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Oldest Financial Journal Serving The Central and W estern States

No. 1182

Des Moines, Iowa

Explains Reasons for High Interest Rates
“ Criticism of banklending rates
during the current tight-money
period arises from widespread
misunderstanding of the forces
that cause those rates to move
up or down.”
This is the comment made by
Tilden Cummings, president of
ContinentalTllinois National Bank
and Trust Company, Chicago.
Public reaction against the
banks has become sharpened since
last June, he said, when the prime
lending rate was raised to 8%%.
“ While it is generally recog­
nized that the price of a tangible
commodity will rise inexorably
when that item is in short supply
(or fall when the supply is gener­
ous), there is surprisingly little
comprehension the same factors
influence money rates. In the case
of banks, the problem is intensi­
fied during a tight-money period
(such as we are now experiencing)
by restraints that are imposed
quite properly by the Federal Re­
serve Board as part of the effort
to contain inflation.”
Mr. Cummings cites three rea­
sons why rising costs of bank
credit are an effect and not a
cause of tight money:
First, “ when there is an ex­
ceptionally strong demand for
goods and services, as at present,
the prices of those goods and ser-

vices tend to increase. In a
classic
inflationary situation,
demand continues to rise and
businesses seek to obtain more
credit in order to increase produc­
tion. The increase in demand for
credit tends to push up interest
rates.”

Tilden Cummings

Second, the public, once it’s
convinced that prices will contin­
ue to rise unchecked, develops a
‘buy-now-before-prices-rise-again’
psychology. “ The awareness of
this threat led the Administration
and the Federal Reserve System to
propose and institute a policy of
restraint designed to slow the
rapid escalation of prices,” Mr.
Cummings said.
Third , as part of the govern­
ment’s action, the Federal Re­
serve has used its power to cut
the flow of funds available to
banks for lending. This action may
include selling government secu­
rities to dry up available dollars,

September 8,1969

raising bank reserve requirements,
or other steps to cut the lending
ability of the banks. For example,
the Federal Reserve has held
down the interest rate ceiling that
banks may pay on time deposits,
and so billions of dollars have
flowed out of the banks and into
higher-paying investments.
“ Thus credit becomes scarce
in relation to demand,” Mr. Cum­
mings said. As a result, interest
rates move upward. “ In this situ­
ation, the banks become the most
visible part of the (government’s)
restraining process. Consequently,
(banks) are likely to receive the
brunt of the criticism from those
most affected by tight money.”
Mr. Cummings comments were
distributed to all members of his
bank and to key Congressmen and
Illinois legislators.
Messenger Service
Case Gets Hearing . . .
The question of whether a na­
tional bank’s armored car messen­
ger service constitutes branch
banking will be argued before the
U. S. Supreme Court October 20The high court has agreed to
hear one hour and '40 minutes of
argument in the suit by First Na­
tional Bank of Plant City, Fla.
against State Comptroller Fred 0.
Dickinson, Jr. First National is
appealing a decision by the U. S.
(C o n tin u e d on P a g e 4)

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Transit & Collection Service, Operational Services,
Credit Information. We’re ready with them first!

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Federal Reserve Bank of St. Louis

First National Bank of Omaha

GENE HAGEN

TOM HORN

JOHN DIEFENDORF

on the job for you at

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E

I

IE can

D A V E N PO R T : F o llo w in g an end to a
c o n s tru c tio n s trik e in th e D av en p o rt
a r e a , D av en p o rt B ank and T ru s t Com ­
pany h a s bro k en ground for its new
b u ild in g , w h ich w ill a d jo in th e main
ban k .

Christy
Armstrong

DES MOINES: A to ta l of 240 b a n k e rs
a tte n d in g th e an n u al in sta llm e n t c re d ­
it co n fe re n c e of th e IBA in D es M oines
la s t w eek h ea rd In su ra n c e C om m is­
s io n e r L o m e W orthington s a y th a t he
w ill s e t a ra te for c re d it life com ­
m is sio n s in th e a re a of 60<t to 85<f on
or abou t O cto b e r 15. A co m p lete r e ­
p o rt of th e co n fe re n c e w ill ap p e ar in
th e O c to b e r m ag azin e is s u e .

‘WE HAVE WHAT YOU WANT
iii a correspondent bank’

american trust

and savings bank

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

IOWA NEWS
ALGONA: Gordon C. H a ll h a s b een
nam ed m anaging o ffic e r of th e S e c u ­
rity S ta te B ank by R o b e rt I s e n s e e ,
who b o u g h t th e b an k r e c e n tly . Mr.
I s e n s e e is p re s id e n t of U n ite d Home
B a n k , M ason C ity . Mr. H a ll w as u n til
re c e n tly p re s id e n t of th e C o ra lv ille
B an k and T ru s t C om pany, w here Mr.
I s e n s e e w as ch airm an .
C L IN TO N : C lin to n N a tio n a lB a n k w ill
h o ld a s e r ie s of open h o u s e s in its
new ly rem o d eled an d e n la rg e d b an k
on S eptem ber 15, 16 and 17.
D A V E N PO R T : Wayne H. G eadelm ann
h a s jo in e d th e F ir s t N a tio n a l B an k of
D av en p o rt a s a v ic e p re s id e n t and
tr u s t o ffic e r. H e w a s form erly a v ic e
p re s id e n t and c a s h ie r a t th e P o w e ­
s h ie k C ounty N a tio n a l B ank in G rinn e ll.

IOWA CITY : G .K u rt Wayne h a s jo in e d
th e Io w a S ta te B ank and T ru s t Com­
pany a s a lo a n o ffic e r. H e w as a s s i s ­
ta n t v ic e p re s id e n t a t B a n k e rs T ru s t
C om pany, D ès M oines.

K N O X V IL L E : T h e 3M Com pany h a s
an n o u n c ed p la n s for th e c o n s tru c tio n
n e x t y e a r of a m u lti-m illio n d o lla r
m an u factu rin g p la n t h e re . T he p la n t,
to em ploy ap p ro x im ate ly 200 p e rs o n s ,
is e x p e c te d to b e o p e ra tio n a l by la te
1971 and w ill b e u se d by th e firm ’s
in d u s tria l s p e c ia l p ro d u c ts d e p a rt­
m ent.
ONSLOW: G eorge H. P a u ls e n , c a s h ­
ie r a t th e O nslow S a v in g s B an k , h a s
been
nam ed bank p r e s id e n t. He
h a s be en a m em ber of th e b a n k ’s
bo ard of d ire c to rs s in c e 1927. K en ­
n e th K en n ed y , p re s id e n t of th e bank

We're here to help
you get what you want

I0WA-DES MOINES

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

NATIONAL BANK
Member Federal Deposit Insurance Corporation

s in c e 1962, h a s re tire d . E . J . B u re s h ,
p re s id e n t of th e C itiz e n s S av in g s
B ank of A n am o sa s in c e 1963, h a s
p u rc h a se d th e in te r e s ts of th e H o lst
fam ily in th e bank an d h as b ee n
nam ed to th e b o ard of d ire c to rs .
O th ers new ly nam ed to th e board are
L e s B u re sh and Guy S le e p , b oth are
s e n io r v ic e p re s id e n ts of th e A n a­
m o sa ban k . A dolph Stam pe h a s b een
prom oted from a s s i s t a n t c a s h ie r to
c a s h ie r .

U R B A N D A LE: A p p lic a tio n h a s been
file d w ith th e S tate B an k in g D ep a rt­
m ent for th e e s ta b lis h m e n t of a new
B ren to n b an k h e re . O rg a n iz e rs of th e
p ro p o se d N o rth w e st B ren to n Bank and
T ru s t Com pany a re William H. B re n ­
to n , C. R o b e rt B re n to n , J . C. B re n to n ,
C. S. Jo h n so n and D avid G. W right,
a ll of D es M oines. Mr. W right, p r e s ­
id e n t of th e N o rth w e st D es M oines
N a tio n a l B a n k , an a f f ilia te of th e
B renton g ro u p , h a s an n o u n ced th e
e x is tin g
U rb an d ale o ffic e of th e
N o rth w e st D es M oines N a tio n a l w ill
be r e p la c e d by th e new b an k .

NEBRASKA NEWS
O A K D A LE: T h e F ir s t N a tio n a l B ank
of O ak d a le re c e n tly h eld an open
h o u se in its n ew ly rem o d e led b an k
q u a rte rs . M erle D. W agner, lo c a l b u s i­
n e s sm a n , h a s b een e le c te d to the
b o ard of d ire c to rs . B arry M arsh a ls o
h a s jo in e d th e b a n k ’s s ta f f .
OMAHA: T h e F ir s t N a tio n a l B a n k ’s
11th a n n u a l E co n o m ic an d B e e f C a ttle
Forum w ill b e h e ld T h u rs d a y , S ep tem ­
ber 11, a t th e F o n te n e lle H o te l h ere .
F o r co m p lete d e t a il s , s e e th e S ep tem ­
b e r Northwestern Banker.
P O T T E R : D. F re d E n e v o ld se n , p r e s ­
id e n t o f th e P o tte r S ta te B a n k , w ill
be hon o red d u rin g th e 1969 P o tte r
D ay s c e le b ra tio n here S eptem ber 12 —
13. Mr. E n e v o ld se n h a s b een a c tiv e
in th e c e le b ra tio n for n e a rly 40 y e a rs .

MINNESOTA NEWS
T h e M in n e so ta B a n k e rs A s s o c i­
a tio n ’s 1969 d is t r i c t m e e tin g s w ill be
h eld S ep tem b er 8 —17 a t s e v e n lo c a ­
tio n s th ro u g h o u t th e s t a t e .
F e a tu re d s p e a k e r a t th e m e e tin g s,
ac c o rd in g to S. R . W heaton, MBA p r e s ­
id e n t, w ill b e n a tio n a lly known au th o r
and c o n s u lta n t H aro ld P lu im e r. Mr.
P lu im e r is au th o r of a book “ The
F ro n tie r s of Our T im e s ,” w h ich w ill
be h is to p ic for the d in n e r program at
th e m e e tin g s.
O th er program s p e a k e rs and th e ir

L IN C O L N

...Experts in Mortgage Loans

FIRST NATIONAL BANK

TRUST COMPANY OF LINCOLN

12th & N Street • LINCOLN. NEBRASKA • Member: F.D.I.C.

to p ic s w ill in c lu d e Mr. W heaton, who
w ill be d is c u s s in g fe d e ra l le g is la tio n ;
MBA V ice P re s id e n t M arvin R. C am p­
b e l l, th e MBA insurance* and fringe
b e n e fit program ; MBA E x e c u tiv e V ice
P re s id e n t K en n e th A. W ales, s t a t e
le g is la tio n ; MBA S e c re ta ry T rum an L .
J e f f e r s , e d u c a tio n , p u b lic re la tio n s
and te le v is io n a d v e rtis in g ; Wayne F .
B e rth iau m e, MBA p u b lic ity d ire c to r,
MBA film and s ta f f tra in in g program s.
T h e d is tr ic t b u s in e s s m e etin g s w ill
in c lu d e e le c tio n of o ffic e rs and d ir e c ­
to r s , e n d o rse m e n t of MBA o ffic e rs
for 1970—71 and a re p o rt by th e
d is t r ic t co u n c ilm an . In d is tr ic ts 7 , 8
and 9, a co u n c ilm an w ill b e e le c te d
to ta k e o ffic e in J u n e , 1970.
A fternoon program s w ill c o n c lu d e
w ith a p re s e n ta tio n by D ean F . S c o tt,
MBA le g a l c o u n s e l, on “ R e g u la tio n Z —
T ru th -in -L e n d in g ,’’ follow ed by a
q u e s tio n -a n sw e r p erio d .
F o llo w in g a re tlys d a te s and lo c a ­
tio n s for e a c h d is tr ic t m eeting:

M IN N EA PO LIS: P ro m o tio n s and a p ­
p o in tm en ts of five o ffic e rs and th e
a s sig n m e n t of a d d itio n a l r e s p o n s i­
b ilitie s to a s ix th have been a n ­
n o u n ced by th e N a tio n a l C ity B an k
of M in n e ap o lis. Ben E . F e llo w s , fo r­
m erly co m p tro lle r-a u d ito r, h as b een
prom oted to v ic e p re s id e n t an d com p­
tro lle r and w as nam ed s e c r e ta ry to
th e board of d ire c to rs ; H a rrie t B. H alv o rso n , form erly p e rso n n e l d ire c to r,
to a s s i s t a n t v ic e p re s id e n t in ch arg e
of p e rso n n e l a d m in istra tio n ; M ich ael
J . K e lle y , from c r e d it m anager to
com m ercial le n d in g o ffic e r; T h o m as J .
F re e d , form erly ac c o u n tin g m an ag er,
to a s s i s t a n t co m p tro ller. D o u g las
P e te rs o n , form erly v ic e p re s id e n t at
th e M arq u ette N a tio n a l B an k , h a s
jo in e d N a tio n a l C ity Bank a s a s s i s ­
ta n t v ic e p re s id e n t in th e com m ercial
b an k in g d ep a rtm en t. R o lf Bj e ll an d ,
v ic e p r e s id e n t, h a s b ee n nam ed to
h e a d th e co m m ercial ban k in g d e p a rt­
m ent.

S ep tem ber

8 —D is tric t 7, C ountry C lub,
M ontevideo.
SOUTH DAKOTA NEWS
S ep tem ber 9 —D is tric t 2 , K ato B a ll­
room , M a n k ato .
CANISTOTA: C h a rle s L am b ertz h a s
S eptem ber 10—D is tr ic t
1, S heraton b ee n ap p o in ted a s s i s t a n t c a s h ie r a t
R o c h e s te r H o tel,
th e C a n is to ta o ffic e of th e U n ited
R o c h e ste r.
N a tio n a l B ank of V erm illio n , a ssu m in g
S ep tem ber 11—D is tr ic ts 3, 4 and 5, th e d u tie s of D e n n is K a s te n , who h a s
A m b assad o r M otel,
re s ig n e d .
S t. L o u is P a rk .
S ep tem ber 15—D is tr ic t 8 , C o a te s H o ­
te l, V irg in ia .
S ep tem ber 16—D is tric t 9, E rie J r . C lub, G RO TO N: D avid S tu lk en , a s s i s t a n t
c a s h ie r a t th e B ritto n o ffice of th e
D e tro it L a k e s .
S ep tem ber 17—D is tr ic t 6, G erm ain H o­ F i r s t N a tio n a l Bank of A b erd ee n , h a s
jo in e d th e b a n k ’s G roton o ffic e , s u c ­
te l, St. C loud.
c e e d in g D av id E ric k s o n , who h a s
jo in e d a N orth D ak o ta b an k .
G L E N C O E : D en n is H erzog h a s b een
prom oted from a s s i s t a n t v ic e p r e s ­
id e n t to v ic e p re sid e n t a t th e F ir s t
N a tio n a l B an k . L . H. S c h la u d e ra ff, V ERM ILLIO N : T hom as L o n g , v ic e
who jo in e d th e bank on J u ly 1, h a s
p r e s id e n t and m anager of th e U n ited
b e e n nam ed a s s i s t a n t v ic e p re s id e n t.
N a tio n a l B ank of V erm illio n , V alley
HA STING S: Jo h n E x ley h as re s ig n e d
a s v ic e p r e s id e n t of th e F ir s tN a tio n a l
B an k of H a s tin g s .

fC /R À Ç r o s s

BANK PLANNING
Waterloo. Iowa


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

Co

b a n k ’s m ain o ffic e . Jo h n S ta n a g e , a s ­
s i s t a n t c a s h ie r a t th e b an k ’s B randon
o ffic e , h a s a s su m e d Mr. L o n g ’s d u tie s
in V alley S p rin g s. M arion F . K elly
h a s b ee n a p p o in te d c re d it s u p e rv is o r
for th e bank an d its o ffic e s . He is a
former F D IC b an k ex am in er and m o st
re c e n tly s e rv e d a s v ic e p re s id e n t and
d ire c to r of U n ite d N a tio n a l Bank of
B randon.

NORTH DAKOTA NEWS
BISMARCK: H . L. T h o rn d a l, J r ., for­
mer N orth D ak o ta s t a t e co m m issio n er
o f b an k in g and fin a n c ia l in s titu tio n s ,
h a s a ssu m e d th e p re sid e n c y of th e
sta te -o w n e d Bank of N orth D ak o ta a s
of S ep tem b er 1.

L E E D S : D ale S tre y le is th e new p r e s ­
id e n t of th e F a rm e rs S ta te B ank of
L e e d s . He is a ls o c a s h ie r. New v ic e
p r e s id e n ts of th e b an k are Raym ond A.
Lam b of M oorhead and V irg il F .
H ege ho lz of F arg o . T he th re e men
w ill a ls o s e rv e a s d ir e c to r s , having
p u rc h a se d th e b an k in te r e s ts of the
Arne A. G regor fam ily, w hich had
ow ned th e b a n k s in c e 1926.

MINOT: F re d V is in a , form erly a s s o c i ­
a te d w ith a lo c a l c re d it com pany, h a s
b een nam ed a loan o ffic e r a t th e F ir s t
W estern B ank. He h a s 10 y e a rs of
e x p e rie n c e in th e fin a n c e fie ld .

S prings o ffic e , h as b een ap p o in ted
v ic e p re s id e n t and m an ag er o f th e

BANKS WANTED
WE HAVE A FILE OF OVER
400 “BUYERS” FOR ALL SIZES
OF BANKS.
“CONFIDENTIAL”
“PROFESSIONAL” SERVICE
For our “Listing Contract”
write to :
RAY E. REENTS CO.
1212 Oakmont Dr.
Springfield, 111. 62704

CH ILES &COMPANY
M EM BER, MIDW EST STOCK EXCHANGE

412 Farm Credit Building, Omaha. Nebraska 68102
Phone 346-6677 (Area Code 402) Teletype 402 348-1040
O th e r Offices Located in

LINCO LN
N ebraska

•

LEXINGTON
Nebraska

• VER M ILLIO N
South Dakota

BANK PREMIUMS

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N O R T H W E S T E R N B A N K E R w ill
send you F R E E w ith each order
of 500 Si I ver line “ Perform er”
R etractab le B a ll Pens:
A P o laro id C o lo rp a c k IV Cam era
w ith B u ilt-In Tim er (Model C P # 4). R e ta il V a lu e $ 3 9 .95 .
Features:
E le g a n tly tooled 24 Banded
caps in M e ta llic Gold and
Chrome colors
H a rtle y
B lue Ink Medium
Po int Brass C artridge
B utyrate B arrell w ith midget
m etal nose tip . B arrell co l­
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and Green.
4 lin e s of copy in S ilver ink
at no extra charge

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BOX 87 PM. 1*712*2821488
S P C M C C R ,IO W A 51901

C e n te r in D en v er, and R o b e rt L . P e n nock h av e b ee n nam ed d ire c to rs of
th e A rap ah o e V alley B ank h ere .
G en. Corw in is c u rre n tly v ic e p r e s ­
id e n t and tr e a s u r e r of th e C. A. Norgren Com pany, L ittle to n , and Mr.
P e n n o c k is v ic e p re s id e n t and g e n e ra l
m anag er of H o n e y w e ll’s p h o to g rap h ic
d iv is io n .
R IF L E : T h e R ifle B ank A g en cy , I n c .,
h a s p u rc h a se d 448 of the o u tsta n d in g
500 s h a r e s of s to c k in th e F ir s t N a ­
tio n a l B ank here from M ads A nderson
and a s s o c ia te s .

WYOMING NEWS
G IL L E T T E : Ground h a s b een broken
h ere for th e new bank b u ild in g of th e

500 Pens 270 each
C e llo wrapped 20 add itio nal
F in e P o in t R e fills 20 each.
NORTHW ESTERN BANKER
306 - 15th Street
Des M oines, Iowa 50309

D E N V E R : O w n ersh ip of th e U nion
N a tio n a l B a n k h a s re tu rn e d to D en­
v er a fte r 14 m o n th s, w ith th e pu r­
c h a s e of th e U nion N a tio n a l B ank
C o rp o ratio n by S tu arco O il C om pany,
I n c ., from V ic k e rs T ru s t of W ichita.
S tu arco is a p riv a te ly ow ned c ru d e o il p roducing and d rillin g com pany.
No c h a n g e s in b an k p e rso n n e l h av e
b e e n an n o u n c ed .
L IT T L E T O N : B rig. G en. T hom as P .
C orw in, re tire d com m ander of th e
A ir F o rc e A ccounting and F in a n c e

CENTRAL

NATIONAL

SHERIDAN: T he old F ir s t N a tio n a l
B ank b u ild in g h ere w as raz ed re c e n tly
to make way for a modern new onesto ry s tru c tu re to h o u se th e bank.

Hearing. . .
(C o n tin u ed from P a g e 1)
F ifth C irc u it C ourt of A p p e a ls la s t
S eptem ber th a t its m e sse n g e r s e r ­
v ic e c o n s titu te d b ran c h b an k in g in
v io la tio n of F lo rid a s ta te law .
F o llo w in g th e d e c is io n , F i r s t N a ­
tio n a l and the C om ptroller of th e
C u rren cy b rought a p p e a ls to th e high
co u rt. In a d d itio n , num erous ‘friend
of th e c o u rt’ b rie fs w ere file d in s u p ­
p o rt of b oth p o s itio n s . H ow ever, o ral
arg u m en ts before th e high c o u rt w ill
be lim ite d to a tto rn e y s for F ir s t
N a tio n a l, D ick in so n and th e U. S.
S o lic ito r G e n e ra l, who w ill r e p re s e n t
th e C o m p tro ller.

W AN T ADS
Rates 25 cents per word per insertion. Minimum: 12 words.
NORTHWESTERN BANKER ------ 306 15th St.. Des Moines, Iowa
F O R SA L E
B urroughs A uto R e a d e r, S ty le A4001,
for s e n s itr o n ic s . P ric e $500. N a tio n a l
B a n k o f N orth C h ic a g o , N orth C h ica g o ,
I llin o is 60064.

COLORADO NEWS

F ir s t N a tio n a l B ank. T h e $300,000
s tru c tu re is s c h e d u le d to be com ­
p le te d in Ja n u a ry , 1970-

PO SITIO N A V A ILA BLE
P ro g r e s s iv e Wyoming b an k s e e k s
young c o lle g e -tra in e d man w ith m inimun of tw o y e a rs e x p e rie n c e . N ote
te lle r
e x p e rie n c e
v a lu a b le . Send
resu m e to F ile WCB, in c a re of th e
N O RTH W ESTERN BA N K ER, 306 15th S tre e t, D es M o in es, Iow a 50309WANTED
E x p e rie n c e d
o p e ra tio n s
man
for
$16 m illio n b ank lo c a te d in W estern
I llin o is . Jo b w ill le ad to c a s h ie r
p o s itio n in tw o to th re e y e a r s . Send
resu m e to F ile IB B , in c a re of th e

BANK

AND

TRUST

Member Federal Deposit Insurance Corporation

COMPANY

N O RTH W ESTERN BA N K ER , 306
15th S tre e t, D es M oines, Io w a 50309.
$1 0 .0 0 IS
The p ric e of a p e rs o n a l, a ir m ail
su b s c rip tio n to the C ro u se Farm
B u s in e s s R e p o rts. T h ey h elp k ee p
loan o ffic e rs and ag re p r e s e n ta tiv e s
ah e ad of th e ch an g in g farm p ic tu re .
S am ples a v a ila b le . Farm B u s in e s s
C o u n c il, I n c ., P .O . Box F , U rbana,
Illin o is 6 1801 PO SITIO N A V A ILA BLE
N eed V ice P r e s id e n t for D enver Sub­
urban b an k . B ack g ro u n d in com m er­
c ia l len d in g and in s ta llm e n t o p era­
tio n s n e c e s s a r y . E x c e lle n t liv in g and
w orking c o n d itio n s. Send resu m e and
p h o to g rap h to A. J . C uen y , p re s id e n t,
G olden S tate Bank', G olden, C o lo ­
rad o 80401.
IN C REA SE 1969 P R O F IT S
Cy K irk and Max Roy, v ic e p r e s id e n ts
of L a S a lle N a tio n a l B an k , C h ica g o ,
are p rep ared to a s s i s t y o u and your
bank in p lan n in g in c re a s e d p ro fits
for 1969. W hether it is an a n a ly s is .of
your bond p o rtfo lio or a c o s t stu d y
of your g e n e ra l ban k in g s e r v ic e s ,
L a S a lle N atip n al B ank has th e fa c ilitie s to s e rv e your ev ery n ee d . C a ll
Cy or Max today a t (A re a C ode 312)
7 8 2 —5200 for im m ediate a c tio n .

No. 1182 Northwestern Banker is published five tim es monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines,
Iowa 50309- Subscriptions 50tf per copy, $6 per year. Second c la s s postage paid at Des Moines, Iowa. Address all mail

subscriptions, changes of address (Form 3579)? m anuscripts, mail items to above address.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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