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Oldest Financial Journal W est o f the Mississippi * No. 1056 September 25,1967 Des Moines, Iowa A t ■V if A * A f A the bottom of this c r is is ,” he added. Senator Miller Attacks Gold Proposal “ There are officia ls in the Administration who want to repeal the gold cover so that there will be no discipline preventing them from turning on the printing presses to issue cheap money.” This was the angry reaction of U.S. Senator Jack Miller (RIowa) to reports that plans were afoot to seek easing or elimination of the gold cover for the U.S. dol lar. In a Senate speech, Senator Miller sharply attacked the reported statement by Treasury Secretary Henry Fowler that proposals will be submitted to Congress in the near future regarding the gold backing. The Iowa Republican contrasted this statement with comments by Secretary Fowler on February c before the Joint Senate-House l'ci. nomic Committee. “ I asked Secretary Fowler then whether there were any plans being discussed to ask Congress to reduce or eliminate the gold cover,” Senator Miller recalled, adding: “ The Secretary’ s reply, re corded on page 196 of the Hearings Report, was: ‘ Not at this time. We think we have for the time being a substan tial margin, apd that there is no near-term likelihood that would be necessary . . . As we see the situation now, it is a reasonably stable one, and we wouldn’ t need to ask for the removal of the cover at this time.’ “ This is another example of why there is a credibility gap in Washington,’ ’ Senator Mi ller charged. The Iowa Senator pointed out that at the time the new Adminis tration took over in January of 1961 the Treasury gold stock amounted to $17.7 billion, that it had dropped to $13.1 billion at the end of 196H, and was listed at $13 billion as of the end of last August, the lowest since 1938. “ With a 25 percent cover re quired for U.S. and Federal Reserve notes amounting to $9.7 billion, this leaves only $3.3 billion of ‘ free gold ’ to meet potential short term dollar claims o f $14 billion held by official institutions of foreign countries,” Senator Miller said. “ D eficit spending and infla tionary p olicies which have cheap ened the American dollar are at B U L L E T IN S .... CLINTON, IOWA: The Comptroller of Currency has approved The Clinton National Bank’ s request to establish an auto drive-up bank ing facility at 228 Sixth Avenue South, 90 feet north and across the street from the bank’ s main office. DENVER: Max G. Brooks, chair man of the board of the Central Bank & Trust Company, has an nounced the election of Roger Stokes as a vice president, Ron Jerman, assistant vice president, ■and Joseph Drew Kennedy, assistand cashier. DES MOINES: The Iowa-Des Moines National Bank has acquired com puter equipment for a Computer Center in Cedar Rapids. It will occupy space in the P eoples Bank & Trust Building. C. W. Aurand, bank president, said that with the establishment of this second re mote Computer Service Center, the bank will offer computer-oriented services to banks throughout north east Iowa. The Iowa-Des Moines earlier this year purchased a com puter service firm in Fort Dodge. 4 L IN C O L N ..First in Securities Management FIRST NATIONAL BANK & TRUST COMPANY OF LINCOLN 4 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -f CHILES & COMPANY . Member, Midwest Stock Exchange r C H R IS T Y A R M S TR O N G LEO KANE LEO SC HLUETER fWE HAVE WHAT YOU WANT in a correspondent V bank’ american trust MUNICIPAL AND CORPORATE BONDS LISTED, UNLISTED AND LOCAL STOCKS 412 Farm Credit Building, Omaha, Nebraska 68102 Phone 346-6677 held a special “ bankers” open house Thursday, September 21. and sa v in g s b a n k PLAINFIELD: Farmers State Bank will observe its 50th anniversary on Saturday, October 7. 9TH AND MAIN, DUBUQUE, IOWA MEMBER: FDIC • FRS IOWA NEWS NEBRASKA NEWS BETTENDORF: Controlling inter est in the Bettendorf Bank and Trust Company has been purchased by a local group headed by Gifford M. Mast, Ralph U. Heninger and George C. Heninger of Davenport and Ralph H. Heninger of Betten dorf. ALLIANCE: Fred C. McFall has been named fieldman and represen tative of The Guardian State Bank. CLIMBING HILL: Climbing Hill Savings Bank will hold an open house in honor of its 50th anniver sary on October 14. DES MOINES: William P. Norris has been named vice president of commercial loans for First Fed eral State Bank. He was formerly president of Iowa Roofing Company of Des Moines. Theodore C. R as mussen also joined the bank as assistant cashier. He was formerly an operations and installment loan officer with Bank of America in L os Angeles. FARLEY: Joseph F. Kleeman has been elected president of Farley State Bank. Mr. Kleeman joined the bank in 1948 and su cceed s the late Joseph L. Mahony as president. John A. Schrandt was elected vice president, and Cletus Fortmann was named to the board of direc tors. MANNING: The newly remodeled Manning Trust and Savings Bank w ê b tm r j p ^ * mH | • i BELLEVUE: The Bank of Bellevue has donated the deed of the Old Log Cabin to the Sarpy County Historical Society. DESHLER: The new Nebraska Security Bank is nearing comple tion, and the building will be o c cupied in the very near future. GRAND ISLAND: Frank J. Cleary, senior vice president of First Na tional Bank, has died at the age of 82. Mr. Cleary was a lifelong resi dent o f Grand Island and began his banking career after graduating from high school. He was first employed by the Grand Island Banking Company and was instru mental in founding the State Bank of Grand Island at the time it was merged with the First National Bank. HOLDREGE: William Richards, well-known su ccessfu l farmer and rancher, has been elected president of the First Security Bank. Mr. Richards is moving from his home north of Orleans into Holdrege. As announced in the September 11 is sue, Ralph Misko has sold his controlling interest in the bank to Richard E. Person and John E. Dier, local attorneys, and Winston W e 're here to help you g e t w h a t you w a n t M m I0 W A -D E S M O IN E S NATIONAL BANK G e o rg e H arn agel https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Member Federal Deposit Insurance Corporation * \ Larson, vice president, and William F . N elson, cashier. Mr. Misko has resigned as president and director. It was first announced that Mr. Person would become president. This subsequent announcement re ports the election of Mr. Richards and his affiliation with the bank as an active officer. PAWNEE CITY: David Gregory, one of the legal representatives of the Pawnee Community Corporation, received notice from the state banking department that an appli cation for a new bank charter was denied. 4 •* ■f- * it PIERCE: Work will begin in the near future on an extensive re modeling project for the exterior of Cones State Bank building. The interior o f the building was recent ly remodeled. RALSTON: Application o f the Ralston Bank to establish a drivein facility has been approved by the FDIC. The drive-in bank will be located at 7600 Park Drive in Ralston. STANTON: William R. Slagle, a former deputy director of banking, will become a new member of the staff at Stanton National Bank. He was formerly a resident of Lincoln. E. E. Murphy will retire from the bank the first of next year. SOUTH SIOUX CITY: The Nebraska State Bank recently broke ground on a new 2,600 square foot addi tion, which will occupy the north west com er of 21st and Dakota Avenue. The addition will also contain a community room in the basement and an enclosed walk-up teller window in the drive-in fa cili ty. When the Nebraska State Bank was organized in 1920, it had one employee. The bank now has 24 full-time employees. *r m sfr ■i & / rk Gross Co * BANK PLANNING Waterloo, Iowa Always the First to Serve You! First National Bank of Omaha 16TH & FARNAM - OMAHA, NEBRASKA 4 Member Federal Deposit Insurance Corporation + » A t b The Minnesota Group of the National Association of Bank Women, has elected a new slate of officers. They are: Chairman - Miss Betty Ann Mal colm, assistant cashier, Stock Yards National Bank, South St. Paul. V ice Chairman - Mrs. Hazel E. R osell, vice president, Fidelity Bank and Trust Company, Minne apolis. Secretary - Mrs. June P. Hanson, assistant cashier, Second North western National Bank, Minne apolis. Treasurer - Miss Helen M. Zarling, vice president, Farmers and Merchants State Bank, Breckenridge. Publicity Chairman -Mrs. Elaine D. Schlemmer, assistant cashier, Farmers Terminal State Bank, New port. Membership Chairman - Mrs. L ois M. Johnsen, assistant cashier, Na tional City Bank, Minneapolis. -ft W & r 4- 'K * M mmmmk MINNESOTA NEWS GREENBUSH: Sander Tureson has been added to the staff of Greenbush State Bank as assistant vice president. He comes to Greenbush from Thief River Falls where he was a member of the staff of the Union State Bank. MAHNOMEN: Construction will be gin soon to remodel and enlargfe First National Bank. An adjoining building has been purchased, and both buildings will be combined to give the bank approximately double its present space. MINNEAPOLIS: Allen Jertson has been named assistant cashier at First National Bank. He was for merly employed by the Northwest-, em National Bank of Rochester in the installment loan department. MINNEAPOLIS: Ten weekly cla sse s on the topic of human relations are being offered by the American Institute of Banking. The c la ss e s , which began September 13, are being held in the Minneapolis Chapter rooms. NORTH FIELD: Fredrick C. Moors, president o f Northwestern State Bank, has been elected assistant secretary of Northwest Bancorporation, effective September 1. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis KEEP US IN MIND WE’RE EASY TO FIND 283-2421 BANKERS TRUST COMPANY Member Federal Deposit Insurance Corporation Largest Locally-Owned Bank in Des Moines HOMER JENSEN ST. ANTHONY: Dan Burrill, execu tive vice president of State Bank of St. Anthony V illage, has an nounced the appointment of Robert R. McCampbell as vice president in charge of the commercial lend ing department. He was formerly assistant v ice president in charge of bank setyices research at the Valley National Bank in Phoenix. Mickey Emmons has been appointed cashier, and Edna Burrill has been named to the board of directors. ST. PAUL: The Independent Bank ers of Minnesota will hold their sixth annual convention at the St. Paul Hilton hotel Wednesday and Thursday, September 27-28. SOUTH DAKO TA NEWS SIOUX FALLS: Martin J. Colton, president of National Bank of South Dakota, has announced the installation of a new IBM 1240 Bank Data Processing System. Tom Neubel is manager o f the Bank’ s Data Processing Center, and W. T. Johnson is Center super visor. NORTH DAKOTA NEWS CANDO: Application of Towner County State Bank for FDIC cover age has been approved by the Federal Deposit Insurance Corpo ration. MONTANA NEWS LIVINGSTON: Claude R. Erickson, president and chairman of the board of First Security Bank has announced the appointments of Donald W. Liebsch and James D. Bennett as directors of that insti tution. Both were formerly vice presidents of First Security Bank. COLORADO NEWS DENVER: The Federal Deposit Insurance Corporation has filed a lawsuit for $353,673. in U. S. District Court in Denver against Elmer E. Phillips, Darrel N. Coba, Eddie J. Hazard, Phillip Malouff, R. Ivan Coombs and James Curtis, six former directors of the Saguache County National Bank in Saguache. The FDIC alleges the six men are responsible for loss of this amount of bank funds because they did not perform their duties properly and because they authorized loans to persons and firms who were bad credit risks. Tom Horn Jolm Dielendorl Gene Hagen.. . . . .bring the Security Rational Bank personal service to every correspondent. Personally! S ECURI TY NATIONAL Sioux City, Iowa BANK for the ing. CECIL M EAN S.... of T each STOCKYARDS NATIONAL BANK Mender FDIC NATIO NAL NEWS CHICAGO: La Salle National Bank recently announced the appointment of James E. DeNaut, Howard A. Pettinger and Thomas B. Sullivan as installment loan officers. CHICAGO: Homer J. Livingston, chairman of the board of The First National Bank of Chicago, recently announced that the bank will hold its 6th Annual Public O fficials Conference at the Palmer House, Thursday, October 5. Over 500 state, county and city officia ls from Illinois and surrounding states are expected to attend. SAN FRANCISCO: James M. Hall, California superintendent of banks has requested all state chartered banks in California review their checking account service p olicies and submit them to him. He said he recently has heard complaints from the public “ regarding the incidence and amount of checking account service charges.” He has asked bank presidents to discuss service charge p olicies with boards of directors and to “ adopt a firm policy by resolution.” One Major bank in California is said to have derived as much as $2 million a year from check ing account services, although the development o f reserve fund plans has reduced that income. WASHINGTON, D.C.: Tne House last week passed legislation to extend for a year authority for interest rate ceilings on bank and savings and loan time deposits. House action came only two hours after its Banking Committee ap proved the bill. W AN T ADS NEW YORK: The ABA Convention will open Sunday, September 24 with headquarters at the Americana Hotel. For the complete convention program see page 26 of the Septem ber Northwestern Banker. Rates 25 cents per w ord per insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th St., Des M oines, Iowa NEW YORK: Dr. James A. Perkins, president of Cornell University, has been appointed to the board of directors of the Chase Manhattan Bank, N.A. Before going to Cornell in 1963, the 55-year-old educator was vice president of the Car negie Corporation of New York and of the Carnegie Foundation HELP WANTED Immediate opening for an Agricul tural Representative in an $11 mil lion southern Minnesota bank. Pre fer an individual with an Agricul tural Degree and credit experience. Send detailed resume with salary expected. File MSB, in care of the NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. 99 ÛÛ Bank Under the Big CENTRAL NATIONAL “ The Bank That Cares’ BANK AND “ SERVING BANKS AND BANKERS SINCE 1948 Bankers Service NEW YORK: Chase Manhattan Bank, N .A ., has lifted the rate it is w ill ing to pay on 90-day certificates of deposit to 5% from 4%%. The weekly Treasury bill auction differ ential between the average yield on three-month and six-month bills widened to 60 basis points. A GOOD MAN TO KNOW WHEN YOU NEED SPECIAL HELP Omaha, Nebraska Advancement TRUST Member Federal Deposit Insurance Corporation COMPANY CORPORATION BANK STOCK BROKERS BANK PERSONNEL 1301 R Ä T BLDG PHONE 515-244 3113 DES MOINES, IOWA 50309 FOR SALE N .C.R. proof machine, size number 22010(123)W, serial no. 6371440 18 pockets - 7 tapes. Contact The Poweshiek County National Bank, Grinnell, Iowa 50112. FOR SALE Cummins model 300 canceling ma chine and Cummins model 250 en dorsing machine: Contact Peter Burchette, Cashier, Exchange Bank, Bloomfield, Iowa 52537. AVAILABLE Experienced loan officer, 8 years banking and finance - agriculture and business degree. Prefer p o si tion with investment opportunity. Write File BLX, in care of the NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. POSITION WANTED Bank manager, early 40’ s, experi ence in all phases of country bank ing desires executive position or loan officer position in large bank. Write File PSD, in care of the NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. BANK OFFICER OPPORTUNITY Immediate opportunity for opera tions officer in rural $2^ million bank in Red River Valley. Some agriculture loan and insurance ex perience desirable. Good future potential. Send resume, picture and if desired, state salary require ments. File RRV, in care of the NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. $10.00 IS The price of a personal, air mail subscription to the Crouse Farm Business Reports. They help keep loan officers and ag representatives ahead of the changing farm picture. Samples available. Farm Business Council, Inc., P.O. Box F, Urbana, Illinois 6 1801. BANKS WANTED Hard-working staff of energetic Chicago Loop bank desires to serve more banks in the midwest better than they have ever been served before. This is not a lip-service ad. We’ ll perform! Call Max Roy in Iowa City at 338-5224. Or phone us direct at La Salle National Bank, 135 S. La Salle Street, Chicago, Illinois 60690. STate 2-5200 (area code 312). Complete trust services. Member o f Federal Deposit Insur ance Corporation, of course! * 4 * b % 4 4 TV 4 4 4 4 4 4 No. 1056 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 50^ per copy, $6 per year. Second c la ss postage paid at D es Moines, Iowa. Address all mail subscriptions, changes o f address (Forms 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4