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Federal Reserve Bank of St. Louis




myriad tools
o f modern banking
... and men who
know how to use them
Federal Reserve Bank of St. Louis

24-Hour transit service. A t Merchants National Bank,
our up-to-date, computerized Transit Department is one
of the nation’s most modem.
M N B ’s ’round-the-clock Transit Department and ad­
vanced Electronic Datacenter — a combination of the
latest machines and the experienced men who know how
to use them — are good reasons why over half the banks
in Iowa are M NB correspondents.

So many ways we can help you . . .

Meftduwfa Habrnd


For men
who find a way
when there
is no way...

Trust Northern to find an inven­
tive way to solve your problem s...
and help you make more profit.
Whether it’s for profitable invest­
ment of short term funds... portfolio
assistance... new business develop­
ment ... or any of many correspondent ban k in g serv ices...y ou can
Trust Northern to have the men who
have the skills to find the answers.
O f course, there’s more to our
service than the men who visit you
personally. There are the specialists
back at the Bank—bond specialists

Northwestern Banker is published five times
for 991.
50c per copy, $4 per year. Second class
manuscripts, mail items) to above address.
Federal Reserve Bank of St. Louis

who help you show more after-tax
profit, automation specialists, new
business experts. All are working
behind the scenes— to help you.
Try our brand of correspondent
banking service— it’s personal and
it’s flexible. Call or write Mr. N.
Hall Layman, Vice President, Cor­
respondent Banking Department.





Chicago 60690 • Financial 6-5500 ♦ Member F.D.I.C.
a month by the N orthw estern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50o09
postage paid at Des Moines, Iowa, Address all mail (subscriptions, change of address, f o r m ¿ 5 /9



'Oh, you’re the bank insurance people”
No matter how often bankers say that to us we are always pleased
to hear it because bank Insurance people is exactly what we are.

Some insurers insure
banks also
We insure banks only
Working for bankers all day long, we learn
as much from them as they from us, and
in the course of 47 years, we have come to
know the banking business. And because
we do, a growing number of bankers prefer
to discuss their insurance problems with us.
In the past 5 years alone, the banking
community has more than doubled the
insurance placed with Scarborough.

In exchange, we have provided what many
have written to tell us is the broadest,
soundest and best serviced insurance their
banks have ever enjoyed.
If you are inclined to believe that your
own bank's operations will be protected
better, and more economically, when
insured by professional bank insurance
specialists, get in touch with

bank insurance

Digitized forNFRASER
o rth w e s te rn Banker, S e p te m b e r, 1966
Federal Reserve Bank of St. Louis


Oldest Financial Journal West of the Mississippi

1966 ,

fo r yo u r S ep te m b e r,


72n«l Year

“ Idle State Funds”
“ I have read witli much interest your
Open Letter addressed to me in the August
issue o f N orthwestern B anker . It ap­
pears necessary to reaffirm certain particu­
lars relating to the bank deposit program
initiated and later terminated by this office.
“ It is perhaps significant that so little
attention is directed to the fact that until I
assumed office in January, 1965, nothing
whatever had been done since 1959 toward
placing temporarily idle state funds in
Iowa banks. You will recall that one of
my first actions as treasurer of state was
to ask that the statute which limited inter­
est on public funds be amended. My prin­
cipal purpose, of course, was to make it
possible for me to place the funds in Iowa
banks and at a rate commensurate with the
rate then available on II. S. Treasury Bills.
I regret to state that this legislation was
sought with a minimum of support from
those the action was designed to assist.
“ Nevertheless, the 61st General Asembly
did raise the limit on interest on public
funds to 4 per cent. Immediately after
proper forms were prepared the program
was anouneed as available to any and all
banks. It is noteworthy that the requests
for funds at the outset were relatively few
and only later did the number of requests
increase. (O f the 669 Iowa banks, 106 re­
quested funds— well under one-sixth of the
total number.)
“ Through the fault of no one, the rate on
Treasury Bills rapidly increased until, when
it was time to determine the future of the
program, the rate had attained a general
level of 4.8 per cent. The current rate avail­
able to us on 180-day bills is now, in cou­
pon equivalent, approximately 5.6 per cent.
“ In an effort to determine whether I
might continue the program, I sought the
advice of three university economists. I did
not know, nor do I know now, the political
affiliations of these gentlemen and they were
given no instructions whatsoever. I did,
however, express the hope that they would
find justification for leaving the money in
the banks, but I made it crystal clear I had
no intention of causing them to forsake
their academic freedom.
“ My original intent (in accord with my
convictions as a former vice chairman of
the Iowa Development Commission) was to
make this money available to the Iowa econ-


A cross the Desk from the Publisher


D ear E ditor


F rontispage— “ School D aze”


The Cattle Outlook— A n Exclusive N orthw estern B a n k er


1966 Crops A re N ear Record Peak— An exclusive N orthw estern
B a n k e r Survey


S& L’s, B ig Banks W ould Be Favored by Change in “ Q” — Lewis
E . Davids


School o f B anking Officers

Minnesota News



W yom in g News

Twin City News



Nebraska News

South Dakota News



Oamha News

North Dakota N ews



Lincoln News

M ontana News



Iow a News

Colorado News



. . .

(Turn to page 6, please)
Federal Reserve Bank of St. Louis

Des Moines News


Index o f A dvertisers


The B ankers’ M arket Place


In the D irectors’ Room


Conventions Calendar

306 15th Street, Des Moines, Iowa 50309, Telephone (Area Code 515) 244-8163


Clifford De Puy


Malcolm K. Freeland

David L. Lendt

Larry W. Nothwehr
Advertising Assistant

Mildred Savich
AI Kerbel

Ben J. Haller, Jr.
Managing Editor

Business Manager

Field Representative


No. 991

Circulation Department
Field Representative

Joe M. Smith


Bertha Soderquist

Lena Sutphin

Field Representative

Paul Masters

Frank P. Syms, Vice President, 550 Fifth Avenue, New York 36, JUdson 2-7126

N o rth w e s te rn Banker, S e p te m b e r, 1966

M ß fia r E d i t i n ' . .
(Continued from page 5)
omy through our Iowa banks. This natur­
ally presupposed no substantial loss to the
Iowa state treasury. I realized, however,
that, as opposed to purchasing U. S. Treas­
ury Bills, we were losing negotiability when
we placed the money on deposit. I consid­
ered this a fair risk although after $33.7
million were deposited it was determined
that no more should be made available at
that time because of the liquidity factor.
“ I think many of Professor Lewis E. Da­
vids’ points are well taken. Similarly I
think the reasoning o f the three university
economists was sound. The difference in
opinion rests simply in whether the treas­
urer of state is at liberty— as a single execu­
tive officer — to forego additional interest
accruing to the treasury at the rate of some
$300,000 annually. When we consider that
the legislature appropriated $769,345 annu­
ally to the entire Iowa Development Commis­
sion, it is extremely doubtful that one state
officer should, in fact, spend over $300,000
additional for economic development.
“ I cannot agree that earning an addition­
al $300,000 (annual rate) is only gaining a
slight advantage on rate through invest­
ments in governments. I earnestly believe
that bankers and all citizens of Iowa view


this substantial amount of money as some­
thing to be seriously considered under any
“ I heartily agree that the ‘logical move’
will be to so amend the statute as to permit
banks a free choice as to whether they de­
sire a given number of dollars at a specified
rate. This will require the removal of the
limit on interest on state funds and if this
is approached in a spirit of cooperation, I
am sure that this office can have a substan­
tial amount o f money available soon after
January 1, 1967.
“ As to your closing paragraph, I must
state that earnings on temporarily idle
funds are in almost every instance directed
to that fund from which the monies were
taken. The Code of Iowa, is replete with
instructions to the treasurer of state and
others as to liow this interest must be cred­
ited and we follow these directives explic­
itly. But, if a ‘penny saved is a penny
earned,’ then surely a penny earned is a
penny saved. To put, it another way, any
money accruing to the state treasury through
interest earnings is plainly, and by any
sound business standards, an advantage to
every taxpayer simply because these addi­
tional earnings are bound to replace tax

In every industry there are
terms in use that make abso­
lutely no sense to outsiders.
Even within companies in a
particular industry, terms are
often developed that make no
sense to anyone outside the
individual company. O n e such
term we use — and we d on ’t
know how widespread it may
be n ow — is the "hard core.”
This hard core is the generally
small percentage o f checking
account customers in almost
any bank who have mightily
resisted all conventional sales
and marketing approaches cal­
culated to get them to pur­
chase their own Personalized
Checks. So far, they have not
d o n e so . . . they w an t the
"free ones.”
This group not only represents
a challenge to us but it also,
though usually only a small

o rth w e s te rn Banker, S e p te m b e r, J966
Digitized forNFRASER
Federal Reserve Bank of St. Louis

percentage o f accounts in any
one bank, represents a sub­
stantial p o te n tia l for check
orders when multiplied by the
number o f banks involved. It
is also a source o f recurring
check expense to banks, so we
are m o st enthusiastic about
reducing this expense.

dollars in the same amount.
“ I have made tentative plans for calling V
a meeting of a representative group of
bankers. Together we will endeavor to de­
termine what type of legislation is most es­
sential as we look forward to the 62nd Gen- %
eral Assembly. I am willing and anxious to
give full assistance, but only so long as I
am assured of the banking industry’s sup­
P a u l F r a n z e n h u r g , Iowa
State Treasurer, Des Moines,

“ Exciting DC-9”
“ Thank you very much for your letter V
enclosing the August edition of the N orth­
western B anker which carried the fine
story about our wonderful DC-9 jet by
Douglas. We certainly do appreciate your
interest and assistance in telling the Ozark
“ Equally exciting to us were your com­
pliments concerning our service to Des
Moines during this air travel emergency.
These were trying times for the flying pub- *
lie, and we are doing the best we can to
help alleviate the situation. It is good to
know that these efforts are not going unno­
Earl E. Bowman, Director
o f Advertising, Ozark Air
Dines, St. Louis, Missouri.

‘ ‘ Great Optimism”
“ Thank you for sending me a copy of the A
August issue o f N orthwestern B anker .
I have read with great interest the article
on the iron ore range and it certainly ex­
presses the change in feeling in that area.
“ I spent some time in Duluth and thee—-■
range cities last week and can assure you
that they are looking forward to the future
with great optimism.”
Henry T. Rutledge, Presi­
dent, Northwest Bancorpo- *
ration, Minneapolis, Minne­

O u r latest m e rch a n d isin g
efforts r e v o lv e around new
"Line Check” or "N a m e O n ly ”
check packages that incorporate
an attractive miniature catalog
o f personal ch eck b ook s and
specially designed order forms
that encourage customers to
reorder fu lly p e rson a lized
checks at their expense. W e
think y o u ’ ll lik e these new
packages if you’re concerned
about your "hard core.” Ask
to see the new DeLuxe Line
Checks. They’ll help eliminate
the problem.

First Wisconsin Promotion
Eduardo Benet, head of the First
Wisconsin National Bank’s interna­
tional division, has been appointed a
senior vice president by the board of
directors. He joined the bank in 1962.


W e wired
your corn fields
to our computer,
Detroit Engineering and Research

the w orld’s largest m anufacturer

m a c h i n e r y e n g in e e r in g



of tractors, self-propelled co m ­

m eans constant effort to -

m orning, report data is digested

bines and diesel engines. It also

ward im provem ent. T h a t ’s

b y a com puter.

in c r e a s e s







T he

M a s s e y -F e r g u s o n ’ s





w h y M a s s e y -F e r g u s o n d e sig n

A consolidated computer analy­

engineers follow new M F tractor

sis of these reports and fa rmer field

models onto corn belt farm s and

experiences is used b y M F m a n ­

M assey-F erg u so n means busi­

check their perform ance.

agem ent to continually improve

ness in the corn belt. You can

tractor design and perform ance.

bank on it.

M F engineers file their reports
long distance on a special tele­

T his kind of engineering leader­

phone tape recorder at the M F

ship has m ade M assey-F erguson
Federal Reserve Bank of St. Louis


M a sse y -F erg u so n In c .
D es M o in e s , Iow a

N o rth w e s te rn Banker, S e p te m b e r, 1966


DEMONSTRATION BUILDING, located at the LeFebure plant site in Cedar Rapids,
is equipped with four teller stations, motor banking unit, vault, alarm and camera
systems, managers’ offices, basement, rest rooms, etc. Exterior is brick in colonial design.

F eb u re P la n s ''F u ll Servii*#3'
I inter W a lte r K ill d e M e r y er
LeFebure Corporation, wellT HE
known bank supply firm in Cedar
Rapids, is adopting a “full service
concept” of fulfilling banking needs,
following acquisition of the firm by
Walter Kidde & Company, Inc., ear­
lier this year.
Kenneth W. Watts, president of Le­
Febure, reports that although LeFe-


Arizona is
Valley Bank

o rth w e s te rn Banker, S e p te m b e r, 1966
Digitized forNFRASER
Federal Reserve Bank of St. Louis

bure is a wholly-owned operating unit
of Walter Kidde & Company, Inc., Le­
Febure will continue as a separate
The full service concept will include
manufacture sales and service of secu­
rity equipment, such as safe deposit
boxes, vault doors, vault lockers and
depositories. Other product lines ex­
tend from cash handling equipment to
motor banking to printed forms for
computers, account coding and check
A relatively new service provided
by LeFebure, according to B. Ray
Howard, general sales manager is
the sale of factory engineered build­
ings accomplished through Midwest
Homes, Inc., of Carlisle, Ind., in co­
operation with LeFebure and local
contractors. The demonstration build­
ing, erected on LeFebure’s plant site
in Cedar Rapids, and shown in the
picture above, is an example of build­
ings available for immediate ship­
ment. They are particularly suitable
for parking lot facilities or branch
offices. An arrangement can be made

with C.I.T. Educational Buildings,
Inc., to buy, lease or lease with op­ V
tion to buy.
More than 20 operating units are
encompassed in the growing Kidde or­
ganization, and they have made sev­
eral additions to their corporate struc­
ture since the LeFebure acquisition.
Plans for Kidde and Dura Corporation
have been announced subject to ap­
proval of stockholders. Dura manu­
factures auto safety devices, auto com­
ponents, home products, punched tape
typewriters, tape and card punches
and readers, computer input-output
devices, tape to card and card to tape
convertors, etc.
Kidde sales for 1965 were $109,494,246 compared with $49,280,396 in 1964.
Net income more than tripled to
$3,123,396 in 1965. At year-end, Kidde
purchased S. W. Farber, Inc., manu­
facturer of electric appliances. Globe
Security Systems, Inc., supplier of se­
curity services, was purchased at
about the same time as the LeFebure
purchase. Sales and profits for Kidde,
reported for 1965, do not include fig­
ures from these various firms.
In early 1966, Kidde concluded ar­
rangements for $30,000,000 in long
term financing. Other indebtedness
was retired, and the additional pro­
ceeds have been added to working
capital, expansion needs and possible
future acquisitions.
The original LeFebure Ledger Com­
pany was founded by the late E. L.
LeFebure in 1892, at which time he
originated and p a ten te d America’s
first self-indexed ledger. The com­
pany, at that time, manufactured
bound books and loose leaf forms.
In 1938, LeFebure Corporation was
formed, and Leo T. LeFebure was
made president and assumed active
management of the business. By this
time, accounting machines were in
general useage and the LeFebure line
had been expanded to include a line
of posting trays, steel office equip­
ment and machine forms.
In 1956, LeFebure Corporation was
acquired by Craig Systems, Inc., and
operated as a wholly owned subsidi­
ary until 1965, when Craig Systems,
Inc., and LeFebure Corporation be­
came operating divisions of LeFebure,

Republic o f Dallas Election
Dr. Edmund A. Mennis, vice presi­
dent of a Philadelphia investment
management firm and a well-known
author and lecturer on financial af­
fairs, was elected a senior vice presi­
dent of Republic National Bank of
Dallas and chairman of the bank’s
trust investment committee.

You can expect a little extra from Chase Manhattan
The extras come from what we call Consolidated
Correspondent Service.
As we see it, any good bank can give you an
adequate portfolio review, or dig up volumes of
routine credit information on order. But service
goes a bit beyond the performance of a profes­
sional chore.True correspondent service is a pack­
age concept. It consolidates all your needs as a
matter of course; then imaginatively seeks out
additional ways to be helpful.
And it’s who and what we are that makes it

possible for us to consolidate service and give
Federal Reserve Bank of St. Louis

you more. People— plus knowledge, experience,
tradition, facilities and size make us unique as a
banker’s bank. That’s why we’re the nation’ s
number-one correspondent bank by quite a few
galloping lengths.
Call on us for anything. W e’ll show you the
value of Consolidated Correspondent Service—
why you can expect a little extra from your friend
at Chase Manhattan.

N ational A ssociation/M em ber Federal D eposit Insurance C orporation


Here’s a new microfilmer for
the bank on the way up.....

Digitized forMFRASER
o rth w e s te rn B anker, S e p te m b e r, 1966
Federal Reserve Bank of St. Louis


and up!
Built by Kodak to Kodak-quality standards, the new
R ecordak Reliant 400 M ic ro fiim e r is rug g e d ,
d e p e n d a b le , and s u rp ris in g ly low in p ric e
ideal for the sm aller bank or branch whose volume
is on the way up. With the basic unit (shown at left)
you can m odernize your m icrofilm ing operations
right from the start. And you’re all set to upgrade
them still more with “ add-on” accessories (shown
below) as your needs grow.
Add the fam ed Reliant P recision Feeder to the
R eliant 400 M ic ro fiim e r, fo r e xa m p le —and you
automate its m icrofilm ing rate at 400 checks per
minute. Add a Recordak E n d o rse r-a n d you can

endorse or fa ce -sta m p c h e cks a u to m a tic a lly as
they are m icrofilm ed. Add a K odamatic In d e x e rand you can have the film record indexed as part
of the m icrofilm ing operation. Get an extra inter­
changeable film unit (choice of reduction ra tio s 20 and 32:1) and you are able to switch from one
departm ental m icrofilm ing job to another—even in
m id-roll. Best of all, “ add-on” accessories for the
Reliant 400 M icrofiim er can be installed on a when,
as, and if needed basis.
For full details, w rite: Eastman Kodak Company,
Business System s M arkets D ivision, Dept. A-4,
Rochester, N.Y. 14650.

Federal Reserve Bank of St. Louis


N o rth w e s te rn Banker, S ep te m b e r, 1966


E x e c u tiv e Chauffe in K a n sa s Citif
executive changes have been
announced by the City National
Bank and Trust Company, Kansas
Charles G. Young, Jr., was advanced
to vice chairman of the board and
will be succeeded by R. Crosby Kemp­
er, Jr., as president of the $300 milion
in stitu tio n . Mr. Young, president
since January, 1965, will retain full
executive responsibility for the bank’s
trust and bond departments.

tive responsibility for the bank’s com­
mercial banking and lending divi­
Mr. Kemper, Sr., will continue in
his present capacity as chairman of
the board of City National but plans
to retire gradually from active partici­
pation in the daily management of the
bank. He will continue, for the time
being, to be an active member of the
loan and discount, trust policy and
trust management committees and

succeeded Dale Ainsworth as head of
the central and correspondent bank­ V
ing groups of the major accounts and
business development division. Mr.
Cox is head of one of the metropolitan
groups of the same division.

Heads Chase International
John M. Lyons has been named
president of Chase International In­ -C
vestment Corporation, a wholly-owned
foreign investment subsidiary of the
Chase Manhattan Bank which has in­
vestments in more than 20 foreign
countries, it was announced recently.
He succeeds William S. Miller, who
had held the post since 1964 and who
now becomes vice chairman of the

Start Building in Seattle

C. G. Y O U N G , JR.

R. C. K E M P E R , JR.

Mr. Kemper, Jr., previously served
as president of City National from
1959 through 1963. He left to become
chief executive officer of the Grand
Avenue Bank in which he had ac­
quired a substantial ownership inter­
Mr. Kemper will assume top execu­

J. J. K R A M E R

L. E . C O X

will serve as chairman of the execu­
tive committee.
Chairman Kemper also announced
that John J. Kramer was promoted
from vice president to senior vice
president and L. E. Cox from assist­
ant vice president to vice president.
In January of this year Mr. Kramer

Work has begun on the 50-story
Seattle-First National Bank Building
estimated to cost $28 million and
scheduled for completion during the
summer of 1969.
The building will be the tallest
structure in the city, rising 607 feet
above its base.
At the peak of the construction pe­
riod it is estimated that a work force
of 700 men will be on the job exclu­
sive of those employed by fabricators,
material suppliers and allied activi­


This is traveling credit?
Not exactly . . . but th is sign makes “ tra ve lin g c re d it”
possible. It means th a t Douglas-Guardian has e sta b lish ­
ed a fie ld warehouse to help your c lie n t arrange a loan.
Whatever his inventory may consist of, we can arrange
fie ld w arehousing rig h t in his b u ild in g or factory. We
lease th a t part of his prem ises where the inventory is
stored and make fre q u e n t a ud its at irre g u la r intervals.

In other words, D ouglas-G uardian warehouse receipts
help y o u r Loan C om m ittee vote “ Yes.”
For com plete d etails of the Douglas-Guardian service
th a t helps turn your c lie n t’s warehouse into an extension
of your bank vault, call or w rite the Douglas-Guardian
office in your own city—or the home office, fo r com plete
and prom pt inform a tion .

P. 0. Box 52978, New Orleans, La. 70150 • Phone: 504 523-5353 • Offices in 15 Principal Cities
N o rth w e s te rn Banker, S e p te m b e r, 1966
Federal Reserve Bank of St. Louis


At Ease!

life insurance in the fu ll am ount o f the
loan on each o f the tw o principals. A
phone call to his N FL representative
provided the banker with immediate
assistance. Because o f the confidential
nature o f the transaction, all details
w ere successfully com pleted w ith the
principals in the banker’s office.



Have you ju st made a pretty b ig loan
that y ou ’re a little uneasy about? Does
repaym ent hinge a g rea t deal on the p er­
form an ce o f one man in a small com ­
p a n y ? Have you considered what will
happen to your loan if this man dies?
H ow good is the security then ?
These are not unreasonable questions
fo r the bank lending officer to ask him ­
self today. E very prudent banker will
seek w ays to make a good loan an even
better loan.

F or that very reason, N ational Fidelity
L ife provides bankers with the ultimate
in Finance Insurance Protection— from a
$100 personal loan to a $1 million com ­
mercial loan.
E X A M P L E — A bank desired to make
a real estate loan to a partnership. The
$50,000 loan w as over the bank’s lending
capacity, and another lending agen cy in
the city agreed to loan the excess
amount. H ow ever, in assum ing the ex ­
cess, the other lending agency required

Our experienced representatives can
give you many other exam ples o f how
they have helped bankers “ custom ize” an
insurance program to provide the ulti­
mate in protection fo r the client and the
bank. A letter or phone call w ill bring
our story to you.

,X -
Federal Reserve Bank of St. Louis

National Fidelity now ranks among the top 12%
of American and Canadian life companies
ASSETS . . . $40 Million

M o re
insu ra n ce

th a n


p o r tfo lio

b e n e fit y o u r

CAPITAL & SURPLUS . . . $6,788,415

m id w e s te rn


D ro p



a re

us show

a n ote





o u r hom e

th e


b ro a d

p ro g ra m s

o ffic e .

One o f the Nation’s Strongest by Any Standard o f Comparison

'National fidelity \ jfe

K A N S A S C I T Y 6, M O .
N o rth w e s te rn Banker, S e p te m b e r, 1966



The “Man from Iowa” ... Working
for Everytown, Iowa, U.S.A.
If y o u r c ity o r co u n ty is se a rc h in g fo r a w a y to g e n e ra te p ro s p e rity a n d
■ a ttr a c t new in d u s try , S h e rry R. Fisher is a v a ila b le to h elp yo u .
P resident Fisher's jo b is in d u s tria l d e v e lo p m e n t fo r Io w a co m m un ities.


com bines fa r- flu n g n a tio n a l contacts w ith the b a n k 's resources to len d a
c o m p e te n t h e lp in g h a n d to y o u r e ffo rts .
You a re

c o rd ia lly

in v ite d

p la n s w ith S h e rry Fisher.


discuss y o u r c o m m u n ity

d e v e lo p m e n t

He w ill m ake e v e ry e ffo rt to m ake a v is it w ith

him one o f the m ost p ro fita b le steps y o u have e ve r ta k e n to w a rd a c c e l­
e ra te d in d u s tria l p ro gress.

Fifth a n d Locust S tre e t • Drive-In W alk-Up Teller

rth w e s te rn Banker, S e p te m b e r, 1966
Digitized for
Federal Reserve Bank of St. Louis


Fifth a n d G ra n d • Des M oines
Federal Reserve Bank of St. Louis


N o rth w e s te rn B anker, S e p te m b e r, 1966


As Safe as
the Dollars in
your Vault...

F o o tb a ll P ro m o tio n Sr Us C hecks
ITH the football season at hand,

banks in
area might adapt an idea used cur­
N orthwestern B anker

rently by the First National Bank and
Trust Company, Tulsa, Okla.
Five famous footballs that have
played major roles in the history of
the University of Tulsa’s Golden Hur­
ricane are on display at the bank.
The display coincides with the bank’s
drive to obtain student checking ac­


touchdowns against Louisville in 1964
to set another NCAA record.
Two relics complete the pigskin \
quintet. They are the ball from the
1919 game when Kendall College, pre­
decessor of TU, beat Arkansas 63 to
9, and another from the same year
when Kendall beat OU 27 to 0.
The display also includes TU’s 1964
Bluebonnet Bowl trophy, action pho­
tos of Rhome and Twilley, and TwilV
ley’s jersey, No. 81, which was retired
last year.

Mosler Earnings Up

Enjoy increased
home improvement
loan profits with
100% protection !
In the present tight money situation,
every bank is looking for ways to
increase profits on funds available
for investment. Here’s one proven
way. Establish finance rates on your
home improvement loans that will
produce a satisfactory yield. Then
let Insured Credit Services guarantee
the portfolio against losses arising
from bankruptcy, marital difficul­
ties, strikes, skips, over-obligation
and similar causes.

Assured profits
at an attractive yield!
Actually, with I.C.S. you would be
lending only protected dollars . . .
assuring your bank of 100% reim­
bursement of any defaulted principal
balance plus interest and costs. Our
plan has been in operation since 1954
and is now a tradition with hundreds
of bankers in 35 states. Ask for our
informative brochure. There is no

Don't take chances—
Shift the risk to /.C.S.


S E R V IC E S /

3 0 7 N orth M ich ig a n A v e n u e

The Mosler Safe Company has an­
nounced a record six months sales
and earnings, according to Chairman
John Mosler.
Net income for the six months’ pe­
riod ending June 30, 1966, was $2,070,944, equivalent to $.92 per share, for
an in cre a se of
15.8 per cent over
the net of $1,787,$1,000 FOOTBALLS— Sally Yost, page at
631 or $.30 per
the First National Bank and Trust Co.,
Tulsa, demonstrates her “ Jerry Rhome”
s h a r e for the
passing technique to Don Hill, left, presi­
same period last
dent o f the University o f Tulsa Hurricane
year. Sales for
Club, at the display of TU football me­
mentos in the bank lobby. Keeping a close
the period rose
eye on the footballs, which have been in­
15.1 per cent to
sured for $1,000 each, is bank guard J.
$30,105,019 f r o m
R. Hartley.
$26,163,009 in the
similar period of
The footballs have so much senti­
mental value to Coach Glenn Dobbs
Net income for the second quarter
and the Hurricane Club that they
were insured by the bank for $1,000 was $1,108,650, equivalent to $.49 per
share, for an increase of 18.6 per cent
The balls form part of an over-all over the net of $934,400, or $.42 per
display that urges Tulsans to support share, for the same period last year.
the $100,000 Hurricane Club scholar­ Sales for the second quarter rose 14.2
ship drive, and to buy season tickets per cent to $15,369,448 from $13,455,491 in the similar period of 1965.
to the TU home games.
The above results and comparisons
The five footballs include an alliga­
tor skin football commemorating TU’s include, for the respective periods, un­
Gater Bowl game with Florida in der a pooling of interests, operations
1953; the ball which All American end of The American Bank Stationery
Howard Twilley caught 10 times in Company and those of its whollythe November 26, 1964, game with owned subsidiaries. On April 1, 1966,
Wichita to set a new NCAA record The American Bank Stationery Com­
and the ball which All American quar­ pany was merged into the Mosler Safe
terback Jerry Rhome threw for seven Company.

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

M innesota Com m ercial M en’s Association
2550 Pillsbury Ave. S.


Minneapolis 4, Minnesota

C h ic a g o , Illin ois 6 0 6 0 1

Digitized forNFRASER
o rth w e s te rn Banker, S e p te m b e r, 1966
Federal Reserve Bank of St. Louis


New sign of life in the insurance business

T h e N orth C entral C om pa n ie s have
a new sym bo l.
A n d i t ’s a b o u t tim e.
T he re we w ere.
Four good in su ra n ce co m p an ies
p u llin g to g e th e r as one great
in s u ra n ce team .
A n d nothing to sym bolize the unique
c o m b in a tio n of know ledge, ta le n t
and experience th a t we had becom e.
U ntil now.
U nder o ur new sym bol,

w e ’ll c o n tin u e to grow .
Federal Reserve Bank of St. Louis

T o g e th e r, w e 'll becom e even m ore
s ig n ific a n t in the fie ld s of o rd in a ry
life in su ra n ce , c re d ito r life
in su ra n ce , g ro up m ortgage
in su ra n ce , h o s p ita liz a tio n , and
fin a n c ia l p la n n in g .
By co m b in in g the various s tre n g th s
of fo u r strong insurance com panies,
w e ’ve been able to grow fa ste r
than the national average.
D espite th e absence of a
co rp o ra te sym bo l. A n d th a t’s
a pretty good sign in its e lf.

The North Central
Companies / T ^
335 Minnesota St.
St. Paul, Minnesota

Protection all ways

M aine F id e l i t y L if e , Portland, Me.
North C e n tr a l L if e , St. Paul, Minn.
R o y a l O a k L if e , Pittsburgh, Pa.
W e s t V i r g in i a L if e , Huntington, W .Va

Right now,
there are 182 million
Christmas Club prospects

and about 4,000,000 more
on the way every year!
15 m illio n m em b ers dow n. 1 8 2 m illio n p rospects to go. A n d
no end in sig h t. W e su re h ave ou r w o rk cu t ou t fo r us.
In fa c t, i f you consider th a t the a d v e r tis in g and p rom otion
w e do n a tio n a lly helps you locally, you m ig h t sa y w e ’ve even
g o t your w o rk cu t ou t fo r us.
B u t there are other w a y s w e ’ve helped in crease C h r is tm a s
Club m e m b e rsh ip s to 15 m illio n .
F o r in sta n ce, w e ’ve g o t quite a b ack lo g o f fa c ts and fig u res
ab o u t m e m b e rs and m em b ersh ip d rives — in fo r m a tio n th at
ju s t m ig h t help you g e t a h ea lth y ju m p on ‘ ‘the other fe llo w .
T a lk to us abou t it — very soon.
1 1 ,0 0 0 m ore fu tu r e prospects a rriv e d tod ay.

Correspondent Promotions
At First of Chicago


William T. Dwyer, vice president of
the First National Bank of Chicago,
has been appointed head of Division *
F, the correspondent bank division of
the commercial banking department.
He succeeds the late Charles F. Newhall, who died in July, 1966.
Joseph C. Fenner, vice president
formerly in charge of the Northeast
Territory of Division F will become

the second man in the administration
of the division. Jack W. Hallberg,
assistant vice president, will replace
Mr. Fenner as head of the North­
east Territory. Rodney A. Faber, as­
sistant cashier in the government
bond department, has been trans­
ferred to the Northeast Territory of
Division F. Mr. Livingston also an­
nounced the formation of a new terri­
tory in Division F, the Chicago sec­
tion, to be headed by Arthur F. Stake,
assistant vice president.
Bankers in N orthwestern B anker
area are particularly well acquainted
with Mr. Fenner and Mr. Hallberg,
since both men traveled the North­
west Territory in former years.
The international department of the
bank has announced the following
promotions: H. Christian Boemers, to
assistant vice president; Jack R. Jessen, to assistant vice president, and
Jan D. Altink, to assistant manager.





Directs ABA Marketing

^Jirísimas (^jub-merriest way to save /
To set up a Christmas Club or make the one you have more effective, contact the originators:

CHRISTMAS CLUB A CORPORATION, New York City • Service O ffice: Ticonderoga, N .Y.

Digitized for N
o rth w e s te rn Banker, S e p te m b e r, 1966
Federal Reserve Bank of St. Louis

L. A. Capaldini, 39, has been named
director of marketing for the Ameri­
can Bankers Association. He was ¥
previously executive vice president of
the Logan Bank & Trust Company,
Logan, W. Va.




Som eday m ost
m etro p o litan banks
w ill have an advanced
C o m p u ter System.

First National Bank
of Kansas City
has one now!

Our correspondent banks have come to know hirst
National Bank of Kansas City as the area’s Finan­
cial Service Center. This means anticipating your
needs as well as filling them.

• It features greater flexibility of input/output

Just one example of the way in which the First
anticipates your needs is our new third generation*
computer— the IBM 360 System. It is significant
that First National is the first bank in the 10th
Federal Reserve District to have a 360 installation.

Count on the First to anticipate and fill all your
correspondent banking requirements. That's v/hy
First National Bank of Kansas City is truly the
area’s Financial Service Center.

The 360 offers definite advantages over existing
computers :
• Its speed of computation is faster.


• It has greater storage capacity available.

* First generation operational April
7, 1962 * Second generation opera­
tional June 25, 1964 * Third genera­
tion operational May 27, 1966
in Kansas City

First National Bank
of Kansas City
Main Office— 10th & Baltimore, Kansas City, Missouri/Phone 816 BA 1-2800/ 1ELEX 04-2210
Federal Reserve Bank of St. Louis

Member Federal Deposit Insurance Corporation

N o rth w e s te rn Banker, S e p te m b e r, 1966

(bsuaA, Qcimqa, J?. SaxofL,:

(D qjcia. J h a n L

Comptroller of the Currency
Washington, D. C.

New York State Superintendent of Banks,
Albany, New York

Yon claim that savings and loan associations
operate sufficiently within the scope of the “ bank­
ing business” to fit the definition of “ state banks”
for purposes of branching.
Arguing that “ there are ample court precedents
to support this position,” you made the claim in
a brief filed in a Wisconsin branch banking case
in Federal court in AVashingtou, D. C.

In a letter to all commercial banks, savings banks
and savings and loan associations in New York
state, you warned them against “ deceptive or mis­
leading” advertising. You stated that such adver­
tising has been increasing and mentioned that it
“ invites restrictive legislation or regulation.” You
further stated that “ bank advertising which is mis­
leading compromises the integrity of the banking
The facts show that most financial institutions
are very careful about what they say in their ad­
vertising. The increasing competition for savings
has, of course, raised the number of institutions
that can be criticized.
In your letter to the presidents and the members
of the various financial groups you said:
“ These advertisements take a number of forms.
Some onnt material facts which are necessary to a
reasonable understanding of the subject presented.
“ An example is an advertisement which empha­
sizes the rate on a savings certificate but which fails
to indicate the existence of a penalty for with­
drawal of the deposit before maturity. ’
You continued: “ Others ‘bury’ in fine print the
statements necessary to make misleading advertise­
ments technically accurate. An example is the
prominent display of a higher-than-average divi­
dend rate which the fine print indicates applies
only to a special type of account or only to a por­
tion of the depositor’s total account.”
It seems to us that advertising from certain
savings and loan associations, located particularly
in the western sector of the United States, could
have been criticized for the past decade. I ’m sure
that you have noticed the advertisements in your
local newspapers and magazines, just as we have
here. Your observations are valid. It is too bad
that an administrator on your level didn’t make
some similar comments long before the banks be­
came competitive in the savings picture.

If your concept is upheld, it could open branch­
ing to all national banks in non-branching states
which permit state-chartered savings and loan
associations to open branch offices.
The case arose when you authorized Kenosha
National Bank to open a branch in Kenosha. Your
decision was challenged by the American State
Bank in Kenosha, which claimed that national
bank branching is illegal in Wisconsin because
the state does not permit branch banking.
It seems to us that in order to continue your
goal to obtain wide-open branch banking for all
national banks, you are trying to associate an apple
with an orange, just because they are both fruit—
or a streamlined auto with a horse and buggy, just
because they both have wheels.
Assuming you could win your case, is it possible
that the savings and loan industry could use your
same arguments to promote other normal banking
functions, such as making installment loans or
soliciting demand money?
At this point, your office would undoubtedly
wish to take over the supervision of all the feder­
ally-chartered savings and loans (since to your
way of thinking S & Ls are nothing more than
banks in the broad sense of the word).
We are concerned that in building a case on
some broad conclusions, you may be opening up a
whole new concept that will make the current fight
for time money between banks and S & Ls look like
a picnic.

UJUIsl :

N o rth w e s te rn Banker, S e p te m b e r, 1966
Federal Reserve Bank of St. Louis



^Whether you call us “ M E R C ” or Mercantile Trust
Com pany, one thing always stays unchanged— the
personal interest each officer takes in your account.
Whatever your banking needs, your M an



Mercantile enjoys working with you personally—


to see that you get exactly what you want. For



F . D . I. C .

real person-to-person banking, telephone him now.



M E R C A N T IL E —


Federal Reserve Bank of St. Louis









N o rth w e s te rn Banker, S e p te m b e r, 1966

January 1, the company has placed
iinni-ISaseil F in an ce Foinptini/
$60 million of its paper through 50
in Iowa, Nebraska and Minne­
F n te r s
7 0 tli
Year Itasi nbanks
DES MOINES-based personal
loan company that started with
one office in Iowa’s capital city in

stature that it operates from 286 offices
in 31 states, most of this expansion
coming after the conclusion of World
War II.
A major factor in the financing of
Dial’s consumer loan service is the
fact that it has always attracted a
very strong following among financial
institutions in its home territory. By
concentrating sales in this upper mid­
west area, Dial’s paper outstanding
has risen from $10 million to the $40$45 million level, over half of which
is now held by Iowa investors. Since

1897 has expanded to become one of
the strongest companies in its field.
Now in its 70th year, Dial Finance
Company’s leadership as a national
firm is evidenced by its stockholders
equity of more than $30 million. Al­
though its leverage is modest by in­
dustry standards, its methods of oper­
ations are models for its competitors.
The firm that was founded by Jacob
Levitt in 1897 now has grown to such


W o rld

W id e



Up to $50,000 Accidental Death and Dismemberment
$5,000 Accident M edical Expense









W e are licensed in:
Kentucky, Minnesota, Missouri, Montana, Nebraska,
Oklahom a,




W isconsin and W yom ing.


W estern Mutual Insurance Co,
616 10th Street


A N on-Ässessable Multiple Line Company—-Since 1907
o rth w e s te rn Banker, S e p te m b e r, 1966
Digitized forN FRASER
Federal Reserve Bank of St. Louis

Urban “Red” Myers, correspondent
bank officer at Mercantile Trust Com­
pany, St. Louis, is now calling on
banks in Illinois,
Indiana, I o w a
and Kentucky.
Mr. Myers be­ ■V
came well known
in the Missouri
t e r r it o r y sin ce
jo in in g Mercan­
tile last year. He T
came to Mercan­
tile f r o m t h e
F irst N a tion a l
U. “ R E D ” M Y E R S
Bank, C hicago, *
where he worked following his grad­
uation from Centre College, Danville,
Ky. He has also attended Kent Col­
lege of Law, Chicago, and is in the A
class of 1968 at the Rutgers School of

New Continental Economist

Arizona, Colorado, Iowa, Illinois, Indiana, Kansas,
North Dakota,

Dial seeks out the small investor
(minimum $10,000), although it sells
its share of notes in denominations of
$1,000,000 and more, with its average
note for $60,000. Many banks buy
Dial’s paper for their own account.
The notes are tailor-made to the short­
term need of the investor for trust
departments and corporate and indi­
vidual accounts.
Dial officials last month quoted
their current discount rates at 5 per
cent for one day to four days, 5.50 per
cent for five days to 29 days, and
5.625 per cent for 30 days to 270 days.
The latter notes are stated to provide
a 5.87 per cent yield to maturity. The
firm writes either discount or interestbearing notes.

Travels for Mercantile

• S E A • A IR


C o v e ra g e


Kornelis J. Walraven has joined
Continental Illinois National Bank
and Trust Compa­
ny, Chicago, as in­
ternational econ­
omist in the eco­
nomic re se a rch
Mr. W a lra v en
came to the bank
from a position
as associate pro­
fessor at the Uni­
of Texas
K. W A L R A V E N
at Austin, where
he had been since 1964.
He was appointed secretary of the
advisory and international committee
of the American Bankers Association
in 1963.



I f you scratch our back,

We’re pushing togetherness again this
year. With good reason. Banks that
work together—prosper together.
That brings us to the Foundation for
Commercial Banks. The Foundation
needs you as a m em ber—and needs
your influence in gaining new members.
It needs your support in your commun­
ity, too. Promote the phrase, "FullS ervice B a n k ,” and use the 7-star
Foundation symbol. Sell full-service
bank advantages as you advertise.
Federal Reserve Bank of St. Louis

The best way to sell the public on the
benefits of doing business with a fullservice commercial bank is for all of us
to work together. But, if the Founda­
tion for Commercial Banks sounds a
bit too formal, just think of it as sort of
a "mutual-back-scratching society.”

Continental Illinois National Bank and Trust Company of Chicago
Brussels •London • Mexico City • Milan • Osaka • T okyo • Zurich
Continental Bank International, New York.
Member Federal Deposit Insurance Corporation

© C.I.N.B. 1966

N o rth w e s te rn B anker, S e p te m b e r, 1966


New American Assignments
William O. Kurtz, Jr., vice presi­
dent, correspondent bank division,
American National Bank and Trust
Company of Chicago, has announced
new territorial assignments for two
of the division’s traveling representa­
tives, Robert O. Walcott and Douglas
C. Mills.

D. C. M I L L S

Teller Stations...
or Service Stations?
What your customers see is an impressive lineup of attrac­
tive teller stations. What they don’t see is the functional
manner in which LeFebure teller units make efficient cus­
tomer service possible . . . and more likely. LeFebure Teller
Stations are truly “ customer service stations.”
You can tell it's LeFebure equipment by the smooth glide
of the drawers . . . by the neat, decorator-type finish . . .
by the fact that everything is easily accessible, in its proper
place. Sometimes these LeFebure advantages are taken
for granted.
LeFebure offers the widest selection of teller station equip­
ment in arrangements to meet your bank's requirements.
Your LeFebure representative will be pleased to help you.
LeFebure Corporation, Cedar Rapids, Iowa 52406.

Cash Handling
L ih lu n



* U'ih

N o rth w e s te rn B anker, S e p te m b e r, 1966
Federal Reserve Bank of St. Louis




R. O. W A L C O T T

Mr. Walcott, assistant cashier for­
merly assigned to Wisconsin, Minne­
sota, and the Dakotas, will be associ­
ated with William B. Aldrich, assist­
ant vice president, in contracting
banks and bankers in the six-state
area of Iowa, Nebraska, Kansas, Colo­
rado, and Wyoming, while Mr. Mills
will join Assistant Vice President Ger­
ald G. Morse in covering northern Illi­
nois, including the Chicago area.
The bank has also announced that
Richard P. Deranian was named as­
sistant comptroller, and Donald C.
Temme was named assistant cashier
in the international banking depart­

New Mercantile V.P.
Charles A. Elfrank has been
promoted to vice
president of the
Mercantile Trust
C o m p a n y , St.
Louis. Since 1964,
Mr. Elfrank has
been head of the
installment lendi n g department.
Be f o r e j o i n i n g
the bank, he was
executive vice president of Gale and

Foundation Enrolls 5 8 9
The Foundation for Commercial
Banks enrolled 589 new member
banks during the fiscal year ended
June 30, 1966, Richard B. Beal, Foun­
dation executive director, announced.
Nearly 6,000 banks in the United
States, representing 72 per cent of de­
posits, are currently Foundation mem­
bers. The Foundation conducts a $1.8
million national advertising and pro­
motion campaign to educate the pub­
lic about the advantages of Full Serv­
ice banking.

In a Park Avenue conference room. A rare pause for a man on the road some 26,000 miles yearly.

Most of the top 100 corporations use him. Smaller companies give him $1 billion in business.

They say this is the age of committees.
If so, one of the world’s largest banks, Chemical New York,
is bucking the age in its approach to serving corporate cus­
tomers. Our approach is the “committee of one”—and it may
be one of the reasons our resources have increased two billion
dollars in the last four years alone.
Each of our bankers serving business throughout the coun­
try is an across-the-board banking expert, rather than a lim­
ited specialist. The result: Your time with him can be spent
getting things done.
Your Chemical banker serves not just one industry, but all
Federal Reserve Bank of St. Louis

industry in your area. (50% of our business accounts are smallto medium-size companies outside the New York area.) Fa­
miliar with businesses widely diversified in size, products, and
problems, he can cope quickly and thoroughly with yours.
If you could benefit from our kind of thorough banking
knowledge and personal attention, why not meet with our
“committee of one” All you need do is to contact our man
serving your area, or National Divi•
sion, Chemical Bank New York Trust
|1 ( M i l I ( * c l I
Company, New York, N.Y. 10015. ^
j „
The bank that works hardest for you.
▼▼ M U I. *V
N o rth w e s te rn Banker, S e p te m b e r, Í 966


ËËata Virtu O ffers S toch


system s,

E INC., Cedar Rapids, organized in
February to offer data processing

services—initially to banks and hospi­
tals—is offering 170,000 shares of its
stock to Iowans at $5 a share ($850,000 worth) to raise at least $735,000 in
net capital, after allowing for commis­
sions and other expenses, to set up its
The new firm’s four full-time officers
are former employees of Collins Radio
Company, Cedar Rapids. President of
the company is Melvin D. Rittger,
who was a Collins systems analyst.
The firm’s treasurer, Carl R. Zajas,
was also a Collins systems analyst.
Prior to this he was employed by the
Univac Division of Sperry Rand.
Philip S. Justice and Donald C. Ol­
son are vise presidents of the firm.
Mr. Justice was in the data systems
engineering division of Collins and
Mr. Olson was in the applications sys­
tems department, having worked on
Collins’ data communications system.
The prospectus on the offering
states that about $200,000 will be used
to make the down payment on, and
to install, a Univac 418 Real Time
Computer System. Headquarters for

the firm and its computer center will
be in Cedar Rapids.
Executive Data officials plan a wide
variety of input-output devices to al­
low banks to transmit their transac­
tions by telephone or telegraph wire
to the center in Cedar Rapids. The
center’s equipment, according to the
prospectus, will have mass storage fa­
cilities, including magnetic drums and
magnetic tape. It will have a high
degree of response in service of peak
loads, permitting simultaneous use by
various banks.
Members of the board of directors,
in addition to the four officers, are
Stanley B. Seidler, president of Iowa
News Distributing Company, Cedar
Rapids; John J. Zachar, Jr., president
of John Zachar, Jr., and Company,
Inc., Cedar Rapids; Richard D. Han­
son, Cedar Rapids, director of com­
mercial marketing for Collins Radio
in Europe, the Middle East and Asia,
and Myron Jepson, Cedar Falls, farm
owner and manager.

Promote James Gilliillan
James H. Gillfillan, formerly assist­
ant vice president, Security-First Na­
tional Bank, Los Angeles, has been ap-

pointed vice president, national and
metropolitan banking department. Mr.
Gillfillan will continue to handle major
account assignments in the northeast­
ern region of the national division, in­
cluding Michigan and the cities of
Chicago and Cleveland.
Previous to working in his present
area, Mr. Gillfillan traveled the N orth ­
western B anker states.
Mr. Gillfillan was born in the north­
east, in Indian Hill, 111. He located in
California in 1946.


Negotiates With Dutch Bank
The Chase Manhattan Bank, N.A.,
announced that it has concluded nego­
tiations which envisage an association
with Nederlandsche Oredietbank, N.V.,
by Chase and one of the leading Dutch
investment banking firm, Pierson,
Heldring & Pierson.
Under the plan, Chase and Pierson
will take a significant minority par­
ticipation, approximately 25 per cent,
in the capital of Nederlandsche Credietbank, which ranks sixth in size
among Dutch commercial banking
corporations. Hearquartered in Am­
sterdam, it has more than 60 branches
and agencies throughout the Nether­
lands, and carries assets of approxi­
mately $133,000,000 and deposits of


$ 120,000, 000.

S ia te S u p erviso rs
G o to S a it i.aU e
W hm was the last time you said


“There must be
an easier way!”
There is




N o rth
w e s te rn Banker, S e p te m b e r, 1966
Federal Reserve Bank of St. Louis

65th annual convention of the
National Association of Supervi­
sors of State Banks will be held at
the Hotel Utah in Salt Lake City, Oc­
tober 17-21. An attendance of 600 is
General business sessions are sched­
uled for Tuesday,
Wednesday a n d
T h u r s d a y . On
Friday morning,
officers w i l l be
el ec t ed for the
coming year.
NASSB Pr es i ­
dent William E.
N uesse, who is
al so Wisconsin’s
Commissioner of
j. T. CONN
Banks, wi l l ad­
dress Tuesday’s opening business ses­
sion. Highlight of his address will be
a report on association activities dur­
ing the past year. Other speakers on
Tuesday’s program include Jack T.
Conn, incoming president of the Amer­
ican Bankers Association, and also
chairman of Fidelity National Bank &
Trust Company, Oklahoma City, and
Ransom M. Cook, chairman, Wells
Fargo Bank, San Francisco.




K now a m an in your town
ready to captain his own ship?

Maybe it’s time he pulled out and looked into
a Gambles franchise.
R igh t now , G am b le-S k ogm o is looking for intel­
ligent, am bitious m en to join its successful 2 ,3 0 0 franchise store operation. T h e opportunities have
never been better.
T h e m an who qualifies m akes a m odest invest­
m en t (perhaps with your help). G am ble-Skogm o
guides him from there o n — with the finest profes­
sional merchandising, m arketing and advertising
assistance. W ith a field staff trained and experi­
enced in all phases o f retailing. W ith an outstanding
line o f fast-m ovin g quality merchandise . . . includ­
ing appliances, hardware, housewares, autom otive
parts and related item s.
Federal Reserve Bank of St. Louis

H ere’s an excellent opportunity for both the m an
w e’re talking a b o u t— and you. For him : a success­
ful business o f his own. For you : a new commercial
custom er. I f you know the kind o f m an w e’re
looking for, show him this ad, or write tod ay to:
M r . R oily Fischer, M anager o f Dealer D evelop ­
m ent, at the address below.

A m erica’s Hometown Stores
G am ble-Skogm o, 15 N orth 8th S t., D ept. (58-N B -9) M inneapolis, M in n .


N o rth w e s te rn Banker, S e p te m b e r, 1966

iìn m

h le

F o r m


nounced formation of a whollyowned subsidiary, Gamble-Skogmo
Securities Inc. It is contemplated
that the new subsidiary will market
the company’s Subordinated Income
Notes, and it will eventually perform
various other financial services for
the parent company.
Application has been made for the
various necessary federal and state
regulatory approvals.
Credit managers of 52 Tempo SelfService Department Stores of Gamble-


I* /hh

Skogmo currently are taking courses
so as to be registered with N.A.D.S.
and licensed as representatives of the
Gamble-Skogmo Securities firm.
In addition, it is also contemplated
that the representatives will be fur­
ther licensed to sell life insurance and
accident and health policies for the
par ent organization’s wholly-owned
life insurance company.
President of the new firm is J.
Philip Goan, who is also vice presi­
dent in charge of financial develop­
ment for the parent firm.

Name Franklin Executive
William B. Lewis, Jr., 57, has been
named executive vice president of the
Franklin Nation­
al B a n k , N e w
Y o r k . He was
f o r me r l y presi­
dent of the Nas­
sau d i v i s i o n of
the bank.
Mr. Lewis will
serve as seni or
loan administra­
tor for the bank.
w. b. l e w i s , jr .
Tie is a former
governor of the
Robert Morris bank credit executives
association. He is also chairman of
the New York State Business Devel­
opment Corporation.



A H A F erso n n et C on feren ce

EW tools for management, includ­

ing operations research and op­
erations improvement, will be fea­
tured when The American Bankers
Association holds its National Per­
sonnel Conference in Chicago, Sep­
tember 25-28.
Sponsored by the A.B.A. Personnel
Administration and Management De­
velopment Committee, the conference
will be held at the Sheraton-Chicago.
Registrants will be welcomed by Al­
fred E. Langenbach, chairman, PAMD
Committee, and vice president, First
National Bank of Chicago.


Y E S — W e d e l i v e r full s e r v i c e
banking to farmers, ranchers and


best in


The opening session will be ad­
dressed by Jack T. Conn, vice presi­
dent of the A.B.A., and chairman of
the board, Fidelity National Bank and
Trust Company, Oklahoma City, Okla.
Subsequent sessions will be devoted
to such topics as supervision and su­
pervisory development, staff training
for selling bank services, problems in
administering a salary program.
General sessions will be inter­
spersed with small group discussions
and workshops. Exhibits of material
of interest to personnel officers will
also be a feature of the conference.

W e ste rn -S o u th e rn L ife p ro vid e s a
w id e range o f in d iv id u a l and g ro u p
c r e d it in s u r a n c e c o v e r a g e p la n s
sp e c ific a lly d esig n ed to m eet the
n e e d s o f lo a n d e p a r tm e n ts a nd
c re d ito r c o rp o ra tio n s re g a rd le s s of
th e size o r m ode o f loan o p e ra tio n .
Broad coverage, lib e ra l age, te rm
and a m o u n t lim its w ith a ttra c tiv e
c o m m is s io n and c o n v e n ie n t re p o rtin g
s y s te m m a k e s W e s te r n - S o u th e r n
p lans p ro fita b le p ro g ra m s easy to
a d m in is te r. W rite to d a y fo r co m ple te
d eta ils.

P.O. Box 1119 • Cincinnati, Ohio 45201

P .O . BOX F

SF i r m


rth w e s te rn B anker, S e p te m b e r, 1966
Digitized for
Federal Reserve Bank of St. Louis

A Mutual Company— William C. Saftord, President

Heller Earnings Up
Walter E. Hel l er & Co mp a ny
achieved new highs in second quarter
and first half earnings, business vol­
ume and outstanding receivables, the
Chicago-based c o mme r c i a l finance
firm reported.
President Norman B. Schreiber said
that consolidated net income for the
second quarter ended June 30, 1966,
was $2,336,043 vs. $2,139,017 for the
second quarter last year. After pre­
ferred dividends, per common share
earnings were 26 cents for the quarter
compared with 24 cents in 1965.
Mr. Schreiber said that consolidated
net income for the first half totaled
$4,407,656, compared with $4,129,831
for the first half of last year, an in­
crease of 6.7 per cent. After preferred
stock dividends, earnings per common
share were 50 cents vs. 47 cents for
the 1965 period. There were 8,458,509
common shares for both periods.
Business volume during the six
months reached $1,306,958,577, up 19.2
per cent from $1,096,710,589 last year.
Outstanding gross receivables at June
30 were $638,944,676 or a gain of 16.2
per cent over the same period in 1965.


Morgan Guaranty Promotions
Election of Harold S. Brush, Arthur
C. Eschenlauer, William E. Pike, and
Thomas W. Stanley as vice presidents
of Morgan Guaranty Trust Company
of New York was announced by
Thomas S. Gates, chairman of the
Mr. Brush, 48, heads the tax unit of
the personal trust department. Mr.
Eschenlauer, 32, is in the banking
division and specializes in the trans­
portation industry. Mr. Pike, 37, is
in the group assigned to the Middle
Atlantic states. Mr. Stanley, 45, is in
the stock transfer department.



This is The Citizens Bank
of Springfield, Missouri

This is
their “office”
New York
Like many banks of all sizes, The Citizens Bank of Springfield, Missouri, has a New York “ office” through its
correspondent relationship with First National City. Not
only in New York but in 44 countries on 5 continents
where First National City branches are located, the ex-

M r. T . W . Watkins
Chairman o f the Board
The Citizens Bank
Springfield, Missouri

perience and know-how of our staff are always ready to
help The Citizens Bank serve its customers. How can your
bank get these same benefits? Write or call our Correspon­
dent Bank Department (Area Code 212 559-4832) and we
will be pleased to visit you.

Member Federal Deposit Insurance Corporation
Uptown Headquarters: 399 Park Avenue
Federal Reserve Bank of St. Louis

Downtown Headquarters: 55 Wall Street
N o rth w e s te rn B anker, S e p te m b e r, 1966






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w e s te rn Banker, S e p te m b e r, 7966
Digitized N
foro rth
Federal Reserve Bank of St. Louis






The Cattle Outlook

N THEIR appraisal of “The Cattle Outlook” for the
annual report on this important subject in this issue
of the N orthwestern B anker , feeders, ranchers, live­
stock men, and the bankers who provide the financing
all agree basically that the livestock market for cattle
should continue at its present level of activity for the
next several months at least.
Little change is foreseen in fat cattle prices, replace­
ment costs will be as high or higher than a year ago,
feed shortages may develop, and the cost of money obvi­
ously is higher in all segments of the industry due to
the tight money squeeze.
However, as one seasoned livestock banker states, “ It
is crystal ball gazing time again! Sharpen your pencil
and see if you come up with the same answers we did.”
The opportunity to compare your answers with others
in the cattle business can be found by reading the follow­
ing comments, prepared especially for the N orthwestern
B anker during the second and third weeks in August:

Federal Reserve Bank of St. Louis

‘"Outlook at Major Markets"
Vice President
National Bank o f Commerce T & S
Lincoln, Nebraska

agricultural situation throughout Nebraska looks
pretty good to us. The fine wheat crop is in the bin,
pastures appear adequate to go on through the grazing
season, and ample rains are bringing the feed grain and
forage crops along in good shape. In fact, we feel,
from our observation, yesterday’s August 10 crop report
should have been more optimistic than pessimistic—and
thus ample feed available. These circumstances, together
with the bullish grain market situation, lead us to be­
lieve our money supply will be somewhat easier than the
nation’s as a whole. Cattle loan demand will probably
be up some since feeders are enjoying a profit year. We
do not anticipate much of a break in fat cattle prices
N o rth w e s te rn Banker, S e p te m b e r, 1966


been sitting still, but have also increased their supplies.
It would seem, therefore, that with the margin gone
out of the cattle business, with feed costs and cost of
grain bound to be higher, with money cost higher, with
more competition from other meats, that the only way
the cattle feeder can hope to get a decent return on his
labor and investments, is for a raise in the price of fed
cattle. We think that there is a possibility of a raise in
the price of fat cattle, but whether or not there will be
enough of an increase to make it worth while certainly
remains to be seen.
So now, dear readers, as the old dime novels used to
say, if you are still with us, you have a set of conditions
to work with; so sharpen your pencil, get a big scratch
pad, and see if you come up with the same answers we





Vice Presiden t
The Omaha National Bank
Omaha, Nebraska

through this fall, with an economy running at it’s cur­
rent pace.
All in all, the situation appears to be similar to the
market that finally developed late last fall—with year­
ling steers in the $25 to $26 range and choice steer calves
going around $32. It takes a very efficient feeder to
make a profit on $26 yearlings and today’s fat cattle mar­
Senior Vice President
Soulli Omaha Stockyards
National Bank
Omaha, Nebraska

ERE it is, crystal ball gazing time again, the second
week of August in this year of 1966, and we have a
whole new set of circumstances to analyze in trying to
fathom what might happen to the cattle industry in the
next six months.
First of all, let us assemble the known facts. As of
now, fat cattle are selling from $1 to $2 per hundred­
weight below prices of a year ago. On the other hand,
feeder cattle are selling from $2 to $3 per hundredweight
above prices of a year ago and the supply of feeder cattle
could be a little lower, particularly with regards to heif­
ers, than it was last year.
Another set of conditions which we have to look at
rather sharply this year is cost of feed. Today, corn is
selling at 10 to 15 cents a bushel above a year ago. The
visible supply of feed grain for the next year’s operation
is considerably below a year ago. Government stocks are
down to about a 10-year low and feed grain crop pros­
pects, particularly across the southern half of the area,
are only fair. Mr. Freeman cannot dump government
stored corn on the market this year to control the price
of corn; therefore, we are back to a situation where sup­
ply and demand may be a potent factor in the price of
all feed grains.
Hay and protein are both higher this year than they
were last. Alfalfa hay, depending on the area, is selling
from $5 to $10 higher than a year earlier and protein
feed is up from $10 to $15 per ton.
As everyone knows, the money market is extremely
tight. The average feeder probably will be paying from
1 to 1% per cent more for his money this year than he
did a year ago, if it is available.
The competitive situation so far as other meats are
concerned is also a factor to be reckoned with. It ap­
pears we will have 8 to 10 per cent more pork to con­
sume and at the same time the poultry people have not
rth w e s te rn Banker, S e p te m b e r, 1966
Digitized for
Federal Reserve Bank of St. Louis

ROP conditions are much improved, and it looks as
though we will have at least a normal crop in the
midwest. The moisture situation in the western range
country is spotted but should have a normal pasture sea­
son. However, winter feed in many areas is short and
this will result in heavy fall sales with not many cattle
held over for sale after the first of the year. This short­
ened sale period could mean a lower price structure in
Light weight cattle could be on the extreme end of
prices, particularly if there is good moisture and abundant feed in the wheat pasture areas. Many feeders will
not be using the commercial feed yards as in the past
because the increased feed prices could put their cost of
gain at 27 to 28 cents a pound. It looks as though this
will be an excellent year for the farmer-feeders because
they have abundant feed at reasonable prices and should
be able to compete more effectively with the commercial
feed yards.
On the dark side, we see imports of beef and mutton
continuing to increase. Turkey and broiler production
is at near record levels, and hog numbers are increasing.
In our area the loan demand remains strong. The
money supply should be adequate, due to a good liquida­
tion of range paper, profitable hog prices, and an excel­
lent cash income from the 1966 wheat. Our greatest con­
cern is that our feeders have their feed grain supply on
hand to complete their feeding program. In past years
they have relied on government sales of grain to meet
their needs.




Drovers National Bank
Chicago, Illinois

CORPORATE, individual and real estate financing for

demands on banks are the highest in 40 years,
(and credit
I believe they will become even heavier and bank

liquidity will continue to decline.
The Fed funds in Chicago on August 5 sold at 5% per
cent and this is ordinarily the cheapest money available.
The money supply is one of acute stringency. We have
taken the position that we are limiting loans to the
needs of our present customers which include corpora­
tions, individuals, consumer credit and real estate financ­
We expect to have funds available to assist our corre­
spondent banks in financing their customers feeder oper­
ations. As to the rate, it would cost the feeder from 6%



to 7 per cent. The loan demand in our area for feeder
operations has been comparatively light this summer as
feeders are reluctant to pay 28 cents for heifer calves
and 30 cents for steer calves of well known brands for
October 15 delivery. Yearlings weighing 750 to 800
pounds are going at 25% to 26% cents. These could be
hedged for June delivery at about 29 cents but with corn
at $1.42 per bushel, he does not have too much margin.
We think that the fat cattle market in the fourth quar­
ter will be somewhat better than the third quarter. Cat­
tle in Michigan, Indiana and Ohio should be cleaned up
in the next three or four weeks and the packers will
then depend primarily on Illinois, Iowa and southern
Wisconsin for their raw material.
The areas of money surpluses and agricultural sur­
pluses seem to have ended simultaneously. There is
some liquidation of cow herds in the drought areas of
southern Iowa, Arkansas and Oklahoma.
Assistant Vice President
First National Bank
Chicago, Illinois

BATTLE feeders will continue to experience narrow

A profit margins in the months ahead. Fat cattle
should continue at about present levels, but the
cattle in feedlots cost more than a year ago and feed costs
have increased materially.
Corn and soybean crops have suffered from drought in
much of the corn belt. Therefore, feed prices will be
materially higher during the coming feeding season. The
magic dollar per bushel corn of the past ten years may
be history.
Due to the profitable level of cattle prices since mid1964, the demand for feeder loans will continue strong.
In addition, the higher priced feeder cattle will take
more total dollars to finance the same number of cattle.
Bankers will have ample loan funds for present cus­
tomers, but many banks are so heavily loaned that they
cannot serve new customers. Interest rates have in­
creased from one-half to one per cent on feeder loans, and
the rate charged the customer is generally 6 to 7 per
cent. Where state law permits, some borrowers are being
charged higher rates.
Although contracting has been limited, it is my view
that choice steer calves will sell for $28 to $31 per hun­
dredweight and choice yearling steers will sell for $25 to
$28. With the expanded feedlot capacity, there will be
pressure to expand prices beyond this level. This will
be particularly true if cattlemen hold back heifers to add
to their herds, as many are planning to do in the south­
ern and southeastern states.
We will encourage established feeders to follow their
normal program. In view of the higher feeder prices
from a year ago, we are encouraging that caution be
used at the time feeders are purchased. Cattle feeders
will need to use the pencil a lot to determine the impact
of higher feed prices on their cost of production. The
cattle picture is not as clear cut as at some times in the
Assistant Vice President
First National Bank
Omaha, Nebraska

T WOULD appear that there will be ample money

available to finance the good feeders this fall. The
feeder or, as a matter of fact, even the good

feeder who wishes to expand, may have some problems
in getting additional financing above that which he has
Federal Reserve Bank of St. Louis

been usually using, and if he wants to grow bigger he
may find that he will have to put in some of his own
The feeder who has good records, who has proven that
he is doing to good job, can furnish ample equity in his
operation, and has an established credit with a good
lending source should be able to move along about as
he has in the past.
As of today the average feeder loan in this area, I be­
lieve, is at about the 6% per cent rate, varying up and
down a half a point from this. It would seem advisable
for feeders to line up their credit well in advance, and
although we would not anticipate an increase, many fac­
tors could enter into the situation by fall, however, that
would change this picture.
Based on a one-half per cent increase in interest since
early last spring and assuming that the average feeder
has at least 25 to 30 per cent equity in his cattle and feed
and is turning his numbers about two and one-half times
a year, the added increase would amount to only about 50
cents per head.
We do know that many of the cattle going to market
now are not making any money; as a matter of fact, a
lot of them are losing money, simply because they were
put in the lots at too high a price early last spring.
In view of the figures that we have at present, it would
seem that there will be an ample supply of fed cattle
going to market well into the fall which would serve as
pressure to hold prices from accelerating for several
months ahead. With this in mind it would seem that
buyers of replacement cattle are not only going to have
to consider this, but they are going to have to consider
the fact that feed prices also have advanced considerably
in recent weeks. In certain areas there is going to be
a very definite shortage of roughage and this also will
mean higher prices for silage, hay, etc.
We think an orderly marketing by the rancher and
replacement producer would be a big benefit to the entire
industry and provide both the rancher and feeder the
best opportunity to do the best job of both selling and
Most certainly, the cattle industry isn’t static and never
has been. Fortunately, there has been a rapid rise in
beef consumption and there are predictions for significant
increases during the next 10 to 15 years, all of which
would lead us to believe that under a well managed
Northwest ern Banker, Se ptem ber, 1966

Union Slock Yards
Company o f Omaha (L td.)
Omaha, Nebraska


OTAL receipts of cattle and calves at Omaha for the

first seven months of 1966 compared with the same
period for 1965 are as follows:
1966 ..............................
1965 ..............................

economy, the beef cattle business should move forward
on a sound footing and be quite profitable for all good
managers and operators.
Assistant Cashier
Central National Hank
Chicago, Illinois

HIS fall and winter appear to be one year when the

term “outlook” does not need to be turned around to
“lookout.” The picture looks fairly attractive for the cat­
tle feeder. We will see some pressure from cheaper pork,
chicken, and turkey, but we feel that if the cattle feeders
keep moving their steers and heifers to market at moder­
ate weights, the bulge in numbers on feed will not hurt
too much.
Replacement cattle costs remain at fairly high levels
and it looks as though they will stay somewhat high.
Some areas are lacking moisture and adequate summer
pasture but not enough yet to cause any heavy marketing
of range cattle. In addition to good demand helping to
maintain replacement cattle prices at or near present
levels, there is a large number of cows that will not be
dropping calves this coming spring. The cow slaughter
is at a very high rate and looks as though it will con­
tinue for the time being.
Prospects for a good crop of feed grains are better than
a month ago in our area and it looks as though there will
not be a shortage of feed. The relatively high prices for
grain might keep some smaller feeders out of the feed
lot business, but it probably would be only a small num­
ber. High corn prices would tend to have more impact
on the pork producers than on the cattle feeders.
Unless there is some easing of the money situation,
there could be a tightening up of required qualifications
on the part of the borrower by their local banks. This
could result in some marginal operators being weeded
out as far as borrowing is concerned. A severe shortage
of lendable funds has forced money rates up to all time
highs in the large city banks, and the local community
banks in the agricultural areas will almost certainly
have to follow suit. Banks such as ours will, however,
make every effort to meet our correspondent banks’
overline requirements for feeder loans.
We feel that the efficient operator that stays with his
time-tested programs and does his best to improve and
become more productive with a minimum of additional
capital investment, is going to see a fairly good cattle
year in ’67 and possibly on into ’68.
Banker, Septembe r, 1966
Federal Reserve Bank of St. Louis

1,190,911 head
1,172,001 head

Increase ....................
18,910 head
We expect receipts of cattle and calves at Omaha to
exceed last year’s for the remaining five months this
At Omaha last week (August 8 through August 12):
The average price of slaughter steers (all grades) was
$25.53 per hundredweight, compared with the same week
in 1965 of $25.80. The average weight was 28 pounds per
head heavier than those marketed during the correspond­
ing week last year.
The average price of slaughter heifers (all grades) was
$24.28 per hundredweight, as compared with $24.17 for
the same week last year. The average was 14 pounds
heavier last week compared with the same week a year
The average price of choice slaughter steers was $25.85
per hundredweight, compared with $26.45 for the same
week last year. The average weight of these choice
steers was 29 pounds heavier in 1966.
The average price of choice slaughter heifers last week
was $24.71 per hundredweight, compared with $24.88 in
1965. Average weight was eight pounds heavier in 1966.
The slaughter-steer top in 1966 (through August 16)
was set in March at $30.25 per hundredweight. The
slaughter-steer top thus far in August is $27.25 per
We expect receipts of stocker-feeder cattle and calves
at Omaha to be about the same as in 1965.
There appears to be considerable early interest in
feeder cattle and calves as the fall marketing season ap­
proaches. The consensus on the market would indicate
prices will probably be moderately above last year for
comparable quality, even though as of today, fat cattle
prices are slightly below a year ago. There is a feeling
of optimism in the air that fat cattle prices will improve
toward the end of 1966 and into the spring of 1967.

“ Outlook in the Feedlot**
Vice President
Commercial Stale Bank
W ausa, Nebraska

E HAVE been extremely fortunate in our immedi­

ate area to have received sufficient amounts of rain­
fall to give us a better than average crop. We have had
two very good cuttings of alfalfa and a third cutting prom­
ises to be about average. Many farmers reported 70 to 80
bushel oats this year, which is above average for this
area. With the moisture we are receiving at the present
time, the corn crop prospect is very good. Pastures are
in excellent condition.
In view of the fact that the range area and general
conditions in parts of Nebraska are dry, cattle are be­
ginning to move earlier than usual. This has not had a
tendency to lower the price on replacements. It is our
understanding the hay crop and some of the range con­
ditions in the western areas are forcing cattle to move
at an earlier pace.
We believe that replacement cattle are going to be




higher than last year. At this writing, fall heifer calves
weighing 500 to 550 pounds are costing $27 to $27.75 and
steers are $30.50 to $31.50. Yearling heifers weighting 600
to 675 pounds are $25 to $25.50 and yearling steers are
all the way up to $30. We do not anticipate any easing
of replacement cattle asking prices. However, this could
change if the dry areas do not receive moisture and the
fat cattle market should weaken.
It appears now that we will see stable or a little higher
prices for fed cattle this fall and winter. Cow and steer
slaughter has been above last year and we feel that cow
slaughter will drop during the last quarter of the year.
Range conditions are also going to put some pressure on
fed cattle prices if a large movement of grass cattle go
to market. Cattle feeders must also remember back a
couple of years and not increase marketing weight.
As is the case in most other areas, our loan demand
will be high. We are not going to have an over abundant
supply of money available. Funds will be available for
our regular customers but we will not be in a position
to finance any new customers.
Cattle paper is going to cost more this year as we have
increased our interest from 6 to 6% per cent. We don’t
believe this will have a great deal to do in determining
the number of cattle to be placed on feed.
We feel that it will be wise for the banker and his cat­
tle feeder customer to sit down and take a good hard
look at this cattle situation and not get in a big hurry to
buy their replacements. We believe this will be a year
in which careful consideration must be given to buying
in order to make a profit. We anticipate that the aver­
age borrower will maintain his inventory at about the
same level as last year.
Vice President
First State Bank
Audubon, Iowa

E HAVE had some early demand for cattle money

this summer and have quite a number of calves
and light yearlings delivered. Most of these came in
July from Texas at fairly reasonable prices. However,
this movement seems to have come to a halt and there
is not much doing in August. A shortage of moisture
and an increase in price could account for the slowness
As usual we expect a heavy loan demand this fall but
believe we are prepared to handle it. Our rate for feeder
loans will be 6% per cent, subject to change, of course.
Nearly all of our replacement cattle will be calves or
light yearlings and we do not expect them to be cheap.
Present prices of good calves are bouncing around—30
cents for steers and 26 cents for heifers. The fat market
will have a small influence on the prices paid later this
fall as there have been few contracts.
It is hard to figure the fat market for this fall. Ac­
cording to reports we should have some heavy market­
ings, but the market has been absorbing large runs all
summer. Normally, choice cattle sell better in the fall
and winter. Our advice to customers is usually quite
limited. We concern ourselves mostly about the quality
of the loan. We intend to lean towards the conserva­
tive side because of the uncertainties that seem to be
building up for 1967.
First National Bank
Beresford, South Dakota

HE demand for money to date has not been too de­
manding as our farmers are very cautious in buying

Federal Reserve Bank of St. Louis

Our rates range from 6% to 8 per cent, depending on
the amount of the loan.
In and around Beresford there is an abundance of feed
as we have had very good rains.
We hope feeder cattle can be bought for around 26 to
27 cents at weights up to 700 pounds.
We believe that fat cattle should bring fairly good
prices in the next six months.
Our advice to our cattle feeders is not to buy more
than they will have feed for.
Ag Representative
First National Bank
Pipestone, Minnesota

HE cattle outlook in Pipestone County hinges on our

probability of corn for forage and feed grain. At the
present time our possibilities of obtaining such a crop
are limited due to the drought conditions in our local
area. This condition, plus the poor corn crop in 1965,
could bring our cattle numbers down considerably.
At the present time our feeder loan demand is a little
below the average of previous years, possibly due to poor
crop conditions in the local area and an interest rate in­
crease of one-half per cent. A supply of home grown
feed on the farm will put a brighter view on the whole
livestock situation. Management practices and feedlot
experience are going to be two basic factors determining
the amount of money loaned to an individual feeder for
cattle due to the money supply shortage. Many of our
cattle feeders could make good use of cattle futures;
however, thus far only a vey few have taken advantage
of this hedging program.
Good to choice steer calves are bringing up to a top
of $29 with good to choice heifer calves bringing up to
a top of $26 at our local market. I do not foresee much
of a radical change in feeder cattle prices during the re­
mainder of this year. Basing this statement on the Jan­
uary 1st inventory and slaughter so far this year, the
supply of young animals outside of feed lots on July 1
was slightly smaller than a year earlier. Consequently,
feed lot placements during the rest of the year likely will
not differ greatly from a year earlier.
H . V. R O W EN H O R ST
Northwestern State Bank
Orange City, Iowa

HE fat cattle now being marketed by the cattle feed­

Ters of this area are making some money, but as the
cost of feeds continues to rise this profit margin is being
narrowed considerably.

In light of the present cattle

Northwest ern Banker, Se ptem ber, 1966

Our loan demand is going to be strong, money supply
is going to be tight and the rates are going to be some­
what higher than in the immediate past. If present
prices which feeders are paying for yearlings and twoyear-olds is any criterion, fat cattle prices must certainly
improve. However, we feel that this improvement, if
any, will be rather small.
We are going to try and take care of our regular cus­
tomers and will undoubtedly advise that they stay within
their usual feeding pattern. With a good corn crop, how­
ever, there is going to be a tendency to want to increase
numbers on feed. In other words, our feeders who have
been in the business year after year will want to con­
tinue and we will certainly go along to the best of our
ability. Our lending pattern to feeders will continue as
in the past.
Guardian State Bank
Alliance, Nebraska

ATTLE sales out of the sandhill region his fall will

C number about the same as last year. There is a pos­
sibility more cows and heifers will be disposed of, if the
prices the cattle feeder in this area is rather cautious in
buying his replacement cattle at this time. Presently
they are paying up to $30 for light calves and between
$25 and $27 for yearlings. It is our consideration here
at the Northwestern State Bank that replacement cattle
will not be cheaper as time goes along, and it is probable
that the cost of replacement cattle will increase during
the fall and early winter months.
We anticipate that 1967 will find the rancher in an
even more favorable condition due to the increased
slaughter of cows and heifers. It seems that the law of
supply and demand for replacement cattle during the
year 1967 will dictate higher prices for calves and year­
lings in coming months.
For this reason we have advised our customers to re­
place as they market fat cattle. We look to the fall of
1966 and the year 1967 as being a profitable year for the
cattle feeder, particularly if he has a reasonable amount
of feed to convert into beef and is able to maintain a low
per-head capital investment. We are encouraging more
and more of our cattle feeders to think seriously about
a long-term calf program with the utilization or more
rough feed with adequate but not extensive capital im­
With the money supply being in a very tight position,
we are limiting the expansion of practically all of our
present lines of credit and in some instances are encour­
aging a reduction in numbers to preserve funds.

“ Outlook on the Range”
First National Rank
Hay Springs, Nebraska

demand stays as good as it is now.
Hay may be a bit shorter than normal, but most ranch­
ers advise they will have sufficient feed to carry through
the winter. Late rains have assisted the pastures and
also provided extra after growth in the meadows.
Loans are high in our area and rates on loans have also
increased, but it now appears the supply of money will
be sufficient to take care of the rancher and farmer.
Most of the ranchers sell either yearling cattle or
calves, and demand for these classes seems good. I feel
the fat cattle feeders will have a good market for their
cattle and will be able to utilize their feed this year at
a profit.
It is a bit early to state the prices for the yearlings or
calves, but as of now I would guess the yearling steers
will bring from $25 to $27, yearling heifers $23 to $25,
steer calves $30 to $34 and heifer calves $28 to $31.
We like to see our rancher customers keep stocked,
but not to run more cattle than their ranch holdings or
feed will permit; and also, to keep the loan on their live­
stock in good shape for as of now it appears better years
are ahead of us, and we want them to stay in business.
Lusk, W yom ing

N EAST central Wyoming, despite above average

rains in July, winter range will be very short.
IA lotspotty
of cattle have gone to market, and a lot more will

go early. Some 550-pound yearlings brought $28.25 here
the first week in August. People will cull their cow
herds, and yearlings will go early. Prices are expected
to be $2 per hundred higher than last year on steer and
heifer yearlings, and some think $3 to $4 higher on
calves this fall. This will reflect from the range to the
central markets if it is true. Of course, this assumes
things as they are nationally and internationally.

E ARE in fairly good shape in this area as far as

feed goes. We have had some good rains recently
and while the hay supply is a little shorter than average,

we are not hurting in this respect. Hay prices are going
to be high and the prospects for a corn crop are excellent.
We think steer calves will generally sell in the $30 to
$32 range, yearlings in the $25 to $26 range. Feeders are
actually paying these prices at the moment. It is a little
early for calves to be moving but yearlings and two’s
are moving out. Both seem to be in good demand.
Northwestern Banker, Se pte m ber, 1966
Federal Reserve Bank of St. Louis

Vice President
Stockmens Bank
Gillette, W yom ing

T THE present time our yearling heifers are bring­

ing 24 cents and steers 26 cents. A few are bringing
more than that through the sale rings. I think this is

(Turn to page 50, please)


1 9 6 6 Crops A re
Near Record Peak

a n d business
conditions throughout the up­
per midwest and m ou n ta in
states look especially promising, with
limited area exceptions, according to
reports received by the Northwestern
Banker from bankers in 24 cities scat­
tered throughout the eight-state area.
Livestock conditions are covered in
greater detail in the “Annual Fall
Cattle Outlook” conducted by the
Northwestern Banker and appearing
in this issue.
Parts of South Dakota, North Dako­
ta and Montana report some below
normal production expectations; other­
wise, bankers state that their farm
customers anticipate normal to excel­
lent crops. The comments appearing
in this report were written in midAugust.
A devastating flood caused by tor­
rential rainstorms fell during the
second week of August in east cen­
tral Nebraska. Covering approximate­
ly 65 miles of lowland along the Ce­
dar, Beaver, Loup and Platte Rivers,
the ensuing flood washed out stand­
ing crops in its path, although the
eight- to 12-inch rains on higher land
drained off fairly well and caused
minimum damage to crops there.


g r ic u l t u r a l

One of the biggest losses was in
livestock. The rain hit at night, and
stock in lowlands could not get to
high ground. Most lowland calves
were lost and a great number of ma­
ture cattle were drowned. However,
one feeder in Fullerton had more than
180 head in his feeder pens and all
were flooded away, but as of late Au­
gust he had recovered 154 head. Most
of them had washed downstream and
managed to climb out to higher
ground. His loss from shrinkage was
considerable. Hay losses ran high.
Reports from other areas follow:
Federal Reserve Bank of St. Louis

Io w a
Vice President
First Iowa State Bank
Albia, Iowa

Pasture conditions have been excel­
lent. Grain crops are very good and
could use a little more moisture. Real
estate prices are probably 25 to 30
per cent higher than two years ago,
with demand exceeding supply, large
units being the heaviest in demand.
Chairman o f the Board
Creseo Union Savings Bank
Cresco, Iowa

We have the best prospect for crops
that we have had in many years. Our
oat crop was very good and our hay
was excellent. Our farmers feel very
encouraged as they think they have
sufficient moisture to complete our
corn and beans.
Several farmers have quit dairying
and have gone into beef cattle, and I

understand our milk supply in this
community has been cut considerably.
The farmers have increased their hog
production, and feed conditions look
very favorable.
De Witt Bank & Trust Company
De W itt, Iowa

Corn and bean crops look excellent
as of this date. An excellent oat crop
has been harvested and averaged 80
to 100 bushels per acre. Hay crop
also excellent. Pasture conditions are
good for this time of year.
Hog prices at $27 Chicago top are
above predicted prices for this time of
year. No bad break seems likely soon,
as hogs ready for market in this area
seem scarce. Fat cattle prices have
been weak the past few months, but
have shown some strength the past
couple of weeks and many feel that
we have seen the low for the year.
Feeder cattle prices are high com-

CROP PROSPECTS in Minnesota, South Dakota, North Dakota
and Montana were rated by the Federal Reserve Bank of M in­
neapolis as one o f the better ones for the 9th district, although
not as promising as the near-record year o f 1965. Crop pros­
pects in mid-summer were rated as excellent in most o f M in­
nesota and North Dakota, while lack o f moisture adversely
affected crop prospects in much o f South Dakota and a large
part o f Montana. Corn appears headed for a larger crop than
1965, but somewhat under average. The district’s wheat output
is expected to exceed 305 million bushels, a drop o f 11 per
cent from 1965, but 16 per cent greater than the 1960-64 aver­
age and the third largest wheat crop in history.
Northwest ern Banker, Septe m ber, 1966


Special Agricultural Report

pared to present fat cattle market and
very few replacement cattle are being
bought at this time.
J. W . U P T O N , JR.
Executive Vice President and Cashier
Ida County State Bank
Ida Grove, Iowa

Approaching the fall cattle season
in Ida County in western Iowa, our
particular area has not been bothered
by the tight money situation as re­
ported from other cities. Our farm­
ers have been selling their cattle and
because of the high replacement cost,
have not been anxious to replace feed­
ers. Our loan volume is at a present
five year low, but of course, this could
change very quickly.
We have had some discussions re­
garding an increase in the rates on
our cattle paper but have done noth­
ing definite. We are paying 4% per
cent on our Time CD’s and feel that
perhaps some increase is merited.
One of our other local lenders is
charging 7 per cent on cattle and we
have not seen a great rush to take
advantage of our 6 per cent rate.
With prospects of $1.50 corn next
year, high costs of replacements, high
supplemental feed costs, and general
over-all increase in expense costs, we
feel that the cattle feeders should
take a long look at these feeders be­
fore rushing to buy.
We do not feel that there is any
guaranteed increase in the cattle
prices for next year and that they may
look a lot like the prices this year. If
the record high employment can only
produce a $25-$27 cattle price, what
will the price be if employment
drops? In addition, there will un­
doubtedly be some increase in the
supply of pork and poultry, which will
affect the demand for beef.
I believe that the farmer feeder is
standing on the threshhold of some
golden years ahead, with great de­
mands for all types of food and fiber.
In fact, the ingenuity of our farmers
and feeders may be put to the test
unless new technology permits us to
expand our production without an in­
crease in manpower or land.
This current situation has some of
the earmarks of several years past
when we paid excessive prices for
calves and yearlings and wound up
losing our feed crop, our labor, and
$10 to $50 a head. This time, several
years later, some of the feeders are
Banker, Se pte m ber, 1966
Federal Reserve Bank of St. Louis

just coming out from under the losses
that they accepted at that time.
Primghar Savings Bank
Primghar, Iowa

The year started with a very satis­
factory moisture situation which gave
the seed a very excellent start creat­
ing splendid “stands.” Throughout
the early part of the growing season,
ideal conditions prevailed. Generally,
sufficient moisture fell to largely con­
tinue that excellent growth with only
widely scattered areas which showed
any deterioration—due to excessive
heat in early July. Since then suffi­
cient moisture has been had to cor­
rect some of those crops which had
lacked rain and, as a general result,
the crops are in very good shape, with
adequate moisture to “fill” properly.
This area had an excellent, but
smaller oat crop; yields up to 100
bushels per acre of extraordinary
heavy oats, and the straw had been
cared for, without moisture damage.
We believe that this crop will be a
very good one, with soybeans “ pod­
ding” well and corn starting to fill
very well.
Some pastures were damaged in the
heat period, but with recent rains are
again greening up. There has been
some cattle buying done, mostly
calves and light yearlings. Most of
the feeder cattle will likely be bought
in September and October.

N eb ra sk a
Bank o f Harlington
Hartington, Nebraska

We look good in our immediate
area. Nip and tuck on rainfall, but
each time sufficient rain came to as­
sure a better than average crop.
Prices are helping on the liquidity
squeeze as farmers earn more money,
a part of which they leave in the
bank, and pressure on loans dimin­



Agricultural Representative
First National Bank
Holdrege, Nebraska

The agricultural situation in south
central Nebraska is generally very
We had an excellent wheat crop
and the prospects are excellent for
corn and grain sorghum yields to set
a new high. The crops are about
two weeks ahead of normal.
The livestock feeding picture is
also very good with prospects for an
adequate feed supply and the rains
have been very timely so the pastures
are in excellent condition. The hay
crop has been very good.
The land prices are staying very
high and there seems to be a strong
demand for good farm land either irri­
gated or suitable for development of
The situation looks very good at the
present time.

Executive Vice President
Houghton State Bank
Red O ak,Iow a

Nebraska State Bank
Ord, Nebraska

Agriculture situation in southwest
Iowa appears as of now to be heading
for a bumper year. Corn and beans
appear excellent, having received ade­
quate moisture during entire growing
season. Some corn along southern
edge of our area may have a little
damage due to excessive heat during
tasseling, but for the majority of our
area, crops have never looked better.
Continued high prices for hogs
along with a fair fat cattle market
have enabled the farmer to make a
fair return on last year’s corn crop.
Feeder cattle for fall as usual look
too high, and along with higher in­
terest costs, margin in cattle may be
thin unless the fat cattle market
shows a definite improvement of $2
or $3.

This area of Valley County has just
enjoyed one of the best wheat crops
we have ever had. The corn and milo
look great and the irrigated land will
produce a bumper crop if it does not
get any hail. The pastures have been
getting enough water and therefore
our stockers have gained very well
and the price seems to be very good.
I honestly believe at this time that
this will be one of the best years the
farmers in this territory will ever
have. The cattle (fat) sold in Janu­
ary, February and March of this year
made money and the cattle coming
off grass are bound to show a nice
profit. I have been in the bank for
more than 25 years and I can honest­
ly say this has been one of the better



Special Agricultural Report
First National Bank
McCook, Nebraska

Agricultural conditions in south­
west Nebraska look the best in years.
Timely rains in June gave us one
of our better wheat crops and now
with good moisture during the month
of July, it appears that we can’t miss
one of the best corn and milo crops
we’ve ever seen. Therefore, good
crops in 1966 along with higher prices
being offered for these commodities
points to a very fine year for the
farmer in this area. Also, with pas­
tures in excellent condition and with
an abundance of feed in sight, we will
no doubt see an increase in cattle
numbers in this general area.
Executive Vice President
Scottsbluff National Bank
Scottsbluff, Nebraska

In this irrigated portion of the
North Platte Valley of western Ne­
braska and eastern Wyoming, we
have prospects of one of the best
crops in many years. Crops raised in
this area include sugar beets, Great
Northern and pinto beans, corn, bar­
ley, hay and potatoes. There has
been very little hail, so in absence of
hail or an early frost, we are confi­
dent of a bumper crop.
In the dry land areas surrounding
the valley, the wheat was above aver­
age, with occasional yields of 45 to
50 bushels per acre reported. The
average would probably be 30-35 bush­
els. Moisture on the grass land was
timely and so the ranchers have not
been forced to an early market with
their cattle. I understand, however,
there are areas in the Sand Hills
which will be a little short of hay.
All in all, though, we believe this
has been and will continue to be an
unusually good year for agriculture
in this area.
Vice President
Jones National Bank
Seward, Nebraska

A dry spring and hot July weather
were nearly disastrous; however, cool
w e a th e r and recent rains have
brought conditions above normal.
Many farmers tell us their crops
never looked better and only a few
tell us their crops were hurt. Wheat
yields were for the most part consid­
Federal Reserve Bank of St. Louis

erably above average with some
yields 60 bushels and higher. Recent
rains have improved pastures, and
feeders will be looking for cattle to
put in the next 60 days. Although 1966
had all the earmarks of a crop fail­
ure, it now appears that it will be
one of the best.
Johnson County Bank
Tecumseh, Nebraska

Generally, the wheat crop was ex­
cellent despite the limited coverage.
However, rainfall during June and
July was spotty and there are areas
where the corn is definitely hurt. In­
dications are that a good deal more
than the usual amount of corn will
be cut for ensilage.
The milo and soybeans are with­
standing the effects of the heat and
the dry weather remarkably well, al­
though the moisture received in the
next few weeks will be the determin­
ing factor as far as yields are con­
The hay crop is short and pasture
conditions are in some instances criti­
cal. Permission to buy back govern­
ment acres for grazing and hay has
given some relief in those counties
approved as drought disaster areas.

M in n e s o ta

acres. Right now the average farm
in our area is 278 acres—a gain of 31
acres/farm in size.
Dairy farms in our area have also
been rapidly decreasing in number.
We have lost 54 per cent of our dairy
herds in this area during the last six
years. However, total milk produc­
tion has continued to rise which was
brought about by the trend toward
larger herds. The recent increases in
milk prices may slow the rate at
which farmers are going out of dairy­
ing, but it is doubtful that very many
new dairymen will start up because of
the high investment and labor re­
quirements—at least at the current
Total demand for credit is also in­
creasing as farms get larger and
larger. But the number of farmers
requiring credit and the dollar vol­
ume required have increased appre­
ciably during the last year or so. The
increasing interest rate is retarding
the purchases of consumer goods
some but has had very little effect in
slowing the use of agricultural credit,
except possibly in the area of farm
real estate. The over-all picture for
our area looks bright for most of the
agricultural segment of our rural

Sou th ita h o ta

Assistant Agricultural Representative
First National Bank
Marshall, Minnesota

Agricultural Representative
Commercial Trust & Savings Bank
Mitchell. South Dakota

Generally, farm operators in our
area are in a much better situation
economically than they have been in
the last five years. This change has
been brought about by favorable
prices for market livestock in the last
two years. Numbers of cattle and
hogs on feed in our area are higher
than one year ago. Higher prices
being paid for feeder livestock may
retard the profit picture some during
the coming year but the picture is
still very favorable.
Drought will be affecting some oper­
ators from localized spots in our area
as we have gone through the summer
with only minimal rainfall. Prospects
now are for an about average to be­
low average crop of both corn and
Our smaller farm units are still dis­
appearing at a rather rapid rate. In
1960 our average size farm was 247

Drought conditions are forcing farm­
ers and businessmen to sharpen their
pencils and carefully analyze future
agricultural operations. Small grain
crops in the general area were very
spotted, with yields poor to fair. Hay
tonnage has been poor, with some
soil bank hay and oats cut for hay
being of fairly good quality.
Spotted rain conditions have made
the general outlook for corn and grain
rather poor. Rains late in July and
early August brightened the prospects
for grain sorghums somewhat. Corn,
sorghum, and sudan cut for silage is
looking fairly good at this period in
middle August. There will be some
corn to pick, but a large percentage
of it will be high moisture corn.
Pastures were of very poor quality
throughout the summer, and some
prussic acid poisoning of cattle has
kept farmers from making use of supNarthwestern Banker, Se ptem ber, 1966


Special Agricultural

plemental forages. Generally, farmers
are planning to utilize everything
they can as silage, haylage, hay or
fodder. Corn prices are high enough
so that few farmers will be holding
to heavy weight, and most cattle will
get high levels of silage rations. Hog
numbers are on the increase, while
sheep numbers should stay fairly sta­
ble this fall.
Agricultural Representative
Citizens Bank
Mobridgre, South Dakota

Small grain harvest is nearing com­
pletion and has been hampered in re­
cent weeks by the wet weather. Crop
yields have been somewhat better
than anticipated but are still below
last year. A tremendous variation in
wheat yields exists with some areas
reporting yields as low as five bushels
per acre and others reporting 30 to
40 bushels per acre.
The corn and forage sorghums out­
look, at this time, is much better than
last year. It appears to be a near rec­
ord crop. This should compensate
somewhat for our short alfalfa hay
crop caused by a late frost and lack
of moisture in the early growing sea­
Range conditions at this time seem
to be adequate and have held up well
all season. It doesn’t look as though
we will experience a large pre-season
rush of cattle to market due to the
shortage of grass as could have been
expected earlier in the season.
In conclusion, small grain and al­
falfa hay yields have been below aver­
age, range conditions have been ade­
quate, corn and forage prospects at
this time are above average but will
require additional moisture to main­
tain present conditions.
Vice President
First National Bank o f the Black Hills
Rapid City, South Dakota

Moisture c o n d itio n s in western
South Dakota have been very spotted
this year and range from very good
to poor. The hay crop is short gener­
ally speaking, and hay prices are high,
being quoted at $35 to $40 a ton at the
present time. The winter wheat crop
was excellent over most of the terri­
tory, but the spring grains were very
poor and in a lot of cases produced
nothing and in other cases were cut
ern Banker, Se ptem ber, 1966
Federal Reserve Bank of St. Louis


for hay. The spotted moisture over
the area in July and August will prob­
ably produce c o n s id e r a b le forage
crops in certain areas.
The movement of cattle has been
quite slow although there has been
a heavy liquidation of dry cows with
prices in the $17 area. A few ranch­
ers have sold their yearlings, which
have brought a very favorable price,
but where grass is available they are
reluctant to move the cattle for a
while yet. Reported offers of $.25 for
two-year-old steers have been made,
but here again cattle of this class
have not been moving in any great
Very few lambs have moved at the
present time with the price being of­
fered in the $.22 to $.23 range. With
the price of hay in somewhat short
supply, it appears as though most
ranchers will cull down quite close
this fall.
Vice President
Farmers & Merchants Bank
Watertown, South Dakota

Rains have been very spotted and
moisture ranges from adequate to
very short. Small grain crops appear
to be about 75 per cent of normal and
are very spotted with reports of oats
yielding from 20 to 70 bushels per
acre, wheat ranging from eight to 30
bushels and as of this writing very
little flax has been cut but it appears
very spotted and will vary consider­
able from one field to another.
Barring frost and with additional
moisture this area could have an ex­
cellent corn crop. Pastures are in fair
condition and livestock doing well.
Feed supplies are good.
Present dairy prices and livestock
prices indicate a higher income for
agriculture in eastern South Dakota.

N o r th U a h ota
Assistant Cashier
First National Bank
Valley City, North Dakota

Harvest activities are b e co m in g
very general. Some areas are being
slowed by considerable moisture. The
quality of barley taken is generally
good, but some yields are disappoint­
ing. The early July heat took its toll.
Wheat expectations are quite good;
however, ergot and other leaf and

head diseases have been noted. Dur­
um will out-yield hard wheat again.
Forage crop production appears ex­
cellent in our area. Silage corn shows
good promise. An adequate supply of
hay exists in our area. Pastures are
in good shape, holding livestock in
desired condition.
Chairman o f the Board
W alsh County Bank
Grafton, North Dakota

In the Grafton area, which is lo­
cated in the northeastern corner of
North Dakota, crops are from fair to
good, with some quite poor. Damage
was done by too much rain in certain
sections, and by hot and humid weath­
er in July.
Barley generally is a poor crop, al­
though there are some good fields.
Wheat will perhaps be an average
crop, as will flax.
Potatoes, sugar beets and pinto
beans look good, excepting where
there has been too much rain and
part of the fields are drowned out.
Crops in general will be considerably
below last year.
Executive Vice President
Liberty National Bank & Trust Company
Dickinson, North Dakota

Conditions in this area are above
average. Harvest is starting and early
reports indicate very good yields. The
season has been somewhat late in
most crops due to a cold, dry spring,
but late rains have kept the crops
coming along in good shape. The
grass supply is a little short but ade­
quate for normal grazing. Hay is not
very good but a carry-over keeps it
from being in short supply.
We have had a series of violent
hail storms that have created havoc
in some areas, but in general this has
been localized. All in all the condi­
tion of the area is very good.

M o n ta n a
Assistant Vice President
First National Bank
Miles City, Montana

Our area has experienced especially
dry conditions during the early spring,

(Turn to page 96, please)





H iß

é t L


9s 9 H

l d

t i t a




i f i


i j e




r e d

i n

HE role of a central banker is never an easy one—

Some segment of society always is adversely affected
T when
the monetary authorities take action.

Federal Reserve Board Vice Chairman J. L. Robertson
has recently stated that the FR Board will take steps “to
ease competition between commercial banks and savings
and loan associations if the Congress will grant it new
and discretionary powers to accomplish this goal.”
Reading his testimony between the lines produces some
rather disquieting observations which indicate less
reliance on the free working of the economic market
forces and the forcing of increased dependence of private
financial institutions upon Washington. Increasingly, the
question of possible political influence of the direct and
indirect type must be considered.
Governor Robertson’s statement indicates a bent by
the monetary authorities towards greater reliance on
qualitative credit controls as distinguished from quan­
titative controls. Students of monetary policy are in gen­
eral agreement that quantitative controls are not only
fairer but they are easier to implement and administer.
Goal is Aid for Housing

The stated intent of the proposal of the Fed would
be to enable savings and loan associations to channel
more funds into housing. This would be accomplished
by requiring commercial banks to LOWER the rates of
interest which they can legally pay on certain types of
Though I admire many members of the Federal Re­
serve Board, the logic seems to escape me that a home
mortgage loan made by a savings and loan association
is in someway better for society than one made by a com­
mercial bank, or a commercial bank loan to finance busi­
ness operations. Some economists could make a pretty
good argument that a commercial loan probably is better
for the economy than a home loan, especially in geo­
graphic areas which have been over built.
In view of Governor Robertson’s testimony that infla­
tion dangers are growing, his proposal tends to raise an
admittedly naive but fundamental question whether
LOWERING interest rates as suggested conforms to good
economic theory. It also raises a question as to whether
in practice such a step is in the long-term best interest of
society and the regulated financial institutions.
In an oblique way the proposal represents an erosion
of the concept of dual banking and market freedom.
Governor Robertson would have the Federal Home
Loan Bank Board have similar qualitative controls over
thrift institutions. Presumably, these would be better
coordinated than in the past.
S & L League Opposes Controls

While the FHLB supports the FRB position, the very
capable executive vice president of the powerful U. S.
Savings and Loan League, Norman Strunk, vigorously
Federal Reserve Bank of St. Louis

Hill Professor of
Bank Management
University of Missouri
Columbia, Missouri

objects to such controls. He contends that the proposal
would snarl the industry in Washington-produced red
Dr. Charls E. Walker, executive vice president of the
ABA, seemed to have related sentiments for the banking
industry when he said “ . . . We are determined that what­
ever legislation does emerge . . . in no way impinges upon
the ability of the nation’s main-street banks to compete
equitably and vigorously for the public’s savings.”
While the data is still preliminary, a number of studies
are starting to shed light on the highly emotional but
important topic. One survey was recently conducted by
the Federal Reserve Board. Another was sponsored by
the Missouri Bankers Association. The latter is in the
process of being tabulated. From preliminary reports
they seem to support one another in a complementary
Studies Show Passbook Decrease

The Federal Reserve study indicates that while bank
time deposits increased in 1966 they increased at a de­
creasing rate over 1965 and, in fact, there was “an abso­
lute decline in passbook savings deposits, for which
ceiling rates were not increased at the time of the recent
revisions of Regulation Q.” Passbook savings still ac­
count for about two thirds of total time deposits in com­
mercial banks. Over one billion dollars of decline in
passbook deposits was registered in the six month period
ending May 11, 1966 in the 6,200 surveyed members of
the F.R. System.
Large C.D.’s, that is, those of $100,000 or more, have not
significantly increased this year though the “consumer
type” savings, in the form of savings certificates, savings
bonds and negotiable and non-negotiable certificates of
deposit under $100,000, have shown vigorous growth of
several billions of dollars.
It is this latter area, apparently, which would be sub­
ject to roll back of interest rates by the Fed. (Patman
bill—HR 14026—places 4% per cent ceiling on time de­
posits under $100,000 in commercial banks.)

Governor Robertson’s proposal to bail out the savings
and loans no doubt appears to be a “lesser of the evils”
in view of the reluctance of the federal government to
exercise more fiscal restraint. For this reason the mone­
tary authorities are forced increasingly into advocating
monetary controls which may provide an illusion of
temporary relief even though the fundamental problems
still remain.
The Robertson legislative proposal on the surface has
the commendable facet of suggesting improved coordina­
tion between the Federal Reserve Board and the Federal
Home Loan Bank Board. It seems, however, that entry
CHANGE IN “Q” . . .

(Turn to page 96, please)
Northwest ern Banker, Se ptem ber, 1966


S chool o f Bankinff O fficers

Richard D. Nichols, Vice President
Hutchinson National Bank & Trust Company
Hutchinson, Kansas

sa y s H utchinson B anker about

THE SENIOR CLASS of the Graduate School o f Banking at the University of W iscon­
sin, Madison, included 421 graduates from 31 states and Honduras. A total of 1,300
bankers were in attendance at the 22nd annual session of the school, which is sponsored
b y the Central States Conference. The graduating Class of 1966 elected class officers,
who are pictured above, left to right: Edward L. Kalafat, a.c., 1st Natl., Minneapolis,
pres.; Clyde R. Crawford, pres., Peoples Natl., Columbus Junction, Iowa, treas; Richard
P. Klug, a.c., Farmers & Merchants Bank, Menomonee Falls, Wis., v.p., and Thomas N.
Spencer, a.v.p., State B&T, Poplar Bluff, Mo., secy.

D oa ne's “ FA R M IN G F O R P R O F IT "
“ N o th in g interests a fa rm e r as m u c h
as talk about th in gs that m ake h im a
p ro fit. T h i s is one o f the reasons we
send F A R M I N G F O R P R O F I T to a
selected list o f f a r m custom ers a n d i n ­
terested bu sin essm en in o u r area. W e ’ve
kept in touch w ith o u r a g ric u ltu ra l c li­
ents a n d frie n d s this w a y fo r the past
seven ye a rs . W e believe it to be a v e ry
effective p u b lic re la tio n s tool at a re a sonable cost.”

The “ reasonable cost” is surprising
to many who see the score of profit
laden paragraphs packed into
F A R M I N G F O R P R O F I T each month.
You’ll find farmers anxious to get
your letter each month on market
conditions, livestock and crop pro­
duction, and facts that touch on
every phase of farming.
The facts carry more weight be­
cause they are gathered and carefully
screened by Doane’s staff of 150
agricultural specialists — farm man­
agers, economists, researchers, rural
appraisers, and marketing experts.
Whatever plans you use to build
new business and gain a closer rela­
tion with your farm customers,
F A R M I N G F O R P R O F I T can be a key
part of your program.
Write or call collect for copies
now being used by other bankers . . .
and details of this exclusive lowcost service.

OFFICERS elected by the Class of 1967 at the Graduate School of Banking, University
of Wisconsin, are, left to right: Henry A. Heinsen, 2nd v.p., Northern Trust, Chicago,
treas.; Dwight F. Willard, v.p. & cash., Commercial State, Marshalltown, Iowa., v.p.;
Thomas J. Prosser, a.c., Marine Natl. Exchange Bank, Milwaukee, pres., and James H.
Suderman, cash. & asst, secy., Midland Natl., Newton, Kan., secy.

Bank Services Department

8 9 0 0 M a n c h e s t e r Rd.
St. L o u is, M is s o u r i 6 3 1 4 4

Phone: (Area Code) 314 WO. 8-1000
Nort hwest ern Banker, Se pte m ber, 1966
Federal Reserve Bank of St. Louis

OFFICERS elected by the Class of 1968 at the Graduate School of Banking, University
of Wisconsin, are, left to right: Harlow V. Woods, cash., State Bank of Kingman, Kan.,
secy.; Gordon L, Dodge, a.c., Bankers Trust, Des Moines, pres.; N. H. Kortuem, v.p. &
mgr., Citizens Bank, Gayville, S. D., v.p., and Jerry A. Halverson, v.p., 1st Natl., Wheel­
ing, W . Ara., treas.


Banking is kid stuff
This youngster may never become chairman of
our bank, but he’s very much a part of our

growth, but in other, more unusual areas.
Like management science.

management picture.
And with good reason:
Almost half the present population of the
U .S. is under 24 years of age.
This single fact poses a tremendous challenge to our
bank and yours. Youth will be served, but only by
those who have the imagination and skill to create
services they need.
At Manufacturers Hanover, we’re working to help
U.S. banks and business meet this challenge. Not only
by providing the necessary funds to finance business

Our computer complex is now in use as a management
research “ brain.” And we’re developing data
processing programs that will open whole new avenues
to banks, including problem analysis and solution
in specific areas.
Isn’t this the kind of short-unrTlong-range planning
you'd expect from your correspondent?
It’s one of the reasons we say it’s good to have
a great bank behind you.
W e ’re not kidding, either.

Federal Reserve Bank of St. Louis

It’s good to have a great bank behind you
Member Federal Deposit Insurance Corporation


M a sses

F e r g tison

S ta rts n t B e s M a in es EHnnt
ASSEY-FERGUSON has reached

the final stages in preparing its
North American Implement Plant in
Des Moines for the start of production
this month (September).
Over the past few months compo­
nents, tools and machinery from MF’s
Woodstock, Ontario, Canada, farm
implement plant
have been arriv­
ing in Des Moines
as part of phasin g o u t th e
Woodstock oper­
ation, according
to D o n a l d D.
Dogherty, gener­
al project man­
T h e 565,000
D. D. D O G H E R T Y
square foot fac-


tory in Des Moines will produce 28
different farm implements for use
throughout North America and vari­
ous other areas of the world. Pro­
duction in the factory will include
welding, painting and assembling of
these implements.
Among the activities already com­
pleted in readying the plant for pro­
duction are the installation of addi­
tional sprinklers for greater fire safe­
ty, new outside doors, a new rail dock
and the repair of the roof and five
The Weitz Company, Inc., of Des
Moines is general contractor for the
renovation; electrical and boiler work
is being done by the Keating Com­
pany of Des Moines; overhead con­
veyors are being installed by the
Jervis B. Webb Company of Detroit;

HE 14th session of the NABAC

155 bankers and with it ended the
eight-year leadership of Edward F.
Lyle as director of the school. Mr.
Lyle, who is senior vice president and
comptroller of the City National Bank
and Trust Company, Kansas City, Mo.,
announced that added responsibilities
and duties at his bank necessitated
his decision to resign.
Named by the school’s board of

trustees to replace him is Julius E.
Burges, vice president and comptrol­
ler of The Citizens and Southern Na­
tional Bank of South Carolina, Charles­
ton. Mr. Burges, long associated with
the school as an instructor in the ac­
counting course, has more recently
been serving as assistant section lead­
er in the third-year course.
Both Messrs. Lyle and Burges are
past national presidents of NABAC.
Graduates from the N orthwestern
B anker area include:

To Represent Foundation

M unicipal Bond D e p a r tm e n t

Oliver C. Daggert has been ap­
pointed a representative of the Foun­
dation for Com­
mercial Banks to
assist in member­
shi p recruitment
and liaison activi­
ties in the mid­
Mr. D a g g a r t
was president of
Fi r st Nat i onal
Bank of Sterling,
O. C. D A G G E R T
Hl-> from 1957 to
1966. He joined
the bank as assistant vice president
in 1946 and was named vice president
in 1947. He was previously cashier
with Farmers State Bank of Ferris,


LaSalle Promotions

îjc Weekly Municipal & Government Bond Graphs
Weekly “ Government” Trends

î{i Average Municipal Yields
as of Friday (Moody’s Rating)
î ji Dow-Jones Industrials—Point & Figure Charts

135 South LaSalle S t, Chicago, III. 60690
Phone: 782-0370 (Area code 312)
Offices Throughout the Country

Nort hwest ern Banker, Se ptembe r, 1966
Federal Reserve Bank of St. Louis



lo A v a :

For the asking

James S. Livingston, Peoples
Trust Company, Cedar Rap­
ids, and Roger L. Mahoney, Iowa-Des
Moines National Bank, Des Moines.
Minnesota: James M. Andersen,
Wayzata State Bank, Wayzata; Lester
C. Carlson, First National Bank, Min­
neapolis, and Stanley J. Peterson,
Midland National Bank, Minneapolis.
Montana: Donald A. Lees, The First
National Bank of Glasgow.


l /i/fe B e t ires
Bank &


School at the University of Wis­
consin ended with the graduation of

the paint finishing system, manufac­
tured by the Despatch Oven Compa­
ny, is being installed by Equipment
& Contractors Inc., of Des Moines;
and all paint spraying and mixing
equipment is being installed by Iowa
Paint Manufacturing Company, Inc.,
of Des Moines.
Adjoining the plant on a 59-acre site
are the Masey-Ferguson Inc. executive
offices which opened for busines in
January. When in full opeartion next
year, the combined plant and execu­
tive offices will employ about 900 per­
sons with an annual payroll in excess
of $6 million.
Key personnel in the new plant in­
clude Donald D. Dogherty, general
project manager; Wendell E. Brown,
purchasing manager; John Garside,
quality control manager; Kenneth
Holmquist, factory accounting man­
ager; Donald W. Jack, facilities man­
ager; George Jacquemain, production
control manager; Ronald C. Leonard,
production manager, and Donald N.
Swenson, factory personnel manager.

LaSalle National Bank, Chicago, has
promoted Charles M. Way from assist­
ant cashier to assistant vice president.
Adrian F. Brown has been named an
assistant cashier. Both men are in
the real estate loan department.







Federal Reserve Bank of St. Louis


Are your profit dollars being
compressed by the narrowing gap
between interest paid on deposits and
interest received on loans? A North
Central Life plus profit program offers
you these tailor-made insurance plans
which not only enable you to give
your customers needed protection,
but to widen your profit margin as w e ll:
* Red Shield Creditor Insurance
* G M I (Group Mortgage Insurance)
* Bank-O-Medic Health Insurance
* Life Insurance Counseling For
All Needs

All these . . . plus special IBM
accounting, direct billing, staff training
and personalized promotional effort
at no cost to you.
Now you know just some of the
reasons why North Central Life issues
more policies through banks in the
North Central states than any
other insurance company.
Think about North Central Life the
next time you need the tools to
minimize the effects of the 4y%
squeeze. W e’d welcome the
chance to discuss them
with you.

North Central Life Insurance Company

P r o t e c t io n all w a y s

North Central Life Building, Minnesota and 4th Streets, St. Paul, Minnesota
Northwest ern Banker, Septem ber, Ì966


Plan Bank PRMA Workshop
Bank Public Relations and Market­
ing Association will sponsor a Staff
Training Workshop, September 18-21,
at the Sheraton-Chicago Hotel. Work­
shop Chairman Carl L. Erdman, exec­
utive vice president, American Bank
and Trust Company of Reading, Pa.,
said that early response indicates the
four-day seminar will be a “full-house”
Attendance is limited to 125 and
participants will be divided into
smaller groups of 25 assigned to one




“ Hal” Lewis Retires; Joins
Bank Building Firm

How to refuse his loan
but keep him as a customer.
Heller helps you hold him!
Sometimes a good customer (or good prospective customer)
applies for a loan you simply can’t approve. He may have the
potential to be an excellent risk in a year or two. But he needs
the money now.
The solution? Call Heller.
Through a participation loan with Heller, you earn a normal
interest rate on your share of the loan. You enjoy the comfort of a
secured position while Heller assumes the entire expense of super­
vising the account. And, most important, you hold the customer.
Learn why so many banks of all sizes have found it profitable
to form a lending partnership with Heller. Write for our brochure,
“Heller and Banks in Participation.” Or call a Heller office near
you for an immediate reply.

Walter E. Heller & Company
New York • Boston • Philadelphia • Atlanta • Miami • Cincinnati
Dallas •Los Angeles • San Francisco • Portland • San Juan, P.R.
Heller Factoring Bank, A .G ., M ainz , West Germ any • H & H Factors Ltd ., London
• Heller Factoring Española S .A .y Barcelona • I)ansk Factoring A /S , Copenhagen
• Walter E . Heller de M exico S .A ., Mexico City

hwest ern Banker, Se pte m ber, 1966
Federal Reserve Bank of St. Louis

Harold W. Lewis, vice president of
The First National Bank of Chicago,
has retired under the provisions of the
bank’s pension plan. Mr. Lewis’ re­
tirement marks the end of a 35-year
career at the bank, the last 16 years
of w h i c h we r e
spent as head of
t h e Advertising
and Public Relations Depart­
Mr. Lewis en­
tered the bank
on June 6, 1931,
in the new busi­
ness department.
He was elected
H. w. L E W I S
assistant cashier
in 1935, and two years later was trans­
ferred to Division “A” of the commer­
cial banking department. He was
elected assistant vice president in
1943. In 1944 he was assigned to Divi­
sion “F,” the correspondent bank divi­
sion, and was elected vice president
in 1948. In 1950 he was assigned to
head the advertising and public rela­
tions department of the bank.
Mr. Lewis graduated from the Uni­
versity of Chicago with a Ph.B. de­
gree in 1923, and also attended Kent
College of Law. During his senior
year he was captain of the University
of Chicago’s football team, which was
coached by Amos Alonzo Stagg.
Mr. Lewis has maintained an active
interest in various advertising and
public relations organizations. He
was president of the Financial Public
Relations Association in 1964, and was
instrumental for the association’s
name and policy change in 1965 to
Bank Public Relations and Marketing
Association. He is presently an hon­
orary life member.
Mr. Lewis will continue to be ac­
tive in business as consrdtant in the
Chicago office of Bank Building and
Equipment Corporation of America at
333 North Michigan Avenue.









In basketball, yon can pick out tbe professionals because they do their
job supremely well. That's the way it should be in correspondent
banking. Division F at The First National Bank of Chicago has one job
—serving correspondents. It's a full-time job. And we aim to do it well.

The First National Bank of Chicago
Federal Reserve Bank of St. Louis

Building with Chicago and the nation since 1863 • Chicago, Illinois 60690

Northwest ern Banker, Se ptembe r, 1966


E xp a n d s N eb ra sk a E arilifies

This is the beautiful, efficient building at 4900 “ 0 ” Street in Lincoln, Nebraska, that
houses Western Mutual.

HE Maynard V. Mills Company of

Lincoln, Neb., has sold its general
agency business with Western Mu­
tual Insurance Company, Des Moines,
to Western Mutual.

Maynard Mills had established his
general agency in August of 1931. Mr.
Mills will be with Western as associ­
ate state agent, working with State
Agent James (Jim) Duff and Richard

Minali A ff Minnas Tap S iff
OANS by commercial banks to

farmers have topped the $10 bil­
lion mark for the first time.
A report released by The American
Bankers Association shows farm loan
volume reached $10.6 billion on Janu­
ary 1, 1966, an increase of 10 per cent
over January 1, 1965. Three-fourths
of this total, or $7.7 billion, was in
non-real estate loans. The balance
was in farm mortgages.
The increase in loan volume topped

15 per cent in five states — Colora­
do, Illinois, Indiana, Kansas and Ne­
Banks are handling approximately
one-fourth of the total credit being
used by our nation’s farmers.
Production Credit Associations, the
other important source of non-real es­
tate credit, had $2.6 billion in loans
outstanding as of the first of this year,
an amount 13 per cent above that of
a year ago.
In six states the banks’ share equals



Bonding Co.
Io w a 's O ld est Su rety Com pany

These practical investment sugges­
tions (based on actual cases) are
among the tools regularly supplied
Stud ley, Shu pert Trust Investment
Council Members. An invaluable aid
for developing trust account policies.
Community banks from coast to coast
regard Council Membership “ a
must.” Write for details.

I his progressive com­
pany with experienced
conservative manage­
ment is proud of its 300
bank agents in Iowa.
W. W. Warner
P re s id e n t

M. J. Corbin
V ice P re s id e n t

S T U D L E Y ,



In v e stm en t

860 Suburban Station Bldg.

C o u n c il
Phila., Pa. 19103

Banker, Septe m ber, 1966
Digitized N
Federal Reserve Bank of St. Louis

Arnold, former fieldman for the Mills
Company, will also be associated with
Western traveling the southwestern
part of the state.
Practically all of the office employ­
ees of the Maynard V. Mills Company
have remained with Western Mutual
and they will be under the supervi­
sion of John McPherren, office man­
ager and head of underwriting.
Western Mutual established their
claims department in Lincoln, Neb.,
for the Nebraska agents in 1947.
When all the transitions have been
completed, all the Nebraska business
will be handled from this office with
the exception of the machine account­

or exceeds 85 per cent of the volume.
These states — Arizona, California,
Iowa, Kansas, Nebraska and Washing­
ton—are some of the largest from the
standpoint of cash income from farm­
The two major institutional sources
of farm real estate loans are life in­
surance companies and Federal Land
Banks. Their volume of such mort­
gages outstanding as of January 1 of
this year was $4.8 billion and $4.2 bil­
lion respectively. Both agencies had
an increase in volume equal to the 12
per cent over-all expansion of real es­
tate loans being used by farmers.

To Honor David Kennedy
David M. Kennedy, chairman of the
board of directors of Continental Illi­
nois National Bank and Trust Compa­
ny, will be honored at a testimonial
b a nque t s p o n ­
sored by the Chi­
cago Banking Di­
vision, State of
Israel Bonds, on
Wednesday, Sep­
tember 21, at 6
p.m., at the Cove­
nant Club.
Chai r man of
the t r i b u t e is
Frank E. Bauder,
D. M . K E N N E D Y
president of the
Central National Bank in Chicago and
a former associate of Mr. Kennedy’s.
Under Mr. Kennedy’s direction as
chief executive officer, the Continental
Illinois Bank has been the fiscal agent
of Israel Bonds in Chicago and the
Midwest for the past 15 years.


St. Paul Insurance Promotion

2100 Grand Ave.
Des Moines, Iowa

Eugene M. Dean, officer in charge
of the St. Paul Fire & Marine Insur­
ance Company’s Claims-Loss Division,
has been elected vice president.


we must be
to be

On a typical new building project such as the

a supervisor maintains liaison w ith our home

W arrick National Bank in New burgh, Indiana,
w here construction costs usually account for over
70% of total cost. Bank Building employs local

office during construction.

labor and purchases from local materials su p ­
pliers w herever possible. It's absolutely the only
w a y w e can give you a superior, functional, beau­
tiful building that's reasonably priced.

These men . . . consultant, technicians, superin­
tendent, and su p e rv iso r. . . are the specialists w ho
w ill make your building proudly a Bank Building
project. But the use of local materials and labor
keeps alm ost all of your money w here you'd
prefer to retain i t . . . in your own com m unity.

In the planning stages, an experienced consultant
spends a great deal of time in your com m unity

Mr. Earl Klein, V .P . Sales, w ill be happy to furnish

discussing all plans in liaison w ith specialists in
our home office. A t the construction site, the

you w ith complete information about our co m ­

only materials and labor w e regularly "im port''
from our St. Louis office are our custom cabinetry

manager of our M id-Continent D ivision. W rite

and m arblework, the skilled men to install it, and

S t. L o u is , M isso u ri 631 3 9 , A re a C o d e 3 1 4 ,

an experienced job superintendent. A dditionally,

6 4 7 -3 8 0 0 .

If the planning of new or remodeled quarters is imminent,
consider these additional facts about Bank Building Cor­
poration: You may select any one or combination of our
services to suit your requirements. We guarantee all labor
and m aterials cost estimates regardless of your location.
Federal Reserve Bank of St. Louis

pany's operation and put you in contact w ith the
or call him collect at 1130 Hampton A venue,

Home O ff ic e : 1130 Hampt on A ve nu e, St. Louis, Mis so ur i 63 139
Offices in Atlanta • Chicago • Dallas • New Yor k • San Francisco

Northwestern Banker, Septem ber, 1966


The CaH ie O u tlook . . .
(Continued from page 36)
going to be pretty close to the market as fall approaches.
There has been no contracting for future deliveries.
The only calf contract I know of is on two-year-old
heifer calves that they are anxious to get off the heifers
before winter. The contract calls for calves not under
190 and not over 250 pounds to go September 1 at 32
cents mixed.
We have had not more than 10 per cent hay crop and
it has been extremely dry here so there will be consid­
erable liquidation this fall.
Spink County Bank
Rediield, South Dakota

E HAVE not had much demand for money during

the past year, with loans about the same as a year
ago. Supply of money will be ample for any require­
ments, and the rate will be some higher, due to the
increase rate paid on time money. Feed supply is ample,
pastures good and hay crop fair to good.
Our cattlemen think they will get from 25 to 26 cents
for yearling steers and 24 cents for heifers weighing from
650 to 800 pounds and about 30 cents for 400-pound
calves this fall. This week at our local sale barn calves
weighing about 250 pounds sold for $37.50 to $38.25. We
look for a 25 to 26 cent fat cattle market this winter.
Our prospects for a corn crop are excellent at the pres­
ent time and probably more than the average number of
cattle and hogs will be fed. At the present time we are

not giving our customers advice in view of the prevail­
ing and anticipated market prices.
Executive Vice President
First National Bank
Casper, W yom ing

ENERALLY loan demand to carry on range cattle

G operations are comparable with a year ago. There
appears to be an amply supply of money available to
handle operating and replacement expenditures of the
established cattle operator. Interest rates generally are
from one-half to one per cent higher than a year ago.
The range areas of Wyoming have been generally dry
resulting in less grass than in an average year. Recent,
somewhat isolated moisture, however has improved some
range areas in the past two or three weeks. The hay
crop generally is less than average and the first cutting
of hay has been sold with a large percentage being
trucked to areas outside of Wyoming. It would appear
with these two factors in mind that the hay available
for Wyoming operators this fall is going to be in short
supply and at a marked increase in cost over last year.
Range operators in our trade area generally market
either calves or yearlings which will be finished in feeder
areas in northern Colorado, Nebraska and Iowa. Because
of general drouth conditions, calves and yearlings which
we anticipate being delivered in October or November of

. . .

(Turn to page 98, please)

Travels Mountain States

Requires Modern Supplies To Do the Job Right
Designed by an experienced sales clerk, this outfit combines all the features
you require.

Receipts for Each Buyer


No Additional Listing


No Posting of Accounts


Buyers Like It


Speeds Up Settling


Pays For Itself


Combats Skip Buyers


Versatile— Com pact— Practical

See how it works in the pictures above.
Plastic sorting cabinet is shown at left in left photo, mounted on steering wheel
desk. Beside it is plastic, double clip listing board for the listing clerk. Photo
at right shows sorting cabinet and writing desk mounted on steering wheel for
convenience of sales clerk. Sold on a Money Back Guarantee.

Telephone Nos. 536-2651 or 536-2522
Write Us for Sample Sheets and Information

Banker, September, 1966
Federal Reserve Bank of St. Louis

Commerce Trust Company of Kan­
sas City, Mo., anuounces that David
ant cashier, will
now call on cor­
respondent banks
in We s t Texas,
Col orado, Ne w
Mexi co, Wyom­
ing, M o n t a n a ,
U t a h a n d Ariz o n a. He h a s
been t r a v e l i ng
Missouri for the
D. D. B R Y A N
past year for the
bank’s correspondent department.
Mr. Bryan is a graduate of Kansas
State University and he joined Com­
merce Trust in 1964.

Plan 5 0 Elevators
To service the new First National
Bank building in Chicago, a contract
for one of the largest high-rise trans­
portation systems ever designed was
awarded recently to the elevator divi­
sion of Westinghouse Electric Corpo­
ration. The contract calls for 50 high­
speed elevators and 10 escalators to
be installed in the new twin-core 850foot headquarters building, now under



Why? Because Lawrence’s Exclusive Certi­
fied Accounts Receivable Service, known as
C * A* R * S , certifies the validity of the bor­
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Federal Reserve Bank of St. Louis

Northwestern Banker, Se pte m ber, 1966


T V H ank in if










TWO EM PLOYEES control the four tele­
vised banking stations just installed by
Diebokl, Inc. at McClean County Bank in
Bloomington, Illinois.
The system, known as TV Auto Teller
II, is the first of its kind in Illinois. Faced
with growth and drive-in banking demand,
the bank elected to go to televised bank­
ing rather than add on to existing manned

M utual is Iowa’s largest writer of workmen’s compensation
. . . and one of America’s leaders in commercial protection.
Insure with E .M .C ., and you ’ll find out why.

Joins Central States Company

Competitive mutual rates.

Dividends or deviations.


improvement, payroll audit and claim services . . . all help
you cut your costs. / Fully-staffed branch offices at your
service, coast to coast. Specialists for 55 years in commer­
cial coverage. /

Assets over $ 6 7 ,000,000.

Comprehensive general liability, including auto.


hensive crime. Fire and inland marine. Special M ulti-Peril,
with optional auto and boiler coverages. Umbrella Liability.
Premium budget plan. / And P E R S O N A L protection, too:
Life insurance for business or personal goals.


Accident & Sickness.

Check with the professional independent agent
who represents us in your community.

Employers Mutual Casualty Co.
Emcasco Insurance Co.
Employers Modern Life Co..

for FRASER Banker, Septem be r, 1966
Federal Reserve Bank of St. Louis

Central States Health and Life Com­
pany of Omaha, Neb., has appointed
E. U. Sherman of Kansas City, Mo.,
as a special representative. He will
call on banks throughout Kansas.
Mr. Sherman is a veteran of more
than 30 years of
banking business.
He began his
banking career in
1933 during the
ho l i d ay
when his employ­
er, a Kansas City
i n v e s t o r ,
“loaned” him to
the Federal Re­
ser ve Bank of
Kansas City to
help in processing the huge volume
of business the bank was handling.
Later he became a permanent staff
member, devoting most of his time to
calling on and working with banks
in Kansas. Mr. Sherman was named
an officer of the Federal Reserve Bank
in 1942 and a vice president in 1958.
He retired in 1962 and later joined
the correspondent banking depart­
ment of the Union National Bank of
Wichita, Kan. He retired from that
post in 1964.

Bank o f New York Executive
The appointment of William A.
Stenson as executive vice president
and chief investment officer of The
Bank of New York, effective October
1, 1966, was announced.



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Assistant V ice President

L. D. Huso

S a les M a n a g e r

R egional S ervice R ep resen tative
Iow a

F req n

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V ice President



Call us for credit life, credit accident and health, credit fire, mortgage protection plan, auto physical damage, travel/accident and other profitable insurance plans.
Federal Reserve Bank of St. Louis







Northwestern Banker, September, 1966

It sees,
and hands


It's customer

It sees
T e lle rV u e ’s large ve rtical
screen lets custo m er see
teller receive deposit. Teller
sees custo m er, no m atter
how high or low the car. Both
see sharp, clear images and
hear each other talk with hifi clarity.
Federal Reserve Bank of St. Louis

It prevents
No fumbling, fussing or fall­
out with a telescopic tray that
slides right out and hands
custo m er the c a rrie r. R e ­
trieves it safely too. Does not
permit anything but the car­
rie r to be re inserted . No
jam-ups. No spills.



The customer can do no wrong.
One button banking at last. The
few, sim ple TellerVue control
buttons are where they should
be. With the teller. Result? Aver­
age transaction time less than
two minutes.

See-through c a rrie r te lls at a
glance what’s sent or received.
M akes fo rg e tfu ln e ss a ra rity .
Leaving things behind an impossibility. Extra-capacity carrier is
2 0 % to 4 0 % larger than any
otheron market. Patents pending.

1 -


I B n ilS L J h it


i M a m s -------------------I Hamilton, Ohio
j Please send me complete details on the new Mosler TellerVue drive-in system.
j Name
_____________ _
| Organization_________________________________________________________
J Address_________


| City_______________________________________________ State__






hears, talks




It does
hut walk.
The Mosler TellerVue is the fastest
most convenient system to handle
X and in s ta ll. The table-top insid e
teller unit controls everything with
push-button sim plicity. It’s sm all
and silent. The self-contained blower
is housed outside, in the customer
unit. You can hook a second outside
customer station to the inside teller
unit any time.

Federal Reserve Bank of St. Louis








really appreciate


O v e r 1 0 0 0 midwest banks now cooperate in bringing to their depositors the benefits
o f low-cost H osp ital, Surgical and Life Insurance coverage underwritten b y Bankers
Life C om p any o f D es M oin es, Iowa.

T h is plan, offering greater financial security, is extremely popular with depositing
customers and bankers alike.

A n d , no wonder!

T h e savings attributable, because

of bank cooperation in the simplified collection processes, are reflected in benefits
and costs o f the insurance.

Service is offered only through an established local agent recommended b y your

T o discover why over 1 0 0 0 midwest banks find it profitable to offer this

E X T R A service get in touch with . . .

7703 Normándole Road — Minneapolis, Minnesota




ern Banker, Se ptem ber, 1966
Digitized Northwest
Federal Reserve Bank of St. Louis






r ^ y ^ €
M O I N E S ,



M i il lio s o Ia



St. Paul

S eries o f M it A D istrict
A ieetin ffs S ta rts S ept. M2
OBERT J. HUBBELL, president

R of the Minnesota Bankers Asso­
ciation, has announced the schedule
and program for the association’s 1966
District Meetings to be held at seven
locations throughout the state this
Mr. Hubbell, president of the East­
ern Heights State Bank, St. Paul, will
lead the delegation of speakers and

T. J E F F E R S

c. E.


MBA officials who will conduct the
meetings scheduled as follows:
September 12—Kahler Hotel, Roches­
ter (District 1).
September 18—Kato Ballroom, Man­
kato (District 2).
September 14—Montevideo Country
Club, Montevideo (District 7).
September 15 — Hopkins House,
Hopkins (Districts 3-4-5).
September 19—Pine Edge Inn, Lit­
tle Falls (District 6).
September 21—Hibbing Elks Club,
Bemidji (District 9).
September 21—Hibbing Elks Club,
Hibbing (District 8).
A total of 2,000 bankers is expected
to attend the seven sessions held each
fall to bring information on banking
industry developments to the bankers
of Minnesota and to hold annual busi­
ness meetings and elections in each of
the state’s districts.
All seven meetings will get under­
way at 4 p.m., will be adjourned at 6
p.m. and will be followed by dinner
and a guest speaker.
Featured speaker at each dinner
program will be Ray J. Stanish, Canoga Park, Calif., nationally-known
humorist and platform speaker on
Federal Reserve Bank of St. Louis

technical subjects. His topic will be
“Atomic Energy — Peasant Style” or
“Einstein, Relativity and All That
Speaking on the afternoon business
program will be Joseph F. Ringland,
Jr., recently appointed commissioner
of Minnesota banks; Paul W. Gandrud,
executive vice president, Swift Coun­
ty Bank, Benson, and MBA vice presi­
dent; Arthur A. Erpelding, veteran
proponent of the American Institute
of Banking and assistant treasurer,
Farmers and Merchants Savings Bank,
Minneapolis, and James W. Sullivan,
representative for the Bankers AreaWide Advertising Program.
Also among the speakers will be
Charls E. Walker, executive vice presi­
dent of the American Bankers Asso­
ciation (first week), and Dale L. Reistad, director of automation, American
Bankers Association, New York (final
three meetings). Mr. Walker and Mr.
Reistad will share representation of
the ABA at the district meetings.
Also accompanying the group will
be Kenneth A. Wales, executive secre­
tary, and Truman Jeffers, assistant
secretary of the MBA.
The program for each of the meet­
ings has been arranged as follows:
3:30 Registration.
4:00 Call to Order — District Presi­
dent, presiding.
“Telling the Banking Story”—
James W. Sullivan.
“Why Banking Education Is

Important to the Boss” — Ar­
thur A. Erpelding.
B a n k i n g Commissioner’s Re­
marks—Joseph F. Ringland, Jr.
“MBA and the Year Ahead”—
Paul W. Gandrud.
Address—Charls E. Walker or
Dale L. Reistad.
5:45 District Business Meeting and
6:00 Social Hour.
6:45 Dinner—Robert J. Hubbell, pre­
7:45 Announcements and Introduc­
Remarks—Robert J. Hubbell.
Address—Ray J. Stanish.
9:00 Adjournment.
* * *
District pr e s i de nt s and arrange­
ments chairmen for each of the dis­
tricts are listed below. District presi­
dents are listed first.
District 1 — E. T. Jaeb, Caledonia
State Bank, Caledonia; Robert S.
Branham, N o r t h w e s t e r n National
Bank, Rochester.
District 2 — R. C. Eichten, Citizens
State Bank, New Ulm; Geoorge W.
Sugden, National Citizens Bank, Man­
District 3—E. F. Gunderson, Peoples
State Bank, Cambridge; John J. Tarasar, Northwestern Nat-ional Bank,
Hopkins. (Also arrangements chair­
man for Districts 4 and 5.)
District 4—W. A. Carpender, Mid­
way National Bank, St. Paul. (See
District 3.)
District 5—R. G. Lexvold, Metropoli­
tan State Bank, Minneapolis. (See
District 3.)
District 6—J. M. Thompson, Security
State Bank, Aitkin; Glenn G. Howes,
American National Bank, Little Falls.
District 7 — H. Richard Schutte,
Prinsburg State Bank, Prinsburg; Lyle
F. McCormick, Northwestern State
Bank, Montevideo.
District 8—Milton Fider, Grand Rap­
ids State Bank, Grand Rapids; A. A.
Koskinen, Security State Bank, Hib­
District 9—P. E. Sanford, Detroit
State Bank, Detroit Lakes; H. C. Baer,
Security State Bank, Bemidji.

lOGG M in n e s o ta D is tr ic t M e e t in g s

3, 4, 5



T own



Little Falls

Northwest ern Banker, Se ptem ber, 1966


HE Marquette National Bank is

the first financial institution in the
Ninth Federal Reserve District, and
one of the first in the nation, to sim­
plify officer titles and relate them to
job responsibilities for easier recogni­
tion and public acceptance.
In an attempt to more clearly iden­
tify bank positions with titles by
which they may be known, the cen­
tury-old assistant cashier title will be
abolished at the bank.
The bank’s board of directors notes
that the job title changes in no way
affect the responsibilities of the offi­
Officers receiving new adjusted ti­
tles, all of which were effective last
month, are: Kenneth Alango, assist­
ant trust officer: Lennart Benson,
mortgage loan officer; Marie DeVaney,
new accounts officer; .T. Leonard Erick­
son, credit loan officer; Gen Howe,
safe deposit officer; Arnold Leen, in­
stallment loan officer; Noel Maanum,
operations officer; Philip Mendelson,

international officer; William Riek,
customer service officer; Donald C.
Sand, investment officer; Vern Skallerud, installment loan officer; Stewart
Stotesbery, correspondent bank offi­
cer; Lowell Thielen, business develop­
ment officer, and Marvin Zimmerman,
mortgage loan officer.
The bank, which has been remodel­
ing its main floor since March, reports
that there are several more weeks of
noise, dusty desks and continuous
moving ahead for bank employees be­
fore the job is completed.
Ralph F. Spearing, assistant vice
president for marketing, states that
some employees have been moved as
often as three times in one day to
accommodate workmen. “We’ve even
gotten quite a few new customers,”
he reports. “People seem to be in­
trigued by all the building that’s go­
ing on in here.” The main floor will
have new doors, a terrazzo floor, new
lighting, carpeting and a special ele­
vator. Another new feature will be

a main floor “women’s department.”
* * *
The new manager of the Stock
Yards Insurance Agency, 220 Ex­
change Building, South St. Paul, is
Robert Rowe. He
has been active
in the insurance
b us i ne s s for 20
years, starting in
1946 as an under­
writer with the
American H a r dware Mutual In­
surance Co mpa ­ A
ny of Minnesota.
In 1950 he joined
R. R O W E
the Fred L. Gray
Company, Minneapolis, as an under­
writer, state agent and assistant man­
ager of the Fire and Multi-Peril De­
partment. In December, 1964, he be­
came manager of the Broadway Agen­
cy, Inc., in Milwaukee.
* * *
Donald G. Simpson, assistant cash-

F irst o f St. F a u t . . . K e f o r e and A fte r

PHASE OHE of a five-phase building and remodeling program
scheduled to extend over the next four years at The First Na­
tional Bank of St. Paul, is nearing completion. Results of the
first phase, consisting of decking across the two-story main

Northwest ern Banker, Se ptembe r, 1966
Federal Reserve Bank of St. Louis

banking room to provide 25,000 square feet of needed third
floor space, is apparent in the photographs. The picture at right
characterizes the “new look” which will be evident throughout
the bank with the completion of the program.

Minnesota News

linnet num i C ost -1 n ot ifsis
A f e e /iiif/s Statoti btj F ed
LL Federal Reserve System mem­

ber banks in the Ninth District
have been informed of a series of

ier, and Richard C. Swanberg, assist­
ant vice president, First National
Bank of Saint Paul, attended the Uni­
versity of Wisconsin during August
for courses in their separate areas of
Mr. Simpson, training director at
the bank, attended the 13th Annual
Institute of the American Society for
Training and Development held in co­
operation with the Universities Man­
agement Institute. Some 250 persons
from the United States and foreign
countries took refresher courses in
work simplification, management de­
velopment, human r el ati ons, pro­
grammed learning, sensitivity train­
ing, use of audio-visual aids and con­
ference leadership.
Mr. Swanberg, from the Division of
Banks and Bankers, attended his sec­
ond year in Wisconsin’s Graduate
School of Banking. The school, which
requires two weeks attendance each
year for three years to earn a certifi­
cate of graduation, is sponsored by
the Central States Conference of
Bankers Associations, composed of
bankers associations from 16 midwestern states.
* * *
Donald A. Mueller, a member of the
staff of the Northwestern National
Bank of Bloomington-Rich field since
1958, has been elected auditor of the
* * *
Funeral services were held August
31 for Arnold H. Olson, 48, assistant
vice president of the Fourth North­
western National Bank. He began his
banking career with Fourth North­
western in 1937 and was made an as­
sistant vice president in 1954. He was
manager until recently of the real es­
tate mortgage department.

Granite Falls Graduate
Glen O. Hanson, cashier, Granite
Falls Bank, was graduated August 26
from the Graduate School of Banking
at the University of Wisconsin.

meetings this month and next, spon­
sored by the Federal Reserve Bank of
Minneapolis, for the purpose of dis­
cussing the Functional Cost Analysis
Programs for each of the meetings
will follow this general schedule:
9:30 Coffee.
10:00 Review of 1965 Functional Cost
Analysis Data.
12:00 Noon—Luncheon Sponsored by
the Fed.


1:00 Discussion of Five Schedules
to Be Completed by Participat­
ing Banks.
3:00 Adjournment (Fed Representa­
tives Available After 3:00 for
Further Questions and Discus­
Dates and places for each of the
meetings scheduled in Minnesota are
as follows:
September 26 — Federal Reserve
Bank, Minneapolis.
September 27 — Federal Reserve
Bank, Minneapolis.
October 6—Hotel Duluth, Duluth.
October 19—Inn Towne Motel, Owatonna.

When You Have Business at
the Stockyards . . . Call the
Stock Yards National Bank!
South St. Paul, Minnesota
When you want “ on-the-spot” service, person­







transactions that involve livestock banking . . .
the staff at Stock Yards National Hank have the
“ know-how”






W e ’ll he pleased to serve you.

Call 6 1 2 — 451-

1331 and let us know your needs.

Ruthton Face-Lifting
The Farmers & Merchants State
Bank in Ruthton has taken on a new
The front windows of the bank
building were removed and were re­
placed by thermopane glass. The up­
per half of the bank’s face was cov­
ered with blue metal panels.
Federal Reserve Bank of St. Louis

South St. Paul, Minnesota
Member Federal Deposit Insurance Corporation
Northwestern Banker, Septem be r, 1966


Minnesota News

-------------------------------------- N

Your man
At the

Vice Presiden t

B A N K S and B A N K E R S

He'll be happy
to help you with

All of your
1'The Largest Independent
Full Service Bank
in the Upper Midwest ”

MMau'letj itu n h

ChH a n d s:

E olis, has assumed his duties as
president and chief executive officer

September 19. Mr. Fretland had been
assistant cashier.

of the First National Bank of Hawley,
following the change in bank ownerported.
Mr. Griffith, an
I ndi ana native,
has been active
in banking for 18
years. His career
in banking began
in 1948 at North­
western National
Bank, Minneapo­
lis, where he had
been unti l purshi p ear l i er re­
chasing an interest in the bank.
A new board of directors was also
elected. Board members are: Marvin
W. Gisvold, Minneapolis, chairman; E.
A. Griffith, E. P. Johnson, G. B. Peder­
son and S. A. Togerson, all of Hawley,
and Lyle Arneson, Joseph Dahl, James
Dovolis and Alin Davies, all of Minne­
New officers, in addition to Mr. Grif­
fith, include: James Dovolis, vice pres­
ident; G. B. Pederson, cashier, and
John Meyer and Esther Olson, assist­
ant cashiers.

To Thief River Falls

Owatonna Officer Changes
Gerald Herman, assistant cashier,
The First National Bank of Owaton­
na, has been named manager of the
timepay department to succeed Wil­
liam O. Skar.
Mr. Skar has been elected assistant
vice president of the First Grand Ave­
nue State Bank, St. Paul, where he
will become manager of the timepay
Both banks are affiliated with First
Bank Stock Corporation.

Robert A. Kosel has joined the in­
stallment loan department at Union
State Bank in Thief River Falls after
having spent the past nine years with
Citizens Loan and Investment Com­
pany, most recently as manager in
East Grand Forks and Fergus Falls.
Robert Schumacher has been em­
ployed in the bank’s insurance depart­
ment. He formerly coached at Mobridge, Leola and Spearfish, S. D.

West Concord Banker
Adrian Haen has joined the First
National Bank in West Concord after
having served, for a decade, as presi­
dent and cashier of the Farmers State
Bank of Evansville. He recently sold
his interest in the Evansville bank.

Kelliher Open House
The recent open house celebration,
marking completion of a remodeling
project and 50 years of service to the
community, at Citizens State Bank of
Kelliher, was reported to be a “huge

H a p p in e ss Ms
A M*uppu


Joins Wabasso Bank

Seventh and Robert
S ain t Paul
222-6 6 6 6

Member Federal Deposit Insurance
Corporation • Federal Reserve System

ern Banker, Se ptem ber, 1966
Federal Reserve Bank of St. Louis

Edward Robasse, vice president and
cashier, Citizens State Bank of Mont­
gomery, has become affiliated with the
Wabasso State Bank. Gene LaFrance
has been elected executive vice presi­
dent and Leonard Ouradnik has been
named cashier at the Citizens State
Bank of Montgomery. L. E. Stotesbery is president of the bank.

Name Fountain Officers
George Stender has been appointed
vice president of The First State Bank
of Fountain and Loren Fretland has
been advanced to cashier. Mr. Stenders’ appointment will become effective

JANE THOMAS, daughter o f Mr. and
Mrs. Robert Thomas, Edina, is the proud
and happy owner o f Skipper II, English
Springer Spaniel puppy given in a free
drawing at Marquette National Bank as
part o f the the Aquatennial festivities.
Carl Pohlad, Marquette president, present­
ed the puppy to Miss Thomas who was
one o f several thousand registrants in the
second annual drawing sponsored by the

Minnesota News

in d ep en d en t H a n kers to M a rk
Fnnventian S ep t.
LINEUP of small bank experts
A from
throughout the nation will
headline the 5th annual convention of
the Independent Bankers of Minne­
sota scheduled September 28 and 29
at the Hotel Radisson, Minneapo­
The state asso­
ciation, compris­
ing more than 450
independent bank
member s , c el e­
brates its 5th an­
n i v e r s a r y with
committee meeti n g s the af t er ­
W . C. C L A R Y , JR.
noon of Wednes-

Topics of interest will include the
current interest rate situation and
branch banking legislation which the
IBA has opposed.



Your man
At the

Ashby Bank Sold
R. Hauge, president, First State
Bank, Ashby, has sold the majority of
his interest in the institution to M. C.
Rylander, cashier, who has been asso­
ciated with the bank for 18 years.
Mr. Hauge had been active in the
management of the bank for a period
of 40 years. K. O. Satre, president,
Blue Earth State Bank, and Kenneth
L. Borg, Ashby, have been elected to
the board, succeeding Julia Teisberg
and Bernice E. Hauge.

New Ulm Anniversary
The State Bank of New Ulm last
month celebrated its 65th anniversary
with an all-week open house. The
bank was remodeled, modernized and
enlarged last year.

A ssistant Vice P residen t

B A N K S and B A N K E R S

New Bank Opens
P. J O N E S

J A Y C. L E F F

day, September 28, followed by a
social hour, hosted by Marquette Na­
tional Bank of Minneapolis, and a
Bankers’ Buffet.
The business and speaking program
will be presented Thursday, Septem­
ber 29.
President Gordon C. Donnelly, cash­
ier, State Bank of Wheaton, will pre­
side throughout the convention.
Among the speakers will be William
C. Clary, Jr., president, Bank of Toccoa, Ga. He is presently chairman of
the Independent Bankers Association
of America bank study committee.
Paul Jones, advocate of small inde­
pendent business and president of the
Glenview State Bank in suburban Chi­
cago, will talk on “Megalomania in the
Also on the program is Jay C. Leff,
president, Fayette Bank and Trust
Company, Uniontown, Pa. He has de­
veloped an extensive program of pro­
motion and marketing of services that
has become a pattern for successful
bank development.
Joseph F. Ringland, Jr., Minnesota
commissioner of banks, and a yet un­
announced governmental spokesman,
will round out the speakers’ program.
The convention will also include
passage of resolutions and election of
a new president and vice president.
Federal Reserve Bank of St. Louis

The newly-completed Bay City State
Bank opened its doors for business
last month in its building on Highway
35 at Hager Heights. The new build­
ing features a drive-in teller window,
night d e p o s i t o r y and community

S. JL Kryzsko Honored
S. J. Kryzsko, president, Winona
National and Savings Bank, is among
the 12 persons recently named to
membership in the Order of St. Greg­
ory the Great, civil class, in the Wi­
nona Diocese. The Order was founded
in 1831 by Pope
Gregory XVI to
reward citizens of
the papal states
who had distin­
g ui s he d t he m­
selves in the def e n s e of the
church. Member­
ship is no longer
l i mi t ed to sub­
jects of the papal
states. It is now
also conferred on persons outside the
papal domain who have shown loyalty
and to those who have distinguished
themselves by their virtue and piety,
by their social position, zeal evidenced
in fulfilling high office or, in general,
by the excellent repute in which they
are held.

He'll be happy
to help you with
All of Your
“ The Largest Independent
Full Service Bank
in the Upper Midwest “

Seventh and Robert
S ain t Paul
222-6 6 6 6

Member Federal Deposit Insurance
Corporation • Federal Reserve System

Northwestern Banker, Septe m ber, Ì966


Minnesota News

N ew F irst N a tion a l Ha ah

OPEN HOUSE was held last month
to the new banking quarters recently
National Bank of Kiester. The 3-day
an opportunity to tour the interior, a

to introduce the public
completed for the First
open house gave visitors
portion of which is pic-

tured. The exterior of the structure features a front of brick
and copper. Brick in the new addition has been perfectly
matched with that in the original building. Lester Johnson
is president, and G-us W. Carlson, Jr., is executive v.p.

Winona Bank Promotions
Gerald G. Kiekbusch has been ad­
vanced from assistant cashier to as­
sistant vice president and head of the
installment loan department at Wi­
nona National and Savings Bank, W i­
nona. S. J. Kryzsko, president, said
Mr. Kiekbusch will succeed Dave
Fleming, who has resigned as vice
president, effective October 1, to ac­
cept a position as vice president of
Bankers Agency, Inc., Minneapolis.


G. G. K I E K B U S C H


South Dakota
Group Meetings


ern Banker, Se ptem ber, 1966
Federal Reserve Bank of St. Louis


K. L. H A R S T A D

Kenneth L. Harstad has been elect­
ed assistant cashier to assist Mr. Kiek­
busch in operations of the installment
loan department.
Mr. Kryzsko said Mr. Fleming will
be retained by the bank on a con­
sultant basis, and will continue his
residence in Winona. Mr. Fleming
joined Winona National and Savings
in January, 1964. Previously, he had
been executive vice president of East
Side Bank, Chicago, and vice presi­
dent of First National Bank, Winona.
Mr. Kiekbusch is a native of Wi­
nona and has been with the bank
since May, 1964. Prior to that he had
been with First National of Winona
for nine years. Mr. Harstad, former­
ly associated with Public Finance Cor­
poration at Minot, N. D., joined the
Winona National in July, 1965.

Roseau Banker Named
Robert Foley, president, the Citi­
zens State Bank of Roseau, has been
named to the Governor’s Business Ad­
visory Board.


L. D. Robertson
L. D. Robertson, vice president of
the Spink County Bank, Redfield,
passed away last month. He was 79
years old.

Sonili llak o la






C rou p

Moves to Minnesota


M e e tin g s


ETAILS for the program of the
five annual group meetings of the
South Dakota Bankers Association
have been announced by SDBA Presi­
dent J. S. Holdhusen, president of the
Ipswich State Bank, and Roy Terwilliger, executive secretary of the asso­
Dates and sites for the meetings are
noted below. The program for each
of the meetings is the same and is
summarized as follows:

Î 9 G6 Sou th
Federal Reserve Bank of St. Louis

L. E. M O R R I S O N

H. L E R D A L

president, Citizens State Bank, Castlewood.
Group Three— Tom Brisbine, execu­
tive vice president, Sanborn County
Bank, Woonsocket.
Group Four—A. E. Kuszmaul, vice
president, First National Bank, Pierre.
Group Five — Fred C. Bearth, vice
president and manager, Bear Butte
Valley Branch, American National
Bank and Trust Company, Sturgis.

program for the
annual Installment Credit Work­
shop, sponsored by the South Dakota
Bankers Association, has been an­
nounced by Roy Terwilliger, execu­
tive secretary of the SDBA.
Site for the meeting will be The
Hickory House Inn at Huron. Start­
ing time will be 9:00 a.m. on Septem­
ber 21.
David Hessell, chairman of the
SDBA Installment Credit Committee,
is in charge of the workshop. He is

G rou p M e e t in g s
T own.



C. N. Davis, president of the First
State Bank of Cando has announced
the addition of two men to the bank’s
board of directors. Elected to the
board were Emerson Neumann, Cando businessman, and D. W. Martz,
area farmer.

Expansion at Yankton
The First Dakota National Bank is
currently involved in an expansion
project, according to H. C. Danforth,
president. A building behind the
bank has been torn down to make
room for expanded drive-in and walkup facilities. Completion is expected
this fall.

In sta llm en t C red it W o rk sh o p
W ill lie H eld S ept. 2 1 in H u ron

ita h o ta

G rou p


Add to Board

Group Two — Harold Heidemann,

3:00 Registration.
4:30 Official Greetings—J. S. Hold­
husen, president, South Dakota
Bankers Association.
Report—Herman Lerdal, super­
intendent of banks, Pierre.
“The Uniform C o mme r c i a l
Code” — L. E. Morrison, vice
president and trust officer,
First National Bank of the
Black Hills, Rapid City; chair­
man, SDBA trust committee.
“ Bankers Areawide Advertis­
ing”—James E. Sullivan, Bank­
ers Areawide Advertising Pro­
gram, Minneapolis, Minn.
Business Meeting.
6:00 Social Hour.
7:00 Banquet.
Address—Rusty Ryan, TV star
and night club comedian, Chi­
cago, 111.
9:30 Adjournment.
Group presidents who will be in
charge of their respective group meet­
ings are:
Group One—Norman C. Gross, vice
presi dent, First Dakota Nat i onal
Bank, Yankton.

Ed Jaspers, president of the First
National Bank of Eden, has resigned
his position and will become cashier
of the First National Bank, Cannon
Falls, Minn. He had been with the
Eden bank since 1953, and assumed
management in 1960 when O. R. Skola
DuWayne Heitmann, cashier of the
First National Bank of Eden, has
taken over management of the insti­



Rapid City
Mob ridge
Sioux Falls

assistant vice president, the National
Bank of South Dakota, Sioux Falls.
The program is as follows:
9:00 Registration.
10:00 Call to Order—David Hessell.
Greetings — J. S. Holdhusen,
president, Ipswich State Bank,
and SDBA president.
10:30 United Student Aid Funds —
Thomas Birch, USAF.
11:15 Installment Lending Under the
Uniform Commercial Code —
Bill Daner, secretary, North
Dakota Ba nk e r s Association,
12:00 Adjournment.
1:30 Workshop discussions.
4:00 Reconvene to summarize.
5:00 Social Hour.
6:15 Banquet.
Address — D o n a l d “Red”
Blanchard, Lombard, 111.
Northwestern Banker, Se pte m ber, 1966


South Dakota News

I f your customer in the
auto parts industry wants to put
drive into sales in Canada...

Fed Schedules Meetings
Two meetings have been scheduled
this month in North Dakota, by the
Federal Reserve System, for the pur­
pose of discussing the Functional Cost
Analysis Program.
All meetings will begin at 10 a.m.
and will be adjourned at 3 p.m. Dates
and places for each of the North Da­
kota meetings are as follows:
September 22 — The Bronze Boot,
Grand Forks.
September 23—Grand Pacific Hotel,

Moves to Valley Springs
Dave Bork has assumed his duties
as assistant cashier of the Minnehaha
County Bank in Valley Springs. He
was formerly assistant cashier at the
Security State Bank, Canistota. John
Vucurevich is president of both banks.

New Savings Bond Director
Willard C. Ridley, Sioux Falls, has
been appointed state director for the
U. S. Savings Bonds Division of the
Treasury Department in South Dako­
ta, s u c c e e d i n g
Charles S. Win­
n e r of S i o u x
Falls, who retired
D e c e m b e r 30,
of Mr. Ridley’s
appointment was
m a d e by K e n ­
n e t h E. G l a s s ,
W . C. R I D L E Y
Des Moines, Iowa,
regional director of the U. S. Savings
Bonds Division for eight midwestern
Mr. Ridley has been a sales repre­
sentative for South Dakota and por­
tions of nearby states with Procter
and Gamble since 1957.

Give him the Royal treatment.
Treat him like a king: get in touch with “ Canada’s Leading Bank” . More than
1,100 branches strong, the Royal can help you help your customers solve prob­
lem s— king-size or any size.
We invite you to make use of the Royal’s wide contacts throughout Canada
and our thorough knowledge of Canadian business. Our fast, broad-gauge ser­
vice includes business introductions, current market information, advice on
plant site selection, key facts on any industry and any region. Just contact our
Head Office, New York Agency, or any U. S. Resident Representative.

Canada’s Leading Bank
Head Office: Montreal • New York Agency: 68 William Street
R e sid e nt R ep re se n ta tive s in C hicago • D allas • Los A ngeles
P a ris (E u rop e ) • H ong Kong (F a r East)
O ver 1,100 b ra n ch e s in Canada, th e C arib be a n area a nd South A m e ric a , New York, London a nd
Paris. C o rre sp o n d e n ts th e w o rld over.

N ort hwest ern Banker, Se ptem ber, 1966
Federal Reserve Bank of St. Louis

Appointed at Presho
Robert Bonestell of Faulkton has
been named second vice president of
The National Bank of South Dakota
at Presho.

Addresses Graduates
Charles H. Burke, vice president of
the Pierre National Bank and chair­
man of the board of the First West­
ern Bank of Wall, was the speaker at
the summer commencement exercises
held recently at South Dakota State
University, Brookings. He is a mem­
ber of the South Dakota Board of



1962 when T. W. Sette resigned to
join the State Bank of Burleigh Coun­

North lia kola

Fed Schedules Meetings







1 0 6 6 N o r th D a k o ta G rou p M e e t in g s
D a te

G roup



New Facilities at Harvey
Recent weeks have seen two new
facilities go into operation at the First
State Bank of Harvey. A drive-in win­
dow and after-hours depository were
added this summer. A. O. Barstad is
president of the bank.


T ow n


Devils Lake

Vein as vice president of the bank.
He has purchased an interest in the
Drayton State Bank.
Both Mr. Cook and Mr. Teigen have
been with the Valley Bank and Trust
Company since 1961.

State Appoints Manager
Changes at Grand Forks
The Valley Bank and Trust Com­
pany has promoted John F. Cook from
assistant vice president to vice presi­
dent, and R. W. Teigen from cashier
to vice president and cashier, accord­
ing to A. A. Holmquist, president.
Mr. Holmquist, at the same time,
announced the resignation of Omar

X o rlh

As reported earlier by N orthwestern
George M. Thompson, acting
manager of The Bank of North Da­
kota, Bismarck, has been appointed
manager. The action took place at a
recent meeting of the North Dakota
Industrial Commission.
Mr. Thompson has been acting man­
ager of the state-owned bank since
B anker ,

American Express Change
Responsibility for over-all market­
ing of the new American Express
Bank Credit Card has been assigned
to Robert D. Beals, vice president. Mr.
Beals has been general manager of
the credit card division since 1964.
Howard L. Clark, president, Ameri­
can E x p re ss Com pany, also an­
nounced that Richard B. Howland has
been elected a vice president of Amer­
ican Express Company, replacing Mr.
Beals as general manager of the cred­
it card division.
Ralph E. Geissler has been appoint­
ed controller for the American Ex­
press Money Order Division.

i i a h o t a n s iBank S c h o o l

ATTENDING- the 22nd annual session of the Graduate School
of Banking at the University of Wisconsin, Madison, were 23
North Dakota bankers. They are pictured above, left to right:
1st row— James E. Hausauer, 1st Bank of Langdon; James A.
Lewis, Natl. Bank of H arvey; Vernon A. Sturlaugson, Farmers
State Bank of Minnewaukan; Thomas A. Roney, Foster County
State Bank, Carrington; Chris Dahl, The Dakota National Bank
o f Bismarck; Jack Bannerman, Walsh County Bank, Grafton;
Kenn G. Skadeland, American State Bank, Williston.
2nd row: Herb Stennes, First National Bank, Grand Forks;
Robert Barstad, First State Bank, H arvey; Claude Boros,
F.D.T.C., M inot; Jay McClintock, Merchants Bank, Rugby; Cy
Federal Reserve Bank of St. Louis

Three meetings have been sched­
uled next month in South Dakota, by
the Federal Reserve System, for the
purpose of discussing the Functional
Cost Analysis Program.
All meetings will begin at 10 a.m.
and will be adjourned at 3 p.m. Dates
and places for each of the South Da­
kota meetings are as follows:
October 11—Sheraton-Cataract Ho­
tel, Sioux Falls.
October 12 — The Falcon Cafe,
October 13 — Alozo Ward Hotel,

Fulton, First National Bank, Bowman; Art Nelson, American
National Bank, Valley City; Mike Hoffmann, First State Bank,
Munich; Robert G. Mountain, First James River National Bank,
3rd row: Fred D. Sobering, N. D. State University, Fargo;
Lyndon D. Hovland, Merchants National Bank & Trust Co.,
Fargo; Jerry Zinck, American National Bank, Valley City;
Gordon J. Engen, First National Bank, Bismarck; Gene Oak­
land, Liberty National Bank & Trust Co., Dickinson; Lee S.
Stenseth, Jamestown National Bank, Jamestown; Bob Alinder,
Citizens First National Bank, W ahpeton; Norman K. Christen­
sen, First National Bank of Mandan, Mandan.
N o rth w e s te rn B anker, S e p te m b e r, 1966



Hedger, Great Falls National Bank,
Great Falls; James H. Parker, Toole
County State Bank, Shelby; M. E.
Veis, Citizens State Bank, Scobey; E.
P. Frizelle, Metals Bank & Trust Com­
pany, Butte; B. Meyer Harris, Yellow­
stone Bank, Laurel; R. Wickham Bax­
ter, Ravalli County Bank, Hamilton.

o i i l a i i a




Insurance Committee


M o n ta n a H a n k e rs
C o m m itte e 1fM em bers A n n o n n e e il
OMMITTEE members for the year

C for the Montana Bankers Associa­
tion have been an n ou n ced. The

Bank & Trust Company, Butte; R. M.
Waters, Security Trust & Savings
Bank, Billings.

standing and special committees, and
members of each, are as follows:



Real Estate Mortgage Committee


R. L. Samson, chairman, Union
Bank & Trust Company, Helena; Phil
Yates, Citizens Bank of Montana,
Havre; Nick Lopez, First National
Bank, Miles City; Richard Fossum,
Western Montana National Bank, Mis­
soula; C. J. Crowe, Daly National
Bank, Anaconda; T. J. Coghlan, First
National Bank, Glasgow; James E.
Grunert, Midland National Bank, Bill­

Agricultural Committee

S tew a rt E lliso n , First National
Bank, Havre; Erie C. Gross, First Na­
tional Bank, Miles City; George Stew­
art, Ravalli County Bank, Hamilton;
Jerry Wallander, First State Bank,
Froid; Jim Lunney, chairman, Great
Falls National Bank, Great Falls; Gor­
don Nicholas, State Bank & Trust
Company, Dillon; J. D. Lawrence,
Farmers State Bank, Worden.
Educational Committee

Gerald McGee, Security State Bank,
Harlem; Vern Bublitz, Baker National
Bank, Baker; Don Nolan, Southside
National Bank, Missoula; A. R. Appelgren, chairman, Western National
Bank, Wolf Point; F. M. Gannon, Un­
ion Bank & Trust Company, Helena;
John Dowdall, Daly National Bank,
Anaconda; Harry Jones, First Security
Bank, Red Lodge.
Legislative Committee

R. R. Bartschi, First National Bank,
Cut Bank; T. A. Vashus, First National
Bank, Glendive; Glenn H. Larson,
First State Bank, Thompson Falls;
Marvin Veis, Citizens State Bank, Scobey; William Tait, First National
Bank, Dillon; Nels Turnquist, chair­
man, First National Bank & Trust
Company, Helena; Tim Healey, Mid­
land National Bank, Billings.
Nominating Committee

Richard Rubie, chairman, Citizens
Bank of Montana, Havre; Ellis Jones,
First National Bank, Wibaux; Paul Ca­
ruso, First State Bank of Mineral
County, Superior; Duane Tucker, Se­
curity State Bank, Plentywood; J. H.
Moorse, First Chouteau County Bank,
Fort Benton; John O’Neill, Metals
N o rth w e s te rn B anker, S e p te m b e r, 1966
Federal Reserve Bank of St. Louis



Public Relations Committee

V. C. Hollingsworth, chairman, Citi­
zens State Bank, Hamilton; Elmer
Lindstrom, Liberty Bank of Montana,
Chester; Fred Mielke, Sidney National
Bank, Sidney; Duane M. Tucker, Secu­
rity State Bank, Plentywood; J. Wil­
liam Kearns, Jr., State Bank of Town­
send, Townsend; Robert J. Harrison,
State Bank & Trust Company, Dillon;
Don Liebsch, First Security Bank,
Agricultural Credit Conference

John M. Davis, chairman, Bank of
Glacier County, Cut Bank; Marvin
Bell, Citizens State Bank, Hamilton;
R. E. Monforton, Metals Bank & Trust
Co., Butte; Earl Gross, First National
Bank, Miles City; Hector Rodgers, Yel­
lowstone Bank, C olum bus; Brooke
Hartman, Gallatin Trust & Savings
Bank, Bozeman; R. C. Wallace, Mon­
tana Bankers Association, Helena.
State Investments and Depository

Adrian O. McLellan, chairman, First
B. Maynard, chairman, Security
National Bank, Great Falls; W. B.
Trust & Svaings Bank, Billings; K. I.
Andrews, Union Bank & Trust Com­
Heen, Northern Bank of Montana, Big
pany, Helena; Harold Ormseth, First
Sandy; F. W. Winter, Garfield County
National Bank & Trust Company, He­
Bank, Jordan; H. O. Worden, Western
lena; A. M. Greenschields, First Na­
Montana National Bank, Missoula; H.
tional Bank, Browning; Harold Pitts,
H. Arndt, Western National Bank,
Miners Bank of Montana, N.A., Butte;
Wolf Point; Charles W. Rubie, Central
Claude Erickson, First Security Bank,
Bank of Montana, Great Falls; Paul
Livingston; A. K. Sample, Jr., Conrad
Robert, Security Bank, Butte.
National Bank, Kalispell.
Special Educational Committee

Consumer Credit Committee

Theodore Jacobs, chairman, First
National Bank, Missoula; W. A. Groff,
Farmers State Bank, Victor; Carl H.
Peterson, Jr., Belgrade State Bank,
Belgrade; M. A. Davis, First National
Bank, Bozeman.

H. John Goff, chairman, First Secu­
rity Bank, Glasgow; G. Vincent Fisch­
er, Metals Bank & Trust Company,
Butte; T. R. Lloyd, First National
Bank, Havre; Nick R. Geiger, Ex­
change State Bank, Glendive; C. A. S.
Rigg, First National Bank, Missoula;
Neil O. Bolstad, First National Bank,
Great Falls; R. I. Zepp, Security Trust
& Savings Bank, Billings.

Resolutions Committee

E. L. Ivunkel, Jr., chairman, Daly
National Bank, Anaconda; John D.
Larson, Valier Bank of Montana, Valier; Don Heidel, Powder River County
Bank, Broadus; J. H. Hanson, Security
State Bank, Poison; J. B. Wallander,
First State Bank, Froid; C h ester
Leach, First National Bank, Fairfield;
Leroy O. Wallin, Big Horn County
State Bank, Hardin.
Taxation Committee

George Johnson, chairm an , Ex­
change State Bank, Glendive; F. C.


Fed Schedules Meetings
Four meetings have been scheduled
this month in Montana, by the Fed­
eral Reserve System, for the purpose
of discussing the Functional Cost An­
alysis Program.
All meetings will begin at 10 a.m.
and will be adjourned at 3 p.m. Dates
and places for each of the Montana
meetings are as follows:





September 13—Florence Hotel, Mis­
soula, Mont.
September 14 — Rainbow Hotel,
Great Falls, Mont.
September 15—Northern Hotel, Bill­
ings, Mont.
September 16—Hotel Jordan, Glen­
dive, Mont.

Missoula Bank Sold
Brothers Richard Rubie, Havre, and
Charles Rubie, Great Falls, have pur­
chased the Peoples State Bank of Mis­
Richard Rubie is president of the
Citizens Bank of Montana, Havre, and
Charles Rubie is president of the Cen­
tral Bank of Montana, Great Falls.
They are also officers in Bancorporation of Montana which owns and oper­
ates banks in Havre, Great Falls,
Butte, Conrad, Chester, Big Sandy,
Chinook, Rudyard and Valier.
The Peoples State Bank, most re­
cently purchased, was chartered in
1963 and opened its doors for business
in April, 1964. Walter G. Morris will
continue as president. E. R. (Jack)
Caster is cashier.

Plan Bank Merger
Plans to consolidate the First Na­
tional Bank of Butte and the Daly Na­
tional Bank of Anaconda were an­
nounced recently by First National
President I. H. Bolitho.
Under the merger plan the two
banks would continue to operate at
their present locations as the First
National Bank, Butte and Anaconda
The plan has been approved by di­
rectors of both institutions but is sub­
ject to ratification by the banks’ stock­
holders and the formal approval of
the Comptroller of the Currency and
other governmental agencies.
Mr. Bolitho would be chairman of
the board of the combined banks.
Lowry Kunkel, president of the Daly
National, would become president and
chief executive officer. All other offi­
cers and employees would remain in
their present capacities.
The consolidated bank would have
resources totaling approximately $31.4
million and deposits of $29 million.

N OW 1 , 0 0 0 OFFICES
The fa ct that we are opening office num ber
one th o u s a n d t h is w e e k , in S u s s e x , New
B ru n s w ic k , is im portant to B a n k of M ontreal.
And it could be im portant to U. S. b u sin e ss­
m e n . It’s a n o th e r in d ic a tio n th a t C a n a d a ’s
F irs t B a n k is big enough to serve you w h erever
your inte re sts lie a cro ss Canada or around the
w orld. And vital enough to keep growing.

Banks’ Resources Grow
State and national banks in Mon­
tana ended fiscal 1965-1966 with re­
sources totaling $1.2 billion, up $89.1
million from June 30, 1965, according
to Albert E. Leuthold, state examiner.
During the fiscal year which ended
last June 30, Montana banks increased
their capital stock and surplus by $5.1
million to a total of $68.8 million. De­
mand deposits grew by $11.6 million
and time deposits by $49.6 million.
Federal Reserve Bank of St. Louis





Covrn CWt<la..Spa/ri6'tk£. UJotM Vrfpr
CHICAGO: Board of Trade B uilding
NEW YORK: Two Wall St. • HOUSTON: Suite 413, 1021 Main St.
SAN FRANCISCO: 333 California St.-LOS ANGELES: 508 S. Spring St.

N o rth w e s te rn Banker, S e p te m b e r, 1966


Another graduate o f
the CNB Correspondent
Banking Training Program
By Gene Hultman, Vice President, Correspondent Banking



no one knows

G e n e H u ltm a n , V. P .

m o re a b o u t

the subject than Hap Angelo.

With three degrees and a

distinguished business and
financial teaching career (U. o f
Michigan, the Am os Tuck School
o f Dartmouth College and the
U. o f C olorado) behind him, he
joined CNB in 1963 as VP and
Director o f E conom ic Research.
N ow he’ s Cashier and in charge o f
our computer program and
the Operations Department.
So we’ re ready to admit that he’ s
completed his “ on-the-job-training”
and more qualified than ever to
Harold Angelo, VP of Operations

help you with your correspondent
banking needs. So are scores o f
other tried and true banking
specialists at CNB.

Our training program takes a
while. But when we say a man’s

w m v ir r m


ready to help you . . . he’s ready.

The “ Bank That Looks Like A Bank.” 17th

Northwestern Banker, September, 1966
Federal Reserve Bank of St. Louis


Champa. Members F.D.I.C.


Wyoming News
J. W. HAY, JR.
Rock Springs
Wyoming Bankers Association

William M. White of Pueblo, one of
Colorado’s top bankers and financiers,
died recently in a car crash four miles
east of Pueblo. Mr. White was return­
ing home after a flight from Denver.
He was president and chairman of
the board of the Minnequa Bank of
Pueblo since 1949; president of First
National Bank of Alamosa, the First
National Bank of Salida, the Bank of
Aspen, and the First National Bank
of Durango.
In December, 1965, Mr. White was
elected to the board of directors of the
First National Bank of Denver.
He was a director of the Jeffer­
son County Bank in Lakewood, CF
& I Steel, the Great Western Sugar
Company, and the National Western
Stock Show. He was also president
and chairman of several other compa­

David Cheevers PR Officer
Melvin J. Roberts, president of the
Colorado N a tio n a l Bank, has an­
nounced that David Cheevers has been
elected public relations officer. Mr.
Cheevers, who was director of adver­
tising and publicity, will continue to
head those functions for the bank.
Mr. Cheevers started in 1962 with the
bank in the advertising department.

Don Shuck to Holyoke
Don E. Shuck, vice president and
cashier of the Sidney National Bank
for the last two years, has been named
the new president of the Holyoke
Bank and Trust Company of Holyoke,
The announcement was made by
George F. Garland, president of the
Holyoke bank since it opened in July,
1963. Mr. Garland will remain in
Holyoke where he has extensive in­

Max Brooks Elected Chairman
Max Brooks, president and chair­
man of the board of the Central Bank
and Trust Company, was recently
named chairman of the Colorado Busi­
ness Development Corporation. The
purpose of the corporation is to pro­
Federal Reserve Bank of St. Louis

Powell Bank Moves
The American National Bank,
ell, has changed its location.
doors of the new bank swung
for business on Monday, August

Colorado Bankers Assn.

William M. White

Bogus, Wyoming Engstrom, and Terry

vide financing not otherwise available
for the promotion of economic activ­
ity in the state. Mr. Brooks succeeds
Ken Hall, vice president of the First
National Bank of Colorado Springs,
who recently resigned as chairman.

Wtjorninfj JVetvs


Examiner Reports
Total assets of Wyoming’s national
and state-chartered banks have risen
4.5 per cent in the last year according
to State Examiner Dwight Bonham.
Principal increases in assets occurred
in loans and discounts, while time de­
posits were another principal area of
growth. As of last June 30, the total
assets of the state banks were listed
as $597,488,000.

New Director at Douglas

AIB Courses Begin

At a recent meeting the First Na­
tional Bank of Douglas elected Bert
Kimball as a new director. Mr. Kim­
ball is a lifelong resident of Converse
County. Tony Funk was elected pres­
ident of the bank and Carol Morvee
was named assistant cashier.

The fall program of the Casper
Chapter of the American Institute of
Banking has now been organized.
Two of the 40 courses to be offered
this year are commercial law and ac­
counting p rin cip le s. The 42-hour
courses will be held in three-hour ses­
sions weekly beginning September 7.

Banks Make Awards
The Rawlins National Bank and the
First National Bank have awarded
several of their employees certificates
of completion for a course in commer­
cial law sponsored by the banks. The
awards were presented to Iona Daily,
William Engstrom, Dorothy Gordon,
George M cllv a in e , John Noonan,
Jerry Quigley, Fred Roberts, Phyllis

Casper Workshop
Two members of the University of
Wyoming faculty participated in the
program at the Casper International
Trade W ork sh op . The workshop,
sponsored by the Western National
Bank of Casper, covered foreign mar­
keting, financing, insurance, packag­
ing and shipping.

W i/om inif ltauln> rs
G ro u p
T o A i d It a s i o r s s T in a a r i a if
IVE years ago, companies seeking

funds for industrial expansion in
any sizable amount in Wyoming were
forced to seek federal aid or work with
sources in areas outside the state.
However, today things have changed
because the growth of Wyoming in­
dustry has made necessary adequate
financing for these companies. To
provide for this need, the Wyoming
Bankers Association formed an indus­
trial development committee com­
posed of six representatives of W y­
oming banks.
The aim of this committee is to
make the proper type or combination
of financing available to local compa­
nies seeking to expand production or
to newly formed companies. Although
the Wyoming bankers have realized
that their banks can only grow in pro­
portion to their community, the latter

in turn, partly dependent upon indus­
try, but the limited amount of capital
available in the state has cut down
possible ventures in the field of indus­
trial financing.
A second hindrance to industrial
financing has been the lack of a means
to evaluate adequately the feasibility
of an idea or a product. If some serv­
ice along this line were available to
Wyoming banks, industrial financing
would be facilitated. Thus far, the
industrial development committee has
determined exactly what the state
banks’ role in industrial financing is,
made information on industrial financ­
ing available to bankers in the state,
and worked to prepare banks to co­
operate with each other in financing
projects that would be too large for
any one institution.
Northwestern Banker, September, 1966


W yom ing


The First National Bank and Trust
Company of Wyoming, Cheyenne, has
expanded its trust department in or­
der to handle the growth of that de­

ness firms and professional men, fa­
cilitating such matters as payroll, bill­
ing and other accounting functions.
The American National feels that this
system will provide improved cus­
tomer service.

4 2 Years’ Service

New Bank Grows

Charles S. Ahi, vice president of the
First National Bank of Rawlins, has
just marked 42 years of service with
the First National. He joined the
First National in 1924 as a teller, and
since then has risen to the position
he holds today.

Steady growth has characterized
Cheyenne’s newest banking facility,
East Cheyenne National Bank. Open­
ing in October, 1963, with a capital
structure of $255,000, it has now built
its total assets to over $5% million
and its staff has grown from an initial
five to 17 persons. This bank has
brought several innovations in bank
service to the community. Among
these were the city’s first exposed to
the-public vault located on the out­
side front of the building. Also, four­
way teller units in the drive-up facili­
ties adjust to the height of the driver’s

Cheyenne Expansion

EDP in Cheyenne
The American National Bank of
Cheyenne has added a complete on­
premises data p r o c e s s in g system
which will be the first of its kind of­
fered by a Wyoming financial institu­
tion. This system will be available on
a service basis to Cheyenne area busi­

S in c e


th e A C T I O N


f ir s t o f a ll!
T h e
F ir s t N a t io n a l B a n k
o f D e n v e r

w e s te rn Banker, S e p te m b e r, 7966
Digitized N
foro rth
Federal Reserve Bank of St. Louis

17th a n d W E L T O N



Sioux Falls Promotions
M. J. Colton, president, The Nation­
al Bank of South Dakota, Sioux Falls,
has announced the recent promotion
of several of the bank officers and the
election of a new officer as approved
by the board of directors last month.
James P. Iverson was elected assistant vice president and has been as­
signed to the main banking office. A

D. G. H E S S E L



R. M . H A U G E N

native of Platte, S. I)., Mr. Iverson is
a graduate of Kansas State University,
Manhattan, Kan., and previous to beginning his banking career was em­
ployed at South Dakota State Univer­
sity in Brookings as a teacher coach.
Prior to coming to Sioux Falls, Mr.
Iverson was in the credit department
of First Bank Stock Corporation, Min­
neapolis, as a credit analyst.
David G. Hessel has been promoted
to assistant vice president of the bank
and will continue as manager of the
Timepay department. A native of
Sioux Falls, Mr. Hesel joined The
National Bank of South Dakota in
1954 and has been very active in the
general field of consumer credit.
Robert M. Haugen also has been
promoted to assistant vice president.
A native of Baltic, S. D., Mr. Haugen
joined the bank in October, 1947, as a
messenger and bookkeeper and has
worked in various departments of the
bank prior to his being elected an assistant cashier in 1961.
Mr. Colton also announced the pro­
motion of two officers in branch
offices. In the South branch, Darrell
G. Knudson was promoted to assist­
ant vice president.
At the Huron branch, Reynold Klay
was promoted to vice president. Be­
fore joining The National Bank of
South Dakota, Mr. Klay had previous
banking experience in Wyola, Mont.,
Luverne and Sauk Centre, Minn.

Plankinton Promotions
Carl Fuhr and Sidney Martin have
been elected assistant cashiers of the
Farmers and Merchants State Bank.
Mr. Fuhr is in the White Lake
Branch, while Mr. Martin is assigned
to the home facility in Plankinton.









get up


n e w

D C -9

j e t


th e

s t r o n g ,

s ile n t

t y p e

It all began with the Douglas people. They took a pair of
smooth, powerful jet engines . . . and mounted them far back
on the plane. So what little sound there is, is left behind.
You whisk ahead of it at 560 miles an hour.
So it's very quiet aboard Ozark DC-9 Jets. Almost silent.
You enjoy your continental breakfast more . . . your cocktails
and snacks. Sure, read if you like. But we think catching a
few winks of sleep is probably the best way to enjoy the
quiet. The quiet the Douglas Aircraft Company built into
the DC-9 Jet that Ozark brought to Mid-America. Go-getters
go Ozark Air Lines . . . quietly.

g o - g e t t e r s

See? Th e tw o Pratt & W h itn e y jet e n g in e s are in the rear. Y o u fly
ahead of the sound all the w a y .












g o





D ouglas

Ozark DC-9 Jets now serving: C e d a r R a p id s, la ., C h ica go , III., Jo p lin , M o ., K a n s a s City, M o ., M in n e a p o lis / S t. Paul, M in n ., M o lin e, III. /
D a ve n p o rt, la ., P eo ria , III., S io u x C ity, la ., S io u x F a lls, S. D ., S p rin g fie ld , III., S p rin g fie ld , M o ., S t. L o u is, M o ., Tulsa, O kla., W a terlo o , la.
Federal Reserve Bank of St. Louis

N o rth w e s te rn B anker. S e p te m b e r, Ï9 6 6


W e’re not rainm akers b u t . ..



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in «


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July 22, 1966


’hoKe. V,ÎyrVW ^ r .T " '" - ' N _____

aa‘ >ou





r m e s tt ,,



° ™ P e t . llte r ‘ « J l y

* ° g < ìrc ìs .

July 26, 1966




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July 28, 1966

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...all you have to do is ask U . S .
We won’t promise rain,
but we do make every effort
to solve problems for our
correspondent banks. Just give
U.S. a call, 341-8765.

Digitized for
rth w e s te rn Banker, S e p te m b e r, 1966
Federal Reserve Bank of St. Louis


Member, Federal Deposit Insurance Corporation



First National Bank, North Platte, re­
ports that the meeting will be held
at Holiday Inn.


Group Three


Exec. V.P.

The Group Three meeting has been
held on Columbus Day each year at
Hotel Madison in Norfolk since group
meetings were changed to the fall sea­
son. Presiding will be Eldon G.
Freudenburg, group president, who is
executive vice president of First Na­
tional, West Point.


iiv o u p M t ’v t h u js . O e fo lw r I O - l /
ROGRAMS for the meetings of the

Psix groups of the Nebraska Bank­
ers Association have been announced
by Thomas J. Aron, president of the
association and president of the Crete
State Bank, Crete.
The meetings will start at the west
end of the state this year, on Monday,
October 10, at Sidney. They will conelude with the Group One meeting
in Lincoln on Friday, October 14. Mr.
Aron will address five of the meetings
on the topic “Association Activities.”
Marion R. Morgan, NBA vice presi­
dent, will give this report at the

“How to Live With Yourself.” Group
One at Lincoln will feature Ray Monsalvatge as the dinner speaker on the
topic “Uncork Your Hidden Abilities.”
The NBA Correspondent Bank Club
will have a panel at each meeting,
with speakers on the following sub­
jects: Livestock Outlook, Beef Fu­
tures, Money Costs, Federal Legisla­
tion, E le c tr o n ic Data Processing,
Cross Selling Your Services, and the
Uniform Commercial Code.
Groups One, Two, Four, Five and
Six will have registration at 11:00 a.m.,
business session at 2:30 p.m., social
hour at 5:30 p.m., and banquet at 6:30
p.m. Group Three registration begins
at 10:30 a.m.; luncheon is at 12:00 noon,
followed by the business meeting; so­
cial hour at 4:30 p.m., and banquet at
6:00 p.m.
Group Six

M . R. M O R G A N

C. W . J A R V I S

Group Two meeting in Fremont, since
it will be held simultaneously with
the Group Three meeting in Norfolk,
as usual. Mr. Morgan is president of
the First National Bank, Elwood.
Nebraska State Senator Richard D.
Marvel, Hastings, will speak before
Groups One, Two, Four and Five on
the subject, “Bankers’ Responsibilities
and Political Science.” The topic of
“ Equal Pay” will be on the agenda at
all six meetings. Floyd L. Wilson,
field office supervisor, Omaha, for the
U. S. Department of Labor, will be the
speaker at five of the meetings. An
assistant, Paul R. Chase, will speak on
the subject at Fremont, Group Two.
Harris V. Osterberg, executive vice
president of the NBA, will address the
Group Six business session on “Popu­
lation Trends in the Group Six Area.”
Three highly talented after-dinner
speakers will handle this assignment,
with Charles W. Jarvis, DDS, San
Marcos, Tex., addressing Groups Two,
Four, Five and Six on “Prescription
for the Happy Life.” Banquet speak­
er for Group Three at Norfolk will be
Dr. Henry M. Johnson on the subject
Federal Reserve Bank of St. Louis

All sessions take place at the Fort
Sidney Motor Hotel, according to E.
K. Yanney, president of Group Six
and p re sid en t, First State Bank,

E. G. F R E U D E N B U R G

H. Q U A L S E T T

Group Two

Group Two President Harold Qualsett, president of Farmers & Mer­
chants Bank, Schuyler, will preside at
the meeting in the Pathfinder Hotel,
Group Four

Clarke Hotel in Hastings is the site
of the Group Four meeting, presided
over by Group President W. J. Chaloupka, vice president, First National,

W . J. C H A L O U P K A

H. R. D E I T E M E Y E R

Group One
E. K. Y A N N E Y

D. E. W A L K E N H O R S T

Group Five

Dale E. Walkenhorst, president of
Group Five and vice president of

The Lincoln Hotel in the state’s Cap­
itol city is again the setting for the
Group One meeting. Harold R. Deitemeyer, president, First National Bank
& Trust, Beatrice, is Group One presi­

I f HU* N e b r a s k a G rou p M e e t in g s
G roup


D a te



T ow n


North Platte

N o rth w e s te rn Banker, S e p te m b e r, 1966


Onia lia News

HE Omaha National Bank has

scheduled a Correspondent Bank
Centennial Conclave Thursday, Sep­
tember 22, according to L. Peter Marr,
Jr., director of advertising and public
The meeting is to be held at the
Sheraton-Fontenelle Hotel beginning
at 9:30 a.m. The entire program fol­
9:30 Welcome — Morris F. Miller,
p re sid e n t, Omaha National
9:45 Industrial Development Panel
Discussion—John Godfrey, Un­
ion Pacific Railroad Company;
Lee Fettig, Northern Natural
Gas Company; Robert Shreve,
Metropolitan Utilities District.
10:45 Dr. Earl L. Butz, Dean of
School of Agriculture, Purdue
11:10 James Alcott, M idw est Re­
search Institute, Kansas City.

H o rth w e s te rn Banker, S e p te m b e r, 1966
Federal Reserve Bank of St. Louis

11:45 Adjournment.
12:15 Luncheon.
2:00 D avid S ch oen b ru n , Former
CBS News Correspondent.
2:45 Brief talks by each of the Bank
Division heads. Summation,
Morris F. Miller.
4:30 Adjournment.
5:45 Cocktails.
7:00 Dinner and entertainment.
As an added attraction, the bank
will sponsor a “Dixie Land” party at
the Sheraton-Fontenelle the evening
of Wednesday, September 21, for those
arriving early for the Conclave.
President Miller has also announced
that January, 1967, will be the opening
date for The Omaha National Bank’s
second outstate computer center —
Western Nebraska Computer Center
in Scottsbluff.
Located at 1908 Broadway in down­
town Scottsbluff, the center, the result
of 10 months of planning and re-

search, will make electronic data
processing available to the western
Nebraska area in the same manner
that the bank’s centers at Grand Is­
land and Omaha serve the central and
eastern areas.
Larry Benscoter of the Omaha Na­
tional’s Systems and Procedures De­
partment will manage the facility
which, to date, is scheduled to service
19 area banks.
* * ♦
Herbert H. Meile, senior vice presi­
dent and trust officer, Douglas County
Bank of Omaha, died last month at a
local hospital following an extended
Mr. Meile, 63, was born in Omaha,
attended Creighton Prep and received
his law degree from Creighton Uni­
versity in 1926.
Mr. Meile was a member of a pio­
neer Omaha family. His father, the
late B. H. Meile, was an officer in the
Merchants National Bank. The bank­
er was active in numerous civic posi­
tions and had won several titles in
tennis sporting events.
^ 'i' ^
The First National Bank has an­
nounced the appointment of J. Terry
Macnamara as an
assistant trust officer. Mr. Macna­
mara, a n a tive
O m a h a n, w a s
graduated f r o m
C re ig h to n U ni­
versity in 1958
and received his
law d e g r e e in
1960. He was ad­
mitted to the Ne­
J. T. M A C N A M A R A
brask a Bar and
the U. S. District Court of Nebraska
in 1960 and the U. S. Court of Military
Appeals in 1961. Since 1963, he has
practiced with the law firm of Mc­
Grath, North, Macnamara & Carroll.
* * *
James C. Lyle has been advanced
from assistant cashier to assistant
vice president at
the United States
National Bank of
Omaha. Mr. Lyle,
a native of Oma­
ha, j o i n e d the
bank in October,
1953. Since June,
1965, he has been
en g a ged in the
development and
sale of the bank’s
J. C. L Y L E
d a t a processing
services. He recently joined the bank’s
marketing division where he will as­
sist in marketing computer-related
* * *
J. J. Fuchs and Howard H. Agee









T h e O m a h a National B an k A n n o u n c e s O u r N e w









N o w at Sco ttsb lu ff, G ra n d Island an d O m a h a , O N B
o ffe rs o vern ig h t d ata p ro c e s s in g s e r v ic e
Opening of a new computer center at Scottsbluff
m akes electronic accounting available to western N e ­
braska banks. The sam e services performed for sur­
rounding banks at O m aha and Grand Island will be
available, nam ely demand deposit, savings account,
tim e C .D ., installm ent loan, m ortgage loan, com m er­
cial loans and one-check-payroll accounting.

E n jo y the se benefits o f O m a h a
N atio na l B ank C o m p u te r S ervice:
1. Eliminate investment in costly book­
keeping machines.
2. Lower your cost for accounting.

Operating all O N B centers are technicians who are
thoroughly fam iliar with bank accounting and experi­

enced in the changeover of existing hank accounting
systems to computer service. These experienced special­

3. Have more time for your staff to
perform other duties once they are
rid of this routine.
4. Get overnight service.

ists know changeover shortcuts that can save you tim e,
perhaps even m onths. They know w hat to do —they
know problems and pitfalls to be avoided.
F o r m o re fa cts a b o u t data p ro c e s sin g fo r y o u r
bank, w rite o r p h on e the C o rre s p o n d e n t Bank
D e p a rtm e n t to d a y — A rea C o de 402 341-0100
Federal Reserve Bank of St. Louis





" T o w e r i n g 93 »Job

Fremont Anniversary
The First State Bank, Fremont, re­
cently celebrated its 10th anniversary
with a three-day open house. The
bank was chartered in 1956 and
opened its doors June 30 that year.
Future plans call for a new customer
service center in the Fremont Plaza
shopping center across the street
from the bank, scheduled to open this

C o rn h u sk er H ank
" A s s e t s 33

Alliance National Moves
The Alliance National Bank, the
community’s oldest financial institu­
tion, changed its address last month.
The bank moved from its site at the
northwest corner of Third and Box
Butte Streets to its attractive new
building one block west.

Remodel Allen Bank

last remaining portion o f the huge city
landmark, was photographed shortly be­
fore its recent removal to make way for
the new First National Bank of Omaha
building. Construction o f the old Post
Office began in 1892, it became a Post
Office in 1898 and was completed in 1906.
Razing o f the building began in 1966 to
make way for the new bank.

have been elected to the board of di­
rectors of the North Side Bank, ac­
cording to an announcement made by
L. Dale Matthews, bank president.
Mr. Fuchs, president of Fuchs Ma­
chinery and Supply, Inc., Omaha, has
been with the Fuchs organization
since 1937 and became its president in
1961. The company has branches in
Grand Island and Sioux City.
Mr. Agee is president of the Ameri­
can Road Equipment Company, estab­
lished in 1940. The company is in the
process of founding a second plant in
Omaha and arranging for manufactur­
ing facilities in England.

An extensive remodeling project
was recently completed at the Secu­
rity State Bank, Allen. Workmen
installed three new windows, moved
the entry steps inside, carpeted, pan­
eled, papered and refurnished the
offices and counter areas of the bank.

Cook Receives Award
William W. Cook, Sr., immediate
past president of the Nebraska Bank­
ers Association and president of Bea­
trice National Bank, received the Uni­
versity of Nebraska’s highest service
honor, the Nebraska Builder Award,
at summer commencement exercises
at the University in Lincoln last
A native of Beatrice, Mr. Cook is a
director of Store Kraft Manufactur­
ing, D em p ster In d u strie s, Radio
KWBE, Nebraska Capital Corporation
and Lincoln Telephone and Telegraph
Company. He served on the Beatrice
school board for 18 years, was a lead­
er in the development of John J. Per­
shing College and served two terms
as mayor of Beatrice.
He served on the Nebraska Aero­
nautics Commission for 15 years and


13 0 1 Farnam
Omaha, Nebraska


Snap A part Forms
Continuous Forms
Bank Forms
Office Supplies
Office Furniture
Servicing the Mid-States Area
Since 1858
N o rth
w e s te rn B anker, S e p te m b e r, 1966
Federal Reserve Bank of St. Louis

CORNHUSKER BANK President George
A. Frampton inspects the corn crop grow­
ing in a small patch in the bank’s parking
area. He gives no particular reason for
combining farming and banking— he’s a
veteran in both areas— but notes that he
has great pride in Nebraska’ s crops. De­
spite good-natured comments about being
“ a little corny,” Mr. Frampton smiled
with satisfaction as his roasting ears
neared maturity.

is a member of the University of Ne­
braska Foundation advisory board.

Pickrell Bank Finished
Remodeling at the Pickrell State
Bank has been completed. Included
in the project were the installation of
a new vault door, new safe deposit
boxes and a new private office. Since
February 1, 1965, when the bank
changed owners, total deposits have
increased 55 per cent, loans have in­
creased 135 per cent and services have
been expanded to include installment
loans and real estate loans.

Mrs. Minnie C. Price
Mrs. Minnie C. Price, widow of E.
E. Price, former Gothenburg banker,
died recently at the age of 90 years.

Elect Officers at Odell
M. J. Stanosheck has been elected
president and chairman of the board
at State Bank of Odell, succeeding
his late father, William T. Stanosheck.
Gene A. Stanosheck, another son, was
elected vice president in addition to
his position as cashier. The latter’s
son, Lawrence W. Stanosheck, assist­
ant cashier, has been with the bank
since April 1, 1965, and is the fourth
generation of the family to be affili­
ated with State Bank of Odell.


Only OUR correspondent bankers can offer you
the services of these installment loan experts

Don W . Ryan, Vice Pres, and Director (seated) James L. Doody, Asst. Vice Pres.

D on R yan operates our Loan Center with a big assist from
Jim D oody.
T h ey know installment loans, personal loans, F H A home
improvement loans and personal credit like the back of their
hands. T h ey know how to teach people their specialty, too.
If you need assistance in this area of banking, just call your
First National Correspondent Banker. H e ’ll deliver the experts!
Federal Reserve Bank of St. Louis





Member Federal Deposit Insurance Corporation

Always the First to Serve You.
N o rth w e s te rn Banker, S e p te m b e r, 1966




2 2 n d O m a h a F e e d e r' F a If
Shou" a n d S a le
2 0 -2 7




p re sid e n t, Union Stock Yards
Company of Omaha, announces that
the 22nd Annual Omaha Feeder Calf
Show and Sale will be held October
26 and 27.
This annual event is recognized as
the top one of its kind in the Corn
Belt area. It is designed to accommo­
date both buyers and sellers. West­
ern producers are afforded a means of
showing their top-quality calves to
4-H and F.F.A. members, as well as
to commercial feeders, at the gateway
to the Corn Belt. Members of the
4-H and F.F.A. await this sale to pur­
chase feeder calves for their baby
beef projects.
Twenty head—steer or heifer calves
—will constitute an entry. (For com­
petition, entries must be of one sex.)
There is no limit as to the number of
entries by one individual. All calves
entered may be fitted. Calves will be
judged commencing at 9 a.m., Wednes­
day, October 26. The sale will com­
mence at 9 a.m., Thursday, October
27. Only those calves awarded blue
ribbons will be sold that day. Those
not receiving blue ribbons will be sold

Friday, October 28, at the beginning
of the special carload commercial calf
Consignors who receive a blue rib­
bon on a pen of 20 calves will have
the privilege of selling five head as
individuals. The remaining 15 must
be sold in lots of five.
Premium money totaling $2,310 will
be offered. Entries must be awarded
blue ribbons to be eligible for premi­
um money. Cash awards will be paid
to six places for each breed in the
steer class and to four places in the
heifer class. Special cash awards will
be given for the grand champion
steers, reserve grand champion steers,
grand champion heifers, and reserve
grand champion heifers. The cash
prizes will be furnished by the Union
Stock Yards Company of Omaha, Oma­
ha Live Stock Exchange, Aberdeen
Angus Association, American Here­
ford Association, and American Short­
horn Association.
Judges for the calf show will be
Royal Holz, a cattle feeder and secre­
tary of Iowa Beef Producers, Grand
Junction, Iowa; Garold L. Parks, Beef
Cattle Breeding Research, Iowa State

University, and Dave C. Williams, Ex­
tension Livestock Specialist, Univerv
sity of Nebraska. The auctioneer for
the sale will be Colonel Dick Kane,
Wisner, Neb.
Calves will be judged on Wednes­
day, October 26. The sale will be held
October 27 in the stockyards sales
arena, which is heated for the com­
fort of the patrons. The sale starts at <
9 a.m. The arena will accommodate
more than 1,000 persons and each year
has been filled to capacity wtih buyers
from most of the Corn Belt states.
Past sales have drawn entries from
nine states — Colorado, Wyoming,
Idaho, Montana, Nebraska, South Da­
kota, Kansas, New Mexico, and Texas.
All calves entered in the Omaha
Feeder Calf Sale are given widespread
publicity and advertising in the Corn
Belt states through radio and news­
paper media.
Additional information and entry
blanks may be obtained by contacting
Charles W. O’Rourke, at the Union
Stock Yards Company, Omaha, Neb.

Mrs. James O’ Donnell
Mrs. James O’Donnell, first vice y president, Farmers State Bank, Lex­
ington, died recently.

Y o u are IM P O R T A N T ...



To the Correspondent S ta ff a t

4-th a n d

F e li x , S t . J o s e p h , M i s s o u r i

Phone: 816

BR 9 - 2 7 2 4

Standing: John Giddens, Jack
Killackey, Roger Hegarty.
Seated: Jake Ford, Benton
O’Neal, Macon Dudley.

Member Federal Deposit Insurance Corporation
rth w e s te rn B anker, S e p te m b e r, 1966
Digitized for
Federal Reserve Bank of St. Louis



Gene Eaton
Senior Vice President

Glenn Yaussi

Myron W eil
Exec. Vice President

Herman Brockmeier
Senior Vice President

Thomas J . W aldo
Vice President

Robert A . Wekesser
Senior Vice President

L. E. Alford
Vice President

Robert L. Hans
Asst. Vice President

W ilb u r Baack
Vice President

Wayne Smith
Ag Representative

Rex M iller
Vice President

A . C . Holmquist III
Asst. Vice President

Ed Huston
Assistant Cashier

Who says

Winton Buckley
Vice President

what you know . . .?
Not us. The fine banking service you give certainly depends on
what you know. But we're not slighting W H O you know. Because
to know the meaning of really excellent correspondent service
is to know and work with these men— your Capital C ity C o rre­
spondents at N BC.
Rodney Vandeberg
Asst. Vice President
Federal Reserve Bank of St. Louis

Jim Nissen
Vice President

Phone 402-477-891 I





N o rth w e s te rn Banker, S e p te m b e r, 1966




N ew M a r t e ll S la te H a n k

MARTELL STATE BANK moved into its new building recently and open house was
held last month. The bank was chartered in 1905, and open house celebration
marked the completion of the new building as well as the bank’ s more than 60 years
o f service to the community. J. Carl Sittler is president, Fred W. Morgan is executive
vice president and Howard E. Hall is chairman o f the board.

A new bank building in Martell is
the fulfillment of a dream embodied in
a section of sidewalk inscribed with
the words, “Martell State Bank,” the
date 1907 and space for yet another
Howard E. Hall, chairman of the
bank’s board of directors, states that
a late M a rtell resid en t, William
Moore, had purchased land and laid
the sidewalk in 1907, looking to the
day when he might build another
newer and bigger bank.
“Although Mr. Moore died in 1954,
his dream is now being realized with
the new bank located on the site
which he purchased for that purpose,”
Mr. Hall says.

O'*Neill Bank Project
Construction work on the new First
National Bank of O’Neill is expected
to be completed by mid-month. The
building replaces the former building

which stood on the same site. The
exterior of the building, begun last
N ovem b er, is white mosiac pre­
stripped slabs with black granite at
the base. Until the new bank is com­
pleted, the First National is doing
business in the old O’Neill National
Bank Building on South Fourth Street.

Centennial Baby
The first Nebraska baby born on
Statehood Day March 1, 1967, the offi­
cial start of the Centennial Year, will
receive the first Nebraska Centennial
Souvenir Coin.
The first coin, presented to Thomas
Aron, president of the Crete State
Bank and president of the Nebraska
Bankers Association, will be held for
the new arrival. The Nebraska Bank­
ers Association has been commis­
sioned, exclusively, to sell the coins
throughout the state for the benefit
of the Centennial Commission.


Atkinson Nears Completion
Work is progressing on the new
First National Bank on State Street
in Atkinson.
The building is constructed with
driftwood stone exterior walls, inter­
rupted with concrete buttress-type
piers supporting the exposed wood
roof beams. The exterior wood sur­
faces are of redwood and the main
roof covered with hand split cedar
wood shakes.
The interior of the structure will
have redwood-finished walls, exposed
fir ceiling beams and wood ceiling, in
addition to painted plaster wall.
Off the main lobby will be a lounge
for customers, a feature of which will
be a large, wood-burning stone fire­
place. Other facilities on the ground
floor will include an officers’ platform,
two private offices, six teller cages,
work room, safe deposit vault and Atwo coupon booths, plus other facili­
The full basement will contain a
large community room which will be
available for local organizations and
civic groups.

Name Data Managers
Burroughs C o rp o ra tio n has an­
nounced the appointments of Donald
R. Shaw as manager of sales devel­
opment for commercial data processing systems, and Robert F. Werling
as manager of sales development for
financial data processing systems.
Both positions were newly created
in the company’s Equipment and Sys­
tems Marketing Division, said R. O.
Baily, vice president.

On th e M o v e

is a solid foundation
J. Cliff Rahel and Company will help you build a strong
foundation for the future in municipal bonds, common and
preferred stocks, mutual funds, and government agency
securities. Also offerings in new corporate and municipal
Orders executed on all principal stock exchanges.

M em ber, M id w e s t S to ck Exchange

Offices in Omaha, Lincoln, Kearney, Nebraska;
Council Bluffs and Sioux City, Iowa
rth w e s te rn Banker, S e p te m b e r, 1966
Digitized for
Federal Reserve Bank of St. Louis

MOBILE DISPLAY owned by the Nebras­
ka Banker’s Association is shown before
the Plainview National Bank where it was
viewed by 1,500 visitors to the commun­
ity ’s annual Crazy Day event. The display,
fully-equipped with a moving display and
lighting devices, is available to NBA
members for such purposes.












i p

. . . the practice w h ich k eep s Central a step ahead.

W h e n you need a yes, y o u ’ll fin d a b ig g er sup p ly at the Central.

J im N e ls o n , S e n io r Vice P re s id e n t a n d B ill G ossett, Vice P residen t, a c k n o w le d g e d experts a t p ro v id in g yes answ ers.
Federal Reserve Bank of St. Louis

J im a n d B ill a d m i t to a v ersio n s fo r th e w o rd " n o . ” So th e
o d d s are w ith y o u w h e n y o u ’ re lo o k in g fo r P a r tic ip a tio n C r e d it.
T h e s e m e n — a n d elev en o th e r ex p erts in th e ''B a n k e r s
B a n k in g ” d e p a r t m e n t — h av e a w o rd o n th e tip s o f th e ir
t o n g u e s . T h e w o rd is y es. A n d th e y a ll go o u t o f th e ir w a y to
fin d w a y s to sa y it. I t c o u ld be th e k ey w o rd y o u n e e d to h a n g
o n to a b ig c u s t o m e r . O r a rra n g e fo r s u p p le m e n t a l fin a n c in g .
O r sell b a n k p a p er or n o te s .
C o r r e sp o n d e n t b a n k r e la tio n s h ip s are p r e t t y m u c h a lik e.
O n ly p eo p le (like J im a n d B ill) a n d p o lic y (like y e s m a n s h ip )
m a k e t h e m d iffe r e n t.




Lincoln New s

HE First National Bank & Trust

C om pa ny of Lincoln has an­
nounced details on its annual Corre­
spondent Bank Conference to be held
in Lincoln, September 16-17, 1966. Ac­
tivities will be centered at the Lincoln
Hotel, as in the past, with certain
events scheduled for the “Top of the
First” at the First National Bank
Registration is scheduled for Friday
morning, September 16, and the for­
mal conference program commences
with separate luncheons for the men
and ladies. The ladies will be enter­
tained at a luncheon on “Top of the
First,” followed by a fashion show.
The men will lunch at the Lincoln
Hotel. Featured speaker will be Bob
Devaney, head football coach of the
University of Nebraska, who will com­
ment on the outlook for 1966. Bob
Devaney is one of the leading football
coaches in the nation and is in great
demand as a speaker.
Following the luncheon, the first
business session of the conference will
begin with a two-man discussion of
the importance of income tax consid­
erations in lending practices and the

J. D A V I S

M. S T A L D E R

rth w e s te rn Banker, S e p te m b e r, 7966
Digitized for
Federal Reserve Bank of St. Louis

advantages and necessities of estate
planning. Howard Chapin, vice presi­
dent and trust officer of the host bank,
and Tom Scheer of the firm of Peat,
Marwick and Mitchell, will partici­
Since Nebraska will celebrate its
first 100 years of statehood next year,
the meeting will present a panel pro­
gram entitled “The Next Hundred
Years,” headed by Charles Miller,
Dean of the College of Business Ad­
ministration of the University of Ne­
braska. The panel, which will ex­
plore the possible shape of Nebraska’s
development and the opportunities
and challenges it may face for the
next hundred years, includes Elvin
Frolik, Dean of the College of Agri­
culture; Tom Pausing, president, Ne­
braska National Life Insurance Com­
pany; Wesley Meierhenry, Assistant
Dean of Teachers College, and John
Davis, Dean of the College of Engi­
Activities on Friday will culminate
with a banquet and entertainment for
the bankers and their wives. Satur­
day morning the business program
will feature a panel presenting the

A. J O H N S O N


current and future livestock situation.
This panel, moderated by Ees Curran
of the host bank, includes Merle Stalder of Salem, Neb.; Arden Johnson,
Exeter, Neb., and Cecil Emrich, Nor­
folk, Neb.
Following the conclusion of the
business sessions, correspondents will
enjoy a buffet luncheon prior to the
Cornhuskers’ opening game with Tex­ A
as Christian University at Memorial
First National Bank & Trust Com­
pany has also announced that Alvin
C. Glandt, vice president and cashier,
has retired as provided under the
bank’s retirement plan.
Mr. Glandt had been associated with
First National Bank in various capa­
cities since 1929. He had been vice
president and cashier for the past 22
years. Burnham Yates, president of
First National, paid special tribute to As
the significant contribution Mr. Glandt
has made to the growth and develop­
ment of the bank.
In conjunction with Mr. Glandt’s re­
tirement, it was also announced that
he will be succeeded in his position by


A. C. G L A N D T

D. Y O U N G

Dale E. Young, who has been appoint­

ed vice president and cashier by ac­
tion of the board of directors. Mr.
Young has been associated with First
National since his graduation from the
University of Nebraska in 1950.
* * *
Shortly after the first of the year,
the National Bank of Commerce in
Lincoln will open a Commerce Com­
puter Center in McCook, according to
NBC President Glenn Yaussi. The
Center will be used to provide daily
accounting service to all of the banks
in an area of a 150-mile radius of Mc­
Cook, including western and central
Nebraska, n o rth w e s t Kansas and
southeast Colorado.
Mr. Yaussi emphasized that, in line
with current NBC practice, the new
center will offer proof and transit
service as well as demand deposit ac­
counting. He said the service will
allow the banks in this area “to save
valuable time and machinery by con­
veniently employing our modern EDP
process despite their distance from
Lincoln and NBC.”


B a n k e r s
Federal Reserve Bank of St. Louis

w i t h

p l a n s

u s e

t h e

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










L I N C O L N ,









i n



l n


F . D .I.C .

N o rth w e s te rn B anker, S e p te m b e r, 1966




' #/-1 1'on u n i/tevs
HOMAS J. ARON, president, Crete

State Bank, and recently-elected
president of the Nebraska Bankers

Association, has announced the 19661967 committees of the NBA. The
committee roster is as follows:
H. KEITH NEW TON, chairman ; executive
vice president, Albion
GLENN O. H AYW AR D , farm representa­
tive, Home State Bank, Humboldt.
W ILLIAM M. SWOBODA, president, Battle
Creek State Bank, Battle Creek.
EDWARD B. BURKE, vice president and
cashier, Farmers & Merchants Bank, Im­
CLARK WECKBACH, president, First Na­
tional Bank, Ord.
F. W. PIVONK A, vice president, First
State Bank, Lodgepole.
W INTON W . BUCKLEY, vice president,
National Bank of Commerce Trust & Sav­
ings Association, Lincoln.
* MERVIN F. AEGERTER, assistant vice
president, First National Bank of Omaha,
G ro u p


HAROLD J. LUCHTEL, chairman ; vice
president, Columbus Bank, Columbus.
JOHN L. LEW IS, vice president, Bank of
Peru, Peru.
T. L. (Ted) ARMBRUSTER, cashier, state
National Bank of Wayne, Wayne.
D. L. SOMMERHALDER, executive vice
president, Farmers State Bank, Aurora.
JAMES H. OLIVER, president, The Ra­
venna Bank, Ravenna.
H. J. MEDLOCK, president, First National
Bank, Valentine.
vice president,
Gateway Bank, Lincoln.
HOW ARD M. JOHNSON, senior vice presi­
dent, The Omaha National Bank, Omaha.

G ro u p


A. C. HOLMQUIST, III, chai:rman ; assist­
ant vice president, National Bank of Com­
merce Trust & Savings Association, Lincoln.
president, The
Bank of Steinauer, Steinauer.
2 W IL LIA M C. HARGENS, president, The
First National Bank of Hooper, Hooper.
HILMER I. WIIG, cashier, First National
Bank, Bancroft.
4 W AR R EN H. CURRY, cashier, Security
State Bank, Holbrook.
L. W . TAGGART, assistant cashier, State
Bank of Dannebrog, Dannebrog.
PAUL M. HEFTI, executive vice president,
Bank of Chadron, Chadron.
P. M. PEDERSEN, vice president & cashier,
First West Side Bank, Omaha.
G ro u p


R. K. ARMSTRONG, chairman; president,
Minden Exchange National Bank, Minden.
R. D. SCHNEIDER, vice president, Plattsmouth State Bank, Plattsmouth.
BEN B. McNAIR, president, Citizens Bank
& Trust Company, Columbus.
ELDON G. FREUDENBURG, executive vice
president, First National Bank, West Point.
A L A N M. OLDFATHER, president, First
National Bank, Kearney.
DONALD LICHTY, vice president, The
Guardian State Bank, Alliance.

o r t h w e s t e r n Banker,
Digitized forN FRASER
Federal Reserve Bank of St. Louis

Septem ber,



GUS P. SCHOLZ, president, First National
Bank, Falls City.
JAMES I. BLACK, executive vice president,
Genoa National Bank, Genoa.
R. K. DRAPER, JR., executive vice presi­
dent, Bank of Elgin, Elgin.
O. J. McDOUGAL, JR., vice president, City
National Bank, Hastings.
DONALD W . JOHNSON, vice president &
cashier, St. Paul National Bank, St. Paul.
ROBERT G. FINKE, vice president, The
Scottsbluff National Bank, Scottsbluff.
GEORGE W . KNIGHT, executive vice presi­
dent, Citizens State Bank, Lincoln.
President— Ross E. Hecht, vice president, Na­
tional Bank of Commerce Trust & Savings Asso­
ciation, Lincoln.
Vice President— Robert E. Johnson, Jr., trust
officer, First National Bank of Omaha, Omaha.
Secretary-Treasurer— John W . Hummel, trust
officer, First National Bank & Trust Company,
*— Indicates Omaha
t — Indicates Lincoln




RICHARD E. KOSMAN, vice president,
City National Bank of Lincoln, Lincoln.
PERRY S. FRANCIS, president, Southwest
Bank of Omaha, Omaha.
REX C. TULLOSS, chairman; president,
The First National Bank, Hay Springs.
CHARLES F. HROCH, cashier, The Bank
of Wilber, Wilber.
THOMAS J. M ILLIKEN, president, The
Fremont National Bank, Fremont.
Security National Bank, Laurel.
GEORGE C. SOKER, president, The State
Bank of Hildreth, Hildreth.
PAU L ARTERBURN, president, St. Paul
National Bank, St. Paul.
W . P. BERNARD, chairman ; executive vice
president, Nebraska State Bank, South
Sioux City.
GENE A. STANOSHECK, cashier, State
Bank of Odell, Odell.
M AR VIN L. KILLION, vice president &
cashier, Gretna State Bank, Gretna.
R. L. HARRIS, senior vice president, First
National Bank, Holdrege.
SIXEL, executive vice
president & cashier, State Bank of Scotia,
J. L. KATS, executive vice president &
cashier, First National Bank, Lewellen.
A. S. CHAVES, vice president, First Na­
tional Bank & Trust Company, Lincoln.
HOWARD SUNDERMAN, vice president &
cashier, Ames Plaza Bank, Omaha.
DWIGHT L. CLEMENTS, chairman ; cash­
ier, American Exchange Bank, Elmwood.
GROVE NELSON, president, Bank of Mil­
lard, Millard.
ROY E. PARADISE, executive vice presi­
dent, Dakota County State Bank, South
Sioux City.
MINOR BAIRD, president, Farmers State
Bank, Superior.
W . W . M ARSHALL, JR., president, Com­
mercial National Bank & Trust Co., Grand
F. W . JACKM AN, president, Farmers Na­
tional Bank of Grant, Grant.
MYRON W E IL , executive vice president,
National Bank of Commerce Trust & Sav­
ings Assocation, Lincoln.
DONALD J. M URPHY, president, South
Omaha Stockyards National Bank, Omaha.
Legislative Subcommittee on Trusts and Estates
JOHN R. COCKLE, chairman ; vice presi­
dent, The Omaha National Bank, Omaha.
H. DAVID N EELY, vice president, The
United States National Bank of Omaha,
VARRO H. RHODES, vice president &
trust officer, First National Bank of Omaha,
HOW ARD A. CHAPIN, vice president &
senior trust officer, First National Bank &
Trust Company, Lincoln.
ROBERT S. HINDS, vice president & senior
trust officer, National Bank of Commerce
& Savings Association, Lincoln.

KERMIT HAN SEN, chairman ; senior vice
president, The United States National Bank,

Minden Remodeling
Work is progressing rapidly on the
remodeling of the Minden Exchange
National Bank building. The remod­
eled portion formerly housed a cafe.

O N B P r e s e n tu tion

made another presentation to the people
o f Omaha as part of the bank’ s centennial
celebration— and this g ift w ill probably
be the favorite o f the children. Arriving
direct from Kenya was a two-year-old
female A frican elephant who w ill take up
residence at Omaha’s Henry Doorly Zoo.
John Shonsey, executive vice president,
second from left, made the presentation
to Howard Lundgren, left, of the Omaha
Zoological Society and LeRoy Thomas,
assistant zoo director.




Meet deeply Earnest, truly Earnest,
zealously Earnest and extremely Earnest


A t home they're known as Dave Bryan, G a ry Peters, M erle
Starr, and Tom Cannon. But, from the moment they w a lk into
their new quarters on the W alnut Street Lobby, these Commerce
Trust correspondent bankers are Earnest —deeply, truly, ze a l­
ously, and extrem ely.
Exam ple: They're so earnest that they pick up transit m ail
40 times a d ay a t the m ain post office. There's a man at the a ir­
port 8 times a d ay, 6 days a w eek to rush m ail back to the bank.
One bank in 9 depends on Commerce Trust. Sm all wonder.
Earnestly now —shouldn't you, too?

g is ;

Iff call me
jpEARNEST (gmmerce [rust (o m pa ny
Federal Reserve Bank of St. Louis

Kansas City’s Oldest and Largest Bank
Member Federal Deposit Insurance Corporation

N o rth w e s te rn B anker, S e p te m b e r, 1966



Homer Jensen












Gordon Dodge


specialists are eager to serve you
Federal Reserve Bank of St. Louis






Iow a

bankers thorough cooperation on

fu ll




services that can contribu te sub­


stantially to you r p rosperity d u r­
ing 1 9 6 6 .


Consider these services:
Industrial D evelop m en t F inan cin g
Service on T ransit Item s
Livestock F inan cin g
Excess or P articipating L oans
Fast Service on G ra in D rafts
H e lp and C ounsel on Trusts
B an k A u to m a tio n Service
Safe K e e p in g

JUST U RITE OR CALL Homer Jensen or Gordon Dodge
Phone: (Area 515) 283-2421
6tli A v e n u e and Locust Street

Des M o in es, Iowa

Member: F. R. S.

Member: F. D. I. C.


board to fill the vacancy caused by
the death of Mr. Moore. Harry E.
Young was appointed to the board of
directors, and Don Baumgartner has
been appointed assistant trust officer.

Iow a


New Director at Riceville


Keith A. McKinley, an Osage attor­
ney, was named a director of the First
National Bank of Riceville at a recent
board meeting.

Council Bluffs
Des Moines

Bellevue Buys Land
The Bellevue State Bank, Bellevue,
has signed a contract to buy land from
the J. J. Beck estate. Title to the land
is expected to be conveyed to the bank
on October 1.

Remodeling Started
Work on remodeling the Guthrie
County State Bank in Guthrie Center
and the expansion of the building
with a new drive-in facility began re­
cently. G. M. Barnett, president of
the bank, said that the work is sched­
uled to be completed prior to the first
of the year.

Named Farm Representative
John F. O’Byrne joined the staff of
the Cresco Union Savings Bank of
Cresco as farm representative on Sep­
tember 1.
Since graduating from Iowa State
University, Ames, in 1964, he has been
associated with the Mason City office
of the Metropolitan Life Insurance
Company as farm mortgage represent­
ative. He is a native of New Hamp­

million higher than the same period
last year.

Bank Women in Mason City
Bank women from Iowa will spend
two days in Mason City when the
Iowa group of the National Associa­
tion of Bank Women holds its annual
meeting September 14 and 15. Re­
ports will be made by officers and
chairmen. The regional vice presi­
dent, Mrs. Marie Peebles, assistant
cashier of Central National Bank and
Trust Company, Des Moines, will

Boland Bank Remodeled
The Roland State Bank is undergo­
ing an entire remodeling job sched­
uled to be completed by September 1.

Oelwein Farm Forum
The annual Farm Forum of the
First National Bank of Oelwein was
held recently. J. H. King of the King
Cattle Company, Wichita, Kan., and
C. L. Farr, dairy economist of the Wis­
consin Council of Agriculture Cooper­
ative were guest speakers.

Security National Expands
The Security National Bank of
Sioux City has announced plans for
construction of a six-story building
adjoining the present bank building.
E. C. Thompson, Jr., president of Se­
curity National, said the expansion
will include complete renovation of
the main floor banking quarters, in
addition to the added space provided
by the new building.
The entire first floor of the building
will be used for customer services
while all other departments of the
bank will either be on the second floor
or ground level.

Remodeling at Thurman Bank
Remodeling work has begun at the
Thurman State Savings Bank to add
convenience and to make room for
the new posting machines.

Cedar Falls Bank Redone
Remodeling of the First National
Bank of Cedar Falls has recently been
completed, resulting in a stylish as
well as functional area for the main
banking lobby.

Earl W . Moore
Danbury Bank Remodeled
The Farmers State Savings Bank at
Danbury re o p e n e d operations last
month in its newly remodeled quar­
ters. The building has been exten­
sively remodeled and modernized in­
side and out. For several weeks busi­
ness was conducted in the west room
of the building to expedite the work.
Since some interior remodeling re­
mains to be done, the grand opening
will be held later this fall.

Earl W. Moore, a director of the
First National Bank of Oelwein, died
recently while he was vacationing.
Louis H. Mulder was appointed to the

E vertin g JXeir

Remodel Webster City Bank
The First National Bank of Webster
City has recently had its face lifted
to help “dress up” the downtown area.


Iowa Second in Savings Bonds
Iowa’s savings bonds sales for the
first six months of 1966 are the best
in the midwest, and the state ranks
second in the nation in percentage of
quota attained, according to a report
released by Marvin M. Schmidt, vol­
unteer state chairman of the savings
bonds program.
Combined sales of Series E and H
bonds during June were $8,929,523, an
increase of 20 per cent over June,
1965. The state now has a six-month
total of $64,604,016 which is over $6
Federal Reserve Bank of St. Louis

HE Farmers Savings Bank, West

Union, is erecting a new colonial
style, red brick building with white
trim for its new bank to be located
next to the post office. There will be

a drive-up window protected by a
peaked portico. Date of completion is
presently set at October 15, although
no date for grand opening has been
N o rth w e s te rn Banker, S e p te m b e r, 1966


Iow a


N ew Sioux C ity Uunk ISnililiny

James M. Duffy, AIA, is architect
for the project.
The erection of the six-story addi­
tion to the Security National Bank
building is the first major construetion in the downtown area in many
years. In announcing these plans,
Mr. Thompson expressed confidence
on the part of the bank officers and
board of directors in the continued
growth of the Sioux City area.



Joins Brenton Bank
Wayne Haines has joined the staff
of Brenton State Bank in Dallas Cen­
ter as an officer-trainee. He was grad­
uated from Iowa State University,
Ames, majoring in agriculture busi­
ness and has been associated with the
First National Bank of Chicago for
the past two years.

New Officers Elected

ARCHITECT’S SKETCH shows how new six-story addition w ill look (at left) when
completed, presenting a solid front unified with existing bank building (right).

URTHER details of the plan for a

six-story addition to the existing
building of the Security National

Bank, Sioux City, were revealed late
last month by E. C. Thompson, Jr.,
president. The new structure will be
similar to the present six-story build­
ing, presenting a unified, block-long
Noting that the growth of the bank
and progress of the community have
made it necessary to expand the
bank’s customer service facilities, Mr.
Thompson also announced that the
total expansion program will include




complete renovation of present main
floor banking quarters. The entire
first floor will then have a completely
new appearance and all this area will
be used for customers’ services.
All other departments of the bank,
including transit and bookkeeping de­
partments, the computer service cen­
ter, check filing, statements and mail­
ing departments will be located on
the second floor or below ground
level. The upper four floors of the
new building will provide additional
modern, air conditioned office space
for the downtown area.

At the annual meeting of the Har­
rison County Bankers Association in
Dunlap, new officers were elected.
They are: Dwaine Hack, cashier of
the Dunlap Savings Bank, president,
and W. L. Ryan, cashier of the Home
Savings Bank, Persia, sceretary-treasurer.

New Epworth Building
John J. Marget, president of the
Epworth Savings Bank, Epworth,
reports that construction is underway ~
on a new cement block and brick
building of Early American design at
the corner of Main and Center Streets. ;
Completion is expected before yearend.

T e a r fu l F a r e w e ll



Is the premium you expected for
your Bank Stock fading aw ay in
today’s Tight Money market?
DON’T W AIT TO O LONG . . . Make arrange­
ments to sell your Bank Stock today to one
of our Well-Qualified Buyers.

Bankers Service

1301 Register and Tribune Building
Telephone 515— 244-3113
" Serving



o rth w e s te rn Banker, S e p te m b e r, 1966
Digitized forNFRASER
Federal Reserve Bank of St. Louis




MOLLY JOHNSON, daughter o f the Maynard Johnsons, Marshalltown, bids a
tearful farewell to her 4-H Club Calf by
performing one o f their favorite tricks.
M olly’s Black Angus was one of the 30
baby beeves purchased by the Central
National Bank and Trust Company of Des
Moines at the recent Iow a State Fair.
With M olly and her project calf is Loren
Cartwright, vice president of the bank.




“Expect a lot from your correspondent
when your correspondent is the Harris”

T h ese m en g e t things done in p a rts o f th e w orld
w here it’s d ifficu lt to do th in gs. Rely on our com ­
pletely equipped International Banking Division for trade
development information, foreign exchange, and special ser­
vices for your customers trading or traveling overseas.
Federal Reserve Bank of St. Louis

111 West Monroe St. • Chicago, Illinois 60690

N o rth w e s te rn Banker, S e p te m b e r, 1966




Vaiteli It \ T Opens

llea u t OHfive
page show some of these antiques.
The four drive-up windows are built
in the porticos extending as wings to 'V
the north and south of the building.
Two of the windows have tellers pres­
ent. The other two are serviced by
Vue-Matic closed circuit televisionpneumatic tubes. The entire window 4installations and TV service were in­
stalled by Diebold, Inc. A large, black­
top parking area in the rear of the
building is provided for employees
and bank customers.

STRIKING, all-white exterior o f Regency office is prompting neighboring firms to
“ dress up” their premises, thus adding a further touch o f real elegance to the west
end of Des Moines’ business loop area. Board Chairman Edward Burchette and Pres­
ident Neal Sands are pictured at the entrance to one o f the drive-in lanes.


THE west end of the Des

Moines business “loop” is an
island of elegance correctly and taste­
fully named the “Regency Office” of
the Valley Bank and Trust Company,
Des Moines. It is the center of atten­
tion for motorists headed to work or
home when they enter or leave the
west end of the loop area.
Edward Burchette, chairman of the

board, said he had in mind for a long
time such a place to utilize properly
an extensive collection of antique fur­
nishings he owns. These had been
purchased during his travels abroad
in former years. They were stored
mainly in New York and were care­
fully restored by a noted antique ex­
pert so they could be used in the Re­
gency office. Pictures below on this

OVAL banking lobby features huge Irish crystal chandelier
which is reflected in a 1760 silver leaf Chinese Chippendale
mirror. The latter was made by Thomas Chippendale for the
Duke of Northumberland, and is hung over the classic fireplace.
Centered beneath the chandelier is an antique Irish rent table.
This piece also dates to 1760 and was used by the laird of the
manor when collecting rent from tenants. There are 12 drawers
in the rotating top in which rent records were kept. The four
o rth w e s te rn Banker, S e p te m b e r, 1966
Digitized forNFRASER
Federal Reserve Bank of St. Louis

CLOSED CIRCUIT TV is being used at
the Regency office for the first time by a
bank in the central Iowa area. Vuematic r .
equipment was installed by Diebold, Inc. -A,

teller windows in background wall may be closed with attractive
louvred doors. Photo at right, just off main lobby, reflects
total English Regency of the building. Breakfront bookcase is
made o f the rare Acajou wood commandeered by Napoleon for
exclusive use in royal palaces of Prance. This room is used by
Board Chairman Edward Burchette, who spends part of each
working day in Regency office. Another office on the other side
of lobby entrance is same size and also tastefully furnished.



iE iC


nCIIC lu ll I






(Ask Tom Horn. John Dietendorf or Gene Hagen!)
T h e y’re always available, and anxious to prove how S ecurity N ational can bet­
ter serve your p a rtic u la r needs. (Look fo r them at the Group M eetings). Tom,
John and Gene a re n ’t the only ones you can talk to about the fam ous “ Secur­
ity S e rvice ” . Ask anyone. First, ask a S ecurity N ational custom er. Y ou’ll find
that present S ecurity custom ers make the best testim onials. If you wish, you
can call Ted Thom pson. He’s the pre sid e n t of S ecurity National, but he al­
ways has tim e fo r custom ers! Find out fo r yourself that there isn’t a thing
the S ecurity National Bank c a n ’t and w o n ’t do for their correspondents.

44Where Customers Send Their Friends99

Federal Reserve Bank of St. Louis





N o rth w e ste rn B anker, S e p te m b e r, 1966




T rib u t« Tu iti to T rank W a rn rr





CALL 712 255-7926

Les Olson

A TESTIMONIAL to Frank Warner on the occasion of his 50th anniversary as secre­
tary for the Iowa Bankers Association was presented to him at a testimonial dinner
August 31 in Des Moines by the 23 living past presidents of the IBA. In photo above,
Mr. Warner (le ft) is receiving the plaque from Hoyt R. Young, who represented the
20 past presidents in attendance at the dinner. Mr. Young was president in 1940-41
and was a classmate of Mr. Warner’s at the University of Iowa. He now resides in
W ichita Falls, Texas.
Master o f ceremonies for the dinner was E. A. Ebersole, president o f the IB A in
1938-39. He is v.p. & cash., State Central Savings Bank, Keokuk. Mr. Ebersole is
pictured (at right) in photo below with Mr. Warner, and at left in same picture is
W. Harold Brenton, IB A president in 1946-47 who served a few years later as president
o f the American Bankers Association.
Attending the dinner in addition to past presidents and their wives were past vice
presidents and treasurers of the IBA, present chairmen and secretaries of the 10 Iowa
groups and their wives, and office personnel of the association.

Burt Poulson
Rich Breyfogle
Connie Aronson
Jim Stachour

Sheffield Promotions

Assistant Vice President

rth w e s te rn Bonker, S e p te m b e r, 1966
Digitized for
Federal Reserve Bank of St. Louis

At their last meeting, directors of
the Sheffield Savings Bank, Sheffield,
promoted two officers and elected one
new officer. H. J. Lamp, cashier, was
named vice president and cashier.
Harold J. Gallagher was promoted
from assistant cashier to vice presi-

dent. Gertrude Niehouse was elected
assistant cashier.
Robert F. Schaefer, president, suf­
fered a severe heart attack August 19
and is confined to Mercy Hospital in
Mason City. He was reported on Sep­
tember 1 to be improving and it is
anticipated he will remain in the hos­
pital most of this month.


Exclusive Banking Service at the Chicago Stock Yards!

is Chicago’s Only Stock Yards Bank!
Drovers is the Financial Center of the great C hicago S to c k Y a rd s—
the bank which provides the famous “ Immediate Credit” service. T h is
service credits your custom ers' livestock sales receipts to your bank’s
account the same day the sale is made.
Look to D rovers, too, for fast collection of shippers’ and packers’
item s; investment and safe-keeping services; transit service; consulta­
tion on bank operations and instalment lending; complete trust depart­
ment; and over-line participation in loans.
Experienced D rovers’ representatives stand ready to a ssist you with
any correspondent banking need. Put Drovers’ 83 years of Stock Yards
banking experience to work for you. Call or write Fred Cum m ings, Vice
President, Correspondent Banks.
Federal Reserve Bank of St. Louis

F R E D D . C U M M IN G S
Vice President, Correspondent Banks

DroversNational Bank
Union S to ck Y ard s, C h icag o , Illinois 60609
M EM BER F .D .I.C .

YARDS 7-7000
N o rth w e s te rn B anker, S e p te m b e r, 1966


Iow a


N o r t h ir e s t

O rnili O p e n sV

First Choice
for trust
service in
Northeast Iowa


NORTHWEST DES MOINES NATIONAL Bank (Brenton) last month opened the
doors to its newly-completed bank building at a public open house. The building,
located at Beaver and Urbandale, features a skylight throughout its length. The
opposite side of the building is lined with drive-in-teller stations. Also included in
the bank is a lower banking lobby where the accounting department and a com­
munity room are located. David G. Wright is president of the bank.



________ ------------------

1 1 0 EAST


PHONE 235-0331


(Area Code 319)

" O lia li H o h lini/
AW o n
T o T e n t r a l N a t i o n a l **—O lm s te d
ajo r g e n e r a l george olm -

M STED, USAR (Ret’d), chairman
and president of International Bank,

Washington, D. C., has announced the
following plans of International Bank
and Financial General Corporation
u n der the new
legislation affect­
ing both organi­
“ Recent amend­
m e n t s to t he
B a n k H old in g
Company Act of
1956 have elimi­
nated the compa­
ny’s ex em p tion
f r o m regulation
G. O L M S T E D
u n der that Act,
As a result of this new legislation, the
board of directors has adopted a pol­
icy that International Bank shall
cease to be bank holding company as
defined in the Bank Holding Company
Act of 1956. To effectuate this policy,
the board of directors has approved a
plan whereby the company’s owner­
ship of the common stock of Financial
General Corporation will be reduced
to less than 25 per cent of all the out­
standing voting stock of that com­
“ It is presently contemplated that a
new corporation will be formed which
will have as its sole asset such shares
of Financial General as International
Bank may be required to dispose of

in order to cease to be a bank holding
company. The new corporation will
also receive a proxy to vote the shares
of Financial General retained by In­
ternational Bank until International
Bank disposes of such shares or until
December 31, 1978. The common stock
of the new company will be distrib­
uted pro rata to all of the stockholders
of International Bank.
“The company intends to make such
dispositions as may be required before
December 31, 1966. The Ways and
Means Committee of the House of
Representatives has reported a bill
which will make tax free the proposed
distribution of stock of the new com­
pany to International Bank stockhold­
ers. In the event this bill becomes
law prior to the proposed divestment
and distribution, the company intends
to utilize its provisions.
“The 1966 amendments to the Bank
Holding Company Act have likewise
eliminated the exemption of Financial
General Corporation from the provi­
sions of that Act. The board of direc­
tors of Financial General has adopted
a policy under which Financial Gen­
eral will register as a bank holding
company and will continue to operate
as such. To effectuate this policy, it
it required that Financial General will
distribute all of its non-banking assets
prior to December 31, 1978. Financial
General has announced it intends in
the near future to make a distribution




Federal Deposit Insurance Corporation
Federal Reserve System

rth w e s te rn B anker, S e p te m b e r, 1966
Digitized for
Federal Reserve Bank of St. Louis



S I N C E 1 8 8 2 ...............
s u p p l i e r to t he ba nki ng i n d u s t r y


io o o

m e .

1000 University Ave. • St. Paul, Minn. 55104



Unmistakably Iowa, the Dakotas, and Nebraska. That’s about the way every­
one reacts— voices recognition, to these trademarks. To those who know, our
men from First have won recognition for themselves for being some pretty
smart and helpful fellows to turn to for top correspondent bank services. No
trouble in putting them to work to see how good they really are. Just call.
Charles H. W alcott, Vice P re s id e n t; Richard C. Taylor, Vice P re s id e n t; B. M. Broderick, A ssista n t Cashier
Federal Reserve Bank of St. Louis

s t.

í mmeymdtfers-iWkTíüt
/ 1


in Sioux City

N o rth w e s te rn Banker, S e p te m b e r, 1966


Io w a N e w s

a government agency, the Veterans Administration, which
appeared in the St. Louis Globe Democrat on August 6.
Here are exact quotes:

I'h om jv in - i f 33
(Continued from page 41)
of the FRB into tinkering with qualitative controls not
tied to demonstrated market realities such as operating
margins, spreads and costs, is doomed to favor one type
of institution or geographic area over another. In this
case, distressed savings and loans would be helped at the
expense of banks. Further, big money market banks
which issue the larger C.D.’s probably would be favored
over the smaller banks which tend to issue C.D.’s of the
smaller size. A small voice in the wilderness may be
raised to the question of the right of the public to earn
a freely determined rate of return on savings as com­
pared to a rate set in Washington, with an administered
Rather than trying to roll back sectors of interest rates
in periods of inflation such as we are experiencing, the
classic and time proven way of rationing credit has been
by free market forces, which, though subject to some
imperfections, seem more desirable than political or in­
dustrial pressure—motivated legislation.
It seems perinent to relate this to an advertisement by
of the stock of a company holding its
industrial-merchant banking assets.
As a stockholder of Financial Gen­
eral, International Bank will receive
its pro rata share of such distribution
and intends to retain as an asset of
International Bank the property so
“The company has announced that
it has entered into an agreement to
purchase 63.5 per cent of the outstand­

—Only $100 down if you qualify—no closing costs—Up
to 30 years loans at 5% per cent interest—Some available
at 4% per cent and 35 year loans.”
We know why the Veterans Administration is forced
to advertise these homes and interest rates to non-vet- 4
erans as well as veterans. We also know that a 4% per
cent rate for 35 years, or the 5% per cent rate for 30 years
are government administered rates devoid of current eco­
nomic determination. We may expect a considerable number of potential buyers of convential homes who read
that advertisement to balk at paying 6% per cent—6% per
cent rates and higher down payments than $100 and clos­
ing costs as well. That advertisement may move some
VA homes; it certainly does not help the private sector.
The Robertson proposal is a definite step along the
stoney path of government administered rates and lesser
reliance on market equilibrim permitting the market
forces to allocate scarce resources.—End.

ing common stock of the Central Na­
tional Bank and Trust Company of
Des Moines, Iowa. The company will
cease to be a bank holding company
prior to the consummation of this pur­
chase. The ownership of the Central
National Bank and Trust Company
will not subject International Bank to
regulation as a bank holding com­
“Through its ownership of a major-


First National Bldg.

Fleming Bldg,

Phone 326-2527

Teleptype 319-322-0026

Phone AT 2-1456
Teletype 515-261-4723

o rth w e s te rn Banker, S e p te m b e r, 1966
Digitized forNFRASER
Federal Reserve Bank of St. Louis


ity interest in the Central National
Bank and Trust Company, its inter­
ests in foreign banking operations,
and its assets to be received in the
contemplated distributions by Finan­
cial General, the company will con­
tinue in the banking and merchant
banking business.”


(Continued from page 40)
hence the prairie hay crop is quite T
short and range conditions are below
average. Recent reports indicate win­
ter wheat averaging in the neighbor­
hood of 25 bushels per acre.
Corn and sugar beets growing un­
der irrigation are reported to be better
than average for this time of year.
Above average yields are anticipated, y
There has been very little contract­
ing in this area for fall delivery of
feeders; however, those reports re­
ceived indicate calves 28 to 32 cents
per pound, yearlings 24 to 27% cents.
Butcher cows have been steady to
strong at 19 to 22 cents. Baloney bulls
are substantially higher, selling as
high as $23 per hundredweight.
Wether lambs are contracted in this
area at 23 to 24 cents and generally 2
cents more for ewe lambs, for Octo­
ber 1 to October 15 delivery.

C olora d o

Vice President and Trust Officer
Farmers State Bank
Fort Morgan, Colorado

The current agricultural situation
is favorable. Although the wheat
crop this year was only average, it
exceeded production for the past three


The officers of Live Stock National strode into
this building on March 29th. They are still there.

M em ber F. D. I. C. and Fed eral R eserve S ystem


If you haven’t looked into 120 South LaSalle St.
during the past few weeks, you sh ou ld . T he
Live Stock National Bank has merged its staff,
experience and assets with ours. Does this make
co rre sp o n d e n t ban kin g better than ever at
Central National Bank in Chicago?

Federal Reserve Bank of St. Louis

Northwestern Banker, September, 1966




V a lile O u tlo o k . . .
(Continued from page 50)
feeders and ranchers have begun to spread their buying
this year will probably be somewhat lighter than the
and selling practices over a longer period of time, which
average. Offers being made on future delivery of feeders
should be good for the industry.
in our trade area at the present time appear to compare
Prices on the average for this fall will probably be:
quite favorably with those prices being offered this time
Two-year-old steers—$24.50 to $25.50.
one year ago. Although we are experiencing drouth
Yearling steers—$25.50 to $27.50.
conditions in many areas we do not at this time antici­
Yearling heifers—$24 to $26.25.
pate a disorderly marketing of livestock or any marked
Steer calves—$29 to $33.
reduction in breeding units carried over by the majority
Heifer calves—$27 to $31.
of our operators.
The final verdict on prices will be made by the buyers.
Sandhills Cattle Association
Valentine, Nebraska

past month (August) has been one of more than
normal activity both in buying and selling. The
movement of cattle started about two weeks early this
The summer rains have been spotted throughout the
Sandhills Range area, which seems to be about the same
situation to be found in other states. The hay supply is
short and upland cuttings are running from 20 to 35 per
cent below last year, while the valley cuttings are at
the most, 10 per cent off. Most ranchers are making
adjustments for the short feed supply. The general
trend seems to be a deeper cut into the cow herd, largely
due to the good market of slaughter cows. This, in turn,
could mean a high breeding replacement market next
Indications are that there is less spread in price be­
tween heifers and steers on the feeder market. Orderly
marketing will determine the price of feeder cattle. Both



Chairman o f the Hoard
First National Bank
Bowman, North Dakota

supply is ample except for a shorter hay crop
and poor feed grain crop in northwestern South Da­
kota. Grass generally is in good condition.
It would look like 27- to 30-cent calves this fall; 25- to
26-cent yearlings, although as yet there has been practi­
cally no contracting. It is our opinion that the cattle
market will strengthen late in the fall and the early part
of 1967. It would appear that bred yearling heifers will
be in demand to supplant the heavy cow sales we have
had. The last two years have been marked by extreme
+storms, and weather conditions in the winter have also
added to the shortage of our calf crop.
We expect the fat cattle market to get stronger after
the first of the year, and be stronger in the fall of 1967 V
and 1968. Good breeding stock will continue to be in


(Continued from page 96)

Working with, working for a
growing Iowa for more than
100 years. . . Iowa Power. An
investor-owned utility now
serving 200 communities in
the 27 counties of Iowa’s

Digitized forNorthwestern
Banker, September, 1966
Federal Reserve Bank of St. Louis

years, consequently our dryland farm­
ers were satisfied. The increased
price offered for wheat over last year’s
also has had its benefits.
Our irrigated crops are above aver­
age, except for some areas which were *
hit by hail during the growing season.
Labor costs are hitting the sugar beet
growers. Some small growers are
quitting and switching to row crops, K
such as corn, which are easier to grow.
Farmers are under pressure to re­
duce labor through the use of chemi­
cals. Our large potato farmers are
optimistic about their crops and most
of them have contracted their crops
with shipping companies for $2.05 per
hundredweight in the field.
There is optimism in the range ■
country due to recent rains on the
pasture. Cattle feeders are exercis­
ing more caution, thinking about how
to break even on the feeder cattle
they are now purchasing for replace­
We believe there are no emergency
needs for credit. There has been an
increased demand for intermediate
credit, particularly on new equipment
and capital expenditure loans. How-

The man from American National
will come to see you.
One way or another.
Getting to where you are by boat isn’t always easy. Especially if the nearest water is umpteen
miles from your bank. But nothing stops Bill Davis. So don’t be surprised to see a cabin cruiser
parked in front of your bank some fine morning.
Bill’s sea chest is loaded with the latest information on methods, planning and all aspects of
modern bank operations and he’ll be pleased to serve you in every way.
If Bill or one of his fellow travelers isn’t in your office right now, call Bill Kurtz at FRanklin 2-9200
(area code 312). Your call will set an ANB action-banker in motion to visit with you . . . by
rowboat if necessary.
Federal Reserve Bank of St. Louis

We serve thousands of people . . . but we serve them one at a time

A m e r i c a n F V a tio n a l B a v i lt
FR A N KLIN 2 9 200




Iow a



of the National Association of State Bank
Supervisors, left, greets Donald M. Kout
and Robt. G. Lenertz, examiners in the
Iowa Banking Dept,, as they enroll in the
3rd annual school for examining personnel
at the University of Illinois, Champaign.

Wesley G. Johnson can help you
boost your loan business
I I you a re lo o k in g l o r a w ay to say " y e s " in ste a d
o f " n o " , th is m an m a y be a b le to h e lp yo u.
You m a y fin d

th e " r ig h t "

answ er in W a re h o u s e

R ece ip ts.

So here's a useful t ip : W h e n y o u r cu sto m e r's
in v e n to ry can be c o n v e rte d in to p rim e c o lla te ra l,
th e re is no need to tu rn th a t loa n d o w n .
T h ro u g h fie ld w a re h o u s in g , St. Paul T e rm in a l
W a re h o u s e p ro v id e s P re fe rre d W a re h o u s e R ece ip ts, th e b e s t
c o lla te ra l fo r c r e d it exte n sio n b e yo n d o pe n lin e lim its .
K e e p th e m a ny b e n e fits o f th is v a lu a b le se rvice
p a r t o f y o u r bank. Pick up th e p h o n e and c a ll us to d a y .
P ut SPT to w o rk fo r yo u .

Wesley G. Johnson, 520 Empire Building
Des Moines, lowo 50309, Phone: 282-1208
Or if more convenient,
Russell V. Peterson, 612 Farnam Building
Omaha, Nebraska 68106
Phone: 341-7190

Offices in principal cities


Banker, September, 1966
Federal Reserve Bank of St. Louis




St . P a u l , M i n n e s o t a

ever, these types of loans are being
screened carefully because of the
tight money situation. The primary
consideration on any new loan appli­
cation is its ability to liquidate.
Rising land prices are hard to jus­
tify on the value of production per
acre, but the good farmers seem to
be getting bigger and the poor farm­
ers are selling out. Efficient farmers V
are inclined to get larger in operations
in order to cut down their unit cost
of production. This transition will
create a heavy demand for credit and
we believe this demand will be ful­
filled by the banker.
Farmers are challenged by talk of
feeding the world. This future de­
yjmand for food has given them a new,
optimistic outlook for this industry.

W y o m in g
Executive Vice President
First National Bank
Wheatland, Wyom ing

Crops grown here are primarily
winter wheat on the dry land and
pinto and great northern beans, sugar
beets and corn (mostly for silage) on
the irrigated areas. A dry spring and
dry early summer has caused most
crops to be late. However, somewhat
surprisingly, things look good.
Our wheat crop averaged 25 bush­
els in most places, apparently due
somewhat to a heavy snow last Sep­
tember and some summer rain in the
wheat country. Beans look good, but
we would hope that frost this fall will
be later than the usual September 7
to 10. Corn is even later, but we
should have quite a bit of silage.
Ranchers are very short of winter
pasture and hay. However, they are
getting through the summer and we
don’t foresee any unusual cattle liqui­
dation this fall. Prices are good,
weights will probably be quite light.

Iowa N e w s


Buys Building at Eldora
Morris Stephens, president of the
First Federal State Bank in Des
Moines and a member of the board of
directors of the First National Bank
of Eldora, has purchased the building
which the latter bank occupies. The
First National has a lease on its por­
tion until October 1, and it is pres­
ently planning to build a new bank,
to be started this fall.

James D. David
James D. David, 55, a native Iowan
who had been a resident of Chandler,
Ariz., for 30 years, died there late last
month. Mr. David was vice president
and manager of the Chandler office of
Valley National Bank of Arizona. He
had been with Valley National since
1936 and was one of three who helped
open the Chandler office in June of
that year. Mr. David was born in
Sioux City in 1911, attended schools
there and started in banking with the
Morningside State Bank in Sioux City
in September, 1929.



f J ^ f - C I T - THRU

U-shaped bar travels over car, washing
quarter panels 12 times, front and
rear 4 times. Triple-action washing is
concentrated on hard-to-clean
parts. Jets underneath clean the

on g - U ve on ’ 5
Jet-Cit-Thru is brand new and uncopied. It
stands alone, out in front, a tested and proved
way to make substantial profits in the car
wash business. Jet-Cit-Thru pre-spray applicator
loosens dirt for a perfect wash job. Specially
designed jet sprays clean the whitewall tires,
using an exclusive tire cleanser. The same
warm, soapy water that cleans the body sprays
underneath—cleaning the entire undercarriage.
Here is another important key to profits—
double duty for the water—no waste! Jet-CitThru is hard on dirt, easy on water bills!
Driver deposits coin, or pays attendant . . .
drives in between guide rails. . . stops. Opera­
tor starts Jet-Cit-Thru’s high pressure washing
cycle, directs power wash to specific parts of
car. After two-minute wash, driver pulls his
clean car through high velocity air dryer. Keys
to profit are here: simplicity, thoroughness,
speed. In less than three minutes the driver
pulls away in his clean, dry car! He is satisfied
and pleased.
Complete car is washed, bumper-to-bumper,

MRS. A N N STARK, a teller at the Citi­

zens National Bank, Boone, produced a
money dress complete with coins sewn on
the dress and the “ long green” play money
to carry out the theme. Her costume was
chosen by judges as the best individual
effort to typify Krazee Daze in Boone.
Federal Reserve Bank of St. Louis



top-to-bottom. Nothing is missed! Yet nothing
but warm soft water and soap touch the car
at any point. No mechanical scratching, brush­
ing, scraping, or chain hook-up. No workers
touch the car or get in it. Wax and finish
are protected.
More than 15 years of experience in pressure
cleaning have gone into the development of
Jet-Cit-Thru. It is specifically engineered for
trouble-free performance, minimum mainten­
ance and low operating cost. All electrical
circuits meet national electrical codes.
One Jet-Cit-Thru bay takes little more space
than a one-car family garage. High profit
potential for one or two bay operations . . .
even with small land requirement. Each bay
can profitably wash 25 cars per hour.
Call, write, or wire for complete details and
personal appointment to see Jet-Cit-Thru in

- C IT - T H R U .



PHONE 515 / 752-3696

Northwestern Banker, September, 1966




A fam iliar
on a new
Plaza State Bank, located in
the Merle Hay Plaza area in Des

C y r u s K i r k , La Salle Vice
President, has joined Max Roy
in Iowa. Cy knows Iowa
farm ing and he knows Iowa
banking. He can make on the
spot decisions when necessary
and he can call on other
members of his new team
when needed. Why not give
Cy a call. He lives right
nearby in Des Moines, but his
headquarters are at La Salle
National Bank, 135 South
La Salle St., Chicago, III.
60690, STate 2-5200, area
code 312. Complete trust
services. Member FDIC.

Banker, September, 1966
Digitized forNorthwestern
Federal Reserve Bank of St. Louis

Moines, has announced that it is now
paying 5 per cent interest on certifi­
cates of deposit is denominations of
$1,000 or more. The CD’s are auto­
matically renewable in periods of six,
nine or 12 months. Bankers Trust
Company and Iowa-Des Moines Na­
tional Bank preceded Plaza State
Bank in offering the higher interest
on CD’s.
* * *
Dee L. Frost, vice president in the
trust department at the Iowa-Des
Moines National Bank, has been elect­
ed president of the Drake University
Law School Alumni Association and
the Drake University Law School
Board of Counselors. He is the first
attorney not engaged in active prac­
tice of law ever elected to these posts.
He has also been recently elected the
vice president of the Des Moines Es­
tate Planning Council.
The Estate Planning Council also
elected Les Proctor, trust officer at
the Iowa-Des Moines, to its executive
* * *
“ Highlights” will be the theme of
the annual show by the Des Moines
Garden Club to be held at the IowaDes Moines National Bank September
16. It will feature various highlights
in a person’s life.
* >i= *
Forest T. Lewis, executive vice pres­
ident of the Plaza State Bank, has
been elected president of the Merle
Hay Plaza Merchants’ Association for
the coming year.
* *
David L. Miller, executive vice pres­
ident of the West Des Moines State


Bank, announced recently that Keith
W. Ryan of West Des Moines joined
the staff as of
September 1. Mr.
Ryan will serve
as a loan officer
and brings with
him a fine knowl­
edge of lending
and credit work.
He is well known
in t h e D e s
Moines area be­
cause of his long
association w ith
the Herman M. Brown Company as
credit manager and more recently as
district representative for James Talcott, Inc. He is a graduate of Grin­
ned College and has a B.A. degree in
business administration.
The West Des Moines State Bank
obtained Mr. Ryan through efforts of
Bankers Service Corporation of Des
* * =t=
Gene Loverink is now working in
the officer training program at South
Des Moines National Bank.

* * *
The Johnston office of the North­
west Des Moines National Bank will
open during the first part of Septem­
ber. Assistant Cashier David Nagel
will be manager of the new office.
* * *
Several Des Moines bankers attend­
ed recent banking schools during the
latter part of the summer.
Attending the Graduate School of
Banking at the University of Wiscon­
sin in Madison were: Richard L.
Smith, assistant vice president, Cen­
tral National Bank; Robert Buenneke,
assistant vice president, Iowa-Des
Moines National Bank; Gordon Dodge,
assistant vice p resid en t, Bankers
Trust; Keith Eaton, assistant vice
president, Valley Bank and Trust;
John Harmeyer, assistant vice presi­
dent, Plaza State Bank; Richard Pratt,

Iowa News

assistant vice president, Northwest
National Bank; Don Jordahl, cashier,
South Des Moines National Bank, and
Don Davis, assistant vice president,
Capital City State Bank.
Roger Mahoney of the Iowa-Des
Moines National Bank attended the
NABAC School in Wisconsin.
At the ABA National Mortgage
School at Ohio State University were:
Mrs. Marie Peebles, assistant cashier,
Central National Bank; Walter Pirnot
and Clarence Sullivan, assistant cash­
iers, Iowa-Des Moines National Bank.
William Myers, assistant trust officer
at Valley Bank and Trust. Ivan John­
son, vice president at Central Nation­
al Bank, and Chet Lyman, assistant
cashier and trust officer at Iowa State
Bank, went to the ABA National
Trust School at Northwestern Univer­
T. Ward Phillips, who is vice presi­
dent at Central National Bank, jour­
neyed to the Pacific Coast Banking
School at the University of Washing­
ton in Seattle.
* * *
Joseph W. Graeve recently joined
the installment loan department of
the Highland Park State Bank, accordmg to Charles K.
Grochala, execu­
tiv e v ic e presi­
Mr. Graeve was
formerly a s s o c i­
a t e d w i t h the
F i rst National
Bank of Oelwein,
Iowa, and Fidel­
ity Savings Bank
of Marshalltown,
J. W . G R A E V E
The Highland Park State Bank

DRIVE-UP BANKING service is now be­

ing offered by the Plaza State Bank on
the Merle Hay Plaza Shopping Center
parking area. The new facility is located
approximately one block from the main
Two drive-up windows are featured in
the new facility. U. S. Mail boxes are also
available to the customers using the driveup. The bank also maintains a parking
lot facility at Harding road and Euclid
Avenue in Des Moines.


hold a Pat

made c o n t a c t with Mr. Graeve
through the personnel placement de­
partment of Bankers Service Corpora­
tion in Des Moines.
* * *
Warren Ferguson, executive vice
president of Capital City State Bank,
has been elected to membership in
Robert Morris Associates.

H a /f-M illio n th Car


ofitum s
Moines, were presented with a bouquet of
roses and a Polaroid camera by officials
of Highland Park State Bank recently for
having driven the 500,000th car through
the bank’s drive-in office at Second and
Euclid. Pictured with the Trouts and
their children, Linda Sue and Gary, are
the bank officers: L-R: Dean R. Betts,
assistant vice president; John Chatham,
assistant cashier; Daniel H. Griffin, assist­
ant vice president; Robert P. Hewitt, vice
president and cashier and Charles K.
Grochala, executive vice president.

Federal Reserve Bank of St. Louis


Take your Pick — 2 Famous Restaurants and
Cocktail Lounges — Mr. Joe’s and Inn of the
Black Knight. 2 Swimming Pools — Indoor
Heated Pool / Large Outdoor Pool and Patio.
230 Luxurious Guest Rooms and Suites — All
Air-Conditioned, Radio and TV.


Twins? 14.75

P a t Z e lk o f f, La Salle’s attrac­
tive government bond expert, is
noted for her constructive port­
folio recommendations. (M a n y
o f our correspondents w on’t talk
to anyone else!) W h y n ot have
a P at hand in your bond port­
folio? Y ou ’ll find P at at L a S a lle
N a t io n a l B a n k , 135 S. L a Salle
S t ., C h ic a g o , I llin o is 6 0 6 9 0 .
S T a te 2 -5 2 0 0 , area code 3 1 2 .
M em ber F D I C . Com plete T rust

Northwestern Banker, September, 1966


Iowa News


Rates 25 cents per word per
insertion. Minimum: 12 words.
306 15th St., Des Moines, Iowa

Capable of eventually heading
trust dept., rapidly growing Colo­
rado bank. Must know trust oper­
ations; good background, other
areas of trust admin. Age 30-45.
Start $10-$12,000. Send resume in
confidence to Wm. B. Arnold Asso­
ciates, Executive Recruiting Con­
sultants, Suite 430, The Equitable I
Bldg., Denver, Colorado 80202.
BANKERS — We are confidential
recruiters exclusively for bank
clients. Our coverage is nation­
wide. Send resume including your
present salary and requirement,
and geographical preference to
179 Broadway, N. Y., N. Y. 10007,
or phone 212—BA 7-9000 for info.
Any form you need we stock, or
will print. S p e c ia l forms then
stocked for prompt shipment on
Box 238, W ebster City, Iowa



Write or call collect


Area Code 319

Confidential Consulting Service
Merchants National Bank Building
Cedar Rapids, Iowa


"Accepted Sale Registers by Bank
Clerks Everywhere"
For information write
Oakland, Iowa
Digitized forNorthwestern
Banker, September, 1966
Federal Reserve Bank of St. Louis

The appointment of Paul O. Griffith
to the staff of Bankers Access Com­
pany, 502 Securities Building, has
been announced by Carl L. Kent, pres­
ident of the firm.
Mr. Griffith was with Bankers Trust
Company from
1946 until resign­
ing last month.
S t a r t i n g as a
messenger after
returning to the
bank from mili­
tary s er v i c e in
World War II, he
worked in every
department. At
the time of his
P. O. G R IF F I T H
r e s i g n a t i o n he
was assistant cashier in charge of
proof and transit, as well as demand
deposit accounting on the bank’s data
processing computer.
A native of Independence, Iowa,
Mr. Griffith was graduated from

Drake University in 1939. He worked
at Bankers Trust for one and one-half
years before entering the Army. He
completed several courses of study
in the American Institute of Banking
educational division of the American
Bankers Association. In addition, he
completed courses in systems and
analyses for computers at the Chica­
go training school of International
Business Machines Corporation.

Bank Hosts History Display
Decorah citizens had a chance to
see an interesting exhibit recently in
the parking lot of the Security Bank
and Trust Company. It was a minia­
ture museum of American History
with life-like mannequins of all the
presidents and their wives and indi­
vidual scenes from major phases of
American history. The museum was
created by the Randall Publishing
Company and has been traveling
about the country for more than a
G a m b le -S k o g m o ................................................... 27
G ro ss, K ir k , C o m p a n y ...................................... 105

S E P T E M B E R , 1966
A c o rn P r in tin g C o m p a n y ...............................104
A m e r ic a n N a tio n a l B a n k an d T r u s t
C o m p a n y o f C h i c a g o ..................................... 99
A m e r ic a n N a tio n a l B a n k and T r u s t
C o m p a n y — St. P a u l ................................ 6 0-61
A r n o ld , W m . B., A s s o c ia te s ....................... 104
B a n k B u ild in g and E q u ip m e n t Corp. . . 49
B a n k e r s L ife C o m p a n y .................................. 56
B a n k e r s S erv ice C o rp o r a tio n .................... 88
B a n k e r s T r u s t C o m p a n y — D e s M o in e s . 86
B a n k o f A m e r ic a ................................................. 30
B a n k o f M o n tr e a l .............................................. 67
B la c k Sale S y s t e m .............................................. 50
C e n tra l B a n k and T r u s t Co., D e n v e r ... 81
C e n tra l N a tio n a l B a n k — C h ic a g o .......... 97
C e n tra l N a tio n a l B a n k & T r u s t
C o m p a n y — D e s M o in e s ............................. 14
C e n tra l S ta te s H e a lth & L ife C o............... 107
C h ase M a n h a tta n B a n k ..................................
C h e m ic a l B a n k N e w Y o r k T r u s t C o . . . . 25
C h ile s & C o m p a n y ............................................ 74
C h ristm a s C lub a C o rp o r a tio n ............... 18
C o lo ra d o N a tio n a l B a n k ............................. 68
C o m m e rc e T r u s t C o m p a n y ......................... 85
C o n tin e n ta l Illin o is N a tio n a l B a n k
and T r u s t C o m p a n y ..................................... 23
C u rtiss 1000 In c ..................................................... 94
D a v e n p o rt, P. E ., & C o............................1 02-104
D e L u x e C h eck P rin te rs , In c o r p o r a te d .
D oa n e A g r ic u lt u r a l S e rv ice, In c ................. 42
D o u g la s -G u a r d ia n W a r e h o u s e Corp. . . 12
D r o v e r s N a tio n a l B a n k .................................. 93
E a s tm a n D illo n , U n ion S e c u ritie s & Co. 44
E m p lo y e r s M u tu a l C o m p a n ie s ................. 52
F a r m B u s in e s s C o u n c il .................................. 28
F id e lity P la c e m e n t C e n te r ............................ 104
F ig g e , R e g in a ld , A s s o c ia te s ....................... 104
F ir s t N a tio n a l B a n k — C h ic a g o ................. 47
F ir s t t N a tio n a l B a n k — D e n v e r ............... 70
F ir s t N a tio n a l B a n k — K a n s a s C ity . . . 19
F ir s t N a tio n a l B a n k — O m ah a .................... 77
F ir s t N a tio n a l B a n k — S t. J osep h ..............78
F ir s t N a tio n a l B a n k — S io u x C ity .......... 95
F ir s t N a tio n a l B a n k & T r u s t
C o m p a n y o f L in c o ln ..................................... 83
F ir s t N a tio n a l C ity B a n k ........................... 29


L a S a lle N a tio n a l B a n k ............... 1 0 2 -1 0 3 -1 0 5
L a w r e n c e C o m p a n y , T h e ............................. 51
L e F e b u r e C o rp o r a tio n ..................................... 24
L iv e S to c k N a tio n a l B a n k — S io u x C i t y . 62
M a n u fa c tu r e r s H a n o v e r T r u s t C o................43
M a s s e y -F e r g u s o n In c .........................................
M e rc a n tile T r u s t C o m p a n y
...................... 21
M e rc h a n ts M u tu a l B o n d in g C o................... 48
M e rc h a n ts N a tio n a l B a n k
M in n e s o ta C o m m e rc ia l M e n ’ sA s s n . . . . 16
M o s le r S a fe C o m p a n y .................................54-55
N a tio n a l B a n k o f C o m m erce
T r u s t & S a v in g s ............................................ 79
N a tio n a l B a n k o f W a t e r lo o ...................... 94
N a tio n a l F id e lity L ife In su ra n c e Co. . . 13
N o r th C e n tra l C o m p a n ie s ...................... 1 7-45
N o r th e rn T r u s t C o m p a n y B a n k ...............
O ld S e c u rity In su ra n c e C o m p a n ie s . . . . 53
O m ah a N a tio n a l B a n k ..................................... 75
O m a h a P r in tin g C o .............................................. 76
O za rk A ir L in e s ................................................. 71
R ah e l, J. C liff, and C o m p a n y ................... SO
R e c o rd a k M ic ro film in g — E a s tm a n
K o d a k C o m p a n y .................................... 10-11
R o y a l B an k o f Canada


U n ite d S ta te s C h ec k B o o k C o m p a n y . .
U. S. N a tio n a l B a n k — O m a h a ....................
V a lle y N a tio n a l B a n k o f A r iz o n a ..........
W e s t e r n M u tu a l In s u ra n c e C o...................
W e s te r n -S o u th e r n L ife In s u ra n c e C o ...
W h it e -P h illi p s Co., In c ......................................

C o m m e rc e

Kansas C ity ,

We Can Help!




T o y N a tio n a l B a n k ............................................ 92
T w in M o to r H o t e l-M id w a y
M o to r L o d g e .......................................................103




St. P a u l T e r m in a l W a r e h o u s e C o............. 100
S c a rb o r o u g h & C o m p a n y .............................
S e c u rity N a tio n a l B a n k — S io u x C i t y . . . 91
S to c k Y a r d s N a tio n a l B a n k — •
S ou th St. P a u l ................................................. 59
S tu d le y , S h u p e rt T r u s t In v e s tm e n t
C o u n cil .................................................................. 48

Write in confidence to


H a rris T r u s t and S a v in g s B a n k ............. 89
H a w k e y e -S e c u r it y In su ra n c e C o .................. 26
H e lle r , W a lt e r E ., & C o m p a n y ............... 46
In su re d C re d it S e rv ic e s, In c .......................... 16
I o w a -D e s M oin e s N a tio n a l B a n k .......... 108
Io w a L e g a l B la n k & P r in tin g C o .............104
Io w a P o w e r an d L ig h t C o m p a n y .......... 98
J e t -C it -T h r u ............................................................101

T o w er

M o . 64105

8 1 6 -4 2 1 -3 4 7 4










The Bankers’ Market Place
A Page Telling What’s New for Banks and Bankers
E a c h m o n t h th e B a n k e r s ’ M a r k e t P la c e w i l l b r i n g y o u lis t in g s o f n e w
p r o d u c t s , s p e c ia lt y it e m s , b a n k in g e q u ip m e n t , a n d g i f t it e m s w h i c h w i l l
h e lp y o u a n d y o u r s ta ff d o a b e t t e r jo b . T h i s is th e s e le c t io n f o r th is m o n t h .

now available from
the Safe Manufacturers National
Association, New York, includes book­
lets of interest to the EDP user, the
office manager, the insurance under- writer and the purchasing agent.

or rents for $7.50 (initial showing)
and $5 for additional showings during
the rental period.
Orders, as well as requests for bro­
chures on these and other available
films, should be sent to Bank Public
Relations and Marketing, 120 W.
Madison Street, Chicago 60602.
page 13) are produced by

These booklets are “Records Protec­
tion in the Age of EDP,” “Record
Safes and Money Chests,” “What
SMNA Labels Mean in Protection
Against Losses by Fire, Robbery and
j Burglary,” and “ Insulated Files . . .
the Convenience of a File, the Protec­
tion of a Safe.”
Members of SMNA are: Diebold,
Inc.; Meilink Steel Safe Co.; Murphy
Manufacturing Co.; The Schwab Safe
Co., and Mosler Safe Company.
Copies of the above literature may
be obtained from Safe Manufacturers
) Nat i ona l Association, 366 Madison
Avenue, New York, N. Y. 10017.
new staff training films—
two on bank robbery and one
about “behind the scenes” workers—
are now being offered to bank train­
ing officers by Bank Public Relations
and Marketing Association. The three,
' all full-color 35mm sound slidefilms,
are primarily designed for in-bank
use. One dealing with robber identi­
fication, has an additional use in a
community-relations program as the
basis for a bank-sponsored clinic for
local merchants.
“Chain Reaction” and ’’Moment of
Truth” can be purchased at $60 each,
or rented for $10 for one showing and
$7.50 for each additional showing dur­
ing a single rental period.
“Remember That Face” sells for $45
Federal Reserve Bank of St. Louis

Field Promotions, Inc., and have now
been franchised in more than 40
banks nationwide from New York to
San Francisco and the northern states
to Georgia. The new simplified credit
application can be completed in min­
utes without a personal interview.
The customer codes personal infor­
mation on a score board at the top of
the form telling the bank the purpose
of the loan, the applicant’s earnings,
mortgage or rent payments, employ­
ment history and other credit data.
The application can then be mailed to
the bank or turned in to a loan officer.
The procedure saves considerable
time for applicant and lending officer.
Field Promotions, Inc., is located at
2 West 46th Street, New York, N. Y.
ERCANTILE Trust Company, St.
Louis, Mo. has just published a
12-page booklet titled “Executor’s
Duties.” The booklet lists 83 of the
principal duties of an executor of an
estate. In addition to pointing out the
heavy responsibility which is put up­
on an individual who is named as an
executor, the booklet points out the
advantages and safeguards gained by
naming a responsible bank as execu­
tor. Further information may be ob­
tained by contacting Orville R. Goerger, director, public relations and ad­
vertising, Mercantile Trust Company,
721 Locust, St. Louis, Mo.


M ax Roy, La Salle Vice
President, thinks in terms of
millions when it comes to
helping La Salle
correspondents grow.
Call Max and ask him to tell
you how La Salle’s staff of
specialists can work for you.
Max lives nearby in Iowa
City and his phone
there is 319-338-5224.
If he’s not in, he’s probably
out calling on midwestern
banks or at La Salle National
Bank, 135 S. La Salle St.,
Chicago, 111. 60690.
STate 2-5200 (area code 312).
Member FDIC. Complete
Trust Services, of course.

Northwestern Banker, September, 1966


The Final Filter
A woman stopped for gas. As the
tank was being filled, she stood by
smoking a cigarette. The attendant
said: “Pretty dangerous to smoke this
close to the hose.”
“ It’s O.K.,” she replied. “This is a
filter cigarette.”

Cheek To Cheek
“ I heard you slap your boy friend
when he brought you home last night.
What happened?” the mother asked.
“ I was just checking to see if he
was dead!”

hotels, and I’ve been bitten by some
smart bedbugs, but this is the first
time one ever came down to see what
room I was getting.”

Who's That Knocking?
Excited Wife: Doctor, do hurry!
My husband is at death’s door!
Cooperative Doctor: Don’t you wor­
ry, lady, I’ll pull him through.

On The W ay Uj)
“ I would like to marry your daugh­

ter,” said the young bank employee to
the president, “that is, if you have

What Delay!

Stocking Mocking

“ I hadn’t been talking to the fellow
for five minutes when he called me a
“What caused the delay?”

After a day’s shopping, the young
wife entered the living room and
proudly displayed a pair of textured
stockings. “What do you think?” she
asked her husband.
“Well, hon, I’d leave it alone,” he
consoled. “ If it doesn’t go away in a
few days, we’ll call a doctor.”

Smart Bedbug
A salesman went into a hotel lobby
and picked up a pen to register.
As he did so a bedbug crawled
across the desk.
The salesman turned and informed
the desk clerk: “ I’ve been in lots of

Sept. 11-23—ABA National Automa­
tion School, Purdue University,
Lafayette, Ind.
Sept. 25-28—ABA National Person­
nel Conference, Sheraton-Chicago
Hotel, Chicago.
October 3-4—ABA Mid-Western Re­
gional Mortgage Workshop, Sheraton-Cadillac Hotel, Detroit, Mich.
Oct. 9-13— National Association of
Bank Women, 44th Annual Con­
vention, New York Hilton, N. Y.
Oct. 16-19—80th Annual Iowa Bankers
Convention, Fort Des Moines
Hotel, Des Moines, Iowa.
Oct. 18-21— National Association of
Supervisors of State Banks, 65th
Annual Convention, Hotel Utah,
Salt Lake City.
Oct. 23-26—92nd Annual A.B.A. Con­
vention, San Francisco, Calif.
Nov. 6-9—NABAC, 42nd Annual Con­
vention, J u n g H o t e l , N e w
November 6-10— Bank Public Rela­
tions & Marketing Association,
Annual Convention, American
Hotel, Bal Harbour, Fla.
Nov. 13-15— 15th National Agricultur­
al Credit Conference, Leamington
Hotel, Minneapolis, Minn.

Northwestern Banker, September, 1966
Federal Reserve Bank of St. Louis

Handy Signals
Weeping tears of outrage, the lady
driver insisted she had given a signal
November 13-16—52nd Annual Fall
Conference, Robert Morris Asso­
ciates, Shamrock Hilton Hotel,
Houston, Texas.
November 17-18—ABA 35th M i d Winter Trust Conference, Drake
Hotel, Chicago.
November 21-22— 19th Annual Tax
School, Iowa Bankers Associa­
tion, K i r k w o o d H ô t e 1, Des
January 30-31 ABA 19th National
Credit Conference, Hotel Utah
and Motor Lodge, Salt Lake City,
February 5-8— ABA 48th Midwinter
Trust Conference, Waldorf-Astoria
Hotel, New York City.
March 13-15—ABA 64th National Sav­
ings Conference, Atlanta Marriott
Motor Hotel, Atlanta, Georgia.
March 20-22—ABA National Instal­
ment Credit Conference, Conrad
Hilton Hotel, Chicago.
May 7-10 ABA National Automation
Conference, The Americana of
New York, New York City.
May 21-24—ABA 7th National Mort­
gage Conference, The Mayflower
Hotel, Washington, D. C.
May 29-June 2 AIB National Con­
vention, Statler Hilton Hotel,

before her car was struck by the
“Look, lady,” said the man, his pa­
tience ebbing. “ I saw your arm go up,
then down, then straight out, then
into circles. Are you trying to tell me
that’s a signal?”
“For heaven’s sake,” she replied,
“the first three signals were wrong—
didn’t you see me erase them?”


A marble tournament was in full
swing. Little Johnny missed an easy
shot and in a loud voice uttered a real
cuss word. A preacher who was among
the spectators called to him, “Johnny,
what happens to little boys who
swear?” Replied little Johnny, “They
grow up to be golfers.”

Great Choice
“What do you think of our two
candidates for mayor?”
“Well, I’m glad only one can be


Deaf But Not Dumb
Caller: Doctor, my husband has
some terrible mental affliction. Some­
times I talk to him for an hour and
then discover he hasn’t heard a single
Doctor: Madam, that’s not an afflic­
tion—that’s a gift.


Mother Tongue
“Why do they call our language the
mother tongue?”
“Because a father so seldom gets a
chance to use it.”



H A T S N E W ?
Federal Reserve Bank of St. Louis

ixJt.m u r


B A N K -C A R E is an am az­
ingly simple health and in ­
come program. It provides
extra cash to your customer
to use as he sees fit when

It pays in addition to ordi­
nary hospital reimbursement
It is available only through
banks for bank depositors.
B A N K -C A R E is sold only
by mail —no salesm an will
call on your depositors.
Perform a valuable service
in your community — earn
good will and profitable ex­
tra revenue. W rite or phone
collect — area 402 3 4 8 -1 3 3 3 —
for complete details.

Ce n t r a l Sta t e s
H e a l t h & L if e Co .
of Om ah a


rii iiiiui
T. L E S L IE K IZ E R , Chairm an of the Board
504 South 18th Street
Om aha. N ebraska 68102

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Jerry Nelson
Vice President

We think you ll find
our Grain Draft Collections
a little bit better.

A nd a little b it faster . . . a little b it less expensive, to o.
W hy? Because w e have established correspondent
accounts in all key markets. There is never any delay,
never extra charges caused by unnecessary, tim e consum ing handling.
Call Jerry Nelson— th at's Jerry's picture above— or any
o f our other officers (they're all in the group b e lo w )
any tim e you w a n t correspondent service th at's . . .
a little bit better.

Io w a -De s M o in e s
National Bank
S IX T H ANO W ALN U T • M E M B E R F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T IO N • CH 3-1191
Federal Reserve Bank of St. Louis


w e 'r e h e r e


h e lp y o u s e t w h a t y o u w a n t ! '

Bob Buenneke

Assistant Vice President, George Harnagel Assistant Vice President,
Jerry Nelson Vice President, Dale Luckow Assistant Vice President.