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Federal Reserve Bank of St. Louis

t

FORBES OLBERG,

Vice President,
General Business Development
Forbes Olberg is responsible for the coordi­
nation o f all Data Processing and automation
of

banking operations

at the Merchants

National. He is also active in Trust Invest­
ment,

Commercial

Loan

operations

and

public relations. Before joining MNB, Forbes
practiced law in Cedar Rapids.

He is a

member o f the Linn County and Iowa Bar
Associations, in addition to the American Bar
Association.

His diversified civic responsi-

greatly expanded facilities, including the new
Data Processing Center.

Me/ickmfoHakond
C E D A R R A P ID S

MEMBER F.D.I.C.

THE FULL SERVICE BANK FOR THE BA N K S OF IOWA


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Federal Reserve Bank of St. Louis

3

*»

A moving story about a bank and a business
It happened recently. One of our Chicago
com m ercial cu stom ers tran sferred op er­
ations to a thriving small town several hun­
dred miles away. A banking connection was
needed in the new locality, and The Northern
Trust took immediate action. W e notified
our correspondent bank on the scene—pro­
vided pertinent financial background infor­
mation—and arranged for officers of both
parties to meet.
Their relationship has grown and been
m utually rew arding. Fo r the com m ercial
firm: continued business growth in its new

location. For our correspondent: an attrac­
tive bank account, a $100,000 seasonal line
of credit, m ortgage financing, a personal
tru st connection. And for The N orthern
Trust: the satisfaction of having brought
the two together.
Helping our corresponden ts build their
business is a tradition here. It’s part and
parcel of our full range of banking, credit,
bond, trust, and operations services. W e’d
like to tell you more about it. Just call or
write N. Hall Layman, Vice President, or one
of his associates in the Banking Department.

5 0 S O U TH LA SA LLE S T R E E T
C H IC A G O
FI 6 - 5 5 0 0

90,

ILLINO IS

. M E M B E R F . D . I. C .

BANK

No. 914. Northwestern Banker is published monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines 9, Iowa. Subscription 35c
per copy, $3 per year. Second class postage paid at Des Moines, Iowa. Address all mail (subscriptions, change of address, Form 3579, manuscripts,
mail items) to above address.


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Federal Reserve Bank of St. Louis

4

FIRST NATIONAL CITY
TRAINEES LEARN THROUGH
PLAY-ACTING TECHNIQUE
New York, N. Y. In the sky­
scraper headquarters of the First
National City Bank, 30 floors
above Park Avenue, dozens of
actors daily enact a new kind
of drama.
Bent on obtaining new jobs or
promotions, they act out their
roles as would-be tellers, book­
keepers or machine operators,
following a new kind of teaching
technique called “programmed
instruction.”
Gordon M. Rhodes, assistant
cashier and dirf^'or of 2h& train­
ing eentei^ # ^
^^»h-

one program from 16 hours to
seven—with a 25 per cent im­
provement in the rate of retention.
The technique does away with
the droning voice of an instructor
telling how the job should be
done. Instead, from the outset,
the student learns by acting out
the job himself.
The secret is the carefully de­
vised cue book and set of stage
directions.
“ Remove envelope Number
10,” directs the First National
Cit^Jydler training manual “ In-

BETTER TRAINING IN LESS TIME is the happy result of this “ dram atic” FNCB
programmed instruction. We’d be happy to help our correspondents initiate such
a program or even arrange for one of their employees to attend this training course
in New York. In all areas of bank administration, we are always willing to share ex­
periences fully with our correspondents.

F IR ST N A T IO N A L CITY B A N K

MEMBER FE DERAL DEPOSI T I N SU RAN CE CORPORATI ON

Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

5

C a n d id a le s
A H A O ffices
HEN the 89th annual convention
of the American Bankers Asso­
ciation convenes in Washington, Octo­
ber 6-9, three candidates for ABA of­
fices will be very much in evidence.
Reno Odlin, president of the Puget
S ound National
B ank, T a com a ,
Wash., is the only
contender for the
office of vice pres­
ident of the Asso­
c ia tio n in 1963.
The office is now
held by William
F. K elly , presi­
dent of the First
P e n n s y lv a n ia
J. B. K E E L IN E
B a n k i n g and
Trust Company, Philadelphia. Mr.
Kelly will move up to the presidency.
Mr. Odlin is currently serving as chair­
man of the ABA savings bond com­
mittee.

W

A

R. O D L IN

Oldest Financial Journal West of the Mississippi

for your SEPTEMBER, 1963, reading
69th Year

No. 914

EDITORIALS
18 Across the Desk from the Publisher

FEATURE ARTICLES
7
8
20
23
24
26
28
29
30
36
44
52
58
100

Frontispage
St. Louis to Host Ag Forum
FDIC Rules On Interest Rates
89th Annual ABA Convention Program
100 Years of Banking Progress—W. P. Ronan
Charter Laws of 12 States Outlined
Bankers You Know—William S. Renchard
Studies Slow Action on Banking Bills— U. V. Wilcox
Dynamic Banking Aids America’s Growth—M. C. Gurg
39th Annual NABAC Convention Program
State Supervisors to Meet At Historic Williamsburg
Schedule Automation Conference
Robert Morris to Attract 900
Stagecoach Holdup Triggers Centennial Event

J. H. CROCKER

John B. Keeline, one of two candi­
dates for the office of treasurer of
the Association for the 1963-65 term,
stepped aside for the present incum­
bent, J. Carlisle Rogers, during the
last election for this office. He is pres­
ident of the Central Trust & Savings
Bank, Cherokee, Iowa, and president
of the Ruthven State Bank, Ruthven,
Iowa. He is also currently serving on
the Executive Council of A.B.A.
The other candidate for treasurer
is John H. Crocker, chairman of the
Citizens National Bank, Decatur, 111.
He has served on the A.B.A. Executive
Council and most recently served as
chairman of the A.B.A. Agriculture
Committee.

STATE BANKING NEWS
Minnesota
Twin City
South Dakota
North Dakota
Colorado
Wyoming

News 61
News 64
News 69
News 73
News 77
News 77

71
79
80
86
91
103

Montana News
Nebraska News
Omaha News
Lincoln News
Iowa News
Des Moines News

OTHER FEATURES
10 Convention Calendar
102 Advertisers’ Index
104 In the Directors’ Room

N O R T H W E S T E R N B A N K ER
306 15th Street, Des Moines, Iow a 50309, Telephone (A rea Code 515) 244-8163

Continental Names Economist
Herbert E. Johnson has joined the
Continental Illinois National Bank
and Trust Company as the bank’s
economist in Chicago.
Before coming to Continental Bank,
Mr. Johnson was vice president of the
U. S. Economics Corporation and Eco­
nometrics Institute in New York, an
economic re se a rch and consulting
firm.

Chairman
Clifford De Puy

Publisher
Malcolm K. Freeland

Associate Editor
Larry W . Nothwehr
Advertising Assistant
Elizabeth Cole

Associate Editor
Doyle Minden

Circulation Department
Lena Sutphin

Field Representative
A I Kerbel

Editor
Ben J. Haller, Jr.

Auditor
Bertha Soderquist
Field Representative
Paul Masters

Frank P. Syms, Vice President, 550 Fifth Avenue, New York 36, JUdson 2-7126
Milton F. Bock, Vice President, 654 Baker Building, Minneapolis, FEderal 6-6357

DE PUY PUBLICATIONS: Underwriters Review, Northwestern Banker,
Iowa-Nebraska Bank Directory
Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

6

More Than Ever...
*

Iowa’s Favorite
Correspondent
Bank
as indicated by the
increasing number of
accounts served

CENTRAL
National Bank and Trust Company
5th and Locust— Phone CHerry 3-8181

DES MOINES, IOWA
Member Federal Deposit Insurance Corporation

Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

8

St. i^ouis to H o st A if F orum

Short Term
Commercial
Paper

We offer
for sale
the notes of
these
representative
companies
A dm iral C re d it C orp o ra tio n
Chicago, Illinois

A pp roved Finance, Inc.
Columbus, Ohio

The Bankers Investm ent C om p an y
Hutchinson, Kansas

C iv ic Finance C orporation
Milwaukee, Wisconsin

C ontinental Investm ent Corp.
Memphis, Tennessee

C row n Finance C orporation
St. Louis, Missouri

G u ard ian Discount C om p an y
Memphis, Tennessee

Laurentide Finance C orporation
San Francisco, California

M id w e st Finance Co., Inc.
(Wholly-owned Subsidiary of
Doughboy Industries, Inc.)
New Richmond, Wisconsin

M urdock A cc e p ta n ce C orporation
Memphis, Tennessee

New York A uction Co., Inc.
New York, New York

Northern Illinois C orporation
De Kalb, Illinois

Strevell-Paterson

Finance Corp.

Salt Lake City, Utah

W inter & Hirsch, Incorporated
Chicago, Illinois

Prevailing 6 month rate:

33/4% - 4 % discount
Shorter and longer maturities
available

ASHWELL
& COM PANY
176 WEST A D A M S STREET
CH ICAGO 3, ILLIN O IS
RAndolph 6-5432
Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

«

J. W . TAPP

T. P. A X T O N

American Bankers Association
T HE
is s p o n s o r in g a correspondent
agribanking forum September 16 at
th e
Chase-Park
Plaza Hotel in
St. Louis, Mo.
G u e s t speakers
will include Dr.
E a r l L. Butz,
Dean of Agricul­
ture, Purdue Uni­
versity; Morris F.
Miller, president,
Omaha National
Bank Jesse W.
DR. E. L. B U T Z
T a p p , chairman
of the board, Bank of America, Los
Angeles, and Theodore Brown, presi­
dent, Security State Bank, Sterling,
Colo.
Presiding over the session is T. P.
Axton, chairman of the ABA agricul­
tural committee, and president of the
Lafayette Savings Bank in Lafayette,
Ind.
Mr. Axton had this to say regard­
ing the coming forums: “Banks will
find it necessary to make many ad­
justments in the future to keep pace
with (or, preferably, a step ahead of)
the farmer-borrower. Most urgent is
the need for a better understanding
of agriculture and its allied busi­
nesses. Bankers will find it important
to develop an image denoting a de­
pendable source of credit complete
with a broad range of financial serv­
ices.”
Dr. Butz will talk on “ Investment
Opportunities in Modern Agriculture.”
He feels “Agriculture is one of the
biggest users of capital in modern
America,” and that the capital needs
in agriculture, as well as in agri­
business, will grow.”
He said, “ If private lenders do not
step forward to meet this capital
need, Government will. Therefore,
private lenders not only have an
obligation, but a tremendous oppor­
tunity to expand their portfolio of
profitable business.”
Mr. Miller will give a symposium
of his bank’s agricultural program.”
He said, “Additional credit to ship­

T. D. B R O W N

M. F. M IL L E R

pers, processors, and storers of agri­
cultural products would make agri­
cultural production loans total sub­
stantially greater.”
Mr. Tapp will also discuss his bank’s
agricultural p ro g ra m .
“ Bank of
America,” he said, “makes crop and
livestock budget loans to cover pro­
duction expenses for California’s high­
ly varied farming enterprises. To
serve adequately its more than $1
billion annual volume of farm loans,
the bank uses agriculturally trained
fieldmen and specialists to augment
the skill of the branch credit officers.”
Other noted speakers at the forum )•
will include M. M. Kimbrel, president
of the ABA, and chairman of the
board, First National Bank, Thomson,
Ga., and Nat S. Rogers, president, De­
posit Guaranty Bank & Trust Com­
pany, Jackson, Miss.

Continental Stock Split
Stockholders of Continental Illinois
National Bank & Trust Company, Chi­
cago, recently approved resolutions
authorizing a 20 per cent stock divi­
dend accompanied by a four-for-one
stock split, it was announced by David
M. Kennedy, chairman.
4.
The program, which has been ap­
proved by the Comptroller of the Cur­
rency, will increase capital from
$115.75 million to $138.9 million, while
converting the institution’s ca p ita l
stock total from 3,472,500 shares, par
$33.33, to 13,890,000 shares, par $10, the ♦
announcement said.
The capital increase will be effected
through transfer of $23.15 million
from surplus and undivided.
The bank’s stockholders also ap­
proved a previously-announced stock
option plan for key employees.

Handles Public Relations
Joseph Beckman, formerly a mem­
ber of the financial news staff of the
Chicago Daily News, has joined the
public relations division of Continen­
tal Illinois National Bank and Trust
Company as press relations manager.

9

each warehouse location.
| Clerical detail is reduced to a
minimum by the Lawrence IBM Loan
Officer’s Monthly Collateral Report.
| An experienced and highly
trained staff of field men operate the
famed Lawrence System.
These are a few reasons why Lawrence
has led the field for fifty years, and why
...w hen inventory is an asset... loan
officers look to Lawrence as a partner
in successfully resolving the problem of
collateral.

50 YEARS SERVICE
TO LOAN OFFICERS
For fifty years Lawrence on field
warehouse receipts has been a symbol
of distinguished service to banks. During
this half century Lawrence warehouse
receipts have been held by thousands
of financial institutions as security for
inventory loans on virtually every prod­
uct and commodity that could be stored
or counted.
Loan officers know:
| They are assured maximum pro­
tection by our Lloyds’ bond coverage,
totaling in excess of 2 million dollars at

T h e L a w r e n c e Co m p a n y
N ATIO NW IDE
■ ■ H
FIE LD
WAR EHOU S IN G
m

San Francisco

• Chicago

• New York

Denver
O F F IC E S


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Federal Reserve Bank of St. Louis

IN

ALL

P R IN CIP AL

C IT IE S
Northwestern Banker, September, 1963

10

A n n ou n ce St. L ou is D evelop m en t

SC A L E M O D E L o f St. Louis p r o je ct is view ed b y P au l W . Lashly, president o f M ansion
House Center R edevelopm ent C orporation, and W illia m H. Jaffke, v ice president in
charge o f M ercan tile Trust Com pany’ s real estate departm ent.

MODEL of Mansion House Cen­
ter, $45,000,000 development soon
to appear on the Mississippi River­
front in St. Louis, has recently been

A

on display in the lobby of Mercantile
Trust Company.
This development, a five-block apart­
ment-commercial com p lex , features

BUILD A BETTER MOUSETRAP
Don’t you believe it . . . that
old saw about the world beat­
ing a path to your door just
isn’t true. If you have some­
thing to sell, you must adver­
tise its availability and follow
through with personal sales­
manship.
W e manufacture bank checks.
Strictly speaking, however, we
don’t sell them. This is pri­
marily a job for our banker
custom ers. Our sales repre­
sentatives sell the idea of
merchandising and provide
bankers with the know-how,
sales aids and advertising
material to encourage their
accounts to purchase their

Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

own Personalized Checks.
Our program represents a
sustained effort backed by a
staff of advertising and merchandising people who know
how to sell checks and yet
are constantly searching for
better, newer, more effective
ways to do it.
W e can help your bank sell
checks and save check expense.
And we can help you build
your bank-customer relations
at the same time. If you
haven’t yet investigated the
DeLuxe Merchandising Pro­
gram, contact our nearest
plant and let us show you
how effective it can be.

|

three 28-story apartment towers com­
plete with rooftop swimming pools,
observation decks, and cook-out areas.
Each apartment building will be 270
feet high, making these the tallest
apartment structures in St. Louis.
They will be uniquely situated over­
looking the Jefferson National Expan­
sion Memorial Park and the monu­
mental Gateway Arch, now under con­
struction. Each building will contain
416 units including studio apartments,
convertible units with folding divid­
ers separating sleeping and living
areas, one-bedroom and two-bedroom
apartments. The developers have an­
nounced that rentals will start at $130
a month for studio apartments.
Three commercial buildings will
provide full shopping facilities and
service areas for residents of the
apartments and other downtown shop­
pers.
A six-block landscaped promenade
with fountains, gardens, and pavil­
ions, built 20 feet above street level,
will connect all elements in the proj­
ect. Beneath the promenade will be
parking space for more than 1,600
automobiles.
Also included in the complex will be
a distinctively designed restaurant.
All land and property for this develop­
ment was acqired through the facili­
ties of the Real Estate Department of
Mercantile Trust Company.

C O N V E N T IO N S
September 15-18, Robert Morris Asso­
ciates, 49th Annual Fall Conven­
tion, Statler-Hilton, Detroit.
September 16, AB A Correspondent
Agribanking Forum, Chase-Park
Plaza Hotel, St. Louis.
September 16-18, NABAC, 39th An­
nual Convention, Minneapolis.
October 1-4, National Association of
Supervisors of State Banks, 62nd
A n n u a l Meeting, Williamsburg
Lodge, Williamsburg, Yra.
October 6-9, 89th ABA Annual Con­
vention, Washington, D. C.
October 20-23, Iowa Bankers Associ­
ation, annual convention, Hotel
Fort Des Moines, Des Moines.
October 20-24, National Association of
Bank Women, 41st Annual Con­
vention, Americana Hotel. Bal
Harbour, Miami Beach.
October 31-Nov. 1, AB A 32nd Annual
Mid-Continent Trust Conference,
Hotel Leamington, Minneapolis.
November 10-14, FPRA, 48th Annual
Convention, Biltmore Hotel, Los
Angeles.
November 17-19, A B A 12th National
Ag Credit Conference, Muehlebach Hotel, Kansas City, Mo.
December 1-6, Investment Bankers As­
sociation of America, 52nd Ann u a l C o n v e n tio n , Hollywood
Beach-Diplomat Hotels, Fla.

1

*

*

11

T V B a n k C orp oration , Dept. N

M n r i n y t h e l a s t 2 y e a r s , T V Manli
C o r p o r a t i o n , s p e c i a l i s t s in r e m o t e
e l e c t r o n i c s y s t e m s fo r banlis, w as
r e s p o n s i b l e f o r fl m a j o r b a n h i n y
in stallations . f r o m A la s h a to F lo r id a .

□

S e n d literature.

□

H a v e T V B a n k R e p re se n ta tiv e call.

N a m e ___________________________________
T itle____________________________________
B a n k ___________________________ _
A d d r e s s ________________________________

TV BANK

CORPORATION • Bankers Trust Bldg. •

Indianapolis 4, Indiana

C i ty______________________________ State.

Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

12

Caution H anks On A u to Loans
HILE the current credit expan­
sion in installment loans has
been marked by the substantial
crease in a u to m o b ile s sold and
financed at retail, bankers are urged
to be concerned with equities, risk
selections and market conditions as
the 1963 car-model-year nears its close.
This recommendation summarizes a
report just released by the advisory
board to the installment credit com­
mittee of the American Bankers Asso­
ciation, reviewing installment lending
by banks as of June 30.
The continuing high level of retail

W

auto sales during the year’s second
quarter and personal loan demand, re­
flecting
the financing of a wide vari­
in­
ety of consumer needs, are indicative
of the general willingness of consum­
ers to obligate themselves in order to
acquire the goods and services they
desire, the ABA reports.
The fact that the country is having
some difficulty with its international
monetary relationships, it adds, ap­
pears to be causing little effect on the
average consumer transaction, and
the situation currently is showing a
general air of optimism.

BONDS
for BANK
INVESTING
The net income advantage offered by
tax-exempt bonds continues to figure
prominently in the investment plan­
ning of most banks. Our offering lists
are well known as a source of these and
other investment quality bonds, notes,
debentures and equipment trust certifi­
cates—the obligations of well established
public bodies and corporations.

H A L S E Y , S T U A R T &, CO. I n c .
123 S O U T H

LA S A L L E STREET, C H IC A G O 90
•
30 B R O A D STREET, N E W
A N D O T H E R P R IN C IP A L C IT IE S

Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

YORK 4

Reports the committee:
“ The expanding volume of automo­
bile credit has been accompanied by
increased competition, and there has
been a tendency in some areas, par­
ticularly among smaller banks desir­
ous of building loan volume, to ex­
pand terms, and, in a few cases, to
lower rates more than would appear
to be justified. . . .
“ The general air of optimism is tem­
pered with a degree of caution, as the
proportion of disposable income that
consumers are using to repay install­
ment debt has increased gradually
from 13.4 per cent in the last two
quarters of 1962 to more than 13.6 per
cent at present. Some delinquency
rates have increased, but, on the
whole, delinquencies remain below
levels of recent years.”
The association notes that install­
ment debt during 1963 pushed above
the $48-billion mark, with automobile
credit accounting for approximately
$20 billion of the total, and personal
loans for about $13 billion. Of the
$48 billion total outstanding, commer­
cial banks held about $20 billion, or
better than 40 per cent.
The large majority of banks in all
Federal Reserve Districts are current­
ly reporting an increased volume of
automobile loans for both new and
used cars, the ABA working group
says.
There were more banks reporting
an increase in terms to the current
maximum of 36 months on new cars;
more banks were also extending 24 to
36 months on used automobiles. Re­
possessions showed a slight decrease,
with losses contained within a nar­
row range averaging $335 on direct
loans and $316 on dealer-financed pa­
per.
Personal loans, home improvement
loans and appliance paper showed an
increase in the volume acquired by
banks.

Heads Trust Committee
Clarence C. Morgan was recently ap­
pointed chairman
of the Trust In­
v estm en t Com­
mi t t ee o f t h e
American Nationa 1 Bank and
Tr us t Company
of Chicago, Rob­
ert E. Straus,
b o a r d chairman,
announced.
Mr. M o r g a n ,
C. C. M O R G A N
currently vice
president in charge of the bank’s
Trust Investment Division, is a vet­
eran of 37 years in the investment
field.

RE W A RD

This is Johnny Baldauf, assistant vice president of the American Na­
tional Bank & Trust Company of Chicago. "Smiling” Johnny covers
Indiana, Ohio, Kentucky and Michigan.

W orks banks in this territory. Known to be friendly,
cooperative, efficient. Foreign trade expert. Usually
works alone.
Backed up by alert Chicago organization. Clever operator at con­
ventions, regional meetings.
Rewards are substantial for bankers who apprehend this man for
important information.
We serve thousands of people...but we serve them one at a time

American National Bank
AND TRUST COMPANY OF CHICAGO/LASALLE AT WASHINGTON
M E M B E R FEDERAL DEPOSIT IN S U R A N C E CO RPO RA TION


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Federal Reserve Bank of St. Louis

F R A N K L I N 2-9200

HOL SE


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Federal Reserve Bank of St. Louis

15

Sell your customer American Express
Travelers Cheques—accepted without hesitation
in great cities and tiny villages
Read 5 reasons why American Express Travelers Cheques
are welcomed wherever your customer travels.
1. American Express actually invented trav­
elers cheques—in 1891.

• R efu n ds at 3 7 ,8 5 0 selling agents, the
world’s largest financial network.

2. American Express Travelers Cheques have
been in worldwide use for 72 years. Result:
they are recognized more immediately than
any other travelers cheque—more immedi­
ately even than dollar bills in many foreign
countries!

• Refunds by return mail or cable.

3. Since 1945 alone, American Express has
invested well over $100,000,000 ensuring
universal acceptance for its cheques. That's
another reason why A m erican E xpress
Cheques are more widely negotiable than
any other travelers cheque in great cities
and tiny villages around the world.
4. Today more people—by far—carry Am er­
ican Express Cheques than all other brands
com bined!
5. American Express Travelers Cheques are
better than cash. They are safer. And many
cases are on record of their being accepted in
preference to cash—right here in the USA !

• Refunds at your bank—up to $2500.

The company for people who travel
You give your customer a unique extra ben­
efit when you sell him American Express
Cheques. You put at his service a worldwide
travel organization ready to plan his itiner­
aries, issue tickets—even find doctors, den­
tists, lawyers for him in an emergency.

Courtesy Card — unique extra service
to your customer
Issue an A m erican E xpress Travelers
Cheque Courtesy Card to your valued cus­
tomer when he travels. Then he can use his
personal check to buy up to $250 in Trav­
elers Cheques at any A m erican Express
office. Only American Express offers this
service to you and your customer.

U n beatab le refund service
N o other refund system can equal American
Express in speed, efficiency, worldwide cov­
erage. Travelers who lose American Express
Cheques can get:
• Refunds at 401 American Express offices
in 33 countries —/« the United States, your
customer can call Western Union Operator
25 for the location of the nearest office.

AMERICAN EXPRESS
TRAVELERS CHEQUES

The Swan Hotel, Lavenham, England —one o f thousands o f country inns
around the w orld that w elcom e A m erican Express Travelers Cheques.


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Federal Reserve Bank of St. Louis

Northwestern Banker, September, 1963

16

C on test It m ir s $¿1.4 M illion
ARTNERS in Progress, a 13-week
employee new business program
sponsored by First National Bank in
St. Louis, produced $3,438,591 of busi­
ness for the bank, representing a to­
tal of 3,349 units sold by staff mem­
bers, according to John B. Mitchell,
president. The average production
per participating employee was 5.3 ac­
counts, valued at $5,492.87.
Six hundred twenty-six employees,
more than 62.5 per cent of the bank’s
total work force of 1,016, participated
actively in the program which began
on April 15 and extended through
July 15.
The basic incentive in the campaign
was a wide selection of merchandise
prizes featured in a catalog listing
more than 1,800 items ranging from a
deck of playing cards to a mink stole.
Employees p u r c h a s e d these items
with point checks issued bi-weekly on
the basis of new business produced.
All of the bank’s services were includ­
ed in the campaign.
For the purposes of the program,
First National’s entire staff was di­
vided into 24 teams and three leagues.
The American League, made up of six
teams, was organized entirely from
the ranks of “contact” employees,

P

NCR Sales Increase

while the remaining 18 teams of “noncontact” employees were assigned to
the National and Federal Leagues.
In addition to receiving prize points
for units of business sold during the
campaign, participants received bonus
points based on the standings of their
respective teams, the number of mul­
tiple sales made and successful cross­
selling efforts. Awards were also
made to high ranking teams and
teams with 100 per cent participation.
Grand prizes, awarded to the six in­
dividual high scorers, included two 10day vacations for two in Mexico; two
seven-day vacations for two in Nas­
sau, and two four-day weekends for
two in New York City.

Analyze IBA Members
More than half the 6,222 member
banks of The Independent Bankers
Association have assets of $5 million
or less, a study of records at IBA
headquarters here reveals.
The IBA role as a spokesman for
America’s “ Main Street” banks is sup­
ported by the analysis of current
membership figures disclosing that
3,425 banks or 55 per cent are in the
$5 million-or-under category, accord­
ing to Howard Bell, executive direc­
tor.

Sales of the National Cash Register
Company for the first six months
of 1963 totaled
$270,494,818, up
from $259,106,842
for the compar­
able p e r i o d in
1962, Robert S.
O e 1m a n, chair­
man and presi­
dent, announced.
Net income was
$7,722,755, c o m ­
pared with $8,580,750 reported
for the first half of last year. The
1963 six-month earnings amounted to
93 cents a share on the 8,298,807
shares outstanding on June 30, com­
pared with $1.03 for the same period
of 1962.
Mr. Oelman attributed the lower
earnings to the fact that during the
first half of 1963 the company deliv­
ered its greatest volume of electronic
data processing equipment for any
six-month period. “The heavy instal­
lation costs of these systems, most
of which are rented and therefore
result in a deferment of income, more
than offset the positive effect of in­
creased sales volume.”

The Difference Between
“ Yes and No ”
on many inventory loans
is Douglas-Guardian
Field Warehousing
When an inventory loan lacks all necessary quali­
fications, and yonr counsel is sought, turn to the
margin of safety offered by Douglas-Guardian Field
Warehousing.
Douglas-Guardian Warehouse Receipts place in your
hands the sound collateral that enables you to say
“ Yes” , serve your customer, and increase your loan
volume.
Write, or call us for prompt complete information.

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

O U R
Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

BRA NC H ES IN P R IN C IP A L C IT IE S

I N T E G R I T Y

I S

Y O U R

Phone Area Code 504 523-5353

S E C U R I T Y

17

mm
THE NEW YORK BANKER WITH THE HOMETOWN TOUCH

He wears out 4 pairs of shoes a year solving financial problems on the spot
By not being afraid to get mud on his
feet— he’s helped us become one of
the world’s largest, most helpful banks.
He surprises some firms.They expect
the traveling representative o f a 5-billion-dollar bank to he less painstaking.
But he didn’t earn the title “ New York
banker with the hometown touch” by
operating only behind a desk.
He knows your area, even behind the

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Federal Reserve Bank of St. Louis

scenes. So your Chemical New York
banker can often design a more advan­
tageous loan, step up collections, and
introduce helpful contacts.
He offers you the services of a large
corps of specialists, with headquarters
in the financial capital; also, a select
group of correspondent banks in every
state and 140 foreign countries. That’s
a lot of service. A lot of shoe leather.

He can save steps for you. Chemical
Bank New York Trust Company, New
York 15, New York.

Chemical
NewVork
Northwestern Banker, September, 1963

18


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Federal Reserve Bank of St. Louis

19

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a d e

e a s y !

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Twin rolls of film can be exposed at once,
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N o mistake about it . . . no need to double­
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Learn in detail how you can save by auditing with a R ecordak Portable
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Federal Reserve Bank of St. Louis

Northwestern Banker, September, 1963

20

F K IC K n ies On in te r e s t K a te s
CCORDING to instructions re­
leased by the Federal Deposit In­
surance Corporation, time deposits
and certificates of deposit in force be­
fore the new interest ceilings estab­
lished by the FDIC on July 17, 1963,
must be paid at the old rate of inter­
est, except that they may be amended,
if desired, to bear the new higher rate
for any period after that date.
The new rates of interest can, of
course, be applied to new certificates
of deposit or new time deposits re­
ceived by a bank after the effective
date of July 17 or to renewals after

A

TRUST-

that date of existing certificates.
Time deposit and CD rate ceilings
were changed on July 17 for paper
bearing maturities between 90 days
and one year. The FDIC regulation
change applies to all state non-mem­
ber insured banks, while the Federal
Reserve Board issued a similar ruling
for all national and state member
banks.
Previously paper from 90 days to
six months had a ceiling of 2% per
cent, while six month to one-year pa­
per was at a 3% per cent ceiling. The
new regulation permits payment of up

INVESTMENT

COUNCIL

Serving COMMUNITY

banks from c o a st to co ast

WITH TRUST INVESTMENT ASSISTANCE
FROM THE TRUST VIEWPOINT
The experience of Council Members
in all parts of the country—dating back
for as long as 15 years—shows that
distance doesn’t hamper the usefulness
to a trust officer of Studley, Shupert
Trust Investment Council Membership.
Day in and day out, Council advice
and suggestions on sticky problems are
furnished Members from coast to coast
via phone or mail. Distance means
nothing!
And remember: “ Sticky Problem
Advice” is only part of the service you
receive as a Council Member. In addi­
tion, there is a continuous flow of easy-

to-understand securities information
. . . down-to-earth appraisals of cur­
rent economic trends . . . practical re­
views of Members’ individual account
matters that are applicable to your
accounts. All this and more—and all
from the trust viewpoint—for a modest
annual fee that is well within the budget
limitations of any community bank.
Members testify that Council Mem­
bership can help make your department
a better trust department . . . can help
make you a better trust man. Further
information upon request. No obliga­
tion. Write now.

STUDLEY, SHUPERT TRUST INVESTMENT COUNCIL
1617 P E N N S Y L V A N IA B L V D ., P H IL A D E L P H IA 3 , PA.

Northwestern
 Banker, September, Î963
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Federal Reserve Bank of St. Louis

to 4 per cent on all such paper. Time
deposits and CD’s issued for more
than one-year maturity continues at
the old 4 per cent ceiling, while paper
under 90 days’ maturity continues at
the old rate of 1 per cent.
*
FDIC regulations do not permit the
acceleration of time deposits or certifi­
cates of deposit payout, except by es- ^
tablishing need and with forfeiture of
interest. For that reason, time depos­
its and CD’s in existence before July
17 may not be exchanged for certifi- *
cates maturing before the stated ma­
turity of the existing deposits.
*

Central States Group
Elects Kenneth Wales
Kenneth A. Wales, executive secre- »
tary of the Minnesota Bankers Asso­
ciation, Minneap­
olis, was elected
president of the
Central S t a t e s
Co n f e r e n c e
of
State Bankers As-^
sociation Execu­
tives at a meet­
ing held at the
Grand
Hotel ,
Mackinac Island,
K . A. w a l e s

M ic h -

r e c e n t ly .

The conference *is made up of the executive managers,
presidents and vice presidents of
bankers associations from 16 states.
O. E. Anderson, executive manager
of the Ohio Bankers Association, was
elected first vice president and George
Forster, executive director of the
Wisconsin Bankers Association, was
elected second vice president. Harris *
V. Osterberg, secretary, Nebraska
Bankers Association, is the secretarytreasurer of the conference.
Mr. Wales, who succeeds Robert
Nelson, secretary of the Indiana Bank­
ers Association, is presently a member ^
of the executive committee of the
state association section of the Amer­
ican Bankers Association, a trustee
of the Central States Graduate School
of Banking at the University of Wis­
consin, and a member of the United
States Chamber of Commerce Trade
Association committee.

Valley Bank Promotes
Walter E. Lambert, widely-known
lending officer in the home office com­
mercial loan division, has been elected
a vice president of Valley National
Bank, Phoenix.
R i c h a r d A. Nenneman, assistant
cashier also in the commercial loan
department at the home office, has
been named an assistant vice presi­
dent.

21

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3rd Prize

2 1 ", m a h o g a n y fin ish e d A d m ira l co lo r
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12 P 'ece m atche d
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la d ie s’) of
S a m s o n it e
lu ggage.

5 th

Prize Bell & Howell

Camera and
projector.
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5 Glamourous Prizes!!! Plus ||9 Cush Awards!!!
144 terrific prizes in all! And, this
is just the beginning. Because the
b i g g e s t wi n n e r in thi s y e a r ’ s
Herbert F. Rawll Memorial Awards
Competition — “ Getting to Know
Us” — is your financial institution.
Just im agine, business better
than ever . . . Christmas Club and
Vacation Club memberships climb­
ing higher and faster . . . and let’s
not neglect the priceless good will
this tried, proved and talked-about
contest will generate for your finan­
cial institution.

And don’t forget, the “ Getting to
Know Us” Contest is open to all
Christmas Club and current Vaca­
tion Club members at any financial
institution using the systems o f
Christmas Club a Corporation.
What’s more . . . it’s absolutely
free to all institutions using the sys­
tems of Christmas Club a Corpora­
tion. In addition to the prizes, we
supply entry blanks, which explain
the rules of the contest in detail;
eye-catching displays ; news mats
and radio scripts. Here’s a package

CljHStm aSi d u l l

to make the contest work for you
in your locality.
Now’s the time to find out more!
Just drop us a note. Y o u r local
Christmas Club a Corporation Rep­
resentative will gladly supply addi­
tional details, acquaint you with
other Christmas Club services and
answer any questions.

a (Corporation

230 Park Avenue, New York, N. Y.
Founded by Herbert F. Rawll

Builds Character • Builds Savings • Builds Business for Financial Institutions


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Federal Reserve Bank of St. Louis

Northwestern Banker, September, 1963

22

Kuala Lum pur S tation —5 m inutes from a Bank o f Am erica branch.

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Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

'

23

American ttantie rs
HOtll A II II 11211 i ’oir v e il tion
* r.

W a s h in g to n .

H. t.

O c to b e r 6 - 0 . 1 9 6 3
ÉÊmmmÆÊ
M .M .K I M B R E L

B. H. W O O T E N

HEN representatives of the na­ its Resolution Committee, and the
tion’s banks assemble in Wash­ new officers will be installed. The
treasurer of the association will be
ington, D. C., October 6-9, at the 89th
Annual Convention of The American elected on Wednesday afternoon, dur­
Bankers Association, they will be par­ ing an executive session of the new
ticipating in an observance of the Executive Council.
100th anniversary of the National Cur­
There will be three workshop ses­
rency Act, which gave this country its
sions for bankers held simultaneously
Hlual system of state and national
Tuesday afternoon, beginning at 2
banks. The theme of the big meeting
o’clock. The first will be the credit
is '‘Progress Through Service—A Cen­
workshop in which the bankers will
tury of Commercial Banking,” and the
consider the competitive situation for
attention of the bankers will lie fo­
bank credit and will explore develop­
cused on the years which lie ahead,
ments in such areas as commercial
even more than on the historical sig­
credit, installment credit, mortgage
nificance of banking developments
lending and credit union competition.
since 1863.
This workshop will be held in the
Registration for the convention will
Federal Room of the International
open on Saturday morning at the
Inn. The second workshop, on bank
United States Chamber of Commerce
management, will be held in the Pres­
Building, 1615 H Street, N.W. Infor­
idential Ballroom of the Statler Hil­
mation desks will He located at the
ton Hotel. The third workshop, on
»-Chamber of Commerce Building, the
public relations and business develop­
Statler Hilton Hotel, the Mayflower
ment, will be held in the Grand Ball­
Hotel. International Inn, the Washing­
room of the Mayflower Hotel.
ton Hotel and the Sheraton Park Ho­
tel.
As usual, the convention program
As usual, the convention will offi­ includes several entertainment fea­
cially open on Sunday with executive tures. On Sunday, from 4:30 to 6:00
meetings of A.B.A. committees and p.m., there will be an infomal recep­
other working groups. The annual tion at the Mayflower Hotel. On Mon­
►meetings of the four divisions will be day at 12 noon, there will be a ladies’
on Monday, October 7.
luncheon and fashion show at the
At the general sessions, beginning Sheraton Park Hotel. On Monday
£t 9:15 each morning, there will be evening the National Symphony Or­
a musical program by The Southwest­ chestra of Washington, D. C., will pre­
ern Graduate School of Banking Chor­ sent a musical program beginning at
us. On Tuesday, there will be a re­ 8:30 at Constitution Hall. On Tues­
import by the Nominating Committee day evening at 8:30 at Constitution
and the election of officers for the as­ Hall, Fred Waring and his Pennsyl­
sociation. On Wednesday, the eonven- vanians will present a commemora­
sion session will include a report from tive program based on the Centennial.

W

J. J. S A X O N

O. L. F R E E M A N

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

C. D. D IL L O N

The tentative program for the con­
vention is as follows:
MONDAY, OCTOBER 7
Agricultural Subscription Breakfast
Statler Hilton Hotel—8 a.m.

Presiding—T. P. Axton, chairman, Ag­
ricultural Committee, The American
Bankers Association; president, La­
fayette Savings Bank, Lafayette,
Ind.
Address — The Honorable Orville L.
Freeman, Secretary of Agriculture,
Washington, D. C.
Savings Division
Statler Hilton Hotel—9:30 a.m.

Address of the President — S. Edgar
Lauther, president, savings division,
The American Bankers Association;
president, Irwin Union Bank and
Trust Company, Columbus, Ind.
Visual Presentation — “One Hundred
Years of Commercial Banking in the
Savings Business,” Gaylord A. Free­
man, Jr., former president, savings
division, The American Bankers
Association; vice chairman of the
board, First National Bank of Chi­
cago, Chicago, 111.
State Bank Division
Constitution Hall—9:30 a.m.

Address of the President — Carl G.
Breeze, president, State Bank Divi­
sion; president of The Bank of
Kremmling, Kremmling, Colo.
Remarks — Newly elected president,
National Association of Supervisors
of State Banks.
Address—The Honorable Abraham J.
Multer, member, House Banking
ABA CONVENTION . . .

(Turn to page 34, please)

G. A. F R E E M A N , JR.

D. R O C K E F E L L E R

Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

24

HIS year marks the centennial anniversary of the
signing of the National Currency Act by Abraham
Lincoln, our 16th President. Throughout the year
Commercial Banks will be remembering this milestone
in our banking and financial development.
It seems appropriate and useful that we, on this 100th
birthday of the dual banking system, review the high­
lights of its existence, its accomplishments, and also its
shortcomings. Also, from the failures and successes of
the past we can find it to be most useful to us in meet­
ing the problems which probably will face us in the
future.
Banks have not been insulated from the great forces
and events which have shaped and reshaped our economy
and society; forces which in their power and scope have
been completely revolutionary. Among these have been
shifts in population, revolutions in technology, big accu­
mulations of capital, almost a complete revolution in agri­
cultural methods, almost a complete revolution in trans­
portation, and the change in the levels and distribution
of family incomes. These are only a few of the forces
that have affected banking and will continue to do so.

T

In commemorating this anniversary we should rever­
ently respect the relation between bank credit and the
development of our economy. In my analysis, the growth
of bank services can be appreciated in terms of their con­
tribution to the performance of our economy. We also
should review the incidence of monetary instability, our
bank failures and panics. We should know that a bank’s
responsibilities toward money and credit are often mutu­
ally incompatible. It is interesting to view the evolution
of government regulation of banks, and the gradual devel­
opment of the dual banking system. Perhaps our most
effective banking policy has been best achieved through
the instrumentality of a central bank.
First Bank in 1781

It was Robert Morris who took the lead in founding
the nation’s first bank in 1781. He was given the thank­
less responsibility for the management of the finances
of the Confederation government.
Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

Alexander Hamilton was a very young man when he
became one of the leaders in establishing the Bank of
New York in 1784. It was Hamilton who recognized that
the welfare of the nation could be served by the develop­
ment of banking and banks could establish an efficient
market economy by increasing the circulation of money,»
He also knew that bank credit would play a vital role.
Hamilton also knew that banks could become the nur­
series of national wealth, and that banks could do this4
by virtue of their unique ability to extend credit by cre­
ating money in the form of bank notes which they did
until the 1930’s.
Between the time of the organization of the first bank
and 1860 nearly 2,000 banks were chartered. One of the
great phenomenas of that time was the capacity of the
country to absorb bank credit without inflation, and I
believe that was a result of our great need for an in­
creased supply of currency and deposits.
<
Currency Act

The year of 1863 is and was important. It marked the
passage of the National Currency Act. This law estab­
lished a uniform national currency, and provided for a
system of banks to be chartered by the Federal govern­
ment, and supervised by the office of the Comptroller of-,
the Currency.
It seems that today we face a shift in emphasis within
the broad over-all pattern since 1863. This lies in the
efforts of some to divorce the national banking system
from state controls and then, in effect, set up two systems
completely independent of each other, and acting outside
the legal framework which controls the other.
After 1863 state banks were able to continue to issue
currency. National banks had to have a minimum of
$50,000 in capital, place at least $30,000 in U. S. obligation^
and then accept close regulation by a new office to be
created within the framework of the government. That
was the office of the Comptroller of the Currency.
Wildcat Banking

Our country being young and rich in natural resources,

25

►

j.

Years o f B anking P ro g ress

B y W . P. RONAN
President
Decor ah State Bank
Decorali, Iowa

wildcat banking became the vogue. In June of 1864 safe* guards were enacted against wildcatting. Included were
the prohibition of the making of real estate loans by
national banks, and raising of minimum capital for city
banks. In 1865 a law was passed requiring that all is­
sues of currency, except national currency, were subject
to a 10 per cent tax.
This ruined the currency issuing function as far as
► non-national banks were concerned, and hundreds of
state banks converted overnight. By 1866 there were
more than 1,600 national banks and only about 200 re­
mained outside the system. Most of them were trust
companies because national banks were prohibited from
>carrying on trust activities. This forced on the banking
system a re-evaluation of the systems essential reason for
. being.
No longer were the short term discount note and the
►issue of currency the sole means of survival and profit.
To survive, the state banks were forced to find new meth­
ods. This they did with the first real impetus of deposit
^banking, using deposits as a basis for lendable funds.
They gave up the issuance of currency to create money,
and replaced this process with the new idea of the loan
going into deposit. State banks also survived because of
r capital restrictions on national banks, and also because
national banks could not branch.

It was not realistic that a national bank would be
formed with a minimum of $50,000 in capital in smaller
communities. Then, as a result of this, state banks be­
gan springing up everywhere, and especially in rural
areas. By 1890 the state system, which seemed to be a
laggard in 1866, was again a healthy organism.
National Bank Edge

Then in 1860 legislation was passed which set the capi­
tal requirement for small towns at $25,000. Then, again
the national banking system had the edge. But by that
time the state system was quite healthy, and many states
had enacted codes which were reasonable and careful,
since the majority of states had attempted to make their
systems as competitive with the national system as pos­
sible.
Actually the first great era of banking failed because
of political blindness.
The second era—that of free banking—failed because it
was too free. Too many banks were willing to commit
themselves beyond their capacity.
The third era—the era of the dual system—is more
complex, and in it we become acquainted with the Fed­
eral Reserve Board.
In 1913, however, bankers did not see the future. Eco­
nomic conditions looked good and probably were good
until the bad day in 1929 when we had a financial de­
bacle develop. Probably banking’s worst period was
from that date until the bank holidays were declared in
February of 1933. Out of that period developed an inher­
ent conservatism that has existed until today.
Presently the banking system is involved in a fight to
determine whether primary control will continue on a
dual basis or whether Federal control shall dominate.
Right now the latter seems to dominate but again we
should remember that the checks and balances system
has ruled the banking world for 100 years.
In retrospect, one can speculate that the enactment of
the Banking Act of 1933 with provision for temporary
100 YEARS OF BANKING . . .

(Turn to page 32, please)

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Federal Reserve Bank of St. Louis

Northwestern Banker, September, 1963

26

4

L

C harter Law s at 12

S

l

a

t

e

r

A NORTHWESTERN BANKER Survey v

RESENTED on these pages is a
summary of the regulations gov­
erning banking installations in 12
north central and mountain states.
Many bankers have expressed an in­
terest in what neighboring states are
doing in regard to drive-in facilities,
holding companies, etc. N orthwestern
B anker asked the banking superin­
tendent in each of the states appear­
ing in this survey to furnish informa­
tion in repsonse to several questions

P

and their cooperation was excellent.
Question 1 asked: “ Does your state
permit banks to have any of the fol­
lowing?” then listed various service
facilities. South Dakota is the only
state of the 12 which permits branch
banks, although Wisconsin has ap­
proximately 149 offices operating un­
der the grandfather clause of the 1947
law prohibiting further branch bank­
ing. The detailed review is contained
in Chart No. 1.

C h a rt IS o, t
“ Does your state permit banks to have any of the following?”

STATE

Branch
Banks

Offices

Paying
Stations

Detached
Drive-In

Holding
Companies

Colorado

No

No

No

Yes

N o L aw

Illinois

No

No

No

No

Prohibited
Domestic

Iowa

No

Yes

No

Y es

Kansas

No

No

No

Yes

No

Minnesota

No

No

No

Yes

Yes

Missouri

No

No

No

Yes

No

Montana

No

No

No

Yes

Yes

Nebraska

No

No

No

Yes

No

No. D a k o t a

No

No

Yes

Yes

No

No

No

Yes

Yes

No

No

So. D a k o t a
Wisconsin
Wyoming

No
Ye s
Yes
O n l y th o s e o f fices e s t a b l i s h e d
pr ior to 1 9 4 7 — a p p r o x i m . 149.
No

No

 Banker, September, 1963
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

No

Only

Question 2 asked: “ If you have
checked one or more of the above, will
you kindly indicate any limitationsA
placed on such authority?” Where
limitations apply in those areas where
authority for a certain facility is permissive, these limitations are outlined
in Chart No. 2.
Question 3 asked: “Does your state
have a state hanking board? If ‘Yes; v
how many members, appointed by
whom and for how many years, their
general duties and authority.” Four <
states have no state banking board.
Minnesota does not have a state bank­
ing board but does have the Commerce !
Commission de s c r i bed here and it
has authority on chartering matters.
The other seven states have a banking •
board as noted in Chart No. 3.
The banking superintendents were
asked further, “Who was the authority %
to grant state bank charters or author­
ize facilities?” The banking superin­
tendent has authority to approve bank^
charters in Iowa, Missouri, Montana,
Nebraska and Wyoming. The state
banking board has authority over
charters in Colorado, Kansas, North -<
Dakota, South Dakota and Wisconsin.
In Illinois the charter approval comes
from the director of financial institu­
tions. In Minnesota the charter ap-r
proval must be gained from the Com­
merce Commission, which is composed
of the banking superintendent as chair- ,
man, the securities commissioner as
secretary and the insurance commis­
sioner as the third member. In Iowa .
the state banking board is the author­
ity for detached drive-in facilities.
Question -1 in this survey was: “Do
you have any comments in regard to .
laws governing granting of charters,
branches or other bank services in
your state?” The replies follow:

27

I I t a r t A®. 2
‘ ‘Please indicate any limitations imposed on such authority”
Branch Banks

STATE

Detached
D rive-In

O ffice s

* * *

* * *

Property must
be connected
to bank

* * *

* * *

* * *

Colorado

Holding
Companies

Holding C o .'s
in State

No law

Banned by
law - 7/5/57

2

* * ★

No. o f Banks
in Hold. C o .'s
6

* * *

I llin o is

utlined

Limited to
towns without
bank; home co .
or a d j . county

1 per bank. No
lim it on d i s t ­
ance; only as
OKd by Bk. Bd.
1 per bank.
* * *
Limited to
2600 f t . from
main bank.
Atty General's
* * *
opinion says
must be a d ja ­
cent to bank
1 per bank.
* * *
Limited to
1,000 yards to
main bank
1 per bank.
* * *
Limited to
1,000 fe e t to
main bank
1 per bank.
* * *
Lim it-2,800 f t .
to main bk. &
300 f t . to comp
Paying s ta tio n 1 per bank.
mist be in
Limited to
same or a d j.
1,500 fe e t from
:o . Any number. main bank

* * *
Iowa
* * *
Kansas
* * *
Minnesota
* * *
Missouri
* * *
Montana
* * *

Frank E. Goldy, Colorado: Our pres­

ent Code was adopted in July, 1957.
AIt provides for public hearings on
bank applications. Considering the
filing of Notice of Intention, the wait­
ing period before Application for Char­
ter is filed and the length of time re­
quired to serve notice on interested
parties, it requires from 60 to 90 days
jto process an application for a state
chartered bank. This procedure was
considered proper and quite accept­
able in 1957, but it is definitely a handi­
cap since the Comptroller of the Cur­
rency James J. Saxon creates national
bank charters with a minimum of
time spent on investigations and no
opportunity or provides for a public
>h e a r i n g on their applications. No
amendments to reducing our process­
ing period were introduced at the 1963
Legislative Session as the banking
board still feels that public hearings
are a fair and reasonable procedure.
However, it is having the effect of
y most applicants going the national
route instead of going through the
routine procedure provided for under
our State Banking Code.
* * *
Mark Waggoner, Illinois: It is my
personal opinion that a “ State Bank­
ing Board” responsible for this func­
tion might be good.
* * *
Gerald L. Bryan, Minnesota: We

need complete updating, recodification
badly.
* * *
^ C. R. Haines, deputy director, Ne­
braska: County-wide branch banking
would solve much of our problem. Pro­
vision for this type of service would
likely preclude applications for char­
ters in smaller vallages and yet pro­
vide desired services.—End.

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Federal Reserve Bank of St. Louis

Nebraska
* * *
No. Dakota

So. Dakota

In same or a d j .
county and not
over 50 miles
from home bank

Same as
branch bank

* * *

* * *

* * *

* * *

Wisconsin

No law

2*
18*
*Includes 4 bai ks by 1 o u t-o f
sta te H.C. acqi ire d p rior to
Federal Bank H, C. Act

Banned by law

* * *

* * *

No law

4

122

No law

* * *

* * *

1 domestic

7 banks

No law

Banned by
law - 3/12/63

3 o u t-o f-s ta te

26 banks

1 o u t-o f-s ta te

5 banks

Not answered

* * *

* * *

No law

* * *

* * *

No lim it on
lumber. Must
ie w ithin 300
f t . from bank

Permitted by
1904 law

* * *

* * *

* * *

Not answered

* * *

* * *

* * *

Wyoming

C h a rt A7o. 3
“ Does your state have a State Banking Board? If ‘Yes,’
how is it constituted, what are duties and authority?”

STATE

C olora d o

Yes

Kansas

M issou ri

W iscon sin

Wyoming

X

Bank ch a r te r s a re gran ted by Commerce Commission made up o f Bank
Comm, « s chmn.; S e c u r i t i e s Comm, as s e c v . , and I n s . Comm.
5 members a p p td . by G ov ern or, S enate c o n c u r r in g . A d v ise s Commiss­
i o n e r ; recommends changes in law; hears and determ ines ap p eals
from Comm, o r d e r s . May make r u le s from Bk. Comm, o f f i c e .

X

X

X

Nebraska

S o. Dakota

G overnor a p p o in ts an "A d v iso ry B oard" which i s co n su lte d
p e r i o d i c a l l y on m atters o f p e rs o n n e l.
k members a p p td . f o r 4 - y r . terms by G overnor on g e o g ra p h ica l b a s i s ,
p lu s Bk. S u p t. Board a c t s on d etached d r i v e - i n f a c i l i t y a p p i i c . ;
a p p roves a p p t. o f p e rs o n n e l, f i x e s s a l a r i e s , a d v is e s Bk. S upt.
9 members a p p td . by G overnor f o r 3 - y r . term s; 6 b an kers— 1 from
c i t y o f 1 st c l a s s , 2 from 2nd c l a s s , 2 from 3rd c l a s s , I a t la r g e ;
1 from fa rm in g, 1 from r e t a i l i n g , 1 from m an ufacturing.

X

Montana

No. Dakota

X

X

M innesota

G en eral D e s c r ip t io n
A u th o riz e d by law 7 /1 /5 7 . 7 members in clu d in g S ta te Bank Comm, as
Chmn. 6 men f o r 6 -y e a r term s. 4 b an kers— 1 from each Cong. D i s t . ;
2 la y members. 6 men a p p td . by G overnor. 3 D em ocrats. 3 R ep ublicans

X

I llin o is

Iowa

No

X

2 members p lu s S ta te Examiner f o r 5 -y e a r term s,
a p p o in te d by the G overnor.
3 members a p p td . t o 3 - y r . terms by G overnor. Has s u p e r v is io n o v e r
management o f a l l s t a t e ban ks; is s u e s c h a r t e r s ; s e t s c a l l d a te s .

X

X

X

Northwestern Banker, September, 1963

28

«

H a n k e rs K now

...

W illiam S.
President and Director
Chemical Bank ISeiv York Trust Company
New York Cittf
Set high goals and seek to reach
them as quickly as is possible.

A

ILLIAM S. (for Shryock) RENCHARD realized the brilliant
dream of his youth when he
became president in 1960 of the na­
tion’s fifth largest bank—Chemical
Bank New York Trust Company with
assets in excess of $5 billion.
Mr. Renchard’s advice to young
men to be earnest about their ca­
reers, to set themselves a high, far
goal and always consciously seek to
reach that goal as quickly as possible,
somewhat reveals the formula for his
attainment.
At 16, Bill Renchard entered Prince­
ton University and decided upon a
banking career. His aspiration to be
a banker was further compounded by
one of his professors. It seems that
Elliott Hugh Lee, then assistant vice
president and later vice president of
the National Bank of Commerce in
New York (1929 to 1960) and a Prince­
ton graduate, had an arrangement
with Professor of Economics, David
A. McCabe, that he would direct one
or two candidates from each gradu­
ating class to him for possible em­
ployment in the bank. Bill Renchard,
one of the selectees of the class of
1928, was nonplussed. To take ad­
vantage of his good fortune, would
mean a deviation from his plan which
was to do post graduate study for two
years at the University of Pennsyl­
vania, Wharton School of Commerce
and Finance.
Rationalizing the merits of on-thejob training, Bill Renchard joined the
staff of the National Bank of Com­

W

Northwestern Banker, September, 1963


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

merce. Two years after the merger
of the National Bank of Commerce
with the Guaranty Trust Company
(today Morgan Guaranty Trust Com­
pany), he moved to Chemical where
he has been ever since.
Started as Clerk

Mr. Renchard worked his way from
the bottom to the president’s chair at
Chemical. He started as a clerk in
the coupon collection department, rose
through the ranks, becoming an as­
sistant secretary in 1939 and assist­
ant vice president in 1941. During
World War II, from 1943 to 1945, he
saw active duty as a lieutenant, U. S.
Naval Reserve, and he also served as
a member of the Navy Price Adjust­
ment Board. Returning to Chemical,
he was elected a vice president in
1946, executive vice president in 1955
and president in 1960.
His business philosophy is keyed to
rendering at all times the best pos­
sible service to customers by being
knowledgeable and efficient in per­
forming every duty. This, combined
with a keen sense of humor, has made
him preeminent among his associates
and among bankers generally. His
success has brought him many re­
wards, not the least of which has been
an increase in salary every year since
joining Chemical in 1930.
Beginning in 1934, Mr. Renchard
went “on the road,” covering numer­
ous central and southern states. In
1955, when he was elected executive
vice president, he assumed the re­

sponsibility for the bank’s city-wide^
branch banking system, which today
consists of 112 offices.
World AVide Facilities

Chemical Bank New York Trust
Company was founded in 1824, and,
except for a Rip Van Winkle period <
from about 1892 to 1917, its growth
has peen spectacular. Progressive
management and strict adherence to
sound and “hard money” policies
throughout crises in the national
economy, such as the panic of 1857
which earned for it the nickname of
“Old Bullion,” are traditional char­
acteristics which today enable it t o 1
enjoy an enviable reputation. In ad­
dition to its extensive New York City
area branch banking network, it ha$
correspondent banks throughout the
world which maintain more than
50,000 offices and branches. Chemical
has a major London branch and rep-'1
resentative office in Paris and Mex­
ico City.
Bill Renchard was the younger of
two sons of the late John A. and Lil­
lian C. (Smith) Renchard. He was
born January 1, 1908 in Trenton, N. J.
His father, an insurance broker andi
a bank director, taught his children
to be ambitious, forceful, affable and
the qualities of probity and integrity^
Officer Material

Mrs. Renchard, affectionately known
BANKERS YOU KNOW . . .

(Turn to page 52, please)

29

In 88th Congress

Studies Sime
A et hm On
ihm h in ff R ills
Seventh in a Series Written for
The NORTHWESTERN BANKER
B y U. V. WILCOX
Political Analyst
Washington , I). C.

A
HILE progress on the consid­
erable number of banking bills
now pending is slow, a large
amount of preliminary work is under­
way, especially by the House Banking
Committee. For example, Chairman
JPatman (D. Tex.), has instituted a
series of studies, or investigations, of
how the supervisory agencies are op­
erating and what they are doing. He
has also introduced a bill or two, “by
request.”
In the latter category, one measure
entered would liberalize the lending
scope of national banks. A similar
fcill is already before the committee.
The new measure, which carries the
backing of the U. S. Treasury Depart­
ment, would permit national banks to
make up to 80 per cent loans and for
30 years on real estate. At present
they are permitted to make 20-year
Joans up to 27 per cent of appraised
value. Other provisions of the bill
would liberalize commercial loans on
timber land and increase from 10 per
cent to 20 per cent of capital or un­
impaired surplus as the maximum
loan to one borrower.

W

Hearings Set

By a margin of one vote the Senate
Banking Committee has authorized
hearings on Senator Paul H. Douglas’
truth-in-lending bill in several cities.
These were to start in New York in
jfnid-August; in Pittsburgh a few days
later and then in Louisville. In this
connection there are several truth-in­
lending bills pending in the House
and hearings have been promised by
a subcommittee there under the chair­
manship of Leonor K. Sullivan (D.
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Federal Reserve Bank of St. Louis

Mo.), but up to this writing no dates
have been established.
Senator Douglas, bill author, wants
to get “grass roots” opinions on his
bill and he believes that this can only
be obtained if the views of people in
major cities can be obtained by hold­
ing hearings at which they can testify.
The senator believes that his bill will
develop support as a result of these
nation-wide hearings.
As is well-known the American
Bankers As s o c i a t i o n opposes the
truth-in-lending bill, while the savings
and loan industry is split over its sup­
port of the measure. The mutual sav­
ings banks have in the past gone
along with Senator Douglas. The sev­
eral groups of finance companies with
headquarters in this city are bitterly
opposed to the measure. Included is
the Consumer Bankers Association
whose chief interest is in consumer
installment credit. There are rumors
that some commercial banks are will­
ing to support the proposal, and the
credit unions through their national
organization are for the bill, as is or­
ganized labor.
Book Planned

In addition to studies and surveys
by the House Banking Committee on
correspondent banking, a major study
by House Banking Committee Chair­
man Patman, will lead to the produc­
tion of a volume designed to spell out
the work of the three Federal super­
visory agencies. A chapter by each
of the agencies and other financial
groups is desired.
In a letter to the Federal Deposit
Insurance Corporation, Mr. Patman
asked for a “concise description of the

principal requirements and limita­
tions” imposed on them, together
“with similar information for the
financial institutions with which they
compete.” He has asked that these
chapters include no recommendations
for legislation. He submitted an out­
line for the several chapters and
asked them to adhere to it. He noti­
fied the agencies and the National
Association of Supervisors of State
Banks and the American Bankers As­
sociation of his plans.
Chapters no longer than 50 pages in
length should be in the hands of the
House Banking Committee by the end
of August he specified. It is evident
that with such a volume, the first of
its kind, there would be revealed any
overlapping of supervisory operations.
Committee Chairman Patman would
thus have before him a “bible” which
he hopes will help him and his com­
mittee in the passing on the plethora
of banking proposals now pending.
16 Chapters

There are to be at least 16 chapters
in this volume which would cover
state and national banks, insured and
non-insured banks, savings banks, sav­
ings and loan associations, credit un­
ions, consumer finance and sales, busi­
ness finance c ompani es, the small
business investment companies, pen­
sion funds, mortgage and life insur­
ance companies, casualty and invest­
ment companies, and trust funds.
Each chapter, Mr. Patman specified,
would have a section on reserves for
bank debt taxation. The latter would
BANKING BILLS . . .

(Turn to page 46, please)
Northwestern Banker, September, 1963

30

P a rt •i: D ynam ic
By M. C. GURG
District Manager
Bank of Rajasthan Ltd.
Jodhpur , India

(Ed. Note: Mr. Gurg is a 35-year-old hanker from, India
who has been studying American hanking methods the
past two years in Nebraska—the first year at Beatrice
National Bank, the past year at First National Bank &
Trust Company of Lincoln. In May he spent time in the
Continental Illinois National Bank & Trust Company of
Chicago, learning about international banking. Mr. Gurg
has written several reports on his work, as well as a book
that will give his fellow Indian bankers and government
authorities detailed information on the part played by the
American banking system in developing the United States
economy. In the two preceding issues of N orthwestern
B anker, Parts I and II of this series gave his summary
of “Potentials of American Policies,” “ The American
E co n o m y a n d “ The American Banking System.” In this
concluding installment he discusses “ U. S. Government
Cooperation” and “ Conditions in Indian Banking.” Mr.
Gurg completed his two years of studies at American
banks last month and he and Mrs. Gurg departed for
India August 18. They will spend some time in New
York, then will travel in Europe nearly four weeks and
will arrive home in Jodhpur (Rajasthan), India, by midOctober.)

fl. S. G o v er n m e n t C o op era tion
SMALL BUSINESS ADMINISTRATION
It is, therefore, such changes like the development of
new techniques, the change in outlook, etc., that have
enabled the banks to contribute continuously to the de­
velopment of the economy of the U.S.A. As a banker,
I feel very happy and elated when I hear and also see
personalty on the spot, that it has largely been the bank­
ing system which has during the last century developed
this country from a barren waste to a fertile and highly
industrialized country and raised it to its present pre­
eminent position in the world.
It was through the money lent by banks from time to
time, in lean as well as prosperous years, that big indus­
tries manufacturing all types of articles had expanded
year after year and are now flourshing. It was through
the assistance given by banks that small farms have
grown into medium-sized highly mechanized farms.
Again, it was through the very good work of banks in
creating buildings and houses through cooperative sys­
tem and by loans on mortgages that small towns became
ideal big towns.
Role of Government

In all this progress and achievement of the banking
system in the U. S. A. credit must also be given to the
Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

A id

A

contribution of the American government and the
American Bankers Association. The American govern­
ment has always endeavored to see to it that the private *
banking system is fully utilized for all its economic re­
quirements. For example, when the Small Business Ad­
ministration was created in 1953 to help small business,
one of the prime conditions which has been made by
government before advancing to any borrower is that no
loan would be granted unless it has first been refused by
a bank.
It will not be out of place here if I say a few words
about the Small Business Administration and what it
does. The Small Business Administration grants loanst
of two types: business loans and disaster loans. Business
loans are made to finance business construction, conver­
sion or expansion or the purchase of equipment, facilities,
machinery, supplies, or material; to supply working capi­
tal or as may be necessary to insure a well balanced
national economy. Disaster loans are made to rehabili­
tate businesses or homes damaged or destroyed by storms
or other natural catastrophes, or to aid businesses which
have suffered substantial economic injury because of se­
vere draught conditions.
The Small Business Administration, after processing
the loan, arranges with a bank or any other private credit
institution for advancing the capital needed by the small
business and guarantees to the bank an agreed portion
or the unpaid balance of the loan in case the loan is not
repaid. Thus, the Small Business Administration, which ^
is a government agency, utilizes the services of the banks >
and does not come in direct competition with them.

FEDERAL HOUSING ADMINISTRATION
Similarly, another important agency of the government
is the Federal Housing Administration which insures
programs for home finance, property improvement up to*
90 per cent of loss on individual loan. Thus, if a bank
advances a 20 year loan for owning a house or financing
alterations or improvements to existing houses to any
individual, the Federal Housing Administration would
insure the liability of the individual up to 90 per cent
of the unpaid balance to the bank. This also encourages
the banks to grant loans against properties.
i

BANKS’ HELP TO GOVERNMENT
The government, also at the time of the floating of new
loans, utilizes the banks’ services for accepting subscrip­
tions at their respective offices, and the funds collected
by the respective banks are kept there to the credit of^
government for some weeks. This encourages the banks
to attract as much subscriptions as possible; from the
public, since they can utitlize these funds until they are
drawn upon. Thus, the advantage of the government
funds is not restricted to any one bank, but distributed
amongst several banks.

31

m erieti 9s Growth
i

Yet, I speak to you with confidence based on my expe­
rience as a banker in this country that the basic condi­
tions of a growing economy are the same in India as they
were in the U.S.A. in 1930. It is in this context that I
am convinced by my study of the banking structure and
practices in the U.S.A. that in India we have to make a
choice for a banking structure modeled on that of the
U.S.A. When I say this, I have the declaration of our
National Government in mind that our country would ad­
here to a scheme of democratic planning and today India
is the only next largest country to the U.S.A. which up­
holds the spirit of democracy.
Features Adaptable to India

V

AMERICAN BANKERS ASSOCIATION
In the development of the banking system, like the
> U. S. Government, the role of the American Bankers
Association has also been valuable. It is one of the most
powerful bodies functioning in the U. S. A. and has at­
tained such an eminence that a bank can ill-afford not to
* be its member. It has over 15,000 members out of which
over 13,500 are American banks and the rest foreign
banks. The banks contribute to the finance of the Asso­
ciation in proportion to their capital and resources, but
the voting power is restricted to one vote for each bank
irrespective of its resources. Thus, there is practical
democracy in the management of the Association. The
A Association has the largest banking library in the coun­
try, runs schools for banking, issues useful literature and
periodicals, helps banks with technical and management
counsel, as well as in planning out advertisement and
pamphlets, investigation of frauds, building up of good
public relations, etc. Its services are particularly very
useful to the small banks, which being unable to afford
J an expert technical staff, fully draw upon the Associa­
tion’s assistance, and thus the small banks are helped to
play their rightful role efficiently and also run their in­
stitutions economically.

DEPOSIT INSURANCE
The other important factor which also assisted in creat­
ing confidence in building up bank deposits is the Deposit
> Insurance scheme created in 1933 to protect depositors
against loss resulting from failure of banks. The maxi­
mum insurance is up to $10,000 per account and the
scheme protects billions of depositors of over 14,000
f banks, the deposits of which are insured with the corpo­
ration. Though this insurance is not compulsory for all
banks, nearly 95 per cent of the deposits of banks in the
U.S.A. have been covered by it and the banks make a
statement in their advertisements and also place a board
outside their premises stating that their deposits are in­
sured with the Federal Deposit Insurance Corporation.

C on d ition s in Endian Elantiintj
i

I will now switch over from the American scene to the
conditions in the Indian banking world. It is needless
for me to narrate the traditional organization of banking
habits of the people which could compare with that of
the people of any of the advanced countries of today.
You are all familiar with the aspects of Indian indigenous
banking. While, therefore, I mention here the exhilerat> ing experiences of my visit to the U.S.A., I am deeply
rooted in the soils of our Indian conditions and I speak
with full awareness of the limitations and hurdles in the
way of development of India, of a banking system like
that of the U.S.A., or adopting banking practices and pro­
cedures suited to an advanced economy.

If we really mean to adhere to this system, then there
is need for urgent and hard re-thinking on the approach
to the problems of credit regulation in the scheme of
democratic planning and the structure of banking that
should be built to fit into the scheme. I would, therefore,
like to emphasize very briefly some of the features in
American banking which could be suitably introduced
to the system in India.
• I would refer to the scheme of industrial finance pro­
vided in the U.S.A. through the Small Business Adminis­
tration. In India, we could think more elaborately and
design a scheme of industrial finance through banks for
small industries and businessmen, under guarantee by
government.
• I would commend the system of disaster loans with
suitable modifications in this land of ours where natural
disasters are so frequent.
• I would also commend the introduction of consumer
credit. I believe that if the implications of consumer
credit are clearly analyzed, the suggestions for introduc­
ing consumer credit, though it may sound a little contro­
versial today, would not be found as such, since it would
not only serve as a cushion for inflationary pressures un­
der certain conditions through the diversion of funds to
production of goods in demand and short supply, but it
would also stimulate and keep up the tempo of produc­
tion.
• Another thing that I would commend is the develop­
ment of term loans and I am glad that steps have already
been taken in this direction by the starting of the Refi­
nance Corporation for assisting the development of in­
dustry by providing medium-term-credit facilities to aug­
ment the resources available for the use of medium-sized
industrial units in the private sector.
• The next thing to which banks should pay attention
is the starting of credit bureaus for the change of credit
information on the lines of the American banks as this
will also help in making better facilities available to the
customers of banks. It is very heartening to note that
steps for setting up a Credit Information Bureau have
already been taken up by the Reserve Bank of India and
one wishes that the sooner it materalizes, the better, as it
will be a milestone in the development of a healthy credit
structure in the country’s economy. I would urge the
commercial banks to give their wholehearted cooperation
to this scheme.
Before I conclude, I would like to say that the future
of Indian banking is very bright. However, in order to
make the banking service still more useful and dynamic
the role of banks in the private sector will require a fuller
study and the concept of banking and the correct determi­
nation of its functional scope will have to be reviewed.
DYNAMIC BANKING . .

.

(Turn to page 58, please)
Northwestern Banker, Septem ber, 1963


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

32

of B...

iOO Years
(Continued from page 25)
insurance of bank deposits was one of
the most stabilizing acts pertaining to
the banking industry.
T w o Main T h e m e s

Now, amidst all this panorama of
change, two closely r elated main
themes run throughout this history.
One has to do with the changing pat­
tern of Federal and state ascendancy,
and finally to the essential duality of
our banking system. The second is
concerned with the twin functions of
our commercial banks: those related
to money and those related to credit.
Two periods with a central bank,
an integral unit of the Federal gov­
ernment, punctuated the evolution of
our system. The different needs of
the more settled areas with their trad­
ers, financiers and manufacturers, as
opposed to the farming and frontier
interests, created d i v e r g e n t view­
points on the essential role for com­
mercial banks.
In our fast growing, young nation
the money and credit needs were so
pressing, and with so much heart and
daring to feed that growth it is not
surprising that no institutional pat-

tern could long endure unchanged.
Out of all this came the eventual de­
velopment of the national banking
system and a national currency to ex­
ist alongside the state banks. It
marked a great milestone and brought
us more effective free banking.
Subsequent experience led to the
formation of the Federal Reserve Sys­
tem. As we analyze all of these
changes, it gives us a keener apprecia­
tion of our ability to innovate and also
to help us to appraise the challenging
problems we face today.
What It Means

What does all of this mean to us to­
day? It means that over many, many
years the judgment and vision of
bankers have facilitated the expansion
of trade, industry and agriculture,
along with a shift from an agrarian
to a more urban society. Without our
flexible banking system it would have
been very difficult, if not impossible,
to develop such a great degree of pri­
vate ownership of homes, automobiles
and major appliances. One of today’s
newer needs—that of college student
loans—is being supplied by banks.
In spite of our occasional shortcom-

or

AFTER
the ABA Convention...

ings, which over periods of time al­
ways produced strenghtening changes,
one cannot review the history of
banking without a spirit of gratitude
that free enterprise and private in­
itiative have been given such scope
for action. Our past achievements, *
however, must not blind us to the
goals and potentials which beckon to
Public relations-wise, we have our
opportunity this year to put forth a
better image of the banking business.
We can tell our people that in countries where there is no privately
owned unit banking, they will find
that there is no middle class—-either
financially, socially or politically. In
other words, the individually owned
unit bank is typically American and
we should inform our non-banking
neighbors of this truth. Remember
the fact that of all the crafts, busi­
nesses or professions none more pro­
foundly affects the economic destiny
of the individual or community or the
nation than does banking. In other
words, unit private banking is the
symbol and essence of full enterprise.
It is your duty and my duty to spread
this gospel to all of our citizens.
Let us all remember that the image
of our banks is always the image of
ourselves.
Banking does present a challenge of
change. A good banker must serve
and shape. As we reflect on these in­
evitable changes we must orient our­
selves so that any change or rate of
change may not cause us to flounder
in our responsibilities. As bankers,
I do not think we should build too
strong a perimeter around our finan­
cial disciplines.
Yes, banking is one of the inspiring
stories of America, a story of people
working together creating an econ­
omy that is the envy of the world.—

t

^

*.

L

End.

Correction

PLAN TO VISIT OUR OFFICE at 100
Park Avenue, New York City— one block
south of Grand Central Terminal.
Plan to see our 1963 Marketing Program
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Northwestern Banker, September, 1963


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

(Makers of Imprinters and Encoders)

In featuring the executive changes
for the Bank of New York on page
8 of the August N orthwestern B anker,
a p i c t u r e of
Charles M. Bliss,
vice president of r
the Harris Trust
and S a v i n g s
B a n k , Chicago,
was published in
error. T h e pic­
ture of Charles
M. Bliss, chair­ A
man of the board
c. m . b l i s s
°f the Bank of
New York, shown
here, is the one that should have ap­
peared in the story.

33

T e lle rs han d le a ll types of tran sactio n s at an y
w indo w with N C R 42 “ A ll-Pu rp o se " T e lle r m achines.

Posting of checking accounts by two Fully-Automated
N CR P O S T -T R O N IC * m achines is virtu a lly unattended.

W au kesh a State Bank w as the second bank in the United States to in sta 11 the new N C R 450 Proof-Transit M ach in e . C a rl T a y lo r, President
and Don T a y lo r, Assistan t V ice President discuss the e a se of op e ratio n and smooth work flow from tellers through proof and distrib utio n.

"WHY WE CH O SE NCR BANK EQUIPMENT!”
WAUKESHA STATE BANK, WAUKESHA, WISCONSIN
"In the nineteen years we have served
our growing community as ‘The Bank of
Friendly Service,' our deposits have risen
to nearly $20 million with a constant in­
crease in business activity.
"Through most of these years, we have
used N CR bank equipment to process
our accounting work. W e know that
N CR system s-designed units p rovide
simplified ease of operation, and have
unusual durability and high productivity.
"W e rely on the N CR 'know-how' in

the installation of efficient bank system
procedures, and the personal interest
shown by N CR representatives and serv­
icemen when new equipment is installed.
"W e use two N CR 450 Bank Proof
Machines, two Automated N CR POSTTRONiiC Machines, 11 N CR 42 Teller
Machines in banking floor and drive-in
facility, and one standard NCR POSTTR O N IC on internal Bank Multiple-Duty
posting work, plus other NCR peripheral
units.

“ Customers appreciate our efficient
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use of N CR bank equipment, our officers
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Carl Taylor, President
Waukesha State Bank

^Trademark Reg. U.S. Pat. Off.

NCR

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T O T A L S Y S T E M S - FROM

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REGISTERS OR ADDING

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F IN A L

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T h e N a t io n a l C a s h R e g is t e r C o . *1,133 o f f ic e s in 120 c o u n t r ie s • 7 9 y e a r s of h e lp in g b u s i n e s s s a v e m o n e y


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Federal Reserve Bank of St. Louis

N

C

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Northwestern Banker, September, 7963

34

D isp la y I nusual T ra d e Cards
**K
•n
U|Imjw
r» «*»
B
C O IN
H A N D L IN G
S U P P L IE S

by

F E D E R A L
B I L L

S T R A P S

N O S T A L G IC D IS P L A Y w hich contains several hundred a d v ertisin g trade cards w hich
w ere used in the 1880’ s, is cu rrently b ein g featu red in the cen ter lo b b y o f H arris Truslf
and Savings Bank, Chicago. M r. Lester A . W ein rott, righ t, ow ner o f the exh ibit, is
exp lain in g the display to M r. W illiam O. H eath, v ice chairm an o f the board, and M iss
D onna Stone, staff m em ber o f the bank’ s pu blic relations departm ent.
Trade cards came into prom inence as a n ational a dvertisin g medium in the mid-19th
century, the result o f a tech n ologica l break-through in color lithography. The cards
were used b y m anufacturers and m erchants to advertise products ran ging fro m sew ing
goods to stoves, patent m edicines to organs, w igs to tob a cco.

Made of the best quality
Kraft paper, so strong it
will not break in a straight
pull. Breaking strength 70
lbs. persq. in.With inverted
and r e v e r s e d f i g u r e s
instantly d isclosing value
of package on top edge or
bottom.

____________________________________________________________________________A

ABA CONVENTION . . .
(Continued from page 23)

" S T E E L - S T R O N G ” is the only Bill Strapw hich
regularly delivers currency to Federal Reserve
Banks in unbroken packages. In 11 Colors.

and Currency Committee; United
States Representative from New
York.
Address — David Rockefeller, presi­
dent, The Chase Manhattan Bank,
New York, N. Y.

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denom inations of coins.

MONDAY, OCTOBER 7
National Bank Division
Constitution Hall—2 p.m.

Address of the President — Paul M.
Jones; president, National Bank Di­
vision, The American Bankers As­
sociation; president, Old Phoenix
National Bank.
Address—Mortimer M. Caplin, Com­
missioner of Internal Revenue, De­
partment of the Treasury, Washing­
ton, D. C.
Remarks — The Honorable James J.
Saxon, Comptroller of the Currency,
Washington, D. C.

WRAPPERS

D ueto unique construction,
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Symm etrically packed 1,000
to a carton with the crimped
e n d s t u r n e d o n e way.

Trust Division
Congressional Room, Statler Hilton
Hotel—2 p.m.

I

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Northwestern Banker, September, 1963


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

Address of the President—LeRoy B.
Staver, president, Trust Division,
The American Bankers Association;
executive vice p resid en t, United
States National Bank, Portland, Ore.
TUESDAY, OCTOBER 8
First General Session
Constitution Hall—9:15 a.m.

Presiding—M. Monroe Kimbrel, presi­
dent, The American Bankers Asso­
ciation; chairman of the board, First
National Bank, Thomson, Ga.
Address of the president.

Report—Official Acts and Proceedings
of the Executive Council.
Report of the Nominating Committee
and election of officers.
“ Centennial Report”—Ben H. Wooten,
chairman, Centennial Commission.^
The American Bankers Association;
chairman of the board, First Na­
tional Bank, Dallas, Tex.
Address—The Honorable C. Douglas
Dillon, Secretary of the Treasury,
Washington, D. C.
WEDNESDAY, OCTOBER 9
Second General Session
Constitution Hall—9:15 a.m.

i

Presiding—Mr. Kimbrel.
Report of the Resolutions Committee.
Address — The Honorable A. Willis
Robertson, chairman, Senate Bank­
ing and Currency Committee, Lex­
ington, Va.
Inauguration of officers.
^

Savings Bond Sales
Gain in First Half
Despite a tapering off in June, U. S.
Savings Bonds sales showed a 10.5 per
cent gain for the first six months of
1963, the Treasury reported. Figures”
for states in the Northwestern Banker
area are as follows:
(Shown in thousands of dollars)
Jan.-June Jan.-June Percent
1963
1962
Change
. .18,027 18,069 — 0 .2

Colorado .......
Iowa .............. . .63,114 60,439
Minnesota . . . . . . 33,562 32,306
Montana ....... . . 9,236 8,838
Nebraska ....... . .46,252 42,982
North Dakota . .. 9,562 8 ,1 1 0
South Dakota . . . 1 2 , 0 1 2 11,682
Wyoming .. .. . . 3,742 4,009

+

4.4

+

3 .&

4.5
7.6
+ 17.9 ,
+

+

+ 2 .8
— 6.7

35

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Northwesfern Banker, September, 1963


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

36

¿ t i l t h

A

n

n

u

a

l

N

A B A C

M in n e a p o lis — S e p te m b e r I B - I B

F. B. M IL L E R

J. E. BURGES

R. W . F ISCH ER

Sunday, September 15

A.M.
10:00 Registration and exhibits.
12:30 Buses leave Hotel Leamington for ball game (Yan­
kees vs. Twins)—optional activity.
P.M.
6:00-7:30 Early Bird Reception—Hotel Leamington.
Monday, September 16

A.M.
10:00 Minneapolis Auditorium—Exhibits open 8 a.m.-6
p.m.
Call to Order — Julius E. Burges, president,
NABAC; vice president and comptroller, The Citi­
zens and Southern National Bank of South Caro­
lina, Charleston, S. C.
Invocation — Rev. Reuben K. Youngdahl, Mount
Olivet Lutheran Church, Minneapolis, Minn.
Address of Welcome—Honorable Arthur Naftalin,
mayor, City of Minneapolis.
Response—David Cooke, immediate past president,
NABAC; vice president and controller, Zions First
National Bank, Salt Lake City, Utah.
Introduction of Keynote Speaker — Robert W.
Fischer, chairman, General Convention Committee;
vice president, First National Bank, Minneapolis,
Minn.
Keynote Address — Dr. John Nason, president,
Carleton College, Northfield, Minn.
Address—Hugh C. Lane, chairman of the board,
The Citizens and Southern National Bank of South
Carolina, Charleston, S. C.
P.M.
2:00 General Session — West Hall, Minneapolis Audi­
torium.
Presiding — Henry J. Rohlf, first vice president,

M . M . CAPLIN

NABAC; vice president, Morgan Guaranty Trust
Company of New York, New York City.
i
Address—“Pressing Problems of the Day in Tax
Administration,” Mortimer M. Caplin, Commis­
sioner of Internal Revenue, United States Treas­
ury Department, Washington, D. C.
3:00 Section A—Auditors and Automation—Stage. Pre­
siding, Henry J. Rohlf, first vice president,
NABAC; vice president, Morgan Guaranty Trust A
Company of New York, New York City.
R. Coleman Egertson, chief national bank exam­
iner, United States Treasury Department, Wash- 4
ington, D. C.
L. R. Moeller, assistant secretary, St. Paul Fire
and Marine Insurance Company, St. Paul, Minn.
3:00 Section B—NABAC Teller Study—West Hall. Pre- v
siding, Herbert M. Wayne, treasurer, NABAC, ex­
ecutive vice president, North Carolina National
Bank, Charlotte, N. C.
Panel:
Roland Sullivan, assistant vice president, First Na­
tional Bank, Minneapolis, Minn.
Robert H. Long, NABAC Research Institute.
6:30 Buses leave for Monte Carlo night dinner party at
Prom Ballroom, St. Paul.
^
Tuesday, September 17

A.M.
10:00

Minneapolis Auditorium — Exhibits open 8 a.m.7 p.m.
(Split Sessions)—West Hall.
Section A—Personnel—Fall 1963. Presiding, Ar- m
thur P. Ringler, director at large, NABAC; senior
vice president, Chemical Bank New York Trust
Company, New York, N. Y.
Panel:
McCoy C. Campbell, chairman, Personnel Adminis­
tration Commission, NABAC; second vice presi­
dent, First National Bank, Atlanta, Ga.
y
Robert M. Cheston, vice president, Maryland Na­
tional Bank, Baltimore, Md.
Otis Brown, assistant vice president and training
director, Bankers Trust Company, New York, N. Y.
Section B—Profiting From Your Inter-Bank Rela­
tions—Stage. Presiding, Warren P. Gray, Director
at Large, NABAC; vice president and comptroller, 4
Third National Bank, Nashville, Tenn.
Panel:
Robert B. Silleck, vice president, First National

DYNAMIC BANKING . . .
J. R. F IT Z G IB B O N

J. W . N A SO N

Northwestern Banker, September, 1963


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

L. R. M O E L L E R

R. B. SIL L E C K

(Turn to page 56, please)

.fi
.

FARM ERS & MECHANICS SAVIN GS BANK

,o r * h e ir
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e d u c a tio n

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VICE PRESIDENT, FARMERS & MECHANICS SAVINGS BANK
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P E C O

M c C L I N T O C K

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Federal Reserve Bank of St. Louis

38

h ist ht*ISA C onvention d a n s
R. WILLIAM HANEY of North­ First Westchester N a tion a l Bank,
western University is to be the New Rochelle, N. Y., and Mrs. Wilma
L. Pickert, United California Bank,
featured speaker at the morning ses­
sions at the 48th annual convention of Beverly Hills, Calif.
the Financial Public Relations Asso­
ciation. The convention will be held Wisconsin Promotions
at the Biltmore Hotel in Los Angeles,
Roy H. Kolster and Christoph H.
November 11-14.
Guenther were named assistant vice
Twenty-one clinics are scheduled presidents of the First Wisconsin Na­
during the four days, and members tional Bank. The announcement was
will have an opportunity to attend ad­ made by Joseph W. Simpson, Jr., pres­
ditional meetings featuring public re­ ident.
lations discussions on commercial de­
Mr. Kolster, who started at the First
velopment, installment credit, staff Wisconsin in 1926, has worked in the
relations, savings and mortgages and bank’s Credit Division since 1934.
trust development.
Mr. Guenther, assistant manager of
A special Club Car Clinic is being
arranged again this year. Delegates
can obtain further details on this
phase of the convention by writing to
M ile s t o n e
Don Smith, vice president, First Na­
tional Bank, Kokomo, Ind.

D

NABW Scholarship Award
Five outstanding women bank ex­
ecutives have been nominated for the
National Association of Bank Women
Scholarship award, which will enable
one of them to attend one of the na­
tion’s graduate banking schools.
The award winner will be an­
nounced at the annual convention of
the National Association of Bank
Women in Bal Harbour, Fla., October
20-24. The nominees are:
Miss Gloria A. Corry, The Central
Trust Company, Cincinnati; Miss Ma­
rie C. Flowers, Woburn National
Bank, Woburn, Mass.; Mrs. Margaret
S. Kindred, The Citizens Bank, Ham­
ilton, Ohio; Miss Marjorie Peyser,

100 M IL L IO N IT E M S have been
processed in new V a lley N ational
B an k’ s operation cen ter in P h oenix.
Carl A . Bim son (r ig h t), v ice ch air­
man o f bank, presents illum inated
scroll to W . C. H ornberger, pion eer
P h oen ix resident and retired u tility
execu tive. M r. H orn b erger’s cheek
represented the 100 m illionth item.

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Northwestern Banker, Sep tem ber f 1963


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

Elect Senior Officers
Homer J. Livingston, chairman of
The First National Bank of Chicago,
announced that the bank’s board of
directors elected Christopher W. Wil­
son an executive vice president and
conferred the title of senior vice pres­
ident on Thomas J. Butler, Clarence
R. Eichenberger, Ray H. Matson,
James Snydacker, Pressly L. Steven­
son and Horace O. Wetmore.
Mr. Wilson joined The First Na­
tional in 1951 as counsel after legal
practice in New York and Paris. He
has been senior vice president and
general counsel and now assumes
new executives duties in the general
management of the bank.
George B. Rogers was elected Mr.
Wilson’s successor as the bank’s vice
president and general counsel. Mr.
Rogers has served in the law depart­
ment.
Mr. Livingston also announced the
intention of Glenn M. Forgan to re­
tire September 30 under the rules of
the bank’s pension plan. Mr. Forgan
has been head of the bank’s petroleum
division and has become nationally
known in developing the bank’s rela­
tionships with the petroleum industry.
Alvin C. Johnson will succeed Mr.
Forgan as vice president in charge of
the petroleum division.

Bank Sponsors
Concerts in the Park

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the International Banking Division,
started at the First Wisconsin in 1951
and worked as a credit analyst before
joining the International Banking Di­
vision in 1959.

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4740 N R A V E N S W O O D A V E
•
C H IC A G O 40. IL L .
S A L E S A N D S E R V IC E IN A LL P R IN C IP A L C IT I E S

Manufacturers Hanover Trust Com­
pany has just completed sponsorship
of two “Concerts in the Park,” featur­
ing the 50-piece Seuffert Band in
lunch-hour performances under the
trees at Madison Square Park, New
York City.
Each performance drew audiences
of about 6 ,0 0 0 , representing perhaps
three lunch hour periods. The con­
certs began at 12 noon and ended at
1:45 p.m.
Promotion of the concerts was con­
fined to the Madison Square area
where Manufacturers Hanover has
three branches. Each branch distrib­
uted small shopping bags bearing the
legend: “ I’m enjoying lunch today at
the Concert in the Park” and the
bank’s signature. Bank customers and
Madison Square area workers were in­
vited to bring their lunch to the park
in the small shopping bags and eat
to the strains of lively band music.

It ’s always a good idea.
The broad experience of these men in the analysis of bank
portfolios can help your diagnosis. Th is is one way we help
our correspondents. W e’d like to help y o u !
P o r tfo lio

n e e d

c h e c k in g ?

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

111


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

WEST MONROE STREET—CHICAGO 90
Northwesteyn Banker, September, 1963

40

the kit are suitable in social studies
and economics courses.
To meet the many requests from
other state banking associations and
organizations such as the American
Bankers Association, the CBA will
consider the use of some of the kits
in displays.

Honor Paul C. Jones
The stockholders of Cummins-American Corporation recently paid tribute
to the 40 years of service of their
president and chairman, Paul C. Jones,
at a luncheon in connection with their
semi-annual meeting in Chicago.
Cummins-American is a privately
held company controlling A.S.C. Cor­
poration, an Indiana sales finance and
loan company (which was the original
company), Glenview State Bank, and
several m a n u fa c tu r in g concerns.
These include Cummins-Chicago Cor­
poration, a Chicago business machines
manufacturer; Protectu Bank Note
Corporation, a Chicago check printer,

O U T ST A N D IN G CH O ICE
H V

r»c

n iiTC T A K in iM r.

q a m l

/cdc

TH
EFARMPICTU
RE
SELLS . . .
Full Service Banking . . .
Your Bank . . .

YOU . . .
Get full PR Power with your public
relations and advertising dollars. Send
the whole FARM PICTURE—4-pages
of farm outlook, management, income
tax guides, estate planning and much,
much more—PLUS a banker’s point
of view! Let your farm customers see
a copy of THE FARM PICTURE and
they will tell you how you can invest
your budget to best advantage.
Write for the PR Power brochure.
It tells all about the Preference Rat­
ing SURVEYS and how you can give
your farm customers a chance to tell
you how much more they would appre­
ciate the whole FARM PICTURE.
Every heading is especially designed
to carry the good image of your bank
to your customers. Sold on an exclu­
sive territory basis. Complete address­
ing and mailing service available.

the FARM PICTURE
DEPT. 37, P. O. BOX 221, URBANA, IL L IN O IS
N orthw estern

Banker,

Septem ber,


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

1963

B of A Municipal Promotions

O IL P O R T R A IT o f his w ife , M ary, was
presented to Paul C. Jones b y stockholders
o f Cum m ins-Am erican C orporation in Chi­
cago recently.

and Allison Coupon Company Inc., a
specialized printing firm in Indianap­
olis whose chief product is payment
coupon books.
At the luncheon, before the princi­
pal purpose of the gathering was re­
vealed, the heads of the various prop­
erties reported to the stockholders
and their wives on performances and
future prospects. Then Paul Jones
was presented with an oil portrait of
his wife, Mary, and a poem written
for the occasion by J. R. Latchaw, ex­
ecutive vice president of Glenview
State Bank.
At the close of the luncheon, the
stockholders present, all of whom
were officers or employees of one of
the properties, toured Glenview State
Bank and the plant of Cummins-Chi­
cago Corporation.

Students Learn Banking
California banks will introduce a
teaching resource unit in the 650
California high schools and state col­
leges this fall, as part of a $1 0 0 ,0 0 0
program to update one phase of pos­
sibly obsolete business instruction . . .
that of banking.
The California Bankers Associa­
tion’s unit—“The How and Why of
Banking”—will be among the new
tools used to educate a record of 4.8
million pupils that will enroll in an
ever-changing California school sys­
tem this fall.
The unit contains a Teacher’s Guide
(105 pages) in a loose-leaf binder, four
full-color film strips, fourteen 58 by
30 inch wall charts coded to the guide
and enough workbooks and final ex­
aminations for every student in the
class.
The kit stands three feet. It consists
of nine sessions, either to supple­
ment or update the text used in the
course, and may also be used as a
separate self-contained unit for a one
or two-week presentation. Portions of

Two promotions in Bank of Amer­
ica’s municipal bond department were
announced by S. Clark Beise, presi­
dent.
Lawrence H. Prager, head of the in­
vestment banking section, has been
appointed vice president, and Glenn
N. Cremer in charge of underwriting
for the last two years, advances to
assistant vice president.

G. CR EM ER

L. H. PRAGER

Mr. Prager has spent his entire ca­
reer with Bank of America in the
bond department. A graduate of Stan­
ford University, he joined the bank as
a municipal bond analyst in 1936.
Mr. Cremer joined Bank of America
in 1953 following graduation from the
University of California at Berkeley.
Selected for special training with the
bank’s officer development program,
he filled assignments at various of the
bank’s branches and was promoted to
assistant cashier in 1955.
Two years later he came to the San
Francisco Head Office as administrative operations assistant in the mu­
nicipal bond department, and was
placed in charge of underwriting in
1961.

Lawrence Kempf Retires
Lawrence A. Kempf has retired from
The Northern Trust Company, Chi­
cago, where he was a vice president
in the banking department. He had
been with the bank for 40 years, hav­
ing started in the bond department
in 1922.
Widely known in banking circles,
Mr. Kempf for many years has called
on banks throughout Illinois. He is
a past treasurer and past member of
the executive committee of the Illi­
nois Bankers Association. He is a
graduate of the University of Penn­
sylvania.

* MEANS "MERCANTILE -HOSPITALITY AWAITS YOU
Meet qour Men from Mercantile at the
A

B

A

C

O

N

V E N

C H IN E S E

R O

T IO
O

N

M

Maqflow/er Hotel, Washington D.C.

SA/NT LOU/S, MO.
M EM BER
F. D. I. C.

Northw estern


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

Banker, Septem ber,

1961

42

town, Pa., Mr. Olson also has been
elected to the board of directors for
the Central National companies.

List Management Change
Two management changes for The
Central National Insurance Group of
Omaha were announced by Clarence
L. Landen, chairman of the board.
Clarence L. Landen, Jr., has been
elected vice chairman of the board for
the Central National Group, and Mau­
rice G. Olson has been elected presi­
dent of The Central National Insur­
ance Company and The Protective
National Insurance Company and vice
president of The Central National Life
Insurance Company.
Clarence L. Landen, Jr., formerly
was president of the Central National
and the Protective National compa-

Ease G.I. Loan Rules

M . G. O L SO N

C. L. L A N D E N , JR.

nies. As vice chairman of the board,
he succeeds J. Earl Thompson, who
recently retired.
Formerly president of The Stuyvesant Insurance Company of Allen-

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Northwestern Banker, September, 1963


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

th a t

W h o c a n a f f o r d to b e

S n A u A a n oL

A

Diehold Earnings Up

lo w .

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w e

e tc .

* * * *

fa m ily

not

c lie n ts ,

Lung,

C h a ir ,

Security First National Bank, Los
Angeles, announced it has made ar­
rangements for the construction of
a $4,000,000 nine-story bank, office
building and parking structure in
downtown Santa Ana with Carter
Company Contractors & Developers.
The facility will serve as the bank’s
main Santa Ana office and will be
known as The Security Bank Build­
ing.

T r a n s p o r ta tio n

in g u ir ie s .

â

of

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have

and

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S e r v ic e

T r a n s fu s io n s

s ta n d in g .

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P O L IC Y .

no

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in d iv id u a l

resp ect

or

M e d ic a l

A m b u la n c e

in c lu d e d

cost

C are

S u r g ic a l C a r e

C ancer

c o sts

New Nine-Story Bank

H o s p ita l

D ru g s a n d M e d ic in e s

at a g e

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w e ll

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D IS E A S E

G e ttin g

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Under certain conditions veterans
who have used their G.I. loan guar­
anty benefits may have their eligibil­
ity restored.
Eligibility may be restored for
World War II veterans up to July 25,
1967, and for Korean Conflict veterans
to January 31, 1975.
Restoration eligibility conditions:
If the veteran is forced to sell his
home because of health, employment
or other “compelling reasons.”
If his property is taken by a gov­
ernment agency for public use.
If his property is destroyed by a
natural hazard.
If in service and transferred by
military orders and disposes of his
home.
If he disposes of his home and
moves to another town because of “a
new and better job.”
The VA must be released from lia­
bility on the veteran’s original prop­
erty.

Com pany—

S i n c e

1 9 0 7

After-tax earnings for the first six
months of 1963 for Diebold, Inc., Can­
ton, Ohio, were
$1,153,192. T h i s
was 16 per cent
higher than the
comparable
peiod of 1962.
R a y m o n d
Koontz, president,
reports that the
current trend of
incoming orders,
the present sub­
R. c . K O O N T Z
stantial backlog
of unshipped orders, and the efficien­
cies now being felt as a result of
capital expenditures make the out­
look for the balance of the year
favorable.

h
A.I

problem in Colorado
(a large or complex loan)

solution in New York
(through Chase Manhattan)
W hen a Colorado banker . . . or any banker . . . is confronted with the problem of
making a loan of exceptional size or meeting unusual borrower requirements, he’ll
often find Chase M anhattan ready, willing and able to participate with red-tapecutting speed. Acting as the bankers bank, The Chase can thus serve to expand
any bank s usefulness to its community. In all areas of correspondent service,
Chase Manhattan specializes in being an efficient extension of your own bank.
W herever you are, whatever your correspondent banking need, call on Chase
Manhattan, New York. Rem em ber—
Most U .S. banks that have named a New York correspondent rely on
the people at Chase Manhattan

TH E CH ASE M A N H A TTA N BAN K
1 C h a s e M a n h a t t a n P la z a , N e w Y o r k l 5, N. Y.


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

f t

Member Federal Deposit Insurance Corporation
Northw estern

Banker,

Septem ber,

1963

44

S tu te S u p ervisors to M e e t
A t H isto r ie W iliiunisbnrfl
Registration will be held Tuesday,
WO senators, a governor and the
new chairman of the Federal De­ October 1. There will be general ses­
posit Insurance Corporation will ad­sions Wednesday and Thursday and a
dress the delegates to the 1963 annual closed business session Friday. A rec­
convention of the National Associa­ ord attendance of more than 400 state
tion of Supervis- supervisors, Federal officials, bankers
and guests is expected.
ors of State
Senator A. Willis Robertson (D.Banks.
The 62nd meet­ Va.), and chairman of the Senate
ing of this associ­ Banking and C u rren cy Committee,
a tion fo r state- will speak at the Thursday morning
chartered b a n k ­ session.
Senator Milward L. Simpson (D.ing will be held
in historic W il­ Wyo.), will present the feature ad­
liamsburg, the re­ dress at the annual banquet, Thurs­
day evening.
sto re d c o lo n ia l
Governor Albertis S. Harrison, Jr.,
c a p ita l o f V ir­
ginia, October 1-4. of Virginia will give the welcoming
N. E. H A R T W E L L

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Us

for

Septem ber,


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

Sa m p le

1963

Sheets

and

In fo rm a tio n

address Wednesday morning.
Joseph W. Barr, assistant to the
Secretary of the Treasury, and Presi­
dent Kennedy’s designee as FDIC
chairman, will also speak Wednesday
morning. Mr. Barr is expected to as­
sume the FDIC chairmanship just
prior to the opening of the NASSB
convention.
Edwin P. Neilan, president, United
States Chamber of Commerce, and
chairman, The Bank of Delaware,
Wilmington, will appear on the Thurs­
day program.
Other featured speakers are Wil­
liamsburg Mayor H. M. Stryker; in­
coming American Bankers Association
President William F. Kelly, president,
The First Pennsylvania Banking &
Trust Company, Philadelphia; R. Stew­
art Rauch, Jr., president, The Phila­
delphia Saving Fund Society, and
president, National Association of Mu­
tual Savings Banks; G. Russell Clark,
former New York State Superintend­
ent of Banks, and chairman, Commer­
cial Bank of North America, New A
York City, and Julius E. Burges, vice
president and comptroller, Citizens
and Southern National Bank of South
Carolina, Charleston, and president of
NABAC, The Association for Bank
Audit, Control and Operation.
The traditional feature of Wednes­
day’s opening session will be the ad­
dress of the outgoing NASSB presi­
dent.
President Norris E. Hartwell, who
is also Wyoming State Examiner, will
review his year in office. He also will
introduce the work of the Associa­
tion’s State Bank Evaluation Commit­
tee.
The top-level, 29-member committee
is preparing a lengthy report on cur­
rent banking problems. The report,
expected to be released to the public
later this fall, reflects both the think­
ing in the special banker committee
and 2,500 state banks which earlier
this year responded to a lengthy Opin­
ion Poll.

New Minimum Wage
Banks are reminded that the mini­
mum wage will increase to $1.25 an
hour on September 3, 1963.
The Wage and Hour Division has
issued a tentative decision, effective
September 3, requiring executive and
administrative employees to be paid
at least $100 per week. Professional
employees $115 per week, and employ­
ees exempt under the so-called short
test, $150 per week. A revision in
these changes is being sought. Banks
will be advised of the final decision as
soon as it is made. The minimum
wage, however, is not affected and
will increase to the $1.25 per hour
September 3.

4

William C. Ladd, Vice President, International Banking Department ( Photo by Inge Morath J Magnum)

What else did William Ladd bring back from Africa?
He returned with this carved statue from
Tanganyika. He also brought back an inti­
mate knowledge of the current picture in
A frica—an invaluable asset to you and your
customers doing business abroad.
He is one of our men who concentrates on
bringing you detailed information concern­
ing business and political life around the

B A N K E R S
Dßankers Trust Company 1963


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

T R U S T

world. Through Bankers Trust, your cus­
tomers are not only provided with letters of
credit, introductions, and all the services
they will need abroad but, through these
men, a thorough knowledge of local condi­
tions. Bankers Trust enables you to offer
your customers the advantages of a fully
staffed, experienced International Banking
Department.

C O M P A N Y

N E W YORK

Member Federal Deposit Insurance Corporation

46

U

a n k h i ff

I

. . .

(Continued from page 29)
be supplied by the Internal Revenue
Service.
As of June 30, the Committee had a
fund of $187,000 for this and other
projects. This includes additional ma­
terial on chain and holding company
banking which is yet to be issued.
Recap of Bills

There are a growing number of
pending banking bills. Most of them
are before the House Banking Com­
mittee. A run-down of the more vital
measures to banking follows:
A bill to provide Federal charters
for Mutual Savings Banks was en­
tered early in the year. In fact there
are two bills, somewhat identical, one
a revision of the other. Representa­
tive Multer (D.-N.Y.) supports Feder­
al charters for the Mutuals. In fact,
the bills which he has entered are
semi-official in that the National Asso­
ciation of Mutual S a vin gs Banks
helped in their writing. Also several
savings and loan officials aided. How­
ever, there has been no committee ac­
tion, although at one time Congress­
man Multer, who heads a subcommit­
tee of the whole House Banking Com­
mittee, called for hearings. It is un­
derstood here that the NAMSB asked
that such hearings be postponed.
Committee Chairman Patman has
not disclosed his position, but in com­
ments during hearings, he has been
critical. The bill has not been entered
in the Senate, and Senate Banking
Committee Chairman Robertson has
said nothing as to his attitude. The

ABA is opposed. The savings and
loan industry tends to support the
measure as offering a “bridge” which
would bring the mutual savings banks
within the Federal Home Loan Bank
System. As the situation now stands
it is doubtful that the bills now be­
fore the House Banking Committee
could pass. Without hearings, the un­
decided vote would be determinative.
Loan Limit Bills

The two bills which would increase
national bank loan limits, including
the most recent entry, are backed by
the T rea su ry , and specifically by
Comptroller of the Currency Saxon. It
is, in fact, his bill, and also is an Ad­
ministration bill. This argues strongly
for passage, either in this session or
next. Representative Patman said that
he was neither for, or against the bill,
yet he introduced it. A box score on
the measure would presumably give
the Saxon bill a majority in each bank­
ing committee. Democrats wouldn’t
wish to vote against an Administra­
tion measure and Republicans gener­
ally have supported Comptroller Sax­
on.
S en ator Douglas’ truth-in-lending
measure, if it came to a vote now,
would be close, both in the Senate and
the House committee. The White
House favors it. Senator Douglas is
a strong propagandist. He is offset
somewhat by Senator Wallace F. Ben­
nett of Utah, who has consistently op­
posed the bill and has often ridiculed
it. Representative Sullivan of Mis­

AND LIGHT COMPANY

an investor-owned
electric and gas company
serving the heart of Iowa
for more than a century

souri would be for it with Represent­
ative Gonzales of Texas and Represen­
tative Eugene Siler of Kentucky and
Representative W. E. Brock of Ten­
nessee are unwilling to commit them­
selves.
Senators Edward V. Long of Mis­
souri probably would vote for it and
Tower of Texas is against it, with Sen­
ators L. Simpson of Wyoming and
Peter H. Dominick of Colorado uncom­
mitted. A vote would be close and
probably favorable by a small margin.
The bills to raise insurance limits of
the Federal Deposit Insurance Cor­
poration and the Federal Savings and
Loan Insurance Corporation had a
limited hearing before a House Bank­
ing Subcommittee. This, however,
was before Treasury Secretary Dillon
presented his standby control fea­
tures, designed to be a part of the
proposed increase as a safety device.
It was Secretary Dillon who proposed
the $15,000 rather than the $25,000 ceil­
ing on insurance.
Standby Controls

The savings and loan industry im­
mediately announced that it opposed
all standby controls over dividends
and required reserves. While the
banking industry generally is not op­
posed to the $15,000 ceiling on insur­
ance, there is no enthusiasm for any v
increase. The airing of views during
a House subcommittee hearing found
the Reserve Board undecided and the
ABA opposed.
In general, liberals on the commit­
tees are for the measure, but there is
small likelihood that Congress w i h -)
raise insurance limits on the savings
and loan industry and also an equal *
amount for banks. There is the ele­
ment of competition. A vote at this
time within either the Senate or the
House co m m itte e would foredoom
these bills.
'r
Representative Patman is a partisan
of the savings and loan industry and "*
during early hearings he tended to
favor a $25,000 insurance ceiling. His
position seems likely to have shifted
as a result of the standby controls
proposed. Thus the positions that«
would now be taken by Representa­
tives Sullivan, Gonzales, Silver, and 4
Brock are uncertain. Senators Doug­
las, Long, Tower, Bennett, Simpson,
and Dominick are uncommitted in the
light of the standby controls proposed.
Those favoring b a n k in g generally
have found that the latter industry is
unopposed to standby controls.
Mortgage Market Bill

W RITE FOR A N N U A L REPORT

Northwestern Banker, September, 1963

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

• DES M O IN ES 3, IOWA

The mortgage market facilities bill,
authorizing the formation of two cor­
porations, one to insure conventional
mortgages and the other to establish

47

When you're walking around
at the convention . . .

and you spot one of these fellows, go over and
shake hands with him. He’s from Bank Building,
and he’d like to introduce you to the rest of his group—
they’re a real friendly lot! You’ll meet J a c k M iner,
vice president and Mid-Continent Division commander, and
■

F re d Hart, from the same group. Harry S. M oyer,
vice president and Western Division chief, will
be there, too. So will S. L. Fisher,
Central Division skipper. And
m .JLjpK

J u s tu s J . D eVries,
Eastern Division admiral,
with his two lieutenants,

P ete M uckerm an and D ick Larrabure.
Visit with them a while. You’ll be exchanging ideas
with some of Bank Building’s top field consultants.
Which means, of course, they know the business.
It’s no wonder, with working experience on almost 3 ,9 0 0
financial building projects to draw on.
Now if you really want to talk seriously . . .
or if you’re just plain lonesome . . .
com e on up to our hospitality suite in the G ram ercy Hotel.
S e e you t h e r e ? ? ? G re a t!! !

A tla n ta

S t. L o u is, 1130 H am p to n A venue
• C h ica g o • D allas • N ew Y o rk • San F ra n c is c o
N orthw estern


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

Banker,

Septem ber,

1963

48

a secondary market for conventional
mortgages, are due to come up for
hearings late this session. Senator
John Sparkman has promised hear­
ings for his Senate Banking Subcom­
mittee, and so has Representative Al­
bert Rains. Each handles housing leg­
islation for the full committee.
House and Senate committees insist
that they want to hear the arguments
for and against the bills. As it now
stands a box score could be presumed
to favor the measures, but nothing is
expected this year. The ABA is not
looking for action until next year.
The outlook favors passage by a rea­
sonable margin.
The Federal Banking Commission
was considered at a House Banking
Subcommittee hearing. It would es­
tablish a commission to administer
the supervision and examination of
all banks. It would do away with the
present supervisory agencies except
that their specific operations would be
continued.
At these p r e lim in a r y hearings
House Banking Committee members
approached the proposal cautiously.
Questions asked revealed a generally
negative p o sitio n . Representatives
Patman, Sullivan, Gonzales, Siler, and
Brock, then and now, are unwilling to
commit themselves. No hearings, pre­
liminary or otherwise, have been held

in the Senate and the banking com­
mittee members there want to hear
what the Reserve Board Governors
and others have to say. A box score
in both committees would at this time
show a negative vote.

BANKERS BUILD

MOTORISTS!

BIGGER A N D BETTER

Before you travel
write for your free

CREDIT LIFE PRO G RA M S
with
WESTERN & SOUTHERN
SERVICE & PLANS

Banking' Bill

The bill to provide that Federal
savings and loans may establish and
operate new branches in states only if
state savings and loans or state banks
are also permitted to do so, has small
possibilities of passage. Similar bills
have been before Congress for a long
time. The savings-loan industry is
opposed. Bankers are for the meas­
ure. However, all past bills have been
“bottled up,” and only in one instance,
that is remembered, has a bill come
out of the Senate Banking Committee,
and that bill was lost in the Senate.
A box score on the bill would show
that members of the two committees
favoring banks generally would be for
it and those favoring savings and
loans opposed. But any such scoring
now, with so many new members,
especially on the House Banking Com­
mittee, show an unwillingness to com­
mit themselves, and they so declare.
They want to hear the arguments.
It is largely untrue that hearings
on bills are a waste of time. There
are scores of Committee members

who, on inquiry, insisted that they
wanted to hear the arguments for and
against. House Banking Committee
Chairman Patman’s attittude can oft­
en be forecast because he has many
times revealed his views on banking
issues. This is also true of Senate
Banking Committee Chairman Robert­
son. A case in point, as to Represent­
ative Patman, is a bill calling for voluntary membership of national banks
in the Federal Reserve System.
Comptroller of the Currency Saxon
is for the bill and so probably is Representative Patman. However, Sena­
tor Douglas is uncommitted although
a supporter generally of the Federal
Reserve System. S en ator Bennett
might support the measures and also
Senator Long might. Senators Tower,
Simpson, and Dominick are uncommittecl, as are Representatives Sulli­
van, Gonzales, Siler, and Brock.
The picture on all of these bills
could change if active hearings on the
listed bills are held. However, the
tendency in each committee is to post­
pone or drop measures, rather than
permit them to come to a showdown
vote with the names of those for and
against clearly declared.— End.

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Switzerland Branch
First National City Bank, New
York, has opened a full branch in
Geneva, Switzerland. It is the bank’s
93rd office in 33 countries overseas.

T e lle r C o n test

T R A V E L G U ID E

4

w ide range of plans
*

simplified administration
fast claims service
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Cincinnati I, Ohio

THE WESTERN
AND SOUTHERN
LIFE INSURANCE
COMPANY
A MUTUAL C O M P A N Y
William C. Safford, President

Northw estern

Banker,

+~

IN SU RAN CE

Septem ber,


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

T963

Travel the Congress way with
this Guide. Handy size for
pocket or glove compartment.
Rates, location and facilitie s
of better motels coast to coast,
inspected and approved mem­
bers of the Congress of Motor
Hotels. Credit Cards honored.
Free reservations.
W R IT E T O

CONGRESS MOTOR HOTELS
1674 Meridian Avenue
M iam i Beach 39, Florida

A
F IN A L IS T S fo r the M osler Safe
C om pany’ s “ M iss D rive-In Teller”
contest are b ein g selected b y Skitch
H enderson, m usical director o f the
N B C “ T on igh t” show, and other
stage and screen personalities.
The three finalists w ill be an­
nounced in O ctober prior to the
A m erican Bankers C onvention in
W ash ington. The tellers w ill attend
the C onvention and bankers w ill
v ote on the w inner. G rand prize w ill
be a trip to Jam aica.

4
i

49

To help you help your community . . .

advice in setting up
Municipal Bond Issues
New Schools, Street Improvements,
Municipal Buildings . . . whatever your
community’s needs . . . Continental
Bank will be happy to help you set up
the financing.
O n ce a M u n icip a l B o n d Issue is set up, the
h ardest p art is over. A s a corresp on d en t
b an k , w e in v ite y o u to call u p on us in the

v e r y b e g in n in g . L e t u s w o r k o u t th e
m ech a n ics w ith y o u , set u p m a tu rity sch ed ­
ules, even advise y o u w here it ’s best to
a d v e r tise fo r b id s. O u r e x p e rie n ce w ith
M u n icip a ls is exten sive, and it ’ s you rs to
m ake use of. W e ’re here to help y o u . . .
p h on e us w h en ever y o u need assistance.
312-828-2552.

Moving a h e a d ...to stay ahead of your needs

C O N T IN E N T A L
AN D

TRU ST

COM PANY

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

B A N K

106

C H IC A G O

231 South LaSalle Street, Chicago, Illinois 60690
Representative Office: 71 Broadway, New York; Subsidiaries: Continental Bank International, 71 Broadway, New York
Continental International Finance Corporation, 231 South LaSalle Street, Chicago; London Branch: 58/60 Moorgate, E.C. 2


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Federal Reserve Bank of St. Louis

Northw estern

Banker,

Septem ber,

1963

50

Mosler Sales Record
The Mosler Safe Company, producer
of bank and office equipment systems,
has announced record net income for
th e f i r s t s i x
months of 1963 of
$1,088,570, equiv­
alent to 67 cents
a share. Earnings
increased 10.4 per­
cent over the net
cf $985,796, or 61
cents a share for
the similar peri­
od a year ago.
Sales for the pe­
j . M O SL E R
riod rose 13 per
cent to a record of $17,789,841 from
$15,727,761.
The company’s )rofit for the second
quarter ended Ji ae 30 amounted to

$583,614, equivalent to 36 cents a
share. This represents an increase of
17 per cent over the second quarter
of 1962 earnings of $498,626, equiva­
lent to 31 cents a share and an in­
crease of 15.6 per cent over the first
quarter earnings of 1963 of $504,956.
Sales of $9,402,807 for the second
quarter ended June 30 are 23 per cent
ahead of sales of $7,628,671 in the sec­
ond quarter of 1962 and 12 per cent
ahead of sales of $8,387,034 in the first
quarter of 1963.
John Mosler, president, stated that
he expects sales and earnings to con­
tinue to show substantial improve­
ment over 1962 for the balance of the
year.

Foundation Plans TV
The

Foundation

for

Commercial

Banks has signed a contract with the
American Broadcasting Company for
12 weeks of participating sponsorship
on ABC-TV network’s “Wide World
of Sports,” Rogers H. Woods, Jr., ex­ «
ecutive director of the Foundation,
announced recently.
The commercials on full service
banking will appear between 5:00 and
7:30 p.m. (Central Time), every Sat­
urday, and mark the Foundation’s
first venture into network television.
*

Predicts Deposit Growth
The Bank of America expects its <
current level of $12 billion in deposits
will advance 5 per cent a year in the
near future, climbing to $14 billion
by 1965.
This prediction was made recent­
ly by R. A. Peter­
son, v ic e chairm an o f th e
w o r ld ’s la rg e s t
privately ow n ed
bank, in a talk ■V
b e fo r e the Los
A n g e le s Society
of Security Ana­
lysts.
Executive Vice
President F. M.
R. A. P E T E R S O N
Dana of the bank,
which operates 837 branches in its
home state along with 22 branches
abroad, joined Mr. Peterson in the
analyst meeting address.
“ The Bank of America,” Mr. Peter­
son said, “can expect about a 5 per
cent annual deposit growth rate. Such
growth would produce deposits of
about $14 billion by 1965 and we be­
lieve this figure is a reasonably ob­
tainable goal.”

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FAST, EFFICIENT SERVICES

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In te rn a l O p e ra tio n s Counsel

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17fti St. and Cham pa • A re a Code 303 / 2 22 *9311

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Banker,

Septem ber,


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Federal Reserve Bank of St. Louis

1963

Member Federal Deposit Insurance Corporation
Member Federal Reserve System

H A L F -M IL L IO N T H car to stop at the
U n ited States N ation al Bank o f Omaha
was driven b y Bonnie J. H am m onds w ho
receiv ed a tran sistor radio as a mem ento o f
the occasion. E dw a rd W . Lym an, p resi­
dent, is shown m aking the presentation to
M iss H am m onds. The fa c ility has been
open since A pril, 1960.

51
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Days and dollars
For faster presentations and returns on your W estern items, route
them through our round-the-clock transit facilities. Day and night airport
pick-ups, m axim um autom ation, air courier service, and m otorized
dispatch to our banking offices throughout Northern C alifo rn ia assure
the fastest possible check collection service. For details
w rite W ells Fargo Bank, 464 C alifo rn ia Street, San Francisco.

W E L L S

FAR G O

B A N K

F OR MER LY W E L L S FARGO B A N K AM ER IC AN T RUS T C OM PAN Y

Northw estern


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Federal Reserve Bank of St. Louis

Banker, Septem berf

1963

52

Schedule

A u to m a tion

Such songs as “ I’ve Got Five Dol­
HE first National Automation Con­
ference of The American Bankers lars” from the 1931 Rogers and Hart
Association has been scheduled formusical “America’s Sweetheart” and
“ Pennies From Heaven” from the
Chicago’s La Salle Hotel, November
13-15, according to Executive Vice 1936 movie starring Bing Crosby, and
“ The Money Tree” co-exist with a $5
President Charls E. Walker.
The A.B.A. previously announced bill, a sampling of pennies and a real
that the conference would be held in Malayan money tree.
Chicago during November.
The exhibit which was produced
Dr. Walker said planning of the pro­ in cooperation with the American So­
gram will take into account the oppor­ ciety of Composers, Authors and Pub­
tunities and problems posed by auto­ lishers (ASCAP) features 27 copies of
mation for banks of all sizes and loca­ sheet music dating back to 1930.
tions. The initial announcement of
the new A.B.A. meeting, he said, has
drawn a broad and favorable response BANKERS YOU KNOW . . .
from banks throughout the country.
(Continued from page 28)
Arrangements for the conference among her many friends as “Dolly,”
are being made by Dale L. Reistad, is the former Alice Marie Fleming,
director of automation and market re­ daughter of Robert V. Fleming, chair­
search.
man of executive committee of The

T

“ Money in Music” Display
Money and music have joined hands
again in an exhibit that opened at
the Chase Manhattan Bank Money
Museum in Rockefeller Center last
month.
The exhibit, called “There’s Money
in Music,” displays the sheet music
of popular songs mentioning money.

Riggs National Bank of Washington,
D. C. It is said that when Mr. Flem­
ing learned of his daughter’s elope­
ment, he long-distanced his friend,
Frank K. Houston, who was then
(1935) president and is presently hon­
orary chairman of the board of Chem­
ical, to inquire about his new sonin-law. Mr. Houston told him not to
worry for Bill Renchard definitely

Do your
have questions about

TAXATION
CANADA?
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published
by Canada’s First Bank, includes a survey in
laymen’s language of the major Canadian taxes
affecting your clients’ business or personal in­
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Your Canadian-minded clients will find it “must”
reading.
To obtain your copy, write on your letterhead to
our nearest U. S. office, or to the Business Devel­
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“ Y o u r G u i d e T o B u s i n e s s in C a n a d a .”

rapi

Ban k, of M o n trea l
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“Sante

BRANCHES IN ALL TEN PROVINCES

District Headquarters:
H a li f a x , T o ro n t o , W in n ip e g , C a l g a r y , V a n c o u v e r

NEW YORK: Two Wall St.
CHICAGO: Board of Trade Bldg. • HOUSTON: Suite 716, 1021 Main St.
SAN FRANCISCO: 333 California St. • LOS ANGELES: 508 S. Spring St.

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900 BRANCHES IN CANADA, UNITED STATES, GREAT BRITAIN, EUROPE AND JAPAN • RESOURCES $4,000,000,000
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Banker,

Septem ber,


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

1963

was “officer’s material” and he would
undoubtedly go far.
Today Mr. Renchard is a director
of The Borden Company (also mem­
ber of the Finance Committee), Chem- **
ical International Banking Corpora­
tion, Chemical International Finance,
i
Ltd., Chemical Overseas F in a n ce
Corporation of Bermuda, Congres­
sional Insurance Company of Wash­
ington, D. C., Vanadium Corporation
of America, Lehigh Valley Railroad *
Company; director and member of
Finance Committee, New York World’s
*
Fair 1964-65 Corporation; past gover­
nor, Investment Bankers Association
of America 1958-60; director and vice
1
president of Manhattan Eye, Ear and
Throat Hospital; tru stee, Oldfields f
School, Glencoe, Md.; vice president,
trustee and member of Finance and
4
Executive Committees, Citizens Budg­
et Commission, Incorporated; member,
American Bankers Association Execu­
tive Council, 1960-63; member, Mem­
bership Committee, Chamber of Commerce of the United States; member
and treasurer, The Salvation Army
*
Advisory Board of New York City;
trustee, United States Council of The
International Chamber of Commerce,
Incorporated; m em ber, New York
Chamber of Commerce and chairman a
of the Committee on Finance and
Currency; member-at-large of Execu1
tive Board of Greater New York Coun­
cils; Boy Scouts of America; chair­
man, Group VIII and member of
Council of Administration New York
State Bankers Association, 1962-63;
member, advisory council of New
York Chapter, American Institute of «
Banking, 1962-67; president, The New
York State Citizens Council on Traf*
fic Safety; trustee, and vice president
and member of Executive Committee
of United Student Aid Funds, Incor­
porated.
He is a member of the Association
of Reserve City Banks, National In­
stitute of Social Sciences, Newcomen *
Society of England, Pennsylvania So­
ciety of New York, The Bond Club of
New York, The Economic Club of
New York and The Pilgrims of the
United States.
Mr. Renchard’s clubs include The
Alfalfa Club of Washington, D. C., *
Rolling Rock Club of Ligonier, Pa.,
The Brook, N. Y. C., The Creek, Lo­
cust Valley, N. Y., The Pinnacle Club,
N. Y. C., The University Club, N. Y. C.
and The Links, N. Y. C.
*
He and Mrs. Renchard and two of
their three daughters (Cynthia and
Christine), reside at Hegeman’s Lane
in Glen Head, Long Island. Their
first-born daughter is Mrs. James M.
Brown III, mother of three children,
of Darien, Conn.—End.

53

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Important doings in Washington, D.C. You com ing?
T h is year the A B A has taken its con v en tio n
right to the t o p — W ashington, D . C. I t ’s a
g ood p lace to discuss the serious p roblem s
con fron tin g the ban k in g com m u n ity . A n d
a g o o d p la ce fo r in form a l d iscu ssion a fter
speeches, w orksh op s and m eetings.

W e’ re lo o k in g forw a rd to seeing y o u . T o
talk business. R en ew friendships. A n d to
bring y o u up to d ate on our exp an d ed c o r ­
resp on d en t services.
S ave som e tim e for us during y o u r stay
in W ashington.

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/ O O yeaZ

The First National Bank of Chicago
Chicago 90, Illinois
MEMBER

FEDERAL

DEPOSIT

INSURANCE

CORPORATION

N orthw estern


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

Banker,

Septem ber,

1963

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

C E N T U R Y OF C O M M E R C I A L B A N K I N G

ENDS

Mud was ankle deep on St. Paul’ s levee when a New Englander named Parker Paine
stepped off a steamboat and looked for a site to open a bank. He found one on Third
Street, today known as Kellogg Boulevard.

The year was 1853.

Ten years later,

Congress passed the National Currency Act, and the little private bank that was then
known as the Bank o f Minnesota immediately applied for and received a charter,
making it The First National Bank o f St. Paul.
Many o f the men who were pioneers in the development o f this area also played
prominent roles in the history o f The First National Bank o f St. Paul. Am ong them
were the “ Empire Builder,” James J. Hill; the lumber magnate, Frederick Weyerhaeuser;
and former U.S. Secretary o f State, Frank B. Kellogg. The wisdom and foresight o f
those men, coupled with the abilities o f such leaders as Cyrus P. Brown, George H.
Prince, Richard C. Lilly, Julian B. Baird and others, built a bank that has become
known for soundness and competence.

D AHEAD!
NEW PROGRESSIVE BANKING

ERA B E G I N S

Today, with 110 years o f banking know-how behind us, we look forward to the
challenge o f the future. We are excited and enthusiastic over the plans to revitalize
St. Paul . . . plans we have helped formulate and which we will implement in every
way we can. A number o f projects are underway and others are on the drawing boards.
D a y ton ’s and Sears have opened tw o great new stores in the d ow n tow n area.
H ilton H otels has an n ou n ced plans to build a 12 m illion d o lla r hotel here.
The St. Paul Port Authority’ s Riverview Industrial Park is well underway with
construction o f several plants scheduled to start this year. The Capital Centre program,
a dramatic plan to rebuild the heart o f the downtown district, has received preliminary
approval by local and Federal authorities and is proceeding on schedule. Other urban
renewal projects are under study, and construction dates are set for a number o f new
buildings, among them a 6y2 million dollar Technical and Vocational School and a
9y2 million dollar Federal Courts Building.
We are convinced St. Paul is on the threshold o f a period o f growth and progress.
We are also convinced our bank will have a vital part in facilitating it.

B A N K

FOURTH AND MINNESOTA

OFSAINTRAUL

Member Federal Deposit Insurance Corporation
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Federal Reserve Bank of St. Louis

Banker,

Septem ber,

1963

3 9 th N A B A C Convention
(Continued from page 36)
City Bank, New York, N. Y.
William B. Carr, senior vice president, Provident
Tradesmen’s Bank and Trust Company, Philadel­
phia, Pa.
John R. Fitzgibbon, vice president and cashier,
lowa-Des Moines National Bank, Des Moines, Iowa.
P.M.
2:00

(Split Sessions)—Minneapolis Auditorium Stage.
Section A—Progressive Bank Auditing, by Evolu­
tion or Revolution of Philosophical Guidance. Pre­
siding, George W. Cramer, Director at Large,
NAB AC; vice president and cashier, Texas Bank
and Trust Company, Dallas, Tex.
Panel:
Paul V. Purcell, auditor, Central National Bank,
Cleveland, Ohio.
Thomas E. Mead, auditor, United California Bank.
Los Angeles, Calif.
John N. Raleigh, Director of Technical Division.
NABAC.
John H. Myers, Ph.D., Northwestern University,
Evanston, 111.
Section B—Profit Planning and Expense C on trolWest Hall. Presiding A. Claude Wood, director at
large, NABAC; vice president and cashier, First
National Bank, San Diego, Calif.
Panel:
Augustus R. Southworth, Jr., vice president and
controller, Chemical Bank New York Trust Com­
pany, New York, N. Y.

Canadian Purchase
First National City Bank, New
York, and Rotterdamsche Bank N. V.,
Rotterdam, announced last month
the co n c lu s io n of arrangements
whereby the former will acquire
through its subsidiary, the Interna­
tional Banking Corporation, a 50 per­
cent interest in the Mercantile Bank
of Canada. Until now, the Mercantile
Bank has been wholly owned by
Rotterdamsche Bank through its sub­

ARE

Roy L. Reierson, senior vice president, Bankers
Trust Company, New York, N. Y.
Albert H. Cloud, Jr., partner, Peat, Marwick, Mit­
chell & Company, New York, N. Y.
7:15 Buses leave Hotel Leamington for ball game (Ti­
gers vs. Twins)—optional activity.
W e d n e s d a y , S e p t e m b e r 18

A.M.
9:30

Minneapolis Auditorium—Exhibits open 8:00 a.m.5:00 p.m.—West Hall.
Business Session — Julius E. Burges, president,
NABAC, presiding.
General Session—Merle V. Stone, second vice pres­
ident, NABAC; vice president, American National
Bank, St. Paul, Minn.
Address — F. Byers Miller, executive director,
NABAC.
Address—“Time for Everything,” Bill Gove, The
Bill Gove Organization, Coral Gables, Fla.

P.M.
2:00

Minneapolis Auditorium.
Panel—“Consult the Experts” :
Accounting Commission.
Auditing Commission.
Commercial Operations Commission.
Federal Taxes Commission.
Personnel Administration Commission.
Technical Advisory Commission.
Trust Commission.
Automation.
6:15-7:00 Reception—Hotel Leamington.
7:15 Banquet—Hall of States, Hotel Leamington.
9:00-12:00 Entertainment and dancing.

sidiary, Nationale Handelsbank N. V.
These arrangements are subject to
the approval of the Federal Reserve.

American Stock Split
Robert E. Straus, chairman of the
board, American National Bank and
Trust Company of Chicago, has an­
nounced the action of the board of
directors calling a special stockhold­
ers’ meeting to approve a resolution
providing for a ten shares for one

you P L A N N I N G

FOR

stock split.
The resolution will permit an in­
crease in shares outstanding to 1
million from the present 1 0 0 ,0 0 0 , and
a change in the par value to $ 1 0 per
share from the current $1 0 0 .
It is anticipated that the annual
cash dividend rate on the increased
amount of stock will be set at $1 per
share, which is tantamount to rais­
ing present $6 per share annual divi­
dend to $1 0 .

AUTOMATION?

W e have a new concept of the type of check to be given to those accounts who
refuse to purchase fully personalized checks.
LET US E X P L A IN O U R P L A N T O Y O U

1201

S O U T H S I X T E E N T H STREET

OMAHA

U n i t e d S tates
Ckect Rwsjt,Co

\m rn m I

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Septem ber,


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Federal Reserve Bank of St. Louis

7963

8, N E B R A S K A

¿
Ál .

57

ABA CONVENTION
October 6-9 •

W
D. C.

Dulles International Airport

You are cord ially in v it e d . . .
drop by anytime during your stay. Renew old friend­
ships, make new ones. You'll find a friendly welcome
waiting for you from the men of First National.

James P. Hickok
Chairman of the Board

John B. Mitchell
President

Edwin S. Jones
Executive Vice President

Wilhelm R. Mesenbrink
Senior Vice President

FIRST
NATIONAL BANK
IN ST. LOUIS
John F. Hallett
Senior Vice President

Carroll F. Burton
Vice President

Leonard J. Schrewe
Vice President

Harry L. Smith
Vice President

M em b er Federal Deposit Insurance Corporation

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Federal Reserve Bank of St. Louis

Banker,

Septem ber,

1963

58

B gtiam ic B a n kin g
(Continued from page 31)
In the context of the planned development of our coun­
try, banking also will have to be planned to suit the pres­
ent day conditions and the banking plan will have to
aim at collecting the resources now tending to disappear
in the unorganized segment of the economy and comprise
proposals for extensive territorial expansion of the com­
mercial banking system within the country.
Our people should be educated and be made to feel by
continuous propaganda that in the underdeveloped state
of our country and when we are striving to raise the
standard of our living, it would be a sin to keep money
idle or unutilized or in hoards and that money should be
placed in banks so that it could be used for the economic
development of our country.
If such constructive steps are implemented, it will
greatly strengthen the position of banks and increase
their resources for playing their rightful role in the coun­
try’s economy.
But one thing is clear. The forces set in motion by
modern technology and rising production will result in

greater abundance, with lower costs, price reductions,
free enterprises, new products and millions of jobs as well
as growth of industries larger in number and in size with
a greater need for banking services. The future outlook
for banking will have to not envelop only changes at
home but also the profound effect of the fast-changing
trends in countries like the U.S.A. and the U.K. where the
banking system is geared to the necessities and conditions
of a highly industrialized economy.
Credit—the Axis of Progress

Credit will be the axis around which the whole wheel
of economic progress will have to revolve and particu­
larly industrial credit will assume a great significance
and this strong axis will have to be built only out of the
banking system. Therefore, the present opportunities for
banking in expansion, organization and integration or
modern lines to suit an industrial economy undertaking,
offers a great challenge to the existing system and a test
of its capacity to successfully rise up to the needs of the
times by developing a new look, adopting more positive
and flexible policies, and meet this challenge and seize
the opportunity.—End.

Holpert M o r r is to A ttr a c t
m o r r is a s s o c ia t e s ,
the national association of bank
loan officers and credit men, will hold
its 49th annual fall conference at the
Statler Hilton Hotel in Detroit, Sep­
tember 15-18. Approximately 900 bank
loan officers, credit men, and their
wives are expected to attend the three
and one-half day working meeting.
Michigan chapter will act as host
fo r the con fer, T
e n c e . G en eral
chairman is Tyrus R. Stansber­
ry, vice president,
M a n u f a ctu re rs
National Bank of
Detroit, and vice
chairman is Glen
T. Krusell, execu­
tive v ic e p r e s i­
den t, P e o p l e s
DR. P. M cC R ACK EN
Bank, T ren ton .
Several em in en t bankers, econo­
mists, educators, and industrialists
will address the Associates on sub­
jects of timely interest. Among them
are:
Dr. Paul W. McCracken, professor
obert

R

One complete afternoon will be de­
voted to workshops.

of business condition, University of
Michigan, Ann Arbor, “The Economic North Central Increase
Outlook.”
The North Central Company’s total
premium income,
Milton J. Drake, chairman, Robert
at the cu rre n t
Morris Associates loan portfolio man­
rate, will substan­
agement committee, senior vice presi­
t ia lly in cre a se
dent, Detroit Bank & Trust Company,
over 1962, it was
who will moderate a panel discussion
re p o rte d in St.
on “Loan Portfolio Management Poli­
^§1
Paul by Theodore
cy.”
.
Sanborn, presiRobert P. Briggs, executive vice
1 1 1 dent.
president, Consumers Power Compa­
■ J ij
F o r t h e s i xny, Jackson, Mich., “Michigan on the
flm .
m onth p e r i o d
March.”
t . s. s a n b o r n
ending June 30,
Raymond T. Perring, chairman, De­
1963, The North
troit Bank & Trust Company.
Central Company’s total premium in­
Ray R. E pp ert, president, Bur­ come was $4,030,000, as compared with
roughs Corporation, Detroit, “ The $2,949,000 for the same period of 1962,
Role of Research and Development in an increase of almost 37 per cent.
Profit Creation, Job Creation, and Eco­
nomic Growth.”
Japanese Visitors
Eugene M. Howard, president, Rob­
City National Bank & Trust Com­
ert Morris Associates, vice president,
pany,
Kansas City, was host recently
American Fletcher National Bank &
to five touring Japanese college stu­
Trust Company, Indianapolis.
dents. The students were especially
James E. Goodman, executive vice interested in the bank’s electronic
president, General Motors Corpora­ data equipment.
tion, Detroit.
The young men are walking across
the United States from San Francisco
to New York and expect to arrive at
their destination on November 13.

ACCIDENT, SICKNESS and HOSPITAL
INSURANCE AT COST!

W ayne H um m er
C H IC A G O

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

Minnesota Commerciai Men's Association

2550 Pillsbury Ave. S.
N orthw estern

Banker,

Septem ber,


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

Minneapolis 4, Minnesota

1963

M EM BERS

NEWYORKSTOCKEXCHANGE

a Co.

59

A Profit-Making
Opportunity

OF DEFINITE
APPEAL TO
BANKERS!
Our Bankers Participation Plan has for over 4 decades
p rod u ced worthwhile, steady profits. Increasing num bers of Bankers th rou gh ­
ou t our territory are finding affiliation with this tim e-tested plan,
both profitable and pleasurable.
R ecogn ized as a growth pace-setter in the industry, N ational
Reserve Life, ranks in the upper one-fourth size bracket
of all Am erican com panies and operates in over
half the states of the N ation — and in the D om in ion of
Canada.
D o yourself a good turn and write us tod ay, regarding
the profitable features of our Bankers
Participation Plan.
Enduring As Rush more

H. O . C H A P M A N
President

S. H. W I T M E R
Chairman of the Board

fONAl

RESERVE
Topeka

•

LIFE I

W R IT E

TODAY

FO R

FULL I N F O R M A T I O N
W e w ill send y o u com p lete details re ­
ga rd in g ou r B a n k ers
P a rticip a tio n
P lan . A lim ited n u m ber o f h ig h ly d e ­
sirable territories are cu rre n tly a v a il­
able. A ct n ow — a n d all co rre s p o n d e n ce
in con fid e n ce .

Sioux Falls

Northwestern Banker, September, 1963


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

WE DON’T GIVE A HOOT WHAT TIME IT IS
O u r T r a n s it D e p a r tm e n t w o rk s ’ro u n d th e c lo c k - a n d w e ’v e
a to p -n o tc h m a n , Phil S c h ra d e r, ru n n in g it. Y o u d o n ’t h a v e
to w o rry (a n d w o n d e r) a b o u t u n n e c e s s a ry d e la y s . T h e r e
a r e n ’t a n y . L e t us help yo u w ith a n y s p ec ia l ite m -h a n d lin g
m a tte r . F o r in fo rm a tio n , p le a s e p h o n e us a t F E d e ra l 4 - 4 1 4 1 .

FirstNationalbanminneapolis
CORRESPONDENT

BANK

D IV IS IO N ■ ■

M e m b e r Federal D e p o sit in su ra n c e Corp oration
Northw estern

Banker,

Septem ber,


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

1963

61

pate any changes in personnel or pol­
icy.
Mr. Scallen will continue as senior
vice president of the Olmsted County
Bank and Trust Company at Roches­
ter.

M in n e s o ta

NEWS

>

Joins Anoka Bank
T. E. O L SO N
K. A. W A L E S

President
Secretary

Starbuck
Minneapolis

>T h r e e iia in N a t io n a l C h a r t e r s
T o o Seekinff S ta te H a n k s
HREE applications have been ap­
proved by Comptroller of the Cur► rency James J. Saxon in Washington,
D. C., for national banks in Minne­
sota, while two towns in the state are
seeking charters for state banks. Fol“ lowing is a brief summary of these
approvals and applications.

T

St. Martin

»

Approval has been granted for the
first bank ever to be located in St.
Martin. A building, which is equipped
for banking, has been selected and an
official opening is planned sometime
this month.
Charter members of the bank are
w Ben Mondlock, Joseph Wilms, Mark
Rothstein and Jerome Blonigen. The
bank will be known as the St. Martin
National Bank and will begin oper­
ation with a capital stock of $1 0 0 ,0 0 0 .
Cloquet

An application for a national bank
’ in Cloquet has been approved by
the comptroller. Organizers in the
* application of the bank, to be known
as the City National Bank of Cloquet,
were Girard L. Stewart, Girard B.
Stewart, B. O. Nemers, Peter S. Lee,
and J. Russell Klosner.
>
P r o p o s e d capital structure is
$ 200, 000.

v

Eagan Township

An application has also been ap­
proved by the comptroller for a na­
tional bank at Eagan Township. The
bank will be known as Valley Na-v tional Bank, and would be located at
the intersection of Highway 13 and
^ Highway 36.
Organizers are Walter G. Andrews,
Louise S. Andrews, Richard F. Cole,
Ruth S. Cole, John G. Harrison, and
Robert F. Leach.
>
Proposed capital structure is also
$ 200 ,000.

*

Burnsville

The proposed First State Bank of
Burnsville is stirring up quite a con­
troversy. Burnsville wants the bank,
Savage doesn’t.
Testimony from both sides was re­

cently heard by the state commerce
commission, and they have 90 days
to make a decision.
Those speaking for the bank, al­
most all from Burnsville, chiefly cited
the rapid growth of Burnsville. Oppo­
nents, almost all from Savage, said
Burnsville is already well served by
present banks in surrounding com­
munities, especially the Savage State
Bank.
Plymouth

Application for a proposed Ply­
mouth State Bank, that would be lo­
cated in Plymouth, has been filed
with the state banking commission­
er. Incorporators are A. W. Carlson,
Hopkins and George H. Halverson,
Minneapolis. The bank would have
capital of $2 0 0 ,0 0 0 .

Russell L. Holmes, 33, has joined
the First National Bank of Anoka In­
surance Agency. Mr. Holmes, a na­
tive of Owatonna, was associated with
t h e Northwestern Life Insurance
Company in Anoka for the past five
and a half years.

Elect Kensington Officers
The First State Bank of Kensing­
ton held its annual stockholders meet­
ing in Kensington recently and elect­
ed officers for the coming year.
Named as president of the bank
was P. J. Score while O. R. Olson was
named to the position of vice presi­
dent and Marvin Andreasen was
elected cashier.
Elected as assistant cashiers at the
meeting were Genevieve Dahlgren
and Janice Schefla.

Finlayson Open House
Open house was recently held at the
First State Bank of Finlayson to ac­
quaint the public with the new man­
agement of the bank. New officers
are: J. L. Graf, president; Lydia Graf,
vice president; Earl C. Meidlinger,
cashier; and Vallie L. Carlson and
Edna Osladil, assistant cashiers.

Buys Lake City Interest
Controlling interest in the Lake
City State Bank at Lake City, has
b e e n purchased
from the estate
of the late W. F.
Sprague by Fi­
nancial
Under­
writers, Incorpo­
ration.
In announcing
this p u r c h a s e,
iMMpr
president of FiA ijpf / nancial U n d e r-

a

T. K. SC A L L E N

* r i t ?,rS ' ,

K. Scallen, said
that the new owner does not antici­

Joins Sterling Bank
Eugene R. Nietz has replaced Ger­
ald Bolden as assistant cashier and
manager of installment loans at the
Sterling State Bank. Mr. Bolden has
accepted a position as managing offi­
cer of the Oakdale State Bank in Owa­
tonna.
Mr. Nietz has had five years ex­
perience in the financial field.

Night Depository
The Peoples State Bank of Comfrey
has recently installed a night depos­
itory in the entry of their remodeled
bank building.

/.Vfi'.V M in n e s o ta G rou p M e e t in g s
3,4,5

Town

Date

District
T u e sd a y

S ept.

3

W a y z a ta

8

W ed n esd ay

S ep t.

4

H ib b in g

9

T h u r sd a y

S ep t.

5

D etro it L ak es

6

M onday

S ep t.

9

L ittle F a lls

7

T u e sd a y

S ept. 10

M o n te v id e o

2

W ed n esd ay

S ep t. 11

M a n k a to

1

T h u r sd a y

S ept. 12

R o ch ester

Northw estern


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

Banker,

Septem ber,

7963

62

Minnesota N e w s

Rochester Appointment
John D. Chisholm, president of the
Olmsted County Bank and Trust
Company, Rochester, was appointed
a member of Gov. Kar. F. Rolvaag’s
Business Advisory Commission.
Mr. Chisholm, active in state and
national banking affairs, is president
of the Minnesota Association of In­
dependent Bankers and a member of
the U. S. Comptroller’s Advisory
Committee.

Thief River Remodeling
Both the Northern State Bank and
the Union State Bank of Thief River
Falls have announced remodeling
plans. The Northern expects to com­
plete construction of a new drive-in
window in the bank building this
month and is resurfacing its parking
lot. The Union State’s major lobby
remodeling will cost an estimated
$75,000. Carpeting and new fixtures
will be installed. Work will begin as
soon as plans are completed by the
architect.

Brainerd Construction
Construction of the new national
bank building in West Brainerd is
expected to be completed by mid-No­
vember. A $65,000 building permit
was granted for its construction, and
it is to be in operation immediately
after completion.

Rush City Changes
F a rm ers Acceptance Corporation
has relinquished control of the State
Bank of Rush City. Along with the
change, A1 Brevik of Minneapolis also
resigned his position as president
and director of the bank. H. R. Hommedahl, who had been the board
chairman, was elected to the post of
president, and Carl H. Sommer, v/ho
w a s previously a director, was
elected to head the board.

Stillwater Appointment
Frederick P. Bradford has been
pointed Trust officer of the First
tional Bank of Stillwater, it was
cently announced by William
Klapp, president of the bank.

ap­
Na­
re­
D.

Election at St. James
Directors of the First National
Bank of St. James have elected Eldo
L. Beckmann as assistant cashier.
Mr. Beckmann has been affiliated
with the bank since last October.

W. Leigh Cary
W. Leigh Cary, 72, a prominent
banker for many years in Minnesota,
Michigan and Indiana, died recently
in St. Cloud.
Northw estern

Banker,

Septem ber,


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

1963

IV fH R e c o r d

position at the State Bank of Gibbon
where he will serve the bank as in­
surance salesman and agricultural
representative.

Name Winona Director

O N E -B IL L IO N T H P ost-T ron ic bank
ledger form has been produced fo r
U nion Com merce B ank, Cleveland,
b y the N a tion a l Cash R egister Com­
pany. A b ov e, M iss Joan E. M iller
o f N C R ’ s electron ic paper processin g
departm ent holds the one-billionth
fo rm prior to shipm ent. A p p ro x i­
m ately a th ird o f the ch eck in g a c­
counts in the U n ited States are now
b ein g record ed on this ty p e o f ledger
card, N C R reports. The card contains
m achine-printed entries on one side
and a b uilt-in m agnetic m em ory on
the reverse side fo r electron ic p ost­
ing.

Mr. Cary was in the banking busi­
ness with several banks in southern
and northern Minnesota, the last be­
ing the St. Cloud Merchant’s National
Bank when it merged with the Amer­
ican National. During this time he
served three years on the council of
administration of the Minnesota Bank­
ers Association. He was with the
U. S. Banking Department for 15
years, examining in Minnesota, Mich­
igan, and Indiana.

Dundas Open House
Following six months of intensive
work, in which both the interior and
exterior of the Dundas State Bank re­
ceived an extensive remodeling, an
open house was held. Over 500 friends
and wellwishers attended.

Foley Relocation
The State Bank of Foley recently
moved into its new bank building.
The new building has drive-in and
night depository services.

Arlington Apointment
Harold W. Lynch, president, Arling­
ton State Bank of Arlington, has been
appointed to the Bank Study Com­
mittee of the Independent Bankers
Association.
The announcement was made by S.
E. Babington, IBA president and
p r e s i d e n t , Brookhaven Bank and
Trust Company, Brookhaven, Miss.
Mr. Lynch will serve through the
IBA’s 30th annual convention April 9
to 1 1 , 1964, in Minneapolis, Minn.

Joins Gibbon Bank
John C. Ohlemann has accepted a

District Court Judge Lyman A.
Brink of Hallock has been named to
the board of directors of the North­
western State Bank of Hallock. He
replaces C. D. Tearse, who served on
the board for the past 2 0 years.

Ellsworth Bank Sold
E. A. Nelson, president of the Ells­
worth State Bank, has sold controll­
ing interest of the bank to Robert M.
Imsdahl and Harold A. Sands. Mr.
Imsdahl and Mr. Sands were formerly
with the Western State Bank of St.
Paul. Mr. Nelson who has been with
the bank over 50 years will stay on
as active president while Mr. Imsdahl
and Mr. Sands will be vice president
and cashier respectively.

Mankato Advancement
Quentin Beadell, formerly assistant
vice president has been advanced to
vice president of the American State
Bank, Mankato. Mr. Beadell, 31,
started with the American State as a
bookkeeper in September of 1956. He
has also served as teller and assistant
cashier.

Named to Board
Grant E. Anderson, president of the
Chip Steak and Provision Company,
has been named to the board of di­
rectors of the American State Bank,
Mankato. The appointment fills the
post vacated by the death of former
president Edward Langes.

Edwin Tams
Edwin Tams, 6 8 , president of Peo­
ple’s State Bank, Comfrey, died Sat­
urday, July 7 at Comfrey hospital.
He had been in poor health for the
past year.
Mr. Tams was a graduate of Man­
kato Commercial college. He farmed
in the Verdi vicinity for a few years
before entering the banking business.
He came to Comfrey in 1935 where he
resided until his death.

Buy Additional Space
The Valley National Bank of North
Mankato recently announced that it
has purchased the building at 243-249
Belgrade Avenue. The bank will
eventually occupy the west half of the
building with walk-up and drive-in
facilities to be located on the west
side adjacent to a parking lot, which
is also being purchased by the bank.

63

Doug Johnson and John Ordos on guard for a correspondent

Dedicated Defenders

W e ’ll protect your
securities right down to the last man, if necessary, because we are
dedicated. From the day your securities arrive, our safekeeping
department will stand over them, clipping coupons, advising you
o f maturities. It’s their way, and ours, o f proving friendship with
special service.
T H E B A N K W IT H T H E B IG W E LC O M E

Midland National Bank
F E deral 2 -0 5 1 1 • 2 n d A ve. So. a n d 4 th S t. M in n e a p o lis 4 0 , M in n .
Mem ber Federal Deposit Insurance Corporation
Northw estern


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

Banker,

Septem ber,

1963

64

T w

aurence

m . broom

has been

elected executive vice president
L
and director of the Stock Yards Na­
tional Bank, South Saint Paul, effec­
tive September 1 .
Mr. Broom has
been a vice presi­
dent of the North­
western National
Bank of Minne­
a p olis, h a v in g
sp en t 33 y ea rs
with that bank in
v a r io u s de p ar t­
ments. In most
L. M. b r o o m
recent years he
has been act i ve
in the country bank division of that
institution. Mr. Broom has a wide
acquaintance throughout the bankers
and businessmen of the northwest.
The bank also announced the elec­
tion to the board of Edward J. Rikess,
president of Southview Chevrolet.
A stock dividend was voted to in­
crease the capital stock of the bank
from $900,000 to $1,000,000 and further
action was taken to increase the sur­
plus account of the bank from $900,000
to $1 ,0 0 0 ,0 0 0 , making the bank’s com­
bined capital and surplus $2 ,0 0 0 ,0 0 0 .
* * *
Rufus AV. Hanson, executive vice
president of First National Bank of
Minneapolis, has been elected a di­
rector of Sterling Precision Corpora­
tion, New York. J. Russell Duncan,
board chairman of Sterling Precision,
is a former president of MinneapolisMoline, Incorporated.
* * *
Anthony (). Dokken, comptroller,
Northwestern National Bank of Min­
neapolis, marked a rare achievement
last month when he observed his
50th anniversary in banking and as
an employee of Northwestern. In ob­
servance of this momentous occasion,
Mr. Dokken made a sentimental jour­
ney in a 1913 automobile to the West­
ern Union office, a trip which he
made often during his early days at
Northw estern

Banker,

Septem ber,


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

1963

in

C

ity

N e w s

the bank a half-century ago. When
Mr. Dokken started at Northwestern
on August 5, 1913, as a knickers-clad
youngster of 14, he was a “bellboy”
or messenger, whose job involved
answering calls from officers and run­
ning to and from the telegraph office.
In those days, however, Mr. Dokken
recalls a bit wistfully, a handsome
automobile such as this 1913 model
Ford touring car was not available
for these trips.

bilities as managers of the respective
offices.
Elected assistant vice presidents
were John H. Olson and Donald M.
Anderson of the commercial depart­
ment.

R. H. BAK E R

P IO N E E R A U T O is featu red in ob serv­
ing 50th year o f Com ptroller A n th on y O.
Dokken.

From his early beginnings as a
bellboy, Mr. Dokken made great
strides in his banking career and in
1951 was elected Comptroller of
Northwestern National Bank of Min­
neapolis. He will retire from North­
western on December 1 of this year.
=1=
*
Promotion of seventeen members
of the staff of Northwestern National
Bank have been
announced by
■J o h n A. Moor­
head, president.

L. BERG

Elected to the
position of vice
president w e r e
the managers of
N o r t h w e s t e r n’s
three offices: De­
roy H. Berg, Lake
S t r e e t Official;

Harvey J. Schnei­
der, Lincoln Office; and Robert H.
Baker, North American Office. They

will retain their titles and responsi­

H. J. SC H N E ID E R

Newly elected assistant cashiers
were Victor K. Sandvig, service ad­
ministration; Robert E. Dahl, credit
and discount; Wilmer R. Dachtler,
bookkeeping; Thomas \AT. Loaney,
sales and marketing; Eleanor R. Van­
derbilt, stenographic; and Robert M.
MacMillan, credit and discount.
Elected assistant trust officers were
Larry D. Buegler, Sylvester N. Han­
sen and Dorothy A. Liebig.

Named

assistant

managers

were

Robert D. Stewart and Herbert E.
Swift, Lake Street Office; and J. Peter
Meyers, North American Office.

* >s= *
John M. Owens, president of the
First National Bank at Eveleth, Minn.,
was elected assistant vice president of
Northwest Bancorporation, effective
September 15, the board of directors
announced recently.
Mr. Owens has been president of
the Eveleth bank since January, 1960.

* * *

Louis D. Laramee has been elected

assistant manager of the West Broad­
way Office of First National Bank of
Minneapolis.
A native of Minneapolis and mem­
ber of one of the city’s pioneer fami­
lies, Mr. Laramee has been in bank­
ing since 1951, the entire time with
First National and with the West
Broadway Office.

Minnesota N e w s

First Edina National Bank, West
50th Street and Halifax, has started
construction of a large, uniquelydesigned auto banking addition that
will double its “bank from your car”
teller service for motorist customers.
Scheduled for completion around
October 1, the project includes a new
teller structure with two drive-up
windows, to be located in First Edina’s
customer parking lot just north of
the bank. An enclosed 53-foot over­
pass will connect this unit with the
main banking quarters.
In addition to the two new drive-up
windows, the bank’s two present win­
dows will continue in operation. Also
there will be conveniently angled
parking space for cars on the remain­
der of First Edina’s lot extending to
49V2 Street.
*

*

*

*

*

#

&V

a

B A N K E R S
w h o c a n ’t s a y “y e s
s a y “T a l c o t t ”

S

fÍf|

*

One of the oldest financial institu­
tions of Minneapolis, the St. Anthony
Falls office of First National Bank,
celebrated its 70th anniversary with
a gala two-day birthday party re­
cently.
The bank, which has played an im­
portant role in the economic growth
of the East Side, was established on
July 26, 1893 and still is located on
its original site. It has been an office
of First National Bank since August
1922.
Present manager of the bank is
vice president Donald S. Oren who
was elected to the post on January 1,
this year, succeeding Elmer Rindborg,
who retired after nearly a half cen­
tury in banking.
*

*■

&

Two new directors, a vice president
and secretary have been elected by
directors of J. M. Dain & Company,
Incorporated, Minneapolis-based in­
vestment firm.
New directors are Raymond B.
Garcia, vice president in charge of
the firm’s trading department, and
Harold G. Olson, vice president in the
corporate services department.
John l u Walton, treasurer, was
elected vice president. Edwin C.
Braman, manager of advertising, pub­
lic relations and sales administration,
was elected secretary.
*

65

*

Virgil Dissmeyer of the Northwest­

ern National Bank, Minneapolis, has
been awarded the Tension Envelope
Citation Certificate in recognition of
“creative cooperation in the field of
envelope usage.”
Mr. Dissmeyer, working with Clark
Ellis, Tension Envelope representa­
tive in Minneapolis, was instrumental
in adopting a completely new de­
posit system f or Northwestern Na­
tional’s Bank-by-Mail customers. The

m

T h e r e a r e t im e s w h e n c u s t o m e r s c o m e
to y o u w i t h fin a n c in g n e e d s e x c e e d in g
t h e ir lin e o f b a n k c r e d it . R e t a in t h e ir
g o o d w ill a n d k e e p t h e m a s c u s t o m e r s
b y r e c o m m e n d in g

T a lcott. W h e n t h e ir

n e e d f o r f u n d s r e t u r n s to n o r m a l, w e ’ ll
r e fe r

th em

back

to

you . Y o u r c u s ­

t o m e r s d e s e r v e th e b e s t in s e r v ic e a n d
e x p e r ie n c e —
In c.

backed

th a t’s Jam es
by

resou rces

over

$ 4 5 0 ,0 0 0 ,0 0 0 .

F o r T a lc o t t B a s ic D a t a F i l e , w r it e to C la r e n c e
A . A d a m s , V i c e P r e s i d e n t , J a m e s T a lc o t t , I n c .,
N o r th w e s te r n B a n k B u ild in g , M in n e a p o lis ,
M in n e so ta .

JAMES

INC
D E T R O IT • M IN N E A P O L IS

2 0 9 SO U T H L A S A L L E S T R E E T , C H IC A G O 4, I L L I N O I S

• N EW

. LOS A N G E LES • SAN

YORK

F R A N C IS C O

• BO STO N
• H O U ST O N

• P H IL A D E L P H IA • A T L A N T A • M I A M I
• P U E R T O R IC O

N orthw estern


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Federal Reserve Bank of St. Louis

T a lc o t t ,
of

• M ONTREAL

Banker,

Septem ber,

1963

66

Minnesota N e w s

new system is simple and flexible. It
incorporates the use of an open-end,
open-side wallet envelope that is mag­
netic coded and can be used again
and again. It is pre-addressed and
requires no fill-in by either the book­
keeper or the customer. The envelope
travels to and from the bank with
every deposit and acknowledgment
transaction.
*

*

*

Directors of First Hennepin State
Bank, located in downtown Minne­
apolis, announced
t h e election of
James E. Dorsey,
Jr., as chairman

of the board and
president.
Also announced
was the promo­
tion of Ralph V.
Hagen to the po­
sition of v i c e
chairman of the
J. E. DORSEY, JR.
board. A veteran
of 40 years with the bank, Mr. Hagen
started as a messenger at age 16 and
advanced to become president in
1956.
Mr. Dorsey has resigned as a vice
president of First National Bank of
Minneapolis to assume his new duties
with First Hennepin.

First Hennepin is making plans to
relocate in the proposed new Scan­
dinavian Center, which will be in the
block bounded by Nicollet and Mar­
quette Avenues, Washington Avenue
and Third Street. The bank has been
in the same area for 48 years.
*

*

pany.
Northwest International was organ­
ized earlier this year by Northwest
Bancorporation, Minneapolis bank 4
holding company. It will have in­
itial and capital and paid-in surplus of -»
$2.5 million.

*

James Smith Bush, who has re­

signed as one of the five managing
directors of the
E x p o r t-im p o r t
Bank, has been
elected president
and manager of
the recently or­
ganized N o rth ­
west Internation­
al Bank. Five new
directors
have
been announced
j. s. bush
by Mr. Bush.
They are Albert
G. Egermayer, senior vice president
of Cargill, Incorporated; Terrance
Hanold, executive vice president and
general manager of the international
operations of the Pillsbury Com­
pany; Tom McDonald, executive vice
president of Minneapolis-Honeywell
Regulator Company; William F. Mitch­
ell, a vice president of General Mills,
and Maynard Patterson, vice presi­
dent, International Division, 3M Com-

Belle Plaine Construction
Construction recently began on the
new building for the State Bank of *
Belle Plaine, a 90 by 50 foot one-story
brick structure at the corner of Main *>
and Willow Streets.

Green Isle Directors

<

Four new directors have been
elected by the Citizens State Bank *
of Green Isle. Three of the new di­
rectors are officers of Equity Capital *
Company. They are James E. Gott­
lieb, Burt H. Corwin and Hugh E.
Klein. John Donovan, executive vice
president of Donovan Construction
Company, St. Paul, also was named v
director.
*

Darfur Anniversary
The stockholders, directors, officers
and employees of the State Bank of
Darfur enjoyed a dinner and program
recently, celebrating the bank’s 60th C
anniversary.

Cottonwood Apointment

CHICAGO’S NEW
DOWNTOWN MOTEL

"M M
M ic h ig a n A v e . a t 8 th S t. A cro ss fr o m C o n ra d H ilto n
C h i c a g o — Phone: WE 9 -2800

T W X 3 12 - 4 3 1- 10 12

• Clo sest motel to all
convention ce n te rs, com ­
m ercial and shopping
a re a s, th eatres,
m u se u m s, art ce n te rs,
and co ncert h alls.

OBHCniJEE
fc in c iiw x ,

iSP

• Free motel parking,
in-and-out privileges.
• Heated outdoor
sw im m ing pool.
• Free TV, radio, ice cub es
Recommended by A A A , B est
wake-up coffee.

W e s te rn , D u n ca n H in es, Q u al-

Paul O. Pearson, president of the
Empire State Bank in Cottonwood,
has been appointed to serve on the
Minnesota Bankers Association In­
stallment Credit Committee for the
1963-64 term.
*
'i

Duluth Advancement
Directors of Northern City National
Bank have announced the advance­
ment of C. Glenn Rye, vice president,
to the newly created position of ex­
ecutive vice president.
*
Alan R. Timm has been advanced to „
the position of assistant cashier, the
directors also announced. Herbert M.
Burns, Dr. Vernon A. Harrington and
Raymond J. Higgins were elected di­
rectors.
A native of Iowa, Mr. Rye attended 1~
St. Olaf College, Northfield, and was ^
graduated from the State University
of Iowa. He was at one time execu­
tive vice president and director of
the First Federal State Bank in Des
Moines, Iowa.
v

Com plete group m eeting ity C ou rts. M a k e re s e rv a tio n s
fa rilitip s fo r nn tn

d ir e c tly w ith th e m otel or
th ro u g h T r a v e l A g e n ts , B est
W e s te rn o r Q u a lity C ou rts.

facilities for Up to
5 0 0 p erso n s.
W rite

n ow

for

R eserva tion s, D ep t. 159.

DELMONICOS FAMOUS RESTAURANT,
TOULOUSE TAP. AIRPORT LIMOUSINES STOP
AT OUR DOOR. FREE COURTESY CAR SERVICE.
N orthw estern

Banker,

Septem ber,


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Federal Reserve Bank of St. Louis

7963

Banker Appointed
Clyde V. Stube, vice president of
Western National Bank of Duluth,
has been appointed to a three year
term on the conference program of
the Association for Bank Audit, Con­
trol and Operations.

4

Minnesota News

67

New Adrian Cashier
James D. Wagner has been elected
cashier of the Adrian State Bank,
Adrian. Mr. Wag­
ner began work
at the bank in
f
|
1951 after he had
L
completed h i g h
school at Wil..-

m on t.

He has taken
various courses
in the American
Institute
of
Banking covering
J. D. WAGNER
economics, politi­
cal economy and other aspects of
business and banking. At present he
will be going to the University of
Wisconsin at Madison for his second
year of the School of Banking.
Mr. Wagner recently has been in
charge of the A d r i a n Insurance
Agency.

á t É

Gain Edina Charter
Application for the Edina State
Bank, to be located at 5036 France
Avenue S., has been approved by the
Minnesota Commerce Commission.
Proposed capitalization of the bank
is $100,000. The applicants are J. F.
Mullen and Newell O. Gaasedelen,
both of Edina.

Hutchinson Drive-In
Citizens Bank, Hutchinson, has been
granted approval to establish a branch
drive-in bank in Hutchinson. It will
be located at 133 Franklin Street near
the main banking office and connected
to the main office by a pneumatic
tube.

¥/Ae

Plan Observance
The Farmers State Bank of Lester
Prairie is planning to observe its 50th
anniversary at the completion of a
remodeling project. The approximate
date is set for September 21.
Harold O. Milbrath has retired from
the Farmers State as vice president
and Loren Jilek, formerly of Silver
Lake, has been added to the staff.

Correction

(

itr/u M ii

The familiar wavy lines identified the original safety paper
made by George La Monte in 1871.
Today, these wavy lines are still the symbol of the finest
check paper made — superior in appearance, protection and
machine handling.
Why not give your customers the best — specify La
Monte safety paper for your checks. Most banks do.

In our list of the top 15 banks in
Minnesota in the August issue of
N orthwestern B anker, we made an
error in not including the First Edina
National Bank. They have total de­
posits of $23,900,000, the 15th largest
in the state.

Pipestone Open House
The First National Bank of Pipe­
stone recently held an open house

THE W AVY L I N E S , ® THE

NAM E

TINCTIVE

LINES®

BASKETWEAVE

GEORGE L A M O N T E

& SON

•

BASKETWEAVE®
ARE

LA MONTE

NUTLEY

10,

Northw estern


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Federal Reserve Bank of St. Louis

AND THE

DIS­

T R A DE- M AR KS.

NEW JERSEY

Banker,

Septem ber,

1963

68

Minnesota N e w s

M in n e a p o lis In v e s tm e n t F i r m 's X e ir t f u n r le v s

N E W Q U A R T E R S fo r K alm an & Com pany, In c., M inneapolis
investm ent b ank in g firm, are shown above. Established in 1910,
the firm is now loca ted at 501 Second A ven ue South. The sales

to show its new addition. Included
in the new addition are motor bank­
ing facilities and the new Mosler
Vistamatic Teller Window.

fo rce is shown in action at le ft. Paul D oelz, president and ^
senior partner is in center photo. A t right are V ice Presidents
R ich ard M cF arland, K eith Gilm ore and Stanton A b y.

The Bank of Willmar also an­
nounced that W. J. Kuka has become
associated with the bank as assistant
cashier in the installment loan depart­
ment.

New Willmar Officer
Alvin O. Grove is the new assistant
cashier of the Bank of Willmar, and
will he in the loan department of the
bank, according to an announcement
made by president W. E. Lindberg.
Mr. Grove has been associated with
the banking profession for the past
13 years.

Worthington Appointment
Officials of the State Bank of Worth­
ington have announced the promotion
of Robert Bartholomaus to the po­
sition of assistant vice president. He
has been with the bank for the past
five years and formerly was assistant
cashier.

West Concord Open House
The First National Bank in West
Concord recently held an open house *
in honor of W. E. Glarner’s fiftieth
year in the banking business in West v~
Concord. Mr. Glarner started in the
banking business in the year 1913.

Joins Slayton Bank
Carl Youngblom recently joined the
Murray County State Bank, Slayton,
as agricultural representative. He is a f
graduate of the University of Minne­
sota school of agriculture.

Our Service Is at Your Service"
A daily resolution we have kept for 68 continu­

i

ous years to our Correspondents and Friends in

<1

South Dakota, Iowa, Minnesota and Nebraska.

•4

S IA N EVANS
First Vice President

CLIFF A D A M S
President

L IV E

ED NEW ELL
Assistant Vice President

S TO C K

N A T IO N A L B A N K
S IO U X C IT Y
M EMBER FEDERAL D EP O SIl IN S U R A N C E C O R P O R A ÏIO N
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Federal Reserve Bank of St. Louis

7963

D IC K DRAPER
Representative

VI

69

Joins Mobridge Staff
Tom Hansen of Cresbard has joined
the staff of the First National Bank
of Aberdeen’s Mobridge branch as an
agricultural specialist. He recently re­
ceived a master’s degree in animal sci­
ence from South Dakota State College.
Previously he has served as assistant
county agent for Roberts County at
Sisseton.

South Dakota

NEWS
SCO TT
A.

S.

LOVALD
G U L L iC K S O N

Presid en t
S e c re t a r y

Philip
H uron

Joins Winner Bank

Sept. 23-27

G r o u p M e e tin g s P r o g r a m s G iv e n
for the five South Da­
PROGRAMS
kota Bankers Association group
meetings, scheduled for September 23
to 27, have been announced by A. S.
Gullickson, executive secretary.
First of the five meetings will be
Group 1 on September 23 at the Sheraton-Cataract Ho­
tel in Sioux Falls.
The next day
Group 3 will meet
at the Pix Thea­
ter and St. Mary’s
Hall in Winner.
On September 25,
Group 5 will meet
at the Sheraton
Johnson Hotel in
RAY MONSALVATGE R a p i d

Ci t y,

Group 4 will meet
September 26 at the First National
Community Room and the municipal
auditorium in Mobridge, and on Sep­
tember 27 Group 2 will meet at the
Alonzo Ward Hotel in Aberdeen.
All meetings will start at 3 p.m.
with registration. The programs will
start at 4:30 p.m. A social hour will
begin at 6 p.m. with a banquet at 7
p.m.
The program will be the same for
all meetings with one exception. An
address on “ Installment Lending: A
Strong and Helpful Arm of Your
Bank” will be given by a different
member of the South Dakota Bankers
Association’s installment credit com­
mittee at each meeting. Those mak­
ing this presentation will be David
Hessel at Group 1, W. O. Leach at
Group 2, Jack Day at Group 3, D. W.
McDermott at Group 4, and Dick Pe­
terson at Group 5.
Other features of each of the meet­
ings include the following:
Greetings by Scott Lovald, S.D.B.A.
president. Report on the Economic
Conference for Young Adults by Rich­
ard Holtz of Paul S. Amidon & Asso­
ciates, Inc., Minneapolis. Observations
Regarding Capital Accounts by Oscar
Brosz, Superintendent of State Banks,
Pierre; a presentation on the Politz

Study of Consumer Attitudes Toward
Commercial Banks by Curtis B. Mateer, state chairman, Foundation for
Co mme r c i a l Banks; and banquet
speaker, Ray Monsalvatge of Dayton,
Ohio.
Officers will be elected at each of
the meetings.

Move Approved
The Federal Deposit Insurance Cor­
poration has approved an application
to move the Bank of Alpena, S. D.,
from Alpena to Wessington Springs,
and to establish a branch in Alpena at
the location now occupied by the main
office.

Promoted at Groton
Walter Smith, staff member of the
Groton branch of the First National
Bank of Aberdeen, has been elected
assistant cashier at the branch. He
has been with the Groton branch since
1959 and joined the bank full-time last
year after graduation from Northern
State Teachers College.

G. E. Shoemaker has been named
assistant manager of the Ranchers
National Bank of Winner. He is in
charge of smaller loans and auto and
machinery loans, according to Jack
Peters, executive vice president. Mr.
Shoemaker has 18 years of finance ex­
perience in the Winner area.

Kapid City Promotions
A. E. Dahl, chairman of the board,
American National Bank and Trust
Company, Rapid City, has announced
the election of Gidion Stroh, Dan
Mayer, Ted Mrnak and Frank McCor­
mick as assistant cashiers.
Mr. Stroh, Mr. Meyer and Mr. Mc­
Cormick all are in the main office,
while Mr. Mrnak is assistant manager
of the Northwest office in Rapid City.

New Wolsey Manager
Wallace Verdugt has been named
manager of the Wolsey office of the
Bank of Alpena, succeeding Robert
McKee who has moved to Pierre.
Mr. Verdugt formerly was with the
Bank of Wessington and more re­
cently was assistant cashier at the
Bank of Lemmon.

R a n k e r s In s p e c t P r o g r e s s

O FF IC E R S o f the N ational B ank o f South D akota, Sioux Falls, put on hard hats as
th ey in sp ected the con stru ction and progress o f their new b ankin g quarters goin g up
in Sioux Falls. A pp ea rin g from le ft to righ t are: A rth u r E. F riday, assistant vice
p resid en t; L aw ren ce J. Larson, v ice president and cashier; Thomas S. H arkison, ch air­
man o f the b oa rd ; Frank J. Cinkle, execu tive v ice presid en t; M artin J. Colton, presi­
dent, and Jam es T. B rick , v ice president and trust officer.
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Federal Reserve Bank of St. Louis

Banker,

Septem ber,

1963

70

South Dakota N e w s

Ralph A. Anderson, assistant cashier,
was elected vice president in charge
of installment loans.
Mr. Powell died unexpectedly after
serving as president since 1933.

N e w S t u r g is O ffic e B u ild in g

\

Delay Conference

N E W B U IL D IN G fo r the Sturgis office o f the F irst N ation al B ank o f the B la ck H ills
opened recently. It is loca ted in the m iddle o f the m ain business b lo ck in Sturgis and
replaces a b u ild in g erected in 1904. The buildin g is the th ird com pletely new structure
b u ilt b y the F irst N ational o f the B la ck H ills during the past live years. The other
tw o are the main office in R a pid C ity and the Spearfish office.

Time-Temp. Sign at Miller
The First National Bank, Miller, S.
D., has installed a new time and tem­
perature sign, replacing one that had
been in use for more than 50 years.

Plans Youth Conference
In Huron October 1-2
The South Dakota Bankers Associa­
tion’s education committee has an­
nounced that the Economic Confer­
ence for Young Adults will again be
conducted this year in co-sponsorship
with Paul S. Amidon & Associates,
Inc., educational consultants of Min­
neapolis, Minn.
The conference is to be held Octo­
ber 1 and 2 in Huron and will feature
a program designed to give the senior
high school students attending an op­
portunity to learn and evaluate indi­
vidual and group problems involved
in earning, saving, credit, insurance,
banking as a career and the opportu­
nity to meet with experts in the many
fields of finance.

Named to Commission
W. M. Willy, president of the Secu­
rity Bank, Madison, recently was
sworn in as a member of the South

Dakota Banking Commission. He was
appointed by Governor Archie Gubbrud.

Heads Fund Drive
William E. Troutman, president,
Rushmore State Bank, has been named
campaign chairman of the Rapid City
United Fund drive. He will be in
charge of the annual campaign to
raise money to support agencies con­
nected with the United Community
Council.

Martin Open House
Open house was held last month at
the new quarters for the Black Pipe
State Bank of Martin. About 400 per­
sons registered during the event and
the day before 60 bankers from the
area toured the new building.

The following changes have been
made at the Roberts County National
Bank, Sisseton, following the death of
A. W. Powell, president.
F. H. Kouba, formerly cashier, has
been elected president. Harold L. Torness, formerly vice president, was
named vice president and cashier.

OF MINNEAPOLIS

Northw estern

Banker,

FEOERBC

Septem ber,


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Federal Reserve Bank of St. Louis

A ia A a t f z t t i,
O E M « f

1963

The 80th anniversary of the organi­
zation of the First National Bank of
Aberdeen and the fifth anniversary of
the bank’s move to its present loca­
tion was observed last month with the
installation of an Americana carillon
on the bank building.
C. C. Lind, president, said the in­
strument combines a public service
with entertainment. The Americana
carillon will be played from an organ
console keyboard in the bank lobby,
or can be automatically played by an
“auto-bell” which resembles a player
piano roll.
During the day the bells will sound
the traditional Westminster Chime
and strike the hours. Musical selectitons will be played three times daily,
with special Sunday concerts to be
scheduled if local churches and organ­
ists wish.

*

i

■*

◄

<

y

M

9

« i # C C

Fiderai

3-541Ï

The Farmers State Bank at Parkston has started a program to obtain
more checking accounts. The bank, y
every Thursday afternoon, launches a
four and one-half foot, helium filled '*■
balloon. The finder of this balloon is
entitled to a $15 checking account at
Farmers’ State Bank and 50 personal­
ized checks.
The balloon will ascend to about V
5,000 feet, then develop a small leak.
Only farmers can qualify for the ac- 1
count, and the certificate and balloon
must be returned within one week
after launching.

Honor G. Oliver Nordby

MARQUETTE
MEMBER

Mark Anniversary

Account Promotion
Sisseton Changes

''Strong frien d o f the
Independent Banker!’’

a C

The Junior Staff Conference of the
South Dakota Bankers Association has v
been postponed until early in 1964. It
originally was scheduled for October
14 at Rapid City and October 16 at
Mitchell.
4
A. S. Gullickson, executive secretary
of the S.D.B.A., reports that the post­
ponement was necessary because of
the heavy schedule of Association ac­
tivities in October.
*

EBRPBRSTI

G. Oliver Nordby, vice president of
Northwestern National Bank, Sioux
Falls, was honored recently for com­
pleting 40 years of service with the
bank. He started working for the
bank on August 3, 1923. He has a son
affiliated with a bank in Pittsburgh.

*

71

Montana

NEWS
D. J. D U N D A S
R.

C. W A L L A C E

P resid en t

G re a t Fa lls

S e c re t a r y

H e le n a

Billings Election
Timothy J. Healey has been elected
as vice president and trust officer of
the Midland National Bank in Bill­
ings, John E. Tenge, president of the
bank, recently an­
nounced.
M r. H e a l e y
comes to the Mid­
l and f r o m the
metropolitan
b r anc h of t h e
Fi r s t Nat i onal
B a n k , Seattle,
Wash. At Seattle
he was assistant
v i c e pr e s i d e nt
and trust officer
and had been associated with the
trust department since 1953. Prior to
i that he was in the service of the Fed­
eral Bureau of Investigation.

Elect Missoula Officers
Permanent officers were elected and
consideration was given to prelimi­
nary plans for remodeling the build­
ing at 617 S. Higgins Avenue for use
as the first home of the new People’s
> State Bank of Missoula at a recent
meeting.
Walter G. Morris has been elected
president of the bank; Yern P. Stoterau, vice president, and L. C .Stephens,
secretary.

and director and chairman of the
Farmers and Stockmens Bank of Va­
lier. He resigned recently as director
and chairman of the board of the Min­
ers National Bank of Butte.
Mr. Sletten’s banking career started
at the First National Bank of Litch­
field, Minn., in 1910. In 1961 he be­
came director and chairman of the
board of the Central Bank of Mon­
tana.

Roach was named cashier at a recent
meeting of the Security Bank in
Butte.
Mr. Burns, who has had several
years’ previous experience in Butte
and Helena banks, has been with the
Security Bank for the past year.
Mr. Roach, who has been with the
Security Bank since May, previously
worked at the Metals Bank and Trust
Company in Butte and at the San
Francisco Federal Reserve Bank.

Columbia Falls Promotion
Phil Bertelsen, assistant cashier at
the Bank of Columbia Falls, has been
promoted to assistant vice president.
Mr. Bertelsen is in charge of the in­
stallment loan department at the
Bank of Columbia Falls, and was com­
mended by Jack King, executive vice
president of the bank, for the growth
and service of the department.

Henry Sheffels
Henry Sheffels, 60, prominent bank
director, rancher, and businessman in
Great Falls, died recently in a local
hospital of a heart attack.
Mr. Sheffels had been a director of
the First National Bank in Great Falls
since early 1961.

Two Butte Promotions
Robert B. Burns has been named
assistant vice president and Jack M.

Buy Baker Bank
Edward Towe and Vern Bublitz re­
cently purchased the interest in the
Baker National Bank. Erwin and
Pearl Heller sold their interests in
the bank, including the bank building.
Mr. Bublitz, who is well known in
banking circles in Baker, will take
over the front office in the bank as
vice president and Mr. Towe will be
president.

E le c t M o n t a n a N A B A C G r o u p

Great Falls Appointment
Adolph Erickson, president of the
Farmers and Stockmen’s Bank of Valier, has been appointed loan officer
of the Central Bank of Montana, Great
Falls.
In addition to heading the Valier
bank, he is vice president of the Cen­
tral Bank in Great Falls, and also vice
president of the Bancorporation of
Montana.

Retires at Great Falls
E. T. Sletten, director and chairman
J of the board of the Central Bank of
Montana, Great Falls, recently retired
from active service after a life-long
career in banking. He will continue
to serve in an inactive capacity as
board chairman, and also will con­
tinue as director and chairman of the
board of Bancorporation of Montana,

R E C E N T L Y E L E C T E D officers o f M ontana N A B A C are ( ie ft — top r o w ) : past pres.,
P au l A . Caruso, execu tive v ice president, F irst State B ank o f M in eral County, Superior;
past pres., N orm an Johnson, assistant cashier, M on tan a Bank, G reat F a lls; and past
pres., H arry A . H erm anson, cashier, Great F alls N ation al Bank.
B ottom row (le ft to r ig h t ) : State v ice pres., E a rl W . Johnson, cashier, F irst N ation al
Bank, L ew istow n ; new pres., John A . D ow dall, assistant cashier, D a ly B a n k & Trust
Co., A n a con d a ; v ice pres., John L. H eath, assistant cashier, H elena B ranch F ederal R e ­
serve B ank, H elen a ; and sec., B. D. Collier, assistant cashier, F irst N ational Bank,
G reat Falls.
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Federal Reserve Bank of St. Louis

Banker,

Septem ber,

1963

72

I ’.W .I .f . C h a n y e
COCKE, SR., chairman of
ERLE
the board of directors of the Fed­

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1 FLEXIBILITY 1

W h e n y o u r c u sto m e r s’ in v e n to r y ca n be co n v e rted
into prim e co llatera l, y o u r b a n k gains n ew flex­
ib ility b y ex ten d in g loa n services. T h r o u g h

field

w areh ou sin g , S t. P a u l T e r m in a l W a r e h o u se

p ro ­

v id e s P referred W a r e h o u se R e c e ip t s — th e b o n d ed
co llatera l y o u need for credit ex ten sio n , b e y o n d
open line lim its. L o a n p rofits increase b ecau se y o u
are able to m a k e m ore lo a n s, and y o u r in v e n to r y
loa n s b ec o m e m ore secure.
S t.

P aul

T e r m in a l’s sec u rity ,

d e p e n d a b ility

an d

flexib ility in field w areh ou sin g is u n m a tc h e d . So
keep th e

m any

ben efits o f th is v a lu a b le service

w ork in g for y o u r b a n k . . . c o n ta c t S t . P a u l T e r ­
m in a l t o d a y !

ST. P A U L T E R M I N A L
WAREHOUSE COMPANY
Offices in principal cities

<425 E a s t 8 th
Northw estern

Banker,

Septem ber,


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

1963

S treet

•

S t. Paul , M i n n e s o t a

eral Deposit Insurance Corporation,
announced July 16 that simultaneous­
ly with the raise in the discount rate
approved by the board of governors of
the Federal Reserve System from 3
to 3% per cent, the board of directors
of the Corporation has amended the
rules and regulations of the Corpora­
tion prescribing the maximum rate of
of interest which may be paid on certain time deposits by insured state
nonmember banks.
The amendment to the regulation,
effective July 17, 1963, will permit the
payment of the maximum rate of 4
per cent per annum on time deposits
and certificates in such banks which
have maturities of 90 days or more
from the date of deposit.
There were no changes in the maxi­
mum rates that insured state non­
member banks are permitted to pay
on savings deposits. Neither were
there any changes in the maximum
rates on time deposits and certificates
having maturities of less than 90 days,
which remain at 1 per cent, or on
those of one year or more, where the
ceiling remains 4 per cent.
The board of directors, by this
amendment, believed that the higher
interest rate, tied to a definite matu­
rity, would allow banks to utilize the
funds so deposited to better advan­
tage.
Both actions are aimed at minimiz­
ing short-term capital outflows prompt­
ed by higher interest rates prevalent in other countries. Preliminary
information indicates that short-term
outflows contributed materially to the
substantial deficit incurred once again
in the balance of payments during the
second quarter of this year.
Meanwhile, the increase in the maximum rates of interest payable on
time deposits and certificates with ma­
turities from 90 days to one year will
permit insured state non me mb e r
banks to continue to compete effec­
tively to attract or retain foreign and
domestic funds for lending or invest­
ing.

«
*

*•

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M

^

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i

^

Moves to Michigan
George Norr, who has been a vice
president of the Richland National
Bank in Sidney, Mont., for the past
four and one-half years, has resigned
to accept an executive position with *
the First National Bank of Iron Moun­
tain, Mich.
Mr. Norr came to the Richland Na­
tional Bank in 1958 from Bismarck,
N. D., where he was in charge of the
bank examining office for the Comp­
troller of the Currency.

73
other lodge officers throughout Amer­
ica.

North Dakota

New Towner Equipment

NEWS
O . K. A N D E R S O N
W . J. D A N E R

P resident
S e c re t a r y

L a k o ta
Bism arck

Fargo, Moorhead Changes
Changes in executive personnel of
the First National Bank in Moorhead
and the First Na­
tional Bank and
Trust Company
of Fargo were
announced re­
cently.
Robert D. Harkison, who has
been president of
the Moorhead in­
stitution, will be­
come senior vice
R. D . H A R K I S O N
president and di­
rector of the Fargo bank.
James L. Durham, who has been
vice president, cashier and a director
of the First National in Moorhead,
becomes its president.
A. M. Severson, who has been as­
sistant vice president and agricultural
representative of the Moorhead bank,
succeeds Mr. Durham as vice presi­
dent and cashier.
Mr. Harkison has been president
of the Moorhead institution since
July, 1960.

Joins Fargo Bank
Marvin T. Nordbo has joined the
First National Bank and Trust Com­

pany of Fargo as agricultural repre­
sentative in the trust department. He
replaces Neal R. Bjornson, assistant
trust officer, who is going to Washing­
ton to take a position on the staff of
Sen. Milton R. Young, Representative,
North Dakota.

Honor Harwood Banker
Marking 50 years in banking, 44 in
the Harwood State Bank, John C.
Stennes, president of the bank, was
honored recently by friends and busi­
ness associates.
Mr. Stennes began his career in
banking in 1913 in the First State
Bank of Haynes, N. D., as assistant
cashier. When the bank in Harwood
was founded in 1919, he joined it as
cashier. He worked his way up
through the ranks and was elected
president last January.

New electronic accounting machines
to handle checking account book­
keeping have been installed in the
Pioneer State Bank in Towner. The
machines, among the first of their
kind to be installed in the state, will
be important additions to the insti­
tution’s installations of modern equip­
ment.

Grand Forks Construction
A $30,000 building permit has been
issued for construction of a new pay­
ing and receiving station of the Val­
ley Bank of Grand Forks. The build­
ing will be a one-story masonry
structure and is scheduled for occu­
pancy this fall. The building will
have drive-in facilities for acceptance
of deposits and payment of checks.

Buys Additional Space
The American State Bank of Dick­
inson has purchased the American
Legion Service Club in Dickinson, and
will use the building for banking pur­
poses. The bank has also purchased
two lots adjacent to the building and
are planning construction of a new
bank building there.

Honor Fargo Banker

Sells Napoleon Bank

A. K. Simpson, vice president of
The Merchants National Bank & Trust
Company, Fargo, has won top hon­
ors at the national Elks convention
in San Francisco.
He was given the All-American
Loyal Knight award as a result of
competition in ritualistic work with

George Heitmann has disposed of
his stock in the Stock Growers Bank
of Napoleon to G. A1 Klefstad of For­
man, who is the major stockholder
of the Napoleon bank.
Mr. Heitmann also sold his interest
in the Sargent County Bank in For­
man to Mr. Klefstad.

3 to s le r T V l i a n k in g

mmmm.

These tw o pictures show the recen tly bu ilt T .Y . b ankin g serv­
ices o f the F irst N ation al Bank, M in ot. The fa cilitie s , designed
and in stalled b y the H osier S afe Com pany, are the first o f its

k in d in N orth D akota. The con stru ction contains three T V
teller units, and allow s the custom er to com plete his bank in g
transactions w ith ou t lea vin g his car or d rivin g m iles out o f
his w ay.
Northw estern


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

Banker,

Septem ber,

1963

74

North Dakota N e w s

P ro p o s e d G ra n d F o rk s B a n k

H e lp in g S tu d en ts
G et S ta r te d

IN

LAST

month’s

of the
we ran
three articles on banking and the
younger generation. One was en­
titled “ Selling Banking to Youth,”
another was called “Grow Your Own
Customers,” and the third was a sur­
vey conducted by us on “How Banks
Serve the Younger Generation.”
The First National Bank in Grand
Forks, N. D., has developed a very
workable plan for training young stu­
dents while in high school and for
getting them interested in banking
as a career.
N orthwestern

issue

B anker

C O N ST R U C T IO N w ill start on Com m unity N ational Bank buildin g in Grand Forks early
in 1964, accord in g to P resident D. C. M iller.

They accept, as employees, high
school students each year after they
have completed three years of high
school. They work part time during
the summer, averaging approximately
twenty hours a week. When school
starts they can continue working on
a part time basis if they so desire.
During the school years the hours
average about 15 per week.
The school has worked out an
agreement with the bank whereby the
student can gain credit for working
in the bank under the distributive
education program. They usually are
dismissed from school at 2 p.m., with
the time that they work after school
is normally dismissed strictly on their
own for the purpose of earning funds.
During the Christmas holiday, in
the event that the bank has additional
duties because of year end, the bank
allows the students to again work
more hours.
Since inaugurating the program,
the bank has hired 61 high school stu­
dents. Thirty-seven have come in on
a full time basis after graduation,
and ten have become employees of
other banks in the upper midwest.
School officials and teachers many
times have expressed the opinion that
this is a wonderful program to help
students bridge the gap between their
student days and working days.
Northw estern

Banker,

Septem ber,


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

1963

75

y one bank can serve you irec
J
■
. ■
throughout the Pacific C

THE

BANK OF

From th e evergreen forests o f th e N orth to the citrus groves of the South, the W est’s
oldest incorporated commercial bank now spans the Pacific Coast. W ith the recent addition of
Los Angeles to our coastwide system, you can now keep direct touch with key cities up and
down the Coast, through o n e bank and with o n e account.

•u

TH E B AN K OF CALIFO RNIA
NATIONAL

f l y ®
x

ASSOCIATION

HEAD OFFICE: 400 California Street, San Francisco 20 • YUkon 1-3000

La J i
SOUTH ERN

C A L IF O R N IA

SEATTLE

• TACOMA

H EADQUARTERS:
-

PORTLAND

• AND

24

550 Sou th F lo w e r S treet at 6th , Los A n g e le s 17
CALIFORNIA

CITIES

N orthw estern


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

•

626-03 11

■ M ember Federal D eposit Insurance Corporation

Banker,

Septem ber,

Ì 963

No problem is too small to receive
our personal attention
W H Y G E T A L L L A T H E R E D U P O V E R A S E R V IC E P R O B L E M

when our staff of specialists at Denver U. S. National has the
answers honed down to a fine point? And these men—Don Whiteman,
George Alff, and Don Ferrel—will whisk away alt excess details and see that
you get the personal attention of the right people. Telephone 244-8811 in Denver.

' that's the hank for m y m o n e y !"

DENVER U.S.
N

A

T

I

O

□ E N V E R

N orthw estern

Banker,

Septem ber,


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

1963

U .S.

N

A

C E N T E R

L

B A N K

D e n v e r 17. C o lo ra d o

Colorado-W yoiiiing \ e « s
K. M . H A L L , C o lo ra d o S p rin g s
P resident
C o lo ra d o Bankers A ssn .

W . F. M E S S E N G E R , C o d y
President
W y o m in g Bankers A ssn .

C o lo r a d o H a n k e r s A s s o c ia tio n
S te p s in T . !.. H a d io S p o t lit/ lit
Colorado Bankers Association
T HE
was recently spotlighted on the
national Voice of Youth radio and
television program when Eugene Ad­
ams, CBA past president, and presi­
dent of the First National Bank of
Denver, appeared as a featured guest
with the youth panel to discuss
“ Banking’s Contribution to Free En­
terprise.”
The broadcast-telecast was one of
many of the activities being carried
out this year by Colorado bankers and
the Association in commemoration of
the 100th Anniversary of the National
Currency Act.
Commenting on the appearance,
Voice of Youth Guest Adams said,
“ This was an extremely stimulating
experience, and most gratifying to dis­
cover that our youth is so knowl­
edgeable on the broad aspects of our
state and national economy and in­
dustry and so eager to learn more
about details of specific subjects.”
Discussion on the topic of “Bank­
ing’s Contribution to Free Enterprise”
covered such areas as what dual
banking is, how it functions and how
it differs from other forms of bank­
ing; why savings in various financial
institutions earn different rates of
interest; comparisons of loans han­
dled by commercial banks and other
financial firms; and how many kinds
of banks there are in operation today.
Audience response to the program
indicates an enthusiastic acceptance
for this type of informative pro­
g r ammi ng, and CBA officials are
planning similar activties for the
future, as part of its Centennial Cele­
bration, to endeavor to tell the dra­
matic story of the dual banking systeam to the people of Colorado and
to show them the part it has played
in the dynamic growth and economic
progress of the state.

Correspondent Party
The Central Bank and Trust Com
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

pany of Denver will hold its football
party for correspondent banks on
Saturday, September 21.
Bankers will attend the opening
game between the University of Colo­
rado and Southern California, to be
played at Boulder. A dinner party
will be held in Denver following the
game.

New Correspondent Head
For Denver U. S. National
Ray C. Harper, vice president of the
Denver U. S. National Bank, was re­
cently appointed head of the corre­
spondent bank department. Announce­
ment was made
by J o h n
D.
Hershner, senior
vice president of
the c o mme r c i a l
banking division.
Mr. H a r p e r
joined the Denver National
Bank in 1957 as
supervisor of the
livestock depart­
ment. In 1959 he
was appointed a vice president of the
Denver U. S. National Bank. L ntil
his recent appointment as head of the
correspondent bank department, he
served as livestock and agriculture
loan officer and coordinator of corre­
spondent bank loans.

incorporators, also officers of the First
National Bank, are John Evans, hon­
orary chairman; Montgomery Dorsey,
chairman; Carrol L. Stubbs, senior
vice president; and Bruce D. Alexan­
der, vice president.
The proposed bank, if granted a
charter, will have a total capital of
$425,000, and will become an affiliate
of the First National Bank shortly
after it is opened.

lV r/o m rii// N ew s
OK Cheyenne Charter
An application for a national bank
charter has been approved for locat­
ing a bank in Cheyenne. The new
financial institution, which is an affili­
ate of the Cheyenne National Bank,
would be given the name East Chey­
enne National Bank.
The bank will be the fourth located
in Cheyenne.

Seeks Name Change
The Stock Growers National Bank,
which is the oldest banking institu­
tion in the state and one of the oldest
business institutions in Wyoming, has
made application to change its name.
If the application is approved, Stock
Growers President W. Robert Dubois
said, the bank will be known as The
First National Bank and Trust Com­
pany of Wyoming.

Present Citation
A special Treasury citation, signed
by Secretary Douglas Dillon and Na­
tional Director William H. Neal, was
presented to Vern Eastman, outgoing
president of the Wyoming Bankers
Association.
The citation was presented in per­
son by Mr. Neal to Mr. Eastman on
behalf of the Wyoming Bankers Asso­
ciation and its member banks in ap­
preciation of their support of the Sav­
ings Bonds program in Wyoming dur­
ing the past year.

Ray Morgan
Ray Morgan, cashier of the Lander
State Bank, died recently in a Billings,
Mont., hospital. He was 58 years old.

Seek Denver Charter

Gain Dubois Charter

Application for a national bank
charter at North Valley Highway and
West 104th Avenue in Denver, has
been filed with J. R. Thomas, chief
regional national bank examiner.
The proposed location for the new
bank is in a new regional shopping
center scheduled for construction be­
ginning early this fall.
Eugene H. Adams, president of the
First National Bank of Denver, is
one of the main incorporators. Other

Approval has been granted for a
national bank to be located in Dubois.
The new bank will be called the Du­
bois National Bank.
The bank is being organized by a
group of prominent Dubois and River­
ton businessmen and ranchers with
capital funds of $200,000.
The group organizing the bank has
been headed by Harry F. Hays, at
present vice president of the Ameri­
can National Bank of Riverton.
Northw estern

Banker,

Septem ber,

1963

78

j

Monthly average price - choice slaughter steers - Omaha
<4

Y

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*

CONCERNED ABOUT THE CATTLE MARKET?
Of course . . . particularly at this time of peak cattle movement
from the range to the feeders.
Men at the U.S. National keep on top of every market trend
—they know cattle, feeding, and financing from the ground up.
You can make more confident credit decisions with up-tothe-minute market knowledge. Call on U.S. for help in cattle
financing and information on market trends.
M e m b e r Federal D e p o s it In s u ra n c e C o rp o ra tio n

Northw estern

Banker, Septem ber,


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

1963

79
Each night details of the day’s
transactions are sent to the Omaha
bank where a computer adjusts bal­
ances on every account affected. The
new records are printed and delivered
back to Springfield before the start
of business the next day.
A master tape at the Omaha Na­
tional is revised each day so it can
provide up-to-the-minute information
on the status of any account.

N e b ra sk a
y-

NEWS

>

L Y M A N M . ST UCKEY
H A R R IS

y

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*

y

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y

>

V.

P resid en t

OSTERBERG

Se c re ta ry

Lexin gto n
O m ah a

Butte Bank Sold
The Butte State Bank, Butte, Neb.,
has been sold to J. G. Brewster, Vera
H. Brewster and Dennis G. Brewster
of Stuart. J. G. Brewster is president
of the Tri-County Bank at Stuart.
Dennis G. Brewster will be man­
aging officer of the Butte bank. A. P.
Andersen and W. L. Brennan, presi­
dent and vice president respectively of
the Butte bank, said present directors
and employees are being retained.
J. G. Brewster and Vera H. Brewster
are being added to the board of di­
rectors. Mr. Andersen and Mr. Bren­
nan will remain in the Butte com­
munity and serve the bank in an
advisory capacity.

On Plain view Board
Dr. W. H. Weiseth, veterinarian,
and Robert P. Bush, owner of the
Plainview Farm Equipment Company,
have been elected as members of the
board of directors of the Plainview
State Bank. Dr. Weiseth is mayor of
Plainview.

Merriman Open House
Open house was held recently at
the Anchor Bank in Merriman, Neb.,
marking completion of new banking
quarters. About 300 Merriman resi­
dents and more than 50 bankers
toured the new quarters.

Ralston Promotion
Warren Nagley has been elected
an assistant cashier of the Ralston
Bank, Ralston, Neb. He has been with
the bank since May, 1960, and prior
to that was with the First National
Bank of Omaha for five years.

Given Trust Powers;
Name Changed
The Commercial National Bank,
Grand Island, Neb., recently was
granted authority by the Comptroller
of the Currency to exercise full trust
powers and has changed its name to
the Commercial National Bank and
Trust Company.
Bill Marshall, executive vice presi­
dent, also reports that construction
of the new bank building is progress­
ing on schedule and the bank should

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

be moved into during October or early
November.

Expansion Planned
The First National Bank of Wahoo
has purchased two buildings south of
the bank building and plans are being
made to demolish the buildings to
expand bank services. Details have
not been announced.

Wilber Remodeling
The Saline State Bank building in
Wilber, Neb., is undergoing a com­
plete renovation. The second floor
will be removed. An entirely new
brick, glass and aluminum exterior
will be used and a new double en­
trance to the north at the center of
the building will be installed. New
ceilings, floors and a combination of
walnut paneling and painted walls
will be included.
The service area will be doubled.
Facilities for safety deposit boxes
and booths for safety deposit box cus­
tomers will be expanded.
Plans allow for the addition of a
drive-in facility sometime in the fu­
ture.

Start Hastings Building
Contracts have been awarded for
the construction of a new Hastings
State Bank building at Sixth and St.
Joseph in Hastings, according to C. T.
Voorhees of Harvard, spokesman for
those interested in the new bank.
Contracts total $83,700.
Construction is to begin at once and
completion is scheduled for early No­
vember. The bank is chartered to be
in operation not later than January.
The 45 by 76 foot brick and lime­
stone building will face west on
St. Joseph with a walk-in entrance
on the south facing Sixth. Entrance
to a 20-car parking lot will be Rom
Sixth. A drive-in window will be
located on the north side of the build­
ing.

Uses Automation Facilities
The Springfield State Bank, Springfield, Neb., recently became the first
Nebraska bank to use facilities of the
Omaha National Bank for automation
of its bookkeeping.

New Seward President
T. H. Wake, president of the Jones
National Bank of Seward since 1945,
has been elected chairman of the
board and Russell Struthers, vice
president, has been elected president.
Mr. Struthers has been with the
bank since 1947.

New Alliance Drive-In
Construction is well underway on
the Guardian State Bank’s new drivein facility at Second Street and Lara­
mie Avenue in Alliance. Plans call
for an early Fall completion. It
will include two drive-up windows
and a walk-in lobby with two teller
units. An after-hour depository and
a parking area are included in the
plans.

Purchase Elba Bank
Andrew Jacobsen of Elba and
Bryan Jensen of St. Paul have pur­
chased the majority stock in the Elba
State Bank from Marie and C. T.
Julesgard, president and cashier re­
spectively.

Joins Wyoming Bank
C. B. Misfeldt, cashier of the First
National Bank, Stanton, has resigned
to become executive vice president of
the new First National Bank in Gil­
lette, Wyo. Gerald Eller has been
named cashier at the Stanton bank.

Bayard President Joins
New Minatare Bank
H. L. McKibbin, president, First
National Bank, Bayard, has resigned
to join Eldridge Scriven in operating
the newly chartered Bank of Mina­
tare. Mr. Scriven is president of the
Bank of Gering.
Mr. McKibbin will be a partner with
Mr. Scriven in the operation of both
the new bank and the Bank of Gering,
of which Mr. Scriven is president. Mr.
McKibbin will begin his duties with
the Bank of Gering September 1, and
later at the Minatare bank when it
opens.
He and Mrs. McKibbin plan to move
soon to Gering. Their son, Terry, 23,
has resigned as cashier at the First
National of Bayard to join the staff of
the Cheyenne National Bank in Chey­
enne, Wyo., September 1.
N orthw estern

Banker,

Septem ber,

1963

80

The South Omaha Bank has ap­
pointed Jim D. Philpot as assistant
cashier. A graduate of the Univer­
sity of Omaha, Mr. Philpot has had
four years of banking experience.

Om aha N ew s

*

=i=

%

Paul Hansen and R. H. Kroeger,

vice presidents at the Omaha National
Bank, retired recently. Mr. Hansen
was vice president in charge of invest- 8
ments and safekeeping. He retired
after 43 years with the Omaha Na- 4
tional and the Live Stock National.
He will maintain an office on the
fourth floor of the bank building.
Mr. Kroeger was a vice president in
the loan division and is retiring after
nearly a half century in banking.

T HE board of directors of the First
National Bank of Omaha has an­
nounced the appointment of four new
assistant cashiers. They are: James
R. Cook, correspondent hank division,
who joined the bank in October, 1961;
James I j. Doody, commercial loan de­
partment, who joined the bank in
June, 1957; Robert F. Meisinger, deal­
er department of the personal loan
department, who has been with the
bank since June, 1951, and Robert L.
Schilke, who joined the bank in April,

1954, and now is in charge of the tran­
sit and bookkeeping department.
An application for a state charter
for a proposed Westwood Bank of
Omaha at 120th and Center Streets
has been turned down. State Banking
Director Ralph Misko told Millard R.
Seldin, who had applied for the char­
ter, that “granting the charter would
not serve the advantage, convenience
or need of the area.”

*

*

*

Russ Loring, vice president of the

^
Omaha Nat i onal Bank, died last
month following surgery. He was 40
years old. Mr. Loring began his bank­
ing career at the Live Stock National
Bank as a messenger in 1940. He was
named assistant cashier in 1952, and 4
when the Omaha National and the ^
Live Stock National merged in 1954,
Mr. Loring continued as assistant
cashier. In 1955 he was promoted to
assistant vice president and in 1961 to
vice president.
s|c

i{C

The First National Bank of Omaha
will hold its annual Beef Cattle Con­
ference and Forum of Finance on
Thursday, September 12, at the Sheraton-Fontenelle Hotel in Omaha.
Arthur Harper, economist for Lionel
D. Edie & Company, Inc., will be the
noon luncheon speaker.
J. R. COOK

R. L. SCHILKE

R. F. MEISINGER

J. L. DOODY

Municipal and Corporate Bonds
Listed Stocks
Unlisted and Local Stocks
ORDERS EXECUTED ON ALL PRINCIPAL EXCHANGES

CHILES & COMPANY
OMAHA, NEBRASKA
412 Farm Credit Building

LINCOLN, NEBRASKA
1321 P Street

Phone 346-6677

Phone 432-3324

LEXINGTON, NEBRASKA
Ernst & Bieck Building

CHADRON, NEBRASKA
999 East 6th Street

Northw estern

Banker,

Septem ber,


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

1963

Plan Fremont Building
The First National Bank in Fre­
mont has announced plans to demolish
a building located on the site of a
proposed new bank building.
A drive-in facility with two win­
dows and a walk-in lobby window is
being constructed on this location
now, with completion expected within
60 days.
An architect is being selected to
design a new banking building. It is
expected that the completion of the
new building is about two-and-onehalf years away.
The First National also reported
that capital stock has been increased
from $200,000 to $300,000.

Kearney Open House
Grand opening of the new Platte
Valley State Bank building was held
recently in Kearney.
Nearly 200 area bankers and their
wives attended a special bankers’
open house displaying the unique
circular building.

4

81

The reason? Because we know the cattle business. We know
the problems and the special financial needs of a cow and calf
man in the range country... of a cornbelt cattle feeder who mar­
kets his corn “on the hoof” ... of a large-scale commercial feed-lot
operator. We know how to tailor a loan to each individual’s particular
circumstances ... his special money needs ... his type of operation.
We run a lot of cattle through this bank... in fact, we supply
as much money for cattle loans as perhaps any other bank in the
United States! Why not run your cattle through the Omaha National?
We know how to help ... we can help!

The O m a h a N a tio n a l B a n k
Member Federal Deposit Insurance Corporation

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

Northw estern

Banker,

Septem ber,

1963

Nebraska N e w s

82

L E F T : A t the L in coln m eeting w ere, from le ft, L ester Curran,
a.v.p. and ag, repr., F irst N atl. Bk. & Trust, L in co ln ; F loy d
R yan , asst, plant m gr., Am er. Stores P a ck in g Co., L in coln ;
A rd en Johnson, pres., N eb. L iv e S tock Feeders A ssoc., E xeter,

R a n k e rs T o u r

and Glenn Lew is, m em ber o f the N atl. L iv e Stock and M eat
Board, also o f E xeter. R IG H T : V isitin g at N o rfo lk are C ecil
Em rich, gen. m gr., N o rfo lk L iv e S tock Sales Co., and R ob ert E.
Johnson, v.p., Omaha N atl. Bk., Omaha.

U P la nwas
t shost to the bankers from that
area. This firm is a major part of
By B E N H A L L E R , JR.
E d ito r

EARLY 300 Nebraska bankers at­
tended a series of four livestock
meetings sponsored at Scottsbluff,
Lexington, Norfolk and Lincoln by
the agriculture committee of the Ne­
braska Bankers Association. A mem­
ber of the committee presided at each
meeting.
At each of the meetings the bank­
ers toured a packing firm, heard cur­
rent reports on the livestock outlook
and after dinner viewed a carcass
cutting demonstration by Wayne K.
Short of the National Live Stock and
Meat Board, Chicago.
The Scottsbluff meeting convened
at the Scottsbluff Packing Company,
with Charles T. Karpf, cashier at the
First National of Morrill, in charge.
The evening functions were held at
the Scottsbluff Country Club. The
second day’s meeting at Lexington
was held at the Cornland Dressed
Beef Company, with the evening por­
tion of the program held in the Vet-

N

Macon Dudley

Vern Meyer

Benton O’Neal
N orthw estern

Banker,

erans Memorial Building.
At Norfolk, the bankers first at­
tended the usual Thursday auction at
the Norfolk Live Stock Sales Com­
pany arena. This is the largest live­
stock auction market in the United
States, accounting for $52 million in
sales on 559,000 head in 1962. Princi­
pal auctioneer is Cecil Emrich, part­
ner in the firm and general manager,
who later toured the yards with an
order buyer to point out the types
of cattle buyers are interested in
bidding on for packing firms and
buyers.
R. E. Johnson, vice president of
The Omaha National, presided at this
meeting. The group also toured the
slaughtering and dressing operations
of the Midwestern Beef Company, lo­
cated on the same grounds. The
evening meeting was conducted at the
Madison Hotel.
On the final day, the American
Stores Packing Company in Lincoln

Acme Markets, Incorporated, of Phila­
delphia and operates in nearly 800
stores. Nearly all products from the
Lincoln plant are shipped to the east.
The Lincoln plant slaughters about
3,000 head of cattle per week, ship­
ping 60 per cent of its beef by piggy­
back rail transportation so the trucks
can be unloaded at destination and
driven directly to the door of the
proper store for third morning de­
livery.
Among the many products it turns
out are 200-250,000 pounds of sausage
per week and 200,000 pounds of bacon
per week. The firm uses 900-1,000
pound heifers principally in good and
low choice grades. Some steers up
to 1,100 pounds are used. Consumers
dictate policy for American Stores,
according to Floyd Bryan, assistant
plant manager, and this means a
minimum of fat on cattle. Mr. Bryan
said his company in effect imports
between $60 million and $70 million
per year for Nebraska livestock pur­
chases and also employs 500 people
with a $2.5 million payroll.

Jack Killackey
Septem ber,


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

1963

i

83

THE BIRTH OF A WORLD LEADER - 1S84
On August 25, 1884, the new Union Stock Yards Company, capitalized for $2,000,000,
opened its proud facility in South Omaha. The growth of Union Stock Yards, and the
growing prosperity of the livestock industry it served, were to continue an unswerving
course to world leadership by the 1950’s. Principals of the original company were men
influential in the First National Bank of Omaha; two became presidents of the Bank.
Then, as now, the First National Bank took pride in serving the men of the livestock
industry and encouraging other facets of the Midwest’s amazing growth. The
First National Bank of Omaha would like to make its services available to you.

1 0 0 th

anniversary

1
8
6

3
OMAHA, NEBRASKA

J

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

Northw estern

Banker,

Septem ber,

1963

84

Nebraska N e w s

Farmers State Bank, Lexington, will
be president of the new North Platte
bank, and his brother, Harold, will be
vice president. Harold Bacon is vice
president of the Platte Valley State
Bank in Kearney. Capital stock for
the North Platte State Bank has been
set at $200,000. Surplus will be
$100,000 and undivided profits $50,000.

Kearney Promotion
William F. Nelson has been pro­
moted to assistant cashier at the
Platte Valley State Bank in Kearney.
He joined the bank in February.

Plan North Platte Building
Property has been purchased at
the corner of Third and Dewey in
North Platte for the construction of
a new building for the recently char­
tered North Platte State Bank. The
new bank will begin operations early
this month in the building at Third
and Dewey.
Lloyd Bacon, vice president of the

Adding Drive-In
John Glandi, executive vice presi­
dent of the National Bank of Neligh,
has announced the purchase of a
drive-up window and after-hour de­
pository by the bank. Installation is
to be completed by September 15.

Charter Hearing Held
Public hearings on an application
for a new state bank in South Sioux
City were held August 21, it was an­
nounced by Ralph E. Misko, state
banking director. No decision had
been made as this issue of the
N orthwestern B anker was being pre­
pared for publication.
If approved the bank would be
known as the Dakota County State
Bank.

Abbott Banks Hold Picnic
About 30 persons attended the an­
nual Abbott Company picnic at the
LeRoy Abbott cabin near Chadron
State Park. The picnic is hosted by
officials of the company for employees
of the Abbott banks.

Plan Market Day Program

11

=.. an in vita tion to
Leonard L. Law rence

u se S c h w e s e r

P residen t

A p p r a is a l S e r v ic e
\ ou are in v ited to m a k e fu ll use o f our
e x p e rie n c e

and

fa cilities

fo r

a p p ra isin g

y o u r b o n d p o r tfo lio .
T o il

m ay

lik e

to

m u n ic ip a l b o n d
o m m e n d a tio n s
p o sitio n

in

h av e

us

h o ld in g s

th at

view

m ig h t

stu d y

and

your

m ake

im p r o v e

o f p resen t

rec­

Frank E. W illia m s

E xecu tive
V ice-P residen t

your

m a rk e t

con ­

d itio n s.
F e e l fre e to sen d us y o u r b o n d p o r tfo lio
fo r

an alysis

—

a

list

of

your

h o ld in g s

d esign a tin g a m o u n t, issuer, ty p e o f b o n d ,
m a tu r ity , o p tio n
c a ll

on

us

fo r

and in terest rate —
an y

ty p e

of

bond

or

Patrick H. Rensch
V ice-P residen t
and Counsel

cou n ­

selin g.
N a tu r a lly , th ere is no

cost or o b lig a tio n

to y ou .

The Seventh Annual Market Day,
sponsored by the First Stock Yards
Bank, South St.
Joseph, will be
held f o r corre­
spondent banks
o n Wednesday,
September 11, ac­
cording to Presi­
dent Thomas J.
McCullough.
T h e morning
program will in­
clude a visit to
T . j. M
C
commission firm
alleys to watch the actual selling.
This will be followed by going to
the offices of the commission firms
and seeing how settlement is made
for proceeds due shippers. An indus­
trial tour of the area will also be
held.
Following luncheon in the Live­
stock Exchange building, the visiting
bankers will be treated to a demon­
stration on raising better beef. A
panel discussion on the market out­
look will complete the afternoon pro­
gram. A social hour and dinner will
be held in the evening at the St. Jo­
seph Country Club.
c

u l l o u g h

Fred Albert Neeland
W illia m

M a rch

S ecretary and
Treasurer

R O B E R T E.

SCHWESER CO
ii----

ML-

i

j£
IN V E S T M E N T B A N K E R S

•

U N D E R W R IT E R S

208 S. 19th Street

•

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

OMAHA, NEBRASKA

E X C L U S IV E L Y

Telephone 344-4611

C o rrespon d en ts: P rude n tial Bu ilding, 3212 Lom a V is ta R oa d , V entura, C a lifo rn ia , Tel. M ille r 3-5436
201 W e lle sle y Drive S.E ., A ib u q u erqu e, N e w M exico, Tel. 268-9043
Northw estern

Banker,

Septem ber,


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

7963

Funeral services were held recently
for Fred Albert Neeland, 88, member
of the board of directors of the Bank
of Chadron, former state senator, and
rancher. Mr. Neeland, who had lived
in the Chadron area since 1888, died
in the Chadron Municipal Hospital.
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. D A VEN PO RT & C O .
OM AHA

85

YOUR CAPITAL CITY CORRESPONDENT
H e r e ’s a f a m i lia r s i g h t a n d (w e h o p e ) a f a m i lia r m a n . H e ’s y o u r C a p it a l C it y
►

C o r r e s p o n d e n t, c a llin g o n h is t e r r it o r y to offer a s s is t a n c e o n a n y a n d a ll b a n k in g
s e r v ic e s . H is th o r o u g h t r a i n in g a n d e x p e r ie n c e a r e b a c k e d u p b y a c o m p le te C o r ­
r e s p o n d e n t B a n k D e p a r t m e n t s t a f f in L in c o ln , r e a d y to h e lp y o u w h e n y o u t e le -

*

p h o n e o r c o m e in . C a ll o n t h e m , w o n ’t y o u ?

NATIONAL

B A N K ofC O M M E R C E
MEMBER

Rex M iller


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

TRUST & SAVINGS

F D I C

Tom Waldo

L IN C O L N . N E B R A S K A

Gen Goble

Dale Fagot

W inton Buckley

Northw estern

Charles Thompson

Banker,

Septem ber,

1963

86

Changing Commodity Industry.” Mr.
Yates will preside at this final ses­
sion to be followed by a kickoff
luncheon and the Nebraska vs. South
Dakota football game.
*

*

A

Citizens State Bank stockholders
have voted to increase the bank’s capi­ V
tal stock from $100,000 to $200,000.
Surplus totals $100,000 and undivided
profits are $92,000.
*

Third
T HE
Conference

Correspondent Bank
sponsored by First
National Bank & Trust Company of
Lincoln will be held in Lincoln on
Friday and Saturday, September 20,
21, according to Burnham Yates,, pres­
ident. Meeting date for the confer­
ence, formerly held in January, has
been changed to the fall.

W. BATTEY

W. E. NOLTE

B. YATES

L. STONEMAN

The conference, at the Lincoln Ho­
tel, is expected to attract between 200
and 250 outside bankers. Mr. Yates
will preside at the luncheon on
September 20. This year the confer­
ence coincides with the opening game
of the 1963 University of Nebraska
football season and Head Coach Rob­
ert Devaney will preview “Football
1963—University of Nebraska.”
Wheaton Battey, chairman of the
board, will welcome guests Friday
afternoon. The conference session
that afternoon, to be presided over by
Lyle Stoneman, vice president in
charge of the correspondent bank de­
partment, will include the following
topics: “Outlook for the Markets” in
which Les Curran, assistant vice pres­
ident and ag representative, William
Northw estern

Banker,

Septem ber,


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

1963

Smith, assistant vice president, and
Howard Chapin, vice president, all of

the host bank, will participate, and
“The Future — Electronics and Our
Correspondent Banks” featuring Mr.
Yates and A. S. “Chico” Chaves, vice
president.
The ladies’ luncheon and program
will be held at the Nebraska Center
for Co n t i n u i n g Education. Guest
speakers include Mrs. Nancy B. Staub,
trust officer of The Trust Company
of Morris County, Morristown, New
Jersey, whose topic will be “Make the
Most of Your Estate—Plan It!” and
Mrs. Boris Cunningham, wife of vice
president, R oger Cunningham, who
will present “Millinery Magic.”
Friday evening will conclude with
a banquet, at which Mr. Battey will
preside, and entertainment for cor­
respondent guests and wives.
Guest speakers to appear at the
Saturday morning session include:
James Lemley, program specialist,
C C C Grain Storage; Everett Green,
supervisor of public warehouses, Ne­
braska State Railway Commission, and
Sam Darrough, general manager, Lin­
coln Grain, Inc. These men will form
a panel to be moderated by Walter
“Duke” Nolte, executive vice presi­
dent of First National of Lincoln;
they will discuss “The Banker in a

=i= =t=

The Comptroller of Currency has
disapproved the application of J. P.
Morrow and associates to organize a n
national bank in Lincoln.
*

*

*

The application for a state bank
charter for a bank to be known as
Lincoln Bank South has been denied
by Ralph E. Misko, Nebraska director
of banking. The application had been
filed by Glenn Yaussi, president of the
National Bank of Commerce T&S, and
several other officers of National Bank
of Commerce.
*

*

A

F

*

ELIVERY July 1, 1964, of a Bur­
roughs B273 electronic data proc­
essing system to National Bank of
Commerce Trust and Savings, Lin­
coln, was announced by Glenn Yaussi,
president of the bank.
The new data processing center will
handle the bookkeeping for all depart­
ments of the bank and also will be
used to process deposits and checks
for correspondent banks on a contrac­
tual basis.
President Yaussi commented that
“since installing our semi-automated
equipment in 1959 the volume of
checks processed alone has increased
70 per cent.
One of the first assignments for pro­
gramming of the unit is to convert all
data of the trust department from tab­
ulating cards to magnetic tape. In
1961 the trust department became one
of the largest in the midwest as a re-

D

<

A

*

A

A

CONTRACT fo r B273 equipm ent is signed b y P resident Glenn Yaussi as Ed Sullivan
( l e f t ) , branch mgr. o f B urroughs L in coln office; Herman Brockmeier (ce n te r), sr. v.p.
in charge o f operations, and Chester Nielsen, con troller, look on.

87

B a n k e r s w i t h p l a n s u se th e

Professional and experienced Mortgage Loan
consultation... residential properties —investment
properties —commercial properties

F I R S T IMATI O NAL B A N K
S T ru st

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

C om pan y

of Lincoln
N orthw estern

Banker,

Septem ber,

1963

Nebraska News

88

suit of the merger of the First Trust
Company with the bank.
Chester Nielsen, controller, will be
project manager for conversion of the
present systems to electronic data
processing.
The data processing system utilizes
one of the world’s most versatile elec­
tronic sorter-readers, an i nt e r nal l y
programmed solid-state electronic dig­
ital computor with magnetic core
memory, two ultra high speed six-tape
listers, one to six magnetic tapes units
for data conversion and an on-line
card reader.
The system can process up to 1,560
items per minute through the sorterreader and can print 15,000 characters

OUR M EN KNOW

per second in its conversion of data
from magnetic tape to account proc­
essing.
jfc

%

%

The First National Bank and Trust
Company has announced the follow­
ing appointments: John W. Hummel

Gerald C. Schmid is joining the
First National staff as coordinator of
data processing. He is also a gradu­
ate of the University of Nebraska *
business school and has been with
Burroughs Corporation for 14 years as *
a financial representative.

B a n k S tock
Q u o ta tio n s
u o t a t io n s

on the following se- <

Q lected bank stocks are furnished
by Smith, Polian & Company, Omaha,"
MARQUARDT

HUMMEL

SCHMID

has joined the bank as trust officer.
He was formerly with the U. S. Treas­
ury department in Omaha. He was
graduated from the University of Ne­
braska with degrees in business ad­
ministration and law.
Charles J. Marquardt, who joined
the bank in 1961 and was later ad­
vanced to farm management director,
has been promoted to trust officer. He
is a graduate of the University of
Nebraska ag college and previously
was with First Trust Company of Lin­
coln.

-

dealers in investment securities, and
are based on figures available as of
August 15, 1963.
Bank of America
Bank of New York ...............................
Bankers Trust of New York
Boatmen St. Louis
Chase Manhattan— New York
Chemical Bank— New York
Continental Illinois—Chicago
First National Bank—Chicago
First National Bank— Dallas
First National Bank—Tulsa
First National City Bank— New York
First Bank Stock— Minneapolis
First National Bank—St. Louis
Harris Trust & Savings—Chicago
Irving Trust— New York
Manufacturers Hanover— New York
Mercantile National Bank—St. Louis
Morgan Guaranty— New York
National Bank— Detroit
National Shaw— Boston
Northern Trust Co.—Chicago
Philadelphia National Bank
Seattle First National Bank
Security First National— Los Angeles
United California Bank .......
Valley National Bank— Phoenix
Wells Fargo Bank ..................................

BID

ASKED

45
157
58 %
40 %
90%
87%
47

67%
162%
61 %
44%
9 3 '/A
90
49%

>

Governor Names DeLay

Another

B.
M. DeLay, president, Delay First
National Bank, Norfolk, has been ap­
pointed by the governor of Nebraska
to complete the six-year term of v
Wayne Barber on the board of the i
Consumer Public Power District. Mr.
DeLay resigned as a member of theNebraska Natural Resources Commis­
sion.
In other news from the DeLay First
National, J. J. DeLay, Sr., chairman, *
will observe his 80th birthday Oc­
tober 11 and for the first time in 28
years all six of his sons will be in <
Norfolk for the observance.

Recent Sign, M anufactured
and In stalled by

N EB RA SK A NEON
SIGN C O M P A N Y
1140 N. 21st

LIVESTOCK
Marketing
^ Financing
y ' and Correspondent
Banking Services
F IR S T
STOCK YARDS
BANK
^

South Saint Joseph, Mo.

Only bank in the Yards|j|
Northw estern

Banker,

Septem ber,


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

1963

L IN C O L N , NEBR.

— 105 YEARS OF SERVICE —

OMAHA

f

P R I N T I N G CO.
13 0 1 Farnam

Omaha, Nebr.

342-7I23

BA N K SUPPLIES
Snap A p art Forms
Continuous Forms
Bank Forms
Office Supplies
Office Furniture
Servicing the M id - S t a t e s Area
Since 1858

4

89

Nebraska N e w s

Bank, Bradshaw. Both were man­
aging officers of their respective
banks. E. A. Levitt is president of
both banks.

t 0nisi>lìtltit io n in S t. J n s v p h
of the Tootle-EnCONSOLIDATION
right National Bank and the
American National Bank of St. Jo­
seph, Mo., has been submitted to the
Comptroller of the Currency for his
approval following affirmative votes
on the plan by the boards of directors
of both banks last month. The busi►ness of the two institutions would be
continued in the Tootle-Enright Nay tional’s present quarters under the
*name American National Bank of St.
Joseph.
Beverly Pitts, president of Ameri­
can National, would become chairman
of the consolidated bank. Milton Too­
tle, Jr., president of Tootle-Enright,
would be president and chief execu­
tive officer. Co-chairman of the exec­
utive committee would be W. Fairleigh Enright, currently chairman of
Tootle-Enright, and George U. Richa mond, now chairman of American Na­
tional.
The boards of directors of both
banks would be retained in their en­
tirety, giving the new bank a board of
21 men.
The consolidated bank, if approved,
* will have four senior vice presidents.
They are Benton Calkins, Jr., and
Charles K. Richmond, vice presidents

of American National, and Gilbert
Tootle, vice president, and W. F. En­
right, Jr., vice president and cashier,
of Tootle-Enright National.
Capital would be $2,000,000, consist­
ing of 200,000 shares with par of $10.
Tootle-Enright capi tal presently is
$1,000,000 and surplus is $1,500,000.
American National capital is $750,000
and surplus is $1,250,000. After con­
solidation the surplus would be $3,000,000, giving total capital funds of
$5,000,000.
Deposits of the two banks at the
June 30 call were: American National.
$31,174,000; Tootle-Enright National,
$40,511,000.
There are three other banks in St.
Joseph: The First National Bank, the
First Stock Yards Bank and the First
Trust Company. The latter was re­
cently given commercial banking pow­
ers and is presently being moved from
the First National Bank offices to a
new location.

Pierce Changes
E. G. Schellpeper has resigned as
cashier of the Cones State Bank,
Pierce. George B. Gould, formerly
assistant cashier, has been promoted
to vice president; and Harley Bovee,
also formerly assistant cashier, was
named cashier.

Anniversaries Observed
Two Nebraska banks last month
were honored by metropolitan banks
for long-time correspondent relation­
ships. The Commerce Trust Company
of Kansas City and the Bank of Ber­
trand marked the 30th anniversary of
their association, and the Manufactur­
ers Hanover Trust Company, of New
York City and the Farmers State
Bank of Pawnee City observed the
75th anniversary of their association.

Changes at South Sioux
Herb Brune has resigned as execu­
tive vice president of the Nebraska
State Bank, South Sioux City. He
will remain on the board of directors
and W. P. Bernard, cashier, becomes
managing officer. Don Kuhl has joined
the staff as farm representative.

Deaths Reported
The death of two Nebraska bank­
ers was reported recently. They are
R. F. Lord, cashier at the Blue River
Bank, McCool Junction; and L. W.
Farquhar, cashier, F i r s t National

T r a n sp o r ta tio n
in a n d ou t
of D enver
•AIRLIINES

Central
Continental
Frontier
TW A
United
Western

• RAILROADS

Rio Grande
Burlington
Colo. & Southern
Rock Island
Santa Fe
Union Pacific

HUS LINES

Colorado
Motorways
Continental
Trailways
Denver-Boulder
Greyhound

r i

l\ l
A N D
MEMBER:

F. D. i. C. • F E D E R A L


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

RESERVE

SYSTEM

CENTRAL P A R K . . . 1 5 T H

T R

U S T

K
C O -

A N D A R A P A H O E S T ., D E N V E R IT, C O L O .

Northw estern

Banker,

Septem ber,

1963

90

“...will Bankets
participate in this
Cattle Loan?

I HAT’ S the right answer . . . when ever you
have profitable feeder loans that can’t he handled
you’ll find that we not only place our complete re­
sources and long years of practical agricultural
financing experience at your disposal, but will work
with you without disturbing your customer relations.
This is what scores of astute bankers who use our
comprehensive correspondent services have come to
expect, as a matter of course. You can, too.

BANKERS TR U ST
COMPANY
'

The Largest Locally Owned Bank in Des Moines 4
”

6th and Locust Street
DES MOINES, IO W A
M E M B E R : F .D .I.C .
N o r t h w e s t e r n B a n k e r , Septem ber,

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

1963

PH ONE :

5 1 5 -2 8 3 -2 4 2 1

M EM BER:

F .R .S .

91

Moines at Hotel Kirkwood, September
8-10. An informal get-together and
buffet supper at 5:30 p.m., Sunday,
September 8, will open the conference.
The complete program appeared in
the August N orthwestern B anker.

Iowa

NEWS

Atlantic Open House
H.

L. O L L E N B U R G

FRANK W A RN ER

P resid en t
S e c re ta ry

A V 'ir

G arn e r
D es M o in e s

P reside F o r t D o d g e

ARL J. UNDERBRINK, 41, has re­
signed as senior vice president
E
and cashier of The Waterloo Savings
Bank to accept the
*
■■§
™f|l

position of president of the Fort
Do dg e National
Bank. The move
will take pl ac e
October 1.
Mr. Underbrink
s uc c e e d s Frank
C. Moeller, who
will continue as
chairman of the
bank’s board of
directors.
E. J. UNDERBRINK
A n a t i v e of
facksonville, 111., Mr. Un d e r b r i n k
graduated from the State University
of Iowa in 1947 and came to Waterloo
as office manager and auditor of the
Waterloo Savings Bank. In 1955 he
moved to Chicago as operations officer
of the Sears Bank and Trust Com­
pany.
He returned to Waterloo in 1957 to
Accept a position as cashier of the
Waterloo Savings Bank, was pro­
moted to vice president in 1958 and
to senior vice president in January,
1963.

Tama Attracts 2 ,5 0 0
* The open house held by the Tama
State Bank following completion of its
new banking facilities last month at­
tracted more than 2,500 people, accord­
ing to A. J. Bird, executive vice presi­
dent. An adjoining building was pur­
chased and incorporated into the pres­
ent bank building. Complete modern­
ization of the exterior and interior
was accomplished.

a lot directly north of the present
bank building. The existing building
will be removed when the new one is
finished. Planning the new building
is the Kirk Gross Company in Water­
loo. It will be a one-story colonialtype building, measuring 56x102 feet.
There will be two drive-in windows
and parking for 28 cars. The former
building was built in 1913.

Decline Spencer Bank
The Comptroller of the Currency
has denied an application for another
national bank in Spencer. He ap­
proved a charter for the new Spencer
National Bank in June. Headed by
Attorney James Greer, it has not
opened for business yet.
Applicants on the charter denied
were: Charles Kelly of Iowa City,
James Bullock and Art Lachner of
Spencer, Hilda Roskens of Everly and
Roy Rook of Cedar Rapids.
The city has two other established
banks, Clay County National and
Farmers Trust and Savings Bank.

Promoted at Marcus
James O. Whealon, cashier of the
Farmers State Bank, Marcus, has
been advanced to vice president and
cashier.
Mr. Whealon started in banking in
1925 with the Farmers Savings Bank,
Doon. He has been with the Toy in­
terests for 24 years. He also worked
at banks in Rock Rapids, Inwood and
Sioux Falls.
The bank also elected H. J. Reimers
of Storm Lake to the board of direc­
tors. Carleton Van Dyke of Sioux
City is president.

Mrs. Malcolm Rue
Mrs. Malcolm Rue, 48, wife of the
vice president of the Farmers State
¿lank, Ridgeway, died last month.

New Ottumwa Building
* Construction of a new building for
the South Ottumwa Savings Bank is
now underway, according to President
Myron Ackley.
The new structure is being built on

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Federal Reserve Bank of St. Louis

Installment Conference
Set for September 8-10
Willard D. King, chairman of the
Installment Loan Committee of the
Iowa Bankers Association and vice
president of the Davenport Bank and
Trust Company, has announced the
completion of plans for the annual
conference on Installment Lending.
The meeting will be held in Des

Formal opening was held at the
Atlantic State Bank last month fol­
lowing the completion of its new bank
building. A total of 30 door prizes
were given away.
The Park Hotel, Atlantic landmark
which was erected in 1870, was pur­
chased by the bank in January, 1962,
and razed to make way for the new
bank building. The Harlan Federal
Savings and Loan Association has
p u r c h a s e d the old bank building
which was erected about 1910.
The 72x72-foot building has a 50x50foot main business area, with eight
teller windows located in a curved de­
sign along the east side of the lobby.
The bookkeeping department is lo­
cated behind the teller department
and the large vault is located to the
south.
The other bank offices are located
on the west side of the main floor be­
hind a walnut railing. There are six
walnut desks in this area.
Directly south of the main office
area are two enclosed private offices.
The bank has a drive-in and cus­
tomer parking lot.

Waterloo Starts Project
National Bank of Waterloo let bids
last month for the razing of the old
city hall at 619-21 Lafayette Street.
The bank plans to build a detached
teller facility on the lot. It will have
four drive-up windows and two walkups. The area has a 97 foot frontage
on East 5th Street and 40 foot front­
age on Lafayette Street. The new fa­
cility will be directly across from the
new courthouse, now under construc­
tion.

Clear Lake Retirement
Ross R. Rogers, 86, assistant cashier
of the Clear Lake Bank and Trust
Company, is retiring after 68 years of
active work. He has been in the bank­
ing business for 53 years.

New Clinton Directors
L. J. Derflinger, president of the
Clinton National Bank, has announced
the election of two new directors.
They are: John H. Notman, co-pub­
lisher and general manager of the
Clinton Herald, and Robert E. Bickelhaupt, president of Bickelhaupt Motor
Company. Both men are well-known
to Iowans, having been active in their
respective trade associations.
N orthw estern

Banker,

Septem ber,

1963

92

Iow a N e w s

1 'o m p le te M a r s h a l l! tu rn

ration. Previously, the bank was
known as the Exchange Bank of
Adair.

Start Clarinda Building
The Page County State Bank, Cl^rinda, has taken initial steps for its
new building by demolishing t^v
frame buildings in the northeast cor­
ner of the business district. A. MooA
man and Company of Minneapolis is
the architect.

James Peterman
James Peterman,
He was a former
Page County State
In recent years he
Boone.
MODERN B U ILD IN G recen tly com pleted b y F id e lity Savings Bank, M arshalltow n, is
shown in photo above. The b u ildin g is located at South Center and Church Streets.
D irectors o f the bank are: N. T. Chadderdon, R. E. Thornbury, Ralph Williams, E. J.
Paul, O. W . Johnson, Arley J. Wilson, William Shipton, Earl Brennecke and J. R.
Bradbury.

Goldfield to Remodel
Goldfield State Bank has temporar­
ily moved to the Fountain City Man­
ufacturing Building while the bank
building is being extensively remod­
eled. The top story is being removed
and the interior modernized. The job
is expected to be completed about No­
vember 1.

New Remsen Directors
First Trust & Savings Bank, Remsen, elected three new directors at its
annual meeting last month. They are
Clifford Dorr, Elmer Schnepf and Dr.
Ed Henrich.

Joins Rock Rapids Bank
Richard L. Ziegler of DeSmet, S. D.,

has joined the Lyon County State
Bank, Rock Rapids, as a specialist in
agriculture.
For the past nine years, Mr. Ziegler
has taught vocational agriculture. He
is a graduate of South Dakota State.

Anthon Promotion
Len C. Lamar, cashier of the First
Trust and Savings Bank, Anthon, for
the past six years, has been promoted
to vice president and cashier, accord­
ing to an announcement by President
Carleton Van Dyke.

Takes State Charter
The Exchange State Bank, Adair,
has received a state charter and joined
the Federal Deposit Insurance Corpo­

Serving Iowa Banks with

CREDIT LIFE
and

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A wholly owned subsidiary of the 10,000
stockholders of Life Investors of Iowa

THERON
P. T H O M S E N
Merchants
Natl.
Bldg.
C e d a r Rapids, Iowa

f jl

INVESTORS LIFE
INSURANCE CO.

Provide your customers
with Credit Life Insurance through the company they own
Northw estern

Banker,


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Federal Reserve Bank of St. Louis

Septem ber,

1963

<

84, died last month,
president of fn6
Bank in Clarinda.
has been living in

Randall Open House

+

The Randall State Bank held open
house in its new building last monbhtThe project was designed and con­
structed by the Kirk Gross Company,
Waterloo.

Union Bank Expands
The Union Bank & Trust Company,!
Ottumwa, is involved in an expansion
program that was not anticipated
when it moved into its new building
only eight years ago.
Because of growth in business, tl
bookkeeping and proof department:
which were formerly located behind
the tellers’ cages have been mov^d
into 2,200 square feet of second floor
space which originally was called tin
community room.
Space behind the tellers is being re
modeled for use of the trust depart
ment. There will be three offices arte
a reception and filing area.
The present trust department quar
ters will become the bank library ajpc:
a conference room.

Tripoli to Build
The board of directors of the Amer­
ican Savings Bank, Tripoli, have pur
chased property located at 312 Souti
Main Street for the purpose of build
ing a new bank building. The lot*is
66 feet wide and 148 feet long. Plan:
call for construction of a 60 foot by
40 foot building.
f

Cedar Falls Project
First National Bank, Cedar Falls!
plans a complete remodeling of its ¡rx
isting structure and the constructor
of a motor bank at 2202 College.
The work on the main building wi4l
include an addition 28x52 feet. A sec
ond addition will also be made at th
rear of the building. The presen
drive-in facilities will be converted V
a bookkeeping area and a new drive
in will be added to the bank behin
the large addition. Building permit
total $178,000.

93

NEARLY
CENTURY OF SERVICE
TO THE BANKS AND
PUBLIC OF IOWA

 ï L Î L S " ï r IB JàK Ï
^ S 2 I d)

°ïr,ü m ^ cn3

W alnut at Fourth

Des Moines, Iowa
F.D.I.C.


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Federal Reserve Bank of St. Louis

Northw estern

Banker,

Septem ber,

1963

94

Io w a N e w s

F r e n c h H u r s t H e !u r n s H o m e

baugh, Sr., and E. C. Fishbaugh, Sr.,
has had four presidents from the time
of its founding in 1909: C. W. Fish­
baugh, Sr., 1909 to 1913; W. P. Fish­
baugh, 1914 to 1920; E. C. Fishbaugh,
Sr., 1921 to 1963; and the newly elected
president, Robert Fishbaugh.

Oelwein Farm Forum

PR E TTY VISITOR from France, Marguerite dePalma (secon d from r ig h t), receiv ed a
frie n d ly w elcom e to the Central N a tion a l B&T from B, C. Grangaard (r ig h t), pres. W ith
them are Dale C. Smith, v.p. o f the bank and his daughter, Linda.

IFE probably will not be quite as
active at the Dale
Smith home
L
in Des Moines this school year. The
C.

family’s teen-age guest during the
past school year, Miss Marguerite
dePalma, returned to her home at
Beauvais, France, in late summer.
During the 1962-63 school year she
lived with the Smith’s and completed
her high school education at Roose­
velt High, graduating with a high
average in June.
Marguerite was invited through the

MERCHANTS
MUTUAL

BONDING
COMPANY
Home Office
2100 GRAND AVENUE

Des Moines, Iowa

This is Iowa’s oldest surety company.
A progressive company with experi­
enced, conservative management.
We are proud of our three hundred
bank agents in Iowa.

Christian Church youth exchange
movement to live with the Dale
Smith’s for this one year in order to
further her own ambition to become
proficient in English as well as to
learn more about life in America and
in turn to share these experiences
with others in her country.
Mr. Smith, vice president of the
Central National Bank & Trust Com­
pany in Des Moines, and Mrs. Smith
received her into their own home as
another daughter. Their own daugh­
ter, Linda, who will be a senior at
Roosevelt High this year, was de­
lighted at the prospect of having a
“sister,” if only for a year. Between
the two of them they kept things
moving fast at the Smith household,
not only with the accelerated pace of
high school activities today, but also
with the laughter and humor gener­
ated by two such close companions.
At Roosevelt, Marguerite was a
serious student for her ambition is
to have a language school of her own.
She is an accomplished linguist at
age 18, speaking fluently in four lan­
guages in addition to her native
French.
Before she left for home August 1,
Marguerite visited the Central Na­
tional with Linda to see what goes
on behind the scenes in an American
bank. The staff at the bank was just
as delighted with the two pretty
teen-agers as the latter were with
“all that money and all those fast
machines.”

Heads Shenandoah Bank
Robert Fishbaugh has been ad­
vanced from vice president to presi­
dent of the Security Trust and Sav­
ings Bank, Shenandoah. He succeeds
his late father, E. C. Fishbaugh, Sr.
The bank, founded by C. W. Fish­

W . W . WARNER
President

M. J. CORBIN
Vice President

Northw estern

Banker,

Septem ber,


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

Ì9 6 3

v

R. L. Jipson, president of the First
National Bank, Oelwein, reports thajt
more than 800 people attended the
bank’s sixth annual Farm Forum,
Cash door prizes totaling $200 were
given.
*
Speakers included: B. H. (Bill)
Jones, associate secretary of the Live­
stock Feeders Association, and Lou
Conlon, manager of the Minnesota
Dairy Industry Committee of th^
American Dairy Association.
«

Burlington Drive-In
National Bank of Burlington has re­
ceived approval from the Comptroller
for a drive-in bank near the intersec­
tion of Roosevelt and Mount Pleasant
Streets.
The drive-in approval is in addition
to a charter for the First National
Bank of West Burlington. The char­
ter was granted to a group of Bur­
lington men, largely composed of di­
rectors of the National Bank of
Burlington.

Walter Scott
Walter Scott, president of the Farm­
ers State Bank, Hawarden, Iowa, died
recently. Funeral services were held
August 6.

Sibley Open House
The new bank building recently
completed by the Sibley State Bank
was opened to the public last montli.

Emerson Anniversary
The Emerson State Bank will ob­
serve its 60th anniversary this month.
The bank was chartered Septembei
7, 1903, and opened on September 23,
1903.
«

Onslow Anniversary
On September 1, 1903, the Onslow
Savings Bank opened for busines^.
The bank will observe its 50th year
this month. No special plans are be­
ing made.
\

Mrs. Ben Primus
Mrs. Ben Primus, 89, mother of
Henry B. Primus, president of thh
Farmers Savings Bank, Steamboat
Rock, passed away last month.

Kanawha Construction
The Farmers State Bank, Kanawha,
is completing an extensive building
project, and official opening should be
announced soon.

95

The Agricultural Banker’s Bank S IN C E 1868

YOU CAN DEPEND ON
THE MEN OF

LIVE STOCK
Teamwork results in better solutions and service
at Live Stock National. Three experienced operations
men who work in the interests o f our correspondent
customers are: Fran Hearn, Assistant V ice President;
U rb Schellhase, Assistant Cashier, and John Beatty,
Assistant

Trust Officer.

You

can

depend

on

the

experienced men o f Live Stock to give you person­
alized and thorough service on all your correspondent
requirements
N ow

in our 95 th year, Live Stock National is

big enough to serve you, small enough to treat you
as though you were our only customer.

S T /ie

LIVE STOCK
BANK
AT THE M A IN

ENTRANCE TO C H IC A G O 'S

U N IO N

STO CK YARDS

4150 S o u th Hoisted Street, C h ic a g o , Illin o is • Phone YArds 7-1220
Member Federal Deposit Insurance Corporation
N orthw estern


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Federal Reserve Bank of St. Louis

Banker,

Septem ber,

1963

96

Iowa News

MlavcnportItan li P la n s

Davenport Bank & Trust Com­
T HE
pany last month announced plans
for the largest and most important ex­
pansion and development project in
the history of downtown Davenport.
The bank has purchased all the
property in the block to the west of
its present quarters, giving it posses­
sion of the entire half-block, extending
320 feet between Main and Harrison
Streets, and south 150 feet from 3rd
Street to the alley.
All of the building west of the bank
building, with a frontage of 200 feet

TENSION
ENVELOPES FOP
EVERY BANK SERVICE
ban k

•

B a n k -b y -M a il

s p e c ia l is t s

*

Chackbooks

ban k

*

Transit M a il

s p e c ia l is t s

•

Correspondence

BANK
en v elo p e

• D riv e -in Banking
•

• Note Notices

BANK
en velo pe

M IC R Systems

•

Payrolls

SPECIALISTS

' .

„

• Savings Books
BANK
ENVELOPE
en velo pe
SPECIALISTS
BANK
ENVELOPE
SPECIALISTS

•

Call your experienced
Tension envelope
specialist

ENVELOPES
M o in e s F a cto ry and Sales O ffic e :

TENSION ENVELOPE CORP
S a le s Offices: C edar R a p id s + Davenport
Factories: Des Moines, Kansas City,
Memphis, Fort Worth, Minneapolis.
So. Hackensack, N. J.

Northw estern

Banker,

Septem ber,

New Retail Space

To the west of this additional bank­
ing space, extending on to Harrison
Street, the bank will construct new
retail store space on the ground floor.
In the area directly below street level
and underneath this retail space, there
will be permanent parking for bank
building tenants.
Above the retail stores there will be
constructed three floors of enclosed
parking which will accommodate ap­
proximately 250 cars. This parking
will be primarily for the bank’s own
customers. It will also take care of
the parking needs of customers of the
new retail stores.
Above the three levels of parking
space the bank will construct addi­
tional rental office space, which will
add additional capacity to the office
area it now has available for tenants
in its 12-story building.
Convenient access from the parking
area to the banking operation and the
offices in the main bank lobby will be
provided through the installation of
escalators. This will make it possible
to have an uninterrupted flow of traf­
fic within the block.
N e w D r iv e - in T e ll e r S e t u p

Statements


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Federal Reserve Bank of St. Louis

on 3rd Street, will be razed and a new
structure erected, bank officials said.

1963

In addition to constructing this
building west of the present bank
quarters, the bank will convert its
present customer parking area, lo­
cated at the northeast corner of 3rd
and Main Streets, into a modern drivein-teller arrangement for its custom-

IOWA BANK SALES
Brokers in Bank Securities
L IC E N S E D A N D B O N D E D
616 M cC o y D riv e
C A R R O L L , IO W A

P r o je c t

ers. The present parking lot will
retained as such, however, until park-J
ing facilities are available in the ne’\
structure.

Grand Mound Changes
Robert L. Kelly, who recently pur­
chased controlling stock in the Un^>rj_
Savings Bank, Grand Mound, from!
Lyle Stotesbery, has been elected
president of the bank.
Other officers are: William F. D^-!
Lange, vice president; Irene E. Ke
assistant vice president; Stewart L11
Stotesbery, cashier, and Esther JV1.
Gilmour, assistant cashier. Directorsl
are Robert L. Kelly, Irene E. Kellyl
Waltin Olson, William DeLange and|
Fred Bousselot.

Manchester Ag Rep
A top livestock judge, showman an*,
exhibitor last month joined Farmers
and Merchants Savings Bank, Man­
chester, as agriculture representative!
He is Gary Te Stroete, a native oil
Hospers in northwest Iowa and a|
June graduate of South Dakota State)
College, Brookings, S. D.
Mr. Te Stote’s prowess as livestocl
judge, showman and exhibitor is
tested by an impressive display oil
trophies and a couple of boxes of rih]
bons.
Mr. Te Stoete was top livestock
judge in a contest at the Internationaj
Livestock Show in Chicago last 1
and as a senior at South Dakota Stqte
College he was manager of the Little
International Show.
He exhibited the top pen of lambs
at the National Suffolk Show at thL|
Iowa State Fair last summer.
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. D A V E N P O R T & C O .
OM AHA

We Direct Our Attention on the Tri-State
Area for Correspondent Bank Services!
Christy Armstrong and Leo Kane know the Tri State Territory
and are here to see that you receive personal and speedy attention.
Their knowledge, along with American Trust’s complete banking
facilities and convenient location, allows banks in this area to benefit
from the fastest, most efficient correspondent banking service avail­
able. We welcome your calls regarding excess loans and other bank­
ing transactions. Call Christy or Leo at 582-1841.

C H R IS T Y
ARM STRONG

LEO
KANE

‘At Your Service”
at The . . .

m

american trust
and sa v in g s b a n k

9TH AND MAIN, DUBUQUE, IOWA
MEMBER: FDIC • FRS

Service
Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

98

Iowa News

Clear Lake Application
An application for a new national
bank in Clear Lake has been filed by
a group of local residents with the
Comptroller of the Currency. Clear
Lake has one bank at present headed
by Mark Arneson. It is the Clear
Lake Bank & Trust Company.

Winfield Retirement
G. R. Arthaud, cashier of the Win­
field State Bank, will retire at yearend.

Merchants National Progress
Work is going ahead on the exten­

sive remodeling and building program
at the Merchants National Bank in
Cedar Rapids. Completion is expected
in early November.

Heading the list of applicants is John
Suchomel, cashier of the Urbana Sav­
ings Bank. The Peoples Bank in Ce­
dar Rapids maintains an office in Cen­
ter Point at present.
<

Marshalltown Change
An application filed for a new na­
tional bank in a proposed shopping
center in Marshalltown has been with­
drawn. The city has three state-char­
tered banks.

Center Point Application
The Iowa State D ep a rtm en t of
Banking has received an application
for a new state bank in Center Point.

Fonda Bank Sold
Walter W. Stege, cashier of tkef
First National Bank, Fonda, has pur^
chased controlling interest in the
bank from A. M. Kuhl, president. Mr.
Stege has been with the bank for 17
years. Mr. Kuhl had been in thsp
banking business 42 years.
The bank was founded in 1902. t t
has deposits of $2.5 million. Capital,
surplus and undivided profits total
$337,000.

Increase Capital
Two state chartered banks increased
capital last month. Bettendorf Bank
& Trust Company raised its capita'
from $75,000 to $275,000, and South
Ottumwa Savings Bank increased ite
capital from $1 0 0 ,0 0 0 to $2 0 0 ,0 0 0 .

Sponsors Beef Tour

>-

The Farmers State Bank, Marion,
will sponsor a beef cattle tour to the
Kansas City stockyards on September
21 and 22, according to Morris F.
Neighbor, vice president.

African Banker Visits
Fred Mugobi, a banker from Tanganyika, has been visiting Floyd Whit­
more, president of the Page County
State Bank in Clarinda. He has toured
several banking installations in southfwest Iowa. Mr. Mugobi is attending
college in McPherson, Kan.

Joins Denison Bank
Curtis Olson has joined the staff of
the First National Bank in Denisoij,
He attended college at St. Olaf in
Northfield, Minn.

BONDS?
Dealing w ith the com plexities o f Governm ent
financing and Debt p o s itio n -k e e p in g in con­
stant touch w ith markets fo r both current o f­
ferings and prices— is all in a day’ s w ork fo r
Drovers’ investm ent specialist, Bob Lo u g h . B ob ’s
45-plus years o f banking in ve stm en t experience,

CALL BO B LOUGH
AT DROVERS . . .
Y A rd s 7 - 7 0 0 0
and his energetic business leadership are the
reasons behind the confidence folks like your­
self have placed in him and in D rovers.
If we can serve you and your custom ers
through buying, selling or safekeeping o f Gov­
ernm ent and Municipal Bonds or other securi­
tie s, call Bob Lo u gh.

Since 1887

Dmvors National lianU

AMERICAN
NATIONAL

BANK

ST. JOSEPH, M O.

UNION STOCK YARDS, CHICAGO 9, ILLINOIS
MEMBER, FEDERAI, DEPOSIT JNSU RA N C ECO RPO RA TIO N

Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

^^V//////y/7////////11111lUWWWwwwwwxWi^^

99

IN A G R I C U L T U R A L
CREDIT S IT U A T IO N S
for credit overlines, participations, help
with loan procedures and administration

This is
THE M a n
To See!
LEW HOLLAND, vice president of Bank of St. Louis, spends a good deal of time
in the field aiding local bankers and their customers with their farm cash needs.

AGRICULTURAL CREDIT SERVICE is the fancy name for what Lew Holland
offers . . . but to the farmer, and farm area bankers, it means “ ready cash” for
financing more profitable methods and equipment in feed lot and multi-farrowing
hog operations.

Don’t let capital restrictions delay the farm expansion that means greater business
growth for your entire community. Contact Lew Holland in all your excess or over­
line situations. He has the cash . . . and the “ know how* . . . to help you and
your farm customers.
PHONE LEW HOLLAND 314 GA 1-1850

AGRICULTURAL CREDIT DEPARTMENT

MEMBER FED ER A L DEPOSIT
IN SU R A NC E CORPORATION

9T H A N D

WASHINGTON

• ST.

LOUIS

1,

IVIO,

Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

100

Stagecoach

Holdup Triggers
a

Centennial
Event

STAGECOACH driver Howard Gast and his shotgun man Leo Kelley get a goodby
handshake from David H. Reimers, president of The Live Stock National Bank of
Chicago. The ambitious Centennial stunt of driving a stagecoach from the Live Stock
Bank to Earlville required changing horses six times along the 75 mile route.

T ISN’T often that a big city bank
gets a chance to take part in the
Centennial celebration of a small
community. But the opportunity pre­
sented itself recently to The Live
Stock National Bank of Chicago. And
the bank and its advertising agency
went all out to be of help. The idea
they contributed could well be incor­
porated into many community centen­
nial celebrations across America.
About the middle of July, a delega­
tion from the farm community of
Earlville, 111., came to the Chicago
Stock Yards and stopped in at the
Live Stock Bank. At the time of their
visit, Francis J. Hearn, vice president
and advertising director of the bank,
was holding a luncheon conference
with the bank’s advertising counsel,
Dave Davidson, president of the W.
N. D a v id so n Advertising Agency.
When advised that the Earlville folks
were in the bank, the men terminated
the lunch to meet the people, who
were attired in splendid 1 0 0 -year-old
costumes. The men sported beards
that had at least six months of aggra­
vating growth under the careful trim­
ming. Howard Gast, farmer and cat­
tle feeder of Earlville, spoke for the
group and told of a plan to drive a
stagecoach, with passengers, from the
Live Stock Bank to Earlville. Mr.
Gast said they planned to leave the
bank at 10 a.m. on July 29 and he es­
timated he could make the town

I

Northwestern Banker, September, 1963


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

square of Earlville by 3 p.m. the next
day. Along the way they planned to
stop in small communities and extend
greetings from the Mayor of Earlville,
Frank Morrill, cashier of the National
Bank of Earlville. And also drum up
some publicity for Earlville and its
Centenntial celebration and pageant.
Wells Fargo Trunk

Mr. Davidson told Mr. Gast he
thought the plan could use a related
idea. He suggested that the stage
carry a Wells Fargo trunk loaded
with bubble gum and kids’ novelties.
Upon entry into Earlville, all the kids
of the town would be presented with
a once-in-a-lifetime chance to hold up
a stagecoach and share in the loot.
Mr. Gast accepted the idea and was
asked to quickly get a picture of the
stage, showing two men hoisting a
trunk abroad and forward the photo
to the agency. When the photo ar­
rived, the agency wrote a story en­
titled “Earlville Youngsters Invited to
Hold Up Stagecoach.” The photo,
with caption and story, were then sent
with a covering letter to the editor of
the Earlville’s weekly newspaper, The
Leader, with a request to print it in
his July 25 issue, six days before the
arrival of the stage. The editor gave
it a big play on page 1 , with a fivecolumn photo.
Meanwhile, Mr. Hearn a rra n g ed
with a concessionaire to obtain 5,000

novelty items. And it was decided
that two trunks would be necessary to
accommodate the anticipated mob o^
kids in Earlville.
There was an unexpected develop­
ment at this point. Earlville’s public­
ity committee for the Centennial
thought so highly of the story and the
idea that they sent it out as a public-4*
ity release to surrounding newspapers,
radio and television stations, many of
whom published it and used it in new*
casts.
Boys Club

When Mr. Hearn happened to hear*
an NBC-TV commentator reading the
story on a Chicago station it was de­
cided to make some additional public^
ity hay before the stage left the bank.
Arrangements were made with the
McCormick Boys Club to have a half
dozen youngsters at the bank earlyfthe morning of July 29. They were
outfitted with masks, cowboy hats and '
toy guns, and rehearsed on the finer
points of holding up a stagecoach^
Chicago style. The president of Live
Stock, David H. Reimers, and execu­
tive vice president, Harold Johnston.'*
were given parts in the production.
Camera crews from two Chicago tele­
vision stations were on hand to do
the filming: WGN-TV- Channel 9, ancf
WBKB, Channel 7, as was a photog­
rapher from United Press Internation­
al. For the occasion, the agency

101

IOWA’S OLDEST
NATIONAL BANK
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ANNIVERSARY

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OUR FIRST CENTURY of
SOUND BANKING SERVICE

First National’s M otor Bank

9th Avenue at I I th Street

Phone 377 - 1541
Northwestern Banker, September, 1963


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Federal Reserve Bank of St. Louis

102

fowa News
brought along a second trunk special­
ly painted with “Wells Fargo” let­
tered in gold on the top and sides.
The filming went off like clockwork.
The production cast was further en­
hanced by another Earlville family, in
full costume, who had delivered some
cattle to the Chicago Live Stock Mar­
ket earlier in the morning. The films
were shown that evening on the 6
o’clock and 10 p.m. newscasts and the
Chicago Sun-Times published a threecolumn photo and story of Mr. Reimers and the Earlville people the next
morning.
Not content to go this far and drop
the matter, Mr. Hearn and Mr. David­
son drove 75 miles to Earlville and
arrived four hours in advance of the
stage. They introduced themselves
around town and planned out the
parking of the stage and method of
distributing the booty. They then
drove back up the highway and ad­
vised Mr. Gast of the preparations
that had been made.
About 700 w h o o p in g youngsters
were on hand in the town square
when the stage arrived about 3:30 in
the afternoon. After the first press of
the over-eager ones subsided, an or­
derly distribution of the loot was car­
ried out. There was enough for every­
one, even for the ones who came back
for seconds. It had been a busy day
for the Live Stock men, who were
dined and thanked profusely by a
grateful Centennial Committee, before
departing the gay community.

Davenport Offer
A Cedar Rapids investment compa­
ny has offered to buy 3,300 shares—a
controlling interest—of the Northwest
Bank & Trust Company stock for
$1,815,000, it was disclosed recently.
The offer by Investment Manage­
ment, Inc., was mailed to about 425
stockholders of the Davenport bank.
The company proposes to pay $550
a share for a minimum of 3,001 shares
of stock. If more than 3,300 shares
are available, it will buy from stock­
holders on a pro rata basis.
The bank has 6,000 shares of stock
outstanding at a par value of $100 a

Northwestern Banker, September, 1963


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

share. The current market value is
$300 a share, said W. F. Meiburg, bank
president.

Tickets,, P le a s e !

4

THE BUILDING in the above picture may
look like a ticket window— and it used to
be—but when this photo was taken it had*»
been converted to a drive-up window for
temporary use by the College Savings Bank v
at Ames. Because the Highway Commis­
sion tore up the street completely in froi^t
of the bank, Dean Knudson, pres., had to
devise some other way for bank customers
to do their auto banking because the drive­
ways were blocked.
After some quick thinking he hit on the*
old ticket booth idea, located one, got per­
mission from proper bank supervisory au­
thorities and opened for business in a
corner of a friendly Skelly Service statioi%
Now bank customers can get the full treat­
ment—banking service, gas and oil, and
tickets for sporting events—without get­
ting out of their cars!
Despite the fact that the “ new” drive-up
window, with its home-made sliding drawer
for receiving deposits, has become a real^
conversation piece, Mr. Knudson was anx­
iously waiting last month for highway
workmen to complete their project so the
bank’s regular drive-in facilities could b^
restored to daily usage.

50 Years at Toy National

m

C. A. Johnson, vice president of The
Toy National Bank, Sioux City, com­
pleted 50 years with the bank las^
month.
He started with the Toy organiza­
tion in A ugust,
1913. The bankw as k n ow n at
that time as the
National Bank of
Commerce, which
r e c e iv e d its na­
tional charter in
1912. The name*
was ch a n g ed in
1922 to The Toy
National Bank.
C. A. J O H N S O N
He will retirt
from the bank at the end of the year
and has no immediate plans for the
future.

103

D e s M o in e s N e w s

African Trip by V. O. Figge
V. O. Figge, president of the Dav­
enport Bank and Trust Company, is
currently on a hunting expedition in
Bechuanaland in South Africa with
one of his sons.

South Ottumwa Expands
Excavation has been completed in
preparation for a building program at
the South Ottumwa Savings Bank.
The bank plans to more than double
its present space.

N ANTICIPATION of the eventual

•I construction of a modem bank and
▼ office building, B. C. Grangaard, pres­
iden t, Central National Bank and
Trust Company, announced the ap­
pointment of David C. McPherson,
Minneapolis, Minn., as renting agent
* and building manager.
Mr. McPherson has resigned as vice
president of the Apache Realty Corpo­
ration in Minneapolis. Mr. McPher­
s o n also was in the real estate busi­
ness in Chicago for 12 years, and prior
to that he served as associate director
k of real estate for the War Depart­
ment in Washington, D. C., during
World War II for six years.
Arthur D. Norman, assistant cash­
ier and farm representative at the
Iowa State Bank, died last month of
complications following surgery. He
had been with the bank since 1952.

*

B a n h in g B u ll

The Union Trust and Savings Bank,
Ames, recently purchased this black
Angus baby beef at the Story County
* 4-H Pair. The 870-pound Angus, who
goes by the name of “ Dale,” was put on
display in the lobby of the building in a
special pen constructed for the occasion.
>Here, A. W. Lucht, president of the bank,
left, and Brent Dale, former owner of the
animal, observe the animal in its new
surroundings.
“ Dale” was picked the reserve grand
champion of the County Pair.

Morris Stephens has taken over as
president of the First Federal State
Bank, succeeding Mortimer Goodwin.
Mr. Goodwin will continue with the
bank in an advisory capacity.
Mr. Stephens is a prominent Des
Moines businessman. Until recently
he was president of the Des Moines
Life and Casualty Company. He is
currently a director of the Iowa-Des
Moines National Bank.

P R O V E N R E L IA B L E
FOR
OVER

YEARS

AGENTS!
SOME
EXCELLENT
O PEN IN G S^IN IOWA
Tr

Harry E. McCutcheon, cashier at
the Wall Lake Savings Banks for the
past seven years, has joined the Iowa
State Bank in Des Moines as manager
of the note department. Before join­
ing the Wall Lake bank, he was asso­
ciated with the Commercial State
Bank in Cedar Bluffs, Neb.

Y o u ' l l Li ke Ou r
Liberal Agent' s
Contract and Our
Prompt Claim Service

Northern Trust Change
David D. Baer, newly elected assist­
ant cashier of the Northern Trust
Company, Chicago, has been assigned
to travel Iowa under supervision of
Wendell W. Sni­
der, Jr., vice pres­
ident.
Mr. B aer succeeds John
W oods, assistant
cashier, who has
resigned to accept
the position of as­
sistant vice presid e n t w i t h the
Winters National
J. D. W O O D S
Bank and Trust
Company, Dayton, Ohio. Mr. Woods
joined the Northern Trust in 1956.
He was promoted to assistant cashier
in June, 1960.

|
j
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N O N A SSESSA BLE

• FIRE
• EXTENDED
COVERAGE
• HOMEOWNERS
£
• AUTOMOBILE
• INLAND M A R I N E ^

I

-4k

üutoalJFtre
aub Automobile

Correction
In the listing of Iowa’s 25 largest
banks in the August N orthwestern
B ank er , the Muscatine Bank and Trust
Company of Muscatine should have
been included as the state’s 25th larg­
est bank. Deposits of the bank as of
June 29 were $19,143,000.

63

f

'n&€t/ia>nce fJJ o n th a w n
Established 1900
HOME OFFICE, CEDAR RAPIDS, IOWA
E. Wilson, Pres.
P. A. Andersen, Secy
Northwestern Banker, September, 1963


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

104

4
4
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ip
At 6 Per Cent?
“All that I am . . . or ever will be
. . . I owe.”
Good Old Days
Tourist couple viewing Taj Mahal:
Isn’t it amazing what they were able
to do before there was any such thing
as foreign aid.
No Understanding
Boss: You’re an hour late getting
back with those mules!”
Bill: Yeah. You see, I picked up
Parson Jones down the road about a
mile, and from there on, those mules
couldn’t understand a word I was say­
ing.
A Bit Awkward
Two Englishmen out for a night on
the town met two girls and took them
into a dimly lit pub to eat. Suddenly,
one man turned to his friend and
whispered: “ I say, old boy, would you
mind terribly changing dates?”
The other replied, “No, what’s the
matter with yours?”
The friend answered: “Between the
grog, the fog and the smog, I seem to
have picked up an old maid aunt of
mine.”

Honest Approach
The following advertisement is said
to have appeared in a large metropoli­
tan newspaper:
“Gentleman who smokes, drinks and
carouses wishes to meet lady who
smokes, drinks and carouses. Object:
Smoking, drinking and carousing.”
Personal Preference
Three oldsters were passing the
time of day on the courthouse steps
and discussing the ideal way of leav­
ing the world. The first, age 75, re­
marked he’d like to go quickly like a
crash in a speeding car. The second,
age 85, thought he’d prefer a jet plane
crash.
“ I’ve a better idea,” mused the third,
age 95. “ I’d rather be shot by a jeal­
ous husband.”
Careful Phrasing
Frowning psychiatrist to office nurse
on phone: Just say we’re terribly busy
—not ‘It’s a mad-house’.”
Labors Language
Little Grl: Daddy, will you tell me
a bedtime story?
Union Leader: Once upon a time
and a half . . .”

Freedom Rider
Ivan Rabinovitch, a trusted man in %
Russia, was allowed to take a trip
through Europe as a reward for his*
services to the party.
From Poland, he sent a postcard,
“Greetings from a free Warsaw.”
,
From Hungary, he sent a postcard,
“Greetings from free Budapest.”
▼
From East Germany he sent a third
postcard, “Greetings from a free East*"
Berlin.”
Then he crossed the border into
West Berlin and he sent his last post- ^
card, “Greetings from a free Rabino­
vitch.”
w
Decisions, Decisions
She: Doctor, will the scar from my
operation show?
Dr.: That, young lady, is entirely up ♦
to you.
Danger Everywhere
This year’s college graduates de­
serve our sympathy. Almost anywhere
they look for work, they run the ter­
rible risk of finding it.
i
Accurate, But Slow
Deep in the Louisiana swamps, three
tourists stopped to watch a small boy
fishing in a roadside lake. Finally, *
one man asked, “Boy, are there any
snakes in this water?”
“Naw, suh, they sure ain’t,” replied «
the lad slowly.
The three tourists left their clothes
on the bank and all had a refreshing
swim. After dressing, one man asked, *
“How come there aren’t any snakes in
this lake?”
“The alligators ate ’em,” replied the k
boy.
Consumer Market
A story now being told of life behind
the Iron Curtain:
Josew. If the Western powers at­
tack us, our agents will carry atom «
bombs concealed in suitcases to Paris,
London, Rome, New York and all the
other big cities of the Capitalist im­ 4
perialists and destroy them.
Petrov: I guess we’ll have enough
bombs by then, but how about suit­
cases.

Northwestern Banker, September, 1963


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

Central States Bank-Health Flan
requires little of a bank's time
-reports H. E. Clark, Vice President
First National Bank, Stratton, Colorado

Bank-Health makes needed medical, surgical
and loss of time insurance available to your cus­
tomers—with the premiums conveniently deducted
monthly from checking accounts.
Banks receive a liberal fee for their services,
which are simple and streamlined. More than 900
banks now offer Bank-Health.

‘‘The big advantage about Bank-Health is that
Central States does the selling for us,” says Mr.

Clark. “That, together with the fact there is so little
of our time required to service the program, makes
the profit picture even brighter for us. With the
top caliber men Central States has in the field, it’s
pretty easy to keep this business in our own com­
munity,” he added.

For more information a bo u t this popular plan,
c o n ta c t C en tral S ta te s tod ay. You and your
custom ers will be b oosters, too.

T. LESLIE KIZER, President
CENTRAL STATES INSURANCE BUILDING
HOWARD AT 18TH STREET • OMAHA
UNDERWRITING EXCLUSIVELY THROUGH FINANCIAL INSTITUTIONS


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

v
V

•S

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Ju st a hop, skip and jump to

our Mid-America location!!! -

S tick a pin in your U.S. map at Des Moines, and you’ll find
you can alm ost spin the map like a top. Yes—we are located,
happily, at the very heart of M id-A m erica. W hich can mean,
fo r you, correspondent bank services always a little faster.
A ctually, the lowa-D es Moines National Bank is less than
a day away from any major city, coast to coast. So no matter
where your drafts are drawn, they can get to us in a hurry.
A nd we keep our correspondent services operating at top
speed, to move your business with all possible dispatch.
W hy not stop in here, next tim e you’re traveling—on vaca­

tion or on business—and let us show you around the Bank.
Y ou'll see some operations we think you w ill admire; and
m ost likely you will get some ideas as to how we can serve
you even better!
D E P A R T M E N T OF B A N K S A N D

Jerry Nelson—Wee President

BANKERS

George E. Harnagel—Assistant Vice President

Bob Buenneke —Assistant Vice President
Ben Eilders- Assistant Vice President

John Hunt—Assistant Cashier

We’re here to help you get what you want

Io w a D e s M o in e s 'N a t io n a l B a n k
Sixth and Walnut, Des Moines 4 • CHerry 3-1191


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Federal Reserve Bank of St. Louis

Member Federal Deposit Insurance Corporation

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