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pipili .........................................:__________ _______ _________ : THE ATTEND YOUR GROUP MEETING LEADING ARTICLES APRIL, 1919 FARM LABOR PROBLEM IN THE WEST By JOHN A. CAVANAGH IOWA’S W. S. S. RECORD FOR YEAR 1918 By FRANK WARNER EMPLOYMENT MANAGEMENT IN BANKS By F. T. MILLER A DEFINITE PLAN FOR RECONSTRUCTION By JOHN V. SCHAEFER WHY THE CLEARING HOUSE IS A POWER By WM. A. LAW BANKERS AND THE NEW VICTORY LOAN By EDWIN BAIRD EDITORIALS —PERSONAL PARAGRAPHS— LEGAL OPINIONS AND DECISIONS—BUILD ING AND EQUIPMENT — INSURANCE — IN VESTMENTS—BANK NEWS OF IOWA, MIN NESOTA, NEBRASKA, MONTANA, NORTH AND SOUTH DAKOTA. T W E N T Y -F O U R T H Y E A R TOTAL NUMBER 380 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 THE NORTHWESTERN Northwestern National Life Insurance Com pany MINNEAPOLIS, MINNESOTA JOHN T. BAXTER, P r e sid e n t A PU R ELY MUTUAL, OLD-LINE, W E ST ER N COM PANY 5 \ D ir e c to r s The € } ( )/ INTEREST C 5, 7, or IO YEARS I" R Commissions small for choice loans. OF THE CITY OF NEW YORK Nassau and Pine Streets W IL L IA M W O O D W A R D .. P r e s i d e n t E. H A Y W A R D P E R R Y ......... V .- P re s . S A M U E L W O O L V E R T O N .. . V l- P r e s . J O S E P H B Y R N E ......................V .- P r e s . GHAS. H . H A M P T O N ............V .- P r e s . H E N R Y P . T U R N B U L L ......... V .- P r e s . WM . E . C A B L E , J R .........................C ashi J. N IE M A N N ............................A s s t. C a sh . W IL L IA M D O N A L D ............A s s t. C a sh . G E O R G E E , L E W I S ............A s s t. C a sh . F o re ig n D e p a rtm e n t W IL L IA M H . S U Y D A M . . , .M a n a g e r R O B E R T N E I L L E Y . .A s s t. M a n a g e r Options on any interest day. Twenty-year loans at 6% and we pay 1% commission. johnS3n&T rust Co. W ATERLOO Established 1851 $3,000,000 18,000,000 Oldest in Iow a 22 M illio n s O u tstan d in g April, 1919 F, A.’CHAMBERLAIN, Chairm’n First & Sec’ty Nat. Bank E. W. DECKER, Pres. Northwestern National Bank C. T. JAFFRAY, Pres. First & Security Nat’l Bank T. B. JANNEY, Pres. Janney, Semple, Hill & Co. E. L. CARPENTER, Pres. Shevlin-Carpenter-Clarke Co. B. F. NELSON, Pres. Hennepin Paper Co. A. A. CRANE, Vice-Pres. First & Security Nat’l Bank J. A. LATTA, Vice-Pres. Northwestern National Bank JOHN T. BAXTER, Pres. Northwestern Nat’l Life Ins. Co. F arm L oan s = Hanover National Bank Capital Surplus and Profits BANKER Federal Land Bank O m aha, N eb ra sk a D. P . HOGAN, P re s id e n t E . D . M O RCO M , T r e a s u r e r F R A N K G. O D E L L , S e c r e t a r y M. L. C O R E Y , A t t o r n e y - R e g i s t r a r E s ta b lish e d by th e U n ite d S t a t e s G o v e r n m e n t f o r t h e s o le b e n e f it o f b o r r o w i n g f a r m e r s . F u n d s a r e o b ta i n e d b y t h e s a l e o f b o n d s is s u e d th r o u g h th e U n ite d S t a t e s T r e a s u r y h e a r i n g 4% % in te re s t an d lo a n e d to f a r m e r s a t a c t u a l c o s t. A ll n e t e a r n i n g s a r e d iv id e d a m o n g b o r ro w e rs. A c o n s ta n t a n d a b u n d a n t s u p p ly o f t h e c h e a p e s t f u n d s a v a i l a b le f r o m a n y s o u r c e f o r f a r m lo a n p u r p o s e s . O v e r o n e h u n d r e d Io w ^. b a n k e rs h a v e o rg a n iz e d a s s o c ia tio n s a n d h a v e lo a n e d f o r u s f r o m $100,000 to $400,000 e a c h . F u l l y one h u n d re d o th e rs , o rg a n iz in g a s so c ia tio n s now . W rite fo r b o o k l e t s h o w in g e x t r a c t s o f l e t te r s fro m b a n k e r s e c r e ta r y - tr e a s e re rs , te llin g h o w su c c e s s fu lly t h e y h a v e h a n d le d o u r lo a n s . N o r e d ta p e . L o a n s c lo s e d p r o m p tly . W rite u s a t once if y o u r t e r r i t o r y is n o t t a k e n , a s i t is g o in g fa s t. THE FIRST N A T IO N A L « » .3 BANK E l IN THE UNITED STATES New Business Invited on the b asis ol SATISFACTORY SERVICE Resources Over $3,000,000.00 FIRST NATIONAL BANK DAVENPORT, IOWA L J. YAGGY, Cashier https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A. F. DAWSON, President FIRST NATIONAL BANK OF SIOUX CITY, IOWA Resources M arch 4- 1 9 1 9 $ 15 , 7 5 7 , 2 53 .8 9 Your account w ith us w ill be handled to your satisfaction and advantage JOHN J. LARGE, President P. A. McCORNACK, Vice President H. A. GOOCH, Vice President L. H. HENRY, Vice President J. L. MITCHELL, Vice President O. D. PETTIT, Cashier FRITZ FRITZSON, Assistant Cashier FRANK R. KIRK, Assistant Cashier JOHN P. HAINER, Assistant Cashier L. M. ASHLEY, Assistant Cashier April, 1919 THE NORTHWESTERN BANKER m « SMmm B» IP C , I mm, 1111118 H Imm® mMm P §§ Wimm §8 m ü IIA m m JOSEPH H. MILLARD, President Omaha National Bank, Omaha, Nebraska. Joseph H. Millard was the first active cashier of the Omaha National Bank, his predecessor having devoted only a few weeks of his time to the office. His career as a banker covers at least fifty-five years and his success has won for him distinction among the bankers of the west. He is regarded as the Nestor of banking in Nebraska, which state by no means limits the sphere of his influence. In 1871, Mr. Millard was elected to the office of Mayor of Omaha when the city’s population was less than 15,000. In the 80's he was chosen as government director of the Union Pacific Railroad in which he represented the government’s interests in the property acquired by the mortgage loan of $50,000,000. For seven years he was director of the railroad, representing the stockholders. In 1901 he was elected to the office of United States Senator at a time when he was not an avowed candidate for the office. During his term he was chosen Chairman of the Senate Committee on Inter-Oceanic Canals, taking a prominent part in the hearings looking to a decision as to type of Panama Canal construction. The canal was built according to the type the Senator advocated. His term in the Senate was marked by large appropri ations secured by him for the Omaha Postoffice, Fort Omaha, and for public buildings in Norfolk, York, etc., aggregating about a million dollars. A banker in high office, he honored his profession and conferred distinction upon his state. The deposits of the Omaha National Bank October 1, 1866, were $120,000.00, and on March 4, 1919, they were $31,900,000.00. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8S8S8^8S88§8$8$8aS8SS888888SSa88$8888§8S88Sì8888888^^ N o r th w ester n B anker 709-710 C R O C K E R B U IL D IN G , D ES M O IN E S, IO W A „ lo a th ly , $3.00 per year, 25c a copy. E ntered as second-class m atter a t Des M oines post office to conform to the postal laws; everything else per taining to the jo u rn al being strictly first class. T he oldest financial journal west of the M ississippi R iver and th e only one in th e U nited States which is a m em ber of the A udit B ureau of C irculations. Clifford De Puy P u b lish er | APRIL, 1919 Special Representative Minneapolis Office Chicago Office Charles Burke Frank S. Lewis Herbert Armstrong Care Northwestern Banker 840 Lumber Exchange Bldg. ______________________________________________________________ 410 Advertising Bldg. Frank Armstrong E d itor St. Louis Office New York Office R. Fullerton Place Frank C. Thomas 118,Merchants-Laclede Bldg. ______________________ 6 East 39th St. ONE FLAG. IJAt this time when there is so much unrest and Bolsheviki disturbance going on in various parts of the world, we cannot refrain from emphasizing the fact that as real, true Americans we should do everything we can to uphold the one flag that stands for righteousness and liberty in the world, the American Flag. In one of his public addresses made not long before his death, Theodore Roose velt said, “We have room for but one flag, the American Flag, and this excludes the red flag, which symbolizes all wars against liberty and civilization, just as much as it excludes any foreign flag of a nation to which we are hostile. We have room for but one language here and that is the English language, for we intend to see that the crucible turns our people out as Americans of American na tionality, and not as dwellers in a polyglot hoarding house; and we have room for but one soul loyalty, and that is loyalty to the American people.” When organizations within our own borders aug mented by the spirit from abroad are endeavoring to carry the red flag of anarchy and social un rest into many of the States of the Union, it is necessary for every banker to use his influence in seeing that the community in which he lives does not suffer from such an invasion. THE LEAGUE OF NATIONS IfWe are in favor of a League of Nations. We do not say that the present draft of the Covenant is final or complete. We do believe it is a step in the right direction. The last article of the Cov enant provides for amendments, so that after the present document is put into effect and changes are found to be necessary, the machinery is already provided whereby these mistakes can be cor rected. There have been eighteen amendments to the Constitution of the United States since it was first drawn. These amendments have provided for the changes in conditions which have con fronted a growing nation, yet at the time the Constitution was adopted, there were many State Leg islatures which thought that the country was doomed. The world has seen the conclusion of four years of the most bloody, most terrible and the most awful war of which history has any record. Ih e League of Nations will assist in preventing such a catastrophe again. There are some who op pose the League of Nations, or at least the present draft because of some particular clause or phrase in the document. These objections may be correct and well founded, but we do not believe that because of these minor objections that we should not have any League of Nations at all. Others who oppose the entire idea of the League of Nations offer nothing in its place. They offer destruc tive rather than Constructive criticism. The civilization of the world demands that some plan be adopted whereby wars will be reduced to a minimum and the safety of future generations assured. I I SS8SSS88S$SSSSSSS$8$$SSS8SSSS8SmSS$$S^^ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I ! LOOKING AT THE OTHER MAN’S PROBLEMS ^Probably no other class of business men have to analyze the other man’s problems so much as the banker. Because of this fact, it gives the intelligent banker who can understand conditions a better and more sane attitude towards the problems of his customers and of the community in gen eral. After all, the matter of getting along in this world with each other is very nearly solved after we know each others difficulties and how to help eradicate them. J. Ogden Armour expresses it this way, “The greatest need we face today is that of understanding. We have had too much talk about ‘masses’ and ‘classes’ and too little recognition of the truth that in the main all men are very much alike; that they are actuated pretty much alike by the desire to live and to get the joys that life should be made to provide. Some succeed better than others, but that is merely a prank of Mother Nature. She makes no tyro things exactly alike, and yet she sees to it that the man with the hoe is little different from the man of wealth. If we but had a better appreciation of the other fellow’s problems, it would make for greater contentment and greater progress. The time is at hand when capital must give more thought to the workers’ problems and the worker must be in formed as to the problems of business and industry. That we are making progress toward that better understanding is my fond hope.” This is the hope of every progressive, successful businesss man who is naturally vitally interested in his own success but who is also willing to share some of his profits with those who have contributed to making his institution a leader in its line. PROSPERITY AHEAD flFrom all sources reports indicate that the country will enjoy great prosperity from now on. The energy of war is being put into the pursuits of peace. The country is fundamentally on a sound basis. There is a big demand for everything that we can manufacture and produce. Because of war restrictions on building and construction which have been removed there is a big demand for everything needed in this line, and one financier says that there is no doubt we are in need of more construction than ever before in our history. “There is ahead of us large business prosperity,” according to Judge Gary, President of the U. S. Steel Corporation. “We may hasten or retard its progress, depending upon our attitude. If we avail ourselves of the opportunities offered we will succeed. We must be resolute, fair minded and confident. We must apply the spirit of cooperation whenever practicable. We must have faith in ourselves, in each other and in our country. Peace has not yet been established throughout the world and this fact more or less adversely affects in dustry. Still we have reason to expect an early settlement of most, if not all, of the important differences between nations. A league of nations will soon be agreed upon for the countries of the earth and there will be a unity and peace among us all.” I For $3.00 is all th at is required to se cure the monthly visits of the Northwestern Banker for an entire year. Bach issue contains from 72 to 96 pages of mighty inter esting m atter pertaining to banks and banking interests in the territory covered by the magazine. “ O U R C O R R E S P O N D E N T S” E v e r y b a n k in the Northwest is invited to a place on this list. Send us items of local interest, tell us about your bank and its growth, prospects, etc., also any other financial news of interest to bankers in your section. We are always glad to hear from our friends. ‘‘S IG H T D R A F T S ” We always carry a large “ Re serve” of good will and additional service, and will promptly honor drafts made upon same by any bank. This department is for your special benefit. I t may be made of very great benefit to your bank. Do not fail to avail yourself of its privileges. ‘‘A C L E A R IN G H O U SE ’* Our columns are a clear ing house for all our readers. Express your views on any " A C A SH IE R ’S C H E C K ” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis topic of interest to the banking fraternity and submit same for publi cation. You do not have to agree with us, or with anyone else. We learn things by an interchange of ideas, and people, with whom we disagree often prove valuable teachers. We shall be glad . to hear from you. "‘NO P R O T E ST ” Has ever been offered to the state ment th at the field covered by the Northwestern Banker is the money-producing section of the American continent, rich in hogs, cattle, corn, etc., and dotted with thou sands of prosperous banks, all doing a good business, and the majority of them are readers of “ The North western.” ‘‘S U R P L U S A N D U N D IV ID E D P R O F IT S ” Increase very rapidly with those banks, whose advertisements appear regularly in the columns of this magazine. Full information as to rates and our special service will be promptly furnished on application. Your business solicited and appreciated. The “ Banker’, has been tw enty-three years in its present field. I 6 THE NORTHWESTERN BANKER April, 1919 Farm Labor Problem in the West By John A. Cavanagh Mr. Cavanagh, Vice President of the Des Moines Nation ever before. How? By us No question is more fre Bank, writing exclusively for The Northwestern Banker, quently or seriously dis al ing mechanical aids to an has chosen a subject of increasing importance as the cussed now-a-days in the farming season approaches. extent never before ap field covered by The North proached and by practicing western Banker than the one of farm labor. With an efficiency never before attempted. He can do still two-thirds of the four million men called to the colors better this year. still under arms and with hundreds of thousands of The farm labor situation can neither be viewed in boys and men from the grain belt unlikely to be sent the same light as the city labor situation; nor be home in time to aid in the cultivating of this year’s solved in the same manner. Union labor is unknown crops, will we of the Middle West be able to produce on the farm, except in the Northwestern wheat fields the crops upon which banking prosperity and general where the Agricultural Workers’ Organization of the national advancement depend? We can well afford I. W. W. periodically attempts to fix prices, hours and to consider this matter for a few minutes. so on. Child labor laws are unknown. There are Within the life of the average farmer of today, the no laws limiting the hours of women’s work. There time required for human labor to harvest a bushel of are practically no statutes limiting farm labor—save corn has been lessened from four hours and thirty-four only the misguided (from the farmer’s viewpoint) at minutes to forty-one minutes; to harvest a bushel of tempt of Congress to outrival Joshua and make the wheat, from three hours and three minutes to ten min sun stand still an hour a day, thus robbing the farmer utes. This fact must be taken into consideration in of that much time. The man who wants to work has discussing the problem of farm labor today. plenty of opportunity on the farm. No union steps in “I walked 37,000 miles between the handles of a and says a day’s work shall consist of so many acres plow when I was a kid,” re plowed, so many bushels marked a grizzled Iowa farm picked. er the other day, “but now-aIn many of the industries “With hundreds of thousands of boys and days a farmer won’t look at an of America, one man cannot men from the grain belt still under arms and implement he can’t sit on. unlikely to be sent home in time to aid in do two men’s work, no matter the cultivating of this year’s crops, will we What we need now is to bring how much he might wish to of the Middle West be able to produce the up our sons so we won’t have do so. On the farm, there is crops upon which banking prosperity and . to be eternally hoppin’ off the •nothing to prevent him save general national advancement depend? The seat and fixin’ the thing so it land needs labor to make it produce; but that only the human inclination to labor bids fair to be forthcoming, of an ef will run.” ward laziness. Given the ficiency unknown before and mechanically When the late David Ran proper reward, a man can aided as never before." kin, of Tarkio, Missouri, the work his head off on the farm. world’s largest farmer, was So it is coming about gradu asked to tell the secret of his ally—just as David Rankin success (he began by borrowing $6 and died worth learned with his own invention—that hired men are $6,000,000, all made in farming) he answered: “Suc being dispensed with as the tractor or the truck, the cess in farming consists in making every minute, every gasoline engine or the electric generator are beingcent and every seed count. A good workman is cheap more generally adopted. So it is coming about that at ’most any price; and a shiftless, careless man is the men left are able to do twice as much as in the dear if he works for nothing.” old days. The farm labor problem in the field of the North But this is not all. Some part of the men taken western Banker is being solved just to the extent: away from the farm by the war is coming back to the first, that shiftless, careless men are being discharged farm. Not all, perhaps; not even a majority, but some. —to drift to the cities to become common day labor Army discipline will have increased their efficiency; ers—and good men are being hired “at ’most any observation of agricultural conditions abroad will have price” ; and second, that machinery is being used to widened their viewpoint and spurred their patriotic increase human efficiency. pride in American achievement. A realization of the Almost seventy years ago, David Rankin conceived seriousness of life, absorbed in trénch and camp, will the idea of putting together two of his double-shovel have entered their souls; they will be slower to rest plows so as to plow on both sides of the row at once. at the shade of the tree at the end of the row; quicker He explained his ideas to the village blacksmith and it to do their bit in peace as well as in war. Many men was not long before he was using a straddle-row culti —many nations, indeed—are worrying over America’s vator, the first one so far as any records go. That day agricultural production this year and next. The prob he did away with one hired man. lem is less acute than many of the worriers imagine. Last year the American farmer produced crops to The Middle West is the agricultural heart of Amer the value of $14,090,769,000. The value of the ani ica. The Middle West is eminently patriotic. Even mals and animal products of the farms was $5,- that battleground of Bolshevism-North Dakota—had 852,000,000. Here was a grand total of $19,942,769,000 the honor to lead all the states in the percentage of for the year for the farmer, and he did it with fewer over-subscription in the second Liberty Loan cammen than ever before. True, he impressed the women paign. Iowa had the honor to go over the top in the into, service, whiie the little tots did their full share. third and fourth Liberty Loan campaigns. Agricul The point is, however, he broke all existing production ture contributed more heavily to voluntary enlistments records (sav^ one) with less skilled human labor than (Continued on page 40.) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis April, 1919 THE' N O R T H W E S T E R N BANKER 7 Iowa’s W. S. S. Record for Year 1918 By Frank Warner Mr. Warner, Secretary of the Iowa Bankers’ Association, chairmen and vice group The remarkable record tells in this article of the progress made in the W. S. S. chairmen in each of the made by Iowa in handling campaign by the state which in Liberty Loans, twice led eleven state bankers’ divi the government’s war sav the nation over the top. sions of the state; county ings and thrift stamp cam paign in 1918 is disclosed by final complications just and city chairmen and vice chairmen in every county and completed at state headquarters of the Iowa War Savings city; complete inter-working county organizations; the co operation of almost every organization of every kmd and Committee by Homer A. Miller, state director. Technically Iowa was a few thousands short of its class in the state—all functioned smoothly to do the quota. In reality Iowa “went over the top” and could task set by the government. Credit is given at state headquarters for the wonder join with Nebraska and South Dakota, the . only other states in the country claiming that honor. Iowa’s quota ful work done by the women’s organizations and clubs, was $47,530,520 and more than that amount of stamps the Four Minute-Men, the Boy Scouts, lodges, railroads, were sold in the state. Sales officially and directly cred and an important factor was the patriotic and hearty support given by organized labor. War savings societies ited, however, amount to but $46,811,476.50. “Four factors over which we had no control,” said were organized in every school, in many of the largest Mr. Miller, “have kept the state from getting credit for industrial concerns, clubs and among railroad employes, to whose efforts is credited the sale of enormous amounts the honor it actually won.” Evidence on file at state headquarters shows that thous of stamps. These all made of the state one big, com ands of residents, of Council Bluffs bought stamps from pact, organized unit for putting the campaign over the industrial concerns where they worked in Omaha. The putting Iowa at the forefront for patriotic endeavor and same was true in Davenport and other cities. Many results. The thoroughness with which the work was done is large Iowa agencies bought heavily through correspond ent banks in Chicago, Kansas City, Omaha and other shown by the war savings societies. The quota of war cities, hundreds living along the northern state line savings societies and agencies assigned was 7,932. There were established during the bought from postoffices in year 8,737 war savings socie Minnesota. Federal reserve ties and 11,496 agencies, a total banks in adjoining states sold “Probably there was no state in the country of 20,234 selling agencies ex selling anywhere near its quota that did so large amounts to Iowa buyers. with as great saving to the government as did clusive of postoffices in which Had these purchases by Iowa Iowa. It cost us but a few pennies more than the work was effectively car agencies and residents been one dollar for each $1,000 worth of stamps sold, ried on. , credited to Iowa the quota including the state's proportion of expense of The state campaign was dir would have been exceeded national character—the big posters, pamphlets ected by Mr. Homer A. Mil and stationery required to spread the campaign easily. into every corner of the commonwealth.” ler, president of the Iowa Na “But despite this,” said Mr. tional Bank, and the campaign Miller, “Iowa shows up signi in Des Moines was in charge ficantly. It leads the other four states in the seventh federal reserve district, in which of W. O. Finkbine. To their earnest efforts supported by loyal, patriotic and hardworking organizations in national division it is located. “Iowa, with 99 counties, for instance, put 61 counties state, county and city, is. due the credit for the success ‘over the top,’ or within four of as many counties as that came to Des Moines and the state in the 1918 camwent ‘over’ in both Illinois and Indiana with a total of paign. In the local campaign Mr. Finkbine had Mr. B. S. 202 counties. Only 14 counties in Iowa failed to get within $3 of the per capita quota of $20. Illinois, Ind Walker as vice chairman and the work was helped im iana, Wisconsin and Michigan together only had 17 more measurably by the Chamber of Commerce teams, which put over the big intensive drive in early summer and ob counties over than did Iowa alone. “In addition, the cost per $1,000 of stamps sold, ex tained pledges of more than a million and a half dollars. pense for clerical work and distribution, was considerably Des Moines “went over the top.” With a quota of $2,lower than in any other state of the district and practi 144,800 there were sold $2,298,997 worth of stamps. The city quota was the largest of any city in the state and cally but one-fifth of the cost in Michigan. “Probably there was no state in the country selling in some cases larger than county quotas. In the county campaign Mr. E. B. Wilson, of the First anywhere near its quota that did so with as great saving to the government as did Iowa, which approximated Trust & Savings Bank was the first chairman. Later practically the sum set by the treasury department in his heavy work as state director of the Four Minute Men advance for necessary expense of the year’s campaign. compelled him to relinquish this position and Frank Spiers It cost us but a few pennies more than one dollar for of Ankeny, directed the county campaign until his death each $1,000 worth of stamps sold, including the state’s from influenza. Mr. La Verne Barlow of the Iowa Trust proportion of expense of national character—the big and Savings Bank then took the county campaign and posters, pamphlets and stationery required to spread the carried it to a conclusion. The eleven group chairmen who did field marshal campaign into every nook and corner of the common work in the state campaign were C. P. Jordan of Suth wealth.” The figures at state headquarters show that no state erland, John H. Bale of Ruthven, W. S. G. Bagley of in the district, and likely none in the country came any Mason City, A. R. Le Roy of Manchester, Carl F. where near reaching the efficiency of Iowa organization. Kuehnle of Denison, I. O. Hasbrouck of Ames, J. (Continued on page 34.) Iowa’s great waf savings stamp organization, with group https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 THE NORTHWESTERN BANKER April, 1919 Employment Management in Banks B y F. T . Miller The problem of human closely a l l complaints resources in any business arising either from the organization requires as employees or from the uniform and consistent a heads of the departments. policy as the technical problems of production or serv The necessity of the employment manager interview ice to the public. This is true whether the product of ing all employees proposed for dismissal cannot be the firm is in the form of concrete material, such as over-emphasized. Although the employee may be manufactured articles, or in the form of service, as in judged undesirable by the department head for work banking. The personnel must be carefully chosen and in his own department, he may be well adapted for an adapted to their work. Each member of the working other type of work and should be interviewed to see if force must be placed and kept on the job where his he is fitted for another position. The policy should be, special abilities will best serve production and the or of course, to prevent complaints from arising rather ganization, and at the same time enable him to grow than to try to adjust them after they have become and develop. acute. The task of meeting these demands requires a This 'program should have as one of its outstanding trained staff and specially adapted machinery, organ features regular interviews with all employees, some ized and equipped to deal with them. Co-ordination times with the employee at his work, sometimes in of effort under one head is necessary in selecting the Employment Manager’s office. These should be and placing the worker as well as in continuing to care held often enough to keep him in touch with the needs for his interest and the interest of the organization, and the abilities of the employees and their conditions. as it is in handling the material or financial end of the There should also be a constant exchange of judgment enterprise. The most econom between the department heads ical and effective means of and the employment manager handling these matters is to determine the need for new “One more feature in handling employe rela through the maintenance of a tionships in banking needs to be kept in mind. employees, and to help keep centralized Employment De There should be a well-planned system of educa in close contact with the tion in order to promote mutual helpfulness and partment. working force. keep the individual employe permanently in The problem of human re Several other factors that terested in his work. This educational work sources in banking is as im should be designed to meet both the general vitally affect these various portant as the financial. The needs of the employes and the particular re phases of the employment quirements of each person in his special line chief pioduct of the bank is manager’s work should be of endeavor.” service, and its service is given special mention. In the linked up most intimately first place, the salary schedule with its personnel. should be carefully studied The Employment Department, now, functions as from time to time with the view of adjusting the the primary force in building up and maintaining this salaries for the various types of work, as well as personnel. In accomplishing this task, it has a num of standardizing salaries throughout the organization ber of very definite duties to perform. in so far as the nature of the positions permits. Stand First, it has to develop sources for securing an ade ardization of salaries, however, must not be tarried quate number of competent employees. In doing this, to the extent of stifling the initiative of capable and consideration must be given to the past training and imaginative workers. It is an economic maxim that life conditions of the various types of workers and the it is cheaper to pay a salary for a given type of work probable length of time each may be expected to re equivalent to the higher standard in general approval, main in the employ of the institution. Many- of the than to fall slightly below these standards. The re larger banks have secured excellent results through sults come in longer tenure of office, a more contented establishing co-operative relations with universities working force, less time devoted to hiring and break and colleges to get the best material into their insti ing in new employees, and consequently, in a general tutions for definite training in their methods and increase of efficiency. On the other hand, it is just policies. as disastrous for a concern to try continually to out Second, it must select and place employees in the bid its neighbor employers either directly by salaries, positions for which they are best fitted. A most im or indirectly through bonuses, as such practice can portant feature here is that the Employment Depart end only in a distortion of salary rates to all con ment must have the right to approve all new em cerned. ployees. It must bring together the experience and In the second place, it is necessary to provide a suffi ability of the applicant and the requirements of the cient number of people of proven ability, or younger particular positions open. It is much more economical persons of high general ability and capable of being and expedient to spend an hour or more in properly trained, to fill the more responsible positions from placing the new worker than it is to spend a day or a time to time. This policy makes provision for filling week in trying to replace him. the better positions from among the only employees Third, it must carefully follow up the worker after themselves instead of going outside of the organiza he has been placed. The Employment Department tion except in special cases. should handle questions of transfer, promotion, dis In the third place, it is highly desirable not to hold missal, and other adjustments affecting the employee the number of employees on the roll too low. While relationships in the institution, It should analyze (Continued on page 42.) Mr. M iller’s position as director of Division of Public Works and Construction Improvements at Washington, en ables him to present actual facts and data of vital import ance. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis April, 1919 THE NORTHWESTERN BANKER 9 A Definite Plan for Reconstruction B y John V. Schaefer staggering. The Construc It is suggested that the tion Division alone has' United States Govern p u r c h a s e d bakeries ment offer to the French enough/ to bake 2,000,000 Government— one-pound loaves of bread First. That all the build ing material and other equipment owned by the Unit daily. It has purchased 100 miles of steam radiators, ed States Government, both here and in France, and 1,200 miles of plumbing material. Out of one group purchased for war purposes be collected. This will of temporary office buildings alone there will soon be include material not yet used as well as all good ma available 125,000 chairs, 25,000 good office desks, 25,000 terial salvaged from the demolition of plants built for typewriters, and electric fans and other office equip war purposes. All such material as can be used in ment in proportion. Inventories are being prepared showing materials on reconstruction to be given to France and delivery ex hand. It will take some time to complete these. Mean pedited to the utmost of our ability. Second. That this be considered as a part of the while it is safe to say that the equipment which was to cost of the war to be included as a part of the bill house, clothe, feed, doctor and nurse, entertain and safeguard morally and spiritually 4,000,000 men as no against Germany. Third. That there be sent to France such part of body of men ever were cared for before will go a long the existing Construction Division of the United States way toward quickly reconstructing communities aggre Army as will enable it in co-operation with French gating 350,000 homes, at least until such time when a constructors and European workmen to rehabilitate new generation may without suffering and want pro quickly the devastated portion, bringing to that task vide for itself more in accordance with its own taste. The Construction Division of the United States the organization, experience and mechanical equip Army is one of the most ef ment that has carried through fective construction organiza the American construction tions that has ever existed. It program. “We don’t propose to raise their crops or dig is believed this statement will In the remarkable address their coal or spin their yarn. We propose to go unchallenged so it will not delivered by Mr. Tardieu in 'help prepare their soil, help open their coal mines, and help make themselves self-sustain be necessary to prove it. But New York City, Nov. 8th, ing and if we do our part every able-bodied note. This organization is 1918, we are advised— French man and woman will have plenty to do composed almost entirely of One-sixth of the area of planting and digging and spinning.” men from civil life. They are France has been devastated the men who have tunnelled utterly. This was the richest our mountains, bridged our part of France. It paid 25% streams, built our skyscrapers, constructed and main of the sum total of their taxes. In this area there have been destroyed 350,000 tained our shops and industrial enterprises and public homes; 90% of France’s spinning and weaving indus utilities and railroads. In two years they will have try; 83% of her pig iron production: 70% of steel pro performed three times the work required by the Panama canal that took ten years to complete. They duction; 70% of sugar production, etc. Of all that, plants, machinery, mines, etc., nothing have done this under the most trying conditions of is left, everything has been carried away or destroyed. labor, material and transportation and at a reasonable cost. This must be rebuilt. This organization is still intact. It still possesses “We have lost two and one-half million men.” * * * * “A fifteenth part of our people is missing $3,000,000 worth of mechanical' construction equip at the very time we need all our material and moral ment with the operation of which it has experienced. forces to build up our life again.” “But besides this Its labor is nearly finished. Within a few months all restoration we must understand that rapidity of exe of this will be disbanded. To alloy/ it to disintegrate cution is a primary condition of the reconstruction of while this great construction demand exists would be France and that the United States by its immense an economic crime. If this organization with its equip ment could take hold of the rebuilding of France as possibilities of production must be our first aid.” In brief, wie may say there is nothing in the way of it took hold of the building of our cantonments and building material, equipment, domestic utensils, and terminals, etc., it should be of the greatest possible industrial machinery that is not needed in very large assistance to French constructors, and would be ap preciated. quantities, and at once. The majority of these men would be willing to go The Construction Division of the United States Army has here in America $30,000,000 worth of build to France if they could continue their present organi ing material that has never been used. Included in zation and be permitted to work by the methods that this is enough lumber to build 60,000 five-room houses. have proved so successful. Co-operation of French There is about $7,000,000 worth of plumbing, heating, engineering societies and of the French Government, piping and other sanitary and water supply fixtures. a representative body of American engineers is now When to this is added all the material of like nature in Paris conferring with them regarding maintenance from the other departments here in France, some used and construction of all kinds of reconstruction work and some unused, and to this is added what can be for the devastated areas. When that delegation re(Continued on page 45.) salvaged from demolition of plants, the figures are The plan outlined in this article has been presented by Mr. Schaefer, President of the Cement-Gun Construction Company, to business men, engineers, and Chambers of Commerce, and approved by them as promoting the indus trial interests of the allied nations. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10 THE NORTHWESTERN BANKER April, 1919 The Clearing House Is a Power By Wm. A. Law The modern clearing Mr. Law, President of the First National Bank of Phila ment resulting in coopera house system is distinctly delphia, is well acquainted with the work of the Clearing tive action for the common House Associations, and in this article tells of its in the product of constructive fluence benefit. in war and in peace. American genius. Organ Clearing houses are vol ized originally for the sole purpose of settling the untary associations—not compulsory, and seldom in debits and credits of its members, the clearing house at corporated. The first clearing house association in present also effects for its members the collection of this country was organized in the office of the Mer items upon non-member banking institutions; as chants Bank of New York in 1853. Today there are sembles statements of condition in a uniform manner 230 clearing house associations in the United States. for weekly publication; determines fair rates of ex The New York Clearing House has probably always change chargeable by its members and fixes maximum been the most influential. It has assumed leadership rates of interest payable upon deposits, thus in each in many grave emergencies and 'by the courage and instance stabilizing rates and preventing ruinous com sagacity of its management has frequently saved the petition; provides the machinery for the issue of loan day for the entire country. When the United States certificates in time of financial stress; advances funds Government in 1861 was in dire financial straits, the to the government in the great crisis of war; main clearing houses of New York, Philadelphia and Boston tains the gold standard of value by defining a medium pledged the total resources of their members at a of settlement; provides for the thorough investigation meeting called by the Secretary of the Treasury Chase, of the condition and affairs of its members by a per and relieved the difficulties of the National Govern manent, trained corps of expert examiners who report ment. In the panic of 1907, following the lead of New general results to the Clearing House Committee, but York, fifty-one clearing houses issued loan certificates maintains strict privacy as to details, imparting them amounting to $255,536,300, enabling member banks to only to the bank under scrutiny. All these varied extend additional credit to country banks, to mercantile functions do not fully indicate the value and importance and manufacturing customers, and making it possible of the activities of the clearing house. The greatest to pay clearing house debts without unduly curtailing service performed by the clearing house organizations credits or calling loans. arises from the opportunity presented for conference As a result of the Walsh failure in Chicago, a system at frequent intervals by the practical banks of the com of clearing house bank examinations was established munity and the crystallization of an enlightened senti (Continued on page 60.) Bankers and the Victory Loan By Edwin Baird As April 21, the opening Mr. Baird, of the Liberty Loan Branch, W ar Loan Press answer to this possibility, day of the Victory Liberty Bureau, Seventh Federal Reserve District, writes this phrased thus : “Well, what article exclusively exclusively for The Northwestern Banker, giving j r c a re ? T h e bank«; havp Loan drive, draws nearer, artic,e 1 care • 1 ne banks nave timely information regardin g the coming Victory Loan. it becomes increasingly evi got more money than me. dent that all interests must join in active co-operation Let ’em buy bonds for a change.” These citizens, not if the fifth loan is to be a success. The fighting is long being students of finance, do not understand how com ended now. For many citizens every day that passes pletely their own future profits or wages are tied up lessens the personal interest and sense of responsibility. in the success of the loan. They do not understand Men who eagerly saved and lent to former issues now that the taking of the Victory bonds or notes by the stand aloof. “The war is over. Let the banks buy banks would mean credit limitation and a measure of this issue,” they say. dull business and unemployment. The bankers, both The bankers are in a position of advantage when it through patriotic interest and self interest, can do copies to heading any propaganda aimed at a revival much to clear up this lack of understanding. of general enthusiasm for the fifth loan. They are The readers of The Northwestern Banker can find the leaders in their various communities. Their finan much to say as to the enormous asset power behind cial knowledge gives particular weight to any expres the United States government bonds and notes, mak sion of their views. Their highly disinterested con ing them the safest investment on earth. They can duct during the war clears them of any taint of per explain that the banks of America today hold more sonal motive. .They, better than any other group of than $3,000,000,000 in gold whereas the total gold hold citizens, can actively help the United States Treasury ings of the nine next most wealthy nations combined in carrying the message of the Victory loan to the amounts to only $3,818,000,000. They can sho’sy that people. the deposits of American national banks increased The readers of The Northwestern Banker can find from $6,051,689,087 in 1913 to $15,051,000,000 in 1918, many sales arguments ready to their hands. The first a gain of 150 per cent. They can show that the excess and most important thing for them to do is to dispel of American exports over imports has grown year after the idea which the average man is very likely to have year from $252,677,921 in 1909 to $3,150,000,000 in that it makes no difference to him if the public fails round figures for 1918. They can explain how Amer to take the bonds or notes and the banks have to step ica, which before the war owed $4,000,000,000 abroad in and carry the loan. All too often one hears the (Continued on page 59.) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis April, 1919 THE NORTHWESTERN MARFIELD BECOMES CASHIER. S. G. Bayne, president of the Seaboard National Bank, New York, announces that C. Howard Marfield has been elected cashier of the bank to succeed H. W. Donovan, resigned to become a member of Charles E. Quincy & Co. Mr. Marfield, who was assistant treasurer of the Equitable Trust Company until the date of his election to this new position, is well and favorably known in banking and business circles. His banking experience dates back to 1900, when he entered the service of the National Union Bank, Baltimore. He became connected with the National Bank of Commerce in New York in BANKER Bee! CattleSupply and Demand The opinion has been expressed by the principal packers and oth ers well informed, that present LIVE STOCK VALUES will be maintained for some months to come— with probably a gradual decline from the very extreme high prices paid during the war —because of the urgent need at that time. That there is a short age in the supply of beef cattle is conceded. Financing production of LIVE STOCK on a conservative basis is essential. MEAT, WOOL and LEATHER are articles of absolute necessity for which there will be continued strong demand. THE GUARANTY CATTLE L O A N C O M PA N Y 1902 and in December of that year entered the employ of the North American Trust Co., which purchased the Trust Company of America and continued busi ness under the title of the latter, which amalgamation was subsequently purchased by the Equitable Trust Company. In 1914 Mr. Marfield became connected with the New Business Department and looked after local business. Later he traveled throughout the country for this de partment and established a wide circle of acquain tances, among whom his personality won many close friends. BEAN ELECTED SECRETARY. The American Acceptance Council, recently organ ized to promote a nation-wide educational campaign in the use of acceptances, has elected Robert H. Bean as executive secretary. Mr. Bean has had a large ex perience in banking and mercantile business and will take up his new duties at once. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S to ck Y a rd s S ta tio n K A N S A S C IT Y , M O. specializes in cattle loans— it has thorough organization, experi enced management, strong con nections. Loans are offered at current mar ket rates, and bear endorsement of the Company. Correspondence invited. 11 THE 12 NORTHWESTERN BANKER April, 1919 I gaiiiaiiaiaiaaiiaaiiiaiiiiaiaiiiaaiaiaiiiaiaaiiaaaaiaiiiaiiiiiiaiiiiaiiiiiiiiiifaiiaiiiaaaaaaiaaiaaiiiaaiiiaiaaiiiaiiiiaiaiiiiaiiaaiiiiiiiaiiaiiaiaiiaiiiaiiiiaaiaiaiiiiiiiiiiiiiiaiiiaiiiaiaaiaiaiiaaiiaiiaiiaiaiiaaiiaiatiiiaiiaiaiiaiiiaiiiiaaiiiaiiiiiiiiiiiiiaiaaiiaiiiiaiaaiiaiiiiiaiiiiiiiiaaiiiiiiiiiiiiiiiaiiiaitiiaiiiiiaiiiiiiiiaiiaiaaiiiiaiiaiaiiiaiiiiaaiiiaiiaiiiiiiiaiiiiiiiaaaiiiiiaiiaiaiiaiiiiaiaiiiiiaiiaiajiiMa = Personal Paragraphs i| S ............................................................ ............................ ................................ ................................................................. ffl........................ ............. | ................. ......................................... ......................................................................................................................................... . from the channel to the German border. There is possible a wreck that will cover all Europe. If pro duction is not resumed, the horrors of war may be ex ceeded by the horrors qf this after period, which is neither war nor peace, but a breakdown of the machin ery of civilization. In the face of such appalling dis aster, every partisan consideration, every unessential difference of opiiniqn and Jevery personal ambition should be instantly forgotten.” The Federal Trade Commission, Washington, D. C., in order to help the Victory Liberty Loan, is send ing out notice to all publications in which it asks them to suggest to their readers to get the names and addresses of all persons and companies offering speculative or doubtful stocks and securities particu larly in exchange for Liberty Bonds or War Savings Stamps with copies of their literature. Mail them promptly for investigation to the Commission. $------------$------------$ $— :-------- $--------------- $ William Davis Dickey, for the past twelve years assistant cashier of the National City Bank of Chicago, died at his home recently of heart failure. Mr. Dickey was sixty years old and was born at Columbus, Indi ana. He received his early banking experience with the Cumberland County National Bank of Neoga, Illi nois, of which institution he became cashier. Leaving Neoga he went to a Sioux City, Iowa,, bank as cashier, and later went to the American National Bank of Indianapolis. He resigned this position to go to the Columbia National Bank of Indianapolis as one of its officers, and in 1907 accepted an invitation to join the staff of the National City Bank of Chicago. Surviving Mr. Dickey, besides his wife, are two sons, Walter P. Dickey, President of the Live Stock State Bank of Portland, Oregon; Will M. Dickey, of Merrill, Cox & Co., Chicago, and two daughters. During his con nection with the National City Bank of Chicago, Mr. Dickey made hundreds of friends among the bankers of the country, who will regret to learn of the death of a good friend. H. M. Byllesby & Company of Chicago have issued a final edition of the National Service Record of the Company and affiliated organizations. It shows an increase of 256 men in the service since July 1, 1918, making a total of 951 so engaged, or 19.7% of the organization’s male employes. Only 20 casualties are recorded, 9 deaths, 10 wounded men and one man missing in action. More than two and a half million dollars was subscribed by the organization and its em ployes to the four Liberty Loans, and they gave more than half a million dollars to various charities. Frank A. Vanderlip, who has been in Europe study ing conditions since the war, in a recent interview said, “I have seen something of the utter wreck which the central empires inflicted throughout the war zone. It is complete—no words can picture truly how com plete it is. That wreck, however, covers only a strip T. M. Murdoch, who has been for years cashier of the Bank of Sioux Rapids, Iowa, is going to Sioux City to enter the insurance business. Mr. Murdoch has been very successful as a banker and with his proven ability will undoubtedly make a real success in his new field of endeavor. Norman Lichty, of Des Moines, Iowa, the pioneer of an Income Tax Guide and Farmers’ Business Rec ord, has been receiving many compliments on the promptness with which he published a digest of the new Income Tax Law as applied to individuals. He had the new law in print and going to all parts of the United States within three days after the United States Senate finally passed the bill. Many orders by telegraph, long distance phone and mail are substan tial evidence of the appreciation of this promptness by Herbert B, Smithers, formerly of Messrs. F. S. bankers from various parts of the country. The Nor Smithers & Company, has become a general partner man Lichty Calendar Company also publish an Income Tax Guide for Merchants. of Knauth, Nachod & Kuhne, New York City. $------------ $------------ $ Atlantic National Bank Broadway Established ‘f t https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^ City f a p ita i, Surplus an d U ndivided 'Profits III id 1 829 Nationalized w To r 11111 sS \ 1829 $ 1 , 800,000 T o ta l 'Deposits $ 1 8 , 000,000 An Efficient Banking Service in Close Touch with Presentday C o m m ercia l Developments .sss^ THE April, 1919 NORTHWESTERN 13 BANKER O. J. Thorpe was recently elected Credit Manager of the Midland National Bank of Minneapolis. Mr. Thorpe has been with this institution since the days of the Commercial National Bank and is a very capable and reliable man who will fill his new position with efficiency. $------------$------------$ E. R. Campbell, Cashier of the Commercial National Bank, Fort Dodge, Iowa, is being urged by his many friends to become an active candidate for treasurer of the Iowa Bankers Association for next year. As far as is known, Mr. Campbell is not planning to make an active campaign for the office this year but if his friends get sufficiently busy to insure his election he will make a most acceptable man for the office. $------------ $------------ $ An Insurance Law has been proposed by one of the members in the Iowa Senate which will authorize in suring a man against loss in case a check, draft, or similar commercial paper drawn and signed by him goes astray. $------------$----------- $ Hon. Nate Kendall, of Albia, Iowa, gave a most elo quent address before the Des Moines Bankers Club at their regular meeting last month. $------------$----------- $ The Victory Loan Campaign which is scheduled to commence April 21st, will call forth a supreme effort on the part of everyone is the opinion expressed by bankers and capitalists throughout the country. The Loan as outlined by Secretary of the Treasury Glass will be for a minimum of $5,000,000,000 and the drive will last for three weeks. $------------$-------:----$ E. B. Wilson, Vice President of the First Trust & Savings Bank, Des Moines, and candidate for the Ex ecutive Council from Iowa, of the American Bankers Association, attended the meeting of the Reserve City Bankers which held their annual convention at New Orleans recently. $------------$------------$ Emil Webbies, Cashier of the Muscatine State Bank, Muscatine, Iowa, is justly proud of the excellent state ment that his bank issued on March 4th, at which time their institution had deposits of over $3,000,000. This is the first time in history that any bank in Mus catine county has had deposits as large as that. E V A N R A N D O L P H , V . P r e s , a n d C a sh , A. W . P IC K F O R D , A s s t. C a s h ie r FIRST CHICAGO Developed through the growth and exper ience of more than half a century T he First National Bank of Chicago James B. Forgan, Chairman of the Board Frank O. Wetmore, President and the First Trust and Savings Bank James B. Forgan, Chairman of the Board Melvin A. Traylor, President offer a com plete financial service, organized and m a i n t a i n e d at a marked degree of efficiency. Calls and correspondence are invited rela tive to the application of this service to local, national and international requirements. Combined Resources over $300,000,000 J O S E P H W A Y N E , J R ., P r e s i d e n t A L F R E D B A R R A T T , A s s t. C a s h ie r D A V ID J . M Y E R S , A s s t. C a s h ie r W A L T E R P . F R E N C H , A s s t. C a s h ie r The Girard National Bank P H IL A D E L P H IA , PA. Capital, $2,000,000 Surplus and Profits, $5,885,000 Deposits, $70,000,000 ACCOUNTS OF BANKS A N D BANKERS SOLICITED “T o Satisfactorily Handle Your Business, You Need a Philadelphia A ccount” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE 14 NORTHWESTERN CORN EXCHANGE NATIONAL SANK OF CHICAGO Capital . S urplu s . U ndivided D eposits . . . . . $ 3,000,000 . . . . . 7,000,000 P rofits . 1,821,600.40 . . . . 107,289,692.55 O F F IC E R S E R N E S T A. H A M IL L , P r e s i d e n t C H A R L E S L . H U T C H IN S O N , V ic e P r e s i d e n t D . A . M O U LT O N , V ic e P r e s i d e n t O W E N T . R E E V E S , J R ., V ic e P r e s i d e n t J . E D W A R D M A A SS, V ic e P r e s i d e n t N O R M A N J . F O R D , V ic e P r e s i d e n t JA M E S G. W A K E F I E L D , C a s h ie r L E W IS E . G A R V , A s s i s t a n t C a s h ie r E D W A R D F . S C H O E N E C K , A s s i s t a n t C a s h ie r JA M E S A . W A L K E R , A s s i s t a n t C a s h ie r C H A R L E S N O V A K , A s s i s t a n t C a s h ie r J O S E P H C. R O V E N S K Y , A s s i s t a n t C a s h ie r D IR E C T O R S W A T S O N F . B L A IR CHA U N CEY B. BORLAN D ED W A RD B. BU TLER B E N JA M IN C A R P E N T E R C L Y D E M. C A R R E R N E S T A . H A M IL L C H A R L E S H . H U L B U R D C H A R L E S L . H U T C H IN S O N M A R T IN A . R Y E R S O N J. H A R R Y SELZ E D W A R D A. S H E D D ROBERT J. THORNE CHARLES H. W A C K ER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER April, 1919 The American Telephone and Telegraph Company for the year ending December 31, 1918, shows net earnings of $54,293,016.72. $------- :— $------------ $ W. T. Day andC. T. Hansen, formerly owners of the Castana Savings Bank, Castana, Iowa, are now presi dent and vice president respectively of the Day and Hansen Security Company, Spokane, Washington, capitalized at $1,500,000 with surplus and undivided profits of $322,000. Messrs. Day and Hansen left Iowa about ten years ago and the strong company they have developed in the West is a tribute to their ability and splendid managenment in selecting mortgage loans. L.. A. Andrew, President of the Citizens Savings Bank of Ottumwa, Iowa, was unanimously endorsed for president of the Iowa Bankers Association, by the members of the Appanoose County Bankers Associa tion which held their annual banquet at Centerville recently. This is one of the very strong-County Asso ciations in the state, and has done most excellent work under the presidency of E. L. Stickney, of Moulton. The new officers elected were George M. Barnett, President, and J. C. Hennamen, Secretary. $-----------$—--------$ Frederick W.. Gehle, Publicity and New Business Manager of the Mechanics and Metals National Bank of New York City, was elected president of the re cently organized M. & M. Club, composed of the offi cers and clerks of that progressive institution. The Bank entertained the entire staff at a banquet and dance recently at the McAlpin Hotel. The Club was in the process of formation at the time the United States entered the war, but owing to the enlistment of such a large part of the Bank’s staff in the army and navy, plans of the Club were postponed until the return of peace. $--------- -$---------- $ Joseph W. Meyer, Cashier of the Dubuque National Bank, Dubuque, Iowa, has been demonstrating for some time that progressive up-to-date methods will increase the business of a bank, as indicated by the fact that his deposits are now over $1,350,000.00, with total footings of over $1,600,000.00. $— -------$------------ $ _ Dale E. Chamberlin, Assistant Cashier of the Drov ers National Bank of Chicago is back at his desk again after a year’s work for Uncle Sam. Mr. Chamberlain was commissioned a first lieutenant and proved very efficient in the personnel department of the Army. Lieut. Chamberlin, or “Dale” as his friends call him, will be in attendance at the Iowa Group meetings this year and his many friends will be glad to welcome him back. $ $ $ Guy W. Cook, Manager New Business Department of The First National Bank of Chicago, attended the Texas group meetings. He says Texas bankers cer tainly are a fine bunch, and “hospitality” is their mid dle name. Mr. Cook is now back at his desk, getting it cleared off for the next Liberty Loan, in which he is planning to take his usual active part. -------------------------- — ------------------- Jas. B. Forgan, Tr., Assistant Cashier of the First National of Chicago, returned recently from the navvj where he attained the rank of Ensign in the Naval Aviation Service during the war. April, 1919 THE NORTHWESTERN Frank O. Wetmore, President of the First National Bank of Chicago, is taking a vacation with his family at San Antonio, Texas. BANKER B/L B A N K 15 of CHICAGO $— ----------$ -------- — $ John P.. Oleson, Vice President of the First National of Chicago, has just returned from Cuba, where he went on a business trip for the bank. Geo. H. Dunscomb, Assistant Cashier of the First National of Chicago, has been away from the bank for some time at Ormond Beach, Florida, because of ill health. His many friends will be glad to hear that he is much improved in health, and expects soon to be back on the job. $---- — $----------------$ A. Barton Hepburn, chairman of the advisory com mittee of the Chase National Bank, New York, has been elected representative of the New York district on the Federal advisory council for the current year. He succeeds T. P. Morgan. $-------$------- $ Alfred G. Fletcher, formerly of the Canadian Bank of Commerce, has been elected vice president of the American ForeignBanking Corporation, New York. $ $ $ Francis H.Hawlik, president of the State Bank of Silver Lake, Minn., died recently of apoplexy at the age of 50 years. He was a prominent Minnesota Shriner and very active in the business and civic life of Silver Lake. We collect direct Bill of Lading items on every shipping point in the U nited States and Canada. A special department handles these items with minimum time and cost. We invite correspondence with any bank or shipper handling a volume of this class of items. UNION TRUST COMPANY Bruce Baird, after fifteen years experience with the First National Bank of Chicago, has gone to New Or- C H IC A G O S tr ic tly a C o m m e rc ia l B a n k E sta b lish e d 1869 Live Stock Returns at present high prices quickly run into large amounts. Banks whose customers ship to the Chicago Market secure the best service on this business through accounts with The Live Stock Exchange National Bank of Chicago https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE 16 NORTHWESTERN BANKER April, 1919 The Finale T he war bills must be paid in full. During the Victory Liberty Loan, the National City Company, through local committees, again gives to the Govern ment the services of a large part of its bond distributing organization. In each of our 47 correspondent offices there will be maintained only a limited staff to serve the imperative needs of our customers. W e urge the purchase of the world’s premier security. “The country that helped win the war must finish its job.” The National City Company National City Bank Building New York U p to w n Office: 514 Fifth A venue, at 43rd Street P R IN C IP A L C O R R E S P O N D E N T OFFICES Albany, N. Y, Ten Eyck Bldg. Atlanta, Ga. 40 Edgewood Ave. Baltimore, Md. Charles and Fayette Sts. Boston, Mass. 10 State St. Buffalo, 'N . Y. Marine Bank Bldg. Chicago, 111. 137 So. LaSalle St. Cincinnati, Ohio. Fourth Natl. Bank Bldg. Bonds https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Cleveland, Ohio Guardian Bldg. Dayton, Ohio. M utual Home Bldg. Denver, Colo. 718 17th St. Detroit, Mich. 147 Griswold St. Hartford, Conn. Conn. Mutual Bldg. Indianapolis, Ind. Fletcher Savings & Trust Bldg. Kansas City, Mo. Republic Bldg. Los Angeles, Cal. 507 So. Spring St. Milwaukee, Wis. First Natl. Bank Bldg. Minneapolis, Min. McKnight Bldg. Newark, N. J. 790 Broad St. New Orleans, La. 301 Baronne St. 5 maha, Neb. F irst Natl. Bank Bldg. Philadelphia, Pa. 1421 Chestnut St. Short Term Notes Pittsburgh, Pa. Farmers Bank Bldg. Portland, Me. 396 Congress St. Portland, Ore. Railway Exchange Bldg. Providence, R. L Industrial Trust Bldg. Richmond, Va. 923 E. Main St. Rochester, N. Y. W ilder Bldg. San Francisco, Cal. 424 California St. Seattle, Wash. Hoge Bldg. Springfield, Mass. Third Natl. Bank Bldg. St. Louis, Mo. Banfc of Commerce Bldg. Washington, D. C. 741 15th St., N. W. Wilkes-Barre, Pa. Miners Bank Bldg. London, E. C. 2 Eng. 36 Bisnopgate Montreal, Canada 74 Notre Dame St. West Acceptances THE April, 1919 NORTHWESTERN 17 BANKER leans to engage with the foreign department of the Hibernia Bank & Trust Company. $---------- $--------- $ W. H„ Locker has been promoted from vice president to president of the Bank of Commerce and Savings of Duluth. $---------- $ ----------$ W. R. Beck has been elected president of the Valley Junction Savings Bank, Valley Junction, Iowa. $------------$----------- ■$ D. H. Lightner has been chosen cashier of the Citi zens Trust and Savings Bank of Aberdeen, S. D. $------------$------------$ F. W. Humphrey has been elected president of the First National Bank, Shawano, Wis., after forty years of active service as cashier of that institution. $ $ $ J. W. P. Lombard, president oLthe National Ex change Bank at Milwaukee, has been re-elected presi dent of the Milwaukee Clearing House. $----------$----------$ D„ G. H. Penny, former vice president of the Irving National Bank, has been elected vice president of the National Bank of Commerce in New York. Mr. Penny is a well known authority on foreign exchange, having been associated with the division of Foreign Exchange of the Federal Reserve Board. $---------- $—-------- ■$ James P. Leenhouts, receiving teller in the Marshall & Ilsley Bank, Milwaukee, died of pneumonia while serving with the Army of Occupation in Niedermendig, Germany. He was a veteran of the Chateau-Thierry, Argonne, and St. Mihiel sector. His loss is deeply felt by all who knew him. $— ------ $----------- $ T. C.Ebernau resigned fromthe vice presidency of the First Fond du LacNational Bank, aftertwenty years experience, to become associated with the Galloway-West Co., of Fond du Lac, Wis. I Let the A . B . A : j = Cheques 9 make your trip safe and pleasant. If you use them yourselves you | will recommend them to your | | | | i customers. I | Bankers T rust Company lf j | NEW YORK CITY THE NORTHWESTERN BANKER Serves the progressive and prosperous banks of Iowa, Minnesota, Nebraska, Montana, North and South Dakota— the greatest banking area in the world Continental and Commercial National Bank OF CHICAGO Capital, Surplus and Undivided Profits, $37,000,000 OFFICERS G e o r g e M. R e y n o ld s ..................................P r e s i d e n t A r t h u r R e y n o l d s ..........V i c e - P r e s i d e n t J o h n R . W a s h b u r n . . .V ic e - P r e s id e n t R a lp h V a n V e c h t e n . . .V i c e - P r e s i d e n t J o h n F . C r a d d o c k . . . .V ic e - P r e s id e n t A lex . R o b e r t s o n ..........V i c e - P r e s i d e n t C y r u s A. B a r r ................ V ic e - P r s e i d e n t H e r m a n W a ld e c k . . . . V i c e - P r e s i d e n t J o s e p h M c C u r r a c h .. . .V i c e - P r e s i d e n t J o h n C. C r a f t ................. V i c e - P r e s i d e n t W ils o n W . L a m p e r t .....................C a s h ie r W illia m T . B r u c k n e r .V i c e - P r e s i d e n t H a r v e y C. V e r n o n . . A s s i s t a n t C a s h ie r G e o r g e B. S m i t h . . .A s s i s t a n t W ilb e r H a t t e r y . . . . A s s i s t a n t H . E r s k i n e S m ith . .A s s i s t a n t D a n N o r m a n .............. A s s i s t a n t G e o r g e A. J a c k s o n . A s s i s t a n t R , G. D a n i e l s o n . . . A s s i s t a n t C a s h ie r C a s h ie r C a s h ie r C a s h ie r C a s h ie r C a s h ie r Accounts of Banks, Bankers, Manufacturers, Merchants and Individuals Invited Continental and Commercial Trust and Savings Bank Capital, Surplus and Undivided Profits, $9,500,000 Trust, Savings and Bond Departments OFFICERS G e o r g e M. R e y n o l d s . . . .C h a ir m a n o f t h e B o a r d o f D i r e c t o r s A r t h u r R e y n o ld s ...................P r e s i d e n t C h a r l e s C. W i l l s o n .................... .C a s h i e r D. E d w a r d J o n e s ................................ .. ...................A s s t. M g r. S a v i n g s D e p t. J o h n J a y A b b o t t ......... V ic e P r e s i d e n t W illia m P . K o e f ..................... S e c r e t a r y D a v id R . L e w i s . . . . . .V ic e P r e s i d e n t R o b e r t J . H e r c o c k . . . . A s s t. C a s h ie r E v e r e t t R . M c F a d d e n A s s t. S e c r e t a r y A l b e r t S. M a r t i n ........... A s s t. C a s h ie r L o u is B . C l a r k e ............V ic e P r e s i d e n t E d m u n d J . C la u s s e n . A s s t. S e c r e t a r y G e o r g e A l l a n ..................A s s t. C a s h ie r H e n r y C. O lc o tt ..................................... J o h n P . V. M u r p h y ................ ............. ................ V. P . a n d M g r. B o n d D e p t. .............................. M g r. S a v in g s D e p t. T h o m a s E . M c G r a t h .. .A s s t. C a s h ie r The Capital Stock of this bank is owned by the Stockholders of the Continental and Commercial National Bank of Chicago https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE 18 NORTHWESTERN 1857 1919 BANKER April, 1919 Capt. J. K. Edsall, of Minneapolis, has been elected assistant cashier of the Merchants and Manufacturers Bank, Milwaukee. He is well known in Minneapolis commercial circles and will take up his new duties at $J. L. Cross, Deputy Governor of the Tenth District Federal Reserve Bank, has resigned to become an as sistant vice president of the National City Bank of New York. . $------- — ^------------ $ A. E. Lindhjem, assistant cashier of the Midland Statement cf Condition at the Close of Business March 4, 1919. National Bank of Minneapolis, will soon leave Min RESOURCES ,387,378.79 Loans and Discounts.........................................................5 neapolis to become special representative of the Irving ,809,250.00 United States Bonds and Certificates........................... ,826,492.48 Other Bonds and Mortgagee............................................ National Bank of New York in Scandinavian coun 360,000.00 Stock in Federal Reserve B ank..................................... ,287,216.50 Customers’ Liability under Letters of Credit. tries, covering Norway, Sweden and Denmark. Mr. ,443,633.50 Customers’ Liability under Acceptances............... : Cash and Due from Federal Re Lindhjem has been a banker since 1907 and is familiar serve Bank ........................................$10,760,471.51 Due from Other Banks and Bankers 12,641,887.62 with the Scandinavian languages. Checks for Clearing House'. . . . . . . . 1,444,164.90 24,846,524.03 $--------- $— --------$ $ 1 2 1,960,495.30 L IA B IL IT IE S W. Dale Clark, formerly cashier of the Denver Stock .$ 3,000,000.00 Capital ................................ ................................ 9 .000. 000:00 Surplus ............................................................... Yards Bank of Denver, Colo., has become assistant 809,000.53 Undivided Profits ............................................. 1,301,225:43 Reserved for Accrued Interest and Taxes. . , cashier of the Omaha National Bank. 3.50 0 .0 0 0 . 00 Bills Payable with Federal Reserve B ank. . 6.287.216.50 Liability under Letters of C redit................. ------- $---------- ■$ 7.878.633.50 Liability under Acceptances. Deposits ......................................... 90,184,419.34 James Burson, assistant cashier of the Iowa National Bank, Des Moines, is receiving many expressions of $121,960,495.30 ORSON SM ITH .........................................................Chairman of the Board sympathy in the loss of Mrs. Burson, who died at the EDMUND D. H U LB ER T....................................................................President FRANK G. NELSON................................................................................... VicePresident birth of a daughter. JOHN E. BLUNT,J R . . . : ..........................................................................VicePresident O. E. E S T E S .................................................... VicePresident $------------------------- $ F. W. THOMPSON................................................................... Vice President H. G. P. D E A N S ......................................................................VicePresidfent Lieut. J. S. Broecksmit has been elected treasurer P. C. PE TE R SO N ...................................................................................Cashier JOHN J. G ED D ES............................................................................... AssistantCashier of the Harris Trust and Savings Bank of Chicago. He F. E. LOOMIS....................................................................................... AssistantCashier LEON L. LO E H R ............................................ Secretary and Trust Officer had been associated with the Merchants National Bank A. LEONARD JOHNSON..............................................Assistant Secretary G. F. H A R D IE....................................................Manager Bond Department at Cedar Rapids for many years prior to his enlistment OUTHBERT C. ADAMS................. Assistant Manager Bond Department in military service. CHICAGO. T H E B A N K E R S HOTEL Hotel Snapp O u r f a m o u s M in e r a l W a t e r s p r e s c r i b e d b y p h y s ic ia n s . L o c a te d n e a r e r a l l t h é f a m o u s m in e ra l s p rin g s a n d p la c e s o f a m u s e m e n t t h a n a n y o t h e r l a r g e h o te l. E x c e lsio r Springs, Mo. ABSOLUTELY FIRE-PROOF Where Hospitality Reigns Supreme A home for your mother, wife and daughter. O p e r a te d o n t h e A m e r ic a n P l a n R a t e s f r o m $3.5J) to $5.00 p e r d a y . A m e r ic a n p la n . W r ite fo r b o o k le t Reservations by wire or mail will have our immediate attention. Eugene Meyer, Jr., has become managing director of the War Finance Corporation at Washington, D. C. However, this corporation is now loaning only to rail roads and will close up all its affairs at the declaration of peace. $—------- $— ------- $ Robert F. Loree, son of L. F. Loree, president of the Delaware and Hudson Company, has been appointed an assistant secretary of the Guaranty Trust Company, of New York. Mr. Loree has been with the trust com pany for five years and in his new capacity will be assigned to the Foreign Department of the main office of the company. W. K. Cleverly, vice president of the Seaboard Na tional Bank, gave a dinner recently to which the officers and heads of the various departments were invited. It Fort Dearborn National Bank CHICAGO, ILLINOIS U nited States D epositary C A P IT A L A N D SU R P L U S $4,000,000.00 D E P O S IT S $46,000,000.00 W IL L IA M A. T IL D E N , P r e s i d e n t W M . W . L E G R O S C a s h ie r H E N R Y R. K E N T JO H N F L E T C H E R G E O R G E H . W IL S O N M A R C U S JA C O B O W S K Y CHARLES FER N A LD E . C. T U B B S WM. L. M cK E E C H A R L E S L. BO Y E R O B T . J . M cK A Y W M . E . M cLA L LE N W M . J . F IC K I N G E R >Ass’t C a s h ie r s E D W A R D N. H E IN Z A n d M g r. F o r e i g n E x c h a n g e D e p t. >V ice P r e s i d e n t s ***#« REùtS'**' A G ENERA L BA N K IN G BUSINESS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE April, 1919 NORTHWESTERN was held in one of the private dining rooms of the Cres cent Athletic Club, Brooklyn, and was in the nature of a welcome to the new cashier, C. Howard Harfield. A very enjoyable evening was the result. Hearty ap proval was expressed and unanimous co-operation promised in a campaign to make the bank’s already ef ficient services even more useful to its customers and community. $---------$---------$ Charles B. Mills was recently advanced to the first vice presidency of the Midland National Bank, of Min neapolis. The bank now has deposits of over $18,000,000 and has taken its place as a leading financial insti tution of the Northwest. Mr. Mills since coming to Minnesota has never given up any of his Iowa invest ments, and is still interested in the First National Banks, of Sioux Rapids and Rembrandt, and the State Bank, of Laurens. $-------$------- $ Harvey D. Gibson returned on March 19th from nine months’ work with the American Red Cross abroad, in which he served in the capacity of commissioner for France. He has resumed his duties at the Liberty National Bank, of New York, of which he is president. $ $ SAFETY DEPOSIT BOXES. The Farnham Printing & Stationery Company, of Minneapolis, one of the largest stationery houses in the northwest are prepared to furnish safety deposit boxes, by making shipments on the same day that orders are received. This will be a great relief to the bankers who have experienced such long delays dur ing the past year. The company carries a complete line of office and bank furniture and a .complete cata log will be mailed you on application. BANKS MAKE SPLENDID RECORD. The First National Bank, of Schuyler, Nebraska, is now listed in the million dollar class. The officers of this institution have every reason to be proud of this showing. The bank has made a gain of more than $200,000 during the past year. D. W. Killeen is president; E. R. Gurney, vice presi dent; Geo. J. Busch, cashier; E. E. Ruzicka and A. V. Kovar, assistant cashiers. 19 The Chase National Bank of the City of New York 57 Broadway Capital . . . S urplus and P rofits Deposits (M ar. 4, 1919) . . $ 10,000,900 16,870,000 326,388,000 OFFICERS A. Barton Hepburn, Chairman of th e Advisory Board Albert H. Wiggin, Chairman of the Board of Directors Eugene V. R. Thayer, President Samuel H. Miller._V. Pres. _Asst. Cash. Wm. P. Holly_ Edw. R. T inker____V. Pres. Geo. H. Saylor....Asst. Cash. Carl J. Schmidlapp..V. Pres. M. H. Howell.......Asst. Cash. Gerhard M. Dahl.......V. Pres. S. Fred Telleen..Asst. Cash. Alfred C. Andrews....Cashier Robert I. B arr_ _Asst. Cash. Chas. C. Slade..Asst. Cash. Sewall S. Shaw, Asst. Cash. Edwin A. Iiee....Asst. Cash. Ii. H. Johnston..Asst. Cash. Wm. E. Purdy....Asst. Cash. Otis Everett, Asst. Cashier Chas. D. Smith..Asst. Cash. Geo. E. Schoepps, Asst. Cash. DIRECTORS Henry W. Cannon Samuel H. Miller A. Barton Hepburn Edward R. Tinker Albert H. Wiggln Henry B. Endicott John J. Mitchell Edward T. Nichols Guy E. Tripp Newcomb Carlton James N. Hill Frederick H. Ecker Eugene V. R. Thayer Daniel C. Jackling Carl J. Schmidlapp F ran k A. Sayles Charles M, Schwab Gerhard M. Dahl Andrew Fletcher $ Junius Spencer Morgan, Jr., the eldest son of J. P. Morgan, was elected a director of the Liberty National Bank, of New York, at a recent meeting of the board of directors. BANKER WE RECEIVE ACCOUNTS OF Banks, Bankers, Corporations, Firms or Individuals on favorable terms, and shall be pleased to meet or correspond with those who contemplate making changes or opening new accounts. FOREIGN EXCHANGE DEPARTMENT Howard J. Clark H. W. Byers Charles Hutchinson Clark, Byers & Hutchinson ATTORNEYS AND COUNSELLORS AT LAW Des Moines, Iowa General Civil Practice. Prompt and careful attention given to all business entrusted to us. Attorneys for the Iowa National Bank, Des Moines National Bank and Des Moines Savings Bank. W e have published a booklet entitled “T h e W orld’s W ar D eb t” in w h ich the finances of the war are summarized. W e shall be glad to send a co p y on request. The Mechanics and Metals National Bank OF THE CITY OF NEW YORK E S T A B L IS H E D 1 810 D eposits, M arch 4,1919, $210,000,000 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 20 THE NORTHWESTERN BANKER April, 1919 Legal O pinions and Decisions Questions of interest to bankers are discussed in this de Question: We shall be regardless of the fact that partment and any subscriber has the privilege of writing glad to learn if Liberty he mortgages his fortyfor information and advice on legal subjects. He will re Bonds of the various is acre farm which is consid-^ ceive a direct reply from our attorney without fee or ex sues are exempt from pense. A brief of any subject, involving research in a ered his homestead, and in complete Law Library, will be furnished for $10.00. In state and local taxation, case of foreclosure of this writing for information, kindly enclose a 3-cent stamp for whether it be an individ mortgage, any judgments reply and address “Legal Department,” care The North ual or a bank. against h im resulting western Banker, Des Moines, Iowa. We shall also be glad to from foreclosure cannot be learn if it is necessary to have the wife sign with the hus enforced against him. We note that in this connection, band upon a chattel mortgage which is given to secure the you refer to code section 408. In looking up this ref purchase price of personal property purchased by the erence, we note that it is stated that the tools of a farm husband at a farm sale. This mortgage is given directly er, a doctor, etc., are exempt from taxation. May we to the bank, who acted as clerk at the sale of one of its inquire if this would mean that all machinery of a customers. As we understand it, a mortgage upon per farmer used upon his farm would be considered as tools sonal property which belongs to the head of the family and thus exempt from his debts? and is exempt from execution, is void, unless executed We would also like to ascertain just how old a note by both husband and wife. is before it outlaws and if after it is outlawed, if any We would like very much to learn if the fact that the payment of interest upon same renews the life of the mortgage is given in consideration of purchase price note. would not alter the situation the same as it does in the Answer: Section 2974 of the code will answer your purchase of real estate where a mortgage is taken back question regarding the mortgage of the homestead by by the seller. the widower. (However, I believe I referred to section Answer: Will say in answer to the first question 4008 in regard to general exceptions, instead of 408.) that each issue of the bonds provides for its own tax Section 2974 is as follows: exemptions. For instance, the interest upon United “No conveyance or incumbrance of or contract to States bonds of the first Liberty Loan and all prior convey or incumber the homestead, if the owner is mar issues is wholly tax exempt. Subsequent issues are ried, is valid, unless the husband and wife join in the exempt from normal tax. If capital stock is invested in execution of the same joint instrument, whether the Liberty Bonds, it is still subject to capital stock tax. homestead is exclusively the subject of the contract or Not only is the mortgage mentioned in your second not, but any such contracts may be enforced as to real inquiry valid, but the personal property for which the estate other than the homestead at the option of the purchase price is not fully paid, is not exempt from a purchaser or incumbrancer.” judgment and execution issued for the purchase Thus you see a mortgage by the widower of his money. (See code section 4015.) So you see you are homestead is valid, and may be foreclosed. perfectly safe in taking the mortgage. You could go Section 2972 is as follows: even farther, and get execution for the purchase money “The homestead of every family, whether owned by even if there was no mortgage. The law protects the the husband or wife, is exempt from judicial sale, where vendor in all cases where fraud is not present. there is mo special declaration of the statute to the con Question: We note from the March issue of The trary.” Northwestern Banker, in answer to the first question Our courts have held that in case other property is under Opinions and Decisions, the following: “Ques included in the mortgage, such other property must be tion: We would like to know whether a dwelling in sold first, and then the homestead may be sold if there which a widower is living can be held exempt from his is still a deficit. However, if the homestead is mort debts ?” gaged alone, it is subject to foreclosure the same as Do we understand from your answer to this ques any other property. tion that the widower who is the head of the family, In reply to your inquiry relating to the exemption of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE April, 1$19 NORTHWESTERN 21 BANKER A BUREAU OF INFORMATION To Four Million People in More Than Eight Hundred Thousand Farm Homes a farm family pays the price of a year’s subscription to Successful Farming, they get WHEN something in addition to twelve copies of the paper. They become Successful Farming club members. The farmer or his wife or his children or his hired help may freely come to Successful Farming for information and advice on any subject. They need not ask it as a favor. It is their right—and they take advantage of it. When Successful Farming’s circulation was smaller and its influence not so great, these ques tions were answered by various members of the editorial staff. But in recent years the demand for this service has been so heavy that an “Informa tion Bureau” has been developed in the editorial department for the sole purpose of taking care of these requests from our 800,000 subscribers for special information and advice. Of course no man or woman, or group of men and women, could from their own knowledge answer all of the thousands of questions that are asked of us each year. They cover .every conceivable subject. But the great majority of them have to do with some phase of farm work or the farm home. They come from people to whom the correct answer to their question is a seriously important matter. This has called for the equipment of our “Information Bureau” with a complete library properly indexed and covering the latest develop ments in farm life, including complete bulletins of the work of the U. S. Department of Agricul ture, the agricultural departments of each state, the various colleges and experiment stations and scientific and practical specialists in every line. It means that back of our “Information Bur eau” must stand an army of experts on every con ceivable subject and that the head of our Bureau must be able to get directly in touch with them in order to answer correctly and to the advantage of our readers the thousands of requests for specific information on some personal or unusual phase of general questions not covered by the books. All this service is free to our readers. A sub scriber may not pay us enough in ten years to The health of a child, the happiness of a home, cover the expense of answering one question. But the welfare of a family, the success or failure of a there is no charge. The service is free for the ask new crop or of an old crop under new conditions, the profit on farm animals, the yield of the garden ing. It pays because it builds up the farming in or orchard, the building up of the dairy herd, the dustry in our territory, and helps improve the profitable handling of poultry and hundreds of conditions in our farm homes. It is a part of our other matters of the utmost personal importance obligation to all of our readers that each of them to the writers of these questions, depend on our shall have all the help he needs to reach maximum ability to answer them promptly, intelligently and production and most complete satisfaction. correctly. Primarily, it is an investment in good will. But really it is more than that. It is an investment in better agriculture, better livestock, better dairying, better gardening, better poultry, better farms, better farm homes and more prosperous farm communities. It keeps us in touch with the heart throbs of the four million people whom we serve in 800,000 farm homes in the great food producing heart bf the country. Whenever one of your farmer customers asks you a .question about farming that you can not answer to your own satisfaction, just tell him to write us. Our bureau will gladly furnish him the information he desires without cost.. T. W. LeQUATTE Advertising Manager F. J . W RIGHT Asst. Adv. Manager Chicago Office 3. O. Billingslea Advertising Bldg. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S uccessful JHiii Farming E. T . M EREDITH, P u b lish er New Tork Office A. H. Billingslea 1 Madison Avenue DES M OINES, IOWA St. Louis Office A. D. McKinney Post-Dispatch Bldg. Kansas City Office O. G. Davies Victor Building J. A. EVERS Merchandising and Sales Bureau C. A. BAUMGART Retail Service Bureau Minneapolis Office R. R. Ring Palace Building 22 THE NORTHWESTERN Founded 1852 For 67 years our facili ties have been at the disposal of our clients. SO U N D IN V E S T M E N T SEC U R ITIES Inquiries Invited Representative B a n k i n g Correspondents in all A llied and N e u t r a l Countries. K m u tli N a r lio ö & K u l|n e Members of "New York Stock Exchange Equitable Building New York MADE to O R D ER Really knowing the styles worn by gentlemen is but part of good tailoring. W e study the characteristics of each man's figure, and, with a hundred and one small perfections of cut and fit, give his clothes that indescribable look called STYLE—Individual Distinction. Suits and Overcoats, prices—$35 to $ 75 . A splendid range of clear cut W ors teds at $35 to $40. A n almost endless array of sm art fabrics await your selection here. N XCOl/Is The Tailor W ~ J e rre m s ' Sons 315 7th St. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Des M oines, Iowa BANKER April, 1919 farm machinery, will say that the general rule is that if the machinery is used on the farm occupied by the debtor, or which he is farming, it is exempt. However, a threshing machine, used for the purpose of gain by threshing for others, is not exempt. The same is true of baling machinery. But a cream separator has been held to be exempt. The test is : Is the property used by the farmer in the conduct of his business as a farmer? Or is it used for the purpose of gain by using such ma chinery for others? If the first is true, the machinery is exempt; if the second, it is not. Relative to the outlawing of a note, we cite section 3447 of' the 1913 supplement to the code, which pro vided that action must be brought within ten years from the maturity of the note. Section 3456 of the code provides for the revival of debts in the following language: “Causes of action founded on contract are revived by an admission in writing, signed by the party to be charged, that the debt is unpaid, or by a like new prom ise to pay the same.” Under this statute our courts have held that the “re mittance by letter of a payment of interest is an admis sion that something is due.” Question: Can you get us an opinion, or have you a record of a decision as to the liability of the bank in the case of burglary, where the safety deposit boxes were broken into and robbed of their contents, “Lib erty Bonds, cash or other valuables,” whether the bank is more liable where compensation is received, than when not received, and what would be the true opinion if a printed card were hung in a prominent position in the bank, “The bank is not responsible for the contents of safety deposit boxes, except that the bank’s em ployes would exercise due care and diligence in their protection.” Answer: We believe there is a very recent decision of some court of last resort relative to the liability of a bank for the contents of a safety deposit box. A full brief on this subject will appear in the next issue. If the same rules apply to a bank as apply to a safe deposit company, the bank is not liable as an insurer of the goods, unless specifically made so by the terms of its contract, nor for loss or injury due to an act of God or of a public enemy, or for losses due to inherent defects in the goods stored in such boxes, or other causes not due to negligence on its part. It would be required to exercise ordinary care in the custody of the goods, by which would be meant that degree of care which ordinarily prudent banks are accustomed to exercise in regard to similar deposits in such. boxes, under like circumstances. Based upon this reason it would seem that the statement of the bank that “The bank is not responsible for the contents of safety de posit boxes, except that the bank’s employes would exercise due care and diligence in their protection” would be a correct statement of the rule. However, a full brief with citation of authorities will appear in the next issue. Question: I desire to ask you for a legal opinion as to the cashier’s liability on his endorsement of a certificate of deposit in connection with this transac tion : The cashier of a North Dakota bank, having some idle funds, took on a certificate of deposit issued by another North Dakota bank in answer to a letter sent by said bank offering to his bank a certificate of de posit drawing 7 per cent interest. The cashier in April, 1919 THE NORTHWESTERN question sent to the offering bank a draft for $2,000, instructing them to send him a certificate of deposit in the same amount, but not stipulating in whose name the certificate should be issued, and when it arrived it was made out to the cashier personally, and bearing the personal guarantee of the officers of the issuing bank. The cashier immediately wrote his name across the back of the certificate, endorsing it in blank, and entered it among the bills receivable of the bank. At the next meeting of the discount committee this cer tificate was approved the same as the other paper of the bank. Eventually the bank passed into the hands of a receiver, that is, the bank issuing the certificate. There will unquestionably be a loss, dnd now the stockholders are endeavoring to hold the cashier who endorsed this certificate liable for any deficit that may arise out of the transaction, maintaining that he is per sonally liable on his endorsement. It is very evident that the board of directors of the bank never looked upon this certificate as a personal obligation of the cashier, that in endorsing it he was merely acting in a representative capacity for the bank. Furthermore, in the reports to the state banking department, this cer tificate has never been listed as an obligation of the cashier by virtue of this endorsement. The question that I wish to have answered by your department is : Can the cashier, under the law, be in any way held on an endorsement arising out of such a situation? Answer: The cashier is not liable on his endorse ment of the certificate of deposit. From your letter I infef that he used bank funds, and that all the way through it was a bank transaction and was treated as such. Owing to the special relation of the cashier to the bank, his liability would not attach as in the case of an ordinary agency. The further recognition of the bank as the real party in interest, and disregarding the cashier as an individual, would strengthen his case. Just because there is a chance there may be a loss does not give the stockholders any right to hold the cashier personally. A. I. B. AT NEW ORLEANS. Announcement is made by J. C. Thompson, president of the American Institute of Banking, that the execu tive committee has unanimously selected New Orleans as the convention city in 1919. This news is received with a great deal of interest, because of the popularity of the delegates of New Or leans chapter at previous conventions, and to the great commercial and industrial development which has taken place there during recent years. C e n t r a l 23 BANKER BANKS Desiring a Chicago Connection E invite inactive reserve accounts, subject to w ithdrawal in w hole or in part on ten days^ notice, on w hich a favorable rate of interest w ill be allow ed. W On active accounts the regular clear ing house rate of interest will be paid. Correspondence invited. V au lts of T he N o r th e r n T r u s t S a fe D e p o sit Co. BOND TRUST BANKING SAVINGS The Northern trust Co.. Bank Capital and Surplus $ 5 ,0 0 0 ,0 0 0 CHICAGO Southern California Bank $100,000.00 buys control at a premium of 5% on deposits. R. C. W illia m s, Jr. B A N K IN T E R E S T S BOUGHT A N D SO L D 541 C itiz e n s N a tio n a l B an k B u ild in g Los Angeles, California T r u st C o m p a n y OF ILLINOIS 125 WEST MONROE STREET 111 SOUTH LaSALLE STREET Charter Member, C H IC A G O Under National, Federal Reserve Bank of Chicago State and Clearing House Supervision Capital and Surplus, $7,000,000 D eposits, $50,000,000 Efficiently equipped to handle all business pertaining to banking, and offer a complete service to accounts of banks, corporations, firms and individuals Accounts of Banks and Bankers Received Correspondence Invited Savings Accounts Checking Accounts Bond Department Trust Department Real Estate Loans Foreign Exchange Safe Deposit Boxes https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 24 THE NORTHWESTERN BANKER April, 1919 Bank Statements Break Records By Frank Armstrong Banks responding to the call of March 4, 1919, in nearly That the banks of the our subscribers detailed every case report record-breaking deposits. The showing in country are in splendid statements of their condi this section will be of special interest to our readers and shape for meeting the prob tion as of March 4th. the information should be of permanent value. lems of readjustment, is Every banker in our abundantly proved by the statements published in re territory will find it to his advantage to study these state sponse to the call of March 4, 1919. ments carefully. He will gain much useful information From every part of the country come reports of record from such a study and cannot fail to become convinced breaking deposits and many cities have shown gains that that the outlook is most encouraging. are truly remarkable. The wonderful manner in which the financial institu The strength of the financial institutions of the north tions of the country met the shock of war and later the western states is especially noteworthy and indicates in plague of influenza and the splendid showing they are a new and most convincing manner the high degree of able to make at this time certainly proves that they will prosperity that is being enjoyed throughout this terri be in position to meet every demand that shall be made tory. upon them in the future. The northwestern states have been producing food The country and the city banker alike will find new stuffs to supply the world and they will continue to do opportunities for profitable connections through a study so for many years to come. The high prices that have of the statements included in this section of The North been received, that are now being received, and will con western Banker. tinue to be received by the farmers of the northwest The list of deposits following gives the record of many mean that this territory cannot fail to continue its for banks not represented in greater detail in this section, and ward progress and to register new high water marks of places before our readers statistical information that must prosperity from season to season. be very useful for purposes of comparison. Each of the important gateway cities reports an es The banker who checks the record of his own institu pecially favorable condition, and the showing made by tion as compared to that of similar institutions in cities the banks in the various large clearing house associations or towns under approximately the same conditions i,s se is especially gratifying. curing a gauge of his own progress and establishing As a service to our readers, many of these banks have standards which make it easily possible to determine joined with The Northwestern Banker in presenting to whether or not the right results are being obtained. Guaranty Trust Company of New York Condensed Statem ent, February 21, 1919 RESOURCES. Real Estate (140 Broadway, 60 Liberty St., Madison Avenue and 60th St.) ............... $5,000,000.00 Bonds and Mortgages..................................... 1,755,000.00 U. S. Government Bonds and Certificates .. 81,069,505.39 Public Securities, including British and French Treasury Bills .............................. 58,705,920.42 Other Securities.............................................. 51,596,545.48 Loans and Bills Purchased ................ .357,908,740.71 Cash—on Hand and in Banks ..................... 106,130,369.70 Exchanges for Clearing House ............... 15,571,787.54 Foreign Exchange ....................................... 21,657,270.29 Credit Granted on Domestic and Foreign Acceptances ................................................ 50,340,947.36 Accrued Interest and Accounts Receivable 4,686,530.44 $754,422,617.33 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LIABILITIES. Capital :.................................$25,000,000.00 Surplus Fund—required by law ...................................... 5,000,000.00 Additional Surplus— not required by law ...... 20,000,000.00 Undivided Profits ....................................... Due Federal Reserve Bank against U. S. Government Obligations ...................... Notes Secured by Liberty Bonds Redis counted with the Federal Reserve Bank Accrued Dividend ....................................... Outstanding Treasurer’s Checks .............. Foreign Accounts ....................................... Domestic and Foreign Acceptances .......... Accrued Interest Payable and Reserve for Taxes and Expenses....................... 2....... Deposits .................. $50,000,000.00 3,525,660.15 26,000,000.00 16,288,215.44 729,000.00 10,708,007.82 10,046,776.50 50,340,947.36 4,564,842.23 582,219|l67]83 $754,422,617.33 April, 1919 THE N O R T H W E S T E RN Readers should make fullest possible use of the in formation contained in this section, and if we can render a further service of any kind individually, by mail, we shall be very glad indeed to do so. Inquiries are always gladly received from our readers and given the benefit of any information we are able to secure. It is our highest purpose to serve the interests of read ers in every way, and bringing readers and advertisers together on a basis of common interest is one of the features'of our service that is most fully appreciated by both. REPORT OF THE CONDITION OF TH E Fort D earborn N a tio n a l Bank CHICAGO SOME DEPOSITS. Iowa. Bank Town Deposits Alta State, Alta....................................................... $ 934,189.78 The Shaffer State, Altoona.................................... 183,729.86 First National, Armstrong...................................... 324,989.73 Alexander Savings Bank, Alexander ................ 237,956.00 492,790.06 First National, Alta.............. Alton Savings, Alton................. 337,064.32 Battle Creek Savings, Battle Creek....................... 754,864.76 Maple Valley Savings, Battle Creek....................... 695,619.63 Breda Savings Bank, Breda.................................... 904,399.36 Commercial State, B r i t t ..................... 1,088,207.56 Savings Bank of Brighton....................................... 239,570.24 First National, Brooklyn......................................... 1,141,207.63 First National, Buffalo Center................................ 337,075.42 American Savings Bank & Trust Co., Burlington.. 3,720,870.94 American Savings, Carroll...................................... 965,077.15 Cascade State, Cascade ......................................... 1,161,109.29 Cedar Rapids National, Cedar Rapids.................... 13,799,515.54 Cedar Rapids Savings, Cedar Rapids.................... 3,119,006.61 Merchants National, Cedar Rapids......................... 13,875,966.55 Cherokee State, Cherokee...................................... 1,402,168.70 Farmers Savings, Clermont .................................. 285,131.18 458,055.81 Coggon State, C o g g o n ......................................... City National, Clinton ........................................... 4,647,334.23 Security Trust & Savings, Charles City................ 2,095,861.35 Conrad State, Conrad ............................................. 667,978.40 First National, Coon Rapids.................................... 524,973.16 City National, Council Bluffs.................................. 1,837,432.63 Iowa State Savings, Creston.................................. 1,127,875.99 First National, Davenport .................................... 4,488,130.31 American Commercial & Savings, Davenport---- 12,964,810.91 Iowa National, D avenport....................... 4,759,601.23 Des Moines National, Des Moines.......................... 15,439,219.96 Mechanics Savings, Des Moines............................. 1,836,706.28 Home Savings, Des Moines................................... 2,007,408.10 Iowa Loan & Trust, Des Moines........................... 7,876,238.32 2,757,703.23 First National, Dubuque .......................... Dubuque National, Dubuque................................. - 1,254,942.54 Dubuque Savings, Dubuque .................................. 965,792.78 Second National, Dubuque .................................... 1,477,680.34 Federal Deposit & Trust, Dubuque....................... 973,493.97 216,150.93 Farmers Savings, Duncombe ................................ Dysart Savings, Dysart ......................................... 841,016.09 First National, Eldon ............................................. 277,603.24 Eldridge Savings Bank, Eldridge....................... 725,171.39 First National, EVerly ........................................... 474,359.78 288,736.93 State Bank, Farley ................................................ Security Trust & Savings, Fort Dodge.................. 443,391.93 First State, Fredericksburg .................................. 372,048.92 First National, D a rn e r................... 701,315.33 Farmers Savings, Goldfield .................................. 350,043.68 Grinnell Savings, G rinnell...................................... 973,885.22 Grundy County National, Grundy Center............. 486,755.57 261,299.90 Grundy County Savings, Grundy Center................ Franklin County State, Hampton................... 1,575,795.38 Farmers State, Harris ......................................... 124,743.71 Farmers Savings, Havelock.................................... 152,330.59 Farmers State, Hawarden ............................. 336,155.99 First State, Hawkeye............................................... 625,021.19 Farmers & Traders Savings, Hillsboro................. 251,548.81 Hillsboro Savings, Hillsboro.................................. 307,498.21 Iowa State, Hull...................................................... 455,783.10 Peoples National, Independence ........................... 933,863.68 Peoples Trust & Savings, Iowa Falls.................... 407,501.22 Luxemburg Savings, Luxemburg........................... 313,128.72 Iowa State Savings, Lyons.............................. 1,021.928.48 First National, Lyons ............................................ 846.472.74 Lyons Savings, Lyons ........................................... 1,480,355.37 First National, Marshalltown ............ 2,971,857.86 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 25 BANKER A t t h e C lo se o f B u s in e s s M a rc h 4, 1919 RESOURCES L o a n s a n d D i s c o u n t s .............................................$38,378,202.71 3,995.83 O v e r d r a f t s .................................................................. U n ite d S t a t e s B o n d s, p a r v a l u e ....................... 793,200.00 U n ite d S t a t e s T r e a s u r y C e r tif ic a te s o f I n d e b te d n e s s . . ......................................................... 4,562,000.00 2,748,722.65 O th e r B o n d s a n d S e c u r i t i e s ................................ I n t e r e s t E a r n e d b u t N o t C o ll e c t e d ................ 12.344.86 C u s to m e r s ’ L ia b il i t y u n d e r L e t t e r s o f C r e d it 665,719.95 C u s to m e r s ’ L ia b il i t y u n d e r A c c e p ta n c e s . . . 1,801,354.84 C a s h a n d S ig h t E x c h a n g e .................................. 18,321,312.86 T o ta l ................................................................. $67,286,853.70 L IA B IL IT I E S C a p it a l S to c k P a i d I n ............................................$ 3,000,000.00 S u r p lu s a n d U n d iv id e d P r o f i t s ......................... 1,350,391.85 I n t e r e s t C o lle c te d b u t N o t E a r n e d ................ 300,009.90 R e s e r v e d f o r T a x e s ................................................ 108,668.68 -D iv id e n d s U n p a id .................................................. 990.50 C a s h L e t t e r s o f C r e d it a n d T r a v e l e r s ’ C h e c k s ..................................................................... 33,233.98 C o m m e r c ia l L e t t e r s o f C r e d it O u t s t a n d in g 666,469.95 1,868,161.74 B a n k A c c e p ta n c e s O u t s t a n d i n g ....................... 300,000.00 U. S. B o n d s .................................................................. D e p o s its ....................................................................... 59,658,927.10 T o ta l .......................................................................... $67,286,853.70 OFFICERS William A. Tilden.......... President Henry R. K e n t.. .V icePresident John Fletcher . . .Vice President George H. W ilson.Vice President Marcus Jacobowsky Vice President Charles Fernald . .Vice President E. C. Tubbs.......... Vice President Wm. L. M cKee. . .Vice President Wm. W. LeG ros............... Cashier Charles L. Boye. Assistant Cashier Robt. .1. M cKay. Assistant Cashier Wm. E. McDallen. .Asst. Cashier W. J. Fickinger. . . .Asst. Cashier Edw. N. H einz............... .. Asst. Cash., Mgr. Foreign Dept. . DIRECTORS CAVIN H. HILL C. A. BICKETT MARCUS JACOBOWSKY WALTER S. BOGLE HENRY R. KENT WILLIAM F. BURROWS L. B. PATTERSON RALPH CREWS C. U. SNYDER J. FLETCHER FARRELL RAYMOND W. STEVENS RICHARD FITZGERALD EDWARD F. SWIFT JOHN FLETCHER AVERILL TILDEN GUSTAV FREUND JEORGE H. WILSON A. Y. GOWEN WILLIAM A. TILDEN R E P O R T O F T H E C O N D IT IO N O F T H E F ort D earborn T rust and S a v in g s Bank C H IC A G O A t t h e C lo se o f B u s in e s s M a rc h 4, 1919 RESOURCES T im e L o a n s o n C o l l a t e r a l . , ................................ $2,293,171.22 D e m a n d L o a n s o n C o l l a t e r a l . . . $1,634,852.44 U n ite d S t a t e s a n d O th e r B o n d s a t P r e s e n t M a r k e t V a l u e . . . . 1,603,043.61 C a s h o n H a n d a n d in B a n k s . . . 851,141.22 4,089,037.27 T o t a l .................................................. ........................ $6,382,208.49 L IA B IL IT I E S 5 500,000.00 C a p it a l S to c k .................................. • • 318,935.80 S u r p lu s a n d U n d iv id e d P r o f i t s . . . 71,563.44 R e serv ed fo r I n te re s t an d T a x e s. 5,491,709.25 T im e D e p o s its ..................................... .$6,382,208.49 T o ta l ................................................................ OFFICERS William A. Tilden.......... President Frank M. F orrey.................. • • ; John E. Shea. . . . Vice President . . .Secretary and Trust Officer Herbert C. R oer..................Cashier Stanley G. M i l l e r . . . . . . . . . . E. H L ennert.......... Asst. Cashier Vice Pres, and Mgr. Bond Dept; Prank Lincoln Jo h n so n ..............Manager Real Estate Loan Department 26 THE NORTHWESTERN American Savings, Maquoketa .............................. Calhoun County State, Manson............................... City National, Mason City.............................. City Trust & Savings, Mason City....................... .. Farmers Trust & Savings, Marble Rock............... First National, Marengo ........................................ Melvin Savings, Melvin ......................................... First National, Milford ....................... Monticello State, Monticello.................................. Jones County Trust & Savings, Monticello . . . . National State, Mt. Pleasant................................ Muscatine State, Muscatine .............................. Jasper County Savings, Newton__ ___ _______ First National, Newton ......................................... New Sharon State, New Sharon............................. First National, New Sharon.................................. Farmers Savings Bank, Odebolt......................... Odebolt Savings, Odebolt ...................................... Mitchell County Savings, Osage.......................... Oskaloosa National, Oskaloosa............................. Mahaska County State, Oskaloosa...................... Peoples Trust & Savings, Oskaloosa...................... Citizens State, Ossian . . . . . .................................... Pomeroy State, Pomeroy ...................................... First National, Pomeroy ..."........ .......................... Farmers National, Red Oak .................................. Ringsted State, Ringsted ................................... Rippey Savings, Rippey ....................................... Rockford State, Rockford ...................................... First National, Rockford..................... Farmers Savings, Roland ...................................... Home State, Royal .............'.................................. Savings Bank of Salem ......................................... Farmers Savings, Salem ................................... State Bank of Schaller ........................................... First National, Sheldon .............................. First National, Sioux City...................................... Live Stock National, Sioux City............................. Security National, Sioux City....... ......................... Ulch Bros. State, Solon..................... Citizens National, Spencer ............................. Citizens Savings, S pencer...................................... Farmers Trust & Savings, Spencer....................... 1,286,162.71 516,169.60 1,814,738.11 228,405.77 327,888.85 947,893.51 250,154.25 637,110.51 1,803,099.97 355,966.70 830,625.91 3,013,01^.91 1,332,399.80 1,476,873.55 333,199.87 338,299.99 496,675.79 273,399.82 526,433.56 1,375,100.01 1,812,230.32 704,824.65 555,813.83 702,611.39 416,616.25 1,184,679.84 664,868.35 275,899.97 1,127,175.87 353,409.25 500,436,75 213,817.24 305,520.38 283,945.93 663,183.10 2,295,414.69 14,635,211.90 6,723,911.26 8,778,516.22 772,478.98 750,782.19 102,142.71 402,964.27 BANKER April, 1919 Citizens National, Storm Lake.............................. 1,203,305.38 Strawberry Point State, Strawberry Point......... 631,052.21 Titonka Savings, Titonka .............. .......... ............ 275,940.11 Volga Savings, Volga ................................... 321,224.60 Wall Lake Savings, Wall Lake.............................. 589,544.25 Red Oak National, Red Oak.................................... 2,459,043.95 County Savings, A lgona......................................... 1,947,337.06 Farmers Savings, Runnells ................................. 260,594.58 Citizens National, H am pton................. 1,360,286.13 Fidelity Savings, Marshalltown....... ..................... 1,465,451.35 Farmers State, Dyersville...................................... 1,848,908.41 2,277,059.89 First INqtional, LeM ars.............................. First National, Iowa City............................ 1,557,441.94 Farmers Loan & Trust, Iowa City....................... 1,337,228.64 Peoples State Bank, West Liberty...................... 425,280.89 South Dakota. First National, Coleman ....................................... $ 480,294.74 Citizens State, Coleman......................................... 266.867.03 James Valley Bank, H u ro n ...!....................... I .. 1,475,768.22 First National, Midland ......................................... 298,455.78 Citizens State, M obridge....................................... 509,513.88 Ramona State, R am ona....................................... 272,140.81 Pennington County, Rapid City............................... 1,662,109.42 507,151.28 First National, S alem ................ Security National, Sioux Falls ............................... 6,657,479.56 First State,- Stratford............................................ 427,449.56 Farmers & Merchants State, Eureka ................ 501,602.46 Commercial Trust & Savings, Mitchell ............. 1,081,201.64 534,194.18 Marathon Savings, Marathon ............................. Security Bank, Tyndall.......................... 780,394.88 Wakonda State, Wakonda....................................... 261,749.46 Bank of B rokings................................................ 2,525,333.73 501,602.46 Farmers & Merchants State, Eureka..... ........... North Dakota. First National, Grand Forks....... .......................... $ 3,103,164.35 Mohall State, M ohall......... ..................................... 482,414.97 First National, Mott ........................................... 610,237.91 Nebraska. First National, Hastings .............. .......................$ 2,168,823.15 Neligh State, Neligh ...................... 354,559.30 Nebraska State, Norfolk ....................................... 583,835.00 MIDLAND NATIONAL BANK M in n ea p o lis, M in n eso ta Condensed Statem ent at the Close of Business March 4, 1919 RESOURCES. Loans and Discounts .....................$10,264,155.17 Overdrafts .............. 1.................... 4,969.82 U. S. Bonds and Treasury Certifi c a te s..... ...................................... 2,749,100.00 Other Bonds ....... 184,858.77 Stock in Federal Reserve Bank . . . . 42,000.00 5% Redemption Fund and Due from U. S. T reasury.................. ......... .• 16,506.00 Cash on Hand and Due from Banks, 6,145,478.70 LIABILITIES. Capital Stock ................................$ 1,000,000.00 Surplus -------- .'.............................. 400,000.00 Undivided P ro fits........................... 37,802.56 Reserved for Taxes, Interest and Unearned Discount ................... 121,399.98 Circulation ...................................... 100,000.00 Rediscounts and Bills Payable . . . . None Deposits .......................................... 17,747,865.92 $19,407,068.46 $19,407,068.46 OFFICERS Chas. B. Mills ............. Vice President H. R. Lyon ................ ......... President Edgar L. Mattson ...... Vice President George F. Orde .......... Vice President 0. J. Thorpe...................... Credit Mgr Andreas Ueland ..................... Counsel E. V. Bloomquist.................. Cashier https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Trygve Oas .... W. R. Murray V. E. Hanson J. H. Sharpe .. Assistant Assistant Assistant Assistant Cashier Cashier Cashier Cashier THE April, 1919 NORTHWESTERN 27 BANKER and Stili Growing Iow as Largest Bank Iowa N ational Bank D e s M o i n e s S a v i n g s Ban k These combined institutions set new high records at the close of business, March 4 , 1919 , with Deposits Resources - - 25,253,185.26 28,267,874.73 - - "The Banker's Bank of Iowa” Iowa National Bank Des Moines Savings Bank Des Moines Des Moines RESOURCES L o a n s .................................... $11,707,560.19 U. S. B o n d s a n d C e r tif ic a te s o f I n d e b te d n e s s ................................................ 4,686,875.59 F e d e r a l R e s e r v e B a n k S t o c k .............. 45,000.00 F u r n i t u r e a n d F i x t u r e s .......................... 5,000.00 O v e r d r a f t s ...................................... 274.70 Cash, and E x c h a n g e ................................ L oans RESOURCES .............................. ............. . . . . ........ $ 4,597,389.19 Cash and E x c h a n g e ...................................... 169,662.68 $ 4,767,051.87 7,056,112.38 $23,500,822.80 L I A B IL IT I E S C a p it a l S to c k ......................... ....................$ 1,200,000.00 S u r p l u s a n d P r o f i t s . ............................... 896,336.57 R e s e r v e .fo r T a x e s .................... 120,951.31 C irc u la tio n ................................................ 190,000.00 D ep osits ................................................. 21,003,534.98 L IA B IL IT I E S C a p it a l S to c k ..............................................$ S u r p l u s a n d P r o f i t s .................................. R e s e r v e f o r T a x e s . . . . ............................ D eposits ............................................................... $23,500,822.80 400,000.00 175,242.71 32,158.88 4,159,650.28 $ 4,767,051.87 Let these Officers and Directors Serve You OFFICERS HOMER A. MILLER. . CLYDE E. BRENTON J. H. BLAIR............... H. T. BLACKBURN. GEO. E. PEARSALL. J. R. CAPPS............. R. L. CHASE, Jr. . . . JAMES F. HART___ J. BURSON ............. CHAS. H. NUTT___ S. W. FOWLER......... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DIRECTORS .............President . .Vice President . .Vice President . . Vice President . .Vice President ..................Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier H. T. BLACKBURN J. H. BLAIR CLYDE E. BRENTON HOWARD J. CLARK GARDNER COWLES .T. H. COWNIE E. 0. FINKBINE CHAS. L. GILCREST J. B. GREEN WM. C. HARBACH F. H. LUTHE M. MANDELBAUM HOMER A. MILLER GEO. E. PEARSALL M. SHLOSS D. W. SMOUSE O. P. THOMPSON G. M. VAN EVERA THE 28 NORTHWESTERN Omaha National Bank Omaha, Nebraska Statement Made to the Comp troller of the Currency March 4, 1919 Resources Loans and Discounts................... $17,408,043.26 636.07 Overdrafts .................................... U. S. Bonds for Circulation........ 1,000 ,000.00 U. S. Liberty Bonds and U. S. Treasury Certificates .............. 5,664,850.00 Municipal and Corporation Bonds 895,879.95 and Securities.......................... 956,250.00 Banking House and Vaults........ Customers’ Liability Under Let 64,026.98 ters of Credit ........................ ... Customers’ Liability Under Ac 175,000.00 ceptances .................................. U. S. Bonds for De posits ................. $ 200,000.00 Due from Federal Reserve Bank & Other C o r r e spondent Banks.... 10,578,860.18 Cash on Hand........ 1,675,757.60 Due from U. S. Treasury .......... 50,000.00 12,504,617.78 BANKER April, 1919 Bank of Benson, Omaha......................................... 754,711.97 Omaha National, Omaha ....................................... 31,905,597.71 Live Stock National, Omaha .............................. 9,611,255.27 First National, O m aha........................................... 23,689,323.84 Stock Yards National, South Omaha.................... 11,985,094.07 364,153.59 Nebraska State, Ord ................ ........................ Scottsbluff National, Scottsbluff ........................... 640,947.26 74,432.68 . Farmers State, S cotia....................... ..................... American State, Sutherland .................................. 127,829.80 Minnesota. First National, Adrian ......................................... $ 506,985.04 First National, Brainerd . v. ......... ....................... 1,690,199.13 Fergus Falls National, Fergus F a l l s ................. 1,579,643.03 Midland National, Minneapolis ............................ 17,747,865.92 Northwestern National, Minneapolis.................... 49,838,691.12 Minnesota Loan & Trust, Minneapolis.................. 4,968,590.87 Merchant^ National, St. Paul................................ 30,599,469.31 First National, St. Paul......................................... 51,912,030.83 Stock Yards National, South St. P a u l................ 6,239,808.91 Miscellaneous. National Bank of Commerce, New York.............$350,220,471.52 Chase National, New York. ................................. 326,388,132.06 Hanover National, New York............................... 173,672,847.33 Com Exchange National, Chicago....................... 107,289,692.55 Central Trust of Illinois, Chicago......................... 52,376,994.76 Union Trust Co., Chicago...................................... 35,284,859.64 Live Stock Exchange National, Chicago............. 23,985,225.91 National Bank of Commerce, St. Louis............ 59,871,230.76 Fourth Street National, Philadelphia................ 66,194,428.53 Banjk of North America, Philadelphia................ 22,924,054.70 Merchants Loan & Trust, Chicago.................... 90,184,419.34 First National, Chicago ....................................... 206,351,628.60 First Trust & Savings, Chicago........................... 73,197,489.24 Northern Trust Company, Chicago.................... 37,871,898.73 National City, Chicago ................................ 33,603,131.09 Mellon National Bank, Pittsburgh...................... 103,202,665.70 $38,669,304.04 Liabilities Capital Stock .................... .....,....$ 1,000,000.00 Surplus and Undivided Profits..... 1,197,908.19 Discount Credited Not Earned.... 140,439.95 Reserved for Taxes..................... 53,929.21 Circulation .................................. 1,000,000.00 U. S. Liberty Bonds Borrowed.... 400,000.00 Subscription to U. S. Liberty Loan Account Customers ....... 432,402.00 Customers’ Letters of Credit...... 64,026.98 Acceptances Executed for Custo mers ..............:.......................... 175,000.00 Due to Federal Reserve Bank..... 2,300,000.0G Deposits ..................................... 31,905,597.71 $38,669,304.04 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HERBERT C. ROER, Vice President Fort Dearborn Trust & Savings Bank, Chicago. FORT DEARBORN. Herbert C. Roer, former cashier of the Fort Dear born Trust and Savings Bank, Chicago, has been pro moted to vice-president of the same bank. Mr. Roer has been associated with the Fort Dearborn Trust and Savings Bank since 1911. Emil E. Rose, former chief clerk of the Fort Dear born National Bank, has been made cashier of the Fort Dearborn Trust and Savings Bank, succeeding Mr. Roer. THE April, 1919 NORTHWESTERN 29 BANKER “T he Bank that Service Built” The Seaboard National Bank 18 Broadway and 5 Beaver Street, N e w Y ork Condensed Statement, March 4th, 1919 RESOURCES LIA B ILITIE S LOANS AND DISCOUNTS...........................$35,097,845.94 OVERDRAFTS ............................................ 5,860.07 U. S. BONDS AND CERTIFICATES OF IN DEBTEDNESS......................................... 11,397,500.00 BONDS, SECURITIES, Etc......................... 3,189,766.12 DUE FROM BANKS (N e t)................... 193,926.43 DUE FROM FEDERAL RESERVE BANK OF NEW Y O R K ........................................ 7,495,459.34 CASH, EXCHANGES AND DUE FROM U. S. TREA SU RER ................................... 9,088,415.52 CAPITAL ......................................................... $ 1,000,000.00 CUSTOMERS’ L IA B ILITY ACCOUNT OF ACCEPTANCES EXECUTED BY THIS B A N K .......................................... BILLS PAYABLE AND REDISCOUNTS W IT H FEDERAL RESERVE B A N K ... 367,836.40 SURPLUS AND PROFITS (Earned) ........ 3,782,447.33 UNEARNED DISCOUNT ............................. 135,724.68 CIRCULATION ............................................... 69,997.50 RESERVED FOR T A X E S .............................. 368,003.31 ACCEPTANCES EXECUTED FOR CUS TOMERS ............................................ 367,836.40 U. S. BONDS BORROWED........................... 300,000.00 D E P O S IT S ................... 4,282,858.78 56,529,741.82 $66,836,609.82 $66,836,609.82 The Iowa Loan & Trust Company Bank O F D E S M O IN E S “ THE B A N K FOR ALL THE PEOPLE ” Statement of Condition at the Close of Business March 4, 1919 L IA B ILIT IE S RESOURCES Real Estate Mortgage Loans....... Collateral and Personal Loans Bonds, Stocks, etc........................ Stock in Federal Reserve B ank... Real Estate ..................... . Furniture and Fixtures................ Cash and Due from Banks........... .$ $ 2,657,938.53 3,235,830.87 1,386,513.97 22,500.00 110,260.08 6,694.52 2,113,389.67 Capital ..................... ............ ...............S Surplus and Profits................................ Due to Federal Reserve Bankc .......... Deposits— Banks ..............................$2,707,233.96 Commercial.................... 1,668,102.61 Debentures ..................... 1,607,900.00 Time ................................ 1,893,001.75 500,000.00 535,456.42 621,432.90 7,876,238.32 9,533,127.64 9,533,127.64 OLDEST TRUST COMPANY W EST OF THE MISSISSIPPI RIVER MEMBER OF FEDERAL RESERVE SYSTEM OFFICERS AND DIRECTORS» G. B. H IPP B E . P resident D. H. McKEE, V ice P resident I, . E . STEVENS, V ice P resident D. F . W ITTER. V ice President B. B. VORSE. Cashier J. E . MORTON, A ssistan t Cashier C. S. HOWARD. A ssista n t Cashier H. M. CORMANY. A ssista n t Cashier J, W. DENMAN. A ssista n t Cashier https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis EDW IN HUliT. Secretary GEO. W. GRAY, Treasurer J. M. CAliXiANDER, Secretary Tone Bros. STMON CASÄDY. Presid en t Central State Bank N. E. COFFIN, Coffin & R ipiiey, A ttorneys R. E. ROLLINS. D es Moines H osiery Mills A. C. WAHL. A ssista n t Cashier A. L. HAMMERSTEDT, A ssista n t Cashier ISADORE IiUCCHESI. A ssista n t Cashier. 30 THE NORTHWESTERN T he N orthwestern National Bank MINNEAPOLIS, MINNESOTA At Close of Business March 4, 1919 Resources Loans and D iscounts..........................$ 34,101,906.47 8,700,494.87 U. S. and Other Bonds........................... Stock in Federal Reserve Bank of Min neapolis ............................................... 180,000.00 Banking House...................................... 555,500.00 Customers' Liability on Letters of Credit and Acceptances....... .............. 97,466.60 Interest Earned But Not Collected. ... 114,582.69 Overdrafts ............................................. 63,198.33 Cash and Due from Banks.................... 13,923,605.90 $57,736,754.86 Liabilities Capital ..................................................$ 4,000,000.00 Surplus ......................... 2,000,000.00 Undivided P ro fits.................................. 1,048,614.63 Reserved for Unearned Interest........... 281,983.33 Reserved for Taxes................................ 179,999.18 Circulation ............................................. 290,000.00 Letters of Credit and Acceptances.... 97,466.60 Deposits ................................................ 49,838,691.12 $57,736,754.86 OFFICERS Edward W. Decker. . . .President Joseph Chapman . .Vice President James A. L a tta . . .Vice President Alexander A. M cRae. . Vice Pres. Wm v -Rritrao v w Proaidont oT; ™ 8 8 . . . Vice President Robt. E. Macgregor. . .Vice Pres. Scott H. Plum m er............. Cashier Huntington P. Newcomb. . . . . . ................................ Asst. Cashier Leonard N. B renna.A sst. Cashier Roger S. H u m e . . . . Asst. Cashier Lester T. Banks. . . Asst. Cashier j . Cameron Thomson Asst. Cashier Will M. K oon.............. Asst. Cashier Henry J. R iley...........Asst. Cashier BANKER April, 1919 FOUR YEARS OF WAR TRADE. Exports of manufactures from the United States in the first four years of the war are as much in value as in the seventeen years preceding the w ar; exports of foodstuffs in the war period are as much as in the ten years prior to the war, while exports of manufactur ing material actually show a decline. A compilation by the National City Bank, of New York, shows that the total foreign trade of the country in the first four years of the war was $29,232,000,000 and in the four years immediately preceding the war, $15,972,000,000. The imports increased from $6,887,000,000 to $9,558,000,000, while the exports jumped from $9,084,000,000 to $19,674,000,000. The increase in imports is prac tically 40 per cent and in exports, 117 per cent. These figures are based upon the official returns for the forty-eight months from August 1, 1914, in which month the war began, to August 1, 1918. The pre-war period is the four fiscal years ending June 30, 1914. How much of the increase is due to higher prices cannot be at present accurately determined. It is pos sible, however to show by great groups of articles the increases and decreases in imports and exports when measured by values. Exports of raw materials for use in manufacturing, for example, show an actual decline in value despite the higher prices, the total value of raw material for use in manufacturing exported in the four years of war having been but $2,733,000,000 against $2,961,000,000 in the four years preceding the war. This fall-off in the value of manufacturing mate rial exported is due chiefly to a decline of about 33 per cent in quantity of cotton exported, Germany-, AustriaHungary, Belgium and Russia, normally large im- The First National Bank of Sioux City, Iowa S T A T E M E N T O F C O N D IT IO N M A R C H 4 , 1919 RESOURCES. Loans and discounts ....... $7,249,044.66 United States certificates of indebtedness,. Liberty Bonds and War Savings Stamps.. 2,090,916.93 United States and other Bonds and Se curities ....................................................... 1,142,481.18 Banking House andother Real Estate........ 175,847.96 Cash and Sight Exchange ............................ 5,098,963.16 LIABILITIES. Capital ............................................................ $ 600,000,00 Surplus and Profits ..................................... 197,041.99 Circulation ..................................................... 325,000.00 Deposits ..........................................................14,635,211.90 $15,757,253.89 $15,757,253.89 Deposits March 4, 1915 . Deposits M arch 4 , 1916 . $6,960,847.54 . . $ 8 ,0 8 2 ,5 3 9 .9 0 Deposits March 4, 1917 . . *11,312,582.49 Deposits March 4, 1918 D e p o sits M arch 4 , 1 9 1 9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . . $12,040,376.92 . . $ 1 4 ,6 3 5 ,2 1 1 .9 0 April,- 1919 THE NORTHWESTERN 31 BANKER Report of the condition of the Drovers National Bank and the Drovers Trust and Savings Bank at the close of business March 4, 1919. Drovers Trust and Savings Bank of Chicago Drovers National Bank of Chicago RESOURCES RESOURCES Loans and Discounts.................................................................$ 1 1 ,6 0 6 ,5 6 2 .7 8 Overdrafts ...................................................................................... 731.58 U. S. and Other Bonds................................................... .. 333,791.94 U. S. Certificates of Indebtedness............................................. 2,134,000.00 Acceptances— Customers’ Liability .......................................... 338,500.00 Real Estate ............ 75,406.63 Cash and Due from Banks.............. 9,049,327.59 Demand Loans on Collateral.............I .......................................$ 2,178,548.60 U. S. and Other Bonds.......... ..................................................... 971,967.50 Cash and Due from Banks................................................. 633,357.97 Quick Assets ..................................... .......................................... $ 3,783.874.07 1,520,091.12 Time Loans on Collateral........................................................... $ 5,303,965.19 $23,538,320.52 L IA B IL IT IE S Capital Stock paid i n .......... ............................., Surplus and Profits.............................................. Reserved for Unearned In te re st...................... . Reserved for Taxes............................................ Acceptances . ....................................................... Deposits (net) .................................................... $ 750,000.00 453,285.74 137,683.86 61,993.20 338,500.00 21,796,857.72 Capital Stock paid i n ...................................................................$ 250,000.00 Surplus and Profits....................................................................... 343,823.79 Reserved for Taxes and In terest.......... .................................... 20,000.00 Savings Deposits .......................................................................... 4,690,141.40 $23,538,320.52 5,303,965.19 L IA B IL IT IE S Combined Statements L IA B IL IT IE S Loans and Discounts...................................................................... $15,305,202.50 Overdrafts ..................................................! .................................. 731.58 U. S and Other Bonds................................................................ 1,305,759.44 U. S. Certificates of Indebtedness............................................. 2,134,000.00 Acceptances— Customers’ Liability .......................................... 338,500.00 Real Estate .................................................................................... 75,406.63 Cash and Due from B a n k s . . ' . . . . - , ........................................ 9,682,685.56 Total .......................................................................................... $ 2 8 , 8 4 2 , 286.71 porters of American cotton, having been practically out of the market. In all of the other groups of articles exported, how ever, the figures of the war period are far in excess of those of the pre-war period. Foodstuffs exported in the four years of war aggregated $4,852,000,000 against $1,738,000,000 in the four years preceding the war. Capital Stock paid i n ...................................; ............................. .. $ 1,000,000.00 Surplus and P r o f i t s . . . . ................. 797,109.53 Reserved for Unearned In te re st.................................................. 137,683.86 Reserved for Taxes and In te re st.......................................... .. . 81,993.20 Acceptances .................................................................................... -338,500.00 Deposits ............................................................. 26,486,999.12 Total ........................................................................................... $ 2 8 , 8 4 2 , 285.71 Manufactures exported in the four war years aggre gated $11,526,000,000 against $4,212,000,000 in the four pre-war years, while the group “miscellaneous” was $300,000,000 in the four years of war against only $31,000,000 in the four pre-war years, this enormous in crease being due to the fact that it includes horses and mules. Thus in the exports of domestic products, Condensed Statement of the Condition of the Des Moines National Bank DES MOINES, IOWA On Comptroller’s Call, March 4, 1919 RESOURCES Loans ............................................. $ 8,825,956.38 None Overdrafts .................... ...... .......... 774,700.00 U. S. Bonds........................ ........... U. S. Treasury Certificates of In debtedness ................................ 1,752,000.00 2,940.87 War Savings and Thrift Stamps.. 188,525.51 Other Bonds and Securities......... 27,000.00 Stock in Federal Reserve Bank.... Customers’ Liability on Letters 12, 000.00 of Credit...................................... 25,000.00 Safe Deposit Vaults .................... 153,000.00 Banking House ............................ Cash and due from Banks and U. S. Treasurer .............................. 5,008,974.63 LIABILITIES Capital Stock .............................. $ 750,000.00 Surplus ................... 150,000.00 Undivided Profits ................. Dividends U npaid....................... Circulation...................... Liability on Letters of Credit...... 96,530.43 2,347.00 320,000.00 12,000.00 Deposits ....................... ..... ,.......... 15,439,219.96 T o ta l...................................I.....$16,770,097.39 T o ta l............................ ...........’..$16,770,097.39 ACTIVE DESIGNATED DEPOSITARY OF THE UNITED STATES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 32 THE NORTHWESTERN BANKER April, 1919 manufacturing material shows an actual decline of ap DOES FINE WORK. proximately 8 per cent, foodstuffs an increase of 179 The Iowa Lithographing Company recently received a per cent, and manufactures an increase of 174 per cent. letter from a customer who has the highest rating pos The value of manufactures exported in the four war sible to secure in R. G. Dun’s well known reference work, years equals that of the seventeen years preceding the in which he says: war. “Enclosed find check for $100.74 in payment of your On the import side there is a marked increase in bill of February 14th. value of importation of manufacturing material and “We wish to express our appreciation and admiration foodstuffs, but only a very slight increase in manu for the fine workmanship displayed in making our checks. factures. The total value of manufacturing material The fineness and accuracy of detail in the vignette is es imported in the four years of war was $3,913,000,000 pecially noteworthy and is greatly admired by all who against $2,336,000,000 in the four years preceding the have seen it.” w ar; of foodstuffs, $2,521,000,000 against $1,661,000,000 The national lithographer recently commented as fol in the four pre-war years, and of manufactures $3,058,- lows on the quality of work done by the Iowa Litho 000,000 against $2,829,000,000. Manufacturing mate graphing Company on a policy order for the Mutual rial imported shows an increase in valuation of 67 per Life of Illinois. cent; foodstuffs, 52 per cent, and manufactures only “It is one of the finest engravings ever made and com 8 per cent. pares favorably with steel plate work. The emblem typi The trade with various grand divisions shows radi fies home unity, given hope and protected against ma cal changes. Imports from Europe in the four years terial want through the agency of life insurance.” of war are but $2,204,000,000 against $3,376,000,000 in the pre-war period, a fall-off of 35 per cent, due, of MINNESOTA NEWS AND NOTES. course in part, to the absence of trade with the Central First National Bank, Alexandria, has purchased the Powers and Belgium, while the Allied countries at war Fred Raiter building, and will construct a new banking had comparatively little merchandise to send us. The home in the near future. The First National has had the exports to Europe, however, show an enormous in project of building or enlarging the present quarters un crease, being for the four years $13,568,000,000 against der consideration for some years, the present room being $5,616,000,000 in the four pre-war years, an increase of inadequate for the transaction of the volume of business 141 per cent. This total to Europe included that sent enjoyed by the bank. to Russia by way of the Asiatic ports. Charles J. Popelka, who recently purchased a control In the trade with North America the imports of the ling interest in the State Bank, of Ostrander, has been war period show an increase of 95 per cent over the elected mayor of the city. pre-war period, and the exports thereto an increase Good Thunder is to have a new bank, with John H. of 73 per cent. From South America the imports show Engel as cashier. A building has already been secured. J. C. HOPPER, President JOHN H. THARP, Vice President GEO. T. McCANDLESS, Cashier JOHN W. STARKEY, Asst. Cashier Condensed Official Statem ent The Central State Bank Hutchinson, Kansas AT THE CLOSE OF BUSINESS, FEBRUARY 21. 1919 RESOURCES Loans and Discounts .............................. $647,024.82 Overdrafts ........................................................ 39.29 Bank Building .......... 20,000.00 Furniture and Fixtures..................... 4,000.00 Bonds and W arrants......................................... 71,511.17 Cash and Sight Exchange................................... 99,473.74 LIABILITIES Capital ............................................................... $100,000.00 Surplus .............................................................. 15,000.00 Undivided Profits ............................................. 4,627.57 Dividends Unpaid ..................... ; ..................... 108.00 Rediscounts ...................................................... 14,500.00 Bonds Borrowed ............................................... 35,000.00 Reserved for Taxes..................................... 2,400.00 Deposits ........................ Feb. Feb. Feb. Feb. 670,413.45 Total............................................................$842,049.02 Total.............................................................$842,049.02 COMPARATIVE DEPOSITS 1916 ....................................................$ 79,605.28 1917..................................................... 141,518.97 1918 ................................................... 494,059.33 1919 .................................... 670,413.45 Our shareholders also own the stock of the Central Cattle Loan Company with Capital and Surplus of $120,000.00. Our loans are restricted to Kansas and no loans made to stockmen who do not have shelter and feed. Choice loans for sale at all times. Write for terms. GEO. T. McCANDLESS, Cashier. 21, 21, 21, 21, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE April, 1919 NORTHWESTERN 33 BANKER Stock Yards National Bank South St. Pauh Minn. Statement at the Close of Business, March 4 , 1919 RESOURCES Loans and Discounts ...................... $4,298,812.25 U. S. and other bonds .................... 806,750.00 Thrift Stamps and W. S. Stamps . . 169.98 Stock in Federal Reserve Bank . . . . 13,500.00 Furniture and Fixtures .................. 4,000.00 Five Per Cent Redemption Fund . . 2,500.00 Cash and Due from Banks ............. 1,738,549.53 LIABILITIES Capital ..............................................$ 350,000.00 Surplus ............................................ 100,000.00 Undivided Profits ........................... 124,472.85 Circulation ....................................... 50,000.00 Deposits ........................... 6,239,808.91 Total . ....... ................... ........ $6,864,281.76 Total .................. ..................$6,864,281.76 OFFICERS J. J. FLANAGAN, President ADOLPH G. SAM, Vice President C. E. MILLS, Cashier J. S. BANGS, Vice President JAY E. MARKLE, Vice President F. A. BIRCH, Assistant Cashier H. C. LIBBY, Assistant Cashier J. C. KOHL, Assistant Cashier W e Have Exceptional Facilities for Taking Care of Your Live Stock Business “IDENTIFIED WITH CEDAR RAPIDS’ PROGRESS SINCE 1881” THE MERCHANTS NATIONAL BANK CEDAR RAPIDS. IOWA March 4, 1919 UNITED STATES DEPOSITORY RESOURCES L IA B ILIT IE S Loans and Discounts.............................! i Overdrafts ............................................. United States Bonds and Other Bonds. Real Estate (for Bank premises)......... Furniture and Fixtures......................... Interest Accrued and Uncollected. . . . U. S. Treasury Certificates of Indebted ness ................................................... Cash on Hand, Due From Banks and U. S. Treasury..................... ............ J . M. D IN W ID D L E , P r e s i d e n t JA M E S E . H A M IL T O N , V ic e P r e s . P . C. F R I C K , V ic e P r e s i d e n t https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7,099,046.77 75.09 ^190 000 00 None 32,689.34 1 899 500 00 5,882,223.73 Capital Stock ....................................... $ ' 300,000,00 Surplus and Undivided Profits.............. 559,811.31 Interest Collected and Unearned.......... 53,878.91 Circulation ...................... 300,000.00 Bills Payable for Treasury Certificates of Indebtedness ................................. 1,075,500.00 Deposits ................................................ 13,875,966.55 ___________ 5 16,165,156.77 $ 16,165,156.77 JO H N T . H A M IL T O N . C h a ir m a n R O B E R T P A L M E R . V ic e P r e s i d e n t R O B E R T S. S IN C L A IR . V ic e P r e s . E D W IN H . F U R R O W . C a s h ie r H . N. B O Y SO N . A s s t. C a s h ie r R O Y C. F O L S O M . A s s t. C a s h ie r M A R K J . M Y E R S . A s s t. C a s h ie r F R E D A . G R O E L T Z . A s s t. C a s h ie r \ 34 THE NORTHWESTERN IOWA W. S. S. RECORD FOR 1918, (Continued from page 7.) Ervin Evans of Cedar Falls, A. C. Smith of Clinton, Bert Teale of Mt. Ayr, L. A. Andrews of Ottumwa and O. F. Fryer of Fairfield. Vice group chairmen, equally active in the campaign, were L. H. Henry of Sioux City, E. H. Rich of Fort Dodge, Melvin W. Ellis of Charles City, J. K. Deming of Dubuque, C. T. Schenck of Red Oak, J. R. Capps of Des Moines, Emil Benesh of Cedar Rapids, W. J. Moore of Tipton, L. H. Bussells of Chariton, E. L. Stickney of Moulton and I. L. Edwards of Burlington. The War Savings Societies were organized and generally* directed by Prof. Macy Campbell, of Cedar Falls, and A. L. Killian, of Cedar Rapids, had charge of the merchant organization and the 11,500 agencies behind the store counters of the state. County 1. 2. 3. • 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis April, 1919 The state is now being organized for the 1919 campaign, but its energies will be directed along an entirely different line. Instead of drives for the sale purpose of selling stamps, it is the purpose of the government to lay the foundation for permanent habits of thrift in the people; not so much to urge them to buy war savings or even thrift stamps so much as to show the people how to save in order that they may buy these handy investment securities if they want to do so. Following is a compilation of the county quotas and the sales by counties, showing the amount sold per capita, also the quotas of agencies and war^savings societies for each county ami the number of each that were established by the Iowa War Savings committee throughout the state during the year. Of the war savings societies established 258 were unclassified, making a total of 8,737 societies organized for the sale of stamps to members. Quota OSCEOLA—H. E. Scott, Sibley.......... $ 203,380.00 MARION—O. L. Wright, Knoxville.... 479,440.00 PLYMOUTH—W. G. Bolser, LeMars...... 475,980.00 O’BRIEN—W. S. Armstrong, Primghar. 371,640.00 WINNEBAGO—Luther Aasgaard, Forest City ....... ............................................ 271,280.00 CALHOUN—W. T. Ries, Manson........... 356,160.00 SIOUX—J. E. Oggel, Orange City........... 532,840.00 BREMER—G. C. Van Derveer, W averly.. 339,360.00 LYON—H. B. Pierce, Rock Rapids......... 313,760.00 M ITC H ELL— M. C. Sweney, Osage......... 288,700.00 HARDIN —S. J. Osgood, Iowa Falls....... 449,680.00 DICKINSON —F. T. Tompkins, Spirit 189,300.00 Lake .................................................. HOWARD —A. J. Thomson, Cresco......... 278,580.00 HUMBOLDT —Chris Ottosen, Ottosen.. 260,260.00 POW ESHIEK— H. M. Harris, Grinnell; F. L. Abel, City Chairman................ 399,300.00 343,360.00 UNION— M. D. Smith, Crestón.............. KEOKUK— L. L. Bowlin, Hedrick; H. M. Neas, Sigourney, City Chairman. 424,500.00 MARSHALL —D. W. Norris, Marshall659,880.00 town .................................................... CLAY —P. R. Graham, Spencer.............. 293,120.00 223,760.00 W ORTH —A. O. Rye, Northwood........... 302,400.00 LUCAS —E. L. Gookin, Chariton....... . 340,780.00 SAC—Geo. Perkins, Sac City................ 395,740.00 CASS—C. F. Anderson, Atlantic............. JONES —V. L. Hanssen, Monticello....... 381,000.00 321,340.00 FREMONT —Leon H. Smalley, Hamburg 364,260.00 FLOYD— M. W. Ellis, Charles C ity........ 593,920.00 BOONE—T. L. Ashford, Boone.............. G R U N DY —J. Vanderwicken, Grundy 281,020.00 Center ................................................ 491,820.00 BENTON —Hugh Mossman, Vinton....... 227,200.00 EMMET —Gordon Hulett, Estherville... 337,260.00 CHEROKEE —E. D. Huxford, Cherokee. 233,120.00 IDA —A. C. Johnston, Ida Grove............. CARROLL —John Roelfsema, Carroll; 419,940.00 J. H. Dougherty, Carroll, Vice Chmn. 456,120.00 TAM A —T. J. Bracken, Tama.................. KOSSUTH —Guy M. Butts, Wesley; M. 484,000,00 P. Haggard, Algona, Vice Chairman. PAGE—Hugh Miller, Clarinda (E%); H. 495,460.00 I. Foskett, Shenandoah (W %)......... 347,560.00 MONONA —C. C. Jacobsen, Mapleton... DALLAS —Robert Leach, Adel; R. E. Zer512,200.00 wekh, Perry,' City Chairman............. 355,300.00 CEDAR —E. P. Wingert, Bennett........... 344,240.00 BUENA VISTA —L. F. Parker, Newell.. 326,780.00 GREENE —P. E. Stillman, Jefferson.... G U THR IE —Frank Moore, Guthrie Cen368,320.00 t e r ........................................................ 363,880.00 WARREN —Clyde Proudfoot, Indianola. W ASHINGTON —Marsh Bailey, Wash400,080.00 ington ................................................ CHICKASAW —Geo. W. Underwood, New 321,780.00 Hampton .................. ........... ............ 222,620.00 ADAMS —Harry Scott, Corning.............. BANKER 287,346.75 650,384.75 638,461.50 497,861.00 Per Capita Sold 28.25 27.15 26.82 26.80 Agcy. & W. S. S. Quota 34 80 79 62 367,244.25 459,102.25 681,272.25 431,046.25 397,451.25 358,055.75 551,831.00 26.79 25.77 25.57 25.40 25.33 24.80 24.54 46 59 89 57 52 48 75 66 76 149 9 69 134 121 68 54 124 43 58 81 32 229,690.50 334,653.25 312,479.00 24.25 24.02 24.01 31 46 44 102 7 47 33 59 64 475,145.00 402,878.50 23.79 23.46 67 57 12 255 160 31 496,640.75 23.39 70 173 107 771,717.50 341,274.75 259,997.25 349,819.50 390,974.50 450,759.50 432,935.25 364,666.25 412,776.00 672,260.50 23.38 23.29 23.24 23.13 22.94 22.78 22.72 22.69 22.66 22.63 110 49 37 50 57 66 64 54 61 100 146 112 80 87 15 224 62 161 134 90 100 58 14 125 43 84 55 127 95 124 315,597.25 548,508.50 253,289.25 374,655.00 258,251.00 22.46 22.30 22.29 22.21 22.15 47 82 38 56 39 81 200 92 63 33 63 85 54 10 30 464,210.75 498,707.50 22.10 21.86 70 76 120 163 61 111 528,937.50 21.85 81 184 66 540,258.50 378,624.00 21.81 21.78 82 58 93 12 105 52 555,520.25 381,240.25 367,837.50 348,491.25 21.69 21.46 21.37 21.32 86 59 57 55 36 25 14 112 64 62 53 64 392,785.25 386,814.25 21.32 21.26 61 60 8 123 125 49 424,235.50 21.20 67 166 23 338,931.75 233,554.25 21.06 20.98 54 37 13 37 72 84 Cash Sales $ No. Agcy. Est. • 28 93 134 84 No. W. S. S. Soc. Est. 60 74 73 73 April, 1919 THE NORTHWESTERN BANKER 35 First and Second Mortgage Corporation ol Iowa INVESTMENT BANKERS Capital, Surplus and Undivided Profits approximately One million Dollars Sixth Floor Register and Tribune Building DES MOINES, IOWA JOSEPH H. ALLEN, President L. E. FRANCIS, Vice President H. C. HARGROVE, Vice President HARRY H. BUCK, Secretary PAUL F. KRUEGER, Asst. Secretary VERNON U. SIGLER, Treasurer Board of Directors JOS. H. ALLEN President Des Moines, Iowa F. L. HOLLERAN Attorney Lyons, Iowa SHERMAN W. DEWOLF Vice Pres. First Savings Bank Reinbeck, Iowa T. J. MILLER Real Estate Kellerton, Iowa W. H. ARNEY Pres. Iowa Savings Bank Marshalltown, Iowa G. H. JAMESON Banker Dows, Iowa C. M. DOMBACK Attorney Des Moines, Iowa F. L. MINER Pres. Bankers Accident Ins. Co. Des Moines, Iowa N. BALKEMA Merchant Sioux Center, Iowa A. M. KOPF Fanner Farrar, Iowa PRESTON FAHNESTOCK Farm Loans Graettinger, Iowa OBEN RUFFCORN Salesman Des Moines, Iowa HARRY H. BUCK Secretary Des Moines, Iowa PAUL F. KRUEGER Asst. Secretary Des Moines, Iowa H. J. BUCK Attorney Spencer, Iowa G. W. LAWRENCE Banker Marshalltown, Iowa H. C. HARGROVE Pres. Des Moines Silo Co. Des Moines, Iowa VERNON U. SIGLER Treasurer Des Moines, Iowa JAMES BURRINGTON Real Estate Spencer, Iowa CARL H. MATHER Attorney Tipton, Iowa H. M. HELGEN Farm Loans Emmetsburg, Iowa F. W. SPRAGUE Pres. Standard Life Ins. Co. Des Moines, Iowa J. H. DARRAH Merchant Chariton, Iowa C. F. MAUSS Pres. First National Bank Milford, Iowa J. G. HINN Farmer Laurens, Iowa C. H. THOMAS Banker Kent, Iowa L. E. FRANCIS M. L. SHEUERMAN Cosson & Francis, Attorneys V. P. Sheuerman Woolen Mills Des Moines, Iowa Des Moines, Iowa We buy and sell Iowa Farm Mortgages, County, School, Drainage, Municipal and U. S. Bonds. Correspondence Invited Our activities are state wide ANNOUNCING THE Des Moines Joint StockLandBank Capital $250,000 Fully Subscribed (O rganizing) Sixth Floor R eg ister & Tribune Building DES MOINES, IOWA Directors A. B. FUNK B. F. KAUFFMAN GEO. C. HARGROVE H. S. BUTLER GEO. C. CARPENTER VERNON U. SIGLER Other Prominent Stockholders J o s . H . A lle n P . Li. M in e r B . L. A lle n H . C. H a r g r o v e H a rry H. B uck W . J . A lle n P a u l P . K ru eg er S. W . U p h a m P. W . S p ra g u e J . E . C o r w in Farm Loans Under Amortization Plan Authorized by Federal Farm Loan Act. Correspondence Invited from Bankers. We expect to open for business within thirty days. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / 36 T H E County ■ N O R T H W E S T E R N Quota B A N K E R A p r il, 1919 Per Capita Sold Agcy. & W. S. S. Quota No. Agcy. Est. 1,194,493.50 349,995.25 388,843.25 574,044.50 428,222.25 459,870.75 326,376.00 404,718.75 354,328.25 338,653.50 400,764.00 20.98 20.96 20.94 20.87 20.81 20.67 20.64 20.49 20.48 20.46 20.39 189 55 62 92 69 74 53 66 58 55 66 298 103 45 162 217 103 178 283 97 60 124 69 26 84 74 116 16 36 106 93 82 52 1,086,910.25 413,116.00 253,936.00 20.14 20.13 20.04 180 68 42 38 125 37 221 14 44 487,300.25 509,273.25 502,392.25 259,062.25 20.03 19.74 19.64 19.56 81 86 85 436 70 249 13 882 20 v139 124 415 751,162.25 19.35 129 18 158 586,348.25 279,409.00 260,995.25 19.08 18.96 18.79 102 49 46 158 46 10 132 99 26 293,708.00 569,092.50 299,412.25 18.78 18.70 18.50 52 101 54 144 121 173 111 130 64 858,458.75 18.44 155 470 163 1,516,049.25 241,595.50 307,226.75 338,244,50 18.41 18.19 18.15 18.12 274 44 56 •62 406 55 142 9 165 61 79 88 566,875.75 17.86 106 323 99 1,171,850.75 195,028.00 302,280.00 322,739.00 17.71 17.68 17.62 17.31 220 37 57 62 385 36 7 205 94 58 50 104 257,831.25 308,578.00 363,238.50 266,600.60 291,589.50 262,681.00 494,135.50 208,162.75 1,126,056.25 200,393.25 17.16 17.08 17.06 16.82 16.58 16.54 16.19 16.05 15.05 50 60 71 52 58 53 100 43 233 44 3 90 88 78 9 12. 116 77 222 78 83 136 51 60 99 39 141 61 230 73 400,093.25 14.63 91 62 61 218,189.00 14.57 50 16 ■64 521,454.50 13.22 132 241 116 474,322.00 396,269.25 366,164.25 13.08 12.84 12.51 121 103 98 153 108 17 111 92 118 454,235.50 11.93 127 65 150 700,278.25 11.48 203 24 130 7,922 11,496 8,737 Cash Sales No. W. S. S. Soc. Est. 47. PO TTAW A TTA M IE —Theo. Laskowski, 48.. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. i ! i ' 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. ! 94. ! 95. I 96. 97. 98. I 99. Council Bluffs; J. H. Jenks, Avoca ( E ^ ); T. J. Boland, Council Bluffs, City Chairman ...................... ............... 1,138,440.00 SHELBY— A. C. Clapp, Harlan................ 333,840.00 DELAWARE —A. M. Cloud, Manchester 371,280.00 JASPER —A. E. Hindorff, N e w t o n ...... 549,920.00 CRAWFORD —Sears McHenry, Denison 411,620.00 W IN N E S H IE K — B. J. McKay, Decorah. 444,760.00 M ILLS —H. A. French, Glenwood............ 316,220.00 BUCHANAN —M. O. Fouts, Independence 394,960.00 MONTGOMERY— D. E. Lomas, Villisca 345,940.00 330,980.00 TAYLOR— A. C. Brice, Bedford........ ...: W R IG H T— Hal Smith, Clarion................ . 393,080.00 BLACK HAW K— Leo Paulger, Cedar Falls; M. L. Bowman, Waterloo, City Chairman ...................................... 1,079,240.00 H AM ILTO N —R. E. Jones, Webster City, 410,280.00 253,420.00 AUDUBON —Joe H. Ross, Audubon........ HARRISON— C. G. Coe, Woodbine; L. 486,540.00 W. White, Woodbine, Vice Chairman 515,740.00 STORY —E. A. Fawcett, Nevada.............. 511,520.00 CLAYTON— J. F. Becker, Elkader.......... POLK —LuVerne Barlow, Des M oines.. 470,000.00 W. O. Finkbine, Des Moines, City 2,144,800.00 Chairman ................................................ WEBSTER —Miles P. Chumlea, Fort 776,220.00 Dodge ...................................................... APPANOOSE— C. R. Wooden, Centerville; M. B. Maring, Centerville, City 614,500.00 Chairman ........................................... 294,720.00 ADAIR —John A. Barr, Greenfield.......... 277,720.00 HANCOCK —Frank Clark, Garner........... POCAHONTAS— H. S. VanAlstine, Gil312,700.00 more City ......................................... 608,540.00 MUSCATINE —E. Webbies, Muscatine. 323,680.00 W AYNE —D. T. Sollenbarger, Corydon,. CLINTON —A. C. Smith, Clinton; O. P. 930,640.00 Bostwick, Clinton, City Chairman. . . WOODBURY— Geo. Sinclair, Sioux City; 1,646,300.00 W. L. Frost, Sioux City, City Chrmn. 265,600.00 RINGGOLD— Dr. S. Bailey, Mt. Ayr ....... 338,440.00 JEFFERSON —C. W. Riggs, Libertyville 373,320.00 IOWA —William E. Hankey, Marengo.... CERRO GORDO— W. G. C. Bagley, Mason City; Allan F. Beck, Mason 634,680.00 City, City Chairman ......................... SCOTT —Gustav Stueben, Davenport; 1,323,240.00 Lee Dougherty, Davenport, City Chm. 220,560.00 CLARKE —Nick Hoffman, Murray ......... 342,960.00 DECATUR —Fred Teale, Leon ................ 372,800.00 HENRY —W. H. Bangs, New L ondon... VAN BUREN —J. Lester Therme, Keo300,400.00 sauq.ua ................................................. 360,280.00 BUTLER— F. C. Harmon, Shell R o ck ... 425,160.00 JACKSON —0. McCaffery, M aquoketa. .. 312,420.00 MADISON —M. E. Smith, W in terset.. . . . 346,560.00 ALLAMAKEE —R. H. Waters, Waukon. 316,820.00 FRANKLIN —0. D. Williams, Hampton. 597,200.00 MAHASKA —Geo. F. McCarty, Oskaloosa 257,100.00 . LOUISA —W. A. Thompson, Morning Sun 1,403,060.00 LIN N —Emil Benesh, Cedar Rapids........ 266,300.00 DAVIS —W. P. Caldwell, Drakesville. *.. JOHNSON —P. A. Korab, Iowa City; 546,1500.00 Earl R. Utterback, City Chairman... PALO ALTO —Chas. Duhigg, Emmets299,300.00 burg .......................................................... W APELLO —C. F. Rauscher, Ottumwa; 788,660.00 V. L. Wilson, Ottumwa, City Chrmn. DES MOINES»—Geo. C. Swiler, Burlington; Walter H. Harm er, Burlington, 725,140.00 City Chairman .................................. 617,240.00 MONROE —L. T. Richmond, A lbia ......... 585,140.00 FA Y E TTE —Wm. Larrabee, Jr., Clermont LEE —E. C. Lynn, Donnellson; J. P. Ingle, Keokuk, City Chairman; P. I. 762,020.00 Robinson, Ft. Madison, City Chrmn.. DUBUQUE —A. C. Waller, Dubuque; Howard H. Campbell, Dubuque, City 1,219,500.00 Chairman ........................................... Total Gross S ales .............................. Thrift Stamps Exchanged ................ Total ........................................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2,298,997.0( $ 46,811,476.50 1,127,037.00 $ 45,684,439.50 n .i2 y April, 1919 THE NORTHWESTERN BANKER 37 Statement of Condition of the CH ERO KEE STATE BAN K CHEROKEE, IOWA March 4, 1919 RESOURCES LIA B ILITIE S Loans and Discounts........................... $ U. S. Bonds, Certificates and W. S. S ... Bank Building and Fixtures............ Overdrafts ............................................. Stock Federal Reserve B ank............... Cash and Due from Banks..“. .............. 868,352.08 272,193.24 47,500.00 1,482.36 4,500.00 393,572.62 $ 1,587,600.30 $ - Capital ................ . Surplus .......... Reserved for Taxes Undivided Profits Deposits ............ 75,000.00 75,000.00 15,285.32 20,146.28 1,402,168.70 1,587,600.30 O F F IC E R S E. D . H U X FO R D , P re s id e n t F . J . S T A N O S H E C K . V ic e P r e s i d e n t G E O . B R U M M E R . C a s h ie r N. L . S T IL E S . A s s t. C a s h ie r a n d T r u s t O fficer D IR E C T O R S GEORGE BRUM M ER E . C. H E R R I C K E . D. H U X FO RD C H A S. N IC H O L S O N F . J. STAN OSHECK W e Can S erve You in M any W ays Report of the Condition of T H E FIRST NNEWTON, A T IIOWA O NA L BANK Call of the Comptroller of the Currency of Washington, D. C., Close of Business March 4, 1919 Resources Liabilities Loans and Discounts................................ $ U. S. Bonds and other Securities............. U. S. Certificates of Indebtedness............. Redemption Fund ....... Stock Federal Reserve Bank.................... Real Estate Furniture and Fixtures......... War and Revenue Stamps.'..... ............... Cash and due from banks........................ 734,275.13 143,651.02 200,000.00 3,250.00 4,500.00 85,032.4S 827.25 C apital......... ..............................................$ 100,000.00 Surplus ...................................................... 50,000.00 533,758.51 Deposits ...................................... Undivided P rofits.............. 13,420.84 Circulation ........................ 65,000.00 T o t a l.......................................................$1,705,294.39 T o t a l............................ 1,476,873.55 ..$1,705,294.39 He Never Fails, W ho Never Quits COMPARATIVE GROWTH Deposits March 4th, Deposits March 4th, Deposits March 4th, Deposits March 4th, Deposits March 4th, H . B . A L L F R E E , V ic e P r e s i d e n t O. F . E C K L U N D , C a s h ie r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1915 1916 1917 1918 1919 $641,614.91 $802,414.15 $1,051,496.67 $1,386,476.80 $1,476,873.55 W . C. B E R G M A N , P r e s i d e n t L . A . R U S S E L L , A s s i s t a n t C a s h ie r M. G. A D D IC K S , A s s i s t a n t C a s h ie r THE 38 NORTHWESTERN BANKER April, 1919 Build Your Bank for Convenience By Charles W illiam Jam es In this article particular attention is called to the good It is noteworthy that in hered to. The modern will building value of bank structures that are planned bank seeks to convey an all the newer buildings the especially to meet the convenience of customers. atmosphere of welcome dominant thought seems to and of service. It strives to convince the cus be the convenience of customers. Bank officials are moving out into the open and are tomer the moment he enters the door that he is in a making themselves very accessible. The day of the pri sound financial institution and a place where courtesy vate office, the closed door, and the secret conference is is an every day rule of conduct. giving way to fullest publicity and the quickest method This atmosphere of courtesy and service is easily con of transacting the business in hand. veyed to the mind of the customer by the arrangement of This tendency of the times in banking circles is sub the banking rooms interior, as well as through the kindly stantially reflected in the design of the newer buildings, greeting and cheerful smile on the faces of officers and according to reports from bank architects and engineers employees. in all parts of the country. Business men are universally busier than ever before, Numerous features for the accommodation of cus nearly everybody is in a hurry. The bank’s customers tomers—rooms and other conveniences that are not es like to be able to do their business quickly and to be on pecially connected with the business of the bank,—are their way to the next job. being installed to make the new It is the incorporation of the home of the financial institu service idea in the newer bank tion especially attractive to its ing structures that is stamping “ Rest rooms, committee rooms, even small convention halls are not uncommon in the customers and prospective cus upon them an individuality newer structures that are springing up rapidly tomers throughout the terri that is very different from the ail over the country. The cessation of building tory. . buildings of a generation ago. during the war makes it all the more necessary Rest rooms, committee Especially is this difference at this-time for full speed ahead to be the order rooms, even small convention of the day, as the work of the banks has grown, noteworthy in the planning, especially in the northwestern territory and the halls are not uncommon in the arrangement and decoration of demands of the hour are the largest in history.” newer structures that are interiors. springing up rapidly all over Modern equipment in the the country. The cessation of way of filing devices and sys building during the war makes it all the more necessary tems insures more rapid handling of the detail connected at this time for full speed ahead to be the order of the with the business. Special consideration is being given day, as the work of the banks has grown, especially in to ample allowance of floor space for the various depart the northwestern territory and the demands of the hour ments, to an ample supply of light and fresh air for the are the largest in history. employees, and to each of the many other factors that It only takes a glance at the deposits shown in the contribute so much to all around efficiency. statement of March 4, 1919, as published in the various The office furniture and supply man contributes also cities to indicate the properous condition in which the to the service afforded by the modern bank in only banks now find themselves and a great many of them are slightly less degree, perhaps, than the engineer and de going ahead energetically with the building1 program signer of buildings. which was suspended during the war. Filing devices, for instance, show a wonderful im Architects and engineers universally report that the provement in recent years, both as to design and con desire is not only to secure the best design and material struction. Filing systems have also advanced to the point but also to make certain that the comfort and convenience where that letter you want in a hurry can be produced of customers will be looked after to the fullest extent. instantly. While individual taste and preference are given full i'hen there are little efficiency systems for the execu sway, at the same time certain basic principles are be tive’s desk—plans and equipment that enable him to put coming more fully recognized and more constantly ad through more work in fewer hours, or in other words to AMERICAN FIXTURE COMPANY Ê COMPLETE EQUIPMENT FOR BANKS N e w Building Fixtures auiiiiiiiiiiuitiiiiiiiiiiiiiin https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Decorations Remodeling Floors Lighting Furniture Interior W oodw ork NORTHWESTERN handle the business of the bank and get away for the golf game by 2 o’clock. It is a widely recognized fact that banks are among the most liberal customers for high grade printing, litho graphing, novelties and the general line of office supplies handled by the larger printers who are giving complete service. This has stimulated the stationers and printers in recent years to improve their lines and their service to the banking interests. It is probably true that the smallest country bank is better equipped from the standpoint of efficient systems and methods today than the largest city bank of twentyfive years ago, and it must be remembered that a very large part of this improvement is due to the manufactur ers and dealers who have produced the goods and sold them to the progressive bankers of the country. It is very easy to realize that advertising and sales manship have conferred great benefits upon the bankers and the financial institutions of the country, as well as the customers they serve, because a device or method that saves time and secures results with less lost motion is a very valuable advance over the plans and systems formerly employed. BUILD NOW. In a careful analysis of the building situation through out the country, F. T. Miller, associate director general of the information and education service, United States department of labor, points out that the attitude of the builder who defers building operations to avail himself of a reduction in prices, is unfounded on fact. Investiga tions being carried out by the department of labor indi cate, instead, that prewar prices will not be re-escablished within five years—if at all. Mr. Miller deprecates the all-too-prevalent idea that ante-bellum conditions will return. “ ‘One thing the building public wants to know,’ writes a St. Louis architect, ‘is the cost of building today as compared to the next three to five years. If they could be assured that the cost will not drop within that time there would be a tendency to proceed with the needed work.’ “As for his question the department of labor, through the division of public works and construction develop ment, is seeking authoritative information as to what can be expected in material prices for the next five years. While the investigation lacks completeness at this time, many eminent building and material authorities insist that no marked decrease in material prices may be ex pected for the next five years. They assert with some 39 BANKER ESTABLISHED 1856 Iowa LithograpI L i n s ’ Compari d THE April, 1919 DES MOINES EXPERIENCE QU ALITY SERVICE GEO. H. RAGSDALE, . . . E. G. RAGSDALE, . . . . H. B. RAGSDALE, . . . . President Secretary Treasurer Let I s Quote You on Any Job You Have in Mind The largest exclusive supply house in Iowa. Ruled goods, loose-leaf goods, bound books made to order and in stock. Bankers, write us for sample of our loose-leaf com bined draft, certificate, cashier’s check, discount and collection register sheets. Le Mars Prijßtmg Com pany Checks Drafts Certs M ason City. Io w a Pass Books Check Covers Binders We guarantee ten-day delivery on any order. H ave Y o u a Liability Ledger T H E DIRECT ROUTE A cCOUN T LED O *« Some Prominent Users of Kirtley Ledgers Citizens Trust & Savings Bank, Davenport, Iowa. Continental National Bank, Sioux City, Iowa. Sioux Falls Savings Bank, Sioux Falls, S. D. First National Bank, Centerville, S. D. First National Bank, Bancroft, Neb. Nebraska State Bank, Norfolk,- Neb. — -— https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Can you tell at a glance just how much each borrower owes you?. Don’t depend wholly on your note case. Sometimes a note is misplaced. The Liability Ledger is a check on your note case and when a customer wants to settle up you have all the infor mation on his sheet. We want to tell you about the Kirtley Liability Ledger, how it saves time in posting and referring to accounts. Write for information today to Hammond Printing Co. BANK SUPPLIES FREMONT, NEBR. 40 THE NORTHWESTERN Why bother about your advertising when for a few dollars each month you can shift the burden of your publicity to the Craddick Service Organization? And at the same time your advertising will be come an actual paying investment. N o w is the Tim e to A dvertise —A sk for a Proposal T ke S olu tion o f Your A d v e r tisin g P r o b le m s Employed by 500 Banka in 35 States :: April, 1919 positiveness that prewar prices on building materials will not be re-established for several years, if ever. These assert that persons who delay building in the hope of marked reductions in building costs probably will be disappointed and will have denied themselves the use of needed property and the revenues which would be de rived therefrom. “In response to the department’s inquiry as to future rates on building and construction materials, the United States railroad administration asserts thère is to be no general 30 per cent advance on freight rates for sand, gravel, crushed stone and slag. The rumor that such ad vances were contemplated was arousing anxiety in the central west. On Jan. 20 the railroad administration put out a circular which says : ‘There is no foundation for the report that the railroad administration has given or is giving any consideration to any increase in present basis of rates.’ “The department of labor points out that building, be ing a basic industry will stimulate general business and is, therefore, very vital to continued financial prosperity. Turn Your Bank’s Advertising Over to Craddick MINNEAPOLIS BANKER MINNESOTA KEEP IN T O U C H — with your customers and prospective customers. Go see them occasionally. Between calls, send them a letter. We write, duplicate, personalize and mail letters—complete service, or any part. DES MOINES DUPLICATING C0.,Des M oines, la . THE NORTHWESTERN BANKER Serves the progressive and prosperom banks o! I owa. Minnesota. Nebraska • Montana. North and South Dakota—the greatest banking area in the world * FARM LABOR PROBLEM IN THE WEST. (Continued from page 6.) in the army than any other general calling; and agri culture is pre-eminent in the Middle West. The Middle West is proud of the fact that General Pershing and General Crowder were born and reared there. It went into the war slowly, reluctantly; but once in, it fought with the zeal and enthusiasm of the new convert. The Middle West proposes to be as patriotic in peace as it was in war. It gave proof of its patriotism by increasing its wheat acreage last fall when the cry was for more bread. It proposes to give proof of its patriotism this spring by reducing its wheat acreage when the cry is for other crops and especially for live stock. It has changed its plans according to national need, rather than momentary profit. It will till its fertile fields more efficiently this year than last, just in proportion to the additional labor-saving devices adopted. For some time past, Midwestern banks have been advertising that they would make loans on particular ly easy terms to farmers who desire to purchase trucks or tractors. The tractor has been no unfamiliar sight Your Chance We always have in our possession several sets of second hand bank fixtures which we offer at so low a price that you can always dispose of same without a loss to you. If you are opening in a temporary building, or even for permanent use, these will make splendid fixtures at about one-third cost of new equipment. Get the description of these outfits—it is worth your while. McNamara - Ken w orthy Co. Des Moines, Iowa. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis April, 1919 THE NORTHWESTERN BANKER Prepare Now for Larger Business W ith the war over, business must boom— banks should be prepared. If you intend to remodel or rebuild, let us prepare the plans now, complete the specifications, and be in position to proceed at once when the season opens. These Banks Have already arranged with us to handle new building this year—proof that the time is here for immediate activity: Security Trust and Savings Bank, Storm Lake, Iowa Cherokee County State Bank, Meriden, Iowa Calhoun County State Bank, Manson, Iowa The Perry National Bank, Perry, Iowa The First National Bank, Pocahontas, Iowa The Farmers Savings Bank, Roland, Iowa Brown National Bank, Jackson, Minn. Correspondence Invited—N o Obligation THE LYTLE COMPANY, Sioux City, Iowa J. A. RAVEN, President Architects and Engineers of Complete Bank and Office Buildings https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 41 42 THE NORTHWESTERN SAFE DEPOSIT BOXES Illu stra tin g 48-BOX U N IT BANKER April, 1919 on large ranches; it is rapidly becoming a familiar sight on average-sized, quarter-section farms. Nor must the labor of the women and the children be overlooked. An Iowa farrn whiqh .won the grand champion sweep-stakes for-.varied farm crops at the largest farm products show held in the Middle West in 1918,. was worked exclusively by a woman without any help whatever. Thousands of her sisters wprked as industriously, even if not as efficiently. They will continue to work this year as will also the children And when the men from over seas come back, those who re turn to the farm will find their increased familiarity with machinery, their widened viewpoint and their broadened ability to deal with fellow men making for an efficiency never dreamed of before the war. The land needs labor to make it produce; but that labor bids fair to be forthcoming, of an efficiency un known before and mechanically aided as never before. Mark Twain claimed the distinction of being the only farmer in Connecticut who could make two blades of grass grow where three had grown before. He had many literary admirers but no agricultural imitators in the Middle West. (Several other sto ck size s) IM M E D IA T E DELIVERY! W rite for com p lete c a ta lo g and prices, sen din g us dim ensions o f your v a u lt and th e number o f boxes re quired. DEALERS W ANTED X j /¿ ji X AGENTS __W ANTED CLEVELAND (2031 Euclid Ave.) OHIO Your B ank Is reflected by the sta tionery you u se. We specialize in printed and engraved letter h ead s, sta tem en t fo ld e rs and booklets. S e r v i c e , Q u a li t y and Right Prices Always Printing - Binding - Loose Leaf Devices Designing - Engraving - Embossing THE HOMESTEAD GOMPANY NINETEENTH AND GRAND DES MOINES, IOWA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis EMPLOYMENT MANAGEMENT IN BANKS. (Continued from page 8.) it is just as bad to “overstock” as it is to “understock” in the ‘number on the roll, employees should not be held under a maximum tension and strain to carry the normal volume of work. There should be sufficient leeway to accommodate the rise and fall of rush pe riods. In the fourth place, it is often much beter to employ younger and inexperienced persons of high general ability and train them for the particular position than to take on a large number of persons who have a cer tain degree of experience in the work but who have only limited abilities. In this connection, however, it must be recognized that certain types of work do not offer immediately sufficient opportunities for the ex pression of imagination and initiative to hold a young er person of ability and ambition. Care must be taken, therefore, to place and train the persons of only routine ability for routine positions, and persons with initiative in positions requiring the use of imagination and initiative, or leading definitely toward them. These are points that become vital ones in banking, as there are many types of work that involve mechanical opera tion together with close concentration of mind on the part of the worker, as well as those that require the exercise of imagination. In the fifth place, banking work is of such a nature that it requires the most careful scrutiny of the indi vidual employee’s honesty in every case. This in volves an extensive inquiry of references, as well as other methods of checking up the employee’s reliabil ity. This phase of the work, of course, is much more necessary for the rank and file of workers. There has been such a great increase in the number of women in banking work that special attention needs to be given to the woman employee. A carefully trained woman to assist in determining the types and working conditions of women applicants and women employees is therefore necessary. There should also be a trained nurse to assist in the employment and medical work. One more feature in handling employee relation ships in banking needs to be kept in mind. There THE April, 1919 NORTHWESTERN should be a well-planned system of education in order to promote mutual helpfulness and keep the individual employee permanently interested in his work. This education work should be designed to meet both the general needs of the employees and the particular re quirements of each person in his special line of en deavor. The instruction, furthermore, should antici pate the needs of the employees in order to place them in line for promotion. It should embrace lectures on subjects of general interest, such as health habits, how to improve one’s work, and similar topics, as well as a regular curriculum of study comprising courses on the functions, policies, relations, and regulations of the bank, page and messenger work, office practice, business organization, commercial geography, credits, loans, investments, domestic and foreign exchange, and the personal elements in banking. These human factors are ones which, when not scientifically handled by persons whose special duties are to deal with them, constitute some of the main elements of loss in efficiency, and therefore in service, for the organization. This loss may arise from unnec essary turnover, or losing valuable employees with consequent waste in time and expense to replace them ; from absenteeism ; from tardiness ; from inabil ity to replace employees who have left important po sitions ; from needless shifting of employees within the various departments ; and from lack of interest and effort and harmonious working spirit. On the other hand, they are the factors which, when properly han dled, give vital energy and esprit de corps to the work ing force, and increased returns to the institution 'itself. The Vi ///1]\\ f ille r - .. if I .HH ìn 1 ^ 43 BANKER É m A pex & E lectric Suction Cleaner L l V v l l lv So Light and Easy to Run We Will Send You the Apex “THE BEST CLEANER MADE.” Try it out thoroughly and' if you find it abso lutely satisfactory mail us a check for $45.00, or return the cleaner at our expense. Superior Fixture Co. Distributors DES MOINES, IOWA lll![lll[!llll!ll!IIIII!I!IIIIIIlIIII]|l!ll!l][|||[|IIII!IIIIIl!!lll!III!llllll!llllllllllllllll|]||||||!!lllll|||||||||||!l|||||||||[lilll||llll|[|||[|I!il!l]|!ll!l||||||||||[||[|ini||||ll|!!^ STEEL the Chief Factor f in Winning the War [ Ships, Guns, Shells, Tanks, etc., are made of Steel | Lennox TORRID ZONE Furnaces | are made of mild, open hearth blue annealed steel plates, riveted together under enormous pressure so that they are practically one piece and are, therefore, SMOKE AND GAS TIGHT. A furnace is no better than .tits BODY and JOINTS. 1 1 1 1 ¡g "Write for Catalogue ' ‘Built for Service” More than 72,000 N o w in Use https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Lennox Furnace Co. | 2 0 0 Lincoln H ighw ay M A R S H A L L T O W N , IO W A 44 THE NORTHWESTERN B a n k E n v e lo p e s BANKER April, 1919 CHANGES AT THE DROVERS. Two changes of interest to bankers throughout Iowa and the Northwest were recently made in the official staff of the Drovers National Bank, Chicago. Bank Envelopes of every description, including Pay roll, Coin, Statement, Window, Commercials, Docu ment, Pennysaver, etc. Largest manufacturers of Printed Envelopes in the world. Daily capacity eight million. Write us for samples and prices whenever you are in the market for anything in the shape of an en velope. Samuel Cupples Envelope Co. New York St. Louis Chicago Buy quality office fu rn itu re for y o u r office or banking room from STOW & DAVIS FURNITURE CO. FREDERICK N. MERCER, Vice President Drovers National Bank, Chicago. GRAND RAPIDS, MICHIGAN W ILL H. ZAISER SPECIALTY CO. Frederick N. Mercer, cashier, was advanced to vice president and Geo. A. Malcolm, assistant cashier, was elected to the position of cashier. B A N K E Q U IP M E N T O rigin ators “ Z aiser’s ” se lf-in d e x e d lo o s e lea f bank led g ers. A n y a c c o u n t fou n d in fo u r se c o n d s. A fu ll lin e o f bank supp lies and sp ecia lties. S h a w W a lk er ste e l and w o o d filin g d e v ic e s. 314 7th S tr e e t, DES MOINES, IOWA WE MAKE RUBBER STAMPS O u r n e w c a t a lo g u e g iv e s s u g g e s tio n s fo r s t a m p s ; s h o w s ty p e f a c e s , s u p p lie s , e tc . A s k fo r c a t a lo g u e H . F. P. HOLLAR & SON sioux city Commercial P rinting iowa Lawn Tents Camping Tents, Awnings DES MOINES TENT & AWNING CO. THE NORTHWESTERN BANKER Serves the progressive and prosperous banks of Iowa, Minnesota, Nebraska, Montana, North and South Dakota—the greatest banking area in the world https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GEO. A. MALCOLM, Cashier Drovers National Bank, Chicago. Both Mr. Mercer and Mr. Malcolm are widely known among the bankers of the Northwest and their many friends will congratulate them upon this deserved ad- April, 1919 THE NORTHWESTERN vancement. The Drovers has' shown consistent prog ress and is one of the especially strong institutions serv ing the live stock interests of the country. A DEFINITE PLAN FOR RECONSTRUCTION. (Continued from page 9.) turns to this country and advises as to the exact con dition of affairs, we should be ready to take instant action along these lines. Every impulse of human sympathy prompts us to do it, but humanitarian reasons are so strong and so obvious that I pass them over for a few more material but possibly less apparent reasons. The production of this material has taken the maxi mum effort on the part of our manufacturers for near ly two years. We have it. We must dispose of it with in a time measured by its ability to resist decay and corrosion. It is agreed that our domestic market will not absorb it within such period seriously curtailing normal production. To do this at a time when work must be found for about 7,000,000 soldiers and muni tion workers, who must be reabsorbed by normal in dustry, cannot be considered. The re-sale of this ma-* terial is giving the manufacturers of the United States grave concern. There is no other safe solution than to dispose of it abroad and if so it should be placed where most urgently needed. We are building a great Merchant Marine. What for? To carry our foreign trade. How are we going to get foreign trade commensurate wth our shipping? In normal times a foreign market has to be won by slow and painful and expensive work. Prejudices must be overcome, competition must be met. Here at one stroke we have a foreign trade established. We can 1 BANKER 45 BANK OUTFITTERS E V E R Y T H IN G From a Bank Pin to a Bank Safe R a ilin g s —Bronze, S a f e s — Bomb Marble and Wood. Proof, Burglar Proof and Fire Proof. Vault Doors and Deposit Boxes. Machine Bookkeeping Systems. P r i n t i n g — L ith o g r a p h in g . C h e c k s — Check Book Covers and Pass Books. Complete Bank Supplies Office Equipment and Supply Co. LATSCH BROTHERS 117-119 S o . 12 St. LINCOLN, NEBRASKA ÜIIIÜI Complete, Modern Interiors A re an A sset to the Progressive Banks of the N orth w est Building operations during the past year were greatly restricted, on account of the pressure of the BUSI NESS OF WINNING THE WAR, and F ixtures, w ith v e rd a n t m arble trim m in g . the GOVERNMENT prohibiting the use of m any different kinds of building m aterials, yet we have enjoyed a very successful year, and considering the condition of affairs have fitted up a goodly num ber of BANKS. Figure with us now on m odernizing your bank. ! THE FISHER CO. CHARLES CITY , IO W A Formerly Fisher-M orris Co. niiiiiii https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ii 46 THE CATALOGUE ENVELOPE A C P R toS S A V E R c NORTHWESTERN BANKER WRITE Berkowitz Envelope Co. April, 1919 COMMERCLA-LT FOR. E X T R A HEAVy M A I L K ansas City, Mo. establish in one year what in normal times we would our part every able bodied French man and woman not do in fifty years, there is no competition, the only will have plenty to do planting and digging and spinprejudice that exists is in our favor. We could afford ning. to make a free gift to France and Belgium and Serbia Again, it may be said that they are not used to our and Poland and Russia of all our spare radiators and bathtubs and electric lights and running water; that cook stoves and electric light fixtures, and chairs, etc., they won’t appreciate these things and won’t use them. and so at one stroke overcome the danger of domestic But they have got to use them or perish. Their soil labor panic and establish a foreign market, which once is full of dead men and gas and shells. Pure water established will continue to keep our labor employed must be supplied. Individual discomfort, in the pres sure of necessity will be replaced by public utility con and our merchant marine busy. In this connection we must also remember that all veniences, and this will come the more easily because of this material we have will fall far short of meeting over there all live in villages. There are no detached present requirements. The deficiency must still be farm houses like here. supplied and this additional demand, together with the . The French Government will be very heavily in normal domestic demand should keep our industries debt to us. This debt will be secured by French good working in such manner as to greatly assist the re will, French recuperative power and indemnity from Germany. The good will we will have in abundance absorption of our soldiers and munition workers. but it isn’t legal tender. The indemnity will be paid Are we then not taking away from French workmen as Germany can raise it but that should first go to re their means of profitable labor? Not at all. We don’t building a thousand and one losses that our recon propose to raise their crops or dig their coal or spin struction program cannot touch. So in the final analy their yarn. We propose to help prepare their soil so sis our security for our loan will be French recuper they can plant and harvest their own crops instead of ative power. The quicker we get them rebuilt and on eating bread sent’from here. We propose to help them a self-sustaining basis the safer our loan. The loaf of open their coal mines so they can dig their own coal bread we send them on their promise, to pay, only instead of freezing or getting coal from here. We don’t makes the debt larger, but the acre of land we restore propose to spin their yarn, but we propose to help for his plow, enhances our security and hastens re them make themselves self-sustaining, and if we do payment. The P resen t A ttr a c tiv e n e ss of Farm Buildings as a Banking Investment J UST at present the American farmer wants to build—barns, outhouses, machinery sheds, etc. Equally, just at present, bankers can hardly find a more attractive investment than financing the farmer to the limit on such building. I 'H E R E is an acute shortage in farm buildings because of curtailment during the period of the war. There is a tremendous need for such building because the crops to be harvested this coming year must equal and* if possible, should surpass those of 1918 to even approximate the world’s needs. Continued high prices for farm prod ucts are an assured fact. Even under ordinary circumstances farm buildings are sound security for bank loans. They appreciate land values and advance community prosperity which reacts to the benefit of everyone. But with an unrestricted rparket for all the farmer can raise at high prices, the farm building loan becomes doubly attractive. * In addition to the financial side of it, there is the interest the country banker has in seeing his clients secure every advantange personally. And nothing, at the present time, can aid the farmer more than getting the buildings he has needed to care for his increased production. In financing building operations for the farmer we in vite bankers’ attention to the service we are prepared to render in securing satisfactory buildings. The GordonVan Tine Company makes a specialty of the planning and production of modern farm buildings. Materials are best quality. Buildings sold ready-to-erect. Our millto-user method of selling cuts out middleman’s profits and b rin g sth e buildings to the lowest prices. W e are ready to serve any of your clients who are interested. Gordon-VanTine Co. Resources Over $ 1 ,0 0 0 ,0 0 0 R R Q Q O O v v https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C* H C P V > uS c C i v ia Established Over Half a Century R E F E R E N C E S : An y Ba n k in Davenpor t . Cont i nent al and Commercial N ational B ank, Chicago, 111.rNational City B ank, New Y ork City T \ | T l^3VCIipOri| iUWd THE April, 1919 NORTHWESTERN BANKER A “C lose-U p” Swift & Company’s Profit of 2.04 cents on each dollar of sales UNDER THE MAGNIFYING G U SS The diagram at the top shows the distribution of the average Swift dollar received from sales of beef, pork and mutton, and their by-products, during 1918. The magnifying glass brings out the distribution of the 2.04 cents profit per dollar of sales: .94 of one percent goes to pay interest on borrowed money, taxes, etc. .50 of one percent goes to pay dividends to shareholders. .60 of one per cent remains in the business to help in improving and ___ financing the business. Total 2.04 per cent. 1919 Year Book of interesting and instructive facts sent on request. Address Swift & Company Union Stock Yards, Chicago, Illinois Swift & Company, U. S. A. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 47 48 THE NORTHWESTERN BANKER April, 1919 Banker’s Interest in Life Insurance By F. A. Ferguson F. A. Ferguson, president of the Iowa Life Insurance Com The banker is usually of which are not of more pany, Waterloo, Iowa, sets forth in this article a number of the leading citizen in his importance than the writ points of interest to bankers regarding life insurance. local community, also, the ing of his life insurance. one who takes a lively interest in Municipal Affairs, Ed There are localities where it might not be practical ucation, Politics and the substantial upbuilding of the for the local banker to accept an active agency con community of which he and his banking business form a tract, but he should keep thoroughly posted that we part. may be in a position to give practical advice based on He is usually quite liberal (willingly or otherwise) in actual knowledge of the subject. heading the subscription lists for charities, church build Many companies prefer to collect their premiums on ings, benevolences, etc. In fact, the banker is a very im insurance in force through the local bank. A large portant factor in the .development of every community percentage of , policyholders prefer to pay their pre in which he lives. miums through the local bank. A desirable, successful banking business depends on Therefore, the banker should keep posted on the an intelligent, up-to-date and subject of life insurance in progressive community and no order to protect the compa business or industry that we nies’ interests that entrust “A desirable successful banking business de know of contributes more large their collections with his bank, pends on an intelligent, up-to-date and progres ly than does life insurance to sive community and no business or industry by advising the policyholder that we know of contributes more largely than the permanent upbuilding and to pay his premiums promptly does life insurance, to the permanent upbuild maintenance of a thrifty -sub and keep his policy in force ing and maintenance of a thrifty substantial stantial community. for the benefit of his loved ones, community. The necessary payment of annual The necessary payment of premiums of a specific amount at a fixed itme his business interests and cultivates a habit of saving in the mind and annual premiums of a specific creditors. plans of the policyholder, who is usually a cus amount at a fixed time culti I very well remember that tomer of the bank.” vates a habit of saving in the in my boyhood days life mind and plans of the policy insurance was not so thorholder, who is usually a cus oughly understood and practomer of the bank. / order to secure funds sufficient to provide for the imme Every citizen in a community carrying life insurance diate necessities of the widow and children left to mourn for the protection of his family and business interests their loss and dependent on, for a time at least, the ten .makes a more desirable bank .customer. der mercies of their neighbors as an unwilling and un The local banker should be! interested in and encour avoidable extra burden. age the buying of life insurance among the patrons of The present day practical methods are different, and his bank and throughout his communitiy for many very if the local banker and the neighbors have done their practical reasons. duty through their influence and counsel, every business The possession of a substantial volume of life insur man and every business farmer in the community will ance in force improves the “morale” of any business be carrying life insurance. man or business farmer, physically, mentally, morally Then when the death angel has caused the black crepe and, of course, financially, and therefore makes him a to be hung on the front door knob of some neighbor’s better citizen and a more desirable bank customer. home in a very few days after the last sad rites have It should be the local banker’s purpose sto GIVE been observed, the local banker has the satisfaction and SERVICE. Usually the bank’s customers come to him intense pleasure of cashing- a $5,000.00 bank draft (the to get deeds, leases, contracts and other legal papers proceeds of a life insurance policy) for the widow and executed, pays his taxes, writes his fire insurance—any beneficiary, thereby protecting herself and the innocent jMniiiniiimiuiuiiiiinmmiifflimiiinmniiraiim iiiiimHMiimmiitminmniiiiiiHiimnuuimnmniiinmiiniimmnnraininnmmiim mnimiinniuinniiiffiininiiiiHiim N e w Double Indemnity and Total Disability Policies We have just placed on the market a policy that pays double the face amount of the policy in event of accidental death and monthly indemnity in event of total disability. Part Time and Full Time Representatives Are N eeded by Us. F o r F u ll P a r ti c u la r s W rite Guaranty Life Insurance Company L. J. Dougherty, Secy, and GenT Mgr. "■jwwiiHDiradmiiiimuiMwiiiiiiiiuiuuuiuwiwiiuiuiMHuiiMiwumummiiiiiwmiiMMWiiuHiuiiNiiiMuniuHiniMMiM^ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Davenport, Iowa ... uiiiiilMuiiiilmii'ii'iiiiiiuaiuS April, 1919 THE NORTHWESTERN BANKER 49 Wm. B.N orthw Joyce £? Co., Inc. estern Managers National Surety Company (The World’s Largest Surety Company) We write all kinds of FIDELITY, SURETY and COURT BONDS, BURGLARY and all classes of casualty insurance. Our CHECK ALTERATION bonds SECURE you against loss on ALTERED CHECKS. Write us for information and rates. Saint Paul, Minn. Minneapolis, Minn. Merchants Bank Bldg. Builders Exchange Bldg. helpless children from the embarrassment and humilia tion of becoming subjects of charity. “Sympathy Is Comforting, but a Bank Diraft for $5,000.00 (the proceeds of a life insurance policy) Pays The Bills.” The banker should co-operate with the reliable life insurance salesman and aid him in his work in the local community so far as may be practical. The volume of life insurance written in a community increases the banker’s business and profits in several ways, i. e.: The volume of premiums collected through the bank each year will increase. The bank’s deposits will increase through the settle ment of death claims in the community. (Approximate ly $2,000,000.00 was paid in death claims in Iowa last year.) The life insurance companies will have a larger premium income to loan back in the communitiy in farm mortgages where practical and desirable to all concerned. Life insurance helped win the war. The various com panies subscribed for several hundred million dollars of the different issues of Liberty bonds. Finally—Life insurance is based on Scientific Princi ples. Life insurance is recognized as an economic neces sity. It is practical. It is good business. It is unselfish. Consequently the local banker should take an interest in the business of life insurance written on a legitimate and substantial basis. He should support and encourage its development in his community in every reasonable manner within his limitations. IOWA NATIONAL FIRE INS. CO. 1018-1024 V a lle y N a tio n a l B a n k B ld g . DES MOINES, IOWA JO H N L. BLEAKLY, President F. L. M IN E R , C. M . SP E N C E R , V ic e Pres. Secretary C. S. V A N C E , F R A N K P. F L Y N N , 2nd V ic e Pres. Treasurer Capital Assets Jan. 1, 1919 $500,000.00 $946,929.91 POLICY HOLDERS W ill Patronize an IOWA Company Guaranteed by IOWA Capital * Managed by IOWA Men IO W A B A N K E R S R e c o g n iz e th e A d v a n ta g e o f P r o te c tin g IO W A C R E D IT w ith IO W A IN S U R A N C E R e lia b le A g en ts W a n ted in E very C ity in Io w a . W rite to th e C om pany or H. P. R O SSER, Supt. o f Agents T H E R E ’S A R E A S O N W HY BANKERS SH O ULD HAVE OUR AGENGY Our policies give your clients the most for their money. Our disability clause provides that the loss of the sight of one eye or the severance of one hand or one foot constitutes total disability. This makes our policies easy to sell, and we pay you well for selling them. COMMONWEALTH LIFE INSURANCE GOMPANY, Omaha, Nebraska CLYDE G. SMITH, Agency Manager Many bankers are coining money representing this Company—WHY NOT YOU? https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 50 THE NORTHWESTERN BANKER April, 1919 A WORD TO THE BRIDEGROOM. Dr. Geo. Thomas Dowling of the Episcopal church G eo. J . D e lm e g e , P r e s i d e n t preached a sprmon from the text, “If any provide not F . C. W a t e r b u r y , V ic e P r e s . T h e o . F . G re fe , S e c r e t a r y for his own, and especially for those of his own house, H o m e r A. M ille r, V ic e P r e s . W . P . H a b e l, A s s t. S e c ’y S im o n C a s a d y , T r e a s u r e r he hath denied the faith, and is worse than an infidel.” H e n r y , A lb e r s o n & H e n r y , A t t o r n e y s He said: “We have reached the bridal season; when amid flowers and merry-making, men and women are mar rying and giving in marriage. “I have a word to say to the bridgegroom; a word of great seriousness, because it may be fraught with momentous consequences. “When a man is about to marry, if he is the right kind of a man, he will sit down quietly, to look delib erately through his long-distance glasses. He will think not only of the wife who is to be, but of the widow who may be; not only of the child, but the orphan. “He will realize that he who provideth not for his own, and especially for those of his own house, while he may be with them, is worse than an infidel. The Cash Capital ..................................... $500,000.00 man who in these days of popular Life Insurance shall Net Surplus............................. 352,347.99 enter into the marriage relation without considering the possible destitution of his widow and her little Surplus to Policyholders................. 852,347.99 ones, is guilty of a crime; a crime against society, against himself, his wife and his children. A home company, owned by home people, “It seems to me that if the bridegroom would try managed by experienced and conservative un to grasp the helpless condition of the average woman in such circumstances, he would look upon the Life derwriters and able financiers. Insurance policy as almost as necessary for the com pletion of the joy at the wedding breakfast, as the A CENTRAL-WESTERN COMPANY FOR presence of the clergyman who performs the service. CENTRAL-WESTERN PEOPLE. “Have you ever comprehended the fact that helpless poverty may come to your wife and babies? And have you ever stopped to realize what a simple matter it would-be for you today to prevent its possibility? If you have, and have not done it, has it ever crossed your mind, when you beheld yourself in the mirror, how selfish and inconsiderate you were? “And this, is not only a duty, but a luxury. In the first place, as a rule, a man gets his Life Insurance for nothing; because, when ten or fifteen years have gone by, and he looks back upon the investment which he has made, in the majority of instances, he knows that if he had not saved that money from month to month for the payment of his premium, he would not have saved it at all. “Some years ago I was walking down Sixth Avenue with James W. Colgate, a Wall Street banker of large experience. He stopped a moment, and pointing to the crowds said: ‘Dr. Dowling, if we were to select We are offering “a bankers’ plan” for securing and taking care of new business that is especially attractive and profitable. The banker is always looking for every possible source of honorable profit. That is what makes for a successful banking busi ness. Here is a brand new avenue not heretofore presented. You will lose some legit imate profit not to look it over. We are at your service. Great Western Accident Insurance Co. Des M oines, Io w a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE April, 1919 NORTHWESTERN at random the next hundred men who pass us, and place them iti a row, one out of every ten would be able to save money. Then if we were to place those chosen ten in a row, one out of that ten would be able to keep it.’ Life insurance presents the chance for the man with no business experience to save money and to keep it; and moreover it helps him to acquire the habit of saving it on his own account. “And think of the worry from which he is delivered! What must it mean to one who loves his wife and his children, to realize that, if he were taken from them, poverty must be their lot? Among the saddest words of all literature are those of Robbie Burn^, who, when sick unto death, wrote out of his penury to his bosom friend, ‘Alas, Clark, I begin to fear the worst; my poor wife a widow, and her six little ones helpless orphans, and I as weak as a woman’s tear. “The men who by their calling are enabling their brother men to avert that crushing anxiety, and to pro vide comfort and competence for the helpless wife and the little child, stand, in my judgment, in respect to the dignity of their occupation, next to the minister of Jesus Christ, who by the sick bed kneels for prayer; and to the physician who, ministering to the body and the mind, brings into the chamber of illness the atmos phere of courage and confidence and cheer. “So, as an apostle of the Church, I join hands with such apostles of the home! Theirs is one of the very few employments of which it can be truly affirmed that, if honestly performed, there is everything to be said in its favor, and not one argument against it. It is more than a business, it is a philanthropy. “If ‘pure religion and undefiled before God and the Father is this: to visit the widow and the fatherless Something New— Something Good— We have a new made-in-Iowa policy, which interests every prospect—it- is just as if your banker should say— “Deposit $36.75 per year with me for 20 years—if you die any time within that period, I will pay your folks $1,000. If you live the 20 years I will give you back every dollar you have deposited. If you do not need all of the money, then I will give you $169 and continue my agreement to pay your folks $1,000 whenever you die.” THIS IS THE NEW “MONEY-BACK” POLICY Which our Agents are offering and it is meeting with wonderful success. Remember that if the prospect lives, he gets back every dollar deposited during the 20 years; if he dies, his beneficiaries receive the full amount of the policy. Total disability clause • and double indemnities for accidental death make this policy additionally at tractive. Write us for further in formation and agency proposition. BANK AGENCY CONTRACTS DESIRED. Iowa Life Insurance Co. F. A. FERGUSON, President A. E. W IL D E R , Supt. of Agencies Waterloo - https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - - -Iowa 51 BANKER ¿iiiiiiiiniiiiiiiiiiiiiiHiiMiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiMiiiiiiiiiiiiiMiiiiiiHiiiiiiimniiiiiiiiHiiiiiiiiiiiiiiiiiiiiiiiiiiiHiiimiiiiiiiiiiiiiiiii' I I to to a S e m ir in g & C a s u a l t y j C om pany [ Home Office Des Moines Emory H. English, President Joel Tuttle, Secretary | First Annual Statement, Dec. 31, 1918. I I | ASSETS M o r tg a g e L o a n s o n R e a l E s t a t e .................................. ................$1,209,900.00 B o n d s, C a s h a n d O th e r A s s e ts 281,940.87 I T o ta l A d m itte d A s s e t s ............... $1,491,840.87 L IA B IL IT I E S | R e serv e fo r U n earn ed P re | m iu m s ........................................... $ 70,044.24 | R e s e r v e f o r L o s s e s ....................... 4,668.54 1 R e s e r v e f o r C o m m is s io n s , T a x e s s . a n d O th e r L i a b i l i t i e s .............. 15,860.83 i C a p it a l S to c k ....$ 1 ,0 0 0 ,0 0 0 .0 0 | S u r p lu s ................ 401,267.26 S u rp lu s . as R e g a r d s P o lic y h o ld e r s ............ i i i | | I T o ta l L ia b il i t i e s ................... IN C O M E N e t C a s h P r e m i u m s .....................$ I n t e r e s t a n d A ll O th e r In c o m e | 1,401,267.26 $1,491,840.87 I I T o ta l In c o m e . . . ’. .................. $ 130,352.21 D IS B U R S E M E N T S . 1,352.41 L o s s e s a n d L o s s E x p e n s e ......... $ C o m m is s io n P a id A g e n t s ......... 11,136.56 G e n e r a l E x p e n d i tu r e ............ 46,185.35 | I 93,622.50 36,729.71 T o ta l D i s b u r s e m e n t s ......... | | 1 i 58,329.32 i Fidelity and Surety Bonds, Burglary Insurance, Workmen’s Compensation, Automobile and Public Liability Insurance. $ i W e G u a ra n te e to S a v e F o u r P r e m i u m s On a Twenty Pay Policy and Give Dividends Besides. Our Service to Policyholders makes our Policies sell and our agents make money A F arm M o r tg a g e Behind Every Policy Peoria Life Insurance Co. Peoria, Illinois THE 52 NORTHWESTERN Wanted— A General Agent IN EVERY COUNTY IN IOWA Men without insurance experience, but who have been successful in other lines, will be con sidered for these positions and will be thor oughly trained and instructed. Ambitious men are offered opportunities not available with older companies. This company has the larg est paid-up capital of all life companies organ ized under the Iowa laws. Write to Home Office Des Moines Life and A n n u ity Com pany Register-Tribune Bldg. Des Moines, Iowa Iowa’s Leading' Liability Insurance Company Iowa Mutual Liability Insurance Company CEDAR RAPIDS, IOWA A u to m o b ile P u b l i c L ia b i l i t y ( P e r s o n a l I n j u r i e s ) A u to m o b ile P r o p e r t y D a m a g e L i a b i l i t y a n d C o llis io n W o r k m e n ’s C o m p e n s a tio n L ia b il i t y G e n e r a l, P u b lic , T e a m s a n d E l e v a t o r L ia b i l i t y I n s u r a n c e Lowest Rates Service Best Iowa’s Leading Automobile Insurance Company Iowa Automobile Mutual Insurance Company CEDAR RAPIDS, IOWA A u to m o b ile F i r e , L ig h t n i n g , T h e f t, T o r n a d o a n d C o llis io n In su ran ce B r o a d e s t F u l l F l o a t e r P o lic ie s L o w e s t R a te s , S e r v ic e B e s t A g e n ts w a n te d . A d d re ss in q u irie s C. J. DUNCAN, Vice President and General Manager Insurance Bldg., 613 Second Ave. E ast Cedar Rapids. Iowa https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER April, 1919 in their affliction, and to keep himself unspotted from the world/ is it not equally true that pure religion and undefiled before God and the Father is this: that a man shall so provide for his own widow, and his own fatherless, as to render it possible for them to keep themselves unspotted from the world.—The wid ow and the orphan—yours?” NORTHWESTERN NATIONAL LIFE. Northwestern National Life, of Minneapolis, re ceived applications for $10,300,OCX) of insurance for the past three months, December 1918 and January and February, 1919, a gain of 12 per cent over the three months, December, 1917 and January and February, 1918. Applications in February averaged $100,000 per day. The largest single application for the month was for $35,000, eleven were for amounts in excess of $10,000, and forty-two for amounts ranging from $5000 to $10,000 each. The five leading states in production for February were North Dakota, Texas, Minnesota, South Dakota and Montana, in the order named. Northwestern National Life, of Minneapolis, has waived all war restrictions limiting the liability of the company on account of any branch of the service, is paying all military death claims in full, and refund ing all extra premiums collected under the war service clause which appeared in policies issued after April 21st, 1917. F. C. HUBBELL IS EXECUTIVE. The board of trustees of the Equitable Life Insurance Company of Iowa at a special meeting accepted the resignation of J. C. Cummins as president and elected F. C. Hubbell, vice president of the company, to the presidency. Mr. Cummins gave as his reasons for resigning his old age and infirmities which make the presidency too great a responsibility for him, and expressed the belief that a younger man could better serve the company in that capacity. He expressed his willingness to continue with the company in any capacity assigned to him. In recognition of the long and efficient service of Mr. Cummins the board of trustees created the new office of executive adviser and appointed him to the position. The new president, F. C. Hubbell, has been identified with the company for many years, having served as vice president, trustee and member of the executive commit tee. His promotion to the office of president is in recog nition of his efficient service. The new executive staff includes F. M. Hubbell, chair- W H Y Bt h eAWN KERS e s t e r n L if e p r o f ita b le fin d a c o n n e c tio n w i t h p le a s a n t . and Because: S a tis f ie d p o lic y h o ld e r s b o o s t f o r t h e C o m p a n y . I n t e l l i g e n t a n d r e l i a b l e field m e n . W e e x t e n d a s p e c ia l i n v i t a t i o n to y o u to c a l l a n d se e u s w h e n in D e s M o in e s. Jas. H. Jamison, President H arry D. St. John, Secretary Out of the West A. D. Struth ers, Vice Presldent and Treasurer M. M. Demlng, A ssistant Secretary and Agency Director Come s The Best THE April, 1919 NORTHWESTERN man of the board of trustees; J. C. Cummins, executive adviser; F. C. Hubbell, president; H. S. Nollen, vice president; H. E. Aldrich, vice president and superin tendent of agents; B. F. Hadley, second vice president and secretary; F. W. Hubbell, treasurer and assistant secretary; R. G. Hunter, second vice president and actu ary; Dr. Fred L. Wells, medical adviser. WHAT LIFE INSURANCE DOES. It saves money which would otherwise be lost. It keeps the family together. It educates the children. It takes care of the mother. It supports the insured in his own old age. It saves the capital that is locked up in human life. It prevents poverty. It prevents ignorance. It prevents a lowering of the family’s social standing. It prevents, forced sales of property. It saves the respect of the family. It saves the credit of the insured. It pays the mortgage on the home. It provides ready money at a time when badly needed. It saves the insured from anxiety as to the future of his family. It saves the insured from anxiety as to his own old age. The Farmers and Merchants State Bank, St. Paul, has added four men to its board of directors, as follows: William Buschmann, Julius Kronschroeder, Charles Schoeller and Charles Alliss. BANKER CHARACTER 53 STRENGTH SERVICE A N AGENCY With NATIONAL FIDELITY by any BANK or BANKER will PROVE an ASSET. Policies BROADER in their coverage, closer co-operation in securing business. ALL claims paid SAME day completed proofs received. Information is valuable. At least investigate, KNOW for yourself the correctness of NA TIONAL FIDELITY claims. Write the Company. National Fidelity Life OF IOWA Home Office Sioux City, U. S. A. Ralph H. Rice, President P . S.— NO C O M P A N Y In e x i s te n c e s h o w s g r e a t e r r e c o r d f o r A C C O M P L IS H E D R E S U L T S a n d S E R V IC E to p o lic y h o ld e r s f o r a lik e a g e . The Bankers Automobile Insurance Co. NEBRASKA (F orm erly Scandia Life) Large Dividends—Low Net Cost A u th orized Capital Writes Double Indemnity and Income Disa $ 500 ,0 0 0 bility Policies A western company, organized to meet western conditions. Writes Fire, Theft, Tornado, Col lision, Property Damage and Public Liability f o r one or three ye a rs. Live wire Agents wanted in the fol lowing states: Nebraska, Kansas, Texas, Iowa and South Dakota. Strong—Steady—Progressive ASSETS Dec. 31, 1905............. $446,220.00 Dec. 31, 1910............ $974,467.00 Dec. 31, 1916....................................$2,535,000.00 Dec. 31, 1917.................................. .$3,157,000.00 Dec. 31, 1918................................... $3,694,000.00 Surplus .............................................. $407,679.13 INSURANCE IN FORCE Dec. 31, 1905....................................$8,844,577.00 Dec. 31, 1910................................ $14,074,402.00 Dec. 31, 1916 $25,500,000.00 Dec. 31, 1917..................................$31,000,000.00 Dec. 31, 1918..................................$37,000,000.00 Our Policies and Agents’ Contracts Are Attractive For full information write the Home Office, 30 North LaSalle Street, Chicago, Illinois. # https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Standard Policies Special Rates The special c o m b in a tio n p o lic y (standard forms of coverage) at special rates for farmers’ cars is the biggest sel ler in th e h is to r y o f A u to m o b ile Insurance. 54 THE NORTHWESTERN MR. COUNTRY BANKER What Are You Worth to Yourself? Are You Worth! More Dead than Alive? I IT Y o u a b s o l u te ly k n e w y o u w o u ld liv e to b e e i g h t y 1 ■ y e a r s o ld y o u w o u ld n o t n e e d to i n s u r e y o u r life . I F y o u a b s o l u te ly k n e w t h a t y o u w o u ld n e v e r b e i n j u r e d o r s i c k t h e r e w o u ld b e no e x c u s e f o r t h e e x is te n c e o f a n A c c id e n t I n s u r a n c e c o m p a n y . The Big “ IF” Justifies the Insurance Business W h e n y o u d ie y o u r L if e I n s u r a n c e w ill p r o t e c t y o u r f a m ily . W h y p a y a l o t o f m o n e y e v e r y y e a r m e r e ly to IN C R E A S E t h e p a y m e n t to y o u r f a m i ly in t h e r e m o te c o n ti n g e n c y t h a t y o u m a y d ie b y a c c id e n t. W e p a id o u t $40,000 m o r e in 1918 f o r s i c k n e s s c la im s a lo n e t h a n w e h a v e p a id in t h e l a s t five y e a r s f o r a c c i d e n t a l d e a th s . W e p a y o v e r t e n t i m e s a s m u c h m o n e y e v e r y y e a r to m e n w h o a r e I N J U R E D a s w e p a y to t h e w id o w s o f m e n w h o a r e k ille d . We Pay You for Loss of Time While You Live I n v e s t i g a t e o u r n e w D e fin ite In c o m e P o lic y . N o D e a t h I n d e m n ity . J u s t a g u a r a n t e e o f $25, $50, $75 o r $100 p e r W E E K w h e n y o u a r e d is a b le d b y a c c i d e n t o r s ic k n e s s . T h e s e a m o u n t s d o u b le d if c o n fin e d to a h o s p i t a l — s e t t l e m e n t ev ery fo u r w eeks. P o lic y d o e s n o t r e q u i r e h o u s e c o n fin e m e n t. P a y s f o r p a r t i a l l y d i s a b li n g a c c i d e n t o r s ic k n e s s . P a y s t h e d o c to r b i l l if n o lo s s o f tim e s u s t a i n e d . P o lic y in e f fe c t o n d a t e is s u e d . Bankers Accident Insurance Co. DES MOINES Assets Over a Quarter of a Million Dollars W rite your name and age on m argin and mail to us for full particulars. BANKER April, 1919 FEDERAL LEGISLATION. The United States Council of State Banking Asso ciations has just mailed to all banks operating under state charters, a bulletin setting forth proposed legis lation affecting those banks, which is now under con sideration by the Federal Reserve Board. The proposed legislation is divided under three heads. (1) To admit to membership in the Federal Reserve System mutual savings banks, (which have no capital stock), and stock savings banks with in sufficient capital stock to entitle them to become members under the existing law, provided the sur plus of mutual savings banks and the combined capi tal and surplus of such stock savings banks is equal to the capital stock required of national banks in the places where such savings banks are located. (2) Authorizing the Board by regulation to pre scribe the. conditions under which time deposits may be classed as savings deposits and providing that twothirds of the 3% reserve against savings deposits may consist of United States bonds issued since April 24, 1917, or United States certificates of indebtedness de posited with the Federal Reserve Bank. (3) Authorizing savings banks which convert into national banks to maintain separate savings depart ments and authorizing national banks to establish separate savings departments to be operated in sub stantial conformity with state laws. While two of those proposals relate especially to the membership of savings banks in the Federal Reserve System, the outstanding feature is the third proposal which in effect creates a departmental bank under national charter,—national banks being now authorDID Y O U K N O W T H A T THE HAWKEYE SECURITIES FIRE INSURANCE CO. DES MOINES. IOWA Authorized and Subscribed Capital $1,000,000.00 OFFICERS AND DIRECTORS H. R. HOWELL............................................. President W. S. HAZARD, JR ................................................. VicePresident R. S. HOWELL....... ........ Vice President & Secretary H. C. HARGROVE.................................................... VicePresident C. M. GARVER.................................. ............Treasurer H. K. MILLER................................................. AssistantSecretary P. J. BAADTE.....................................................Sheldon H. S. BUTLER.............................................Des Moines ALBERT CORDES...........................Capitalist, Osage E. G. DUNN................................. Counsel, Mason City GEO. W. FRY.......................................Farmer, Vinton E. G. HANING................................................. Anderson LEO T. KERWIN..........................Merchant,' Oelwein FRANK McDANIELS................... Farmer, Woolstock JAS. L. MANUEL................................... Farmer, Britt L. P. WILKINSON............................. Farmer, Chelsea GEO. F. MILLER...-...........Produce Dealer, Dubuque H. J. MURPHY................................................. Marengo CHRIST NEESSEN ......................Banker, Wellsburg H. H. PETERSEN............................Banker, Lowden LARK REYNOLDS......................................Swea City P. P. SULLIVAN.........................Banker, Bridgewater https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of Bo s t o n . M a s s a c h u s e t t s Was organized in 1862—“The Civil War Period?”—That it s one of the Oldest, Largest and Strongest companies in the United States—and that it writes all forms of LIFE IN SURANCE. Write us for particulars concerning our plan of helpful service to agents HARRY S. HASKINS, General Agent 701-3 Hlppee Bldg. Des Moines, Iowa MORE POWER TO YOU The more push there is behind you the more power you have. We furnish the push. This push is the help we give our men. No other life insurance company does as much to insure the success of its Field Force. Ask any Bankers Life man or write BANKERS LIFE COMPANY DES MOINES April, 1919 THE NORTHWESTERN ized to conduct both a commercial and a trust busi ness under certain conditions. Under the third proposal it would also be possible to organize a national bank solely for the purpose pf conducting a savings business against which twothirds of the required reserve could be carried in Gov ernment bonds. In such event it is more than prob able that the use of the word “savings,” both in cor porate title and advertising, would be upheld by a fed eral court, whether or not in contravention of state laws. The Federal Reserve Board has taken no action nor expressed any opinion in regard to these proposals but has consented to their circulation through the United States Council in order that the state bankers of the country might have an opportunity to express their views on the subject through that body. In this action the Board has evidenced a desire to co-operate with the state institutions, which should be greatly appreciated by all state bankers. Those who have not received copies of the bulletin referred to above may obtain same from E. G. Mc Williams, Assistant to the President, United States Council of State Banking Associations, Union Trust Buildings, Washington, D. C. NEW BANK AT WATERVILLE. The new Farmers State Bank, Waterville, Minn., has practically completed its organization. There are over a hundred stockholders, mostly farmers of the sur rounding territory. The officers of the new institution are as follows: M. Ferch, president; Mort Warner, first vice president; Henry Dusbabek, second vice president, and Charley F. Dawald, cashier. 1867 1918 AGE STR EN G TH S T A B IL IT Y . 51 Years of Best Service M ake The Equitable Life O F IO W A Safe and Dependable for Bankers and Their Gnstomers H O M E O F F IC E D E S M O I N E S , IO W A FIRE, LIGHTNING AND THEFT INSURANCE ON AUTOMOBILES all for $1.00 per $100 and $3.00 commission on this policy. We insure buildings, mercantile stocks, etc., at a one-half basis rate. Maximum liability cannot be more than rating bureau rate. Low rate -on theft by burglary of stocks of any kind. We have paid all our losses promptly. By making con nections with us you will get liberal commissions and best of treatment for your clients. Automobile T rade M utual In su ran ce Assn. 515 Polk Bldg., Des Moines, Iowa https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 55 American Bonding and Casualty Company Sioux City, Iow a HOME OFFICE: SIOUX CITY, IOWA Gus A. Elbow, President IOWA’S FIRST MULTIPLE UNE INSURANCE COMPANY Assets Dec. 3 1 ,1 9 1 8 .................. $1,365,275.23 $800,000 in approved securities on deposit with Iowa In surance Department for protection of Policy-holders. Protect Your Loans Add to your security on loans to farmer customers by writing a policy of insurance on his live stock. Banker agents wanted. We will insure hogs. Farmers Live Stock Insurance Company Authorized C. A. ROBBINS President Capital and Surplus I. J. KETMAN Secretary $1,000,000 A. O. HAUGE Treasurer 2nd Floor Iowa Trust and Savings Bank Building E. Fifth and Locust Des Moines, Iowa 56 THE NORTHWESTERN BANKER April, 1919 Securities, Bonds and Mortgages By Frank M. Huston Each month Mr. Huston presents in this department a There has been a notice nois there is fully 25% more timely synopsis of financial affairs as they relate especially able improvement in busi acreage in wheat than the to bonds and mortgages and we are sure that our readers ness sentiment in the Mid ten years average which will find much valuable information in the material here dle West and while the means an increased pro published. Mr. Huston was for years the financial editor of the Chicago Herald, and is well and favorably known. general situation has not duction of that cereal and changed materially, the probably a decreased pro section of the country lying to the westward from Ohio duction of corn and oats or a decreased hay crop acreage. is in a much stronger position than that to the eastward. Soil conditions all thru the Middle West are excellent. The tremendous agricultural production of the last few Roads and fields are still soft as a result of the heavy years together with the high prices paid for farm prod rains, but a few weeks of sunshine will put the country ucts has contributed much toward the orderly and quick in fine shape for spring plowing and for crop glowing. readjustment to a peacefooting, but there is another and This means bountiful harvests and will contribute much probably deeper cause for the better situation of the toward the downward readjustment hoped for in the Middle West. That section of the country had scarcely cost of living. It is becoming evident, however, fo most engaged in specialized war production when the armis students that the change in the cost of living from the war tice was signed, hence there level is coming gradually un were less difficulties in the way less some untoward develop of changing from a war-time ment precipitates a violent de “ Most of the fundamentals are sufficiently production to a peace footing. sound to sustain the period of considerable cline. At the moment nothing prosperity in this country. How long-lived such Labor, so far as employment of this nature is in sight. La prosperity will be is dependent in a measure is concerned, is again on the bor is proceeding along peace upon the developments abroad. If foreign coun up-grade. The amount of un ful lines and while wages are tries are able, during the period when America employment is being gradually resisting any extended read is supplying her accumulated needs, to stabilize reduced, the maximum in idle their credit situation, there is every reason to justment, the disposition on expect a demand for many products of this ness having been reached about the part of manufacturers and country in addition to food, sufficient to absorb a month ago. The weak spots others to work out tir’s prob any surplus production. Obviously, much also in the situation, however, are in lem in an orderly way, is con depends on our banking attitude. It is essential building construction, in stone tributing to the absence of any that credit be extended to the foreign market sufficient in volume to finance this interna and cement industries and in seriously disturbed business tional trade.” . the coal mining field, so far as conditions. volume of business and em Manufacturers throughout ployment is concerned. The the country are pursuing a cement industry, however, did not participate in the war waiting attitude in the matter of making purchases of ma time advance in prices experienced in other lines of pro terials. This is the direct result of the “hand to mouth” duction for two reasons. There was no pressure for in buying on the part of the consumer, which extends from creased cement production and the restraint placed on or the individual to the large corporations. Stocks of mer dinary uses of this product made the supply of cement chandise and manufactured stocks in general are exceed for government use comparatively easy with the existing ingly conservative in volume altho the value is fairly large. capacity. Cement prices are not abnormally high but The reason for this is the absence of any sharp decline in higher that in ordinary times. price, and business men generally are beginning to realize The Middle West has been favored with a remarkable that if they can liquidate their stocks of material and winter. Absence of extreme cold and heavy snow has manufacturers at fairly near-war prices, they will be in brought the winter wheat through in good shape and a stronger position later on, altho this is likely to contri with growing weather ahead, there is every reason to ex bute to prolongation of a war readjustment period. Cer pect a large harvest. In Indiana and northern Illi tainly under this method of procedure there will be less I. C. STANLEY. Secretary H. E. HENDERSON, Treasurer FARM iiiM iiin iin iiiin iiiiiiiiiu in in iiiiiK in iiiiin iiiiiim iin iiiiin iiiiiiitiiim iiiiiin in iiiiiiiin iiiiiiiiiiiiiiiiiiitiiiiiiiiii. LOANS 'iiiiiiiiiiiiiH n iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiin iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiitiiin iiiiiiiiiiiiiiiiiiiiiin We are prepared to loan on the best improved farms in Iowa, from $75.00 to $90.00 per acre, and are in a position to close such loans promptly. If a customer of yours has a first and second mortgage on his farm, suggest that he put the loans in one and write us for terms and privileges. Am erican Mortgage & Securities Com pany Home Office Manchester, Iowa https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CEDAR RAPIDS, IOWA CAPITAL $200,000.00 Surplus and Profits $25,000.00 General Office Hlgley Building Cedar Rapids, Iowa April, 1919 THE NORTHWESTERN losses to write off on the books of the various enterprizes. Unquestionably the resistance shown by war prices in the readjustment to a peace footing is retarding activity in those lines of activity, which were comparatively dull during the period of actual hostilities. The building in dustry is an illustration of this. Not in a considerable time have architects felt the pres sure now being put upon them by those making plans for building, but these plans are preparatory and orders to go ahead are comparatively few. Builders are waiting a further reduction in the cost of materials and labor. The time is coming, however, when this hesitation will give way to the actual requirements, especially if prices become more stabilized. Most of the fundamentals are sufficiently sound to sus tain the period of considerable prosperity in this country. How long-lived such prosperity will be is dependent in a measure upon the developments abroad. If foreign coun tries are able, during the period when America is sup plying her accumulated needs, to stabilize their credit situ ation, there is every reason to expect a demand for many products of this country, in addition to food, sufficient to absorb any surplus production. Obviously, much also de pends on our banking attitude. It is essential that credit be extended to foreign market sufficient in volume to fin ance this international trade. One of the essentials to the developments of a prosper ous business condition is the absorption to the forthcoming Liberty Loan issue. Business men and farmers are show ing an attitude of hesitation in reference to the new bond issue. They feel they have subscribed liberally to former loans and that a subscription to the forthcoming loan would be an added burden to them. The element of pa triotism is no longer as potent a factor as in the previous loan campaigns when our army was engaged in actual warfare. No greater fallacy has been encountered in the business situation than this. Business men, who hold the theory that they have; already done their full duty, fail to take into consideration the effect, of such a policy on their part, on the general situation. In the first place, the treas ury needs the money and necessarily the country must pro vide it. Obligations have been incurred and are being in curred by the government which must be cared for. The Fifth Liberty Loan, therefore, will be fuliy sub scribed, whether each individual manufacturer or farmer does his full duty or not. The auestion is not, what will be the subscription to the Fifth Liberty Loan, but where will the bonds be placed. Already a very considerable part of the bond issues has been anticipated through sales to banks of treasury certificates of indebtedness. This means that if individual investors and corporation do not subscribe liberally for the Fifth Liberty Loan the banks of the country will be compelled to take them, as they already having absorbed a laree part of it through the purchase of these treasury certificates. This simply means if the banks are compelled to absorb the bulk of the Fifth Liberty Loan, to that extent the banking funds of the country, which should be liquid and available for credit extensions to business men and the farmers, will be tied up in a more or less permanent in vestment, and onlv as these bonds can be distributed to the investor will the banking situation be relieved. The effect is clear. There will be less available funds for the accommodations of business men and those who are able to obtain credit in the form of loans from their banks naturally will be compelled to pay a higher interest https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 57 BANKER JOINT STOCK LAND BANK BONDS Exempt from all Federal, State, Municipal and Local Taxation, Excepting only Inheritance Taxes Bankers and investors should familiarize themselves with this increasingly popular form of investment, which serves the double pur pose of financing the farmer and of providing investors with a safe, salable, tax-exempt in vestment for their surplus funds. Our booklet—“Joint Stock Land Bank Bonds”—states the terms under which these bonds are issued and outlines their investment merits. A copy w ill he sent w ithout charge upon re quest. H A L S E Y , S T U A R T &, C O . IN C O R P O R A T E D — S U C C E S S O R S T O N. W. HALSEY < & , CO., CHICAGO 209 NEW YORK SOUTH LA P H IL A D E L P H IA SALLE STREET BOSTON S T . L O U IS We offer subject to prior sale $ 8 7 ,0 0 0 . 0 0 Montgomery County, Iowa 5% Funding Bonds Free from Federal Income Tax. Tax Exempt in Iowa. Dated, January 2, 1919. Denomination $1,000. MATURITIES $3,000 due July 1st in each of the years 1923 to 1931 inclusive, and $10,000 due July 1st in each of the years 1932 to 1937 inclusive. Principal and interest payable semi-annually at the First and Security National Bank, of Minneapolis. Assessed valuation ............... . .$35,977,606.00 Total d e b t................................... 156,157.45 Population, 17,297 Price to Yield 4*60 % Schanke & Company Investment Bankers Mason City, Iowa 58 THE NORTHWESTERN " ....... 0 Ideal Investments For the Transition Period OME bankers and conservative in S vestors felt they might have to sac rifice income, in order to get that “secure feeling” so doubly desirable in an in vestment during the transition period from war to peace. To these our 6% First Mortgage Real Estate Bonds have been especially attractive. Secured by direct first mortgages on some of the largest and most modern office build ings, hotels or apartment houses in the Mid dle West, these bonds combine absolute safety of principal with liberal interest re turn. Write for our booklet describing these bonds fully. Bankers Realty Investment Co. Continental and Commercial Bank Bldg. CHICAGO, ILL. BEE BUILDING, OMAHA, NEB. \ g \ , w h it e Co .\ V PU T N A M B LD G D a v e n p o r t .Io w a . M UNICIPAL BONDS Two B ankers Hotels The Plankinton Hotel M IL W A U K E E , W IS C O N S IN The Julien Dubuque D U B U Q U E , IO W A Bankers and financial men having business in Milwaukee or Dubuque should have mail ad dressed to these hotels, for best service. Every Courtesy Assured https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis April, 1919 rate. Thus the burden will fall on business and ulti mately on the consumer. . There is another feature in this situation. The ab sorption of a large volume of the Fifth Liberty Loan by the banks, unquestionably will compel recourse by the individual banks to the Federal Reserve banks through the rediscount of eligible paper. This means inflation, a development which will tend to keep prices high, delay the readjustment to a normal peace footing both in wages and in living cost and in time may contribute to a disturbed business condition. In the present situation performance by the individual and the corporation in the matter of subscribing liberally to the Fifth Liberty Loan issue will contribute more to avert a disturbed business condition later on than almost any other development. It is far better for business and for the general banking situation that individual and corporations borrow liberally if necessary in order to absorb the Fifth Liberty Loan than to permit it to go into the bank, where it would drink up a large amount of the banking capital and surplus of the country. In dividual notes made in the purchase of Liberty Bonds are rediscounted by the member banks at the Federal Reserve banks at preferential rates. True this is a phase of inflation, but it is a temporary inflation made neces sary by war time requirements and not an inflation that is entirely nonselfriiquidating. The purchase of Liberty bonds on borrowed money by individuals who cannot see ahead of them a sufficient income to retire loans at the bank, obviously is undesirable. It is evident, therefore, there are two important dev elopments upon which business is waiting. First the signing of the treaty of peace and the knowledge of the terms thereof, and second the character of the distribu tion of the Fifth Liberty Loan. Other factors, of course, are the stabilizing of prices temporarily and a determi nation of the bases upon which it will be safe to do busi ness, but these in a large measure are dependent primarily upon our international relations and markets that they will open up and upon our own money market. ----------------------------\ni IN V E S T M E N T - BANKERS IOWA BANKER HEADQUARTERS A. B. A. The question of moving the headquarters of the American Bankers Association from New York to Washington has been discussed for some time. In the convention at Chicago in September, 1918, it was decided not advisable at that time to move, largely due to the overcrowded condition existing in Washing ton under stress of the war. The administrative committee met on January 23 and 24, 1919, and suggested obtaining larger and more commodious quarters in New York and opening a branch office in Washington. After a vote from the executive committees of the association it was found that a majority now favored a complete transfer to Washington. The executive committee of the trust company sec tion opposed the idea at their meeting on February 21st. Therefore the administrative committee unani mously voted to defer taking any further steps toward moving the headquarters from New York to Washing ton until the spring meeting of the executive council, at which time it is hoped a decision may be reached that shall be satisfactory and to the best interests of the Association. April, 1919 THE NORTHWESTERN BANKERS AND THE VICTORY LOAN, (Continued from page 10.) has paid off three-fourths of that debt and lent in re turn $12,000,000,000 to foreign nations, changing an annual interest outgo of perhaps $200,000,000 into an annual income of $500,000,000, enough to pay half the $1,100,000,000 charges Uncle Sam will owe his people every year, after the fifth loan, in interest on Liberty bonds. Finally, they can explain how the present pub lic debt of the United States is only $18,000,000,000 against a national wealth of $250,000,000,000, whereas, for Great Britain, the next wealthiest nation, the debt is now $36.675,000,000 against a wealth of $90,000,000 , 000 . Again, the bankers can do great work in dispelling the present timidity that manifests itself on every side yin regard to the business future. The wage earner who hears of increasing idleness and the merchant who hears of tumbling values for the goods on his shelves need to have it explained to them that the present re adjustment pause is no more than a pause and that in dustry will spring forward again soon, when prices have reached practical peace time levels, and the nation will enjoy several years of prosperity during the recon struction period. Finally, the bankers who read this publication can do great work in pointing out the special investment merits and advantages of the Victory bonds or notes. A point that, as they themselves know, can be empha sized with special advantages is the very short matur ity of these bonds or notes. This will protect them against market vicissitudes and will create for them the most active market enjoyed by any of the war is sues. They will be regarded everywhere as a cash asset and will become the favorite investment of BECHTEL SERVICE Since 1891 we have rendered careful service to those Investors who desire safety and prompt return of principal and interest. The precautions our organiza tion takes before purchasing issues, and the advice and assistance given Investors result in the selection of bonds returning the highest rates of interest possi ble with absolute safety of principal. The result is a tax-free bond of $100, $500, or $1,000, to net 5%—a first lien on all the property within the municipality issuing the bond. We shall he glad to discuss IOWA BONDS with Investors at any time. GEO. M. BECHTEL & COMPANY . GOVERNMENT STATE COUNTY C ITY SCHOOL DRAINAGE Davenport, Iowa Chicago, III. New York City >BONDS BANKER The Syndicate Trust Company CAPITAL, $200,000 The Syndicate Trust Com pany An organizing and financial insti tution, with particular reference to banks and large industrial concerns. We Buy and Sell Bank Stocks and enlist more capital where con ditions fully warrant. Successful manufacturers want ing to enlarge capacity will find our facilities fully equal to their finan cial requirements. O F F IC E R S H airy C. Niblock, Pres. Samuel Quinn, V. Pres. Sam'l T. Kelsey, V. P. Geo. M. Seward, Sec’y Harry J. Folte, Treas. Geo. Lawther, Auditor T H E S Y N D IC A T E T R U S T C O M P A N Y 208 S o u th L a S a lle S t r e e t CHICAGO CITY FARM LOANS LOANS Negotiated by the Home Securities Company Sioux City, Iowa Authorized CAPITAL $1,000,000 Loans, Investments and Securities We make Loans and buy and sell Mortgages on Iowa, Nebraska, Minnesota and South Da kota farms, and on improved City property. P. H. PILCHARD President A. G. HESS Secretary https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 59 G. F. HUGHES Vice President G. C. ROBINSON Treasurer THE 60 NORTHWESTERN BANKER April, 1919 business men for cash reserve purposes. This fact will be of equal advantage to the wage earner who invests. The oldest house in America specializing exclusively in United States G O VERN M EN T BONDS W e offer large and small investors a spe cialized Service for the Purchase or Sale of all issues of y N IT E D S T A T E D GO VERN M EN T^ BONDS w C. F. Childs and Co. Capital One H alf Million Dollars 120 Broadw ay 2 0 8 So. La Salle St. N e w Y ork Chicago The oldest house in Am erica specializing exclusively in United States G O VERN M EN T BONDS We Own and Offer $75,000.00 5 per cent Funding Bonds Issued by Marshall County, Iowa. Dated, Jan. 1, 1919. Denomination, $1,000.00. Due ser ially January, 1930 to 1939. Interest July 1 and January 1. Principal and interest payable at our office. Valuation o v e r............................ $50,000,000.00 Debt ................ 314,000.00 Population................................... 36,000.00 P r i c e s a n d p a r t i c u l a r s o n a p p lic a tio n . We are constantly in the market to purchase outright all issues of Iowa County, City, Town, School and Drainage Bonds. Correspondence and interviews invited. Bankers Mortgage Company Sixth and W aln u t S treets D es Moines, Iowa Telephone—W alnut 4359 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE CLEARING HOUSE IS A POWER. (Continued from page 10.) '.here in 1906 which has since been generally adopted by other American clearing houses. This has de veloped into a system of self protection, the value of which is inestimable to the banks and to the com munity not only as an inventory and appraisal of their physical assets, but on account of the information thereby rendered the directors regarding their respec tive banks. Such examinations exert a weighty moral effect upon the management, who derive distinct profit from the cooperative advice of a trained clearing house bank examiner, specializing upon local conditions and tendencies and necessarily familiar with local bor rowers. The influence and power of the various clearing house associations of the country reached their zenith in 1914 when they stood the initial shock of the great European war and met it by the issue of loan cer tificates. On Monday, July 28, 1914, Austria declared war on Servia. On Friday, July 31, following the close of all the European bourses, the London Stock Exchange closed. The resulting liquidation of securities upon the New York Stock Exchange by European, Cana dian and American holders was unprecedented in vol ume, with wide breaks in price. The calling of loans by Canadian banks augmented the heavy demands for gold for export. About $50,000,000 of gold had been exported in June and about $45,000,000 in July. The Bank of Egland raised its discount rate from 3 per cent, to 4 per cent, to 8 per cent and to 10 per cent, between July 29 and August 1. The New York Stock Ex change closed its doors on Friday, July 31, for the first time since the 1873 panic. The Cotton Exchange closed on the same day. . On Saturday Germany de clared war against Russia and on Sunday attacked France and on Monday invaded Belgium. The New York Clearing House Committee, after conferences with the Secretary of the Treasury on Saturday in Washington and New York decided to issue loan certificates on Monday, August 3, author izing payment of balances also in any form of cur rency. The Boston, Chicago and Philadelphia clear ing houses immediately followed suit. The savings banks gave notice of intention to enforce the sixty-day clause upon withdrawals in excess of $50 or $25. In swift succession gold exports ceased, foreign ex change became demoralized and the exportation of grain, cotton and other staples stopped as orders were cancelled. Marine insurance could not be effected and ■vessels in . many instances returned to port, having been recalled by wireless instructions. Cotton and grain at once declined sharply, and widespread apprehension ensued. The experiences of 1907 had familiarized all city bank officers and clearing house committees with clear ing house loan certificate operation. So the machinery was at once quietly and smoothly set in motion under control of veterans. This action provided on Monday, August 3, abundant means for settling all balances between local banks. At the urgent request of clear ing house officials and with the hearty approval of the Secretary of the Treasury, Congress promptly amended April, 1919 THE NORTHWESTERN the Aldrich-Vreeland Act of 1908, which authorized emergency currency. Congress abolished the restric tion of a $500,000,000 maximum and repealed the pro vision that no bank could issue emergency -circulation unless it had already outstanding national bank notes amounting to 40 per cent, of its capital. The rate of tax or interest was also reduced to 3 per cent, per annum for the first three months, with one-half of 1 per cent, increase for^bach month thereafter until 6 per cent, was reached. The officers and machinery of the various clearing houses were utilized by the national currency associ ations, and their committees passed upon and became custodians of the securities pledged to secure emer gency currency. All these measures of relief so quick ly adopted served to safeguard the money situation, enabled banks to expand credits, to make currency shipments to the interior, and to meet payroll demands as usual without calling loans or curtailing commercial credits. Thus by their promptness, energy and good judgment, the New York Clearing House Committee, with the instant cooperation of many other clearing houses, unquestionably averted a disastrous panic and prevented any serious interruption to domestic com merce. Twelve cities in the United States issued $211,778,000. Clearing house certificates and emergency currency were omitted, amounting to $384,485,000. During October the tide turned and practically all clearing house certificates were retired. In November the New York Clearing House announced in the press that its entire issue had been redeemed. The crisis had passed. Money became comfortable in Ootober and was easy in November. On November 16 the Cotton Exchange resumed busi ness and the Federal reserve system was inaugurated, the twelve banks opening their doors and gradually commencing operations. The reduction in reserve re quirements added to the existing ease of money and the member banks shifted their reserves to the Federal reserve banks without disturbing the money market. The New York Stock Exchange opened December 12. After the crisis had passed and the Federal reserve banks were opened, the influence of the clearing house system began to wane unquestionably then and there. Its loan certificate functions have passed away for ever. Its issue of gold certificates against deposists of gold have also gone forever, as the Federal reserve banks have absorbed all the unrelated gold reserves and merged them into a common reservoir. The Federal Reserve Bank now receives credits and pays debts at the clearing house for the member banks by a simple ledger entry and has also assumed the functions of the country clearing house, while its gold settlement fund, established early in 1915, is in some respects a national clearing house for the twelve Federal reserve banks. The Federal reserve system has become a most useful machine for banking cooperation. The United States has an opportunity to become a preeminent commercial world power such as no one would have dreamed of five years ago. We shall rapidly develop our foreign commerce, with a strong navy, a merchant marine and foreign banking machinery, pro vided favorable political influences are assured. Pos sessing the friendship of the world, won by the sacri fices America has made on account of our faith in the fight and on account of our ideals of Liberty and Jus tice, we can take a place in world affairs to which the character of our people and our unparallelled natural resources entitle us, a place second to none. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER GUA R A NT E E MORTGAGE & FINANCE GO. D es M oines, Iowa AUTHORIZED CAPITAL $2,000,000.00 Buying and Selling First and Second Mortgages, Government Bonds, State, County, Municipal, Drainage and Im provement Bonds. Invest your surplus funds in our Guaranteed Mortgages. O F F IC E R S R . B. P A R R O T T , P re s id e n t C. H . M A R T IN , T r e a s u r e r E . J . K E L L E Y , S e c re ta ry 1002 R e g i s t e r a n d T r i b u n e B ld g . T e le p h o n e W a l n u t 1385 Farm M ortgage S erv ice A well-organized farm mortgage de partment is a big asset in any coun try bank. An adequate outlet for a ll cla sses of loans is fundamental for the suc cess of such a department. We are furnishing many banks with such an outlet of this sort. Let us explain our methods of help ing you to organize and extend your operations in this field. We are in market n o w for farm loans of a ll cla sses. M idland M o rtg ag eC o . CAPITAL $60,000 CEDAR RAPIDS, IOWA O F F IC E R S A N D D IR E C T O R S F . C. W a p le s , P r e s i d e n t C liffo rd D e P u y , V ic e P r e s R o b e r t S. S in c la ir K e i t h V a w te r , V ic e P r e s . W . L. C h e rry A. H . B ie r k a m p , S e c .- T r e a s . W . W . O tto 61 62 THE NORTHWESTERN' BANKER April, 1919 Recognized by the Federal Reserve Roard Notes given by farmers for the purchase of tractors have been recognized by the Federal Re serve Board as agricultural paper, subject to re-discount at the Federal Reserve Banks. The Board has ruled that “while it is accepted that the use of the tractor will be extended over several seasons, this circumstance does not make necessary the classification of a tractor as a fixed investment. Horses and mules bought for farm work are purchased with several years’ use in view, yet there can be no question that a note given by a farmer in payment of a pair of mules to be used in farm work, maturing within six months, is eligible as agricultural paper.” This ruling by the Federal Reserve Board is quoted merely to show the recognition that has been given to the character of the securities offered for your consideration in connection with the profitable em ployment of idle funds. The securities of the Iowa Guarantee Mortgage Corporation are abundantly protected by our rule to accept deals only on terms where the amount out standing on deferred payments is fully covered by the forced-sale value of the automotive vehicles. The collection results shown by the older com panies in this field make it clear that Iowa Guarantee Mortgage securities are absolutely self-liquidating. Out of 102,160 motor vehicles financed by one Com pany it was found necessary to re-possess but seventyfour vehicles. We will glady assist you in securing any informa tion desired regarding the high class commercial pa per and securities which are available to you for profitable investment through this strong Iowa Com pany, which is officered by men well-known through out the state and whose purpose is to develop in Des Moines one of the great financial institutions of the country. You are cordially invited to visit us when you come to Des Moines. Inquiries will receive im mediate consideration. Let’s co-operate to our mu tual profit. H O N . F R A N K S. S H A W , D e s M o in e s, P r e s i d e n t E D W A R D H E S S , C h ic a g o , V ic e P r e s i d e n t C H A S. A . M A IN S, D e s M o in e s, V ic e P r e s i d e n t J U IilU S D . A D E L M A N , D e s M o in e s, S e c r e t a r y Iowa Guarantee Mortgage Corporation 402-404 VALLEY NATIONAL BANK BLDG., DES MOINES, IOWA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis April, 1919 THE NORTHWESTERN MERCHANTS ~ BANKER NATIONAL B U R LIN G TO N , 63 BANK m w n ------- --------- Capital, Surplus and Proitts $ 204,114.51 D e p o s i t s ............................................. $1,804,478.51 J. L. EDWARDS, President JAMES MOIR, Vice-President ALEX MOIR, Vice-President G. S. TRACY, Vice-President F. L. HOUKE, Vice-President C. L. FULTON, Vice-President E. W. WICHHART, Cashier C. A. DANIELS, Ass’t Cashier . A. A. WILLEM, Ass’t Cashier DIRECTORS : James Moir, G. S. Tracy, W. C. Tu bbs, Alex. Moir, J. L. Waite, J. L. Edwards. WE INVITE YOUR BANKING BUSINESS For Bankers and Their Wants This department of T H E NORTHW ESTERN BANKER is to assist SUBSCRIBERS in obtaining goods or service hard to find. It is free. Use it. ASK US, as we can teli you where to buy anything you need in your bank or for your bank. T E L L US, as your “want” will be published under the above heading free of charge. In answering classified advertisements which have key numbers please enclose a three-cent stamp. This is used to forward your letter. Position Wanted, as cashier or assistant, by married man 31 years old, with family. Has been connected with county treas urer’s office for past nine years, beginning as deputy and later serving as treasurer. Term expired January 1, 1919. Would like to connect with progressive bank in live town of 1,000 to 5,000. Address 2283, The Northwestern Banker—4. Wanted—A cashiership, by experienced young man, age 23; not married. Strong personality and a good mixer. Was a cashier for three years. Excellent references. Address No. 2276, The Northwestern Banker—5. Wanted —Position in bank by lady of seven years’ experience. Address 2277, The Northwestern Banker—4. Lady—Wishes position as bookkeeper in bank, five years’ experience. Use Burroughs posting machine. Acquainted with country banking. Address 2278, The Northwestern Banker—4. Wanted—Foreign exchange manager by bank with forty mil lion resources which has never pushed this work. Address 2279, giving experience and salary, The Northwestern Banker —4. Wanted —Position by experienced banker, and stenographer. Have been Teller and Assistant Cashier. Age thirty. Salary about $125.00. Address No. 2272, The Northwestern Ban ker—3. Wanted— Bank fixtures, and vault door, also safety deposit boxes, for country town, must be in good condition. Address 2280, The Northwestern Banker—4. Wanted—A nest of safety deposit boxes, consisting of at least forty or fifty in number. Address No. 2273, The North western Banker—3. Wanted —Transit man with capacity to handle management of mail department operated on policy of direct routing. Ad dress No. 2274, The Northwestern Banker—3. Energetic, progressive banker, 26 years old, married, Scan dinavian, five years’- experience as assistant country bank cashier, up-to-date on all branches of country banking, adver tising, insurance, farm loans, desires position in country as cashier or asistant. Best of references. Just returned from France. Address 2282, The Northwestern Banker—4. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Wanted— Fixtures, safe and vault door for bank in a small town. Address No. 2264, The Northwestern Banker. Married man of 11 years’ experience wishes position of cash ier or president in good country bank in good farming and stock raising country. Will buy stock. Address 2281, The Northwestern Banker—4. Wanted Bank Cashier—For bank located in rich Iowa com munity, where there are good schools and churches and where living conditions are congenial. Applicant must be able to show satisfactory past record and must be a business builder, and must also possess experience which will qualify him to take complete management of institution. This is an excel lent opportunity for an ambitious man who is willing to work hard for advancement. In answering state regarding past connections, age, education, family, salary wanted and other details which may have a bearing, on case. Correspondence strictly confidential. Address No. 2265, Northwestern Banker. For Sale A good set of quarter sawed oak bank fixtures including desks and tables; good condition. Address No. 2267, The Northwestern Banker—3. For Sale—One set of bank fixtures complete, including 22 feet of rail and counter, 1 door, 1 depositor’s desk, 20 drawers fitting under counter, two door shelved compartments. Pine in brown stain, two windows and plain glass above counter; all in good repair. Suitable for temporary banking quarters. Price $50.00 f. o. b. Address No. 2268, The Northwestern Banker—3. Wanted Position of Assistant Cashiership or clerkship in small bank by young man 21 years of age. Graduate of high school, taught school and one year’s banking experience. English-Swedish parentage, strictly an American. Fair sal ary to start with chance of advancement. Best of references. Address No. 2269, The Northwestern Banker. Wanted—Bank position by returned soldier, four years’ experience in general banking, formerly Assistant Cashier. Address No. 2270, The Northwestern Banker—3. Wanted —Cashiership by married man of 40, now engaged as assistant cashier, best of references, years of experience in banking, collections, real estate and insurance. Reason for change, no future in present position. Address No. 2271, The Northwestern Banker—3. THE 64 NORTHWESTERN April, 1919 BANKER IOWA BANK NEWS IOWA GROUP MEETINGS. South Set. Council Bluffs....Tuesday May 6 Chariton ..............Wednesday May 7 Ottumwa .............Thursday May 8 Story C ity ..........Friday May 9 Maquoketa ........ ,Saturday May 10 North Set. Sheldon...............Monday May 19 Spirit L ake........ Tuesday May 20 Hampton............Wednesday May 21 Waterloo ............Thursday May 22 Oelwein.............. Friday May 23 Group Group Group Group. Group 5 9 10 6 8 sota. Missouri, Nebraska, North and South Dakota, Ohio, Oklahoma, Wisconsin, and Iowa bankers form this asso ciation. PEOPLES TRUST & SAVINGS BANK. The Peoples Trust & Savings Bank, of Perry, Iowa, re cently celebrated its second anniversary. A very won- . derful growth has been made during that time under the Group .1 splendid guilance of E. D. Carter, president; M. O’LoughGroup 2 len, vice president; L. D. Henry, cashier; M. I. Carter Group 3 and E. M. Kuhl, assistant cashiers; W. G. VanderKar, W. Group 7 W. Phillips, Wm. McCarty, George E. Rausch, N. P. Group 4 Black, Mrs. Mary Thornley, directors. In honor of the occasion, all savings depositors opening FEDERAL DEPOSIT & TRUST GAINS. a new account were given a souvenir pass book made of The Federal Deposit & Trust Company, Dubuque, Cordova art leather enclosed in a silk .carrying case and 1 Iowa, has made very splendid gains in deposits. They bearing the bank’s official seal in colored relief. The capital and surplus is $51,000;. undivided profits. have increased from $48,059.34 on June 30, 1914 to $973,493.97 on March 4, 1919. The capital stock is $55,500; $2,467.60; deposits $430,822.52. surplus $12,000; undivided profits, $6,154.91. J. R. Guthrie is president; A. A. Loetscher and Geo. D. COMMITTEES FOR IOWA CONVENTION. Wybrant, vice presidents; A. C. Waller, treasurer; Joel C. D. Case, cashier of the First Trust & Savings Bank, F. Nelson, cashier and John Rider Wallis, assistant cash Fort Dodge, recently held a meeting of the bankers of ier. the city and appointed the various committees having the In less than five years time they have become a $1,000,- 1919 Iowa State Bankers Convention in charge, the chair 000 institution. They are to commemorate this showing men of which are as follows : Entertainment committee: by a banquet in the Gold room of the Hotel Julien, Du E. R. Campbell, cashier Commercial National Bank, buque, for their stockholders, on May 2, 1919, a banquet badges and registration; B. P. Larson, cashier Security similar to the opening banquet given five years ago. Trust & Savings Bank, hotel and housing; Charles Larrabee, president Iowa Savings Bank, publicity and print FRANK WARNER ELECTED PRESIDENT. ing; J. Floyd Rich, assistant cashier First National Bank, Frank Warner of Des Moines, secretary of the Iowa hall and decorations; Dan Stiles, Webster County Trust Bankers Association, was elected president at a meeting & Savings Bank. in Chicago of the Central States Bankers Association, an organization composed of presidents and secretaries of B. J. CARNEY VICE PRESIDENT. the state association of the Mississippi Valley and repre B. J. Carney has been elected vice president of the Grin senting 16,000 banks of the country or over one-balf of ned Savings Bank, Grinned, Iowa. He was connected all the banks in the United States. . with the Merchants National Bank of that city before This association discussed questions of international entering the service. clearing houses of international trade, and favored an in Carl Child, the new cashier was promoted to this posi ternational banking system which would tend to stabilize tion after having returned from war. S. J. Poolev is the governments. This would also bring about an economic efficient president. situatiofi which would enforce peace upon all nations. At the time of the last call the capital stock was $150,Illinois, Indiana, Kansas, Kentucky, Michigan, Minne 000; surplus fund, $25,000; undivided profits $16,827.75; g m m M «m im in niiiiiiiii!iiiiiiniiiiH niiiiiiiiH ii!H iiiiiifflniniiiHiiiiiui!inniiinim iiii^ T he A m e r ic a n St a te Bank I C A P I T A L , $200,000.00 M . F . S H A F E R , P resid en t W . E . S H A F E R , V ice -P r e sid e n t OMAHA [O W A B an k s desiring an g accom m odating Omaha | connection are invited to corII respond with our officers. | .lUWIIMHMIlttllllllllMIIHIIIIIIIIinillUmMUIIIIIIUIIUIUUIIimilUllBMUUIUIMUIUMUMI» https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 A L . M . S W I N D L E R , C ashier R O Y E. K A R L S , A s s ’t C ashier lVTANAGED by bankers of * * * - practical experience who k n ow the requirem ents of Middle-We^t Bankers. 31 A p r i l , 1919 T H E N O R T H W E S T E R N B A N K E R 65 TH E C IT Y N ATIO N AL BAN K OF CLINTON, IOWA Capital, S u rp lu s a n d Profits . . $ 550,000.00 D eposits • • • • • • • • . $4,200,000.00 OFFICERS A. G. SMITH, President G. M. CURTIS, Vice-President A. C. SMITH, Vice-President and Cashier A. W. HANSEN, Assistant Cashier J. H. NISSEN, Assistant Cashier H. G. KRAMER, Assistant Cashier Accounts of Banks and Bankers received on most favorable terms. Correspondence invited. in d iv id u a l d e p o s its s u b je c t to c h e c k , $ 5 1 9 ,3 2 8 .0 3 ; d e m a n d d e p o s its , $ 2 1 ,3 2 2 .2 3 ; tim e c e rtific a te s o f d e p o s its , $ 2 4 3 ,9 2 6 .4 1 ; s a v in g s d e p o s its , $ 1 8 9 ,3 0 8 .5 5 . j. a . McKi n n e y d i e s . J a m e s A lla n M c K in n e y , p io n e e r E a s t D e s M o in e s b a n k e r d ie d re c e n tly o f h e a r t f a ilu r e . M r . M c K in n e y h a d b e e n s e r io u s ly ill f o r e ig h t w e e k s w ith in flu e n z a b u t p h y s ic ia n s h a d p r o n o u n c e d h is c o n d itio n d e c id e d ly im p r o v e d a n d h is d e a th c a m e a s a s e v e re sh o c k . M r . M c K in n e y s t a r t e d h is b a n k in g c a r e e r a s a n office b o y a b o u t th ir ty - f iv e y e a r s a g o in t h e C a p ita l C ity B a n k , r is in g g r a d u a lly to th e p o s itio n o f p r e s id e n t. O f la te y e a r s h e w a s v ic e p r e s id e n t o f th e in s titu tio n . a b o u t e v e ry so o f te n to fin d o u t t h a t o u r c o m p e tito r is n o t s u c h a b h d fe llo w a f t e r all. 2. T h e a d o p tio n o f u n i f o r m c h a r g e s a n d a g re e m e n ts . ' 3. C o n f e r r in g w ith o n e a n o th e r o n d if f e r e n t m e th o d s o f d o in g b u s in e s s , h a v in g o u ts id e s p e a k e r s te ll h o w th e y d o it in o th e r p la c e s. A m a n to o w is e to le a r n s o m e th in g n e w h a s n o p la c e in th e b a n k in g b u s in e s s . PRIZE LETTER. T h e D e s M o in e s N a tio n a l B a n k p u r c h a s e d a b o o k le t c a lle d “ C o u r te s y P l u s ,” d is tr ib u te d it a m o n g its e m p lo y e e s, a n d o f f e r e d p r iz e s f o r le tte r s c o m m e n tin g o n th e b e s t L. A. ANDREW ADDRESSES BANKERS. ‘ I n a r e c e n t a d d r e s s b e f o r e th e A p p a n o o s e C o u n ty B a n k e r s h e ld a t C e n te rv ille . I o w a , L . A . A n d r e w , c h a ir m a n o f G r o u p 10, s a id in p a r t : “ T h e g r e a t w a r b r o u g h t a ll b u s in e s s in te r e s ts c lo s e r to g e th e r a n d b a n k e r s th r o u g h o u t th e c o u n tr y re a liz e m o re th a n e v e r b e f o r e h o w d e p e n d e n t th e y w e r e o n e a c h o th e r, a n d h o w m u c h c o o p e r a tio n m e a n t, n o t o n ly to th e m s e lv e s b u t to th e c o u n tr y . W h e n t h e s a f e ty o f th e c o u n tr y d e m a n d s c o o p e ra tio n , th e b a n k e r s r e s p o n d n o b ly . A ll lin e s o f b u s in e s s h a v e c o m e to r e a liz e th e g r e a t im p o r ta n c e o f c o o p e ra tio n , a n d n o b u s in e s s n e e d s it m o r e th a n b a n k in g . T h e b e n e fits o f a c o u n ty o r g a n iz a tio n a r e m a n y , a n d a fe w o f th e m o r e ta n g ib le m a y b e s e t o u t in th is w a y : 1. G o o d fe llo w s h ip . I t is n e c e s s a r y to g e t to g e th e r F. L. E A T O N , V ic e P resid en t C D . V A N D Y K E , C ashier CITIZENS SAVINGS BANK OTTUMWA, IOWA Send Us Your Southeastern Iowa Business Accounts of Banks and Bankers Given Prompt and Careful Attention L. A. A N D R E W , President W A L T E R T. H A L L , Vice Pres. E. M. A N D ER SO N , Asst. Cash. G E O R G E S. P A R K E R , P resid en t A . W . SM IT H , A sst. C ashier C LIFFO R D A T K IN S O N , A s s t. C ash ier THE LIVE STOCK N A T IO N A L BANK Capital $200,000.00 Sioux City, Iow a Surplus and Profits LO C A TE D A T T H E STOCK Y A R D S $100,000.00 D eposits $5,500,000.00 The GREAT NORTHWEST being the feeding ground of the Live Stock Industry, by virtue of our location at the MARKET PLACE of this territory, we can offer unsurpassed RESERVE facilities for Country Bankers. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 66 T H E N O R T H W E S T E R N B A N K E R A p r i l , 1919 CAPITAL AND SURPLUS, $7 0 0 ,0 0 0 .0 0 RESOURCES, $ 10 ,0 0 0 ,0 0 0 .0 0 IOWA fiiim iiim iiiiiiiiiiiiiiiiiiiiiiiiiim iiiiiiiiiH iiiiiiuiiiiiiiiiiniiiiim iiiiiiiiiiH iiiH iiiiiiiiiiim iiiiniiiiiiiiiim iiiiiiiH iniiH ioiiiiiiiiiiiiiiA DES MOINES, IOWA Liberty Bonds Left with your bank for safekeeping af ford an opportunity to serve your cus tomers. Permit this hank to serve you in a simi lar capacity. Ask for our Liberty Bond Certificate plan. Write us about our worry-saving plan. m e th o d o f a p p ly in g th e b o o k le t o u ts id e o f th e b a n k . T h e c o n te s t w a s lim ite d to th e h a n k ’s e m p lo y e e s. A b o u t 4 5 le tte r s w e r e s u b m itte d . T h e l e tte r w in n in g f ir s t p r iz e e m p h a s iz e d th e s tr o n g p o in ts o f th e b o o k le t a s b e in g “ P e r s o n a l R e s p o n s ib ility ” f o r th e b a n k , “ P e r s o n a l C o n s id e r a tio n ” f o r th e p a tr o n s o f th e b a n k , a n d “ P e r s o n a l A p p lic a tio n ” o f “ C o u r te s y P l u s .” I t w a s s ta te d t h a t t h e o ld -tim e s lo g a n “ B u s in e s s is B u s in e s s ” s h o u ld b e c h a n g e d to “ S e r v ic e is B u s in e s s .” T h a t c o u r te s y s h o u ld a p p ly “a s a p a t r o n ” a s w e ll a s “ to a p a t r o n .” T h a t a sm ite f o r th e c o n d u c to r , th e b u tc h e r , e tc ., w o u ld r e s u lt in b e tte r s e rv ic e a n d b e t t e r m e a t. T h a t c o u r te s y s h o u ld b e c u ltiv a te d a n d m a d e a p a r t o f th e in d iv id u a l a n d n o t b e a b u s in e s s p r o p o s itio n so lely . NEW COMPANY ORGANIZED. N o t e v e r y o n e is a w a r e o f th e f a c t t h a t th e f o u n d a tio n o f a b ig i n d u s tr y w a s la id in a s m a ll to w n in I o w a a n u m b e r o f y e a r s a g o . T w o y o u n g m e n f r e s h ly g r a d u a te d f r o m S im p s o n C o lle g e , I n d ia n o la , I o w a , b e g a n p u b lis h in g a w e e k ly p a p e r in th is to w n a n d to s e c u r e s u b s c r ip tio n s f o r th e i r p a p e r th e y o f f e r e d a p ic tu r e c a le n d a r f r e e . T h is p r o v e d a g r a n d s u c c e s s a n d e v e n tu a lly r e s u lte d in a g r a d u a l e x p a n s io n o f th e c a le n d a r b u s in e s s a n d to d a y th is c o n c e rn h a s b r a n c h e s in C a n a d a a n d E n g la n d . T h e y h a v e a la r g e f o r c e o f s a le s m e n t h a t g o in to e v e ry E n g lis h s p e a k in g c o u n tr y a n d e m p lo y s e v e r a l h u n d r e d WATERLOO BANK & TRUST CO. (FORMERLY WATERLOO.LOAN AND TRUST CO.) Lafayette Building W aterloo, Iowa Now doing a general banking and trust company business under the tame successful management and with added features and facilities will render the highest service attainable. W rite us for particulars on farm loans or invest ments suitable for estates, guardians, individuals, state, savings and national banks. These investments secured by first mortgages and are also a direct obligation to this bank. C a p it a l, S u r p l u s a n d P r o f i t s $ 3 0 0 ,0 0 0 .0 0 D e p o sits 1 ,1 7 5 ,0 0 0 .0 0 R eso u r c e s o v e r 1 ,5 0 0 ,0 0 0 .0 0 Ben. J. Howrey, Pres. E. H. Wyant, Secretary J. W. Arbuckle, Vice Pres. H. M, Howrey, Asst. Cashier C. A. Mains. Cashier D. 8. Ramage, Asst. Cashier A. E . Smith, Asst. Cashier https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T H E A p r i l , 1919 N O R T H W E S T E R N B A N K E R C F C U R J1 T1 V1 ^“ n a t io n a l 67 SIOUX CITY IOWA eSANK C apital a n d S u rp lu s $600,000 W . P. MANLEY, P r e sid e n t L. R. MANLEY, C a sh ier R. E. BROWN, A ss't C a sh ier A. B. DARLING, V ic e P r e sid e n t C. A. PATCH, A s s ’t C a sh ier F ou n d ed 1884 m e n a n d w o m e n in m a k in g u p th e s e c a le n d a r s re p r o d u c in g th e p ic tu r e s o f f a m o u s a r tis ts . F r o m th is o r g a n iz a tio n th r e e o th e r la r g e c a le n d a r f a c to r ie s h a v e d e v e lo p e d , o n e in N e w Y o r k a n d t h e o th e r s in a d jo in in g s ta te s , M in n e s o ta a n d I llin o is . A n o t h e r o n e h a s b e e n f o r m e d in th e c ity o f D e s M o in e s . T h e m e n w h o a r e b e h in d th is o n e a r e e x p e r ie n c e d in th is b u s in e s s , th e title o f th e c o n c e r n b e in g th e B a n k e r s a n d M e i c h a n ts C a le n d a r C o r p o r a tio n . T h e y w ill c a te r m o r e p a r tic u la r ly to t h e r e q u ir e m e n ts o f b a n k s a n d f r o m th e in f o r m a tio n a t h a n d w e b e lie v e i t w o r th w h ile f o r b a n k e r s in te r e s te d in c a le n d a r s a n d a d v e r tis in g s o u v e n ir s to w r ite f o r p a r tic u la rs . S. H. LARSON SELLS INTEREST IN BANK. S . H '. L a r s o n , p r e s i d e n t o f th e F a r m e r s S t a t e B a n k , L a k e M ills , I o w a , h a s s o ld h is i n te r e s t to A . M . S h e im o , o f F e r tile , a n d M r . S h e im o h a s a s s u m e d th e p r e s id e n c y o f th e b a n k . M r . S h e im o is th o r o u g h ly f a m ilia r w ith th e b a n k in g b u s in e s s h a v in g s e r v e d a s a n o fficial a t v a r io u s tim e s a t M in n e w a u k o n a n d M a d d o c k , N o r t h D a k o ta a n d W is d o m , M o n ta n a . I n e v e r y b a n k w ith w h ic h h e w a s a ffilia te d th e in s titu tio n g r e w a n d p r o s p e r e d . D u r in g th e m a n y y e a r s M r . L a r s o n h a s b e e n c o n n e c te d w ith th e F a r m e r s S ta te B a n k h e h a s b u ilt f o r h im s e lf a n e n v ia b le r e p u ta tio n . T h e b a n k is f o r g in g a h e a d r a p id ly a n d a t t h e tim e o f th e la s t c a ll h a d f o o tin g s o f n e a r ly $ 8 0 0 ,0 0 0 . MARSHALLTOWN BANKS SET HIGH MARK. T h a t th e b a n k s o f th e c ity o f M a r s h a llto w n , I o w a , n o w h a v e o n d e p o s it th e la r g e s t s u m in t h e i r h is to r y a n d t h a t t h e in c r e a s e in d e p o s its in t h e la s t y e a r h a s s e t a n e w h ig h m a r k is s h o w n b y th e c o m b in e d s ta te m e n ts o f th e fiv e b a n k s o f $ 7 ,8 3 1 ,1 3 2 .7 1 c o m p a r e d w ith $ 6 ,6 3 5 ,7 5 3 .6 7 o n M a r c h 5, 1918, s h o w in g a n in c r e a s e f o r th e y e a r o f $ 1 ,1 9 5 ,3 7 9 . A v e r y c o n s id e ra b le a n d p e r h a p s th e m a j o r p a r t o f th e in c r e a s e in th e d e p o s its n o w a n d la s t y e a r , r e p r e s e n ts th e h ig h e r p r ic e s a t w h ic h la n d in t h e c o u n ty h a s b e e n s e ll in g in r e c e n t m o n th s . B a n k e r s t h i n k t h a t th e in c re a s e a lso r e p r e s e n ts a la r g e n u m b e r o f la n d tr a n s a c tio n s a s c o m p a r e d w ith la s t y e a r w h e n th e w a r w a s o n . NEW BANK AT QUANDAHL. A b a n k in g in s titu tio n h a s b e e n o r g a n iz e d to b e g in b u s i n e s s a b o u t A p r il 1st, a t Q u a n d a h l, I o w a , to b e k n o w n a s th e Q u a n d a h l S a v in g s B a n k w ith a c a p ita l o f $ 1 0 ,0 0 0 . THE DUBUQUE National Bank D U B U Q U E , IO W A N ow is the time for reconstruction. Keep us in mind-- Accounts of Banks and Bankers are Invited on the Basis of Mutual Advantage and Responsibility Correspondent Banks are Assured Prompt and Satisfactory Service Capital, Surplus and U ndivided Profits O ver $4 0 0 ,0 0 0 FRANK B . YETTER, C ashier CHAS. SHULER, P resid en t LOUIS G . BEIN, A sst. C ashier W. H. GEHRM ANN, V ice P resid en t HERMAN STAAK, A sst. C ashier ♦ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 68 T H E N O R T H W E S T E R N B A N K E R A p r i l , 1919 PEOPLES TRUST & SAVINGS BANK E s t a b lis h e d 1893 CLINTON, IOWA CAPITAL, $300,000.00 — SURPLUS, ALL EARNED, $300,000.00 — DEPOSITS, $3,800,000.00 Offers the facilities and services of a live, up-to-date banking house, fully equipped and amply capitalized to handle intelligently and efficiently every branch of legitimate banking COMMERCIAL — SAVINGS — SAFE DEPOSIT — TRUST Accounts from banks in its territory, and collections receive the special attention of an officer of the bank C. F. ALDEN P r e sid e n t W . W . COOK G. E. LAMB J . L. BOHNSON V ice P r e sid e n t V ice P r e sid e n t C ash ier C. S . HARRIS a n d W . S . GARDNER, A ssista n t C a sh iers £ s | IOWA o f O e lw e in , h a s h e ld th e p o s itio n o f p r e s id e n t o f S ta te B a n k , o f W e s t U n io n , s in c e 1883 a n d p r e s id e n t o f th e S ta te B a n k , o f O e lw e in , sin c e 1875. T h e d e p o s its o f th e b a n k a r e $ 6 7 5 ,0 0 0 .0 0 . A i i i i i i i i i i m m i i i i m i i i i m m i i i i m m m m i u u i m i i i ii i i i m m i ii m i ii i i ii m m m m m i i i ii i i i ii i i ii i i m m i i im m ii i i ii i i u m i im i i ii i m iu u H T h e o ffic e rs a r e : L . T . H e rm a n s 'o n , p r e s i d e n t ; J . S. Q u a n d a h l v ic e p r e s i d e n t ; E d g a r M o r s ta d , c a s h ie r. A n e w b u ild in g w ill b e e r e c te d d u r in g th e s u m m e r a n d in th e m e a n tim e th e b a n k w ill o c c u p y th e to w n h a ll. PURCHASE BANK AT HA WARDEN. A . D . C o ffm a n , o f L a r r a b e e , a n d D a n W h itn e y , o f A u re lia , I o w a , h a v e p u r c h a s e d c o n tr o llin g in te r e s t in th e F i r s t N a tio n a l B a n k , H a w a r d e n . I n c lu d e d in th e t r a n s a c tio n is th e fin e m o d e r n b a n k in g b u ild in g w h ic h h o u s e s th e in s titu tio n . T h e b a n k h a s a c a p ita l s to c k o f $ 5 0 ,0 0 0 a n d s u r p lu s o f $ 5 0 ,0 0 0 a n d is o n e o f th e s tr o n g e s t b a n k s in t h a t s e c tio n o f th e s ta te . B o th o f th e s e g e n tle m e n h a v e m a d e s p le n d id su c c e s s e s in th e b a n k in g w o r ld a n d a r e v e r y w e ll fitte d f o r th e i r n e w u n d e r ta k in g . STATE BANK OF WEST UNION. A t th e a n n u a l m e e tin g o f s to c k h o ld e r s o f th e S ta te B a n k o f W e s t U n io n , h e ld M a r c h 4 th , 1919, th e f o llo w in g o fficers w e r e r e - e l e c t e d : J o h n J a m is o n , p r e s i d e n t ; W . B . T h o m a s , v ic e p r e s i d e n t ; A . J . G u rn e y , c a s h ie r ; W . W . W r i g h t , a s s is ta n t c a s h ie r. J o h n J a m is o n , w h o is a ls o p r e s id e n t o f th e S ta te B a n k , NEW BUILDING COMPLETED. T h e b a n k o f O to , I o w a , w h ic h w a s r e c e n tly o r g a n iz e d b y H . C. F e d d e r s o n , C. H . R o s s , A . H . B o lto n a n d L e o L . M a k , o p e n e d th e d o o r s o f its n e w b u ild in g M a r c h 1st, w ith M r. M a k a s c a s h ie r a n d m a n a g e r . M r . M a k h a s b e e n in th e b a n k in g fie ld f o r th e la s t f o u r y e a r s a n d d u r in g t h a t tim e h e w a s c o n n e c te d w ith th e S io u x F a lls S a v in g s B a n k , S io u x F a lls , S o u th D a k o ta , a n d th e F a r m e r s S ta te B a n k , o f E lk P o in t, S o u th D a k o ta . H e re s ig n e d h is p o s itio n a s a s s is ta n t c a s h ie r o f th e l a t t e r b a n k to e n te r th e .o ffic e rs tr a in in g sc h o o l a t C a m p P ik e , A r k a n s a s . PLEASANT PRAIRIE SAVINGS BANK. T h e P l e a s a n t P r a i r i e S a v in g s B a n k , o f P l e a s a n t P r a i r i e , I o w a , o rig in a te d f r o m a n id e a a d v a n c e d a n d a n e x p e r ie n c e h a d o n J u n e 2 3 , 1917, w h e n R o b e r t B e n n e r t a s k e d E . G . P l e t t to c a s h a c r e a m c h e c k f o r th e a m o u n t o f le ss th a n $ 5 .0 0 . O f c o u rs e , M r . P l e t t w a s o u t o f c a s h te m p o r a r ily , a n d c o u ld n o t c o m p ly w ith M r. B e n n e r t ’s r e q u e s t. N e c e s s ity h a s a lw a y s, b e e n th e m o th e r o f in v e n tio n , a n d f r o m t h a t little in c id e n t a r o s e a g ita tio n w h ic h r e s u lte d in t h e e s ta b lis h m e n t o f th e P le a s a n t P r a i r i e S a v in g s B a n k , a t ^SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS^^ 1 TH E C EN TR AL S T A T E B A N K DES MOINES, IOWA C apital $250,000.00 OFFICERS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis | S u rp lu s a n d P rofits $250,000.00 ( SIMON CASADY, President GRANT M cPH ERR IN , Vice-President ^ | JOHN B. McDOUGAL, Cashier FRA NK C. ASH, Ass’t Cashier REMEMBER OUR FOUR CARDINAL PRINCIPLES Absolute Safety. ^ Courteous Treatment to All. Consistent Liberality. Promptness in Execution. I A p r il, 1919 T H E N O R T H W E S T E R N B A N K E R THE 69 OFFICERS W. V. E sth er. P resid en t Hujili M. Gilmore. V ice P res. E. G. Dunn, V ice P res. J. A. Parden, Cashier C, E , Brooks. A sst. Cashier City National Bank MASON C IT Y , IO W A. UNITED STATES DEPOSITORY C a p ita l an d S u rp lu s $250,000.00 " eoffaC S SU a- City Trust & Savings Bank tions and individuals. w h ic h in s titu tio n to d a y th e r e s id e n ts o f t h a t p a r t o f th e s ta te n o w tr a n s a c t t h e i r fin a n c ia l b u s in e s s . T h e b a n k w a s e s ta b lis h e d F e b r u a r y 4 , 1 918 a n d a t th e c lo se o f th e f ir s t y e a r th e d e p o s its w e r e $ 1 3 6 .3 8 1 .9 7 . A n e w b u ild in g w a s so o n n e c e s s a r y to a c c o m m o d a te t h e c u s to m e r s o f th e b a n k a n d is o f b ric k , o n e - s to r y , w ith a d i r e c t o r ’s ro o m , a w o r k in g ro o m a n d lo b b y , a m o d e rn s a f e ty v a u lt a n d s a f e ty c a s h v a u lt, b o th o f th e la te s t p a t te r n . T h e o fficers a r e : J . R . B a k e r , p r e s i d e n t ; E . G . P le tt, v ic e p r e s id e n t, a n d C h a s. F . H e r m a n n , c a s h ie r. T h e c a p ita l is $ 1 5 ,0 0 0 a n d u n liv id e d p r o f its $ 2 1 9 .5 5 . WADENA SAVINGS INCREASES CAPITAL. T h e W a d e n a S a v in g s B a n k , W a d e n a , I o w a , h a s in c r e a s e d its c a p ita l f r o m $ 1 0 ,0 0 0 .0 0 to $ 2 5 ,0 0 0 .0 0 in o r d e r C a p ita l $50,000.00 to k e e p u p w ith th e g e n e r a l p r o g r e s s o f b u s in e s s . A t th e tim e o f th e la s t c a ll th e u n d iv id e d p r o f its a m o u n te d to $ 1 0 ,8 8 9 .3 5 a n d th e d e p o s its w e r e $ 2 2 6 ,8 6 6 .6 4 . T h is is a v e r y s p le n d id s h o w in g a n d in a d d itio n th e b a n k h a s h a n d le d m o r e th a n $ 1 4 1 ,2 0 0 o f L ib e r ty B o n d s to d a te w ith th e fu ll q u o ta o f s ta m p s , d o n a tio n s , etc. J . O . P r o b e r t is p r e s i d e n t ; F . J . S c h r o e d e r , v ic e p r e s i d e n t ; W . D . M e s s e rli, c a s h ie r a n d D . H . D u d le y , a s s is t a n t c a s h ie r. S o m e im p o r ta n t c h a n g e s h a v e b e e n m a d e in th e lis t o f o fficers o f th e G e o rg e S a v in g s B a n k . E . M . F r e e r k s , f o r m e r ly c a s h ie r b e c o m e s p r e s id e n t a n d J o h n E . S m id , w h o r e c e n tly r e t u r n e d f r o m F r a n c e , b e c o m e s c a s h ie r. U . H . D . W ille m s s e n f o r m e r c o u n ty r e c o r d e r b e c o m e s a s s is ta n t c a s h ie r. Combined Capital and Surplus $2,800,000 Deposits Over $16,000,000 In One Building Under One Management I o w a N ational Bank and Des Moines Savings Bank T he Bankers’ Bank of Iow a is in a Position to Render Service Equaled by fe w and Excelled by N o n e. 'W e Shall Appreciate an O pportunity to Serve Y ou H O M E R A . M I L L E R , P re s id e n t C L Y D E E . B R E N T O N , V ic e P r e s id e n t H . T . B L A C K B U R N , V ic e P r e s i d e n t J O H N H . B L A I R , V ic e P r e s i d e n t G . E . P E A R S A L L , V ic e P r e s i d e n t J . R . C A P P S , C a s h ie r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R . L . C H A S E , J R . , A s s t . C a s h ie r . J A M E S F . H A R T , A s s t . C a s h ie r . J A M E S B U R S O N , A s s t . C a s h ie r . C H A S . H . N U T T , A s s t . C a s h ie r . S . W . F O W L E R , A s s t. C a s h ie r. T H E 70 N O R T H W E S T E R N gjiiHiHiiiuiiiiiiiitiiiiiiiiiiiiiniiiiiiiiniiiiiiiiniiiniiHiniiiiiiiiiiiiiiiiiiiiiiiiniiiiiiuiiniiiiiiiiiiiiiniiiniiinHininninHiiiiiiiiiiuuuiiiiiinniBnnnnniniuiiiiHn^ B A N K E R A p r i l , 1919 iiiiiiiiu iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiM iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiim r n iin iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii IOWA f iiiiiiiiiiiiiim iiiiin iiim iH iiiiiH im iim im iiiim im m iiiim iiim iim im iiim iiiiiiiim iiiiim im iiiim iiiiiiiiiiiiiiiim iiiiiiiiiiim iiiiif l H. M. CORMANY. H . M . C o rm a n y , re c e n tly e le c te d a s s is ta n t c a s h ie r o f th e I o w a L o a n & T r u s t C o m p a n y , D e s M o in e s , in r e c o g n itio n o f h is f a i t h f u l s e rv ic e s , is s p e c ia l r e p r e s e n ta tiv e f o r th e b a n k in th e w e s te r n h a lf o f th e t e r r i t o r y o u ts id e o f D e s M o in e s . M r . C o r m a n y to o k a p o s itio n a s b o o k k e e p e r a n d a s s is t a n t in 1894 w ith t h e F i r s t N a tio n a l B a n k , W o o d b in e , a n d in 1895 w ith M r . B o s tw ic k , o f th e F i r s t N a tio n a l, o r g a n - | American Commercial g | and Savings Bank | oi Davenport, Iowa 1 1 I Capital sto ck .......... »............................................................$ 600,000.00 Surplus ....................................................................................... 600,000.00 Undivided profits ............... ........................................... . 400,000.00 ¡H D ep osits over . . ................................................................. 12,200,000.00 H g g M S II = jg§ O FF IC E R S ED. K A U FM A N N , P re s id e n t R A Y N Y E M A S T B R , V ic e P r e s , a n d C a sh . F . C. K R O E G E R , A s s i s t a n t C a s h ie r F . A. JO H N S O N , A s s i s t a n t C a s h ie r 5 = M = |g 5 Our adequate equipment and exceptional facilities for M s handling business in every department of banking are at g j | your service. m ^iiniiiiiiiiiiiiiiHiiiiiiiiiNiuniiiiiiuiiiuiiiHiiniiiuiiiniiiiiiiiiiiiiiiiiiiiiiiiUHiiiiiiiuiiiiiiiuiiiiuiniiiifliiiiuiiHiniHiiiHiHniHiimiHiiiiiiiuiiiuHHiiHnuniiiiiiS C O M M E R C IA L N a tio n a l B a n k W aterloo Iow a Capital and Surplus One-Half Million Dollars O FFIC ER S E. W. MILLER, President. F. C. PLATT, Vice Pres. H. C. SCHULTZ, Cashier. H. W. WENTE, Asst. Cashier. The high standard this bank has set for itself in the conduct of its business is a protection to its corre spondents in every emergency and under all circum stances. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H. M. CORMANY, Assistant Cashier Iowa Loan & Trust Co., Des Moines. iz e d th e P e o p le s S a v in g s B a n k , W o o d b in e , o p e r a tin g it in c o n n e c tio n w ith t h e F i r s t N a tio n a l. H e w a s la te r e le c te d c a s h ie r a n d in 190 2 re s ig n e d o n a c c o u n t o f p o o r IOW A TRUST 6? Savings Bank D es M oines, Iow a RESO U RC ES O V E R ‘ $ 1 ,3 5 0 ,0 0 0 .0 0 We desire an opportunity to prove to you that this bank is able to handle your account to your entire satisfaction. OFFICERS A. O. Hauge, President John A.Benson, Vice President L. M. Barlow, Cashier C. B. Hextell, 2nd Vice President Elmer Thulin, Assistant Cashier A p r i l , 1919 T H E N O R T H W E S T E R N h e a lth . I n 1903 h e w a s a p p o in te d o n e o f th e S t a t e B a n k e x a m in e r s u n d e r S ta te A u d i t o r B . F . C a r r o ll a n d r e m a in e d w ith th e d e p a r tm e n t u n til 1917, c o v e rin g in th e f o u r te e n a n d a h a lf y e a r s m o r e th a n t h r e e - f o u r t h s o f th e s ta te , v is itin g b a n k s in s e v e n ty - s ix c o u n tie s d u r in g t h a t tim e . I n 1916 h e h e lp e d to o rg a n iz e th e C itiz e n s S ta te B a n k , O n a w a , b e in g its p r e s id e n t u n til J a n u a r y , 1919, w h e n h e s o ld c o n tro l a n d re s ig n e d . M r. C o r m a n y h a s b e e n c o n n e c te d w ith th e I o w a L o a n & T r u s t C o m p a n y sin c e 1917. 71 B A N K E R W. M. Hetherington, Vice-Pres. H. A. KOESTER, Cashier C. H. EIGHMEY, President C. J. COLLIER, Vice-Pres. Capital - - - - $200,000 Surplus and Profits, $200,000 First National Bank DUBUQUE, IOWA Write Us lor Terms Accounts of Banks Solicited. J. K. D E M IN G JA M ES M. B U R C H P resid en t V ice-P resident H ERM A N N ESCH EN C ashier THE SEGOND NATIONAL BANK AND DUBUQUE SAVINGS BANK D U B U Q U E , IO W A ORGANIZED 1 8 7 6 O FFIC E R S A N D D IR E C T O R S J. K. D E M IN G P re sid en t JA M ES M. B U R C H V. P. F arley & L o e tsc h e r Mfg. Go. C H A S. H. B R A D L E Y B radley B ros. F R A N K BELL C apitalist CHARLES HOWARD, Asst. Cashier Iowa Loan & Trust Co., Des Moines. C. S. HOWARD. A t th e a n n u a l m e e tin g o f th e s to c k h o ld e rs of th e I o w a L o a n & T r u s t C o. o f D e s M o in e s in J a n u a r y , C . S . H o w a r d w a s e l e c te d a n A s s i s t a n t C a s h ie r , a s a r e w a r d o f m e r it fo r th e e x c e lle n t w o rk h e h a d d o n e fo r th e b a n k th e p re c e d in g y e a r. H E R M A N N ESC H EN C ashier J. T . C A R R S ecy -T reas. C arr, R y d e r & A dam s Co. G E O . W . K IESEL H u rd , L en eh an & Kiesel J. J. R O S H E K R o sh ek B ros. C o. R eserve A gents for National Banks United States D epositary Combined Resources - - $3,000,000.00 ^niiiniiiiiiciHuniiiiiiaiiiiiiiiiiiiaiiiiiiniiiiniiiiiiiiiiiianuiiiiiiiiniiiiiiiiniiaiiiiiiiniiiniiiiiiiiiiiiQiiiiiiiiiiiiDiHiHiiiiiiaiiiiiiiiim aiiiim uiiiniiiiiniiiiiciiiiniiiiiiiciiiiiiiiiiiiicnm im iHiciiiiiiiiiiiiiniiiiiiiiiiiiniiiiiiHniiniHim iiHicii ! T H E F IR S T N A T IO N A L B A N K W A T E R L O O , IO W A | Our Capital—$200,000.00 \ | Our Surplus and Profits—$250,000.00 O FFIC ER S A . M. PLACE, Vice President J A S . BLACK , V ice President I I F . J . EIG H M EY, President F . P . H U R ST, A sst. Cashier V . J . W ILSON, A sst. Cashier We solicit your business on the most favorable terms consistent with safe and conservative banking. We pay interest on bank balances. 5= r= 1 33 &aiim m iiitcaiiiiniiiiiic3H iiiiiiiiiK3iiuiiiiiiiicaiiuiiiiiiiicauiniiniiiQ iitiiiiiiiiic3iiiuiiiiniaiiiiiiiiiiiiaiiiiiiiiiiiiD iiiiiiiiiiiiQ iiiiim iiuaiiiiim iiiK 3iiiH H iuiicam iiiiiiiiiniuiiiiiniicaiiH im itim iiiiiiituiic3iiiiiiH itiiaiitiiiH iiucaiiim iiH iK ^ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T H E 72 N O R T H W E S T E R N Waterloo Savings Bank W A T E R L O O , IO W A. CAPITAL........................................$ 100,000.00 SURPLUS AND PROFITS........ 100,000.00 D E PO SIT S..................................... 1,950,000.00 T his Strong Bank Offers Every F acility for Satisfactorily H andling Your B usiness. OFFICERS W . C. Logan, Presid en t E . L. Johnson, V ice P res. L J. M iller. Cashier Carleton Sias. V ice P res. V. L. B artlin g, A sst. Cash. A p r i l , 1919 B A N K E R M r . H o w a r d is a c o lle g e m a n , a n d g r a d u a t e d a t D a rtm o u th . O n l e a v i n g s c h o o l, h e w e n t i n t o t h e M a h a s k a C o u n ty S ta te B a n k a t O s k a lo o s a , r e s ig n in g th e a s s is ta n t c a s h ie rs h ip la te r to ta k e a n a p p o in tm e n t a s S ta te B a n k E x a m in e r u n d e r A u d ito r S h aw . He m a d e s u c h a n . e x c e l l e n t r e c o r d in t h i s p o s i t i o n , t h a t h e c a m e t o t h e a t t e n t i o n o f t h e o ffic e rs o f t h e I o w a L o a n & T r u s t C o ., w h o e n g a g e d h im in 1917 a s a t r a v e l i n g re p r e s e n ta tiv e . H e re s ig n e d th is p o s itio n a n d s p e n t a s h o r t tim e in th e s e rv ic e o f h is c o u n tr y , a n d , o n r e c e i v i n g h i s d is c h a r g e , a g a i n b e c a m e a s s o c i a t e d w i t h t h e b a n k , a n d r e p r e s e n t s t h e m in t h e e a s t e r n h a l f o f Io w a . F e w b a n k e r s a re m o re w id e ly a n d f a v o ra b ly k n o w n in I o w a t h a n M r . H o w a r d . CONDENSED STATEMENT OF The M e rc h a n ts National Bank County Savings Bank ALGONA, IOWA At Close of Business, March 4, 1919 RESOURCES L o a n s a n d D i s c o u n t s ................................................$1,466,606.36 U. S. B o n d s a n d C e r t i c a t e s o f I n d e b t e d n e s s 265,774.29 O v e r d r a f t s ................................ '■............. '■............... N one C a s h a n d d u e f r o p i B a n k s ......... .......................... 479,933.07 R e al E s ta te an d P e rso n a l P r o p e r ty .. . . . . . . 10,000.00 F e d e r a l R e s e r v e S to c k ...................••.................... 3,750.00 Cedar Rapids, Iow a Resources $14,000,000.00 OFFICERS John T. H am ilton P resid en t P. C. F rick V ice P resid en t Jam es E . H am ilton V ice P resid en t E d w in H. Furrow Cashier H. N. Hoy son A ssista n t Cashier R oy C. Folsom A ssista n t Cashier Mark J. Myers A ssista n t Cashier F red A. Groeltz A ssista n t Cashier A live in stitu tion offering superior equipm ent and facilities for th e handling o f bank accounts. m u jjj iiÊâifS 63rd Year https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $2,226,063,72 L IA B IL IT I E S C a p it a l S to c k ................ .............................................$ 100,000.00 S u r p lu s ............................................................................ 25,000.00 U n d iv id e d P r o f its ..................................................... 26,583.87 D e p o s its ......................................................................... 1,947,337.06 U n p a id D iv id e n d ................ 60.00 B ills P a y a b l e .............................................................. 50,000.00 R e - D is c o u n ts ............................. 77,082.79 $2,226,063.72 Continuous Growth is Proof of Satisfactory Service United States Depository fo r Postal Savings Funds We respectfully call your attention to the above statement. We are proud of it, and feel most grate ful to our many friends who have made it possible. Member Federal Reserve System Leavitt & Johnson National Bank Waterloo, Iowa Established 1856 IRA RODAMAR, President C. E. PICKETT, Vice President J. O. TRUMBAUER, Vice Pres. FRED H. WRAY, Cashier Capital, Surplus and Profits $300,000.00 A p r i l , 1919 T H E N O R T H W E S Ü R N B A N K E R 73 IOWA REPRESENTATIVE. T h o m a s F . F o r d , w h o s e s m i l i n g lik e n e s s w e h a v e t h e p l e a s u r e o f p r e s e n t i n g in t h i s c o n n e c t i o n , h a s b e e n c o v e r i n g I o w a f o r a l m o s t a y e a r in t h e i n t e r e s t o f t h e N o r t h e r n T r u s t C o m p a n y , o f C h ic a g o . M r. F o r d h a s b e e n c o n n e c te d w ith th e N o r th e r n T r u s t C o m p a n y f o r o v e r tw e lv e y e a r s a n d e n jo y s th e a d v a n t a g e o f h a v i n g h a d e x p e r i e n c e in p r a c t i c a l l y e v e r y n adequate l f a c il it ie s an d perfected service m a k e th is an ideal reserve b a n k fo r Io w a banks- E v ery c o u rte sy an d a c c o m m o d a tio n ex ten d ed c o n siste n t w ith co n serv ativ e b a n k in g. In q u irie s solicited an d a p p reciated . BLACK HAWK NATIONAL BANK WATERLOO, IOWA DR. F. W . PO W ER S, P r e sid e n t A. E. GLENNY, Vice-Pres. CHARLES W. KNOOP, Cashier JAMES LOONAN, Vice-Pres. H. E. RUGG, Asst. Cashier C A P IT A L $ 2 0 0 , 0 0 0 .0 0 R E SO U R C E S $ .2 ,7 5 0 ,0 0 0 .0 0 “T h e Bank o f Stability and Progress” THOS. F. FORD, Iowa Representative Northern Trust Co., Chicago. d e p a r t m e n t . M r . F o r d ’s e x p e r ie n c e is e s p e c ia lly b r o a d in t h e b o n d fie ld a n d h e is in a m o s t f a v o r a b l e p o s i t i o n to r e n d e r s p e c ia l s e r v i c e t o I o w a b a n k e r s . H e h a d c h a r g e o f t h e c o lle c tio n d e p a r t m e n t o f t h e N o r t h e r n T r u s t C o m p a n y f o r a b o u t fiv e y e a r s a n d w a s a ls o c o n n e c t e d w i t h t h e a u d i t i n g d e p a r t m e n t . F o r m a n y y e a r s t h e b i g N o r t h e r n T r u s t d id n o t m a k e a n e f f o r t f o r t h e b u s i n e s s o f c o u n t r y b a n k e r s , b u t in t h e •last y e a r i t h a s b e c o m e m o r e a c t i v e in t h i s d e p a r t m e n t a n d M r . F o r d r e p o r t s t h a t t h e I o w a b u s i n e s s is li n i n g u p v e r y n ic e ly . The Cedar Rapids National Bank W ith Capital, Surplus and Profits of $ 8 5 0 ,0 0 0 .0 0 and'Resources $ 1 5 ,0 0 0 ,0 0 0 .0 0 Invites N ew Business Commercial Savings Bank OFFICERS DES M OINES, IOWA We offer a bank large enough to inspire the confidence of its customers, but not too large to give every consideration to the interests of every correspondent. OFFICERS J o h n A. E llio tt, P resid en t Clyde F. Frazier, Cashier E. L. D avis, A ssista n t C ashier D ep osits - https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - - •• -- r-... . L$1,700,000.00 plRECr R a lp h V a n V e c h te n , P r e s G eo. B. D o u g la s , V ic e P r e s . E d . H . S m ith , V ic e P r e s . G le n n M. A v e r ill, V ic e P r e s . K e n t C. P e r i n a n , C a s h ie r M a r t i n N e w c o m e r, A. C a sh . C h a s. C. K u n in g , A s st! C a sh . K a r l H . R e h n b e r g , A. C a sh . Geo. F . M ille r, A s s t. C a sh . A n n a R . iS m ouse, A u d i t o r P e t e r B a ile y , C h ie f C le r k T H E 74 N O R T H W E S T E R N B A N K E R A p r i l , 1919 I O W A f liiiiiiiiiiiiiiiiiiiiiiiiiiiH iiiiiiiiiiiiiiiiiiiiiiiiii i ii i i ii i i i ii i i ii i i ii i i i ii i i ii i i i ii i i ii i i ii i i i ii i i ii i i i ii i i ii i i ii i i i ii i i ii i i i ii i i ii m i ii i i ii i i i ii i i ii i t i i i in IOWA NEWS AND NOTES. A . M . B e tts , w h o h a s b e e n b o o k k e e p e r f o r th e F i r s t N a tio n a l B a n k , o f B o o n e , f o r th e p a s t s e v e r a l y e a r s h a s re s ig n e d a n d is s u c c e e d e d b y G le n P e te r s o n , r e c e n tly r e tu r n e d f r o m w a r s e rv ic e . T h e r e g u la r q u a r t e r l y d iv id e n d o f th r e e p e r c e n t o n th e c a p ita l s to c k o f $ 3 0 0 ,0 0 0 h a s b e e n d e c la r e d a t t h e m e e t ing. o f th e b o a r d o f d ir e c to r s o f th e D a v e n p o r t S a v in g s B a n k . T h e d iv id e n d a m o u n ts to $ 9 ,0 0 0 a n d w a s p a y a b le to th e s to c k h o ld e r s o n A p r il 1. YOUR LOGICAL DES MOINES CONNECTION O u r a m p l e a s s e t s , w id e c o lle c tio n f a c il itie s a n d t h o r o u g h e q u i p m e n t , s u p p l e m e n t e d w i t h o u r e x p e r ie n c e o f o v e r t h i r t y - s i x y e a r s in s e r v i n g w h a t h a s g r o w n to b e a l a r g e l i s t o f b a n k c o r r e s p o n d e n t s t h r o u g h o u t t h e s t a t e , e n a b le s u s t o o f f e r a s e r v ic e i n t i m a t e l y a d a p t e d t o t h e r e q u i r e m e n t s o f b a n k s in t h i s fie ld DES M O IN ES NATIONAL BANK DES MOINES, IOWA Capital and Surplus Resources Over - - J o h n S u u r b a lle h a s s o ld m o s t o f h is in te r e s ts in th e S ta te S a v in g s B a n k a t G o o d e ll a n d h is h o m e a n d w ill le a v e G o o d e ll a b o u t J u ly 1st. H i s f u t u r e p la n s a r e in d e fin ite . M r. S u u r b a lle h a s b e e n c a s h ie r o f th e b a n k f o r s e v e n y e a r s a n d is c o n s id e r e d o n e o f th e m o s t s u c c e s s f u l b a n k e r s o f th e c o u n ty . C ly d e Y o u n t, f o r f o u r y e a r s a s s is ta n t c a s h ie r o f th e S ta te B a n k , o f B o n d u r a n t, h a s b e c o m e a m e m b e r o f th e f o r c e o f th e F a r m e r s S a v in g s B a n k , o f A tla n tic . M r. Y o u n t ta k e s th e p la c e o f F r e d W . H e r b e r t , w h o re s ig n s to g iv e m o r e tim e to h is p e r s o n a l a ffa irs . F r a n k D . W illia m s h a s a g a in ta k e n u p h is p o s itio n a s o n e o f th e a s s is ta n t c a s h ie r s o f th e S ta te S a v in g s B a n k , o f H a m p to n . H e h e ld t h i s p o s itio n p re v io u s to h is e n lis tm e n t in th e a rm y . W . J . B ie b s e s h e im e r, w h o h a s b e e n a s s o c ia te d w ith th e F i r s t S a v in g s B a n k , o f R e in b e c k , f o r th e p a s t tw o y e a rs , h a s s e v e re d h is p o s itio n w ith t h a t b a n k in o r d e r to b e c o m e c a s h ie r o f th e C itiz e n s S a v in g s B a n k , o f S ig o u rn e y . F o r m a l o r g a n iz a tio n o f th e B a n k e r s C lu b , o f S io u x C ity , w ith a m e m b e rs h ip o f 3 0 w a s c o m p le te d re c e n tly . G e o rg e S . P a r k e r is p r e s i d e n t ; J o h n J . L a r g e , v ic e p r e s i d e n t ; G . G. E v e r h a r d , s e c r e ta r y a n d t r e a s u r e r . T h e e x e u tiv e c o m m itte e c o n s is ts o f th e th r e e o ffic ers a n d J o h n A . M a g o u n a n d G e o rg e S in c la ir. K. W . R a s h h a s r e s ig n e d h is p o s itio n a s a s s is ta n t c a s h ie r in th e S ta te N a tio n a l B a n k a t I o w a F a lls t o a c c e p t th e p o s itio n o f c a s h ie r in th e C itiz e n s S ta te Bcink a t M onona. M a k in g o u t th e in c o m e t a x r e t u r n s h a s b e e n a p r o d i g io u s ta s k th is y e a r f o r th e b a n k e r s o f th e s ta te , o n a c c o u n t o f th e n e w la w . I t is in te r e s tin g to n o te t h a t th e b a n k e r s o f W a v e r ly d e p a r te d f r o m th e u s u a l c u s to m , a n d $900,000.00 $13,000,000.00 ARTHUR REYNOLDS, Pres. JOHN A. CAVANAGH, V ice Pres. H. R. HOWELL, V ice Pres. JOHN H . HOGAN, Cashier C. A. DIEHL, A sst. Cashier GEORGE C. WILLIAMS, A sst. Cashier OTIS L. JONES, A sst. Cashier A. J. HUGLIN, A sst. Cashier [ • R. H . COLLINS, A sst. Cashier H . L. HORTON, Asst.. Cashier The State Central Savings Bank Keokuk, Iow a Capital ................................................ $ 200,000 Surplus .............................. 200,000 Undivided profits ................... 60,000 Deposits .......................................... 2,900,000 W M . L U G AIM. P r e s id e n t GEORGE E. RIX L. J. MONTGOMERY Vice President. Vice President C. J. BODE H. T. GRAHAM Cashier Asst. Cashier H. BOYDEN BLOOD Asst. Cashier A cco u n ts of B a n k s a n d B a n k ers In v ited https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A p r i l , 1919 T H E N O R T H W E S T E R N a c tin g to g e th e r , e m p lo y e d a n a tto r n e y w h o s e w h o le tim e th e y p a id f o r , a n d th e n s e n t t h e i r f a r m e r c u s to m e r s a n d o th e r p a tr o n s to th is la w y e r in m a k in g o u t in c o m e t a x r e tu r n s . G u y V a n d e r v e e r , c a s h ie r o f th e S t a t e B a n k , o f W a v e r ly , s a y s t h a t th e p la n w o r k e d s p le n d id ly a n d r e lie v e d th e b a n k e r s o f a g r e a t d e a l o f d e ta il w o rk . B A N K E R 75 ESTABLISHED 1872 R. A. CRAWFORD Président C. T. COLE, JR. Vice-President D. S. CHAMBERLAIN Vice-President B e tty P o o le y , te n y e a r o ld d a u g h te r o f S'. J . P o o le y , p r e s id e n t o f th e G r in n e ll S a v in g s B a n k , G rin n e K , d ie d re c e n tly o f p n e u m o n ia . T h e m a n y f r ie n d s o f th e f a m ily jo in w ith th e m in t h e i r s o r r o w . W. E. BARRETT Cashier O . F . F r y e r , p r e s id e n t o f th e I o w a S t a t e S a v in g s B a n k , F a irfie ld , a n d c h a ir m a n o f G r o u p 11, h a s b e e n m o s t f a i t h f u l a n d a h a r d w o r k e r in th e L ib e r ty L o a n c a m p a ig n , W a r S a v in g s S ta m p c a m p a ig n a n d o th e r w a r fin a n c e c a m p a ig n s . H is h e a lth o f la te h a s n o t b e e n th e b e st, a n d h e is p r e p a r i n g to le a v e so o n f o r C a lif o r n ia to s p e n d s e v e ra l m o n th s . New and Modern S o m e o f th e b a n k e r s ta k in g c o n s is to r y w o rk a t th e M a s o n ic H a ll, D e s M o in e s , a r e H a r r y S c h o e n , v ic e p r e s i d e n t D e s M o in e s T r u s t C o m p a n y , D e s M o in e s ; R . A . D o w n s , c a s h ie r, O s c e o la N a tio n a l B a n k ; L . E . E d w a r d s , b a n k e r o f O s c e o la ; L . E . G u n d e r m a n , a s s is ta n t ^ a s h ie r, F i r s t N a tio n a l B a n k , V illis c a ; J . C . R h y n ts b e r g e r , D e s M o in e s ; D w ig h t R o b e r t, c a s h ie r, F i r s t N a tio n a l B a n k , A d e l; S im o n S. W a lk e r , a s s is ta n t c a s h ie r G u a r a n ty B a n k , K n o x v ille . C . H . G r a h a m , c a s h ie r o f th e F a r m e r s a n d T r a d e r s S a v in g s B a n k , D o u d s , h a s a c c e p te d th e c a s h ie r s h ip o f th e n e w ly o r g a n iz e d b a n k a t B ir m in g h a m a n d ex p ects" t o ta k e c h a r g e th e r e w ith in a m o n th . , T h e F i r s t S ta te B a n k , o f G re e n e , h a s b e e n e n jo y in g a s te a d y g r o w th , h a v in g d e p o s its a m o u n tin g to $ 9 8 5 ,7 7 5 .8 6 , o r d o u b le t h e a m o u n t th e y w e r e s ix y e a r s a g o . T h e b a n k Home oi the VALLEY NATIONAL BANK and VALLEY SAVINGS BANK DES MOINES, IOWA C om bined C ap ital an d S u rp lu s, $800,000.00 A n x io u s to se r v e , E quipped to se r v e w e ll— W e se e k th e o p p o rtu n ity . Io w a L o an & T ru st C o m p an y Bank DES M O IN E S, U . S. A . Member Federal Reserve System W e s o l i c i t t h e a c c o u n t s o f B a n k s a n d r e s p o n s i b l e b u s i n e s s h o u s e s in t h i s t e r r i t o r y o n t h e b a s i s o f r e a l s e r v ic e . W e a r e a l w a y s in t h e m a r k e t f o r f a r m m o r t g a g e s m e a s u r i n g u p t o o u r r e q u ire m e n ts . D i r e c t y o u r f r i e n d s l o c a t i n g o r v i s i t i n g in D e s M o in e s t o u s , a n d w e w ill re c ip ro c a te . W r ite u s re g a rd in g y o u r n eed s. G. B. H IPP E E , PRESIDENT B. B. Vorse. Cashier D. H. McKee. V ice P res, O. S. H oward, A sst. Cashier L. E . Stevens. V ice P res, J. Ei Morton, A sst. Cashier D. F . W itter, V ice Pres. H. M. Cormauy. A sst. Cashier G. W . Gray. Treasurer J. W. Denm an, A sst. Cashier E dw in H ult, Secretary https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A. C. W ahl, A sst. Cashier A. L. H am m erstedt, A. Cashier Isadore Lucchesi, A sst. C ashiei Simon Casady, T rustee J. G. R ounds, T ru stee T H E 76 N O R T H W E S T E R N Des Moines Trust Co. A p r i l , 1919 B A N K E R h a s b e e n u n d e r th e s a m e m a n a g e m e n t f a r y e a r s , th e offi c e rs b e in g : O . C. P e r r i n , p r e s i d e n t ; D . H . E llis , v ice p r e s i d e n t ; F . L . S to b e r , c a s h ie r, a n d G . R . W a tte r s o n , a s s is ta n t c a s h ie r. T h e F a r m e r s a n d M e r c h a n ts B a n k b u ild in g , G r a e ttin g e r, b u r n e d to th e g r o u n d in a n e a r ly m o r n in g fire re c e n tly General Banking We have increased our organization and are exceptionally well connected to serve the banks and bankers of Iowa. Farm Mortgages Negotiated, bought and sold on favorable terms. O F F IC E R S M. H . W e lto n , P r e s i d e n t H a r r y F . S c h o e n , V. P re s : R o y R . W e lto n , V ic e P r e s . M. A. Y o u n g , C a s h ie r C h a s. H . B r y a n t , S e c r e t a r y D IR E C T O R S M. H . W e lto n R o y R . W e lto n H a rry F. Schoen I. M. L ie s e r W . P . B a ir C h a s. H . B r y a n t F . S. S h a n k l a n d S. J . D o n C a r lo s R . E . O s tr u s One of Iowa’s Largest and Most Modern Fireproof Hotels HOMER A. MILLER, President Iowa National Bank, Des Moines, and Director of War Sayings Stamp Sales. T h e I o w a S t a te B a n k e r s C o n v e n tio n o f 1919 to b e h e ld a t F o rt D o d g e h a s d e c id e d o n WAHKONSA HOTEL a s h e a d q u a r te r s. It i s a l s o th e B a n k e r s h e a d q u a r te rs a t a ll tim e s . H a v e y o u r m a il s e n t to th e W a h k o n sa and w r it e o r w ir e r e s e r v a t io n s . F ir N st T h e lo ss is- p a r t l y c o v e re d b y in s u ra n c e . T h e m o n e y in th e b a n k v a u lt w a s s a v e d . G e o rg e A . C a r n e y h a s re s ig n e d a s v ic e p r e s id e n t o f th e M e r c h a n ts N a tio n a l B a n k , o f G re e n e . D u r in g th e s h i y e a r s h e h a s b e e n c o n n e c te d w ith th e b a n k a s c a s h ie r a n d v ic e p r e s id e n t th e d e p o s its h a v e in c r e a s e d f r o m $1.60,000 to $ 4 0 0 ,0 0 0 . B a t io n a l a n k COUNCIL BLUFFS, IO W A Assets Over - - - - . $5,000,000.00 J. P. GREENSHIELDS, P resid en t E. A. W ICKHAM , V ice P resid en t G. F. SPOONER, C ashier ROY M AXFIELD, A sst. C ashier More than half a century of successful banking https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J. S. W ATSON, A sst. C ashier A p r i l , 1919 T H E N O R T H W E S T E R N 77 B A N K E R T h e C o r n B e lt S a v in g s B a n k , R ic h a r d s , w ith a c a p ita l s to c k o f $ 1 5 ,0 0 0 file d a rtic le s o f in c o r p o r a tio n re c e n tly . E . O . F itz is p r e s id e n t a n d C h a rle s F le e n e r is c a s h ie r. C. A . D ie h l, a s s is ta n t c a s h ie r o f th e D e s M o in e s N a tio n a l B a n k , h a s re c e iv e d w o r d t h a t h is n e p h e w , H a r o ld D . F e n n e r , o f C o lfa x , w h o is a n a m b u la n c e d r i v e r w ith We invite the business of BANKS, BANKERS AND MERCHANTS Desiring prompt, Efficient and Satisfactory Service on Favorable Terms. g CAPITAL AND PRO FITS, $330,000.00 E. V. F R A N K E , P r e s id e n t G EO . A. R O M E Y , C a s h ie r r PRANK WARNER Secretary Iowa Bankers Association, Des Moines C. F . F R A N K E , V ice P r e s id e n t W A. W E ST FA L L ' S e c re ta ry a n n NATIONAL STATE BANK ■—Burlington, Iow a a F r e n c h d iv is io n , h a s re c e iv e d th e c r o ix d e g u e r r e w ith th e p a lm f r o m th e F r e n c h g o v e rn m e n t. T h e J . H ils in g e r & S o n B a n k , o f S a b u la , h a s p u r c h a s e d o f E . L . S m ith th e b ric k b lo c k in w h ic h th e b a n k is lo c a te d a n d w ill m a k e e x te n s iv e im p r o v e m e n ts in th e b a n k in g ro o m in th e n e a r f u tu r e . Peoples Savings Bank DES MOINES, IO W A E S T A B L ISH E D 1890 CAPITAL (Paid in) $50,000.00 CAPITAL (Earned) 50,000.00 $ 100,000.00 SURPLUS & PROFITS (Earned) 230,000.00 DEPOSITS over 3,700,000.00 C. H . M a rtin , P r e s id e n t F ra n k P . F ly n n E . A . S lin in g e r V ic e P r e s i d e n t C a s h ie r C a rl W . M e sm e r R o sco e C. M o rro w A s s is ta n t C a s h ie r A s s is ta n t C a s h ie r Accounts of Banks and Bankers Solicited https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • = “ O ldest Bank in Io w a “ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiniiniiiiiiniiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiin C ap ital - - - - $150,000.0» S u rp ln s a n d P ro fits , $130,000.00 W ith are our new e s p e c ia lly o rg a n iz a tio n w e ll q u a lif ie d we to h a n d le th e a c c o u n ts of b a n k s a n d b a n k e r s d e s i r i n g p r o m p t a n d e f f ic ie n t s e r v ic e . iiiiiiiiiiii[iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii[iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiii[iiiiiii OFFICERS: Chas. F. Brook, Pres. John Blaul, V. Pres. M. C. iStelle, Cashier. C. E . P e r k i n s J o h n B la u l A. T . C h u r c h ill J . J . S e e r le y D IR E C T O R S J . J . F le m in g ’ H . S. R a n d C h a s. F . B r o c k W m . C a rs o n T H E 78 N O R T H W E S T E R N A p r i l , 1919 B A N K E R lllllllllll NEBRASKA BANK NEWS CHANGES IN OFFICERS. T h e s to c k h o ld e r s o f th e L o u p C ity S ta te B a n !:, N e b r a s k a , h e ld a m e e tin g r e c e n tly a t w h ic h tim e J . $ . Peid-ler w a s r e e le c te d p r e s id e n t a n d J o h n W . L o n g , v ic e p r e s i d e n t. C. C . C a rls e n , f o r m e r ly c a s h ie r w a s e le c te d v ic e p r e s id e n t a n d c h a ir m a n o f th e b o a r d ; R . F . C a m p b e ll w a s p r o m o te d f r o m a s s is ta n t c a s h ie r to c a s h ie r a n d J . P . S e r r w a s e le c te d a s s is ta n t. M r . S e r r c o m e s f r o m S c o tla n d , S o u th D a k o ta a n d h a s b e e n e n g a g e d in th e b a n k in g b u s i n e s s f o r fif te e n y e a rs . T h e L o u p C ity S ta te B a n k is in a flo u ris h in g c o n d itio n a n d is m a k in g c o n s ta n t g r o w th . J. J. TOOLEY PURCHASES CONTROL. A n e v e n t o f im p o r ta n c e in fin a n c ia l c irc le s o c c u r r e d w h e n J . J . T o o le y , f o r m e r s e c r e ta r y o f th e N e b r a s k a s ta te b a n k in g b o a r d p u r c h a s e d th e c o n tr o l o f th e F i r s t N a tio n a l B a n k , G e rin g , N e b r a s k a , a t th e s a m e tim e b e c o m in g p r e s id e n t. T h e b a n k is n o w e n tir e ly a h o m e in s titu tio n . L . C. W illia m s , n o w o f L in c o ln , a n d s o n -in la w o f M r . T o o le y , b e c o m e s c a s h ie r. U n d e r t h e g u id a n c e o f th e s e m e n th e r e is n o d o u b t b u t t h a t th e b a n k w ill p r o s p e r in e v e r in c r e a s in g s ^ ie n g th . NEW BANK AT BRULE. T h e N e b r a s k a s ta te b a n k in g b o a r d h a s g r a n te d a c h a r t e r f o r t h e F a r m e r s S t a t e B a n k , o f B ru le , N e b r a s k a , w h ic h e x p e c ts to b e o p e n f o r b u s in e s s w ith in a m o n th . T h e o fficers a r e : A . P . M o o re , B ru le , p r e s i d e n t ; W . O . R itc h e y , Y o r k , v ic e p r e s i d e n t ; J . G . G a te s , C h a p p e ll, c a s h ie r. A b u ild in g w ill b e e r e c te d t h is s u m m e r. T h e s t a r t i n g o f th is n e w e n te r p r is e in d ic a te s th e p r e s e n c e o f w e a lth in t h i s p a r t o f t h e c o u n ty a n d it is p r e d ic te d t h a t th e tw o b a n k s in B r u le w ill p r o s p e r a n d le a d to f u r t h e r d e v e lo p m e n t. BIGGEST IN SEVENTEEN STATES. T h e s ta te m e n t o f th e O m a h a N a tio n a l B a n k is s u e d o n M a r c h 4 th , s h o w s t h a t th e y h a v e d e p o s its o f o v e r $ 3 1 ,9 0 0 .0 0 0 .0 0 , th u s m a k in g it th e b ig g e s t b a n k in t h e f o llo w in g s e v e n te e n s t a t e s : I o w a , N e b r a s k a , N o r t h D a k o ta , S o u th D a k o ta , K a n s a s , O k la h o m a , T e x a s , M o n ta n a , W y o m in g , C o lo ra d o , N e w M e x ic o , I d a h o , U ta h , N e v a d a , A r i z o n a , W a s h in g to n a n d O r e g o n . T h is is in d e e d a m o s t e x c e lle n t r e c o r d a n d re fle c ts to a m a r k e d d e g r e e th e s p le n d id s e rv ic e a n d c o o p e r a tio n w h ic h th e O m a h a N a tio n a l B a n k is g iv in g to its, c u s to m e r s a n d c o r r e s p o n d e n ts . NEW TRUST COMPANY AT OMAHA. T h e O m a h a T r u s t C o m p a n y h a s b e e n f o r m e d w ith $ 2 0 0 ,0 0 0 c a p ita l f u lly p a id in . I t s o fficers a r e : P r e s id e n t, J . H . M illa r d , p r e s id e n t o f th e O m a h a N a tio n a l B a n k ; v ic e p r e s id e n ts , W a l t e r W . H e a d , W illia m B ro o k s C l i f t ; s e c r e ta r y , C h a rle s W . M e a d . T h e d ir e c to r s a r e : J . H . M illa r d , W a r d M . B u rg e s s , I s a a c W . C a r p e n te r , N e ls o n B . U p d ik e , A r t h u r C. S m ith , R a n d a ll K . B ro w n , W a l t e r W . H e a d , B a r to n M illa r d a n d L o u is C. N a s h . T h e m a jo r ity o f o ffic e rs a n d d iie c to r s a r e o fficers a n d d ir e c to r s a ls o o f th e O m a h a N a tio n a l B ank. T h e c o m p a n y o p e n e d f o r b u s in e s s A p r il 1 in th e p r e s e n t q u a r t e r s o f th e O m a h a S a f e D e p o s it C o m p a n y , in th e O m a h a N a tio n a l B a n k B u ild in g . T h e t r u s t c o m p a n y w ill m a k e a s p e c ia lty o f h a n d lin g b o n d s a n d o th e r h ig h g r a d e in v e s tm e n ts a n d w ill a ls o h a v e a t r u s t d e p a r tm e n t a n d a r e a l e s ta te m o r tg a g e lo a n d e p a r tm e n t. M r. C lift, th e s e c r e ta r y , h a s b e e n f o r a y e a r in c h a rg e o f th e O m a h a office o f th e N a tio n a l C ity C o m p a n y , h a n d lin g s e c u ritie s . NEW MANAGEMENT AT PAPILLION. A tr a n s a c tio n h a s b e e n c o m p le te d w h e r e b y H e r m a n H . L ie n e m a n n , v ic e p r e s id e n t a n d F r e d L ie n e m a n n , s to c k h o ld e r s o f th e S ta te B a n k , o f P a p illio n , N e b r a s k a , h a v e d is p o s e d o f th e i r s to c k to M e s s r s . O tto m e ie r a n d G o e rk e , th e p r e s e n t m a n a g e r s o f th e in s titu tio n , w h o p u r c h a s e d th e in te r e s ts o f T . J . S h a n a h a n , f o r m e r p r e s id e n t o f th e b a n k , la s t A p r il. ’ T h e c o n s u m m a tio n o f th is d e a l h a s b e e n p e n d in g u n t i l r e c e n tly w h e n th e n e w m a n a g e m e n t to o k o v e r a c tiv e o p e r a tio n o f th e b a n k . M r . S h a n a h a n re c e n tly o r g a n iz e d a n d o p e n e d a n e w b a n k a t R a ls to n , o f w h ic h h e is p r e s id e n t a n d h e h a s d is p o s e d o f h is e n tir e h o ld in g in th e P a p illio n in s titu tio n . NEW BANK AT BRADISH. A c h a r t e r h a s b e e n is s u e d f o r th e e s ta b lis h m e n t o f th e F a r m e r s S ta te B a n k a t B ra d is h , N e b r a s k a w ith a c a p ita l o f $ 1 0 ,0 0 0 . G e o rg e G u tr u , o f N e w m a n G ro v e , is b a c k - ‘The M e rc h a n ts N a tio n a l B a n k of OMAHA, CAPITAL--------$1,000,000.00 UNDIVIDED PROFITS--------$223,422.30 NEBRASKA SURPLUS_____ ____________ $500,000.00 DEPOSITS -______ $13,449,878.47 O F F I C E R S L U T H E R D R A K E , P re sid en t B . H . M E IL E , C ashier F R A N K T . H A M IL T O N , V ice-P resident S. S. K E N T , A ssistan t C ashier ACCOUNTS SOLICITED https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F R E D P . H A M IL T O N , V ice-P resident F . A. C U S C A D E N , A ssista n t C ash ier U. S. DEPOSITORY T H E A p r i l , 1919 N O R T H W E S T E R N 79 B A N K E R United S tates National Bank OF OMAHA, NEBRASKA M. T . B A R L O W , P r e s i d e n t C ap ital - - - - $1,100,000.00 S u rp lu s an d ^ ¿ P r o f i t s --------- $1,000,000.00 D eposits - - - - $19,795,732.77 G. W . W A T T L E S , C h a ir m a n B o a rd o t th e W . E . R H O A D E S , V ice P r e s i d e n t R ; P . M O R SM A N . V ic e P r e s i d e n t J . C. M c C L U R E . C a s h ie r G. H . Y A T E S , A s s t. C a s h ie r C. F . B R IN K M A N , A s s t. C a s h ie r Y o u r B u sin ess C o rd ially In v ited in g th e m o v e m e n t, w o r k in g in c o o p e r a tio n w ith p r o m i n e n t f a r m e r s in th e v ic in ity . T h e b a n k w ill b e in c h a rg e o f R o n a ld G u tr u a s c a s h ie r a n d a n e w b u ild in g w ill b e e r e c te d to h o u s e b o th th e b a n k a n d th e p o sto ffice. NEBRASKA NATIONAL, OMAHA, MOVES. T h e N e b r a s k a N a tio n a l B a n k , O m a h a , N e b r a s k a , w h ic h h a s b e e n a fin a n c ia l l a n d m a r k a t T w e l f t h a n d E a r n a m s t r e e ts f o r f o r t y y e a r s w ill b e re - lo c a te d a t th e s o u th w e s t c o r n e r o f E i g h te e n th a n d D o u g la s s tr e e ts w h ic h p r o p e r ty h a s j u s t b e e n a c q u ir e d b y th e b a n k . T h e d e a l f o r th e n e w b a n k s ite w a s n e g o tia te d th r o u g h A . P . T u k e y & S o n b y th e a c c e p ta n c e o f a n o p tio n to p u r c h a s e h e ld f o r a y e a r . T h e N e b r a s k a N a tio n a l h a s b e e n c o n s id e r in g a n u p to w n lo c a tio n f o r so m e y e a r s . FIRST NATIONAL BANK, HASTINGS. F r e d K u e n n e th , f o r m e r ly o f th e G o th e n b u r g N a tio n a l b u t f o r s e v e r a l y e a r s p a s t v ic e p r e s id e n t o f t h e S te in B r o th e r s C o m p a n y a t H a s tin g s h a s r e t u r n e d to th e b a n k in g b u s in e s s a n d is n o w a d ir e c to r a n d v ic e p r e s id e n t o f th e F i r s t N a tio n a l B a n k , H a s tin g s , N e b r a s k a . T h e c o m in g o f M r . K u e n n e th is in c id e n t u p o n th e r e s ig n a tio n o f O . A . R ile y , a s s is ta n t c a s h ie r w h o h a s a c c e p te d th e p o s i ti o n o f c a s h ie r o f th e S t a t e B a n k o f H a s tin g s . M r . K u e n n e th L a s h a d a w id e b a n k in g e x p e rie n c e , b e g in n in g w ith th e M in d e n E x c h a n g e N a tio n a l B a n k , o f M in d e n , N eb rask a .* A f t e r w a r d s h e b o u g h t a n in te r e s t in th e H a r v a r d S t a t e B a n k w h ic h h e s e r v e d a s c a s h ie r a n d l a t e r w a s v ic e p r e s id e n t o f th e G o th e n b u r g N a tio n a l B a n k . INTERESTING BANK STATISTICS. A m o n g th e n e a r ly o n e t h o u s a n d s ta te b a n k s c h a r te r e d in N e b r a s k a a b ig p r e p o n d e r a n c e o f th e m h a v e s h o w n a p r e f e r e n c e f o r a tta c h in g th e n a m e o f th e to w n w h e r e t h e b a n k is lo c a te d to t h e i r title , o v e r 4 0 0 b e a r in g t h e c ity ’s n a m e in so m e f o r m o r a n o th e r . T h e n e x t n a m e in p o p u l a r ity is “ F a r m e r s ,” 166 b a n k s b e a r in g t h a t title , s h o w in g th e a g r ic u ltu r a l c h a r a c te r o f th e s t a t e ’s re s o u rc e s . N e x t in n u m b e r c o m e s th e w o r d “ C itiz e n s ” w ith 61 b a n k s b e a r in g t h a t n a m e . “ F a r m e r s & M e r c h a n ts ” h a s b e e n a d o p te d b y 4 5 in s titu tio n s . T h e r e a r e 41 “ F i r s t S t a t e B a n k s ,” m o s t o f th e m h a v in g c o n v e r te d f r o m n a tio n a l b a n k s in o r d e r to e n jo y th e b e n e fits o f N e b r a s k a ’s G u a r a n ty L a w . T h ir ty - e ig h t b a n k s b e a r t h e n a m e o f th e c o u n ty in w h ic h th e y a r e s itu a te d . T h e r e a r e 2 7 “ S e c u r ity B a n k s ,” 2 2 “ C o m m e rc ia l,” 19 “ N e b r a s k a ,” a n d 17 “ A m e r ic a n .” T h r e e y e a r s a g o th e r e w e r e m a n y “ G e r m a n ” o r “ G e r m a n - https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T . F . M U R P H Y , A s s t. C a s h ie r . R . R . R A IN E Y . A s s t. C a s h ie r A m e r ic a n ” n a m e s , b u t sin c e th e w a r m o s t o f th e s e h a v e a d o p te d th e m o r e p a tr io tic title o f “ A m e r ic a n ” o r “ L ib e r t y ” u n til to d a y th e r e a r e o n ly tw o b a n k s in th e s ta te w ith th e T e u to n ic a p p e lla tio n . S ix te e n in s titu tio n s c a r r y th e p e r s o n a l n a m e o f th e ir f o u n d e r s , o r p r in c ip a l s h a r e h o ld e rs . WYNOT CASHIER RESIGNS. F r a n k A . L e is e , c a s h ie r o f th e F a r m e r s S ta te B a n k , W y n o t, N e b r a s k a , re s ig n e d f r o m t h a t p o s itio n in o r d e r to ta k e u p f a r m in g n e a r H a r tin g to n . M r . L e is e c a m e to th e b a n k s h o r tly a f t e r its in c o r p o r a tio n e le v e n y e a r s a g o a n d o c c u p ie d th e p o s itio n o f a s s is ta n t c a s h ie r u n til h e w a s p r o m o te d to th e p o s itio n o f c a s h ie r. H e n r y A . S c h u lte , f o r m e r ly c a s h ie r o f th e P e o p le s S ta te B a n k , C a n o v a , S o u th D a k o ta , h a s b e e n e le c te d to su c c e e d M r. L e ise . , T h e F a r m e r s S ta te B a n k w a s e s ta b lis h e d in S t. J a m e s in 190 6 a n d a s so o n a s W y n o t w a s in c o r p o r a te d it w a s re m o v e d to its p r e s e n t q u a r te r s . P . A . S u lliv a n is p r e s i d e n t ; A le x S c h u ltz , v ic e p r e s i d e n t a n d P a u l A . N o e c k e r , a s s is ta n t c a s h ie r. HARTINGTON NATIONAL IN NEW HOME. T h e H a r t i n g t o n N a tio n a l B a n k , H a r tin g to n , N e b r a s k a , is n o w lo c a te d in its b e a u tif u l n e w b u ild in g a n d c e le b ra te d th e e v e n t b y h o ld in g a p u b lic r e c e p tio n f o r tw o d a y s. T h e r e w e r e c ig a r s f o r th e m e n a n d c a r n a tio n s f o r th e w o m e n a n d th e p u b lic w a s g iv e n a m o s t c o rd ia l r e c e p tio n . T h e n e w b u ild in g is o n e o f th e fin e s t s t r u c t u r e s o f its k in d in th e s ta te o f N e b r a s k a . I t is th o r o u g h ly m o d e rn , u p to d a te a n d a r t i s t i c a n d n o d e ta il h a s b e e n o v e rlo o k e d t h a t w o u ld c o n tr ib u te to th e c o n v e n ie n c e o f its p a tr o n s . T h is b a n k b e g a n b u s in e s s f ir s t in 1883 a s t h e B o w V a l le y B a n k , b e c o m in g th e H a r t i n g t o n S t a t e B a n k in 1887 a n d in 1900 w a s c o n v e r te d in to a n a tio n a l b a n k . F. M . K im b a ll is p r e s i d e n t ; C . M . J o n e s , v ic e p r e s i d e n t a n d E d w in E . C o llin s, c a s h ie r. AMERICAN STATE LEASES BUILDING. A f t e r so m e w e e k s o f s e a r c h in g th e b u s in e s s d is tr ic t in a n e n d e a v o r to fin d a s u ita b le lo c a tio n , s u c c e s s fu l a r r a n g e m e n ts h a v e b e e n c o m p le te d b y th e A m e r ic a n S ta te B a n k , S c o tts b lu ff,. N e b r a s k a , a n d i t h a s le a s e d th e c o r n e r o f f if te e n th s tr e e t a n d B r o a d w a y . T h e s e q u a r t e r s w e re s e c u r e d t h r o u g h t h e le a se o f th e lo w e r flo o r o f th e b u ild in g f o r a p e r io d o f tw o y e a r s b y t h e b a n k f r o m th e o w n e r, W . N . R a n d a ll. T h e f u r n i t u r e a n d f ix tu r e s h a v e b e e n p u r c h a s e d a n d w ill b e in s ta lle d f o llo w in g s o m e n e c e s s a ry c h a n g e s in th e f r o n t a n d in te r io r o f th e b u ild in g . T H E 80 N O R T H W E S T E R N B A N K E R A p r i l , 1919 f iiiiiiiiiiiiiiiiiiiiii i i i ii i i ii i i i ii i i ii i i ii i m ii i i i ii i i ii i i i im i ii m i ii i i i ii i i ii i i im i i ii i i i ii i i ii m i m i i M i i i i ii i i ii i i ii i i i ii i m ii i i ii i i ii i i i ii i i im i i ii i i i NEBRASK A m im iiiiiiiiim iiiiiiiiiim iit iiiii ii i i i im i i ii i i ii i i ii i i i ii i i ii i i M i i i ii i i i ii i i ii i i i ii i i ii i i ii i i i ii i i ii i i i ii i i ii i i i ii i i ii i i ii D m t i ii i i i ii i i ii i i ii i i i i NEBRASKA NEWS AND NOTES. I r v i n G a e b le r h a s re c e iv e d h is d is c h a r g e f r o m th e a r m y a n d w ill r e t u r n to h is o ld p o s itio n a s a s s i s t a n t c a s h ie r in th e M e r c h a n ts S ta te B a n k , W in s id e . TH E ONLY B A N K — in th e — U N IO N ST O C K Y A R D S Our location and facilities are unequalled. We are the clearing house for the Live Stock Business of the Omaha Stock Yards. Capital, Surplus & Profits, $1,500,000.00 Combined Resources, 14,400,000.00 H. C. B0STWICK, President J . G FRENCH, Vice P r é s i d â t J. S. KING, A ss’t to President FORD E. HOVEY, Vice P resident H. G MILLER, A ssistant Cashier J . B. OWEN, C ashier F. J. ENERSON, A ssistant C ashier H. W. VORE, Auditor C IT Y N A T I O N A L B A N K KEARNEY, NEBRASKA Capital ...........................................................$ 100,000.00 Surplus and P r o fits................................. 46,275.20 D eposits ........................... 2,194,048.02 OFFICERS D a n M o r r i s ...................................... P re iid e n t G eo. B u r g e r t .......................................V ic e P r e s i d e n t C. W . N o r t o n ..................................................... C a s h ie r F . W . T u r n e r ..............................A s s i s t a n t C a s h ie r K . O. H o l m e s . . . .C h a ir m a n B o a r d a f D i r e c t o r s Our exception al fa c ilitie s for h andling b u siness in every departm ent o f b an king are a t your service. MEMBER OF THE FED ER AL R ESERVE BANK OF THE UNITED STATES JO H N W . T U L L E Y S C E R T IF IE D PUBLIC A C C O U N T A N T A udits and F inancial Investigations 507-8 B an k ers Life B uilding L IN C O L N , N EB. LEE L. L A R M O N F O N T E N E L L E F L O R IS T 1814 Douglas Omaha, "Neb. C orsages and B n ttonlers, D esig n s, W edding Bouquets and P lan ts Call personally, w rite, phone or w ire your order https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T h e f o r m a l o p e n in g o f th e F a r m e r s S ta te B a n k b u ild in g , C r o o k s to n , w a s h e ld re c e n tly , a t w h ic h tim e m a n y v is ito r s to o k th e o p p o r tu n ity o f in s p e c tin g th e n e w s t r u c tu r e . G la d s to n e h a s a n e w b a n k w h ic h is i n c o r p o r a te d w ith a $ 1 0 ,0 0 0 c a p ita l s to c k . E . T . S c h o e n is p r e s i d e n t ; H-. W . M e n s s e n , v ic e p r e s i d e n t ; E . A . K a r g e s , c a s h ie r . M r. K a r g e s h a s b e e n a s s o c ia te d w ith th e F a r m e r s a n d M e r c h a n ts N a tio n a l B a n k , o f F a i r b u r y , f o r th e p a s t y e a r . J o h n L . M c C a r th y o f B e a c h , N o r t h D a k o ta , h a s a c c e p te d a p o s itio n in th e A m e r ic a n B a n k , o f S id n e y . T h e N e b r a s k a S ta te B a n k , o f S id n e y , is h a v in g th e o f fice ro o m s e n la r g e d a n d n e w f ix tu r e s p u t in . T h e offi c e r s ’ d e s k s w ill n o w o c c u p y th e s p a c e f o r m e r ly ta k e n u p b y th e d i r e c t o r s ’ ro o m . T h e c h a n g e w ill m a k e it m u c h m o r e c o n v e n ie n t in e v e r y w a y . C . W . M e a d , c a s h ie r o f th e M a s k e d S ta te B a n k , M a s k e d , h a s r e s ig n e d , h a v in g b e e n e le c te d s e c r e ta r y o f th e O m a h a T r u s t C o m p a n y , n o w b e in g f o r m e d b y th e O m a h a N a tio n a l B a n k . T . H . E llio tt, f o r m e r a s s is ta n t c a s h ie r o f th e N e w c a s tle S ta te B a n k , w ill s u c c e e d M r . M e a d a t M a s ked. D e F o r e s t D o e r r h a s a c c e p te d a p o s itio n w ith th e F a r m e r s a n d M e r c h a n ts N a tio n a l B a n k , a t O a k la n d . F . C . W a r n e r m u n d e h a s p u r c h a s e d s to c k in th e L e x in g to n S ta te B a n k a n d h a s b e e n e le c te d a s s is ta n t c a s h ie r. J e r r y R o s s m ille r h a s d e c id e d to le a r n th e b a n k in g b u s i n e s s a n d c o m m e n c e d w o r k a t th e C itiz e n s S ta te B a n k , B e n k e lm a n . F r i e n d s o f F r e d L o o m i s , w h o w a s f o r m e r l y e m p lo y e d in t h e E l m w o o d S t a t e B a n k , E l m w o o d , h a v e r e c e iv e d t h e i n f o r m a t i o n t h a t h e h a s f in is h e d h i s s c h o o l i n g in F r a n c e a n d h a s b e e n t r a n s f e r r e d to B e r n C a s tle , G e r m a n y , w h c ih w a s b u ilt a b o u t 700 A . D . H e e x p e c ts to b e h o m e in a b o u t th r e e m o n th s . „ R a lp h S te p h e n s o n h a s su c c e e d e d V io la M . W ild y as a s s is ta n t c a s h ie r o f th e F i r s t N a tio n a l B a n k , H e m in g fo rd . G u y B o s t o n h a s a c c e p t e d a p o s i t i o n in t h e C itiz e n s S ta te B a n k , a t T re n to n . E lv o n B o s e n h a s r e s ig n e d h is p o s itio n w ith th e F a r m e r s S t a t e B a n k , a t B r u n s w ic k , a n d h a s a c c e p te d a p o s itio n w ith th e C o n e s S ta te B a n k , a t P ie r c e . H e n r y M e y e r s h a s a c c e p te d a p o s itio n a s a s s is ta n t c a s h ie r o f th e M e m p h is B a n k , a t M e m p h is . C la r a L e e p e r , w h o w e n t to H a s tin g s a y e a r a n d a h a lf a g o to a c c e p t a p o s itio n a s b o o k k e e p e r a n d s te n o g r a p h e r , h a s r e t u r n e d to A u r o r a a n d h a s c o m m e n c e d s im ila r d u tie s th e r e w ith th e A m e r ic a n S ta te B a n k . J o h n T . W o o d , f o r m e r c a s h ie r o f th e F a r m e r s S ta te B a n k , M a s o n C ity , h a s p u r c h a s e d a n i n te r e s t in th e F i r s t S ta te B a n k , O s h k o s h , a n d h a s a s s u m e d h is d u tie s th e r e a s p r e s id e n t. T h e F a r m e r s B a n k o f C la to n ia h a s th e p la n s f o r its b a n k r e a d y a n d w ill s t a r t to b u ild a s s o o n a s th e w e a th e r c o n d itio n s p e r m it. A p r il, 1919 T H E N O R T H W E S T E R N B A N K E R 81 The Omaha National Bank Omaha, Nebraska E sta b lish ed in 1866 Capital $1,006,000.00 Surplus $1,000,000.00 R esources $30,000,000.00 J . H . M IL L A R D , P r e s i d e n t W A L T E R W . H E A D , V ic e P r e s i d e n t W A R D M. B U R G E S S , V ic e P r e s i d e n t B . A . W IL C O X , V ic e P r e s i d e n t P R A N K B O Y D , V ic e P r e s i d e n t E Z R A M IL L A R D , C a s h ie r O. T . A L V IS O N , A s s i s t a n t C a s h ie r J . A. C H A N G S T R O M , A s s i s t a n t C a s h ie r W . D A L E C L A R K , A s s i s t a n t C a s h ie r E D W . N E A L E , A s s i s t a n t C a s h ie r Exceptional collection facilities for Nebraska and Iowa business. Items routed direct. D e w e y K r in g , a n o r m a l sc h o o l s e n io r , h a s a c c e p te d a p o s itio n a s b o o k k e e p e r in th e F a r m e r s B a n k , K e a r n e y . M u c h o f th e s to c k o f th e K e n e s a w S ta te B a n k h a s c h a n g e d h a n d s re c e n tly . T h e p r e s e n t s to c k h o ld e r s a r e S . A . W e s tin g , H . R . C o p lin , J . H . A u g u s tin , L . L . W e a v e r , M a x R e d m a n , J . C . B o h lk e , E . D . W e e k s a n d M a e W e e k s . T h e o ffic e rs a r e S . A . W e s tin g , p r e s i d e n t ; J . H . A u g u s tin , v ic e p r e s i d e n t ; H . R . C o p lin , c a s h ie r , a n d E . D , W e e k s , a s s is ta n t c a s h ie r. T h e E x c h a n g e N a tio n a l B a n k , H a s tin g s , w ill b e t h o r o u g h ly r e m o d e lle d a n d p r a c tic a lly r e b u ilt, a n d a n e w v a u lt w ill b e c o n s tr u c te d . C o n tr a c to r s a r e n o w p r e p a r i n g b id s. E d C iz e k is n o w c o n n e c te d w ith th e S e c u r ity S ta te B ank, O sm ond. m o re L ib e r ty B o n d s , c h a r g in g 3 p e r c e n t p e r m o n th i n t e r e s t t h e r e o n . S u c h l o a n s a r e s e ld o m p a i d o ff. T h e s a v in g s o f th o u s a n d s o f w o r k e r s a r e s lip p in g a w a y . I t is h e ld t o b e v i t a l l y e s s e n t i a l t o t h e p r e s e r v a t i o n o f p r o s p e r o u s b u s i n e s s c o n d i t i o n s a n d to t h e w e l f a r e o f b a n k s t h a t w e s y s t e m a t i c a l l y e n c o u r a g e t h e s m a ll L i b e r t y B o n d o w n e r to b o r r o w f r o m b a n k s if n e c e s s a r y , u s in g th e b o n d s fo r s e c u r ity ; to o p e n s a v in g s a c c o u n ts a n d b u i l d i t u p to p a y o ff t h e l o a n ; a d v i s e t h a t t h e s u r e t e s t o f t h e v a l u e o f a n y s t o c k o f f e r e d in e x c h a n g e f o r a L i b e r t y B o n d is t h e a d v ic e o f a b a n k e r ; o f f e r y o u r a d v ic e f r e e l y t o a ll a p p r o a c h e d b y p r o m o t e r s a n d e s t a b lis h s c h o o l s a v i n g s s o c ie tie s in y o u r c o m m u n i t y .” T h e s t o c k h o l d e r s o f t h e F i r s t N a t i o n a l B a n k a n d th e F i r s t S a v i n g s B a n k , C r e t e , h a v e c o m b in e d t h e i r i n t e r e s t s in t h e e s t a b l i s h m e n t o f t h e F i r s t S t a t e B a n k . T h e n e w b a n k is q u a r t e r e d in s p l e n d i d a c c o m m o d a tio n s . T h e R o s e l a n d S t a t e B a n k h a s in c r e a s e d i t s c a p i t a l s t o c k f r o m $ 1 0 ,0 0 0 to $ 2 5 ,0 0 0 . T . S. M ile s , c a s h i e r o f t h e F i r s t N a t i o n a l B a n k , o f O m a h a , w a s p r e s e n te d w ith a g o ld w a tc h a n d c h a in b y t h e b a n k e m p lo y e s w h e n h e le f t r e c e n t l y f o r W a s h i n g t o n t o a c c e p t a p o s i t i o n in t h e f e d e r a l b a n k i n g d e p a r t m e n t. M r . M ile s h a s h e ld p r a c t i c a l l y e v e r y p o s i t i o n in •the b a n k a n d h a s f o r s i x t e e n y e a r s b e e n p r o m i n e n t in O m a h a b u s i n e s s c ir c le s . N. O. MONSERUD CHAIRMAN LIBERTY LOAN. N . O . M o n s e r u d , p r e s id e n t o f. th e D a k o ta T r u s t & S a v in g s B a n k , S io u x F a lls , S o u th D a k o ta , h a s b e e n a p p o in te d c h a ir m a n f o r M in n e h a h a C o u n ty in th e c o m in g “ V ic to r y L ib e r ty L o a n ” c a m p a ig n . H e s u c c e e d s W . C . C ook. “ O u r o r g a n iz a tio n w ill b e m u c h th e s a m e a s in t h e la s t c a m p a ig n ,” s a id M r . M o n s e r u d . “ I h a v e b e g u n to c h e c k u p th e c o u n ty w o r k e r s c a r e f u lly a n d c a n s a y t h a t fe w c h a n g e s w ill b e m a d e in th e p e rs o n n e l. W e w ill a ll h a v e o u r c o a ts o ff in a s h o r t tim e a n d M in n e h a h a c o u n ty m a y b e c o u n te d o n to g o o v e r th e t o p in a s p le n d id s ty le a s it d id la s t f a ll.” HIT THE GRAFTERS, M ilto n W . H a r r is o n , s e c r e ta r y of th e s a v in g s b a n k s e c t i o n , A m e r i c a n B a n k e r s A s s o c i a t i o n , in a l e t t e r s t a t e s t h a t p a w n s h o p s a n d n e f a r i o u s lo a n b r o k e r s a r e a c tiv e ly m a k in g 50 to 70 p e r c e n t lo a n s o n $50, $100 o r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Packers National Bank UNION STOCK YARDS OMAHA W e Collect Im mediately O n A rrival Live Stock Returns Grain Drafts J. F. COAD, President. A. L. COAD, Asst. Cashier. H. C. NICHOLSON Vice President and Cashier W. J. COAD, Vice Pres. I. L. ADAMS, Asst. Cash. T H E 82 N O R T H W E S T E R N B A N K E R A p r il, 1919 I MINNESOTA BANK NEWS S FINANCES HANDLED IN SHORT TIME. W h i l e M i n n e a p o l i s is p r e p a r i n g f o r l u n c h e a c h d a y , te n m e n , r e p r e s e n tin g th e M in n e a p o lis C le a rin g H o u s e A s s o c i a t i o n m e e t a b o u t a l i t t l e t a b l e in a r o o m in t h e b a s e m e n t of th e F i r s t N a tio n a l-S o o L in e b u ild in g a n d a d j u s t t h e b u l k o f t h e c i t y ’s f in a n c e s f o r t h e d a y . T h e m e n h a n d l e a p p r o x i m a t e l y 3 5 ,0 0 0 c h e c k s e a c h d a y , i s s u e d b y 48 M in n e a p o lis b a n k s a n d n u m e r o u s c o u n tr y i n s t i t u t i o n s , r e p r e s e n t i n g a t o t a l v a l u e o f f r o m $ 5 ,0 0 0 ,0 0 0 t o $ 6 ,0 0 0 ,0 0 0 a n d i t t a k e s t h e m o n a n a v e r a g e o f s ix m in u te s a d a y to c o m p le te th e ir w o rk . N o t a d o l l a r o f c u r r e n c y is h a n d l e d in t h e t r a n s a c t i o n s a n d y e t d u r i n g t h e y e a r 191 8 i t s e n t t o t h e i r d e s t i n a t i o n s c h e c k s f o r a t o t a l o f $ 1 ,9 4 9 ,1 6 1 ,5 2 8 .1 3 . FIRST STATE BANK IN NEW BUILDING. BETTER BUSINESS CONVENTION. T h e B e tte r B u s in e s s c o n v e n tio n of th e N in th F e d e r a l R e s e r v e d i s t r i c t , w a s h e ld in M i n n e a p o l i s o n M a r c h 1 9 th a n d 2 0 th . O n e o f t h e c h ie f f e a t u r e s w a s a n a d d r e s s b y W i l l i a m C . R e d f ie ld , U n i t e d S t a t e s S e c r e t a r y o f C o m m e r c e . H e d is c u s s e d t h e v i e w p o i n t o f t h e g o v e r n m e n t r e g a r d in g d e v e lo p m e n t of e x p o r t b u s in e s s a n d s ta b iliz in g d o m e s tic b u s in e s s c o n d itio n s . L e a d e r s fro m a ll p a r t s o f t h e c o u n t r y a p p e a r e d a t t h e c o n v e n t i o n to d i s c u s s c h a n g e s in b u s i n e s s c o n d i t i o n s a f t e r t h e w a r . A m o n g o t h e r s p e a k e r s w e r e O . C . H a r n , s a le s m a n a g e r The Northwestern Banker is a n a s s o c i a t e m e m b e r o f th e Financial Advertisers Association and th e an a c tiv e m e m b e r o f t h e N a t i o n a l L e a d C o m p a n y a n d v ic e c h a i r m a n o f t h e g o v e r n m e n t d i v is io n o f a d v e r t i s i n g d u r i n g t h e w a r ; G e o r g e W . H o p k i n s , s a le s m a n a g e r o f t h e C o lu m b ia G r a f o n o la C o m p a n y , w h o s p o k e o n “ B e t t e r S a l e s m a n s h ip W i l l i a m C . d ’A r c y , p r e s i d e n t o f t h e A s s o c i a t e d A d v e r t i s i n g C lu b s o f t h e W o r l d ; J o h n F l e t c h e r , v ic e p r e s i d e n t o f t h e F o r t D e a r b o r n N a t i o n a l B a n k , C h i c a g o , o n “ S i g n s o f t h e T i m e s in A g r i c u l t u r e ; ” C lif f o r d D e P u y , p u b lis h e r T h e N o r th w e s te r n B a n k e r, D e s M o in e s , o n “ H o w t o A d v e r t i s e a C o u n t r y B a n k ;” S i d n e y S . W i l s o n , C l e v e la n d m a n u f a c t u r e r a n d t r e a s u r e r of W e s te r n R e s e rv e U n iv e rs ity , o n “ B u s in e s s a n d th é N e w S o c ia l O r d e r . ” of T h e F i r s t S t a t e B a n k , o f R o c h e s t e r , M in n ., is j u s t l y p r o u d o f i t s b e a u t i f u l n e w h o m e , w h i c h is o f r e i n f o r c e d c o n c re te , s te e l a n d C a r th a g e g r a n ite , r e p r e s e n tin g a n e x p e n d i t u r e o f $ 7 0 ,0 0 0 . T h e b a n k h a s h a d a s te a d y g r o w th , d e p o s its in c r e a s i n g m o r e t h a n $ 1 0 0 ,0 0 0 f o r e v e r y y e a r o f b u s in e s s . G e o rg e B . D o ty , c a s h ie r, h a s b e e n a s s o c ia te d w ith R o c h e s t e r b a n k s s in c e 1896, h o l d i n g t h e p o s i t i o n s o f b o o k k e e p e r , t e l l e r , a s s i s t a n t c a s h i e r a n d c a s h i e r in t h e F i r s t N a tio n a l B a n k , r e s ig n in g h is p o s itio n fro m t h a t i n s t i t u t i o n A p r i l , 1909. H e w a s a s s o c i a t e d w i t h t h e R o c h e s t e r N a t i o n a l B a n k f o r s i x m o n t h s , a f t e r w h ic h th e F i r s t S ta te B a n k w a s o rg a n iz e d . H e a c c e p te d th e p o s itio n o f c a s h ie r a n d h a s b e e n w ith th is b a n k e v e r s in c e . C h r i s t o p h e r G r a h a m is p r e s i d e n t ; G e o r g e W . G r a n g e r , v ic e p r e s i d e n t ; G e o r g e B . D o t y , c a s h i e r ; R a l p h I. L a P la n t, H o r a c e C. D o ty , W m . F . S p e rlin g , a s s is ta n t c a s h ie r . Des Moines Advertising Club m e m b e r s o f t h e A s s o c ia te d A d v e r t i s i n g C lu b s o f t h e W o rld . RIVERSIDE STATE BANK. THIRD: To develop among financial institutions mu tual points of contact which will tend to improve their advertising so that this betterment will become permanent and nation-wide. A n e w b a n k in g in s titu tio n h a s b e e n o rg a n iz e d a t D u l u t h , M in n ., k n o w n a s t h e R i v e r s i d e S t a t e B a n k , w h i c h w ill a c c o m m o d a te w o r k e r s a t th e M c D o u g a ll- D u lu th C o m p a n y ’s s h i p b u i l d i n g p l a n t . A c c o r d i n g t o t h e a r t i c le s o f i n c o r p o r a t i o n , t h e b a n k h a s a c a p i t a l o f $ 2 5 ,0 0 0 a n d a s u r p l u s o f $ 5 ,0 0 0 . J u l i u s H . B a r n e s , p r e s i d e n t o f th e f o o d -a d m in is tra tio n g ra in c o rp o ra tio n , a n d W a r d A m e s, J r ., a re m a jo r ity s h a re h o ld e rs , b e in g p r e s id e n t a n d v ic e p r e s i d e n t , r e s p e c t i v e l y , o f t h e b a n k . L e w i s G. C a s t l e is c a s h i e r . B a n k i n g q u a r t e r s w ill b e p r o v i d è d in t h e c o m p a n y ’is s t o r e b u i l d i n g . FOURTH: To encourage by advertisnig the invest ment through reputable financial institutions of the surplus moneys of the American people. BEAVER CREEK BANK HAS NEW BUILDING. STA N D A R D S OF PR A C TIC E FIRST: To encourage clean and efficient advertising. SECOND: To discourage the publication by news papers and periodicals of financial advertising that does not measure up to the highest stand ards. FIFTH: To discourage unreliable and unsafe invest ments. SIXTH: To make financial institutions realize the value of advertising, and, by co-operation, deter mine the most effective means of building busi ness, through advertising, in the various depart ments of a modern financial institution. T h e F i r s t N a t i o n a l B a n k , B e a v e r C r e e k , M in n ., n o w is e n j o y i n g i t s b e a u t i f u l n e w b u i l d i n g w h i c h h a s r e c e n t l y b e e n c o m p le te d . T h e b a n k , w h i c h w a s o r g a n iz e d s i x t e e n y e a r s a g o , h a s b e e n m a k i n g s p l e n d i d p r o g r e s s a ll o f t h a t t i m e a n d t h e n e w b u i l d i n g w a s n e c e s s a r y t o t a k e c a r e o f i t s i n c r e a s e in b u s i n e s s . T h e i n t e r i o r o f t h e b a n k is f in is h e d in R o s a t o m a r b l e w ith b la c k a n d g o ld tr im m in g s a n d q u a r te r - s a w e d o ak . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T H E A p r il, 1919 Established 1863 N O R T H W E S T E R N B A N K E R 83 The First National Bank of St. Paul , Capital and Surplus Five Million Dollars This strong, progressive bank, conducted along con servative and modern lines, offers every facility consistent with sound, prudent banking for the sat isfactory handling of your Northwestern business. Resources Sixty-Two Million Dollars T h e w a lls a r e h a r d - f i n i s h e d p l a s t e r c o v e r e d w i t h p a i n t e r s ’ c a n v a s a n d p a in te d . T h e o ffic e rs o f t h e F i r s t N a t i o n a l w h o h a v e b e e n i n s t r u m e n t a l in t h e s u c c e s s o f t h e b a n k a r e : M . O . P a g e , p r e s i d e n t ; J . S . C r a w f o r d , v ic e p r e s i d e n t ; B . R . P a g e , c a s h ie r , a n d M . E . O h s , a s s i s t a n t c a s h ie r . $ 1 ,2 5 1 ,7 2 0 ; W i c h i t a , $ 1 ,0 1 9 ,8 0 0 ; L o u i s v i l l e , $ 7 5 7 ,3 0 0 ; N e w O r l e a n s $ 7 3 5 ,8 0 0 ; C o lu m b ia , $ 5 0 5 ,5 0 0 ; B e r k le y , $ 4 7 3 ,0 0 0 ; B a l t i m o r e , $ 3 8 1 ,9 0 0 , a n d S p r in g f ie ld , $ 3 4 7 ,800. L o a n s t o t a l i n g a p p r o x i m a t e l y $ 1 4 ,7 9 9 ,8 0 0 w e r e m a d e to 4 ,2 0 9 f a r m e r s t h r o u g h o u t t h e n a t i o n b y F e d e r a l BANK DEPOSITS MAKE LARGE GAINS. B a n k d e p o s i t s in S t. P a u l h a v e g a i n e d a l m o s t $ 2 ,0 0 0 ,0 0 0 a m o n t h f o r t h r e e m o n t h s , a c c o r d i n g t o a n o ffic ia l s t a t e m e n t m a d e b y t h e n a t i o n a l b a n k s o n M a r c h 4 th . T h e to ta l g a in fo r th e n a tio n a l b a n k s a n d fo r th e P e o p le s , C e n t r a l a n d D r o v e r s b a n k s w a s $ 5 ,0 0 4 ,3 6 1 .8 4 o v e r D e c e m b e r 3 1 , 1918, w h e n t h e l a s t o ffic ia l s t a t e m e n t w a s m ad e. T h e F ir s t N a tio n a l B a n k w e n t a h e a d m o re th a n $ 3 ,0 0 0 ,0 0 0 ; t h e d e p o s i t s o f t h e S t o c k y a r d s N a t i o n a l n o w a m o u n t t o $ 6 ,2 3 9 ,8 0 8 .9 1 . T h e P e o p l e s B a n k a n d t h e N a t i o n a l B a n k o f C o m m e r c e n o w a r e in t h e $ 3 ,0 0 0 ,0 0 0 c la s s a n d t h e o t h e r b a n k s h a v e a ll m a d e c o n s t a n t g a i n s , t h e b a n k d e p o s i t s in S t. P a u l b e i n g h i g h e r t h a n e v e r b e f o r e in i t s h i s t o r y . ST. PAUL LAND BANK. T h e S t. P a u l F e d e r a l L a n d B a n k is s e c o n d in a m o u n t o f f a r m l a n d s c lo s e d s in c e t h e o r g a n i z a t i o n o f t h e F e d e r a l f a r m lo a n s y s t e m , t h e t o t a l b e i n g $ 2 6 ,6 0 0 ,0 0 0 . A n n o u n c e m e n t fro m W a s h in g to n of th e F e b ru a ry b u s i n e s s o f t h e t w e l v e b a n k s p la c e s t h e S t. P a u l F e d e r a l b a n k f o u r t h , w i t h a t o t a l o f $ 1 ,5 6 0 ,6 0 0 l o a n s c lo s e d d u r in g la s t m o n th . T h e O m a h a b a n k is f ir s t, w i t h a t o t a l o f $ 3 ,8 9 5 ,4 0 0 ; S t. L o u i s is s e c o n d , w i t h $ 2 ,0 5 5 ,9 5 5 , a n d H o u s t o n is t h i r d , w i t h $ 1 ,8 6 3 ,2 1 3 . T h e o th e rs a re S p o k a n e , Guaranteed Electric Burglar Alarm Systems B U IL T B Y The American Bank Protection Company, C A P IT A L M inneapolis, - I nc. $ 1 5 0 , 0 0 0 .0 0 M innesota A re re c o g n iz e d b y a ll B o n d in g C o m p a n ie s — W r i t e f o r p a r t i c u l a r s . DO IT NOW . W e a ls o b u ild " S a f e t y D e p o s it B o x e s , V a u l t O m n ib u s e s , S te e l F ilin g https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Devices 84 T H E N O R T H W E S T E R N I U N SU R PA SSED 1 For Conscientious Service For Considerate Attention For Complete Facilities For Constructive Banking I The Thoroughly Satisfactory I | M M IN N E A P O L IS CO RRESPO ND ENT B A N K E R A p r il, 1919 BABY FARM LAND BONDS 1 $100 b o n d s — t h e y h a v e t h e s a m e s e c u r i t y b a c k o f th e m a s t h e $250, $500 a n d $1,000 d e n o m in a tio n s . T h e i n t e r e s t is p a y a b le s e m i- a n n u a l l y . G o ld - S ta b e c k C o m p a n y is t h e p io n e e r f a r m la n d ' b o n d h o u s e . T h o u s a n d s o f c l i e n t s h a v e in v e s te d in t h i s c l a s s o f s e c u r i t y in t h e p a s t q u a r t e r c e n t u r y w i t h o u t lo s s o f p rin c ip a l o r in te re s t. I t w o u ld b e a p l e a s u r e to h a v e y o u r i n q u i r y — no o b l i g a t i o n is in v o lv e d in g e t t i n g f u l l in f o r m a tio n . A s k f o r c i r c u l a r a n d l e t u s s e n d “I n v e s t o g r a p h ,” o u r m o n t h l y i n v e s tm e n t d ig e s t fre e . For Northwest American Financial Institutions I First and Security National Bank ¡ jj Capital and Surplus Ten Million Dollars ¡¡ In the Twenty-Story First National-Soo Line Building jj M I N N E A P O L IS of Banks and Bankers P. J. Leeman, Vice President S. H. Bezoier, Asst. Cash. C. B. Brombach, Asst. Cash, Department J ¡g g §f g lllU llllllllllllllllllllllin I M IN N ESO T A | ■11111■11111■11111... . 111111111111■111111111111111111111II■11111111111111M111111■111i111,,11,1111,11,tM1111•111111111111,11......... I,,,,,,,, I„,,,,, I,I,I,• L a n d b a n k s in F e b r u a r y . T h e t o t a l a m o u n t o f lo a n s c lo s e d b y t h e s y s t e m s in c e i t s o r g a n i z a t i o n w a s $ 1 8 2 .8 9 7 ,9 6 4 o n M a r c h 1 s t, d i s t r i b u t e d a m o n g 7 5 ,3 8 4 b o r r o w e r s . A p p l i c a t i o n s t o t a l 1 7 9 ,7 3 4 f o r l o a n s a g g r e g a t i n g $ 4 7 1 ,4 5 5 ,3 6 2 . TRADE LETTER OPTIMISTIC. B u s i n e s s a n d t h e s p i r i t s o f t h e p e o p le o f t h i s c o u n t r y a r e s t e a d i l y i m p r o v i n g a c c o r d i n g to t h e m o n t h l y t r a d e l e t t e r i s s u e d b y t h e F i r s t N a t i o n a l B a n k , o f S t. P a u l , w h ic h s a y s in p a r t : “ T h e g e n e r a l f e e lin g a b o u t t h e o u t l o o k f o r b u s i n e s s 't h i s y e a r is a t l e a s t a s g o o d a s it w a s a m o n t h a g o , a n d o n t h e w h o le p r o b a b l y b e t t e r . T h i s is e n c o u r a g i n g , b e c a u s e a t t h a t t i m e p e s s i m i s t i c s e n t i m e n t w a s i n c r e a s i n g , a n d t h e id e a w a s p r e v a l e n t t h a t p r i c e r e d u c t i o n s w e r e to b e t h e o r d e r o f t h e d a y , a n d t h a t u n e m p l o y m e n t w o u l d in c r e a s e r a p i d l y . T h e r e h a v e b e e n d e c lin e s d u r i n g t h e m o n t h a n d m o r e d e c lin e s Y o u N eed T h is A stamp needed by every bank handling Liberty Loan Bonds for recording payments on back of loan card. ' P rice O n ly $1.25 DATE S end fo r O n e T o d a y RECORD OF PAYMENTS Payments Amount of Interest Due Payment Accrued Total 5% by May 4 20% by May 28 35% by July 18 40% by Aug. 15 t h a n a d v a n c e s , b u t t h e d e c lin e s h a v e b e e n o r d e r l y a n d a c c o m p lis h e d in a m a n n e r w h i c h h a s c o n t r i b u t e d to c o n f id e n c e r a t h e r t h a n t o d e m o r a l i z a t i o n , a n d t h e r e h a v e b e e n d e v e lo p m e n ts g iv in g s tr e n g th to th e s itu a tio n . E n t e r p r i s e s t i l l h e s i t a t e s , b u t t h e v o l u m e o f r e t a i l t r a d e is l a r g e , w h i c h m e a n s t h a t t h e c o n s u m p t i o n o f s t a p l e g o o d s is a t a h i g h r a t e . ZAPP STATE INCREASES LIABILITIES. O n e m o re s ig n o f th e p h e n o m e n a l g r o w th o f th e c ity o f S t. C lo u d , M in n ., is s h o w n in t h e a p p l i c a t i o n o f t h e Z a p p S t a t e B a n k f o r p e r m i s s i o n to in c r e a s e t h e m a x i m u m o f lia b i l i t i e s w h ic h i t m a y i n c u r to $ 3 ,0 0 0 ,0 0 0 . I n 1 907 t h e d i r e c t o r s fix e d t h e m a x i m u m a t $ 8 0 0 ,0 0 0 . I n 1913 t h i s w a s i n c r e a s e d to $ 2 ,0 0 0 ,0 0 0 a n d n o w b u s i n e s s h a s c r o w d e d t h a t f ig u r e a n d is r e a d y to g o o v e r t h e t o p s o a f u r t h e r in c r e a s e to $ 3 ,0 0 0 ,0 0 0 h a s b e e n r e q u e s t e d o f b a n k i n g o ffic ia ls a n d h a s b e e n g r a n t e d . H. W. RICE MOVES TO PROCTOR. H . W . R ic e , a s s i s t a n t c a s h i e r a n d f o r s e v e n y e a r s a f a i t h f u l e m p lo y e o f t h e F i r s t N a t i o n a l B a n k , S a u k C e n t e r , M in n ., h a s r e s i g n e d a n d is n o w c a s h i e r o f t h e M e s s a b a S t a t e B a n k , P r o c t o r , M in n . P r o c t o r is o n l y a b o u t C apital and S u rp lu s $ 3 0 0 ,0 0 0 .0 0 JO H N F . S IN C L A IR CO. 310-312 M cKnight Building M IN N E A P O L IS Paid Teller 100% Interest Paid % Actual Size St. P aul Stam p W orks 7 4 Fifth Street, St. Paul, Minn. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INVESTMENT BANKERS MINNEAPOLIS F a rm M o rtg a g e s M o rtg a g e B onds M unicipal B onds Bank Stocks and Commercial Paper For c o n s e r v a tiv e in v e s tm e n ts «TRY SINCLAIR SERVICE” A p r il, 1919 T H E N O R T H W E S T E R N https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 85 ÜII1 SALE OF TH E C O N T R O L in B an k s and C o rp o ra tio n s negotiated confidentially. Large transactions o n ly . JACOB BACKER, FINANCIAL BROKER 405 P io n e e r B ld g. ST. PAUL, - - MINN. iNnimtiiminniiiii^ k n o w n a s th e F a r m e r s T r u s t a n d S a v in g s B a n k , w ith a c a p i t a l i z a t i o n o f $ 5 0 ,0 0 0 p a i d in . T h e d i r e c t o r s a r e th e s a m e a s th o s e of th e F a r m e r s a n d M e rc h a n ts S ta te B a n k , n a m e l y , F r e d A u f d e r h e i d e , C . A . S to lz , J . P . G ra f f , W m . A . G l u t h , M a t h . W a l s e r , A n d r e w B ie b l a n d F r a n k W e lln e r. T h e fie ld o f a t r u s t c o m p a n y is in d e e d v a r i e d a n d t h e o u t l o o k f o r t h e n e w i n s t i t u t i o n is v e r y f a v o r a b l e , c o n s i d e r i n g t h e lo c a l fie ld , a n d w i t h j u d i c i o u s a n d e x p e r t a t t e n t i o n g i v e n t o i t s a f f a ir s , t h e r e is n o q u e s t i o n b u t t h a t i t w ill b e s u c c e s s f u l. B A N K E R 86 T H E N O R T H W E S T E R N B A N K E R A p r il, 1919 MONTANA BANK NEWS SECURITY STATE TO ERECT NEW HOME. T h e d ire c to rs o f th e S e c u rity S ta te b a n k , W o lf P o in t, M o n ta n a , a re m a k in g p la n s fo r th e e re c tio n o f a h a n d s o m e b a n k i n g h o m e a n d o ffic e a n d lo d g e b u i l d i n g o n th e c o r n e r of A s s in n ib o in e a v e n u e a n d T h ir d s tr e e t, w h e r e i t n o w o c c u p ie s a f r a m e b u i l d i n g . T h e b u i l d i n g w h i c h w ill b e o f b r i c k c o n s t r u c t i o n , w ,ill h a v e a f r o n t a g e o n A s s i n n i b o i n e a v e n u e o f 58 f e e t a n d w ill b e 8 0 f e e t d e e p , a n d t w o s t o r i e s in h e i g h t w i t h a f u l l b a s e m e n t . T h e s t r e e t flo o r w ill b e a r r a n g e d a s a h o m e fo r th e b a n k w ith th e e x tr a sp a c e fo r s to re r o o m s . T h e t o p f lo o r w ill b e d e v o t e d t o a lo d g e h a l l a n d o ffic e s u i t e s . T h e c o s t is e x p e c te d t o b e in t h e n e i g h b o r h o o d o f $ 4 0 ,0 0 0 . T h e w o r k o f c o n s t r u c t i o n w ill p r o b a b l y n o t b e b e g u n b e fo re J u n e . D u r in g th e c o n s tr u c tio n p e rio d th e p r e s e n t q u a r t e r s o f t h e b a n k w ill b e m o v e d i n t o T h i r d s tre e t. y e a r s , a n d is h i g h l y r e g a r d e d a m o n g t h e y o u n g b u s i n e s s m e n o f t h e c ity . M e s s r s . S n i d o w a n d M c C le lla n d i s p o s e d o f t h e i r s t o c k in t h e b a n k a b o u t M a r c h 1, a n d h a v e a c q u i r e d a l a r g e s h e e p a n d c a t t l e r a n c h o n P r y o r c r e e k , t o w h ic h t h e y w ill d e v o t e a l a r g e s h a r e o f t h e i r a t t e n t i o n . M r . S n id o w a n d M r . M c C le lla n a ls o c o n t e m p l a t e e s t a b l i s h i n g a l i v e s t o c k e x c h a n g e a n d lo a n o ffic e i n B illin g s . I n a d d itio n to P r e s id e n t C h a rle s S p e a r, th e n e w b o a r d o f d i r e c t o r s e le c te d O . W . A lle n , v i c e - p r e s i d e n t ; G e o r g e H . W i c h m a n , c a s h i e r ; W . F . O ’D a y a s s i s t a n t c a s h ie r . ABSAROKEE BANK PROSPERS. T h e S tillw a te r V a lle y N a tio n a l B a n k o f A b sa ro k e e , M o n t., is d o in g a v e r y s p le n d id b a n k in g b u s in e s s . T h e b a n k h a s a c a p ita l o f $ 2 5 ,0 0 0 a n d is o ffic e re d b y F . E . R u n n e r , p r e s i d e n t ; H a r r y E llis , v ic e - p r e s i d e n t ; A . W . D e G ro s t, c a s h ie r a n d C. W . D o n o h u e , a s s is ta n t c a s h ie r. LARGE INCREASE IN GREAT FALLS. A n i n c r e a s e o f n e a r l y $ 3 ,0 0 0 ,0 0 0 in t h e r e s o u r c e s o f b a n k s o f G r e a t F a l l s is s h o w n in t h e 1919 q u a r t e r l y r e p o r t o v e r t h a t o f M a r c h 4 , 1918. T h e t o t a l d e p o s i t s a r e $ 1 4 ,7 9 9 ,1 4 3 .0 5 , a n in c r e a s e o v e r l a s t y e a r d e s p i t e t h e fa c t t h a t L ib e r ty lo a n s a n d o th e r w a r e n te r p r is e s h a v e ta k e n m o n e y o u t of th e s ta te . T h e to ta l re s o u rc e s a m o u n t t o . $ 1 7 ,6 9 7 ,3 6 1 .1 8 a s c o m p a r e d w i t h $ 1 4 ,8 6 5 ,4 7 4 .5 2 , a n i n c r e a s e f o r t h e y e a r o f $ 2 ,8 3 1 ,8 8 7 . WEST FORK BANK MOVES. M o v in g th e F i r s t S ta te b a n k of W e s t F o r k , M o n ta n a , t o O s w e g o is n o w o n in e a r n e s t , s a y s L . J . C o n la n , i t s v ic e p r e s i d e n t . W h e n t h e b a n k w a s e s t a b l i s h e d i t w a s th o u g h t t h a t th e r a ilr o a d w o u ld b u ild to W e s t F o r k s o o n , b u t a s t h i s e x p e c t a t i o n h a s n o t .b e e n r e a l i z e d , t h e b a n k o ffic ia ls d e c id e d t h a t b u s i n e s s p r o s p e c t s d e m a n d e d t h a t th e in s titu tio n lo c a te a t a r a ilr o a d p o in t. O s w e g o is o n t h e lin e o f t h e G r e a t N o r t h e r n . CHARLES SPEAR NEW PRESIDENT. C h a r l e s S p e a r w a s e le c te d p r e s i d e n t o f t h e A m e r ic a n B a n k a n d T r u s t c o m p a n y o f B il l i n g s , a t a m e e t i n g o f t h e n e w l y e le c te d b o a r d o f d i r e c t o r s . M r . S p e a r s u c c e e d s T . A . S n id o w , w h o w ill s e v e r a c t i v e c o n n e c t i o n w ith th e b a n k to d e v o te h is e n tir e tim e to a n in c re a s in g v o l u m e o f p r i v a t e a f f a ir s . A n o t h e r o f t h e r e t i r i n g o ffic e rs is J o s e p h L . M c C le l la n , c a s h i e r , w h o is s u c c e e d e d b y G e o r g e H . W i c h m a n , w h o c a m e to B i l l i n g s r e c e n t l y f r o m S t. P a u l , w h e r e h e w a s a s s i s t a n t c a s h i e r o f t h e F i r s t N a t i o n a l b a n k . M r. M c C le lla n h a s b e e n c o n n e c t e d w i t h t h e A m e r i c a n B a n k a n d T r u s t C o m p a n y in v a r i o u s c a p a c i t i e s f o r s e v e r a l % A N D SA FETY We have sold over $2,000,000 of our farm loans without a dollar of loss— And there has never been a foreclosure by an investor. These loans are made direct to farmers through our own . banks in North Dakota and Montana. We frequently have bank stock and other choice in vestments to offer. Write us when you have funds for profitable investment. Custer County Bank W . C . M cC lin to c k , P resid e n t MILES CITY, M O NTANA Member Farm Mortgage Bankers’ Association. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MONTANA NEWS AND NOTES. T h e L i t t l e H o r n S t a t e B a n k is a n e w b a n k i n g i n s t i t u t i o n w h i c h w ill s o o n o p e n f o r b u s i n e s s a t W y o l a , w h i c h is .o n e o f t h e m o s t p r o d u c t i v e s e c t i o n s o f t h e s t a t e . _ T h e b a n k w ill h a v e a c a p i t a l o f $ 2 0 ,0 0 0 w i t h $ 5 ,0 0 0 s u r p l u s . T h e o ffic e rs a r e : A . H . B ow m an, p r e s i d e n t ; W . M . S p e a r , v ic e p r e s i d e n t , a n d A l b e r t J . S h e e t s , c a s h ie r . M r . S h e e t s h a s b e e n a s s i s t a n t c a s h i e r o f t h e S t o c k m e n ’s N a t i o n a l B a n k , o f H a r l a n . T h e B a k e r S ta te B a n k h a s in c re a s e d its c a p ita l s to c k f r o m $ 2 0 ,0 0 0 t o $ 5 0 ,(XX). L . E . R u s h t o n w a s e le c te d a s s is ta n t c a s h ie r to s u c c e e d B e r t R a r e y , re s ig n e d . N o o t h e r c h a n g e w a s m a d e in t h e p e r s o n n e l . A f o u r - s t o r y s t r u c t u r e w ill b e b u i l t in t h e n e a r f u t u r e b y t h e C o m m e r c ia l N a t i o n a l B a n k , o f B o z e m a n . T h e b a n k w ill o c c u p y t h e m a i n flo o r a n d t h e o t h e r t h r e e s t o r i e s w i l l b e o c c u p ie d b y o ffic e s. T h e s ix H e le n a b a n k s h a d o n d e p o s it M a rc h 4 th , a t o t a l o f $ 1 6 ,1 1 4 ,7 0 1 .6 4 . A n i m p e t u s ' is b e i n g g i v e n t o b o y s ’ a n d g i r l s ’ c lu b w o r k in t h e c o u n t y b y t h e f a c t t h a t t h e t h r e e b a n k s o f R o u n d u p a n d o n e in M u s s e l s h e l l h a v e a n n o u n c e d t h e i r w i l l i n g n e s s to lo a n w i t h o u t s e c u r i t y , m o n e y to a n y b o y w h o is m e m b e r o f a c a lf c lu b t o p u r c h a s e a c a lf , a n d w ill w a i t u n t i l t h e a n i m a l is s o ld f o r t h e i r m o n e y . P r i z e s w ill b e g i v e n f o r t h e b e s t r e s u l t s s h o w n . T h e F a rm e rs a n d M e rc h a n ts B a n k , o f R y e g a te , h a s m o v e d i n t o i t s n e w b u i l d i n g , w h i c h is m o d e r n a n d c o m p l e t e in e v e r y d e ta il. A p r il, 1919 T H E N O R T H W E S T E R N 87 B A N K E R A Hundred Years Hence the world will still revel in the beauty of Anna Case's voice ANNA CASE singing in direct comparison with the New Edison and proving that her performance and that of the instrument are indistinguishable. Yes, a century from now, when a new generation refers to the primitive days of 1918 , the great diva’s superb voice will thrill vast audiences. Thanks to the genius of Thomas A. Edison it has been Re-Created and preserved in all its glory for our descendants. The men of to-morrow will hear, not a mere imitation, you understand, but the voice itself—pure, bubbling and spontaneous. For it has beenRe-Created on TieNEW EDISON **The Phonograph with a Soul ” This means that it has been Re-Created with such fidelity; so perfectly and completely, that no human ear can distinguish artist from instru ment. The famous Edison tone tests have proved this beyond question. Before audiences totaling more than a,000,000, great artists, stars of Metropolitan Opera, have sting in direct comparison with their own voices on the instrument. And not one listener has been able to detect a shade of difference. Come into our store to-morrow and hear Anna Case on the New Edison. Harger & Blish, Inc. “33 D es M oines https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Years in the Music Business” Sioux C ity 88 T H E N O R T H W E S T E R N B A N K E R A p r il, 1919 [ SO. DAKOTA BANK NEWS | SIOUX FALLS NATIONAL IN NEW HANDS. A n n o u n c e m e n t h a s b e e n m a d e o f th e c o n s u m m a tio n o f a fin a n c ia l d e a l w h e r e b y C . E . M c K in n e y , f o r th e p a s t 4 0 y e a r s p r e s id e n t o f th e S io u x F a lls N a tio n a l b a n k , se lls h is c o n tro l in th e in s titu tio n to J o h n W . W a d d e n , p r e s i d e n t o f th e L a k e C o u n ty N a tio n a l b a n k a t M a d is o n , a n d d is p o s e s o f s u b s ta n tia l in te r e s ts a lso to M . C . S m ith a n d E u g e n e R e ile y , v ic e p r e s id e n ts o f th e b a n k , a n d ' W . I. T h o m p s o n , w h o r e c e n tly m o v e d to S io u x F a lls f r o m M a d is o n . M r . W a d d e n w ill a s s u m e h is d u tie s a s p r e s i W e Can Make IMMEDIATE DELIVERY on SAFETY DEPOSIT BOXES O u ts id e M e a s u r e m e n ts 26 5 -1 6 s 26 3 -8 x 14 5 -1 6 in c h e s D is p la c e m e n t f o r 25 l a r g e S te e l D r a w e r B o x e s B o x e s a r e 4 11-16 x 4 9 -1 6 x 13 7-8 E a c h in I ts O w n R a c k T W O K E Y S F O R E A C H B O X — A L L BO C K S D IF F E R E N T O n e l a r g e b o x c a n b e s u b s t i t u t e d f o r tw o s m a ll o n e s i f d e s ir e d . A great many banks are experiencing long delays in obtaining shipment on Safety Deposit Boxes ow ing to inability of factories to get steel for anything but government orders. We have just received a limited number of these 25 box nests and can ship at once while they last. Advise how you want boxes numbered. Price $85.00 F. O. B. Minneapolis Order Now. Farnham Printing & Stationery Co. Leading Minneapolis Stationers https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis d e n t o n A p r il 1, w h ile M r . S m ith a n d M r . R e ile y w ill r e t a i n th e i r p r e s e n t p o s itio n s a n d J . D . F le c k e n s te in , th e p r e s e n t c a s h ie r, w h o h a s b e e n a s s o c ia te d w ith th e b a n k f o r th e p a s t 12 y e a r s , w ill a ls o b e r e ta in e d . T h o u g h h e w ill, to s o m e e x te n t, r e t i r e f r o m a c tiv e b u s in e s s o f th e in s titu tio n , M r. M c K in n e y w ill s till b e a s to c k h o ld e r, d ir e c to r , c h a ir m a n o f th e b o a r d o f d ire c to r's, a n d w ill c o n tin u e to b e its e x e c u tiv e h e a d , w h ile h is c o n n e c tio n s w ith th e S io u x F a lls L iv e S to c k L o a n c o m p a n y a n d M c K in n e y & A lle n c o m p a n y , a ffilia te d in te r e s ts , w ill r e m a in u n c h a n g e d b y th e b a n k tr a n s a c tio n . W i t h c o n s ta n tly e x p a rid in g b u s in e s s d u r in g th e p a s t fe w y e a r s , th e b a n k ’s r e s o u r c e s n o w b e in g o v e r $ 4 ,0 0 0 ,0 0 0 , a n d w ith th e c o n tin u o u s g r o w th o f S io u x F a lls a s a fin a n c ia l a n d b a n k in g c e n t e r 4 h e c h a n g e w a s d e e m e d n e c e s s a r y to b e t t e r c a r e f o r t h e m u ltip ly in g d u tie s a n d d e m a n d s o f a p r o g r e s s iv e in s titu tio n .' T h e n e w b a n k b u ild in g w a s o c c u p ie d in J u n e , 1918. I n a d d itio n to M r . W a d d e n ’s b a n k in g e x p e r ie n c e he is in te r e s te d in th e g r a in a n d s e e d b u s in e s s w ith M r. T h o m p s o n t h r o u g h a lin e o f e le v a to rs , a n d j u s t re c e n tly p u r c h a s e d th e J o n e s S e e d c o m p a n y , b u ild in g a n d p la n t, o f th is c ity , o n e o f th e la r g e s t s e e d h o u s e s in th e n o r t h w e s t. M r. 1T h o m p s o n is p r e s id e n t o f th is in ^ ritu tio n . M r . W a d d e n is a ls o a m e m b e r o f th e e x e c u tiv e c o u n c il o f th e A m e r ic a n B a n k e r s ’ a s s o c ia tio n o f A m e ric a . W i t h th e c o m in g o f M . C. S m ith to th e S io u x F a lls N a tio n a l b a n k a s f ir s t v ic e p r e s id e n t a f e w y e a r s a g o , b e g a n a m o r e r a p id e x p a n s io n o f th e b ig f in a n c ia l i n s t i t u tio n . B e g in n in g w ith th e o r g a n iz a tio n o f th e S io u x F a lls L iv e S to c k L o a n c o m p a n y , w h ic h is s u b s id ia r y to th e b a n k , t h e liv e s to c k lo a n s n o w e x c e e d m o re th a n $ 1 ,5 0 0 ,00 0 . T h e n e w n in e - s to r y b a n k a n d office b u ild in g is a n o th e r p r o j e c t t o w h ic h M r. S m ith is e n title d to a la r g e a m o u n t o f c re d it. T h e b u ild in g a n d b a n k in g e q u ip m e n t is s a id to b e th e fin e s t a n d m o s t s u b s ta n tia l o f a n y in th e n o r th w e s t. E u g e n e R e ile y , w h o h a s b e e n a r e s id e n t o f M in n e h a h a c o u n ty n e a r ly 4 0 y e a r s , w ill s till r e ta in h is p o s itio n a s s e c o n d v ic e p r e s id e n t a n d w ill g iv e p a r t i c u l a r a tte n tio n t o th e o u ts id e b u s in e s s o f th e b a n k b e c a u s e o f h is la rg e , a c q u a in ta n c e a m o n g f a r m e r s a n d s to c k r a is e r s . T h e d ir e c to r s r e t i r i n g a t th is tim e a r e E . E . W a g n e r a rid S. J . S n y d e r . T h e n e w o fficers a n d d ir e c to r s w ill b e as fo llo w s : C. E . M c K in n e y , c h a ir m a n o f th e b o a r d o f d i r e c t o r s ; J o h n W . W a d d e n , p r e s i d e n t ; M . C. S m ith , f ir s t v ic e p r e s i d e n t ; E u g e n e R e i l e y a n d C . L . N o r t o n , v ic e p r e s i d e n ts ; J . D . F le c k e n s te in , c a s h ie r; L . A . G ra y a n d R . L H a r r i s , a s s is ta n t c a s h ie rs . BANK ENJOYS STEADY PROGRESS. T h e M i d l a n d S t a t e B a n k , M id la n d , S . D ., a t t h e r e c e n t m e e t i n g o f t h e B o a r d o f D i r e c t o r s e le c te d t h e f o l l o w i n g o f f ic e r s : J o h n F , M c G u ir e , P r e s i d e n t ; H . G . T a g g a r t, F i r s t V ic e P r e s i d e n t ; L . A . M u n s o n , S e c o n d V i c e - P r e s i d e n t ; T h e o d o r e W i p r u d , C a s h i e r a rid E n o c h M c K a y , A s s i s t a n t C a s h ie r. M r. T a g g a rt w as f o r m e r ly th e C a s h ie r o f th is b a n k a n d M r. W ip r u d th e A s s i s t a n t C a s h ie r . T h e b a n k h a s e n j o y e d a stea4y p ro g r e s s a n d th e p a s t y e a r w a s c o n s id e re d th e b e s t, T H E A p r il, 1919 N O R T H W E S T E R N 89 B A N K E R in t h e h i s t o r y o f t h e b a n k . P l a n s a r e u n d e r c o n s i d e r a tio n fo r m o re s p a c io u s q u a r te r s to c a re fo r th e in c r e a s e d b il'sin ess'. H. V. HARLAN GOES TO SIOUX FALLS. A b a n k in g c h a n g e of im p o rta n c e o c c u rre d w h e n H . V . H a r la n , fo r tw e lv e y e a r s c a s h ie r of th e F ir s t N a t i o n a l B a n k , D e ll R a p i d s , S o u t h D a k o t a , w a s e l e c t e d v ic e p r e s i d e n t o f t h e M i n n e h a h a N a t i o n a l B a n k , S io u x F a l l s , in w h ic h h e h a s a c q u i r e d a n i n t e r e s t a n d w ill t a k e a n a c t i v e p a r t in t h e m a n a g e m e n t . M r. H a r la n h a s b e e n e x c e e d i n g l y a c t i v e in a ll p u b lic w o r k , n a v i n g b e e n c h a i r m a n o f t h e L i b e r t y L o a n c o m m itte e s , R e d C ro s s c o m m itte e s , a n d h a s b e e n p r o m in e n tly id e n tif ie d w i t h a ll w a r w o r k in t h e c o u n ty . CHAMBERLAIN STATE BANK ELECTS. T h e n e w o ffic e rs o f t h e C h a m b e r l a i n S t a t e B a n k , C h a m b e rla in , S o u th D a k o ta , a r e : W . L . M o n tg o m e ry , p r e s i d e n t ; C . H . J o r d a n , v ic e p r e s i d e n t ; J . J o u r g e n s o n , v ic e p r e s i d e n t ; W . S. M c C la in , c a s h i e r a n d A . B . M c C la in , a s s i s t a n t c a s h ie r . T h e d i r e c t o r s a r e t h e o ffic e rs a n d B . W . O l i n g e r , J . E . H o u s e a n d J . R M c L a in . DAKOTA BANK STATISTICS. T h e le tte r o f tr a n s m itta l of th e b ie n n ia l r e p o r t of th e s ta te b a n k in g d e p a r tm e n t b y th e s ta te b a n k e x a m in e r s h o w s t h a t th e r e a r e 502 s ta te b a n k s d o in g b u s i n e s s in t h e s t a t e o f S o u t h D a k o t a , s e v e n p r i v a t e b a n k s , e ig h t t r u s t c o m p a n ie s a n d fo u r te e n b u ild in g a n d lo a n a s s o c i a t i o n s u n d e r t h e j u r i s d i c t i o n o f t h e s t a t e d e p a r tm e n t. D u r in g th e tim e c o v e re d b y th e r e p o r t t h e r e w e r e t h i r t y - s i x s t a t e b a n k s o r g a n i z e d in t h e s ta te ; tw o b a n k s re o rg a n iz e d a s n a tio n a l b a n k s , a n d Bankers Who Are in Close Touch With Agricultural Problems Real ize that a Good Motor Truck Means Much to the Farmer. I t b r i n g s m e b e s t m a r k e t s , m ile s a w a y , w i t h i n r e a c h . I t p e r m i ts m a r k e t i n g w h e n t h e m a r k e t is r i g h t , w i t h o u t d e la y . I t re d u c e s th e n u m b e r o f h o rs e s n e c e s s a ry a n d c u ts fe e d in g c o s ts. HAWK EYE MOTOR TRUCKS A re t h e l o g ic a l t r u c k s f o r w e s t e r n f a r m e r s . T h e H a w k e y e ia b u i l t f o r y e a r - r o u n d s e r v ic e u n d e r a l l f a r m h a u l i n g c o n d itio n s : I t is b u i l t lo w e r to t h e g r o u n d to lo a d e a s ily , y e t h a s a m p le r o a d c le a r a n c e . I t h a s p l e n t y o f s p e e d a n d a — s u r p l u s o f p o w e r. ............................. . For fu ll inform ation and le tte rs from present H aw k eye Truck u sers w rite TWO S IZ E S l'4Tons1900 2Ton$2500 HAWKEYE TRUCK CO. R . A. B E N N E T T , P re sid e n t S IO U X C ITY IO W A T erminals Up-to-the-Minute Minneapolis C. M. and St. P. Ry. Terminal -—in Minneapolis are humming with traffic. Raw materials in great quantities are being received, and there is an enormous outgoing ton nage of manufactured products. The movement of farm machinery and tractors shows a decided in crease at the present time. The ac companying illustration indicates this movement. This bank is a financial terminal. It is negotiating thousands of trans actions in the settlement of business arising from Minneapolis t r a f f i c * We will give quick and thoughtful service in collecting your drafts and checks and handling your accept ances and notes. The Northwestern National Bank Minneapolis, Minnesota https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Resources $57,000,000 T H E 90 N O R T H W E S T E R N B A N K E R A p r il, 1919 • liiiiiiiiiiiim im iiiiiit iiiiiiiiiiiM iiiiiiiiiii ii i i m i m i ii i i ii i i i ii i i ii i i ii m i ii i u i i i i im i i ii i i ii i i i ii i i m i i i ii i i it ii i i t i i ii i i ii i i ii i i i ii m i ii i i ii i i ii i r The Evans Hotel [ SOUTH DAKOTA | n in e b a n k s v o l u n t a r i l y l i q u i d a t e d a n d w e n t o u t o f b u s i n e s s a f t e r p a y i n g t h e i r c r e d i t o r s in f u ll. I n t h e s a m e ti m e s e v e n t y - t w o b a n k s h a v e i n c r e a s e d t h e i r c a p ita l. T h i s r e p o r t s h o w s t h a t t h e s t a t e b a n k g u a r a n t y la w is w o r k i n g s a t i s f a c t o r i l y . NEW PRESIDENT ELECTED. A t t h e a n n u a l m e e tin g - o f t h e s t o c k h o l d e r s o f t h e K i m b a l l C o m m e r c ia l & . S a v i n g s B a n k , K i m b a l l , S o u t h D a k o t a , H . A . S c h o e n b e r g e r w a s e le c te d a d i r e c t o r a n d t h e d i r e c t o r s e le c te d h im a s p r e s i d e n t o f t h e b a n k . L i e u t . S c h o e n b e r g e r r e c e n t l y r e c e iv e d h is d i s c h a r g e f r o m C a m p D o n i p h a n , O k la ., a f t e r s e r v i n g f o r a y e a r a n d a h a lf in t h e a r m y . P r i o r to h i s e n t e r i n g t h e s e r v ic e h e w a s v ic e p r e s i d e n t o f t h e b a n k . D e p o s i t s o f t h e b a n k a r e a b o u t $ 3 5 0 ,0 0 0 , c a p i t a l a n d s u r p l u s $ 2 5 ,0 0 0 . H O T S P R IN G S SO U TH D A K O T A , “T h e Carlsbad of A m erica” A R E SO R T H O TEL OPEN A LL THE YE A R V is it H ot Springs, South D akota, the b ea u ty spot of the Black H ills HILL CITY BANK FORGES AHEAD. FO R H E A L T H A N D P LE A SU R E W rite U s for R eservations T H E EVAN S H O T E L C O M PA N Y, Owners GEO. P. B E N N E T T , President I. M. H U M P H R E Y , Secretary-Treasurer A R T H U R F. O T T M A N N , Manager RU FU S CHANGE IN OFFICERS. R IC K E R CERTIFIED PUBLIC ACCOUNTANT Fellow Iowa Society of Certified Public Accountants im Member American Institute of Accountants 508 Security Bank Bldg. Telephone 3227 CEDAR RAPIDS, IOWA B ankers in a R adius of 100 M iles of M ason City—W e w ill g iv e your c lien ts quick se r v ic e F. L. FINNEGAN P u b lic A c c o u n ta n t a n d E x a m in e r M A S O N C IT Y , IO W A “A s N early P erfect A s You Can Procure” IO W A S H IE L D BRAND SEEDS Corn, A lfa lfa , Sw eet Clover, Tim othy, B lue Grass, Cane, M illet, Sudan Grass and other farm seeds. SEED CORN OF BEST Q U A L IT Y Sam ples, prices and sp ecial term s on ap p li cation. Our seed s m u st p lease you or th ey are returnable to us. IO W A SEED CO. DES M O IN ES, IO W A THE B A N K E R ’S H O T E L H a v e Y our M ail D ir e c te d to THE NEW OWEN BACH O p p o s it e t h e B la c k h a v y k a n d L e a v i t t & J o h n s o n N a tio n a l B a n k . R e s e r v a t io n s M a d e WATERLOO https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . . . . T h e H ill C ity B a n k o f H i l l C ity , S o u th D a k o ta , h a s m a d e a w o n d e r f u l s h o w in g d u r in g th e p a s t tw o y e a r s u n d e r th e a b le m a n a g e m e n t o f W a r d B . C la rk e , c a s h ie r. T h e d e p o s its h a v e in c r e a s e d d u r in g t h a t tim e f r o m $ 6 5 ,5 8 2 .5 8 w ith 134 a c c o u n ts t o $ 1 3 3 ,0 8 4 .3 6 w ith 3 0 7 a c c o u n ts . T h e c a p ita l s to c k is $ 1 0 ,0 0 0 a n d s u r p lu s a n d p ro fits $ 2 ,9 0 3 .6 5 . A s s o c ia te d w ith M r. C la rk e a re C h a s. E . M c E a c h ro n , p r e s id e n t a n d P a t r i c k B u r n s , v ic e p r e s id e n t. IOWA O w in g to th e r e s ig n a tio n o f H . V . H a r l a n , c a s h ie r, a n d R . É . K e n e f ic k , a s s i s t a n t c a s h i e r ó f t h e F i r s t N a tio n a l B a n k , D e ll R a p id s , S o u th D a k o ta , a r e a d j u s t m e n t o f p o s itio n s w a s m a d e a s f o llo w s : B . J. S w e a tt, p r e s i d e n t ; L . K . L a r s o n , v ic e p r e s i d e n t ; H e n r y R o b e r t s o n , c h a irm a n o f th e b o a rd o f d ir e c to r s ; O lu f H e g g e , c a s h i e r ; E d g r a J . E l l i o t t , a s s i s t a n t c a s h ie r . M r. S w e a tt c o m e s f r o m B o o n e , I o w a , w h e r e h e h a s b e e n e n g a g e d in th e e n g in e e r in g b u s in e s s a n d f o r th e p a s t tw e lv e y e a r s h a s b e e n a d ir e c to r a n d s to c k h o ld e r in o n e of th e b a n k s. O l u f H e g g e , c a s h ie r, h a s b e e n p r o m o te d f r o m a s s is t a n t c a s h ie r. H e h a s b e e n a m e m b e r o f th e b a n k ’s f o r c e f o r m o r e th a n tw e n ty y e a r s a n d th e p r o m o tio n is w e ll d e s e rv e d . L. K . L a r s o n , a c tiv e v ic e p r e s id e n t, h a s b e e n in th e s e rv ic e o f th e b a q k t h i r t y y e a rs . LAMBERTSON ON BANKERS COMMITTEE. J a m e s B . L a m b e r ts o n , c a s h ie r o f th e S e c u r ity N a tio n a l b a n k , o f S io u x F a lls , S o u th D a k o ta , h a s b e e n a p p o in te d a m e m b e r o f th e c o m m itte e o f fiv e o f th e A m e r ic a n B a n k e r s a s s o c ia tio n to fill a v a c a n c y c a u s e d b y th e d e a th o f W a l k e r B ro a c h , v ic e p r e s id e n t, o f th e W h i t n e y C e n t r a l N a tio n a l b a n k o f N e w O r le a n s . H i s a p p o in tm e n t w as m a d e b y R o b e r t F . M a d d o x , p re s id e n t o f th e A m e r ic a n B a n k e r s A s s o c ia tio n . T h e c o m m itte e o f fiv e w a s a p p o in te d a t a m e e tin g o f th e e x e c u tiv e c o u n c il o f th e A m e r ic a n B a n k e r s ’ a s s o c ia tio n in th e s p r in g o f 191 7 to ta k e o v e r th e f u n c tio n s a n d d u tie s o f th e o ld e x c h a n g e c o m m itte e o f 2 5 m e m b e rs w h ic h c e a s e d its a c tiv itie s a t t h a t tim e in o r d e r t h a t th e y T H E A p r il, 1919 N O R T H W E S T E R N m ig h t a t t e n d to m o r e im p o r ta n t d e ta ils a t W a s h in g to n a n d o t h e r p la c e s w h ic h h a d d e v e lo p e d in c id e n t to th e w a r . A c tiv itie s , r e la tiv e t o th e c o m m itte e o f fiv e, c o n s is t o f a t t e n d in g to m a tte r s in c o n n e c tio n w ith th e e x c h a n g e o f c o lle c tio n s. I n a d d itio n to M r . L a m b e r ts o n th e o t h e r m e m b e rs o f th e c o m m itte e o f fiv e a r e F r e d C o llin s, c a s h ie r o f th e M ila n B a n k in g c o m p a n y o f M ila n , T e n n . ; G e o rg e G. M o o re , c a s h ie r o f t h e N e w E n g la n d N a tio n a l b a n k o f K a n s a s C ity , M o . ; M . J . D o w lin g , p r e s id e n t O liv ia S ta te B a n k o f O liv ia , M i n n . ; T h o s . B . M c A d a m s , v ic e p r e s i d e n t o f th e M e r c h a n ts ’ N a tio n a l B a n k , of R ic h m o n d , V a. I . J . H a r r i s o n , p r e s id e n t o f th e F i r s t N a tio n a l B a n k , M itc h e ll, h a s b e e n e le c te d c h a ir m a n o f t h e F i f t h L ib e r ty L o a n c o m m itte e . T . C . B u r n s is v ic e c h a ir m a n . M r . H a r r i s o n w ill c a ll a m e e tin g o f th e v a r io u s lib e r ty lo a n o r g a n iz a tio n s , w h ic h h a v e e n g in e e r e d th e p a s t f o u r lo a n s , a t a n e a r ly d a te a n d m a k e a r r a n g e m e n ts f o r th e s u b s c r ip tio n o f D a v is o n c o u n ty ’s s h a r e o f th e f i f t h lo a n , w h ic h is e s tim a te d a t f r o m $ 7 5 0 ,0 0 0 to $ 8 0 0 ,0 0 0 . O tto D o h e r r h a s r e s ig n e d a s c a s h ie r o f th e W a l w o r t h C o u n ty S ta te B a n k , S e lb y , w ith w h ic h in s titu tio n h e w a s a s s o c ia te d f o r m a n y y e a rs . M r. D o h e r r c o n te m p la te s s ta y in g in S e lb y f o r th e p r e s e n t. 91 S IO U X F A L L S NATIONAL BANK S I O U X FALLS, S. DAK . E sta b lish e d - - - 1882 S io u x F a lls ' O ld est B an k ^¡Successfully conducted for more than a third of a century under one competent and CONTINUOUS management. SOUTH DAKOTA NEWS AND NOTES. T h e M e r c h a n ts L o a n & T r u s t C o m p a n y , R a p id C ity , a n n o u n c e s a c h a n g e o f n a m e , a n d w ill b e k n o w n a s t h e C itiz e n s B a n k & T r u s t C o m p a n y b y v ir tu e o f a n a m e n d m e n t t o th e ir a r tic le s o f in c o r p o r a tio n a d o p te d a t t h e la s t a n n u a l m e e tin g . B A N K E R JE W E L R Y yimiimmiimnamintw ituuniiniuniiinnniiiiiig i of the very finest— QUA LITY • g a —is always to be found here | liiiiiinHHiimmimiiiiiniiii.. .......... I.... . Our Banker Customers are many because they get S e r v i c e plus Q u a l i t y with every article. rank o ch lam pp po. JEWELERS V « - IA. F DES M OINES, ... - ..- ..................... ..................................................................................................................................................................................................................................................................................... ji Interested in Cattle? If you are interested in matters related to the live stock industry, the St. Paul Cattle Loan Company of South St. Paul can extend to you information and ser vice of practical value. Whether a grower, dealer or banker, if you would like information either of a scientific, business or finan cial nature pertaining to this great business of the Cattle Belt—W RITE US. Our chief service is to encourage the growing of cattle and sheep. ST. PAUL CATTLE LOAN So. St. Paul, Minn. We Loan Money to Grow Gattle and Sheep https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CO. 92 T H E N O R T H W E S T E R N B A N K E R A p r il, 1919 I NO. DAKOTA BANK NEWS ! NEW BANK AT VALLEY SPRINGS. t h r e e o ffic e rs n a m e d a b o v e , L . B . N i e m e y e r a n d C . A . K l a u s , b o t h o f t h i s c ity . T h e m a tte r o f a p ro s p e c tiv e n e w b a n k fo r V a lle y T h e F a r m e r s ’ S t a t e B a n k o f W i n d s o r is c a p i t a l i z e d S p rin g s , h a s b e e n u n d e r w a y of d is c u s s io n fo r a n u m a t $ 1 5 ,0 0 0 a n d h a s a l r e a d y b e e n g r a n t e d a c h a r t e r b y b e r o f y e a r s w i t h o u t r e s u l t s , b u t a n e w b a n k is n o w S e c r e t a r y o f S t a t e T h o m a s H a ll. a s s u r e d , t h e a r t i c l e o f i n c o r p o r a t i o n h a v i n g b e e n file d A c c o rd in g to P re s id e n t W o lfe r te m p o r a r y q u a r te r s fo r re c o rd . T h e n a m e of th e n ew b a n k h a s b een w ill b e e s t a b l i s h e d in t h e P o w e r s ’ E l e v a t o r C o ., b u i l d s e le c te d a s th e F a r m e r s ’ S e c u r ity B a n k of V a lle y i n g a t W i n d s o r in t h e i m m e d i a t e f u r t u r e , a n d n e x t S p rin g s , th e in c o r p o r a to r s b e in g b a n k e rs fro m N o r th s p r i n g a s p l e n d i d ne^v b r i c k s t r u c t u r e w ill b e e r e c te d . D a k o t a w h o n o w o w n a n d c o n t r o l s e v e r a l la r g e b a n k s W i n d s o r h a s b e e n in n e e d o f a b a n k f o r s o m e tim e , a n d t h e i r a s s o c i a t e i n c o r p o r a t o r s a r e w e ll k n o w n f in a n t h e t o w n h a v i n g g r o w n c o n s i d e r a b l y in p a s t , y e a r s , a n d c ie r s o f S io u x F a l l s . J a m e s t o w n c it i z e n s i n t e n d to s u p p l y t h i s n e e d . J. C . P e te r s , p r e s id e n t a n d G. A . T e n n is , c a s h ie r of t h e n e w b a n k a r e a c t i v e o ffic e rs o f t h e M o h a l l S t a t e DEPOSITS IN FARGO BANKS. b a n k o f M o h a ll, N . D ., t h e l a r g e s t b a n k in t h a t c o u n t y . T h e c a p i t a l i z a t i o n o f t h e n e w b a n k w ill b e $ 1 5 ,0 0 0 .0 0 D e p o s i t s in n in e F a r g o b a n k s d e c r e a s e d o n l y $ 3 3 9 ,w i t h $ 3 ,0 0 0 s u r p l u s , a n d s t o c k w ill b e o f f e r e d f o r s a le to 0 8 8 .5 0 b e t w e e n D e c e m b e r 3 1 , 1918, a n d M a r c h 4 , 1919. b u s i n e s s m e n a n d f a r m e r s in a n d a r o u n d V a l l e y D e p o s i t s i n n in e F a r g o b a n k s o n M a r c h 4 , w e r e $ 1 6 ,S p r i n g s j u s t a s s o o n a s t h e c h a r t e r is g r a n t e d . 5 6 1 ,4 4 1 .2 1 . O n D e c e m b e r 31, 1 918, t h e y w e r e $ 1 6 ,9 0 0 ,5 2 9 .7 1 . O n N o v e m b e r 2 0 , 1917, t h e y w e r e $ 1 2 ,2 8 3 ,8 6 7 .T h e p a s t r e c o r d o f t h e a c t i v e o ffic e rs in c o n d u c t i n g 56. t h e a f f a i r s o f t h e i r o t h e r b a n k s w h ic h h a v e s h o w n a p h e n o m e n a l g r o w t h a s o n e o f t h e i r b a n k s g r e w in fiv e T h e fo llo w in g , a r e t h e f ig u r e s : y e a r s f r o m a d e p o s i t o f $ 5 ,5 0 0 to $ 5 0 0 ,0 0 0 b e s p e a k s D e c . 31, 1918 M a r . 4 , 1919 o f t h e i r l i b e r a l a n d c o n s i s t e n t p o lic y o f c o n d u c t i n g t h e M e r c h a n t s ’ N a t i o n a l ...... $ 2 ,2 6 5 ,1 5 5 .4 7 $ 2 ,2 8 2 ,9 9 9 .9 9 a ffa irs of th e ir b a n k s . E q u i t y S t a t e ..................................1 5 8 ,4 8 2 .8 7 2 4 3 ,9 8 3 .2 6 A r r a n g e m e n t s w ill b e m a d e to o c c u p y a s u i t a b l e N o r t h e r n T r u s t ................... 3 3 0 ,3 8 6 .3 5 3 7 0 ,5 2 2 .5 8 b u i l d i n g t e m p o r a r i l y w h ile p l a n s w ill b e s p e e d e d u p f o r D a k o t a S a v i n g s ................... 6 8 4 ,0 0 3 .2 8 7 8 7 .4 8 5 .3 8 th e c o n s tru c tio n of o n e of th e m o s t m o d e rn b a n k b u ild F i r s t N a t i o n a l ........................... 7 ,8 6 3 ,5 9 1 .0 9 6 ,8 2 2 ,9 9 2 .9 5 i n g s in t h e c e n t r a l w e s t , w h i c h w ill b e a c r e d i t t o a t o w n S c a n d in a v ia n -A m e ric a n 1 ,4 6 6 ,3 0 7 .4 9 1 ,6 5 9 ,1 2 5 .8 8 s e v e r a l t i m e s t h e s iz e o f V a l l e y S p r i n g s , b u i l t s t r i c t l y S a v i n g s & L o a n ..... .......... 1 ,4 8 6 ,1 8 5 .7 7 1 ,4 8 3 ,5 2 2 .5 5 f ir e p r o o f , a s s o o n a s w o r k c a n b e s t a r t e d , b u t t h e n e w F a r g o N a t i o n a l ................... 4 4 3 ,3 7 1 .1 9 5 6 6 .9 6 3 .3 8 b a n k is e x p e c t e d t o b e d o i n g b u s i n e s s in t e m p o r a r y N o r t h e r n S a v i n g s .............. 2 ,2 0 3 ,5 4 6 .2 0 2 ,3 4 3 ,8 6 5 .2 4 q u a r t e r s a b o u t A p r i l 15. T o ta ls $ 1 6 ,9 0 0 ,5 2 9 .7 1 $ 1 6 ,5 6 1 ,4 4 1 .2 1 BANKS CONSOLIDATE. A n im p o r ta n t b u s in e s s tra n s a c tio n h a s b e e n c o n s u m m a te d w h e re b y th e p e rso n n e l of th e F a rm e rs S ta te B a n k o f N e w L e i p z i g , N o r t h D a k o t a , c lo s e d a d e a l w i t h th e F i r s t S ta te B a n k o f E lg in , th e fo rm e r b e c o m in g th e p o s s e s s o r of th e E lg in in s titu tio n . A d o lp h F r a s c h , n o w p r e s i d e n t o f t h e N e w L e i p z i g b a n k w ill a ls o a s s u m e th e sa m e r e s p o n s ib ility of th e F ir s t S ta te B a n k o f E l g i n . A l e x E b e r h a r d t , v ic e p r e s i d e n t , a n d M . C. R a u s c h , c a s h ie r . A ll o f t h e s e g e n t l e m e n a r e s o m e o f t h e f o r e m o s t b u s i n e s s m e n o f N e w L e i p z i g a n d w e ll v e r s e d in t h e b a n k i n g b u s i n e s s , a s c a n b e s e e n b y t h e i r m a n a g e m e n t of th e F a r m e r s S ta te B a n k , h a v in g b u ilt u p a s p l e n d i d b u s i n e s s in a l i t t l e m o r e t h a n t w o y e a r s . NEW BANK AT WINDSOR. U n d e r th e g u id in g h a n d o f R . R . W o lfe r, p o p u la r c a s h ie r of th e F a r m e r s & M e rc h a n ts b a n k of J a m e s t o w n , N o r t h D a k o t a , a n e w b a n k w ill b e s t a r t e d in t h e im m e d ia te f u tu r e a t W in d s o r . P r o m in e n t J a m e s to w n m e n a re b e h in d th e n e w e n te rp ris e . R . R . W o l f e r w ill b e p r e s i d e n t o f t h e n e w b a n k , w h ic h w ill b e c a lle d t h e “ F a r m e r s ’ S t a t e B a n k o f W i n d s o r ,” A . M . H a l s t e a d w ill b e v i c e - p r e s i d e n t a n d E . A . H u f f , f o r m e r Y p s i l a n t i b a n k e r , w ill a c t a s c a s h i e r f o r a t i m e a t le a s t. D i r e c t o r s o f t h e n e w b a n k w ill b e t h e https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NORTH DAKOTA NEWS AND NOTES. T h e F i r s t S ta te B a n k , o f R e g e n t, h a s d e c id e d to i n c re a s e its c a p ita l td $ 2 5 ,0 0 0 , a n d to n a tio n a liz e . I t is p r o b a b le t h a t a n e w b u ild in g w ill b e e r e c te d d u r i n g th e c o m in g y e a r. A n e w b u ild in g f o r th e S e c u r ity B a n k , o f L e e d s , is to be e re c te d th is s p rin g . J. L . B e ll, p r e s id e n t o f th e N o r t h D a k o ta B a n k e r s ’ A s s o c ia tio n , w a s o n e o f th e s p e a k e r s a t th e c o n f e r e n c e o f o fficials o f s ta te b a n k e r s ’ a s s o c ia tio n s , o f th e m id d le - w e s t s ta te s , h e ld re c e n tly in C h ic a g o . M e m b e rs o f th e e x e c u tiv e c o m m itte e o f th e F a r g o C o m m e rc ia l C lu b h a v e g o n e o n r e c o r d in f a v o r o f th e a p p o in tm e n t o f a c o m m itte e o f s e v e n to te n d e r , a s r e p r e s e n ta tiv e s o f th e c lu b , a n in v ita tio n t o th e s ta te in d u s tr ia l c o m m is s io n f o r th q lo c a tio n o f th e N o r t h D a k o ta S ta te B a n k in F a r g o . T . R . K e lly h a s b e c o m e a s s o c ia te d w ith S e c u r ity S ta te B a n k , o f N e w E n g la n d . H e w a s f o r y e a r s c o n n e c te d w ith th e F i r s t S ta te B a n k , o f A m id o n . A c le a r in g h o u s e h a s b e e n o r g a n iz e d a t D ic k in s o n , w ith th e fo llo w in g o f f iic e r s : R . H . J o h n s o n , p r e s i d e n t ; S . M . F e r r i s , v ic e p r e s i d e n t ; L o u ie K o s te le c k y , t r e a s u r e r , a n d A n d r e w E r d a h l , s e c r e ta r y - m a n a g e r . A t th e a d j o u r n e d a n n u a l m e e tin g o f th e d ir e c to r s o f th e F i r s t S ta te B a n k , o f G r a s s y B u tte , J o h n F . D a v is w a s A p r il, 1919 -|Iti ■ ¡j| T H E N O R T H W E S T E R N B A N K E R 93 We will sell you a bank, or negotiate the sale of your bank for you in a strictly confidential way. For 15 years we have satisfactorily served the hankers in handling the sale of their banking interests—WE HAVE STOOD THE TEST OF TIME. ^ TH E CHARLES E. WALTERS COMPANY Ü 1422-1430 First National Bank Building Û OMAHA, NEBRASKA “BANKS AND BANKS ONLY” iiiînïiinrifiïTinïïîiïTîiii niiWii iïiilB iii e le c te d p r e s id e n t, a n d A . E . L a w h e a d w a s a d d e d a s a d i r e c to r . T h e b u s in e s s o f th e F i r s t N a tio n a l B a n k , N o r t h w o o d , h a s g r o w n so r a p id ly t h a t it b e c a m e n e c e s s a r y to e m p lo y H e s s e l H a lv e r s o n a s a s s is ta n t b o o k k e e p e r. H e is a g r a d u a te o f th e N o r th w o o d H i g h S c h o o l, a n d w a s a tte n d in g th e s ta te u n iv e r s ity w h e n h e jo in e d th e N a v y . T h e S t a t e B a n k , o f L o g a n , h a s b e e n c o n s o lid a te d w ith th e S ta te B a n k , o f S a w y e r , f r o m w h ic h p la c e th e b u s i n e s s w ill h e r e a f t e r b e c o n d u c te d . GOOD OUTLOOK FOR CROPS IN MONTANA. W i n t e r w h e a t in M o n t a n a is c o m i n g t h r o u g h in fin e c o n d i t i o n , a c c o r d i n g t o r e p o r t s r e c e iv e d b y C h a s . D . G r e e n f ie ld , s t a t e c o m m i s s i o n e r o f a g r i c u l t u r e a n d p u b l i c i t y , f r o m 19 c o u n t i e s , c o v e r i n g a ll p a r t s o f t h e s ta te . B e f o r e t h e s n o w f a ll, t h e l a t t e r p a r t o f F e b r u a r y t h e r e w a s s o m e d a m a g e , v e r y s l i g h t , h o w e v e r , f r o m b lo w in g , in f o u r c o u n t i e s , T o o le , C h o t e a u , Y e l l o w s t o n e a n d S t i l l w a t e r , b u t in n o s e c t i o n is t h e r e a r e p o r t o f d a m a g e f r o m w i n t e r k illin g . I n s o m e . s e c t i o n s t h e r e is r e p o r t e d a s h o r t a g e o f w h e a t f o r s p r i n g s o w i n g a n d in s e v e r a l a s h o r t a g e o f s e e d o a t s , d h e p r o s p e c t is f o r a v e r y l a r g e a c r e a g e in s p r i n g w h e a t . I n t h i s c o n n e c t i o n i t m a y b e s a id t h a t th e g o v e r n m e n t lo a n s to f a r m e r s fo r s p r in g s e e d in g a g g r e g a t e in M o n t a n a $ 1 ,7 0 0 ,2 9 5 . T h e l a r g e s t a m o u n t h a s b e e n l o a n e d in H ill c o u n t y , $ 4 7 6 ,2 0 0 . F a r m e r s in C h o te a u c o u n ty h a v e b o rro w e d fro m th e G o v e rn m e n t $ 2 3 3 ,3 6 5 , in V a l l e y , $ 2 1 3 ,3 2 5 ; a n d in T o o le , $ 1 6 9 ,5 0 0 . C. J. WILLIAMS ELECTED VICE-PRESIDENT. C . J . W i l l i a m s , f o r f o u r t e r m s m a y o r o f G r e y b u ll, W y o ., h a s b e e n e le c te d v i c e - p r e s i d e n t o f t h e M e r c h a n t s ’ L o a n c o m p a n y o f H e le n a , M o n ta n a , a s s o c ia te d w ith t h e M e r c h a n t s ’ N a t i o n a l b a n k a n d w ill t a k e a n a c t i v e p a r t in t h e m a n a g e m e n t o f t h e c o m p a n y . T h e o t h e r o ffic e rs o f t h e c o m p a n y w h ic h is o n e o f t h e l a r g e a n d s u b s t a n t i a l lo a n c o n c e r n s o f e a s t e r n M o n t a n a , h a n d l i n g f a r m la n d lo a n s , a r e R o y J . C o v e r t, p r e s id e n t; E . R . W e s tb r a a k , v ic e -p re s id e n t a n d E . S. J u d d , s e c re ta ry -tre a s u re r. D ir e c to r s o f th e M in n e s o ta T r a n s f e r S ta te B a n k , S t. P a u l, h a v e b o u g h t th e i n te r e s t in th e M e r r ia m P a r k S ta te B a n k , M e r r ia m P a r k , h e ld b y H . J . D a n e , p r e s id e n t. T h e b a n k s w ill b e o p e r a te d a s s e p a r a te in s titu tio n s f o r th e p r e s e n t. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis >I|B|H|B|>I|B|II|B|II|B|II|B|II|B|II|B|WB||IM|| IîTSTiiTî Tiïlïfi iiîiï iTî Tiîriii ïiîiî ïlîTiîTîlîiTiïTî ¡H g? üï T H E 94 N O R T H W E S T E R N A p r il, 1919 B A N K E R Impressive Facts t h e i r o n a n d s te e l, 2 0 p e r c e n t o f t h e g o ld , 8 5 p e r I f a n y b a n k e r f e e ls d o u b t f u l a b o u t t h e p r o s p e c t s c e n t o f th e a u to m o b ile s , 25 p e r c e n t o f th e w h e a t, o f b u s i n e s s f o r 1919, l e t h im r e a d t h e f o llo w in g -: a n d w e o p e r a t e 4 0 p e r c e n t o f t h e w o r l d ’s r a i l r o a d s . “ W e r e p r e s e n t b u t s i x p e r c e n t o f t h e w o r l d ’s “ T h u s fo r th re e th o u s a n d y e a rs th e L a m p of p o p u la tio n a n d o w n b u t se v e n p e r c e n t of th e L e a d e r s h i p h a s b e e n s e iz e d , b y n a t i o n a f t e r n a w o r l d ’s la n d . tio n , u n til n o w , w e a rie d a n d o u ts tr ip p e d , E u r o p e B u t w e p ro d u c e 70 p e r c e n t of th e w o r l d ’s c o p p e r , 6 6 p e r c e n t o f t h e o il, 75 p e r c e n t h a n d s it w illin g ly o f t h e c o r n , 6 0 p e r c e n t o f t h e c o t t o n , 33 p e r c e n t s t r o n g , f r e e la n d o f t h e w e s t ! — t o t h i s , t h e m o s t o f t h e s i lv e r , 52 p e r c e n t o f t h e c o a l, 4 0 p e r c e n t o f but unasked to th e young, - w o n d e r f u l l y e n d o w e d n a t i o n o f a ll h i s t o r y !” IN D EX TO ADVERTISERS A A m e r ic a n B a n k P r o t e c t i o n C o.......... .83 A m e r ic a n B o n d in g a n d C a s u a l t y C o .. .55 A m e r ic a n C o m m e r c ia l a n d S a v in g s B a n k ...............................................................70 A m e r ic a n F i x t u r e C o m p a n y ................... 38 A m e r ic a n M o r t g a g e a n d S e c u r i t ie s C o m p a n y ........................................................56 A m e r ic a n P e r f o r a t i n g C o..........................19 A m e r ic a n S t a t e B a n k ................................. 64 A t l a n t i c N a t i o n a l B a n k .............................12 A u to T r a d e M u t u a l . . . . ...............................55 B B a c k e r . J a c o b .................................... 85 B a n k e r s ’ A c c id e n t I n s u r a n c e C o............54 B a n k e r s A u to I n s u r a n c e C o..................... 53 B a n k e rs H o ld in g a n d I n v e s tm e n t C o m p a n y ...................................................... 85 B a n k e r s L if e I n s u r a n c e C o m p a n y .. . .54 B a n k e r s M o r tg a g e C o m p a n y ................... 60 B a n k e r s S e r v ic e C o m p a n y ........................ 85 B a n k e r s T r u s t C o m p a n y D e s M o i n e s .96 B a n k e r s T r u s t C o m p a n y , N e w Y o r k . .17 B a n k e r s R e a l ty I n v e s t m e n t C o m p a n y , C h ic a g o .......................................................... 58 B a r s h a l S te e l E q u ip m e n t Go...................42 B e c h te l, G eo. M. & C o...................................59 B e r k o w i t z E n v e lo p e C o.............................. 46 B is h o p , E . J ....................................................... 93 B la c k H a w k N a t i o n a l B a n k ................... 73 c F' F a r m e r s L iv e S to c k I n s u r a n c e C o . . . .55 F e d e r a l L a n d B a n k , O m a h a ................... 2 F i n n e g a n , F . L . ...............................................90 F i r s t J o i n t S to c k L a n d B a n k ................. 83 F i r s t a n d S e c o n d M o r t g a g e C o.............. 35 F i r s t & S e c u r i t y N a t i o n a l B a n k ......... 84 F i r s t N a t i o n a l B a n k , C h i c a g o ................. 13 F i r s t N a t i o n a l B a n k , C o u n c il B lu ff's. .76 F i r s t N a t i o n a l B a n k , D a v e n p o r t ......... 2 F i r s t N a tio n a l B a n k , D u b u q u e .. . . . . . 7 1 F i r s t N a t i o n a l B a n k , N e w t o n ................. 37 F i r s t N atio n al* B a n k , S io u x C ity . ..2 - 3 0 F i r s t N a t i o n a l B a n k , S t. P a u l ................. 83 F i r s t N a t i o n a l B a n k , W a t e r l o o ............71 F i r s t S t a t e ........................................................93 F i r s t T r u s t & S a v i n g s B a n k ................... 66 F i s h e r C o m p a n y ......................... 45 F t . D e a r b o r n N a t i o n a l B a n k ............18-25 M M c N a m a r a - K e n w o r t h y C o m p a n y . . . .40 M e c h a n ic s & M e ta ls N a t i o n a l B a n k . . 19 M e r c h a n ts N a t i o n a l B a n k , B u r lin g to n 6 3 M e r c h a n ts N a t i o n a l B a n k , C e d a r R a p id s ...............................................................33-72 M e r c h a n ts N a t i o n a l B a n k , O m a h a . . . 78 M e r c h a n ts L o a n & T r u s t C o..................... 18 M id la n d M o r t g a g e C o m p a n y ................ .61 M id la n d N a t i o n a l B a n k ...............................26 M u tu a l T r u s t L if e I n s . C o ..........................53 Iff N a t i o n a l B a n k o f t h e R e p u b l i c .............95 N a t i o n a l C ity B a n k ......................................20 N a t i o n a l C ity C o m p a n y ............................... 16 N a t i o n a l F i d e l i t y L if e I n s . C o.................53 N a t i o n a l S t a t e B a n k ....................................77 N e w O w e n b a c h ................ .*...........................90 N ic o ll t h e T a y l o r ...........................................22 N o r t h e r n T r u s t C o m p a n y .......................... 23 GG i r a r d N a t i o n a l B a n k ................................. 13 N o r t h w e s t e r n N a t i o n a l B a n k .......... 30-89 G o ld - S ta b e c k C o m p a n y .............................84 N o r t h w e s t e r n N a t i o n a l L if e I n s u r a n c e C o m p a n y ............................. 2 G o r d o n -V a n T in e C o..................................... 46 G r e a t W e s t e r n A c c id e n t I n s . C o . . . » . .50 O G u a r a n t y C a tt l e L o a n C o............... 11 Office E q u ip m e n t & S u p p ly C o...............45 G u a r a n t y L if e I n s u r a n c e .Co..................... 48 .O m a h a N a t i o n a l B a n k .......................... 28-81 G u a r a n t y M o r t g a g e & F i n a n c e C o . . .. 61 O v e r s t r e e t , J . W . C o ...................... 83 G u a r a n t y T r u s t C o m p a n y ........................24 P G u th r ie , W m ....................................................... 93 P a c k e r s N a t i o n a l B a n k . . , ........................ 81 H H a ls e y , S t u a r t & C o m p a n y . . . . ............57 P e o p le s S a v in g s B a n k ........................... . . . 7 7 H a m m o n d P r i n t i n g C o m p a n y ................. 39 P e o p le s T r u s t & S a v i n g s B a n k .............68 H a m m a r s t r o m , A. H ..................................... 93 P e o r i a L if e I n s u r a n c e C o m p a n y .......... 51 H a n o v e r N a t i o n a l B a n k ............................ 2 P l a n k i n t o n H o t e l .......................................... 58 R H a r g e r & B l i s h ...............................................87 90 H a w k e y e S e c u r i t i e s F i r e I n s . C o.........54 R i c k e r , R u f u s ...................... S H a w k e y e T r u c k C o......................................8 9 S c h a n k e & C o m p a n y ....................................57 H o lla r , F . P . & S o n ........................................44 91 H o m e s t e a d C o m p a n y ................................. 42 S c h la m p p , F r a n k .................. H o m e S e c u r i t ie s C o m p a n y ......................59 S e a b o a r d N a t i o n a l B a n k ......................29-85 S e c o n d N a t i o n a l B a n k ................................. 71 I S e c u r i t y N a t i o n a l B a n k ............................... 67 I n t e r - S t a t e N a t i o n a l B a n k ......................95 S in c la ir, J o h n F . & C o.................................84 I o w a B o n d in g & C a s u a l t y C o ..,........... 51 S io u x F a l l s N a t i o n a l B a n k ......................91 I o w a G u a r a n t y M o r t g a g e C o r p .............. 62 S n a p p H o t e l ......................................................18 I o w a L if e I n s . C o............................................51 S t a t e C e n tr a l S a v in g s B a n k ....................74 I o w a L i t h o g r a p h i n g C o.............................. 39 S t o c k y a r d s N a t i o n a l B a n k ............... 33-80 I o w a L o a n & T r u s t C o m p a n y ......... 29-75 S to w & D a v is ......................... 44 I o w a M u t u a l L ia b i l i t y I n s . C o.................52 S t. P a u l C a tt l e L o a n C o .............................. 91 I o w a N a t i o n a l B a n k , D e s M o in e s . .27-69 S t. P a u l S ta m p W o r k s . ............................... 84 I o w a N a t i o n a l F i r e I n s u r a n c e C o.........49 S u c c e s s f u l F a r m i n g ................................... 21 I o w a N a t i o n a l B a n k , D a v e n p o r t . . . . .67 S u p e r io r F i x t u r e C o..................................... 43 I o w a S e e d C o..................................................... 90 S w i f t & C o m p a n y .......................................... 47 I o w a T r u s t & S a v in g s B a n k . . ...............70 S y n d ic a te T r u s t C o m p a n y ......... "............59 C e d a r R a p id s L if e I n s u r a n c e C o .. . . . 5 0 C e d a r R a p id s N a t i o n a l B a n k ................. 73 C e n tr a l N a t i o n a l F i r e I n s . C o................... 50 C e n tr a l S t a t e B a n k , D e s M o in e s .......... 68 C e n tr a l S t a t e B a n k , H u t c h i n s o n , K a n ...................................................................... 32 C e n tr a l T r u s t C o m p a n y o f I l l i n o i s . . .23 C e n tr a l T r u s t Co., M a s o n C i t y ...............77 C h a s e N a t i o n a l B a n k ................................. 19 C h e r o k e e S t a t e B a n k ................................. 37 C h ild s , C. F . & C o.........: ........................ 60 C itiz e n s S a v in g s B a n k ............................... 65 C ity N a t i o n a l B a n k , K e a r n e y , N e b ...8 0 C ity N a t i o n a l B a n k , C lin to n , I o w a . . . 65 C ity N a t i o n a l B a n k , M a so n C ity , Io w a 6 9 C la r k , B y e r s & H u t c h i n s o n ......................19 C lip le s s P a p e r F a s t e n e r C o..................... 96 C o m m e r c ia l N a t i o n a l B a n k ......................70 C o rn E x c h a n g e N a t i o n a l B a n k .............14 C o n t i n e n t a l a n d C o m m e r c ia l N a t i o n a l B a n k ...............................................................17 C o m m e r c ia l ¡S a v in g s B a n k . . . . .......... 73 C o r h m o n w e a lth L if e I n s u r a n c e C o.. ..4 9 J C r a d d ic k , H . B ...................................................88 J u l i e n H o t e l ......................................................58 ■C u p p le s E n v e lo p e C o m p a n y ......................44 J o h n H a n c o c k L if e I n s . C o....................... 54 C 'u rrie r-M c C o rd C o......................................... 28 J o y c e , W m . B. & C o ....................................... 49 C u s t e r C o u n ty B a n k ....................................86 K D K n a u t h , N a c h o d & K ü h n e ........................ 22 D e s M o in e s D u p l i c a t i n g C o....................... 46 K n i g h t , E . F . C o m p a n y ...............................93 D e s M o in e s L if e & A n n u i t y C o.............. 52 It D e s M o in e s N a t i o n a l B a n k ...............31-74 L a rm o n , L. L ..................................................... 80 D e s M o in e s T e n t & A w n in g C o.............. 44 L e a v i t t & J o h n s o n N a t i o n a l B a n k . . . 72 D e s M o in e s T r u s t C o................................... .76 L e a v i t t & J o h n s o n T r u s t C o.................. 2 D r a k e - B a l l a r d C o m p a n y .......................... 85 L e M a rs P r i n t i n g C o m p a n y ......................39 D r o v e r s N a t i o n a l B a n k ........................ 31-96 L e n n o x F u r n a c e C o....................................... 43 D u b u q u e N a t i o n a l B a n k .............................67 L iv e S to c k E x c h a n g e N a t i o n a l B a n k . 15 E L iv e S to c k N a t i o n a l B a n k , S io u x C ity 65 E q u i t a b l e L if e I n s u r a n c e C o ...................55 L iv e S to c k N a t i o n a l B a n k , O m a h a . . . .66 E v a n s H o te l ................................................... 90 L y tle C o................................................................ 41 T T u lle y s , J o h n W ............................................. 80 U ' U n ite d S t a t e s N a t i o n a l B a n k ................. 79 U n io n T r u s t C o m p a n y ................................. 15 -y V a lle y N a t i o n a l B a n k ................................. 75 W W a h k o n s a H o t e l .............. „ ........................ 76 W a l t e r s , C h a s. E . C o..................................... 93 W a t e r l o o B a n k & T r u s t C o......................66 W a t e r l o o S a v in g s B a n k . . . . ...................'72 W e s t e r n L if e I n s u r a n c e C o m p a n y . . . .52 W h i t e C o m p a n y ............................................. 58 W illia m s , R . C., J r ...................... 23 Z Z a is e r , W . H . S p e c ia lty C o .............. Eiiu u iiH iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiniiiiiiminiiiiMiiiiiiimiiuiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiuiiiiiiiMiiiiiiiiiiiiiiHiiiniiin iiiniiiiiniiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiuitiiiiHtiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiin https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 44 T H E A p r il, 1919 N O R T H W E S T E R N B A N K E R M a in ten a n ce o f in d iv id u a lity is an m k eren t p rinciple. The National Bank of the REPUBLIC OF Resources F orty-one JVLi l l i on \Dollars CHIC AG O O R G A N IZED , developed and conducted on the principle of constructive and con servative banking along progressive lines, has preserved its individuality intact during a period of over a quarter of a century when the tendency to consolidation has heen general. It has gained a little each day in strength, m scope, and in the confidence of a public which has recognized the right relationship between service and recompense. With the co-operation of the friends it has made, to whom it acknowledges itself indebted for whatever success it has attained, it expects to continue to grow, both in its capacity and its opportunity to serve, and to that end invites the patronage to which it believes it has proved itself entitled. President GEO. S. HOVEY The INTER-STATE NATIONAL BANK KANSAS CITY, MO. Vice Presidents R. M. COOK J. M. HELLINGS Twenty-eight years of dependable banking service under the same name and no consolidations. Cashier A. B. CHRISMAN Capital, Surplus, I U ndivided Profits J 4. 1 A O H O O flfl Assistant Cashiers D. T. BEALS F. B. MOORE G. H. JAMES C. A. HUFF https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis We can furnish to banks and investors cattle paper guaran teed by our Inter-State Cattle Loan Company, with capital and surplus of $850,000. 95 96 T H E N O R T H W E S T E R N B A N K E R A p r il, 1919 Cuts a hinged tongue' fro m TF grow th is an indication o f good service, surely this record of grow th in deposits means som ething to you, June 1,1917 $485,353.04 Dec. 1, 1917 Bends it h a ck and the paper JtselT, in s e r t s in slot Where it locks N o tic e y o u r c o rre s p o n d e n c e . A ll y o u r b u s in e s s frie n d s u s e th e C L IP L E S S . $1,188,247.06 June 1,1918 $1,693,501.92 Dec. 1 ,1918 $1,836,298.74 March 1,1919 $2,308,003.47 se c u re ! For nearly two years the determination of this bank to make ours a better kind of service and uniformly good service 365 days in the year have been steadily increasing our patronage from ■country banks. Drop in and get acquainted next time you are in Des Moines. All in a single ^ E ith e r m a c h in e d e liv e re d o p e ra tio n $3.50 M ember Federal Reserve System B. F. Kauffman. President G. H. Stephenson, Cashier BANKERS TRUST COMPANY W CORNER riF T H AND W ALNUT S T R E E T S CAPITAL ONE MILLION DOLLARS D IR E C T O R S A shton Clemens . C. H . S tephenson P . W . S argent D r. O. ,1. F ay J . W . Howell S. Sheuerm an H. H . Polk B. F . K auffm an R. R. R ollins CLIPLESS PAPER FASTENER CO. N E W TO N , IO W A Drovers National Bank OF CHICAGO O F F IC E R S D IR E C T O R S W ILL IA M C* CUM M IN G S, P r e s id e n t G A T E S A . R Y T H E R , V ice P r e s id e n t A V ER IL L T IL D E N *3 F R E D E R IC K N . M E R C E R , V ice P r e s id e n t L . B. PA T T E R SO N w G E O R G E A . M A L C O L M , C a s h ie r H A R R Y P • G A T E S, A s s t. C a s h ie r JO H N FL E T C H E R M E R R IL L W . T IL D E N W M . C . C U M M IN G S BRY A N G . T IG H E D A LE E« C H A M B E R L IN , A ss t. C a s h ie r *882 G A TE S A . R Y T H E R H . J . A ARON Capital and Surplus, $1,000,000 Has for over thirty years rendered quick and efficient service to its correspondents https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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