rising livestock n um bers b rin g livestock prices down,
th en th ere is no escape for th e farm er or the feeder.
H ard tim es w ill come.
Would Ruin Small Town Business
If farm ers w ere to leave th e farm in th e num bers sug­
gested by the CED, thousands of sm all ru ra l tow ns w ould
be rubbed out. Small tow n businessm en w ould have to
m igrate w ith the farm ers. The CED rep o rt does not even
go into this aspect of the problem .
I t w ould seem th a t th e only course w ith any positive
approach w ould be for farm ers to organize and control
production in such a m anner th a t th ey dem and and receive prices th a t w ill enable them to have th e stan d ard
of living and social philosophies th a t th ey w ant. To ac­
com plish this end th ey need th e ir own organization serv­
ing them exclusively. The only such organization to date
is th e N ational F a rm e rs O rganization w hich has grow n
by the thousands over th e last seven years.
J. F. K EN N ED Y , P re sid e n t
F irst N a tio n a l B an k
N ew H a m p to n , Iow a
ANY references are m ade today to the “F arm Mess.”
It should m ore app ro p riately be labeled th e “F arm
P rogram s Mess.” I view th e “m ess” as caused m ore by
politicians of both political p arties th a n by farm ers,
though th e farm er takes th e b ru n t of th e criticism . In
view of this, it is refresh in g to find the CED, w hich is
n e ith e r political nor ag ricu ltu ral, tak in g an objective look
at th e problem . I don’t agree th a t it can be solved in
five years.
As to points one and two, on reducing the farm labor
force and the n um ber of farm s, about a m illion persons
are leaving ag ricu ltu re each y ear and farm s are grow ing
su b stan tially now, p erhaps m ore th a n statistics indicate.
Statistics, I believe, show only m ergers by sale w hereas
a g reat m any m ergers of farm s are affected by lease.
On point three, shifting cropland to grassland, certain ly
th is is desirable b u t involves several m illion farm opera­
tors m aking th e decision to do so. To speak of sim ply
“doing it” m ay be an over-sim plification.
P oints four and five involving reducing our agricultural
budget and price su p p o rts are highly desirable b u t m ust
be done w ith extrem e caution or th ey could precipitate a
n ig h tm are of w ildly fluctuating prices and farm b an k ­
ruptcy. Such circum stances could have a disastrous ef­
fect on th e en tire m idw est, agriculture, business, banks
and in d u stry , and I don’t believe th e re st of th e co untry
could escape such a situ atio n w ith o u t blem ish.
W hen w e read th e press rep o rts on ag ricu ltu re in the
com m unist countries, starv atio n in China, food shortages
in Cuba and low p ro tein diets in R ussia and th e satellites,
p erhaps w e should be th a n k fu l for th e abundance our
farm s produce, despite th e problem it causes.

Y

M

y.

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y

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A

r

33

S e le c te d ch a rts show ing d a ta r e la tin g
to fa rm s in th e U n ited S ta tes
Jut
***•'*/**■
Copies of th e re p o rt re fe rred to in th is survey, “An
A daptive P ro g ram for A g ricu ltu re,” m ay be obtained for
$1 each b y w ritin g to:
C om m ittee fo r E conoviic D evelopm ent, 711 F ifth A venue,
N ew Y o rk 22, N. Y.

Chart 4

SINCE 1940
THE USE OF
FARM MACHINES
DOUBLED,
FERTILIZER
QUADRUPLED,
BUT
FARM LABOR
ITAS HALVED

Chan 5

CONSUMER
• Estimated

Increases in Consumer Expenditures,

EXPENDITURES
FOR FOOD
AND CLOTHING

Size of Farm

ROSE
RELATIVELY

Number of Farms
1900

1925

1954

1950

1959 1

LITTLE
1953 -1 9 6 0

THOUSANDS

TO TA L
U nder 10 acres
10-49 acres
50-99 acres
100-259 acres
260-999 acres
1,000 acres and over

5,737
267
1,664
1,366
1,912
481
47

6,372
379
2,039
1,421
1,887
583
63

5,381
485
1,478
1,048
1,589
660
121

4,782
484
1,213
864
1,417
674
130

3,703
241
811
658
1,186
671
136

Chart 6
Millions
of
People

NET
MIGRATION
FROM FARMS
1. ANNUAL
AVERAGES
BY DECADES,

How Farm Employment Shrank
While Nonfarm Employment Grew (1929-61)

T A B L E 4:

'

1 9 2 0 -5 8
2. BY YEARS,
1 9 5 0 -5 8

I 'll

Q

Li

CIVILIAN EM PLOYM ENT
YEAR

CIVILIAN
LABOR
FORCE

TOTAL

AGRICULTURAL

NO N­
AGRICULTURAL

THOUSANDS OF PERSONS 14 YEARS OF AGE AND OVER

1929
1939

49,180
55,230

47,630
45,750

10,450
9,610

37,180
36,140

1949
1954

58,423
60,890
65,581

8,017
6,495

1959
I9601

62,105
64,468
69,394
70,612

66,681

5,836
5,723

50,406
54,395
59,745

19611

71,603

66,796

5,463

60,958
61,333

1 Includes Alaska and Hawaii: labor force in 1960, 306,000; total employment, 289,000;
agricultural employment, 27,000; nonagricultural employment, 261,000.
Source: Department of Labor.

Northwestern Banker , S e p te m b e r , 1962


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Federal Reserve Bank of St. Louis

34

Y

M. M. K I M B R E L

S. M. F L E M I N G

W. F. K E L L Y

J. C. ROGERS

DR. C. E. W A L K E R

in A tla n tic City S ep tem b er 2 3 -2 G

Speakers an d W orkshops
To
H iyh liyh t
R. V. R O O SA

C. E

BERRYMAN

DR. G. H A U G E

W. P R O X M I R E

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

G E

C O O P ER

J. H. CROCKE R

C. A. A G E M I A N

ATIONALLY and in tern atio n ally know n speakers and an inno­
vation in th e form of “w o rkshop” sessions on c u rre n t challenges
to b an k in g ’s m anagem ent w ill h ig h lig h t th e 88th an n u al conven­
tion of the A m erican B ankers A ssociation at A tlantic City, N. J., Sep­
tem ber 23-26.
The o u tstan d in g program has been arran g ed u n d er the able direction
of A.B.A. P resid en t Sam M. Flem ing, president, T hird N ational Bank,
N ashville, Tenn.; M. Monroe K im brel, A.B.A. vice presid en t and ch air­
m an, F irs t N ational Bank, Thom son, Ga., and Dr. C harls E. W alker,
association executive vice president.
Mr. K im brel is slated to move up to th e presidency and W illiam F.
Kelly, president, F irs t P en n sylvania B anking and T ru st Company,
P hiladelphia, is th e only announced canadidate to succeed Mr. K im brel
as vice president. The association executive council is expected to re ­
elect J. Carlisle Rogers, president, F irs t N ational Bank, Leesburg, Fla.,
to a second one-year te rm as treasu rer.
E xecutive m eetings of th e A.B.A. com m ittees and o ther w orking
groups w ill be held Sunday, Septem ber 23. The trad itio n al A gricultural
S ubscription B reakfast is scheduled for M onday m orning, Septem ber
24, in th e R utland Room of H addon Hall. The Savings and S tate Divi­
sional m eetings will be conducted a t 9:30 a.m. M onday at th e A m erican
Room in the H otel T raym ore and a t th e Steel P ier Casino T h eater re ­
spectively. A t 2 p.m. th e N ational and tru s t divisional m eetings will
be held a t the Steel Pier, Casino T heater, and th e H otel T raym ore
A m erican Room, respectively.
G eneral Session w ill s ta rt a t 9:15 a.m. T uesday in the Convention
Hall. The th ree new w orkshop sessions w ill be conducted Tuesday
afternoon, each sta rtin g a t 2 p.m. The second and final general session
w ill s ta rt at 9:15 a.m. W ednesday.
Several in terestin g en te rta in m e n t program s also have been scheduled
for delegates. An inform ation reception w ill be held from 4:30 to 6
p.m. Sunday a t the Carolina Room, Music Room and L ounge of th e
Chalfonte Hotel. A ladies’ luncheon and fashion show w ill be held
Monday at 12:30 p.m. in the C onvention H all ballroom , and a v ariety
show will be p resented at 8:30 p.m. T uesday in th e Convention Hall
ballroom .

N

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<

Y

X

E. A. W A Y N E

A. W. R O B E R T S O N

Northwestern Banker, September, 1962


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

J. S A X O N

T. H. BEACOM

R. D. N A E S S

X

35
Follow ing is th e com plete conven­
tion program :

orne, director, B ureau of In d u s­
trial Relations, U n iversity of
M ichigan. A nn Arbor, Mich.;
W illiam L. B utcher, chairm an,
The County T ru st Company,
W hite Plains, N. Y.; H en ry C.
Coleman, chairm an, Com m ercial
B ank at D aytona Beach, Fla.,
and F ra n k M. Dana, executive
vice president, B ank of A m er­
ica, N.T. & S.A., San Francisco,
Calif.

Tuesday, September 25

F IR S T GENERAL SE SSIO N
A.M.
9:15

P.M.
2:00

2:00

C onvention H all B allroom —
Presiding, Sam M. Flem ing,
president, A.B.A., and president,
T h ird N ational B ank in N ash ­
ville, Tenn.
Invocation — Canon H orace E.
P erret-G entil, Th.d., St. Jam es
E piscopal C hurch, A tlantic City,
N. J.
A ddress of the P resid en t — Mr.
Flem ing.
E lection of officers.
A ddress—R obert V. Roosa, U n­
d er S ecretary of th e T re a su ry
for M onetary Affairs, W ash in g ­
ton, D. C.
WORKSHOP SESSIONS
Business Development and Pub­
lic Relations—C onvention Hall,
Room B-Stage, Main A u d ito ri­
um.
P residing — Jo h n P. A nderson,
m em ber A.B.A. public relations
com m ittee; president, F.P.R.A.,
and vice president, F irs t N a­
tional B ank of P assaic County,
Passaic, N. J.
M eeting C om petition fo r S av­
ings and D em and D eposits —
George N. W asem , m em ber,
A.B.A. advisory council, Sav­
ings Division, and vice p re si­
d e n t, C o m m e r c ia l N ational
Bank, Peoria, 111.
M eeting C om petition fo r Com­
m ercial L oans — Allen M organ,
m em ber, A.B.A. executive coun­
cil and ad m in istrativ e com m it­
tee, and p resident, F irs t N ation­
al B ank of M em phis, Tenn.
M eeting C om petition fo r In sta ll­
m e n t L oans—Jo h n J. Reynolds,
vice president, F irs t N ational
City B ank of New York.
M eeting C om petition fo r M ort­
gage Loans — V. R. Steffensen,
p resid en t and chief executive
officer, F irs t S ecurity B ank of
Idaho N.A., Boise.
Management Succession Work­
shop — C onvention Hall, Room
C—Stage, Main A uditorium .
P residing — C. E d w ard B e rry ­
m an, chairm an, A.B.A. p erso n ­
nel ad m in istratio n and m anage­
m en t developm ent com m ittee,
and senior vice president, The
M arine T r u s t C o m p a n y of
W estern New York, Buffalo,
N. Y.
Panel—M oderator, George Odi-

2:00

Operations Workshop—Conven­
tion Hall, Room A—Stage, Main
A uditorium .
Presiding — G. E dw ard Cooper,
chairm an, A.B.A. bank m anage­
m en t com m ittee, and senior vice
president, The P hiladelphia N a­
tional Bank, Philadelphia, Pa.
A u to m a tio n Panel — M oderator,
Melvin C. Miller, d i r e c t o r ,
A.B.A. bank m anagem ent and
co u n try b ank operations com­
m ittee; Jo h n A. Kley, chairm an,
A.B.A. technical com m ittee on
m echanization of check h an ­
dling bank m anagem ent com­
m ittee, and presid en t T he Coun­
ty T r u s t C o m p a n y , W hite
Plains, N. Y.; R aym ond C. Kolb,
m em ber, A.B.A. technical com­
m i t t e e on m echanization of
check handling b an k m anage­
m ent com m ittee, and vice p resi­
d en t and cashier, Mellon N a­
tional B ank and T ru st Compa­
ny, P ittsb u rg h , Pa.; H a rry E.
W hittingham , Jr., t r e a s u r e r ,
Schenectady T r u s t Company,
Schenectady, N. Y.
T axpayer N u m bering Panel —
M oderator, E dw ard T. Shipley,
m em ber, A.B.A. ban k m anage­
m ent com m ittee, and com ptrol­
ler and auditor, W achovia B ank
& T ru st Company, W inston-Sa­
lem, N. C.; George J. Leibowitz,
director, system s developm ent
division, In te rn a l R evenue Serv­
ice, W ashington, D. C.; Myron
M. Zizzamia, vice president,
F irst N ational City B ank of
New York.
Wednesday, September 2(>

SECO ND G ENERAL SE SSIO N
A.M.
9:15

C onvention H all Ballroom.
P residing—Mr. Flem ing.
R eport of the E xecutive Vice
P r e s i d e n t — Dr. C harls E.
W alker.
E conom ic G rowth: A E uropean
V iew —Dr. H erm an Abs, m anag­
ing director, D eutsche Bank,
F rankfurt-M ain, G erm any.
R eport of th e R esolutions Com­
m ittee.

In au g u ratio n of officers.
E conom ic Growth: A n A m e ri­
can V iew —Dr. G abriel Hauge,
vice ch airm an of the board,
M anufacturers H anover T ru st
Company, New York.
Monday, September 24

AG RICULTURAL
B R E A K FA ST
A.M.
8:00

H addon Hall, R utland Room —
Presiding, Jo h n H. Crocker,
chairm an, ag ricu ltu ral com m it­
tee, A.B.A., and chairm an, Citi­
zens N ational Bank, D ecatur,
111.
A ddress—W illiam Proxm ire, U.
S. Senator from W isconsin,
Madison, Wise.

SAVING S D IV ISIO N
9:30

H o te l T r a y m o r e , A m erican
Room—R eport, Roger L. C ur­
ran t, president, A.B.A. savings
division, and president, F all
R iver N ational Bank, F all R iv­
er, Mass.
Should Com m ercial B anks Be
in the Savings B usiness?—E d­
w ard E. E dw ards, professor of
finance, I n d i a n a U niversity,
Bloom ington, Ind.
Savings fo r Commercial B anks
— C urrent S ituation and Out­
look—P anel m oderator, Charles
A. Agem ian, controller general,
Chase M anhattan Bank, New
York; Dr. E. Sherm an Adams,
vice president, F irs t N ational
City Bank, New York; R alph F.
Bagwell, vice president, South
Carolina N ational Bank, Colum­
bia, S. C.; P rofessor Edw ards;
Louis B. Lundborg, executive
vice p resid en t B ank of A m erica
N.T. and S.A., San Francisco,
Calif.; L. M. Schw artz, p resi­
dent, Citizens S tate Bank, Paola, Kan.

ST A T E BA N K D IV ISIO N
9:30

Casino T heater, Steel P ier—R e­
port, H a rry B. Freem an, p resi­
dent, A.B.A. state b ank division,
and president, R hode Island
H ospital T ru st Company, P ro v ­
idence.
R em arks — Incom ing presid en t
of the N ational A ssociation of
Supervisors of State Banks.
W here Is B an kin g H eaded?—
Panel m oderator, E dw ard A.
W ayne, president, F ed eral Re­
serve B ank of Richm ond, Va.;

A.B.A. CONVENTION . . .
(T urn to page 56, please)
Northwestern Banker, Se ptem ber, 7962


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

36

P r o ced u res j
¡11 =

P u r c h a sin g =

J

11

£ | | | 111

g

I "redit Paper

B y WILLIAM G. H EISE
A ssistan t Cashier
F irst N a tion al B a n k
C h icago , III.

|
s
l|
=

N ITS bro ad est sense, consum er
cred it consists of tw o m ain types:
Loans w hich are m ade over th e
counter and in d irect loans resu ltin g
from th e p u rch ase of in stallm en t obli­
gations gen erated th ro u g h business
outside of th e bank.
F irs t let us exam ine th e qualifica­
tions of an in terv iew er or p ap er buyer:
The b u y er should have a know ledge
of th e b a n k ’s lending policies; he
should be fam iliar w ith th e principles
of sound cred it extension; he should
u n d ersta n d th e b a n k ’s in te rn a l credit
operation; he should have an in q u isi­
tive natu re; he should have a know l­
edge of th e significance of in stallm en t
credit, both socially and econom ically;
he should realize th a t in stallm en t loan
applicants have earned th e confidence
and respect of banking, and finally, he
should conform th e b a n k ’s re q u ire ­
m ents to cu sto m ers’ needs, if sound.
T he credit p rinciples of th e consum ­
er credit d e p a rtm e n t are th e sam e as
th a t for o th e r types of b an k credit:
C haracter, capacity and capital.
T here is one im p o rta n t difference,
how ever, in th a t th e em phasis in con­
sum er cred it loans is on ch aracter and
capacity w ith ab ility to p ay (capacity)
th e p rim a ry req u irem en t.
P erhap s one of th e m ost carefully
observed principles of successful cred­
it extension is to n ev er m ake a loan
w hich can only b rin g discredit to th e
b an k and in ju re th e borrow er.
In addition to th e th re e com m on
“C’s” (character, capacity and capital),
a good in stallm en t loan m an should

I

Northwestern Banker, September, 7962


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

f |

alw ays be aw are of several o ther
“C’s”:
Conditions — Econom ic conditions,
both locally and nationally.
Common Sense — N inety-nine per
cent of all situations can be handled
w ith good old com m on sense.
Compensation — Is th e rate being
charged fair to th e custom er and yet
profitable for th e bank? Rem em ber,
our p rim ary reason for being in busi­
ness is to m ake money.
Courage — Courage to m ake loans
and courage to explore o th er form s of
in stallm en t financing.
Co-maker — Can a co-m aker help
m ake a credit passable? I believe th a t
in m ost cases th e co-m aker is no b et­
te r th a n th e m aker. H ow m any of
you have experienced try in g to collect
from th e co-m aker afte r th e m aker
w ent sour. Some of th e replies you
all have heard include “I didn’t know
I w ould have to pay because I signed”;
“I don’t have the m oney”; “W hy did
you m ake th e loan in the first place?”
G enerally speaking, anyone of legal
age, in good credit standing, w ith as­
sured incom e from a reliable source,
em ployed at least one year by a well
established concern is qualified for a
personal loan. W hile g re a te r em pha­
sis m ay be placed on one factor over
an o th er depending upon th e type of
consum er loan, th e follow ing factors
g enerally apply to all consum er loans:
H I. Borrower’s occupation. T here
is a close correlation betw een occupa­
tion and risk. C ertain types of occu­
pations indicate poor risks. L ength of
tim e on th e job is v ery im portant, p a r­
ticu larly in unsecured risks. Collec­
tion experience in th is area show s th a t
people in certain occupations are care­
less in m eeting m o n th ly paym ents.
T here are exceptions, of course, b u t
ap plicants from th e follow ing occupa­
tional groups req u ire p a rticu larly care­
ful consideration:
B arb ers and beauticians, both ow n­
ers and operators; b artenders; clerks
em ployed by sm all retail concerns;
free lance artists; hotel em ployees
o th er th a n clerical; n u rses and hospi­

tal attendants; salesm en em ployed on
a com m ission basis; seasonal w orkers;
tax i and tru c k d riv ers and owners;
w aiters; w aitresses; cooks; co u n ter­
men.
B uilding tradesm en, such as carp en ­
ters, painters, bricklayers, plasterers,
plum bers, electricians, etc., are d esir­
able credit risk s if th ey are reg u larly
em ployed and not seasonally employed.
Professional m en and w om en usu al­
ly do n ot have th e sam e stab ility of
incom e as em ployed persons and n o r­
m ally a co-m aker is desirable unless
th ey have a good b an k reference, or
if p ast experience has been satisfac­
tory.
Civil service em ployees u sually are
excellent risks. H ow ever, careful a t­
tention m u st be given to th e ir paying
record since th e ir salary cannot be a t­
tached. If th ey should decide n ot to
pay th e ir loan, collection w ould u n ­
doubtedly involve lengthy legal action.
T here are no infallible rules to dis­
tinguish applicants likely to pay as
agreed from those w ho becom e problems, and each case m u st be judged on
its m erits. A refusal of credit is a
v ery serious m a tte r to an applicant
and w e m u st be sure th a t th e req u est
has had our utm o st consideration be­
fore it is rejected. I t is easy to find
reasons for rejectin g a loan, b u t it
takes sound ju d g m en t to find reasons
for m aking a loan.
H 2. Borrower’s income—N et incom e
after taxes governs credit lim its. H ow ­
ever, how th e borrow er m anages his
incom e m ay be m ore im p o rtan t th an
th e am ount. Indebtedness m ust al­
w ays be w ith in th e am ount of the b o r­
ro w er’s incom e available for rep ay ­
m ent du rin g th e term allowable. A
ru le of th u m b for u n secured credit is
about 15 per cent of an n u al incom e or
18 p er cent of m onthly income.
H 3. Borrower’s credit record—Pos­
session of earned assets indicates ind u stry and is often prim a facie evi­
dence of a good risk. E x te n t of liabili­
ties often indicates degree of business
acum en, and should be w ell w ith in th e
b o rro w er’s ability to liquidate w ith o u t
distress.
m 4. The term of the loan m u st be
w ith in th e period w hen conditions affecting borrow er and secu rity can be
foreseen. H ow ever, th e term should
not be so sh o rt th a t req u ired paym ents
are larg er th a n incom e can accommo­
date.
An ideal applicant w ould be 45 years
of age, m arried, living a t th e sam e ad ­
dress for th e p ast 10 years, em ployed
by th e sam e firm for 15 years and a
record of th ree credit accounts w hich
had been satisfactorily liquiated in ac­
cordance With agreed term s.

K

r

y

y

A

y

A

r

A

■

37
A ccording to a re c e n t F ed eral R e­
serve B ulletin, in d irect loans consti­
tu te th e m a jo rity of cred it held by
banks. Follow ing are a few of the
hazards w h ich arise from th e fact th a t
th e p ap er is o riginated by a th ird
p arty , th e dealer:
1. F ictitio u s p ap er w hich rep resen ts
no actu al in stallm en t sale, b u t is m ere­
ly draw n up by th e dealer, or his sales­
men. In such cases, th e nam e of the
person given as a good cred it risk is
forged.
2. P ap er w hich re p re se n ts little or
no eq u ity of th e p u rc h a se r in m e r­
chandise because of a m isrep resen ted
dow n paym ent.
3. U ndeliverable m erchandise.
4. M isrepresented m erchandise.
5. D uplicate p ap er discounted w ith
tw o or m ore financial in stitu tio n s.
6. M isappropriation of th e p u rc h a s­
e r ’s in sta llm e n t pay m en ts by th e deal­
er. Our b an k considers th a t an y pay­
m ent m ade by a b o rro w er to th e deal­
er w ith th e p ay m en t in tu rn rem itted
to us by th e dealer is in violation of
th e b ran ch b an k in g law s in Illinois.
7. P a st due in sta llm e n t p aym ents
paid by th e dealer to avoid full re p u r­
chase of defaulted paper. T his p e r­
tains, of course, only to pap er origi­
nally agreed upon to be pu rch ased
from th e dealer u n d er som e so rt of re ­
course or rep u rch ase arran g em en t.
8. Sale of repossessed m erchandise
by th e dealer w ith o u t p aying off th e
defaulted paper.
The p ro p er h an d lin g of in d irect p a­
p er calls for definite p ro tectiv e meas- j
u res and controls to elim inate or at
least to d im inish th ese hazards. The
e x ten t to w hich th e y are em ployed by
a b ank is d eterm in ed by such factors
as th e d ealer’s financial responsibility,
th e len g th of th e b a n k ’s experience
w ith th e account, and th e d ealer’s ad­
v ertisin g and sales policies.
W h a t are some of th e p ro tectiv e con­
trols:
■ 1. M ake a cred it investig atio n and
job verification of each purch aser.
T his ten d s to discourage th e dealer
from p re se n tin g fictitious p ap er and
should be done reg ard less of th e basis
on w hich th e p ap er is p u rch ased and
regardless of th e value of th e m e r­
chandise serv in g as collateral.
■ 2. A udit letters.
■ 3. N otify each p u rc h a se r th a t his
co n trac t h as been purch ased by th e
bank. T his can be done a t th e tim e •
th e coupon p ay m en t book is m ailed to
th e custom er.
■ 4. Check sales prices on con tracts
w ith m a n u fa c tu re r’s list price or
guidebook values. T his p ractice dis­
closes instances in w hich th e dealer
INSTALLMENT CREDIT . . .
(T u rn to page 67, please)

A > ïf

Tax

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D epreciation
Seh e t ! a tes Sor Hanks
iillll!lllllllllllll!lllllllllll!llll!ll!lllllllllll!llll!ll!lllllll!llllllll!ll!ílllllll!l!lllll!llllllllll!ll!!l!lllll!!!!!l!lllllll!ll!llllllll¡l!lll!!!ll!ll!lllll!lllll!l!llllllll!ll!ll!l!lliy^

Besides the schedule of sh o rter use­
N D ER the g o v ern m en t’s new de­
p reciation regulations, banks and ful lives, th e governm ent has also
o th er financial in stitu tio n s can realizeadopted a new depreciation philoso­
phy. T his philosophy perm its the
sizable tax savings th is year.
Based on th e guidelines issued by adoption of useful lives even sh o rter
th e In te rn a l R evenue Service, a re v i­ th a n those listed in th e new proce­
sion has been m ade in the useful lives dures as long as actual experience ju s­
of all office equipm ent used by banks. tifies it.
A ny b ank w ishing to use the sh o rt­
Old B ulletin “F ” suggested a com pos­
ened equipm ent lives now perm issible
ite life of 15 y ears for office fu rn itu re
and equipm ent. The new guidelines m ay do so for th re e y ears w ith o u t
provide a class life of 10 y ears for challenge by In te rn a l R evenue on re­
these item s. F o r b ank buildings, the tu rn s due on or a fter Ju ly 12. This
useful life for tax purposes w as cut th ree year period has been set up to
enable corporations to m ake a gradual
from 67 to 50 years.
W ith these sh o rter lives on equip­ tra n sitio n to an accelerated replace­
m en t and facilities, ban k ers can p u t m ent policy.
aside larg er am ounts in depreciation
Reserve Ratio Test
reserv es this year. This w ill re su lt in
At the end of th ree years, continued
low er taxable incom e and consequent­
use of sh o rt equipm ent lives m ust be
ly a savings on taxes.
In te rn a l R evenue C o m m is s io n e r justified by th e reserv e ratio test.
M ortim er M. Caplin has characterized This te st indicates objectively w h eth er
th e new depreciation ru lin g as “one or not a ta x p a y e r’s actual replacem ent
of th e m ost significant revenue docu­ practices are consistent w ith the lives
m ents ever issued.” “The new guide­ used in com puting his depreciation de­
lines give m ore liberal lives and m eet duction on th e incom e tax re tu rn . The
th e u rg e n t need for an objective ap ­ reserve ratio provides a range to com­
proach to depreciation, and should pensate for fluctuations th a t occur as
also elim inate m any ad m in istrativ e in vestm ents are m ade in m oderniza­
tion and expansion program s.
problem s,” he said.
In essence, the reserv e ratio test
Tax Savings
verifies w h eth er depreciation claim ed
F o r all A m erican business, th e new on tax re tu rn s is in line w ith a corpo­
depreciation schedules are to provide ra tio n ’s actual re tire m e n t and replace­
a ta x savings of roughly $1% billion m en t policy for equipm ent and facili­
th is year.
ties. Based on this test, a corporation
The changes becam e effective Ju ly m ay be entitled to use equipm ent lives
12, 1962, and firms due to file tax re ­ even sh o rte r th a n those p erm itted in
tu rn s on or after this date m ay follow the new procedure or re tu rn to a
th e new regulations. If th e y wish, longer equipm ent life. The ratio is
how ever, th e old depreciation guide­ conceived as a simple, w orkable m eans
lines set fo rth in B ulletin “F ” can still to v erify depreciation claim s on tax
retu rn s.
be used.
Incom e tax form s and in stru ctio n s
The J u ly revision of depreciation
for 1962 will reflect th e new deprecia­ guidelines rep resen ts the first m ajor
tion p rocedures according to th e In ­ change in th is area in 20 y ears or
te rn a l R evenue Service. A description since th e adoption of B ulletin “F ” in
of th e revised depreciation guidelines 1942. In lig h t of th e trem endous
is contained in In te rn a l R evenue’s changes th a t th e com puter, data proc­
P ublication No. 456 now available essing m achines and record keeping
from S u p erin ten d en t of Docum ents, innovations have b ro u g h t to th e b an k ­
U. S. G overnm ent P rin tin g Office, ing field, the new depreciation sched­
W ashington 25, D. C., for 25 cents.
ules should be especially welcome.

U

Northwestern Banker, Se ptem ber, 1962


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

38

Panam a
Feel Chase tira n ti
POLING CATTLE a t one of th e ranches
in C hiriqui P rovince in P anam a.

ANAMA equals “can al” in th e reason w hy the m ethods th a t had
m ind of th e average N orte A m eri­ m ade ran ch in g so productive in the
cano, b u t m an y L atin A m ericans be­U nited States w ould not w ork in P an ­
lieve th a t P an a m a ’s b urgeoning cattle ama.
in d u stry is quite as fabulous as Teddy
Upon his re tu rn to his office, Mr.
R oosevelt’s big ditch.
H ealy w rote a letter presen tin g his
This is because in th e last ten years view s to his superiors, David Rocke­
th e P an am an ian cattle in d u stry has feller, th en vice president in charge of
undergone a tru ly rem ark ab le tra n s ­ L atin A m erican Affairs, and Charles
form ation. The n et result: Panam a Cain, Jr., head of the in tern atio n al
today has su rp lu s cattle for export, departm ent. T hey liked his plan, and
and so earn s essential foreign ex­ gave Mr. H ealy th e green light.
change, w hile ten y ears ago it im ­
The first step w as to learn m ore
ported m ore th a n $1 m illion w o rth of about cattle. Mr. H ealy spent th ree
m eat annually.
m o n th s boning up on ran ch in g in the
The d ram atic change has resulted, south and w est of th e U nited States.
in large m easure, from m assive in fu ­ T he second step w as to find P an a­
sions of capital and know -how —both m anians w ho w ere qualified in both
provided by the Chase M anhattan b anking and ran ch in g to im plem ent
Bank. T he b ank supplied ex p erts w ho the program .
advised th e ra n ch ers in land m anage­
E n riq u e Real filled half of the bill
m ent, feed problem s, th e use of inoc­
ulations and insecticides, upgrading w hen he joined the bank. He w as the
herds th ro u g h scientific breeding, and first agronom ist to be em ployed by a
im provem ent of grazing land th ro u g h b an k in Panam a, and had both p racti­
clearing, seeding, and use of special cal experience and technical know l­
grasses. To help th e ran ch ers tak e edge of cattle raising. H ow ever, he
advantage of th e new m ethods and w as inexperienced in banking, and so
im prove th e ir h erds and land, the w as sen t to receive practical train in g
bank m ade loans secured eith e r by in cattle loans at th e G u aranty Bank
land or livestock. E qu ally im portant, and T ru st Com pany of A lexandria, La.
His tra in in g period over, Mr. Real
th e loans w ere m ade a t ra te s far below
and
an associate, H onorio Mendez,
those th e ra n c h e rs could get from th e
headed into the cattle co u n try to
m oney lenders in th e area.
spread th e new s th a t Chase M anhattan
Horseback Trip
How did Chase M an h attan get into w ould m ake loans to ran ch ers for
th e P an am an ian cattle business? P ri­ m odernization and h erd im provem ent,
m arily, th ro u g h th e efforts by J. E d ­ if th e ran ch ers w ould follow a scien­
w ard Healy, th en officer in charge of tific p rogram laid out by A m erican ex­
th e b a n k ’s P anam a branches. He is perts.
Slow Progress
now retired. Back in 1950, Mr. H ealy
P rogress w as slow at first. Few of
m ade an extended horseback trip
through th e ru ra l areas of Panam a. th e ra n ch ers w ere w illing to reveal de­
This is w h at he saw: a stag n an t land, tails of th e ir operations to strangers,
w here p ractically n o th in g w as know n and m any w ere skeptical of the claim s
of scientific cattle raising, w here edu­ m ade. A steer reached m arketable
cation w as largely perfu n cto ry , and size (1,000 pounds) in th ree and onew here financing w as extrem ely diffi­ half to four y ears in Panam a. Chase
cult. On th e o th er hand, he saw no M an h attan suggested reducing this

P

Northwestern Banker, September, 1962


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

tim e span to tw o to tw o and one-half
years. T his is th e stan d ard today, but
in 1951 th e ran ch ers found the po ssi­
bility h ard to credit.
A fter the first few loans w ere m ade,
how ever, and the skeptical ran ch ers V
could see the glow ing resu lts of the
program , th ey flocked to Chase M an­
hattan.
The bank, w ith six P a n a m a ^
branches, c u rre n tly has outstanding
about $5,000,000 in cattle credits to
m ore th a n 1,500 n ative ranchers. The
b an k ’s financing activities indeed have
bro u g h t forth a new breed of cattle on
the Isth m u s—chattel-cattle.
Special Brand
T hey can be distinguished by the
“CMB” bu rn ed on th e ir hips, indicat+
ing th a t Chase M anhattan is partow ner u n til th e steers are tak en to
m ark et and th e b a n k ’s loans repaid
w ith th e sale proceeds.
Chase advances 75 per cent of the
m ark et value of the steers. The ran ch ­
ers use th e funds to im prove th e ir
herds and land. The b an k charges 7
per cent in terest on loans secured by
v
feeding cattle. In te re st on loans col­
lateralized by land m ortgages as well
as the cattle-chattels is 6 per cent.
The b a n k ’s in te re st rates com pare
r
m ore th a n favorably w ith th e going
ra te of o th er C entral A m erican m oney­
lenders. In n earb y H onduras, for ex­
am ple, such loans w oud c arry an 18
p er cent in te re st charge.
David Rockefeller, w ho is now p resi­
dent of Chase M anhattan, likes to
point out th a t w hile th e b ank's pro­
gram in P anam a m ig h t look som ew hat
x
unusual, it w as based on th e triedand-true principle th a t one of a bank's
functions is to m ake funds deposited
w ith it by prosperous sectors of an
econom y available to less favored sec­
to rs so th a t th e en tire econom y can
advance.

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Our Dynamic tComptroller
C o n tro versia l Jam es M. Saxon C onducts a
B y U. V. WILCOX
W a sh in gton R e p o r te r

>

MAJOR section of th e b an k in g w orld is now having
its say on w h a t is w rong w ith b an k in g processes
and how b anks can b est expand to m eet th e com ­
p etitio n of savings and loan associations, cred it unions,
and o th er financial in stitu tio n s.
C om ptroller of th e C urrency Jam es J. Saxon, alm ost
from th e day th a t he took office, has been testin g out the
sen tim en t of n atio n al b a n k ers as to w h a t th e system
should do to im prove th e quality of th e ir operations and
ren d er w ider, and if possible, b e tte r services to th e ir com­
m unities.
The C om ptroller w ho has now becom e som ething of a
controversial official, chose to send to all natio n al banks
a series of subjects on w hich he invited suggestions. At
th e tim e th a t he w as before th e Senate B anking Com­
m ittee for confirm ation, he told of his plans, and th e com­
m ittee com m ended him and w ished him well.
T here is no record th a t th e C om ptroller’s m ethod of
in v itin g b an k ers them selves to express them selves as to
th e need for broad im provem ents has ever been tried be­
fore, certain ly n o t on such a scale w here all national
ban k ers could have th e satisfaction of saying ju st w h at
is w rong w ith p re se n t operations and how th e y could be
im proved.
W hen th e Senate had before it th e F in an cial In s titu ­
tions Act, leading b a n k ers across th e n atio n m ade pro­
posals w hich w ere la te r em bodied in a bill u n der the
auspices of S enator A. W illis R obertson, ch airm an of the
B anking Com m ittee. W hen Senator R obertson w as in ­
form ed by C om ptroller Saxon w h at he w as plan ning to
do to im prove th e n atio n al b an k system , th e senator
w ished him well and hoped th a t he w ould have b etter
luck th a n he did, since the F in an cial In stitu tio n s Act,
w hile p assing th e Senate, n ev er cleared th e House.
In th e c u rre n t p rog ram th e situ atio n is som ew hat dif­
ferent. C om ptroller Saxon p articip ated in m uch of the
spade w o rk th a t resu lted in th e F in an cial In stitu tio n s Act.
He w as th e n associated w ith th e F irs t N ational B ank of
Chicago and also served as a co n su ltan t to th e Senate
B anking Com m ittee. H ow ever, as a previous T reasu ry
D epartm en t employee, he is w ell acquainted w ith th e long
and to rtu o u s ro u te th a t legislation m u st tra v e l in Con­
gress before enactm ent.
T he m aking public of th e sum m aries of th e replies th a t
he has received from n atio n al b an k ers is expected to aid

A

Northwestern Banker, Septem ber, 1962


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

him th ro u g h public discussion in securing m any reform s
th a t are said to be needed. F u rth e r, th e C om ptroller m ay
in m any instances m ake changes in th e reg u latio n s of his
office to accom plish some of these reform s. T his he has
prom ised to do.
E v en tu ally it is expected th a t Congress w ill be asked
to im plem ent some of th e reform s suggested by national
b ankers w ith new legislation. B ut in th is cynical city no
fast and im m ediate action is anticipated. The initial re ­
p o rt by Mr. Saxon w as m ade to P resid en t K ennedy, who
already has before him, or in th e process of receipt, th e
reactions of th e b anking agencies of g overnm ent to th e
recom m endation of the Com m ission on M oney and B ank­
ing.
T here is a d istinct difference betw een th ese proposals.
The Com m ission’s suggestions and recom m endations
cover the w hole scope of b an king processes w hile th a t
of th e com m ittee concerns only th e n ational banking sys­
tem and those w ho have replied to Mr. Saxon’s question­
naire have not w andered far from th e them e of im proving
th e operations of n ational banks.
It is obvious th a t in some instances th ey could h ard ly
discuss national banking practices w ith o u t im pinging on
th e operations of F ed eral R eserve m em ber banks and
those of th e state ch artered banks. B ut m any of the sug­
gestions w hich have been m ade are based on th e assum p­
tion th a t th e basic purpose is to im prove all banking.
The w hole gam ut of b an king problem s are encom passed
w ith in th e suggestions m ade by th e national b ankers. In ­
cluded are th e following:
1. B ranches and th e pow ers th a t w ould be achieved u n ­
der broader bran ch in g au th o rity .
2. W h at are th e altern ativ es to branching?
3. Com petition w ith o th er financial in stitutions.
4. T he problem of m ergers along w ith th e ch arterin g
of new banks.
5. B ranching and th e dual b anking system .
6. W h at w ould be th e perm issible areas for th e branch
ing of n ational banks?
7. W h at about th e facilities and offices for the accommo­
dation of th e public?
8. The ad m in istrativ e problem s th a t branching raises.
9. T he problem of reserve req u irem en ts such as geo­
graphical difference.
10. The regulation of in te re st rates.

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41

„Im p o rta n t S tu d y A m o n g N a tio n a l B an ks

11. The absorption of exchange charges.
12. N ational b an k s to handle sales and services of m u ­
nicipal bonds.
The foregoing can be cited only as sam ples of topics
upon w hich n atio n al b an k ers freely expressed them selves.
Of all th e topics placed before th e natio n al b ankers
th a t of th e rig h t of or privilege to establish b ranches w as
probably th e m ost controversial. C ertainly such organi­
zations as th e N ational A ssociation of S upervisors of

C om ptroller Jam es M. Saxon

>

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

State B anks and th e In d ep en d en t B ankers A ssociation
have repeatedly expressed fears of th e encroachm ent of
national banks in areas w here th e re are state banks. This
w ould be h arm fu l and detrim en tal to th e dual banking
system th e y insist.
T he view s of n ational ban k ers on th e subject of branch
banking is approached n o t from th e com petitive side
w holly b u t from th e desire to ren d er w ider and m ore
efficient service. T here are also th e m erger aspects of the
subject w hich are w oven th ro u g h the replies.
C ertainly one of th e chief arg u m en ts advanced by the
banks w hich responded on th e subject w as th e o pportu­
n ity to provide im proved and m ore efficient services to
th e ir custom ers. M any ban k ers believe th a t th e surge
tow ard b an k expansion is tied in w ith th e need for banks
to m echanize th e ir operations and th e high cost of such
m echanization.
The m ove to b rin g about g reater econom ies is an o th er
phase, say m any bankers, to th e allied problem of popula­
tio n ’s grow th. P opulations of cities shift, th e y point out.
T here are now m any new avenues of tran sp o rtatio n . The
need to follow th e custom er to th e suburbs is a p a rt of
th e problem .
Some of th e ban k ers say th a t w ith o u t the pow er to
branch, banks w ith excess lending facilities ten d to move
tow ard th e m aking of risk ier loans. T he national ban k ers
say th a t changes tak e place co n stantly in th e areas of ex­
cess deposits and the need to p u t them to w ork. T he capi­
tal of a ban k m u st be continually functioning.
V arious ban k ers point out th a t th e p resen t lim itations
over bran ch in g pow ers have b ro u g h t about less efficient
types of b anking operations such as affiliate banking,
holding com panies, overlapping ow nership and in terlo ck ­
ing directorates. I t is claim ed th a t these are less efficient
m ethods of servicing th e public.
Some ban k ers believe th a t th e fostering of new banks
is n ot th e b est w ay to serve th e public, since it is often
difficult to staff new banks and adequate capital is not
alw ays available to a new in stitution. I t is claim ed th a t in
some instances ban k holding com panies have fostered the
estab lish m en t of new banks expecting to take over the
in stitu tio n later.
T here is th e argum ent, too, th a t o th er financial in sti­
tu tio n s freq u en tly benefit m ost w here bran ch in g is p ro ­
hibited. F u rth e rm o re th e b an k ers point out th a t in some
Northwestern Banker, Se pte m ber, 1962

42

Saxon has op en ed
P a n d o r a 's H ox o f h a n k er
fretin y s o f th e n e e d for
intp r o rent en t "

areas savings and loan associations are p erm itted to estab­
lish branches w hile th ey are not.
In th e discussion of bran ch pow ers th e replying banks
did n o t distin g u ish betw een b ran ch acquisitions th rough
m ergers and th e estab lish m en t of new banks. T he em ­
phasis ra th e r is on th e absorption of existing sm all banks
into larg er b an k in g chains. It is fu rth e r pointed out th a t
sm aller banks in ad jacen t areas of cities are not capable
of providing a full range of b anking services such as are
needed these days.
The b an k ers w ho oppose an extension of b ranching
pow ers cen ter m uch of th e ir opposition on th e conse­
quences th is change in policy will have for th e dual b an k ­
ing system . It is argued th a t if natio n al banks are p e r­
m itted m ore len ien t b ran ch in g pow ers at th e discretion
of the F ederal governm ent, th e a u th o rity of th e states
them selves w ill be dim inished and all state ch artered
banks w ill be placed at a disadvantage.
T here are th e expressed fears th a t th e disappearance
of th e sm all u n it b an k w ill m ean th e eventual destruction
of the little b an k and th e dom ination of th e A m erican
banking system by g ian t b anking chains.
T here are direct d isagreem ents w ith those w ho believe
in th e d u ality of our ban k in g system , since it is pointed
out th a t th e states have th e ir own system w hich offer
v ery little o p p o rtu n ity for cooperation w ith th e national
banking system .
Also u n ifo rm ity of policy cannot be achieved in any
event so long as th e re are 50 state ju risd ictio n s each
p u rsu in g different standards. T hen it is pointed out th a t
th e states could ad ap t th e ir ban k in g codes so as to check­
m ate th e national system should th e y so desire.
Quite a n u m b er of natio n al banks endorse the view s of
the Com m ission on Money and B anking w hich recom ­
m ends in effect th a t natio n al banks be allow ed to branch
w ith in “tra d in g areas,” w hich is in substance “trad e area
branch ban k in g .” A previous com ptroller some years ago
proposed and sup p o rted th is them e.
It is also pointed out th a t th e re are m any banks w hich

are located close to state borders, such as th e D istrict of
Columbia. In these th ere are no such possibilities as
trad in g areas b u t instead an artificial border line th a t
p revents banks from o perating across state lines.
In th e v ariety of view s presented it is n atu ra l th a t inequities of established reserve req u irem en ts should be
cited. E specially is it noted by several th a t banks should
be allow ed to m aintain all, or some portion, of reserves
in th e form of earn in g assets.
The largest proportion of banks com m enting on this
situation favor th e elim ination of reserves for tim e and
savings deposits as a m eans of counter-balancing the in ­
creased costs resu ltin g from th e recent rise in th e perm is­
sible m axim um rate. These suggestions obviously come
chiefly from th e sm all banks and from those w hich do
not c arry large am ounts of consum er credit loans.
it is also observed th a t m u tu al savings banks and sav­
ings and loan associations are not subject to such lim ita­
tion and th u s have a com petitive advantage. G enerally
speaking th ere is opposition to reserve req u irem en ts on
th e ground th a t these are not needed to assu re liquidity
hence serve no useful purpose in the operation of m one­
ta ry policy.
T here are also objections offered to in terest ra te regula­
tions. The arg u m en t presented is th a t the m axim um rate
p erm itted quickly becomes th e c u rre n t ra te and not all
banks can afford to pay it. The p resen t system is said to
stim u late u n fair com petition.
T here are objections to w h at co n stitu tes in terest rates.
P resen t rules are called obscure and leading to practices
w hich favor those banks w hich take a liberal view point.
T here are expressions of opinions th a t th e Com ptroller
of th e C urrency should be in charge of in terest rates since
he could take into consideration a nu m b er of o th er bank
costs such as payroll services and v arious prom otional
activities.
R egulation Q comes in for considerable criticism s for
its lack of unifo rm ity as betw een w h at the F ederal Re­
serve B oard and the w ay th e Federal Deposit Insurance
C orporation defines it. T here are those w ho charge th a t
the rate is ignored by m any banks.
On the w hole th e replies of national b ankers are well
docum ented and often p resen t detailed exam ples. The
w hole scope of banking practices is em bodied in these
com m ents. It is obvious th a t these replies raise m any
questions and m ost of them are controversial. The rep o rt
will be cited by b ankers across th e nation on the need for
im provem ents.
C om ptroller of th e C urrency Saxon has opened a P an ­
do ra’s box of b anker feelings of th e great need for im ­
provem ent. H ow ever, it will be a long tim e before Con­
gress changes presen t laws.—E nd.

ASHWELL & COMPANY
COMMERCIAL
PAPER

COLLATERAL
LOANS

176 W est A dam s Street
CHICAGO 3, ILLINOIS
Téléphoné R A 6-5432
•
Northwestern Banker. Septem ber, 7962


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

•

Y

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43

W hy a Gamble D ealer Franchise
is an unbeatable investm ent o p p o rtu n ity
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a business, you ask certain questions, to which
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A M E R I C A ’S H O M E

TOWN

STORES

Northwestern Banker, Se pte m ber, 1962


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

44

In depen dents F u ro r Sauk Centre
EM B E R b anks p articip atin g in an
Of those w ho voted for th e move,
In d ep en d en t B ankers A ssocia­ 500 favored Chicago, 111., as a head­
tion referen d u m election on a possible
q u a rte rs location; 346 favored M inne­
h ead q u a rte rs m ove have voted 2,091 to apolis, Minn.; 293 picked Des Moines,
1,161 ag ain st m oving th e IBA office Iowa; eight selected W ashington, D.
from its p re se n t location in Sauk Cen­ C., and 14 indicated no preference.
tre, Minn.
R esult of the referen d u m w ill be
T he vote ag ain st m oving w as 63.6 sub m itted to th e IB A ’s H ead q u arters
p er cent of th e 3,287 ballots retu rn ed . and Dues Com m ittee, w hich w ill m ake
E ach of th e IB A ’s 6,055 m em ber banks its recom m endation to th e executive
w as eligible to cast one vote. T hirty- council.
five b ank ers w ho re tu rn e d ballots ex­
The association has been h ead q u ar­
pressed no preference.
tered for over 30 y ears in Sauk Centre,

M

a com m unity of about 3,500 popula­
tion.
A n u m ber of th e ballots w ere re ­
tu rn e d accom panied by w ritte n com­
m ents. P a rticu larly vivid w ere those
th a t expressed strong sy m pathy for
th e IB A ’s sm all tow n identification.

P lan F o o tb a ll Party
C orrespondents of T he C entral B ank
and T ru st Company, Denver, w ill be
invited to atten d a special football
p a rty on S aturday, October 20, accord­
in g to M ax G.
Brooks, president.
The p a rty will
be held in connec­
tion w ith th e n a­
t i o n a l dedication
of th e new Falcon
S t a d i u m a t th e
A ir Force Acad­
em y . T h e AFA
Falcons and the
U n iversity of OreM. G. B R O O K S

g o n fo o tb a ll g a m e

w ill follow th e dedication. A dvance
publicity indicates th e A ir Force plans
a m om entous occasion w ith Hollywood
personalities, P entagon brass, political
pow ers, and a special half tim e a ttra c ­
tion fe atu rin g th e four je t aces know n
as th e T hunderbirds.
A fter th e game, th e b ank plans to
en te rta in its guests at the Compopolitan H otel in Denver, w ith a cocktail
p a rty and buffet dinner.

H ead s T ru st C om m ittee

...as HOURS1 SERVICE A DAY!
More, if necessary. The First has the manpower and
the working experience to apply as many hours as necessary
(day or night) to help a correspondent. This know-how
is available to you. We’d like to help you.

T

he

F

ir s t

Na

t io n a l

Northwestern Banker, Septembe r, 1962


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

B

a n k

of

D

en v er

Jesse W. Tapp, ch airm an of the
board of directors of B ank of America,
has been nam ed head of th e b an k ’s
G e n e ra l T ru s t
Com m ittee it w as
announced recen t­
ly“A ppointm ent of
th e board ch air­
m an to head this
m a j o r com m ittee
is an o th er step in
th e b a n k ’s p ro ­
gram to expand
s e n io r m anagej. w. t a p p
m en t p a rtic ip a ­
tion in th e area of our tr u s t activities,”
P resid en t S. C larke Beise said.
The general tru s t com m ittee, w hich
includes both directors and officers of
th e bank, is responsible to th e board
for supervision of th e tru s t d ep art­
m en t and determ in atio n of tru s t poli­
cies and practices.
Mr. Tapp joined B ank of A m erica in
San F rancisco in 1939. In 1951 he w as
nam ed executive vice presid en t and in
1955 w as appointed chairm an of the
board of directors w ith offices in Los
Angeles.

45

Photograph courtesy the Manhattan Savings Bank, New York City

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Builds Character • Builds Savings • Builds Business for Financial Institutions
Northwestern Banker, S eptem ber, 7962


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

46

M o rtg a g e fla n k ers to Chicago

considered in com ing to th is conclu­
sion,” Mr. T renholm stated. “Such in ­
p p r o x i m a t e l y 3 ,5 0 0 m ortgage
F ro m the w orld of business will fluences on th e econom y as th e recent
ban k ers from th ro u g h o u t th e come MBA’s president, Carton S. Stal- stock m ark et declines, w hich will
U nited States and Canada w ill g ath erlard, president, Je rse y M ortgage Com­ lengthen the norm al in terv al of busi­
at the Conrad H ilton H otel in Chicago, pany, E lizabeth, N. J.; MBA’s vice ness decisions to spend for new plants
111., October 1 th ro u g h 4, for th e 49th president, Dale M. Thom pson, p resi­ and equipm ent; the leveling off of gov­
A n n u a l Conven­ dent, City Bond and M ortgage Compa­ ern m en t expenditures; th e w eakening
tion of th e M ort­ ny, K ansas City, Mo.; MBA’s general of corporate profits; and the failure of
gage B ankers A s­ counsel, Sam uel E. Neel, W ashington, th e 1961-62 recovery to m atch earlier
sociation of A m er­ D. C.; H e rb ert V. Prochnow , president, expectations com bine to offset the
ica.
The F irs t N ational B ank of Chicago; b rig h ter aspects of th e p resen t eco­
T h e f o u r - d a y Seth P. W oltz, president, Society of nom ic outlook.
“H ow ever, th e stim u latin g effects of
program w ill fea­ R esidential A ppraisers, and E dw in D.
t u r e o u tstan d in g E th erin g to n , president, The A m erican revised depreciation schedules; the
c u rre n t state of inv en to ry accum ula­
m en f r om the
Stock Exchange.
tion; the ready availability of funds
m ortgage, real es­
for consum er and business financings;
tate, building and
P red icts M ild R e cessio n
and
the possibility of tim ely and sig­
g
o
v
e
r
n
m
e
n
t
a
l
Though it is not expected to be
H. V. P R O C H N O W
areas of th e econ­ e ith e r severe or prolonged, the econ­ nificant tax reductions should prev en t
omy. F ro m th e n a tio n ’s capital w ill om y will en ter a recession period w ith ­ the anticipated recession from being
come R obert V. Roosa, U nder Secre­ in th e n ex t several m onths, Jo h n P. too severe,” he said.
ta ry of th e T re a su ry for M onetary Af­
C om m enting on th e du ratio n of the
Trenholm, vice
fairs; R obert C. W eaver, ad m in istrato r,
predicted
dow nturn, Mr. T renholm
p resid en t of the
H ousing and Hom e F inance Agency;
A m erican N ation­ continued, “Business, like th e consum ­
Neal J. H ardy, com m issioner, the F ed ­
al B ank and T ru st er, has not gone overboard on spend­
eral H ousing A dm inistration; J. S tan­
Com pany of Chi­ ing for the unn ecessary accum ulation
ley B aughm an, president, the F ed eral
cago, predicted in of goods. Thus, fu tu re rates of p ro ­
N ational M ortgage Association; M arie
a rep o rt m ade to duction should n ot have to suffer
C. M c G u i r e , com m issioner, Public
t h e b a n k ’s offi­ sh arp declines w hile excess inven­
H ousing A dm inistration; W illiam L.
tories are liquidated.
cers.
Slayton, com m issioner, U rban R enew ­
“Of course, the influence of the so“Five m ajor fac­
al A dm inistration, and S i d n e y H.
tors on both the called ‘confidence n egatives’ such as
W oolner, com m issioner, C om m unity
negative and pos­ th e attitu d e of th e presen t ad m in istra­
J. P. T R E N H O L M
F acilities A dm inistration.
itive sides w ere tion tow ard business; th e prospect of
an o th er large F ederal deficit in fiscal
1963, and th e increasing prerogative of
E uropean creditors to influence our
dom estic m o n etary policies as a resu lt
of th e ir new economic federation and
large short-term credit holdings are
difficult to gauge,” he said. “But, u n ­
less unforeseen changes take place, we
believe th a t the near-term effects of
these factors will be relativ ely m ild.”
is always
Mr. T renholm heads th e b a n k ’s Se­
curities Division.

A

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BANKERS

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S e rv in g you around the w o r ld . . . around the d o c k

St. Paul Fire & Marine Insurance Company
St. Paul Mercury Insurance Company
Western Life Insurance Company

Northwestern Banker, September, 1962


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

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BLANKET BOND

"ONE STEP"

W ashington
S t. P a u l , M in n.

U

St. Paul Agent today!

M ilw au k ee P r o m o tio n s
Jo h n G. Topp, an officer in the banks
and ban k ers division, has been pro­
m oted to vice p resident of the F irst
W isconsin N ational Bank, M ilwaukee.
O ther prom otions include, A. Paul
Jones to a ssistan t vice president, and
K enneth C. Boorse and H ow ard Solverson to a ssistan t cashiers.

4

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4

T alcott E arn in gs U p
Jam es Talcott, Inc., rep orted n et in­
come rose 18 per cent to a new high
d uring the six m onths ended Ju n e 30,
1962.
H erb ert R. Silverm an, president of
the m ajor in d u strial finance company,
said consolidated n et earnings for the
first half of this y ear w ere $2,894,936
as com pared w ith $2,549,428 for the
first six m onths of 1961.

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A

90 seconds!
That’s all it takes to sell
FNCB pre-packaged
Travelers Checks!

1

Customer has choice of five or ten checks per pack in $10, $20,
$50 or $100 denominations covering sales from $50 to $1,000.

3

Customer merely completes simple Purchase Agreement Form.
Copies made automatically without carbon!

2

Teller selects package desired from appropriate pocket of his
sales pouch. No assembling necessary.

Teller detaches four-part form from package, collects proper
charges. . . hands customer pink copy and wallet of checks.

speedy!
convenient!
profitable!

5

Customer signs each check before leaving bank—pleased with
the fast service he’s received.

FNCB pre-packaging makes it easy to sell travelers checks at any
window, every department. Write FNCB for full details today.

Our 150th Anniversary Year

F IR S T N A T I O N A L CITY B A N K
399 Park Avenue, New York 22, N.Y.

Member Federal Deposit Insurance Corporation

Northwestern Banker, Septembe r, 1962


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

48

N orthern T ru st P la n s

b ank are consultants for th e in terio r
design. George A. F u ller Com pany is
th e general contractor.
The p ro p erty on w hich th e addition
is to be erected has been acquired by
purchase over the p ast several years,
and to g eth er w ith th e p ro p erty al­
ready owned, extends from LaSalle to
W ells Street. Clearance of the site
w ill begin th is m onth. C onstruction
w ill follow im m ediately. The cost is
estim ated a t $20 million. The com ple­
tion date is set for 1965.

N E W 12-STORY A D D IT IO N proposed by The N o rth ern T ru st Company, Chicago, is

shown in a rc h ite c t’s rendering. I t is to be located on n orthw est Corner of L aSalle and
Monroe.

H E N o rth ern T ru st Company, Chi­
The arch itectu re w ill be contem po­
cago, has announced plans for th e rary. T he ex terio r w ill be of granite.
constru ctio n of a 12-story buildingThe building w ill feature recessed
w hich w ill be com pletely in teg rated w indow s designed to give a light and
w ith its m ain building a t 50 South L a­ a iry atm o sphere and at the sam e tim e
Salle Street. The addition will extend priv acy in th e conduct of banking
th e p resen t b an k building to th e w est business. C areful consideration has
156 feet along M onroe S treet and w ill been given to th e u n ity of the stru c ­
tu re w ith th a t of the original building.
connect on th e w est w ith its p ark in g
C. F. M urphy A ssociates are the a r­
facilities facing on M onroe and W ells
chitects. F razier, R aftery, O rr & FairStreets.

T

Cancellation by Perforation*
“ P D ” can cel­
la tio n alw ays
m ean s P A ID
to the general
p ublic but can
be sa id to
m ean on ly
P O S T E D or
PRO CESSED
to other banks
w hen item s
are returned.

*use y o u r S e c u r it y H a llm a r k to g e t m o re
C h e c k in g a c c o u n t s —T h e C um m ins S ecu rity H allm ark
P rom otion d ra m a tically te lls your cu stom ers and p rosp ects how
an d w h y you r perforated can cellation m ak es it safe to m ail back
p aid checks, sa fe for d ep ositors to keep them as lon g a s th ey
w ant, and m akes each can celed check an u n d isp u ted proof of
p aym ent. It ex p la in s how th is b etter m eth od of can celin g is the
o n ly one g ivin g all of th ese ad van tages to the d ep ositor—that its
u se is ju st one v isib le exam p le of th e m an y w ays you protect
and serve them . It in clu d es ad m ats, radio and T V com m ercials,
p u b licity —and m ore, all free. S en d for you rs now.

fjtfo. /

INBUSINESSANDBANKS £ SINCE1887

CLummsns

♦

Northwestern Banker, September, 1962


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

/
/ CUMMtNS-CMtCAGO CORPORATION
rSIN
CEMr # 4740NRAVENSWOODAVE • CHICAGO40. ILL.
■
m m / SAUES ANDSERVICEINALLPRINCIPAL CITIES

Adds 400,000 Square Feet
A nnouncem ent of th e project was
m ade by Solomon A. Sm ith, chairm an,
Solomon B. Sm ith, vice chairm an, and
E dw ard B yron Sm ith, president. In
th e ir statem en t th ey pointed out th a t
th e new construction w ill add approxi­
m ately 400,000 square feet of space to
th e p resen t building. It w ill enable
th e b ank to provide enlarged custom er
service areas, and at the same tim e
p erm it th e consolidation of its opera­
tions w hich are now spread th ro u g h ­
out five neighboring buildings. The
addition w ill be devoted en tirely to
th e use of The N o rth ern T ru st Com­
pany.
The b a n k ’s m ain en trance will con­
tin u e to be on LaSalle Street. Thei’e
w ill also be an en tran ce on Monroe
Street, and an o th er en trance opening
to th e w est w hich w ill connect the
bank w ith its new and im proved p a rk ­
ing facilities.
Buildings W ill Join
All six floors of the p resen t building
w ill be extended to the w est the full
w idth of th e new addition. F o r the
g reater convenience of custom ers all
personal b an king and checking serv ­
ices w ill be m oved from th e second to
the first floor of th e bank. The first
floor w ill also contain an enlarged sav­
ings d ep artm en t and all consum er
credit activities. It is contem plated
th a t th e second floor w ill be devoted
to com m ercial and in tern atio n al b an k ­
ing, correspondent banking, and the
bond departm ent. The chief executive
offices w ill continue to be located on
th e th ird floor, w hich w ill be enlarged
to accom m odate all tru s t ad m in istra­
tive activities. U pper floors will con­
tain th e o p erating and staff d ep art­
m ents, th e com puter installation, din­
ing room s, m eeting rooms, and a m ed­
ical dispensary. The safe deposit
v au lts w ill be located on low er Level
A and reached by escalator.
The latest type of air conditioning
equipm ent w ill in su re year-around
tem p eratu re and h um idity control.
Ten high-speed elevators will provide
m axim um convenience in reaching all
floors of th e bank.

X

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49
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

T h e r u s h is s t ill o n !
Since the first gold nugget was discovered at Sutter's M ill, Northern
C alifo rn ia has been a magnet draw ing the am bitious and the energetic. In little
m ore than a century, they have built a diverse, dynam ic econom y
that ranges from lum ber to lunar probe, from cattle to com puters. This is
the land that has been W ells Fargo country since 1852 — and our 135 offices serve
it from Eureka to M onterey Bay, from San Francisco to the Sierra.
W hether you need accurate econom ic facts, or com plete banking service, call
on W e lls Fargo Bank, 464 C alifo rn ia Street, San Francisco.

4^ W ELLS

FARGO B A N K

F O R M ER LY W E LL S FARGO B A N K A M ER IC AN T R U S T C O M PAN Y

Northwestern Banker, Se ptem ber, 1962


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

50
Y

T h e P e r s o n a l C o lu m n
Excellent f o r p r o m o t i o n if done right!
NE of the best ad v ertisin g gim ­
m icks in th e business is a p er­
• • •
sonal colum n in a new spaper if th e
w rite r is w itty and up-to-date on c u r­
re n t events in his com m unity.
T here are several exam ples of such
well-read colum ns,
one of the m ost
in terestin g being
one entitled B ank
D rafts, c l e v e r l y
w ritte n by John
O. Bohm er, p resi­
dent of th e F irst
nrt ? st minute reminderNot 50 »ure tney -n last day for Feed Grain
Did jyouSlgnupS t a t e B a n k of
know that a Forger is a me open on Saturday,
: Did
bad .name?
Is a fellow who gives a check
This time
i
of
M urdock, Minn.
M r. B o h m e r ’s
colum n is newsy.
J. H. B O H M E R
JOHN BOHMER, President — SELBY RIESLING, Cashier
A nd in betw een
We want to start out this week by offering our congratulat­
sh o rt p arag rap h s of “soft sell” for
ions to all the seniors who now are on their way to beginning
of a new wav of life. There is quite a change from associating
with kids in'school every day, and suddenly getting a job and
b anking services are notices of activi­
associating with adults.
It’s no wonder they call them commencement exercises.
ties in th e com m unity, h um an in terest
This is really the begining of adult life for these young peopie. Either they go on to College, or they go out and get a
item s outside of th e “stra ig h t new s
job and work with other adult people.
There's an old saying that "everyone stamps his own value
m a tte r” in a new spaper, co n g ratu la­
on himself." For you seniors, this is a thing to think about.
Be proud of what you are. By this time you know th e 'd iff­
erence between right and wrong. Practice that, and make up
tions and advice, and fu n n y stories
vour mind that the last thing you would do is something
wrong. People will soon know you for what you are, and will
and superbly-selected jokes.
judge you accordingly.
Young people have lots of fire and ambition. They are all
Mr. B ohm er noted about 10 years
ready to conquer the world, feel that they know all the an­
swers. Maybe its a good thing they work with people of more
experience to help stabilize and teach them to control themago th a t people around tow n com­
m ented favorably about a sim ilar col­
um n being published by a lum ber com­
pany. “W hen it w as discontinued,” selves and it seem s to b rin g th em in.
he told th e N orthwestern B anker, “I Our cashier ju st told me th a t w e have
sta rte d m ine, b u t elaborated and m ade averaged a new checking account per
it m ore personal, using local nam es day for th e p ast tw o m onths. L ast
here and there, som etim es in fun. It year th e b ank got about one new ac­
w as an im m ediate success and people count p er m onth.”
He said he began b an king in Brootcam e in to rem ark about a certain p a r­
en,
Minn, (his o ther b ank), and ad v er­
ag rap h here or there.
“I feel it is by far th e best m oney tised th ere w ith th e column. The pub­
I have sp ent for advertising. The cost lish er p u rch aser an o th er new spaper,
so Mr. B ohm er used the colum n in it
of th e colum n varies w ith (w eekly)
also.
“L ast w in te r,” he said, “w hen
n ew spapers from $165 to $300 p er year
(once a w eek) and we do n ot do any w e bought the F irs t State of Murdock,
oth er ad v ertisin g except perh ap s an we began adv ertisin g in both papers
occasional bond ad or New Y ear’s and here, each being in a tow n on the
opposite side of M urdock.”
C hristm as ad.”
The grow th of th e B rooten bank has
Mr. B ohm er said he tries to w rite
th e copy on F rid ay for the n ex t T h u rs­ m ore th an doubled since Mr. Bohm er
took over th ere and th e ban k at M ur­
d ay ’s new spaper.
“I try to explain the v ery basic dock has increased m ore th an 25 per
th in g s about banking th a t m ost people cent since he took it over in F ebruary.
nev er b o th er to look into for them- —End.

O

STeel-w strONG
M A N U A L COIN COUNTER
f o r u s e w i t h T U B U LA R W R A P P ER S

Saves time and speeds up co u n tin g of
pennies, nickels, dimes, quarters and halves.
Just push tu b u la r wrapper up inside of
Bakelite stem, holding bottom closed with
finger. Count coins into hopper. Pull wrapper
from bottom and crimp ends. In five sizes.

Bank Drafts...

S i l i
SEAL P RE S S a n d
LEAD SEALS
Twice the leverage, half
the weight (weighs only
17 ozs.), with this Seal
Press! Makes p e rfe c t
die im p re ssio n when
d eform in g seal. Lead
S e a ls a re d ie c a s t
from virgin lead. Seals
s u p p lie d w ith p in s
in varying lengths.

COIN PACKAGING TRAY
Convenient for
h a n d - fillin g

Tubul ar
Wrappers.
Possesses
three grooves
to accommodate all diameter coins.
A handy item you will use daily.

TELLER’S MOISTENER
Speeds up Teller’s counting
and banding of currency.
M o istu re for finger tips,
capillary pad for Bill Straps,
in just the right amount of
moisture. Made of plastic,
in rich mahogany f in is h .

\
SHIPPING

SPO N G E FOR FIN GERS
PAD FOR BILL STRAPS

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TAGS

Made of linen for extra
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IWkM»MVtWA|
6t»" with stub; same size
with blank stub; 23g"x4%"
without stub. Reinforced
eyelet to edge of Tag. Printed red, black

SEE YOUR
DEALER OR
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HANNIBAL, MISSOURI

M EM BERS

W orld's Largest M anufacturers
o f Coin Handling Supplies A

N E W Y ORK ST O C K E X C H A N G E

Northwestern Banker, Septembe r, 1962

H u m m er
C H IC A G O

zvC.L. DOWNEY


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

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Co.

Security F irs t N ational B ank of Los
Angeles has announced th e following
head office appointm ents: F re d L. M er­
rill, a ssistan t controller, control serv­
ices; N icholas Price, assistan t cash­
ier, bank and custom er relations; Guy
T. Baker, a ssistan t cashier, operations;
Donovan C. M artin, assistan t cashier,
central credit, and Jo h n M. Felton,
a ssistan t cashier.

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51

See you at A tla n tic City
Today, just as in 1911, Atlantic City is a won­
derful place to meet and chat . . . to visit with
old friends and to make new ones . . . and, on
occasion, to talk banking and other business.
You'll find us there (during the A.B.A. Con­
vention) doing just that. Rekindling old friend­
ships, sparking new ones, and talking about

what's new in banking. We'd like to hear what's
new in your bank and to tell you about what’s
new in ours. Especially the new correspondent
services that can better serve your needs.
Be sure, at this year’s convention, to talk with
the men from the bank that knows the Midwest
best—The First National Bank of Chicago.

The F irs t N ational Bank of Chicago
Dearborn, Monroe, Clark and M adison Streets • B uilding with Chicago since 1863

m em ber

f. d. i. c .

Northwestern Banker, Se ptem ber, 1962


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

52

itnnk Women Convene in St. Louis
ANKING in a W orld of New Di­ St. Louis U niversity, w ill be principal
m ensions” w ill be th e them e of speak er a t th e A w ards and Scholar­
th e 40th annual convention of th e N a­ship luncheon on W ednesday, October
tional A ssociation of B ank W om en to 31. The annual NABW and Jean Arbe held in St. Louis, October 29 not Reid A w ards w ill be m ade a t the
th ro u g h N ovem ber 1, 1962. The con­ luncheon.
vention will be held a t th e C hase-Park
Post-convention to u rs to New Or­
Plaza Hotel in m id-tow n St. Louis.
leans and to the M issouri Ozarks have
Miss A m elia Schirm er, a ssista n t vice been arran g ed follow ing th e four-day
p resid en t of St. Louis C ounty N ational business m eeting.
Bank, is general ch airm an of th e con­
vention. Miss H ilda H. K ollm ann,
H ead s D eL u x e C heck F irm
vice presid en t and directo r of C ounty
Joseph L. Rose of St. Paul, Minn.,
B ank and T ru st Com pany, Blue Is­
has been elected presid en t of DeLuxe
land, 111., is p resid en t of NABW.
Check P rin ters, Inc. He succeeds
H eading th e convention speakers
w ill be Calvin O. Johnson, fo rm er Con­ George W. M cSweeney of Chicago w ho
died on Ju ly 20
gressm an and c u rre n tly executive as­
follow ing a h e a rt
sistan t to th e vice p resid en t of R em ­
attack.
ington R and—D ivision of S perry R and
Mr. Rose is 51
C o r p o r a t i o n . A n atio n ally know n
y ears old and has
speaker, Mr. Jo h n so n w ill speak on
b e e n w i t h De“O pportunities U nlim ited” at th e P re s­
L uxe for 33 years.
id en t’s B anquet, W ednesday evening,
He joined the
October 31.
c o m p a n y ’s St.
Olive H. H uston, speech and dram a
P aul p lan t as a
teacher and fo rm er executive d irector
lith ograph p l a t e
of the N ational F ed eratio n of B usiness
and Professional W om en’s Clubs, will
m aker in 1929. He
J . L. R O S E
highlight new dim ensions in hum an
b e c a m e produc­
relations and custom er relatio n s at th e tion su p e rin ten d en t for th a t p lan t in
opening luncheon session Monday, Oc­ 1943 and in 1948 w as nam ed produc­
tober 29.
tion su p e rin ten d en t for th e com pany.
Dean Stephen W. V asquez of th e He w as elected to th e board of direc­
School of Com m erce and F in an ce of to rs in 1951, w as nam ed vice p resident

B

in charge of production in 1952, and
executive vice president in 1960. He
w ill continue to m ain tain his office in
the com pany’s ad m in istrativ e head­
q u a rte rs in St. Paul.
Elected executive vice p resident w as
M itchell W. S hearer of Chicago. Mr.
S hearer is 55 y ears old and has been
w ith th e com pany since joining th e
sales d ep artm en t in Chicago in 1926.
He w as m ade m anager of th e Chicago
p lan t in 1942, elected to th e board of
directors in 1957, and nam ed m idwestern regional vice p resident in 1960.
N am ed to fill th e vacancy on the
board of directors created by Mr. Mc­
Sw eeney’s death w as R obert D. Racine
of Chicago, vice presid en t in charge
of sales.

B ank S erv ice C itation
S ecretary of Com m erce L u th er H.
Hodges cited F irs t N ational City Bank,
New York, for providing free foreign
cu rren cy exchange service a t all 93
New Y ork branches and at selected
hotels and stores. The b ank also m ain ­
tain s 24-hour cu rren cy exchange serv ­
ices a t th e In tern atio n al A rrivals
B uilding a t Idlew ild A irport.
D uring a v isit to th e b a n k ’s U ptow n
H eadquarters, S ecretary Hodges told
of th e successful U. S. T ravel Service
program and how overseas v isito rs to
th e U nited States have increased 16
per cent du rin g the first four m onths
of 1962.

-f-

A

S P E C IA L IZ IN G IN D E B T O B LIG A T IO N S

V

...w ell-suited to the investment needs
Y

of banks and individuals
T a x - e x e m p t a n d t ax a bl e b o nds , notes, d e b e n t u r e s , e q u i p m e n t

r

t r u s t c e r t i f i c a t e s — th e o b l i g a t i o n s oi well e s t a b l i s h e d
m u n i c i p a l i t i e s a n d c o r p o r a t i o n s a r e o u r s t o c k in t r a d e .

A

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

A

123 S O U T H

LASALLE

STREET, C H I C A G O
AND

OTHER

90

•

30

PRINCIPAL

BROAD

STREET, N E W Y O R K 4

CITIES

A

Northwestern Banker, September, 7962


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

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53

A ll roads lead to the 11 1 banking offices of Chem ical New York.

He gives you 111 points of en try
to Am erieu3s
tu r y e
There are companies in Metropolitan
New York looking for your products
and services. But how do you find them
in this vast complex which numbers
more than 300,000 corporations?
Many have familiar addresses like
Park Avenue, Wall Street, and Rocke­
feller Plaza. But countless others are
located in strange-sounding places like
Flatlands or Hunts Point.
Your Chemical New York banker can

help you keep on top of this diverse Whether our man is working in Flatmarket. He puts our widespread bank­ lands or across your desk, we call him
ing network of 111 offices at your beck "The New York banker with the home­
town touch." Why don't you call him?
and call.
Our men have day-by-day contact
with New York's big corporations. They
cover not only Wall Street, but scores
of distinct communities where Chemical
New York has branch offees. They can
supply you with local market profiles,
credit reports, and economic surveys. CHEMICAL BANK NEW YORK TRUST COMPANY

Chemical
NewYork

Northwestern Banker, Se pte m ber, 1962


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

54

P e a c e Carps Seeks H ankers
HE Peace Corps d u rin g th e n ex t
few m o n th s w ill select 60 from the
banking and S & L fields w ho w ould
be able to assist in organizing and op­
eratin g savings and loan associations,
and co-ops in a n u m b er of countries
th ro u g h o u t L atin A m erica, Africa, and
th e N ear M iddle-Far E ast.
P referen ce w ill be given to those
w ho have recen tly retired , or are con­
tem p latin g retirem en t. A ppointm ents
w ill be m ade on th e Peace Corps vol­
u n teer basis, w hich provides for all

expenses—travel, housing, food, cloth­
ing, m edical care and incidentals,
plus a nom inal cash salary. Those se­
lected w ill become “A m erican GoodW ill A m bassadors.” If you have had
experience in th e above fields, and are
in good h ealth and w ith o u t m inor de­
pendents, w rite at once for th e folder
en titled “Senior Citizens and th e Peace
Corps,” and for a “V olunteer Q uestion­
n aire,” to Peace Corps, Senior M an­
pow er R ecruitm ent, W ashington 25,
D. C.

M organ G uaranty C hanges

1961, a fte r serving as S ecretary of De­
fense u n d er P resid en t E isenhow er.
Mr. Sharp is well know n to b ankers
in th e m iddlew est, hav in g trav eled the
area for th e b ank in form er years.

T

Dale E. Sharp, form erly president,
has been elected vice ch airm an of th e
board of M organ G u aran ty T ru st Com­
pany, New York, joining Tbom as S.
L a m o n t in th is
capacity. Thom as
S. Gates, fo rm erly
c h a i r m a n of th e
executive com m it­
tee, w as elected
president.
Mr. Gates, w ho
as p resid en t will
b e t h e b a n k ’s
c h i e f a d m in istra ­
tive officer, joined
D. E. S H A R P
th e b an k in April,

Attention Bankers:

WESTERN AND SOUTHERN
Will Help
You
Promote Your

CREDIT LIFE
PROGRAM
For Complete Information
Contact Our
CREDIT INSURANCE
DEPARTMENT
P. O. Box 1119
Cincinnati 1, Ohio

N ew P lan B y L aw ren ce
A new sim plified and integ rated sys­
tem of controlling com m odity collat­
eral th a t is designed to tak e th e red
tape out of inv en to ry loans has been
announced by Louis A. Benoist, p resi­
den t of The L aw rence Company, th e
n a tio n ’s larg est field w arehousing o r­
ganization.
S im ultaneously, L. S. Coates, execu­
tive vice p resident of T he Law rence
Company, announced from his Chi­
cago h e a d q u arters th a t th e new sys­
tem , w hich is exclusive w ith The
L aw rence Company, w ill be placed in
operation im m ediately th ro u g h o u t the
country.
Called th e L aw rence 3-C Plan, the
new sim plified system consists of a spe­
cially designed short-form w arehouse
receipt, tw o control cards, and the
L aw rence I.B.M. m onthly loan officers’
re p o rt,” Mr. Coates said. Use of the
control cards w ill centralize all neces­
sa ry record keeping and w ill elim inate
th e n ecessity for posting to w arehouse
receipts. L aw rence has redesigned
th e fo rm at of its I.B.M. rep o rt and has
color-keyed it to th e control cards for

A Mutual Company

Northwestern Banker, September, 7962


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

r

4-

H ead s In tern a tio n a l D iv isio n
George L. F arn sw o rth , executive
vice president, has been appointed to
head Chemical B ank New York T ru st
Com pany’s In tern atio n al Division, it
w as announced in
N ew Y o r k by
C hairm an H arold
H. H e l m .
Mr.
F a rn sw o rth s u cc e e d s E xecutitve
Vi ce P r e s i d e n t
Clinton C. Jo h n ­
son, w ho w ill con­
tin u e to be iden­
tified w ith th e Di­
vision u n t i l De­
G. L. F A R N S W O R T H
cem ber 31, w hen
he w ill re tire u nder the b a n k ’s m anda­
to ry re tire m e n t plan a t age 65.
On October 29, 1934, he joined Chem­
ical New Y ork w here he becam e assist­
a n t secretary in 1943, assistan t vice
p resid en t in 1947, vice presid en t in
1950 and executive vice presid en t in
1960. He w as designated head of th e
b a n k ’s N ational Division in th a t year
and continued to supervise its activi­
ties u n til Septem ber 6, 1961, w hen he
tra n sfe rre d to th e In tern atio n al Divi­
sion.

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H ead s J a n e sv ille B ank
Jam es H. Redm an, form er Iow a
banker, has been nam ed p resid en t of
the B ank of Janesville, Wis. He has
been serving as executive vice p resi­
dent and cashier. He succeeds Jo h n
M atheson, w ho has been nam ed ch air­
man.

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NEWEST ALL-YEAR RESORT UNDER THE SUN
i

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

sim plicity of m onthly reconciliation.
An a ttractiv e loose-leaf binder for con­
v en ien t filing of w arehouse receipts
and control cards is an integ ral p a rt
of th e 3-C Plan.
Loan officers w ill find th a t th e 3-C
P lan w ill give them positive finger-tip
control of com m odity loans and w ill
reduce th e detail of adm in istratio n
and cost of handling m aterially.

X U iJ C i
A R I I 9 N I

AN

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SCOTTSDALE, ARIZONA

Meeting and
Banquet Facilities

¥

DON DAVIS, General Manager
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LUCKY!
Lucky his hank suggested Unlosable Money!
U N LO SA BLE B EC A U S E: With offices in over 50U .S.and MONEY B EC A U SE: American Express Cheques are as
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tomers with an on-the-spot refund (should their cheques
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American Express Travelers Cheques!

AMERICAN EXPRESS TRAVELERS CHEQUES
Northwestern Banker, Se ptem ber, 1962


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

56

$ít ItiIlitui in

P e Loans

HE M anu factu rers H anover T ru st
Jo h n Sam bataro, a 51-year-old Brook­
Company, New York, has paid out lyn, N. Y., m echanic, w ill enjoy an
its tw o b illionth dollar in personalexpense-free vacation because it w as
loans, and th e b an k com m em orated has $540 loan “for vacation expenses”
th e event by picking up th e tab for th a t b ro u g h t th e bank to its new p er­
the borrow er w hose $540 loan pushed
sonal loan m ilestone.
Mr. Sam bataro, w ho lives only a few
its consum er cred it volum e over $2
billion.
doors from one of the b a n k ’s branches,
A t th e sam e tim e, $100 cash prizes w as th e 2,483,537th personal loan cus­
w ere aw arded th re e M anufactu rers to m er M anufacturers H anover T ru st
H anover T ru st em ployees w ho guessed has served since 1935, w hen th e de­
th e correct date of $2 B illion D ay” in p a rtm e n t m ade its initial consum er
a bank-w ide contest th a t drew n early credit tran saction.
5,000 entries.

T

B anker area inclu d ed :

Award NABÁC D ip lo m a s
Diplom as have been p resen ted to 111
ban k ers a t g rad u atio n exercises for
th e NABAC School for B ank A udit
and Control a t th e U n iv ersity of W is­
consin. P resid in g a t th e cerem onies
w as E dw ard F. Lyle, d irecto r of th e
school and senior vice p resid en t and
com ptroller, City N ational B ank and
T ru st Com pany, K ansas City.
G raduates from th e N orthwestern

Colorado: C. A. Dinwiddie, F irs t Nattio n al Bank, Boulder; F. C. Perschbacher, Colorado N ational Bank, Den­
ver; J. R. Starkey, D enver U nited
States N ational Bank, and A. J. Berta,
F irs t N ational Bank, Pueblo.
Iowa: Donald L. Caves, U nion B ank
& T ru s t Company, O ttum w a, and Rob­
e rt C. M cK instry, The N ational B ank
of W aterloo.

Minnesota: R obert Sederberg, Jr.,
F irs t A m erican N ational Bank, D u­
luth; R obert Schum acker, N o rth w est­
ern N ational Bank, H opkins; Jo h n S.
Monroe, Jr., F irs t N ational B ank of
M inneapolis, and E dw ard Gott, A m eri­
can N ational Bank, St. Paul.
Montana: L eonard M. Roche, F irst
N ational Bank, Missoula.

With the advent o f MICR, how­
ever, there is no valid reason why
Special Account customers should
not use any styles or any colors of
checks . . . provided they pay for
them. Machines cannot recognize
styles or colors, but they can rec­
ognize identifying codes and these
tell the checks where to go regard­
less o f size, style or color.

W illiam L. Lennan, w ho has
s e r v e d as vi c e
p r e s i d e n t in
charge of ad ver­
tisin g and public
relations for th e
D rovers N ational
Bank, Chicago,
for th e p ast year,
has r e s i g n e d to
accept a position
W. B. L E N N A N
as vice president
of The Irv in g Bank, located on Chica­
go’s n o rth w e st side.

This opens up a new market for
banks who now are absorbing the
cost o f encoded checks used by
Special Checking Account cus­
tomers. There are millions of

D E L U X E C H E C K P R I N T E R S INC.
C L IF T O N
C H IC A G O

NORW ALK
K A N S A S C IT Y

Northwestern Banker, September, 1962


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

PA O LI

CLEVELAND

ST. PA U L

DALLAS

D E T R O IT

IN D IA N A P O L IS

CH A TSW O RTH

PO R TLA N D

A

V

A .B .A . CO NV EN TIO N
(C ontinued from page 35)
H en ry C. Coleman, chairm an of
th e board, Com m ercial B ank of
D aytona Beach, Fla.; A. K. Da­
vis, p ast president, A.B.A. state
b ank division, and chairm an of
the board, W achovia B ank &
T r u s t Company, W inston-Sa­
lem, N. C.; Dr. P aul S. N adler,
a ssistan t professor of finance,
grad u ate school of business ad­
m in istration, New Y ork U niver­
sity, N. Y.; E dw in P. Neilan,
ch airm an of th e executive com­
m ittee, A.B.A. state b ank divi­
sion, and presid en t and ch air­
m an of the board, B ank of Del­
aw are, W ilm ington, Del.

them, and for the most part they
have never been given the oppor­
tunity to select the check styles
and colors they prefer. A high
percentage of them . . . as is the
case with Regular Accounts . . .
would be happy to pay for the
checks they like.
The selection o f Personalized
Checks which we offer features
six colors o f paper and ten colors of
checkbook covers, gold-stamped
with the customer’s name. Our
advertising enclosures will help
you sell them. Our displays will
create point-of-purchase interest.
Our "Free Fifty” will accelerate
acceptance. The end result will be
satisfied customers and a substan­
tial savings in check expense for
the banks. Take a long look at
your present check expense for
these Special Accounts. We can
help you cut it down.

4

J o in s Irvin g Bank

THE COMPUTERS DON’T CARE
U ntil quite recently, everyone
believed that those who main­
tained Special Checking Accounts
should use special checks. There
was good reason for this, since
economies in check handling were
enjoyed when one style and one
color identified the low -cost
accounts.

l

»

NA TIO NA L BANK D IV ISIO N
P.M.
2:00

Casino T heater, Steel P ier—Re­
port, H arold J. M arshall, p resi­
dent A.B.A. national b ank divi­
sion, and president, N ational
B ank of W estchester, W hite
Plains, N. Y.
A ddress — A. W illis R obertson,
U. S. Senator from V irginia,
Lexington.
A ddress—Jam es J. Saxon, com p­
tro ller of th e currency, W ash­
ington, D. C.

Y

A

T R U ST D IV ISIO N
2:00

H o t e l T r a y m o r e , A m erican
Room—R eport, Thom as H. Beacom, president, A.B.A. tru s t di­
vision, and senior vice p resi­
dent, F irs t N ational B ank of
Chicago.
A ddress—R agnar D. Naess, sen­
ior p artn er, N aess and Thom as,
New York, N. Y.—End.

À

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57

With Lawrence in the picture
inventory becomes
prime collateral.
W H EN CO LLATERAL IS A PR O B L E M , YET
I N V E N T O R Y A N A S S E T , loan officers look

upon Lawrence as a partner in successfully resolving
a difficult loan application. This has been fortified
by an unblemished record of almost fifty years,
during which Lawrence field warehouse receipts
have been held by more than 2000 banks.
Lawrence assures you maximum protection
through the most comprehensive bond coverage . . .
reduces your clerical detail by furnishing an I.B.M.
Loan Officer’s Monthly Collateral R eport. . . and
offers the largest, most experienced staff of trained
field men operating the famed Lawrence System.
So, when inventory appears as a substantial
asset on your client’s statement, put Lawrence in
the picture —and be secure!

LAWRENCE ON WAREHOUSE RECEIPTS

. . . I S LIKE CERTIFIED ON CHECKS

Th e La w r e n c e C o m p a n y
NATIONWIDE

FI ELD

WAREHOUSING

San Francisco • Chicago • New York
Denver
O F F IC E S IN PR IN C IPA L C IT IE S
Northwestern Banker, Se ptem ber, 1962


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

58
St. L o u is E x e c u tiv e C hange
A m anagem ent realig n m en t involv­
ing prom otions for tw o officers has
been announced by Jam es P. Hickock,
chairm an of th e board of th e F irs t
N ational B ank in St. Louis.
W ilhelm R. M esenbrink, senior vice
president, assum es d irection of th e
b a n k ’s business developm ent program ,
and Carroll F. B urton, vice president,
succeeds Mr. M esenbrink as head of
th e correspondent b an k departm ent.

al in A pril, 1952, as vice p resid en t in
charge of correspondent banking after
22 y ears w ith the C ontinental Illinois
N ational B ank and T ru st Com pany of
Chicago.
Mr. B urton cam e to F irs t N ational
as a vice p resident F eb ru ary , 1948,
a fte r th re e y ears w ith the U nited
B ank and T ru st Com pany of St. Louis
as vice p resid en t and director, and 21
y ears w ith the N ational Stock Yards
N ational Bank, N ational Stock Yards,
Illinois.

M osler ABA P la n s

W. R. M E S E N B R I N K

C. F. B U R T O N

Mr. M esenbrink is tak in g over th e
duties of M eredith C. Jones, senior
vice president, w ho is re tirin g u n d er
th e b a n k ’s pension plan. Mr. Jones,
w ho w ill rem ain a m em ber of the
b a n k ’s advisory board, w ill continue
his business career as financial vice
p resid en t of th e U niversal Match Cor­
poration.
Mr. M esenbrink joined F irs t Nation-

The new TV A uto-B anker will be
featu red in th e display of The Mosler
Safe Com pany a t th e A m erican B ank­
ers A ssociation C onvention in A tlantic
City, along w ith o ther drive-in and
w alk-up equipm ent, according to Jo h n
Mosler, president.
M osler’s TV A uto-Banker m akes
possible drive-in banking at rem ote lo­
cations w hile th e teller rem ains w ith ­
in th e b an k at a reg u lar station.
Also included in M osler’s display of
drive-in and w alk-up banking equip­
m en t w ill be an 1868 drive-in window,
featu rin g th e Auto-M ated deal d raw er
w hich is autom atically raised or low ­
ered to m eet th e w indow s of th e h ig h ­
est panel tru c k or th e low est sports
car, and one of a new series of M osler
w alk-up windows.
A P hoto guard system w ill be dis­
played and m otion pictures of actual
b ank holdups, m ade by P hotoguard
cam eras, w ill be shown. M osler’s la t­
est m odel n ight depository, th e Cen­
tu ry 77 Dual D epository, w ill also be
displayed.
H igh speed files, specially designed
by M osler for ban k use, w ill be dem ­
onstrated. These w ill include a Selectronic file for check filing and central
inform ation files and Revo-Files.

A n im al M arket Day

Make the Jefferson Headquarters

A to u r of tw o local packing houses
w ill head th e list of activities planned

by th e F irst Stock Yards Bank, South
St. Joseph, for its A nnual M arket Day
for c o r r e s p o n d ­
ents, according to
Th o s . J. McCul­
lough, president.
V isiting bankers
w ill i n s p e c t the
S e i t z Packing
Com pany and the
D u g d a l e P acking
Com pany f o l l o w ­
ing re g istratio n in
th e b a n k ’s lobby.
T. j. M cC u l l o u g h
L u n c h w i l l be
served in th e L ivestock E xchange
B uilding follow ing th e tour. The af­
ternoon session w ill featu re a dem on­
stratio n on w holesale m eat cuts from
a hog carcass by a local packer. This
w ill be followed by a retail m eat spe­
cialist displaying retail cuts from the
w holesale carcass and p repared for
the consum er. The program w ill be
finalized by a discussion of th e live­
stock outlook, both p resen t and fu­
ture, w ith rep resen tativ es of th e St.
Joseph m ark et participating. The day
will be concluded at th e St. Joseph
C ountry Club w ith a social hour and
dinner.

T

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4

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A m erican E x p ress E lects
The ap p o in tm en t of Jo h n B. McA nulty as special a ssistan t to Vice
P resid en t Jam es A. H enderson w as
announced in New York. Mr. McA nulty w ill assist in th e sale and pro­
m otion of A m erican E x p ress T ravel­
ers Cheques as well as th e prom otion
of other A m erican E x press services.
Mr. M cA nulty joined A m erican E x ­
press in 1946 as assistan t to th e vice
presid en t in th e com pany’s affiliate,
W ells F argo & Company. Follow ing
th a t assignm ent, he served in various
capacities w ith A m erican E xpress,
and p rio r to his new assignm ent, Mr.
M cA nulty w as m anager, trav el sales
for A m erican E xpress.

i-

y

for the

AMERICAN BANKERS ASSOCIATION

Y

Septem ber 23 thru 26
The JEFFERSON , one of Atlantic City's
finest modern hotels is splendidly equipped
to be a gracious and efficient host to the
requirements of your convention group.
Auditorium with stage, ample meeting halls,
display rooms, private dining rooms all com­
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selected personnel to cater your wants.
A ttra c tiv e Rates to All Delegates
Addre ss Convention M anager

HOTEL JEFFERSON
ATLANTIC CITY

NEW JERSEY

Northwestern Banker, September, 1962


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

y

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Statue o f Liberty. W rite tor o u r booklet, " New Y ork,” available u p o n request.

W h e n t r a d i n g in G o v e r n m e n t Securities, com e to N e w Y ork.
Located in the heart of the world’s greatest financial center, Bankers T rust is a primary market
dealer in U. S. Treasury issues. As a result, our customers get prompt execution at net prices.
Many bankers, corporate treasurers and financial officers look to our Bond Department for sound
counsel on all aspects of bond market movements, portfolio analysis and arrangement of maturities.
Perhaps our people can be of help to you. Call or write us at 16 Wall Street, New York 15.
W hen trading in Government Securities,

C o m e to B A N K E R S
© Bankers Trust Company 1962


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

T R U S T

C O M P A N Y
Member Federal Deposit Insurance Corporation

60
T

4.

>

BANKERS PARTICIPATION PLAN!
For over four decades our tested BANKERS PAR­
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profits for progressive Bankers throughout our operating
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Let us give you complete details regarding the
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4,

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E X C E LLE N T TERRITORIES A V A IL A B L E

Our large scale development program is making attractive
territories currently available. Write us today! All corre­
spondence in confidence.
Á
H. O. C H A P M A N
P resident

S. H. WI T ME R
C h a irm a n o f the Board
Topeka

•

S io u x F a lls

Northwestern Banker, September, 1962


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

-V

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61

The Changing Carni
M a rk et f o r . I A l l
B y E. L. “ E D ” GOEHRING
A g e n c y B u ild e r
A ll A m e ric a n L ife & Casualty
D es M o in e s, Iowa

H E farm m a rk e t offers a v ast
field of prospects for th e A&H
salesm an. In m y opinion it re p ­
resen ts one of th e m ost read ily acces­
sible and lu crativ e m ark ets we have.
F o r exam ple, th e re are about 2,000
farm ers in each of th e 99 counties in
Iowa. E v e ry in terv iew w ith a farm
fam ily is ju s t like a n ig h t call in tow n
since both th e m an and w ife are p re s­
en t a t th e tim e of th e in terv iew and
th e ag en t can sit dow n a t th e k itchen
table w ith th em to discuss insu ran ce
needs. W e all know th a t th is type of
in terv iew provides th e b est closing
percentage. And, because of th is type
of interview , call-backs are held to a
m inim um .
In our agency th e p ast tw o years,
w e have devoted b e tte r th a n 80 p er
cent of our tim e and efforts to w ard
selling th e farm m ark et. In checking
th e results, we find th a t a good A&H
m an can m ake from th re e to five in ­
terview s a day w ith ease. As you
know, m aking enough calls is th e first
req u isite to being successful in sales.
Our average p rem iu m per sale has
been $156 and th e p ersisten cy of our
farm business has been about 90 p er
cent. T his we feel is considerably
above p a r for th e in d u stry as a whole.
To sell th e farm m a rk e t th e A&H
and life ag en t m u st keep in m ind th a t
farm in g has u ndergone a trem en d o u s
change in th e p ast 20 years. Follow ­
ing are som e facts illu stra tin g th e sev­
eral areas in w hich th is tra n sfo rm a ­
tion has tak en place:
Mechanization
F a rm s today a re b e tte r equipped.
Since 1954 th e re are:

T

9 p er cent m ore field tracto rs on
7 per cent few er farm s.
6 p er cent m ore g rain com bines
on 6 p er cent m ore farm s.
15 p er cent m ore corn pickers on
13 p er cent m ore farm s.
44 p er cent m ore forage h a rv e st­
ers on 40 per cent m ore farm s.
52 p er cent m ore pickup balers on
15 p er cent m ore farm s.
In 1960, only one out of 11 persons
in th e U nited States lived on a farm .
In 1940, one out of four persons lived
on a farm .
P ow er farm in g has cut th e m an
h o u rs of labor req u ired for farm w ork
alm ost in half from 1940 to 1960. A t
th e sam e tim e th e o u tp u t p er m an
h o u r increased th ree tim es.
Chemicalization
The second m ajor factor responsible
for “farm in g ’s new face” is chem icali­
zation. E xpanded use of fertilizers
and o th er te st tube products increased
farm o u tp u t alm ost as m uch in the
p ast tw o decades as th e m echanical
revolution did in a full century. In
1959 com m ercial fertilizer w as applied
on 8 p er cent m ore acres by 19 per
cent few er farm ers th a n in 1954. A
to tal of $170 m illion w as spent on com­
m ercial fertilizer in 1959.
Management
B rain pow er is as im p o rtan t as
horsepow er to th e successful farm er
today. To rem ain in farm ing, and to
m ake a profit, th e farm er is spending
less tim e w orking in th e field and
m ore a t his desk. He is spending m ore
tim e as a m anager and less as a la­
borer.
In 1940, 46 per cent of every dollar

A IR T R A V E L has saved m any hours
fo r M r. Goehring while building his
agency fro m three producers to 22 since
F ebruary 1, 1960.

th e farm er received w en t for produc­
tion costs. By 1970, th is figure w ill be
about 75 p er cent. This m eans good
m anagem ent is a m u st and this is an
area in w hich we, as A&H salesm en,
can help by assu rin g a tax free incom e
a t a tim e w hen the farm er is disabled
and faced w ith an ever increasing cost
of operation and a narro w in g profit
m argin.
Capital and credit also have become
im p o rtan t tools of production. The in ­
v estm en t per farm w o rk er has in ­
creased from $3,400 in 1940, to m ore
th a n $21,000 today. A n average of
$50,000 is invested per farm w o rk er
on th e tw o m illion com m ercial farm s
w hich account for 90 p er cent of the
c o u n try ’s ag ricu ltu ral production.
The farm er is a good custom er for
both th e goods and services industries.
In 1959, th e farm er spent $26 billion
for production goods. T his left $12
billion of spendable incom e for gen­
eral consum er goods and services. I
doubt if any A&H salesm an w ould ob­
ject to g etting his sh are of th is spend­
able income.
Beliefs and Attitudes
A fo u rth area show ing change on
th e farm is th a t of th e fa rm e rs’ beliefs
and attitudes. The farm er of the
1960’s is m easurably different from the
farm er of th e 40’s or even th e 50’s. He
th in k s differently, acts differently, and
is m otivated by different stim uli.
One of th e m ore obvious changes in
ag ricu ltu re is th e m ovem ent aw ay
from subsistence farm ing to th e theFARM MARKET . . .
(T urn to page 64, please)
Northwestern Banker, Se ptembe r, 1962


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

62

insurance

W h a t M a k e s A m e ric a G re a t?

... that all rights are inherent in the people and that
government derives all its powers from the people.
From the votes we cast for the highest elective office to all rights are inherent in the people and do not come from
the selection of our neighborhood official, at every level their government. This free system has demonstrated its
of government, we are participating in the greatest ex­ ability to survive attack from without, while growing and
periment in individual freedom ever undertaken.
improving the life of its people within.
America is unique: it is the oldest constitutional repub­
This system of government—and the private enterprise
lic in existence. Our republic is self-government on the made possible by it —have met the military threats of
largest scale ever practiced. The sixty-nine million votes totalitarianism and provided for our people the highest
cast in our last presidential election represent the great­ level of living ever enjoyed by any people.
est single vote by a literate and free electorate in history.
But now we face the greatest challenge we have ever
Ours is a representative government—with separation faced. World-wide Communism confronts us with the
of powers and insistence that the rights of the minority philosophy that the people of a nation do not know what
shall not be abridged by the vote of the majority, and that is best for them. It tries to convince the world that society
N orthwest ern Banker, September, 7 962


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

moves faster and further under the iron will of one man
or a cabal of a few men.
If we are to retain our freedom we must learn to under\ stand better the principles upon which that freedom is
based. A free people must be a thinking people.
Each of us who is dedicated to the principles of Amer­
ican liberty must share the responsibility of meeting
^ these challenges. Each of us must study the roots and
the reasons for his freedom — if he is to exercise his
privilege of voting in a manner that will preserve his
freedom.
America must keep its faith in freedom and must
strengthen its mind! as well as its muscle—to the end that
freedom be preserved and extended to all the world’s
peoples.

Organized by Alexander Hamilton
more than 175 years ago,
this Bank, as it has served businesses
and individuals here and abroad,
has witnessed the superiority
of this nation’s democratic way of life.
We publish this message as evidence
of our conviction that
the qualities which
make America strong
New York’s First Bank Founded 1784
are undiminished and
Main Office: 48 WALL ST.
Uptown Offices: 530 FIFTH AVE. • 360 PARK AVE.
the nation's greatest
MADISON AVE. AT 63rd • MADISON AVE. AT 73rd
Member Federal Deposit Insurance Corporation
years lie ahead.

THE
BANK
OF
NEW YORK
•

Northwestern Banker, Se pte m ber, 1962


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

64
FARM M AR K ET . . .
(C ontinued from page 61)
ory of m axim um production . . . from
th e philosophy of b re a k even to th e
concept of m arg in al re tu rn s.
F a rm people no longer are m aking
decisions on th e basis of tra d itio n a l­
ism, b u t on th e basis of ratio n ality .
T here is an increased em phasis on
ends ra th e r th a n m eans. Econom ic
ends are becom ing m uch m ore im por­
tant.
A ttitu d es t o w a r d fru g a lity have
changed, too. The value th a t w as
placed on savings and on being debt
free has given aw ay to th e a ttitu d e of
“You have to spend m oney to m ake

m oney.” Thus, credit is being used
extensively by th e m odern farm er.
T he farm er of today w an ts th e sam e
com forts and conveniences th a t his
city cousins have and farm ers are be­
com ing m ore statu s conscious. The
am o u n t of land th e farm er owns is not
as im p o rtan t today as th e am ount of
land resources he com m ands. M achin­
ery and m aterials handling equipm ent
also are becom ing im p o rtan t statu s
symbols.
The in terestin g th in g about these
changes is th a t as th e farm ers adopt
new ideas and practices, it becomes
easier for us to sell th em on th e need
for good, sound in surance program s.
As th e people in th is m a rk e t become

Since 1907
W estern M utual Insurance Com pany of Des
Moines, Iowa, h as been writing insurance
coverages.
A Multiple-line, Non-Assessable Com pany, we
write only through Local Agents.
Our ag ency plan h as been accepted by
m any leading ag en ts in the mid-west an d
we value these agencies.
W e write a full line of Fire, Extended Cover­
age, Hom eowners Package, Automobile,
Truck, Inland M arine, CPL, FCPL, Plate G lass
. . . a n d m any other lines. Best's Insurance
Guide rates us A+:AA.
A gency Inquiries W elcom ed

Western Mutual
Insurance Co.
616 10th Street

Des Moines 8, Iowa

We are licensed in:
Arizona, Colorado, Iowa, Illinois, Indiana, Kansas,
Kentucky, Minnesota, Missouri, Montana, Nebraska,
North Dakota, Oklahoma, South Dakota, Texas,
Wisconsin and Wyoming.

Northwestern Banker, September, 1962


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

m ore conscious and in terested in o u t­
side services, we should be rig h t th ere
to tak e advantage of th e trem endous
sales o pportunities th a t exist for our
products and services. To do th is we
m u st keep ab reast w ith the changes
tak in g place in th e farm m ark et and
in th e fa rm e r’s philosophies.—End.

H eads Chase S u b sid iary
Jackson D. B reaks has resigned his
position as a vice presid en t of the
Chase M anhattan B ank in New Y ork
to becom e p resi­
dent of th e Chase
M anhattan C a p i ­
tal C o r p o r a t i o n ,
w hich w ill have
its offices at 1
Chase M anhattan
Plaza.
The new $3 mill i o n corporation
is a w holly owned
sm all business in­
J. D. B R E A K S
v estm en t c o m p a ­
ny operated by the Chase M anhattan.
The organization w ill supply needed
capital and long term loans to sm all
business.
Mr. B reaks is w ell know n to b an k ­
ers in th e N orthw estern B anker area,
having headed the correspondent divi­
sion serving the te rrito ry for m any
years.

U n iq u e B ank E x h ib it
The prem iere show ing of “T he H is­
to ry of F lig h t” exhibit opened recently
a t M anufacturers H anover T ru st Com­
p an y ’s office at 47th S treet and Madi­
son Avenue.
C om prising nine sections — from
m yth to m issile—th e exhibit is a com­
prehensive action display created by
Dr. R oberto A. G uatelli & Associates,
builders of th e w orld-traveled Leon­
ardo da Vinci exhibit.
The display com prises 34 w orking
m odels of a w ide v arie ty of aircraft,
ran ging from 24 to 50 inches in size.
The m odels are activated by electric
m otors. T hey rep resen t flying m a­
chines, parachutes, balloons, dirigibles,
gliders, p i o n e e r airplanes, m issiles,
rockets and satellites.
Am ong the trail-blazing airc ra ft in ­
cluded are da V inci’s flying m achine,
aerial screw, and parachute; th e bal­
loons of de Lana, Cavallo, the M ont­
golfiers and A ugustus Picard; the
dirigibles conceived by Lennox, Giffard and von Zeppelin and th e gliders
of L ilienthal and Pilcher.

T

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N am e H arris O fficer
R obert W. Rogers, vice p resid en t of
H a rris T ru st and Savings Bank, Chi­
cago, has been elected a director of
G erber P roducts Company, F rem ont,
Mich.

V

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65

"Why First National City Bank chose
150 NCR bank proof machines.”
FIRST NATIONAL CITY BANK says:

we are convinced that we can break

"We process over a million and a quar­

out better than 75% of our volume in

ter items daily. Time deadlines and

one handling.

handling costs dictate that we reduce
rehandling to the minimum.

"Our deposit accounting system is
based upon magnetic ink encoding.

"Vv'e chose 150 of the new NCR 450

But magnetic encoding, to be economi­

Bank Proof Machines because with

cal, must be a by-product of another

their greater number of distributions,

function. The NCR 450 combines our

proof operation and magnetic encod­
ing. Amount, float and item count en­
coded at proof are subsequently read
into our computer systems through
sorter readers.
"Thus, we profit from a higher per­
centage of early disposition, economi­
cal encoding and automatic calculation
of deposit item count."

NCR PROVIDES TOTAL SYSTEMS — FROM ORIGINAL ENTRY TO FINAL REPORT—
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NCR

N orthw estern Banker, Se pte m ber, 1962


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

66

lleini'ieli Envelope E xpansion

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M .E . M cM IL L E N

M. H. S T A N S

F irs t W estern B ank and T ru st is
one of the 25 banks affiliated with
W estern Bancorp.

St. L ou is M en E lected
N EW PL A N T under construction by H ein rich Envelope Company.

EFO R E th e end of th e year, H ein­
C om pletion of th e new facility will
rich E nvelope C om pany expects m a rk th e th ird expansion and m odern­
to say goodby to th e building it hasization m ove by the com pany in the
occupied for 35 y ears a t 108 W ash in g ­ p ast decade. The firm m aintains a
ton A venue N orth, M inneapolis. By p lan t at Boone, Iowa, com pleted in
th en th e move into its handsom e new
1957.
p lan t a t Zane A venue, n o rth of Olson
H ighw ay in Golden Valley, should be
H eads W estern B an corp .
completed. L ocated ju s t a few blocks
M ont E. McMillen, chairm an of the
from th e “B elt L in e” th a t circles th e
F irs t W estern B ank and T ru st Com­
Tw in Cities, th e new location w ill help
th e com pany provide faster service to pany, San Francisco, has been elected
p resid en t of W estern Bancorp., it was
all its m etro p o litan area custom ers.
The building w as designed by D avid announced in Los Angeles last m onth
J. G risw old and A ssociates, architects. by F ra n k L. King, ch airm an of W est­
It featu res pre-cast ex terio r wall p a n ­ ern Bancorp. Mr. McMillen w as sched­
els w hich are set off by a brick-faced uled to take over his new duties sh o rt­
u tilities core and th e glass of th e e n try ly a fte r Septem ber 1.
He succeeds M aurice H. Stans as
and office areas. The offices will oc­
cupy an air conditioned m ezzanine president. Mr. Stans resigned for p e r­
level, w hile th e m an u factu rin g area sonal reasons and w as on a trip
w ill be en tirely on g round level. The th ro u g h A frica w hen th e announce­
building is located on a four and a half m ent w as made. Mr. Stans w as direc­
acre site, and is designed for ex p an ­ to r of th e budget d u rin g P resident
sion in tw o directions.
E isen h o w er’s te rm of office.

B

Jo h n B. M itchell, president of F irst
N ational B ank in St. Louis, and T rue
D. Morse, ag ricu ltu ral co n su ltan t and
form er U. S. U nder S ecretary of A gri­
culture, w ere elected as new m em bers
V

V

J . B. M I T C H E L L

T. D. M O R S E

of th e board of directors of P et Milk
Com pany at th e com pany’s annual
m eeting of stockholders last m onth in
St. Louis. Mr. Morse w as form er p res­
ident and chairm an of Doane A gricul­
tu ra l Service, Inc., of St. Louis, before
joining P resid en t E isen h o w er’s cabi­
net.

-A

C O N V E N T IO N S

A
N
OLIG
H
TC
O
M
PA
N
Y

an investor-owned
electric and gas company
serving the heart of Iowa
for more than a century
WRITE FOR ANNUAL REPORT • DES MOINES 3, IOWA

Northwestern Banker, Septem ber, 1962


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

September 23-26, American Bankers
Association, 88th Annual Conven­
tion, Atlantic City, N. J.
October 11-12, Nebraska Bankers
Association, 65th Annual Conven­
tion, Cornhusker Hotel, Lincoln.
October 14-17, Robert Morris Asso­
ciates, 48th Annual Conference,
Waldorf-Astoria Hotel, New York.
October 14-18, FPRA, 47th Annual
Convention,
Chalfonte - Haddon
Hall Hotels, Atlantic City, N. J.
October 21-24, Iowa Bankers Asso­
ciation, 76th Annual Convention,
Hotel Fort Des Moines, Des
Moines.
October 21-23, ABA Regional Mort­
gage Workshop Meeting, Hotel
Leamington, Minneapolis.
October 22-24, NABAC, 38th Annual
Convention, Americana Hotel, Bal
Harbour, Fla.
November 8-9, Mid-Continent Trust
Conference, 31st Annual Meeting,
Hotel Drake, Chicago.
November 12-13, National Agricultural
Credit Conference, 11th Annual
Conference, Sheraton - Fontenelle
Hotel, Omaha.

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67

S e n io r B an k er S em in ar
A total of 53 b an k ers atten d ed the
F ifth A nnual Sem inar for Senior B ank
Officers, sponsored by th e In d ep en d en t
B ankers A ssociation, a t H a rv a rd U ni­
versity , Cam bridge, Mass., last m onth.
T he stu d e n ts a tten d in g from th e
N or thw estern B anker area include:
C o lo r a d o : R. K. H udson, vice p re si­
dent, Jefferson C ounty B ank, Lakewood; Floyd L ischke, president, F irs t
N ational B ank, M eeker; Delano Scott,
p r e s i d e n t , R o u tt C ounty N ational
Bank, S team boat Springs, and R ay­
m ond L. Sw edlund, executive vice
president, F ir s t N ational B ank, F lem ­
ing.
Io w a : D enis T. Jones, cashier, H en ry
County Savings B ank, M ount P leas­
ant; F ra n c is S. Lockwood, vice p re si­
dent, B an k ers T ru s t Com pany, Des
Moines, and Oscar E. Schweppe, vice
president, G u aran ty B ank & T ru st
Company, Cedar Rapids.
M in n e s o ta : George P. Scroggie, cash­
ier, F irs t N ational B ank, Pipestone.

T. A. V ashus, executive
vice p resident, F irs t N ational Bank,
Glendive, and L eroy O. W allin, execu­
tive vice presid en t, Big H orn C ounty
S tate B ank, H ardin.
N e b r a s k a : W. E d Coblentz, vice
president, T he F a rm e rs State Bank,
A urora, and N orm an O. P eters, B ank
of Yutan.

THREE WAYS TO

M o n ta n a :

GIVE YOUR CHECKS
, c rA ï t s l i J f l v ,
^8MS8!S:S::.
88888888888^(SSSüSS8SS8fi®g>®íSSffi88áws*SS®®&^Sí3SS?88SSS8SÍÍÍ^®^SgíSS?®SSS!!Í^ÍSS«í8i:

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THE CHECK LOOK

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S o u t h D a k o ta : C harles H. B urke,
vice president, P ie rre N ational Bank.

INSTALLM EN T C R ED IT . . .
(C ontinued from page 37)
inflates th e price and th e dow n p ay ­
m en t on th e co n tract in ord er to have
th e dow n p ay m en t m eet th e p e rc e n t­
age req u ire m e n ts of th e bank.
■ 5. Check w ith a certain percentage
of p u rch asers to v e rify such details as
term s of contract, am ount of dow n
paym ent, d elivery of m erchandise, etc.
■ (>. Do not p e rm it dealers to m ake
paym en ts on d elin q u en t accounts.
Quite co m plem entary to in d irect
loans is floor plan financing, often re ­
ferred to as w holesale or in v en to ry
financing. H ere, too, th e lender m u st
be aw are of all th e hazards.
D espite th e m any hazards, in stall­
m en t lending is profitable and benefi­
cial to th e economy. It has come of
age and is no longer reg ard ed w ith
dism ay by m an y businessm en, econo­
m ists and others. W e as b an k ers de­
sire to h an d le it so th a t it does ben e­
fit th e economy. W e do n o t have to
apologize to anyone for our business.
—End.

La Monte Safety Paper, in these distinctive designs, gives checks
the look bank customers have long associated with documents of
value. The impregnated two-tone design conveys the feeling of
genuine dependability. Give your checks the check look. Specify
La Monte Safety Paper for appearance and for two-sided protec­
tion against alteration and counterfeiting.

THE
W A V Y L IN E S , ®
THE NAME

SAFETY PAPER
FOR CHECKS
:: • i ■W 'L T

LA MONTE TRADE-M ARKS.

GEORGE

LAMONTE

& SON

•

NUTLEY

: ■' ■ ,

10,

NEW

' i -

d

JERSEY

Northwestern Banker, Se pte m ber, 1962


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

68
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Night Owls John Ordos, Wally Engstrom and Doug Johnson make sure our correspondents get in-and-out-in-a-day transit service

Nobody turns in at Midland Bank until every single
correspondent deposit has been processed, every return item
shot back into the mainstream. This midnight oil burning in
our Transit Department assures you of faster presentations,
quicker availability of funds. Let us prove our friendship
with special service. W e’ll stay up late to do it.

X

T H E BA N K W ITH TH E BIG W ELCOM E

Midland National Bank
FEderal 2-0511 • Second Ave. So. and Fourth St. • Minneapolis 40, Minn.
Member Federal Deposit Insurance Corporation

Northwestern Banker, Septem ber, 1962


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

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69

Minnesota

NEW S
W . B LA C K M A R R
K. A . W A LES

P resid en t
S e c re ta ry

W a y ia t a
M inneap olis

|

•iunior Hunk O fficer, S tu fi
Conference Slut et! fo r iin lu th
N OUTSTANDING pro g ram for E. E rpelding, a s s i s t a n t treasu rer,
th e 13th A nnual Ju n io r B ank F a rm e rs & M echanics Savings Bank,
Officer & Staff Conference, sponsoredM inneapolis. MBA P resid en t Black­
by th e M innesota B ankers A ssociation, m a rr w ill welcome th e b an k er dele­
has tak e n final form for th is y e a r’s gates, and Dr. A rth u r Secord, director
of C om m unity Service and P rofessor of
m eeting in D uluth, Septem ber 11 and
Speech, B rooklyn College, New York,
12.
M arking th e first tim e th a t th e a n ­ w ill tell the ju n io r officers and bank
n u al “Ju n io r B a n k e rs’ ” m eeting has staffers from th ro u g h o u t M innesota
been held in th e P o rt City, th e MBA- how “A L aym an Looks at B ankers.”
A1B educational com m ittee plan n ers N ational A m erican In stitu te of Bank-

A

L . B. D U N C A N

K. A. M c F A R L A N D

D R . A. S E C O R D

ticipants will be M innesota ban k ers
Vice P resid en t Tom Olson, executive
vice presid en t of th e F irs t N ational
Bank, Starbuck; H elm uth R. K urth,
presid en t of th e Citizens Bank, H u tch ­
inson, and Don H arrington, p resid en t
of th e F irs t N ational Bank, Plainview .
W ind up speaker for th e conference
is Dr. K enneth M cFarland, Topeka,
Kan., w ho w ill conclude th e m eeting
on an ap p ro p riate note, “L et’s Sell
Success.”
R egistration costs have been held to
$12 for b ank em ployees and people in ­
volved in b an king service organiza­
tions and $7.50 for w ives or husbands
of b ank employees. K enneth W ales,
M.B.A. secretary, urged M innesota
ban k ers to re tu rn reg istratio n s as soon
as possible to th e M.B.A. office and to
forw ard hotel reserv atio n cards to
D uluth.

In d e p e n d en t B an k ers
T o M eet S ep te m b e r 2 8
The F irst A nnual C onvention of th e
In d ep en d en t B ankers of M innesota
w ill be Septem ber 28, at H otel L eam ­
ington, M inneapolis.
Jo h n D. Chis­
holm, president, Olm sted C ounty B ank
& T rust, R ochester, is president.
The association w as established last
fall to prom ote and foster principles of
home-owned and hom e-operated b an k ­
ing facilities and is now affiliated w ith
th e Independent B ankers Association,
w ith national h ead q u arters in Sauk
Centre, Minn.

REN O O D L IN

and D uluth com m ittee m em bers have ing Vice P resident Paige V. Simpson,
p u t to g eth er a stim u latin g and chal­ vice p resid en t of th e F irs t N ational
T ru st & Savings B ank of San Diego in
lenging agenda for th e 500 b an k ers
Oceanside, Calif., is n ex t on th e p ro ­
expected.
MBA P resid en t W ayne B lackm arr, gram , and D uluth m inister, Dr. E.
also p resid en t of th e W ayzata State J e rry W alker, w ill address th e b an k ­
Bank, said, “T his is an an n u al event ers on “A utom ation’s Challenge to
w hich is n atio n ally know n and consid­ F reedom .”
Mr. D uncan w ill preside at th e noon
ered one of th e finest m eetings of its
ty p e in th e country. I invite every luncheon. F o rm er N ew Y ork Yankee
M innesota b an k er to send all of his and M innesota T w ins second basem an
ju n io r officers and staff m em bers th a t Billy M artin, now a scout for the
he possibly can, and to atten d the con­ Tw ins, w ill talk about m ajor league
baseball.
ference him self if he can.”
H en ry N. Snyder, a ssistan t cashier,
L ynn B. D uncan, a ssista n t cashier,
N o rth e rn City N ational Bank, D uluth, F irs t N ational B ank of St. Paul, and
also AIB associate councilm an for
is ch airm an for th e conference, w hich
w ill be th e center of a ttra c tio n in Ho­ M innesota w ith Mr. D uncan and Mr.
E rpelding, w ill preside at th e a fte r­
tel D uluth.
T he m eeting w ill begin a t 6:00 p.m. noon session. A nother w est coast
on Tuesday, Septem ber 11, w ith a so­ b an k er w ell know n to M innesotans,
cial ho u r followed by a buffet din n er Reno Odlin, presid en t of th e P uget
Sound N ational B ank in Tacoma,
in th e H otel D uluth Ballroom . The
banks of D uluth w ill sponsor boat W ash., w ill discuss “W h at I t T akes to
to u rs of th e D uluth H arb o r la te r th a t Be a B anker.”
An im pressive a rra y of experienced
evening and th e re w ill be dancing u n ­
M innesota b an k ers w ill th e n give the
til m idnight.
T he business pro g ram is scheduled delegates th e practical know ledge th ey
for all day W ednesday th e 12th. The need in a panel on “How to Make
m ornin g session w ill be opened by E d ­ B ank L oans.” MBA P resid en t B lack­
ucational C om m ittee C hairm an A rth u r m a rr will m oderate th e panel and p a r­

A lbert Lea C hanges
Roy H anson, a ssistan t cashier and
assistan t m anager of th e installm en t
loan departm ent, F reeb o rn N ational
Bank, A lbert Lea, has tra n sfe rre d to
th e A berdeen N ational Bank, A ber­
deen, S. D., and has been succeeded by
B ernard Halfpop, w ho has been w ith
th e ban k th ree years, announces O. H.
Bondhus, president.

P r o m o tio n s at A u stin
Joseph M. Collins, in operations and
bookkeeping departm ent, and Lowell
Mason, m anager of th e insurance de­
p artm en t, both of th e A ustin State
Bank, have been prom oted to assistan t
cashier. Mr. Collins also is now audi­
to r of th e bank.

F o rest L ake M ove
T he F o rest Lake State B ank m oved
into its new building last m onth and
business w as as usual a few days later.
The new stru c tu re has v astly expand­
ed facilities, including a drive-in w in­
dow, big black-topped p ark in g lot, 400
new safe deposit boxes and both fro n t
and re a r entrances.
An official grand opening is being
planned for later in Septem ber.
Northwestern Banker, Se pte m ber, 1962


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

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IRECTORS of F irs t B ank Stock reassigned to th e New E ngland states
C orporation have declared a q u a r­ in 1950. He continued his expanded
te rly dividend of 47% cents p er share,
responsibilities th ro u g h the New Y ork
payable Septem ber 10 to stockholders
Trust-C hem ical Corn E xchange m erger
of record A ugust 17.
(1959) and w as elected senior vice
J o s e p h H . C o h n a n , president, re ­ p resid en t a year ago and nam ed asso­
ported th a t consolidated n e t earnings ciate head of th e national division.
for th e first six m onths of 1962 are
$7,459,195, or $2.15 p er sh are on 3,470,Two officers have been prom oted
363 shares outstanding, slight increase and five new ones elected at th e F irst
over sam e period of ’61.
N ational of M inneapolis.
J a m e s E . D o r s e y , J r ., com m ercial
b an k in g departm ent, w as advanced
from a ssistan t vice presid en t to vice
president, and P h ilip AY. S c h r a d e r , op­
eratin g d epartm ent, from a ssistan t
cashier to a ssistan t vice president.
N e w officers are: M is s F r a n c e s S.

D

B a k e r , J a m e s F . H a n n a s c h , R . AV. R u ff

J. H . C O L M A N

G. C O S T I K Y A N

D eposits of affiliated banks on Ju n e
30 w ere $1,787,983,656, an increase of
11 p er cent from Ju n e 30, 1961. Tim e
deposits w ere $149 m illion over those
of Ju n e 30, 1961, and $122 m illion
higher th a n D ecem ber 31, 1961.
M r. C o lu m n b e c a m e c h a ir m a n o f
t h e b o a r d t h e fir s t o f l a s t m o n th
a n d G r a n g e r C o s tik y a n , fo r m e r ly
s e n io r v ic e p r e s id e n t , C h e m ic a l
B a n k N e w Y o r k T r u s t, b e c a m e
F ir s t B a n k S to c k p r e s id e n t .

Mr. C ostikyan said recen tly th a t he
enjoys m eeting new people and th a t
is w h at he has been doing th e past
few w eeks in M innesota.
H e had planned a career in m an u ­
facturing, b u t w en t into b anking to
gain experience as “so rt of a grad u ate
school in finance.” He liked b anking
and rem ain ed in th a t field, sta rtin g
first w ith tra in in g a t New Y ork T rust.
In 1933 he joined th e in v estm en t divi­
sion and later becam e an in v estm en t
officer. In 1946 he w as nam ed to head
a new com bined credit and research
d ep artm en t and la te r m oved into com ­
m ercial ban k in g to serve custom ers in
Iowa, W isconsin and Illinois. He be­
came vice p resid en t in 1948 and w as
Northwestern Banker, September, 1962


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

and R o g e r A . S e v e r s o n , all assistan t
cashiers, and I r v i n g A . P r a tt, J r ., as­
sista n t secretary, tru s t departm ent.
Miss B aker, w ho sta rte d w ith the
F irs t N ational in 1953 and has been
W om en’s R ep resentative th e p ast five
years, becom es th e first w om an officer
of th e bank. She recen tly w as nam ed
“W om an of th e Y ear” by th e W om en’s
Ad Club of M inneapolis and is c u r­
re n tly national public relations ch air­
m an of th e N ational A ssociation of
B ank W om en. Mr. D orsey has been
w ith th e b ank since 1947; Mr. Schrader,
since 1923. Mr. H annasch, since 1952;
Mr. Ruff, since 1957; Mr. Severson,
since 1952, and Mr. P ra tt, since 1960.
* * *
J o h n d e L a it t r e , president, F arm ers
& M erchants Savings, M inneapolis,
has been confirm ed by th e U. S. Sen­
ate to be a m em ber of the F ederal
H om e Loan B ank Board.
* % *
P h il H . O lso n , form erly assistan t
cashier, F id elity B ank & T rust, and
tre a s u re r and a director, F id elity Se­
curities & In v estm en t Company, has
been appointed a ssistan t vice p resi­
dent, Falcon H eights S tate Bank, M in­
neapolis. H e has served also as a
state b an k exam iner.
* * *
Consolidated n et operating earnings

of N orthw est B ancorporation and af­
filiated banks and com panies, were,
for th e first six m onths of 1962, $7,847,667, up from $7,752,756 for th e first six
m onths of last year. A fter preferred
stock dividends, earnings w ere $1.43
per share on 5,423,040 com m on shares,
com pared w ith $1.42 last y e a r’s first
six m onths on 5,372,351 shares. Con­
solidated n et incom e (after non-oper­
ating additions) w as $8,462,044, or
$1.55 per sh are of com m on stock, com­
pared w ith $8,295,476 or $1.52 p er share
th e first six m onths of ’61.
Loans w ere, on Ju n e 30, $1,085,892,373, a high point and an increase of
6.1 per cent over Ju n e 30, 1961.
Total consolidated deposits w ere $1,941,518,159, up 8.4 p er cent over Ju n e
30, 1961. Tim e deposits rose 22 p er
cent to an all-time high of $651,488,534.
D irectors declared a p referred stock
dividend of $1 .1 2 y2 per share and a
com m on stock dividend of 32% cents
per share, payable Septem ber 1 to
stockholders of record A ugust 3.
* * *
D e n n is AAT. D u n n e , vice president,
F irs t N ational B ank of W inona, joins
th e N orthw est B ancorporation, M inne­
apolis, Septem ber 1, as a ssistan t vice
p resid en t for civil affairs. A nnounce­
m ents of th e m ove w ere m ade by A .
E . S to a , presid en t of th e bank, and
J o h n A . S w e e n e y , vice president of
N o rthw est Banco.
Mr. D unne has been vice p resident
of th e W inona bank, affiliate of N o rth ­
w est B ancorporation, since 1959, and a
director since Septem ber, 1961. A
g raduate of U n iversity of M innesota
(1950) and School of Banking, U niversity of W isconsin (1959), he has had
experience at th e N o rth w estern N a­
tional of M inneapolis, M ontana N a­
tional at B illings and th e G reat Falls
N ational.
* * *
G le n n AAT. R o s s , president, Suburban
L um ber Company, W ayzata, has been
elected a d irector of th e F irs t Produce
State Bank, M inneapolis, rep o rts R . E .
S t. C la ir, p resident of th e bank. Mr.

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Minnesota News

Ross is a m em ber of th e G overnor’s
N atu ral R esources Council of M inne­
sota.
=f= * H5
The B oard of G overnors, New Y ork
Stock E xchange, has announced th e
approval of four from th e J. M. Dain
Company, Inc., as allied m em bers of
th e E xchange. T hey are: E a r l S a n ­
fo r d , M inneapolis; R ic h a r d P o it r a s ,
G reat Falls; D a n ie l E w e n , D uluth, and
E d w a r d D a n ie ls o n , Sioux Falls. The
E xchange also approved th ese seven
m en of J. M. D ain to be stockholders
of th e firm: N ic k S c h a p s and E d B r a ­
m a n , St. Paul; E e e K o p p , T o m R u t t e r ,
F r e d F r i s w o ld and J e r r y E t s H o k in ,
M inneapolis, and R o y a l J o h n s o n , B ill­
ings, Mont.
J. M. D ain has announced th a t these
four m em bers of th e ir firm have been
enrolled in advance securities tra in in g
in cooperation w ith th e N o rth w estern
U n iv ersity School of Business: P a u l
R . K r a u s c h , T h o m a s R . F r i t z and
S t e p h e n B u d d , J r., M inneapolis, and
M ilto n H . G a s te r , Sioux Falls, S. D.
* * *
R u s s e l l L . S t o t e s b e r y , J r ., president,
U n iv ersity N ational B ank, M inneapo­
lis, has announced th a t R a w s P r ic e
and C h a r le s H a w k i n s have joined the
b ank as in sta llm e n t loan officers.

a r t d irector for BBDO in th e Tw in
Cities. A rtw o rk w as done by San
F rancisco artist, L o w e ll H e r r e r o , of
B utte, H errero & Hyde.
S ila s R o g e r s , director of advertising
for th e F irs t N ational, said hom e im ­
p ro v em ent loans, auto loans, m edical
loans and personal loans w ere fea­
tu re d in the ads and th e sam e m ate­
rial w as used for posters and display
pieces.—E n d .

C o ffe e A n y o n e ?

71

B u ffalo G rand O p en in g
A g rand opening w as held recently
a t th e Buffalo N ational B ank’s new
building. The opening of th e new
q u a rte rs also m arked th e b a n k ’s 35th
anniversary.
The in terio r of th e new stru c tu re is
quite strik in g and round arch itectu re
is th e dom inant feature. C entered in
th e lobby is a large ro u n d w ritin g
desk, in th e center of w hich is a sp a r­
kling fountain.
Prizes w ere given and to u rs w ere
featu red at th e all-day S aturday event.

In te r e stin g “ M ailin g P ie c e ’'
A clever le tte r w as received recently
by custom ers and friends of the Blue
E a rth S tate Bank. It w as a rep ro d u c­
tion of a little boy’s le tte r to th e bank
p resid en t . . . and it read (in boyish
p rin t):
“D ear Mr. B ank President:
“I did like m y fath er said. I p ut
m y m oney in the b ank w ith th e
stone pillow s out front. My father,
w ho is kind of sm art, says nobody
can keep m oney safer th a n a bank,
because m y $11.31 is in su red and
earns in te re st and besides your
b an k is cool. Besides m y sisters
have been g etting into m y pigg 3r
b an k and I know th ey can’t get at
it w hen it’s in your bank.—M att.”

“BIG G EST COFFEE B R E A K ” in
the h isto ry of th e city was held
recen tly a t th e F irs t N atio n al B ank
of M inneapolis. This w as th e second
annual “ Coffee-on-the-Plaza” a n d
more th a n 25,000 persons stopped by
th e b an k fo r free refresh m en ts d u r­
ing th e week-long event. There was
no special event, ju s t a neighborly
gesture on th e p a rt of th e F ir s t N a ­
tio n al fo r its custom ers and friends.

Do yo u r
h a v e questions about
C. H A W K I N S

T A X A T I O N . . .

R. P R I C E

Mr. Price, a g rad u ate of th e U n iv er­
sity of W isconsin, h as been in th e
banking field in th e u p p er m idw est.
Mr. H aw kins has been w ith th e
B ank of A m erica in Los A ngeles the
p ast 25 years.
* *
A series of in stallm en t loan new s­
paper ads for th e F irs t N ational of St.
P aul recen tly w on aw ards for excel­
lence at five A rt D irecto rs’ show s
aro u n d th e country: A Medal A w ard
and four M erit A w ards, Chicago; Cer­
tificate of M erit, New Y ork City; Cer­
tificate of A w ard and Certificate of
M erit, M inneapolis-St. Paul; th re e Cer­
tificates of M erit, Los A ngeles, and
tw o C ertificates of M erit, San F ra n ­
cisco.
T here w ere 15 ads in th e series and
w ere dubbed “Slim Jim s ” by th e b ank
and th e ad agency, B atten, B arton,
D urstin e & Osborn. The agency’s J im
S t e i n w ro te th e ads and th e series was
designed by M a rc B e a u d o in , executive

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"Y o u r Guide To B usiness in Canada , ” p u b lish ed
by C an ad a’s F ir s t B ank, in clu d es a su rvey in
la y m e n ’s lan g u ag e of th e m ajo r C anadian ta x e s
affecting y o u r c lie n ts’ b u sin e ss o r p e rso n a l in ­
te r e s ts in C anada. T h ese include F e d e ra l an d
P ro v in cial tax e s, a n d sp ecial su b sid iaries, in v e st­
m e n t com panies a n d oil, n a tu r a l g as a n d m in erals.
Y our C anadian-m inded clien ts w ill find it " m u st”
read in g .
To o b ta in y o u r copy, w rite on y o u r le tte rh e a d to
o u r n e a re s t U. S. office, o r to th e B u sin ess D evel­
o p m e n t D e p a rtm e n t, H ead Office.

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B R A N C H E S IN A L L TEN P R O V IN C E S
D is t ri c t H e a d q u a r t e r s :

H alifax , Toronto, W innipeg, C alg a ry , Vancouver
N E W Y O R K : Two Wall St. •
S A N F R A N C IS C O : 333 C a lifo rn ia St.
C H IC A G O : S p e cia l R e p re se n ta tiv e 's O ffice, 141 W e st Ja c k so n Blvd.

'ïtyeacC ô fâ tc e : “THont neat
850 BRANCHES IN CANADA, U .S ., GREAT BRITAIN AND EUROPE

RESOURCES EXCEED$ 3 ,5 2 5 .0 0 0 .0 0 0

Northwestern Banker, Se ptem ber, 7962


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

N e ns M inneapolis Ski/ieay

to be located on W est Main S treet and
plans are being m ade for a new build­
ing to be constructed n ex t year. The
hom e now located on the site w ill be
to rn dow n to m ake w ay for th e new
building w hich w ill feature drive-in
facilities and off-street parking.

B uys R o c h e ster In terests

ST E E L L IN K betw een N orthw estern N atio n al B ank, rig h t, and the N o rth sta r C enter
in M inneapolis begins to ta k e shape. W orkm en prepare to lay a slab concrete floor for
the skyw ay over M arqu ette A venue. The skyw ay utilizes th e principle of overhead sus­
pension, w ith the w alkw ay suspended from th e stru c tu ra l m em ber called a “box beam .”

A sk ov B a n k ’s 6 6 th Y ear
The S ecurity State B ank of A skov
observed its 60th an n iv e rsa ry last
m onth w ith open house. R efresh ­
m ents w ere served and a good tu rn o u t
of custom ers and o th er friends toured
the bank, w hich recen tly com pleted a
rem odeling program .
This b an k w as founded as th e Quarry m a n ’s State Bank, Sandstone; be­
cam e th e Sandstone S ecurity State in
1918 and th e S ecurity S tate of Sand­
stone in 1919. It w as m oved to A skov
and given its p re se n t nam e in 1936.

Bank, London, has accepted an execu­
tive position w ith th e F irs t State
B ank of Castle Rock. T he London
b ank w as purchased earlier th is year
by Mr. and Mrs. D arrell Gavin of B en­
n ett, Iowa.

E lected at C rook ston
Jo h n W hite, Jr., associated w ith the
F irs t N ational of Crookston since
Ju n e, 1961, has been prom oted to as­
sista n t cashier, a n n o u n c e s M arvin
Campbell, president.

George N. Reppe, M innesota b an k er
for 46 y ears and fo rm er p resid en t of
th e M innesota B ankers A ssociation,
recently sold th e S tate B ank of
B row nsdale to R. M. Gesell, president,
Cherokee State Bank, St. Paul, and
associates. Mr. Gesell said no changes
are anticipated for b an k personnel.

J o in s C astle R o ck Staff
P aul L. Thom pson, form er cashier
and p re se n tly a director, London State

“ O b h ie N ord strom D ay”

The State B ank of Belle Plaine,
Minn., has announced th a t it has taken
an option on p ro p erty for a new bank

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

M innesota Com m ercial M en’s Association

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

N ow in N ew Q uarters

P lan s New B u ild in g

INSURANCE AT LOST!

Northwestern Banker, September, 1962

David Flem ing, vice p resident and
m a n a g e r , in stallm en t loan d e p a rt­
m ent, F irs t N ational of W inona, has
been assigned duties in th e com m er­
cial d ep artm en t to succeed D. W.
Dunne, w ho resigned recently. Gerald
G. K iekbusch, assistan t cashier, has
succeeded Mr. Flem ing, announces A.
E. Stoa, president.

A pproxim ately 1,200 persons reg is­
te re d for door prizes at last m o n th ’s
open house at th e new ly-rem odeled
Clinton S tate Bank. A $100 and a $50
savings bond w ere given w inning
ad u lts and 540 shiny new dim es w ere
given v isitin g children. The ladies re ­
ceived orchids.

ACCIDENT, SICKNESS and HOSPITAL

2550 Pillsbury Ave. S.

C hanges at W in on a

The F irs t N ational B ank of W yom ­
ing has m oved into new q u arters one
block east of th e presen t location. Cus­
tom ers now have five te lle rs’ w indow s
for service instead of three, n ig h t de­
pository, p ark in g facilities and 350
new safe deposit boxes. T he new
building is com pletely air conditioned
and also offers facilities of a new in ­
surance corporation. Two new em ­
ployees — C harles W aldo, insurance,
and Janice H olm quist—have been add­
ed to th e staff.

C linton O pen H ou se
S e lls B row n sd ale B ank

P urchase of a sub stan tial in terest in
th e Olm sted County B ank & T ru st
Com pany of R ochester, Minn., by Med­
ical In v estm en t C orporation (MEDICOR) of M inneapolis, w as announced
recently by directors of th e bank and
Thom as K. Scallen, p resid en t of MEDICOR. T his is th e tw elfth largest com­
m ercial b ank in M innesota and the
larg est state bank.
Mr. Scallen has been elected a direc­
to r and w as appointed senior vice
president. John D. Chisholm is p resi­
dent.

Minneapolis 4, Minnesota

A. E. “Obbie” N ordstrom , president
of th e B ank of W illm ar, w as honored
recen tly on “Obbie N ordstrom D ay” in
W illm ar w hen h u n dreds of friends and
custom ers visited th e bank to congrat­
u late him on his 48th year in banking
and to w ish him w ell for his fu tu re
y ears in retirem en t. He retired A u­
gust 1.
An honor d inner w as held at The
Fireside, w here th e b an quet room w as
soon filled and an o th er room needed
and used for additional friends. Outof-town d ignitaries joined city officials
and local business and professional
people w ho praised Mr. N ordstrom for
his w ork in banking and civic im ­
provem ent.

73

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Federal Reserve Bank of St. Louis

74

Minnesota News

9 0 th A n n iv ersa ry O b servan ce
The F irs t N ational B ank of F erg u s
F alls celebrated its 90th an n iv ersary
recen tly w ith an open house. F e a ­
tu re d w ere re fre sh m e n ts and a display
of coins and currency, supplied by the
F irs t N ational of Chicago.

G reen Isle O p en H o u se
The C itizens S tate B ank of G reen
Isle celebrated its 60th an n iv ersary
last m o n th w ith an open house. V is­
ito rs w ere tre a te d to re fre sh m e n ts and
several in te re stin g prizes, one of
w hich w as an expense-paid w in te r v a ­
cation in Florida.

Le S u e u r R en o v a tio n
The V alley State B ank of Le Sueur
has announced plans for co n struction
of a 51-car p ark in g lot on a recentlyacquired 80-foot by 300-foot plot of
ground b ehind th e bank. H orace
C h a m b e r l a i n , president, also an ­
nounced extensive rem odeling plans
for th e bank, w hich w ill featu re a new
clrive-up teller window.
The p ark in g lot w ill serve dow n­
tow n shoppers as w ell as custom ers of
th e bank.

N atio n a l B ank C harter
A pplication for a c h a rte r for a n a ­
tional b a n k at M ontgom ery w as filed

recen tly by 18 M ontgom ery business­
m en. N am e w ould be F irs t N ational
B ank and suggested capital stru c tu re
w ould be $150,000—$75,000 of capital,
$37,500 of undivided profits.
H eading th e group is T hom as A.
Kelm, vice president, R efrigeration
E ngineering; R. Lebens, m a n a g e r ,
G reen G iant Plant; Neils M errild, head
of S an itary Cream ery; Dr. Lloyd E.
R ichter, dentist; Dr. H en ry Kucera,
physician; A lbert W ondra and F red L.
W ash a.

P r o m o tio n s at Crystal
J e rry C horom anski has been p ro ­
m oted from a ssistan t cashier to a ssist­
a n t vice president; W alter G. Dahl, Jr.,
from assistan t cashier to a ssistan t vice
president, and Jam es R. Cook, from
au d ito r to a ssistan t vice presid en t and
au d ito r at th e C rystal State Bank,
C rystal.
Bids have been received for a new
b an k building across from th e w est
b order of th e C rystal Shopping Center.
C om pletion is expected about Ju n e 1,
1963.

H ead s Sauk C entre B ank
N orm an R. Blount, senior officer of
The N ational B ank of South Dakota,
H uron, since 1957, has been elected
p resid en t of th e F irs t N ational of Sauk
Centre. He succeeds D. B. Caughren,

p resid en t for 41 years, w ho now be­
comes ch airm an of th e board. W. J.
Kleinschm iclt continues as executive
vice president.

B uys G ood T h u n d e r In terest
R obert K unkel, form erly of Charles
E. W alters Company, dealers in bank
stocks and b an k properties, has p u r­
chased th e in terests of th e estate of
th e late H. E. G laeser in the F irs t N a­
tional B ank in Good T h u n d er and has
been elected a director of th e bank.
Mr. K unkel has served as assistan t
cashier, F a rm e rs State Bank, Rapidan; w ith a b an k in P erry, Okla. (193640); w ith th e State B ank at Sleepy E ye
several years, and a city recorder at
Sleepy E ye before joining C harles E.
W alters Com pany in 1955. He plans
to dispose of his Om aha holdings.

J o in s S tew artville Staff

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Don Peterson, fo rm erly of the Secu­
rity S tate Bank, Clarem ont, has been
elected assista n t cashier, F irs t N ation­
al of Stew artville, succeeding A1 Fey,
w ho has tak en new duties a t New
Ulm.

M ORE M IN N E SO TA NEW S
O N PAGE 7 7
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1962

A

N o rthw est Security N ational B ank of
Sioux City, H uron, is replacing N or­
m an R. B lount on th e in d u strial com­
m ittee of th e South D akota B ankers
A ssociation. Mr. B lount is m oving out
of th e state.

South Dakota

NEW S

IL S. B on d S ales D ow n
C . F. S T iL G E B O U E R
A . S . G U L L IC K S O N

P resid en t
Secreta ry

G e tty sb u rg
Huron

South D akota
D I S C U S S I O N of “W ater: Im ­
pro v em en t D istricts U nder State
L aw ” and of “Basic T ru st Services
and E sta te P la n n in g ” w ill highlight
th e five South D akota B ankers A sso­
c i a t i o n ’s group
m eeting S e p t e m ­
b er 10-14.
R eg istratio n w ill
begin a t 3 p.m.
and th e sessions
w ill s ta rt at 4:30
a t each of th e fol­
low ing locations:

A

G r o u p T, S e p ­
t e m b e r 14 —R egis­

tra tio n in th e lob­
by of th e Sheraton-C ataract H otel, Sioux Falls; p ro ­
gram in th e Sheraton-C ataract B all­
room w ith H erm an L erdal, G roup I
president, presiding. Social h o u r and
b an qu et also w ill be in th e ballroom .
G r o u p I I , S e p t e m b e r 12 — R eg istra­
tion on M ezzanine, Alonzo W ard H o­
tel, A berdeen; p ro g ram in Alonzo
W ard B allroom w ith M. O. Lindell,
G roup II president, presiding; social
h o u r and b an q u e t also w ill be in th e
ballroom .
G r o u p I I I , S e p t e m b e r 13 —R eg istra­
tion in th e lobby of th e M arvin Hughitt H otel in H uron; pro g ram in th e
M arvin H u g h itt B allroom w ith R ay
Plow m an, G roup I I I president, p resid ­
ing; social h o u r and b an q u et also w ill
be in th e ballroom .
G ro u p I V , S e p t e m b e r 11 —R eg istra­
tion in th e C om m unity Room of the
M obridge B ranch of th e F irs t N a­
tional B ank, Mobridge; pro g ram also
in the F irs t N ational C om m unity
Room; social h o u r and b an q u et a t th e
M obridge M unicipal A uditorium .
G r o u p V , S e p t e m b e r 10 — R eg istra­
tion in th e lobby of th e S h eraton-John­
son Hotel, R apid City; p ro g ram in th e
S heraton-Johnson B allroom w ith W al­
lace F ruze, G roup V p resident, p resid ­
ing; social h o u r and b an q u et also in
th e ballroom .
George A. Bowie, natio n ally know n
lectu re r and colum nist, w ill be th e
ban q u et sp eak er at each of th e m eet­
ings. He is th e au th o r of “L e t’s Get
P erson al,” “W h at E u ro p e Told Me,”
G. A. B O W I E

ti
“Snap Goes Your Ju d g m e n t” and o th­
er books. He is recognized as one of
th e top speakers in th e U nited States
and Canada.
O thers p articip atin g in the program s
include C. F. Stilgebouer, SDBA p resi­
den t and president, F irs t P o tte r Coun­
ty Bank, G ettysburg, w ho w ill give
official greetings; Scott Lovald, SDBA
first vice p resid en t and executive vice
president, F irs t N ational Bank, Philip;
and Oscar Brosz, su p erin ten d en t of
sta te banks, Pierre.
J. W. Grimes, executive officer,
South D akota State W ater R esources
Commission, P ierre, w ill speak on the
W a te r Im provem ent D istricts at all
th e m eetings.
“Basic T ru st Services and E state
P la n n in g ” w ill be discussed by Adolph
Lodmell, vice presid en t and tru s t offi­
cer, N o r t h w e s t Security N ational
Bank, Sioux Falls, at th e Group I
m eeting. The sam e topic w ill be h an ­
dled by Orley R ath, vice presid en t and
tr u s t officer, F irs t N ational Bank, Ab­
erdeen, at th e Group II and Group IV
m eetings; R obert Kelley, assistan t
cash ier and tru s t officer, F irs t Citizens
N ational Bank, W atertow n, a t the
G roup III m eeting, and by K enneth C.
H anna, vice p resid en t and tru s t offi­
cers, F irs t N ational B ank of th e Black
H ills, R apid City, a t the Group V m eet­
ing.
Social ho u rs w ill begin at 6 p.m. at
each m eeting and th e b an q u et at 7
p.m. w ith ad jo u rn m en t a t 9:30.—E n d .

SD B A Fair D isp la y
A. S. Gullickson, executive secretary
of th e South D akota B ankers A ssocia­
tion, announced recently th a t an orig­
inal m an u scrip t collection composed of
financial docum ents of 10 presidents of
th e U nited States is on display at the
South D akota State F a ir in H uron this
m onth.
The display, in th e association's
booth on th e fair grounds, featu res the
“F u ll Service B anks Serve Our Com­
m u n i t i e s ” t h e m e . B ankers from
th ro u g h o u t th e state staff th e booth.

C om m ittee C hange
Lew is A. M eyers, vice president,

Sales of E&H U. S. Savings Bonds
in South D akota am ounted to $1,720,143 in July, a decline of 15 per cent
from th e $2 m illion m ark for th e sam e
m onth last year. A t th e close of Ju ly
th e state had attain ed 43.4 p er cent of
the 1962 goal w ith to tal sales for the
seven m onths reaching $13,403,159.

N ew Ag R ep resen ta tiv e
C urtis H. A lberty, d istrict sales m an ­
ager for Pfister H ybrid Company, has
joined th e N o rthw est Security N ation­
al B ank of Sioux
F alls as agricul­
t u r a l re p re se n ta ­
tive, according to
C. A. Lovre, p re s­
ident.
Mr. A lberty w ill
assist in handling
th e increasing de­
m and for f a r m
m anagem ent serv ­
ices by th e N o rth ­
C. H . A L B E R T Y
w est B ank w hich
now m anages over 11,000 acres located
in 15 South D akota counties and two
Iow a counties.

C om m ission A ction
The follow ing action w as tak en at a
recent m eeting of th e South D akota
State B anking Commission:
A pplication of th e Okaton State
Bank, Okaton, to convert th e ir Class
“B” office in M idland to a b ranch bank
w as approved and approval w as given
for th e B ank of U nion County, E lk
Point, to convert th e ir Class “A” office
in N orth Sioux City to a b ran ch bank,
both subject to the p roper ad ju stm en t
of com m on capital stock and FDIC
coverage.
A pplications also w ere approved for
increases in com m on capital stock at
th e follow ing banks: F irs t State Bank,
M cLaughlin, from $30,000 to $60,000;
B ank of Centerville, from $50,000 to
$100,000, and B ank of K im ball from
$100,000 to $200,000.
Also approved w as th e application
of th e B ear B utte V alley Bank, S tu r­
gis, to m erge w ith th e A m erican N a­
tional B ank of R apid City.
Oscar Brosz, s u p e r i n t e n d e n t of
banks, rep o rted th a t no action w as
tak en on th e application for a second
ban k in Onida.
Northwestern Banker, Se ptem ber, 7962


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Federal Reserve Bank of St. Louis

76

South Dakota News

Jo in D ell R ap id s Staff

S p earfish P r o m o tio n

Bill L arson, w ho has been m anager
of th e P roduction C redit A ssociation
office a t Fosston, Minn., for th e p ast
tw o years, has been appointed ag ricu l­
tu ra l re p re se n ta tiv e a t th e N o rth w est
Security N ational B ank in Dell R ap­
ids, S. D. H e is a 1953 g rad u ate of th e
U n iversity of M innesota w ith a degree
in ag ricu ltu ral education.

Mrs. K enneth B udm ayr of St. Onge,
an em ployee of th e B ank of Belle
F ourche, S. D., for th e p ast 11 years
and teller at th e Spearfish b ranch of
th e b an k since it opened last year, w as
prom oted to assistan t cashier and
teller.

Y an k ton B ank to O p en

A b erd een C hanges
E m m e tt L en ih an has been nam ed
assistan t cashier and D uane A nderson
w as nam ed assista n t tr u s t officer a t
th e F irs t N ational B ank of A berdeen,
S. D. Mr. L enihan joined th e audit
d ep artm en t of th e b an k in June, 1961,
and Mr. A nderson joined th e b an k last
Jan u ary .

S e lec ted as S ite
Sioux F alls has been selected as th e
site for the 1963 Region 10 A m erican
In stitu te of B anking Conference. W a r­
ren Nelson w as nam ed general ch a ir­
m an of th e eight-state convention to
be held n ex t July.

AT T H E (m ilk) BAR are, from le ft, Bill
Leech, vice p resid en t; Miss H enning, Elden Swenson, cashier; and B u rd e tt Solum,
a ssista n t cashier.

m er in honor of the area dairy farm ers
and producers.
E. W. Swenson, cashier, rep o rts th a t
th e b anks served cookies and m ilk as
usual, b u t to give th e event a little
m ore “p u n ch ” th e b ank obtained the
services of Miss Teen U.S.A. to serve
as hostess. Miss Teen U.S.A. is L inda
H enning, a ju n io r at W ashington H igh
School in Sioux Falls.

Va lle y S p rin g s O p en in g

S io u x F alls P r o m o tio n

A bout 600 persons v isited th e M in­
nehaha C ounty B ank in V alley Springs
recently d u rin g an open house in ob­
servance of th e b a n k ’s 35th a n n iv e r­
sary and com pletion of rem odeling.
Rem odeling consisted of new and
enlarged w indow s and doors and new
furnishings. A new sign also w as in ­
stalled.

C. A. Lovre, president, N orthw est
S ecurity N ational B ank of Sioux Falls,
announced last m onth th a t directors
have elected O bert C. Q uarberg and
L oren D. G erlem an as a ssistan t cash­
iers. Mr. Q uarberg is in th e opera­
tions d ep artm en t of th e Sioux Falls
office and Mr. G erlem an is in th e in ­
stallm en t b anking d ep artm en t in the
H u ro n office.

A n n u al P r o m o tio n

B ids O p en ed at D u p r ee

A teenage b a r m aid in a b an k is
som ething you don’t see v e ry often,
b u t it did hap p en at th e F irs t Citizens
N ational B ank in W atertow n, S. D.
T he reason th e place w asn ’t raided
is th a t the only beverage served w as
milk. The event w as an an n u al Milk
B ar sponsored by th e b an k each sum-

itviuittlvlinl

REM OD ELED q u a r ­
ters of the F arm ers
S tate B ank, Canton,
S. D., fe a tu re new
counters, and com­
pletely
redecorated
interior. New lig h t­
ing and air condition­
i n g a ls o w e r e i n ­
stalled.
Northwestern Banker, September, 1962


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

Bids w ere opened early last m onth
for th e construction of a new bank
building for th e F a rm e rs State B ank
of D upree. The p resen t q u a rte rs are
to be replaced. D etails of construction
had n o t been announced as th is issue
of th e N orthw estern B anker w as go­
ing to press.

The new Valley S tate Bank, Y ank­
ton, S. D., w as scheduled for opening
on Septem ber 1. As th is issue of the
N orthw estern B anker w as being prepared in terio r and exterior rem odeling
of th e b a n k ’s q u a rte rs a t 326 Broad­
w ay w as w ell underw ay.
C harles W. P eterson, w ho has been
nam ed m anaging officer of th e new
bank, has m oved to Y ankton from
New Ulm, Minn., w here he w as cash­
ier of th e State B ank of New Ulm.
Mr. P eterson lived in Y ankton for 11
y ears before m oving to New Ulm.
Drive-in banking and a 24-hour de­
pository are featu res to be included in
the new bank.

y

C

y

y

Roy H . F e n n e r
Roy H. F en n er, 62, form er state su­
p erin ten d en t of banks, died recently in
a R apid City, S. D., hospital. Mr. Fenn e r had m ade his hom e in Sioux Falls
a fter re tire m e n t from banking in 1960.
He had been affiliated w ith R apid City
banks from 1955 u n til 1960.

A

n

W atertow n C hanges
V ictor B asart, vice president, w as
elected presid en t of th e F a rm e rs and
M erchants B ank of W atertow n, S. D.,
succeeding W. C. Talen, w ho has re ­
signed.
W ayne Bredeson, form erly m anager
of th e installm en t loan d epartm ent,
w as nam ed to succeed Mr. B asart as
vice president, and K arl B erggren suc­
ceeds Mr. B redeson in the installm ent
loan departm ent.

h

y

S tu rgis C on stru ction
M. A. G arland Com pany of R apid
City, S. D., has been aw arded th e gen­
eral co ntract for a new office of th e
F irs t N ational B ank of th e Black H ills
in Sturgis. The new q u a rte rs w ill be
located on M ain S treet ju st w est of the
p resen t b ank building.
L aV ern M itchell, vice p resid en t and
m anager of th e S turgis office, siaid the
new building w ill have a 75-foot fro n t­
age, including a 25-foot drive-in ap­
proach from M ain Street. Included
w ill be a w alk-up w indow , a 24-hour
depository and a com m unity room. A
hard-surfaced p ark in g lot at the rear
of th e building w ill be available for
custom ers.
Com pletion is expected early n ex t
spring.

tfnnrter Canton

y

't

^

<

77
ton position, succeeds H. W alter Ol­
son, w ho resigned as president, b ut
w ho w as elected a vice presid en t and
w ill rem ain on the board of th e New
London bank. Mr. Olson also w ill de­
vote m ore tim e to M innesota Bancompany, Inc., w hich provides m anage­
m ent and co n su ltan t services to its
subsidiary com panies, one of w hich is
the b ank at New London.

North Dakota

NEW S
A . M. E R IK S M O EN
W . J . DAN ER

P re sid en t
S ecretary

Farg o
B ism arck

J o in s D e v ils L ake Staff
M ark K reklau, em ployed at th e
F irs t B ank of L angdon for 17 m onths
before his tra n s fe r in A ugust of last
y ear to th e b an k a t G ettysburg, S. D.,
has joined th e staff of th e R am sey N a­
tional B ank a t D evils Lake.

M andan B an k B u ild in g
Bids for th e constru ctio n of th e
F irs t N ational B ank b uilding on th e
co rn er of F irs t A venue and F irs t
S treet N.W. in M andan have been
opened and are being studied.

R e tir e m en t at W illisto n
W. S. D avidson, Jr., p resid en t of the
A m erican S tate B ank of W illiston, has
announced th e re tire m e n t of M. M.
M illhouse, vice p resid en t and m em ber
of th e board.
Mr. D avidson said th e directo rs ac­
cepted Mr. M illhouse’s resig n atio n
w ith reg ret, b u t felt obligated to co­
operate w ith his req u est for th e re st
and relax atio n “he so rich ly deserves.”
Mr. M illhouse joined th e staff of the
b an k in 1933 and has been an officer
and d irecto r ever since. He plans to
m ove to Salem, Ore.

Bank, Springfield, m oving th ro u g h the
offices to th e presidency.

N am e C hange at M orristow n
C hange of nam e and statu s of the
M orristow n S tate B ank has been
g ran ted by th e South D akota banking
d ep artm ent. A pplication for a capital
stock increase from $50,000 to $100,000
also w as approved. P ending is ap ­
proval of th e new statu s of th e M cIn­
tosh B ranch by the FDIC, rep o rts W al­
te r Schirber, executive vice president
and m anaging officer.
The new nam e of the ban k is The
F irs t S ecurity B ank of M orristow n.
The exchange operated by th e b an k at
M cIntosh th e p ast several years will
be The M cIntosh B ranch of The F irst
S ecurity B ank of M orristow n.
F ra n k lin Em ch, cashier at th e bank,
w ill be in charge of th e new branch.

N ew N o r th fie ld D ir e cto r
Dr. Jo h n W. Nason, presid en t of
Carleton College, has been elected a
d irector of th e N orthfield N ational
Bank, announces K enneth A. K ram er.
He succeeds L. M. Gould, form er p resi­
den t of th e college, as a director of
th e bank.
Dr. N ason’s b rother, Phillip H., is
p resident of th e F irs t N ational of St.
Paul.

In creases S u rp lu s A ccou n t
D irectors of the Citizens State Bank,
St. Louis P ark, have authorized the
tra n sfe r of $50,000 from undivided
profits to su rp lu s fund. T his raises
assets to $500,000, rep o rts C. T. Holberg, president.

V a lley S p rin gs O pen H o u se
H ead s N ew L on d on B ank
F o rm e r M urray County State B ank
(Slayton, M inn.), president, H arold C.
Cole, recen tly accepted a position as
p resid en t of the S tate B ank of New
London. Mr. Cole, also a form er exec­
u t i v e of th e U nion S tate Bank, M onte­
video, for nine y ears p rio r to his Slay­

T he 35th an n iv ersary of the bank
and th e recen t com pletion of an exten­
sive rem odeling program w ere com­
m em orated at an open house at th e
M innehaha C ounty B ank at Valley
Springs. R efreshm ents and souvenirs
w ere given and several door prizes
w ere w on by lucky guests.

S p ecia l S h o w in g at F argo
A special show ing of the new b ank
facilities of th e F irs t N ational B ank
and T ru st C om pany of F argo has been
planned for Septem ber 7, follow ed by
a reception and d in n er a t th e Civic
M em orial A ud ito riu m for special b a n k ­
ing frien d s and d ig n itaries in the
bankin g field. W illiam F. G raves is
presid en t of th e bank.

LOOKING FOR A
CORRESPONDENT
BANK IN THE
MID-CONTINENT

M ORE M IN N E SO TA NEW S

AREA?

F rank E. P ie sc h e l
F ra n k E. Pieschel, 65, president,
F a rm e rs & M erchants S tate Bank,
Springfield, died recen tly a t a hospital
in Springfield. H e had suffered w h a t
appeared to be a series of h e a rt a t­
tacks.
Mr. P ieschel began his b an k in g ca­
re e r in 1918 as a bookkeeper-janitor at
th e new ly-organized F a rm e rs State

J f f l (tElCiT/

fc___

T h in k ..

THE FIRST NATIONAL BANK
AND TRUST COMPANY
T U L S A , O K LA H O M A

Northwestern Banker, Se ptem ber, 1962


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Federal Reserve Bank of St. Louis

78

No problem is too small to receive
our personal attention
>~

If balance is a problem for you. or if your level best doesn’t quite cut it
— try the specialists at Denver U. S.
These men—Don Ferrel, George AIff, and Don Whiteman—
are here to see you receive the personal attention of the right people.
Telephone CHerry 4-8811 in Denver.

that's the bank for m y m o n e y r

^DENVER UNITED STATES
NATIONAL BANK
D E N V E R
Northwestern Banker, September, 1962


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Federal Reserve Bank of St. Louis

U .S . C E N T E R

D e n v e r 1 7 , C o lo r a d o

X

79

Colorado-Wyoming News

L. Jaynes, a ssistan t vice president,
grad u ated from th e Stonier G raduate
School of B anking a t R utgers, New
B runsw ick, N. J., and Jo h n R. Starkey,
auditor, w as a g rad uating stu d en t at
th e NABAC school in Madison.

F is h D e r b y

P ia n New H oidiny Company
H E chief executives of th re e D en­ Adam s, presid en t of th e Colorado
v er area b an k s last m onth ac­ B ankers A ssociation and president,
know ledged th e ir ag reem en t to formF irs t N ational Bank, Denver, spoke at
a b an k holding com pany to acquire th e school’s opening dinner. T hree
sem inars dealing w ith cu ltu ral areas
controlling in te re st in all th re e banks.
The an n o u n cem en t w as m ade jo in t­ o th er th a n banking w ere conducted
d u rin g th e school. E v e re tt D. Reese
ly by Roger D. K night, Jr., chairm an
of th e board of D enver U nited States of Colum bus, Ohio, chairm an of the
N ational Bank, W. L. H azlett, p re si­ ABA council on b an king education,
d en t of B ank of A urora, and W. G. w as to be the com m encem ent speaker
Johnsen, p resid en t of A rapahoe Coun­ A ugust 24.
Y O UN G H A N D IC A P P E D fishermen, bank
ty Bank. T he th re e b an k executives
staff m em bers and the D enver business
reached ag reem en t in p rinciple to ex­ A tten d B ank S c h o o ls
com m unity had much to ta lk about aftey
Several D enver U. S. N ational B ank 400 Colorado tro u t were pulled from the
change th e ir personal holdings of
stock in th e th re e b anks for stock of staff m em bers attended schools during pool of the D enver U.S. N atio n al C enter
recen t w eeks. R. H. Shepler, vice during a tw o-day fishing derby fo r crippled
D enver U. S. B ancorporation, Inc.
children sponsored by th e D enver U.S.
O ther stockholders of th e A rapahoe president, conducted a one-day class N atio n al B ank. Over 150 youngsters p a r­
at
th
e
NABAC
school
at
th
e
U
niver­
and A urora b an k s have agreed to
ticip ated . They were assisted by 75 of­
m ake sim ilar exchanges, so th a t a ma- sity of W isconsin, Ju ly 30. C harles L. ficers and staff m em bers of the bank. Top
Flierl. com m ercial banking, and Clyde angler during the event was a young m an
u o rity of th e stock of these tw o banks
who m anaged to pull 14 tro u t from the
has been com m itted to B ancorpora­ De Bello, consum er credit, attended pool, a new record fo r the derby which
the
School
of
B
anking
at
th
e
U
niver­
tion. C om parable offers of B ancorpo­
has been conducted each summer for three
ratio n sh ares w ill be m ade to o th er sity of W isconsin last m onth; R obert years.
stockholders of th e th re e banks. Bancorporation officers said th a t th ey
w ere hopeful of acq u irin g a t least a
m ajo rity of th e stock of all th re e
banks, but th a t th e re w ere no plans to
sell any B ancorporation secu rities to
H E Colorado N ational B ank an ­ vantageous and th a t th e acquisition of
th e public for cash.
nounced recently th a t w ork has th e en tire block in w hich the bank is
sta rte d on a $2,000,000 rem odeling oflocated affords unlim ited op p o rtu n ity
Com pletion of these tran sactio n s re ­
quires approval of th e B oard of Gov­ its b ank building at 17th and Cham pa for developm ent for both th e p resen t
e rn o rs of th e F ed eral R eserve System , Streets. P lans w ere also announced and the future. The rem odeling of
reg istra tio n of B ancorporation stock for construction in th e n ear fu tu re of the ban k and construction of a drivein and p ark in g facility are only the
w ith th e Securities and E xchange Com­ a bank drive-in and custom er park in g
facility on the site of the E & C B uild­ first steps in our plans for the total
m ission, and a favorable ru lin g from
th e In te rn a l R evenue Service. A Ban- ing at 17th and C urtis Streets, prop­ redevelopm ent of th e block,” Mr. Rob­
erts said.
corporation spokesm an estim ated th a t e rty p resen tly ow ned by th e bank.
The Colorado N ational B ank B uild­
these steps m ig h t tak e six m o n th s to
M elvin J. R oberts, president, stated
a year. The offer to th e o th er sh a re ­ th a t negotiations for th e p u rchase of ing, recognized as one of the finest
holders of th e th re e b anks w ill be p ro p e rty owned by th e May D epart­ exam ples in the co u n try of neo-classic
arch itectu re, has long been a land­
m ade by a prospectus com plying w ith
m ent Stores Com pany in the block in
m ark in dow ntow n Denver. It w as
th e Securities Act of 1933.
w hich th e b ank is located and several
com pleted in 1924. A ccording to Mr.
parcels in adjacent blocks are n earin g
R oberts, th e basic a rch itectu ral ch ar­
com pletion. The b ank expects to ex­
1 0 9 at C olorado S ch o o l
acter of th e ex terio r of th e building
ercise
its
options
to
purchase
this
A record 109 b an k ers enrolled in the
and of the im pressive three-story
12th an n u al Colorado School of B ank­ p ro p e rty by year end.
lobby w ill be retained. The w hite
ing conducted last m onth a t th e U ni­
•‘Our decision to proceed w ith the m arble ex terio r w ill be cleaned and
v e rsity of Colorado in Boulder.
m ajor rem odeling to the b ank build­ lighted for n ig h t tim e display. All
The school, sponsored by th e Colo­ ing w as based upon a com prehensive space w ith in th e building, presen tly
rado B ankers A ssociation and th e stu d y of our long range req u irem en ts housing various banking operations
CU school of business, is directed by for b anking facilities. W e concluded and several non-bank ten ants, w ill be
Prof. Joseph L. Frascona. E ugene H. th a t our p resen t location is m ost ad- com pletely rem odeled.

T

R em odeiiny S ta rted in D enver

T

Northwestern Banker, Septem be r, 1962


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

80

Wyoming News

W y o m in g N e w s

M utual Life In su ran ce Company. He
is a n ativ e of Cheyenne.
George L. Cole, pro m in en t builder
and real estate developer and long a
resid en t of Cheyenne, also w as elected
last m onth to th e board of directors
of th e Stock G row ers N ational B ank
of Cheyenne to fill the vacancy created
by th e recen t death of A ndy E. Roedel.

O n C h eyen n e B oard
Charles D. Carey, p ro m in en t Chey­
enne businessm an, has been nam ed to
th e board of th e
Stock Growers
N ational B ank of
C heyenne. He fills
a vacancy created
by th e r e c e n t
d eath of R o b e r t
W alton.
Mr. C arey is en­
gaged in p ro p erty
m an ag em en t and
is an agent for
Massachusetts

R aw lin s B an k S o ld
R o b ert Bible, principal ow ner and
p resid en t of th e F ir s t N ational B ank
of R aw lins, Wyo., announced recently
th a t he and m em bers of his fam ily
have sold th e controlling in te re st in
th e b an k to Jam es R. Ivins of C raw ­
ford, Neb.

Mr. Ivins is to become presid en t of y
th e ban k about Septem ber 5. He re ­
cently sold his in terest in banks at
C raw ford and H arrison, Neb. He had
operated these tw o banks since 1945 as j
presid en t of one and executive vice
p resid en t of th e other.

L an der A u d ito r
L a rry Day of L aram ie has been
elected to the new ly created position
of au d ito r a t th e F irs t N ational B ank
of Lander, Wyo., and stockholders
have voted to increase th e b an k ’s capital to $180,000 and its su rp lu s to $320,000 for a total increase in footings of
$100,000.

^

A

T o S erve C asper A rea

Colorado
is

o u r

b u s in e s s

J. G. P eterson, vice presid en t and
sales m anager, J. M. D ain & Company,
Inc., M inneapolis in v estm en t firm, an ­
nounced last m onth th a t C lark Bromley, Casper, Wyo., has been appointed
a reg istered rep resen tativ e serving the
Casper office of the J. M. D ain firm.
Mr. B rom ley joined th e com pany in
Jan u ary , 1962, in th e tra in in g d e p a rt­
m ent a t th e firm ’s M inneapolis office,
tra n sfe rrin g back to Casper in Ju n e
of this year w here he has lived since
1957.

^

*

^

NABAC O fficer
W illiam H. Brow n, a ssistan t cashier,
F irst N ational Bank, Casper, Wyo.,
has been reappointed W yom ing state
vice president for NABAC for th e 196263 term . As th e senior NABAC offi­
cer in th e state, he w ill w ork w ith officers of conferences in th e state and
w ill coordinate th e activities of th e
association w ith in W yom ing.
•

C on stru ction Started
C onstruction is u n d erw ay on the
new R avalli County B ank building,
H am ilton, Mont.
The new building w ill occupy some
6,000 square feet and w ill featu re com­
plete drive-in facilities u n d er th e re a r
roof. A reflecting pool located in the
e n try way, extensive landscaping and
a large p ark in g area are included in
plans, according to R. W. B axter, pres­
ident.

P la n n in g C on stru ction

Colorado n a tio n a l Bank O F D E N V E R
17th and Champa

Northwestern Banker, September, 7962


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

•

Member F D IC • A C 2-9811

The B ank of Columbia Falls, Mont.,
has p u rchased p ro p erty on N ucleus
A venue in Colum bia F alls for con­
stru ctio n of a new b an k building.
A. J. King, executive vice president,
em phasized th a t th e building is in the
planning stage and no construction
has been scheduled. H e added th a t
w hen th e new building is erected, the
w hole half block w ill be landscaped
w ith a large park-like area.

't

d-

A

v-

>

A.

^

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81

Montana

NEW S
E. L. K U N K E L, J R .

P resid en t

A n acon d a

R. C .

S ecreta ry

H elena

W A LLA CE

J o in s B illin g s B an k
Jo h n E. Tenge, p resid en t of The
M idland N ational B ank, Billings, has
announced th e election of Jam es M.
Schneider as a ssista n t cashier by the
board of directors.
Mr. Schneider has been associated
w ith th e C itizens B ank and T ru st
Com pany of Big T im ber, Mont., for
th e last 13 y ears w h ere he w as cashier
and a d irecto r of th e bank. P rio r to
joining th e b an k at Big T im ber, he
w as previo u sly associated w ith the
B ank of S heridan, S heridan, Mont.,
and the W h iteh all State Bank.

J o in s M iles City B an k
Jam es P. Sims, form erly a real essta te ap p raiser in P ow der R iver Coun­
ty, has joined th e Miles City B ank in
Miles City, Mont., according to an a n ­
nouncem en t by E lm er Mohl, executive
vice president.

R e tir e s at P h ilip sb u r g
W. C. Bowen, a ssista n t cashier, F lin t
C reek V alley B ank, P h ilipsburg, Mont.,
th e p ast 16 years, has retired , accord­
ing to an an n o u n cem en t by B. G.
Paige, president.

T o A tten d A .B .A .
T he follow ing p ersons have indi­
cated th e y w ill a tte n d th e A m erican
B ankers C onvention in A tlantic City,
Septem ber 23-26:
COLORADO
A d am s, E u g e n e H ., a n d w ife , P r e s id e n t, T he
F i r s t N a tio n a l B a n k , D e n v e r ; M a rlb o ro u g h -B le n h e im
A lff, G e o rg e, V ice P r e s i d e n t , D e n v e r U n ite d
S ta te s N a tio n a l B a n k , D e n v e r; C la rid g e
A sb o rn o , A rm a n d , a n d w ife , S e n io r V ice
P r e s i d e n t , T h e C e n tr a l B a n k a n d T r u s t
C o m p an y , D e n v e r; C h a lf o n te - H a d d o n H a ll
A s s a ia n te , V in c e n t F ., a n d w ife , M e m b er
S ta te B a n k in g B o a rd , S ta te of C o lo rad o ,
C o lo ra d o S p rin g s ; C h a lf o n te - H a d d o n H a ll
B le a k le y , H . J., a n d w ife , P r e s id e n t, T h e
P e o p le s B a n k , A u r o r a ; T ra y m o r e
B re e z e , C a rl G., a n d w ife , P r e s i d e n t , T he
B a n k o f K r e m m lin g ; C la rid g e
B r id g e w a te r , A r t h u r G., a n d w ife , V ice
P r e s i d e n t , T h e C e n tr a l B a n k a n d T r u s t
C o m p an y , D e n v e r ; C h a lf o n te - H a d d o n H a ll
D in e s , B ru c e E., a n d w ife , V ice P r e s id e n t,
T h e F i r s t N a tio n a l B a n k of D e n v e r; M a rlb o r o u g h -B le n h e im
F itz g e r a ld , L . E ., a n d w ife , P r e s id e n t, F a r m ­
e r s S ta te B a n k , Y u m a ; C h a lf o n te - H a d d o n
H a ll
H ilto n , E. K ., a n d w ife , P r e s i d e n t , T h e M e r­
c a n tile B a n k & T r u s t C o m p an y , B o u ld e r ;
C la rid g e
K e itz , H a ll H ., a n d w ife , P r e s id e n t, T he
M o n tro s e N a tio n a l B a n k , M o n tr o s e ; C la ­
rid g e
M a cD o n ald , J . H „ a n d w ife , P r e s id e n t, T he

C o lo ra d o B a n k & T r u s t C o m p an y , L a
J u n t a , C o lo ra d o ; D e n n is
M u r r a y , H . O., a n d w ife , E x e c u tiv e V ice
P r e s i d e n t , U n io n N a tio n a l B a n k in D e n ­
v e r ; C h a lf o n te - H a d d o n H a ll
N e a s , I r i a n W ., a n d w ife , C a s h ie r, R o u tt
C o u n ty N a tio n a l B a n k , S te a m b o a t S p rin g s ;
C o lto n M a n o r
O’R o u rk e , T h o m a s P ., a n d w ife , V ice P r e s i ­
d e n t, T h e F i r s t N a tio n a l B a n k of D e n v e r;
M a rlb o r o u g h -B le n h e im
P u c k e tt, C ecil, a n d w ife , V ice P r t s i d e n t ,
F e d e r a l R e s e rv e B a n k o f K a n s a s C ity ,
D e n v e r; C la rid g e
R ice , P a u l L ., a n d w ife , P r e s i d e n t , F i r s t
N a tio n a l B a n k in L o v e la n d ; C h a lf o n te H a d d o n H a ll
R o b e r ts , N e il F ., a n d w ife , P r e s i d e n t , D e n ­
v e r U n ite d S ta te s N a tio n a l B a n k , D e n v e r;
C la rid g e
S c a rb o ro , J . C., a n d w ife , E x e c u tiv e S e c re ­
ta r y , C o lo ra d o B a n k e rs A s s o c ia tio n , D e n ­
v e r ; C h a lf o n te - H a d d o n H a ll
S tu b b s , C a rr o l L., a n d w ife , S e n io r V ice
P r e s i d e n t , T h e F i r s t N a tio n a l B a n k of
D e n v e r; M a rlb o r o u g h -B le n h e im
S w a n so n , T h e o d o re C ., a n d w ife , P r e s id e n t,
T h e P u e b lo S a v in g s a n d T r u s t C o m p an y ,
P u e b lo ; C la rid g e
W a g n e r , F r a n k L., a n d w ife , S e n io r V ice
P r e s i d e n t , F i r s t N a tio n a l B a n k , G ra n d
J u n c t io n ; C la rid g e
W illia m s , H e n r y D., a n d w ife , P r e s id e n t,
A r k a n s a s V a lle y B a n k , P u e b lo ; M ay flo w er
W ils o n , C. J., a n d w ife , C a s h ie r , F i r s t N at i t o n a l B a n k , M e e k e r; L a f a y e tte M o to r
In n

M ONTANA
D u n d a s , D o u g la s J., a n d w ife , P r e s i d e n t an d
T r u s t O fficer, T h e G r e a t F a lls N a tio n a l
B a n k , G r e a t F a l l s ; S h e lb u rn e
E ric k s o n , C la u d e R ., a n d w ife , P r e s id e n t,
L iv in g s to n S ta te B a n k , L iv in g s to n ; C la ­
rid g e
H o llin g s w o r th , V. C., an d w ife , P r e s id e n t,
C itiz e n s S ta te B a n k , H a m ilto n , S h e lb u rn e
K u n k e l, E . L o w ry , a n d w ife , P r e s id e n t, D aly
B a n k a n d T r u s t C o m p an y , A n a c o n d a ;
T ra y m o r e
R u b ie , R ic h a rd D., a n d w ife , P r e s i d e n t , C iti­
z e n s B a n k o f M o n ta n a , H a v r e ; C la rid g e
T e n g e , J o h n E ., a n d w ife , P r e s i d e n t , T he
M id la n d N a tio n a l B a n k o f B illin g s ; C o l­
o n y M o te l
V a n N ic e , C le m e n t A., V ice P r e s i d e n t , H e l­
e n a B ra n c h , F e d e r a l R e s e rv e B a n k of
M in n e a p o lis , H e le n a ; R itz - C a r lto n
W a lla c e , R . C., a n d w ife , S e c r e t a r y - T r e a s u r ­
e r, M o n ta n a B a n k e rs A s s o c ia tio n , H e le n a ;
M a y flo w er
W a te r s , R o b e r t M., a n d w ife , P r e s id e n t, S e ­
c u r i t y T r u s t & S a v in g s B a n k , B illin g s ;
C la rid g e

NORTH DAKOTA
D a n e r , W illia m J., S e c r e ta r y , N o r th D a k o ta
B a n k e rs A s s o c ia tio n , B is m a rc k ; C o lony
M otel
G ra v e s, W illia m F ., a n d w ife , P r e s i d e n t , T h e
F i r s t N a tio n a l B a n k & T r u s t C o m p an y ,
F a r g o ; E m p r e s s M o te l
H e ib e r g , V ic to r A., a n d w ife , C h a ir m a n of
B o a rd , F a r m e r s S ta te B a n k , M in n e w a u k a n ; R itz - C a r lto n
M ille r, C. S., a n d w ife , V ice P r e s i d t n t a n d
C a s h ie r , T h e F a r g o N a tio n a l B a n k , F a r g o ;
M a rlb o ro u g h -B le n h e im
W e in h a n d l, A1 R., a n d w ife , P r e s i d e n t , F i r s t
N a tio n a l B a n k in M in o t; C o lo n y M o te l

SO U TH D A K O TA
D a h l, A. E ., C h a ir m a n of th e B o a rd , A m e r i­
can N a tio n a l B a n k , R a p id C ity ; A m b a s s a ­
dor
D uffy, F r a n k E ., a n d w ife , V ice P r e s id e n t,
U n io n S a v in g s B a n k , S io u x F a l l s ; D e n n is

G u llic k so n , A. S., a n d w ife , E x e c u tiv e S e c re ­
t a r y - T r e a s u r e r , S o u th D a k o ta B a n k e rs
A s s o c ia tio n , H u r o n ; C o lo n y M o te l
H o r lo c k e r , H a r o ld R., a n d w ife , P r e s id e n t,
F i r s t N a tio n a l B a n k o f T h e B la c k H ills ,
R a p id C ity ; M a rlb o ro u g h -B le n h e im
K la r , N o e l W ., a n d w ife , E x e c u tiv e V ice
P r e s i d e n t , F i r s t N a tio n a l B a n k o f th e
B la c k H ills , R a p id C ity ; M a rlb o ro u g h B le n h e im
L in d , C h e s te r C., a n d w ife , P r e s i d e n t , F i r s t
N a tio n a l B a n k o f A b e r d e e n ; C o lo n y M o tel
S h e lb y , J . N ., a n d w ife , P r e s i d e n t , M itc h e ll
N a tio n a l B a n k , M itc h e ll; C o lo n y M o te l
S tilg e b o u e r, C. F ., a n d w ife , P r e s id e n t, F i r s t
P o t t e r C o u n ty B a n k , G e tty s b u r g ; C o lo n y
M o tel
T h o m so n , H a r o ld N ., a n d w ife , V ice P r e s i ­
d e n t, F a r m e r s & M e rc h a n ts B a n k , P r e s h o ;
C o n tin e n ta l M o te l
T h o m p s o n , J o h n N ., a n d w ife , P r e s i l e n t , T h e
B a n k o f C e n te rv ille ; C la rid g e
W a lr a th , R o b e rt H ., a n d w ife , P r e s id e n t,
F i r s t C itiz e n s N a tio n a l B a n k , W a te r to w n ;
C o lo n y M o te l

W Y O M IN G
B e n tle y , R o b e rt R., a n d w ife , E x e c u ttiv e
V ice P r e s i d e n t , T h e F i r s t N a tio n a l B a n k
o f L a n d e r; M a rlb o ro u g h -B le n h e im
B r y a n s , R o b e rt E., a n d w ife , E x e c u tiv e V ice
P r e s i d e n t , F i r s t N a tio n a l B a n k o f C a s ­
p e r ; M ay flo w er
K e n d ig , A. E d w a rd , V ice P r e s i d e n t a n d
C a s h ie r , S ta te B a n k o f W h e a tla n d ; M a rl­
b o ro u g h -B le n h e im
M a h o n e y , D on F., a n d w ife , V ice P r e s id e n t,
S to ck G ro w e rs N a tio n a l B a n k , C h e y e n n e ;
D e a u v ille
M u irh e a d , G eo rg e T., a n d w ife , P r e s id e n t,
S to c k g ro w e rs S ta te B a n k , W o r la n d ; R itz C a rlto n

T o A tten d A .B .A .
T he following N ebraskans have p re ­
reg istered for the A m erican B ankers
C onvention in A tlantic City, Septem ­
ber 23-26:
A n d e rs o n , D on, A s s i s t a n t V ice P r e s id e n t,
F i r s t N a tio n a l B a n k of O m a h a ; M a rlb o r ­
o u g h -B le n h e im
B r a a s c h , D o ra , A s s i s t a n t S e c r e ta r y , N e b r a s ­
k a B a n k e rs A s s o c ia tio n , O m a h a ; C h a l­
fo n te -H a d d o n H a ll
D e ite m e y e r, H a ro ld R., a n d w ife , P r e s id e n t,
T h e F i r s t N a tio n a l B a n k o f B e a tr ic e ;
R itz - C a r lto n
E a to n , G en e C., a n d w ife , S e n io r V ice P r e s i ­
d e n t, N a tio n a l B a n k o f C o m m erce, T r u s t
a n d S a v in g s A s s o c ia tio n , L in c o ln ; M a y ­
flow er
E c h te rm e y e r , H . H., a n d w ife , V ice P r e s i ­
d e n t, T h e O m a h a N a tio n a l B a n k , O m a h a ;
S h e lb u r n e
E d lo ff, J . G uy, a n d w ife , S e n io r V ice P r e s i ­
d e n t, F i r s t N a tio n a l B a n k o f F r e m o n t;
D ip lo m a t M o te l
K o to u c , O tto , J r ., a n d w ife , P r e s i d e n t , H o m e
S ta te B a n k , H u m b o ld t; A b b ey
L y m a n , E d w a rd W ., a n d w ife , P r e s id e n t,
T h e U n ite d S ta te s N a tio n a l B a n k o f O m a­
h a ; C la rid g e
M a rch , W illia m , a n d w ife , S e c r e ta r y - T r e a s ­
u r e r , R o b e r t E . S c h w e s e r C o m p an y , O m a­
h a ; T ra y m o r e
M a rs h a ll, W . W ., J r ., a n d w ife , E x e c u titv e
V ice P r e s i d e n t , T h e C o m m e rc ia l N a tio n a l
B a n k , G ra n d J u n c t io n ; R itz - C a r lto n
M isk o , R a lp h E., D ir e c to r o f B a n k in g , L in ­
c o ln ; C o lo n y M o te l
P e t t e y , C. F., a n d w ife , E x e c u tiv e V ice P r e s ­
id e n t, U n io n B a n k & T r u s t C o m p an y , L in ­
c o ln ; L o m b a rd y M o tel
R e ed , C h a rle s S., an d w ife , P r e s id e n t, B a n k
of B e lle v u e ; A m b a s s a d o r
R o s s ite r . V ’u c e n t E.. S r., a n d w ife , P r e s i ­
d e n t, B a n k o f H a r t i n g t o n ; M a rlb o ro u g h B le n h e im
T a n n e r, E r n e s t T., an d w ife , V ice P r e s id e n t,
F i r s t N a tio n a l B a n k o f O m a h a ; M a rlb o r ­
o u g h -B le n h e im
T ie m a n n , N. T., P r e s i d e n t , C o m m e rc ia l S ta te
B a n k , W a u s a ; S h e lb u r n e
V o g el, D ean , a n d w ife , E x e c u tiv e V ice P r e s ­
id e n t, T h e U n ite d S ta te s N a tio n a l B a n k
o f O m a h a ; C la rid g e
W ilk in s , E a r l H ., a n d w ife , P r e s i d e n t , G e­
n e v a S ta te B a n k , G e n e v a ; C h a lf o n te - H a d ­
d o n H a ll
Northwestern Banker, Se pte m ber, 1962


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Federal Reserve Bank of St. Louis

82

EDWARD W. LYMAN

DEAN VOGEL

FRED PETERS

President

Executive Vice President

Vice President

HAROLD R. BROWNING

WAYNE M.THORNDYKE

JAY F. BORDEWICK

Vice President

Vice President

Assistant Cashier

W e h o p e y o u ’l l s e e r e d
I t ’s co n v en tio n tim e ag ain an d th e U.S. red c a rp e t will be o u t
a t b o th th e N eb rask a an d Io w a C onventions.
A w arm w elcom e a w a its y o u in o u r h o sp ita lity s u ite s . I n
Lincoln, we will be in th e S ta te S u ite a t th e H o tel C o rn h u sk er.
In D es M oines, com e to R oom 335, H o tel F o r t D es M oines. S to p
b y for a visit. W e’re looking fo rw ard to seeing all of you.

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker, Septembe r, 1962


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Federal Reserve Bank of St. Louis

83
F in a l F all M eetin g

N e b r a s k a I'o n e e a t io a
S la te d fo r O c to b e r l l - i 2
B. D. B E R K H E I M E R

H . V. O S T E R B E R G

T o p S p e a k e r s S e lie d u le d
F o r L in c o ln G a t h e r in g

H E last of th e fall conventions for th e N ebraska
B ankers A ssociation w ill be held in Lincoln, Octo­
b er 11 and 12. It w ill be h ighlighted w ith o u tstan d ­
ing sp eakers discussing such topics as cred it unions, F ed ­
eral debt m anagem ent, th e W ashington scene and U ni­
v ersity of N ebraska athletics.
The F riday, October 12, session w ill be conducted at the
N ebraska C enter for C ontinuing E ducatio n on th e cam pus
of the U n iv ersity of N ebraska. O ther sessions w ill be
conducted a t th e C orn h u sk er Hotel.
As rep o rted in th e N orthw estern B anker last m onth,
th e executive council has voted to change th e convention
dates to May 6 and 7 n ex t year. Officers elected at the
convention w ill serve u n til th e 1964 sp rin g m eeting.
Am ong th e o u tstan d in g sp eakers scheduled for th e 1962

T

J. H . S H O N S E Y

R. E . M I S K O

D. M . M O L T H R O P

m eeting are S enator Carl T. Curtis, a m em ber of th e Sen­
ate F inance Com m ittee; David M. M olthrop, com m unity
education co n su ltan t for th e N ational Small B usiness
Association; R. D uane Saunders, director, office of debt
analysis, T re a su ry D epartm ent, W ashington, D. C., and
W illiam H. H. “T ip p y ” Dye, d irecto r of ath letics at the
U niversity of N ebraska.
T he convention th is y ear is u n d er th e able direction of
B. D. B erkheim er, association p resid en t and president,
F irs t N ational B ank, Gordon, and H a rris V. O sterberg,
association secretary. L ym an Stuckey, association vice
p resid en t an d p resident, L exington S tate Bank, is ex­
pected to m ove up to th e presidency.
Follow ing is th e com plete convention program :

W elcome—B artle tt E. Boyles, m ayor, city of L in­
coln.
Response and P re sid e n t’s A ddress — Mr. Berkheim er.
R em arks—H. D. Kosm an, state chairm an, A.B.A.
Savings Bonds Com m ittee, chairm an of th e board
and president, Scottsbluff N ational Bank, Scottsbluff.
A ddress—“Your D epartm ent of B anking,” R alph E.
Misko, director of banking, state of N ebraska, L in­
coln.
A ddress—“R eport on the W ashington Scene,” Carl
T. C urtis, U nited States Senator from N ebraska
and m em ber of th e Senate F inance Comm ittee.
A ddress—“How C redit U nions See You, Mr. B ank­
er,” David M. M olthrop, com m unity education con­
su ltan t, N ational Small B usiness A ssociation, W ash­
ington, D. C.
B usiness Session:
R eport of Com m ittee on N om inations.
Election of officers.
R eport of Com m ittee on R esolutions.
“A C entury of Com m ercial B anking” (short film).
5:30 Social H our—Ballroom , C ornhusker Hotel. Hosts:
Lincoln banks.
7:00 Convention B anquet — P ersh in g M unicipal A udi­
torium .
In stallatio n of officers.
E n tertain m en t.
F r id a y , O c to b e r 12

A.M.
7:45

B reakfast—N ebraska C enter for C ontinuing Educa-

T h u r s d a y , O c to b e r 11

A.M.
9:00

P.M.
12:00

R eg istratio n —M ezzanine, C orn h u sk er Hotel.
Noon L uncheon Session — Ballroom , C ornhusker
Hotel.
P resid in g —B. D. B erkheim er, president, N ebraska
B ankers A ssociation, Inc., and president, F irst N a­
tio n al Bank, Gordon.
Invocation — Bishop K en n eth Copeland, N ebraska
M ethodist Conference, Lincoln.

C. T . C U R T I S

9:15

N. T. T I E M A N N

R. D . S A U N D E R S

tion, U niversity of N ebraska Campus. Hosts: L in­
coln banks. (B uses for N ebraska C enter for Con­
tin u in g E ducation leave C ornhusker H otel at 7:15
a.m.)
C onvention Session—N ebraska C enter for C ontinu­
ing E ducation.
P residing—B. D. B erkheim er.
Northwestern Banker, Se ptem ber, 1962


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Federal Reserve Bank of St. Louis

84

Nebraska News

W elcom e—C harles S. M iller, dean, college of b u si­
ness adm inistratio n , U n iv ersity of N ebraska, L in ­
coln.
E lection—A m erican B ankers Association.
P resid in g —N. T. T iem ann, A.B.A. state vice p resi­
den t and president, Com m ercial State B ank, W ausa.
A ddress — “The P ractical A pplication of F ederal
D ebt M anagem ent O bjectives,” R. D uane Saunders,
director, office of debt analysis, U. S. T re a su ry De­
p artm en t, W ashington, D. C.
A ddress—“U n iv ersity of N ebraska A thletics,” W il­
liam H. H. “T ip p y ” Dye, directo r of athletics;
coaches and staff, U n iv ersity of N ebraska.
P.M.
12:30

Buffet L uncheon—D elegates and ladies, Ballroom ,
C ornhusker Hotel.

N ew B o n d D ir e cto r
N eville R. P hillips has been ap­
pointed sta te d irecto r of th e N ebraska
U. S. Savings Bond division, it has
been announced by Jo h n R. K im ber­
ley, Des Moines,
regional d irector
for th e program
in eight m idweste rn states.
M r. P h i l l i p s ,
w i t h an 11-year
c a r e e r w ith th e
d ep artm en t, d u r­
ing w hich tim e he
has established a
record of p ro g res­
N. R. PHILLIPS
sive advancem ent
as area m an ag er and a ssista n t state
director, succeeds F ra n k B. H eintze
w ho has retired . B efore service w ith
th e savings bond pro g ram Mr. P hillips
w as a special ag en t for U nion N ation­
al Life In su ran ce Company.

H ead s A in sw orth B ank
Dale Sorensen, w ho recen tly re ­
signed as p resid en t of th e G ering N a­
tional a t G ering, w h ere he served the
p ast 11 years, has been elected p resi­
den t of th e Com m ercial N ational B ank
a t A insw orth. Mr. Sorensen has a n ­
nounced th a t no radical changes in
policy are plan n ed for th e A insw orth
bank. Before his service w ith th e

J ^ n v e d to r S

L A D IE S ’ PRO GRAM
T h u r s d a y , O c to b e r 11

P.M.
1:00
5:30
7:00

L adies’ L uncheon—Lincoln C ountry Club. (Buses
w ill leave C ornhusker H otel a t 12:30 p.m.)
Social H our — Ballroom , C ornhusker Hotel, dele­
gates and ladies.
C onvention B anquet—P ersh in g M unicipal A udito­
rium , delegates and ladies.
F r id a y , O c to b e r 12

A.M.
7:45
12:30

B reakfast—N ebraska C enter of C ontinuing E duca­
tion, U n iversity of N ebraska Campus, delegates and
ladies.
Buffet L uncheon — Ballroom , C ornhusker Hotel,
delegates and ladies.—End.

G ering bank, he had sp en t 20 years
w ith th e F irs t N ational at Gordon and
had been b ran ch m anager of a b ank
in W ashington.

C hanges at W ayne
W. A. W ollenhaupt, C.P.A., has been
h ired as au d ito r for th e F irs t N ational
B ank of W ayne on a part-tim e basis.
He w ill conduct a continuous audit
and d irect verification program .
Adon Jeffrey, president, also an ­
nounced th a t Mrs. P earl Strudthoff
has been added to th e staff as tellerbookkeeper.

G ering O fficers A d van ce
The B ank of G ering has announced
th a t Jam es V an D ittie, form erly exec­
u tiv e vice president, has been elected
p resid en t of th e bank. A t th e sam e
tim e, Leo Van D ittie m oves up from
p resid en t to ch airm an of th e board.
Mrs. F lorence V an D ittie w as elected
to th e board.

A m o n g L argest 1 5 B an k s
L ast m o n th ’s listing of th e 15 larg ­
est banks in N ebraska neglected to list
th e City N ational B ank of H astings,
w hich has been am ong th e larg est 15
b anks in N ebraska m any years. De­
posits of th e City N ational, as of Ju n e
30, 1962, w ere $13,607,710. Loans and

c jC i^ e E n d u r a n c e

S tro m sh u rg R e n o v a tio n
T he final touches are being m ade on
th e extensive rem odeling program at
th e F irs t N ational in Strom shurg. The
program began last w in ter w ith in stal­
lation of a new front, new windows,
new glass fro n t door, new sidew alk,
new ceiling and lighting fixtures. A
new roof and h eating p lan t also have
been installed.

E lected at K im b a ll
Don Bailey, president, Campbell
S tate Bank, Campbell, has been elected
to th e board of th e A m erican N ational
of K im ball and appointed executive
vice president. He assum ed his new
duties th e first of this m onth.
George O. Nichols, ch airm an of the
board of th e K im ball bank, attended
his second y ear a t th e Colorado School
of B anking, Boulder, last m onth.

A tten d s B a n k in g S c h o o l
C.
J. M arshall, vice presid en t and
cashier, B ank of V erdigre, attended
th e School of B anking at th e U niver­
sity of W isconsin last m onth. This is
his first year a t th e school, w hich re ­
quires tw o w eeks’ residence for th ree
y ears to earn th e certificate of g rad u ­
ation.

Omaha, Nebraska

Serving Nebraska Banks with Competitive

CREDIT LIFE AND DISABILITY INSURANCE
(A wholly owned subsidiary of the 4,500 stockholders
of Life Investors of Nebraska)

Northwestern Banker, September, 1962


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

4

discounts (net) w ere $6,792,380. Capi­
tal is $400,000 and surplus, $500,000.

C O M P A N Y OF N E B R A S K A

P ro vid e Y o u r C u stom ers w ith C red it L ife Insurance
T h rou gh th e C om pan y T h ey Own

1

D. A . (D O N ) D R EW S
1020 O m aha N a tl. B ld g .
O m a h a , N ebraska

V

85

welcome
to the
green room

■ Frank Love ■ Ralph Peterson ■ Carl Bloom ■ Jim Cook of the First
National Bank of Omaha's Correspondent Bank Department invite you to
make the Green Room your headquarters during the convention at the
Hotel Cornhusker in Lincoln ■ October 10-12 ■ Come to suite 931.

FIR ST NATIONAL
RANK OF OMAHA

Member Federal Deposit Insurance Corporation
Sixteenth and Farnam ■ Omaha, Nebraska
Northwestern Banker, Se ptem ber, 7962


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Federal Reserve Bank of St. Louis

86
“E valuate, Meet and Outsell Your
C om petition” is the title of a talk to be
p resented before m em bers of th e F i­
nancial Public R elations A ssociation
at th e ir annual convention, October
14-18, at A tlantic City, N. J., by K e r m it
H a n s e n , vice president, U nited States
N ational Bank.
Mr. H ansen recently com pleted his
second year at th e FPR A School and
w as elected p resid en t of his class.
*
The

LANS for th e construction of Oma­
h a ’s first jointly-operated ban k in g
facility have been announced by A .
H a lla s , p resid en t of th e Stock Yards
N ational Bank.
The new drive-in, w alk-in unit, on
th e sou th w est co rner of 24th and L
Streets, w ill be ow ned by Stock Yards
N ational b u t will offer ban k in g serv ­
ices for p atro n s of both Stock Y ards
N ational and th e South Om aha Bank.
The $200,000 T-shaped building is ex­
pected to be in operation by the first
of th e year.
P a rt of th e buildings now on the site
are n early 80 y ears old and w ere b uilt
before South Om aha becam e a p a rt of
the city of Omaha. T hey w ill be razed
and replaced w ith th e com pletely new
one-story stru c tu re w ith walk-in b an k ­
ing facilities and five auto-teller w in­
dows.
Cars w ill en te r th e new drive-in fa­
cility from L S treet and exit on 24th.
Off-street p ark in g w ill be provided for
custom ers w ho w ish to use walk-in
facilities.
C ustom er services w ill include check­
ing and savings accounts, loan pay­
m ents, cashing payroll checks, and a
n ig h t depository and envelope drop.
The m ain b anks for both Stock Y ards
N ational and th e South Om aha B ank
w ill continue to offer th e ir p resen t
custom er services.

P

Design featu res include a strik in g
se rra te d roof line of a series of p re ­
Jstressed
.
concrete slabs cast in w hat
arch itects call a “L inn Y” form. The
modified “Y” p a tte rn w ill be repeated
in th e in terio r lighting for th e build­
ing. E x te rio r strip lighting will fol­
low th e stru c tu ra l outline of the facil­
ity.
Glass panels w ill form the upper
portion of th e exterior walls. The
low er po rtion will have “p la n te rs”
faced w ith gran ite and ceram ic tile.
The p la n ters have a practical as well
as decorative value. Inside th e build­
ing, th ey w ill house th e s tru c tu re ’s
h eatin g and cooling units. In frared
heatin g lam ps at each auto-teller w in­
dow and a t the building’s m ain en ­
tran ce will provide su p p lem en tary
h eatin g for w in ter use.
*
J o h n D . E u s t ic e ,

ow ner of the E u s­
tice Pro c e ssi n g
Company, Omaha,
has been elected a
m e m b e r of t h e
board of directors
of the South Oma­
ha Bank, it has
b e e n announced
by C. B. Newm an,
president.

U n it e d

* *

S ta te s

N a t io n a l

B ank

has a new service for its custom ers—
um brellas for a rain y day.
C ustom ers are invited to take an
um brella, use it to get to th e ir destina­
tion from th e bank and re tu rn it again
w hen the sun is shining.
*

T

A

* *
F ra n k L. L ove,

vice president of
th e F irst N ation­
al of Omaha, has
a n n o u n c e d th a t
th e b ank will hold
its A nnual F o ru m
of F i n a n c e and
Beef C attle Con­
ference Thursday,
Septem ber 13, at
th e Sheraton-Fontenelle Hotel,

F. L. L O V E

V

Omaha.
* *

*

has been nam ed
vice p resident in charge of the M ort­
gage Loan D epartm ent at Ames Plaza
B a n k , 59th a n d
Ames.
M r. K a u f m a n
has been in the
banking and
mortgage l o a n
business for m ore
th an 20 years. He
attended the U ni­
v ersity of N ebras­
ka, served in the
A rm y A ir Corps
d u r i n g World
W ar II and w as stationed in India.
Mr. K aufm an is a m em ber of th e
Society of R esidential A ppraisers and
is a licensed real estate broker.

A

H e r b e r t K a u fm a n

*

A

A

y

* *

and H e n r y R .
U nited States
N ational Bank, Omaha, recently a t­
tended th e School of B anking at the
U niversity of W isconsin.— E n d .
* * *
W ayne M. T hornd yke
R o o s e , vice presidents,

The election of C arl K . B u f k a to
tru s t officer, U nited States N ational
U N IQ U E ROOF lin e o f p r e - s tr e s s e d c e d e r e te s la b s w ill b e a f e a t u r e o f n e w d r iv e - in
p la n n e d in O m aha.
Northwestern Banker, September, 1962


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

O M A H A N EA V S . . .

(T u rn to page 91, please

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

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

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Dave Johnson
A s s is ta n t C a s h ie r

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Bob Larsen
A s s is ta n t C a s h ie r

All of these men are on your staff . . .

These are the men whose job is to work with you,
and for you.
They are members of your staff. No m atter what
your banking requirements may be, they make sure
you get the services you need — and promptly.
They’ll be attending the Iowa and Nebraska Con­
ventions. Come in to the Omaha N ational Bank’s
hospitality room and visit with them.

H. D. “Shelly” Shellenberger
A s s is ta n t C a s h ie r

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Floyd Foreman
L iv e s to c k I n s p e c to r


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Federal Reserve Bank of St. Louis

Pete Jeffrey
C orresp o n d en t B an k
D iv is io n

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Federal Reserve Bank of St. Louis

-c

Nebraska News

OM AHA NEW S . . .
(C ontinued from page 86)
Bank, has been announced by E d w a r d
W . L y m a n , president.
Mr. B ufka
com es to the U. S.
National f r o m
S p e a r & Staff,
In c ., W e l l e s l e y ,
Mass., w h ere he
w as chief account
executive, persona 1 i n v e s tment
m an agem ent divi­
sion. He w ill be
p rim a rily engaged
c. k . b u f k a
in s e c u r i t y and
portfolio analysis
in th e b a n k ’s T ru s t In v e stm e n t De­
p artm en t.
Mr. B ufka received his B achelor of
A rts in 1954 from W esleyan U n iv er­
sity, M iddletown, Conn. H e atten d ed
Cornell U n iv ersity ’s G raduate School
for one year, com pleting his M asters
Degree in business a d m in istratio n at
New York U niversity. B anking and
finance com prised his m ajor, w ith m i­
nor specialization in accounting and
taxation.
Mr. B ufka joined th e New York
T ru st Company, now Chem ical B ank
New Y ork T ru st Com pany, in 1957 as
secu rity an aly st and portfolio super-

visor, becom ing ju n io r account su p er­
v isor in March, 1958, and senior ac­
count su pervisor in M arch, 1959. In
October, 1960 he joined Spear & Staff,
Inc.
* * *
J . T . “D ic k ” S tew art I I I , senior vice
president, F irs t N ational of Omaha,
died suddenly last m onth at his home.
Mr. S tew art also
w as a d ir ec to r
and a m em ber of
the b a n k ’s executtive com m ittee.
Sta rting with
th e bank in 1924,
he becam e a ssist­
a n t cashier and a
d irector in 1928,
c a s h i e r in 1929,
vice presid en t and
J. T . S T E W A R T I I I
c a s h i e r in 1940
and senior vice presid en t in 1949. He
is surv iv ed by his wife, F r e d e r ic k a N .,
a d aughter, M r s. R ic h a r d J . M c F a y d e n ;
a son, S t e w a r t IV , and four g randchil­
dren.
K e r i n i t H a n s e n , vice president,
U nited States N ational Bank, has been
nam ed chairm an of U.C.S. residential
solicitation division IV by Thom as S.
N ürnberger, cam paign general ch air­

91

F R O M L E F T : H e r m i t H a n s e n , M rs . H y ­
m a n F e r e r a n d M rs . B r u c e T h o m a s.

man. A ssisting Mr. H ansen in the
organization and leadership of the
door-to-door solicitation w ill he cochairm en M rs. H y m a n F e r e r and M rs.
B ruce T h om as.

This w ill be Mr. H an sen ’s 16th UCS
cam paign.
Mrs. F erer, long active in civic and
social activities, w ill head th e initial
gifts section.
Mrs. Thom as, a form er officer of the
Omaha N ational, is in charge of resi­
dential solicitation. A form er Omaha
A dvertising Club “W om an of the
Year,” she w as 1961 UCS publicity
chairm an.

New Home Office of UNION INSURANCE COMPANY at 14th & Que Sts., Lincoln, Nebr.

You are cordially invited to visit our new home office
While in Lincoln for your convention
W e are proud that . . .
. . . more than SO Nebraska

bankers represent the Union Insurance

Company
. . . w e a r e celebrating our 76th year of insurance service to agents
and policyholders
. . . assets are o ver six million dollars and policyholders' surplus o ver
two and three-quarters million dollars
. . .

we offer sound insurance protection at low cost with prompt claim
settlement

UNION INSURANCE COM PANY
J . V . H e a d , V ice P re s.

T . J. F a r r e ll, P re s.

0 . H . P e t t e t t , V ice P resid en t and S e c r e t a r y

Northwestern Banker, Se ptem ber, 1962


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Federal Reserve Bank of St. Louis

92

Nebraska News

B i ll B e a v e r s

has joined Van H orne
In v estm en ts, Inc.,
according to an
anno u n cem en t by
Joh n V an H orn e,

president.
Mr. B eavers has
h a d considerable
experience in th e
field of education.
He w as raised in
K earney and
g r a d u a t e d from
N ebraska S t a t e
College in business adm inistration.
* * *
W . B . M illa r d , J r., ch airm an of th e
board, Om aha N ational Bank, has been
elected a d irecto r of th e U nion Pacific
Railroad. E . R o la n d H a r r im a n , chair-

ONE BANK
in
the
St. Joseph
Stock
Vents

m an of UP board, said Mr. M illard is
th e second m em ber of his fam ily to
hold a directorship w ith th e railroad
as his g ran dfather, J o s e p h H . M illa r d ,
w as appointed a governm ent director
by P r e s i d e n t G r a n t in 1872, served u n ­
til 1877, th en w as a stockholder-direc­
to r from 1888 u n til 1897.

N ew C redit L ife D ir e cto r
At In v esto rs L ife
Donald A. Drews, form erly assistan t
group m anager for Occidental Life in
Om aha th e p ast th ree years, has been
appointed credit life d irector for In ­
v e s t o r s Life of
N ebraska, it has
b e e n announced
by L eonard Sam ­
ple, C.L.U., vice
president a n d
agency director.
As credit direc­
t or , Mr. D r e w s
w ill be responsi­
ble for th e devel­
opm ent, organizaD. A. D R E W S
..
\
°
. .
tion and adm inis­
tra tio n of th e Inv esto rs Life credit life
d ep artm en t w hich w ill w rite life and
accident and health in su ran ce on debtors of banks, finance com panies, de­
p a rtm e n t stores and o ther firms doing
cred it business.
“W ith th e addition of Mr. D rew s,”
Mr. Sam ple said, “In v estors Life will
be in a position to provide credit life
in su ran ce to m any of its founders and
stockholders w ho are in the finance
business and as a re su lt w ill add sub­
sta n tia lly to its life insurance business
in force. W e expect in a v ery sh o rt
tim e th a t Inv esto rs Life w ill be one
of th e leaders in th e credit life field

in N ebraska, th u s com plem enting th e
o rd in ary life d ep artm en t w hich is pro­
ducing new business at approxim ately
$1 m illion p er m onth.”

T r e n to n C on stru ction B egin s
A n old building on the site of the
new b an k building for the S tate B ank
of T ren to n has been razed and con­
stru ctio n has begun. The new b a n k ­
ing q u a rte rs w ill be approxim ately
2,400 square feet and w ill be of brick.
The old b an king house, now being
to rn down, is about 40 y ears old and
housed th e Citizens State B ank until
1937 w hen it w as m erged w ith the
S tate B ank of T renton.

Í

<

<

K

E u ro p ea n T o u r
Jo h n M. Green, son of W iley Green,
presid en t of W auneta F alls Bank, re ­
tu rn e d last m onth from a E uropean
to u r sponsored by N ebraska W esleyan
U niversity, w h ere he w ill be a senior
this fall. T he to u r lasted 36 days and
covered eight countries.

V

P a u l S c h o e n in g
P aul Schoening, 72, form er cashier
a t th e B attle Creek State Bank, died
last m onth in an Om aha hospital fol­
low ing a h e a rt attack. Mr. Schoening
en tered th e banking business in Iowa,
m oving later to Norfolk. In 1954 he
w as elected cashier of the B attle Creek
bank, re tirin g earlier this year and re ­
tu rn in g to N orfolk in sem i-retirem ent.
W illiam M. Swoboda, president, B attle
Creek State Bank, said, “D uring th is
period, P aul train ed several persons
and a m ore helpful person to those in
this b ank could not be found. We,
and th e banking profession, will miss
him .”

Municipal and Corporate Bonds
Listed Stocks
Unlisted and Local Stocks
ORDERS EXECUTED ON ALL PR IN C IPA L EXCHANGES

y

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.
Northwest ern Banker, September, 1962


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

r

CHILES & COMPANY
OMAHA, NEBRASKA
412 Farm C redit Building

LINCOLN, NEBRASKA
1321 P Street

P hone 346-6677

P h o n e H E m lo c k 2-3324

LEXINGTON, NEBRASKA
Ernst & Bieck Building

CHADRON, NEBRASKA
999 East 6th Street

X

y.

93

“See you a t the

l”

OCTOBER 1 1 -12, LINCOLN, HOTEL CORNHLSKER
OCTOBER 2 1 -2 4 , DES MOINES, HOTEL FORT DES MOINES
A. J . H A LLA S

JO H N M. M cCUM BER

C . A . M A SILKO

President

Senior V ic e P re sid e n t

V ic e P resident

C E C IL W . M EANS

A . R. LARSEN

D O N A LD P R O H A S K A

JO H N P. C A R LS O N

V ice P resident

A ssistan t V ice President

Cashier

A s sista n t Cashier

F. J . REZEK

A LFRED F. D RAKE

DALE V. N EU M EYER

A s s is ta n t Cashier

A u ditor

R epresen tative

STOCK YAR
THE ONLY BANK I

O

ONAL BANK
N STOCK YARDS
A

MEMBER FED ER A L DEPOSIT IN SU R A N C E CO R PO R A TIO N

Northwestern Banker, Septem ber, 1962


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Federal Reserve Bank of St. Louis

94

Nebraska N ews

R e p o rt tr o p . Ruai ness O utlook
and b u s i n e s s
conditions th ro u g h o u t N ebraska
have been rep o rted for various
sections of th e state by p resid en ts of
th e six N ebraska B ankers A ssociation
groups. The rep o rts, w hich follow,
are based on conditions prev ailin g in
mid-August:

A

g r ic u l t u r a l

FLOYD J.
PATTON
P residen t

Blue Springs
State Bank
President
Group 1

H IS area has enjoyed a good year
and m erits an optim istic report.
Our local w h eat crop com pared fav o r­
ably w ith th a t of last y ear and is in
co n trast to th e re p o rt of a decreased
statew ide yield. The corn crop pros­
pects appear excellent despite an e a r­
lier appearance of rootw orm and a
m ore recen t concern about corn blight.
O ther cereal crops, such as milo, ap­
pear prom ising.
The d istrib u tio n of rain fall th is year
has been p a rtic u la rly favorable not
only for its effect on the grain crops

b u t also in m ain tain in g valuable pas­
tu re land in good condition for cattle
feeding. The com bination of these fac­
to rs along w ith th e ex tra good hog
prices and stable cattle prices should
produce added incom e from livestock.
A no th er item w o rth noting is the
firm and risin g value of farm land and
th e increasing ow nership of th e land
by farm er-operators. (A recen t n a­
tional su rv ey show ed th a t tw o-thirds
of the farm labor force is composed of
fam ily w orkers.) T his gradual rise in
land value should be expected to con­
tin u e in view of the increase in w orld
population and th e necessity of pro­
v iding adequate nutritio n .

affecting some corn.
W heat th is year is poor. Both black
and red ru s t have ru in ed the crop.
Those people w ho irrig ate are using
it reg u larly rig h t now because we
can ’t seem to get th e good rain we
need rig h t now. Those w ho irrig ate
have p len ty of w ater and it’s ju st a
m a tte r of g etting it down.
Most of our people here buy y ounger
cattle b u t have not been buying any
lately because th ey feel the prices are
too high. T hey are m aking m oney
on th e fat cattle th ey do have, al­
though not m uch of th is w eight is p u r­
chased here as a rule.
Our milo crop looks real good. Some
dairy m en claim th ey get b etter re ­
sults from milo th a n corn, and our
elevator m en are selling milo to them
now.
Deposits in our b ank are about the
same, w ith loan dem and at approxi­
m ately the sam e level or possibly
dow n a little bit.

UR area has in prospect the best
crop of corn, soybeans and milo
in m any years. Oats and barley are
used in th e ro tatio n schem e along w ith
a little w heat. Oats proved to be of
good q uality and fairly good yield, b a r­
ley w as fair, b u t w h eat did poorly due
to rust. The w h eat acreage being
sm all, it does n ot figure too p ro m in en t­
ly in th e over-all econom y of our area.
Alfalfa produced a good crop and due
to freq u en t rain s th e p astu res are in
excellent condition for fall grazing.
Our estim ate w ould indicate th a t
about th e sam e n u m ber of cattle are

O

T

JOE A.
INDBA
P residen t

Bank of
St. Edward
President
Group 2

LTHOUGH we had good rain s in
July, our rain s this m onth (A u­
gust) have been sp otty and local.
Some corn is g etting w hite and our
farm ers say it is possibly root w orm

A

Stop This Man ! ! !
. . • at the 65th annual convention of the Nebraska Bankers Associ­
ation in Lincoln October 11 and 12 for com plete inform ation on the
credit life insurance portfolio offered by . . .

^s^ational fidelity
INSURANCE COMPANY
Northwestern Banker, Septembe r, 1962


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

KANSAS CITY 6, MO.

JE R R Y STEFFEN

95

the big advantage to municipal bond issuers

SERVICE

...and to your bank

Look at the
record for June!
. . . as reported by the Lincoln Star, July 12, 1962

.............................................
•

• •••

/

'

/

15 out of 29
issues were
handled by
Schweser!

. . . 5

1

*

*

And d o llar-w ise
S ch w e se r
dom inated
even m o re - 6 0 %

BOND BUYING DEPARTMENT

ADMINISTRATIVE

LEGAL

L. L. Lawrence
P resident

Patrick H. Rensch
Vice P resident
& Counsel

R O B E R T E.

Frank E. Williams
Executive V.P.

Harry E. Coe
R epresentative

Thomas G. Crowell
R epresentative

BOND SALES DEPARTMENT

William March
Vice President

Robert E. Roh
R epresentative

SC H W ESER CO.
INVESTM ENT BAN KERS • UN DERW RITERS • TAX EXEM PT BONDS EXCLU SIVELY
208 South 19th Street Omaha, Nebraska
Albuquerque, New Mexico Ventura, California

Northwestern Banker, Septem be r, 1962


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

96

Nebraska News

on feed in our area as in recent years,
b u t hog p roduction is up. The de­
m and for feeder cattle m ay be slightly
ahead of p rio r y ears and we do expect
an increase in cattle going into th e
feed lots in our area th is fall and w in ­
ter.
M any farm ers p articip ated in th e
new feed g rain p ro g ram w hich su p ­
plied som e w o rk in g capital for them .
Also th e re has been som e dam age
from root w orm in th e corn, th e heav­
ier dam age being in irrig a te d corn
along th e riv e r bottom land, b u t it is
n ot too serious.
Over-all b u siness is v ery good. It
w ould seem th a t v e ry good crops

w ould b rin g about a m oderate increase
in deposits and prospects for 1963 are
v e ry favorable.

EDWARD
HALL
P residen t

Roseland
State Rank
President
Group 4

th ird of a norm al crop. H ow ever, o u r y
corn and milo look w onderful.
It
w ould appear th a t th ere is v ery little
dam age from corn root w orm this
year. I th in k both crops w ill be above
average w hich should to some degree ^
replace th e sh o rt w heat crop.
E ach year we have had m ore feed­
ing and w ith prospects as th ey are I
w ould assum e th a t th ere w ill be an 4
increase th is y ear also. We th in k
th a t the farm incom e should be about
average this year.

O C A L L Y we had th e sh o rtest
w h eat crop in 25 years. T he black
ru s t h it it and reduced it to about one-

L

W. B.
HOFFMAN

Cun

7 5 t&tyecvi

THE
AMERICAN
F o r 75 Years
Your Bank in the
Midland Em pire

Our representatives look forward to seeing you at conven­
tion time. May we offer our experienced service to your
contacts with the livestock interests at Missouri’s first and
the nation’s sixth livestock market.

T h e A M E R IC A N N A T IO N A L B a n k
S t. J o s e p h , M o .
's e r v ic e '* ,

tfr jfk
Northwestern Banker, September, 1962


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

X

Cashier

F irst N ational
M itchell
President
Group 6

H E P latte Valley has been p articu ­
larly fo rtu n ate th is y ear w ith
plenty of rain w hich has saved our
farm ers m any dollars in o perating expense, tim e and w ork. Our sm all grain
crop yield per acre w as dow n on
w heat due to considerable dam age by
ru st, although th e benefit to our corn
crop w ill m ore th a n offset this loss, I
believe. W e are having some trouble
again w ith root w orm b u t not as great
as it w as in 1961. F a rm e rs in th is
area are looking forw ard to an excep­
tionally good corn yield per acre, not
only on irrig ated fields b u t on d ry land
farm s.
Prices on fat cattle have enabled our
feeders to show a profit so far this
year. R eplacem ent cattle, how ever,
look p re tty high a t th e p re se n t tim e
and are h ard to buy due to th e excellent grass conditions prevailing in th e
sandhill area w hich supplies a lot of
our replacem ent cattle. Most of the
cattle in this area are being bought on
contracts for Septem ber and October
delivery. The p resen t high prices on
cattle w ill bear w atching by lenders
of cattle m oney because of the in ­
creased production costs and for th a t
reason m any of our sm all farm ers are
changing th e ir operation m ore to a
livestock operation.
P resen t hog prices have enabled the
hog ra ise r and feeder to help build his
profits so far th is year as have the
farm ers w ith some sheep.
The over-all pictu re for 1962 at th is
tim e looks good, b u t I doubt th a t
prices w ill average as high in 1963 as
th ey have th is year.
Com m ercial business in our area has
held p re tty steady so far for 1962 as
com pared w ith 1961. A lthough our
1961 farm incom e w as down, w e have
been fo rtu n ate in th a t our com m ercial

'r'

T

*

A

y

^

x

y

V

r

x

97

A NEW DEPARTMENT AND SERVICE

CLIFFORD H. JORGENSEN, V.P.

CHARLES SHELL — Lincoln

ROGER JO H N SO N -Lincoln

Director Farm Management
Lincoln

Northeast Nebraska
Territory

Southeast Nebraska &
Kansas Territory

R. HOWARD ANDERSON — York

DENNIS CHOQUETTE— Holdrege

KEITH ARTERBURN — McCook

Central Nebraska — East
Central Kansas Territory

South Central Nebraska
Territory

West Nebraska — Kansas
Colorado Territory

FARM MANAGEMENT DEPARTMENT
Yes! Now National Bank of Commerce Trust and Savings has a complete farm management department ready
to serve you. Staffed with agricultural college graduates with practical farming experience, it is ready to help
you with farm management problems, farm
and ranch appraisals, and counsel with you on
any agricultural matter. If you wish our help
contact any of these men and they will be glad
NATIONAL
to assist you.

“There is no substitute for experience”

M EM BER: F D. I. C.

TRU ST & SAVINGS

Northwestern Banker, Se ptem ber, 1962


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

98

Nebraska News

and in d u strial businesses have had
considerable new developm ent in th is
area. I look for com m ercial business
to pick up late th is fall due to th e p re s­
e n t crop outlook and w ith th e activ ity
w ith in th is area in com m ercial, re si­
dential, and in d u strial developm ent.
So far th is year, b an k debits are up
about 5.8 per cent over 1961. B uilding
p erm its total v alu e is up 48.9 per cent,
L ivestock receipts are up 6.1 p er cent.
We are looking forw ard to a lot of
activ ity not only in ag ricu ltu re b u t in
in d u strial developm ent th ro u g h th e
P latte V alley area for th e com ing year.

th a t considerable dam age resulted
from flooding, and p lan tin g of corn
and beans w as delayed. These crops
w ill need a late fro st to give them
tim e to m ature.
The w heat crop, w hich looked v ery
prom ising earlier, w as severely dam ­
aged by hail and ru st. Crops on the
irrig ated farm s have also suffered a
g re a t deal of dam age from hail. The
prom ise of a below average crop is
already m aking itself felt in th e tow ns
w h ere n early all m erch an ts are re p o rt­
ing a drop in sales as com pared to the
sam e period a y ear ago.
The one b rig h t spot in th e area
econom y is in th e cattle industry. A m ­
ple late rain s have p u t th e p astu res in
w onderful condition and y earling feed­
ers are being contracted at prices $1
WAYNE R.
to $2 h ig h er th a n last year. F eeder
MORRIS
cattle are expected to w eigh slightly
Cashier
m ore a t delivery tim e this year th an
Overland Natl.,
th e y did last year.
Grand Island
W hile th e outlook is not b rig h t at
President
th is tim e, favorable w eath er condi­
Group 5
tions from now on and a late frost
H E crop outlook in w estern Ne­ w ould do m uch to m inim ize the dam ­
b rask a is th e poorest in m any, age done earlier.
m any years. T he area has been
plagued by adverse w eath er since
O de E. B lack
early spring. D uring M arch and A pril
Ode E. Black, 83, a pro m in en t L ake­
it w as v ery dry. R ains finally sta rte d side ra n c h er the p ast 65 years and a
in mid-May b u t w ith such violence directo r of th e G uardian S tate Bank,

T

Alliance, died recently w hile d riving
his car on a to u r of his ranch near
Lakeside.

N orth B en d O p en in g

V

A

Officers, directors and em ployees of
th e P latte Valley Bank, N orth Bend,
w ere hosts last m onth at an open
house in th e b a n k ’s a ttractiv e new ^
building. T hey w ere pleased w ith th e
exceptional tu rn o u t of custom ers and
friends to to u r th e new banking q u ar­
ters and enjoy refreshm ents, souve­
n irs and chances for prizes.
^

SW B an k ers E lect
Jo h n L aw ritson, a ssistan t cashier,
McCook N ational Bank, McCook, w as
elected presid en t of the Southw est Ne­
brask a B ankers A ssociation at th eir
recent annual m eeting at th e McCook
E lks Club. George R ainbolt, cashier, ">•
F irst N ational of McCook, is vice pres­
ident; R ussell M organ, cashier, F irst
N ational of Elwood, secretary -treas­
u rer.
>
R ep resentatives of 10 area banks
w ere on hand to h ear H arris V. Osterberg, executive secretary of th e Ne­
brask a B ankers A ssociation, discuss
the U nited S tudent Aid F und, banking A
and legislation, b ran ch banking and
credit unions.
■X

J o i n
R

t h

e

o u n d

C

e n t r a l ’s
T

-A

a b l e

. . . you are always welcome
to take advantage of the knowledge and
experience of Central’s department heads in all
phases of banking.
CHECK W ITH C EN TR A L for services
outside the daily routine of
correspondent banking, such as investment
counsel, bond and municipal service
or advice in trust matters.

V-

V-

V

Don Delano will be in Lincoln
for the Nebraska Convention on
Oct. 11 and 12.

V

X

C EIV ITR
Member: F.D.I.C.
Federal Reserve System
Northwestern Banker t Septe m ber f 7962


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

IM K
A N D

T R U S T

C O .

CENTRAL PARK • 15fh and ARAPAHO E ST., DENVER 1 7 , COLORADO

L

29
Y

CED 5-Point Farm Program

C om m ittee fo r E co n o m ic D e v e lo p m e n t P r o p o se s:
1.
2.
3.
4.
5.

K educe Farm Labor By 2 M illion W orkers
K ed uce N u m b er o f F arm s fr o m 3 .9 to 1 .2 M illion
R etrain Farm W o rk ers fo r O th er Jobs
G ive T em p o ra ry In c o m e P r o tec tio n During; A d ju stm en t
C onvert 2 0 M illio n C ropland A cres to G rassland

dous im pact on c o u n try b an k s th ro u g h o u t th e nation, the
N orthw estern B anker pu rch ased several copies of th e re ­
p o rt and m ailed th em to a few leading ag ricu ltu ral b an k ­
ers w ith a re q u e st for th e ir com m ents on th e proposals.
These com m ents ran g e from o u trig h t condem nation of
th e re p o rt to serious questioning of w h e th e r th e nation
could w ith sta n d th e econom ic im pact of th is adjustm ent.
One of th e vocal spokesm en for co u n try bankers, inde­
p en den t ban k ers, and the farm ers them selves is P a t DuBois, ch airm an of th e In d ep en d en t B ankers A ssociation
ag ricu ltu re com m ittee and executive vice p resid en t of the
F irs t S tate B ank in Sauk Centre, Minn. He testified be­
fore a H ouse A g ricu ltu re C om m ittee on A ugust 7 in oppo­
sition to th e CED report. A su m m ary of his com m ents
are included w ith those received directly from o th er
bankers.
The N or thw estern B anker also invited Mr. B renton to
m ake a sta te m e n t concerning th e CED re p o rt and it is
included here:
W . H A R O LD B R E N T O N
P r e s id e n t , B re n to n C o m p a n ie s , Inc.
Des M o in e s, lotea
T r u s te e , C o m m itte e f o r E c o n o m ic D e v e lo p m e n t;
M e m b e r o f CED R e search an d P o lic y C o m m itte e ;
C h a irm a n , CED S u b - C o m m itte e on A g ric u ltu ra l
P o lic y
UR concern w ith th e problem s of ag ricu ltu re is a logi­
cal p a rt of our concern w ith th e problem s of th e
w hole econom y and we have applied to ag ricu ltu re only
those p rinciples th a t w e are p rep ared to apply to other
sectors of th e economy.
Before becom ing convinced th a t th e assig n m en t to prep are a sta te m e n t on a g ric u ltu ra l policy w ould be useful,
and before I accepted th e chairm an sh ip , I w an ted th e
opinion of som e sound ag ric u ltu ra l econom ists. W e in ­

O

Á

vited 20 to m eet w ith us in Chicago. I w as am azed to find
th a t w ith all th a t has been said on th e subject of agricul­
tu re, these m en th o u g h t th ere w as a g reat need for an
objective study.
I should m ake clear th a t those of us on th e com m ittee
w ho are responsible for th e CED statem en t do n ot regard
ourselves as ex perts in agriculture. We do not th in k th a t
we have bro u g h t dow n th e tablets of w isdom from M ount
Sinai on this subject. W e should like to be regarded as
in terested and responsible citizens w ho are p u ttin g forth
th e ir best th in k in g for discussion by others. Our p u r­
pose in doing th is is an educational one.
One Basic Concept
As we have been w orking on th is statem en t I have kept
this basic concept in m ind—ag ricu ltu re can be such th a t
it w ill offer as g reat a profit op p o rtu n ity to com petent
men, over a period of tim e, as does o th er business, and
th is can be accom plished w ith o u t subsidy and regim en­
tation.
M any of th e people now in ag ricu ltu re p refer to be
there, even w hen th e re are favorable opportunities to
shift. B ut w e know th a t large nu m b ers of people have
left ag ricu ltu re in th e last decade, and th a t increasing
nu m b ers of those w ho rem ain in ag ricu ltu re have supple­
m ented th e ir incom es in non-farm em ploym ent. This
tre n d is expected to continue. Those w ho have shifted
from ag ricu ltu re have in general im proved th e ir lot by
doing so. A nd the incom es of those w ho rem ain in ag ri­
cu ltu re have been helped by th e m ovem ent of others.
Give F arm ers O pportunity of Choice

T he basic recom m endation of our statem en t is th a t
every effort should be m ade to im prove th e o p p o rtu n ity
of farm ers to choose betw een farm in g and some other
occupation. W e believe th a t if th e o p p o rtu n ity is en­
hanced th e ra te of m ovem ent out of a g ricu ltu re w ill in ­
crease, and both those w ho leave and those w ho stay w ill
be b etter off.
N o r t h w e s t e r n Banker, Se ptem ber, 1962


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

30
>r

“T he im portant lessons of agriculture are that the free m arket is precious and
that its preservation requires positive action.”
— CED report, page 8.

'

P

Y
E v ery proposal to solve th e farm problem sta rts w ith
one fu n d am en tal proposition. I t is th a t th e n e t income
earned from th e sale of farm prod u cts w ill be h ig h er the
sm aller is th e volum e of farm p roducts sold. F ro m this
proposition, w e have developed a plan w hich w e have
chosen to call “An A daptive P ro g ram for A g ricu lture.”

tow n service fam ilies and you have lost the people w ho
spend the incom e th a t w ill sustain one su b stan tial ru ra l
business.

A

M igration W ould Glut Labor M arket

The proposed m igration w ould trig g er a drop in our
ru ra l com m unities th a t challenges com prehension. F u r­
ther, the serious dislocation of our n a tio n ’s ru ra l economy 'V
PAT D u B O IS , C h a irm a n A g ric u ltu re C o m m itte e
w ould so greatly reduce th e buying pow er of ru ra l A m er­
I n d e p e n d e n t B a n k e r s A ssociation
ica th a t th e ability of n o nfarm in d u stries to absorb the
E x e c u tiv e Vice P r e s id e n t
displaced farm ers w ould be fu rth e r dim inished. We
F irst S tate B a n k in S a u k C e n tr e , Minn.
w ould be dum ping an additional 2,000,000 w o rkers on a
labor m ark et th a t already has m ore th a n 4,000,000 u n ­
H E In d ep en d en t B ankers A ssociation, and o ur com­
employed.
m ittee, w ish to place on the record h ere our em phatic
W ho is to hire the displaced farm er? N ot steel, w hich
opposition to The C om m ittee for Econom ic D evelopm ent’s
already is operating at only a fraction of its productive
proposal. It w ould m ove 2,000,000 farm w o rk ers off the
capacity. The electronics in d u stry has sufficient em- A
land in th e n e x t five y ears and w ould a d ju st com m odity
ployees. The auto in d u stry is not op eratin g at full plant
prices dow nw ard. F o r th e m ost p art, w hen we speak of
capacity. F a rm im plem ent production is down.
farm w orkers, we are re fe rrin g to m arried m en w ith famI am su re th a t all of you on th e com m ittee are even
iles. T he proposal for m igration out of farm in g would,
m ore fam iliar th a n I w ith w h at has been happening in
y
as I see it, m ean th e d e p a rtu re of at least 6,000,000 persons
ru ra l A m erica for a n um ber of years. All across th e land
from ru ra l A m erica w ith in five years.
are ru ra l com m unities w hose economic level has been de­
As I read th e rep o rt, m y reaction w as th a t it dem on­
pressed by th e inadequate prices farm ers receive for th eir
strated a high-handed, a rb itra ry a ttitu d e tow ard a sizable
products. The depressed condition of ag ricu ltu re already
and v ital segm ent of o u r population. W h a t’s the real
has prom pted m illions of farm people to leave the soil. A
objective here? To fu rth e r depress th e already low price
T here is no m erit, no benefit to anyone, in attem p tin g to
level of food and fiber and to secure even low er farm
accelerate th is m ovem ent.
labor costs by hav in g available a large pool of un em ­
ployed farm w orkers?
In terd ep en dence of F arm in g In terests
The CED re p o rt affirms w h a t we all know —th a t ag ri­
V'
Our com m ittee’s position is th a t th e producer, th e ru ra l
cu ltu re is ailing—th e n offers a p rescrip tio n th a t w ould
com m unity and th e co u n try b an k er are so interd ep en d en t
m ake it m uch sicker th a n it is now. The re p o rt acknow l­
th a t th ey m u st be considered as one. All are com pletely
edges th a t th e farm er has achieved a high degree of effi­
dependent on farm income. T he w ith d raw al of hum an
ciency, th en proposes th a t as a rew ard he be kicked off
and financial resources from ag ricu ltu re does not answ er
^
his land.
“T here A re U n certain ties . .
th e ag ricu ltu ral problem .
P resently, co u n try b ank loans, earn in g s—and expenses
The CED concedes, on page 27 of its rep o rt, th at, and I
—are at an all-time high. As one of the m em bers of our
quote, “. . . th e re are u n c e rta in tie s in th e course we rec­
com m ittee p u t it recently, and I quote, “On the surface,
Y
om m end.” I m ig h t add th e re also is h ard sh ip and degrewe never had it so good, b u t expanded credit cannot m uch
dation for th e farm er in th e CED course. If th e recom ­
longer serve as a su b stitu te for adequate earnings in ag ri­
m endations of th e re p o rt w ere followed, h u n d red s of
cu ltu re.” Our com m ittee believes th a t a higher price
thousan d s of farm people w ho now are on em ploym ent
level for a g ric u ltu re ’s production is th e key factor in any
rolls in ag ricu ltu re w ould stan d a good chance of being
attem p ted solution of th e farm problem .
tra n sfe rre d to relief rolls in u rb a n areas.
L et’s p roject a bit on th e basis of today’s price tren d s in
In view of th e u n c e rta in tie s th a t th e CED itself adm its
ag ricu ltu re and o th er segm ents of th e economy. A U nited
are in its plan, I subm it th e re is no w isdom in try in g it
States D epartm ent of A g riculture official estim ates th a t
on A m erican agriculture.
gross farm incom e in 1975 will be $41 billion, com pared
x
I t is not difficult to visualize w h a t w ould h appen to
to an estim ated $39.6 billion in 1961. The increase, then,
ru ra l com m unities if th e m igration of 2,000,000 farm fam ­
in th e next 13 y ears is estim ated to total $1.4 billion.
ilies to m etro p o litan and in d u strial cen ters is h astened in
Now le t’s look for a m om ent a t a projection of Gross
th e m an n er proposed by th e CED rep o rt. F ew er farm
N ational Product, th e value of all goods and services pro­
fam ilies m ean few er people to b u y shoes and groceries
duced annually. The 1960 total w as 504.4 billion. I t ’s
and overalls and sh irts. Rem ove one farm fam ily and
estim ated th e total will be $787.8 billion in 1970, an in ­
you have tak en aw ay th e financial resources to support
crease of $283.4 billion. I t ’s evident th a t a g ricu ltu re’s inone tow n “service fam ily.” Rem ove 20 farm and ru ral

T

Northwestern Banker, September, 1962


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Federal Reserve Bank of St. Louis

99

E vert M. (B ud) H unt

D ale C. T instm an

President

Exec. Vice President

Jerom e (Jerry) D ruliner

Gene H. T allm an

Charles J. (Chuck) B urm eister

Vice President & Secy.

Vice President & Treas.

Asst. Secy. & Asst. Treas.

Good Investment Service and Factual
Information Go Hand-in-Hand
Complete investment services and facilities: municipal and corporate bonds,
listed and unlisted stocks, and mutual funds. Dominick and Dominick pri­
vate wire. 18 Registered Representatives to serve you. Member firm of the
New York Stock Exchange with home offices in Nebraska.
When in Lincoln or Hastings stop in and see our quotation boards showing
up-to-the-minute prices of stocks. Call or write anytime for full range of ac­
tivities and investment information.

F ir s t

N

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

e b r a s k a

Member New York Stock Exchange

/

American Stock Exchange (Assoc.)

Home Office: Lincoln Bldg., Lincoln, Nebr. Tel: 477-9221
Branch Office: Stitt Bldg., Hastings, Nebr. Tel: 3-3141

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Federal Reserve Bank of St. Louis

Nebraska News

100

You Will See Them at the fi5th
Annual Nebraska Convention
H E follow ing m etro p o litan b a n k ­ pany: Dale R. A insw orth, senior vice
ers and equip m en t dealers have in ­ president; George W. Sherm an, assist­
dicated th e y w ill be a tten d in g th e Ne­an t cashier.
Com m erce Trust Company: R ichard
b raska B ankers A ssociation’s annual
L. D unlap and Tom C. Cannon, vice
convention:
Chicago
presidents; Gene Foncannon, assistan t
A m erican N ational Bank & T rust vice president.
F irst N ational Bank: E dw ard A.
Company: C harles C. K uning, vice
president; W illiam B. W hitm an, a ssist­ H uw aldt, executive vice president; A r­
an t vice president; W illiam B. A ldrich, den B ruch and George C. Dudley, vice
a ssista n t cashier; George H. Spence, presidents.
Los A n g eles
ag ricu ltu ral rep resen tativ e.

T

C ontinental-Illinois N ational B ank &
Trust Company: E ugene J. Tamillo,

S ecu rity F irst N ational Bank of Los
A ngeles: A rnold B. Peek, vice p resi­

vice president; C harles R. Hall, second
vice president.

dent; Jo h n J. Stine, a ssistan t vice p res­
ident.

F irst N ational Bank of Chicago: C.

F. N ew hall and W. T. D w yer, vice
presidents; V ictor C. von Meding, as­
sistan t vice president; R aym ond V.
Dieball, a ssista n t cashier.
H arris T rust & S avin gs Bank: R alph
H. H einsen, a ssista n t vice president.
N orthern T rust Company: Thom as
F. Duffy, vice p resident; W illiam J.
Roth, second vice president.
D en ver
Central B ank & T rust Company:

Donald F. Delano, vice president.
Colorado N ational Bank: Jo h n L.
Guyer, rep resen tativ e.
D enver U nited States N ational Bank:

George H. Alff, vice president.

N ew York
Chase M anhattan Bank:

Cornelius
D. H ow land, vice president; Jo h n S.
H ejinian, a ssistan t vice president;
B rian F. Reynolds, assistan t treasu rer.
C hem ical B ank N ew York Trust
Company: R ichard D. S. B ryan, vice

president; Jo h n J. Irish, assistan t sec­
retary .
F irst N ational City Bank: Douglas
C. Salter, a ssistan t vice president, and
Dean B. Seltzer, official assistant.
M anufacturers H an over T rust Com­
pany: Carl Carlson, assistan t vice p res­

ident.
Morgan G uaranty T rust Company:

F irst N ational B ank of D enver: C ar­

R ichard F. Dundore, assistan t vice
president.

rol L. Stubbs, senior vice president;
Jam es R. M orris, vice president.

Omaha
F irst N ational Bank of Omaha: Jo h n

K ansas City
City N ational Bank & Trust Com­

F. Davis, president; C. K. Voorhees, E.
T. T anner, F. L. Love, R alph P eterson,

IN THE M ID W E S

K ir

vice presidents; C. N. Bloom, assistan t
vice president; Jim Cook, ag ricu ltu ral
representative.
Omaha N ational Bank: M orris F.
Miller, president; Jo h n M. Shonsey,
executive vice president; H. H. Echterm eyer, P aul H ansen, R obert E. Jo h n ­
son, vice presidents; F re d H. Douglas,
a ssistan t vice president; H. D. Shellenberger, a ssistan t cashier; P. J. Jeffrey.
Stock Yards N ational Bank: A. J.
H allas, president; Jo h n M cCumber,
senior vice president; C. A. Masilko
and C. W. Means, vice presidents; Dale
N eum eyer, rep resentative.
U nited States N ational Bank: E. W.

Lym an, president; W . Dean Vogel, ex­
ecutive vice president; F red Peters,
H arold B row ning, W ayne Thorndyke,
vice presidents; Ja y Bordew ick, assist­
a n t cashier.
St. Joseph
N ational Bank:

Benton
M. Calkins, Jr., C harles K. Richm ond,
vice presidents.
F irst N ational Bank: Ja c k F. Killackey, vice president; B enton O’Neal,
ag ricu ltu ral rep resentative.
A m erican

F ir st

Stock

Yards

Bank:

H.

H.

Broadhead, Jr., vice president; A rth u r
R. McClaskey, ag ricu ltu ral rep resen ta­
tive.
T ootle-E nright N ational Bank: E v er­
e tt L. Crume, G ilbert Tootle, vice pres­
idents.
San F ran cisco
B ank of California: Irv in g W. D an­

ielson. vice president.
S ioux City
F irst N ational Bank: E. V. Hoffman,

vice president; R. C. Taylor, assistant
cashier.
L ive Stock N ational Bank: S. W.
Evans, first vice president; E. L. N ew ­
ell, assistan t vice president; R. K.
“D ick” D raper, rep resen tativ e.
S ecu rity N ational Bank: Chas. H.
W alcott, president; T hom as C. Horn,
vice president, and Jo h n O. Diefendorf,
a ssistan t cashier.
Toy N ational Bank: J. W illiam Van
Dyke, ch airm an of th e board; E. E.
E rickson, vice president; Conrad A ron­
son, a ssistan t vice president; Jim
Stachour, rep resentative.
Bank E q uipm en t and Other F irm s
A m erican E x p ress F ield W arehous­
ing Corporation: D onald R. Tracy, spe­

cial rep resen tativ e, Omaha.

iters and Distributors
rate and Municipal
mber of Midwest Stock Exchange
540 Om aha National Bank Bldg.
Om aha 2, Nebraska
Telephone 346-4374 Teletype OM95

Northwestern Banker, September, 1962


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

LIN C O LN O FFIC E
Lincoln Bldg.
Lincoln, N ebraska

B ank B u ild in g & E quipm ent Corpo­
ration: R obert M orrison, consultant,

St. Louis.
B an kers Service Company: H en ry
H. Byers, president, Des Moines.
B u rrough s Corporation: C. R. Philbrick, b ranch m anager; V. E. Dudley,
sales m anager; Roy G. Leibee and
Jo h n R. M ayberry, sales rep resen ta­
tives, Omaha.
Charles E. W alters Company: J. Ma-

Nebraska News

son H enry, p resid en t, Omaha.
C hiles & Company: H al F. Childs,
vice presid en t, Omaha.
C entral S tates H ealth & Life Com­
pany: Jo h n D. Mace, vice p resid en t
and general sales m anager; E. Dean
M iller, vice p resid en t and d irecto r of
agencies; R obert C. F indlay, a ssista n t
vice presid en t and sales m anager, and
R obert Ballew, r e g i o n a l m anager,
Omaha.
F. E. D avenport and Company: A1
M eyer, sales and service re p re se n ta ­
tive, Omaha.
D eL uxe Check P rinters, Inc: L a rry
G assaw ay, sales rep resen tativ e.
P iebold, Inc.: R. S. Gwinn, regional
m anager, and H. R. H erro n , sales re p ­
resentativ e, Des Moines.
Doane

A gricultu ral

S ervice,

L. H ayes, sales m anager; Jim Foley,
C harles King, Bill Bloom.
J. Cliff R ahel & Company: Cliff R.
Rahel, vice p resid en t and secretary;
E rn ie Thom pson, George E. Knack,
Omaha.
R ecordak Corporation: Jack A. L ud­
wig, m anager; Don K eller, Omaha.
R obert E. S eh w eser Company: L. L.
Law rence, president; F ra n k E. W il­
liam s, executive vice president; P a t­
rick Rensch, vice presid en t and gen­
eral counsel; W illiam M arch, secre­
tary -treasu rer; R obert Roh, sales re p ­
resen tativ e, Omaha.

101

St. P aul T erm inal W arehouse Com­
pany: R. C. Schall, vice president; R.

V. P eterson, d istrict m anager.
St. Paul W estern Companies: D. N.

Shaw, m anager.
U nited S tates Check Book Company:

C. B. B atchelder, president; F re d E.
Pfaff, vice president, and Jim Lindberg, K ent Miller, C huck P eterson and
Joe Peer, salesm en, Omaha.
Van H orne In v estm en ts, Inc.: E. N.
Van H orne, ch airm an of the board;
Jo h n E. Van H orne, president, and
Michael Van H orne and Bill B. Beav­
ers, rep resen tativ es, Omaha.

Inc.:

Colin C. Dover, sales rep resen tativ e,
Sioux Falls, S. D.
Douglas-G uardian W arehouse Corpo­
ration: F ra n k A. Y ates and C harles J.

R euscher, d istric t m anagers; E rn e st
G. Logan, Clyde R. Mason, H. R. Ritzm ann, Jr., M. R. C hristensen.
Farm B u sin ess Council, Inc.: R on­
ald G. D illingham , b an k sales re p re ­
sentative, T he Farm P icture, U rbana,
Ohio.
F irst N ebraska Securities, Inc. E. M.
“B ud” H unt, president; Dale C. Tinstm an, executive vice p resident; Charles
J. B urm eister, a ssista n t se cretary and
a ssistan t tre a su re r; R obert N orthrop
and J e rr y C. S tirtz, Lincoln.
K irk Gross Company: K irk Gross
and Joe B u rrig h t, W aterloo.
George LaM onte & Son: Ja c k P o r­
terfield, sales rep resen tativ e, Chicago.

J . W M . VAN D YKE
Chairm an of Board

C O N R A D ARO N SO N
Assistant
Vice President

E. E. E R IC K S O N
V ice President

Greetings to Nebraska Bankers
W e will look forward to being with you in Lincoln,
O ctober 11-12 for the 65th Annual Convention of
the Nebraska Bankers Association.

OUR 50TH AN NIVERSARY YEAR
James F. Toy, Founder
Member Federal Deposit Insurance Corporation

sioux cuy,

io w a

L aw ren ce W arehouse Company: G.

A. Johnson, a ssista n t vice president,
Chicago.
H o sier Safe Company: L aird P. Gillem, N ebraska rep resen tativ e, Lincoln;
Jim Clybourn, m anager, K ansas City.
N ational Cash R egister Company:

M. H. Planck, te rrito ry m anager, and
J. B. Kelley, L. H. Jurg en so n , Omaha;
R. S. C hurch, te rrito ry m anager, and
B. G. Crowell, Sioux Falls; R. C. Lapinski, te rrito ry m anager, and W. F.
H arris, G rand Island; W. B. Sparks,
b ran ch m anager, and R. C. Rhodes,
Lincoln.
N ational F id elity L ife Insurance
Company: R obert E. Stroud, su p er­

visor, K ansas City; J e rry Steffen, L in­
coln; M erlin H. Menk, Boulder; C harles
A. G ustaveson, Des Moines.
Omaha P rin tin g Company: H arv ey
YOUR STATE BANKERS ASSOCIATION
O f FICIAL SAFE, VAULT A N D
PM ELOCK EXPERTS

F. E. DAVENPORT & CO.

IIS T V E S T Is Æ E lS r T
S U I T E 113 6 - 1 1 4 0 FI RST N A T I O N A L

j

W
to

BANK

IB -A ^ n S T K Z E IF L S

B U I L D I N G - O M A H A 2, N E B R A S K A

o f our jr ie n d i a re c o r d ia lly
v i s i t o u r ^ J d o S p i ta l ity

/x o o m

in c ite d
a t th e

NBA. C O N V E N T I O N
O ctober 11-12
J. Cliff Rahel
George E. Knack

-

Cornhusker Hotel
Cliff R. Rahel
Ernie Thompson

OMAHA
Northwestern Banker, Septem be r, 1962


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Federal Reserve Bank of St. Louis

102
S tate B anking D irector R alph E.
M isko stated last m onth a decision

ICTOR E. A N D ER SO N , p resid en t

Due to Mr. A nderson’s death, a spe­
of th e H avelock N ational B ank cial m eeting of th e H avelock N ational
and form er G overnor of N ebraska,board of directors w as held and A. C.
died at his hom e E ichberg w as elected p resid en t of the
of a h e a rt ailm ent bank. Mr. E ichberg had been associ­
last m onth after ated w ith Mr. A nderson in business
an illness of n e a r­ and d u rin g his governorship for 25
ly th re e m onths. years. Mr. E ichberg has been vice
The 6 0 - y e a r - o ld p resid en t and director of the bank for
e x - g o v e r n o r su f­ 10 years.
fered a sev ere
E m ery R. P ont w ill continue as ex­
h e a rt attack May ecutive vice presid en t and all other
28. He had been p ersonnel w ill continue in the sam e
released f r o m a positions.
L
i n c o l n hospital
Mr. E ichberg w as ad m in istrativ e as­
V. E. A N D E R S O N
J u ly 22 for recu p ­ sista n t to G overnor A nderson during
eration at hom e and suffered th e fatal th e la tte r’s four years as chief execu­
h e a rt a tta c k A ugust 15.
tive of N ebraska, from 1955-59.

V

W e ’r e

G o in g

to

Y

w as expected to be m ade about Sep­
tem ber 1 on th e tw o pending applica­
tions for a state bank c h a rte r in Blair.
He indicated th a t a new ch a rte r w ould A
be granted.
* * *
W alker S. B attey, senior vice p resi­
dent, retired from F irst N ational Bank iand T ru st Company, Lincoln, Septem ­
ber 1, a f t e r 45
y ears in the b an k ­
ing business. His
fu tu re plans will
be a n n o u n c e d
soon.
Mr. B a t t e y
served w ith Con­
tin en tal N ational
B ank of Lincoln,
a n d la te r w ith
F i r s t N a tio n a l
’'¡r1.
w h e n the two
w ere m erged, for m ore th a n 30 years.
He w as elected vice president in J a n ­
uary, 1938, vice presid en t and cashier
in F eb ru ary , 1944, and senior vice
p resid en t in Jan u ary , 1952.
* * *
H ugh E. Slaughter, au d ito r at F irst
N ational B ank & T ru st Company, a t­
tended the second y ear of th e NABAC
School at th e U n iversity of W isconsin.

th e

N E B R A S K A ST A T E C O N V E N T IO N
O ctober II and 12
IOW A ST A T E C O N V E N T IO N
O ctober 21-24

We hope you’ll be there too with us
meeting old friends and making new
ones. We look forward to seeing you

The TOOTLE-ENRIGHT
National Bank

¥'

Y

X

S A IN T JO SE P H , M ISSO U R I
M e m b e r f e d e r a l d e p o s it i n s u r a n c e c o r p o r a t i o n

Northwestern Banker, September, 1962


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Federal Reserve Bank of St. Louis

i

a.

103

zn /

a 6 tâ s n

' m
I :J

a i.
i m

HOTEL CORNHUSKER
L IN C O L N , N E B R A S K A

OCTOBER 10,11,12,1962

W o n ’t y o u j o i n u s?

FIRST NATIONAL BANK
& T R U S T C O M P A N Y O F L IN C O L N
12TH Ü N STREETS

•

LINCOLN, NEBRASK A

Northwestern Banker, Septem be r, 1962


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Federal Reserve Bank of St. Louis

104

Nebraska News

offering a “F a c t F ile” of data on the
Nebraska 's Resources Rirision:
com m unities th e y serve. The N o rth ­
ern N atu ral Gas Com pany nationally
Miou’ It
W orks for M^oeu! Rankers
advertises areas of N ebraska th a t th ey
B y D A V ID O ST E R H O U T
C h ief
D iv isio n o f N e b r. R e so u rc e s
H E w o rk of th e R esources Divi­
sion can be outlined broadly u n ­
der th re e headings:
1. The expansion and develop­
m en t of existing ind u stry .
2. The location of new in d u stry in
N ebraska.
3. G eneral c o m m u n i t y develop­
m ent.
■ W e feel our first obligation is to
existing in d u stry , as only if it is suc­
cessful, can w e hope to in te re st new
firm s to o perate in N ebraska. A ny­
one’s best ad v ertisem en t is a satisfied
custom er, and we know th a t if th e in ­
d u stry we have pro sp ers and grows,
th en o th ers w ill w an t to join them .
T herefore, we are co n stan tly w orking
tow ards th e m aintenance and expan­
sion of N eb rask a’s o u tstan d in g b u si­
ness clim ate.
W e p ublish a m a n u fa c tu rers’ direc­
to ry th a t serves existing in d u stry in
m any w ays. W e publish a m onthly
m a g a z i n e called N ebraska on the
M arch th a t tells th e sto ry of N ebras­
k a ’s developm ent and featu res indi­
vidual success stories of N ebraska
corporations. N inety p er cent of A m er­
ica’s in d u stry sta rte d w ith less th a n
ten em ployees, th erefore, we are con­
sta n tly doing w h a t we can to help “th e
little fellow ” get started.

T

■ N ew In d u stry — The long range
p o ten tial for in d u strial expansion in
N ebraska is exceptional b u t th e h igh­
ly com petitive n a tu re of this endeavor
calls for an all out effort to in te re st
firm s th a t are planning to expand. E x ­
perience has proven th a t once th ey
seriously consider our state and visit
us, th e y are im pressed w ith w h at they
find and th e chances of gettin g them
to locate here are good.
Our office serves as a liaison be­
tw een in d u stry and local com m unities.
The m ajor b urden for th is effort m ust
re st a t th e local level, b u t our office is
available to th e full e x ten t of our capa­
bilities to help any com m unity to
b rin g in an industry.
T his is a selling job and in N ebraska
we definitely have som ething to sell.
W e have an extensive direct m ail pro­
gram th a t p u ts a personalized letter
on th e desk of over 12,000 executives,
th re e or four tim es a year. R epresen­
tativ es of th is office trav el n early 200,000 m iles every y ear m aking personal
calls on in terested prospects.
W e have a m odest advertising pro­
gram appearing in business publica­
tions. W e are fo rtu n ate to have other
groups ad vertising N ebraska. The Ne­
b rask a Public Pow er System has car­
ried a national ad v ertisin g program

D ICK T A Y L O R

E. V. H O F F M A N

W E’LL BE LOOKING FO R YO U
W e’re all looking
Convention.
The F ir st N ation al
you and discuss with
correspondents have
years.

s t

forw ard to v isitin g w ith you at the N ebraska
Bank officers pictured above w ill be there to greet
you the versa tile line o f services so m any o f our
found both pleasan t and profitable through the

N a tio n a l

B a n k

in S io u x C ity

M em ber F ed eral Deposit In su ran ce Corporation <

M em b e r F e d e ra l R eserv e System

Northwestern Banker, September, 1962


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

serve. The Om aha In d u stria l F ou n d a­
tion helps prom ote N ebraska by n a­ A
tionally ad vertising Omaha. Consum ­
ers Public Pow er produced an out­
stan d in g sound m ovie on N ebraska.
The S tate C ham ber of Com m erce p u b ­
lishes bulletins on N ebraska’s advan­
tages. Our railroads also include Ne­
brask a in th eir advertising program .
T ogether, th is m akes a fairly form id­
able p resen tatio n of our sta te ’s indus­ /
tria l attrib u tes.
W e have a research d ep artm en t th a t
is co n stan tly g ath erin g and dissem i­
n atin g inform ation on N ebraska’s o u t­
standing in d u strial clim ate. We m ake
detailed presen tatio n s fu rn ish in g all
the necessary inform ation th a t a pros­
pective firm w ill need in consideration
of a location a t th e state level. We v
help local com m unities prep are th eir
presen tatio n s giving specific data at
th e local level.
■ C om m unity

D evelopm ent — The

liveability of a com m unity is a highly
im p o rtan t factor in in d u strial and eco­
nom ic developm ent. By helping a
tow n to im prove its over-all social recreatio n al and m unicipal services, we
place it in a m ore advantageous posi­
tion to develop econom ically. In this
area, we p rep are surveys in depth
w hich give com plete inform ation on
the city. To date, in cooperation w ith
C onsum ers Public Pow er, we have
com pleted surveys on 75 towns. We
hope to have a com plete file of all
tow ns over 1,000 population in the
near fu ture. These surveys have a
threefold purpose:
1. T hey serve as an in v en to ry to
the com m unity as to w h at it
has to offer and w h a t needs to
be done to b rin g th em up to
standard.
2. T hey fu rn ish th e D ivision w ith
th e necessary inform ation to
w ork intelligently w ith th a t city
and th e prospects.
3. T hey serve as th e nucleus of a
p resen tatio n from said com m u­
n ity to in d u strial prospects.
In cooperation w ith th e Com m unity
Services D ep artm ent of th e U niver­
sity, we fu rn ish d irect assistance in
com m unity planning. By legislative
direction, we also serve as a liaison
betw een th e federal governm ent and
th e com m unity in 701 g ran ts for comm u n ity planning.
W e w ill in itiate a C om m unity B et­
te rm e n t C ontest th is fall. The n atu ral
gas com panies of N ebraska, as spon­
sors, are fu rn ish in g $4,000 in prize
money.
The R esources Division, as th e offi-

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i

Nebraska News

cial state agency, is co n stan tly s triv ­
ing to coordinate th e efforts of various
o th er agencies in th is field. W e are
ex trem ely p roud of th e cooperation
th a t is c u rre n tly p re se n t in N ebraska
am ong th ese groups. An exam ple is
th e com m unity a ttitu d e su rv ey th a t is
handled by th e com bined efforts of
electric and gas u tilities, our office and
th e u n iv ersity . H ere we find p riv ate
and public u tilitie s and g o vernm ental
agencies w o rk in g h an d in h an d to as­
sist a com m unity in analyzing its a ttr i­
b utes and shortcom ings.
N ebraskans, ev ery w h ere feel th is is
an all out effort to im prove our eco­
nom ic statu s. T hey d em o n strated th is
in overw helm ing a p p r o v a l of an
am endm en t to o u r C onstitution p e r­
m ittin g counties and m unicipalities to
issue rev en u e bonds to finance in d u s­
tria l buildings.
T his is only one of m an y tools we
need in our w ork, b u t it is one th a t is
closely re la te d to th e in te re sts of N e­
b rask a ban k ers. T his is a new p ro ­
gram and is ju s t g ettin g underw ay.
We now have th re e com m unities th a t
are in th e process of financing an in ­
d u strial b uilding by th e use of revenue
bonds.
A copy of th e legislation p ertain in g
to these rev en u e bonds and an accom ­
panying explan atio n w ill be d istrib ­
uted to all b a n k ers in atte n d in g th e

105

F n n at Hank of Beltevue

T H E S P I R IT OF “K R A Z Y D A Z E ” h it th e B a n k o f B e lle v u e w h e n th e C ham ber o f
C om m erce sp o n so red a “K r a z y D a z e ” p ro m o tio n r e c e n tly in B e lle v u e . B a n k e m p lo y ees
m ad e t h e m s e lv e s up to re p r e se n t e v e r y t h in g fro m c o w b o y to sp a ce m a n , fro m b e a tn ik
to b ea ch co m b er, an d a s E . S. T sch id a , a .v .p ., sa id : “ T h e su rp rised lo o k s on th e f a c e s
of our cu sto m ers w a s r e a lly w o r th th e e ffo r t.”

state convention in Lincoln.
N eb rask a’s economic progress has
long been recognized as outstanding.
Its a g ric u ltu ral developm ent has be­
come fam ous th ro u g h o u t the w orld.
W ith th e developm ent of our w ater re ­
sources, we have created production
records th a t a few y ears ago w ould
have seem ed fantastic. Now, th e state
is in an all-out effort w ith a four­
pronged attack:
1. C ontinued a g ricu ltu ral advance­

m ent th ro u g h new and im proved
o perating m ethods and g reater
utilization of ag ricu ltu ral crops
for in d u strial uses.
2. In d u stria l expansion.
3. D evelopm ent of to u rist potential.
4. C om m unity b etterm ent.
Our citizens are displaying a re b irth
of state pride and grow ing in terest in
our successful developm ent. We be­
lieve the next decade belongs to Ne­
braska.

MARKET TIME IS
PAYOFF TIME . . .
BANKERS KNOW the value of competition. At
Omaha the concentrated, competitive buying
power of 19 local packers, as well as order
buyers for packers in 152 other cities in 29
states, assures livestock shippers FULL MAR­
KET PRICES for their slaughter livestock. It
pays to market your livestock where demand
is greatest, also, there is NO PENCIL SHRINK
at Omaha!

STOCKER-FEEDER
SEPT 7
OCT 5

CAR

SEPT 21

OCT 19

NOV 2

REMEMBER, TOO — Omaha the best source
for replacement cattle and calves . . . here
the Corn Belt feeder can find a broader selec­
tion of stockers-and-feeders than he can find
any place else in his travels. He may buy them
himself — direct from a commission firm or
dealer, or place an order with an experienced
and bonded order buyer.

O AD

AUCTION

SALES

O M A H A
SALES LIMITED TO 6,000 HEAD . . . START 9:30 A.M.
UNION

STOCK

YARDS

COMPANY

Northwestern Banker, Septe m ber, 1962


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

Nebraska News

106

Nebraska Convention Committees

Commerce; M yron Weil, executive
vice president, N ational B ank of Com­
merce, and Lyle F. Stonem en, vice
president, F irs t N ational.

X

E n ter ta in m en t — W. E. Edgecomb, A
vice president, F irst N ational; Winton Buckley, assistan t cashier and ag­
ricu ltu ra l rep resen tativ e, N a t i o n a l
B ank of Commerce, and Dale M. Shoe- l
m aker, vice president, F irst N ational.
B anquet — C hairm en are Mr. and
Mrs. A. W. Griffin of th e F irs t N a­
tional. O thers on th e com m ittee from y
th is ban k are Mr. and Mrs. Roger Cun­
ningham , Mr. and Mrs. Eugene K.
Reece, Mr. and Mrs. W illiam Sm ith,
and Mr. and Mrs. Max Schneider. Serv­
ing on th e com m ittee from th e Na- ^
tional B ank of Com m erce are Mr. and
Mrs. E. N. Thom pson, Mr. and Mrs.
Oscar L. Clarke, Jr., Mr. and Mrs. Al­
b ert A. Held and Mr. and Mrs. D. L. -s Som m erhalder.
BYRON DUNN

C. W .

BATTEY

W . E. E D G E C O M B

A. A. H E L D

EM BERS of th e general com m it­ chairm an, N ational B ank of Com­
tee for th e 65th an n u al conven­ m erce, and C. W heaton B attey, ch air­
tion of th e N ebraska B ankers A ssocia­
m an, F irs t N ational B ank & T ru st
tion to be held in Lincoln, October 11 Company.
and 12 are B u rn h am Yates, president,
O ther com m ittees are as follows
F irs t N ational B ank & T ru st Compa­ (first nam ed is chairm an):
ny; Glenn Yaussi, president, N ational
A rrangem ents —Gene C. E aton, sen­
B ank of Commerce; B yron Dunn, ior vice president, N ational B ank of

M

H ostesses —C hairm an is Mrs. R obert
W ekesser from th e N ational B ank of
Commerce. O thers from this b ank on
the com m ittee are Mrs. M yron Weil,
Mrs. H erm an Brockm eier, Mrs. Gene
C. E aton, Mrs. J. C. W h itten and Mrs.
Jam es F. Nissen. On th e com m ittee
from th e F irs t N ational are Mrs. A.
S. Chaves, Mrs. L. S. C urran, Mrs.
Dale L. Young, Mrs. H ow ard Chapin

>~

T

T o Our F riends
i n

N

e b r a s k a

C. H . V / A L C O T T

\\ e ll be look in g forw ard to seein g you at the big N ebraska
C on ven tion in L in coln , O ctober 11 and 12.
T h ere are m any w ays w e can serve you as you r corre­
spondent B ank in Sioux City. W e w ould lik e to visit w ith
you about your bank and its needs.

T . C. H O R N

T hrough ou t the year . . . rem em ber the Security N ation al
w hen you th in k o f S iou x City. Y ou can count on our years
o f b ank ing exp erien ce.

Security National Bank
of Sioux City
Mem ber of Federal Deposit Insurance Corporation

J . A. D I E F E N D O R F

N o r t h w e s t e r n Banker, September, 7962


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

Y

K

4

Nebraska News

107

and Mrs. Roger L. C unningham .
T ransportation —A lbert A. Held, vice
ch airm an of th e board, N ational B ank
of Comm erce; R ichard Sinkule, a ssist­
a n t cashier, F irs t N ational; Louis L.
Roper, a ssista n t vice president, also
F irs t N ational, and Jam es F. Nissen and A. F. Jorgensen, vice p resi­
dent, N ational B ank of Com m erce.—
End.

E le c tio n s at Clay C enter
L aw rence E. D etw eiler, fo rm erly
vice p resid en t of th e Com m ercial State
B ank in Clay Center, has been elected
president. He succeeds th e late Othello
McKelvie and is succeeded as vice
presid en t by Mrs. F ra n k Tice, w ho
w as also elected a director. Mrs. Tice’s
husband serves th e b an k as a director,
cashier and general m anager.

John Van Horne

Edwin Van Horne

Michael Van Horne

WE SPECIALIZE IN . . .
Municipal Bonds of Iowa and Nebraska
. . . Federal Agency Securities
. . . Selected Stocks in which we have confidence
W e ll be pleased to discuss them with you
at your State Convention.

3 L iv esto ck M eetin gs
A series of th re e livestock m eetings
sponsored by th e N ebraska B ankers
A ssociation C om m ittee on A gricu ltu re
w ill be held S eptem ber 6, 17 and 20
in Omaha, G rand Islan d and Alliance,
respectively, according to H arold O.
Q ualsett, com m ittee ch airm an and excutive vice p resid en t of th e Clarkson
B ank a t Clarkson.
The pro g ram s w ill deal principally
w ith th e sale ring, w here stocker and
feeder cattle d em onstrations, along
w ith fat cattle dem o n stratio n s will be
held. A discussion of c u rre n t m ark et
value in th e different grades w ill be
included.
A social h o u r at 5:30 p.m. and d in n er
a t 6:30 p.m. w ill be followed a t each
m eeting w ith a panel discussing fac­
tors affecting th e livestock m a rk e t and
feeding profits for th e com ing year.
The Septem ber 6 m eeting w ill be at
th e L ivestock E xchange Building,
Omaha, w ith Cecil W. Means, vice
president, Stock Y ards N ational Bank,
in charge of reserv atio n s. The Sep­
tem b er 17 m eeting w ill be at th e
G rand Islan d L ivestock A uction, Inc.,
w ith W. J. C haloupka, vice president,
F irs t N ational of H astings, in charge
of reservations. The Septem ber 20
m eeting w ill be a t th e A lliance L ive­
stock A uction C om pany w ith Clyde H.
Sudm an, president, G uardian State of
Alliance, in charge of reservations.

I n

Inc

v

FARM CREDIT BLOG.

OMAHA

PHONE 345 2241

Over a half-century of banking and investment experience

O p en H o u se at C olu m b u s
F irs t N ational B ank and T ru st Com­
p any of C olum bus will hold open
house for th e public Septem ber 29 and
30 to m ark com pletion of its extensive
building program . The new q u a rte rs
have now been occupied by th e bank
staff.
An open house for b a n k e r friends
w ill take place O ctober 1.
N o r t h w e s t e r n Banker, Se ptem ber, 1962


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

Nebraska News

108

P lan

New

Federal R eserve Board requesting th a t
Hnhlintfl'inapan
if h earin g be held so in terested
a public

H E A R IN G on th e application of ited by state law and offices or stations
are not perm itted, although the Ne­
th re e N ebraska b an k s to form the
T rans-N ebraska Com pany, a b a n kbrask a legislature in 1959 gave p erm is­
holding com pany, w ill s ta rt a t 10 a.m. sion for banks in cities of 5,000 or
on October 2 in the Om aha b ran ch of m ore to have one detached teller facil­
th e F ed eral R eserve Bank. I t w ill be ity w ith in 2,600 feet of th e bank.
conducted by a h earin g officer re p re ­
The th ree banks involved in the
sentin g th e F ed eral R eserve B oard of T rans-N ebraska holding com pany re ­
G overnors, W ashington, D. C.
quest are: Sioux N ational B ank at
The B oard of G overnors has invited
H arrison, M artell S tate B ank a t Marall persons in terested in testify in g at tell and C raw ford State B ank a t C raw ­
th is open h earin g to send a w ritte n re ­ ford. H eading th e group w ho have
quest to it by S eptem ber 17.
m ade th e application is H ow ard E.
T he T rans-N ebraska b an k holding
Hall, Lincoln in su ran ce executive,
com pany application has developed w ho is also chairm an of the board of
into one of th e m ost im p o rta n t issues each of th e th ree banks.
facing N ebraska banks in re c e n t years.
Mr. H all subm itted th e application
B ranch ban k in g is specifically prohib- in Ju n e to State B anking D irector
R alph E. Misko, w ho approved and
forw arded it to th e C om ptroller of th e
C urrency. The la tte r also approved
th e application and sent it to th e F ed ­
eral R eserve B oard w hich is em pow ­
ered to give final approval to form a­
tion of b ank holding com panies.
The first tim e th a t m ost N ebraska
b an k ers w ere aw are of th e application
ap p aren tly w as w hen a le tte r w as sent
to all national banks in th e state by
th e C om ptroller of th e C urrency re ­
fe rrin g to th e request. It stated in
p a rt th a t the application had been ap­
proved by th e C om ptroller’s office
since it w ould provide th e in terested
b an k s th e benefits of b ran ch banking
now denied them by state law.
W ith in a sh o rt tim e, th e N ebraska
B ankers A ssociation w as conducting
its p reviously scheduled series of 17
clearing house m eetings around the
state. A t th e conclusion of th e official
H
pro g ram at several of the m eetings,
an inform al discussion w as tak en up
on th e bank holding com pany applica­
tion. A spokesm an for th e m en at
th ese m eetings said th e principal ob­
jection w as th a t th e en tire m a tte r w as
being conducted “in secrecy.” Subse­
J. M. F o rd II
M acon D u d le y
quently, each of these clearing house
associations sent a telegram to the

A

in St. Joseph...

THINK
"FIRST”
of the men from
The First

and their Bank

TO

Felix at Fourth
St. J o s e p h , Mo.

Northwestern Banker, September, 1962


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

D elegates atten d in g th e an n u al con­ X
vention of th e N ebraska B ankers Asso­
ciation in Lincoln, October 11-12, will
have an o p p o rtu n ity to v isit the new
hom e office recently com pleted by the
U nion Insurance
Company. Officers
of th e firm have
issued an in v ita­
tion to all N ebras­ >
ka b an k ers to in ­
spect the new fa­
c i l i t i e s a t 1 4 th
and Que Streets.
H eaded by P res­
ident T. J. F a r­
rell. the com pany
T. J. F A R R E L L
,
, .,
observed its 75th
an n iv ersary in 1961 by show ing a p re ­
m ium volum e of $4,144,000. A ssets to­
taled $6,046,563 and su rp lu s w as $2,776,567 a t year-end.
The com pany w rites fire and allied
lines, hom eow ners, autom obile (full
coverage), general liability, and glass.
More th a n 50 N ebraska b an k ers re p re ­
sen t th e firm. A rea of operation, in
addition to N ebraska, includes Iowa, X
K ansas, M innesota, Colorado, W yom ­
ing and South Dakota. D. A. P ettett,
vice p resid en t and secretary, and J.
V. Head, vice president, assist Mr.
F a rre ll in th e m anagem ent of the com­
pany, w hich operates u n der th e A m er­
ican Agency System.

h o Lt inn fy f o r y o u i n . .

V ern M eyer

T H E F IR S T
N A T IO N A L B A N K

In v ita tio n to B an k ers

W E L C O M E BAN KERS
962 N EB R A SK A BAN KERS C O N V E N T IO N

W e W L
Jack Killackey

persons could voice th e ir opinions or
objections.
A n u m ber of objections w ere lodged
also w ith State B anking D irector \
Misko. He stated, “I ’ve had a lot of
objections from independent bankers.
R eview ing m y position, I felt th ey
w ere en titled to a hearin g .” He th e n ^
w rote th e F ed eral R eserve Board in
W ashington req u estin g officially th a t
such a h earin g be held and th e F ed ’s
announcem ent of th e hearin g came a *
sh o rt tim e later.

.

Suite 316
HOTEL CORNHUSKER
for that old fashioned hospitality

JIM FOLEY

HARVEY HAYES

O M A H A PRI NTI NG C O MP A N Y

1

109

See yon at
the
convention!
. . . the bank that opens doors for you
to bigger business through better banking.

CITY NATIONAL BANK
AMD

TRUST

Tenth

and

COMPANY

OF

Grand

Kansas

•

KANSAS

CITY,

MISSOURI

City 41,

M issouri

Northwestern Banker, Se pte m ber, 1962


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

Correspondent Bank Department

CYRUS D. KIRK

A WHOLE NEW WORLD
OF PROGRESS FOR
CORRESPONDENT
BANK SERVICE

HOM ER R. JENSEN

NEW INSTALLMENT LOAN DEPARTMENT

A N IN V ITA TIO N !

v

During the Installment Cred it Conference September
9-11, visit our beautiful new Installment Loan Q uar­
ters at the bank. Our Hospitality Suite will also be y
open at Hotel Kirkwood. Com e and see us.

Bankers Trust
Company
*
The Largest Locally-Owned Bank in Des Moines

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

Member: Federal Deposit Insurance Corporation • Federal Reserve System

I ll

ucation in Sioux City. His service
w ith the b ank w as in te rru p te d by
W orld W ar II and he sp ent four y ears
in the E uropean T heater, receiving a
discharge as a m ajor in the finance
departm ent.

Iowa

NEW S

Joh n A. S w anson
CHARLES H. WALCOTT
FRANK WARNER

President

Secretary

Sioux City

B ankers in Sioux City are taking an
active p a rt in the U nited F u n d Cam­
paign. F. A. Evans, p resid en t of the
W oodbury B ank and T ru st Company,
is general chairm an.
Loaned executives for the cam paign
include Leslie Olson, cashier, Toy N a­
tional Bank, and E d Newell, assistan t
vice president, Live Stock N ational
Bank.

Jo h n A. Swanson, 93, re tire d Clarinda banker, died recently after an
illness extending over several years.
He helped organize th e F arm ers
Savings Bank in
H epburn in 1903
and b e c a m e its
vice president. He
joined th e Clarinda T ru st & Sav­
ings B ank in 1917,
l a t e r associated
w ith th e N ational
B ank of Stanton.
In 1923, he w as
one of the organ­
J. S W A N S O N
izers of th e Citi­
zens State B ank in Clarinda and w as
p resid en t un til 1951. He retired in
1954 a fter m ore th a n 50 y ears of ac­
tive banking.

D o u b le A n n iversary

S ch lesw i

S tanley W. Evans, first vice p resi­
den t of th e Live Stock N ational Bank,
Sioux City, recently observed tw o an ­
n iv ersaries—25 years w ith th e bank
and 15 y ears as finance officer of the
Iow a-N ebraska N ational G uard 34th
In fa n try Division.
A telegram from C. L. Adams, Live
Stock N ational president, co n g ratu lat­
ing Mr. E vans on his 25th an n iv ersary
w ith th e bank, arriv ed w hile Mr.
E van s w as serving as division finance
officer for the 34th In fa n try Division
on sum m er encam pm ent at Camp R ip­
ley, Minn.
S hortly after the arriv al of this tele­
gram , m en of th e division’s finance
section p resented Lt. Col. E vans w ith
a radio, m ark in g his 15th an n iv ersary
as division finance officer.
Mr. E v ans sta rte d w ith th e Live
Stock N ational B ank following his ed-

More th a n 1,700 persons attended
th e grand open­
ing of th e F a rm ­
ers State B ank at
Schleswig, m a rk ­
ing com pletion of
a m o d e r n iz a tio n
program . All new
fixtures and
equipm ent w e r e
installed, accord­
ing to J. A. Rohw e r, p r e s i d e n t .
j . A. R O H W E R
Mr. R ohw er w as
honored du rin g th e opening for com­
pleting 50 years in banking.

Des Moines

H alts in terest on Public Funds
H E city of D av en p o rt’s policy of
g a i n i n g in te re st on m unicipal
funds th ro u g h certificates of deposit
local banks w as ordered halted recen t­
ly by Clay Stafford, sta te su p e rin te n d ­
en t of banking.
As m uch as $1,105,000 in city funds
could be affected by th e ruling. A t
p resent, th e funds are held by th e
F irs t T ru st and Savings B ank, D aven­
p o rt B ank & T ru st Com pany, and
N o rth w est B ank & T ru st Company.
Mr. Stafford’s o rd er is based on an
a tto rn ey g en eral’s opinion th a t public
bodies cannot inv est m oney in banks
and obtain in te re st unless the m oney
is derived from a bond issue by a di­
rect vote of th e people. The su p erin ­
ten d en t explains th a t such m oney is
n ot protected u n d e r th e state sinking
fund, no m a tte r w h at th e source m ay
be. Also, it m ay or m ay n o t be cov­
ered u n d e r th e FDIC, depending upon
th e total am o u n t on deposit.
Public bodies can in v est m oney in
tre a su ry bills or in a n u m b er of o th er
ways. D avenport has p re fe rred to
keep th e funds in th e local m oney
m arket, how ever. The situ atio n in
D avenport is u nique in th a t bond is­
sues are voted by th e city council,
ra th e r th a n by th e people.
Iowa b an k ers w ill recall th a t F ra n k
W arner, se c re ta ry of th e Iow a B an k ­
ers A ssociation, has discussed th is gen­
eral subject a t v ario u s group m eetings
du rin g th e p ast few years.

T

S ch a ller C hanges

to rs of th e F irs t N ational B ank of
Mason City.
in

A id S io u x City C am paign

Lee L. W itte, cashier, has been
nam ed vice p resid en t and cashier at
th e State B ank of Schaller. He suc­
ceeds E. C. Lee, w ho resigned as vice
p resid en t recen tly to join th e C entral
T ru st & Savings Bank, Cherokee.
It also w as announced th a t H a rry G.
Hix, form erly a g ric u ltu ra l re p re se n ta ­
tive for th e Boone S tate B ank & T ru st
Company, has been elected assistan t
vice presid en t a t th e S challer bank.

D ir e c to r N am ed
R obert M. Dali, g eneral m anager of
Jacob E. D ecker & Sons in Mason City,
has been elected to th e board of d irec­

A N N I V E R S A R Y — M . S g t. C h arles H u g h e s,
l e f t , c h ie f cle r k o f th e fin a n ce se c tio n ,
lo o k s on as C h arles G arcia, r ig h t, c h ie f
w a r r a n t officer, p r e s e n ts a rad io to L t. Col.
S ta n le y W . E v a n s fo r h is 15 y e a r s o f s e r v ­
ic e as fin a n ce officer fo r th e 34th I n f a n tr y
D iv is io n .

O p en H o u se

Sac City P u rch a se
C ontrolling in te re st in th e Citizens
Savings Bank, Sac City, has been p u r­
chased by Scott C. Pidgeon, president
of the B ankers T ru st Company, Des
Moines.
The p u rchase w as m ade from R obert
V. Jones, Chicago attorney, w ho con­
tinues to own th e m ajo rity stock in
the other ban k in town, th e Sac City
S tate Bank.
No changes in personnel are con­
tem plated w ith th e exception th a t Mr.
Jones w ill resign as vice president.
Officers are: H. F. Lange, chairm an;
D. W. W ilcox, president; Veta A nder­
son, cashier, and H. J. Best, assistan t
cashier.
As of th e date of purchase, deposits
w ere $3,003,570; capital, $100,000; su r­
plus, $100,000, and undivided profits,
$66,000.
Northwestern Banker, Septem be r, 7962


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Federal Reserve Bank of St. Louis

Iowa News

112

Eighth Annual ('redit Conference
1:15
2:00

C. W. F R I T Z

M OLLY KRAMER

J. E. B R O W N

H E 8th A nnual C onference on In stallm en t Lending,
sponsored by th e in stallm en t loan com m ittee of the
Iow a B ankers A ssociation, is scheduled for Septem ber 9,
10 and 11 a t th e H otel K irkw ood in Des Moines.
The follow ing prog ram has been announced:

T

Sunday, Septem ber 9

P.M.
3:00

R eg istratio n —M ain Floor, H otel K irkw ood (Pio­
n eer Room s).
5:30 In fo rm al G et-Together—A rbor Room.
6:30 Buffet S upper—O rchard Room.

3:30
5:30
6:30

M onday, Septem ber 10

A.M.
8:00
9:15

R eg istratio n —P ioneer Rooms.
Call to O rder — P ioneer Rooms, Collin W. F ritz,
chairm an, in stallm en t loan com m ittee and vice
president, Ja sp e r C ounty Savings B ank, Newton,
presiding.
9:30 A ddress — “Y our Im age Is Show ing,” E m m ett F.
B utler, director, public and em ployee relations,
T he M aytag Company, N ew ton.
10:20 Coffee B reak.
10:35 A ddress—“Sales A pproach to D ealer P ap er,” Roy
Cawby, vice president, T rad ers N ational Bank,
K ansas City, Mo.
11:40 Recess for lunch.
P.M.
12:00 L uncheon—O rchard Room.
12:30 R em arks and In tro d u ctio n s—C harles H. W alcott,
president, Iow a B ankers A ssociation and president,
S ecurity N ational Bank, Sioux City.
12:35 A ddress—“The Gold and B alance of P ay m ents in
th e U nited S tates,” W illiam J. K orsvik, assistan t

7:30
9:00

secretary, F ed eral A dvisory Council of th e F ederal
R eserve System and vice president, F irs t N ational
Bank, Chicago.
\
Recess.
Reconvene in Pioneer Rooms.
Two panel discussions, Collin W. F ritz, presiding.
The tw o panels w ill be conducted sim ultaneously ^
each w ith tw o discussion leaders. D iscussion will
center on m iscellaneous questions on “A cquisition
and Servicing of D irect and In d irect In stallm en t
Loans.” D iscussion leaders w ill be:
P anel A —Jack W. Schlem m er, vice president, Na- Y
tional B ank of Des Moines, and Don K eller, vice
president, F irs t F ed eral S tate Bank, Des Moines.
P anel B —C harles R. Clift, vice president, Iowa-Des
M otion N ational Bank, and K enneth J. G anahl, y
a ssistan t cashier, D ubuque B ank & T ru st Com­
pany.
Recess.
G et-Together—A rbor Room.
B anquet—Ted J. W elch, m em ber of th e IBA in­
stallm ent loan com m ittee and m em ber of th e ABA
in stallm en t loan com m ittee and president, Peoples
B ank and T ru st Company, Cedar Rapids, w ill p re ­
side.
A ddress—“T rends in B an k ru p tcy ,” Gibson C. H ol­
liday, judge, N inth Ju dicial D istrict, Des Moines.
Recess.
T uesday, Septem ber 11

A.M.
8:00
9:15

10:15
10:30

11:30
11:45

R egistration—P ioneer Room.
R em arks—W illard D. King, vice chairm an, in stall­
m ent loan com m ittee of th e IBA and vice presi- T
dent, D avenport B ank and T ru st Company.
“D anger P oints in F inancial S tatem en ts” — Miss
Molly K ram er, supervising senior analyst, credit
departm ent, H arris T ru st and Savings Bank, Chi- a,
cago.
Coffee Break.
“D ealer F in an cin g T h rough th e Sm aller B ank”—
Jam es E. Brown, vice president, M ercantile T ru st ^
Company, St. Louis.
New or unfinished business.
A djournm ent.—End.

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Northwestern Banker, September, 1962


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Federal Reserve Bank of St. Louis

J o in s M aquoketa Staff
Jo h n F agerland, form erly assistant
cashier of th e F irs t T ru st and Sav­
ings Bank, W heatland, and m anager of ^
its L ost N ation office, has been nam ed
a ssistan t vice p resid en t and loan offi­
cer of th e Jackson S tate Savings Bank,
M aquoketa. He had been w ith the
W heatland b an k for 11 years.
~y

R etires at K eo k u k
L. A. W hetstone, a ssistan t cashier of
th e Security S tate Bank, Keokuk, has F
re tire d afte r 45 y ears of service.
R. J. McCleary, vice p resident and
cashier, also re p o rts th a t th e b an k ’s
rem odeling program has been com- ^
pleted. T he ceiling w as low ered and
new lighting and new counters and
o th er equipm ent w ere installed.

113

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The LIVE STOCK NATIONAL BANK Of Chicago
AT THE M AIN ENTRANCE TO C H IC A G O 'S U N IO N STO C K YARDS
4150 South Hoisted Street, Chicago, Illinois •
a


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Federal Reserve Bank of St. Louis

Phone YArds 7-1220

Northwestern Banker, Se pte m ber, 7962

Iowa News

114

Announce

On E agle G rove Staff
R obert N. S tew art has joined the
staff of th e S ecurity Savings Bank,
Eagle Grove. He is a g rad u ate of th e
S tate U n iv ersity of Iowa, Iow a City.

Driv

H osts P a risia n S tu d en t
Michel Goulay, 22-year-old P arisian
student, h as been w o rk in g at th e Com­
m ercial T ru st and Savings Bank,
Storm Lake, for six w eeks as p a rt of
a K iw anis exchange program . A t th e
end of th e six w eeks Mr. Goulay will
rejoin o th ers in th e p ro g ram at the
U n iv ersity of Louisville, Ky., and th en
to u r th e U. S. before re tu rn in g home.

Satisfied Insureds and
Agents Agree--

M O D E R N D R I V E -I N
S a v in g s B a n k .

w ill b e

a f e a tu r e

of

c o n str u c tio n

p la n n e d

by

th e

W a terlo o

H E W aterloo Savings B ank has to 1951 w hen he helped found th e Ver-^V
exercised an option on 300 feet of m eer M anufacturing Company, m an u ­
R iv erfront Commission p ro p erty ex­factu rers of sm all farm equipm ent.
ten d in g from W. P a rk A venue u p ­
O n E u ro p ea n T ou r
stream , betw een Cedar S treet and the
Mr. and Mrs. R obert W eidenbach
river, and plans to s ta rt construction
of a drive-in banking facility on the are re tu rn in g th is m onth from an ex­
tensive trip to E urope. T hey traveled
site by October 1.
Dale D eKoster, president, said the th ro u g h E ngland, Scotland, Ireland,
contem plated stru c tu re w ill cost about Holland, G erm any, Sw itzerland, Italy
$100,000. The b ank is paying $150,000 and France.

T
reliab le
company,
SOM E
EXCELLEN T

N O W

AGENT

IN OUR

O P EN IN G S
IN

62nd YEAR

I OW A .

1 ' FIR E
PROMPT EX T EN D ED
CLAIM [COVERAGE

SERVICE! IN LA N D
j M ARINE
HOMEOWNERS
AUTOM OBILE
N O N ASSESSABLE
P O L IC IE S

M u tu a l $

\ n

ft Autu^utlnlr
f

tjr m
n Am i a n c e v ' f j j i t
Established 1900

HOME OFFICE CEDAR RAPIDS, IOWA

J. E. W ilson,

President

J. M. W inchell, Secretary

Northwestern Banker, September, 1962


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

for th e property.
The ban k also has an option on an
additional 380 feet of R iv erfro n t Com­
m ission p ro p erty extending along Ce­
d ar S treet to 2nd Street. T h at option
does not expire u n til 1965 and th e
b an k is studying th e feasibility of
building a m ulti-story b ank and office
building on this site.
T he drive-in facility w ill provide
four drive-up w indow s and a walk-up
w indow fronting on Cedar Street.
T here w ill be room for up to 28 cars
in th e approaches and th e pro p erty
also will provide space for 51 addition­
al cars for b ank custom ers.
Mr. D eK oster said th a t afte r th e fa­
cility is com pleted th e b ank plans to
continue to operate tw o of th e four
existing drive-in w indow s at the re a r
of th e p resen t ban k building and w ill
also m ain tain its 31-car p arking lot.
T he new drive-in facility has been
approved by th e Iowa B anking De­
p a rtm e n t and th e F ederal R eserve
System .

R alph J. V erm eer
R alph J. V erm eer, 48, p resid en t of
th e M arion C ounty Bank, Pella, and
secretary of th e V erm eer M anufactur­
ing C om pany in Pella, died suddenly
last m onth after a h e a rt attack su f­
fered w hile on a business trip in A ri­
zona.
Mr. V erm eer had served as cashier
of th e M arion County B ank from 1936

In N ew Q uarters
The Cherokee S tate B ank has moved
into new facilities on W est W illow U
Street.
The new location provides spacious
room and extended services. Nine tell­
e rs’ stations now are available along ^
w ith drive-in banking and after-hour
depository facilities.

R ed Oak to R e m o d el
W ork sta rte d last m onth to give th e V
M ontgom ery C ounty N ational Bank,
Red Oak, a new facade from the side­
w alk to th e top of the building. Porcelainized alum inum w ill cover the ^
east and south elevations of th e stru c ­
ture. A gold and black color scheme
will be em ployed in th e facing and a
w hite vitrified tile w ill be placed be­
low it at stre e t level. Also planned is *
in terio r rem odeling and relocating of
facilities to include the recen tly ac­
quired building at 319 Reed Street.

R ock R ap ids C hanges
W ayne W ilke has been prom oted to
cashier of th e Rock R apids State Bank.
He w as form erly a ssistan t cashier.
Mr. W ilke succeeds Jim A nderson,
w ho has joined th e staff of th e Lyon
County S tate B ank in Rock R apids as
cashier.
R obert W itt, form er high school ag- ,
ricu ltu re in stru cto r, has joined the"'*
Rock R apids State B ank as farm re p ­
resentative.
A

Iowa News

115

S. C. K im m R etires
S. C. K im m re tire d recen tly as cash­
ier and directo r of the D enver Savings
Bank, D enver, Iowa. He has been
>
chief e x e c u t i v e
officer of the b ank
for th e p ast 25
years.
R obert Vosseller, fo rm erly w ith
th e S tate B ank of
W a v e r l y , has
b e e n n a m e d as
te m p o ra ry h e a d
of t h e b a n k .
H
a rry H. Hages. c. K I M M
m a n n , W averly,
has been nam ed to fill th e vacancy on
th e board of directors. E d n a S teitler
has been prom oted from teller to as­
s ista n t cashier.

M in eo la to B u ild
C onstruction w ill begin sh o rtly on
a new building to house th e M ineola
S tate Bank, according to an announce-< m en t m ade by L. P. K ruse, president.
W ork on th e b uilding w ill begin as
soon as a lan d m ark is to rn dow n to
m ake w ay for th e new stru c tu re . The
lan d m ark housed a general store
w hich w as th e cen ter of com m erce in
th e com m unity for m an y years.

C lark sville Sale
The sale of the R eints fam ily in te r­
est in the Iow a S tate B ank of C larks­
ville to M arion Sedrel of Oskaloosa
w as announced recently. Mr. Sedrel
W P urchased th e stock ow ned by vario u s
m em bers of th e R eints fam ily, re p re ­
sen tin g a m a jo rity of in terest.
Mr. Sedrel has no p re se n t plans to
p articip ate in th e active operations of
th e b ank and it w ill continue u n d er
th e m anagem ent of W ayne E. Rohlw ing, w ho recen tly advanced from
cash ier to executive vice p resid en t and
rY cashier. Mr. Sedrel succeeds H. W.
R eintz of A plington, Iowa, as p re si­
dent.

R u n s fo r S en ator
K enneth J. Benda, executive vice
president, H artw ick S tate Bank, has
announced his candidacy for sta te sen ­
a to r rep re se n tin g th e Iow a-Pow eshiek
1 Counties d istrict. Mr. Benda served as
Pow eshiek C ounty R epublican c h a ir­
m an and as state finance ch airm an for
th e R epublican C entral C om m ittee in
* th e 1960 cam paign.

C apital In crea sed
T he F a rm e rs Savings B ank of Rick^ e tts recen tly increased its capital from
$30,000 to $60,000 by a stock dividend.
S urplus also to tals $60,000 and u n d i­
vided profits to tal $20,000.
Northwestern Banker, Se ptem ber, 1962


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Federal Reserve Bank of St. Louis

116

Iowa News

Minin bold t ('oustruction Started

A nthon, w as elected to the board of A
directors at the annual m eeting held
recently.

A u ditor N am ed
D uane W. Sorensen, 31, form er sen-''
ior accountant w ith A rth u r A ndersen
and Com pany in M inneapolis, has been
nam ed au d ito r and com ptroller of the
City N ational B ank of Council Bluffs, v-

R o ck w ell City R e m o d e lin g

C O N S T R U C T IO N is u n d er w a y on th e n e w H u m b o ld t T r u st an d S a v in g s B a n k B u ild in g
sh o w n in th e a b o v e a r c h it e c t ’s d ra w in g . L o c a te d a cross th e s tr e e t w e s t from th e Io w a
P u b lic S e r v ic e Co., th e g e n e r a l co n tr a c to r is W o o d ru ff-E v a n s C o n stru ctio n Co. o f P o r t
B o d g e . T h e b u ild in g w a s d e sig n e d b y B e c k e r an d A s s o c ia te s o f A lta . J. L . C am p bell, Jr.,
v ic e p r e s id e n t, s a y s it is e x p e c te d th a t th e b u ild in g w ill b e co m p le te d b y th e en d o f
D ecem b er.

Bank R eorgan ized
T he E xchange State Bank, Lim e
Springs, w as reorganized recently.
C ertain assets and deposit liabilities
of the E xchange State B ank w ere p u r­
chased and assum ed by a new bank,
organized u n d e r th e sam e nam e. The
new b an k has to tal capital of $150,000,
divided $75,000 to capital stock and
$37,500 each to su rp lu s and undivided
profits.
Officers are L. J. M etcalf, president;
M argaret Metcalf, vice president, and
L. W. Johnson, cashier. D irectors are
L. J., M argaret and W illiam J. M et­
calf, J. B. G ray and A bner B uresh.

Iow a W o m en to M eet
The Iow a G roup of th e N ational
A ssociation of B ank W om en will con­
duct its an n u al m eeting at the W arden
H otel in F o rt Dodge, Septem ber 20
and 21.
F ea tu re d sp eakers w ill include M au­
rice E. Stark, F o rt Dodge atto rn ey ,
and Mrs. Roger W ilcox, re p resen tativ e
of N ancy T aylor Studio. O ther h ig h ­
lights w ill be a ro u n d table discussion
on th e “N ational A ssociation of B ank
W om en” and a panel discussion en­
titled “W h at E v e ry W om an Should
K now .” A style show and o th er e n te r­
tain m e n t also are scheduled.

post for M arion County, succeeding P.
H. K uyper. Mr. Boat w ill share the
d uties of county chairm an w ith Jam es
M. Bellamy, K noxville.
The Savings Bonds Division of the
T reasu ry D epartm ent also reported
th a t Series E & H sales du rin g Ju ly
to taled $9,216,501. T otal sales for th e
first seven m onths of 1962 am ounted
to $69,659,668.

B an k in g F lo w er S how
M any banks hold flower show s in
th e ir lobbies, b u t few are as u n usual
as th e one ju st com pleted a t th e Peo­
ples T ru st & Savings Bank, Indianola,
w hich w as conducted by th e Indianola
G arden Club.
“B ank w ith F lo w ers” w as the them e
of th e show and v arious displays w ere
nam ed w ith b an king term inology such
as “G r e e n b a c k ,” “P e n n i e s from
H e a v e n ,” “Bonds,” “T ru st F u n d ,”
“Y our S tatem ent,” “F arm L oan” and
“F oreig n E xchange.”

5 0 th A n n iversary
The Sw isher T ru st and Savings
B ank, Sw isher, w ill celebrate its 50th
a n n iv e rsary Septem ber 5, rep o rts E l­
m er J. Ulch, cashier.

New M arcus D ir e cto r s

F o u r new directors w ere elected at
a recen t stockholders’ m eeting at the
E.
D. “D ick” Baily, special re p re ­ F a rm e rs State Bank, M arcus. T hey
sentativ e of public relatio n s for Peo­ are C. G. Addy, m anager of M arcus Oil
ples B ank & T ru s t Company, Cedar & Supply Company; L aurence K. Bass,
Rapids, and ch airm an of the board, hog and cattle buyer; Roy E. Nelson,
Jam es Black D ry Goods Company, has cattle feeder and farm er, and Merle
been appointed v o lu n teer ch airm an of F. Sand, president, Sand Seed Service,
th e U. S. savings bonds pro g ram for Inc. J. O. W healon and H. J. R eim ers
Black H aw k County, succeeding R. L. w ere nam ed advisory directors.
Penne, president, N ational B ank of
W aterloo.
O n A n th on Board
J. G. Boat, president, Pella N ational
Len C. L am ar, cashier and tru s t of­
Bank, Pella, w as nam ed to a sim ilar ficer, F irs t T ru st & Savings Bank,

New B on d C h airm en

Northwestern

B anke r,

September,


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

1962

Rem odeling w ork is u n d er w ay on
th e building adjoining th e B ank of ^
Rockw ell City to provide additional
space for th e bank. A doorw ay is be­
ing cut betw een th e tw o buildings and
th e adjoining building is being com­
pletely rem odeled. The bookkeeping ^
d ep artm en t w ill be m oved to th e new
quarters.

T o M ake C ollege Loans

"V

The Peoples T ru st & Savings Bank,
Indianola, w ill m ake loans to college
stu d en ts th is fall u n d er a program
sponsored by U nited S tudent Aid ^
Funds, Inc., according to an announce­
m ent by W illiam Buxton, president.
T he Indianola b an k is th e first in
Iow a to p articip ate in th is program
although several su rro u n d in g states ^
are p articip atin g in a sim ilar program .
U nited S tudent Aid F u n d s’ program
m akes it possible for a college student,
w ho has com pleted his fresh m an year, ^
to borrow m oney a t a p articip atin g
bank w ith no collateral except good
ch aracter and a satisfactory academ ic
record. The F u n d acts as a co-signer.

On A tlan tic B oard
M. D. Livengood w as nam ed to th e
board of the W hitney Loan and T ru st
Company, A tlantic, at th e annual V
m eeting. All officers and directors
w ere re-elected.

New D ir e cto r E lected
Glen E rick sen has been appointed to
the board of directors of the Iow a Sav­
ings Bank, G rundy Center, to fill a
vacancy caused by the death of A. J.
Burk. Mr. E rick sen is a well-known
farm er and cattle feeder in the G rundy
C enter area.

M oves to A rizon a

"Y

Dale R. Luckow, form erly m anager
of th e Callendar office of the Somers
Savings Bank, has been nam ed assist­
a n t cashier of th e G u aran ty B ank of ^
Phoenix and Scottsdale, Ariz.

Joh n S. W hyte
Jo h n S. W hyte, 77, retired Goldfield
b an k er and businessm en, died un ex -*
pectedly at his hom e recently. D eath
w as the re su lt of a h eart attack.
A

117

This is an antique purse, circa 1890. Styles change, but quality is enduring. So it is with our
bank. Our continuing policy is to remain abreast of the times . . . but we shall never lose sight
of our primary objective—serving our customers and friends. Especially our correspondent bank
friends. We serve thousands of people . . . but we serve them one a t a time. We'd like to do
business with you. Write us, or phone FRanklin 2-9200.

Américain National Bank
AND TRUST COMPANY OF CH ICA G O /LA SA LLE AT WASHINGTON
M E M B E R F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T IO N

F R A N K L IN 2 - 9 2 0 0
Northwestern


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

Banker,

Septem ber,

1962

118

Iowa News

Kemodeled

Avoc

last m onth after suffering a coronary <
attack w hile playing golf. Mr. H en­
dricks w as a third-generation Riceville
banker, and w as m ayor of Riceville
at the tim e of his death. He w as 59. ^

R u d o lp h M. Y ap p en
R udolph M. Yappen, ch airm an of the
board and form er presid en t of th e Sib­
ley S tate Bank, died recen tly at his
hom e after a long illness. He w ould
have observed his 50th an n iv ersary in
banking n ex t Jan u ary . He died at the
age of 71.
+

N am ed to B oard
Del D e is c h e r , a ssistan t cashier,
F a rm e rs N ational Bank, W ebster City, ^
has been elected to th e b oard of direc­
tors. He has been w ith th e b an k since
1956 and w ill fill out th e te rm of Mrs.
Grace B. Jones, w ho is m oving to Cali­
fornia.
,,

.. .

J oin s V in to n B an k

.................

R E M O D E L E D q u a rters o f th e A v o c a S ta t e B a n k are sh o w n a b o v e .
m o d e lin g p ro g ra m w a s c o m p leted ea r lie r th is sum m er.

T o R eb u ild C enter
The Plaza Shopping C enter in B et­
tendorf, w hich houses the B ettendorf
B ank and T ru st Company, will be re ­
built at once, according to a rep o rt
from Gene E aton, ow ner of th e cen­
ter, after fire destroyed a bow ling al­
ley on the top floor.
Mr. E aton, senior vice p resid en t of
th e N ational B ank of Commerce in
Lincoln, acquired controlling in te re st
in th e shopping cen ter in December,
1960, th e sam e tim e he p u rchased con­
trollin g in te re st in th e B ettendorf
B ank and T ru s t Company.
Damage to th e shopping cen ter
am ounted to an estim ated $500,000.

M o n ticello O p en in g
Open house w as held recen tly a t the
Monticello State B ank m ark in g com ­
pletion of a $150,000 rem odeling p ro j­
ect.
Rem odeling of th e in terio r sta rte d
in May, 1961. Im provem ents include
construction of a vestibule-type e n try ­

",S t r o n g f r i e n d

T h e $75,000 r e ­

way, en largem ent of th e lobby, con­
stru ctio n of a new stairw ay to th e bal­
cony, new coupon booths, new lounge
areas, and an after hour depository.
New furn ish in g s also have been in ­
stalled.

B elm o n d O p en H o u se
Open house w as held at th e F irst
S tate B ank of Belm ond last m onth to
fam iliarize custom ers w ith a recently
installed B urroughs Sensitronic book­
keeping m achine.

H ow ard F. G arton, a recen t g rad u ­
ate of Iow a State U niversity, has e
joined th e B enton County B ank and
T ru st Company, V inton. Mr. G arton
farm ed for six and a half y ears before
en terin g college in th e fall of 1959.

D ik e P ro g ress
M arvin Graves, presid en t of the
Iow a Savings Bank, Dike, rep o rts th at
plans for the new building are progressing, and R obert DeVoe of Cedar
Falls is th e architect. Com pletion
date is scheduled for April, 1963.
The b ank also rep o rts the election ^
of Inez M cCarville as cashier. She has
been w ith th e bank since May, 1944.

P lan N ew B u ild in g
P ro p e rty at A dam s and Pine Streets
in C reston has been purchased by the
F irs t N ational B ank of C reston for the
location of a new b ank building.
It is expected th a t w ork on th e new
building w ill s ta rt n ex t spring.

In
V is itlH '

E. K . H en d rick s
E.
K. H endricks, p resid en t of th e
F irs t N ational Bank, Riceville, died

FEd e ra l

o f th e

3-5411

f f f In d ep e n d e n t B a n k e r!”

7^ M ARQUETTE
OF MINNEAPOLIS

at
MEMBER

Northwestern

FEDERAL

Banker, Se pt em be r,


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

DEPOSIT

1962

INSURANCE

CORPORATION

G E R M A N V I S I T O R a t th e F ir s t N a tio n a l
B a n k , I o w a C ity , is O tto D ep p e, l e f t , a
th ir d -y e a r stu d e n t a t th e U n iv e r s ity o f
S a a rb rü ck en . H e w o r k e d in th e b a n k fo r
tw o m o n th s th is su m m er un d er an exch a n g e p rogram t h a t sen d s A m erica n s t u / v
d e n ts to E u rop e on sim ila r v is it s . H e is
sh o w n h ere w it h H . C lark H o u g h to n , p r e s i­
d en t.

A-

Iowa N e w s

119

A r t S h o w

E A S T E R N IO W A a r t is t s r e c e n tly d is ­
p la y e d th e ir w o rk a t th e Io w a C ou n ty
. S a v in g s B a n k , M a ren g o . A ll p a in tin g s in
^ th e d isp la y w e r e p u rch a sed b y th e b a n k
a n d b eco m e p a rt o f a p er m a n e n t d isp la y .
A b o v e , R. R. S ch ro ed er, p r e s id e n t, le f t ,
d isc u s se s on e o f th e o ils w it h th e a r tis t,
M a r ia R a tz l, ce n te r , o f M a ren g o , an d
X
E d w in B u rn s o f C edar R a p irs, in str u c to r
fo r m a n y a rt c la s se s in M a ren g o . A ll
p a in tin g p u rch a sed w ere don e b y stu d e n ts
o f M r. B u rn s.

-^N ew Eld ora D ir e cto r
W.
S. N orton of H am pton w as
nam ed a d irecto r of th e H ard in Coun­
ty Savings B ank, E ldora, replacing C.
D. Bram w ell. All o th er officers and
■ directors w ere re-elected.

T w o N ew D ir e cto r s
E ugene F la h e rty and B ern ard B.
M arks have been elected directors of
th e W oodbury B ank and T ru s t Com­
pany, Sioux City.
Mr. F la h e rty is m an ag er of radio
statio n KSCJ and executive vice p re si­
dent of KTIV. Mr. M arks is a p a rtn e r
in th e law firm of Shull, M arshall,
Mayne, M arks and Vizintos.

J oh n J. A n ton
Jo h n J. A nton, 73, a re tire d vice
p resid en t of The F irs t N ational B ank
of Chicago, died A ugust 22 at his
hom e in F o rt L auderdale, Fla.
Mr. A nton, a n ativ e Chicagoan, w as
born in 1889 and joined th e Union
T ru st Com pany in 1906. He w as p ro ­
m oted to a ssista n t cashier in 1919 and
-F cashier in 1925. F ollow ing th e consol­
idation of U nion T ru st w ith The F irs t
N ational B ank of Chicago in 1929. Mr.
A nton w as m ade an a ssista n t vice
v presid en t in D ivision “F ,” th e banks
and b an k ers division. He w as p ro ­
m oted to vice p resid en t in 1931, and
becam e vice p resid en t in charge of
D ivision “F ” in 1944, rem ain in g in
■y th a t position u n til his re tire m e n t in
1954.
Mr. A nton is su rv ived by his wife,
Isabel, and four sons, Rev. Jo h n F.
A nton, R ichard J., W illiam R. and
Jam es H.
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

W hen yo u r cu sto m ers’ in v en to ry can be con v erted
into prim e collateral, y o u r b an k gains new flex­
ibility by extending loan services. T h ro u g h field
w arehousing, S t. P a u l T erm in al W arehouse p ro ­
vides P referred W arehouse R e c e ip ts—th e bonded
co llateral you need for cred it extension, beyond
open line lim its. L oan profits increase because you
are able to m ake m ore loans, and y o u r in v en to ry
loans becom e m ore secure.
S t. P a u l T e rm in a l’s secu rity , d ep en d ab ility and
flexibility in field w arehousing is u n m atch ed . So
keep th e m an y benefits of th is v aluable service
w orking for y o u r b an k . . . c o n ta c t S t. P a u l T e r­
m in al today!

S T .

P A U L

W A R E H O U S E

F. E. DAVENPORT & CO.
OMAHA

T E R M I N A L
C O M P A N Y

O f f i c e s in p r i n c i p a l c i t i e s

425

East 8th

Street

•

St. Paul , M i n n e s o t a

Northwestern


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

Banker,

September,

1962

120
Mr. H ubbell also is p resid en t of F. -*
M. H ubbell Son & Company, Inc., and
secretary -treasu rer of th e E quitable
Life Insu ran ce Company of Iowa.
* * *

Mr. G rangaard’s business experience
IRECTORS of th e C entral N ation­
al B ank and T ru s t Com pany of includes: 1933-1936 9th F ederal Re­
Des Moines last m onth elected a newserve B ank’s b an k exam ination de­
chairm an of th e hoard and president. p artm en t; 1936-1940, in v estigator and
E. F. Buckley, p resid en t since 1942, exam iner, F ed eral R eserve B ank’s in ­
w as nam ed ch a ir­ d u stria l loan departm ent; 1940-1941,
m an and B. C. cred it departm ent, F irs t B ank Stock
G r a n g a a r d w as Corporation; 1941-1943, cashier of F irst
elected president. N ational of W indom , Minn.; 1943-1944,
a ssista n t cashier of N ational B ank of
M r. G r a n g a a r d
was form erly vice South Dakota; 1944-1945, cashier of
p resid en t of the F irs t N ational of G rand F orks, N. D.,
Seattle - F irs t N a­ and 1945-1962, w ith S eattle-F irst N a­
tional Bank, Seat­ tional.
tle, W ash.
W ith the Seattle bank, Mr. G ran­
M r. B u c k l e y
gaard w as elected a ssistan t vice p resi­
m
s u c c e e d s R obert den t in 1946 and m anaged the Olympia
B. C. G R A N G A A R D
K.
G o o dIn
w in
B ranch.
1948ashe w as tra n sfe rre d to
chairm an of th e board. Mr. Goodwin Seattle as loan officer, later joining the
w as elected chairm an of th e executive bran ch supervision d ep artm ent. In
com m ittee. W. J. Goodwin, Jr., for­ 1951 he w as elected vice presid en t and
m erly ch airm an of th e executive com ­ head of th a t departm ent, th e position
m ittee, w as elected vice chairm an of he held u n til joining th e C entral N a­
th e board.
tional in Des Moines.
* * *
Mr. G ran g aard ’s fath er, M. O. G ran­
gaard. w as fo rm erly a senior vice p re s­
Jam es W. H ubbell, Sr., 67, chairm an
ident, F irs t N ational of M inneapolis. of th e board of B ankers T ru st Com­
T he new p resid en t received his pany, w as restin g com fortably late last
L.L.B. in 1933 from th e U niversity of m onth after suffering a h e a rt attack
M innesota and w as adm itted to th e at his hom e in Des Moines. He was
M innesota B ar la te r th a t sum m er. He tak en to Iow a M ethodist H ospital
also has a S tan d ard Certificate from w h ere is w as soon rep o rted his condi­
th e A.I.B.
tion w as im proved.

D

E d w in F . Peters, presid en t of the
F irs t F ed eral State Bank, and George
T. N elson, assistan t cashier, C entral
N ational B ank and T ru st Com pany, y
are speakers as this y e a r’s an n u al con­
vention of th e F inancial Public R ela­
tions A ssociation, October 14-18, at A t­
lantic City.
Mr. P e te rs’ discussion is entitled *
“How Do You Get Y our D irectors to
Sell B ank Services?” Mr. N elson’s is
“Savings — New O pportunities and
New Problem s.”
>

* *

*

W illiam H. Brenton, p resident of
th e N ational B ank of Des Moines, has_
announced th e election of Jam es E.
F letch er as assist­
a n t vice p resid en t
to head th e bu si­
ness developm ent >■
d ep artm en t of the
N ational B ank of
Des Moines. Mr.
F letch er attended
U ta h S t a t e Col­
le g e a n d Io w a
S t a t e U niversity
and has been as­
sociated th e p ast 8
15 years w ith th e A m erican E x press
F ield W arehousing C orporation in
charge of field w arehousing activities
in th e Iowa, N ebraska and Illinois A
areas.
Mr. B renton said th e business de­
velopm ent d ep artm en t w as started re ­
cently to extend b e tte r service for the
N ational B ank of Des Moines custom ­
ers and th e com m unity served.
>{i
3jc

T he fall sem ester classes of the Des ^
Moines C hapter A.I.B. w ill begin Sep­
tem ber 6 and are scheduled as fol­
lows:
Septem ber 6 — Principles of B ank
Operation, 14 w eeks — Allow McGlothlen, in stru cto r. B ankers T ru st Com­
pany lounge.
Septem ber 6 — N egotiable In s tru ­
m ents, 14 w eeks—L ew is C. “B in g ” r
Cobb, in stru cto r.
C entral N ational
lunchroom .
Septem ber 11 — A ccounting I, 14
w eeks— M arvin E. H iddleson, instructor. C entral N ational lunchroom .
Septem ber 11—M oney and Banking,
14 w eeks — D ick M alliet, instructor.
B ankers T ru st lounge.
N-

W . J. G O O D W I N , J R .
Northwestern

B anke r,

B. C. G R A N G A A R D
September,


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

7962

E. F . B U C K L E Y

R. K . G O O D W I N

All classes w ill be held from 4 to 7
p.m.

121

NEARLY A
/■'•TTTVT'T'TT"D V

LrJiiJNI 1 UJtvx

r \T ? g L i U i y T r 1! ?
U
r o Ü i i i V lU H i

TO TH E BA N K S AND
PUBLIC OF IOW A

(S © M

M "2T

Des Moines, Iowa

Northwestern


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

Banker,

September,

1962

122

Iowa News

196 A tten d A.fí.A. Trust Sr/nnui

J o in s D a v e n p o rt Staff
R. L. M cCrary, fo rm erly w ith th e
U nited C alifornia B ank as in stallm en t
loan m anager and
a re sid e n t of N ew ­
p o rt Beach, Calif.,
h a s jo in e d th e
N o rth w est B a n k
& T ru st Company,
D avenport, as as­
sista n t vice p resi­
d en t in th e in ­
stallm en t loan de­
p artm en t.
Mr. M cC rary as­
R. L. McC R A R Y
sum es th e duties
of Tom H ath h o rn , w ho re tire d Sep­
tem ber 1 and is m oving to Arizona.

H E N ational T ru st School spon­
sored by th e A m erican B ankers
A ssociation at N orth w estern U niver­
sity in E vanston, 111., concluded its
th ird class last m onth w ith a stu d en t
body of 196 ban k ers from 39 states.
The School is designed prim arily for
relativ e new com ers to tru s t w ork.
Those from N orthw estern B anker
area atten d in g were:

T

Colorado

E d w in C. Boos, W eld C ounty Bank,
Greeley. Sam uel L. R. Fow ler, F irst
N ational B ank in Boulder. P aul A. E.
Miller, The F irs t N ational B ank in
F o rt Collins. B arbara R. Moore, Den­

We own and offer subject to prior sale and change in price:
Moody's
Rating

Amount
$ 25M

Outagamie County, Wisconsin
Airport Bonds

AA

80M

Outagamie County, Wisconsin
Airport Bonds

--------

Yield
2.40%

3.10%

9-1-75

2.90%

M ontana

Glen I. W illiam s, The M idland Na­
tional B ank of Billings.

3.00%

3% %

12-1-75

3.05%

City of Wauwatosa, Wisconsin
Waterworks Mortgage Revenue

3% %

1-1-70

2.70%

City of Rocky River, Ohio
Sewage Disposal Bonds

A

25M

City of Rocky River, Ohio
Sewage Disposal Bonds

A

I5M

_____

___

N e b ra sk a
.......

A

I5M

City of Wauwatosa, Wisconsin
Waterworks Mortgage Revenue

3Va %

I-I-7I

2.80%

A

I5M

City of Wauwatosa, Wisconsin ________
Waterworks Mortgage Revenue

3% %

1-1-72

2.90%

AAA

50M

State of Vermont _________ _________
Public Improvement and Highway
Construction

2.80%

3-1-73

2.65%

AAA

50M

State of Vermont
...................................
Public Improvement and Highway
Construction

2.80%

3-1-74

2.70%

AA

50M

New Trier Township High Sch. Dist.
No. 203, Cook County, Illinois

• 3%

10-1-76

2.90%

AA

25M

New Trier Township High Sch. Dist.
No. 203, Cook County, Illinois

-

10-1-77

2.95%

AA

25M

Union County, New Jersey
Public Improvement

2.90%

9-1-74

2.85%

AA

I5M

Union County, New Jersey
Public Improvement

2.90%

9-1-75

2.90%

AA

50M

Sacramento, California
Municipal Utility District

33/4%

5-1-67

2.30%

AA

30M

Sacramento, California ______ ____________
Municipal Utility District

23/4%

5-1-68

2.40%

AA

5M

City and County of Denver, Colorado
Water General Obligation

2% %

6-1-73

2.80%

D

e a n

W

___________
-

•

517 Locust Street
DES MOINES
SAN FRAN CISCO

•

LOS ANGELES

N orthw estern

Banker, S e p te m b e r,


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

7962

Servin g

•

3%

& C o .
Midwest Stock Exchange

505

49 Offices

E dw in A. Langley, F irs t N ational
B ank of Omaha.
N orth D akota

P eter Nielsen, The F irs t N ational
B ank & T ru st Com pany of Fargo.
’i
South D akota

.... ....

i t t e r

Members New York Stock Exchange

M innesota

Jam es E. A nderson, N o rth ern City
N ational B ank of D uluth. George F.
H um phrey, F irs t N ational B ank of K
M inneapolis. Jo h n L. Jerry , F irs t
T ru st Com pany of Saint Paul. R obert
J. Knoepfler, F irs t T ru st Com pany of
Saint Paul. Irv in g A. P ra tt, Jr., F irs t^ .
N ational B ank of M inneapolis. M ar­
shall D. Sm ith, The M arquette N ation­
al B ank of M inneapolis. M ichael J.
W helan, A ssistant N ational B ank E x ­
am iner, M inneapolis.
>

9-1-68

12-1-74

20M

Io w a

W illis O. Cairo, C entral N ational
B ank & T ru st Company, Des Moines.
Jo h n F. O’Neill, The F irs t N ational *
B ank of M ason City. Jo h n R ay Paul,
Peoples B ank & T ru st Company, W a­
terloo. Rolla G lenn Raines, Iow a State
Bank, Des Moines. Donald T. Steege,
State Savings Bank, Council Bluffs.
T

Maturity

3'/2%

A

v er U nited States N ational Bank. Mil­
dred J. Sherrill, D enver U nited States
N ational Bank. E laine G. Silburn,
D enver U nited States N ational Bank. ^

2.90%

Coupon

Issue

AA

<

Farnam Building
OMAHA

C H IC A G O
In vestors

•

NEW YORK

D uane M orse A nderson, F irs t N a­
tional B ank of A berdeen. L eonard E.
M orrison, F irs t N ational B ank of The,a.
Black Hills, R apid City.

Iow a A.B.A. R eg istra n ts
The follow ing Iow ans have regis­
tered in advance for th e A.B.A. con- k
ven tio n in A tlantic City, Septem ber
23-26:
A dam s, C lifford L., and w ife , P r e sid e n t, The
L ive S tock N a tio n a l Bank, S io u x C ity;
L om bardy M otel
A llb ee, G. E., and w ife , P r e sid e n t, P eo p le s
B an k & T r u st Com pany, W a terlo o ; R itzC arlton
A rm stron g, C h risty F., and w ife , V ice P r e s i­
d en t, A m erican T r u st & S a v in g s Bank,
D u b u q ue; T raym ore
■¥
A urand, C alvin W ., P r e sid e n t, lo w a -D es
M oin es N a tio n a l B ank, D es M o in es, S ea ­
sid e
B ak er, R alph N ., and w ife , P r e sid e n t, H ed ­
rick S a vin gs Bank, H ed rick ; T raym ore
B lack ford , J. C., and w ife , V ice P resid en t,
U n ion B an k & T r u st Com pany, O ttum w a; T
T raym ore
B r en to n , W . H arold , and w ife , C hairm an o f
B oard, N a tio n a l B ank of D es M oines;
C h alfon te-H ad d on H all
B u rch, J. M errill, Jr., and w ife , P r e sid e n t,
D ub u q ue B an k & T r u st C om pany, D u- \
bu q ue; M arlb orou gh -B len h eim
C o q u illette, Jam es E., and w ife , V ice P r e s i­
d en t, The M erchan ts N a tio n a l Bank, C e­
dar R ap id s; C larid ge
C o q u ille tte , S. E., and w ife , C hairm an o f th e
B oard, T he M erchan ts N a tio n a l B ank, C e -./
dar R ap id s; C larid ge
D on h ow e, A. T., and w ife , D irecto r, C en tral
N a tio n a l B an k & T r u st Com pany, D es
M oin es; C olton M anor

j.

I owa Ne ws
E a stb u rn , R alph, and w ife , P r e sid e n t, Iowa
S ta te B an k & T r u st C om pany, F airfield ;
C olony M otel
E r n st, D. W ., and w ife , P r e sid e n t, A m erican
T r u st & S a v in g s B ank, D u b u q ue; T raym ore
F itzg ib b o n , Joh n R., V ice P r e sid e n t and
C a sh ier, Io w a -D es M oin es N a tio n a l Bank,
D es M oin es; S ea sid e
F reela n d , M alcolm , P r e sid e n t, N o rth w estern
B an k er, D es M oin es; J efferso n
G rangaard, B ern h a rd C., and w ife , P r e s i­
d en t, C en tra l N a tio n a l B ank and T r u st
v
C om pany, D es M oin es
G ro n sta l, J o e H., and w ife , P r e sid e n t, Carr o ll C ounty S ta te B ank, C arroll; T raym ore
G ro szk ru g er, C a rleto n , and w ife , C ashier,
T he C itizen s S ta te B ank at B e lle P la in e ;
L om bardy M otel
I^ H a lle r , B en Jr., E d ito r, N o rth w estern B an k ­
er, D es M oin es; J efferso n
H a m ilto n , J oh n T. II, and w ife , P r e sid e n t,
T he M erch a n ts N a tio n a l Bank, Cedar
R ap id s; C larid ge
H a rris, C. F lo y d , and w ife , P r e sid e n t, S ta te
i
B ank, G ladbrook; T raym ore
H elg erso n , R o b ert A., and w ife , E x e cu tiv e
V ice P r e sid e n t, H ed rick S a vin gs Bank,
H ed rick ; T raym ore
H o lla n d , L ee A., and w ife , E x e c u tiv e V ice
P r e sid e n t, W a sh in g to n S ta te B ank, W ash . in g to n ; C olon y M otel
H ow ard, R u ss e ll S., and w ife , P r e sid e n t,
M ah ask a S ta te B ank, O sk aloosa; T ray­
m ore
Ja ck so n , H . R., and w ife , D ep u ty S u p erin ­
te n d e n t o f B a n k in g , D ep a rtm e n t of B an k ­
in g , D es M oin es; C olon y M otel
V K eelin e, Joh n B., and w ife , P r e sid e n t, C en­
tr a l T r u st and S a v in g s B ank, C h erokee;
S h elb u rn e
K la u s, M erten J., and w ife , P r e sid e n t, F ir s t
S e c u r ity
B ank
and
T r u st
Com pany,
C h arles C ity; T raym ore
•K lein, H arold P ., S en io r V ice P r e sid e n t,
Io w a -D es M oin es N a tio n a l Bank, D es
M oin es; S ea sid e
L a n ta u , E d w in P ., and w ife , E x e c u tiv e V ice
P r e sid e n t, B e tte n d o r f B an k and T r u st
C om pany, B e tte n d o r f; R itz-C a rlto n
L e v itt, R ich ard S., T rea su rer, D ia l F in an ce
*
C om pany, D es M oin es; L a fa y e tte M otor
Inn
L in d q u ist, A rth u r E., Jr., and w ife , V ice
P r e sid e n t, The M erch an ts N a tio n a l Bank,
C edar R ap id s; C larid ge
L u ch t, A rth u r W ., P r e sid e n t, U n io n S tory
T r u st & S a v in g s B ank, A m es; T raym ore
M att, H . A., and w ife , D irecto r, C arroll
C o u n ty S ta te B ank, C arroll; T raym ore
M azie, M arvin E., F in a n c ia l D iv isio n , D ia l
F in a n ce C om pany, D es M oin es; L a fa y e tte
M otor Inn
M cM ichael, M. M., V ice P r e sid e n t, Iow a-D es
M oin es N a tio n a l B ank, D es M oin es; S ea ­
sid e
N e ls o n , G erald O., and w ife , V ice P resid en t,
Io w a -D es M oin es N a tio n a l B ank, D es
M oin es; T raym ore
O lesen , J. P e te r , and w ife , V ice P r e sid e n t,
A P e o p le s B an k & T r u st C om pany, W a te r ­
lo o ; R itz-C a rlto n
S ch m id t, W a lter F., and w ife , V ice P r e s i­
d en t, Iow a S ta te B ank & T r u st Com pany,
Iow a C ity; C olon y M otel
S ch ori, C arl B., and w ife , C ash ier, F ir s t
a- N a tio n a l B ank, W e st U n ion ; A m b assad or
S m ith , D ale C., and w ife , V ice P r e sid e n t,
C en tral N a tio n a l B ank & T r u st Com pany,
D es M oin es; M a rlb o ro u g h -B len h eim

S tafford , C lay W., and w ife , S ta te S u p erin ­
te n d e n t o f B an k in g, D ep a rtm e n t of B an k ­
in g , D es M oin es; C olony M otel
S te r lin g , R ob ert J., and w ife , E x e cu tiv e V ice
P r e sid e n t, B an k ers T r u st Com pany, D es
M oin es; D e a u v ille
von A sw ege, H en ry, V icto r S ta te B ank, V ic ­
tor; L om bardy M otel
W a lco tt, C has. H ., P r e sid e n t, S ecu rity N a ­
tio n a l B ank, S iou x C ity; C larid ge
W a lsh , C. H., and w ife , P r e sid e n t, F arm ers
& M erch an ts S a v in g s Bank, B u rlin g to n ;
T raym ore
W arn er, F rank, S ecreta ry , Iow a B an k ers
A s so c ia tio n , D es M oin es; C larid ge
W elch , Ted J., and w ife , P r e sid e n t, P eo p le s
B an k and T r u st Com pany, Cedar R apids;
C h alfon te-H ad d on H all
W in ga, John, and w ife , P r e sid e n t, W a sh in g ­
ton S ta te B ank, W a sh in g to n ; C olony Mo­
te l
Z im m er, R ob ert J., and fa m ily , P resid en t,
F ir s t N a tio n a l B an k o f M ason C ity; L om ­
b ard y M otel

Drovers is strategically located at the very
hub of a tremendous industrial empire . . . the
Union Stock Yards, the Packing Houses, the
Central Manufacturing District and the great
industrial areas of the South Side.
Many banks and firms are using Drovers
direct collection service because of its con­
venience and speed. Drovers is, also, collect­
ing agent for a large number of firms located
in this thriving industrial area.
BERNARD M IL L E R ,
a ssista n t vice president,
representing The D rovers
N ation al Bank in Iowa,
w ill be happy to show you
how Drovers can save you
tim e and m oney.

fo r more than
75 years

BANK REMODELING

E llio tt C. Lee, form erly vice p resi­
dent, State B ank
of S c h a lle r , has
joined th e C entral
T r u s t and Sav­
ings Bank, Chero­
kee, as vice p resi­
dent and tru s t of­
ficer. He had been
associated w i t h
th e Schaller bank
for 11 years.
Mr. Lee is a n a ­
tive Iowan. He
g raduated from high school a t Soldier,
and attended G rand Island School of
Business.

S p e c ify Drovers Serv ice

Friendly service

Co

M oves to C h erok ee

FOR QUICK
RETURNS

to Livestock Producers

''jR k Ç r o s s

123

May ive serve you, too?

Continuous service
to correspondent hanks
since February 12,
1883

Drovers Yalional Bank
UNION STOCK YARDS, CHICAGO 9, ILLINOIS
MEMBER, FEDERAL D EPO SIT IN S U R A N C EC O R P O R A T IO N

Waterloo, Iowa
Northwestern


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

Banker, S e p t e m b e r ,

1962

124
E

E xecutive H ouse-A rizonian ....................

K

54

F

SEPTEMBER, 1962
A

Acorn P rin tin g Company ......................... 124
A m erican E x p ress Company .................. 55
A m erican E x p ress F ield W areh o u sin g
Company .................................................... 10
A m erican N ational B an k —St. Jo s e p h .. 96
A m erican N ational B ank and T ru st
Company—Chicago ................................. 117
A m erican T ru st and S avings Bank
D ubuque ..................................................... 115
A shw ell and Company .............................. 42
A utopoint Company ................................... 125

B

B ank of A m erica ........................................ 25
B ank B uild in g and E quipm ent
C orporation .............................................. 4
B ank of C alifornia .................................... 20
B ank of M o n tr e a l........................................ 71
B ank of New Y ork ................................. 62-63
B an k ers T ru st Company—Des Moines. 110
B an k ers T ru st Company—New Y o rk .. 59
B lack Sale System ..................................... 112

F arm B usiness Council, In c.......................125
F ir s t N ational B ank—Chicago .............. 51
F ir s t N ational B ank—Denver .............. 4 4
F ir s t N atio n al B ank—O m a h a ................ 85 .
F ir s t N ational Bank—St. J o s e p h .......... 108-1
F ir s t N atio n al B ank in St. Louis ........ 1 1
F ir s t N ational B an k —Sioux City ......... 104
F ir s t N ational B ank and T ru st
Company—L in c o l n ................................ 103
F ir s t N ational B ank and T ru st
Company-—T u lsa .................................... 7 7
F ir s t N ational C ity B ank of New Y ork 47 VF ir s t N eb rask a S ecurities C orporation. 99
F ir s t Stock Y ards B ank—South
St. Joseph .................................................. 92
G am ble-Skogm o, In co rp o rated
Gross, K irk, Company ............
H alsey, S tu a rt and Company,
In co rp o rated ........................................
H a rris T ru st and Savings B ank . . . !
H um m er, W ayne, and C o m p a n y ........

BA N K IN G
P O SIT IO N S
INVESTMENT O FFIC E R

to $20,000

Qualified to assume responsibility
of Senior Invest. Officer. Bank
of considerable size.
LOAN O FFIC ER

to $18,000

Executive officer experienced
Commercial Lending— Public
Relations— Bus. Development
TRUST O FFIC E R

to $18,000

Complete supervision of
all trust activities.
C O M M ER C IA L LOAN S

W a n te d
$10 to 12,000

Knowledge all forms of loans
capable manage branch.
TRUST DEPT.

$10 to 12,000

Administration of all trustsestates— agencies and corporate
SECURITY ANALYST

In v esto rs Life In su ran ce Company—
O maha ....................................................
Iow a-D es Moines N ational B ank
Iow a P ow er and L ig h t Company . . . .
Jefferson H otel

J

84
128
66

V
58

K irk p a tric k -P e ttis Company ................. 104
Koch B ro th ers ............................................. 1 2 4

L

>

LaMonte, George and S o n ........................ 67
L aw rence W arehouse Company .......... 57
Live Stock N atio n al B ank—Chicago . . 1 1 3
Live Stock N atio n al B ank—Sioux C ity. 74

M

M arquette N ational Bank ...................... n s 'A
7
M ercantile T ru st Com pany ..............
M erchants M utual B onding C om pany.! 24
M erchants N ational B a n k ........................ 2
M ethods R esearch C o rp o ra tio n ............. !l25
M idland N ational B ank .......................... 6 8
M innesota C om m ercial Men’s
A s s o c ia tio n ................................................ 7 2 *
M osler Safe Company .................. i 3 , 1 4 1 5
Murphy, Thos. D. Company, The
58
M utual F ire and A utom obile In surance
Company ..................................................... 1 4 4

N

To Buy

I want to buy a good used vault
door, manganese safe, safety de­
posit boxes, night depository and
what have you for use in new
country bank.
Ralph Gutshall
201 North Main Street
Rockford, Illinois

N ational B ank of Commerce T ru st
and Savings ............................................ 97
N ational Cash R e g iste r Company . . . ! ! 65
N ational F id e lity Life In su ran ce Co.. . . 9 4
N atio n al R eserve Life In su ran ce Co. . . 60
N o rth ern T ru st Company ........................ 3
o

«j

Omaha N ational B ank .......... 87, 8 8 , 89, 90
Omaha P rin tin g Company .................... .108
O zark A irlines ........................................... 7 3

$9 to 10,000

Handle Corporate Trust
and Fiduciary.
AUDITOR

1)

D avenport, F. E., and C om pany. . . 101, 119
DeLuxe Check P rin te rs, In c o rp o ra te d .. 56
D enver U nited S tates N ational B a n k .. 78
Diebold, In co rp o rated .............................. 39
D ouglas-G uardian W arehouse
C orporation .............................................. 16
C. L. Downey, Company .......................... 50
D rovers N atio n al B ank ............................. 123

50

I

C

Cadillac A ssociates, In c.............................. 124
C en tral B ank and T ru st Company—
D enver ...................................................... 98
C en tral N ational Bank and T ru st
Company—Des Moines .......................... 22
C en tral S tates H ealth and Life Co. ...1 2 7
Chase M an h attan B ank, The ................ 17
Chemical B ank New Y ork T ru st C o... 53
Chiles and C o m p a n y .................................. 8 6
C hristm as Club a C orporation .............. 45
City N ational B ank and T ru st
Company—K ansas City ......................... 109
C ontinental Illinois N ational B ank and
T ru st Company ...................................... 19
Colorado N atio n al B ank .......................... 80
Cum m ins-Chicago C orporation ........... 21-48

52
27

PRINTING . BOOK BINDING . BOOKS

■«*

$8 to 10,000

Execute internal audit program
and safeguards.
A l l c o n t a c t s k e p t i n a b s o l u t e c o n f id e n c e .

ARVID D. JO H N SO N

C ad illac A sso cia tes, In c .*
29 E a st M adison B ldg., Chicago, Illin o is
F in a n c ia l 6-9400
* " W h e re m o re E x e c u tiv e s £ n d th e ir p o s i­
t i o n s th a n a n y w h e r e e l s e in t h e w o r l d . ”

DIRECT. MAIL ADVERTISING . INDEX
CARDS . CHECKS . OFFICE FORMS

R ahel, J. Cliff, an d Company
R ecordak C orporation ........

101

S-ÍU

s

St. P a u l In su ran ce Companies .............. 46
St. P a u l T erm inal W arehouse Co...........119
Schw eser, R obert B., C o m p a n y .............. 95
Security N atio n al B ank ........................... 106
Stock Y ards N ational B ank—O maha . . 93 w.
Studley, S h u p ert T ru st In v estm en t
Council ...................................................... 26

T

T alcott, Jam es, In co rp o rated .................. 18
T o o tle -E n rig h t N atio n al B ank, The ..100
Toy N atio n al B ank ..................................... 1 0 1 ^

U

Union In su ran ce Company ....................... 91
Union Stock Y ards Cam pany of O maha. 105
U nited S tates Check Book Company ..107
U nited S tates N atio n al Bank—O m aha. 82
V alley B ank and T ru st Company—
Des Moines ............................................... 121
V alley N atio n al B ank of A rizona .......... 24
Van H orne In v estm en ts, In c o rp o ra te d . 107
W

W ells F a rg o B ank .................................... 4C^
W estern M utual In su ran ce Company . . 64
W estern and Southern Life In surance
Company .................................................... 54
W itter, Dean, and Company ..................... 122
Northwestern Banker, Septembe r, 1962


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

A

:25

rhe Bankers’ Market Place
A P age T ellin g W h at’s N ew for B anks and B ankers

E ach m o n th the B a n k e rs’ M arket Place w ill bring you listings of new
I products, specialty item s, banking equipm ent, and gift item s w hich w ill
help you and y o u r staff do a better job. T h is is the selection for this m onth.
ISUA L controls for w o rk schedul­
ing are availabe from M ethods R e­
V
search C orporation, 107P W illow A ve­
nue, S taten Islan d 5, N. Y.
In sta n tly changeable m agnetic de­
vices — visible for all to see and be
# guided by—are saving tim e and in ­
creasing efficiency for m an y banks
th ro u g h o u t th e country. D esigned spe­
cifically for scheduling data processing
> w ork, th e visu al controls can be used
for any type of w o rk program m ing.
W rite for com plete details on stan d ard
an d special control boards for m eeting
y o u r requ irem en ts.
E R SA T IL IT Y is th e keynote of
V
th e A utopoint L an cer pen recen tly
announced by th e A utopoint Compa* ny, 3200 W. P eterso n A venue, Chicago
45, 111. T he exclusive tu n g sta r ball
w rites over hard-to-w rite surfaces. A
“real th in ” or m edium po in t is avail­
able and included are a choice of bankapproved blue, black, red or green
repro. in k for copying m achines or
non-transferable re g u la r ink. B arrels
come in black, brow n or w rite. Can
* be im p rin ted w ith up to five lines of
advertising. F o r prices and details
w rite A utopoint, Dept. NB, 3200 W.
P eterson, Chicago, 111.
ECORDAK CORPORATION, th e
E astm a n K odak su b sid iary in th e
m icrofilm ing and business s y s t e m s
■± field, has introduced a new concept of
autom atic in fo rm atio n re trie v a l w ith

R

OUTSTANDING CHOICE
OF OUTSTANDING BANKERS

The bank newsletter 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."

PICTURE

Dept. 43
P .O . Box 22
Urbana, III.

th e R ecordak Im age Control K ey­
board. T his new accessory, com bined
w ith th e R ecordak L odestar Reader,
enables th e operator to locate any mi-

A ny light b reaks th e circuit and
sounds an alarm . D etails are avail­
able from th e com pany at 6726 N orth
F iguoroa Street, Los Angeles 42, Calif.
12-PAGE booklet, entitled “W hat
A re These F o r? ” (referrin g to
MICR num erals) has been developed
by th e N ational P ress for use by banks
u n d er th e ir ow n im print. Sam ples and
prices available on req u est from The
M agnetic P rin tin g D ivision of The N a­
tional Press, 850 H ansen W ay, Palo
Alto, Calif.

A

CATALOGUE of prem ium item s
offered by BBB P lastic Products,
K eyport, N. J., w as released recently.
The firm m an u factu res over 100 p re ­
m ium products th a t are offered exclu­
sively to businesses for prom otional
purposes. The catalogue is available
on req u est and sam ples of th e prem i­
um s are available for inspection.

A

RECORDAK Image Control Keyboard

crofilm ed docum ent from am ong m il­
lions w ith push-button sim plicity.
T he o p erator m erely in serts the film
m agazine in th e self-threading Lode­
sta r R eader, keys the index code n u m ­
b er into th e im age control u n it and
th e desired im age is autom atically lo­
cated and w ith in seconds flashed on
th e read er screen. F ilm is searched
a t 600 feet p er m inute.
N E W tam per-proof, su b m in iatu re
v a u lt and safe in tru sio n alarm
system for banks and hom es has ju st
been announced by M erlin In dustries,
Inc., Los Angeles, Calif.
C om pletely transistorized, th e pho­
to-electric “d ark eye” alarm system
w ill sound the alarm w hen it detects
as little lig ht as th a t w hich em anates
from th e sp ark of a cigarette lighter.

A

AUTOPOINT'S LAN CER . . . refillable
desk pen. Exclusive Tungstar Ball writes
smoothly over hard-to-write surfaces. "Real
Thin", or Medium Point. Bank-approved
blue, black, red, or green Repro. Ink for
copy machines, or non-transferable Regular
Ink. Black, brown, or white barrel. Pens—
144 with 5-line ads, 29c ea.; without ads,
27c ea. Extra Refills— 144 for $17.28. 24"
chain, 15c extra. Guaranteed satisfaction.
State point-size; ink-color, and type; bar­
rel color. Autopoint, Dept. NB; 3200 W.
Peterson, Chicago.

DDED security a t no ex tra cost is
available on tw o m odels of the
Yale jim m y-resistant, vertical dead­
bolting rim locks, th e Yale & Towne
M anufacturing Com pany announced.
These heavy duty, high security
au x iliary locks are equipped w ith the
new Yale autom atic sh u tte r guard
w hich p rev en ts e n try even w hen th e
key w ay and c y l i n d e r have been
w renched from th e lock.
The new lock, operated only by key,
retails for $10.15. O perated by key
from the outside and by lever knob
inside it sells for $6.50.

A

Visual controls for data process sched­
uling, with instantly changeable magnetic
devices— visible for all to see and be
guided by— are saving time and increas­
ing efficiency for many offices, banks
and industries.
This photograph shows the control of
both men and data processing machin­
ery on a daily basis, with scheduling
bei ng done one month in advance.
Write for Brochure No. NB9 on standand and special boards to meet your
control and scheduling requirements.

METHODS RESEARCH CORP.
I.07P W illow Ave., Staten Island

Northwestern


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

Banker,

5, N. Y.

September,

1962

126

■

111 the
Q

-

DIRECTORS’
ROOM
Costly “S port”

Twisting In Detroit

P laying a w a te r hole a t a local golf
club, an avid golfer, th e g u est of a
club m em ber, p ro m p tly drove th e ball
into th e pond. T hen he asked his host
to supply him w ith an o th e r as he had
no spares. The g uest u n e rrin g ly drove
the new ball into th e pond, too, and
did th e sam e w ith a th ird , fourth, and
fifth.
“Joe,” th e host finally protested,
“those are m y b ran d new $1.25 golf
balls y o u ’re losing.
“Look here, Al,” replied th e dunker,
“if you can’t afford th is game, you
shou ld n ’t be playing it.”

A t a high school in D etroit, a teen­
age stu d en t recently asked h er 10th
grade teach er if she could read “th a t
new dance book” for h e r reg u lar F ri­
day book report. The teach er having
assigned the class a list of classics, w as
som ew hat puzzled. “You know ,” the
girl replied brightly, “Oliver T w ist.”

Make It Interesting
W hen th e new lyw eds had th e ir first
fight, h u bby storm ed off in a rage.
D uring th e m orning he adm itted his
erro r and ru sh ed hom e to find a life
insu ran ce salesm an leaving w ith a
beau tifu l sm ile on his face.
“W h a t’s th e m eaning of th is?” he
dem anded.
“I ’ve ju st increased our policies to
$20,000 each,” th e w ife replied. “If
w e’re going to fight th e re st of our
lives, we m ig h t as w ell have enough
stak es to m ake it w o rth w h ile.”

“ You m e a n to say, sir, that you
h a v e n ’t a n y f r i e n d s to i d e n ti f y

“ Yeh, We K n o w ”
The governor of a large state hap ­
pened to get on a tra in th a t w as tra n s ­
fe rrin g some inm ates of an insane asy­
lum to a farm w here th ey w ere to re ­
cuperate. He in ad v erten tly got in the
sam e car. The conductor w ent through
th e tra in checking up on th e group
and counting them . “One, two, three,
four, five . . .” H e stopped at the seat
of th e w ell-dressed man. “W ho are
you?” he asked.
“I am th e governor.”
“Six, seven eight. . . .”

Recognition at Last

H appens Every Generation

F o r m an y years a m ining com pany
out w est em ployed a Chinese cook,
and one evening a fte r an u n u su ally
good d in n er th e su p e rin te n d e n t de­
cided to raise his wages. T he n ex t
payday th e C hinam an noted th e ex tra
m oney in his envelope.
“W hy you pay m e m ore?” he asked
th e su p erin ten d en t.
“Because you have been such a good
cook all th ese y ears,” replied th e boss.
The C hinam an th o u g h t it over, th en
said, “You been cheating m e long tim e,
eh?”

The gran d m o th er w as all aglow one
Sunday because h er grandchildren
w ere com ing for a w eek’s v isit w ith
her. To express h er delight she p u t
$5 into th e offering plate at church.
The n ex t Sunday h er grandchildren
had ju st left. She p u t in $10!

Northwestern

Banker, Se pt em be r,


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

1962

Sensible
The p sy ch iatrist w as testin g th e *
m en tality of his patient. “Do you ever
h ear voices w ith o u t being able to tell
w ho is speaking, or w here th e voices
come from ?” he asked.
“Yes, sir,” th e p a tie n t replied.
“A nd w hen does th is occur?” ques­
tioned th e doctor.
“W hen I answ er th e telephone.”

Your S e t s O K

Insurance Pays
T hen th e re w as th e w idow w ho
w rote a testim onial le tte r to an in s u r­
ance com pany, saying: “My husband
took out in su ran ce w ith y o u r com pa­
ny. J u s t one m o n th la te r he drow ned.
Insu ran ce is certain ly a good in v est­
m en t.”

4

Criminal T ype
Conscientious Citizen: I couldn’t
serve as a ju ro r, Judge. One look at
th a t fellow convinces me h e’s guilty.
Judge: Quiet. T h a t’s th e d istrict a t­
torney.

A lady phoned h er television serv­
icem an, and com plained th a t some­
th in g w as w rong w ith h er set. The ^
servicem an asked h er w h e th e r th ere
w ere any visible sym ptom s.
“Well, th e new scaster is on rig h t
now ,” replied the lady, “and he has
a v ery long face.”
“Ma’am ,” replied the servicem an,
“if you had to rep o rt w h a t’s happen­
ing in th e w orld these days, you d
have a long face, too!”
^

Typigraftcal Errer
The following correction appeared in
a sm all tow n new spaper:
_
^
“Our p aper carried th e notice last
w eek th a t Mr. Jo h n Jones is a detec­
tive in th e police force. T his w as a
typographical error. Mr. Jones is real­
ly a detective in th e police farce.”
±

Quite Normal
The p sy ch iatrist w as not sure his
p atien t w as norm al. Suspiciously h e |
asked, “W h at do you do in your spare
tim e?”
“Oh,” th e young m an blushed, “I
ju st sit around m ostly.”
+
“H m m m —never go out w ith girls?”
“No.”
“D on’t you even w an t to?”
The m an w as uneasy. “—Well, yes,
so rt of.”
“Well, w hy don’t you?”
“My w ife w on’t let m e.”

Tight L ip p e d

*

“W hen you serve m y guests a t the
table to n ight,”' rem ark ed th e lady of
th e house to h er new maid, “please
try not to spill an y th in g .”
“Oh, don’t w o rry about a thing*m a’am ,” replied th e maid. “I never
ta lk m uch.”
*

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KIZER, President
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Iow a -De s Moin es •National BanH
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