Full text of The Northwestern Banker : September 1969, 75th Year, No. 1181

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E annual cattle outlook
— Page


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Federal Reserve Bank of St. Louis

31

CHOOSING A CITY CORRESPONDENT?

Select one with
data processing
capabilities
to meet
all your needs.
Data processing equipment is extremely expen­
sive but there’s no reason why you shouldn’t
have it at your disposal through your city corres­
pondent. Indeed, for the speediest and most
modern banking, you should demand it.
Other features to demand of a city correspondent
are:
1. Overline services that meet your needs;
2. An International Department to help you
help your customers with their foreign trade;
3. Investment counseling that meets your stan­
dard of performance;
4. Safekeeping that services as well as protects
your securities.
MNB has these services and continues to add to
them as new banking ideas become practicable.
So when you choose a city correspondent, do
what over half of the banks in Iowa do — bank
at MNB.

MERCHANTS NATIONAL BANK
so many ways we can help you
CEDAR RAPIDS, IOWA 52401


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Federal Reserve Bank of St. Louis

3

Bond Portfolio,
Could computer
analysis boost
your profits?
Ask the men
who wrote the book.
Your bank’s bond portfolio, given the proper care and
attention, can provide a significant portion of your
bank’s profits.
The Northern Trust’s newly developed Bond Portfolio
Analysis Service for evaluating all bonds in your portfolio
can help you produce maximum net earnings with minimum
demands on your organization.
This new service combines modern management science
techniques, computer technology, and our extensive
experience with our own bond portfolio. Using these skills,
your Northern Trust banker will work closely with you to
develop an investment program that suits your precise needs.
For further information, contact your Northern Trust
banker who will be pleased to discuss this service with you—
or call N. Hall Layman, Vice President.

Trust Northern...
All vour money matters matter to us.

NORTHERN
TRUST
COMPANY

BANK

5 0 S. LASALLE STREET AT MONROE
CHICAGO 6 0 6 9 0 • Financial 6 -5 5 0 0 • Member F .D .I.C .

1181. N o r th w e ste r n B a n k er is p u b lish ed m o n th ly b y th e N o r th w e ste r n B a n k er C om pan y, 306 F ifte e n th S treet, D es M oines, Io w a 50309. S u b scrip tio n
'"TOc p er cop y, $6 p er y ear. S econ d c la ss p o sta g e p a id a t D es M oines, Io w a . A ddress a ll m a il (su b scrip tio n , ch a n g e o f ad d ress, F o rm 3579, m a n u scr ip ts, m a il

ite m s)
ab ove ad dress.
Digitized
fortoFRASER
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Federal Reserve Bank of St. Louis

4

“ Enroll in the
Scarborough Associates
PRIME PLAN
for bankers only.”

“ The medical bills
of our bank staff and
dependents are sky high
—what’s the answer?”

B e c a u s e b a n k e rs a re a b e tte r ris k , th is b a n k e rs -o n ly

¡me plan
is th e b a n k in g in d u s try ’s s o lu tio n to s k y ro c k e tin g
h o s p ita l a nd s u rg ic a l c o s ts .

The PRIME PLAN provides 180 days coverage,
$1000 surgical, $1000 miscellaneous hospital
extras, and $25,000 major medical. A true group
plan—a nationw ide bankers group—w h ich you
can join now, handles all the details for your
bank.
The group—Scarborough Associates, Inc.—has,
to the best of our knowledge, the low est over­
head of any group insurance—private, public or
institutional. That, plus its nationw ide enroll-

m ent* and the better risk status of bank people,
has perm itted the group to increase member
benefits or reduce the premium for each of the
last 24 years. Even this year, the year of in fla ­
tion, there is no rate increase!
W rite for summary of benefits, rates, restrictions
(very few ) and enrollm ent cards for your staff >—
and dependents. Scarborough and Company,
for Scarborough Associates, Inc., 33 N. Dearborn Street, Chicago 60602.
r-

* except in Ohio

50 YEARS OF INSURING BANKS ONLY

Scarborough
DigitizedNorthwestern
for FRASER Banker, September, 1969
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Federal Reserve Bank of St. Louis

5
> ABA S tu d ies
P r e m iu m U se By B an k s
■y

One b an k in every four has used
prem ium s as custom er in centives at
some tim e, according to a recen tly
published stu d y by T he A m erican
B ankers Association.
The study, based on th e response of
m ore th a n 10,000 banks, w as com pleted
’‘by th e A ssociation’s M arketing/S avings Division. The q u estio n n aire re ­
s u l t s w ere supp lem en ted by 13 indepth interview s. T he re su lts are con­
tain ed in a booklet en titled “C ustom er
P re m iu m s, H ow To Use T hem as a
B ank M arketing Tool.”
^ “C o ntrary to some beliefs, p rem i­
um s do n o t h arm th e b a n k ’s stan d in g
w ith th e public or com m ercial custom ­
e r s . P rem iu m h u n te rs are only a
negligible fractio n of th e new custom■w-ers gained (and) prem iu m induced de­
posit accounts com pare favorably w ith
'w alk-in accounts not only in size at
opening and dollar grow th, b u t also in
^longevity.
“F o u r out of five b anks th a t have
em ployed prem iu m s to b uild tim e or
-dem and deposits consider th e re su lts
eith er good or fair. T he sam e success
w as achieved in p ro m o tin g b a n k open­
ings w ith p rem iu m s.”
The use of prem iu m s relates directly
to deposit size, according to th e rep o rt.
“Only 5 p er cent of b an k s w ith depos­
its u n d e r $1 m illion have used p re m i­
um s, as com pared w ith 71 p er cent of
TJ1ihose w ith over $500 m illion in depos­
its.”
The m ost freq u en t cause of failure
#^ i n incentive p r o g r a m s , th e stu d y
found, w as th e lack of appeal in th e
- prem ium chosen.
Copies of th e stu d y are available at
$5 each. W rite to O rder P rocessing
D epartm ent, The A m erican B an k ers
'A ssociation, 90 P a rk A venue, New
York, N. Y. 10016.

O ld est F in an cial J o u rn a l S ervin g
T h e C entral and W estern States

for your SEPTEMBER, 1969 , reading
7 5 th Y e a r

EDITO RIALS
18


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Federal Reserve Bank of St. Louis

Across the Desk from the Publisher

FEATURES
6 Bank Promotions and Changes
22 T ruth in Lending Aids for Banks
24 Bank Administration Institute Expects 2,000 at Convention
26 Corporate News
31 The Cattle Outlook— A N o r th w estern B a n k e r Survey
39 Hawaii Is Setting for 95th ABA Annual Convention
42 25th Anniversary of G. I. Bill
43 In Nebraska, Bankers Get There—One Way or Another!
44 The Bankers M arket Place
48 Conventions Calendar

STATE BANKING NEWS
Illinois
Minnesota
Twin City
South Dakota
North Dakota
Montana
Wyoming

—> T erm in ate CCC L oans
The A g ricu ltu re D ep artm en t h as an> trounced plans to te rm in a te a program
u n d er w h ich it sells “certificates of
’'in te re st” to b an k s for funds to help
.^fin an ce g o v ern m en t farm price su p ­
p o rt loans.
- , The d e p a rtm e n t said th a t A ugust 29
w as th e last day its Com m odity C redit
A -Corporation sold th e certificates. Ap­
provals for sales of certificates not
“ ''used before th a t date w ill be canceled.
T he d e p a rtm e n t said b anks and o th ­
er financial in stitu tio n s m ay hold cer_^tificates u n til th e y m a tu re A ugust 1,
1970, unless th e y are called sooner.
Officials said th e y do n o t plan to
push the in te re st ra te paid on c u rre n t­
ly o u tstan d in g certificates beyond th e
. ^ r e s e n t 7 p er cent.

N o. 1 1 8 1

News
News
News
News
News
News
News

50
53
54
63
65
66

68

71
72
80
85
94

Colorado News
Nebraska News
Omaha News
Lincoln News
Iowa News
Des Moines News

66

OTHER FEATURES
100
100

In the Directors’ Room
Index of Advertisers

NORTHWESTERN BANKER
306 15th Street, Des Moines, Iowa 50309. Phone 515— 244-8163
C h a irm a n
Clifford DePuy

P u b lish e r
Malcolm K. Freeland

E d ito r
Ben H aller, Jr.

A s s o c ia te E d ito r
Barbara Franklin
A d v e r tis in g A s s is ta n t
M ildred Savich

C ir c u la tio n D e p a r tm e n t
Lena Sutphin

A u d ito r
Bertha Soderquist

F ie ld R e p r e s e n ta tiv e
AI Kerbel

F ie ld R e p r e s e n ta tiv e
Paul Masters

F ie ld R e p r e s e n ta tiv e
F. L. Berry

Calvin C. H art, M artin & H a rt, Inc., 25 W . 43rd S t., New York 10036, 212— 594-1290

Northwestern Banker, September, 7969

tta n h

M *voniotions

ROMOTIONS and announcem ents
have been m ade by th e following
banks:

P

B row n B roth ers H arrim an & Com­
pany, N ew York: The appointm ent of

IS YOUR BANK’S
INVESTMENT
PORTFOLIO
FULLY EFFECTIVE
In addition to providing maximum
earnings (IF it is providing maximum
earnings), is your investment portfolio
fully meeting your bank’s needs in re­
spect to liquidity . . . to seasonality . . .
to cylical and secular trends . . . to your
local economic conditions . . . to the
type and composition of your accounts
. . . to the influence of your dominant
accounts . . . to the liquidity require­
ments of your loan portfolio?
Studley, Shupert & Co., Inc., of
Philadelphia believes that each of these
questions must be asked—and the an­
swers to each thoroughly analyzed—
in order to measure bank investment
portfolio effectiveness. Moreover, these
questions must be asked continuously
. . . and efforts must be made to mini­
mize all negative elements and to capi­
talize on all positive elements revealed
by the answers.
In giving substance to our philoso­
phy of bank portfolio effectiveness, we
do not offer merely an “ analysis serv­
ice” or a “guidance service” or an “ ad­
visory service.” Instead, ours is a fu ll­
tim e m anagement service. It is designed
to save you work . . . to improve your
bank’s earnings . . . and to maintain
your portfolio so that it always meets
your bank’s varying needs.
Our explanatory brochure is avail­
able to interested bank officers. Write.

G ranger C ostikyan as general p a rtn e r
and head of th e Chicago office has
been announced.
Mr. C ostikyan’s appointm ent w as
in itially rep o rted in th e A pril issue
of N orthw estern B a n ker . It has now
received the approval of the New York
State B anking D ep artm ent and of the
New York Stock E xchange. He w as
fo rm erly presid en t and chief executive
officer of th e F irs t B ank System , M in­
neapolis.
Chase M anhattan Bank, N.A., N ew
York: Roger A. Lyon has been elected

senior vice presid en t and head of the
b a n k ’s portfolio division w ith in the
in v estm en t b anking departm ent.
H ow ard M andelbaum , Jam es L. LaPorte, Jr., and E dw ard K ahn have
been nam ed vice p residents in the
b ank operations departm ent.
F ederal D eposit In surance Corpora­
tion, W ashington: T hree personnel

changes have been m ade in the divi­
sion of liquidation. George W. H ill
has been nam ed a ssistan t chief of the
division; C harles A. Holm, a ssistan t to
th e chief, and David C. Stickerod has
been nam ed supervising liquidator.
Jo h n J. Slocum is chief of th e division.
F irst

N ational

Bank

of

Chicago:

E lection of five new senior vice p resi­
dents of The F irs t N ational B ank of
Chicago w as announced by C hairm an
G aylord A. F reem an, Jr., follow ing a
r e g u l a r m eeting
of th e board of
directors.
P rom oted f r o m
vice presid en ts to
senior vice p resi­
dents are:
A. R obert Abboud, w ho heads
t h e in tern atio n al
s e c t i o n of the
com m ercial b an k ­
A . R. A B B O U D
ing departm ent;

C. E . S C H M I D T

R. L. T H O M A S

Jam es P. B axter, chief adm inistravi
five officer of th e b a n k ’s tru s t d e p a rt­
ment;
R udolph E. Palluck, w ho heads th e^
dom estic section of th e com m ercial
banking departm ent;
v
C hauncey E. Schm idt, w ho heads
th e in tern atio n al section’s o p e ra tio n ^ *.
in E urope, th e Middle E a st and Africa.
R ichard L. Thom as, prom oted from ''
vice p resid en t in charge of th e te rm
loans division to serve as a senior vice*
presid en t of th e b ank and also general
m anager of F irs t Chicago C orporation,
th e new holding com pany in th e pend-.,
ing holding com pany reorganization
plan approved by th e b a n k ’s sh are­
holders A pril 15. The functions of th e
term loan division w ill be shifted to
th e ap p ro p riate com m ercial lending di­
visions of th e b an k in Septem ber.
H arris T rust and Savings Bank, Chi-'
cago: Roy G. Demon, prom oted to v ic ^ *

p resident in th e tru s t departm ent,
headed a list of 10 prom otions.
In th e operations departm ent, Ciro
F. A bbate and Jo h n W. Glenn, Jr.,
w ere prom oted to assistan t vice p re si-v
dents.
f <.

Morgan G uaranty T rust Com pany,
New York: Two senior vice p resid en ts* ’

have been announced. T hey are:
H a rry B arbee, Jr., and Carl E. H a th ­
away.
E lection w as also announced of th e
follow ing vice presidents: R obert E r<
Borgeson, G ilbert B utler, P e rry E.
Hall, II, H iram F. Moody, Jr., invest-*
m ents; W arren J. F innell, R ichard
F lender, Jo h n C. G rund, R obert F\v’r
Longley, personal tru st; Joseph F ,
Myles, pension tru st; M ichael S. R ed­
dy, W illiam T aggart, corporate re*+~
search; Jo h n J. M oran, custody.
rN orthern T rust Company, Chicago:

R obert H. G arrett has retired from*"
th e b an k after 44 y ears service. H e ^ _
has been in charge of some of th e
b a n k ’s m ajor accounts in the p e r s o n a l
and in v estm en t b an king areas.
■-<*-.

& CO .. IN C ..
OF P H I L A D E L P H I A

S TU D LE Y , S H U PER T & CO., INC.,
O F P H IL A D E L PH IA

N ational B oulevard Bank, Chicago:

860 Suburban Station Bldg., Phila., Pa. 19103

E d w ard K. A ldw orth, vice president?'^


No rthw este rn Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

J. P . B A X T E R

R. E . P A L L U C K

7

Problem in Maintown:
Money sleeps in the mail
instead of working in the bank.

Answer in Chicago:
Computers at The First
speed uncollected funds
for your corporate
customers.
Getting funds from your corporate
customer’s books to the bank can
be a losing proposition. Especially
when uncollected funds cause bot­
tlenecks in corporate cash flow.
That's why cash management ex­
perts at The First use computers to
create personalized fund collection
systems that knock down outdated
routines. Result? A flexible plan that
lets you help your customers to in­
creased working capital. That means
Increased demand deposits.
Your own unique system begins at
The First with a computer, several
programs and plenty of creative in­
genuity. Some of our techniques are
so advanced they’ re copyrighted.
Our Cash Collection Simulator is an
exclusive—it gobbles up output from
two computer programs to display
relevant mail-time data. So uncol­
lected funds don't linger enroute.
Exciting new approaches to cash
management problems are standard
at The First. When you're ready to
take advantage of them, contact
your correspondent banker in our
Division “ F.” He'll show you the
many other services we offer to help
you build a brighter profit picture for
your customers. After all, helping
you serve your customers is what
we're all about.

The First National Bank of Chicago | | | |
Member Federal
ral Deposit Insurance Corporation

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Federal Reserve Bank of St. Louis

Northwestern Banker, September, 1969

8
has been given over-all responsibility
for th e com m ercial d ep artm en t, in ­
cluding corresp o n d en t b an k in g and
th e credit d e p a rt­
m ent. F ran cis P.
C allaghan, v i c e
president, has suc­
ceeded Mr. Aidw o rth as head of
th e m ark etin g de­
partm en t.
D aniel J. P riske,
v ic e p r e s i d e n t ,
has been nam ed
head of th e cor­
E . K. A L D W O R T H
r e s p o n d e n t division, and Louis J. Loss, assista n t vice

Angeles. Mr. B a rre tt w as form erly
w ith Security Pacific N ational B ank im'W
Los Angeles.
U n ited California Bank, Los A nge­
les: W illiam E. Palm er, w ho is well- ^

F . P. C A L L A G H A N

D.

G. P R I S K E

president, has been nam ed to head the
real estate departm ent.
Jam es B a rre tt has resigned as exec­
utive vice p resid en t to join the W ells
F argo Bank, San Francisco, in Los

now's
a good time
to purchase

O b jects to Card Ban
The A m erican B ankers A ssociation ir'
has objected to a regulation proposed
by th e F ed eral T rade Commission
w hich w ould pro h ib it th e unsolicited „
m ailing of credit cards.
The ABA stated th a t a ban on unsosolicited m ailings “w ould give a com­
petitive advantage to credit card oper­
ations already in existence w hich w ere
able to utilize th e m ass m ailing ap- ”
proach, and w ould lessen the possibily*,
ity th a t additional com petitors w ould
en ter th e credit card field.
“The n et effect of th e ban w ould,
therefore, have an anticom petitive ef­
fect w hich is certain ly not a re su lt
th a t should be sanctioned by th e F ed ­
eral T rade Com m ission,” th e ABA s a i d / ^
in a statem en t filed w ith th e FTC.

INSTITUTIONAL BONDS
Over the years, hundreds of banks have
purchased our institutional bonds because
they are considered secure, sound investments.
But right now, in light of today's ever-changing
money situation, B. C. Ziegler institutional
securities offer even greater advantages.
Current interest yields are exceptionally high.
Then there is a wide choice of serial
maturities, from 1 to 10 years, permitting
flexibility in a bank's investment program.
Coupled with Interim Paper from 30 days to
9 months at top rates, banks have a wide
range of choice.

J o in N ew C om p u ter
M an agem ent N etw ork

For your bank's portfolio . .. or your customers'
portfolios . . . it will pay to take a good
look at institutional securities. Write . . .
or call collect. . . for our latest offerings.

B. C. ZIEGLER and C O M P A N Y
West Bend, Wisconsin 53095

•

414-334-5521

BRANCH OFFICES

New York • Chicago • St. Louis • San Francisco • Minneapolis
Memphis • Toledo • Dubuque • Rockford • Springfield • Peoria
Milwaukee • Green Bay • Madison • Appleton • Fond du Lac • Wausau
Sheboygan • Kenosha • La Crosse • Fort Atkinson

 Banker, September, 7969
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

know n in ban k in g circles from coast
to coast, has announced his re tire ­
m ent as of October 1. The b an k h a ^
provisions for re tire m e n t as early a s’'**
55.
Mr. P alm er c u rre n tly heads UCB’s
in tern atio n al division, m ark etin g de- ^
p a rtm e n t and m etropolitan division.
He is a m em ber of th e senior loan
com m ittee and has served on n u m e r­
ous m anagem ent c o m m itte e s . H e "4
joined UCB in 1946 w ith 15 years of
in v estm en t ban k in g and com m ercial
banking experience.
l .<l.
Mr. P alm er w as vice p resid en t in
charge of th e B everly H ills office for \
10 y ears before his election to senior
vice p resid en t and head of th e nation-^ Lr
al division in 1959. He has been an
executive vice presid en t since 1963.

J

Two new specialists have joined th e
top executive team at M anagem ent
C om puter N etw ork, Inc. (MCN), N ew r^
H am pton, according to L a rry O. K u rt-rA
enbach, president.
G ary L. Krapfl, certified public an- <r<*
countant, is vice p resid en t and control­
ler. D ennis W. H anson, train ed in
com puter technology and accounting,
is vice p resid en t for data p rocessingf
Both m en w ill be located at MCN adm in istrativ e offices in Cedar Rapids,
Iowa, w here th e firm ’s m idw estern
data processing operations are h ead ­
q u artered.
MCN is a rapidly grow ing n etw o rk
of local and regional franchises spe-‘
cializing in com puterized m anagem ent
services for businessm en, farm ers and
ranchers.

g

some
bond

market!
-nH
T

• -4y
"y

It’s been quite a ride, but we’ve bonds are the best and most appropriate
in each individual case. So our appraisal
stayed on top of it.
It is our business to stay on top of deals not only with the state of the mar­
the bond m arket... to know w hat’s hap­ ket, b u t also w ith each in d iv id u a l
p e n in g an d w h a t’s likely to h appen. bank’s needs and goals.
Thus, our Portfolio Review is totally
T hat’s w hat our Portfolio Review Serv­
objective (which is not the case with
ice is all about.
W e are located right in the middle many banks that offer such a service).
F or more information on our unique
of the world’s largest money market and
are equipped to review any bank’s port­ P ortfolio Review Service, call D. P.
folio ... to evaluate its holdings in corpo­ ( “Pres”) Sloterbeckat (212) 770-2770.
rates,municipals, and government bonds.
W orking closely w ith our corre­
spondents, we help to determine which

Chemical
Bank

N a tio n a l D iv is io n , 2 0 P in e S t., N .Y ., N .Y . 1 0 0 1 5


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

Northwestern Banker, September, 1969

10

Fonndatiott Sponsors Pro Football
H E F o u n d atio n for F u ll Service
B anks has adopted an alte rn a te
m edia plan for th e fall of 1969, consist­
ing of 19 com m ercial appearances in
N ational F o o t b a l l League games,
George Briggs, F o u n d atio n adv ertisin g
chairm an, announced.
The one-m inute com m ercials w ill be
broadcast on th e CBS-TV n etw o rk d u r­
ing th e period of October 4, 1969,
th ro u g h Ja n u a ry 18, 1970, according to
Mr. Briggs, w ho is also vice p resid en t
of Seattle-F irst N ational Bank.
F ive of th e com m ercials are sched­
uled in play-off and cham pionship
gam es, including tw o conference play
off gam es, th e N F L C ham pionship, the

T

Super Bowl and th e N ational P ro
Bowl game. Also included in the
schedule are five double headers and
five reg u lar games.
In addition to th e N F L gam e sponships, the F o undation plans sponsor­
ship of th e fo u rth ann u al broadcast of
th e special: “Dr. Seuss’ How the
G rinch Stole C h ristm as” in December.
It also plans other netw o rk television
activities in th e spring of 1970.
The 1969-70 ad vertising w ill also in ­
clude 13 full-page ads in L ook m aga­
zine.
The F ou n d atio n for F u ll Service
B anks conducts a $2.5 m illion national
ad v ertising program .

C r e d it C u r d S c h e m e E x p tts e d
H E sto ry of how five Chicago
ban k s and th re e oth er com panies
lost up to $12.5 m illion to cred it card
cheats has been told by th e Chicago
Tribune:
D etails of th e racket, in w hich both
thieves and m erch an ts appear to have
conspired w ere learned as Ju stic e De­
p a r t m e n t and postal officials a n ­
nounced a federal g ran d ju ry ind ict­
m ent on m ail frau d charges of 31 m en
and one wom an.
All are accused of e ith e r m ass th e ft

T

Northwestern
 Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

of credit cards or using them to ru n
off, on custom er im p rin t boxes, th o u ­
sands of padded or com pletely phony
sales slips, each redeem able at one of
th e five card-issuing banks or tw o
large oil firms and A m erican E xpress
Company.
Am ong those arrested w as a v eteran
postal le tte r carrier.
Sixteen o thers w ere arrested, includ­
ing p re se n t and form er ow ners and
operators in th e city and suburbs of
re sta u ra n ts and stores selling liquor,
clothing, fu rn itu re, appliances and
h ardw are.
T hree operated filling stations u n til
each w as uncovered and fired.
In v estig ato rs said some opened a
business m erely for a chance to be­
come a m em ber of th e M idwest B ank
Card system w ith th e idea of q u ittin g
or claim ing b a n k ru p tcy w ith in w eeks,
after first ru n n in g up as m any phony
m erchandise sales as possible.
The five defrauded banks, w hich
form th e MBC system and th e ir credit
cards are: C entral N ational B ank of
Chicago (C entral C harge); C ontinental
Illinois N ational B ank and T ru st Com­
p any (Tow n and C ountry Charge);
F irs t N ational B ank of Chicago (F irst
Card); H a rris T ru st and Savings B ank
(C harge-It), and P ullm an B ank and
T ru st C om pany (Illinois B ankcharge).
The sw indled oil firms, in addition
to th e b anks and A m erican E xpress,
w ere identified as H um ble Oil and
R efining Com pany and Cities Service
Oil Com pany.
O ther findings in th e ju ry probe dis­
closed:
1.
Q uantities of stolen credit cards
w ere trad ed am ong separate groups of
p assers operating independently in the
m etropolitan area to avoid “h o t” (stol­
en) card detection and overuse of any
one card in th e store of a conspiring
m erchant.

2. The exchange betw een groups of
passers of th e nam es of m erch an ts
w illing to accept stolen cards to m ake
“sales” in w hich no goods leave th e
shelves and the “b u y e r” gets a p ercen t­
age cut of th e face am ount.
3. “Confiscation” by a conspiring
m erch an t of a card listed on th e h o t
sheet and therefore h aving little or no
value. In re tu rn for his “good deed,”
th e m erch an t is rew arded w ith a $50
finder’s fee by th e issuing b ank or
com pany.
The rack et began w ith passers w o rk ­
ing alone b u t w as expanded to include
m erchants.
U nder some circum stances, no m er­
chandise left th e stores and phony
sales slips w ere “discounted” to m er­
chants, w ho deposited them for pay­
m ent in MBC accounts. U nlike a
check, th ere is no w aiting for sales
slips to clear the banks. P ay m en t is
alm ost im m ediate.
A uthorities said m uch of th e inves­
t i g a t i v e w ork w as accom plished
th ro u g h info rm an t testim ony and “re ­
occurring p a tte rn s of fra u d ” in w hich
certain businesses repeatedly tu rn e d
up uncollectable charges.
The rack et has fallen off sh arp ly
since last year because of increasing
a rre sts of passers and new control, in ­
cluding th e m ailing of cards by regis­
tered m ail only to persons soliciting
them .

T alcott P r o m o tio n s
It w as announced th a t th e board ofdirectors of T alcott N ational Corpora
tion has elected R ussell R. CampbeL
senior executive vice p resid en t and
H arvey M. K el­
sey, Jr., executive
vice president, fi­
nance.
J a m e s Talcott,
¿ S g p K fr
In c.,
factoring
H n W'LmI H r
ancj f[nanCe sub­
sidiary, has p ro ­
m oted Thom as J.
M cGann to exec­
utive vice p resi­
dent, in addition
R. R. C A M P B E L L
to nam ing Mr.
Campbell and Mr. K elsey to the sam e
posts to w hich th ey w ere advanced by
th e p a re n t com pany. All th ree new ly
elected officers are board m em bers of
both corporations.
Mr. Campbell, form erly executive
vice president, is head of T alcott’s cen­
tra l region and joined the firm in 1955.
Mr. K elsey w as previously senior vice
p resid en t and m anager of the eastern
region. He has been w ith the firm for
20 years. Mr. McGann, w ho has been
w ith th e firm since 1940, is president
of Jam es T alcott Factors.

11

Member Federal Deposit Insurance Corporation ©Bankers Trust Company

There was considerable throat-clearing
at certain clubs when it was learned that we invested
a pension fund 100% in common stocks.
We noticed the same reaction
in 1949, when Bankers Trust first
p laced a n y com m on stock in
pension portfolios.
And again in 1958, when we
were the first bank to recom­
mend a common stock position
o f as much as 65% in pension
funds.
Nobody said a word, but the
implication of all that ahem-ing
(especially during the big mar­
ket dip of May, 1962) was quite
clear: big banks just don’t be­
have that way.
T h e assum ption was that
banks are unwilling to take risks,
and slow to react to new situa­
tions.

We can’t speak for any other
bank, but we take exception to
the assumption.
Our investment officers are
young, aggressive, and quick to
respond to a new investment sit­
uation. T hey can, and often do,
take action within minutes.
Bankers Trust moves as fast
as, or faster than, any other in­
vestment institution.
Our ability to make decisions
quickly is based, in part, on de­
tailed mathematical studies of a
wide range of stocks conducted
over several years by our Man­
agement Science Group.
One of the G roup’s basic con­
clusions, which we call the Risk

O p p o rtu n ity F acto r, is that
smaller capitalized companies
present slightly more risk, but
much greater investment poten­
tial, than larger firms.
This conclusion, which the
Management Science Group is
delighted to prove on its com­
puters, explains why Bankers
Trust puts about three tim es
more pension money into these
situations than other investment
institutions with similar goals.
The same kind of basic re­
search also explains why the
n o n - r e s t r ic t e d p e n s io n
funds we administer have
been invested in common
stocks since i960, at an aver­

age of 70-75% per fund.
(A figure which is consider­
ably above the average of insti­
tutional investors.)
Naturally, we evaluate the re­
quirem ents o f every pension
fund individually. So we don’t
always advise a 100% invest­
ment in common stock.
But i f th ere’ s no cle ar-cu t
need for a contingency fund, we
don’t see why we shouldn’t.
Whatever our decision may
be, it’s based on one very definite
goal: maximum return on the
total assets of the fund.
There would be consider­
able, justifiable throat-clear­
ing if our goal were less.

You’ll fin d a tru stee at B an k ers H oist.

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

Northwestern Banker, September, 7969

12

Omaha 's 25th
Fe
And Sale Set for October 29 -3 0
A R LES W. O’ROURKE, vice
CHpresident,
U nion Stock Y ards
Com pany of Omaha, announces th e sil­
ver an n iv e rsa ry of th e Om aha F eeder
Calf Show and Sale. The 25th an n u al
event w ill be held October 29 and 30.
T his y ear th e re w ill be four breeds
com peting — A ugus, H ereford, S h o rt­
horn and Charolais.
T his an n u al event is recognized as
th e top one of its kind in th e Corn
B elt area. I t is designed to accom m o­
date b o th b u y ers and sellers. W estern
producers are afforded a m eans of
show ing th e ir top-quality calves to 4-H
and F F A m em bers, as w ell as to com­
m ercial feeders, at th e gatew ay to th e
Corn Belt. 4-H and F F A m em bers
aw ait th is sale to purch ase feeder
calves for th e ir B aby Beef projects.
T w en ty head—steer or h eifer calves
—w ill co n stitu te an entry . (F o r com ­
petition, en tries m u st be of one sex.)
T here is no lim it as to th e n u m b er of
en tries by one individual. All calves
entered m ay be fitted. Calves w ill be
judged com m encing at 9:00 a.m., on
W ednesday, O ctober 29, u n d er th e
lights in th e sales arena. The sale
w ill s ta rt at 9:00 a.m., T hursday, Octo­
ber 30. Only those calves aw arded
blue ribbons w ill be sold th a t day. All
others not receiving blue ribbons w ill
be sold on F rid ay , October 31, at th e
beginning of a special carload auction
sale featu rin g com m ercial calves.
Consignors w ho receive a blue rib ­
bon on a pen of 20 calves w ill have
the privilege of selling five head as in­
dividuals. The rem ain in g 15 m u st be
sold in lots of five.
$2,905 in Cash P rizes

P rem iu m m oney to talin g $2,905 w ill
be offered. E n trie s m u st be aw arded
blue ribbons to be eligible for p rem i­
um m oney. Cash aw ards w ill be paid
to six places for each breed in th e
steer class and to four places in th e
heifer class. Cash aw ards and tro p h ies
w ill be given for th e G rand C ham pion
steers, R eserve G rand C h a m p i o n
steers, G rand Cham pion heifers and
R eserve G rand C ham pion heifers. The
cash prizes w ill be fu rn ish ed b y th e
U nion Stock Y ards C om pany of Oma­
ha, Om aha Live Stock E xchange,
A m erican A ngus A ssociation, A m eri­
can H ereford A ssociation, A m erican
S h o rth o rn A ssociation and A m ericanIn te rn a tio n a l C harolais A ssociation.
Plaques and ribbons w ill also be
aw arded by th e U nion Stock Y ards
Com pany of O m aha to th e G rand
DigitizedNorthwestern
for FRASER Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Cham pions and R eserve G rand Cham ­
pion loads of steers and heifers. A
special tro p h y w ill again be aw arded
th e G rand Cham pion of th e Show by
th e Stockyards N ational Bank, Oma­
ha. Also, th e Angus, H ereford, S hort­
h o rn and C harolais A ssociations w ill
aw ard trophies for th e cham pionship
steers and th e cham pionship heifers in
th e ir respective breeds.
E xp erienced Judges

Judges for the calf show come from
th re e states. T hey are: Orville Kalsem, a cattle feeder from H uxley,
Iowa; Jo h n K roner, a cattle feeder
from M ahomet, 111., and P rofessor Dick
W arren , anim al science departm ent,
U n iv ersity of N ebraska. All are wellknow n, experienced judges. The auc­
tio n eer w ill be Colonel Dick Kane,
W isner, Nebr.
T he area in w hich th e sale w ill be
held is heated for th e com fort of th e
p atro n s and w ill accom m odate over
1,000 persons. E ach y ear it has been
filled to capacity w ith buy ers from
m ost of th e Corn B elt states. These
b u y ers appreciate good q uality and
w ill pay a top price to get w h at they
w ant.
P a st show s and sales have draw n
en tries from Colorado, W yom ing, Id a­
ho, M ontana, N ebraska and South Da­
kota.
All calves en tered in th e Omaha
F eed er Calf Show w ill be given w ide­
spread publicity and advertising in

th e Corn B elt states th ro u g h radio,
m agazines and new spaper media.
A dditional inform ation and e n try
blanks can be obtained by contacting
C harles W. O’R ourke, at the U nion
Stock Yards Company, Omaha, N ebr.
68107.

N ew B ank D ep o sito ry
O ffered By D ie b o ld

4
N EW electrically operated after- A
hours bank depository th a t estab­
lishes new stan d ard s of convenience
and styling has been introduced by
Diebold, Incorporated.
*—
Called the “Diebold E lectra,” th e ^
system autom atically tra n sp o rts bag
and envelope deposits to a receiving ^
chest by m eans of an electrical m ech­
anism .
A fter m aking a deposit and secure­
ly closing th e door, th e custom er’s de­
posit is tran sp o rted to the chute open-*. .
ing at th e re a r of th e depository and
drops dow n th e chute to a receiving v rchest below.
F o r an envelope deposit, th e custom ­
er need only pull th e handle to open
th e door and expose th e slot. Once th e
deposit is in serted and th e door is <closed, th e deposit is on its way. A
custom er key is req u ired for bag de- *
posit.
The E lectra system has been de­
signed to deadlock should th ere be a
pow er failure or m alfunction in the
system . A ny attem p ts to tam p er w ith
th e circu itry w ill also lock th e sys­
tem .
^
F u rth e r inform ation on th e new sys­
tem is available from Diebold, In co r­
porated, 818 M ulberry Road, Canton,
Ohio 44702.

A

Dank Adm inistration in sti ta te
Aantes State Directors
E W state directors of th e B ank
A d m inistration I n s t i t u t e from
states in th e N orthw estern B anker
area are:
Colorado—C harles A. Dinwiddie, con­
tro ller, F irs t N ational Bank, B oulder

N

(R).

Illinois—Jam es E. W elch, vice p resi­
den t and cashier, The F irs t N ational
B ank, C ham paign (N).
Iow a—Donald A. R ehnstrom , cash­
ier, F ir s t State Bank, Sioux R apids
(N).
M innesota—H ugh D. McNamee, con­
tro ller, M idland N ational B ank of M in­
neapolis (N).
M ontana—C harles L. N ew land, vice

president, F irs t N ational Bank, Boze­
t<
m an (R).
N ebraska—Donald L. Ellison, assist-*^
a n t vice president, F arm ers S tate
1 +■
Bank, R ising City (R).
N orth D akota—D ennis D. Douville, r
cashier, C om m unity N ational B ank of
G rand F o rk s (R).
> fSouth D akota—G ilbert Mjoen, cash­
ier, A m erican S tate Bank, Y a n k to n " -

(R)-

^

W yom ing—V ern J. Sm ith, cashier,
U n iv ersity N ational Bank, L aram ie -h -

(R).
The in itial (N) indicates a new ap­
pointm ent. The initial (R) in d ic a te s^ ,
a re-elected candidate.

13

► Á

-T\
►1
^i
>'

i -j;

>1

"T

'>

These are the people of the
First American National Bank of Duluth, Minnesota
Since the St. Lawrence Seaway opened, Duluth
has become an increasingly busy world port.
But, since 1879, Duluth businessmen have
known that, no matter how busy things became,
they could always depend on the First Ameri­
can National Bank to get things done. To get
things done in New York and around the world,
the people of First American National rely on
their correspondent relationship with Citibank.
It’s their New York “office” for a broad range
of banking and related services.
If you’d like to get things started with Citi­
bank, write our Correspondent Bank Depart­
ment, 399 Park Avenue, New York, N .Y .
10022. Or call (212) 559-2411.

—'V

>

~Hn

-*r

>

This is
utheir office” in
NewYork
FIRST

NATIONAL

CITY

BANK

Member Federal Deposit Insurance Corporation

í-V


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

Northwestern Banker, September, 1969

14

Hanks

Lratlin Farm

ARM ERS w ho borrow from F e d e r­
al L and B anks are becom ing in ­
creasingly re lu c ta n t to refinance ex ist­
ing farm real estate debt, th e F a rm
C redit A dm in istratio n rep o rted re ­
cently.
The reluctance to refinance, the FH A
says, has been a m ajor reason for th e
drop in to tal lending by th e L and
B anks th a t has occurred each y ear
since 1966.
It has m eant, also, th a t th e L and
B anks now loan m ore m oney to new
borrow ers th a n to previous borrow ers
—a rev ersal of th e situ atio n th a t ex­
isted th re e y ears ago.
New borrow ers, FCA econom ists be­
lieve, are g ettin g L and B ank loans at
th e p re se n t high in te re st ra te s in th e
hope th a t th ey w ill refinance if rates
go down.
P revious b orrow ers, on th e other
hand, have been re lu c ta n t to refinance
th e ir existing loans, m ade before rates
started spiraling. Instead, th ey are get­
tin g tem p o rary financing on a sh o rt­
term basis, or w ith lenders w illing to
take second m ortgages.
This, ap p aren tly , accounts in p a rt
for the fact th a t d u rin g th e second
half of 1968 com m ercial b anks m oved
in first place am ong in stitu tio n a l farm
m ortgage lenders, a situ atio n rep o rted
by th e FCA earlier th is sum m er.
The com m ercial b an k s and individ­
uals w ho tak e back m ortgages w hen
th ey sell farm s have ta k e n up th e
slack as L and B anks and in su ran ce
com panies have decreased th e ir farm
m ortgage lending.
Individuals, a n FCA spokesm an
said, m ay not be charg in g m a rk e t in ­
te re st rates. Com m ercial banks, it is
believed, are m aking farm m ortgage
loans th a t m a tu re in five to te n years
—a sh o rte r period th a n for th e L and
Banks. Thus, it is theorized, farm ers
are tu rn in g to th ese loans in ord er not
to com m it them selves for long periods
at high rates.
H ow ever, th e FCA now finds th a t

F

L and B ank borrow ings m ay be re v e rs­
ing th e d ow ntrend—it has been m ov­
ing up in recen t m onths, com pared
w ith th e sam e period a year ago. Also,
th e pro p ortion of L and B ank loans
used to buy farm real estate has in ­
creased over th e p ast year.
This, it is thought, is because farm
incom e has been strong for th e past
tw o y ears and land prices have been
m oving up. F arm ers, it is theorized,
have given up w aitin g for in terest
ra te s to drop and are buying land be­
fore its price goes higher.
Most existing land b ank loans, the
FCA reports, are a t rates ran ging
from 4% to 5Vi percent. D uring 1965,
rates w ere from 514 to 5% per cent.
T hey jum ped to 6 p er cent in 1966 and
stayed th ere u n til a 6 per cent sta tu ­
to ry ceiling w as lifted at the end of
1967. L and B ank in te re st rates now
ran g e betw een 8 and 8 V2 per cent.
T otal lending to existing L and B ank
bo rro w ers increased slightly in 1966,
com pared w ith 1965 and w as higher
th a n lending to new borrow ers in both
years. Since then, how ever, new bor­
ro w ers have been in th e lead. The to­
tal loaned to existing b o rrow ers to re ­
finance L and B ank loans has dropped
every y e ar since 1965.
N ot only are new borrow ers borrow ­
ing m ore m oney, the FCA noted; they
also are getting m ost of th e loans. In
a re p o rt on “ch aracteristics of F ederal
L and B ank loans—1968,” issued recen t­
ly th e agency rep o rted th a t “in 1968,
over 60 p er cent of th e n um ber of
loans w en t to new borrow ers as com­
p ared w ith 53 per cent in 1967 and
47 per cent in 1966.
“Because th e total num ber of L and
B ank loans has been decreasing in re ­
cent years, th is m eans the n u m ber of
loans m ade to existing borrow ers has
fallen sharply.
“The increasing proportion of loans
m ade to new borrow ers tends to broad­
en th e n um ber of farm ers served by
th e L and B anks. B ut the drastic de­

crease in num ber of loans m ade to ex­
isting borrow ers m eans th e re has been
a m aterial loss in loans th a t m ight
have been m ade to farm ers w ho al­
ready have L and B ank loans, th e FCA
continued.
The agency also noted th a t purposes
of L and B ank loans m ade in 1968 con­
tin u ed to show th e effects of a policy
of credit restrain t.
“F o r exam ple, refinancings of loans
held by other lenders rem ain below
the levels existing before 1966; 24 per
cent of th e total am ount of L and
B ank loans m ade in 1968 w as used to
refinance m ortgage loans held by o th ­
ers, com pared w ith 28 per cent to 31
per cent p rior to 1966.
“F ifteen per cent of th e loans m ade
in 1968 w ere used to finance sh o rt­
term debts—som ew hat less th a n th e
16 per cent to 17 per cent prevailing
in m ost years before 1968. P urch ase
of real estate continued to be an im ­
p o rta n t purpose and accounted for 32
per cent of th e am ount of loans m ade
in 1968. In th e years before 1966 th is
purpose usually took less th a n 25 p er
cent of th e loan funds,” the agency
pointed out.

K—

V-,
U
<*--

A,

“ H ow to W atch F o o tb a ll”

<-

A new eight-page illu strated folder,
“How To W atch Football,” w ill be
available to b ank m em bers of the
F oundation for F u ll Service B anks
this fall.
C reated and offered by th e F u ll
Service B anks A dvertising Company,
the new official sales agency for th e
Foundation, th e folders w ill be used
by banks to tie-in w ith the F o u n d a­
tio n ’s particip atin g sponsorship of N a­
tional Football League gam es over n a­
tional CBS-TV netw ork.
“The new folders w ill help m em ber
banks get m ore local ad vertising ben e­
fits from the n etw ork tlevision ad v er­
tisin g ,” according to R ichard B. Beal,
F o undation executive vice president.
T hey can be used by all view ers no
m atter how m uch or how little they
know about football.”

i -H-

THANK
US

TO

YOU
GROW

P. O. B O X 3 6 4 4

Northwestern Banker, September, 1969


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

FOR

HELPING

EACH

YEAR!

O M A H A , N E B R A S K A 68103

T~
'nk~

15

The nicest thing about
our TEL-A-DATA On-Line computer service
is that it can save you money.
TEL-A-DATA CORPORATION’S On-Line
Computer Service can keep all your records
in its electronic memory bank and give you
whatever information you need, when you
need it, in an instant.
Our On-Line Service can maintain all
records on savings accounts—instantaneous
recording of deposits, withdrawals, interest.
Free up your human brain power for more
profitable tasks. The time consumed in
checking written records for withdrawals,
deposits and other transactions is what our
system is designed to save.
We also offer professional education for
staff members in the use of the Teller Ter­
minal, analysis of your present processes to

~}k


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

help ease the conversion to the computer
system, and we maintain responsibility for
the successful operation of the new system.
Call our TEL-A-DATA CORPORATION
subsidiary at 621-6100 and let one of our
officers tell you how we can tailor our think­
ing—computerized—to yours.

American National
The Idea Bank
American National Bank and Trust Company of Chicago
La Salle at Washington 60690
Drive-in Banking, Wacker at La Salle
Phone (312) 621-5000
Member FDIC

Northwestern Banker, September, 1969

16

Fast Teller System
lit Customers

Inl^ess Than 2 Min.

H E stock rem ark s to th e black-felt
covered chain cordoning off th e
fro n t of F irs t N ational B ank of Mem­
p h is’ te lle rs’ row w ere “W h ere’s th e
fu n eral?” The F ir s t’s F a st T eller sys­
tem , a borrow ed innovation th a t took
some tw o y ears to b rin g into being,
has stirre d a lot of com m ent in Mem­
phis, a little con b u t m ore pro and
even b e tte r it is w orking.
A ccording to R onald T erry, senior
vice president, this is one of th e few
changes of a service th a t w as designed
stric tly for th e custom er. “It w as
really in te re stin g how m any officers
of th e b an k had som ething ru n n in g in
th e ir m inds along these lines w hen
th is th in g first broke,” he said w atch ­
ing th e new system in operation.
The idea of F a st T eller is to get the
custom er to the teller as quickly as
possible by p u ttin g him in one line in
fro n t of th e cages. As t teller finished
fro n t of th e cages. As a teller finishes
w ith a custom er th e n ex t steps up to
the w indow from th e line and tra n s ­
acts his business. The custom er w hen
finished th e n goes out th e ends of the
row and th e n ex t steps up. The cus­
tom er th is w ay can ’t get caught be­
h ind som eone w ith num ero u s tra n sa c ­
tions and can go to th e first w indow
free. Some g eneral tim ing revealed
th a t 18 custom ers could be filed
th ro u g h th e line in less th a n tw o winutes.
“Of course th is is ju s t a sym ptom of
a new concept of teller operations,”
Mr. T erry said. “F a s t tell isn ’t th e
w hole answ er. Sure it gives speed
and privacy to th e custom er b u t th e
direction of th e b ank is th a t of red e­
signing the job of th e teller. She’s not

ju st accepting deposits and checks any
more; she’s doing a public relations
and selling job as w ell.”
F o r th e teller th e system evens out
th e load of tran sactio n s and th ey like
it. One teller said, “I t keeps you
steady b u t at least th ere are no im pa­
tie n t cu stom ers in fro n t of yo u r w in ­
dow m aking you nervous. I like it
b e tte r because I am not ru sh ed one
m in u te and th n e doing nothing the
n ex t.”
“In settin g this up we knew we had
to educate all staff m em bers to know
exactly w h at F a st Teller w as all
about,” Mr. T e rry explained. “The
reason w as to p rev en t a fru stra te d cus­
tom er leaving th e line and going to
som eone on th e floor, com plaining
about th e service change and not h av ­
ing som eone th e re to defend and ex­
plain it. T h a t’s w h y we had m eetings
to b rin g th e receptionists, th e guards
and custom er service personnel into
th e change.
The custom er reception of this inno­
vation has been so good in th e second
w eek th a t Mr. T e rry has even been
th in k in g of tak in g th e tw o tellers act­
ing as hostesses off th e line in the
th ird w eek instead of a m onth as ex­
pected. The m ark etin g division, u n ­
der Sneior Vice P resid en t E. C. Boldt,
is p lan n ing a stu d y to record th e re ­
action of th e b a n k ’s custom ers to fast
teller w ith th e diea of expanding the
service to some of th e F irs t’s branches.
E v en m any of th e doubters have had
a change of heart. One officer w hose
opposition w as m ost vehem ent said he
could be counted in th e F a st Teller
cam p if th ey w ould ju st move a pillar
so he could see the p re tty hostesses.

**Friendly Hank

Is Not Fnonylt

T

* *

y o u rself as a
“frien d ly ” b an k er is no longer
enough to a ttra c t and hold custom ers,
bank executives w ere told in San
Francisco.
A ddressing th e B ank Public R ela­
tions and M arketing A ssociation sym ­
posium at th e M ark H opkins Hotel,
Jo h n J. M cDevitt, Jr., ch airm an of L ip­
pincott & M argulies, Inc. of New
York, said th a t of an estim ated $330
m illion com m ercial b anks w ould spend
on ad v ertisin g th is year, a m ajor share
w ould go to w h a t he term ed th e
“frien d ly ” syndrom e.
“The them e com m on to too m uch
bank advertising,” Mr. D evitt said, “is
friendliness. B ut a d v e r t i s i n g th a t

A

d v e r t i s i n g

Northwestern Banker, September, 1969


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

ing out and g etting a new, up-to-date x
sym bol for yo u r b ank w ill n ot solve
yo u r com m unications problem s. A ' *
new sym bol—or even a new nam e— <
m ay be necessary b u t such a course
can only be determ ined after a thor- v-_
ough investigation of th e b a n k ’s com­
m unications practices, its problem s
and its goals.”
^
L ippincott & M argulies, Inc., inter- ^
n ational m arketing, com m unications „ _
and design consultants, are wellknow n for th e corporate c o m m u n ic a -^ tions program s th e y have created for
such giants as C hrysler, RCA, Bendix,
U niroyal and C anadian Pacific. Am ong
com m ercial banks th e ir clients include *
The Royal B ank of Canada, F id elity ^
B ank of P hiladelphia, Chemical B ank
New Y ork T ru st Company, G irard
T ru st Company, U nited V irginia Bankshares and N ational N ew ark and Es- *■sex Bank.
y j-

yo u rs is a friendly b ank is no longer
enough to set it a p a rt from com peti­
tion. A t best, it’s a fragile distinction
th a t can be destroyed in a m om ent by
a teller w hose feet ache.
“The com petition in b anking today
req u ires th a t you m axim ize th e effec­
tiveness of all y o u r b a n k ’s messages.
T his can only be achieved by coordi­
n a tin g y our com m unications on a com­
p reh en sive basis. D e v e l o p i n g the
p ro p er com m unications system for
y o u r b an k req u ires as m uch intellec­
tu al problem -solving as in stallin g the
latest com puter system .”
On th e c u rre n t tren d tow ard new
b ank sym bols, M cDevitt added: “Go-

M ichigan D iv ests B an k s
An order to 223 corporations to di­
vest them selves of stock owned in>^M ichigan banks is producing “g ratify ­
ing resu lts,” th e M ichigan A tto rn ey -v'G eneral’s office reported.
“R ight now you m ig h t say w e are ^
dow n to a m opping up operation,” Sol
B ienenfeld, a ssistan t atto rn e y general,
explained.
^
Some 80 corporations have “n ot been
h eard fro m ” w hile th e other 143 have
all indicated plans to com ply w ith the
directive issued by F ra n k Kelley, the
state a tto rn ey general, last m onth.
Mr. K elley gave th e c o rp o ra tio n s^ "
u n til A ugust 14 to sell th eir holdings
in line w ith a state law on the books
since 1934 b u t n ever enforced. The
law m akes it illegal for a M ichigan cor­
poration to own stock in a bank.
V
T he illegality had come to light in
D etroit new spaper articles earlier th is <"
year, at w hich tim e Mr. Kelley said he
w ould hold off enforcem ent pending
passage of a bill th is year legalizing
the holdings. The bill, w hich w ould
have p erm itted registered and oneb ank holding com panies in the state,
w as shelved in com m ittee. I t m ay be
acter on again w hen th e legislature re ­
sum es th is fall.
Mr. B ienenfeld said some law suits ^T_
m ay be filed sh o rtly against some of
the 80 com panies w hich have failed to -rcomply.
The largest corporate ow ner of b ank T>"
stock, B u rto n A b stract T itle Com pany
of D etroit w ith over $725,000 in eight ‘
M ichigan banks, m ay be eligible to ^
“hold on to its stock” after all.
The com pany has contended th a t as —
a title in surance com pany it is subject
to th e state insurance com m ission ^
w hose code specifically legalizes th e
holding of bank stock.

-it

17

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You can't
make a garden
grow by
turning it
over in your
mind
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At Manufacturers Hanover, our National Division officers'
number one job is to get things done for you. It involves
a lot of thinking—and a lot more doing.
OUR DOERS IN THE MIDWESTERN STATES:
John J. Evans, Nathaniel S. Howe, Jr., John F. King, George R. Bennett, Carl G. Carlson,
Thomas I. Chatfield, Frederic J. Sears, Russell H. Eichman
. . . it’s good to have a great bank behind you

MANUFACTURERS HANOVER TRUST
Member Federal Deposit Insurance Corporation

No rthwestern Banker, September, 1969


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

<-

(DsjcUp iOilliA, lx). ¿Usixjand&A.:
President, Am erican Bankers Association,
N ew York, N ew York.

You have urged bankers to continue making stu­
dent loans, and we feel that even though this may
prove to be a temporary hardship on some banks,
the long-range benefits will pay dividends.
President Nixon has strongly urged banks and
other lenders to fill immediate demands for guar­
anteed student loans even though Congress failed
to complete action on a plan to provide “incentive
allowances” permitting yields in excess of seven
percent.
The incentive allowance plan was rushed through
the Senate, but a move to bring to the House floor
a companion measure (H. R. 13194) before Con­
gress recessed for three weeks was unsuccessful.
Final action, however, is expected on the incentive
allowance plan in early September.
Mr. Nixon emphasized these prospects in an
appeal to lenders from the vacation White House
in San Clemente, Calif. He said he has received
“Congressional assurances that favorable action
will be completed soon after Congress returns from
its summer recess.”
The President noted that the Senate-passed bill
(S. 2721) contains a provision making the incentive
allowance the government would pay lenders retro­
active to loans made since August 15. As a result,
he said, lenders can be assured that “loans made
for the school term beginning this fall would be
fully covered.”
The Nixon Administration recommended the in­
centive allowance plan to Congress late last month
in an effort to end the threat of student loan funds
drying up because of the below-market, seven per­
cent interest ceiling. The plan does not call for
removal of the ceiling, but would provide an in­
centive allowance of up to three percent of out­
standing loan balances made after a certain date.
This would increase the yield on student loans to
as much as 10 percent—meeting a request by lend­
ers that they be allowed to at least break even on
student loans.
The Department of Health, Education and Wel­
fare would set up the amount of the allowance.

Northwestern Banker, September, 1969


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

Periodically, it would revise this amount—upward
or downward—or abandon the allowance com­
pletely depending on economic conditions.
The bill passed by the Senate also contains a
provision that would forbid banks and other lend­
ers from conditioning student loans on an agree­
ment that the student or his family must maintain
an account with the institution.

K-

V-4><-

CO&cUl (Dewitt 9IfL. Jisinnsudij:

-hr

Secretary of the Treasury,
Washington, D. C.

If the Treasury is seriously considering the pos­
sibility of using Federal cash deposits to entice
commercial banks to lend more for “social develop­
ment programs,” as recently reported, we feel that
the United States will be taking one more giant
step down the road to Socialism.
Under one plan being considered, it is our under­
standing that the Treasury would place time de­
posits in banks which make capital available for
minority enterprises and other social improvement
projects. A suggested measure for such participa­
tion would be the degree to which a lending insti­
tution is involved in Small Business Administra­
tion financed projects. Other plans should not be
limited to SB A projects, but would include all
socially beneficial financing. The most active banks
in the field would get more deposits, built around
regular Treasury time deposit accounts.
Many minority enterprises lack the business
acumen and the potential to succeed. Banks lend­
ing money to these enterprises would normally be
criticized by both federal and state supervisory
authorities. Knowing this to be true, how can
another government agency encourage banks to
make the marginal loans by offering them the
questionable incentive of a time deposit.
Rather than resort to this form of blackmail, we
suggest the Treasury continue to back the efforts
of the SBA—and offer the incentives to banks
financing solid business and agricultural enter­
prises that are responsible for America’s success as
a democracy.

"V

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20

Bank PB3MA Plans Convention
H E B ank P ublic R elations and
M arketing A s s o c i a t i o n has an ­
nounced th e sp eakers for the general
sessions of its 54th a n n u al convention,
to be held in Bal H arbour, Fla., No­
vem ber 2-7.
L eading off w ill be Sen. R obert W.
Packw ood (R.-Ore.), a m em ber of th e
Com m ittee on B anking and C urrency
and th e youngest m em ber of th e Sen­
ate. Sen. Packw ood w ill speak on
“The Outlook for A m erican B usiness”
and w ill also answ er questions.
Follow ing th e sen ato r w ill be Dr.
N oah Langdale, Jr., p resid en t of Geor­
gia S tate College and a leading ex p ert
on m anagem ent train in g . Dr. Langdale’s speech is en titled “Solving th e
H um an E q u atio n .”
Also included on th e sp eak ers’ list
is F. J. M ullins, Sr., senior vice p resi­
dent in th e M arketing D ep artm en t of
A m erican A irlines. Mr. M ullins, one
of th e chief innovators of A m erican’s
h i g h l y successful ad v ertisin g cam ­
paigns, w ill give a speech entitled
“T his Is Y our C aptain Speaking.”
Com pleting th e list of sp eakers is
Jo h n R. B unting, president, F irs t
P en n sylvan ia B anking and T ru s t Com­
pany, Philadelphia.
Mr. B u n tin g ’s topic w ill be “B an k ­
in g ’s Im age in th e 70’s.” As w ell as
heading one of th e n a tio n ’s largest
banks, Mr. B u n tin g is th e au th o r of
“The H idden F ace of F re e E n te rp ris e ”
and num erous articles for th e A tlantic
M onthly, D un’s Review , and o th er pe­
riodicals.

T

D epartm entals

The ad v ertisin g d ep artm en tal ses­
sions, scheduled for 90 m in u tes each
m orning of th e convention, w ill in ­
clude special p rogram s on new spaper,
radio, television, and direct m ail ad­
vertising.
On Monday, Miles David, p resid en t
of th e Radio A dvertising B ureau, w ill
speak on “C om m unicating T hrough
Radio A dvertising.” A fter Mr. D avid’s
speech, H ugh H eller, p resid en t of
H ukh H eller P roductions, Inc., will
p resen t his 30-minute sound show.
Tuesday m orning, th e sp eaker w ill
be N orm an E. Cash, p resid en t of th e
Television B u reau of A dvertising. H is

topic is “C om m unicating T hrough Tel­
evision A dvertising.”
W ednesday’s speaker is Jo h n Kauff­
m an, p resid ent of th e B ureau of Ad­
v ertising, ANPA, w ho w ill discuss the
topic “C om m unicating T hrough N ew s­
pap er A dvertising.” Leo B ogart, exec­
u tiv e vice p resid en t and general m an­
ager, and S tephen T. Sohm er, vice
p resid en t and creative director of the
bureau, w ill also p articip ate in the
presen tatio n .
Jo h n Ja y Daly, vice presid en t of Di­
rect Mail A dvertising A ssociation, Inc.,
w ill close th e dep artm en tal on T h u rs­
day w ith a speech en titled “Com m uni­
catin g T hrough D irect Mail A dvertis­
ing.”
The sessions w ill featu re extensive
use of slides, charts, various other
graphic a rts and visual m a t e r i a l .
T here w ill be num erous exam ples of
b ank television com m ercials (both
good and poor), direct mail, and new s­
pap er advertising. The em phasis w ill
be upon how to com m unicate effec­
tiv ely th ro u g h each medium .
C hairm an of th e d ep artm en tal is
N orw ood W. Pope, vice p resid en t of
th e First-C itizens B ank & T ru st Com­
pany, R aleigh, N. C.
Gold Coin A w ards

N at S. Rogers, vice presid en t of The
A m erican B ankers A ssociation and
n resid en t of th e F irs t C ity National
B ank of H ouston, w ill speak at th e
Golden Coin A w ards luncheon.
Ju dges in th e m ark etin g division in ­
clude D onald Roe, vice p resid en t of
The C itizens and S outhern N ational
B ank of A tlanta, Ga.; Jack Kopp, vice
p resid en t of Leo B u rn e tt A dvertising
Chicago, and Dr. H a rry Sum m er, vice
p resid en t of M arket C onsultants, Inc.,
M emphis.
In th e public relations division, the
judges are G ardner Jack F rost, editor
and p u b lish er of F inance M agazine;
Norwood W. Pope, vice presid en t of
th e First-C itizens B ank & T ru st Com­
pany, R aleigh, N. C., and G. E dw ard
K iser, head of th e M arketing D epart­
m en t at th e U n iversity of A rkansas.
N early 100 en tries from banks of all
sizes have been subm itted for judging
in th e 1969 com petition.

Name New Foundation Members
H E F o u n d atio n for F u ll Service
B anks enrolled 29 new m em ber
banks d u rin g th e m o n th of July, R ich­
ard B. Beal, executive vice president,
announced.
Iow a led all oth er states w ith 12 new

T

Northwestern
Banker, September, 1969

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

m em ber b an ks enrolled.
The F o u n dation for F u ll Service
B anks conducts a $2.5 m illion n atio n ­
al ad v ertisin g program to educate the
public about the advantages of F ull
Service banking. C u rren tly m ore th an

6,000 banks, rep resen tin g 72 per cent
of deposits in th e U nited States, are
m em bers.
New m em bers, by state, in the
N orthw estern B anker area are:
Colorado: F irs t State Bank, F o u n ­
tain.
Illinois: B roadw ay N ational Bank,
Quincy.
Iowa: A nita S tate Bank, Anita; Cen­
terville N ational Bank, C enterville;
D anville State Savings Bank, Danville;
F irs t C entral S tate Bank, DeW itt; Palo
Alto County State Bank, E m m etsburg;
Security Savings Bank, Farnham ville;
Iow a State Bank, F o rt Madison; F a rm ­
ers Savings Bank, Kalona; Security
S tate Bank, Lake Park; R u thven State
Bank, R uthven; Stacyville Savings
Bank, Stacyville; F arm ers State Bank,
Stanhope.

-

A

*A-

P lan “ P r o fit C en ters”
B ank B uilding C orporation of A m er­
ica, St. Louis, has announced a profit
center form of organization.
Six
b ran ch offices, including Chicago, have
been redesignated as separate profit
center divisions w ith m anagem ent re ­
sponsibility located in each office. Ac­
cording to P resid en t W illiam F. Cann,
th e offices w ill be regionally staffed
for sales, a rch itectu ral and co nstruc­
tion m anagem ent w hich w ill increase
efficiency and coordination and w ill
p erm it clients to be served b etter,
m ore quickly and conveniently.
L eroy E. M itchem has been nam ed
n o rth e rn division m anager and w ill
serve as acting m anager of architec­
tu re rep o rtin g to C harles P. G uariglia,
group vice presid en t in St. Louis.
H a rry S. M yers w ill serve as m anager
of construction, r e p o r t i n g to Mr.
M itchem as w ill sales co n sultants S. L.
F ish er, Tom A nderson, R obert Schaef­
fer, Jim B ram w ell and Jo h n Baker.
The n o rth e rn division is head q u ar­
tered in Chicago a t 33 N. M ichigan
A venue.

P u n ch ca rd s fo r S tock s
A fter years of discussion, it looks as
if securities dealers m ay soon be ready
to ju n k the archaic and ornate stock
certificate and replace it w ith a sm all­
er and m ore efficient punchcard.
L ast fall th e A ssociation of Stock
E xchange firms, consisting of 500
m em bers of th e New Y ork Stock E x ­
change, suggested th a t th e change is
“not only desirable, b u t feasible as
w ell.”
Now a special com m ittee of the
A m erican B ankers A ssociation has
pointed to the “u rg en t need” to find
a tim e-saving su b stitu te for the fancy
docum ent w hich has been in use for
at least a century.

*

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21

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to meet. Gene, serving as a confidential intermediary, can provide valuable
assistance to business firms interested in making a corporate acquisition. Merc
with its unique fiduciary relationship with many customers, with broad financial
services readily available, and with important communication outlets throughout the nation
(including you and our other 1125 correspondent banks), is in an ideal position to provide
this confidential specialized service to any company interested in acquisitions or mergers.
Keep it in mind!
NEW “ BEST SELLl
It might be. A guide in computing interest rates and the disclosure
of rates as required under Regulation Z, is now available. A copy of this booklet—“ Annual
Percentage Rate Tables Covering Irregular Transactions”—has been sent to all correspondents,
compliments of Your Man from Merc. If you’d like an extra copy, just let him know.
“ MERC INTERNATIONAL” GETS EDGE ACT APPROVAL. The Board of Governors
of the Federal Reserve System has approved a charter request to establish Mercantile Inter­
national Corporation. This new subsidiary, initially capitalized at $5 million, permits Merc
to make loans to and purchase equity interests in foreign businesses, thus extending the bank’s
capabilities in the field of international finance.
NEW FACES, MORE HELPING HANDS. Richard Bacon |
(left) and Jerry Fleschner, who have just joined your Banks and ¡g
Bankers team, are currently undergoing extensive training for I
the rigorous job of backing up our ten traveling correspondent
representatives. These new men will represent Merc in the Mid­
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them soon!
EVER STUDY 45,000 PIECES OF MAIL? Our Operations people just did—as part of a
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send you a copy.


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

Northwestern Banker, September, 1969

22
r-

T ru th in Emending
A id s fo r H unks
MONG th e m any aids to banks
p rep arin g for com pliance w ith
th e “T ru th in L ending” law, R egula­
tion Z, w hich becam e effective Ju ly
1 , are th ree excellent ones for use by
banks.
The first is “The New M ath of B or­
row ing,” a p am phlet designed for b an k
custom ers to answ er th e ir questions
about how th e new law affects them .
B anks know th e ir ra te s are not
changed, b u t have to be quoted in a
new w ay to com ply w ith th e law —b u t
th e custom er does n o t know this. “The
New M ath of B orrow ing” is designed
to inform th e custom er in clear, non­
technical laym an’s term s. The pam ­
ph let m ay be used as a stuffer w ith
statem en t m ailings, for special prom o­
tional m ailings, or as a giveaw ay at
th e b ank counter. F ree sam ple of
“The New M ath of B orrow ing” and
q u a n tity prices m ay be obtained from
th e N or thw estern B anker , 306 F if­
te e n th Street, Des Moines, Iow a 50309.

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No rthwestern
Banker, September, 1969

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

B ank P ublic R elations and M arket­
ing A ssociation has tw o aids for
banks. The first is a soundslide film,
“Tell I t L ike I t Is,” for use as a p u b ­
lic relations tool for banks to explain
w h a t th e new interest-disclosure reg u ­
lations m ean to th e retail m erchant.
The film strip is available to B ank
PRM A m em bers for $60. The price to
non-m em bers is $90. T he second aid
is a guide to b an k advertisin g u n d er
R egulation Z, designed to help the
b ank ad v ertisin g officer in p rep arin g
consum er credit ad v ertising to com ply
w ith th e regulations. PRM A m em ­
bers w ill receive a com plim entary
copy and m ay p u rchase additional
copies for 75 cents each. Non-mem­
bers m ay buy th e booklet for $1 each.
B ank PRM A is at 309 W est W ashing­
to n Street, Chicago, 111. 60606.
The A m erican B ankers A ssociation
has prep ared a 104-page m anual en­
titled “B an k ers’ M anual on C onsum er
C redit P rotection Act and R egulation
Z.” I t is divided into 13 chapters cov­
ering such subjects as th e d eterm in a­
tion of finance charges, general dis­
closure req u irem en ts and credit form s.
A special ch ap ter on advertisin g w as
p rep ared in cooperation w ith b an k
PRMA.
The m anual has been m ailed to over
13,500 m em ber ABA banks. A ddition­
al copies are available to ABA m em ­
bers at $3 each from th e association’s
order processing departm ent. The
ABA is located a t 90 P a rk A venue,
New York, N. Y. 10016.

V

23

AContinental Bank snapshot.

. ’. . « a

J

.....

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.

• ' Sal
at.

1j# ip B

We could easily have put a banker in the
picture . . . or our entire agri-team, for that
matter. But we’re not in the business of
posing for pictures. We’re in the business
o f helping to make them possible—
like this one, for example.
With the right kind of credit at the
right time and right place. . . plus the kind
of helpful service that can come only from
many years of practical farming
and farm banking know-how.
You just might call it the Continental
touch, an invisible ingredient in the
recipe for progressive banking and
profitable farming.

\° ^fT- , ’

' ’

■

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V.

■¿jyI
’T li

Cash on the hoof. It takes a mighty
fa t wallet to own thin feeder cattle, and an
even fatter wallet to feed them. So when
cattle feeders in your community turn to you
for help, it's good to know that you
can turn to the agri-team at Continental Bank.

It’s what you’d expect from
the biggest bank in Chicago.
CONTINENTAL BANK
Continental Illinois National Bank and Trust Company of Chicago, 231 South LaSalle Street., Chicago, Illinois 60690 . Member F.D.I.C.

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

Northwestern Banker, September, 1969

24

Itimi*
A ihn i st va ti onIn stitu te
Expects 2 .000 A t Convention
of W ells F argo Bank, San Francisco,
and G erald M. Low rie, director of auto­
m ation, A m erican B ankers Associa­
tion, New Y ork City.
T h a t afternoon, th ere w ill be th ree
co n cu rren t sessions.
The operations session w ill be p re­
sided over by F re d Mosdale, senior
vice p resid en t of T he N ational B ank
of D etroit and a director at large of
th e In stitu te.
S peakers w ill be W illiam G. B arry,
ch airm an of th e In s titu te ’s T ask Force
on B ank S ecurity and vice p resid en t
of B ankers T ru st Comany, New York,
on “M inim um Security Devices and
P rocedures;” L. G. M ilunovich, vice
president, F irs t W isconsin N ational
Bank, M ilwaukee, on “C entral In fo r­
m ation System s,” and W illiam G.
M ilburn, vice president, M ellon N a­
tio n al B ank and T ru st Company, P itts ­
b urgh, on “CU SIP.”
The second session, on audit, w ill
have as presiding officer T hom as E.
Mead, director at large of th e In sti­
tu te and vice p resid en t of U nited Cali­
fo rn ia Bank, Los Angeles.
S peakers w ill be C harles M. McC urry, director of the C hartered B ank
A uditor P rogram , B ank A d m inistra­
tion In stitu te, P a rk Ridge, 111., on
“The C hartered B ank A uditor P ro ­
gram ;” P h il R. Allen, vice p resident
and auditor, The Republic N ational
B ank of Dallas, on “The A uditor as
an O bserver for M anagem ent,” and
H arold W. W allgren, vice p resid en t
and cashier, The P hiladelphia N ation­
al B ank, on “The P en Is M ightier
th a n th e P istol.”
G. H A U G E
R. p . C O O L E Y
The th ird session, on personnel, w ill
He w ill be follow ed by The H onor­ be chaired by H u b ert W. Safriet, di­
able Carl B. Stokes, m ayor of Cleve­ recto r a t large of th e In stitu te and
land, w ho w ill w elcom e delegates to p resident, The B ank of Reidsville,
th e city. E a rl L. Bim son, im m ediate
N. C.
The sp eakers w ill be R obert W.
pa -t presid en t of th e In stitu te and
Feagles, ch airm an of th e In s titu te ’s
presid en t of th e V alley N ational B ank
P erso n n el A dm inistration Com m ission
of A rizona, Phoenix, w ill respond.
The keynote sp eaker w ill be G abriel and senior vice p resid en t of F irs t N a­
H auge, p resid en t of th e M anufactur­ tional City Bank, New York, on
ers H anover T ru s t Com pany, New “Officer C om pensation;” Joseph B.
O’Shields, senior vice president, N orth
Y ork City, w ho is a noted econom ist.
Follow ing Mr. H auge, W illiam G. C arolina N ational Bank, C harlotte, on
Foulke, ch airm an of th e board of “H as Y our F rin g e B enefit Package
P ro v id en t N ational B ank of P hilad el­ B een U pdated?” and M. C. Campbell,
vice p resid en t and personnel director,
phia, w ill speak, in accordance w ith
a long-standing tra d itio n of th e In s ti­ A m erican N ational B ank and T ru st
tu te in w hich th e chief executive offi­ Company, Chattanooga, Tenn., on
“H irin g P ractices.”
cer of th e In stitu te p re sid e n t’s b an k
T here w ill be a second general ses­
addresses th e n atio n al convention.
The opening g eneral session w ill sion T uesday, October 28, in th e m o rn ­
close w ith an address on “The M one­ ing, at w hich R aym ond C. Kolb, In ­
s titu te second vice presid en t and sen­
ta ry and P ay m en t System ,” delivered
join tly by R ichard P. Cooley, p resid en t ior vice p resid en t and cashier of the

M

ORE th a n 2,000 delegates are ex­
pected to reg ister for th e 45th
an n u al convention of th e B ank A dm in­
istra tio n In stitu te in Cleveland, Octo­
ber 26-29.
The convention w ill open Sunday,
October 26, w ith re g istra tio n and a
reception. E d u catio n displays w hich
are alw ays a featu re of th e convention
w ill also be open th a t afternoon, as
w ell as th e n ex t th re e days.
The first g eneral session, on the
m orning of October 27, w ill be called
to order by W illiam B. Carr, natio n al
presid en t of th e In stitu te , w ho is also
executive vice p resid en t of th e P ro v i­
dent N ational B ank of Philadelphia.

Northwestern Banker, September, 1969


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

M ellon N ational B ank and T ru st Com- '
pany, P ittsb u rg h , w ill preside.
T here w ill be th ree speakers at th is
session, including Dr. Donald C. Mil­
ler, vice presid en t of th e C ontinental
Illinois N ational B ank and T ru st Company, Chicago, on “A sset M anage­
m ent;” A rth u r P. R ingler, executive *
vice president, Chem ical B ank N ew \
Y ork T ru st Com pany, New Y ork City,
^
on “C ongenerics,” and F ra n k C. H eath,
p a rtn e r, Jones, Day, Cockley and R ea­
vis, Cleveland, on “Labor M anagem ent *
R elations.”
The afternoon w ill be devoted to
th ree co n cu rren t sessions on control, ^
au d it and o p e r a t i o n s . W alter F.
Thom as, director at large of th e Institu te and executive vice p resid en t
of M anufacturers H anover T ru st Com- w
pany, N ew York, w ill preside at th e
control session.
Speakers w ill be George P. R utland,
^
vice president, F irs t N ational City
Bank, New Y ork City, on “P roblem s •*_
in Costing C ustom er Services;” David
A. R adius, controller, Old K ent B ank
and T ru st Company, G rand Rapids,
Mich, on “Developing S tandard Costs,” *
and B. Glen Jordan, p a rtn e r, Peat, ^
M arwick, M itchell & Com pany, New
Y ork City, on “Profit C enter A ccount­
ing—P u rch ase and Sale of F u n d s.”
T he second session, on audit, w ill be t *
presided over by H erm an L. Scott, In ­
stitu te tre a su re r and senior vice p resi­
den t of th e F irs t N ational B ank of
M em phis, Tenn.
Speakers w ill be E. Delke Nolley, y 1
CBA, general au d ito r of th e E quitable
T ru st Com pany, B altim ore, on “Statistical Sam pling;” Jo h n N. D wyer, vice ^
p resid en t and auditor, State S treet
B ank and T ru st Com pany, Boston, on 4. ^
“A uditing E lectronic D ata Processing
System s,” and a speaker to be announced w ho w ill talk on “A uditing a
C redit Card O peration.”
(
H orace H. H arrison, a director a t ^
large of th e In stitu te and executive
vice p resid en t of U nited V irginia ^
B ank /S tate-P lan ters, Richm ond, w ill
preside at th e th ird session, on opera- ' s
tions.
Speakers w ill be George H. D erby­
shire III, p artn er, Peat, M arwick,
M itchell and Company, P hiladelphia,
on “C onverting to an A ccrual Accounting System ;” A lfred S. Miossi,
senior vice president, C ontinental Illinois N ational B ank and T ru st Com- w
pany, Chicago, on “Edge Act Corpo­
ratio n s and F o reig n B ranches,” and *
P rofessor H arold F earon, chairm an,
d ep artm en t of m anagem ent, A rizona
~
State U niversity, Tempe, on “P u rc h a s­
ing.”
W ednesday, October 29, w ill open
w ith th e an n u al business m eeting of

V

25

■f*
ti

\

Chaseman
Wayne Hansen
has over 50 direct
corresp
services to
tell you
about.
Liste


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

Northwestern Banker, September, 1969

26
th e In stitu te , presided over by P re si­
d en t Carr. T his w ill be follow ed by
th e th ird g eneral session, at w hich
C harles A. A gem ian, In stitu te first
vice p resid en t and executive vice p res­
ident of The Chase M an h attan B ank,
N.A., New Y ork City, w ill preside.
The tw o speakers w ill include The
H onorable J. Dewey Daane, m em ber
of th e B oard of G overnors of th e F ed ­
eral R eserve System , w ho w ill talk on
“In tern a tio n a l M onetary A ffairs,” and
George W. M cKinney, Jr., senior vice
presid en t of Irv in g T ru st Company,

New Y ork City, w ho w ill speak about
“The B usiness Outlook for 1970.”
W ednesday afternoon w ill be de­
voted to “Ask th e E x p e rts” sessions, at
w hich chairm en and m em bers of the
A udit, F ed eral Taxes, O perations, P e r­
sonnel A d m inistration and T ru st Com­
m issions w ill be available to answ er
individual questions from delegates to
th e convention.
The convention w ill close w ith a
b an q u et W ednesday evening, at w hich
P resid en t C arr w ill preside. The b an­
quet w ill also featu re en tertain m en t.

Aren Hunkers A tten d Annual
Hunk Adm inistra finn School
A NK ERS atten d in g the 16th ses­
sion of th e School for B ank Ad­
m in istratio n at th e U n iv ersity of W is­
consin last m o n th included th e follow ­
ing from th e N orthw estern B anker
area:

B

Colorado
R o b e rt R. K a m p m a n , C olorado N a tio n a l
B a n k of D e n v e r; E d w in L . P o u n d s, T he
C olorado S p rin g s N a tio n a l B a n k ; C onrad
G. K e rn , F i r s t N a tio n a l B a n k in B o u ld er;
L aw re n c e T. L ik n e ss, F i r s t N a tio n a l B a n k
of C olorado S p rin g s; W ay n e P . M e id er,
C o n tin e n ta l N a tio n a l B a n k , E n g le w o o d ;
Sam m y B. R e iser, T he C olorado N a tio n a l
B a n k , D e n v e r; J a c k R. Ja c o b so n , C e n tra l
B a n k a n d T ru s t Co., D e n v e r; J o h n D. N e l­
son, F i r s t N a tio n a l B a n k of D e n v e r; K e ith
R. O stlin g , C olorado N a tio n a l B a n k , D e n ­
v e r, a n d R ic h a rd J . R ead, F i r s t N a tio n a l
B a n k of G reeley.
Illin o is
K e n n e th L. C asper, C om m ercial N a tio n a l
B a n k of P e o ria ; F re d e ric k C. F isc h e r,
C hicago-T okyo B a n k , C hicag o ; J a c k A.
G eatch es, C o n tin e n ta l Illin o is N a tio n a l
B a n k a n d T ru s t Co. of C hicag o ; E d w a rd
H . H a rd , J r ., C o n tin e n ta l Illin o is N a tio n a l
B a n k a n d T ru s t Co. of C hicag o ; C harles
B. H o a g , T he N o rth e rn T ru s t Co., C hicago;
T hom as A. K e n n e d y , P u llm a n B a n k &
T ru st Co., C hicago; R ic h a rd D. M ills, H a r ­
ris T ru s t & S a v in g s B a n k , C hicago; R ic h ­
a rd E . N y la n d e r, L a k e V illa T ru s t & S a v ­
in g s B a n k ; Ja m e s R in g el, N a tio n a l B oule­
v a rd B a n k of C h icag o ; R a lp h G. R in k ,
N o rth w e st N a tio n a l B a n k o f C h icago; M rs.
B e tty J . S a lte r, F i r s t N a tio n a l B a n k of
M o lin e; T hom as J . S heehy, T he F i r s t N a ­
tio n a l B a n k of C hicago; W illia m J . T hiel,
E lm h u rs t N a tio n a l B a n k ; H a r r y V. W il­
son, C h a m p a ig n N a tio n a l B a n k ; O. J a c k
B a llio n , T he C itiz en s N a tio n a l B a n k of
D e c a tu r; M rs. M a rjo rie D. B e rry , C ity N a ­
tio n a l B a n k , K a n k a k e e ; Tom R. B ra d le y ,
H a r r is T ru s t & S a v in g s B a n k , C hicago;
G ordon R. B ro c k w ay , T he F i r s t N a tio n a l
B a n k & T ru st Co. of B a rrin g to n ; B. H elge
C arlson, T he F i r s t N a tio n a l B a n k of C h i­
cag o ; R o b e rt P . C ornelisen, F e d e ra l R e ­
serve B a n k of C hicago; W illa rd H . C u rtis,
F i r s t N a tio n a l B a n k in P e ru ; J o h n L.
H a u p t, F i r s t S e c u rity T ru s t & S a v in g s
B a n k , E lm w ood P a r k ; S ta n le y L . H e d ric k ,
F i r s t N a tio n a l B a n k o f D es P la in e s ; M iss
E . J e a n H e 'th o k l, S ta te S tre e t B a n k &
T ru s t Co., Q u in cy ; M iss P a u lin e H ow e,
R ock F a lls N a tio n a l B a n k ; R o b e rt J .
K a m in s k i, C o n tin e n ta l Illin o is N a tio n a l
B a n k & T ru s t Co., C hicago; F ra n c is S.
Northwestern
 Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

K m e tz , T he S tr e a to r N a tio n a l B a n k ,
S tr e a to r ; K e n n e th L . L a y , T he N o rth e rn
T ru s t Co., C h icago; Ja m e s W . M u eller,
H a rris T ru s t & S a v in g s B a n k , C hicago;
Jo e E. N a c h b in , C o n tin e n ta l Illin o is N a ­
tio n a l B a n k a n d T ru s t Co. of C h icago;
R o b e rt L. P a tto n , B u sey F i r s t N a tio n a l
B a n k , U rb a n a ; E a r l C. P e te rs e n , A m e ric an
N a tio n a l B a n k & T ru s t Co. of C hicago;
A lb e rt E . R ad cliffe, R oselle S ta te B a n k ;
C h e ste r C. S haffer, F i r s t N a tio n a l B a n k
of B lue Is la n d ; T hom as G. S tu h r, E lm ­
h u rs t N a tio n a l B a n k ; L a w re n c e P . W alto n ,
S o u th e a s t N a tio n a l B a n k of M o lin e;
M ich ael J . W ix te d , H a r r is T ru s t & S a v in g s
B a n k , C hicag o ; E d w in J . B e ck e r, J r ., M c­
H e n ry S ta te B a n k ; R o b e rt B ra in , U p p e r
A v en u e N a tio n a l B a n k of C hicag o ; L y n d o n
N. B u tte rfie ld , F i r s t S ta te B a n k o f P rin c e ­
to n ; J o h n B. C a rin a to , T he N a tio n a l S ecu ­
r i ty B a n k o f C hicago; J o h n E . C ieslin sk i,
C o n tin e n ta l Illin o is N a tio n a l B a n k a n d
T ru s t Co. o f C h icago; W a lte r W . C ordin,
F i r s t N a tio n a l B a n k of W e st C hicago;
R o b e rt W . C rap p le, F i r s t N a tio n a l B a n k
of L a G ra n g e ; W ay n e V. F e k lu n d , P io n e e r
T ru s t & S a v in g s B a n k , C hicag o ; J o h n W.
C lover, W au c o n d a N a tio n a l B a n k ; W illa rd
A. H e c k e n d o rf, T he F i r s t N a tio n a l B a n k
of C hicago; J a y A. H ollow ell, T he D ro v e rs
N a tio n a l B a n k of C hicago; G a ry E . J e n ­
sen, L ouis J o lie t B a n k , J o lie t; R ic h a rd L.
K le c k le r, S ta te B a n k o f F re e p o rt; T hom as
M . C lein, C o n tin e n ta l Illin o is N a tio n a l
B a n k a n d T ru s t Co., C hicag o ; R ussell O.
L a n g a n , F e d e ra l R e se rv e B a n k of C h icago;
R ic h a rd J . L ebold, A sh la n d S ta te B a n k ,
C hicago; D onald G. L ee, P e o p les B a n k of
B lo o m in g to n ; G. P a t r ic k L o n g n e c k e r, C ity
N a tio n a l B a n k & T ru s t Co., R o c k fo rd ; J o h n
T. M a d ig a n , F e d e ra l R e se rv e B a n k of C hi­
cago; P a u l W. N iles, G ra n ite C ity T ru s t &
S a v in g s B a n k ; E d w a rd C. P a a sc h , N a p e r­
v ille N a tio n a l B a n k ; W illia m C. Q uetsch,
T he N o rth e rn T ru s t Co., C hicago; D a v id
E . R obin, E x c h a n g e N a tio n a l B a n k of C hi­
cago; R o b e rt E. Sherw ood, T he N o rth e rn
T ru s t Co., C h icago; W ilb e r G. S m ith , The
F i r s t N a tio n a l B a n k of E lg in ; W illia m J .
T yle, L a S alle N a tio n a l B a n k , C h icago;
K e n n e th E . W ak e , F i r s t N a tio n a l B a n k of
M o lin e; C h arles R. W a rre n , N a tio n a l
B o u le v a rd B a n k of C hicago, a n d M rs.
M ild re d M . Z ehr, H e rg e t N a tio n a l B a n k ,
P e k in .
IO W A
C arl R. M u e lle r, H o u g h to n S ta te B a n k ,
R ed O a k ; R o b e rt E. B ullock, Io w a T ru st
& S a v in g s B a n k , O sk alo o sa; D o n ald W.
C h riste n se n , T he F i r s t N a tio n a l B a n k ,
H u m b o ld t; B e rn a rd D. D u b en , Io w a S ta te
S a v in g s B a n k , C re sto n ; L o n n ie G. S u lz­

b e rg e r, F i r s t N a tio n a l B a n k o f M u s c a tin e ;
J a y D. Yos, S e c u rity S ta te B a n k , S h e ld o n ;
D o n a ld P . K e lla r, F i r s t N a tio n a l B a n k ,
B u rlin g to n ; J o h n W . R a h n , C lay C o u n ty
N a tio n a l B a n k , S p e n c er, a n d M rs. R u th L.
W illits, N o rth w e s t B a n k & T ru s t Co.,
D a v e n p o rt.
M IN N E SO T A
D a v id M . A n d e rso n , F i r s t N a tio n a l B a n k
of M in n e a p o lis; R o b e rt D. Jo h n so n , N o r th ­
w e ste rn N a tio n a l B a n k of M in n e a p o lis;
Jo s e p h J . B irch e m , J r ., F i r s t N a tio n a l
B a n k of M in n e a p o lis; W illia m J . D um a,
T he F i r s t N a tio n a l B a n k of S t. P a u l;
N o rm a n R. H a g stro m , N o rth w e s te rn N a ­
tio n a l B a n k o f M in n e a p o lis; R o b e rt G.
Rood, M id la n d N a tio n a l B a n k o f M in n e ­
a p o lis; A. H u g h T hom pson, N o rth w e s te rn
N a tio n a l B a n k of H o p k in s; D o n a ld L .
A u d e tte , F e d e ra l R e se rv e B a n k of M in n e ­
a p o lis; T im o th y J . B u rg ess, F i r s t A m e ri­
can N a tio n a l B a n k , D u lu th ; W ilm er R.
D a c h tle r, N o rth w e s te rn N a tio n a l B a n k of
M in n e a p o lis; J e ffre y S. D ennis, F i r s t
A m e ric a n N a tio n a l B a n k , D u lu th ; P e te r S.
E d m u n d s, N a tio n a l C ity B a n k of M in n e ­
a p o lis; B en E . F e llo w s, N a tio n a l C ity B a n k '
of M in n e a p o lis; R ic h a rd D. G reene, N o rth ­
w e ste rn N a tio n a l B a n k , H a s tin g s ; C onrad
A. K eech, F i r s t N a tio n a l B a n k o f M in n e ­
a p o lis; F r a n k P . M e ier, S ta te B a n k of
A n o k a ; H a ro ld E . N u e ssm e ier, F i r s t N a ­
tio n a l B a n k , A u s tin ; Ja m e s A. O lsen, V a l­
le y N a tio n a l B a n k , S t. P a u l; C u rtis K .
R oesler, F e d e ra l R eserv e B a n k of M in n e ­
ap o lis, a n d D e n n is H . V a n H eel, N a tio n a l
C ity B a n k of M in n e ap o lis.
M ontana
R ic h a rd A. C ram er, T he F i r s t N a tio n a l
rk
B a n k of M isso u la ; L a r r y L . D over, M id ­
la n d N a tio n a l B a n k of B illin g s; W ay n e C.
Y
L e in e r, T he G re a t F a lls N a tio n a l B a n k , a n d
R oy F . N elson, S e c u rity T ru s t & S a v in g s
B a n k , B illin g s.
N ebrask a
D. D w a y n e
C a tro n , C e n te r B a n k ,
O m a h a; L a r r y L . N elso n , N a tio n a l B a n k
of C om m erce, T ru s t & S a v in g s, L in c o ln ; y
J im D. P h ilp o tt, T he U n ite d S ta te s N a ­
tio n a l B a n k of O m a h a; G a ry L. B ern \
h a rd t, F i r s t N a tio n a l B a n k & T ru s t Co. of
F re m o n t; W illia m E . C lark , T he U n ite d ^
S ta te s N a tio n a l B a n k of O m aha, a n d G a ry
L . P a r k e r, B a n k o f B ellevue.
South D ak ota
E ld o n D. H a sc h e, N o rth w e s te rn N a tio n a l
B a n k o f Sioux F a lls .
‘'
Wyoming
Jo se p h W . M ille r, C heyenne N a tio n a l
<
B ank.

prom otions and an ­
C ORPORATE
nouncem ents of special in terest to
readers of th e N orthw estern B anker
include the following:
A m erican E x p ress Company, N ew
York: S tephen S. H alsey, form erly

vice p resident and general m anager of
the com pany’s trav el division, has
been elected senior vice president. Mr.
Halsey, who joined th e com pany in
1950, w as vice p resid en t for corporate
m ark etin g p rio r to becom ing head of
the trav el division in 1968.
Carobus & F redericks, Inc., Chicago:

Carobus & F redericks, advertising and

W

27

■¥

- T*-

V “1

V

—>

r

* NOTE: Perhaps there’s a blank spot in your correspondent coverage in California.
Maybe it’s a special service you need. Or statewide representation-north and
south. Or more personalized attention. Then call on UCB. After all, California is
our middle name, and we’ve built our reputation on doing a little more. At your
service are highly trained, highly skilled professional bankers in both our Los
Angeles and San Francisco headquarters. Plus a network of offices throughout
the state. Call (213) 624-0111 in Los Angeles, (415) 397-2022 in San Francisco
for the bankers who do a little more for you.
UNITED CALIFORNIA BANK

¥’


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

Northwestern Banker, September, 1969

28
public relations agency specializing in
serving th e m ark etin g and com m uni­
cation needs of financial in stitu tio n s
th ro u g h o u t th e m i d w e s t , has an ­
nounced the change of its corporate
nam e to D em pesy and F redericks, Inc.
C. T. Fredericks, presid en t and co­
founder of th e com pany, w ill continue V
in his p re se n t capacity. George H.
Dempesy, w ho joined th e agency last
Novem ber, w ill rem ain in his post as
executive vice president. He form erly V
headed th e advertising and public re ­
lations d ep artm en t for th e A m erican TV ~
N ational B ank and T ru st Company,
-t-—
Chicago.
O. A. Cooper Com pany, H um boldt,
Nebr.: Salesm en and m anagem ent p e r­

4V

sonnel of th e com pany and H am m ond VMills, Inc., Oklahom a City, Okla., a
subsidiary corporation, recen tly com­
pleted a three-day sales w orkshop
sem inar in Colorado Springs, Colo. Ses­
sions w ere u n d er th e direction of Dr.
Jam es L. Miller, presid en t of th e
A m erican T rain in g Academy, R olling
Meadows, 111. The sem inar w as a p re ­
lude to a six-m onth practical applica­ A —
tion by salesm en and m anagers of a
system atized use of th e A cadem y’s
tra in in g in selling. F u rth e r m eetings
rcare planned for th is six-m onth period.
Gam bles-Skogm o, Inc., M inneapolis:

E a rl T. B aum ruck h as been appointed
controller and elected a ssistan t tre a s­
u re r of Gamble A lden Life In su ran ce
Company, subsidiary of Gambles. He
joined Aldens, Inc., in 1964.
Green Giant Com pany, LeSueur,
Minn.: G. J. Tem pas, executive vice

7<

p resid en t and a director of th e com ­
pany, has been elected president. He
succeeds R obert G. Cosgrove, w ho has
been elected ch airm an and continues
as chief executive officer. As ch air­
m an, Mr. Cosgrove succeeds L. E. F e l­
ton, w ho has retired.

VIC cuts Red Tape with Plan I
The security specialists, Douglas-Guardian, have cut red tape
on inventory loans under the Uniform Commercial Code with
a new VIC system. VIC is Douglas-Guardian's exclusive method
of Verified Inventory Control, a time- and cost-saver for years.
Now VIC can offer PLAN III which perfects security on ware­
housed inventory minus the tedium of signs, stack cards, leases,
mortgages, waivers and subordinations. VIC's PLAN III is sim­
plified and direct. Get the details today. Call or write:

DOUGLAS-GUARDIAN WAREHOUSE CORP.
P. O. Box 52978, New Orleans, La.70150 • Phone 5 0 4 -5 2 3 -5 3 5 3
Offices in 15 Principal Cities

Digitized
for estern
FRASERBanker, September, 1969
Northw
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

In tern ation al H arv ester Com pany,
Chicago: K eith R. P o tter has been

nam ed vice president, finance. F ra n k
R. M ilnor has been elected treasu rer,
succeeding Mr. P otter.
M osler, H am ilton, Ohio: T hree new
vice p residents have been appointed in
th e firm ’s m ark etin g division. T hey
are: P hilip Zen- i
ner, vice p resi­
dent of m a rk e t­
ing; H u g h C o n ­
nell, vice p resi­
dent of th e b ank
sales division, and
A. D. G rover, vice
p r e s i d e n t of in­
stallation a n d
service.
Mr. Z enner has
b e e n w i t h th e
firm since 1965, m ost recently as di­
rector of m arketing, inform ation sys-

29

P a r t T im e H a n k er

SHREWD
BUYERS
AUTOMATE
W ITH
AUTOMATIC
COIN
WRAPPERS

TO W E E IN G B ill T u rn e r, 6-7 S an
F ra n c is c o W a rrio r, tra d e s h is b a s ­
k e tb a ll u n ifo rm fo r a b u sin e ss su it
in th e off-season a n d becom es a
b a n k e r. H e re , l it t le B r e tt F o s te r
dro p s in a t th e B a n k of A m e ric a ’s
L in d a M a r b ra n c h in P a c ific a to
ta k e a b ig look up a t B ill, open an
a c c o u n t a n d g e t h is b a s k e tb a ll a u to ­
g ra p h e d . C u rre n tly , M r. T u rn e r, 25,
is in v o lv e d in th e b a n k ’s t r a in in g
p ro g ra m a n d hopes to find h is w ay
in to p e rso n n e l w o rk . T h is w ill be
h is th ir d season w ith th e W a rrio rs
a n d h is first as a b a n k e r.

^

terns division. Mr. Connell w as m ost
recently n atio n al sales m an ag er in th e
b an k division. Mr. G rover joined Mosler in 1958 as n ation al service manager.

..1

STE e ít A s í r ONG

N orth C entral C om panies, St. Pani:

"x Stanley P. K ane, vice presid en t, sales
and ad m in istratio n , in o u tlin in g th e
^ com panies’ new five-year plan, has a n ­
nounced th e follow ing p ersonnel and
te rrito ria l changes effective im m edi­
ately.
The com panies’ m ark e tin g and sales
d ep artm en ts w ill be m erged and head ­
ing th is new staff is R oland L. Allen,
> vice p resident, w ho has been nam ed
directo r of m ark etin g . A dditional m arketing responsibilities also have been
tra n sfe rre d to Carl M. A ustin, vice
p resid en t and chief o p eratin g officer at
r „ Maine F id elity Life, P ortland.
F. W illiam S tohr and E u gene L.
<- » H anson have been nam ed vice p re si­
dents and su p e rin te n d e n ts of agen>tr cies for th e ea ste rn and w e ste rn re ­
gions, respectively. Mr. S tohr w as
previously vice p resid en t of m idw est^ ern cred ito r in su ran ce sales, and Mr.
H anson h ad sim ilar a u th o rity in th e
o rd in ary sales division.
W ilb u r B. R ogers has been nam ed
vice p re sid e n t for m a rk e tin g and p ro d ­
u ct developm ent. R o b ert J. F lorin,
BOMA field staff supervisor, has been
_
nam ed n atio n al d irector of train in g .
^ R ichard Stengrim , agency services
^
m anager, also has been appointed to
the new m arketing-sales staff.

V


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

A U T O M A T IC

C O IN

WRAPPERS

■ Precision made on special machines from finest quality
materials.
■ ^Patented Red Bordered Windows automatically indicate
the total amount and denomination of contents.
■ Diameter of coin automatically positions value of contents
in red window openings.
■ Save time for tellers, buyers, stockkeepers and depositors.
Eliminate errors.
■ For years a favorite with leading banks and financial
institutions.
■ Wrap all coins from 10 to $1.00 in following amounts:
500 in pennies
$10 in quarters
$2 in nickels
$10 in halves
$5 in dimes
$20 in dollars
■ Packed 1,000to a box. Tapered edges. Available Imprinted.
For details on other high quality "Steel-Strong" Coin Handling
Products, call your dealer or send coupon.

The C. L. D O W N E Y C O M P A N Y

/

HANNIBAL, MISSOURI, DEPT. N

PLEASE SEND FREE DETAILS ON "STEEL-STRONG" COIN HANDLING PRODUCTS TO:

Name__________________________________ Title_______________ _
Firm
A ddress________________________________ _
City---------------------------------------------------------------State.

AROUND

MONEY

THE

FINEST

IS

"STEEL-STRONG"

Northwestern Banker, September, 1969

30

V

\

Y

*
..w ..

IT’S THE NEXT 90 THAT REALLY COUNT.
The year is 1879. Rutherford B.
Hayes is President of the 38 states.
In the southeastern corner of the
te rrito ry -tu rn e d -3 7 th state, young
O. A. C ooper risks a hard-earned
"Grubstake” to build a flour mill in a
tiny hamlet.
From those modest beginnings in
Humboldt, Nebr., The O. A. Cooper
Co., which entered the feed business
in 1928, has grown into the largest
Nebraska-based feed firm.
Our mills at Humboldt, Beatrice, Cozad and South Sioux City. Nebr., pro­
duced 106 thousand tons of Cooper
“ Quality-Guarded” Feeds in 1968.
Fortunately, we have much more
than mere size to recommend us,
since we are dwarfed by a number of
national feed firms.
Leadership, in novatio n, b rin g in g
new feed developments first to our
thousands of midwest feed customers
are among our proud hallmarks, which
include: CRUNCHIES, first granular
feed; A R S A N ILIC ACID, n a tio n ’s
number 1 permit; RUMEN, first feed
designed for utilization of roughages;

ANIMAL FAT, first to use fat for high
energy feeds; STILBESTROL, first in
the field with synthetic hormones;
S&H GREEN STAMPS, first to offer
S&H Green Stamps with feed; M.G.A./
100®, first to file for permit to incor­
porate in cattle feed for heifers; HlENERGY BEEF MEDICATED (Bloat
Preventive), issued nation's first per­
m it to in co rp o ra te P oloxalene in
cattle feed.
We’re proud of these accomplish­
ments and many others, sure. Yet, it
is sobering to realize they will be hol­
low and meaningless if American
agriculture cannot meet the tremen­
dous challenges ahead in furnishing
food and fibre for the exploding popu­
lations of our land and others.
For our part, we mean to be equal
to those challenges as three genera­
tions of Coopers together with hun­
dreds of resourceful, hard-working
employees and dealers have been to
those of the past.
That’s why we say it’s the next 10,
20, 30, 40 . . . 90 years that really
matter —for everyone.

THE0. A. Cooper Co.
MILLS AT HUMBOLDT, BEATRICE, COZAD AND
SO. SIOUX CITY, NEBR.
HOME OFFICE: HUMBOLDT, NEBRASKA 68376

r

WITH
EVERY BAG
Void in states
where prohibited

Qua/UyÇua’uùd. 1
FEEDS *

*

----- V --------- - We Don’t Compete With Our Customers

Northwestern
Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A--**
r-v
r-

r-yy
4~-

I FREE! “Challenging Horizon” \
I C olorful b o oklet about career opporj tu n itie s in a g ric u ltu re and A g riI business.

I
|

r*--

I The O. A. Cooper Co.
I Humboldt, Nebr. 68376
I N a m e -------------------------------------------------

I

I

I

| A d d re ss---------------------------------------------Town

-S ta te .

|

-Z ip.

*

The Cattle Outlook
A N O R T H W E ST E R N BA NK ER S u rvey
L L factors of an y im portance to a profitable live­
stock m a rk e t have b ro u g h t h ig h er profits back
in to th e cattle business and should continue at a
h ig h er level th a n a y e a r ago for th e n e x t few m onths.
T his is th e consensus of leading livestock b an k ers located
in th e u p p e r m idw est w ho have responded to th e annual
N orthw estern B anker “A n n u al C attle O utlook” survey
w ith th e replies p rin te d below. A bu m p er feed crop and
m ark etin g a t lig h te r w eig h ts are credited w ith m ain tain ­
ing b e tte r prices. A m ple funds should be available for
reg u lar feeders.

A

C. W . MEANS
Senior V ice P residen t
Stockyards N a tio n a l B ank
O m aha, N ebraska

T W OULD seem th a t th e inflatio n ary tendencies w hich
have influenced m an y o th er in d u stries are m ainly
catching u p in th e cattle in d u stry . W e’ve recen tly seen

I


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Federal Reserve Bank of St. Louis

cattle at a 10-year high and, although at the p resen t tim e
prices have slacked off about $4, fat cattle are still selling
$2 over last y e a r’s m ark et w hich everyone considered
excellent.
I t is our opinion th a t cattle have leveled off and w ill
continue to sell at a h ig h er plain th a n w e are used to.
C attlem en have had a m ost prosperous year in spite of
a bad w inter, and it looks like th e balance of th e year
should also provide good m arkets.
F eed er cattle are certain ly m uch stro n g er th a n th ey
w ere a year ago—generally speaking, from $4 to $5
stronger. H ow ever, feed costs are still relatively low.
A good m anager can buy cattle w ith a rev erse m argin
and m ake a profit on his feeding operation th ro u g h th e
low cost of gain. The corn-cattle ratios are exceptionally
good, and it looks like we should have an o th er bum per
corn crop w hich should forestall any credit advance in
th e corn m arket.
A v ital factor in th e increased price of cattle has been
th e low er w eights of cattle slaughtered. In spite of th e
Northwestern Banker, September, 1969

32

“ Th big unknow n is fu tu r e
p ric e s f o r f a t c a t tle ”

fact we are feeding m ore cattle, th e total tonnage has not
increased appreciably. As long as feeders continue to
sell th e ir cattle w h en th e y reach grade and hold th e to n ­
nage down, th e beef supply should stay w ell w ith in a
useable range.
T ight m oney certain ly w ill be a factor in th is y e a r’s
cattle purchases. If b anks loan th e sam e dollar volum e
as th ey did last y ear to each custom er, th ey w ill be able
to buy only about th ree-fo u rth s as m any cattle. M any
custom ers, how ever, hav e show n a good profit th is year
and w ill be in a position to use m ore of th e ir ow n money.
B arrin g a d rastic slip in our econom y or prolonged n a­
tional strik e s and increased unem ploym ent, we feel th a t
th e cattle in d u stry is in good h ands and should finish
o ut th e y ear w ith a m arg in of profit.
M. G. FABRICIU S
V ice P residen t
Osage Farmers N ational Bank
Osage, Iowa

NO TH ER y ear has gone by and has been quite su r­
p risin g to m ost of th e people in th e cattle business.
We have seen a stro n g dem and for beef, and fat cattle
have sold at prices m uch h ig h er th a n people ever ex­
pected. I t proves th a t try in g to forecast fu tu re prices is
v ery difficult.
We have an u n d erly in g stro n g dem and for feeder cat­
tle for these reasons. E xcess feedlot capacity m eans
active bidding for th e supply of cattle available. Second,
w e have th e p o ten tial of a lot of corn th a t doesn’t have
m uch chance to produce m ark etab le corn. W e probably
have at least 30 p er cent of th e co rn in th is area th a t can
only be fodder. F a rm e rs w ill need cattle to utilize this
type of feed.
The big u n k n o w n is fu tu re prices for fat cattle. In d i­
cations are th a t th e u p w ard tre n d w ill be at a slow er
pace. T his could have som e sm all effect on th e m ark et
dem and and f ut ur e prices. I th in k feeders w ill be w eigh­
ing this factor w h en th e y b u y feeder cattle th is fall. A
general slow ing of the econom y in 1970, w h en th e cattle
bought in 1969 w ill come to m ark et, m ay be w ell to
consider.
M oney w ill be available for good feeders. I t w ill be at
th e h ig h est cost for th e 33 y ears th a t I have m ade cattle
loans. It becom es p a rt of th e risin g cost tre n d in agri­
culture, and m ost feeders w ill use the m oney if th ey
need it to ru n a good business.
Most farm feedlots feed cattle to m a rk e t th e crops they
produce. Corn crop in our area w ill be th e sm allest in
sev eral y ears and m ay slow th e dem and for feeder cattle
In th is area. H ig h er corn prices for n ex t y e a r’s feeding
looks like a d istin ct probability.

A

G. E. SEARS
E xecutive V ice P residen t
Citizens First N ational Bank
Princeton, Illin ois

S HAS been ty p ical in m ost areas th ro u g h o u t the
U nited States, cattle feeders in th is p a rt of Illinois

A


Northwestern Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

have had a v ery successful period du rin g th e first seven
m onths of 1969, w ith m argins ru n n in g from $2 to $5 per
hun d red w eight over purchase price. Com bined w ith low
feed costs, th e profit m argins have been quite substantial.
N aturally, h ig h er fat cattle prices have been reflected in
m uch h igher replacem ent cattle.
As to our custom ers w ho have been feeding cattle for
m any y ears and have a profitable feeding program in
operation, w e are encouraging them to continue th e pro­
gram as th ey have in the past, realizing th a t the 1969-1970
feeding period w ill probably be som ew hat less profitable
th a n has been in th e past.
All indications are th a t fat cattle prices w ill drop som e­
w h at du rin g th e nex t th ree to six m onths and th a t over
the n ex t 12 -m onth period fat cattle prices w ill average
possibly 10 per cen t to 20 per cent below th e $32 to $35
price received d u rin g th e past six m onths.
Also, indications are th a t feeder cattle prices m ay be
slightly h igher du rin g th e n e x t 12 -m onth feeding period,
as com pared to a y ear ago; how ever, it is our stro n g
belief th a t cattle feeders should develop a good profitable
feeding program and th en stay w ith th is program w ith
only m inor deviations from year to year.
A lthough p resen t indications are th a t cattle feeding
profits w ill be su b stan tially less d u rin g the n ex t 12
m onths, w e are providing credit as needed for our suc­
cessful cattle feeders. H ow ever, w e do not feel th a t th is
is th e y ear for beginners to go into the cattle feeding
operation. In fact, it is likely th a t credit w ill be available
only to our custom ers w ho are successfully established in
th e cattle feeding business.
A t th e p resen t tim e, it appears th a t our custom ers are
delaying purchase of replacem ent cattle. I t is our th o u g h t
th a t the n um ber of feeder cattle com ing into this area
w ill not change m uch from th e p ast feeding period.
U nusually high prices for replacem ent cattle w ill u n ­
doubtedly delay acquisition u n til later in th e fall. A few
of our custom ers are acquiring replacem ents at th e pres­
en t tim e, m ainly because th ey have an ab u n d an t supply
of grass available.

t

Ur '
JOHN ROUZIE
P residen t
First N ational Bank
Bowman, North Dakota

H IS area had a v ery d ry spring follow ing one of th e
m ost severe w in ters on record. T here w as v ery little
h ay carried over and p erhaps a 5 p er cent w in ter loss.
F o rtu n ately , th e calf crop tu rn e d out to be about
norm al. W ith v ery high cow prices, a g reat num ber of
older cows and d ry cows have been sold this sum m er.
This m eans th ere w ill be considerable dem and for good
q uality heifers this fall, p articu larly bred yearlings.
T hey should sell in th e $200 to $240 bracket, depending
upon th e quality. Good cows w ith o u t too m uch age w ill
sell on approxim ately th e sam e figures.
W e had one of th e w e tte st J u ly ’s on record. The second
cu ttin g of h ay and o ther feed grain s came on abundantly,
and it looks like we w ill have an adequate supply of

*
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^
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33

“In te n d to see a g ric u ltu re has its
f a i r sh a re o f lo a n a b le f u n d s 99

feed and a p a rtic u la rly large supply of oats and barley.
Calves w ill be h eav ier for age th a n o th er years. Of
course, th is w ill depend som ew hat on our grass curing
a t th is tim e. I t does ap p ear th a t th e ra in s have ceased,
and w e w ill have cured g rass w hich w ill again give us
h eav ier calves.
I t looks like good quality, 900-pound calves w ill sell up
to $35 w ith th e poorer q ualities going p erh ap s $30 and
below. Y earling steers should sell from $27 to $30, de­
pending on w eig h t and quality. A good 750-pound y ear­
ling steer w ill probably b rin g rig h t at $30. T here has
been v e ry little co n tractin g in th is area.
I th in k anyone pred ictin g th e cattle m a rk e t a t th is tim e
has to tak e into account our en tire econom y and m oney
supply. A t th is tim e, it w ould appear th a t th e econom y
is slow ing. U nem ploym ent w ill rise. T he m oney supply
w ill n o t increase u n til 1970. Hence, w e v ery possibly
could hav e low er consum er dem ands for choice cuts of
beef, re su ltin g in low er fat cattle prices and low er feeder
prices.
DA V ID R. JOHNSON
V ice P residen t
The Omaha N ational Bank
Omaha, Nebraska

H E n e x t 12 m o n th s in th e cattle business should
prove as in te re stin g as th e p ast 12 , w ith certain
objectives to m eet and problem s to overcom e. P erh ap s
th e tre n d w e have in m ind should be classified as the
four C’s—cattle, conditions, corn and credit.
T here are ab u n d an t n u m b ers of cattle available for
feeding, although th e early co n tractin g of cattle for fall
delivery h as tied up a larg er percentage of th e cattle.
W ith th e re c e n t price ad ju stm en ts, we w ould expect some
of these cattle to be resold at a possible loss. The dem and
for beef and beef p roducts rem ain s u n paralleled, and if
our n atio n al econom y can avoid a slowdown, w hich w ould
re su lt in u nem ploym ent, w e should be able to keep the
housew ife b u y in g beef in th e sam e q u an tities and at close
to th e sam e prices.
In th e im m ediate m onths ahead, it w ould look as though
slau g h te r n u m b ers w ould be ab u n d an t in the OctoberD ecem ber period, w ith our biggest price w eakness
accom panying th ese n um bers. W e look for th e price of
steer calves d u rin g th e fall ru n to be 33 to 35 cents and
th e price of heifers to be 31 to 33 cents.
The conditions of th e co u n try can be stated sim ply as
h ig h er taxes, low er profits and continued inflation, w ith
some tiltin g to w ard a pause in economic g row th (mild
recession).
T he corn and feed g rain crops hav e m ade excellent
progress, overcom ing m an y of th e earlier season’s grow ­
ing problem s, and w e are expecting a trem en d ous crop
in size and quality. H ay supplies in th e Sandhills area
w ill be short, and th e re could be h eav ier th a n norm al
reductio n of cattle n u m b ers in th is area.
Last, b u t certain ly n o t th e least im p o rtan t, is credit.
W e in ten d to see th a t ag ricu ltu re has its fair sh are of the
loanable funds and are going to m ake changes w here

T


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

necessary to in su re th a t our established livestock cus­
tom ers have at least th e sam e credit as th ey had last year.
M YRON W. M ADISON
Senior V ice P residen t
DeK alb Trust and Savings Bank
DeK alb, Illin ois

NY 1970 outlook inform ation offered from this area
reg arding feeder cattle w ill be for those w ho feed
cattle for th e finished m arket. In this area of n o rth e rn
and cen tral Illinois, th ere are, of course, no large num bers
of beef cows.
D uring th e p ast five years, we have seen quite some
change in cattle feeding. F ew er people are now in this
business and, to a g reat extent, th ere are now no so-called
“in and o uters.” Our feeders are m ore sophisticated and
w iser. T hey feed cattle because th ey believe it is good
planning to include cattle feeding as a p a rt of th e ir
farm business.
W e have m ade a fo rtu n ate recovery in th is area from
adverse w eath er in the late sp rin g and early sum m er, and
our corn crop is going to be b e tte r th a n anticipated, b u t
w e w ill n ot have a record crop. The am ount of corn
available has some influence on th e n um ber of cattle w e
feed in this area. As such, we could have a few less n u m ­
bers on feed; how ever, the change w ill n ot be enough to
have any g reat influence on eith er th e price of feeder
cattle or finished cattle. I w ould anticipate a reasonably
steady cattle m ark et for th e y ear ahead.
If those w ho sell finished cattle w ill refra in from
b u n ching th e ir m arketings, w e should have no violent
fluctuation in price; and if those w ho feed cattle w ill con­
tin u e to buy th e kind of cattle for replacem ent th a t best
utilize roughages as w ell as grain, feeders w ill w ith stan d
an adverse finished cattle m arket. Should this occur,
good gaining cattle and efficient feeding of cattle are
again likely to be th e m ost im p o rtan t factors to th is com­
ing y e a r’s cattle profits.

A

I). R. STOTT
E xecutive Vice P residen t
Shoshone-First N ational Bank
Cody, W yom ing

B E L IE V E th a t th e situ atio n in our area w ith respect
to th e producers is v ery favorable in general. W e do
have some shortage of range feed, w hich w ill ten d pos­
sibly to reduce th e w eights of calves com ing off the
range, and it is quite possible th a t m any of th e calves
w ill be som ew hat lig h ter in w eight in general.
The feed and forage supplies on th e irrig ated farm
lands in our area are good and of adequate quantities.
W e anticipate th a t th ere w ill be considerable dem and for
feeder calves and yearlings in our area on th e p a rt of the
sm all or m edium farm feedlot operators.
W e anticipate th a t calf prices w ill hold fairly firm in
th e im m ediate fu tu re. W e w ould ten d to caution our
producers, how ever, against holding for a fu rth e r topping
of the m arket. W e feel th a t prices at th is p articu lar tim e
are high and, g ratify in g as th ey are to producers, some
norm al drop in price should be anticipated.

1

N o rth w e s te rn Banker, September, 1969

34

“ Q u a lifie d
fe e d e r w ill
be a b le to

for a hedging profit, tak in g into consideration both p u r­
chase price and cost of gain. T he hedger cattle feeder
has had a paper loss and a cattle profit in th e p ast eight
m onths. W ith a decline in th e fu tu res m ark et in the
p ast th ree w eeks, th is leads us to believe th e hedging
opportunities in th e fu tu re m ay be advantageous.
E. W. CLAUSSEN
P residen t
Farmers State Bank
Schleswig, Iowa

b o rro w 99

H E dem and for beef is high and should continue so
at the $50 dressed beef level or slightly above. If the
cattle feeders w ill avoid excessive w eights and can avoid
bunching in th e ir m arketings, th e p icture w ould appear
to be v ery healthy. A new p lateau in live cattle prices—
perhaps, b u t $30 comes before $35.
Crop prospects w ould appear to be good t® excellent;
the m ain th re a t is an early fro st to a crop 10 days to tw o
w eeks behind norm al. W ith the corn acreage dow n
slightly and w ith above norm al crop dam age, feed costs
could average above last year.
It seem s to me a feeder needs to pencil som ething like
this w hen deciding w h a t he can pay for feeders:

T

L. S. CURRAN
V ice P residen t
First National Bank & Trust Company
Lincoln, Nebraska

O FAR, 1969 h as been a good y e a r for th e cattle feed­
er. The price of slau g h ter cattle has been relatively
favorable and b e tte r th a n m an y cattlem en expected it to
be. T he feeder has done an excellent job of m ark etin g
his cattle before th e y got too heavy.
The n e x t y e a r should continue w ith favorable prices
for slau g h ter cattle. T he new calf crop for 1969, accord­
ing to the U.S.D.A. rep o rt, show s a v e ry sm all increase
in n um bers over p ast years. T his being tru e, th e increase
of beef should n o t be large enough to depress th e m ark et
for th e com ing year. T he c attle th a t are available to go
on feed w ill be bou g h t at m a rk e t price a t th e tim e th ey
are needed, and I w ould expect th e dem and to be strong
for feeder cattle all fall.
T he cornbelt and m ajo r feeding areas are going to
produce a large am o u n t of feed g rain s again th is year.
T his large production w ill encourage cattle feeding,
alth o u g h I expect th e price of feed g rain s to be higher
th a n it h as been for several years. W ith th e p resen t
price of w heat, I w ould expect m uch of it w ill be fed to
livestock.
The new price of ca ttle req u ires a g re a te r am o unt of
capital to handle a given n u m b er of cattle. The p resen t
shortage of loanable funds at lending banks, causing a
high in te re st rate, m ay hav e a slight tendency to re stric t
cattle feeding, b u t v e ry little. The lending b anks m ay
have to p u t a lim it on th e ir custom ers. H ow ever, I th in k
th e qualified cattle feeder w ill be able to b orrow about
th e sam e am o u n t of m oney he has in th e past, b u t at a
h igher ra te of in terest.
The possibility of a depressed fa t cattle m a rk e t th is
com ing y e a r w ould n o t be caused by overproduction, b u t
could be caused by cattle being fed to too heav y w eights,
depressed economy, resistan ce a t th e re ta il outlets or
too g reat an increase in m eat im ports.

S

JUDSO N H. McMANIGAL
A ssistant Cashier
First N ational Bank of Chicago
Chicago, Illin ois

S OF J u ly 1, 1969, our cattle on feed n u m b ers is up
17 p e r cent and m ark etin g is up 3 p er cent. The in ­
crease on feed is about equally divided b etw een heifers
and steers.
W e are p re se n tly in a position of h ig h er rep lacem ent
costs and fairly low cost of gain. T his b rin g s th e situ a­
tion dow n to th e p o in t th a t if you are a cattle feeder
m ark etin g a corn crop you can realize a profit by feeding
cattle as com pared to selling cash feed grains. If you
are an in v esto r cattle feeder, y o u r profit m arg in is slim
com pared to th e risk involved. The question is how m uch
can a cattle feeder lose on h is original in v e stm e n t to
m ake it u p on th e gain and end up w ith a profit.
Also, th e fu tu re s m a rk e t should be looked a t closely

A

No rthwestern
Banker, September, 1969

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

450# calf
650# gain

@ $36.00 = $162.00
@ 23.50 = 152.75

1100#
Total cost
$314.75
314.75
1100 = 28.61—B reak even point
650# y earlin g @ $31.00 = $201.50
450# gain
@ 25.50 = 114.75
1100#
Total cost
$316.25
316.25 + 1100 = 28.75—B reak even point
A nything m uch h ig h er th a n th is m ay v ery w ell be ask­
ing for trouble. A n y th in g m uch low er w ill only be
b ro u g h t about by a low er fa t cattle m arket. W ith only
a 1 p er cent increase in th e calf crop and probably some
of th e p o tential y earlin g supply hav in g been sold du rin g
th e h igh prices th is spring, it w ould appear th a t th e
feeders m ay be h ard pressed to do a good job of buying
replacem ents.
One source of in form ation indicates a severe bunching
of fat cattle m ark etin g s in th e Septem ber-N ovem ber
period, a tim e w h en m any replacem ents are purchased.
The fa t cattle m ark et is still th e m ost influential factor
in determ in in g th e price of feeders. If th is bunching
w ere to occur, th e fat cattle m ark et could be depressed,
and early feeder and calf contracts m ig h t be high.
M oney in cattle feeding is tight; a t least it is here.
W ith high-priced feeders and th e ever p resen t p ressu re
to increase the size of operations, th e dem and for m oney
w ill be strong. In te re s t rates, of course, are h ig h er th a n
a y ear ago. The overline ra te w ith city correspondents
is higher, in instances, th a n th e ru ra l b an k is charging.
T his additional cost w ill be borne by th e borrow er.
Thus, it appears th a t m oney w ill be available for th e
good feeder a t a h ig h er cost. T he m arg in al operator m ay
have problem s.
GEORGE H. SPENCE
A gricu ltu ral R epresen tative
Am erican N ational Bank & Trust Company
Chicago, Illin ois

N T H IS p articu lar year, our general econom y could
have m ore effect on th e cattle m a rk e t th a n slau g h ter­
ing w eights or cattle population. Mrs. H ousew ife con­
tin u es to create a good dem and in buying beef for an
all-tim e high p er capita consum ption, and it looks like she
w ill continue to do so, as long as th e m oney is available.
B u t our go v ern m en t’s effort in try in g to curb fu rth e r

I

35

He’s driving to your bank. He’ll be there in
fifteen minutes. He’s going to ask you about
financing a com m odity hedging loan.
—>
•>> f

■~t

—>

Will you be able to answer him?
If you have our new booklet on your desk,
yo u 'll be able to discuss the matter in te lli­
gently by the tim e he gets there. The booklet,
" B a n k F in a n c in g o f C o m m o d ity H edge
L o a ns" is w ritte n by a banker long experi­
enced in the handling of hedge loans. Its
language is sim ple, and it takes about fiftee n
m inutes to read.
Hedging, as you know , is a form of p ro fit
insurance w h ic h should make it easier and

¥


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

safer for you to lend m oney to your a g ric u l­
tural customers.
You owe it to your bank and your custom ers
to be know ledgeable in this subject. You may
have as many free copies of the booklet as
you w a nt by w r itin g to us, at the address
below.

CHICAGO MERCANTILE EXCHANGE SI

niversary

110 North Franklin Street, Chicago, Illinois 60606
Northwestern Banker, September, J969

36
inflation, h ig h er in te re st rates and th e v ery sh o rt supply
of available lending funds m ay force u n em ploym ent later
in th e y e a r or at least a sh o rten in g of th e w orkw eek
hours. T his could affect our cattle m a rk e t adversely,
as take-hom e pay is still th e key to our cattle econom y
and Mrs. H ousew ife does control th e cattle m ark et.
C attlem en have enjoyed a v ery p rosperous y e a r in 1969.
In late Ju n e and early Ju ly , w e reached an 18-year
high in fat cattle prices. W ith th e supply beginning to
equal th e dem and in m id-July, coupled w ith extrem e
h ot w eath er, w e suffered a m uch m ore severe b reak th a n
m ost people in th e in d u stry expected. H ow ever, th e fat
cattle have show n some recovery since th a t tim e, and at
th e p re se n t tim e I feel our cattle m a rk e t has about
leveled out and w ill rem ain close to p re se n t price levels
for th e balance of 1969. I definitely feel th a t fat cattle
prices have peaked out for th e y ear 1969.
R eplacem ent cattle p re se n t an en tirely different o ut­
look. Due to exceptionally good profits in th e early p a rt
of 1969, a t th e p re se n t tim e th e dem and ten d s to exceed
th e supply and prices of rep lacem en t cattle are high. An
exceptionally large p er cent of our y earlin g s have already
been co ntracted in ap p ro x im ately th e $30.00 ran ge for
yearlin g steers, heifers approxim ately $2.50 u n d e r th a t
figure, depending on w eights and quality. Also, due to
v ery late and severe storm s in some of our m o u n tain and
w estern states, our calf crop is some sm all percentage
low er and th e supply at b est is no m ore th a n norm al.
On the o th er hand, w e have excellent prospects of an
ab u n d an t crop. Due to excessive m oisture, g o vernm ent
acres have a v e ry good grow th and are available for
p astu rin g as of Septem ber 1 in m ost localities. Also, due
to th e sam e excessive m oistu re and late p lan tin g in some
localities, we m ay have some corn th a t w ill n o t reach
m a tu rity and th u s create a larg er supply of silage. All
these factors w ill create a good dem and for lighter
yearling s and calves to utilize th is type of feed.
I believe these factors w ill con trib u te and su p p o rt a
high price for feeder cattle th ro u g h o u t th e fall m onths,
especially calves and lig h t y earlin g cattle th a t w ill w ork
in a farm in g p rogram u tilizin g roughage and silage for
cheaper gains. Also, in some cases th e utilization of
lig h ter cattle m ay ten d to stre tc h available funds so th a t
in ventories can be k ep t up som ew here n e a re r norm al
num bers.
T here is one factor th a t could have some effect upon
our feeder m a rk e t and th a t is the m oney shortage. T here
m ay not be th e available funds to tak e care of th e loan
dem and th is fall, and some cornbelt o perators m ay have
to cut back som e on th e ir num bers. Also, th e sam e
shortage of m oney m ay force m ore liquidation on the
p a rt of th e ra n c h e rs in order to m eet obligations in spite
of th e ir ab u n d an t feed supply.
I certain ly do not feel, w ith high prices and u n ­
certain economic conditions and a v ery good chance of
some un em ploym ent and low er take-hom e pay, th a t this
is a good y e a r to do any expanding or enlarging. It
m ight be b e tte r to continue w ith y o u r norm al program
and w atch developm ents in our g eneral econom y v ery
closely.
W INTON W. BUCKLEY
V ice P residen t
N ational Bank of Commerce
Lincoln, Nebraska

T BECOMES m ore difficult each y ear to judge accurate­
ly all th e factors and th e ir effects on th e livestock
m ark et in th e fu tu re. T his y e a r th e d om inating u n ­
know n factor, I believe, is th e problem of tig h t m oney
and inflation.

I

Northwestern Banker, September, 1969


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

The Ju ly 1 cattle-on-feed re p o rt seem ed to me to reflect
m ore cattle on feed th a n w e actually felt w e w ere eith er
financing or seeing in our trav els in the area. H ow ever,
a check w ith o th er sources w ho a ttem p t to keep ab reast
of the situ atio n agreed w ith th e USDA’s finding. In fact,
in one case, it w as rep o rted th a t its surv ey w ould have
indicated th a t th e g overnm ent rep o rt h ad under-estim ated
th e actual supplies in th e area.
B ut even w ith increased m ark etin g of fed cattle in th e
th ird and fo u rth q u a rte rs of this year, I believe th e con­
sum er has d em onstrated his w illingness to buy in th e c u r­
re n t economy. Cheap feed should certain ly stim u late the
m ark et for feeders, ju s t as high in te re st rates and sh o rt
m oney supply w ill dam pen th e en thusiasm to buy.
C onsidering these factors, I w ould expect th e fat cattle
price to stay a little above th e $30 level th ro u g h th e re ­
m ainder of th e year. F eed er supplies th is fall should be
adequate and prices, therefore, relativ e to th e fed cattle
m ark et as cu rren tly .
ROBERT J. NORRISH
A ssistant Cashier
Central N ational Bank in Chicago
Chicago, llinois

H E optim ism of cattle feeders and th e ir bankers, re­
su lting from b e tte r th a n expected 1969 fed cattle
prices early in th e sum m er, is now being tem pered by th e
som ew hat low er beef price levels, and th e realization th a t
prices for feeder cattle replacem ents m ay v ery w ell be
on th e high side this fall.
W eath er and feed conditions in th e cattle producing
states have generally been th e b est in 15 years, w ith th e
exception of E a ste rn New Mexico, Texas and Louisiana.
E ven in these areas of dro u g h t and extrem e heat, cattle­
m en have tended to hold th e ir salable cattle by supple­
m en tal feeding and co n tractin g for fall delivery in the
expectation of excellent price levels.
E lsew here, v ery little co n tractin g of feeders has tak en
place. T he easing off of th e fed cattle m ark et has been
reflected in a softening of th e feeder m arket, and m any
farm er-feeders have adopted a wait-and-see attitude.
P re se n t indications w ould suggest th e m aintenance of
c u rre n t economic levels and continued stro n g consum er
dem and for beef th ro u g h th e re st of 1960. P ro jectin g on
th is prem ise, choice fed steers w ill probably average in
th e $29 to $32 range, w ith fed cattle m ark etin g s in th e fall
expected to be considerably larg er th a n in October-Decem ber, 1968, although n o t m uch different from sum m er
m arketings. I t should be noted th a t if hog slau g h ter d u r­
ing th e fall is dow n as m uch as indicated by th e Ju n e
Pig and Hogs R eport of num bers, and dem and continues
strong, m uch of th e dow nw ard p ressu re w ill be off cattle
prices. Supplies of non-fed cattle are also expected to
continue at reduced levels, lending stre n g th to th e m ar­
ket.
Looking ahead, it w ould appear th a t steer yearlings,
w eighing 500 to 700 pounds m ay be in th e $30 to $34 price
range th is fall b uying season. Choice steer calves, w eigh­
ing 300 to 500 pounds can probably be expected to average
in th e range of $35 to $39, and heifer calves $32 to $36,
w ith th ese price quotations reflecting some expected
stren g th en in g of th e feeder calf m ark et in October and
Novem ber. R ecognizing th e generally good feed condi­
tions p resen tly existing, feeders w ill probably be carry ­
ing m ore w eight into the feedlots th is fall. F u rth e r, b a r­
rin g early bad w eath er, cattle producers w ill probably
ten d to hold th e ir cattle to h eavier w eights to utilize th e ir

T

CATTLE OUTLOOK . . .

(T u rn to page 98, please)

37

You won't find cattle at
the corner of LaSalle & Monroe
but you'll find a banker
who understands a feeder's problems

-1
>> t

You have questions about agricultural banking? At C entral National we have the answers. Many
of our m en w ere born an d raised on farms and, even today, some of them profitably run their
own. Each one is a qualified an d authorized loan officer so th ere's no "passin the buck." The
m an you see is the m an who can m ake the deal. O th er big banks think we say "yes" too often,
b u t w e're not out to please them . W e're in business to serve country bankers like yourself.

Centrai National Bank in Chicago-LaSalle & Monroe
M EM B ER F. D. I. C.

THE BIG CITY BANK THAT TALKS DOW N-TO-EARTH
$


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Federal Reserve Bank of St. Louis

Northwestern Banker, September, 1969

38
'•■O-

Digitized
forestern
FRASER
Northw
Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

►

W. W. ALEXANDER

C. E. WALKER

N. S. ROGERS

y-

H a w a ii
A B A

Is

A n n u a l

H E m agical se ttin g of H aw aii is expected to a ttra c t
m ore th a n 10,000 b an k ers and th e ir w ives for the
95th a n n u a l convention of th e A m erican B ankers
A ssociation la te r th is m onth, Septem ber 27-October 1.
P lan s for th e a n n u al convention at th is in terestin g
and exciting vacation land have been in th e m aking for
m ore th a n tw o years. In addition to th e u su al tre m e n ­
dous job related to staging a natio n al ABA convention,
association officials w ere faced in th e ir p lan n in g w ith
th e m ajor ta sk of coordinating all m eans of tra n sp o rta ­
tion to and from th e H aw aiian Islands. F leets of group
trip s w ill be a rriv in g and d ep artin g th ro u g h H onolulu
airp o rt on tig h t schedules.
The p ro g ram itself, announced by P re sid e n t W illis W.
A lexander, p resid en t of T re n to n T ru st Com pany, T renton,
Mo., featu res some top nam es in governm ent, in d u stry
and banking. T hey include Dr. C harls E. W alker, U nder
S ecretary of th e T reasu ry ; FD IC C hairm an K. A. Randall,
and George A. Spater, p resid en t and ch airm an of the
board of A m erican A irlines, Inc.
M ost of M onday, th e first full business session day,
w ill be devoted to m eetings of the four divisions of ABA.
T hree of them , m ark e tin g /sa v in g s division, state bank
division and tr u s t division, w ill m eet co n cu rren tly at
9:30 a.m. The n atio n al b an k division, according to custom
of recen t years, w ill m eet at 2:00 p.m. th e sam e afternoon.
A trio of co n c u rre n t w o rkshops w ill be a featu re of the
T uesday aftern o o n pro g ram at 2:00 p.m. T hese are listed
in th e p ro g ram below.
In addition to th e built-in sight-seeing available on
Oahu and th e o u ter islands, re g istra n ts w ill have an
o p p o rtu n ity to v isit displays of 49 com panies w ho w ill
have e x h ib ito rs’ booths in th e E x h ib itio n H all of the
H onolulu In te rn a tio n a l C enter.
The com plete pro g ram for th e 95th ABA convention
follows:

T

X

.)
>

>>T

-jt\

$ r ttin < §

M onday, Septem ber 29
M a rk etin g /S a v in g s D ivision G eneral M eeting

A.M.
9:30

Sunday, Septem ber 28

^
^

P.M.
4:306:00 R eception for C onvention R eg istran ts.


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

P residing—Joe H. Davis, president, M arketing/S avings Division; senior vice president, F irs t N ational
B ank of M emphis, M emphis, Tennessee.
“W hat a Difference a Year M akes”—A ddress of th e
P resident.
R eport of N om inating Com m ittee—A rchie W. Mc­
Lean, chairm an; president, The P lan ters N ational
B ank and T ru st Company, Rocky M ount, N orth
Carolina.
E lection and In stallatio n of Officers.
“B ank’s F uture- T rends—Im pact on M arketing
S trateg y ”—C harles C. Sm ith, senior vice president,
B ankers T ru st Company, New York, New York.
“Savings and Tim e D eposits—Changes W ro u g h t
and Changes A nticipated”—H erb ert V. Prochnow ,
h o n o rary director, The F irs t N ational B ank of
Chicago, Chicago, Illinois.
State B an k D ivision General M eeting

9:30

P residing—H en ry H. Pierce, Jr., president, State
B ank Division; president, The U nion & New H aven
T ru st Company, New H aven, C onnecticut.
R eport of N om inating Com m ittee—R ussell A.
B lanchard, president, Georgia R ailroad B ank &
T ru st Company, A ugusta, Georgia.
E lection and In stallatio n of Officers.
R em arks by the P resident.
R em arks—The H onorable H a rry Bloom, S tate
B ank Com m issioner, D enver, Colorado.
A ddress—Irv in e H. Sprague, director, F ed eral
D eposit Insu ran ce C orporation, W ashington, D. C.
A ddress—The H onorable Donald H. Sauer, director,
D epartm ent of F inancial In stitu tio n s, Indianapolis,
Indiana.
A ddress—The H onorable Daniel K. Inouye, Sen­
ato r from H awaii.

9:30

P residing—C harles W. Buek, division presid en t
and president, U nited States T ru st Company, New
York, N ew York.
(No outside speakers)

E x h ib its and R eg istratio n area open.
All Day M eetings of A.B.A. C om m ittees.

9 5 th

to n r v n tio n

Saturday, Septem ber 27

A.M.
10:00

fo r

T rust D ivision General M eeting

(T u rn to paxt page, please)
Northwestern Banker, September, 1969

40

A. K. DAVIS

K. A. RANDALL

N ational B ank D ivision G eneral M eeting

P.M.
2:00

5:30
8:30

P resid in g —Jo h n R. C um m ings, Jr., president, N a­
tional B ank Division; president, In d u stria l N ational
B ank of Rhode Island, Providence, Rhode Island.
A ddress—W illiam B. Camp, C om ptroller of the
C urrency, W ashington, D. C.
B usiness m eeting for 1968-69 executive council
m em bers.
E n t e r t a i n m e n t for R e g istra n ts— K am eham eha
School Glee Club.
T uesday, Septem ber 30

A.M.
9:45

F irs t G eneral C onvention Session.
P resid in g —P re sid e n t W illis W. A lexander; p resi­
dent, T ren to n T ru st Com pany, T renton, M issouri.
A ddress of th e P resid en t (W illis W. A lexander).
A ddress—George A. Spater, p resid en t and ch air­
m an, A m erican A irlines, Inc., New York, New York.
A ddress—C harls E. W alker, U nder S ecretary of
th e T reasu ry , U. S. T re a su ry D epartm ent, W ash­
ington, D. C.

P.M.
2:00 W orkshop—“How to M anage W ith T ight M oney.”
Sponsored by th e B anking and F in an cial R esearch
Com m ittee.
M oderator—W esley Lindow , com m ittee chairm an;
executive vice president, Irv in g T ru st Company,
New York, New York.
Panelists:
Jam es F. Bodine, sr. executive vice president,
F irs t P en n sy lv an ia B ank and T ru st Company,
P hiladelphia, P ennsylvania.
Jack T. Conn, chairm an, F id elity N ational B ank
and T ru st Com pany, O klahom a City, Oklahoma.
C arter H. Golembe, president, C arter H. Golembe
A ssociates, Inc., W ashington, D. C.
Jo h n H. P erk in s, executive vice president, Con­

O ffers “ M ail o n M oon ’"’
P h o to s T o Card H o ld ers
Tow n & C ountry Charge, th e plan
sponsored by C ontinental B ank w ith in
th e M idw est B ank Card System , has
d istrib u te d 100,000 copies of an 18x24
inch color photo show ing th e first m an
on the moon, th a n k s to quick w o rk by
NASA, R and M cNally and T&CC m er­
chants.
Color films w ere ru sh ed from th e
Pacific to H ouston and on to process­
ing labs in Toledo. A selection w as
made, and copies p rin te d in Chicago.

Northwestern
Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

tin en tal Illinois N ational B ank and T ru st Com­
pany, Chicago, Illinois.
W illiam W. Sherrill, m em ber, B oard of Gover­
nors, F ed eral R eserve System , W ashington, D. C.
2:00 W orkshop—“P lan Now F o r S urvival.” Sponsored
by the M onetary and P ay m en ts System Com m ittee.
M oderator—G erald M. Low rie, director of paym ents
planning and director of autom ation, A m erican
B ankers A ssociation, New York, New York.
Speakers:
John J. Cum m ings, Jr., president, In d u stria l N a­
tional B ank of R hode Island, Providence, Rhode
Island.
K arl H inke, chairm an of the board, In te rb a n k
Card A ssociation, Buffalo, New York.
W illiam M. Jenkins, chairm an, S eattle-F irst N a­
tional Bank, Seattle, W ashington.
W illiam F. M urray, president, H arris T ru st and
Savings Bank, Chicago, Illinois.
P hilip F. Searle, president, The N o rth eastern
Ohio N ational Bank, A shtabula, Ohio.
2:00 W orkshop on State and F ed eral L e g is la tio n Sponsored by th e F ed eral Legislative Com m ittee,
(to be announced)
8:30 E n t e r t a i n m e n t for R eg istran ts—K am eham eha
School Glee Club (repeat of M onday’s perform ­
ance).
W ednesday, October 1

A.M.
9:45

Second G eneral C onvention Session.
P residing—P resid en t W illis W. A lexander.
R eport of th e E xecutive Council.
R eport of th e R esolutions Com m ittee—A rchie K.
Davis, chairm an; chairm an, W achovia B ank and
T ru st Company, W inston-Salem , N o rth Carolina.
In au g u ratio n of Officers.
A ddress—K. A. Randall, chairm an, F ed eral D eposit
In su ran ce C orporation, W ashington, D. C.—End

Photos are now in th e hands of co­
operatin g Tow n & C ountry Charge
m erch an ts for free d istrib u tio n to
th e ir custom ers or those w ho apply
for new cards.
F ro m splashdow n to retail counters
—13 days.

B ank o f N ew Y ork P la n s
2 fo r 1 S tock S p lit
The board of directors of The B ank
of New York Company, Inc., has called
a special m eeting of stockholders for
11:30 a.m. on Septem ber 23, 1969, to

act upon a proposed am endm ent of
th e certificate of incorporation to p ro ­
vide for a two-for-one stock split.
U nder th e proposal, th e authorized
com m on stock of th e com pany w ill be
increased from 5,000,000 shares of $15
p ar value to 10,000,000 shares of $7.50
p ar value, and stockholders of record
on A ugust 18, 1969, w ill be entitled to
vote at th e m eeting. W hen approved,
a d istrib u tio n of th e additional shares
w ill be m ade on or about October 20,
1969, to stockholders of record October
1, 1969.

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Federal Reserve Bank of St. Louis

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Northwestern Banker, September, 1969

-4

2 tí I It A n n iv e r s a r i/
o f «i. f . K i l l

ORE th a n 25 m illion v eteran s of
m ilitary service have good re a ­
son to tak e a special in te re st in
a silver a n n iv e rsa ry being observed
th is year.
It w as on Ju n e 22, 1944, ju s t 16 days
after th e D-Day invasion of E urope,
th a t P re sid e n t F ra n k lin D. Roosevelt
signed th e G. I. Bill of R ights (Public
Law 78-346).
In th e ensuing 25 years, th e 15,614,000 v eteran s of W orld W ar II, 5,708,000 from th e K orean Conflict (includ­
ing 1,134,000 W orld W ar II v eteran s)
and 6,000,000 P ost K orean v eteran s
have been eligible for benefits u n d er
th e G. I. Bill.
Of th is num ber, approxim ately 11,200,000 of th em took advantage of ed­
ucation and tra in in g program s offered,
w ith direct benefits cost of about $20.2
billion; and 7,374,000 hom e loans to ta l­
ing $73,645,000,000 w ere g u aran teed by
th e V eterans A d m inistratio n as of
F eb ru ary , 1969.

M

Typical Cases
Typical cases of v eteran s obtaining
hom e loans g u aran teed or in su red by
th e VA are these th re e cases:
A B loom ington, Minn., m an w ho w as
form erly a M arine helicopter pilot in
V ietnam .
A Scottsbluff, Nebr., v e te ra n w ho
saw service in G erm any in W orld W ar
II.
M enom onee Falls, Wis., sales re p ­
Northwestern Banker, September, 1969


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

resen tativ e who served w ith th e Sev­
en th A rm y in E urope before his dis­
charge tw o and one-half y ears ago.
The B loom ington, Minn., v eteran is
Gregg L. Gam m ack, 28, w hose VA g u ar­
anteed loan for a three-bedroom hom e
w as recently approved by th e F irs t
N ational B ank of M inneapolis. Mr.
Gam m ack, w on a Silver Star, 34 Air
M edals and th e V ietnam ese Cross of
G allan try du rin g his V ietnam service.
His Silver S tar w as aw arded for his
action so u th of Da N ang on May 10,
1967, d u rin g w hich he w as helicopter
com m ander of th ree “m edivac” air­
craft w hich suffered a to tal of 93
“h its ” by enem y fire. His last heli­
copter w as shot up so badly, w ith both
his crew chief and co-pilot w ounded,
th a t all th ree had to be exacuated
them selves.
Mr. G am m ack is now a pilot for the
M inneapolis Star T ribune Company.
An in te re stin g coincidence is th a t this
m etro p o litan daily is p a rt of Cowles
Publications, w hich also owns th e Des
M oines R egister and Tribune. A long­
tim e colum nist for th e R & T in Des
M oines is a noted w ar correspondent
in his ow n right, Gordon Gammack,
w ho is a second cousin to Gregg Gam­
mack. The la tte r’s p aren ts are Mr.
and Mrs. R obert G am m ack of Ames,
Iowa.
L oans for T hree
T his y e a r’s 25th a n n iv ersary of the

G.I. Bill also has special m eaning for
th e Todd fam ily of Scottsbluff and
Gering, Nebr. Steve R. Todd, 43, a
W orld W ar II veteran, obtained a VA
direct loan for a hom e in Scottsbluff 11
y ears ago. H is half-brother, R obert R.
Todd, 27, a V ietnam era N avy v eteran,
received a loan for a hom e in G ering
several w eeks ago. A nd Steve’s son,
T erry N. Todd, 21, w ho ju st re tu rn e d
from A rm y service in V ietnam , w here
he received th e P u rp le H eart, has already checked w ith the VA w ith a
view tow ard a possible hom e loan.
A nother of th e th ousand father-son
v eteran com binations is th a t of V in­
cent A. B eaton of D urand, Wis., and
his son, Donald V. B eaton of M enomo­
nee Falls, Wis. T he fath er, 52, served
four and one-half y ears in th e A rm y
before his discharge in 1941 and re ­
ceived a loan five y ears ago for his
p resen t home. The son, 26, served
w ith th e A rm y in F ra n k fu rt, Germ any, and recen tly obtained a loan for
a three-bedroom , ranch-style home.
The n a tio n ’s com m ercial b an k ers
w ere w ell versed in m aking hom e
loans to v eteran s u n d er th e G. I. Bill
of loan g u aran ty . T housands of b a n k ­
ers them selves have been beneficiaries
of both th e hom e loan g u aran ty p a rt
of the G. I. Bill, as well as the educa-

r

,
|

y.
**

~f

ti»

G. I. B IL L . . .
(T u rn to page 48, please)

V

-V '

In X e h r a s I*a .

->
M RS. V IO L A R IN N E , p res., S t. B k. of B u c h a rd , is k n o w n as
P a w n e e C o u n ty ’s “ h ig h -fly in g la d y b a n k p re s id e n t.”

fía n h e r s

►v

v

One
or

Oe

W ay
A n o th

't
N NEBRASKA, b a n k ers are on th e
move. A nd one good exam ple of
th is is Mrs. Viola R inne, th e gal
all Paw nee C ounty, Nebr., know s as
its “high-flying lady b an k p resid en t.”
Mrs. R inne has been w ith th e State
B ank of B urchard, Nebr., since 1943.
She becam e an executive officer a t th e
b ank in 1946, b an k p resid en t in 1960—
and took to th e air in 1963.
“I tell m y cu stom ers th a t flying is
m y w ay of checking ch attels on the
back 40,” Mrs. R inne reports.

I
>

->

ju s t south of B urch ard has launched
flights to Chicago, M innesota and to
“fly-ins” all over N ebraska and Iowa.
The couple’s Cessna has even helped
w ith some quick trip s to n earby Bea­
trice to deposit su rp lu s silver.
F orm er T eacher

F ir st In terest

—V

V acation hops aro u n d th e co u n try
w ith h u sb an d E lm er, a ru ra l m ail car­
rie r w ho has flown for m ore th a n 20
years, first a ttra c te d Mrs. R inne to
flying as a hobby. A dm ittedly, she
w as p a rtly m otivated by th e th o u g h t
th a t “if an em ergency should occur,
I ’d have to get us dow n.”
“Now I ’m at th e controls m ore th a n
m y hu sb an d ,” Mrs. R inne said. “I t ’s
a g rea t w ay for a ban k er, even a fe­
m ale one, to fo rg et all h er cares.”
A lan d in g strip on R inne p ro p e rty

r


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

A fo rm er teacher, Mrs, R inne is a
T h u rsto n County n ative and w orked
w ith In d ian stu d en ts several y ears at
F lan d reau, S. D., before joining the
bank. She is a hom e econom ics g rad ­
u ate from th e U n iversity of N ebraska.
N ot surprisingly, Mrs. R in n e’s b an k ­
ing fits in w ith several tre a s u re r’s jobs
in h e r com m unity of 130. She c u rre n t­
ly serves as tre a su re r for th e A m eri­
can Legion A u x i l i a r y and WSCS
(W om en’s Society of C hristian Serv­
ice).
She has been secretary of th e O rder

of E a ste rn Star since 1948 and has
filled num erous offices in B u rch ard ’s
M ethodist C hurch. In v olvem ent in
com m unity activities is its own re­
w ard, she insists.
“You’re w orking so m uch w ith p er­
sonalities in a sm all tow n,” according
to Mrs. R inne, “th a t you can see w h at
is accom plished m uch m ore readily
th a n you ever could in a city.”
N um erous loans m ade to college stu ­
dents are of special pride to th e en er­
getic N ebraska b an k president. De­
spite a leniency in th is direction, Mrs.
R inne in sists she has y e t to have a
young person let h er down.
E xp erienced T raveler

A lthough she deals p rim arily w ith
ru ra l custom ers, Mrs. R inne has travIN N E B R A SK A . . .

(T u rn to page 78, please)
N o rth w e s te rn Banker, September, 1969

44

The Bankers’ M arket Place
A P age T ellin g W hat’s N ew for B an ks and B an kers
Each month the Bankers’ Market Place will bring you listings of new
products, specialty items, banking equipment, and gift items which will
help you and your staff do a better job. This is the selection for this month.

OM PUTER prin t-o u t of addresses
can now be tra n sfe rre d to envel­
opes, etc., autom atically by a M aster
A ddresser at speeds up to 3,500 p er
hour. L abel affixing is elim inated.
P rint-o u ts are m ade on four-colum n
(13% inches w ide) form s backed w ith

C

The “B ank Security G uide” gives de­
tailed coverage to ev ery th in g from
locks, lighting and construction of
v au lts to teller-area security, su rv eil­
lance system s, b ank opening and clos­
ing procedures, and security education
and tra in in g of employees.
The sections involving alarm and
su rveillance system s include detailed
alarm layouts, suggested placem ent of
these u n its and necessary lighting
standards.
R equests for a com plim entary issue
of th e “B ank Security G uide” should
be se n t on letterh ead statio n ery to
Diebold, Incorporated, 818 M ulberry
Road, Canton, Ohio 44702.
E E T IN G th e req u irem en ts of the
B ank P rotection Act of 1968 th a t
all ex terio r doors shall have tam perre sista n t deadbolt locks has been made
sim pler by a new lock on th e m ark et
called th e Simplex. T his device oper­
ates on a p aten ted push-button p rin ­
ciple and provides not only security,
b u t econom y and extrem e ease of op­
eration. It offers tw o unique advan­
tages:
F irst, no keys are needed, elim inat­
ing th e necessity of issuing keys and
m ain tain in g a co n stan t inv en to ry rec­
ord of w ho has them .
Second, th e com bination can be
changed in a m inute by any author-

create thousands of com bination pos­
sibilities.
As an exam ple 1, 3 and 5 can be
pushed in sequence to open a door.
Or 1 and 3 m ay be pushed at the
sam e tim e, and th en 5, to effect an
opening.
The Sim plex is an a ttractiv e device
w ith an all-brass face plate and heavyd u ty cast construction. It has been
tested for 1.5 m illion openings, equal
to 30 y ears of intensive use. In sta lla ­
tion is accom plished in a m a tte r of
m inutes. T he Sim plex lists for $30.
F o r fu rth e r inform ation, contact
N orthw estern B anker , 306 F ifteen th
Street, Des Moines, Iow a 50309.
AJOR M ETALFAB, INC., has in ­
troduced a new “KC” (K w ik
Count) self-counting coin holder. De­
signed for fast, accurate, easier coin
handling, th is com pact set consists of
five separate and rem ovable high-im ­
pact injection molded plastic coin

M

M
H ig h -sp e ed m a s te r a d d re ss e r

sp irit tra n sfe r carbon. E ach print-out
w ill p rin t from one to 50 clean black
im p rin ts.
P rice of th e m achine is ap p ro x i­
m ately $650. A vailable im m ediately.
F o r fu rth e r inform ation, w rite th e
N or thw estern B anker , 306 F ifte e n th
S treet, Des Moines, Iow a 50309.
H E L eF eb u re C orporation has
m ade available a new alarm sys­
tem s bro ch u re en titled “The B ank
T hief’s A rsen al” to help com bat th e
risin g ra te of crim e ag ain st banks.
T he eight-page color b ro ch u re provides
i n f o r m a t i o n and illu stra tio n s on
alarm s to co u n teract specific m ethods
of attac k on a b an k (e.g., cracking
th e v au lt by use of acetylene torch,
b u rn in g bar, etc.). Com plete L eF ebure
A larm System s are also discussed.
F o r a free copy of “The B ank
T h ief’s A rsenal,” w rite L eF ebure Cor­
poration, Cedar R apids, Iow a 52406.

T

IEBOLD, INCORPORATED, has
published a 102-page booklet de­
signed to aid financial in stitu tio n s in
th e developm ent of a com prehensive
secu rity program .
T he booklet, “B ank S ecurity G uide,”
also sets guidelines to assist officials in
th e evaluation and m aintenance of
p re se n t secu rity system s.

D

Northwestern
Banker, September, 1969

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

tra y s (one for each denom ination — 1
cent, 5 cents, 10 cents, 25 cents, 50
cents) w ith m atching service trays.
Coin is held in groups of five w ith
m arkings on th e side of each tra y to
indicate dollar value and q u an tity for
stan d ard packaging.
H E latest security product an ­
nounced by Diebold, Incorporated,
is the new R ound Door TL-15 M oney
Safe.
The TL-15 is available w ith options
including m odels w ith in n er doors and
depository slots.
The safe m ay be encased in blocks
of reinforced concrete for additional
w eight and security.
O ther TL-15 options include an u n ­
encased m oney safe anchored w ith in
a record safe; a vertical opening m oney
safe (opening from the top); a combi­
nation m oney and record safe, and an
encased depository m oney safe.
All the safes are described in m ore
detail in a new brochure available
from Diebold, Incorporated, 818 M ul­
b e rry Street, Canton, Ohio 44702.

T

S im p le x d e ad lo ck b o lt

ized individual and it is not necessary
to rem ove the lock from th e door to
affect a change.
D espite th e sim plicity of operation,
th e device w ill baffle th e m ost skMled
bu rg lar. It is com pletely m echanical
and req u ires no e l e c t r i c a l pow er
source. F ive b u tto n s in a circle are
n u m b ered 1 to 5 and can be used to

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Federal Reserve Bank of St. Louis

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P.O. Box 38, Kansas City, Mo. 64141
816 221-2800

46

Cl i f f
S o m m e r Unopposed for
E le e tio n As V .l* . of AKA
LIFFO R D C. SOMMER, p resid en t
and d irector of th e Security B ank
and T ru st C om pany of O w atonna,
Minn., and 1969 candidate for th e office
of vice p resid en t of th e A m erican
B ankers A ssociation, is a long-tim e ex­
perienced b a n k e r w ith not only an o u t­
standing record of service to his own
financial in stitu tio n , b u t also to his
com m unity, his state and th e ban k in g
in d u stry in general.
Mr. Som m er w as b o rn in M inneap­
olis, b u t began has b an k in g career in
th e ru ra l M innesota com m unity of
R ush City w ith his fath er, th e late
Carl H. Som m er, w ho served as a
sm all-tow n b an k er for 76 y ears before
his death in 1968.
A fter receiving his in itial b an k
tra in in g in R ush City, Mr. Som m er
w en t to w o rk for M idland B ank of
M inneapolis, advancing from m essen­
ger to a ssista n t cashier, assistan t vice
presid en t and th e n to vice president.
He w as a lending officer at th e bank
for m any y ears and la te r headed the
correspo n d en t b ank division.
In 1955, Mr. Som m er resigned from
M idland to accept th e position of p res­
ident and m anaging officer a t th e Se­
c u rity B ank and T ru st C om pany of
O w atonna, the post he continues to
hold today. S hortly a fte r joining th e
bank, he led th e fight for p reserv atio n
and resto ratio n of th e b a n k ’s building,
w hich w as designed originally by
Louis Sullivan, often called th e fa th e r
of A m erican arch itectu re. T he build­
ing is acclaim ed in th is co u n try and
abroad for its a rc h ite c tu ra l excellence
and beauty.
Mr. Som m er is a 1932 business ad­
m inistratio n g rad u ate of th e U n iv er­
sity of M innesota, w h ere he w as a b as­
ketball le tte rm a n in 1930-31 and 1932.
He has continued to m ain tain his in ­
te re st in education, receiving his
S tandard Certificate from th e A m eri­
can In stitu te of B anking, atten d in g
additional A.I.B. courses, n ig h t law
school and g rad u atin g from th e Ston­
ier G raduate School of B anking.
In 1948, Mr. Som m er w as nam ed to
tw o im p o rta n t com m ittees of th e M in­
nesota B an k ers A ssociation—th e b ank
m anagem ent com m ittee, on w hich he
served u n til 1950, and th e educational
com m ittee, on w hich he served u n til
1952 and w as ch airm an for tw o years.
In addition, he w orked on eight oth er
state association com m ittees, serv in g
on five of th em as chairm an. He w as
elected in 1956 to th e MBA Council of
A dm inistration, con tin u in g in th a t
post u n til 1959.

C

Northwestern
Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Mr. Som m er’s broad experience in
w ork in g for state com m ittees led him

N o rth ern T ru st
O p en s L on d on B ranch
The N o rth ern T ru st Company, Chi­
cago, becam e th e first Illinois statech artered b ank w ith a b ranch outside
the U nited States w hen it officially
opened its London b ran ch last m onth.
Located in its own building at 38
Lom bard Street, The N o rth ern T ru s t’s
b ran ch is operating in tem p o rary fa­
cilities in its building u n til ren o v a­
tion of th e p ro p erty is com pleted.
W. Jam es A rm stro n g has been ap­
pointed vice presid en t and m anager
of th e branch. Mr. A rm strong joined
th e b ank in 1957 and previously served
in the in tern atio n al division and as
head of a com m ercial lending division.

R ed u ce B on d H o ld in g s
The n atio n ’s top 100 com m ercial
banks reduced holdings of m unicipal
securities by 13.7 per cent, or $348,054,000, in th e second qu arter, accord­
ing to a Daily Bond B uyer tabulation.

C lifford C. Som m er c h a ts w ith a cu sto m er
in S e c u rity B a n k ’s m ain lobby. F o r y e a rs
he has been e x tre m ly a c tiv e in v a rio u s
p h ases o f c iv ic w o rk a n d h as p a rtic ip a te d
e x te n siv e ly in w o rk on b e h a lf o f th e ABA .

to extensive com m ittee w ork w ith the
A m erican B ankers A ssociation. He
served first as a m em ber of th e A.B.A.
public relations council, w as regional
vice p resident for five states from
1963-66, chairm an of th e organization
com m ittee from 1966-68, a m em ber of
th e executive council from 1966-69, a
m em ber of th e 1966 convention reso­
lutions com m ittee and ch airm an of the
resolutions com m ittee for th e 1968
convention and a m em ber of the u rban
affairs com m ittee in 1968-69.
In o th er fields of ban k in g activity,
Mr. Som m er is a tru ste e of th e F o u n ­
dation for Com m ercial B anks, 1964-70,
and vice ch airm an of the Foundation,
1966-69. His o th er com m ittee w ork
em braces activities ran g in g from the
M inneapolis A.I.B. ch ap ter to th e Re­
serve City B ankers.
In th e area of public activities, Mr.
Som m er’s m ost w idely know n co n tri­
b u tio n has been as a M innesota state
senator, elected for a four-year term
ru n n in g from Jan u ary , 1967, to Ja n ­
u ary , 1971.
Mr. Som m er and his wife, Eleanore,
have tw o daughters, M argaret Som­
m er A nderson and Gayle Som m er
Gaffin.
Mr. Som m er is ru n n in g unopposed
for th e A.B.A. vice presidency at the
1969 convention in H aw aii and upon
election w ill succeed to th e A.B.A.
presidency in 1970.

S e n te n c e San F ra n cisco B an k er
The form er p resident of th e defunct
San F rancisco N ational B ank, Don
Carlos S ilverthorne, has been sen­
tenced to eight y ears in federal p ris­
on, after being found guilty on nine
counts of m isapplying $178,000 of his
b a n k ’s funds.
The San F rancisco N ational opened
in 1962 and w as closed Ja n u a ry 22,
1965, by th e th en U. S. C om ptroller of
th e C urrency Jam es J. Saxon on the
ground th a t it w as insolvent.

In v e stig a tio n “ P r im e ”
In crease
A new organization w hose m em bers
include rep resen tativ es of governm ent,
in d u stry and labor has asked th e J u s ­
tice D epartm ent “to investigate pos­
sible a n titru s t violations by b a n k s” in
connection w ith th e prim e ra te in ­
crease in June.
The req u est w as p a rt of a resolution
adopted by the “E m ergency Com m it­
tee on the H igh In te re st C risis,” w hich
m et here to denounce c u rre n t record
ra te levels.
A m ong the listed sponsoring groups
w as the U. S. C onference of Mayors;
th e AFL-CIO; N ational A ssociation of
Hom e Builders; C onsum er F ederation
of America; N ational F arm ers Union,
and th e W ashington b u reau of th e N a­
tional A ssociation for th e A dvance­
m ent of Colored People.

A gain st C redit C on trols
T reasu ry U nder S ecretary P aul A.
V olcker recen tly ru led out controls on
consum er spending as a m ethod to
fight inflation.

Mosler has a belter w ay
to pass the buck.

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customers that you can forget about putting up a new
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Pneu-Vista isn't a branch but its the closest thing to it.
The customer unit goes right outside your present building
and is operated by the same teller that handles a drive-in
window. The teller and customer see each other through
the bullet-resistive drive-in window. They converse over a
high fidelity closed circuit audio system in the same
friendly manner as if they were doing business across a
counter inside. And, your customer doesn't have to find a
place to park.
Transactions are passed through a system of highly
reliable pneumatic tubes. Finger-tip controls enable your
teller to dispatch or return a transaction instantaneously.
With an exclusive one-button memory circuit, the teller can
program the system to “ pass the buck” back to herself

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

Don't overlook the king-size transaction carrier. Bigger
than any other available, its transparent Lexan body allows
you to see what's inside all the time. It opens at both ends
and closes securely so that nothing can get out until the
carrier arrives.
The peak of customer convenience is attained when the
Pneu-Vista presentation tray practically puts the carrier in
your customer’s hands. No straining, no groping for a car­
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your customer drives.
The day of the hot steaming line of cars at the drive-in
window is over. Split that line off to a Pneu-Vista and serve
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into Pneu-Vista—it's a better way to pass the buck. For an
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today.

Mosler

An A m erican-Standard Com pany

48
#

»

. #

.

HillI Anniversarif

.

.

.

(C ontinued from page 42)
tion and tra in in g benefits section of
th e bill.
V eteran s have proved to be good
risks. Only 3.3 p er cent of th e hom e
loans g u aran teed by VA have resu lted
in foreclosures. The direct loan rec­
ord is even b etter. As of the end of
M arch, 1969, 3.4 m illion hom e loans
am o u n tin g to $26.3 billion had been
paid in full.
B an kers M ake Loan

As b an k ers recall, th e established
ra te of in te re st on a VA gu aran teed
G.I. hom e loan a t th e b ill’s inception
w as 4 p er cent, m axim um m a tu rity of
20 years. T his grad u ally grew over
th e y ears as th e dem ands of a chang­
ing econom y forced th e ra te u p w ard
and th e prev ailin g rate now (since
Ja n u a ry 24, 1969) is 7% percent, m axi­
m um m a tu rity of 25 years.
A quick in sig h t into th e n a tio n ’s
u p w ard surge in the econom y since the
end of W orld W ar II can be noted by
looking a t th e loan records for th e
th ree groups of v eteran s from W orld
W ar II, K orean Conflict and P o st Ko­
re a n era.

C O N V E N T IO N S
September 10-11—Iowa Group M eet­
ing, N ational A ssociation of Bank
W om en, R oosevelt H otel, Cedar
Rapids.
Sept. 17-18—Illin ois Bankers Associa­
tion, 23rd Annual Ag Credit Con­
ference, University of Illinois,
Urbana.
Sept. 18—South Dakota Bankers As­
sociation, Public Relations and
M arketing Conference, Holiday
Inn, M itchell.
Sept. 21-25— N ational Assn, of Bank
W om en, Inc., 47th Annual Con­
vention, St. Francis H otel, San
Francisco.
Sept. 24-25— Assn, of Registered Bank
H olding
Companies, Directors
M eeting, St. Francis H otel, San
Francisco.
Sept. 28 - Oct. 1 — American Bankers
A ssociation, 95th Annual Conven­
tion, H onolulu.
Oct. 1-4— Financial Executives Insti­
tute, 38th Annual International
Conference, Palmer H ouse, Chi­
cago.
Oct. 7-16—Nebraska Bankers A ssocia­
tion, Annual Group M eetings.
Oct. 13-17—South Dakota Bankers As­
sociation, Annual Group M eet­
ings.
Oct. 19-22—Iowa Bankers Association,
83rd Annual Convention, H otel
Fort Des M oines, Des M oines.
Oct. 19-23—Consumer Bankers A sso­
ciation, 49th Annual Convention,
Grand H otel, P oint Clear, Ala.
Oct. 20-22—A BA N ational Credit
Card Conference, Statler H ilton
H otel, Dallas.
Northwestern
Banker, September, 1969

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

The record show s th a t 5,388,000
loans w ere g u aranteed by VA in the
am o u n t of $47,645,000 for W orld W ar
II v eteran s, an average of $8,840 per
hom e loan. T his average per hom e
loan jum ped by 48.8 per cent for Ko­
rean Conflict veterans, w ith 1,533,000
loans to taling $18,636,000,000. By the
tim e P ost K orean veteran s had ob­
tain ed 433,000 VA g u aranteed loans,
th e to tal req u ired for them w as $7,364,000,000, an increase of 39.8 per cent
over th e K orean Conflict v e te ra n s’average, and a w hopping 92.3 per cent
h ig h er th a n th e average hom e loan ob­
tain ed by th e W orld W ar II veterans.
E ducation P ays Off

The educational benefits, says the
V eterans A dm inistration, already have
paid off in great re tu rn s, not only to
th e v eteran s and th e ir fam ilies in ­
volved, b u t to th e taxpayers. The ac­
com panying ch art show s educational
benefits obtained by v eteran s in the
th re e categories. In su p p o rtin g the
philosophy of aiding v eteran s th ro u g h
educational benefits, the V eterans Ad­
m in istra tio n recen tly noted:
Oct. 20-22—M ortgage Bankers Asso­
ciation of America, 56th Annual
Convention, Americana and New
York H ilton H otels, New York.
Oct. 22-24—National C o m m e r c i a l
Finance Conference, 25th Annual
Convention, W aldorf Astoria H o­
tel, New York.
Oct. 25-29— Robert Morris Associates,
55th Annual F all Conference, San
Juan, Puerto Rico.
Oct. 26-29— Bank Adm inistration In­
stitute, 45th Annual Convention,
Sheraton Cleveland H otel, Cleve­
land.
Nov. 2-7—Bank PRM A, 54th Annual
Convention, A m e r i c a n a H otel,
Bal Harbour, Fla.
Nov. 5-6—Illin ois Bankers Associa­
tion, Bank M anagement Confer­
ence,
University
of
Illin ois,
Urbana.
Nov. 9-12—ABA , Annual National
Personnel Conference, Denver
H ilton H otel, Denver.
Nov. 9-21—ABA N ational Commercial
Lending School, U niversity of
Oklahoma, Norman.
Nov. 13-14—ABA, M eeting of Organ­
ization Committee, A BA State
V ice Presidents, and Officers of
State Bankers Associations, Biltmore H otel, New York.
Nov. 16-18—ABA 18th N ational Ag
Credit Conference, H otel Fort
D es M oines, D es M oines.
Nov. 16-19—Bank Adm inistration In­
stitute, Smaller Bank Presidents
F orum.
Nov. 24-25— Iowa Bankers Associa­
tion, Tax School, H otel Fort Des
M oines, Des M oines.

“W hat does this program pay U ncle
Sam?
“U nder the Post-K orean G.I. Bill,
the V eterans A dm inistration w ill pay
a re tu rn in g V ietnam era v eteran (w ith
no dependents) $4,680 ($130 a m onth
tim es 36 m onths m axim um settle­
m ent) for full-tim e tra in in g w hile
earn in g his college degree.
“W ith th a t college degree, how ever,
this v eteran w ill earn an estim ated
$541,000 in his lifetim e, according to
the D epartm ent of Labor.
“By contrast, w ith only a high
school education his lifetim e earnings
w ill to tal only $340,000, or $201,000 less
th a n w ith a college degree.
“How m uch F ederal incom e tax w ill
th is v eteran pay du rin g his lifetim e
on th is added $201,000? A bout eight
tim es the $4,680 cost of his G. I. Bill
assistance from the VA, according to
In te rn a l R evenue estim ates ($37,975).
These assum e th e v eteran m arries, has
tw o children, w orks for 35 y ears and
is subject to th e p resen t tax rate, not
including th e surtax.
“E ven w ith a larg er fam ily, a longer
w orking career and o ther deductions,
it is ap p aren t th a t th e G. I. Bill col­
lege-educated V ietnam era v eteran w ill
pay in F ed eral incom e ta x on his
added lifetim e incom e several tim es
th e cost of his VA educational assist­
ance allow ance.”
U n em p loym en t

W h at about all those W orld W ar II
veteran s w ho received unem ploym ent
pay after re tu rn in g from active duty?
VA records show th a t approxim ate­
ly 60 per cent, or n early 9 m illion
v eteran s of W orld W ar II, collected
$3.2 billion for unem ploym ent in the
im m ediate postw ar m onths w hen jobs
w ere h ard to find and m any had less
th a n $100 per m onth income. Al­
though popularly called th e “52-20
Club” because v eteran s could collect
$20 a w eek re ad ju stm en t allow ances
for up to 52 w eeks, th e record show s
th a t th e average W orld W ar II v e te r­
an w as on th e rolls for only 19 weeks.
Only 900,000 W orld W ar II v eteran s
—about 10 p er cent of those w ho re ­
ceived re ad ju stm en t benefits, and ju st
less th a n 6 per cen t of th e total of
W orld W ar II v eteran s—took th e full
52 w eeks of unem ploym ent pay. This
type of com pensation has not been
provided in the K orean Conflict or
Post-K orean G. I. Bill am endm ents,
due to an easier em ploym ent situation
and o ther state and federal unem ploy­
m ent program s now available.
T he G. I. Bill has served well those
25 m illion v eteran s w ho in tu rn have
served th e ir co u n try w ell and fa ith ­
fully.— End.

49

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Organized as N. W. Harris &. C o. 1882 * Incorporated 1907 • Member Federal Deposit Insurance Corporation . . . Federal Reserve System


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

Northwestern Banker, September, Í969

50
New In v e stm e n t O fficer

Illin o is

NEW S
M . HEINS

President

ROBERT C. SCHRIMPLE

Exec. V.P.

Pontiac
Chicago

N ew O fficers, D ir e cto r s
E lected at D rovers Bank
W illiam C. Cum m ings, ch airm an of
the D rovers N ational B ank of Chicago,
and R obert Lough, president, an ­
nounced th a t M ichael J. W helan has
been elected exec­
u tiv e vice p resi­
dent. W ayne A.
Jo h n sto n , Jr., and
U rban F. M yers,
Jr., w ere elected
as vice presid en ts
of th e bank. Mr.
W helan and Mr.
J o h n s to n w e re
also elected as
m
em bers of the
M. J. W HELAN
board of directors.

R obert C. Schrim ple, th a t officers of the
organization “have no other choice”
b u t to follow th e declaration of policy
adopted in the ann u al convention last
May.
Mr. H eins m ade his com m ents re ­
g arding his reaction to statem en ts is­
sued sep arately by tw o Illinois b an k ­
ing groups th re a te n tin g to quit the
1,071-member b ank Illinois BA because
of lack of rep resen tatio n in th e gov­
ern in g body of th e association.
The groups, A ssociations for F ull
Service G roup B anking and th e Illi­
nois Council for B ranch B anking,
charge th e BA leadership w ith a “cal­
culated rebuff” to th e ir efforts to study
th e state b an k in g stru ctu re, w hich
bans b ran ch ban k in g and registered
b an k holding com panies. The “rebuff”
took th e form of w hat th e groups con­
sidered recent “u n favorable” appoint­
m en ts to th e 30-man council of adm in­
istratio n , g o verning body of th e Illi­
nois BA, and events du rin g the storm y
M ay convention.

J o in s B lu e Island B an k

W. A. JO HNSTON, JR.

U. F. MYERS, JR.

Mr. W helan w as senior vice p resi­
dent of M ichigan A venue N ational
B ank in C h ic a g o before joining
D rovers N ational recently.
F u rth e r elections to th e board were:
R obert A sher, president, H am ilton In ­
dustries, Inc.; R obert L. Cook, p resi­
dent, Cook S tra tto n and Company;
W illiam H. Dobbins, tre asu re r, A m eri­
can Gage and M achine Company;
L e o n a r d B. E t t e l s o n , E ttelson,
O’Hagan, E h rlic h and F ran k el, a tto r­
neys; and C harles F. Ja rra rd , ch air­
man, Allied S tru c tu ra l Steel Company.

Jo h n Balko has been appointed vice
p resid en t and tru s t officer at th e Coun­
ty B ank & T ru st Company, Blue Is­
land.

U n u su al C h ech

Northwestern
Banker, September, 1969

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

B u ys T ravel B u reau
F irs t N ational B ank of M ount P ro s­
pect has purchased all th e com m on
stock of P aradise Tours, Inc., and w ill
operate th e trav el b u reau as a w holly
ow ned subsidiary of th e bank, accord­
ing to R aym ond S. Johnston, b an k
president.
Mrs. A ubrey R aasch of A rlington
H eights has been elected vice p resi­
dent and tre a su re r of th e T ravel Bu­
reau and w ill serve as g eneral m an­
ager. Mrs. R aasch attended th e U ni­
v ersity of W isconsin and is a g raduate
of th e In te rn a tio n a l T ravel T raining
School.

A dds NewT S erv ice
B everly Bank, C h ic a g o , recen tly
added a new service, th e in v estm en t
advisory account, designed for th e in ­
dividual in vestor w ish in g eith er capi­
tal appreciation th ro u g h long-term
grow th or m axim um c u rre n t incom e
from a com m on stock or bond in v est­
m en t account.
T hrough an in v estm en t advisory ac­
count, an in vestor w ith $15,000 or
m ore w ill receive an in v estm en t p o rt­
folio tailored to his needs by a profes­
sional in v estm en t counselor. B everly
is th e only b an k in th e su b u rb an Chi­
cago area offering an account of th is
type to its custom ers.

“ Man and th e M oon ”

I llin o is P resid en t A n sw ers
“ G rou p B a n k ers”
The presid en t of th e Illinois B an k ­
ers A ssociation said recen tly he w ould
be so rry to see any m em ber b anks
w ith d raw from th e organization. “This
is not the w ay ” to iron out differences,
h e said.
M yron H eins, also president, B ank
of Pontiac, re ite ra ted a statem en t by
association executive vice president,

Ja re d K. Pickell has joined the Cen­
tra l N ational B ank in Chicago as a
correspondent inv estm en t officer in
th e in v estm en t departm ent.
Mr. Pickell began his b anking ca­
re e r w ith C ontinental Illinois N ational
B ank of Chicago in 1960, w as pro­
m oted to a ssistan t cashier in 1961 and
continued w ith th e b ank u n til 1966 as
sales m anager of th e m unicipal bond
departm ent. M ost recently, he has
been associated w ith H alsey, S tu a rt &
Company, Inc., and is p resid en t and
editor of Scale Jo u rn a l P u b lish in g
Com pany and associate editor of P ick­
ell & Son M arket B ulletin.

T H IS U N U S U A L C H E C K , w r itte n on a
se c tio n of g old c a rp e t, w a s re c e n tly h o n ­
o red b y th e Z ion S t. B k. & T r., Z ion, fo r
$1,000 w o rth of A m e ric a n E x p re ss T r a v ­
e le rs C heques. T he check w as se n t b y m ail
to th e b a n k u n d e r its new m ail o rd e r
tra v e le rs cheque se rv ice b y a cu sto m er
w ho e x p la in e d he ju s t h a p p e n s to lik e gold
c a rp e t. E x a m in in g th e check a re R oss
B u rg e ss, p res., a n d E d ith W rig h t, te lle r.

An u n u su al offer has been m ade by
N ational B oulevard B ank of Chicago
in connection w ith th e opening of a
savings account for $250 or m ore or
adding at least $250 to a p resen t sav­
ings account. The offer—a long play
record en titled “Man and th e Moon”—
produced exclusively for th e b ank w as
announced by Irv in g Seam an, Jr., chief
executive officer.
T he historic record, sure to become
a collector’s item , carries th e actual
voice and sounds connected w ith
m an ’s fantastic voyage to th e moon.

51

You don’t have to w e a r our pin
to be an idea banker.

“-X

But you have to be an jdea Banker
to w ear our pin.
Our Idea Bankers look forward to see­
ing you at the 1969 ABA convention.

Am erican National
The Idea Bank
American National Bank and Trust Company of Chicago
La Salle at Washington 60690 Phone (312) 621-5000
Member FDIC


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

Northwestern Banker, September, 1969

“ H ey, M ik e ! W h a t’s th e
N o rth w e s te rn B a n k W e a th e rb a ll
d o in g on to p
o f D ia m o n d H e a d ? ”
“ It’s ju s t a re m in d e r th a t th e
A m e ric a n B a n k e rs A s s o c ia tio n
9 5 th A n n u a ! C o n v e n tio n
w ill be h e ld in H o n o lu lu ,
S e p te m b e r 2 8th to O c to b e r 1st.
T h e N o rth w e s te rn B a n k p e o p le
a re s ta y in g at th e llik a i H o te l.”

±~A
rv-

“ I dig
H u la d a n c e rs .”

N o rthw e s te m Banker, September, J969


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

53

M

i

n

n

e

s

o

t

Nelson came to the H u ntley b an k in
1919, w as nam ed cashier in 1921 and
has been serving as p resident since
1964.

a

NEW S
S. R. W HEATON
K. A . WALES

►

President

Elk River

Exec. Secretary

Minneapolis

A p p o in te d A u d itor

MBAAinaina tiny Committee
P resen t Slate a t
Meets
H E M innesota B an k ers A ssociation
no m in atin g com m ittee has recom ­
m ended M innesota b a n k ers M arvin R.
Campbell, W illiam G. K irch n er and G.
Reed M acom ber for end o rsem en t for
the top th re e elective officers in th e
MBA at th e an n u al d istric t m eetings
of the A ssociation in Septem ber.
Mr. Campbell, p resid en t of th e F irs t
N ational Bank, C rookston, w as p ro ­
posed as th e candidate for MBA p resi­
d en t in 1970-71 to succeed S. R. W hea­
ton. Mr. Cam pbell
is c u rre n tly MBA
vice president.
M r. K i r c h n e r ,
p resid en t of the
Richfield B a n k
and T ru s t Com pa­
ny, Richfield, is
th e proposed can­
didate for MBA
vice p resid en t in
1970-71 to succeed
Mr. Campbell.
Mr. M acomber, p resid en t of th e
R oseville State B ank, is th e proposed

T

W. G. K I R C H N E R

A dditional candidates’ nam es can
also be introduced for endorsem ent
from th e floor at each m eeting.
The 1969 D istrict M eetings w ill be
held th is y ear from Septem ber 8-17 at
th e follow ing seven locations:
Septem ber 8—D istrict 7, M ontevideo.
Septem ber 9—D istrict 2, M ankato.
Septem ber 10—D istrict 1, R ochester.
Septem ber 11—D istricts 3, 4, 5, St.
Louis P ark .
Septem ber 15—D istrict 8, V irginia.
Septem ber 16 — D istrict 9, D etroit
Lakes.
Septem ber 17—D istrict 6 . St. Cloud.

J o in s D o r se t B ank
R ichard N. Sw edean has been elect­
ed cashier at th e F a rm e r State B ank
of Dorset. He w as previously em ­
ployed at th e F ed eral R eserve B ank
of M inneapolis, w orking for the last
four y ears in th e b an k exam ination
departm ent.

A n n o u n c e s P u rch a se
Elw ood T h orndrud, p resid en t of the
O rtonville N o rth w estern State Bank,
has announced b ank purchase of th e
A m erican Legion building from the
O rtonville A m erican Legion B uilding
Company.
P lan s call for doubling th e presen t
floor space c u rre n tly occupied by the
b an k in th e building. W ork should
begin some tim e in 1970 and be com­
pleted th a t sam e year.

G- R - M A C O M B E R

D urella Van Roekel has been ap ­
pointed auditor at th e F irs t N ational
B ank in W orthington. Miss Van Roe­
kel has been w ith the bank since 1956,
sta rtin g as a secretary, continuing
th ro u g h a tra in in g program as a te ll­
er, savings and discount teller and de­
p artm e n t m anager.

T o W in on a Bank Staff
Orville G. V erding has been nam ed
to th e staff of the M erchants N ational
Bank. He w ill be em ployed in th e
b a n k ’s com m ercial loan dep artm en t as
a ssistan t vice president. P reviously,
he w as em ployed as a com m issioned
national bank exam iner in M inneapo­
lis.

J o se p h M. S m ith
Joseph M. Sm ith, subscription re p ­
resen tative of N orthwestern B anker,

died Ju ly 26 in S tillw ater, Minn.
Mr. Sm ith w as an avid firsherm an
and h u n ter. “Jo e” w as know n to lit­
erally hu n d red s of bankers, and h is
h um or added zest to his personal calls
on M innesota bankers.
S urvivors include his wife, L ibby,
and tw o sons. Services w ere p riv ate.

N am es N ew C ashier
H ow ard W. M eyer has joined th e
staff of th e K anabec State Bank, M ora,
according to P re s­
ident R obert Hadland.
Mr. M eyer, for­
m erly floor m an ­
ager of E au C laire
Book and Statione r y C om pany,
E au Claire, W is.,
w ill serve as cash­
ier at th e bank,
succeeding M ilan
H. w . M E Y E R
_
,
,
DeW itt, w ho h as
been appointed assistan t vice p resi­
dent.

R etires in R o c h e ster
candidate for MBA tre a s u re r in 197071 to succeed Ora G. Jones.
The m em bers of th e n om inating
com m ittee are p resid en ts of th e ir re_ ^ spective d istricts and m et earlier th is
sum m er w ith th e ir d istric t officers and
directo rs and discussed possible b a n k ­
er candidates.
The d istrict recom ­
m endations w ere th e n discussed at an
A ugust 7 m eeting of th e nom in atin g
com m ittee, w hich voted on th e pro^ posed slate to be recom m ended at the
d istric t m eetings.

—*

1

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

Miss G enevieve H an rah an , an em ­
ployee of th e F irs t N ational Bank,
R ochester, since 1927, has retired from
h er post as general ledger processor.
She w as recently honored by bank offi­
cials and em ployees at a reception
sponsored by th e bank.

H arold O. M arzolf has been elected
to th e board of th e F irs t N ational
B ank of Spring Valley, succeeding
B u rton L. H ighum . Mr. M arzolf is
ow ner and operator of th e M arzolf
Im plem ent Com pany in Spring Valley.

H on or B an k P r e sid e n t

O b serves 5 0 Years

L eonard N elson w as honored re ­
cently for his 50 y ears of service at the
F a rm e rs State Bank, H untley, at a
d in n er given by bank em ployees. Mr.

The F irs t N ational B ank of W aconia
observed its golden an n iv ersary last
m onth. George C. K lein is p resid en t
of th e bank.

T o B ank Board

Northwestern Banker, September, 1969

54

IG H T E E N officer prom otions, in ­
cluding th re e new tr u s t and in ­
v estm e n t m anagem ent group vice
presidents, have been announced by
th e F irs t N ational B ank of M inneap­
olis.
T he new vice p resid en ts are: DeW alt H. A nk en y, Jr., tr u s t in v est­
m ents; P hillip P. K elley, tr u s t in v e st­
m ents, and John T. W estroin, personal
tru sts.

E

ANKENY

KELLEY

WESTROM

Mr. A nkeny joined F irs t M inneapo­
lis in Septem ber, 1967, as an assistan t
vice p resid en t in th e tr u s t and in v est­
m en t m an agem ent group. P rio r to
joining th e bank, he w as w ith the
Theo. H am m B rew ing Com pany. He
holds a B.A. degree from D artm outh
and an M.B.A. from th e T uck School
of B usiness A dm inistration.
Mr. K elley atten d ed E arlh am Col­
lege, R ichm ond, Ind., and th e U niver­
sity of M innesota. He joined th e
b a n k ’s tru s t and in v estm en t m anage­
m en t group in 1961.
Mr. W estrom atten d ed th e U n iv er­
sity of K ansas and G ustavus A dolphus
College and is a g rad u ate of th e U ni­
v e rsity of M inne­
sota. He b e g a n
w ith th e b an k in
1949.
A dvanced to as­
sista n t vice p resi­
dents were: John
C. F e r b e r and
M ayer S. Tapper,

p. R. LAVIN

com m ercial b an k ­
in g ; F r e d e r i c k
W inston, in te rn a ­
tio n a l b a n k in g

No rthwestern Banker, September, 1969


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

d ep artm ent, and P atrick R. Lavin,
business services division.
N am ed a ssistan t c a s h i e r s were:
Charles H. Strothm an, D avid E. Catlin and G. M artin R obertson, com m er­
cial banking; D. M ichael A nderson,
sales finance division; Frederick C.
B olstad, Jr., personal banking center;
H erbert W. Olson and Gary A ndrew ,
band d ep artm ent, and D ietrich E. Mittelstad t of th e St. A nthony F alls office.

FERBER

TAPPER

W IN STO N

R ichard W. J en sen w as elected as­

sistan t secretary in tru s t investm ents
and George A. R uszat a ssistan t secre­
ta ry in th e tru s t section of th e tru sts
and in v estm en t m anagem ent group.
R oberto D. Anaya, w ho has new ly
joined F irs t M inneapolis, w as nam ed
assista n t cashier in the in tern atio n al
ban k in g departm ent.
* * *
Leonard P. G isvold, vice president,
N o rth w e stern N ational B ank of M in­
neapolis, retire d Septem ber 1, follow­
ing a 46-year ca­
reer in banking.
Mr. G i s v o l d ,
who joined N o rth ­
w estern as a m es­
s e n g e r in 1923,
served in various
areas before being
nam ed a s s i s t a n t
cashier in 1939.
He w as elected
a s s is ta n t v ic e
L. P. GISVOLD
presid en t in 1949
and served in N o rth w estern ’s banks
and b an k ers d ep artm en t u n til 1965.
Since then, he has been assigned to
special adm inistration.

Mr. Gisvold, a n ative of M inneapolis
and g raduate of th e U n iversity of M in­
nesota, has been an active m em ber of
th e M innesota B ankers A ssociation for
th e p ast 35 y ears and has been general
convention com m ittee ch airm an and
chairm an or a m em ber of v irtu a lly all
of the organization’s com m ittees.
Mr. Gisvold is m oving from his
hom e at 4925 10th A venue South, M in­
neapolis, to Leech Lake, W alker, Minn.
To keep occupied, he w ill serve as
ch airm an of th e board of th e B ackus
State B ank in Backus, Minn.
* * *
The A m erican N ational B ank and
T ru st Com pany, St. Paul, has opened
a trav el agency, A m erican Inter-N a­
tional T ravel Service, to be operated
as a d ep artm en t of th e bank.
Karl E. D eppe, form erly a p a rtn e r
in U niversal T ravel, Inc., St. Paul, has
been appointed m anager of the new
agency. H erb Schell, form er p resid en t
of Roe-Jam es Glass Company, w ill
serve in an advisory capacity.
The new trav el service w ill be lo­
cated in th e low er lobby of th e bank.
Mrs. M uriel R ose has been nam ed
custom er service officer for th e N o rth ­
w estern N ational Bank, South St.
Paul, according to L. M. Broom , p resi­
dent.
Mrs. Rose joined th e b ank in 1956 as
a secretary and has since w orked in
the b a n k ’s real estate and com m ercial
loan d ep artm en t and served as a p ri­
vate secretary.
She is th e second w om an in th e
b a n k ’s 72-year h isto ry to be elected an
officer. M iss B etty A nn M alcolm w as
elected a ssistan t vice p resid en t in
Ju n e of th is year.
* * *
Jack W. K ent has joined th e N o rth ­
w estern N ational B ank of St. P aul as
personnel m anager, according to an
announcem ent by John A. M cHugh,
president.
F o r th e p ast four years, Mr. K ent
has been personnel m anager of th e

55

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Federal Reserve Bank of St. Louis

KARL E. DEPPE, M A N A G E R

228-2345

^Member FDIC
Northwestern Banker, September, 1969

56

Minnesota News

M inneapolis office of th e S entry In s u r­
ance Com pany of Stevens P oint, Wis.
H e is a g rad u ate of M ankato State
College w ith a degree in business ad­
m in istratio n .
* * *
T hom as C. D aniel and Jam es R.
L aird have been nam ed co rrespondent
b an k in g train ees a t N o rth w estern N a­
tio n al B ank of M inneapolis, according
to C. Paul Lindholm , vice p resid en t
and head of th e co rrespondent b an k ­
in g division.

T. C. DANIEL

J. R. LAIRD

Mr. Daniel, a M inneapolis native, re ­
ceived his B.S. degree from Cornell
U n iversity . He joined N o rth w estern
in F eb ru a ry , 1969, and has served in
th e cred it and system s analysis sec­
tions. He w ill be serv in g correspond­
e n t b an k ers in M innesota, W isconsin
and Iow a.
Mr. L aird, born in Corvallis, Ore.,
received his B.A. degree from th e U ni­
v e rsity of South Dakota. He joined
N o rth w e ste rn ’s staff in October, 1968,
and has served in system s analysis
and N o rth w e ste rn ’s Lincoln office. He
w ill be serv in g corresp o n d en t b an k ­
e rs in M ontana.
* * *
D ouglas R. Colem an, Jr., form er
m an ag e r of m ark et p lan n in g for M in­
n eso ta M ining & M anufacturing Com­
p a n y ’s electrical p roducts group, has
joined Dain, K alm an & Quail, In co r­
porated, as a vice p resid en t in the cor­
porate services departm en t.

for O ppenheim er & Company, a prom ­
in e n t New York in v estm en t firm.
* * *
R oger G. K ennedy, ch airm an of the
executive com m ittee of N orth w estern
N ational B ank of St. Paul, has re ­
signed to become vice presid en t for
in v estm en ts at th e U n iversity of Min­
nesota and executive director of the
U n iv ersity F oundation.
Mr. K ennedy, w ho has also served
as an assistan t atto rn e y general in
W ash in g ton and director of inform a­
tion for th e U. S. D ep artm ent of L a­
bor, w ill leave th e b an k after 10 years
of service to accept the $40,000-a-year
post.
* * *
P aul F. E derer has been nam ed
m anager of th e in stallm en t loan de­
p a rtm e n t at th e F o u rth N orth w estern
N ational Bank, M inneapolis. He a t­
tended th e M innesota School of B usi­
ness and w as affiliated w ith A ssociates
F inance, Inc., for six y ears before
joining th e b ank in 1968.
* * *
T he follow ing executive appoint­
m ents, re su ltin g from a recen t m eet­
ing of th e board of directors of the
N o rth w estern N ational B ank of St.
Paul, have been announced by John A.
M cH ugh, president.
W. A nd rew B oss has been elected
vice p resid en t in charge of th e com­
m ercial business developm ent group.
Jam es C. Graham has been elected a
vice p resident in the com m ercial b an k ­
ing departm ent.

w . A. B O S S

COLEMAN

EKSTROM

M ILLER

D arryl E kstrom has joined th e firm

as controller-operations. He w ill be
responsible for all accounting func­
tio n s a t DKQ and w as fo rm erly w ith
th e M inneapolis accounting firm of
T ouche, Ross, B ailey & Sm art.
M ary F. Miller- has been appointed
ed ito r of DKQ’s research departm ent.
A n ativ e of M ississippi, she w as for­
m erly editor of in stitu tio n a l research
N orthw este rn Banker, September, 1969


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

J. C. GRAHAM

Mr. Boss w as form erly ch airm an of
th e board and presid en t of Gambles
C ontinental B ank of St. Paul. In 1964,
he helped organize th e N ational City
B ank of M inneapolis and w as nam ed
vice p resident of th e com m ercial b an k ­
ing departm ent. P rio r to th at, he w as
associated for eight y ears w ith the
C ontinental Illinois N ational B ank and
T ru st C om pany of Chicago.
Mr. G raham had been associated
w ith th e Stockyards N ational B ank of
South St. P au l since 1957 and has
served as vice presid en t in th e com­
m ercial loan d ep artm en t since 1964.
R oger D onley has been prom oted to
a ssistan t vice presid en t in th e corpo­
ra te sales finance departm ent.

In announcing o ther e x e c u t i v e
changes, Mr. M cHugh said the bank
is dropping th e trad itio n al title of “as­
sistan t cashier,” except in the instance
of an actual assistan t to th e cashier.
“We are applying titles th a t are m ore
m eaningful and descriptive of th e offi­
cer’s responsibilities,” he said.
In the operations departm ent, E u ­
gene Jackels has been nam ed cashier
and senior operations officer, and Gay
K roening has been nam ed operations
officer.
In th e personnel departm ent, Jack
W. K ent has been nam ed personnel
officer.
F o u r m en have been nam ed person­
al banking officers in th e personal
ban k in g departm ent: R aym ond H edin,
W illiam T russell, John M ason and
Donald E n gelbrecht.

Jam es A dam s

has been nam ed operations officer.
In the in stallm en t b an king d ep art­
m ent, L eslie L yon s has been nam ed
installm en t b anking officer.
Jam es D eibert has been nam ed com­
m ercial b anking officer and E u gen e
R onay discount and collateral officer,
both in th e com m ercial banking de­
partm ent.

T w o P r o m o te d
At B lo o m in g to n B ank
C. A ddison Dahl, chairm an of th e
board of th e N o rth w estern N ational
B ank of Bloomington-Richfield, Bloom ­
ington, has announced th e election of
R obert L. Bue and C urtis N. C hristian ­
son to a ssistan t cashiers.
Mr. Bue joined th e installm en t loan
d ep artm en t of th e b an k in Ju ly of
1968 and moved to th e com m ercial
loan d ep artm en t later th a t sam e year.
He holds a B.S. degree in business ad­
m in istratio n from th e U n iversity of
N orth Dakota. P rio r to joining the
bank, he w as an a ssistan t national
b ank exam iner for tw o years.
Mr. C hristianson began his banking
career in 1964 at N o rth w estern N a­
tional B ank of Bloom ington-Richfield
as a teller. Since 1967, he has been as­
signed to the in stallm en t loan d ep art­
m ent.

A lb ert H . N ey
A lbert H. Ney, presid en t of th e Se­
cu rity State B ank of Maple Lake, has
died at th e age of 82.

N am es N ew D irecto r
J.
Stanley Covey has been elected to
the board of directors of th e State
B ank of W orthington. He replaces
M. C. K loster, M inneapolis, w ho has re ­
signed. Mr. Covey has been m anager
of th e Payless C ashw ay L um ber Store
since com ing to W orthington from
A ustin, Minn., in 1958.

John Hunt, Gill Falk, John Ordos, Doug Johnson

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^ 9 p 9-1969^

Call 332-0511 401 Second Ave. So. • Minneapolis, Minn. 55440

\ FULLS,
SERVICE
BANK,

Member Federal Deposit Insurance Corporation

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

Northwestern Banker, September, 1969

58

Minnesota News

Top-Notch Speakers Headline
1969 USA Convention Program
N ARRAY of top-notch speakers
w ill headline th e pro g ram at the
8th an n u al convention of th e In d e­
pen d en t B an k ers of M innesota, w hich
w ill be held October 8-9 at th e H otel
St. Paul.
Am ong convention program h ead lin ­
ers, according to Lyle E. Briggs, IBM
president, w ill be B. M eyer H arris,
p resid en t of th e Y ellow stone B ank in
L aurel, Mont., and p resid en t of th e
Ind ep en d en t B an k ers A ssociation of
Am erica; Donald M. Carlson, p resid en t

A

of th e E lm h u rst, 111., N ational B ank
and second vice presid en t of the
IBAA, and M ilton J. H ayes, senior vice
p resid en t of the A m erican N ational
B ank & T ru st Com pany of Chicago,
one of th e n a tio n ’s top au th o rities on
investm ents. Also on hand w ill be
M innesota Com m issioner of Banks,
M arvin L. Rye.
W illiam H um m er, a p a rtn e r in
W ayne H um m er & Company, Chicago,
w ill be th e featu red speaker at the
T hursday, October 9, luncheon. He

M. L. RYE

When \ o u Have Business at
the Stockyards . . . Call the
Northwestern National Bank
W h en y o u w ant “ on -th e-sp ot” service, p e r so n ­
alized a tten tio n , sp eed and real efficiency in
tra n saction s that in v o lv e liv esto ck h a n k in g . . .
th e staff at N o rth w estern N atio n a l B an k have
th e “ k n ow -h ow ” and lo ca tio n that save valu ab le
tim e.
W e’ll b e p lea sed to serve you. Call 6 1 2 — 4511 3 3 1 and let us k n o w y o u r n eed s.

NORTHWESTERN NATIONAL RANK OF SOUTH ST. PAUL
S o u th Sain t P a u l, M in n esota
M ember Federal D eposit Insurance Corporation

Northwestern
Banker, September, 1969

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

W. B. HUMMER

w ill p resen t some pointers to help
guide ban k ers th ro u g h today’s jungle
of inflation and red tape.
The re g istratio n desk w ill open at
2 p.m. on W ednesday, October 8, w ith
com m ittee m eetings occupying th e
afternoon. A cocktail reception spon­
sored by the A m erican N ational B ank
& T ru st Com pany of St. P aul w ill be
held at 5:30 p.m., followed by a buffet
d in n er at 7 p.m.
The convention w ill get dow n to
business on T hu rsd ay m orning, Octo­
b er 9, at 9 a.m., w ith ad jo u rn m en t at
4:30 p.m.
The follow ing m em bers have been
announced by Mr. Briggs for the 1969
convention nom inations and resolu­
tions com m ittees:
N om ination s — G. Reed M acomber
(chairm an), president, Roseville State
Bank, Roseville; Ross F redrickson,
p resid en t and cashier, F irs t State
Bank, Okabena; Omar E. Glessing,
president, Security State Bank, H ow ­
ard Lake; C harles M. Johnson, p resi­
dent, Root R iver State Bank, Chatfield; R. S. L undsten, president, Min­
neto n k a S tate Bank, Excelsior, and
L o m e N ew house, assistan t vice p resi­
dent, M arquette N ational Bank, Min­
neapolis.
R esolu tion s — E ldridge L. P eters
(chairm an), president, chairm an and

Minnesota News

59

tru s t officer, F irs t N atio n al Bank, H a st­
ings; T. E. Jaeb, presid en t, Caledonia
S tate B ank, Caledonia; E a rl E. K eskey,
cashier, Security S tate B ank, Sebeka;
W a rre n B. K regness, president, State
B ank of Tow er, Tower; E. J. L aFave,
presid en t, S tate Bank, M orris, and
Jo h n N. M aiers, president, V alley N a­
tional B ank, N orth M ankato.

A n n o u n c e s P r o m o tio n s
At S layton
N o rth w estern S tate B ank P re sid e n t
A. H. E n g eb retso n has announced two
prom otions am ong th e b a n k ’s officers.
J e rry Koens, form er m anager of th e
b a n k ’s in su ran ce d ep artm en t, has been
prom oted to a ssista n t vice p resid en t
and w ill be in charge of th e in sta ll­
m en t loan departm ent.
F.
V. F itzp atrick , cashier, has been
p u t in charge of in te rn a l controls at
th e bank.

G oes to H o p k in s B ank
G.
W illiam Jude, vice president, the
F irs t N ational B ank of R ochester, has
been elected executive vice p resid en t
and d irecto r of
th e F irs t N ational
B ank of H opkins,
a c c o r d i n g to
S vante H. Sever­
son, p resid en t of
th e H o p k i n s
bank.
A nativ e of Ma­
ple Lake, Minn.,
Mr. Ju d e received
a bachelor of a rts
G. W. JUDE
degree from St.
T hom as College, St. Paul, w h ere he
m ajored in econom ics and business
adm in istratio n . He joined th e F irs t
N ational B ank of R ochester in 1958.

If your custom ers w ant to
start som ething in Canada
th e re ’s one bank to see:

N ew A g O fficer
The d irectors of th e F irs t N ational
B ank of Crookston have announced
th e em ploym ent of D uane C. E spegard
of E a st G rand F ork s, Minn., as ag ri­
cu ltu ra l officer, succeeding R onald A.
U lven, w ho has
accepted a posi­
tio n as vice p re s­
ident of th e State
B ank of H aw ley,
H aw ley, Minn.
Mr. E s p e g a r d ,
26, w as m anager
of th e H agen Po­
tato C om pany of
E a st G rand F ork s,
N. D., a position
D. C. ESPEGARD

he

h&g

heM

fo r

th e p a st y ear and a half. P rio r to th is
association, he w as em ployed by the
C rookston P roduction C redit Associa­
tio n for tw o and one-half y ears as as­
sista n t m anager.

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Federal Reserve Bank of St. Louis

Bank of M ontreal.
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dustry ever since 1817, the year we opened
our first office. Today, o v e r 1,000 offices
later, w e 're still C a n a da ’s first bank. T h a t’s
w h y y o u r custom ers should see us first fo r
inform ation on plant sites, financing, m a rke t­
ing, labor, im p o r t / e x p o r t procedures, and
other problems. C o n ta ct any of our six U.S.
offices and benefit from our more than 150
years o f inform ation-gathering experience.

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Assets Exceed $7 B illiô n

No rthwestern Banker, September, 1969

60

Minnesota News

Open House

chair is Hank
up h o lstered in red ch en ille.
atM ae Earth
Green and gold n a tu ra l grass cloth

RAND opening activities for the vane, arched w indow s and louvred
new Blue E a rth State B ank, Blue base. It is centered on th e pitched
E a rth , last m o n th featu red an in ­ roof and is lighted from the in terio r
v itatio n al show ing and d in n er for for d ram atic night-tim e effect.
area and corresp o n d en t bankers. T his
A no th er custom er en trance from
w as followed by a three-day open th e n o rth p ark in g lot opens into a
house for th e public. P au l Lindholm , vestibule containing th ree services;
president, said souv en ir gifts, re fre sh ­ th e after-hour depository, com m unity
m ents and draw ings for prizes w ere b u lletin board and an after-hour walkp a rt of th e festivities.
up w indow.
B anking operations w ere m oved
F ive teller u n its w ith expansion
from th e ir form er location a t 109 S. space for fu tu re needs and a safety
M ain to th e new G eorgian style build­ deposit lobby containing stand-up
ing on th e so u th east co rner of Moore desks, booths and a conference room
and 7th S treets on A ugust 11. The all adjacent to th e 1,000 box safety de­

G

is also used on th e w alls of th e third
office occupied by Vice P re sid e n t C lin­
ton K urtz. The w indow hangings are
in shades of gold and green on red
w orked into A m erican E agle d esign .
The carp etin g is a blend of green gold
and red, and th e lounge chairs are fin­
ished in C apricorn, a m ix tu re of
orange and gold.
Included on the low er level is an
em ployee lounge w ith a k itch en ette
and dining area, m en ’s and w o m e n ’s
toilets, w om ens’ lounge, em ployee coat
spaces, w aste paper room, storage
vault, m echnical equipm ent and se v ­
eral storage rooms.
M em bers of the board of directors
are Mr. S attre, Donald Kark, Joh n
F ru n d t, O. W. O othoudt and Mr. L ind ­
holm.

A p p o in ts L oan O fficer
Douglas A. Oman has been nam ed
loan officer at th e F irs t N ational B ank
in D etroit Lakes. He is a 1967 gradu­
ate of Bem idji State College and has
been em ployed as claim s officer at
State F a rm In su ran ce in D etroit
Lakes for th e p ast year.

JVew O ffice T ow er P r o p o se d
N E W HOM E fo r B lue E a r th S ta te B a n k o f B lue E a r th , M inn.

bank w as organized in 1903 and has
been in continuous operation since
th a t time.
The new b ank building, 69 by 78
feet, designed by D ykins-H andford,
Inc., M inneapolis architects, is a colo­
nial design. It has two en tran ce
porches flanked by low side w ings
capped w ith an o rn am en tal wood ra il­
ing exten d in g from a cen ter hip roof.
A porte cochere on th e east side shel­
ters the drive-up w indow and w ill
eventually include th e v isual rem ote
drive-up statio n w hen it is installed.
U nderground in stallatio n s for th is u n it
across from th e drive-up w indow are
completed.
L arge p a rk in g areas are found on
the n o rth side and several m atu re elm
trees su rro u n d in g th e b uilding w ere
preserved d u rin g construction.
C haracteristically Georgian, th e bank
is W illiam sburg red brick, w ith a slate
base and o rn am en tal stone floors on
both porches. The w indow s have su n ­
b u rst wood m oulded fan lig h ts accent­
ed by W illiam sburg blue paneled s h u t­
ters. All o th er ex terio r wood is w hite,
and the n o rth side em ployee en tran ce
leading to th e b asem ent is p rotected
by a copper sheath ed canopy.
Copper also form s th e roof cover for
the cupola w ith an arro w w eath er
Northwestern Banker, September, 1969


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Federal Reserve Bank of St. Louis

posit v au lt are on the east side of the
b an k in g room. In addition, th ere are
cash and book v aults and a posting
room behind the tellers and a ja n ito r’s
m aintenance room, plus a staircase to
th e low er level, also on this side.
Across the lobby, convenient to the
officers’ and stenographic desks, is a
file alcove betw een tw o of th e th ree
p riv ate offices. These offices are co­
o rdinated w ith each other, and w ith
th e over-all design concept reflect the
com plete plan of G eorgian au th en tic­
ity.
The room occupied by K. O. Satire,
chairm an of the board, is highlighted
by w indow hangings w oven in Oberkam pf, G erm any in tones of red and
ta n in 18th cen tu ry scenes depicting
th e A m erican Revolution. The w alls
are covered w ith grass cloth in shades
of n a tu ra l tans and th e carpeting is
custom w oven in red and black lac­
q uer tones. Each of th e p riv ate offices
has B ank of E ngland chairs and sw iv­
el desk chairs, in addition to lam ps
and sm all tables.
P aul L indholm ’s office has n a tu ra l
color w indow hangings m ade in India,
crew el em broidered in red tones, con­
tra stin g w ith th e lacquer red grass
cloth w all hangings. C arpeting is a
blend of p aprika colors, and the desk

P lans are c u rre n tly u n d erw ay for
construction of a 24-story office build­
ing and financial center to be located
at In te rsta te H ighw ay 494 and X er x es
A venue South in Bloom ington.
To be called th e N o rth w estern F i­
nancial C enter, the proposed $15 m il­
lion project w ill have 400,000 square
feet of office space, including a 20-story
tow er over a three-story base. A cir­
cular, revolving re sta u ra n t and h eli­
p o rt w ould be located on th e roof of
the stru ctu re.
D iscussions are und erw ay w ith th e
Bloom ington-Richfield office of N o rth ­
w estern N ational B ank for occupancy
of th e building’s first tw o floors.

F iles fo r P ly m o u th Bank
An application has been filed w ith
th e M innesota D epartm ent of Com­
m erce for a state bank, th e proposed
P lym outh State Bank, to be located a t
the in tersection of S tate H ighw ay 55
and In te rsta te 494 in P lym outh.
Inco rp o rato rs nam ed in the applica­
tion are: H arold J. Pohlad, E dina, and
E dw ard H. Stotesbery, W hite Bear
Lake.
The proposed capital stru c tu re is
$400,000, consisting of $200,000 com ­
m on capital, $100,000 su rp lu s and $100,000 undivided profits.
No date has been set for h earin g on
the application.

61

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Northwestern Banker, September, 1969


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Federal Reserve Bank of St. Louis

62

M e e tw a i,
yK

tj**y

K—

-vfr

V

S fr

■
‘»¡if

OCTOBER 13-17

Ilk

CURT LOVRE

IVAN STEEN

JACK GERKEN

President

TIM STERN

Vice President

A ss’t Vice President

Ass't Vice President

JÜ O R T H W E S T E R N
N A T IO N A L

BANK

IN SIOUX FALLS: DOWNTOWN, COLONIAL & STOCKYARDS;
BROOKINGS, CHAMBERLAIN, HURON, DELL RAPIDS, GREGORY
AND MADISON.

Northwestern Banker, September, 1969


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Federal Reserve Bank of St. Louis

B A N K !

m

S

o

u

t

h

D

a

k

o

t

a

NEW S
C. A . LOVRE
NEIL MILNER

President
Secretary

Sioux Falls
Huron

Vrotjram
for Group
Meetings is Annonnoed
E T A IL S of th e 1969 a n n u al South
D akota B a n k e r s A s s o c i a t i o n
group m eeting program have been a n ­
nounced by C urtis A. Lovre, p resid en t
of th e SDBA, and Neil M ilner, SDBA
e x e c u t i v e secretary -treasu rer. Mr.
L ovre is p resid en t of N o rth w estern
N ational B ank of Sioux Falls.
E ach of th e five group m eetings w ill
be i d e n t i c a l in
content. In th e
program s h o w n
below, th e nam es
of th e five group
p re s id e n ts w ho
w ill be presiding
a t th e ir respective
| m e e t i n g s are
show n. Also, the
topic of “B an k er
E d u c a tio n — A
G. NIGH
M ust” w i l l be
shared by th re e m en at different m eet­
ings.
B an q u et sp eaker a t all five group
m eetings w ill be Lt. G overnor George
N igh of Oklahom a. A lthough only 41,
Lt. G overnor Nigh has a uniq u e politi­
cal history. A t age 22, he w as elected
th e youn g est m em ber of th e O klahom a
H ouse of R ep resen tativ es and served
th e re eight years. In 1958, at th e age
of 30, he w as elected as th e y oungest
lt. governor in th e h isto ry of Okla­
hom a. In 1963, at age 35, he w as ele­
vated to th e office of governor to fill
an un ex p ired term . In 1967, he w as
re-elected to th e office of lt. governor
w h ere he is now serving.
H e has been a pop u lar sp eaker at
m any b an k er conventions th ro u g h o u t
th e natio n and his ap p earances have
earn ed for him th e title of “Okla­
h om a’s new W ill R ogers.”
D ates and sites of th e group m eet­
ings are listed below, w ith th e p ro ­
g ram following:
G roup 1—October 13, R am ada Inn,
Sioux Falls.
G roup 3—October 14, C ountry Club,
M itchell.

D


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Federal Reserve Bank of St. Louis

G roup 5—October 15, H oliday Inn,
R apid City.
G roup 4—October 16, C ountry Club,
Mobridge.
G roup 2—October 17, C ountry Club,
Clark.
Program

P.M.
1:00
3:00

R egistration.
Call to Order:
G roup 1—P resident, Jo h n Krastine, a ssistan t vice president,
N o rth w estern N ational Bank,
Sioux Falls.
G roup 3—P resident, A llan Lar-

son, president, F a rm e rs State
Bank, W inner.
G roup 5—P resident, L eroy Hofer, vice presid en t and m anager,
N ational B ank of South Dakota,
H ot Springs.
G roup 4—P resident, E m m ett H.
Johnson, cashier, F irs t State
Bank, Roscoe.
Group 2—P resident, M erlin L.
Stocking, vice presid en t and
m anager, F irs t N ational B ank
of A berdeen, M ilbank.
Official W elcom e and P re si­
d e n t’s M essage — C urtis A.
Lovre, presid en t of SDBA; pres­
ident, N orth w estern N ational
Bank, Sioux Falls.
“B anker E ducation—A M ust”—
Jack Bork, AIB councilm an for
South Dakota; vice president,
V alley N ational Bank, Sioux
Falls. (G roups 1 and 3.)
Roy L ippert, chairm an, SDBA
education com m ittee; c a s h i e r ,
Ipsw ich State Bank, Ipsw ich.
(G roups 2 and 4.)
R udy Swenson, president, R ap­
id City AIB chapter; a ssistan t
vice president, N ational B ank
GROUP PROGRAM . . .

(T u rn to page 65, please)

Sots Up First Odd Coin Oisplny
CONE’S first d isp la y
case is officially p re ­
s e n te d to th e p u b lic
b y A r t Jo n e s, v. p.
a n d m gr., 1 st N a tl.
B k. o f B la c k H ills,
B elle F o u rc h e office
( l e f t ) ; A la n H e rb e rt,
CO N E exec, sec., a n d
G eorge N oyce, CO N E
c u ra to r.

H E first oddity coin display of a
p e rm an en t n a tu re has been set up
in th e lobby of th e Belle F ourche of­
fice of the F irs t N ational B ank of the
B lack Hills.
T h ro u gh cooperation of the b ranch
m anager, A rt Jones th e Collectors of
N um ism atic E rro rs, Inc. (CONE), a
n atio n al e rro r and oddity coin collect­
ing club, has sta rte d an exhibit of
coins w ith m int errors.
Several m onth ago, CONE desig­
n ated Belle F ourche as th e hom e for
th e collection, w hich has begun to fill
a safety deposit box donated by the

T

bank. The b an k has also donated the
display case for th e coins and is p ro ­
viding in su ran ce for th e item s on dis­
play.
The collection already includes sev­
eral h u n d red coins donated by club
m em bers and by o th er collectors. How ­
ever, only a few of th e coins w ill actu­
ally be on display a t one tim e, b u t in ­
terested e rro r collectors w ho v isit
Belle F ourche m ay m ake arra n g e ­
m ents w ith George Noyce, cu rato r of
th e collection, to exam ine th e other
coins th a t have been filed and cata­
logued.
Northwestern Banker, September, 1969

64

i^ake P reston Hank to M erge
With
National9 Sioux Palis
V

.

1

1

.

H E C om m unity State B ank of
Lake P re sto n and th e N o rth w est­
ern N ational B ank of Sioux F alls have
announced m erg er plans subject to
approval by b an k in g reg u lato ry agen­
cies.
T he action, w hich w as approved by
th e respective boards of directors in
separate m eetings, w as announced
A ugust 20 in a jo in t statem ent.
H arm o n K opperud, president, Com­
m u n ity State B ank, said th e req u est
for approval of th e m erg er w ould be
subm itted im m ediately b u t th a t ap­
proval m ig h t not be expected for sev­
eral m onths.
“W e are pleased to have th e oppor­
tu n ity to serve th is fine com m unity,”
C urt Lovre, president, N o rth w estern
N ational B ank, said. “Lake P resto n
and K ingsbury C ounty are a v ital and
progressive area in South Dakota. W e
are looking forw ard to becom ing a
p a rt of th e com m unity.
“H arm on K opperud and his son,
Jim , w ho is vice p resid en t of th e
bank, have done an o u tstan d in g job
of building th e b an k and of serving
the com m unity,” Mr. Lovre said. “We
are pleased th a t both m en w ill con­
tin u e to be associated w ith th e b an k .”
Mr. L ovre said th a t th e p re se n t Com­
m u n ity State B ank staff w ould rem ain
w ith th e Lake P resto n b ran ch and
p resen t board m em bers of th e Com­
m u n ity State B ank w ould be serving
as an advisory board to th e bank.
“T his m erger w ill give us th e oppor­
tu n ity to provide even g re a te r service
to our com m unity th ro u g h increased
loan capacity, availability of tru s t
service and com puterization.
The C om m unity State B ank of P re s­
ton, w hich lists deposits of n early $6
million, w as organized in th e fall of
1924. H arm on K opperud, its p resen t
presiden t, becam e m anaging officer in
Ja n u a ry of 1926 and has served the
b ank since th a t tim e. He received
recognition as a Fifty-Y ear B an k er at
the 1969 m eeting of th e South D akota
B ankers A ssociation. P rio r to his as­
sum ing m anag ersh ip of th e Lake P re s­
ton B ank, he w as associated w ith
banks in W ebster, H ay ti and C arth ­
age.

T

P lan P u b lic R e la tio n s
C o n fe r e n c e, S e p tem b er 1 8
The first state P ublic R elations and
M arketing Conference, devoted e n tire ­
ly to the b an k in g in d u stry and its
services to individual custom ers, in ­
d u stry and agricu ltu re, is to be held
Northwestern Banker, September, 1969


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Federal Reserve Bank of St. Louis

by th e South D akota B ankers Associa­
tion a t th e H oliday In n in M itchell, S.
D., on Septem ber 18. “As com petition
increases for the supply and dem and
of m oney, and in te re st rates are sim ­
ply th e price people have to pay for
th e use of som eone else’s money,
South D akota banks are going to en­
te r th e field of m ark etin g th e ir serv ­
ices and the advantages found only in
com m ercial banks to m aintain th eir
purpose and role as the g reatest source
for economic grow th in th is great
sta te ,” stated Mr. M ilner in releasing
th e conference program for publica­
tion.
The one-day o rientation conference
w ill s ta rt w ith reg istratio n at 8:00 a.m.
w ith th e form al opening at 9:00 a.m.,
presided over by L a rry L. Ticknor,
ch airm an of th e P ublic-Industrial R e­
lations C om m ittee of the b ankers asso­
ciation and p resident of the U nited
N ational B ank of V erm illion. Ray
Considine, nationally know n expect on
m ark etin g media, of M etrom ail of Los
Angeles, w ill keynote the conference
w iin “The Snake P its and Sand T raps
in M arketing.” A panel discussion w ill
follow on m ore effective advertising
m oderated by Jo h n Owens, The Onida
B ank, Onida, w ith Dean Sorenson,
m anager of KGFX Radio, Pierre; Mr.
Considine on D irect Mail and Bill Mc­
D erm ott, executive secretary of the
South D akota P ress A s s o c ia tio n ,
B rookings. W illiam J. Melody presen ­
ta tio n on “Selling to S urvive” w ill
com plete the m o rn in g ’s program . Mr.
M elody is vice p resid en t of Sales for
All A m erican T ran sp o rt, Inc., of Sioux
Falls.
R ichard B. Stebbins of R ichard Stebbins and Associates, Inc., M inneapolis,
w ill be th e luncheon speaker.
The afternoon program w ill feature
an o th e r panel discussion m oderated
by R obert Clikem an, P a rk e r State
Bank, P a rk er, w ith R onald Jenkins,
vice p resid en t and cashier, Com m er­
cial T ru st & Savings Bank, M itchell,
on ad v ertising agencies; P a t Dixon,
a ssista n t vice president, F irs t N ation­
al B ank of the Black Hills, R apid City,
on prem ium prom otions, and Jack
G erken, a ssistan t v ic e p r e s i d e n t ,
N o rth w estern N ational Bank, Sioux
Falls, on th e y o u th m arket.

E c o n o m ic S em in a r fo r
Y o u n g A d u lts, S e p te m b e r 8 -9
A new look is w aiting for th e young
ad u lt stu d en ts sponsored by m em ber
b anks of th e South D akota B ankers

A ssociation at th e 8th A nnual Econom ic Sem inar for Young A dults
scheduled for October 8-9 at th e H oli­
day In n in M itchell. The association
education com m ittee at th e ir an n u al
m eeting in Ju ly changed th e location
for th e sem inar to new luxurious q u a r­
ters and accelerated the program form at to m eet th e challenging an d somew h at bew ildering new concepts of
b anking and th e r e l a t e d services
b ro u g h t about by inflation, declining
value of the dollar, space science, taxation, cred it cards and changing eco­
nom ic dogmas.
The program has a trem endous array of tale n t to acquaint th e stu d en ts
w ith th e m inute-to-m inute changing
env iro n m en t in w hich th ey live. N a­
tionally know n speakers include: H a r­
old Pluim er, form er educational directo r for th e A ir Force; Dr. B en A.
Rogge, distinguished econom ist from
W abash College in Indiana; Dr. Jack
E arly, p resid en t of M cPherson College
in N orth Carolina; R ay M onsalvatge,
guest lectu rer at th e U n iv ersity of
P u erto Rico and over 100 A m erican
colleges and universities; and Dr.
George W alter, director of teach er ed­
ucation at L aw rence U n iv ersity in
W isconsin. The b anking in d u stry in
South D akota also provides a form id­
able a rra y of know-how in Jam es D.
Jelb ert, legislator and m anaging officer
at th e F irs t N ational B ank of the
Black Hills, Spearfish; H erm an L erdal,
form er su p erin ten d en t of ban k s and
presid en t of th e M itchell N ational
Bank; A. R. Olson, vice p resid en t and
tru s t officer, N o rth w estern N ational
B ank of Sioux Falls; R obert F ishback,
president, F irs t N ational B ank of
B rookings, Douglas H ellew eg, vice
president, F ed eral R eserve B ank of
M inneapolis; along w ith Mr. M ilner,
executive secretary of th e b an k ers
association. Douglas Rogers, m an ag er
of th e A berdeen Office of P iper, Jaffrey
and Hopwood, com pletes th e in stru ctors’ ro ster for th e two-day economic
orientation.

*
^
^
f
,.
>
A

*-

f
<

v*
v-

J o in s A b erd een B ank
G ary P eterso n has been elected an ,
assistan t cashier at th e A berdeen N a­
tional Bank, according to a recen t an- -r*
nouncem ent by L.
A. Johnson, p resi­
dent.
A n a t i v e of
A berdeen, Mr. P e­
terso n received a
bachelor of sci­
ence degree from
N o rth e rn S ta te
College. H e be­
gan his b anking
career as a manG. PETERSO N
. .
agem ent t r a i n e e

65

owned and operated bank, recen tly
celebrated its 50th an n iversary. T he
bank began operation on Ju ly 28, 1919,
w ith $2 m illion in capital. T otal re ­
sources at th e b ank as of Ju ly 1, 1969,
w ere $129 million.

N o r th D a k o ta

NEW S
A . K. SIMPSON
W . J. DANER

President
Secretary

J o in s D ic k in s o n B ank

Fargo
Bismarck

O p en s B an k ; N am es O fficers
A pproval of an application to m ove
th e m ain office of th e F a rm e rs & M er­
ch an ts S tate B an k of Dickey to V alley
City has been announced by th e F ed ­
eral D eposit In su ra n c e C orporation.
T he action also approves a nam e
change to th e F a rm e rs & M erchants
B ank of V alley City, as rep o rted in an
earlier issue.
W esley N. Severson has been elected
ch airm an of th e board of directo rs of
the new bank. T he board also nam ed
G erald L. Zinck as p resid en t and se­
lected Jack H olm as cashier. All are
V alley City residents.

ta u g h t school for tw o y ears before ac­
cepting em ploym ent w ith th e A m eri­
can N ational Bank. Valley City, w here
he w as serving as vice president.
Mr. Holm, 32, has been a Valley City
resid ent for 21 y ears and is a graduate
of V alley City S tate College. He tau g h t
school and coached in th e state for
th re e years, en terin g th e b an king pro­
fession m ore th a n six y ears ago. He
is c u rre n tly vice presid en t of the
M inn-Dak B ank A d m inistration In sti­
tute.
The new b ank officially opened its
office at 223 C entral A venue on A ugust
11.

One of 36 candidates w ho h as suc­
cessfully com pleted the recen t N o rth
D akota B ar A ssociation exam ination
has joined th e L iberty N ational B an k
and T ru st Com pany in D ickinson as
tru s t officer. He is T hom as D. E w ing,
28, a g raduate of the U n iv ersity of
N orth Dakota.

J. E. A rgue
Jo h n E. A rgue, 65, presid en t of the
B ank of H am ilton, died recen tly at
his home.

M arks 5 0 Y ears
The B ank of N orth Dakota, Bis­
m arck, th e n atio n ’s only fully stateG. L . Z IN C K

J. H O L M

O thers nam ed to directo rsh ip posts
are F ra n k L arson, vice president; R.
Lee M euret, secretary; Dr. P au l R es­
lock, tre a su re r, and Leo B eauclair, le­
gal counsel. O ther board m em bers in ­
clude R aym ond Olson, Jo h n Salvi,
Jo h n M anstrom and H en ry B runs, Jr.
Mr. Zinck, 41, cam e to V alley City
in 1950 and g rad u ated from Valley
C ity State College th re e y ears ago. He
at th e A berdeen N ational B ank in Sep­
tem ber, 1966, and w as su b seq u en tly as­
signed to th e tim epay departm en t.
M ost recently, he w as a d m in istrativ e
assista n t w ith resp o n sib ility for th e
b a n k ’s ad v ertisin g and public re la ­
tions functions.

B an k D ir e cto r
N am ed State R e p r e se n ta tiv e
George T. K irk, a re s ta u ra n t ow ner
and a d irecto r of W estern B an k in
Sioux Falls, has been appointed by
G overnor F ra n k F a r r a r to fill a v a­
cancy in th e South D akota H ouse of
R ep resen tativ es, succeeding R epresen­
tativ e W illiam Clayton, w ho resigned
to becom e U. S. d istrict atto rn ey .

N orth

N am ed to A d visory B oard
R. T. Carley, presid en t of th e Casselton State Bank, Casselton, has been
appointed to a four-year term on th e
new ly created advisory board to th e
B ank of N orth Dakota. Mr. C arley
has been nam ed vice chairm an of th e
board.

C orrection
The tab u latio n for th e 10 la rg e st
banks in N orth D akota w hich w as
published in last m o n th ’s issue did n o t
include the deposit and loan figures
for The D akota N ational B ank & T ru s t
Com pany of Fargo. I t should h av e
been listed in seventh place w ith de­
posits of $37,420,532 as of Ju n e 30, 1969.
Loans on th e sam e date w ere $22,859,477.

Italiota

GM eeti
Place

G roup

D a te

S ou th east

O ctober 21

J am estow n

N o rth ea st

O ctob er 22

D ev ils L ake

N o rth w est

O ctober 23

W illisto n

S ou th w est

O ctober 24

D ick in so n

Sit It. I

Group M eetin gs . . .
(C ontinued from page 63)

of South Dakota, R apid City.
(Group 5.)
“W h a t’s H appening”—Neil Mil­
ner, SDBA executive secretarytreasu rer.
“Econom ic L iteracy—The F o u n ­
dation of F ree E n te rp rise ”—Dr.
Cal K ent, U n iversity of South
Dakota, V erm illion.
R em arks—Mr. Lovre.
5:00 Group B usiness S e s s io n s —
Group presid en ts presiding.
R eport of nom inating com m it­
tees.

5:30
6:30

Selection of 1970 m eeting sites.
Social hour.
B anquet.
M aster of Cerem onies — G roup
presidents.
In tro d u ctio n of d istinguished
guests.
“You and th e South D akota
B ankers A ssociation” — Mr.
Lovre.
“W it and W isdom ”—Lt. G over­
nor Geoorge Nigh, State of Ok­
lahom a.—End.

No rthwestern Banker, September, 1969


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Federal Reserve Bank of St. Louis

66

M o n ta n a

NEW S
A.

M. GREENSHIELDS

R. C. WALLACE

President

Browning

Secretary

Helena

N am es N ew P r e sid e n t
C harles W. Rubie, ch airm an of th e
board of th e C entral B ank of M ontana,
G reat Falls, has announced th a t B ruce
K. M iller has as­
sum ed th e presid e n c y of t h a t
bank. He succeeds
Ja y F. McLeod,
w ho has resigned
to accept th e p re s­
idency of a new
b an k on th e w est
coast.
Mr. M iller comes
b . k . m il l e r
to t h e C e n t r a l
B ank from th e
B laine B ank of M ontana a t Chinook.
He atten d ed th e U n iv ersity of N orth
D akota and D enver U n iv ersity and
has held positions at b anks in N orth
D akota and Glendive and C hester,
Mont., before becom ing p resid en t of
Chinook.

J o in s C onrad B an k
M artin Olson has joined th e F a rm ­
ers State B ank of C onrad as vice pres­
ident, effective Septem ber 1.
Mr. Olson has been cashier of the
O’C onnor Bros. State Bank, Renville,
Minn. He joined th e bank in 1950,
a fte r serving th re e y ears w ith the
F irs t N ational B ank of M inneapolis.

H ead s M ontana F iscal Study
Dr. W illiam D. Diehl has resigned
his position as director of the B ureau
of B usiness and Econom ic R esearch
(B B ER ) at U n iv ersity of M ontana to
becom e d irector of the In terim Fiscal
A ffairs Study for th e S tate of Mon­
tana.

M ontana A ir A p p lic a tio n s
F o u r m ountain states airlines w ill
p e t i t i o n th e M ontana A eronautics
Com m ission for certification to pro­
vide airline service to eastern Mon­

tan a routes in light of F ro n tie r A ir­
lines’ proposal to discontinue.
T hree of th e four airlines m entioned
th e desirability of securing federal or
local subsidies to serve th e ro u tes and
only one, Apache A irlines, Phoenix,
Ariz., prom ised to provide th e service
w ith o u t subsidy of any kind.
The o th er th ree firm s are Combs ,
A irw ays of Billings, M etro C om m uter
Service, Denver, Colo., and th e M o n -.
ta n a C orporation of G reat Falls.

Form L easin g C om pany
The form ation of a new in tern atio n -'
al leasing firm w as announced by N or­
m an B. Schreiber, p resident and chief
executive officer of W alter E. Heller.^
In te rn a tio n a l C orporation, and R obert
H. Volk, p resid en t of U nionam erica,
Inc. The new com pany, Globalease,
Inc., is owned jointly by H eller amT"
U nionam erica. Globalease now m akes
it possible for U. S. m an u factu rers to
export equipm ent for lease by foreign-,
users w ith v irtu ally th e same ease as
for dom estic leasing.
U nionam erica is the p aren t com pany
of U nion Bank, Los Angeles. H eller '
In te rn a tio n a l is a holding com pany
form ed earlier th is year by W alter E.
H eller & Company.
^
The executives noted th a t th e new
com pany w ill operate from bases in
Chicago and Los Angeles.
<i~T

W y o m in g N e w s
R. S. ALLEN
Cody
President
Wyoming Bankers Assn.

B u ys A d jo in in g P ro p erty
The F irs t N ational B ank and T ru st
Com pany of W yom ing, Cheyenne, has
purchased th e p ro p e rty n o rth of the
b a n k ’s p re se n t location b etw een Capi­
tol and C entral A venues and bordered
on 18th S treet, according to R obert
W. Dubois, and is in th e process of
developing a p ark in g lot. The bank
also is p lan n in g th e con stru ctio n of
new m otor ban k in g facilities later in
th e year.

O b serves F ifth B irth d ay
The H illtop N ational B ank, Casper,
recently celebrated its fifth b irthday.
D uring its five years, th e b an k has
grow n to n early $6.5 m illion in deposNorthwestern Banker, September, 1969


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Federal Reserve Bank of St. Louis

its and ra n k s about m idw ay in the
ra tin g of th e sta te ’s 70 com m ercial
b an k in g i n s t i t u t i o n s .
The bank
opened for business in July, 1964.

H on ors L on g-T im e O fficers
The Shoshone F irs t N ational Bank,
Cody, recen tly sponsored a d in n er in
honor of tw o of its senior b an k offi­
cers, R. W. A llen and R. O. Larson,
w ho have com pleted 50 and 48 years
of service w ith th e bank, respectively.
Mr. Allen, w ho is now h o norary
ch airm an of th e board, joined th e bank
as cashier in 1919. He becam e p resi­
d ent in 1946 and served in th a t post
u n til 1958, w hen he tu rn e d th e p resi­
dency over to his son, Sam. He served

actively as ch airm an of th e board u n ­
til his retirem en t in 1964.
Mr. L arson joined the b ank in 1921
and has .served in various posts
th ro u g h th e years. He is now senior
vice p resid en t and still active in th e
bank.

A tten d s B an k M eet
M arvin K. Coughenour, vice presi­
dent and data processing m anager of
A m erican N ational B ank in Cheyenne,
recen tly attended th e fifth ann u al
B ank C om puter U sers M eeting in Lubdock, Tex.
B ank com puter officers from W y­
oming, Colorado, Texas, New Mexico,
U tah and A rkansas particip ated in th e
three-day conference, w hich w as held
to discuss m u tu al problem s and new
ideas, techniques and tren d s in bank
com puter services.

H osts 6 th G o lf T o u rn ey
The L usk State B ank recently held
its six th an n u al bank-sponsored boys’
and g irls’ golf to u rn am en t. Tw entysix young people p articipated in the
to u rn am en t at N iobrara C ountry Club.

67

’s Correspondent Bank Departm ent
knows more about the re g io n ...a b o u t b a n k in g ...a b o u t how
to serve . . . quickly and w e l l . . . about vital pluses . . . like
Com puter Services ■ Bond Analysis ■ Personnel Assistance

Carrol Stubbs,
Senior Vice President

NORTH

(left to right) Bill Marrin, Jim Friesen,
Royce Clark and Jerry Woods

SOUTH

(left to right)
Hale Adams, Ron Loose,
Dennis Petersen and
Rod Uhrich

call for your representative.

Correspondent B a n k in g ...b e tte r from the first.

The F irst N ational Bank o f Denver

ro te

17th AND WELTON ■ 266-2211
A member bank of The First National Bancorporation, Inc. ■ Members: The First National Bank of Denver / The
First National Bank of Bear Valley / The First National Bank of North Glenn / The First National Bank of Southglenn


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Federal Reserve Bank of St. Louis

No rthwestern Banker, September, 1969

68

C o lo r a d o

N ew s
H . t>. W ILLIAM S
Pueblo
President
Colorado Bankers Assn.

T . D . B row n W ill J o in
F ir st N atio n a l o f D e n v e r
Theodore D. Brow n, v e te ra n Colo­
rado banker, w ill becom e executive
vice presid en t of The F irs t N ational
B an k of D enver, effective J a n u a ry 1,
1970, B oard C hairm an M ontgom ery
D orsey and P re si­
d en t E u g en e. H.
A d a m s
a nnounced.
In his new post,
Mr. B r o w n w ill
“p articip ate
sig­
nificantly” in th e
d uties and role of
top m anagem ent,
Mr. A dam s said.
Mr. B row n c u r­
re n tly is a direc­
to r of The F irs t and also is a director
of th e Public Service Com pany of
Colorado.
Mr. Adam s pointed out th a t w ith for­
m atio n of The F irs t N ational Bancorporation , Inc., and w ith th e rap id ex­
p ansion of ban k in g services provided
b y T he F irs t N ational B ank of D enver,
“th e executive w orkload m u st be
sh ared by m ore people.” The post of
executive vice p resid en t has been va­
c a n t several years, Mr. A dam s said.
Mr. Brow n, 47, c u rre n tly is p resi­
d e n t of The Security State B ank of
S terlin g and ch airm an of th e board of
F a rm e rs State B ank of Yuma, Colo.
A nativ e of D enver, he received
h is B.A. from th e U n iv ersity of Den­
v e r in 1943 and his law degree from
H a rv a rd Law School in 1948.
In th a t sam e year, Mr. B row n en­
te re d th e tr u s t d ep artm en t of th e In ­
te rn a tio n a l T ru st Com pany, w h ere he
rem ain ed th ro u g h 1951. In te rn a tio n a l
T ru s t w as m erged w ith The F irs t N a­
tio n al B ank of D enver in 1958.
In 1952, Mr. B row n joined th e Secu­
r ity S tate B ank of S terling and be­
cam e presid en t in 1962. D uring 1957
an d 1958, he served as chairm an of th e
Colorado B anking Code R evision Com­
m ittee.
F ro m 1957 to 1963, Mr. B row n w as
a m em ber of th e Colorado sta te b a n k ­
in g board. He w as elected p resid en t
of th e Colorado B an k ers A ssociation
an d served d u rin g 1959-60.
In 1960, Mr. B row n becam e a m em ­
No rthw este rn Banker, September, 1969


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Federal Reserve Bank of St. Louis

b er of th e ag ricu ltu ral com m ittee of
th e A m erican B ankers A ssociation and
w as nam ed ch airm an of th a t com m it­
tee in 1965. Also in 1965, he w as
nam ed a director of th e D enver branch
of th e F ed eral R eserve B ank of K an­
sas City.

<-

The Colorado N ational and its affili­
ates, w o rk in g w ith trav el agencies, can
now offer custom ers a choice of all-ex­
pense-paid tours, some for as little as
$500, financed to su it th e trav eler.
The savings realized by choosing a
B ank T ravel Club trip over an inde­
p endently planned trip can ru n as
m uch as 25 per cent, according to Mr.
R oberts, since group buy ing pow er
low ers th e cost.
Affiliated banks p articip atin g in the
B ank T ravel Club include Lakew ood
Colorado N ational, N o rth east Colorado
N ational, South Colorado N ational and
Colorado N ational at L ow ry A ir Force
Base.

—

M

ABA P e r so n n e l C hanges
D r o p s P r o p e r ty O p tion
The F irst N ational B ank of D enver
has dropped options on th e A lbany
H otel p ro p erty at 17th and Stout
Streets. The announcem ent w as m ade
jo in tly by M ontgom ery D orsey and
E ugene H. Adams, ch airm an of the
board and president, respectively.
T he b ank earlier th is y ear acquired
options on th e en tire block bounded
by 17th and 18th S treets and by Cali­
fornia and Stout Streets, including th e
A lbany property, as th e possible site
for expansion of b an k facilities.
The b an k also has dropped options
on tw o lots occupied by U nited A m eri­
can Life In su ran ce Com pany on Cali­
fornia S treet betw een 17th and 18th
Streets, b u t has exercised option on
10 contigious lots on C alifornia S treet
and also has a 99-year lease on four ad­
joining lots at 18th and Stout Streets.
T his creates an L-shaped plot of 14
continguous lots in all along C alifornia
and 18th S treets on w hich th e bank
has exercised options. T he b an k also
has exercised options on tw o lots on
C alifornia S treet on th e 17th S treet
side of U nited A m erica Life.
In addition, th e F irs t is exploring
th e possibility of leasing space in a
jo in t v e n tu re project now u n d er con­
sid eratio n in th e P atte rso n B uilding
block, bounded by 17th and 18th
S treets and G lenarm Place and Welton Street.

P r o m o te d in E n g lew o o d
R obert R. Midcap has been pro­
m oted to a ssistan t vice presid en t of
th e F irs t N ational B ank of Englewood.
He has been w ith th e b an k for six
years.

O ffers N ew T ravel Plan
A new custom er service and a new
concept in trav el has been in itiated
a t th e Colorado N ational B ank, Den­
ver, according to M elvin J. R oberts,
president.

Two staff functions have been re ­
assigned by The A m erican B ankers
A ssociation, it w as announced recently
by P resid en t W illis W. A lexander.
Thom as R. A tkinson has been ap­
pointed secretary of th e F oundation
for E ducation in Econom ics, and Roy
W. T erw illiger has been nam ed secre­
ta ry of th e Econom ic E ducation Com­
m ittee.

P atm an P la n s In q u ir y
C hairm an W rig h t P atm an (D.-Tex.),
recently told th e H ouse B anking and
C urrency Com m ittee th a t his fo rth ­
com ing investigation of th e b anking
lobby “w ill not be a w itch h u n t in any
sense of th e ph rase.”
In a memo to com m ittee m em bers,
th e chairm an described th e study as,
“an attem p t to discover specific facts
about how th is lobby operates.”
Mr. P atm an said he had in stru cted
his staff “to draw up a ten tativ e o ut­
line to determ ine w itnesses and materials available for in itial phases of th e
in q u iry .”
The investigation w ill be handled by
the com m ittee’s subsidiary dom estic
finance subcom m ittee w hich is headed
by Mr. P atm an.
The chairm an said in th e memo th a t
the staff rep o rt o utlining th e investiga­
tion is expected to be ready for presen tatio n to th e subcom m ittee “in early
S eptem ber.”
Mr. P atm an said th a t even though
the investigation is a “delicate” m at­
ter, he had no choice in pressing it because th e com m ittee’s rep u tatio n is at
stake.

,

Ae­

A
*
„^
-Aj

T o O ffer T ax S erv ice
In N ew Y ork Area
F irs t N ational City Bank, New York,
w ill offer a new com puterized incom e
tax p rep aratio n service to personal
^
ban k in g custom ers a t all of its 177 m et­
ropolitan area branches d u ring th e < nex t tax season.

69

Central Divisions of National Banking Department

Stanley B. Cross
Vice President

■V

John J. Stine
Vice President

- 1-

George H. Benter, Jr.
Asst.Vice President

Nicholas Price
Asst. Vice President

Franklin D. Stowell
Account Officer

These bankers know what’s
going on in California. They
should. They’re headquartered
there. They represent one of
the ten largest banks in the
country.
561 South Spring Street, Los Angeles, California 90013 • Telephone (213) 620-6211
Montgomery & Pine Sts., San Francisco, California 94120 • Telephone (415) 981-6800

SECURITY PACIFIC BANK
© 1 9 6 9 , SE C U R IT Y PA CIFIC N A T IO N A L B A N K


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Federal Reserve Bank of St. Louis

M E M B E R FD IC

Northwestern Banker, September, 1969

70

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JAY BORDEWICK

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Vice President

Assistant Vice President

Assistant Vice President
Member F.D.I.C.

Northwestern Banker, September, J969


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Federal Reserve Bank of St. Louis

71
7

N ebraska

NEW S
*

A . JEFFREY
W . H . OSTERBERG

President

Wayne

Exec. M gr.

Omaha

P ro g ra m s tor JYMtA Group
> M eetin g s A r e A n n oun ced
' V r i ROUP m eetings for th e N ebraska
\ J B an k ers A ssociation w ill follow
th e new fo rm at established last y ear
w ith th re e m eetings scheduled in each
of tw o succeeding w eeks. G roups 6,
. . 4 and 5 w ill m eet on T uesday, W ednes­
day and T hursday, October 7, 8 and 9.
G roups 3, 2 and 1 w ill m eet on th e
sam e days of th e follow ing w eek, Oc'
tober 14, 15 and 16.
Adon Jeffrey, p resid en t of th e NBA
^ and president, F irs t N ational B ank of
W ayne, w ill speak a t all six m eetings.
Also ad dressing all six m eetings w ill
be W illiam B. B randt, NBA legislative
counsel.

F e a tu red speakers at the b anquets
th is y e a r w ill be Dr. Tom H aggai of
H igh Point, N. C., at G roups 6, 4 and 5,
w hose su bject is “Such a P roblem —
The Affluent Society,” and R ay Monsalvatge of Dayton, Ohio, at G roups
3, 2 and 1, speaking on “The Only Real
S ecurity.”
L ocation of th e m eetings, group offi­
cers and m eeting program s follow:
Group 6

M eeting at C ountry Club in Scottsbluff.
P re sid e n t—T hom as H. Olson, execu­
tive vice president, Lisco State Bank,
Lisco; vice p resid en t—R ex C. Tulloss,
president, F irs t N ational Bank, H ay
Springs, and secretary -treasu rer—Joel
H. W iens, president, F irs t State Bank,
Kimball.
P.M.
3:00

W . B. B R A N D T

s 4

—^
v'
^v
kr-

E. A. L A N G L E Y

E dw in A. L angley, N ebraska directo r of banking, w ill address G roups 4,
5 and 6 only, as he is com m itted to a
m eetin g out of th e state d u rin g the
o th er th re e group m eetings.
R eg istratio n for all m eetings w ill be­
gin at 2 p.m., w ith th e b u siness session sta rtin g a t 3 p.m. The NBA Corresp o n d en t B ank Club w ill again be
h o st at th e social h o u r preceding th e
b an q u et at each m eeting.

T. H. O L SO N
P r e s id e n t
Group 6


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

R . J. M O R G A N
P r e s id e n t
Group 4

P residing—Thom as H. Olson.
A ssociation Objectives — Adon
Jeffrey, president, N e b r a s k a
B ankers A ssociation, Inc.; p res­
ident, F irst N ational Bank,
W ayne.
“R em ark s”—E dw in A. Langley,
d irector of B anking, S tate of
N ebraska, Lincoln.
“R egulation Z” — W illiam B.
B randt, NBA legislative coun­
sel.
P an el P resen tatio n — “Cash vs.
A ccrual A ccounting”
Mel Adams, Jr., president,
K eith County B ank & T ru st
Company, Ogallala.

T. B. COLE
P r e s id e n t
Group 5

C. A . W E N K E
P r e s id e n t
Group 3

Jack M artin, C.P.A., Peat, M ar­
wick, M itchell & Company, L in ­
coln.
L. D. Morse, cashier, Scottsbluff N ational Bank, Scottsbluff.
P an el P resen tatio n — “Com put­
ers—T h eir Im pact on Small and
Medium-Sized B anks.”
C. W. Griffis, vice p resident and
cashier, The G uardian State
Bank, Alliance.
H erm an A. B rockm eier, Senior,
vice president, N ational B ank of
Commerce, Lincoln.
Doug R obinson, sales re p re se n t­
ative, N ational Cash R egister
Company, Scottsbluff.
E lection of Officers.
5:30 Social H our.
H osts—T he N.B.A. C orrespond­
ent B ank Club.
6:30 B anquet—P residing, T hom as H.
Olson, president, Group 6.
“Such a P roblem —The Affluent
Society”—Dr. Tom Haggai, H igh
Point, N. C.
Group 4

M eeting at E lk s Club in McCook.
P resid en t—R ussel J. M organ, p resi­
dent, F irs t N ational B ank, Elwood;
vice presid en t—Donald H ansen, p resi­
dent, Security N ational Bank, Supe­
rior, and secretary -treasu rer—Don W.
Leffler, vice presid en t and cashier,
F irs t N ational B ank, H ayes Center.
P.M.
3:00 P residing—R ussel J. M organ.
“A ssociation O bjectives”—Adon
Jeffrey, p r e s i d e n t , N ebraska
B ankers A ssociation, Inc.; p res­
ident, F irs t N ational B ank,
W ayne.
A ddress — Dr. E. F. F rolik,
Dean, College of A griculture,
The U n iv ersity of N ebraska,
Lincoln.
R em arks — E dw in A. Langley,
d irector of B anking, S tate of
N ebraska, Lincoln.
“R egulation Z” — W illiam B.
B randt, NBA legislative coun­
sel.
E lection of Officers.
GROUP M E ET IN G S . . .

(T u rn to page 76, please)

J. J. B L A C K
P r e s id e n t
Group 2

G. P . S C O L Z
P r e sid e n t
Group 1

Northwestern Banker, September, 1969

72

C HAIRM AN M orris F. M iller of The
Om aha N ational B ank has a n ­
nounced th e prom otion of R obert O.
B ro w n and S tan ley A. Traub from
tr u s t officers to second vice presid en ts
an d th e ap p o in tm en t of Tom R ipke,
Jr., as a ssistan t business developm ent
officer.

s.

R. O. B R O W N

A. T R A U B

Mr. B row n w as born in Council
Bluffs, Iowa, and is a g rad u ate of the
U niv ersity of N otre Dame and C reigh­
to n U n iv ersity School of Law. Before

joining th e estate and tru s t division of
th e b an k in Ja n u a ry of 1961, he w as
an attorney. Mr. B row n w as appointed
an a ssista n t tru s t officer in June, 1962,
and w as prom oted to tru s t officer in
June, 1966.
Mr. T rau b w as born in Omaha and
is a g rad u ate of W itten b erg College in
Springfield, Ohio, and the U niversity
of Chicago Law School. He came to
th e Om aha N ational in Novem ber,
1960. In June, 1962, he w as appointed
a ssistan t tru s t officer and has been a
tru s t officer since July, 1966.
Mr. R ipke is a n ative of H ot Springs,
S. D. He received his B.S.B.A. degree
from C reighton U niversity. In June,
1968, he joined Om aha N ational as a
m anagem ent train ee and in Septem ber
of th e sam e year becam e a business
developm ent rep resentative.
* =t= *
Billed as a m eeting “packed” w ith
in fo rm ation you can use, F irs t Nation-

MUNICIPAL AND CORPORATE BONDS
LISTED STOCKS
UNLISTED AND LOCAL STOCKS
Orders Executed on All Principal Exchanges

(

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MEMBER, MIDWEST STOCK EXCHANGE

412 Farm Credit Building, Omaha, Nebraska 68102
Phone 346-6677 (Area Code 402) Teletype 402 348-1040
Other Offices Located in

LINCOLN
Nebraska

.

LEXINGTON
Nebraska


Northw
estern Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

#

VERMILLION
South Dakota

al B ank of Omaha is in v itin g its cor­
respondent b a n k e r s from several
states to be guests on T hursday, Septem ber 11, at th e bank-sponsored an ­
nual economic and Beef C attle F orum ,
at th e F ontenelle H otel in Omaha.
Over 500 Omaha area businessm en
and b an k ers are expected to attend,
and th e guest speaker at th e noon
luncheon w ill be E arl R usnak, Jr., vice
presid en t and m anager of th e Chicago
office of Lionel D. E die and Company.
The Beef C attle F orum , w hich sta rts
at 2:00 p.m., w ill featu re tw o outstanding speakers of natio n al prom inence
in th e livestock field: Dr. Edw ard
U vacek, Jr., of Texas A&M U niversity,
and E. W. “E d die” Collins, livestock
radio com m entator at Red Oak, Iowa.
M erv A egerter, second vice p re si­
dent of th e F irs t N ational B ank of
Omaha, said th a t in addition to p ro ­
viding inform ation on c u rre n t economic business and cattle prices, both long
range and sh o rt range, th e speakers
w ill cover such c u rre n t situations as
th e trem endous expansion of cattle
feeding in Texas, w hich w as rep o rted
on A ugust 1 by th e USD A as being
up 59 per cent over a y ear ago; they
w ill go into depth as to how th is and
m any o ther sim ilar situ atio n s can affeet th e fu tu re of th e M idwest cattle
feeding business, and possibly b anking
as well.
* * *
The C enter B ank board of directors
h a s announced
t h e appointm ent
of Tom B undy as
a ssistan t loan offi­
cer in th e in stall­
m en t loan d ep art­
m ent. Mr. B undy
s t a r t e d w orking
at the C e n t e r
B ank in F e b ru a ry
of 1967. P rio r to
th at, he had th ree
years of experi­
ence w ith a finance com pany.
*
*
L eo M. B row n, Sr., 76, retired comptro ller of th e U. S. N ational Bank, died
recently at a local hospital. Mr. B row n
retired in 1958 follow ing 50 years of
service w ith the bank. He also w as an
organizer of th e Om aha Conference of
B ank A uditors and C om ptrollers and
served as its president, as w ell as
state vice presid en t of th e N ational
A ssociation of B ank A uditors and
C om ptrollers.
* * *
J ess J. Zim m erm an has resigned as
a ssistan t vice presid en t of th e U nited
States N ational Bank, Omaha, to become vice p resid en t in charge of th e
ag ricu ltu ral division of U nited M ineral
Products, W eeping W ater, N ebraska.

^
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The Omaha National Bank's

m a ster ch a rg e
THE I N T E R B A N K C A R D

...is here!
If your bank would like to
join over 200 banks now in
the ONB Master Charge1
program, pick up the phone!
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Without obligation to you, an ONB charge
card specialist will explain our program.
Please phone (402) 341-0100, Ext. 551...or
mail this information request.
*
The Omaha National Bank
Master Charge, P.O. Box 7, Omaha, Nebr. 68101

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We w ould like more inform ation.
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Federal Reserve Bank of St. Louis

1
_________ 1

Nebraska News

I J.S.N a tio n a l Is "T o p p ed O ut
“ TOPPING OUT” cerem onies re c e n tly
m a rk e d co m p le tio n of ste e l c o n stru c tio n
work on th e new b u ild in g b e in g e re c te d a t
20 th a n d F a rn a m S ts. in O m aha fo r T he
U n ite d S ta te s N a tio n a l B a n k . T he t r a d i ­
tio n a l fla g -ra isin g to o k p lace as th e la s t
b e am w as se t in p lace b y ste e l w o rk e rs fo r
H a w k in s C o n stru c tio n Co. C o n stru c tio n is
on sch ed u le a c c o rd in g to John L. Eddy,
v.p.-adm . se rv ice s, U. S. N a tl., a n d p ro je c t
chmn. fo r th e new b u ild in g . S te e l c o n stru c ­
tion to o k five m o n th s, d u rin g w h ic h w o rk ­
m en p la c e d m ore th a n 1,500 ste el beam s,
w e ig h in g n e a rly 1,400 tons. T he n e x t
phase w ill be “h a n g in g ” of m a rb le , th ro u g h
use of a m o d ern new m ethod.

n en ts last m onth by 10 or m ore ru n s
in com piling a p erfect no-loss record
for th e m onth.
H ard h ittin g has been th e key to th e
team ’s fine season, according to team
m anager Jim L yle, a ssistan t vice p res­
ident. The top six b a tte rs am ong
those w ho play reg u larly are: R on
P ritzke (.750), Ed A rkfeld (.627), D ean
Schm idt (.537), Jim L yle (.464), Bob
Satrapa (.460) and R on W eber (.450).
* * *
George E. K nack has been nam ed
resid en t m anager and vice p resident
of the new Omaha
office of Dain, Kalm an & Quail. He
jm
w as fo rm erly a
0im»>
1 sales d irector and
fp f*
vice p resid en t of
J K n J. Cliff Rahel and
J'
Com pany, Omahaj M l
.
headquar t er ed in■H
7 H
v e s t m e n t firm
" v w M B vyh ic h r e c e n t l y
c o m b in e d w i t h
G. E. KNACK
DKQ. Mr. K nack
is a n ative of F o rt Dodge, Iowa, and
a grad u ate of Iow a State T eachers Col­
lege in Cedar R apids, Iowa.
* * *
Clarence L. Landen, Jr., presid en t
and ch airm an of th e board of Security
N ational B ank of Omaha, announced
th e election of H ow ard M. Joh nson as
p resid en t and diI rector of the bank,
,,
I effective Septem-

I

A bout tw o acres of land on th e so u th ­
w est co rn er of 72nd and Dodge S treets
have been pu rch ased by th e F irs t
W est Side B ank. B ank P resid en t
Jam es A. Ir v in g said th e tran sactio n
has n o t y e t been com pletely finalized
and declined com m ent on fu tu re plans

H U m a h a
d =¿j r ¡ n t i n g

for th e land.
W ith th e season draw ing to a close,
play ers on th e U. S. N ational B ank
m en ’s softball team have th e ir eyes on
a possible bid to th e N ational SlowP itch Softball T ournam ent. T he team
an n ih ilated th re e of th e ir six oppo­

|

111 YEARS OF SERVICE

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Servicing the M id-S tates A rea
Since 1858

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J

BANK SUPPLIES
Snap Apart Forms
Continuous Forms
Bank Forms
Office Supplies
Office Furniture
1301 FARNAM ST. — OMAHA, NEBRASKA — PHONE 342-7123

No rthwestern
Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

i- *;***•• L anden w ill contin u e as ch airm an
V il a
s
I of th e board.
V «p>- Jfk /
Mr. L anden said
j r M k | th a t no o th er perV fe
d,
so n n el ch an g es
H jrf i
are involved, but
th a t Mr. Jo h n ­
H. M. JOHNSON
son’s assum ption
of th e presidency w ill allow th e b ank
to p u rsu e a m ore aggressive policy of
grow th and expansion.
Mr. Johnson, form erly senior vice
p resid en t in charge of operations at
th e Om aha N ational Bank, w as w ith
th e Om aha N ational for th e p ast 15
years. P rio r to th a t he w as w ith the
L ivestock N ational B ank for eight
years. Mr. Johnson attended C entral
H igh School in O m aha and the U ni­
v e rsity of N ebraska in Lincoln, and
he w as grad u ated from th e U niversity
of Omaha. He com pleted the G radu­
ate School of B anking at the U niver­
sity of W isconsin.
YOUR STATE BANKERS ASSOCIATION
O FFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO .
OMAHA

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75

Meet a Specialist...

A Systems Specialist
Herman Jacobs is a skilled member of our Correspondent Bank team,
specializing in computer services.
He will help you use our computer, to whatever extent you wish to use
it; daily, weekly or monthly, in part or completely. You're charged for
its actual use only, not by an unused package rate. No matter how
small or how large your operation or where you are located, Herman
Jacobs can help you.
For service specifically geared to your needs, give us a call.

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

FIRST
NATIONAL
BANK
OF OMAHA
Member

Federal

Deposit Insurance Corp.

N o rthw estern Banker, September, 1969

76

Nebraska News
Jr., president, C entral Bank, C entral
City.
P.M.
3:00 P residing—Theo. B. Cole.
“A ssociation O bjectives”—Adon
Jeffrey, p r e s i d e n t , N ebraska
B ankers A ssociation, Inc.; pres­
ident, F irs t N ational Bank,
W ayne.
R em arks — E dw in A. Langley,
director of B anking, State of
N ebraska, Lincoln.
“R egulation Z” — W illiam B.
B randt, NBA legislative coun­
sel.
“The F u tu re of Range C attle”—
C hester Paxton, Thedford, Nebr.

G R O U P M EETING S . . .
(C ontinued from page 71)
5:30 Social H our—E lk s Club. H osts
— The N.B.A. C orrespondent
B ank Club.
6:30 B an q u et—E lk s Club.
P resid in g —R ussell J. M organ.
“Such a P roblem —The Affluent
Society,” Dr. Tom H aggai, H igh
P oint, N. C.
Group 5

M eeting at H oliday In n in K earney.
P resid en t—Theo. B. Cole, president,
B ank of Taylor, Taylor; vice p resid en t
—Lloyd A. Bacon, president, The
F a rm e rs State Bank, L exington, and
secretary -treasu rer—C. A. Gaghagen,

w

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ioux CiW

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?1 © W A .

1

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----------

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Y m -

L ift o ff into space with
Stan Evans, Ed N ew ell and Jim M c G ill.
Join us a t the Nebraska and
South Dakota G ro u p M eetings.

NORTHWESTERN NATIONAL BANK OF SIOUX CITY, IOWA

Northwestern Banker, September, 7969


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

K. H A N S E N

“The F u tu re of F a t C attle”—
Jam es F. R oberts, L exington,
Nebr.
E lection of Officers.
5:30 Social H our—H osts—The N.B.A.
C orrespondent B ank Club.
6:30 B anquet — P residing, Theo B.
Cole.
“Such a P roblem —The Affluent
Society” — Dr. Tom Haggai,
H igh Point, N. C.
Group 3
M eeting a t E lks Club in Norfolk.
P resid en t—C lark A. W enke, p resi­
dent, P en d er S tate Bank, Pender; vice
presid en t—Joe R adosti, vice president,
A m erican N ational Bank, Creighton;
secretary —Lyle D. D roescher, assist­
an t cashier, The D eLay F irs t N ational
Bank, Norfolk, and tre a su re r—Milford
F. W eaver, a ssistan t secu rity officer,
N o rth w estern N ational Bank, Norfolk.

L

¡m

E. F R O L IK

P.M.
3:00

P residing—C lark A. W enke.
“A ssociation O bjectives”—Adon
Jeffrey, p r e s i d e n t , N ebraska
B ankers A ssociation, Inc.; p res­
ident, F irs t N ational Bank,
W ayne.
A ddress—Dr. E. F. F rolik, Dean,
College of A griculture, The U ni­
v e rsity of N ebraska, Lincoln.
“R egulation Z” — W illiam B.
B randt, NBA legislative coun­
sel.
“B e t t e r B a n k e r s , L o c a lly
T rain ed ”—K erm it H ansen, p res­
ident, board of tru stees, Schools
of Basic and In term ed iate B ank­
ing; executive vice president,
The U nited States N ational
Bank, Omaha.
E lection of Officers.
5:30 Social H our—H osts—The N.B.A.
C orrespondent B ank Club.
6:30 B anquet — P residing, C lark A.
W enke.
“The Only Real S ecurity”—R ay
M onsalvatge, D ayton, Ohio.
Group 2
M eeting at E lks C ountry Club in
Columbus.
P resid en t—Jam es I. Black, p resi­
dent, Cones State Bank, Pierce; vice
p resid en t—T hom as J. Milliken, p resi­
dent, F rem o n t N ational Bank, F re ­
m ont, and secretary -treasu rer—R oger

A

77

The National Bank of Commerce has a well-rounded correspondent
banking team working for you. This month we present two more
members, Jack Holmquist and Jim Nissen.

was graduated from the W isconsin School of Banking and is a past
President of the American Institute of Banking. He completed several
A. I. B. courses.

Jack Holmquist, Vice-President Commercial Loan Department, was
graduated from the University of Nebraska and has been with NBC
for 12 years. Jack has completed many A. I. B. courses and has
served as an instructor with the A. I. B. He has been Chairman of
the Board of Trustees for the Tri-State School of Banking.

Both Jack and Jim are recipients of the Lincoln Jaycee’s Distinguished
Service Award for the “Outstanding Young Man of Lincoln” award and
each continues to be an active participant in civic affairs. Both travel
an assigned territory, in addition to working with various bank’s
correspondent needs on a day-to-day basis. They are constantly in
touch with correspondent conditions in the NBC territory. To sum up,
they are part of the action-minded NBC team that works for you!!

James F. Nissen, Senior Vice-President, was graduated from NU and
has been with the National Bank of Commerce for 18 years. He also

r-

Mr. Holmquist & Mr. Nissen &
*
—

Mr. Buckley & Mr. Yaley
Are Working
For You!

n


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

Northwestern Banker, September, 1969

78

Nebraska News

E. Jones, cashier, F irs t N ational B ank
& T ru st Com pany, Columbus.
P.M.
3:00 P resid in g —Jam es I. Black.
“A ssociation O bjectives”—Adon
Jeffrey, p r e s i d e n t , N ebraska
B ankers A ssociation, Inc.; p re s­
ident, F ir s t N ational B ank,
W ayne.
“B anking in th e S eventies” —
C harles W. B attey, vice p re si­
dent, C ontinental Illinois N a­
tional B ank & T ru st Company,
Chicago, 111.
“R egulation Z” — W illiam B.

1 9 6 9 N eb ra sk a (¿reap M eetiai/s
G roup
6
4
5
3
2
1

T u esday
W ed n esd ay
T h ursd ay
T u esday
W ed n esd ay
T h ursd ay

B randt, NBA legislative counsei.

D ate
O ctober 7
O ctob er 8
O ctob er 9
O ctober 14
O ctober 15
O ctober 16

T ow n
S cottsb lu ff
M cC ook
K earn ey
N o rfo lk
C olum bus
L incoln

“B e t t e r B a n k e r s , L o c a lly
T rain ed ”—K erm it H ansen, p res­
ident, board of tru stees, Schools
of Basic and In term ed iate B ank­
ing; executive vice president,
The U nited States N ational
Bank, Omaha.
E lection of Officers.
5:30 Social H our—H osts—The N.B.A.
C orrespondent B ank Club.
6:30 B anquet — P residing, Jam es I.
Black.
“The Only Real S ecu rity ”—R ay
M onsalvatge, D ayton, Ohio.
Group 1

P a s s th e
buck

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b a n k in g
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The buck stops with us. W e 'll take over your livestock bank­
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speed. O u r more than 83 years o f experience in these m at­
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Helpful Banking
with a
Personal Touch
Member F.D.I.C.

STOCKYARDS
NATIONAL
BANK
O M A H A , NEBRASKA

No rthwestern
Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

M eeting at Lincoln H otel in Lincoln.
P resid en t—Gus P. Scholz, president,
F irs t N ational Bank, F alls City; vice
p resident—M. C. B onham , president,
F irs t N ational Bank, York, and secre­
ta ry -tre a su rer—Roy Yaley, vice p resi­
dent, N ational B ank of Commerce in
Lincoln, Lincoln.
P.M.
3:00 P residing—Gus P. Scholz.
“A ssociation O bjectives”—Adon
Jeffrey, p r e s i d e n t , N ebraska
B ankers A ssociation, Inc.; presi­
dent, F irs t N ational Bank,
W ayne.
A ddress—Dr. E. F. F rolik, Dean,
College of A griculture, T he U ni­
v ersity of N ebraska, Lincoln.
“R egulation Z” — W illiam B.
B randt, NBA legislative coun­
sel.
“B e t t e r B a n k e r s , L o c a lly
T rain ed ”—K erm it H ansen, p res­
ident, board of tru stees, Schools
of Basic and In term ed iate B ank­
ing; executive vice president,
The U nited States N ational
Bank, Omaha.
E lection of Officers.
5:30 Social H o u r— T e r r a c e Room.
H osts—The N.B.A. C orrespond­
ent B ank Club.
6:30 B anquet — Ballroom , presiding,
Gus P. Scholz.
“The Only R eal S ecurity”—R ay
M onsalvatge, Dayton, Ohio.

N am ed to F rem o n t B oard
E. T. Johnson, a N ebraska state sen­
ato r from Dodge County, has been
nam ed a director of th e F rem o n t N a­
tional B ank in F rem ont.

79

when we got our computer
we started thinking more!

R. E. “Gene” Hagen
Vice President

Tom Horn
Executive Vice President

John Diefendorf
Vice President

has more than just another pretty face,
or a group of nice guys Security National of

K H I CITY
is a forward-looking, progress conscious bank.
This area has great growth potential.
It is tremendous the things accomplished
by just thinking. We are a bank who lets our
computer do the work while we are thinking more.
Our correspondent banks like it!


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

Northwestern Banker, September, 1969

80
on th e an n iv ersary w as Mr. V ertiska.
Mr. Kotouc, now chairm an of th e
board of th e H om e State Bank, is 84
and Mr. V ertiska is 91. Mr. K otouc’s
son, Otto, Jr., is p resid en t of th e bank.

L in co ln N e w s

H E F irs t N ational B ank & T ru st
Com pany of L incoln w ill host its
te n th C orrespondent B ank Conference
in Linco'ln on Septem ber 19-20. The
C onference begins w ith re g istra tio n
F rid ay m orning, th e 19th, at th e L in­
coln H otel, follow ed by sep arate lu n ch ­
eon program s for th e m en and wom en.
The them e chosen for th e conference
business sessions is en titled “Mid
A m erica in th e 80’s.” A n u m b er of
atten d in g sp eakers have been selected
to discuss a v a rie ty of significant top­
ics including Econom ics, E ducation,
B a n k in g , L i v e ­
stock, and C apital
Ilk
F inancing.

T

Bob D evan ey,

h e a d fo o tb a ll
coach and athletic
d i r e c t o r of th e
U n iv ersity of Ne­
b raska, w ill be th e
featu red speaker
a t th e m e n ’s
luncheon on F r i­
COACH D E V A N E Y
day. T he fans are
eager to h ear Coach D evaney’s evalu­
ation of th e approaching season. Ne­
b raska plays U n iv ersity of S outhern
C alifornia in its first hom e gam e, fol­
lowing th e close of th e ban k in g con­
ference S atu rd ay noon.
K atherine <le Jersey, w idely know n
astrologist, w ill be featu red a t th e la­
dies’ luncheon on F rid ay , held “Top

of the F irs t,” eighth floor of the F irst
N ational Bank.
C onference guests w ill also have an
o p p o rtu n ity to view th e construction
and design of the new F irs t N ational
B ank b uilding w hich is rapidly n e a r­
ing com pletion on a site adjacent to
th e p resen t b ank prem ises.
* * *
H arry F. W are has been nam ed
re sid e n t m anager and vice p resi­
d en t of th e new Lincoln office of Dain,
K alm an & Quail. He w as form erly
vice p resid en t and b ranch m anager at
L incoln for J. Cliff R ahel and Compa­
ny, an O m aha-headquartered in v est­
m en t firm w hich recen tly com bined
w ith DKQ.
A n ativ e of W ashington, D. C., Mr.
W are has a degree in finance from
V illinova U niversity. He joined J.
Cliff R ahel and Com pany as a regis­
te re d re p resen tativ e in Lincoln in 1966
and w as nam ed m anager of R ahel’s
office th e re in 1968.

D o in g B u sin e ss 5 4 Y ears
W hen Otto Kotouc, Sr., sta rte d w o rk ­
ing in th e Home S tate B ank of H um ­
boldt in 1915, th e year th e b ank w as
founded, th e first custom er he w aited
on w as R udy V ertiska, Sr.
R ecently, Mr. Kotouc w as at his
desk ju s t 54 y ears later and th e cus­
tom er he w as serving w hen pictured

We can h e lp y o u
U N D E R W R IT IN G

Public stock offerings
All bonds

Private corporate placements
Debenture offerings

N e w D rive-In D elayed
Dean Sack, p resident of th e Y ork
State B ank in York, announced recent- Vly th a t th e b an k has opened a “quick
service” drive-up, walk-up w indow on
th e n o rth side of th e m ain b ank b u ild­
ing. P ark in g places have been m ad e*
available at curb-side for b ank custom ­
ers desiring to use this speedy serv ­
ice.
T he b a n k ’s p erm an en t detached fa­
cility a block aw ay a t 8th S treet and * Lincoln A venue has been delayed, Mr.
Sack states, to accom m odate th e new 't
garm en t m an u factu rin g plan t w hich is
th riv in g and expanding in York. In a ’
full-page new spaper ad in th e Y o rk . ,
D a ily N e w s -T im e s, Mr. Sack stated:
“In line w ith our continu ing effort to b rin g new payrolls to York, we are
happy to live w ith th is tem p o rary in -r '
convenience since th ere are now about
60 people w orking at these new jobs
w hich did not previously exist. W e
an ticipate th is payroll w ill perhaps
double soon afte r th e y are able to v
m ove into a new plant, and w e feel
sure th e m erch an ts and businessm en v’
of Y ork appreciate th e vital im por­
tance of new payrolls in m aintaining
our local economy. I t is expected th a t >
new enlarged q u a rte rs w ill soon be
b u ilt for th e garm en t plant, and w e f
w ill th e n be able to offer com plete
drive-up b ank service to our custom- <
ers.”
He said the “quick service” w indow *
in th e m ain b ank building w ill also
continue as a p erm an en t service.

J o in s H astin gs B ank
The ap p ointm ent of Jam es M ont­
gom ery as a ssistan t vice presid en t of „
th e F irs t N ational B ank of H astings
has been announced by T. L. Rask,
president.
Mr. M ontgom ery and his fam ily
have m oved to H astings from Moor­
head, Minn., w here he w as em ployed *
th e p ast six and one-half years by th e
F irst N ational B ank of M oorhead. H is ^
job at H astings is m anager of th e
in stallm ent loan departm ent. He is a
g raduate of th e U n iversity of N orth
Dakota.

A d van ce at A rn o ld

+• -

B.
G. W ehrm an, president of the A r­
nold State Bank, Arnold, since 1952,
has been elected chairm an of th e
board. K en G. W ehrm an has been
elected p resid en t to succeed Mr. W eh r­
m an.
Northwestern Banker, September, 1969


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

r

81

Roger Cunningham
:?®$ÊËËÈiÊÊÊÊÊà

Could this statement
have the name of the
wrong bank on it?

Lyle Stoneman

A. S. Chaves

Dale Shoemaker

Positively NOT!
Lester Curran

...

..

Robert Johnson

Paul Wendell

Sometimes we are asked why
we supply fully computerized
statements in conjunction with
the demand deposit accounting
we do for other banks.
The answer is very simple.
With a fully computerized state­
ment, it is impossible to print
your customers’ account infor­
mation on the statement form
of another bank. And th a t’s
mighty important—to your cus­
tom er—to your bank —and,
to us.

But, the fact we supply fully com­
puterized statements is only one
reason so many bankers prefer our
demand deposit accounting service.
They also like our easy-to-read re­
ports. And the fact our service is
available using either courier ser­
vice or data transmission for trans­
mitting information.
For complete details on our com­
puterized demand deposit accounting
service, talk to one of the men you
know at the "First”. Or, write or call
our Computer Center.

FIRST NATIONAL BANK
Si T r u s t C o m p a n y of Lincoln
12th and N St.—Lincoln, Nebraska 68501
Phone: 402-477-4455
Lowell Hagen
N o rthw estern Banker, September, 1969


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

82

Nebraska News

Hranti is la n d D rive-U p Opened

G eneva S ta te B a n k , G eneva
P a u l K osch , P r e sid e n t
F ir s t N a tio n a l B a n k , D a v id C ity
3 R ich a rd E . A d k in s, P r e sid e n t
O sm ond S ta te B a n k , O sm ond
5 T om S. C u m m in g s, P r e s id e n t
F ir s t N a tio n a l B a n k , C ozad
6 W . S. O lson , E x ec. V ic e P r e sid e n t
N eb ra sk a S ta te B a n k , O sh k osh
,
* R a y E . S ta n le y , P r e sid e n t
C en ter B a n k , O m aha
f B u rn h a m Y a tes, P r esid en t
F ir s t N a tio n a l B a n k & T ru st, L in co ln
C O M M IT T E E O N A G R IC U L T U R E
Group
* F r a n k J . S ib ert, C hairm an
V ic e P r e s id e n t, S to ck y a rd s N a tio n a l B a n k ,
O m aha
1 J o h n W . C a ttle, P r e s id e n t
T h e C a ttle N a tio n a l B a n k , S ew a rd
A,
2 W a y n e M. T h orn d yke, E x ec . V ic e P r e s id e n t
F ir s t N a tio n a l B a n k , T ek am ah
3 A rn o ld E , O tten , C ashier
F a rm ers N a tio n a l B a n k , P ilg e r
4 W . E. R ich a rd s, P r e sid e n t
F ir s t S ecu rity B a n k , H o ld reg e
5 C. A . G a g h a g en , J r ., P r e s id e n t
C en tra l B a n k , C en tra l C ity
6 T h om as H. O lson , E x ec . V ic e P r e s id e n t
L isco S ta te B a n k , L isco
t L . S. C urran , A s s is ta n t V ic e P r e s id e n t
F ir s t N a tio n a l B a n k & T ru st C o., L in co ln
*
2

F U L L Y A U T O M A T E D d riv e-u p fa c ilitie s w ere opened r e ­
c e n tly b y C om m ercial N a tio n a l B a n k & T ru s t C om pany in
G ra n d Is la n d , as re p o rte d in la s t m o n th ’s issue. P h o to below
show s th e n ew f a c ility , in c lu d in g th e sp e c ia l c an o p y p ro v id ­
in g o v e rh e a d cover fo r m o to rists a n d p e d e s tria n s co m p le te ly
a ro u n d th e b u ild in g . T he b u ild in g offers th re e d riv e-u p
w indow s, each se rv ic e d b y p n e u m a tic tu b e s to a n in sid e
te lle r s ta tio n , a n d h a s one w a lk -u p w in d o w in sid e th e lobby.
T he fa c ility is on th e b a n k ’s ow n p a rk in g lo t a d ja c e n t to
th e m a in b u ild in g .

3
1
2

NHA Com m ittees A r e A p p o in ted
to stan d in g com­
A
m ittees of th e N ebraska B an k ers
A ssociation w ere announced recen tly
by Adon Jeffrey, p resid en t of the NBA
and president, F irs t N ational B ank of
W ayne. In th e follow ing list of comp p o in t m e n t s

4
5

m ittees, the first nam ed on each com­
m ittee is chairm an.
f — I n d ica tes L in co ln
*— In d ica tes O m aha
C OM M IT T E E O N G R A N T S -IN -A ID
Group
4
R O L A N D E . E M M E T T , C h airm an
P r e s id e n t, C itizen s S ta te B a n k , A ra p a h o e
1 C arl E. S ch n eid er, E x ec. V ic e P r esid en t

6
*

C O M M ITTEE O N B A N K M A N A G E M E N T
E ld o n G. F reu d en b u rg , C hairm an
P r e s id e n t, F ir s t N a tio n a l B a n k , W e s t P o in t
W m . W . W ilk in s, V ic e P r e s id e n t and C ash ier
S h ick ley S ta te B a n k , S h ick ley
G eorge P r o ch a sk a , V ic e P r esid en t
F ir s t N a tio n a l B a n k & T ru st Co., C olum bus
D . R o g er T h u m a n , P r e s id e n t
F a rm ers S ta te B a n k , M ayw ood
W . W . M a rsh a ll, J r ., P r e s id e n t
y
C om m ercial N a tio n a l B a n k & T r u st Co.,
Grand Isla n d
C. W . G riffis, V ic e P r e sid e n t and C ash ier
G uardian S ta te B a n k , A llia n c e
D a v id R. J o h n so n , V ic e P r e sid e n t
T h e O m aha N a tio n a l B a n k , O m aha

N BA COM M ITTEES . . .

(T u rn to page 96, please)

EVERYONE TALKS ABOUT SERVICE

W E
GIVE
IT
T IE fO f M TIO NAL BMI
SIOUX CITY, IOWA
Northwestern Banker, September, 1969


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

83

very
Beef is basic here in the Midwest. And
Commerce Trust is also basic to thousands
of cattlemen in the Midwest who look to
Commerce for their financing.
Much of the nation’s beef is financed
through Commerce Trust and its network of
correspondents. And much of the land and
feed needed to raise beef cattle are financed
through Commerce. As a matter of fact, beef
accounts for almost half of the cash receipts

from the sale of all farm products in the 10th
Federal Reserve District.
So if you want something done in the
Midwest, call Commerce Trust. We’ve got the
muscle to help you.

COMMERCE TRUST BANK
Kansas City, Missouri

Member Federal Deposit Insurance Corporation


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

Northwestern Banker, September, 1969

84

SENNEFF-BANKERS TRAVEL and BANKERS TR U S T CO.
PRESENT

FOR YOU
AND
YOUR FRIENDS

14 DAYS . . M ARCH 8 -2 2 . 1970
Four days leisure in Honolulu during the Independent Bankers Convention,
with accommodations at the Hilton Hawaiian Village.

$595-00

(per person)

Arrive in beautiful H ilo. Scenic drive from Hilo volcanic area to west
coast and Kona, sightseeing along coast, leisure day in M aui, flight to
Kauai, Fern Grotto, torchlighting ceremony, geysers and gardens. Pearl
Harbor Cruise, International Market Place, Polynesian Cultural Center,
dinner feast, Circle Island Drive, Sea Life Park. Plenty of time for sun
and sightseeing along the way. Air travel via United Airlines from Des
Moines to Hawaii and return.
All travel arrangements:

S E N N E FF-B A N K E R S TRA VEL
Suite 300, Bankers Trust Building, 607 Locust Des Moines, Iowa 50309
Area Code (515) 283-0123

F o r P eople On The G o! Io w a 's M o s t C o m p le te
T ravel S ervice O ffe rs :
• Personal T ravel Itineraries
• Vacation Tours
N orthw
estern Banker, Septem ber, 1969

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

• Cruises
Business Trips

• Conventions
• Hotel Accommodations Worldwide

85

of the Com m ercial T ru st & Savings
Bank, Storm Lake.

Iow a

A d van ced at P erry

NEW S
J. W . LIPTON, JR.

President

A . E. LINDQUIST, JR.

Secretary

Ida Grove
Des Moines

. K en n e th B ean Is C andidate
For IB A T rea su rer Spot
K enneth H. Bean, ch airm an of the
> board and vice p resid en t of th e M arion
C ounty S tate B ank a t Pella, is a candi- ■* date for th e office of tre a s u re r of the
Iow a B an k ers A ssociation for 1969-70.
* The election w ill tak e place d u rin g
th e IBA conven­
tion in Des Moines
n ex t m onth.
M r. B e a n is
p re se n tly c h a i r ­
m an of th e fed­
e ra l le g is la tiv e
com m ittee of th e
Iow a B an k ers A s­
sociation.
He w as b o rn in
St. C harles, Iowa,
and m oved as a
* boy w ith his p a re n ts to H arvey, Iowa.
He w as g rad u ated in 1920 from K nox­
ville H igh School. Mr. B ean started
-y w orking in th e F irs t N ational B ank
of H arv ey as a ssista n t cashier and w as
> elected p resid en t at th e age of 32. It
w as th e first b an k in M arion C ounty
to open follow ing th e 1933 b an k holi> day. I t w as th e only b an k out of 23
' in existence in M arion C ounty in 1920
th a t opened after th e holiday on a
100 p er cent basis w ith o u t loss to de^ positors.
*

Mr. B ean th e n organized th e M ar­
ion C ounty S tate B ank, w hich took
•“ over th e assets and assum ed th e de­
posit liab ility of th e F irs t N ational
B ank cf H arvey. In 1935 he m oved
j th e M irion C ounty State B ank to
Pella. He served as p resid en t of the
- > ban k f r over 30 y ears before assum ­
ing his p re se n t position as chairm an
* and vie i president.
>

Leon L arson, installm en t loan re p ­
resen tativ e at the P e rry State Bank,
P erry , has been elected assistan t cash­
ier. He joined th e bank last N ovem ­
b er and p rio r to th a t tim e w as m an­
ager of an office of the Seaboard F i­
nance Com pany in K ansas City, Mo.

E rw in G ro tlu sch en
E rw in G rotluschen, assistan t vice
president, a ssistan t tru s t officer and
directo r at th e George State Bank,
George, has died suddenly at the age
of 47.

A p p o in ts N ew D irecto r
W ayne Forbes, ow ner and m anager
of F orbes Shoe Store, Storm Lake, has
been nam ed to th e board of directors

P r o m o te d At S io u x City
W. W. “W ally” Delzell has been ad­
vanced by th e Security N ational Bank,
Sioux City, from a ssistan t cashier to
a ssista n t vice president. He is in
c h a r g e of the
b a n k ’s custom er
s e r v i c e d e p a r tm ent, and joined
th e bank in 1964
a f t e r graduation
from M orningside
College.
Two new offi­
cers w ere elected.
T h e y a r e J im
Hongalo, assistan t
W. W. DELZELL
cashier, and Miss
Cam illa A. M urphy, assistan t tru s t offi­
cer. Mr. H ongalo is in charge of the
b a n k ’s L eads office. Miss M urphy be­
gan w o rk ing in the tru s t d ep artm en t
in Ju n e, 1968.

P r e sid e n t o f O elw ein B an k
The board of directors of The F irs t
N ational B ank of Oelwein has an ­
nounced th e election of H. J. P inch as
p resid en t and director of th e bank.
Mr. P i n c h is
p r e s e n t l y v ic e
p r e s i d e n t and
c a s h i e r of t he
Golden State
B a n k , G o ld e n ,
Colo.
He succeeds R.
L. Jipson as pres­
ident. Mr. Jipson
sold his in terest
H . j . P IN C H
in th e b an k to
Oelwein B ancorporation.
Mr. Pinch is a n ative of M arion,
Iowa, and attended M arion public
schools. Upon g raduation from Coe
College in Cedar Rapids, he w as ap­
pointed assistan t b ank exam iner for
the F ederal R eserve B ank of Chicago.
In 1958, he w as elected vice presid en t
and cashier of th e F irst S tate B ank of
C hurdan, Iowa, and served in th a t ca­
pacity u n til m oving to Colorado in
1966.
He is a p ast p resid en t of th e G reene
C ounty B ankers A ssociation and a
g raduate of th e In te r A gency B ank
E xam ination School in W ashington,
D. C., and th e A g ricultural Credit
School, Iow a State U n iv ersity at Ames.

New H om e fo r H oek Hnpitls Hunk

Mr. B ean has been an active m em ber
of P ella civic and religious groups.

" N ew B r e n to n M anager
T
*
"

D avid L. M orris has been appointed
m an ag er of th e W aukee office of th e
B ren to n S tate B ank. H e has been
w ith B ren to n B anks for five y ears and
w as fo rm erly located at Adel and Dexter. Mr. M orris is a 1964 g rad u ate of
Iow a S tate U niversity.


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Federal Reserve Bank of St. Louis

O P E N H O U S E w a s h eld la s t m o n th in th e n ew c o lo n ia l-sty le b u ild in g o f th e L y o n s
C o u n ty S t. B k ., a c c o rd in g to L a r r y W enzl, p res. T he b u ild in g has been u n d e r c o n stru c ­
tio n since la s t S e p tem b e r.
Northwestern Banker, September, 7969

86

Iowa News

M a jo r Expansion A t Clinton
SE R IE S of open houses w ill be
held by the C linton N ational
B ank in m id-Septem ber in observance
of th e com pletion of a m ajo r expan­
sion program , according to I. H.
C arnes, president.
T he b an k now has 14,000 square
feet of space, w hich is m ore th a n dou­
ble its fo rm er size.
T he in stallm en t loan d ep artm en t
has an en tran ce sep arate from th e
m ain facility and special ho u rs are
m aintain ed for th e convenience of pa­
trons. Over 650 squ are feet is p ro ­
vided for th is departm en t.
T he officer area is doubled and p ri­
vate offices are provided for confer­
ences.
T he d ata processing area covers
1,400 squ are feet, as com pared to th e
form er 654 squ are feet.
T he v a u lt w as relocated, and th e
tr u s t d ep artm en t enlarged. A new
lobby is provided, and the teller area
increased in size.
T he b a n k ’s new TV drive-in, th e first
such facility in th e im m ediate area,
is now operating. P a tro n s need only
to drive into one of th e th re e stations
and use a pneum atic tu b e system to
w h isk th e ir deposit to th e teller across
th e street. Closed-circuit, audio tele­
vision enables th em to see th e teller
h an d lin g th e ir account and com m uni­
cate w ith her.
A noth er im p o rta n t addition to th e
b a n k ’s facilities is th e new p a rk in g lot
across th e alley to th e south of th e
m ain building. The lot is surfaced,
and th e re is p a rk in g space for 32 cars.
Mr. C arnes has also announced th e
form ation of C linton W orld T ravel
Service, effective Septem ber 1. The
tra v e l agency w ill operate in conjunc­
tion w ith th e b an k and is located on

A

th e second floor of th e b ank building.
Jo an L aw rence and H elen H anover
w ill head th e trav el agency.
F u tu re plans for th e b an k include a
p ark in g lot facility, to be located on
H ighw ay 30 W est. In itial co nstruc­
tio n w ill s ta rt soon. All equipm ent
for th e m ain bank and for the drive-in
facilities w as fu rn ish ed by th e M osler
Safe Company.

P ro m o ted at G rin n ell
Max A. Sm ith, presid en t of The
P ow eshiek County N ational Bank,
G rinnell, has announced th e prom o­
tio n of M ary D. Donohoe to cashier
and L a rry A. M indrup to vice p resi­
dent.

M. D. D O N O H O E

L. A. M IN D R U P

Miss Donohoe is a m em ber of the
N ational A ssociation of Bank-W om en
Inc. and has been active in the B usi­
ness and Professional W om en’s Club
and G rinnell W om en’s Club.
Mr. M indrup joined th e B renton
B anks, Inc. at G rinnell in 1966. He
g rad u ated from Iow a S tate U niver­
sity in 1963 and previous to joining
The P ow eshiek C ounty N ational B ank
w orked as an in su ran ce com pany farm
loan specialist.
W ayne H. G eadelm ann, form erly
vice p resid en t and cashier of The

Pow eshiek C ounty N ational Bank, has
been prom oted to second officer at th e
B renton b ank in D avenport.
He
assum ed his duties at th e F irs t N a­
tional B ank in D avenport on Septem ­
ber 1.

N ew P ost at M arcus
C.
G. Addy, a m em ber of the board
of directors of th e F a rm e rs State B ank
of M arcus for several years, has been
elected vice presid en t at th e bank.

B u ild s N ew O ffice
The G u aran ty B ank and T ru st Com­
pany, Cedar Rapids, has announced
th e s ta rt of construction on a new
b ank office at 1819 Forty-second S treet *
N.E. in Cedar Rapids.
A ccording to B ruce Gibson, vice
p resident and tru s t officer, th e new
office w ill include tw o drive-up w in ­
dows and inside lobby and teller facil- *
ities. R obert J. Rogers, c u rre n tly as­
sistan t vice p resid en t and in c h a rg e y
of the in stallm en t loan d ep artm en t at
th e bank, w ill m anage th e new office.
The new office is expected to open
in late Septem ber.

H old s S e c o n d Crop F lig h t
Iow a T ru st & Savings B ank of Estherville last m o n th conducted its sec­
ond crop flight for farm ers, flying area
farm ers in groups over th e ir own
farm s to observe crops and cropping
practices.
F arm ers from across the county and
adjoining counties w ere rep resen ted
w ith a to tal of 78 farm ers attending.
T hey w ere flown in th ree planes con- 1
tracted th ro u g h th e B ryan F ly in g
Service of E stherville. Those aw ait­
ing flights and re tu rn in g from flights
w ere served lunch by b ank officers.

Nett) H unk Office Opens at ihineontbe

P IC T U R E D ABO VE is th e n ew ly opened D uncom be office of th e U n io n T r. & Sav. B k., F o r t D odge. T he n ew office w ill be m an a g e d
b y Leo J. Conners of F o r t D odge. A g ra n d o p e n in g w as h e ld r e c e n tly a t th e new b a n k .
Northw estern Banker, September, 1969


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Federal Reserve Bank of St. Louis

)

87

What kind of bank
would build
this beautiful
suburban office?

We think it would be the kind of bank with which
you could do business— your Correspondent Banking
business. A considerable amount of research and
planning preceded the final decisions as to location,
size, style and scope of its operation. More
important is the foresight and willingness to
be innovative. That's why you'll find unique features
including sit-down teller desks and a colorful
Garden Patio Lounge.
The kind of bank that built this beautiful suburban
office offers you the services and talents you
want in a correspondent bank.

CHRISTY F.
ARMSTRONG
Executive
Vice President

LEO F. KANE
Senior
Vice President

ROBERT G. SCOTT
Senior
Vice President

Christy, Leo and Bob extend a personal invitation to
all Tri-State area bankers to call and arrange for a
tour of our new Kennedy Road Office.

American Trust and Savings Bank
D U B U Q U E , IO W A Member FDIC, Federal Reserve System


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Federal Reserve Bank of St. Louis

Northwestern Banker, September, 1969

Iowa News

F t.

F a rm e rs Savings Bank, Rem sen, from
H a n k Sponsors $100,000
F ly to $200,000; U nion State Bank,

itotlgr

W in terset, from $100,000 to $200,000.

R etir e s at B o o n e
Clarence Clausen, a ssistan t vice
presid en t of th e Citizens N ational
Bank, Boone, has retired.
Mr. C lausen started his ban k in g ca­
re e r in Ogden, Iowa, about 50 y ears
ago, com ing to Boone in 1930 as as­
sistan t cashier of th e old City T ru st
and Savings Bank. He has been asso­
ciated w ith th e Citizens N ational B ank
since 1933.

D ecla res B an k ru p tcy

W E B ST E R CO UNTY f a rm e rs re c e n tly g o t a b ir d ’s eye v iew o f th e e rosion a n d w a te r
d a m a g e done to th e ir crops, as th e 1 st N a tl. B k. of F o r t D odge sp o n so red a fly o v er fo r
its fa rm cu sto m ers. A c o u n ty d is a s te r su rv e y h a s d e te rm in e d t h a t 32,000 a cre s o f crops
in th e c o u n ty , to ta lin g $1.5 m illio n , h a v e b e en d e stro y e d b y e ro sio n or s ta n d in g w a te r.
E a c h fa rm e r w as flow n o v er h is ow n fa rm b y th e F o r t D odge F ly in g S e rv ice . A re p re ­
s e n ta tiv e o f th e Soil C o n se rv a tio n S e rv ice a n d th e A g ric u ltu ra l E x te n sio n Office w as on
h a n d to e x p la in tro u b le a re a s a n d discuss in d iv id u a l f a rm pro b lem s. P ic tu r e d (l.to r t.)
a re : W. H. H in tsch; D ale R icke; W es Strange (on p lan e w in g ), a. c. & fa rm rep ., 1st
N a tl., a n d E ldon Showers.

C apital In creases
The follow ing capital stock increases
have been au thorized by th e Iow a
D epartm en t of Banking: F arm e rs
S tate B ank, K anaw ha, from $100,000 to

$150,000; Security State Bank, M ount
A yr, from $100,000 to $200,000; Citi­
zens S tate Bank, O akland, from $100,000 to $200,000; R andall State Bank,
R andall, from $50,000 to $100,000;

MUNICIPAL BONDS
FOR INVESTMENT

H old s O pen H o u se

STATE
COUNTY
CITY
SCHOOL
FREE FROM ALL PRESENT FEDERAL INCOME TAXES
FREE FROM MONEYS AND CREDITS TAX IN IOW A

THE WHJTE-PHILUPS CO., INC.
DAVENPORT OFFICES
First N ational Bldg.

Phone 326-2527

T eleptype 319-322-0026

DES MOINES OFFICES
Flem ing Bldg.
Northwestern Banker, September, 1969


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Federal Reserve Bank of St. Louis

M aurice E. Thom pson of H um boldt
last m onth filed a b an k ru p tcy petition
w ith th e U nited States D istrict C ourt
clerk in F o rt Dodge. Mr. Thom pson is
form er m anager of H aw keye Loan
Com pany of H um boldt. He w as also
rem oved last May by th e n Iowa B ank­
ing S uperintendent, Jo h n C hrystal, as
ch airm an of th e board of Security
State Bank, Algona. Rem oved from
office at th e sam e tim e as president of
th e bank w as W. B. Lundberg.
In his b a n k ru p tcy petition, filed A u­
gust 4, Mr. Thom pson listed indebted­
ness of $413,221.28 and assets of $39,875, of w hich $15,150 w as declared as
exem pt.
T he H aw keye Loan Com pany li­
cense w as suspended by Mr. C hrystal,
and later th e firm w as declared b an k ­
ru p t on Ju ly 23 by W illiam T hinnes,
referee in b a n k ru p tcy in Cedar R ap­
ids.
The b ank has recently been sold to
R obert Isensee and Associates. Mr.
Isensee is presid en t of U nited Home
B ank & T ru st Company, M ason City.

Phone 282-1456

An open house w as held recently in
th e new ly rem odeled Security State
Bank, M ount Ayr.
W ork on the bank building w as +
started in M arch, 1968. The new ly re ­
m odeled stru c tu re features a basem ent **
w ith com m unity room, enlarged serv ­
ice area, priv ate booths for safety de­
posit box custom ers and a new vault.
The building also is com pletely air
conditioned.

B uys In su r a n c e A gen cy
The sale of th e J a h r Insu ran ce
Agency has been announced in Mar- *
engo by Mrs. E dw ard Ja h r. The
agency w hich handles several lines
of in su ran ce has been sold to the
Iow a C ounty Savings B ank of Ma- ^
rengo.
v
Mrs. J a h r has been ow ner-operator
of th e business since the death of Mr. *
J a h r a y ear ago.
The insurance business w ill be
u n d er the direction of E lgin M orris
at the bank.
r

/

HOW DOES

YOUR CORRESPONDENT
k
1)

«o» to« trustai

MEASURE
UP?

Are you getting all the little service
"extras” that you so often need and
are entitled to? Or do you feel that
because yours is such a small bank
that you really can’t expect much in
in the way of service anyway?
Well, if that’s the case we suggest
you place a collect call to Drovers.
We’ve established a fine reputation
among small, out-of-the-way banks
as the correspondent bank for
service. And we intend to keep it that
way. Interested in a Free Sample?

DROVERS
N ational Bank of C hicago
47 th and Ashland
Chicago, Illinois 60609
Phone 312-927-7000


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Federal Reserve Bank of St. Louis

90

Iowa News

Sponsors

" M

a ll B

a l l "

i n

Cresco

people a t­
tended th e Mall Ball held last
m onth by th e Cresco U nion Savings
Bank, Cresco, to celebrate the official
opening of the b a n k ’s new drive-in
w indow and p ark in g lot.
Included in th e opening activities,
according to J. H. Thom son, b an k
president, w ere live en tertain m en t,
free refresh m en ts and souvenirs.

A

p p r o x i m a t e l y 2,000

Bank O p en s
S h o p p in g C enter O ffice

T H E “M A L L B A L L ” a t Cresco w a s o b v io u sly a huge success.

>T'

The Cedar F alls T ru st and Savings
Bank, Cedar Falls, has expanded its v
dow ntow n facility and added an office ^
at th e College Square Shopping Cen­
ter. B oth the dow ntow n addition and
th e shopping center office w ill have
th eir g rand openings th is m onth.
The College Square T ru st and Sav-^
ings B ank opened for business th ree
m onths ago. It featu res tw o drive-in _
w indow s and a n ig h t depository, in
addition to inside tellers, lobby facili- A
ties, a conference room and em ployee
lounge. M anager of th e facility is'r
Mrs. E sth e r Folkerds, an a ssistan t
cashier w ho has been w ith th e Cedar
Falls T ru st and Savings for about 12
years.

J o in s F irst M id A m erica
L aurence Lunde, m anager of F irs t
Mid A m erica Inc.’s Sioux C ity office,
has announced th a t E d w ard Burggraaff has joined th e firm as an ac­
count executive.
Mr. Burggraaff, w ho recen tly com­
pleted req u irem en ts of th e New York
Stock E xchange for th e account exec- <
utive position, is a 1967 g raduate of
M ankato S tate College in M innesota. 4
He plans to m ake his hom e in Sioux
City.

A rm stro n g P ro g ress

For BIG PICTURE
correspondent banking...
...th in k first of The First Na­
tional in St. Joseph. With our
w ide experience, extensive con­
tacts, trained personnel, and spe­
cialized facilities, w e’re big enough
to solve your problem s...yet small
enough to care about them. Bankers
throughout the M idw est take advantage
of our Big Picture. How about you.

T H E F IR S T N A T IO N A L B A N K
OF ST. JOSEPH, MISSOURI • FOURTH AT FELIX
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker, September, 1969


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Federal Reserve Bank of St. Louis

C onstruction on th e addition to the ^
F irs t T ru st and Savings B ank a t
A rm strong is proceeding on schedule, x.
according to Jam es O’Neill, vice p resi­
den t of th e bank. The old bank build­
ing w ill be rem odeled and custom ers
should be able to use the drive-in
facility by October 1, he said. The
addition, w hich includes the drive-in
area, is 24 feet by 80 feet.

J o in es M u scatine B ank
George A. Shepley, president of the
F irst N ational B ank of M uscatine, an ­
nounced the appointm ent of L a rry M.
Howe as tru s t officer.
Mr. Howe received his undergradu°
^
ate degree in business adm inistration
at the U n iversity of Iowa in 1965 and
th e Ju ris D octorate degree in 1968
from the Iow a College of Law. D ur­
ing th e p ast y ear he has been w ith
the law firm of R osenberger, P etersen
and Conway in M uscatine.

91

Eastern Iowa's
Most Modern Bank
Form al opening -for the new C lin to n N a tio n a l
Bank is scheduled fo r m id-S e p te m b e r. The m a­
jo r expansion
has trip le d

p ro g ra m , re ce n tly c o m p le te d ,

the size o f the

bank to

22,000

square fe e t.
W e are p roud to o ffe r every m ajor banking
service th ro u gh Eastern Iowa's m ost m odern
bank.

S a il

CLINTON

NATIONAL BANK
235 SIXTH AVENUE SO.
CLINTON, IOWA 52732

MEMBER

FEDERAL

DEPOS1T

IN S U R A N C E

C O R P O R A T IO N

AND

FEDERAL

RESERVE

SYSTEM

Northwestern Banker, September, 1969


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Federal Reserve Bank of St. Louis

92

Iowa News

A m erican T ru st.
O n

Ik e t t t t e d t /

H

o a d

M A IN E N T R A N C E L O B B Y is fu lly c a rp e te d a n d sp acious. S olid w a ln u t doors and
p a n els a t le f t a n d r ig h t a re 14 f e e t h ig h a n d w ere h a n d c a rv e d b y a N ew M exico a r tis t.

Oiibuqne.
S EV ER A L h u n d red ban k ers a tte n d ­
ed a special open house last monthyto view the new K ennedy Road drivein office ju st com pleted by A m erican
T ru st & Savings Bank, D ubuque. The
new facility is in a fast-grow ing area
in the w est p a rt of D ubuque w here it
is estim ated th a t m ore th a n 20,000 p e r­
sons now live.
The long, one-story building featu res
an exterior of w arm brow n face-brick
w ith accent of w h ite precast concrete
encasing a steel stru ctu re. The build- "
ing is set back approxim ately 70 feet
from K ennedy Road. T here are tw o
identical entrances, one at th e fro n t
and one at th e re a r adjacent to a 48car black-top p ark in g lot.
At the w est side of th e building u n ­
der a wide portico are th re e drive-upr
teller stations serviced by pneum atic '

T H R E E d riv e-u p v isu a l a u to te lle r u n its offer s w if t a u to b a n k in g w h ile m a in ta in in g v is u a l c o n ta c t b e tw e e n c u sto m e r a n d te lle r All
th re e w indow s a re se rv ic e d b y h ig h -sp eed p n e u m a tic tu b e c a rrie rs . A sp e c ia l “ p ass th ro u g h ” w in d o w is a v a ila b le fo r la rg e deposit
ite m s as w ell as a n ig h t d e p o sito ry a n d l e tte r drop. R IG H T — U n iq u e sit-d o w n te lle r d esk s in m ain lo b b y offer new , c o n v en ien t d im e n ­
sion to b a n k in g . T his is th e only k n o w n in s ta lla tio n of its k in d in th e m id w est. T he d esk s a re b u ilt b y K i t ti n g e r a n d c o n ta in LeU ebure c u rre n c y a n d coin d ra w e r u n its.
Northwestern Banker, September, 1969


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Federal Reserve Bank of St. Louis

)

Iowa News

93

> O FFIC E of D. W. E rnst, c h a irm a n of th e b o a rd of A m e ric a n T r u s t & S a v in g s B a n k , is lo c a te d in th e K e n n e d y R oad office. I t opens
o n to th e m a in lobby. I t s W illia m sb u rg decor f e a tu re s a G eorge W a s h in g to n desk, book-press lam p s a n d a p a rq u e try floor. B IG H T
^ D ire c to rs of th e b a n k w ill h old th e ir re g u la r m ee tin g s in th is new b o a rd room a t K e n n e d y R oad office. T he K ittin g e r b o a rd ta b le is th e
la rg e s t in the D u b u q u e a re a a n d c o m fo rta b ly se a ts 22 b o a rd m em be rs.

tubes from th e rem ote control teller
statio n inside the building. One teller
can serve all th re e auto statio n s sim u l­
ta n e o u s ly . T he statio n s are offset from
th e w indow so th e teller can have vis’’u al contact w ith each d river.
T he spacious in te rio r featu res open,
clean lines w ith th re e sit-dow n teller

desks. F o r those w ho p refer conven­
tional banking, a three-w indow walkup teller statio n is available in the
w est side of th e lobby. The office also
has a spacious v au lt w ith 593 safe de­
posit boxes and 16 large locker boxes.
Diebold, Inc., installed th e auto teller
equipm ent, v au lt door and deposit

boxes. The teller station equipm ent
w as fu rn ish ed by L eF ebure C orpora­
tion.
A form al dedication cerem ony w as
held on A ugust 19 and w as partici­
pated in by th e m ayor councilm en
from D ubuque and other civic and lo­
cal dignitaries.

B A N K E R S fro m a w ide a re a w ere g u e sts of A m e ric a n T ru s t & S av in g s B a n k officers fo r open house a t th e new K e n n e d y B oad office.
L E F T — A m e ric a n T r u s t’s b o a rd c h a irm a n , D an E rn st (c e n te r) a n d Mrs. E rn st (se a te d ) a re p ic tu re d w ith Mr. and Mrs. O liver A.
> H ansen. M r. H a n se n is p re s., L ib e rty T&S, D u ra n t. C E N T E R — C h risty A rm strong ( r ig h t) , exec. v.p. o f th e h o st b a n k , p ic tu re d w ith
(fro m l e f t ) Clair L ensin g, exec, v.p., F a rm e rs S ta te , M a rio n ; H om er Jensen, v.p., B a n k e rs T ru s t, D es M oines, a n d D ick R astetter, v.p.,
n C o n tin e n ta l Illin o is N a tl. B& T, C hicago. B IG H T — Bob Scott, sr. v.p., A m er. T&S, a n d Mrs. Scott, v is it w ith tw o C hicago g u e sts, Gil
M cE w en, a n d D ave W ebber, v.p., b o th w ith H a r r is T&S B a n k .

P IC T U R E D in th e e n tra n c e to C h a irm a n E r n s t ’s office a re C hristy A rm strong a n d Charles J. Schrup, exec, v .p .’s, a n d N ich olas J.
Schrup, p re s., of A m e ric a n T&S. C E N T E R — Leo F. K ane (second fro m r i g h t) , sr. v.p. of th e h o st b a n k , show s c irc u la r lo b b y d e sk to
J a y F ordyce, p re s., M t. V ern o n B& T; Jim A dam s, p re s., C o m m unity S av., E dgew ood, a n d Mrs. F. D ay W elterlen, also w ith th e E dgew ood b a n k . B IG H T — V is itin g in th e new b o a rd room a re (s e a te d ) A v ery F ick , v.p., M a rq u e tte N a tl., M in n e a p o lis; D ale C. Sm ith, v.p.,
a n d B. C. Grangaard, chm n. & p re s., b o th w ith C e n tra l N a tl. B&T, D e s M oines, a n d C hristy A rm strong a n d Chuck Schrup.


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Federal Reserve Bank of St. Louis

Northwestern B a n ke r „ September, 1969

94

D es M o in e s N e w s
. LaM AIR, 67, p ro m in en t
GEORGE
Des M oines in su ran ce m an and a
a

m em ber of th e board of d irectors of
the F irs t F ed eral State Bank, has died
of cancer at Iow a M ethodist H ospital.
Mr. LaM air w as p resid en t of th e LaMair-Mulock-Condon In su ran ce Com­
pany.
* ^ i
R u ssell G. P lager w as elected cor­
respond en t b an k officer of th e C entral
N ational B ank and T ru st Com pany
at th e m on th ly
m eeting of th e
board of d irectors
on A ugust 19, ac­
cording to an an ­
n o u n c e m e n t by
B. C. Grangaard,

c h a i r m a n and
president.
Mr. P lag er is a
g rad u ate of Iow a
S tate U niversity,
R. G. P L A G E R
and has had m any
y ears experience in th e livestock m a r­
k etin g and m eat packing business.
His app o in tm en t w as effective Septem ­
ber 1.
* * *
J. B. Sm ith, vice p resid en t of E q u i­
table of Iowa, has been elected p resi­
dent of th e Iow a M ortgage B ankers
Association.
D onald E. Gough of Iow a S ecurities
Company, Cedar R apids, has been
elected MBA vice president, and P aul
A shby, vice p resid en t of C entral N a­
tional B ank & T ru st Com pany, Des
Moines, has been elected secretarytreasu re r.
The follow ing m en have been elected
regional vice presidents: R aym ond D.
Orr, Cedar Rapids; John K. B enoit, Des
Moines; P aul Gisch, Dubuque; E. N.
N uddlem an, M ason City; A rnold F red ­
rick, W averly, and V ernie A. Larson,
Sioux City.
* * *
R ichard K eene has been prom oted
Northwestern
 Banker, September, 1969
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Federal Reserve Bank of St. Louis

from m anager of the P leasan t H ill of­
fice of th e E a st Des Moines N ational
B ank to a ssistan t cashier a t the m ain
b ank in th e E astg ate Shopping Center.
* * *
W illiam M. M yers, tru s t officer at
the V alley B ank and T ru st Company,
has been appointed a m em ber of the
tr u s t ad m in istratio n and accounting
com m ittee of th e Real P ro p erty , P ro ­
bate and T ru st Law Section of the
A m erican B ar Association.
♦ ■5(5 *
The opening of expanded auto
b ank facilities at th e Plaza State B ank
has been announced by P au l T. Man­
ning, p resid en t and board chairm an,
in conjunction w ith its 10th a n n iv er­
sary. The b a n k ’s auto b ank in the
E a st Plaza p ark in g lot has been re ­
m odeled and expanded from tw o to
th re e drive-up w indow s.

*

*

*

4411113111 H. B renton, chairm an

of
th e board of B renton B anks, Inc., a
b an k holding com pany, has announced
th a t 13 of th e B renton B anks w ill be
offering BANCARDCHEKS to th e ir
custom ers by early Septem ber. A
n u m b er of th e B renton B anks are al­
read y offering th e service. BANCARDCHECK, offered by F irst M ar­
k etin g Services Group of Boston, is the
only n ational bank guaran teed check
service and has been s p r e a d i n g
th ro u g h o u t th is country, Canada, H a­
w aii and P u erto Rico in the p ast few
E a rly in 1968, Mr. B renton said, the
th re e B renton B anks in Des M oines—
The N ational B ank of Des Moines, The
N orth w est Des Moines N ational B ank
and South Des Moines N ational B ank
—began th e BANCARDCHEK service
to th e ir custom ers in all th e ir offices.
The convenience of th e g u aranteed
tra v e le rs check com bined w ith the
cash advance featu re of BANCARD­
CH EK S soon proved to be a popular
service w ith custom ers at each loca­
tion, and the n ex t year saw th ree m ore

of the B renton B anks adopting the
BANCARDCHECK program , Mr. B ren­
ton said. These w ere th e F irs t N a­
tional B ank of P erry , the Jefferson
State B ank and the Pow eshiek C ounty
N ational B ank of G rinnell.
Seven m ore B renton B anks have
now joined th e BANCARDCHEK pro­
gram . By early fall these seven w ill
be offering th e ir custom ers th is added
service, Mr. B renton said.
T hey are: W arren C ounty B ank and
T ru st Company, Indianola; W rig h t
C ounty S tate Bank, Clarion; Eagle
Grove State Bank; B renton S tate Bank,
Dallas Center; B enton C ounty B ank
and T ru st Company, V inton; Dallas
C ounty State Bank, Adel, and th e Palo
Alto C ounty State B ank of Em m etsburg.
* * *
A pplication has been m ade w ith the
State B anking D epartm ent for th e es­
tab lish m en t of a new B renton b ank in
U rbandale.
W illiam H. B renton, ch airm an of the
board; C. R obert B renton, president,
and J. C. B renton, tre a su re r of B ren ­
ton Banks, Inc., said “It is felt th a t a
new full-service b ank w ill b e tte r serve
th e grow ing financial needs of th e U r­
bandale com m unity, and th a t it is in
keeping w ith th e rapid expansion of
the en tire area.”
A m ajor b an k building w ill be con­
structed. The suggested nam e is the
N o rth w est B renton B ank and T ru st
Company. The organizing directors
are W illiam H. B renton, C. R obert
B renton, J. C. B renton, C. S. Johnson
and David G. W right, all of Des
Moines.
Mr. W right, presid en t of th e N o rth ­
w est Des Moines N ational Bank, an
affiliate b ank of th e B renton group,
announced th a t th e existing U rbandale
office of th e N o rth w est Des Moines N a­
tional B ank at 7031 Douglas A venue
w ill be replaced by th e new bank.

4«

4»

T o B an k B oard

4.
R. F. B usching, presid en t of the
H udson State Bank, H udson, has an ­ «
nounced th e election of R aym ond Dufel as a director of th e bank. Mr. Pr
Dufel fills th e vacancy created on the
board by th e resig n atio n of P aul Degener, w ho has m oved to Oregon.

T h re e B an k s D on ate
T o “ G reen D ik e ” F un d
E ach of C linton’s th ree banks, the
F irs t N ational Bank, C linton N ational
B ank and Iow a State Savings Bank,
has donated $100 to th e city’s “green
dike” fund, w hich w ill be used to buy
sod for placem ent on new flood pro­
tection levees.

r

Send your
checks
tous
by phone

Central National’s computer service can save you
a lot of work. And time. You can do demand deposit
accounting by phone so items never leave your bank.
Our punch-tape system is fast. Reliable.
We’ll gladly explain how we can do this for you.
If that’s the kind of service you want from a
correspondent bank, call. Area 515-243-8181.

You don’t
need us.
We need you!
entrai National Bank 6 -Trust Company
LOCUST AT SIXTH AVENUE, DOWNTOWN DES MOINES, PHONE 243-8181


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

MEMBER F.D.I.C.

Northwestern Banker, September,

96
S e cr eta ry -T re a su rer........ O scar L. C lark e, J r., V ice
P r e sid e n t and T ru st Officer
N a tio n a l B a n k o f C om m erce T ru st &
S a v in g s, L in co ln

V alentine to cashier at the B ank of
H yannis.

C O M M ITTEE O N L E G IS L A T IO N
Group
1 D w ig h t L. C lem en ts, C hairm an
C ash ier, A m eric a n E x c h a n g e B a n k , E lm w ood
2 G rove N elso n , P r e sid e n t
B an k o f M illard, M illard
3 H e n r y E. L ey , P r esid en t
T h e S ta te N a tio n a l B a n k & T ru st Co., W a y n e
4 W. H. C urry, C ash ier
S ecu rity S ta te B a n k , H olbrook
5 J. H . O liver, P r esid en t
T h e R a v en n a B a n k , R a v en n a
6 H. J. M edlock, P r e s id e n t
F ir s t N a tio n a l B a n k , V a le n tin e
f K arl E. D ick in so n , E x ec. V ic e P r esid en t
G atew a y B an k , L in co ln
* J . M. H a r t, J r., P r e sid e n t
N o rth S id e B a n k , O m aha
1 H e n r y G ram ann , J r ., N B A P a s t P r esid en t
P r e sid e n t, A d a m s S ta te B a n k , A dam s
L e g isla tiv e Sub C om m ittee on T ru sts and E sta te s
R obert S. H in d s, C hairm an
Sr. V ic e P r e s id e n t and T ru st Officer, N a tio n ­
a l B a n k o f C om m erce T ru st & S a v in g s,
L in co ln
H ow ard A . C hap in , V ic e P r e s id e n t a n d Sr.
T ru st Officer
F ir s t N a tio n a l B a n k & T ru st Co., L in co ln
T h om as N . M oore, S r., V ic e P r esid en t
T he O m aha N a tio n a l B a n k , O m aha
R ob ert E. J o h n so n , J r ., T ru st Officer
F ir s t N a tio n a l B a n k , O m aha
H . D a v id N e eley , V ic e P r e s id e n t
T h e U n ite d S ta te s N a tio n a l B an k , O m aha

A dds P a r k in g Lot

NBA COMMITTEES . . .
(C ontinued from page 82)
f

2
1
3
4
5
6
*
f

J a y L. D u n la p , P r esid en t
U n io n B an k & T ru st Co., L in co ln
C O M M ITTEE O N E D U C A T IO N
H arold Q u a lsett, C hairm an
P r esid en t, F ir s t N a tio n a l B an k , S ch u yler
V ic to r L. M ich el, V ice P r e s id e n t and C ashier
Yoi'k S ta te B a n k , Y ork
E ld o n R. F o x , E x ec. V ic e P r esid en t
P la in v ie w N a tio n a l B an k , P la in v ie w
W illia m K ort, E x ec. V ic e P r e s id e n t
C om m ercial B an k , B lu e H ill
W a y n e R. M cK in n ey, E x ec. V ic e P r esid en t
P la tte V a lle y S ta te B a n k & T ru st Co., K ear­
n ey
H . L. B ru n e, P r e sid e n t
F ir s t N a tio n a l B an k , C hadron
F. M ack B r isto l, E x ec. V ic e P r e sid e n t
S ecu rity N a tio n a l B an k , O m aha
J a m es F. N is se n , S r., V ic e P r esid en t
N a tio n a l B an k o f C om m erce T ru st & S a v ­
in g s , L in co ln
C O M M ITTEE O N IN S U R A N C E A N D
P R O T E C T IO N

4
1
2
3
5
6
*
f

D . F. B a iley , C hairm an
P r esid en t, C am pb ell S ta te B an k , C am pbell
J o e H e in em a n , P r e sid e n t
P a w n e e C ou n ty B an k , P a w n e e C ity
J e r r y E. R oe, E x ec . V ic e P r e s id e n t and C ash ier
B a n k o f B e n n in g to n , B en n in g to n
J . G. B re w ster, P r e s id e n t
T ri-C ou n ty B an k , S tu a r t
E a rl V a n S teen b erg , E x ec. V ic e P r esid en t
F ir s t S ta te B an k , G oth en b u rg
B e n n e tt F. J o h n so n , V ic e P r esid en t
T he S to ck m en ’s N a tio n a l B a n k , R u sh v ille
J a y F. B ord ew ick , V ic e P r e sid e n t
T he U n ite d S ta tes N a tio n a l B an k , O m aha
G eorge W . K n ig h t, P r e sid e n t
C itizen s S ta te B an k , L in co ln

6
1
2

C O M M ITTEE O N T R U S T S A N D E S T A T E S
(E le cted )

3

.P resid en t....................C harles A . P o w e ll, T ru st Officer
T h e U n ite d S ta te s N a tio n a l B an k , O m aha
V ic e P r e s id e n t................. .........T h om as N . M oore, Sr.
V ic e P r e sid e n t
T he O m aha N a tio n a l B an k , O m aha

5

4

*
f

2

_ _

1

M e r c h a n ts
M u tu a l
B o n d in g Co.

3

Io w a ’s O ldest Surety Com pany

4
5
6
f

5
1
2
3
4
6
*
f

C O M M ITTEE O N IN S T A L L M E N T C R E D IT
M el A d am s, C hairm an
P r e s id e n t, K e ith C o u n ty B a n k & T ru st Co.,
O g a lla la
B ern ard H . W a llm a n , P r e s id e n t
T h e N eh a w k a B a n k , N eh a w k a
J a m es H . M oore, J r ., P r e sid e n t
F ir s t S ta te B a n k , F r em o n t
R obert E. H orn, A s s is ta n t V ic e P r e sid e n t
N o rth w e ster n N a tl. B a n k o f N o r fo lk , N o rfo lk
J o h n M. M cG inley, V ice P r e sid e n t
F ir s t N a tio n a l B a n k , H a s tin g s
G. V . K eller, E x ec. V ic e P r e sid e n t
L e x in g to n S ta te B a n k , L e x in g to n
D on V . N ew b e rg , V ic e P r esid en t
S o u th w est B a n k , O m aha
C harles P . Leffier, V ic e P r esid en t
F ir s t N a tio n a l B a n k & T ru st, L in co ln
C OM M IT T E E O N G R O U P I N S U R A N C E
A N D P E N S IO N S
T h om as J. M illik en , C h a irm a n
P r esid en t, T h e F r em o n t N a tl. B a n k , F r em o n t
G eorge G. W ilso n , E x ec. V ic e P res, and C ash ier
A u b u rn S ta te B a n k , A ub u rn
W . G. F a h en sto ck , C ashier
S ecu rity N a tio n a l B a n k , L a u rel
K en n eth W . F r eric h s, V ic e P r es, and C ash ier
S ta te B a n k o f H ild reth , H ild reth
W illa rd W esto v er, S r., V ic e P r es, and C hairm an
O verlan d N a tio n a l B a n k , Grand Isla n d
E. M. K n ig h t, P r e sid e n t
A llia n c e N a tio n a l B a n k , A llia n c e
W a y n e L. M a tth es, C ash ier
H avelock N a tio n a l B a n k , L in co ln
C O M M ITTEE O N P U B L IC R E L A T IO N S
D a le F. W a lk en h o rst, C hairm an
E x ec . V ice P r esid en t, F ir s t N a tio n a l B a n k ,
N o rth P la tte
W illia m W . Cook, J r., P r e sid e n t
T he B ea tr ice N a tl. B a n k & T ru st, B ea tr ice
Jo n M. M ostrom , V ic e P r e sid e n t
F a r m ers & M erch a n ts B a n k , C eresco
R oy E. P a r a d ise , E x ec. V ic e P r esid en t
D a k o ta C oun ty S ta te B a n k , S ou th S io u x C ity
H arold E. L a rm o n , P r esid en t
T h e F ir s t N a tio n a l B a n k o f M cCook, M cCook
C. R. H ild erb ran d , V ic e P r esid en t
F ir s t N a tio n a l B a n k , O g a lla la
D on A n d erso n , V ic e P r e s id e n t
F ir s t N a tio n a l B a n k o f O m aha, O m aha
E llis C. D a n n , V ic e P r e sid e n t and C ashier
C ity N a tio n a l B a n k , L in co ln .— E nd.

A b b ott B ank C hanges
P au l H efti, chairm an of the board of
th e G uardian State Bank, Alliance, has
announced tw o changes w ith in the Ab­
bo tt banks. J. K eith K reyeid, fo rm er­
ly of V alentine, has been elected vice
p resid en t of G uardian S tate Bank.
R obert K nepper has been prom oted
from assistan t cashier at the B ank of
Northwestern
Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

The old M eridian H otel in Colum bus
is being to rn down, and the space w ill
be used as a p ark in g lot for the F irst
N ational B ank and T ru st Com pany of
Columbus.

R etires at H astin gs
F ran cis W eiler has retired from th e ^
F irst N ational Bank, H astings, w here
he w as a ssistan t vice president. Mr. -n
W eiler started w ith th e bank as book­
keeper in 1928.

E lects D irecto r
L averne B ryan, ow ner of B ry a n ’s
R exall Pharm acy, Schuyler, has been
elected to th e board of directors of the
F irs t N ational Bank, Schuyler. Mr.
B ryan is a g raduate of H ebron Ju n io r
College and C reighton College of
Pharm acy, Omaha.

G. A rthur B ailey
F u n e ra l services
ly for G. A rth u r
p resid en t of th e
B ank of B ancroft.
as presid en t of th e

w ere held recen t­
Bailey, 91, form er
Citizens N ational
Mr. B ailey retired
ban k in 1963.

K ea rn ey B an k F o rm s
H o ld in g C om pany
R obert L. W alker, p resid en t of the
P latte Valley State B ank and T ru st
Com pany at K earney, has announced
the form ation of a b ank holding com ­
pany by th e board of directors of the
bank. He said th e action w as ap­
proved unanim ously by stockholders
at a special stockholders’ m eeting A u­
gust 12.
U nder the holding com pany arra n g e ­
m ent, he said, capital and su rp lu s ac­
counts of the b ank w ill be increased 4
$500,000.
Mr. W alker also announced the elec- A c ­
tion of tw o new directors to the b a n k ’s
board of directors. W. D. R ichardson
w as elected to the board and also w as
nam ed a vice p resid en t w ith responsi­
bilities in th e area of business devel­
opm ent and public relations. He has
been a resid en t of K earney for 25 ^
y ears and form erly owned and oper­
ated th e K earney Cream ery. He has
been associated w ith P latte Valley
S tate B ank since October, 1968.
The o th er new director is Jo h n M.
Shonsey, a N ebraska b anker and live­
stock operator w ho resides in Omaha. T

Car-Train V ictim
Glen S. Sherm an, 57, of H astings,
d istrict sales m anager and a 22-year
em ployee of the O. A. Cooper Com pany
of H um boldt, died recently as the resuit of a car-train collision at Cozad.

*

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

98

CATTLE O U TLO O K . . .

WANT ADS

(C ontinued from page 36)

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

favorable feed situation. As a result,
the m ajor m ovem ent into feedlots w ill
probably not occur before October and
N ovem ber. A nticipating high asking
prices, cattle feeders w ill probably be
shopping for h igher w eight calves to
cheapen th e ir gain costs, considering
th e expected h igher purchase costs.
A lthough it is p a rticu larly difficult
th is y ear to appraise the fu tu re of the
fed cattle m ark et into 1970, it w ould
seem th a t finished beef prices will
probably achieve the p resen t levels,
b u t not reflect th e exceptional stren g th
of early sum m er m ark ets th is year.
M any econom ists p resen tly believe a
new price stru c tu re for beef has been
established, pointing to th e record of
a stro n g consum er dem and curve since
mid-1968. Given a viable national econ­
omy, it is quite likely we can expect a
co n tin u ation of these hig h er levels of
consum er dem and for beef.
Because of num erous factors v a ri­
ously influencing both th e national
econom y and the beef industry, it
w ould ap pear p ru d en t for feeders and
th e ir b a n k ers to consider replacem ent
cattle w hich can m ake m oney w hen
sold n ex t y ear on a $30 m ark et—not
ju s t b reak even a t $30 — b u t m ake
m oney. Good records and a thorough
know ledge of operational costs and
m ark ets are increasingly v ital tools for
profits in th e cattle business today.

FOR S A L E
Loan application form s for the
modern agricultural banker. Sam ­
ples on request. Farm Business
Council, Inc., P. O. Box F, Urbana,
Illinois 61801.

L E G A L FORM S
A n y form you need we stock, or
will print. Special form s then
stocked for prompt shipment on
reorders.
IOW A L E G A L B L A N K
& P R IN TIN G CO.,
Box 238, W ebster City, Iowa

ACORN

Registers

"Accepted Sale Registers by Bank
Clerks Everywhere"
For information write

THE ACORN PRINTING CO.

Oakland, Iowa

D irecto r E lected
At R oyal

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & C O .
OMAHA

Roy Olson, w ell-know n area farm er
and cattle feeder, has been nam ed a
directo r at th e Hom e State Bank,
Royal. Mr. Olson is a grad u ate of
Iow a S tate U n iv ersity and served as
an ex tension director in so u th eastern
Iow a p rio r to farm ing. H is son, L arry,
is p resid en t of th e Royal bank.

PO SITIO N A V A IL A B L E
N eed Vice P re s id e n t f o r D enver
su b u rb a n bank.
B ack g ro u n d in
co m m ercial len d in g and in s ta llm e n t
o p e ra tio n s n e c e ssa ry . E x c e lle n t liv ­
in g an d w o rk in g conditions. Send
re su m e and p h o to g ra p h to A. J.
C ueny, P re s id e n t, G olden S ta te
B ank, Golden, C olorado 80401.

GENERAL UNITED
LIFE

dJhe

^ J io n ie

INSURANCE

oj

2015 GRAND AVEN U E
Northwestern
Banker, September, 1969
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•

( C r e d it

COMPANY

E n du ran ce

DES M O IN ES, IO W A 50312

IN N E BR A SK A . . .
(C ontinued from page 78)
eled extensively. She and h er husband
have been to E u ro p e and H aw aii tw ice
in th e p ast few years, also to South * H
Am erica. T hey also have visited “m ost
of th e high spots” in th e U nited
States.
A n in su ran ce agency is p a rt of Mrs.
R in n e’s “two-m an b a n k ”—consisting of
herself and C ashier Caryl Malone.
T heir building, dating back to 1895,
occupies th e to w n ’s m ain corner.
A ccustom ed to th e flights of th e ir
lady banker, B urch ard residents som e­
tim es raise th e ir eyebrow s at Mrs.
R inne’s “w ork car.” She not only
pilots h er own plane, b u t also drives a
p air of resto red Model T ’s on occasion
and has been know n to chug p ast in a
m in iatu re “Tin Lizzy.”— E nd.

N ew ton P r o m o tio n s
A. E. P eters, p resid en t of Jasp er -4
County Savings Bank, N ew ton, has an ­
nounced tw o prom otions w hich w ere V
m ade at a m eeting of th e board of di­
rectors held in A ugust. Denis G. W il­
cox w as nam ed vice presid en t w ith
p rim ary responsibilities in th e com­
m ercial loan and credit departm ents.
L oren D. Loupee w as m ade an assist­
a n t vice presid en t w ith responsibili­
ties for city real estate and com m er­
cial loans.
Mr. W ilcox is a grad u ate of Cornell
College and w orked for Citizens State
Bank, W yom ing, Iowa, from 1959 to
1964. He joined th e staff of Jasp er
C ounty Savings B ank in 1964 as a loan
officer.
Mr. Loupee is a g raduate of C entral
College, becam e a m em ber of th e staff
of Ja sp e r County Savings B ank in
1964 a fter several y ears of credit and
retail experience.
Mr. P eters also announced th a t P aul
D. Dunlap, presid en t of H aw keye Bancorporation, w as nam ed to th e board
of directors of the bank, replacing
L eonard S. Sharp, w ho resigned. Mr.
D unlap is also p resid en t of H oughton
State B ank at Red Oak, Iowa.

D isp la y at State F air
More th an 50 m em bers of the Iowa
B a n k e r s A ssociation’s agricultural,
and public relations com m ittees took
p a rt in th e IB A ’s b anking display at
th e Iow a S tate F a ir last m onth. This
w as th e second y ear th e display has
been show n. In 1968, the specially
constructed booth drew an estim ated
25,000 persons, plus several thousand
school children. T his w as approxi­
m ately 8 per cent of th e daily new vis­
itors to th e S tate F air. The 1969 ex­
hibit drew an equally large audience.
Fair.

—

99

Keep in touch with La Salleyour good friend on the financial main street of Mid-America
/ A FULL\
SERVICE

.BANK/

NATIONAL BANK • LaSalle Bank Building, 135 South LaSalle Street, Chicago, Illinois 60690 • 312/782-5200


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

Northwestern Banker, September, 1969

100

vs

P artnership
Tom: “I hope w e’ll agree a fte r w e’re
m arrie d .”
Sue: “M aybe you w o n ’t at first, b u t
you’ll soon learn to.”

H um ble Pie
Efficiency is w h a t you th in k you
have u n til you tr y th e o th er fellow ’s
job.

E xecutive O rder

D esert H aven

The boss, leaving th e office, w as in ­
stru c tin g his new secretary on w h at
to say w hile he w as out.
“I m ay be back before lunch,” he
told her. “A nd th e n again, I m ay not.
I m ay n ot be back u n til tom orrow
m o rn in g .”
“Yes, sir,” the secretary said. “Is
th a t definite?”

O u tw itted
T here w as a lad w ho had th e re p u ­
tatio n of not being v e ry b right.
People had fu n w ith him several
tim es a day b y placing a dim e and a
nickel on th e open palm of his hand,
and tellin g him to tak e his pick of
the two. In each case th e boy w ould
take the nickel and th e n th e crow d
w ould laugh.
A kind-hearted w om an asked him
one day if he d id n ’t know th e dif­
ference betw een a dim e and a nickel,
th a t a dime, th ough sm aller, w as
w o rth more.
“Sure I know it,” he replied, “but
th e y w o u ld n ’t tr y me out any m ore
if I took th e dim e.”

Q u antity, N ot Q u ality
*

tyjj,

VAULT

□!
r

M orning R itual
“M other,” asked Bobby, “w hen can
I shave like D addy?”

“W ould i t be all righ t i f I ju st w en t in and
brow sed?”

“B ut w h y ?” he persisted.
all th e w ords.”

C o o p e r F e e d s ............................................................. 30
C o m m i n s - C h i c a g o C o r p o r a t i o n ..................

M erch an ts N a tio n a l B a n k — C edar
R a p i d s ......................................................................
M id lan d N a tio n a l B a n k — M in n e a p o lis ..
M o s l e r S a f e C o m p a n y ......................................

D

D a v e n p o r t , F . E ., & C o ................................ 74,
D e L u x e C h e c k P r i n t e r s I n c ...........................
D o u g l a s - G u a r d i a n W a r e h o u s e C orp. . . .
D o w n e y , C. L., C o ....................................................
D r o v e r s N a t i o n a l B a n k ....................................

E

SEPTEMBER, 1969
A
A c o r n P r i n t i n g C o m p a n y .............................. 9 8
A m erican N atio n al B an k an d T ru st
C o m p a n y — C h i c a g o ....................................15, 51
A m erican N atio n al B a n k an d T ru st
C o m p a n y — S t. P a u l ........................................
A m e ric a n T r u s t a n d S av in g s B a n k —
D u b u q u e ................................................................. 87

;b

Northwestern Banker, September, 1969


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

“I ’m afraid y o u ’ll have to w ait a
few years,” she answ ered.

__

IN D E X OF
A D V E R T IS E R S

B a n k e r s T r u s t C o m p a n y — D es M oines. .
B a n k e rs T ru st C om pany— N ew Y ork . .
B a n k o f M o n t r e a l ................................................
C
C e n t r a l N a t i o n a l B a n k — C h i c a g o .............
C en tral N a tio n al B a n k an d T ru st
C o m p a n y — D e s M o i n e s .................................
C h a s e M a n h a t t a n B a n k ...................................
C h e m i c a l B a n k ........................................................
C h i c a g o M e r c a n t i l e E x c h a n g e ..................
C h i l e s & C o m p a n y ................................................
C ity N a tio n a l B a n k a n d T r u s t
C o m p a n y — K a n s a s C i t y ..............................
C l i n t o n N a t i o n a l B a n k ......................................
C om m erce T ru st C o m pany—
K a n s a s C i t y ..........................................................
C o n tin e n ta l Illin o is N a tio n a l B a n k
a n d T r u s t C o m p a n y ......................................

A fisherm an lugging a fish tw ice
his size m et an o th er fisherm an w ith
a half-dozen sm all fish on a string.
“H ow dy,” said th e first, dropping
th e huge fish and w aiting for a com ­
m ent.
His fellow fisherm an ju st stared
and stared and th e n said calm ly,
“J u s t caught the one, h u h ?”

BANK

A

Double A dvantage
K eeping y o u r chin u p also keeps
yo u r m o u th closed.

84
11

98
19
28
29
89

E a s t m a n K o d a k C om pany-—B u sin e ss
S y s t e m s M a r k e t s D i v i s i o n .......................
E m p l o y e r s M u t u a l C o m p a n i e s .................. 22
F

F i r s t N a t i o n a l B a n k — C h i c a g o .............7, 97
F i r s t N a t i o n a l B a n k — D e n v e r ..................
F i r s t N a tio n a l B a n k — K a n s a s C ity . . . .
F i r s t N a t i o n a l B a n k — O m a h a ..................... 75
F i r s t N a t i o n a l B a n k — S t. J o s e p h .......... 90
F ir s t N ational B a n k and T ru st
C o m p a n y — L i n c o l n .......................................... 81
F i r s t N a t i o n a l C i t y B a n k — N e w Y o r k . 13
F r a n k l i n N a t i o n a l B a n k ................................... 10

G

G e n e r a l U n i t e d L i f e I n s u r a n c e Co. . . .
G r o s s , K i r k , C o .........................................................

98
98

H

I

72

K o o k e r , E . F . , A s s o c i a t e s ................................

K

98

L a S a l l e N a t i o n a l B a n k ........................................ 99
83
23

2

3V

N a t i o n a l B a n k o f C o m m e r c e .......................
N o r t h e r n T r u s t C o m p a n y B a n k ...............
N o r t h w e s t e r n N a t i o n a l B a n k —M i n n e a p o l i s ..........................................................
N o r th w e s t e r n N a tio n a l B a n k — S ioux
C i t y ..............................................................................
N o r th w e s t e r n N a tio n a l B a n k — S ioux
F a l l s ...........................................................................
N o rth w e s te r n N a tio n a l B a n k — S o u th
S t. P a u l ....................................................................

77
3

76

O

O m a h a N a t i o n a l B a n k ...................................... 73
O m a h a P r i n t i n g C o m p a n y ............................ 74
S

S c a r b o r o u g h & C o m p a n y ..............................
4
S e c u r i t y N a t i o n a l B a n k — S i o u x C i t y . . 79
S e c u rity Pacific N a tio n a l B a n k —
L o s A n g e l e s ..........................................................
S t o c k y a r d s N a t i o n a l B a n k — O m a h a . . . 78
S t u d l e y , S h u p e r t & Co., I n c ...........................
6
T oy N a tio n a l B a n k

I o w a - D e s M o i n e s N a t i o n a l B a n k ............102
I o w a L e g a l B l a n k & P r i n t i n g C o ............ 98

Ii
M

“I know

'I'

H a r r i s T r u s t a n d S a v i n g s B a n k ...............

95
25
9

91

A shipw recked sailor w ho had sp en t
th ree years on a d esert island w as
overjoyed one day to see a ship drop
anchor in a bay. A sm all boat came
ashore and an officer handed th e sailor ^
a batch of new spapers.
“The captain suggests,” he told th e T
m arooned sailor, “th a t you read w h a t’s
going on in th e w orld—and th e n let
us know if you still w an t to be rescued.”

M a n u f a c t u r e r s H a n o v e r T r u s t .................... 17
M a s t e r S e c u r i t y S y s t e m s , I n c ........................101
M e r c a n t i l e T r u s t C o m p a n y ............................ 21
M e r c h a n t s M u t u a l B o n d i n g C o ........................ 96

.............................................

82

V

U n i t e d C a l i f o r n i a B a n k ................................... 27
U n i t e d S t a t e s C h e c k B o o k C o m p a n y . . . 14
U. S. N a t i o n a l B a n k — O m a h a ....................... 70

V
V a n H o r n e I n v e s t m e n t s , I n c ........................

W

W h i t e - P h i l l i p s Co., I n c .......................................

80
88

Z

Z i e g l e r , B . C., & C o ...............................................

8

NO BETTER PROTECTION AT ANY PRICE
More and more Security Officers are receiving praise from their Board of Directors because they
said, "Let's see what Master Security Systems has to offer." They found they had things to protect
that were not "insured"—that they could get guaranteed top quality protection at a saving. Ask
one of our Security Consultants how you can be a hit with your Board. We know that the best and
most effective system, properly maintained, requiring a minimum investment, is your goal.

FOR ROBBERIES
If your bank is within five min­
utes of police, a robbery sys­
tem is required. It should be
designed to allow triggering
without creating danger. It
must be usable on suspicion by
any employee.

SU R V EILLA N CE CAM ERAS

Surely you will agree that a
robbery prevented is more
desirable than a robbery that
has to be solved. Responsible
law enforcement agencies
have said that a proper sur­
veillance system will deter 85
per cent of the would-be rob­
bers.

FOR BURGLARIES

VAULT PROTECTION

Most Banks consider Burglary
Protection basic, but often­
times are not aware of an
area of protection that could
save a sizable uninsured loss
in case or a burglary. We can
provide all of the basic de­
vices other companies do,
plus some recent, exciting and
money-saving innovations.

Most vaults have a sensitive
area which is most often com­
pletely ignored, but of vital
importance to you. Our Se­
curity Consultant will gladly
discuss this problem area with
you.

PO LICE PAN ELS

AU TO M ATIC DIALER

If you propose to use a
"leased Telephone line," be
sure that the receiving device
in the police station fulfills re­
quirements of the Bank Pro­
tection Act. SOME DON'T!

if you cannot reasonably an­
ticipate law enforcement help
within 5 minutes of an alarm,
there are very definite rea­
sons for considering both a
"local bell" and an "auto­
matic telephone dialer." This
could be your most important
consideration.

W hy be satisfied w ith "assurance" o f com pliance when you
can have "G u a ra n te e d " com pliance. WE GUARANTEE!

MASTER SECURITY SYSTEMS INC.
P .O .B ox 456 •


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

West Des Moines, Iowa 50265 •

Phone 274-3871 (515)

Clarence E. Sullivan, Jr.
Vice President

MEET
SULLY!

Clarence E. Sullivan, Jr., vice president at the lowa-Des
Moines National Bank, has assumed new duties as the head
of the bank's Correspondent Bank Department.
Sully joined the bank in 1966 after spending ten years with
the Union Bank and Trust Company of Helena, Montana.
Many of you have already worked with Sully and he would
like to get to know you better. Stop in next time you are
near the lowa-Des Moines.

IOW A-DES M O IN E S
N A TIO N A L BANK
Sixth and Walnut, Des Moines 50304 • 284-8686
Member Federal Deposit insurance Corporation


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

NOW IN OUR
SECOND CENTURY^
OF BANKING