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APRIL
1945
OUR 5 0 th YEAR
Ben Greve and his prize steer “T eddy”— tops in the Clinton, Iowa, Cal
Show, and International Grand Champion winner. See page 15
FŒ* V ICTO R Y
We Make It Tough for P. C. A .
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Federal Reserve Bank of St. Louis
Page 16
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The hundreds of banks in the central west which use the
MERCHANTS NATIONAL as a correspondent have found
our service helpful to them.
3
i
That military expression explains w hy our arm ed forces
succeed. W e pledge our banking forces to the sam e policy,
to m eet conditions in this g reat agricultural a re a in which
we too must have a united front.
glSilE^5ElE5ES^Ij l
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On A lert!
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A CEDAR RAPIDS BANK
CEDAR
R A P ID S
SERVICING A L L IOWA
THE
MERCHANTS
*■ NATIONAL BANK
SÜ 3E S ^ ^
OFFICE RS
J ames E. H amilton, Chairman
S. E. Coquillette, P resident
H. N. B oyson, V ice President
Roy C. F olsom, V ice President
Mark J. Myers, V. Pres. & Cashier
George F. Miller, V. Pres. & Tr. Officer
Marvin R. S elden, V ice President
F red W. S mith , V ice President
J ohn T. H amilton II, V ice P resident
R. W. Manatt , A sst. Cashier
L. W. B roulik, A sst. Cashier
P eter B ailey, A sst. Cashier
R. D. B rown, A sst. Cashier
0 . A. Kearney, A sst. Cashier
S tanley J. Mohrbacher, A sst. Cashier
E. B. Zbanek , B uilding M anager
Cedar R apids
Iow a
Member Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n k e r p u b lis h e d m o n t h ly b y t h e D e P u y P u b li s h in g C o m p a n y , a t 527 S e v e n t h S t ., D e s M o in e s , I o w a . S u b s c r ip t io n , 3 5 c p e r c o p y , $ 3 .0 0 p e r y e a r .
E n te r e d a s S e c o n d C l a s M a tt e r J a n u a r y 1, 1 8 9 5 , a t t h e P o s t O ffice a t D e s M o in e s , I o w a , u n d e r A c t o f M a r c h 3 , 1 8 79.
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Federal Reserve Bank of St. Louis
• We extend our sincere appreciation to our manyjriends for their
patience and understanding at a time when w e'can build and
deliver only a limited number of adding machines because of our
participation in war work.
0
o
To the extent that we are able to produce Allen Wales Adding
Machines with our present available facilities, we will continue to
distribute them so as to meet the most urgent requirements.
If you are in need of Adding Machines, please telephone our
nearest agency or write to our home office for further information.
ALLEN
W ALES
ADDING MACHINE CORPORATION
444 Madison Avenue, New York 22, N. Y.
A W H O L L Y -O W N E D S U B S ID IA R Y
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Federal Reserve Bank of St. Louis
THE NATIONAL CASH REGISTER CO
TO BANKS
W I T H O U T A FOREIGN DEPARTMENT
LETTERS
of
C r e d i t — both dom estic and foreign— are
increasingly used as a financing m ethod by business
tod ay— w hether as buyer or seller. There are definite,
practical reasons for this trend— tim e saved, flexibility
perm itting quick decisions in concluding a deal, and
reduced tim e in volved in credit investigation.
Y ou do not need a foreign departm ent to participate
in this trend. You provide the judgem ent o f credit and
k n ow led ge o f the character and standing o f the borrower;
w e provide the m echanics o f issuing the Letter o f Credit.
Y our custom er benefits, and both your institution and
ours are adequately com pensated.
W rite us about Letters o f Credit and w e w ill explain
h o w w e can "get to g eth er” on handling such transactions.
THE PH ILA D ELPH IA
NATIONAL BANK
PHILADELPHIA
M E M B E R
orthw estern B anker
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Federal Reserve Bank of St. Louis
A p ril 1945
F E D E R A L
1, PA.
D E P O S I T
★
ORGANIZED
I N S U R A N C E
180 3
C O R P O R A T I O N
OUR 50th YEAR
The checks of The Northwest
ern National Bank are “indi
vidualized"
by thè
bank's
distinctive emblem shown here.
This mark, on chainline Hammermill Safety
paper,
& / Cleveland
in
^ürust’Company N
stantly identifies the checks of
POUNDED 1894
the Pennsylvania Company.
Checks of the Cleveland Trust
Company have this mark as
part of their surface design.
You, too, can
/ / it f / r r r f / t f f f / ix e
your bank’s
checks
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A special surface design on Hammermill
Safety gives added protection
to checks and reflects the character and
^
success of your bank.
speed safe handling, a re an added
safeguard against tampering and a re an
unobtrusive but im pressive reminder of
the bank's name and standing.
To many o f the g re a t banks o f the
country Hammermill supplies special d e
sign safety p aper in which the bank's
trad e mark, o r other desired symbol, is
lite ra lly part o f the p aper itself— put
there by the same process as the Ham
mermill S afe ty surface design.
Such instantly identifiable checks
Y o u r own special surface design on
Hammermill S a fe ty can be supplied in a
w ide range o f co lo rs and background
patterns. C o n su lty o u r check supplier fo r
suggestions, or w rite on yo u r bank le t
t e r h e a d to S a f e t y P a p e r D iv is io n ,
Hammermill Paper C om pany, Erie, Pa.
N o o bligation. N o salesman w ill ca ll.
X ortlunestern Hanker
A pril 19^5
THEN LOOK AT WHAT’S COMING!
I f you c a n ’t g e t th e s o rt o f fa b rics t h a t y o u w a n t
— th in k o f th e s e ac tu a l, p ro v e n m a te ria ls t h a t ju s t a w a it
th e en d o f w a r-s c a rc itie s . . . t h a t you w ill ow n a n d u s e !
A NEW spu n r a y o n FASfi
eat strength is applied to it'thes yet fine and soft enoi
THES,
a life expectancy
w
pTr£ 2 abricsh*'
3r—now?
elitnin^'
tragedies
the dark'.
are not merely a definite help in winning
the war—bought systematically, they are an excellent means of saving with interest to buy quality
goods later. Why not maintain and expand your
regular purchases at pre-determined intervals?
WAR BONDS
||
g§
m
m
m
^
Aren
c e hr
teCt-
the quality of your
Mari ne
uRa n c e
vMMM.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7
FIFTIETH Y E A R
N U M B ER 693
O ldest Financial Journal West oí the Mississippi River
Question: A . L. M. Wiggans,
past president of the A . B.
A ., is urging Congress to
make an investigation of
the Farm Credit Adminis
tration which includes the
P .C .A .'s (Production C re d
it Associations). Do you
think this in v e s tig a tio n
should be undertaken?
H. P. Dowling, president, Shelby
C ounty S tate B ank, H arlan , Iowa:
“I th in k th a t congress should have
a special division for th e purpose
of keeping a co n stan t check on all gov
e rn m e n ta l agencies to see th a t th e
purposes for w hich th e y w ere created
are n o t abused. If P ro d u ctio n C redit
A ssociations w ere obliged to fu rn ish
th e ir ow n capital, to pay th e sam e line
of tax es as b anks and o th er p riv ate
lending agencies, to go into th e open
m a rk e t for th e ir m oney, and w ere
operated on a p u rely cooperative basis,
th e re could be no reasonable objec
tions to them . T hese objections are
alread y know n, and no in v estigation
is needed. W h at is needed is action
to co rrect th e fau lts.”
C. F. Dabelstein, p resid en t and tr u s t
officer, O lm stead C ounty B ank and
T ru s t Com pany, R ochester, M innesota:
“I am v ery firm ly convinced th a t an
in v estig atio n should be m ade.”
John F. Smith, b an k director, N e
b rask a: “I th in k Mr. W iggans is on th e
rig h t tra c k w h en he u rg es Congress
to m ake an investig atio n of th e F a rm
C redit A ssociation, especially as such
w ould apply to th e P ro d u ctio n C redit
A ssociation, b u t w ill Congress m ake
such an investigation, an d w ould it
m ean an y th in g if it (C ongress) did?
“P ro d u ctio n C redit A ssociations are
ad m in istered by appointees of th e p re s
ent a d m in istratio n , from office boys on
up, an d th ese appointees are doing
e v ery th in g in th e ir pow er to p e rp e t
u a te th e ir jobs—w h e th e r th e organiza(T u rn to page 52, please)
OUR 50ih YEAR
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Federal Reserve Bank of St. Louis
IN THIS APRIL, 1945, ISSUE
Editorials
A cross the D esk from the P ub lish er..................... .................................. ................. -
10
Feature Articles
Should the FC A Be In vestigated ? W hat Do You Think?
D ear E ditor ...........................................................................................................................
F rontispiece— G a n g w a y ! ..................................................................................................
How Our D irectors D ir e c t......................................................................... .......................
W hy C attle Loans A re S afe L oans.......................................... B ruce T ow nsend
W e Make it Tough for the P C A ............................................ E . T hornburg
H ow to F oil the Phony Check P a sser....................................... E rn e st A . D ench
H ow C ountry Banks A re A d v ertisin g........ .................................................................
N ew s and V iew s o f the B anking W orld.................. .....................C lifford De P u g
L ittle Sticker Prom otes Checking A ccounts.................
Is the Legacy A lw ays F orfeited ?— L egal Questions
7
9
13
14
15
16
17
18
19
20
22
Bonds and Investments
Go E a sy on Long Term G overnm ents........................... ..........R aym on d T rig g e r
33
Insurance
M. J. M alarn ey
39
M innesota N ew s ....................................................................................... ...........................
Twin C ity N ew s—..................................... ..............................E . W . K ieek h efe r
South D akota N ew s................................... ..........................................................................
Sioux F alls N ew s........................................................................................................
N orth D akota N ew s.................. ...........................................................................................
N ebraska N ew s ....................................................................................................................
Junior B anking N ew s .......... ........ ..................................................... ......... ..........
Omaha C learings ......................... ................................................................................
Lincoln Locals ............................... ...............................................................................
Iowa N ew s ..............................................................................................................................
W inning Bank on W ar Bonds.................................................................................
D es Moines N ew s ................................... ..................................................................
45
47
49
50
52
55
55
57
59
61
61
62
S ellin g the P rofession al Man.
State Banking News
The Directors1 Room
A F ew Short Stories to Make You L augh............................................................... 1.
70
N O R T H W E S T E R N B A N K E R , 527 Seventh St., Des Moines 9, Iowa, Telephone 4 -8 1 6 3
C L IF F O R D D E PU Y , Publisher
R A LP H W. M O O R H E A D
Associate Publisher
E L IZ A B E T H C O L E
Advertising Assistant
H EN RY H. H A Y N E S
Editor
M A R G U E R IT E B R O W N
Office Supervisor
N E W Y O R K O F F IC E
Frank P. Syms, V ice President, 505 Fifth A v e ., Suite 1806
RUTH K IL L E N
Associate Editor
S A D IE E. W A Y
Circulation Department
Telephone MUrray H ill 2-0326
N orthw estern Banker
A pril 19^5
8
THIS PAGE
ADVERTISEMENT IS THE
FIRST OF A SERIES
APPEARING IN:
B urroughs
D un ’s R eview
J ournal of A ccountancy
T he F ood P acker
P acific F isherman
Cotton and Cotton S eed Oil P ress
W ines and V ines
S pirits
F eed-S tuffs
I ron A ge
A merican L umberman T imberman
P eanut J ournal and N ut W orld
A merican P aint J ournal
Oil and Gas J ournal S eed W orld
W holesale Grocery N ews
F ood F ield R eporter
THE " HID DEN CREDIT" w hich Lawrence calls to the
attention o f your custom ers is hidden collateral fo r
your bank. A sk any Lawrence office about this good,
safe source o f extra com m odity loan business.
LAWRENCE WAREHOUSE COMPANY
N orthw estern Banker
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Federal Reserve Bank of St. Louis
A pril 19^5
OUR 50th YEAR
9
The following letters were received
from Northwestern Banker readers.
Your views and opinions on any sub
ject ivill be gladly published in this
column.
"Keeps Me in Contact With Home"
“ T he O ctober a n d N ovem ber issues of
y our good m agazine, th e N orthwestern
B anker , have ju s t cau g h t up w ith me here
in H o llan d an d I notice th a t th ey were
fo rw a rd ed fro m m y old sta tio n in the
S ta te s. I w as u n d e r th e im pression th a t
I h a d notified you of m y new address, b u t
a p p a re n tly not, so I w ill fu rn ish it a t th is
tim e.
‘ ‘ Even though I ’m a long w ay fro m the
good old ‘W ealth B e lt ’ I ’m still v ita lly
in te re ste d in the a ctiv ities back th ere and
find th a t re a d in g the N orthwestern B a n k
er fro m cover to cover helps a g re a t deal
to w a rd k eeping me in c o n ta ct w ith w h at
you folks a t home are doing.
‘ ‘ I ’ve covered q u ite a b it of te rrito ry in
th e m onths I ’ve been overseas b u t have
y et to find a n y place th a t looks as good as
the m iddlew est a n d I ’m m ig h ty anxious
to be back th e r e .’ ’
S /S gt . R obert E . Glee,son
15100096 F is. Sect., H q.
N in th U. S. A rm y , A P O 339,
c /o P M , N e w Y o r k C ity.
"Like It Fine"
“ I t has been on m y m ind fo r some tim e
to send you a su b scrip tio n to th e N orth
w estern B anker , a n d I believe we will
m ake enough m oney th is y e ar so th a t we
can a ffo rd it. I have fo rg o tte n w h a t your
ra te s are, b u t please p u t us on your m a il
in g lis t a n d send us a bill fo r two y e a r s ’
subscription.
‘ ‘ I have been here fo r two y e ars and
have becom e nicely established.
L ike it
fine, b u t do m iss th e frie n d s th a t I m ade in
Iow a. ’ ’
A. J . W arnke , P resid en t,
F ir s t N a tio n a l B a n k , A r
eola, Illin o is.
“ No doubt you know of C. W. (B ill)
B ailey, p resid en t, F i r s t N a tio n a l B ank,
Clarksville, Tennessee.
Several years ago
I h ad h e ard so m uch a bout him, his fa rm
p ro g ram and th e re su lts o f his p ro g ram
th a t I drove down to C larksville, Tennessee,
to call on him . H e has h ad a vision in his
operations. A. E . M organ (fo rm e r TYA
head u n til he p a rte d com pany w ith F . D. R.)
says th a t B ill ra ised his county fro m th e
b ottom fo u rth of all the counties in T en
nessee to th e top fo u rth o f all th e counties.
‘ ‘ H e has a b ility , p e rso n ality and the
tim e— A N D he has the build-up th a t a m an
needs to g e t elected as A. B. A. vice p re si
dent.
“ M aybe the N orthwestern B anker
should give consideration to the idea th a t
the A. B. A. needs a c ountry b a n k er a t the
helm now an d then. M aybe it would not
be out o f line to give him some p ublicity.
You could h a rd ly pick a b e tte r cause— or a
b e tte r m an fo r th e c au se.’ ’
W arren
Garst ,
Cashier,
N o m e S ta te B a n k, Jefferson,
Iow a.
E d it o r ’s N o te :
The N o r t h w e s t e r n
B anker hea rtily agrees w ith W arren G arst
th a t a country hanker should now a7id then
he head o f the A . B . A ., because a fte r all,
there are more co u n try hankers in the U nited
S ta te s th a n any other single group. A s fa r
as C. W. B a iley o f Clarksville, Tennessee, is
concerned, we know o f the fine w ork he has
done am ong his agricultural custom ers and
th in k it would he excellent i f he would he
n om inated fo r vice p resident o f the A . B . A .
and then m ove on up to the top o f the lad
der. M r. B a ile y ’s hank, the F ir s t N a tio n a l,
has a ca pital o f $100,000, surplus and u n
divided p rofits o f $179,000 and deposits o f
over $8,000,000.
"Lead With Your Chin"
“ M any th an k s fo r your le tte r c o n g ra tu
la tin g me on m y recent prom otion. You
certain ly led w ith your chin when you p u b
lished m y pho to g rap h , an d in all p ro b a
b ility c irc u la tio n will decline fro m now on. ’ ’
W. E . R esseguie , Second
Vice P resid en t, C ontinental
Illin o is N a tio n a l B a n k and
T ru st C om pany, Chicago.
E d ito r ’s N o te : Glad to report circidation
has increased.
"Think Our Program Unusual"
‘ ‘ T hank you fo r the re tu rn of th e p rin t
an d th e two copies o f the M arch issue of
your excellent p u blication, th e N orth
w estern B anker , w hich have come to m y
desk.
I h a d fo rg o tte n the a rtic le which
C lifford De P u y re q u e ste d se v e ra l m o n th s
ago and am sure th a t it does n o t m erit the
prom inence w hich you have given it. You
m ay be in te re ste d to know th a t in the
p a st y e ar m any b an k s th ro u g h o u t In d ia n a
have expressed to us a n active in te re s t in
a g ric u ltu ra l program s. P e rh a p s a ll of us
can have some p a rt in influencing co u n try
b an k ers g enerally to revise th e ra th e r lim
ite d views of public service which prevailed
an d to increase th e ir activ ities, p a rtic u la rly
those involved in ta k in g th e leadership in
sound a g ric u ltu ra l and economic a ffa irs in
our com m unity.
“ W e here do n o t hold th e opinion th a t
we are doing a n y th in g u n u su al or out of th e
(T u rn to page 42, please)
Dorcas Campbell A . I.B . Speaker
"A. B. A. Needs Country Banker
President"
“ Y ou will rem em ber th e A. B. A. let
a good m any c o u n try b a n k ers feel th a t th ey
w ere not ‘ f o r ’ the c o u n try b a n k a few
y e ars ago— an d you rem em ber the re al lif t
th ey g o t w hen L ee W iggins w ent in to office
a n d sta rte d to do th in g s.
“ Now, i t is n a tu ra l th a t c ity b an k ers
m ig h t have m ore a b ility , m ore tim e to do
th e jo b a n d m ore reasons (busifiess fo r
th e ir banks, etc.) w hy th ey m ig h t w an t the
jo b . Y et, fo r the good o f the A . B . A .
its e lf, we do need to have the top jo b filled
now a n d th e n by a good c o u n try ban k er.
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Dorcas E. Campbell, a u th o r a n d le a d in g a u th o rity on th e p o sitio n of w om en in
th e fin an c ia l w orld, spoke re c e n tly b e fo re a m e e tin g of w om en m em bers of th e
M in n e ap o lis C h a p te r o f th e A m e ric a n I n s t i tu t e of B a n k in g . M iss C am pbell
w a s also a g u e st sp e a k e r on S ta tio n WCCO, in M in n eap o lis, a n d above Darragh
Aldrich, le ft, is in te rv ie w in g her. M iss C am pbell to ld h e r au d ie n ce , “ Y ou m ay
lim it y o u rse lv e s to th e sla v e ry of so m an y d o lla rs to do so m uch ro u tin e , or
you m ay se t y o u r go al as a b a n k e r, h a v in g a sh a re in c re a tin g a n d m a in ta in in g
effe c tiv e m a c h in e ry to p e rfe c t th e flow o f finance, so e sse n tia l t o d a y .’ ’
N orthw estern B anker
A pril 1945
10
Across the Desk
and borrow ing pow er now and la te r will larg ely
determ ine w hat k in d of a w orld we w ill live in. ’ ’
Yes, indeed, we do have money and cred it in
abundance in this country, b u t how it is used in
the fu tu re is the real question confronting A m er
ica,
I t is our belief th a t the F inancial A dvertisers
A ssociation and those in control of the advertisin g
program s of our various financial institutions m ust
use th e ir brains, ability, and advertising copy to
help d irect bank custom ers and those who m ay
become ban k custom ers in the rig h t channels as
fa r as th eir borrow ing and spending is concerned.
There never was a g reater challenge to the F i
nancial A dvertising men of A m erica th a n faces
them in the postw ar era of tom orrow .
W e know they will m eet th a t challenge w ith
counsel, courage and confidence.
jheasi fyn&d 9. K ent:
In your ta lk before the Economic Club of New
Y ork, you em phasized th a t th ere is a to ta l of
$15,000,000,000 of m oney still owed the U nited
S tates from W orld W a r I and w hich is now in
default.
Included in this figure is a debt of over $1,000,000,000 owed to us by L atin America.
W e quite agree w ith your point th a t, “ The
nations of the w orld m ust find w ays to accomplish
reh abilitation, reconstruction, and resto ratio n of
in tern atio n al business relationships w ithout bu ild
ing up a g re at in tern atio n al debt stru c tu re w hich
will stran g le in tern atio n al tra d e and lay the
fo u ndation for a new w ar th a t will become evi
d en t on the first day of the final peace.”
W e m ust n eith er “ strangle in tern a tio n al t r a d e ”
or our own “ dom estic t r a d e ” if we are all to su r
vive in the days th a t lie ahead.
D ebts n atio n al or p riv ate are depressing—l e t ’s
n o t increase them.
'Sbeasi ¡). H eutell
The F inancial A dvertisers A ssociation of w hich
you are p resident spoke w ords of wisdom when
th ey defined the A ssociation’s im m ediate w artim e
activities to include, “ Assistance to service men
an d all o ther citizens in every w ay consistent w ith
good b a n k in g .” You th en m ade the statem ent
which is the m ost significant of all, “ This co untry
is sh o rt of everything b u t m oney and credit.
How well th e people use th e ir accum ulated cash
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A p ril 19^5
'¡ jh e a 'i
e M e lm a n n :
In your capacity as E xecutive M anager of the
N ational Association of C redit Men we were in
tere ste d in your statem ent, “ The danger is th a t
if we speak of the em ploym ent of 60 m illion
people in the im m ediate postw ar era instead of
full em ploym ent at norm al hours, business w ill
be chargeable w ith a discrepancy as to w hatever
extent we fall short of the definite figures.”
Em ploym ent as you know is not confined w holly
to in d u stry b u t takes in agriculture, public serv
ice, professions, and m any other branches of busi
ness.
Today we are em ploying 67,000,000 people, in
cluding 12,000,000 in the arm ed forces, and before
the w ar in our boom tim es we em ployed about
48,000,000, so we have a real job ahead of us to
absorb w hatever portion of the 12,000,000 in the
arm ed forces are re tu rn e d to civilian life as w e ll
as the ex tra employees who are in arm s plants
and w ar industry.
It is a real job fo r all of us, not ju st fo r the
politicians.
jb e a n . R a h e tit M . c M a n e b :
As C hairm an of the P o st W ar Small Business
C redit Commission, we believe th a t the closer
u n d ersta n d in g betw een country and city banks
thro u g h th e ir correspondent ban k relationships
is m ost w orthw hile.
B ank credit groups have been established in 27
OUR 50th YEAR
11
From the Publisher
cities and states th ro u g h o u t the nation, and the
m eetings w hich the banks in the cities have had
w ith th e ir correspondents have been most help
fu l and beneficial.
T here is no more helpful and w orthw hile b an k
ing service th a n th a t w hich takes place betw een
the b ank in the sm aller com m unity and the b an k
in the la rg e r city.
As you point out, “ The en tire correspondent
banking’ system has become revitalized th ro u g h
th e operation of this program . B anks in the
la rg e r cities have held m eetings for m any of th e ir
correspondents. These have given th e country
b anks an o p p o rtu n ity to obtain inform ation re
g a rd in g th e policies of the correspondent banks
land th e scope of th e ir services. Too, these m eet
ings have provided forum s for the exchange of
ideas re g a rd in g effective ways in w hich banks can
w o rk to g e th e r.”
Today, as never before, the close and helpful
correspondent bank relationship is needed more
th an ever in developing a postw ar banking and
business program .
3>eab
Rami:
The other day w hen we h eard you speak about
the fu tu re of business and taxation, we wished
th a t th ere w ere more m en like you in public life.
The m ain points of your rem arks, we believe,
w ere these :—
1. The U nited S tates m ust have a po stw ar an
n u al incom e of $140 billion a y ea r or face
mass unem ploym ent.
2. H igh em ploym ent requires a sta n d a rd of liv
in g n ea rly a generation in advance of w here
we are today.
3. W e m ust g u ard ourselves from dangers from
tw o q u arte rs—from th e regim enters and from
th e economic appeasers.
4. Too high a ta x stru c tu re siphons the e x tra
purchasing pow er from the pockets of the
people.
5. E v ery holder of governm ent bonds m ust
receive his m oney in full an d th e m oney
ought to have about th e same purchasing
pow er th a t it had w hen th e bonds w ere
bought. Also, it is a dangerous fallacy to
say th a t the debt doesn’t m a tte r because we
owe it to ourselves.
governm ent expenses we m ust m ain tain a high
natio n al income, and this in tu rn can only be
accom plished if we keep people em ployed.
As a re su lt of the w ar, we know th a t A m erican
in d u stry can m anufacture a trem endous am ount
of goods and the big postw ar job will come in the
field of selling, advertising and d istrib u tio n , in
o rder to m ark et the goods which w ill be produced
for our civilian economy.
A m erica can and m ust do the job.
jbeasi
GUyfandt
W e were interested in your statem ent, Mr.
F olger, th a t you favored the In te rn a tio n a l B ank
fe atu re of the B retto n W oods agreem ent, b u t
th a t you were opposed to the m onetary fu n d
plan.
As president of the Investm ent B ankers Asso
ciation of A m erica you have, of course, m ade a
real study of these two financial in stitu tio n s
w hich were proposed a t the B retto n W oods m eet
ing.
W e quite agree w ith you th at, “ in reality , the
B retto n W oods proposal is an app ro p riatio n m eas
u re involving billions of dollars of tax p ay ers
money, and th a t they are p u ttin g up the lio n ’s
share of the c a p ita l.”
W e w ere also in terested in your statem en t:
“ W e m ust not give our country aw ay either to
our own citizens or those of any other country.
If our soldiers a r e n ’t the best, if our factories
a r e n ’t the best, if our business and ban k in g p ra c
tices a r e n ’t the soundest and best, we shall not
long stay in our present pre-em inent position.
“ M ake no m istake, the m arriage proposal ad
vanced u n d er the pleasant surroundings of B re t
ton W oods involves one of the g reatest decisions
this country w ill be called upon to m ake. Once
we have p u t the dollar back of the currencies of
the w orld, we c a n ’t back out. This m arriage is
fo r k eeps.”
Yes, indeed, Mr. Folger, it will not be easy for
us to divorce ourselves from this m o n etary m ar
riag e and therefore a com plete and fra n k discus
sion of both the b an k and th e fu n d should be con
tinued so th a t the best financial arran g em en t m ay
be consum m ated before the m arriag e actu ally
takes place.
jP' $ * f /
{j jP| *
C ertainly, Mr. R-uml, if we are to service a
$300 billion natio n al debt to g eth er w ith other
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
N orthw estern B anker
A p ril 19b5
12
-------------------------------------- \
OFFICERS
W. J. GOODWIN
Chairman, Board of Directors
E. F. B U C K LE Y
President
FRANK R. W ARDEN
Vice-President
A. T. DONHOW E
Vice-President
LEHM AN PLUM M ER
Vice-President
J. R. CAPPS
Vice-President and Cashier
FRED H. QUINER
Vice-President
PROFOUND
EM M ETT E. JOHNS
Vice-President
NOEL T. ROBINSON
Vice-President and Trust Officer
GRATITUDE!
I. L. W RIGHT
Trust Officer
ALB ER T C. ROBERTS
Assistant Trust Officer
GEORGE L. N ISSLY
Assistant Trust Officer
W it h th e a p p r o a c h o f o u r F i f t i e t h
*IRW IN ABRAM
Assistant Cashier
M ilestone w e acknow ledge — w ith deep
G. W. BARTM ESS, JR.
Assistant Cashier
appreciation — the great and g ood part
J. E. QUINER
Assistant Cashier
our Correspondent Customers have played
*D. R. W ITH IN GTON
Assistant Cashier
in the grow th o f our bank.
W. G. KAN E
Assistant Cashier
It goes w ith ou t saying that w e w ill m ake
C. M. LARSEN
Assistant Cashier
every hum an effort to justify a continua
G. R. PARKER
Assistant Cashier
tion of that Confidence, Good W ill and
*0 n leave of absence serving
in U. S. Armed Forces
Friendship.
em b er
C E N
T R A
L
f . d .i .c
.
50 YEARS of
FRIENDLY
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N orthw estern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A pril 19^5
I#
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W
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R ill! I im ;pi SI I iN flM K H i ” A
DÉS M O I N E S ,
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SERVICE
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OUR 50th YEAR
13
G angw ay!
I f yo u w o u ld lik e ex tra co p tes of th is p ic tu re w e w ill be g la d to sen d them to y o u w ith our com p lim en ts.— The N o rth w este rn B anker.
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
N orthw estern B anker
A pril 1945
14
How O ur Directors DftßCt
Executives of W ell-Operated Banks Tell How Their Directors
Contribute to Better Bank Management
—A Northwestern Banker Survey—
agem ent can reach out w ith certain ty
and enth usiasm , know ing all new cus
tom ers w ill be w ell received.
“W e have tw o d irecto rs’ m eetings
each m onth, and to these m eetings w e
b rin g o u r com bined know ledge of busi
N. FRESCOLN, vice p resid en t and ness conditions in th e H um boldt te r
♦ cashier, F irs t N ational B an k in
rito ry . All m em bers of th e board are
Fairfield, Iowa:
on th e discount com m ittee. A ttorney
“O ur directo rs tak e an active in te r
C. W. Garfield is president, and G. P.
est in th e m an ag em en t of o u r b an k and Ruse, th e druggist, is vice p resid en t
are alw ays g ettin g us new business.
of our board. T he o th er tw o m em bers
“W e have one m em ber on our board
are G. J. Bicknell, and J. F. M iller. I
w ho buys cattle an d is in th e co u n try m ig h t add by w ay of p aren th esis th a t
a g re a t deal. W hen he is in th e te r o u r fo rm er director, J. F. M iller, is also
rito ry he alw ays tells th e farm ers of H um boldt county rep resen tativ e to th e
th e service th a t can be ren d ered to state legislature, hav in g served for
th em a t o u r bank. H e also checks th e th re e term s. Mr. B icknell is an a tto r
ch attel m ortgages for us, an d has good ney.
suggestions to give o u r custom ers, as
“The ideal b ank d irector is th e b u si
he is v e ry w ell inform ed in livestock
m atters. T he o th er directo rs n ev er ness m an, th e professional m an, and
m iss an o p p o rtu n ity to tr y to get loans th e fa rm er w ho is a success in his own
line, an d w ho is w illing to sh are his
an d new accounts for us.”
B. B. Watson, cashier, F ir s t N ational know ledge and experience w ith th e
b an k m anagem ent. He helps form ulate
B ank, H um boldt, Iowa:
“F o u r of th e leading m en of th is com th e b a n k ’s policies; he helps m ake de
m unity , to g e th e r w ith m yself, m ake cisions on credits; he backs up execu
up o u r b oard of directors. Two of tive officers in th e han d lin g of th e gen
th em a re atto rn ey s, one is a druggist, eral public; and he tak es tim e now
an d one is a farm er. T hey are all v ery and th e n to direct oth ers to b rin g
successful in th e ir chosen fields, an d th e ir b u siness to th e b an k he believes
th e y ta k e a real in te re st in th e p ro g in. T hese are th e k in d of directors w e
ress of th e bank. T h a t m akes th e k in d have. I t is th is k ind of a b an k th e com
of a team a cashier appreciates. W e m u n ity instin ctiv ely tru sts, an d en
have absolute confidence in each other, joys doing business w ith. T he re su lt
and th a t sp irit ra d ia te s th ro u g h th e is a steady g row th.”
H. Lee Huston, cashier, Colum bus
w hole bank, and th e em ployes feel it.
Ju
n c tio n S tate B ank, Colum bus Ju n c
W ith th a t k in d of a background, and
th e active cooperation of th e directo rs tion, Iowa:
“W e do believe th a t our b an k does
am ong th e ir friends, th e b an k m anE d ito r’s Note: T h is is the th ird in
a series of articles on “H ow Our Direc
tors D irect.” H ere a nother group of
hankers tell of the activities of th eir
directors, and how the la tter cooperate.
L
N orthw estern B anker
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Federal Reserve Bank of St. Louis
A p ril 19b5
enjoy th e rep u tatio n of having active
directors.
“I t is im possible for us to state any
one o u tstanding reason as to w h y w e
have such an active board of directors.
I t has ju st n a tu ra lly grow n th a t w ay,
and has been so from th e v ery begin
ning. It is n o t because of any m a
neu v erin g on th e p a rt of an y one indi
vidual, b u t it has long been th e policy
to keep th e directors inform ed and
ask th e ir active cooperation.
“In th e first place, it has been th e
plan to alw ays scatter th e directors in
different localities, choosing m en w ho
are inclined to be active in th e ir ow n
w ork. W ith m en of th is caliber to
w ork w ith, th e n e x t step is to seek
th e ir help and m ake use of th e ir know l
edge of m atters in th e ir ow n localities.
“Being a d irector in a b an k is n ot
ju s t a m a tte r of being a figurehead.
F ra n k and open discussion of m atters,
m aking use of ideas and inform ation
of th e m em bers, inform ing th em on
m a tte rs w hich are foreign to them ,
seem s to w eld th e board to g eth er and
to cause th em to use th e ir individual
efforts in th e b a n k ’s behalf. If we w ere
to sum up in a v ery sh o rt w ay, we
w ould say th a t our directors do ju s t
w h a t th e ir position im plies, th e y direct
th e activities of th e bank. T hey tak e
pride in th is active responsibility, an d
alw ays use th e ir efforts w h erev er pos
sible.
“You w ill note th a t from th e above
explanation th e re is certain ly n o thing
of any su p er plan to inveigle th e ir un(T u rn to page 43, please)
OUR 50th YEAR
15
W h y Cattle Loans A re
Sdf6
Loans
And Following Six Loaning Principles Can Keep Them That W ay
E E D E R cattle loans have form ed
th e backbone of th e note case in
C linton C ounty b an k s for m any
years. The ru ra l b anks count largely
upon incom e from such loans and even
h e re in C linton, now quite indu strial,
w ith a p opulation exceeding 30,000,
th e b an k s re g a rd hig h ly th e ir farm
business, w hich includes a nice volum e
of cattle loans.
C entral ea ste rn Iow a is a heavy c attle
feeding te rrito ry w ith a concentration
of feeding in our county. Corn produc
tion is h eav y an d it seem s to be tra d i
tio n al w ith our farm ers th a t all corn
m u st be “processed” by cattle and hogs
before going to m ark et. F o r y ears th e
city of C linton w as w ith o u t a g rain
elevator.
C attle feeding in th is area w as early
in tro d u ced by th e farm ers of G erm an
ex tractio n w ho settled in th is te rrito ry ,
an d th e developm ent h ere is q uite like
th a t in several o th er Iow a com m uni
ties settled by G erm an farm ers, such
as D enison, Schlesw ig an d H olstein in
w e ste rn Iowa. In a com m unity w here,
for years, feeding h as been alm ost as
k in d red to farm in g as th e raisin g of
g rain, th e re are v ery few am ateu r
feeders. Sons le a rn abo u t cattle from
th e ir fa th e rs and w h en th e boy goes
o u t on his own, he is usu ally a good
cred it risk for a load of feeders d u rin g
his v ery first y e a r of farm ing. On
w h a t o th er ty p e of farm c h a tte l can a
b a n k e r so safely advance, say $1,600,
(approxim ate cost of tw e n ty light
steers averag in g 550 p ounds), to a
beginner, w ho h as v ery little assets,
b u t does have th e c h a ra c ter an d th e
“know -how ”? A n operatin g ch attel
m ortgage of half th e size m ig h t be
classified as a p re tty slow piece of
paper.
M oney advanced on b a rn y a rd c h a t
tels is u su ally held to m odest sum s
w hich th e b o rro w er can ea rn and pay
off in a y e a r or so; th u s th e borrow ing
pow er of m an y farm ers is low. T his
borro w in g pow er increases several
fold on purchase-price cattle paper, as
an experienced fa rm e r w ith a net
w o rth of say $7,000, should be a good
risk on cattle p ap er ru n n in g into sev
eral th o u san d dollars a t one tim e.
F
By Bruce Townsend
Vice President
C i t y National Bank
Clinton, Iowa
field and a little arith m etic w ill prove
th a t h u n dreds of thousands of dollars
are borrow ed each year to pay for
these cattle w hich come in from the
range.
To farm ers w ith a m odest n e t w o rth
and of proven ability, loans are g en er
ally m ade for th e full purchase price
su pported by a ch attel on th e cattle
and sufficient corn and roughage to
feed out th e steers as planned—cash
for com m ercial feeds m u st be available
or arran g ed for. The cattle are de
scribed by num ber, type, average
w eight, brand, if any, date purchased,
and th e nam e of th e b ro k er or rancher.
A b an k rep resen tativ e calls on th e
farm er sh o rtly after th e cattle are p u r
chased, p a rtly to m ake an appraisal,
b u t m ostly to show an in te re st and be
come b e tte r acquainted w ith th e farm
er. As bankers, th ere is m ore to be
gained in “know ing our farm ers b et
te r,” th a n in “know ing our cattle b et
te r.”
T he w rite r w as born and reared in
a te rrito ry w here cattle feeding w as
th e exception ra th e r th a n th e ru le and
those exceptions w ere u sually “in s”
and “o u ters”—farm ers w ho trie d to
guess in w hich y ears to feed and in
w hich to stay out. T hey usually bought
too heavily w hen th ey decided to feed
and w ere req u ired to purchase a siz
able am ount of th e necessary corn. If
th e m ark et w as below anticipation a t
shipping tim e, th e farm er bought m ore
corn on borrow ed m oney, biding th e
tim e w hen th e m a rk et w ould confirm
his judgm ent. H is losses w ere som e
tim es substantial. In o th er years, some
farm er in th e com m unity w ould m ake
a “killin g ” by feeding a large num ber
on an “up m ark et.” So, in m any midw estern com m unities w here corn is
plentiful, cattle feeding becam e re
garded by farm ers and b an k ers as
speculative farm in g and a v e n tu re to
be avoided by th e conservative.
T he recen t y ears I have spent in
Clinton county have d em onstrated to
me the m any v irtu es of cattle feeding,
both to farm ers and bankers, a n u m ber
of w hich I w ill en u m erate even though
it w ill be ju st “polishing off an old
ch estn u t,” to m any m idw estern b an k
ers:
The good feeder anticipates that
over a period he w ill receive about
one-fourth more for his corn when fed
to cattle.
(T u rn to nex t page, please)
Cattle in Every Lot
U pon ta k in g a rid e th ro u g h Clinton
C ounty in th e fall of th e year, th e re is
evidence of from one to five loads of
ca ttle in m ost every b a rn lot or stock
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
Irene Green Photo
T hese a re th e k in d o f b a b y b e ev e s you w ill find in a ty p ic a l
C lin to n C o u n ty fe e d lot.
N orthw estern Banker
A pril 19^5
16
W e M ake It TOU%h for P. C. A .
A n d the P. C. A . Representative Admitted W e Did
T WAS some th re e or four y ears
ago th a t we realized g o vernm ent and
o ther com petition w as c u ttin g in
on our business too m uch for us to
stan d long. W e decided to p u t fo rth a
special effort to get and keep our sh are
of local financing. W e w ere then, and
are now, of th e opinion th a t our sh are
should be large, since su rely th e em er
gency in ag ricu ltu ral financing is about
over. The bulk of our loans a re m ade
up for agriculture, since we are a
sm all ru ra l bank. T herefore, m ost of
our plan n in g w as along th is line.
Our first step w as to reduce our in
te re st ra te on all loans w hen p u t on a
secured basis. This included o u r com
m ercial loans, as w ell as th e agricul
tural. W ith th is ra te and plan w e w ere
close enough to th a t of th e PCA. So
we gave th em keen com petition.
W e sta rte d keeping a record of th e
loans m ade to our custom ers th a t w ere
handled by our com petitors. On th is
record we trie d to have such in fo rm a
tion as th e am ount of th e loan, its m a
tu rity , and w h a t m ade up th e security.
Also we m ade a list of prospective b o r
row ers for th is ty p e of loan. On both
these lists we found th e m ajo rity to be
individuals w ho cam e in o u r office
quite often for some k ind of b anking
service. By th is m eans we w ere able
to m ake th e o p p o rtu n ity for contacting
prospective borrow ers.
W e atten d ed public sales and at
every chance w ould handle th e clerk
ing. T his m ade our rep re se n ta tiv e
I
C A T T LE LO A N S
(C ontinued from page 15)
V aluable fertilizer is acquired w hich
in creases the value of the land and
im proves production.
Cattle represent the best m edium , by
far, of con vertin g the roughage on a
farm in to cash and fertilizer; w h ile
hogs th rive on concentrated food.
T here is en joym en t in the hand lin g
of livestock , particularly cattle, that
offsets som e of the drabness in raising
grain, and m akes farm ing a more
colorful year-around job. Cattle hold
the in terest of m any a farm boy in the
soil.
The farm er gain s both education and
satisfaction in the purchasing, han
dling and sellin g of h is cattle. H e en
joys th e fascin ation of try in g to m ake
N orthw estern B anker
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Federal Reserve Bank of St. Louis
A p ril 19S5
By N. E. Thornburg
Assistant Cashi er
The Parker Banking Company
Parker, Indiana
What We Did—
1. Reduced
Our
Interest
Rate—
2. Kept a Record of Loans
Our Competitors Made to
Our Customers—
3. Made a List of Prospec
tive Borrowers—
4. Attended
and Clerked
Public Sales, and G o t A c
quainted with Everyone
W e Could—
5. G o t People to Talking
About Our Plan.
available w hen th e need for m oney
w as a t hand.
It w a sn ’t long u n til people began to
ask about our plan. W e kn ew it w as
being talked about. It came back to us
th a t th e PCA rep resen tativ e w as even
saying th a t we w ere giving them tough
a good buy and m arketing at a sa tis
factory price. F in ish in g a hunch of
steers and tak in g them to m arket is
not u nlike the sp irit of anticipation
one exp erien ces in atten d in g a great
athletic contest.
The risk in feed in g cattle seem s to
be no greater than in g row in g and
m ark eting grain, hogs or produce.
P rices of all such com m odities m ove
up and d ow n throughout th e years and
the records w ill sh ow th at th e sw in g s
in cattle prices average w ell w ith the
other farm produce. T here is a m ental
difference, h ow ever, due to the sub
stan tial ou tlay of cash n ecessary to
acquire the feeders. The other farm
com m odities m en tion ed are gen erally
produced on th e farm and w h a tev er
the u ltim ate m arket price, the pro
com petition. This w as some of the
best advertising we could get.
We called this type of loan our
“F eeder Loan,” even though it w as
often used for general farm financing.
It carried an in terestin g title and gave
them a nam e to ask and talk about. We
tried to m ake it our business to do
things and be places, so th a t w hen peo
ple th o u g h t of financing th e y w ould
th in k of our bank. E ven though we
did get a fairly good s ta rt in th is w ork,
our volum e in loans has dropped, due
to th e b e tte r income received by the
farm ers du rin g th e p ast tw o or th ree
years.
Due to th e lack of dem and for this
type of m oney at th is tim e, we are
m aking a special effort tow ard real es
tate loans. We are using practically
the sam e m ethod on these loans as w as
used on our feeder loans.
The resu lts from this effort, w hich
is very new, have been th e obtaining
of several tow n p ro p erty loans and a
few farm m ortgages, m ade by our ow n
custom ers to outside interests. W e
find in m any cases th a t th e borrow er
did not know we w ere able to m ake
such loans. In other cases th ey did
n ot know we w ere com peting on rates.
W e believe it is high tim e th a t our
custom ers should be m ade aw are of
these facts. E ven though th ere is not
a great dem and for any of these types
of loans at this tim e, we are try in g to
keep our m achinery ready w hen th is
type of business opens up.
ducers seldom m easure it in term s of
profit or loss.
The exp erience of Iow a hanks in
depression years w ith feeder paper
w as quite favorable, the h ea v y agricul
tural lo sses com ing largely through
real estate m ortgages, overextended
loans on registered breeding cattle and
burdensom e operating ch attels. A bout
the on ly headaches our bank has had
in cattle paper have grow n out of loans
to cattle dealers and scalpers.
F eeders in th is te rrito ry have, for
years, been stro n g su p p o rters of the
In tern atio n al L ivestock Show in Chi
cago and over a long period of exhibi
tion have ann u ally carried aw ay a
goodly percentage of th e aw ards. In
th e 1944 In tern atio n al, Clinton county
en tered 27 carload lots of cattle, and
practically all of these cattle w on
OUR 50th YEAR
17
How to Foil the
Phony Check P a sser
Five Quiz Questions That Will Help to Gum His Gam e
By Ernest A . Dench
T he lo n g er you can k e ep th e q u e stio n a b le char
a c te r b e fo re you, a n s w e rin g q u e stio n s, th e
e a sie r is h is ap p reh e n sio n .
VALU A BLE C anadian co n trib u “Your phone n um ber is 2136?” In
tion to fra u d u le n t check p re v e n variably th e te n d e re r w ill im m ediate
tio n is a plan to th ro w th e te n ly answ er, “T h at is correct,” believing
th a t you are read in g from th e check
d erer off his guard.
I t is to subject th e phoney p ap er a r w ith o u t being sure of th e num ber
w ritte n on th e back of th e check.
tis t to a local geography quiz. As th e
te n d e re r is in v ariab ly a s tra n g e r—a
2. A nother v ery satisfactory m ethod
tra n s ie n t—he w ill soon b e tra y his ig is to say: “You live at 420 P ender
norance. H e m ay have superficial
Street. I have a v ery dear friend, Mrs.
know ledge of a few local streets, tele Alice M eyers, living close to you. How
phone exchanges and tra n s it lines, b u t is she?” I t can, of course, be any o th er
it w ill n o t be equal to a close exam ina fictitious nam e you can in v en t on the
tion. T he easiest w ay to stu m p him is sp u r of th e m om ent. T he check pass
on landm arks, both p e rm a n e n t and
er, w ith his m ind on hav in g th e check
tem p o rary , in connection w ith th e
cashed, and being off guard, w ill u su
stre e t address or telephone n u m b er he
ally reply: “Oh, yes, Mrs. M eyers. I
gives. H e will, of course, bluff it out, know h e r well. She is fine.”
b u t th e answ ers, in v ariab ly w rong, w ill
3. A nother results-proven m ethod is
enable you to d etect his fra u d u le n t in to say: “So you live at 420 Pender,
tentions.
do you? How is th a t stre e t up w here
you live? T hree w eeks ago it w as so
T he V ancouver (B ritish Colum bia)
to rn up th a t we couldn’t drive on it.
police d ep artm en t, u n d e r th e sig n atu re
of D. M ackay, chief constable, has is H as it been fixed up y et?” T he incrim
in atin g answ er w ill be: “No, it’s still
sued th e follow ing suggestions for th e
to rn up,” or “Sure, it’s all straig h ten ed
guidance of V ancouver business m en
out now .”
and ban k ers:
1.
W hen a check is p resen ted by a 4. A highly favored m ethod is to ask
person unknow n, or by a stran g er, th e p resen ter: “1510 E lev en th W est is
close to th e K itsalano School, isn ’t it? ”
stu d y sam e for a few seconds. T hen
read, incorrectly, th e address or tele T his school, like any o th er school
chosen to tra p th e presen ter, is far
phone num ber. F o r instance, if th e
address w ritte n on th e check is 1320 d istan t from th e address quoted. The
B lenheim Street, sim ply say “Y our ad answ er, in nine cases out of ten, w ill
d ress is 1330 B lenheim ,” or if it is a be “Yes.”
5. If the b an k er is fam iliar w ith th e
telephone n u m b er such as Seym our
city ’s stre e t n u m bering system , as he
1236, tr y to tric k th e te n d e re r w ith
should be, th e question can be asked:
“1510 E lev en th is betw een Oak and
G ranville, isn ’t it?” Of course, th e in
tersection nam ed is far distant. A gain
th e answ er w ill be “Yes,” th e p resen ter
believing you to be correct. Or th is
sim ple question can be asked: “W hat
is th e n earest cross stre e t to th is n u m
ber?”
As Chief Constable M ackay points
out, these trick questions w ill not of
fend th e ten d erer of a good check. H e
or she w ill correct you on your “m is
tak es.”
Still an o th er advantage of th e fore
going technique is th a t it serves to
detain th e frau d u len t check p resen ter
longer th a n he desires. E v ery second
m ore th a t m an is in fro n t of you, th e
b e tte r you can appraise him . Each
question w ill increase his nervous te n
sion—his m ain urge to get th e cash
and be on his w ay again. P erh ap s he
fears th a t you recall his photograph
and description on a poster issued by
some law enforcem ent agency, and
have m ade some secret signal to an
associate w ith the objective of calling
th e police departm ent. No h onest p e r
son w ill show signs of nervousness or
haste.
groups, as w ell as farm er groups, give
considerable recognition to th e cattle
business w ith a view of retain in g th e
in te re st of farm ers, an d especially the
farm boys. Our fall calendar is about
as follows:
E a rly A ugust—Miles, Iowa, 4-H
B aby Beef Show—sponsored by Jo h n
R. W itzigm an, cashier of th e Miles
Savings Bank.
L ate A ugust—C linton County F arm
B ureau F estival and Club Show held
a t D eW itt, Iow a—exhibition of 4-H
baby beeves as th e headliner.
E arly Septem ber—Clinton C ounty
(T u rn to page 35, please)
A
aw ards, including tw o first place
aw ards. T h ere w ere m an y 4-H baby
beeves exhibited and, as a g ran d finale,
seventeen-year-old Ben G reve of B ry
ant, C linton county, Iowa, w on th e
g ra n d cham pionship w ith his H ereford
steer, “T eddy.”
A nnually, local
business m en ’s
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Have you ever had any experience
with a bad check passer in your bank?
If you have, xorite and tell us about it.
Address The Editor, The Northwestern
Banker, 527 Seventh Street, Des Moines
9, Iowa.
N orthw estern Banker
A pril 19^5
18
How Country Banks A re Advertising
Below are examples of local newspaper advertises selected by the Northwestern
Banker and being used by banks in towns of population from 700 to 4,500.
B Y FINANCING
THE NECESSARY EQUIPMENT
w t LAN ASSISI
FARMER and STOCKMAN
Vou are one of the few creators of tangible
wealth.
Unlike the miner and the oilman you can create
new wealth without depleting you resources, the soil
of your farm. Preserve, or better still, improve your
soil.
Support you soil conservation district.
First National Bank
David City, Nebraska
Member Federal Deposit Ins. Corp.
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Y>es* -Ai<*1
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N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A p ril 1945
OUR 50th YEAR
19
N e w s a n d V ie w s
O F THE B A N K IN G W O R LD
By Clifford D ePuy
W
L. H EM IN G W A Y , p re sid e n t
of th e M ercantile-Com m erce
♦ B an k an d T ru s t C om pany of
St. Louis, a n d p ast p re sid e n t of th e
A m erican B an k ers A ssociation, told
congress re c e n tly th a t th e B retto n
W oods proposal for an in te rn a tio n a l
cu rren cy stab ilization fu n d ten d s to
w ards, “m anaged econom y and th at is
t otalitarian is m
Mr. H em ingw ay also said, “W e see
here an econom ic su perstate im posing
its w ill on its m em bers in turn adopt
ing or exten d in g a program for m an
aged currency.”
Jeff B u rn ett is th e new se c re ta ry of
th e A rk an sas B an k ers A ssociation a p
pointed to succeed th e late R obert E.
W ait.
Mr. B u rn e tt h as been a ssista n t
executive d irecto r of th e A rk an sas
P ublic E x p e n d itu re Council for th e
p ast tw o years. A n ativ e of Dum as,
A rkansas, he w as cashier of th e M er
ch an ts an d F a rm e rs B ank th e re for
17 years.
In 1928 he rem oved to
L ittle Rock an d becam e a ssista n t vice
p resid e n t of th e B an k ers T ru s t Com
pany.
Dr. Orval W atts, econom ic counsel
of th e
m erce,
of th e
in one
Los A ngeles C ham ber of Com
h as issued a detailed analysis
B re tto n W oods ag reem en t an d
place he says; “A m erican tax
payers w ou ld provide m ost of th e real
m oney in the fund and th e bank for
foreign n ation s to juggle in ‘m anagin g’
th eir currencies, and th eir d om estic
econom ic p olicies, w ith th e U n ited
S tates p ow erless to in terven e, because
v o tin g control is surrendered to for
eign n ation s.”
F arm L and prices have in creased on
th e average fo r th e co u n try as a w hole
43 p e r cen t since 1940 com pared w ith
36 p e r cen t increase d u rin g W orld
W ar I.
W orm s, G erm any, is located on th e
w est b an k of th e R hine b u t th e re are
still a lot of people w ho th in k th a t
th e re are a good m an y G erm ans w ho
tu rn e d o u t to be w orm s as fa r as th is
w a r is concerned.
By a vote of 52 to 36, th e U nited
S tates S enate refu sed to confirm A u
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
brey W illiam s as ru ra l electrification
ad m in istrato r. T he Senators th o u g h t
he w as too m uch in favor of th e com
m un istic view point in th is country.
As to his economic views, he said he
favored “sh arin g t h e op p o rtu n ity
ra th e r th a n dividing th e w ealth .”
Mr. W illiam s w as originally a so
cial w o rk er in W isconsin and w as
b ro u g h t to W ashington by H arry H op
k in s in th e early days of th e N ew Deal
to help ru n F ed eral relief. Mr. W il
liam s w ill continue as d irector of or
ganization for th e N ational F arm ers
U nion.
A. M. Strong, vice presid en t of th e
A m erican N ational B ank a n d T ru st
Com pany of Chicago, has ju s t p u b
lished a v ery in terestin g booklet, “Im
p o rt F in an cin g by L ette r of C redit.”
W e are sure th a t if you have n ot y et
seen a copy of th is booklet, Mr. Strong
w ill be glad to send you one w ith his
com plim ents.
H arry B. Coffee, presid en t of th e
U nion Stock Y ards Company, Omaha,
in a letter to th e N orthwestern B anker,
said, “ W hile receip ts of hogs at Omaha
during January, F ebruary and March
One w ell-know n in v estm en t advis
ory service in discussing b an k profits
and b an k earnings had th is to say:
“B ank profits have show n alm ost
unbelievable expansion. N et op erat
ing profits of 16 leading N ew Y ork
b anks increased 13.8 p er cent in 1944
over th e figures for 1943. F o r those
sam e banks, th e 1944 profits w ere 70.5
p er cent h ig h er th a n th ey w ere in
1939. In those sam e years, how ever,
S tan d ard & P o o r’s index of New York
b an k s advanced from 95.8 a t th e end of
1939 to 112.6 a t th e end of 1944, an
ap preciation of only 17.5 p er cent.
D ividends paid on b an k stocks are on
a conservative basis, generally less
th a n 50 p er cent of n et operating in
come. E arn in g s in excess of dividends
are being re tain ed for augm ented cap
ital funds, and it is n o t necessary—
as in bygone y ears—to use earnings
to absorb losses. L arg er cash dis
b u rsem en ts are a prospect over th e
longer term for m ost rep resen tativ e
b a n k sh ares.”
“B ecau se m any A m erican citizen s
today are burdened by double ta x es on
the sam e incom e, one to th eir ow n
govern m en t and an oth er to the coun
try in w h ich th ey have b u sin ess or
in vestm en t in terests, th e U nited States
should extend her in tern ation al trea
ties on double taxation ,” states Paul
D eperon, secretary of th e fiscal com
m ittee of th e League of N ations, an d
m em ber of th e League S ecretariat, in
a recen t study: “In tern ation al D ouble
T axation,” published by th e com m it
tee on in tern atio n al economic policy,
in cooperation w ith th e Carnegie E n
dow m ent for In te rn a tio n a l Peace.
HARRY B. COFFEE
. . .
re c e ip ts la rg est in h is to r y o l Omaha m arket.
show ed a decline of 56.37 per cent, cat
tle receip ts sh ow ed an increase of 14.8
per cen t and w ere the largest of any
January, F ebruary and March in the
history of the Omaha liv esto ck m ar
k et.”
D aniel W . Bell, u n d er secretary of
th e U nited States T reasury, says th a t
over th e last calendar year, $25,514,000,000 w o rth of W ar Bonds w ere sold
and $15,957,000,000 w ere redeem ed.
H e said th e redem ption ra te w as
ru n n in g a little over 1 p er cen t a
m onth, as com pared w ith bonds o ut
standing.
The A utom obile M anufacturers A s
sociation has issued some in terestin g
facts about th e autom obile in d u stry
and states th a t 77 o ut of 100 m otor
vehicle dealers are still in business,
and it also says th at, “T he h ighest
p ro portion of old cars on th e ro ad are
ow ned by farm ers an d u n skilled w o rk
ers. Of 25,608,400 passenger car reg is
tratio n s, 17.4 p er cent are 12 y ears or
N orthw estern B anker
A pril 1945
20
older, w ith farm ers ow ning 28 p er cent
of these and unskilled w o rk ers ow n
ing 31.9 p er cent.
“A pproxim ately 80 p er cent of all
state highw ay funds cam e from m otor
vehicle taxes. L ast year, special taxes
on m otor tru c k s averaged $126 a v e
hicle, providing over half a billion
dollars in revenue. Special bus taxes
totaled $995 per vehicle, w hile special
taxes on m otor vehicle ow ners b ro u g h t
m unicipal, county, state and federal
govern m en ts $1,820,000,000 d u r i n g
1944.
Joseph Stagg L aw rence, editor of
th e “E m p ire T ru st L e tte r,” issued by
th e E m pire T ru st Com pany of N ew
York, in discussing th e In te rn a tio n a l
B ank M onetary F und, points out th a t
am ong others, tw o “influential groups
m ay be found in solid su p p o rt of th e
new spending th eo ries—organized la
bor and our dom estic com m unists,
plus th e idealogical cam p follow ers
and fellow tra v e le rs.”
The S even th W ar Loan D rive w ill
be from May 14th to Ju n e 30th, accord
ing to Secretary of th e T reasu ry H enry
The total am ount of the
bonds to be sold w ill be $14,000,000,000,
w ith $7,000,000,000 to be sought from
individuals and $7,000,000,000 from
non-bank institutions. The goal for
E Bond sales w ill be $4,000,000,000, th e
h ig h est of any drive.
M orgentlian.
F ran cis N. P avesich , chief of th e
loan g u aran tee division of th e v e te r
a n s’ adm inistration, rep o rts th a t less
th a n 1,000 loans have been m ade u n
der th e G. I. Bill of Rights.
He believes th a t th e lending p ro
gram is proceeding slow ly because of
th e lack of com plete know ledge of th e
use of the bill and th e regulations con
nected w ith it.
Tom K. Sm ith, presid en t of th e B oat
m en ’s N ational B ank of St. Louis, is
calling a special m eeting of the stock
holders for May 1, 1945, to consider a
plan to issue a 20 per cent stock divi
dend.
A t th e p resen t tim e, the B oatm en’s
N ational B ank has a capital of $2,500,-
Little Sticker Promotes Personalized
Check Accounts
N A TTRA CTIV E sticker, p ro m o t
ing personalized custom er check
accounts, has been used for som e w eeks
by th e M ississippi V alley T ru st Com
pan y of St. Louis and, according to
Grace M. Mack, ad v ertisin g m anager
of th e bank, is p roving an effective a t
tention-getter.
A
The original stick er is of th e approx
im ate size and shape as reproduced
here, except it is in colors. The w o rd
ing in th e cen ter “Personalized Custom
Check,” etc., ap pears in w h ite on a blue
background, th e blue being a circle.
The sm all “M issouri V alley” trian g le
in th e original is w h ite ty p e on a red
background, w ith th e background for
th e stick er p ro p er an off-white.
“As fa r as I know ,” com m ents Miss
Mack, “th is is th e first tim e w e have
used a stick er in our prom otion, and so
I am p a rtic u la rly in terested in it. The
stick er is c u rre n tly being used on all
letters going out from our savings de
p a rtm e n t and our in sta llm e n t loan de
p artm en t. I t is placed on th e le tte r
head, n o t on th e envelope. A check of
the sources of th ese pay-as-you-go ac
counts already opened reveals th a t a
large n u m b er of th em have been
opened by savings depositors. So it
seem s only logical to follow up th is
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A pril 19^5
PERSONALIZED
C aA io+ nO U ecJz
Aoccumti.
NO MINIMUM BALANCE
NO DEPOSIT CHARGE
CHECKS JUST
7 x/z<ji
k
EACH
lead. As far as th e loan custom ers go,
I know we are not alone in th in k in g
th a t th e y are A-l prospects.
“W e are also aim ing some reg u lar
d irect m ail pieces to our savings and
loan custom ers. It is difficult to say
ju s t w hich resu lts are to be attrib u te d
to th e sticker, and w hich to th e o ther
pieces. H ow ever, since we are n o t ad
v e rtisin g th e accounts w idely th ro u g h
any o th er m edium (except lobby
signs), and since th ey are m oving
along nicely, I suppose th ey are both
playing an im p o rtan t p art. I plan to
expand its use shortly to include our
safe deposit d ep artm en t.”
000, su rp lu s and undivided profits of
$3,387,000, and deposits of $138,000,000.
F rom D ecem ber 31, 1934, to M arch
13, 1945, th e deposits have increased
approxim ately $100,000,000.
The Office of P rice A dm in istration
recently cleared up th e definition of
an “in d u strial u se r” in th e follow ing
wordst
“U nder rationing, an ‘in d u strial
u se r’ of processed foods is one w ho
uses a processed food to produce a
product th a t is not a processed food.”
A pril 25th w ill s ta rt th e m om entous
h earings for th e W orld Secu rity Plan
outlined at D um barton Oaks w hen the
delegates m eet a t San F rancisco for a
m onth or m ore of deliberation.
A. G. Sam, p resid en t of th e F irst
N ational Bank, Sioux City, issued a
v ery fine statem en t on M arch 20, 1945,
w hich show ed deposits of $14,752,217
and cash and due from banks of
$4,142,732; U. S. go v ern m en t bonds
$7,667,088, and loans and discounts
$3,148,594. The b ank now has a capi
tal of $400,000; su rp lu s and undivided
profits $337,383, and a reserv e for con
tingencies of $60,000.
F ran k W arner, secretary of th e
Iowa B ankers A ssociation, is now
w orking on p rep aratio n s for th e sev
en th w ar loan drive May 14 to Ju n e
30, 1945.
A conference w as held recen tly of
th e executive com m ittee of th e associ
atio n ’s statew ide “W ar Bond Sales
O rganization” in collaboration w ith
H. L. H orton, presid en t of th e IowaDes M oines N ational Bank, w ho is cochairm an and V ernon Clark, executive
m anager of th e Iow a W ar F inance
Com m ittee.
Mr. W arn er anticipates th a t a m ajor
state m eeting w ill be held som etim e
in A pril to fu rth e r discuss w ays and
m eans of reaching th e goal set for
th e seventh w ar loan drive.
Promotion
J. N. Peyton, p resid en t of th e F ed
eral R eserve B ank of M inneapolis, a n
nounces th a t th e board of directors of
th e b an k has advanced H arold G. Mc
Connell from a ssistan t vice presid en t
to vice presid en t of th e bank. Mr. Mc
C onnell’s p rincipal duties are in con
nection w ith credits and loans and
w ith guaran tees by th e F ed eral R e
serve B ank of w ar production loans as
agent for th e w ar d ep artm en t, nav y
departm ent, and m aritim e com m ission.
OUR 50tli YEAR
21
Prompt Transit Service
OM AHA
NATIONAL
BANK
M ember
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Fedirei
D eboli!
I n u lin e «
Corporation
N orthw estern B anker
A pril Í9'ió
Is the Legacy Alw ays Forfeited
W h en a W ill Is Contested?
NOW executed in favor of B radley
in K entucky a p rom issory note for
$1,000, due in six m onths. T he note
w as not paid on th e due date because
of certain d isputes b etw een Snow an d
Bradley. A fter such date B radley as
signed th e note for value received to
Shom er. Could Snow interpose in an y
claim by Shom er on th e note th e sam e
defenses th a t he could ag ain st B radley
w hile th e note w as in B radley’s hands?
S
Y es. W here a note is assigned after
m aturity, any d efen se w hich m ight
h ave been asserted by the m aker
again st th e original holder of the note
could lik ew ise be interposed by such
m aker again st th e assignee.
M axwell, an Iow a b an k er, died, leav
ing a w ill providing for certain lega
cies. The w ill fu rth e r provided th a t,
if any legatee should contest th e will,
th e legacy going to him should be fo r
feited. Two of th e legatees, acting u p
on th e advice of counsel and in good
fa ith and fo r pro p er cause, contested
th e will on th e g rounds of u n due in
fluence an d lack of te sta m e n ta ry ca
pacity. T hey w ere n o t successful in
th e contest. Did th e y fo rfeit th e ir
legacies?
No. In Iow a a w ill p rovision th at
con testin g legatees should fo rfeit leg
acies is n ot enforceable again st lega
tees w ho act upon advice of cou n sel
and in good faith and for proper cause
in con testin g a w ill on the ground of
undue influence and lack of testim entary capacity. T he Suprem e Court of
th at state so held in a recent decision.
A N eb rask a tr u s t com pany fore
closed on a m ortgage covering a 640
acre farm in th a t state in 1932. A t th e
foreclosure sale, held in 1933, th e com
p an y bid in the p ro p e rty for $17,000,
app ro x im ately th e full am o u n t owed
by th e m ortgagor. T here w ere no
o th er bidders. O bjections to th e sale
w ere raised an d th e sale w as se t aside.
T he p ro p e rty w as sold again in 1944.
A t th a t sale th e com pany w as th e only
b idder and th e am o u n t bid w as $15,000. V arious ap p raisers estim ated th e
This and Other Timely Legal
Questions Are Answered
By the
LEGAL DEPARTMENT
value as ran g in g from $9,000 to $18,000. T he m ortgagor objected to con
firm ation of th e second sale because,
a t it, th e p u rch aser bid less th a n it
did at th e first sale. T here w as no
show ing th a t a h ig h er bid could be
obtained in th e event of an o th er sale.
The d istrict co u rt confirm ed th e sale
and th e m ortgagor appealed. Should
th e d istrict co u rt be sustained?
Y es. In a very sim ilar case the N e
braska Suprem e Court held recen tly
that the sale should be confirm ed even
though the purchaser bid less at the
second sale than at the first. In doing
so it said that the m atter w as governed
by the gen eral rule in N ebraska on
real e s t a t e m ortgage foreclosu res
w hich is th a t an order confirm ing a
jud icial sale w ill not be reversed on
appeal for inadequacy of price w h en
there w as no fraud or sh ock in g dis
crepancy b etw een th e valu e and the
sale price, and w h ere there is no sat
isfactory evidence th a t a h ig h er bid
could be obtained in the ev en t of an
other sale.
Jo rd an p rocured a $5,000 insurance
policy in Ohio on his life in w hich his
frien d and business associate, A rm
strong, w as nam ed as beneficiary.
C ertain o th er benefits w ere also pay
able to A rm strong if Jo rd a n ’s death
w as not “* * * su stain ed w hile th e
in su red is in th e m ilitary or naval
service in tim e of w ar.” Jo rd a n en
listed in th e arm y and, w hile w ar w as
going on, died as th e re su lt of acci
d en tally falling from a w indow in a
hotel w hile on a two-day leave. Could
A rm strong recover th e o th er benefits
u n d er the policy?
No. The clause w as clear and unam
biguous. It referred to Jordan’s statu s
as a m ilitary m an and, sin ce it covered
h is statu s at the tim e of h is death, the
other benefits w ere not payable. The
fact th a t Jordan w as on m ilitary leave
does not change h is statu s, as one is
in m ilitary serv ice from th e tim e he
tak es oath u ntil he receiv es h is dis
charge.
D ietler, a re tire d Iow a b a n k e r living
in California, entered into a con tract
w ith B urke to sell to him D ietler’s
m ansion house in Des M oines so th a t
it could be converted into ap artm en ts.
P aym ents u n d er th e co n tract w ere to
be m ade periodically, provided th a t
upon d efault th e co ntract could be
cancelled on 30 days’ notice. B urke
defaulted and D ietler served notice of
term in atio n on him. W hen D ietler
w en t to take over th e p roperty, B urke
resisted th e action, claim ing th e notice
w as invalid because it w as n ot also
served on his wife. She w as n ot a
p a rty to th e purchase contract. Should
B urke be su stain ed in such conten
tion?
No. The Suprem e Court of Iow a in
a recen t decision in v o lv in g analogous
facts held that notice of the can cella
tion to the w ife of the purchaser w as
not n ecessary. W h ile sh e could have
succeeded to a dow er in terest in the
property if the sale had been con su m
m ated, h er in terest in the house, prior
to such consum m ation, w as not such
th at sh e w a s a n ecessary party to the
can cellation notice.
The Ju n io r Cham ber of Commerce
of a N o rth Carolina city, th e m em ber
ship of w hich w as com posed of b an k
ers and others, conducted a drive for
w aste p ap er and sent tru ck s th ro u g h
th e streets to pick up th e bundles th a t
th e citizens h ad placed there. Hamand stole some of th e p aper before it
w as picked up by th e tru ck s an d w as
charged w ith, and convicted of, la r
ceny. He appealed th e conviction,
contending th a t th ere w as no ow ner
ship of th e p aper in th e Ju n io r Cham(T u rn to page 24, please)
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
Essential Equipment
Sometimes occupants become trapped in a burning
building and rescue by ladder or life-line is impossible.
That is why Fire Departments in our major cities
carry special safety nets, scientifically designed to
support the terrific impact of a falling body. » » In a
sense, these life-saving nets are em ergen cy equipment.
They are used comparatively rarely — but when
the need for them arises, they are in va lu a b le . Safety
Paper is likewise essen tia l equipm ent for bankers
and businessmen. It would be folly not to be iu lly
lo ie a rm e d against the "check artist/' That is why the
majority of America's largest banks and outstanding
business organizations from coast to coast specify
LA MONTE Safety Paper—recognized sta n d ard in
check protection for nearly three-quarters of a century.
For Sam ples of La Monte Safety P aper s e e your
Lithographer or Printer — or w rite us direct.
buy
w ar
bonds
A N D SPEED V I C T O R Y
LA MONTE
GEORGE LA M O N TE & SO N
Thm Wavy linai ara 0 la Manto Trarla Mark
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
PAPER
NUTLEY, N E W JERSEY
We supply many banks and business organizations
with their own i n d i v i d u a l l y i d e n t i f i e d Safety Paper.
The issuing organization's Trade-Mark is in the
paper itself and appears on both the front and back
of the check. Such i n d i v i d u a l i z e d paper provides
maximum protection against counterfeiting —saves
Banks sorting tim e—helps prevent errors.
N orthw estern Banker
A pril 19k5
24
L E G A L Q U EST IO N S
(C ontinued from page 22)
ber of Commerce and th a t th erefo re
his conviction w as invalid. Should
he be sustained?
No. In a recen t decision in v o lv in g
sim ilar facts, the Suprem e Court of
N orth Carolina held th a t w h ere nu
m erous citizen s donated w a ste paper
to an agency, such as the Junior Cham
ber of Com m erce, and placed th e pa
per on the streets for collection by
tru ck s of the agency, title passed to
the agen cy and an in dictm ent a llegin g
ow nersh ip in the agency w as good.
O ur Paris Office
T h e Paris O ffice of this B ank has returned to
its form er quarters in the historic b u ild in g
k n o w n as H o tel de C o islin , at N o . 4 P lace de
la C oncorde.
T h e G uaranty T ru st C o m p an y has m ain
tained an office in Paris since 1 9 1 7 .
D u rin g
the first W o rld W a r this Office rendered serv
Hale, a South D akota banker, w as
also in the building construction busi
ness. As an incident to such business
he entered into a co ntract w ith a
school d istrict in th a t state to con
stru c t a stage at th e local high school
for $1,500. The stage w as duly con
structed. W hen H ale sought pay m en t
for th e job his dem and w as rejected
because th e contract had not been let
u n d er com petitive bidding as req uired
by law. Could H ale recover in such
circum stances?
No. in South D akota the require
m ent of com p etitive bidding in lettin g
school d istrict contracts is m andatory
and jurisdictional, and n onobservance
renders the contract void. B ecau se of
this, the Suprem e Court of th a t state
recen tly held in an analogous situ ation
that 110 recovery could be had and
that no im plied prom ise to pay arose
ev en though th e w ork had been done
and the contractor had fulfilled the
contract.
ice to our G o vern m en t and to our arm ed forces
in France.
In the years of peace it served a
large clien tele o f A m erica n and F o reig n co m
m ercial interests and individuals.
It is a m atter o f gratification again to he able
to offer the services o f this Office in the fur
therance of international trade.
G uaranty T ru st C om pany
of N ew Y ork
C a p ita l Funds, $ 3 0 2 ,0 0 0 ,0 0 0
I 40 BROADWAY
FIFTH A V E . A T . 44TH ST.
NEW Y O R K 18
N EW Y O R K
I5
~
LONDON OFFICES:
11 BIRCHIN LANE E. C. 3; BUSH HOUSE W . C. z
M ADISON A V E . A T 60TH ST.
NEW Y O R K ai
PARIS OFFICE:
4 PLACE DE L A CONCORDE
Member Federal Deposit Insurance Corporation
N o rthw estern B anker
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Federal Reserve Bank of St. Louis
A pril 1945
F arrell, a bank director, w as a p h y
sician. In carry in g out his profes
sional activities as a doctor he m ain
tained a p a rtn e rsh ip w ith an o th er
physician. He and th e o th er ph y si
cian dissolved th e p a rtn e rsh ip by m u
tu al consent. As an incident to such
dissolution could th e o th er physician
force a sale of th e good w ill of th e
partn ersh ip ?
No. A p rofessional partnership, the
repu tation of w hich depends on the
in dividu al sk ill of the m em bers, such
as p artnersh ip s of p h y sicia n s or at
torn eys, has no good w ill to be d istrib
uted as a firm asset on its d issolu tion.
It fo llo w s that no forced sale or tran s
fer can be m ade of the good w ill of
such a partnership on a term ination of
the firm by m utual assent.
Addison, a M innesota banker, w as
appointed a d m in istrato r of th e estate
of Brown, w ho had died in th a t state
leaving no will. It developed th a t
Brow n had been an illegitim ate child
OUR 50th YEAR
25
CAN BE A PICTURE OF YOUR
PROOF DEPARTMENT
T h e business of your proof departm ent can flow as
sm oothly and rapidly as this w aterfall . . . w ith the help
of the proper tool.
F o r the proof departm ent, the proper tool is the
N ational Proof M achine.
All item s— and th a t includes incoming mail, counter
transactions, and incoming clearings— are entered in this
m achine. I t provides centralized control of all depart
m ents and positive proof of every credit total recorded.
T h e N ational 2000 P roof M achine m akes accuracy
com pulsory. If the depositor m akes an error in listing or
in addition on the deposit ticket, or th e operator presses
the wrong key, the autom atic locking device prevents the
m achine from accepting the next deposit.
W hen this happens, the operator m erely presses the
error key, th e am ount of the error is autom atically printed
on the m aster tape and correction m ade instantly. Only
th en will the m achine go ahead on the next transaction.
N o other m achine has this feature . . . tru ly compulsory
accuracy.
ALL T H I S A T ONE O P E R A T I O N
1. S o rts ite m s a c c o r d
in g to d e s tin a tio n s .
2. S to re s to ta ls lo r e a c h
s o u rc e .
3. A u to m a tic a lly p r o
v id e s p r i n t e d ta p e
fo r tr a n s it a n d c le a r -
in g h o u s e le tte r s a s
b y - p r o d u c t of
lis tin g .
4. P ro v e s a d d i t i o n of
a d e p o s it tic k e t.
5. P ro v e s a c c u r a c y of
th e o p e ra to r.
e o
9 0 0 0 «
THERE'S A NATIONAL FOR EVERY BANK AND EVERY BANKING JOB
Large bank . . . middle-sized bank . . . or small bank . . . there’s
a National System to meet every need . . . not only in the proof
department but in every other. Just take up your problem with
the National representative. National Accounting-Bookkeeping
Machines are available through priorities.
T H E
N A T I
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O N A L
C A S H
Q/pfitUmal
C A S H R E G IS T E R S • A D D IN G M A C H IN E S
A C C O U N T IN G -B O O K K E E P IN G M A C H IN E S
R E G I S T E R
C O M P A N Y
N orthw estern Banker
A pril 1945
26
an d th a t no w ife or child surv iv ed him .
H is m other, how ever, w as still alive.
Should she receive his estate?
Yes. B y statu te in M innesota, w h en
an illegitim ate child dies in testate,
w ith ou t sp ouse or issue, h is estate
d escends to h is m other or, if h is m oth
er p redeceases him , it d escends to h is
m oth er’s heirs. T h is is different from
th e com m on law rule w hich is that an
illegitim ate has no heirs excep t his
issu e and th at n eith er h is m other nor
other kindred are en titled to in h erit
from him .
W angle, a N o rth D akota b anker, ob
tain ed a life in su ran ce policy th e re in
1935. He p erm itted th e policy to lapse
in 1938 th ro u g h n onpaym ent of p re
m ium s and th e n h ad it rein stated th a t
sam e year. T he policy coiitained a
provision to th e effect, generally speak
ing, th a t th e insurance com pany could
not contest it afte r it w as in force for
one year. Could th e com pany contest
th e policy w ith in one y e a r from th e
date of reinforcem ent b u t n ot th e re
after?
Yes. In a sim ilar situ ation the N orth
D akota Suprem e Court recen tly held
held that an in co n testa b ility clause in
an insurance p olicy applies to a re
in statem en t in the sam e m anner as it
does to the original issuan ce of the
Returns to Public National
E. C hester G ersten, p resid en t of T he
Public N ational B ank and T ru st Com
p any of New York, announced th e
election of M ajor Joseph S inger as
vice president, effective last m onth.
M ajor Singer re tu rn s to th e P ublic
N ational B ank afte r having served for
MEAT ANIMALS PRODUCE 30.3% OF
AMERICA’S CASH FARM INCOME
MAJOR JOSEPH SINGER
Elected a Vice President
Yes, m eat anim als are the largest cash-income producers on A m erica’s
farm s today. They account for 30.3 percent of the m oney in the
farm er’s pocket. Livestock m arkets pay to livestock farm ers an
average of fifteen m illion dollars every business day in the year. It
is no w onder th a t livestock producers and feeders are consistently the
most prosperous group in agriculture. The Drovers N ational Bank
is proud to serve banks, commission firms, packers, livestock shippers
and m any others connected w ith the im portant livestock industry.
Y our in q u iry is invited.
over tw o y ears in th e a d ju ta n t gen
e ra l’s d ep artm en t and th e finance
d ep artm ent, U. S. A rm y, an d w ill
resum e his fo rm er activities a t th e
B roadw ay and T w enty-fourth stre e t
office.
H is last arm y assignm ent w as as
officer in charge of th e dependency sec
tion of th e field investigation b ran ch
of th e O.D.B. a t N ew ark, N ew Jersey ,
w here he assisted in ad m in isterin g
th e various law s for th e assistance of
arm y personnel.
Members, Federal Deposit Insurance Corporation
DRGVERS NATIONAL BANN
DROVERS TRUST 0 SAVINGS BANN
U N I O N
t
policy, th at is to say, th e tim e w ith in
w hich the rein sta tem en t m ay be con
tested is th e sam e period th erea fter as
that w ith in w hich the original p olicy
m ight have been con tested . T h is hold
in g is in accordance w ith the general
rule on th ese m atters. T here are, how
ever, som e other jurisd iction s w h ich
hold th a t a rein statem en t can be con
tested at any tim e or else th a t a rein
statem en t cannot be co n tested w h ere
the tim e in w hich the orignal p olicy
w"as con testable has expired.
S T O C K
.
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A p ril 19 k5
Y A R D S ,
C H I C A G O
With Bankers Trust
A t a m eeting of th e board of direc
to rs of B ankers T ru st Com pany, New
York, J. P aschal D reibelbis w a s
elected vice president.
Mr. D reibelbis w as, u n til M arch 15th,
OUR 50th YEAR
27
YOUR FOREIGN TRADE TOMORROW
Already the “shape o f things to com e” in the
In anticipation o f such a need, the Chase
w estern w orld begins to take form. In one
N ational Bank has maintained its many co n
field, that o f foreign trade, it is not too early
tacts in A llied and other friendly nations. As
to lo o k at the future situation in the light o f
always, the intimate k n ow led ge o f actual trade
what is already know n.
conditions as they exist and change constitutes
For exam ple, pre-war data regarding busi
an inestim able aid to those com panies and
ness firms in European countries must be
individuals interested in export and import.
revised and brought up to date; new credit
T hese Chase facilities w hich are always at
inform ation must be gathered and other vital
the disposal o f our dom estic correspondent
facts correlated, taking into account dras
banks provide a valuable service for their
tically changed con d ition s.
ow n custom ers.
THE CHASE NATIONAL BANK
O F T HE C I T Y
OF
NEW YORK
Mem ber Federal Deposit Insurance Corporation
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern Banker
A pril 19^5
28
g eneral a tto rn e y of th e F ederal Re
serve board w here he has served since
1941. He acted as a ssista n t general
counsel to th e board from 1936 to 1941.
P rio r to th is Mr. D reibelbis w as
special counsel to th e R econstruction
F in an ce C orporation in th e insolvent
b ank division and special counsel in
th e office of th e com ptroller of th e cu r
ren cy d u rin g th e b an k holiday, and
la te r in charge of reorg an izatio n of
national banks.
Quarterly Dividend
The board of directors of The Com
m ercial N ational B ank and T ru st Com
p any of N ew York at a recen t m eeting
declared the reg u lar q u a rte rly divi-
dend of 40 cents p er share, payable
A pril 2, 1945, to the stockholders of
record M arch 21, 1945.
Official History
The executive council of th e A m er
ican In stitu te of B anking, educational
section of the A m erican B ankers Asso
ciation, has authorized publication of
a histo ry of th e In stitu te, w hich will
be w ritte n by R ichard W. Hill, retired
n ational secretary, in collaboration
w ith Miss M arion T u rn er, a ssistan t to
th e educational director, it has been
announced by P resid en t W illiam C.
W ay, who is also tru s t officer of the
C entral N ational Bank, Cleveland,
Ohio. The proposal for the A.I.B. his-
to ry w as bro u g h t up at th e recent
executive council m eeting, held in
Florida. Dr. W illiam A. Irw in, educa
tional director, stressed the im portance
of th e action “in view of th e fact th a t
our organization pioneered in the field
of adult education in A m erica, a field
w hich in the postw ar period is going
to have a developm ent such as it has
never had in the h isto ry of th is coun
try, or p erhaps of th e w orld.”
On Committee of Five
W illiam C. Cum m ings, president of
th e D rovers N ational B ank and D rov
ers T ru st and Savings Bank, Chicago,
has been nam ed by F ederal Judge
M ichael L. Igoe as one of five prom-
HOW TO BROADEN
YOUR BANKING SERVICE
their use o f the facilities and
wealth of banking information available
here, correspondent banks are frequently en
abled to broaden the service rendered their own
customers. Through visits to this Chicago bank
and discussions with its officers, ideas on meth
ods and techniques can be exchanged . . . to the
benefit o f both institutions. The inquiries of
banks seeking a Chicago correspondent are
cordially invited.
hrough
T
THE NORTHERN
TRUST COMPANY
5 0 SO U T H LA SALLE STREET, C H IC A G O 90, ILLIN O IS
Member Federal Deposit Insurance Corporation
N o rthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A p ril 19^5
W I L L I A M C. C U M M I N G S
R e o r g a n iz a tio n M a n a g e r
in en t business and civic leaders to act
as reorganization m anagers of the
Chicago, M ilwaukee, St. P aul & Pacific
R ailroad Company. The function of
this com m ittee is to supervise and
direct th e reorganization of th is great
tran sco n tin en tal railroad, in accord
ance w ith th e term s of th e plan of re
organization, w hich has been approved
by the court and the In te rsta te Com
m erce Commission.
Com es to National City
Louis F en n Sperry, form erly vice
p resid en t and tre a su re r of th e Bell
A ircraft C orporation, has been ap
pointed assistan t vice presid en t of The
N ational City B ank of New York. Mr.
S perry will come to th e bank in April.
W hile at Bell A ircraft, Mr. S p erry ’s
m ain assignm ent had to do w ith finan
cial planning. This w as related not
only to m atters arising out of expanded
w ar production, b u t also w ith p ro
gram s w orked out to facilitate th e
OUR 50th YEAR
29
1Ä
g^
ENDABIUTV
« * ■ * * * “
Bu rroughs’ ability to maintain its high service standards
during these trying war years d idn’t just happen! Years
ago, Burroughs established a definite service policy in
recogn ition o f the fact that any m echanical product can
be no better than the service provided for it. T oday’s
experienced, highly-trained service organization is the
natural result o f this farsighted policy o f careful planning,
constant study, continuous training and close supervision.
It is this typical Burroughs thoroughness w hich makes it
possible to help m ore and m ore users keep their precious
Burroughs m achines in action today.
IN M A C H IN ES
IN C O U N SEL
IN S E R V IC E
Burroughs systems and installation men have been constantly
helping business machine users to make the fullest use o f the
equipment they now ow n . . . helping them to adapt their present
machines to new conditions. Reference libraries containing upto-the-minute information on machine accounting methods and
procedures are maintained in all Burroughs offices. For help in
getting the fullest use from your present Burroughs machines,
call the local Burroughs office, or write Burroughs Adding
M achine Company, Detroit 32, M ichigan.
FIGURING, ACCOUNTING AND STATISTICAL MACHINES • NATIONWIDE MAINTENANCE SERVICE • BUSINESS MACHINE SUPPLIES
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
N orthw estern Banker
A pril Í9b5
30
even tu al tra n sitio n to peace-tim e oper
ations.
He w as form erly w ith th e G u aran ty
T ru st Company; vice p resid en t of th e
N ational B ank of A uburn, in A uburn,
N ew York; first vice p resid en t of th e
N ational B ank of New Jersey, in New
B runsw ick; and w as tre a s u re r of th e
P an h an d le E a ste rn P ipeline Company.
Remittances A ccepted
R em ittances for living expenses to
p riv ate individuals in liberated Greece
up to a m axim um of $500 p er house
hold each m o n th are now being ac
cepted by A m erican E x p ress Com pany
u n d e r g eneral licenses Nos. 32 and 33,
it w as announced. A ccording to the
announcem ent, tran sm issio n m ay be
arran g ed by o rd in ary m ail or by cable,
and rem ittan ces should be ordered in
U. S. dollars, payable in Greece a t th e
d raw ee’s buying rate.
S upplem enting its an n ouncem ent of
F e b ru a ry 28 reg ard in g th e resum ption
of rem ittan ces to F inland, th e A m er
ican E x p ress Com pany said th a t cable
service to th is co u n try has now been
resum ed, and rem ittan ces m ay be ac
cepted for tran sm issio n by cable.
W h eth er tra n sm itte d by m ail or cable,
th e orders m ay be tra n sm itte d in dol
lars payable a t th e draw ee’s buying
rate, or in F inm arks.
New Officer Announced
Geo. R. Hicks, presid en t of U nion
N ational B ank of K ansas City, a n
nounces the election of A. T. W heeler,
Jr., as a ssistan t vice president. Mr.
W heeler g rad u ated from th e U n iv er
sity of O klahom a School of B usiness
A dm inistration, and for several y e a rs
th e re a fter w as assistan t cashier of th e
O klahom a N ational B ank, Clinton,
Oklahoma. Mr. W heeler te rm in ated
his connection w ith th e O klahom a Na-
In K A N S A S C IT Y
the Bank for B ankers
Is “Old 1 8 -1 ”
KANSAS CITY has u n
e x c e l l e d facilities for
q u ic k c o m m u n ic a tio n s
a n d rapid dispatch of
business.
action is our 24-hour T ran
sit D epartm ent—which re
ceives an d delivers mail
at the Post Office every
30 minutes.
The r a i l r o a d s , air
planes, telephone, tele
g rap h a re all sleepless
servants of "Old 18-1"—
the b ank that holds the
Num ber 1 position in the
K a n s a s City C learing
House.
By p r i v a t e wire the
Commerce is in constant
touch with all principal
cities of the United States.
A. T. WHELLER, JR.
Assistant Vice President
tional B ank to tak e em ploym ent w ith
th e exam ining d ep artm en t for n ational
banks. A fter th ree y ears w ith th e ex
am ining d ep artm ent, he becam e assist
a n t cashier of th e S outhw est N ational
B ank of W ichita, and in Ja n u a ry , 1944,
becam e cashier, w hich position he re
signed to becom e associated w ith
U nion N ational B ank as assista n t vice
president.
Your grain drafts an d
other collection i t e m s
never rest in the Com
merce.
A dded to all these fa
"Old 18-1" is w aiting to
cilities for quick business serve you.
(ommerceTriist (ompany
Member Federal Deposit Insurance Corporation.
“Junior— speak to m e!”
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern Banker
A pril 194-5
31
----------------
—
—
C
- ........._ ....—
... - - - - -
I l l in
o n t in e n t a l
N
and
B
a t io n a l
T
rust
C
o is
ank
o m pa n y
OF CH ICA G O
Statement of Condition, March 20, 1945
RESO U R C ES
Cash and D u e from B a n k s...................................... ....................... $
496,601,517.44
U n ited States G overn m ent Obligations,
D irect and F u lly G u aran teed .............................. ........................
O ther Bonds and S ecu rities...................................... .......................
1,601,473,003.57
58,393,131.79
Loans and D isco u n ts................................................... .......................
Stock in F ed eral R eserv e B a n k ........................... ......................
332,350,296.49
C ustom ers’ Liability on A c ce p ta n c e s................. .......................
Income A ccru ed but N o t C o lle c te d ...................... .......................
875,642.58
5,101,330.83
.......................
11,050,000.00
Banking H o u s e .......................................................
3,600,000.00
$2,509,444,922.70
L IA B IL IT IE S
D e p o sits............................................................................ .......................$2,335,523,569.16
875,642.58
A c cep ta n ces.................................................................... .......................
R eserv e for T axes, Interest and E x p e n s e s .. . . ........................
15,154,018.77
......................
18,106,002.29
Incom e C ollected but N o t E a rn ed ....................... .......................
207,792.39
Capital S to c k ................................................................. .......................
S urplu s.............................................................................. ...............
60,000,000.00
60,000,000.00
U ndivided P rofits......................................................... .......................
19,577,897.51
R eserve for C on tin gen cies......................................
$2,509,444,922.70
United States Government obligations and other securities carried at
$461,826,198.11 are pledged to secure public and trust deposits and for
other purposes as required or permitted by law
M e m b e r F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a tio n
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
N orthw estern Banker
A pril 1945
32
FIELD W AREHOUSING
The Modern Method of Inventory Financing
Some oi your present customers . . .
as w ell as others whose
business you w ould like to have . . . may find their w orking
capital insufficient for their needs.
Many have inventories that offer sound opportunities to you
for
W arehouse
R eceipts
Loans.
Our
F ield
W arehousing
Service enables you to make those loans against inventories
stored right on the borrower’s own prem ises.
W arehouse Receipts make it possible for you to lend in ex
cess of open-line credit lim its, safely and profitably.
We
are specialists
in
Field
XVarehousing.
Our experience
is long . . . our responsibility recognized.
Without obligation, our representative will call on
request and explain how our Field Warehousing serv
ice provides collateral on inventories on the owner's
location . . .
fitt. $aul terminal füarefjouöe Co.
ST. PAUL, MINN.
— Iowa Office —
— Other Offices —
515 low a-D es M oines N ational Bank Building
DES MOINES
TELEPHONE 2-1208
MINNEAPOLIS
MILWAUKEE
INDIANAPOLIS
DETROIT
CHICAGO
NEW YORK
BOSTON
PHILADELPHIA
PITTSBURGH
SYRACUSE
MEMPHIS ATLANTA CHARLOTTE ALBANY, GA.
T. C. CANNON, DISTRICT MANAGER
"Tfce only company engaged in Field Warehousing with an office in Iowa"
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A pril 1945
OUR 50th YEAR
G o Easy on Long Term
Governments
A Conservative Course Would Be to Utilize Any Increase in
Deposit for a Period in the Three-Five Year Bracket
B ANK earn in g s m u st be adequate to
secure sufficient capital, to pay ex
penses, to yield a reasonable re tu rn ,
and no m o re”.
You read th a t sta te m e n t in th e F eb
ru a ry F ed eral R eserve B ulletin, by Dr.
G oldenw eiser, and it m ay have given
you pause. B ut, com ing from those
w ho reg u late th e w ay of life of com
m ercial banks, th e re w as n o th in g fu n
dam en tally new in th is re stric tiv e
thin k in g .
To be sure, som e of th e stin g m ay be
tak e n out by th e q ualifying w ord “re a
sonable”, b u t w h a t a u th o rity or b u reau
is going to d eterm in e w h a t is to be
reasonable? If b an k in g is to be tak en
out of th e field of e n te rp rise in th e
p o stw ar era w ith no fu tu re b u t to be a
device for creatin g credit for th e gov
e rn m e n t on a fixed fee basis, th e profit
m arg in can be reg u lated by a fu rth e r
flatten in g of th e in te re st p a tte rn . The
G oldenw eiser dicta m ay have been th e
tip-off to w h a t has since h appened to
th e bond m arket.
In th e early days of th e 8-10 y e a r 2
p er cen t tre a s u ry issues (w hen b anks
failed on one or tw o occasions to dis
play g re a t en th u siasm for an offering)
th e secretary of th e tre a s u ry w aved
aside th e suggestion th a t these issues
w ere not too po p u lar by saying “T hey
w ould like th em w h en th ey got used
to th e m ”. W ell, “th e y ” did, and “th e y ”
w ill probably get used to 1 %’s, and to
a fu rth e r sh o rten in g of th e m axim um
te rm w ith a p rogressive low ering of
th e average ra te of re tu rn .
It is deem ed politically sound in cer
ta in g o v ern m en t circles to favor m eas
u re s th a t re s tric t b an k earn in g s in
o rd er to co u n ter an y po p u lar feeling
th a t b anks have had an easy tim e out
of th e w ar. It has been charged th a t
“stock in tra d e ” h as been han d ed to
ban k s in in creasin g volum e in th e
form s of steadily risin g deposits w hile
o th er fields of business have h ad tough
going, and th a t th e risk has m oved
in v ersely w ith g ro w th because gov
e rn m e n t bonds re p re se n t a larg er and
larg e r p ro p o rtio n of assets.
T he M arch 5 issue of th e b u lletin of
th e N ational City B ank of N ew Y ork
com m ents th a t “th e tend en cy w henNorthwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 1945
By Raymond Trigger
Investment Analyst
New York C ity
This is a discussion of fac
tors affecting your invest
ment portfolio. If you have
any questions, or if you
find yourself in disagree
ment with comments here
in, your letters, addressed
to the NORTHW ESTERN
B A N K E R , will be w e l
come and will be answered
here if the subject matter is
of general interest. Under
no circumstances, however,
will the editor of this col
umn enter into discussion
regarding specific securi
ties.
ever g overnm ent controls are set up is
to m ove co n stantly in th e political
ra th e r th an in the sound economic di
rection . . . th ere is alw ays th e tem p ta
tion to take th e easy w ay of cheapen
ing th e in terest rate w hich constitutes
a hidden tax on th e th rifty .” T his is
one answ er to those w ho com plain th a t
b anks have suffered less th a n business
a t large u n d er w artim e taxes.
The Effect of Omitting 2's
It does not look now as though th ere
is m uch incentive, from th e standpoint
of fu rth e r appreciation possibilities, in
th e purchase of T reasu ry 2s of five
y e a r te rm to call or shorter. These
issues n ev erth eless have th e distinct
advantage of c u rre n t re tu rn or “c a rry ”.
N atu rally, banks should purchase th e ir
m axim um a t p ar in th e new five year
IV2 S to be offered in th e S eventh W ar
Loan “b asket,” b u t otherw ise th e 2s of
sim ilar term to call—th a t is, th e 2s of
M arch and Septem ber 1952-50 are p ref
erable in th a t not far from a 2 per
cent “c a rry ” m ight be realized w ith a
little bookkeeping. The accom panying
table illustrates:
Term to
Call
2s due 9/15/52/50___5% Yr.
2s due 9/15/51/49. ...4% Yr.
2s due 9/15/50/48___3 Yr.
Approximate
Price Yield %
102.15
1.53
102.15
1.40
102.15
1.17
T hree issues ranging from 3 to 5%
y ears all selling c u rre n tly at the same
price, and as long as th e p resen t p at
te rn holds, th e difference is bound to
be sm all betw een a 5% y ear te rm call
and a 3 year term call. T h at m eans
th a t a 2 p er cent issue can be bought on
th e 5% y ear basis, held for 2% years
and th en sold around th e sam e price
for a c arry of 1.95 p er cent before any
run-off begins, according to th e presen t
p attern .
The th e n 3 y ear issue can th ereu p o n
be “rolled o u t” to a 5% y ear issue for
an o th er 2% y ear period. T he ex tra
yield th a t is indicated justifies some
additional com plications of bookkeep
ing involved in am ortization of th e
prem ium du rin g th e period of holding
and adding back the recovery of the
charge-off on th e sale of th e bonds.
The T reasu ry policy of n ot including
a 2 p er cent bond in th e S eventh W ar
Loan “b ask et” has h ad th e tendency to
scare m ore and m ore b an k funds out
into th e longer term s since th e tu rn of
th e year. In Ja n u a ry it w as m ostly
confined to banks outside New Y ork
City b u t th e la tte r group has since
joined th e m ovem ent in no u n cer
tain way. T here is th e urge am ong
co u n try banks to go all th e w ay out
to the 2 V2 S of 1967-72 in spite of
th e fact th a t m oney supply m eas
u res are not m oving in the direc
tion of a superabundance despite the
steady increase in deposits. A con
servative course w ould be to utilize
an y increase in deposit for a period in
th e 3-5 y ear brack et and sh ift into the
sam e brack et a like am ount of th e 2%s.
B anking position w ould be stre n g th
ened and incom e w ould n ot be reduced
below w here it w as a t the beginning
of th e period in question.
Basic tren d s are not in th e direction
of easier credit regardless of the
strong-arm ing of th e in te re st rate. The
OUR 50th YEAR
34
m aintenance of th e credit base contin
ues to be a race betw een dem ands on
b an k reserv es from th e ever m ounting
cu rren cy to tal w ith aggravation, tem
p o rarily a t least, from th e run-off of
th e w ar loan to dem and deposits, and
th e pum ping of additional credit into
th e banking system by th e cen tral
banks. R eserve B ank credit has been
sw elling for six w eeks an d is back a t
its all-time high, b u t th e tre n d of ex
cess reserves has neverth eless tended
dow nw ard since th e w ar began.
M ONEY
FOR
TOM ORROW
Whatever else the end
of the war may bring to
Business and Industry it
is sure to mean sweeping
ch an ges in corp orate
operation. In some in
stances, these changes
may include total re
conversion or extensive
reorganization, in others
preparation for the pro
duction and marketing
of new products.
In any case, Peace is
likely to call for new
financing and the serv
ices of an experienced
and able underwriting
organization.
Ever since 1888, the
firm of Hornblower &
Weeks has been serving
A m erican en terp rise.
Our Underwriting De
partm ent is ready to
continue to serve. We
invite you to inquire of
a Partner at the nearest
H ornblower & Weeks
office. Your inquiry will
be held in confidence and
involves no obligation.
HERE each correspondent receives
a high ratio o f officer tim e and attention.
T h e
CONTINENTAL
BANK
o f
&
TRUST
COMPANY
NEW YORK
30 BROAD STREET, NEW YORK
!
M E M B E R F E D E R A L D E P O S I T IN S U R A N C E C O R P O R A T IO N
Have ALL the facts, without cost, about
your Federally Insured Savings & Loan
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FEDERALLY INSURED CERTIFICATES
There is NEVER a fee of any kind and
NEVER a brokerage to be paid by an
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Financial Statements;
OPERATING STATEMENTS;
ANALYSES OF LOAN PORT
FOLIOS;
HISTORY AND DIVIDEND
RECORDS;
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H O R N B LO W ER |
& WEEKS
We offer approxim ately 400 A ssociation s.
Some are paying 3'/2% , while others a re on
a 3 % basis.
40 W a ll S tr e e t
N e w Y o r k 5, N . Y .
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a d a p ted to Your Requirements
You Will
„
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M ay we send you an O F F ER IN G of a group of S E L E C T E D A sso cia tio n s?
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A LLISO N W A U G H
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(NOT INCORPORATED)
105 South L a S a lle S tree t
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A pril 19b5
C h icag o 3, Illinois
OUR 50th YEAR
35
W h a t do yo u th in k o f th e view's e x
pressed in th is a rticle? Do you agree
or disagree? W rite us a le tte r giving
y o u r o p in io n fo r p u b lic a tio n in th e
n e x t issue o f th e N O R T H W E S T E R N
B A N K E R . A d d ress H e n ry H . H aynes,
E d ito r, N O R T H W E S T E R N B A N K
E R , 527 S e v e n th S treet, Des M oines
9, Iow a.
W H Y C A T T LE LO A N S
A R E SA FE LO A N S
(C ontinued from page 17)
C attle F eeders to u r—a day w hen b u si
nessm en and farm ers to g eth er m ake a
county-w ide to u r inspecting cattle,
listen in g to sh o rt ta lk s in th e b a rn lots
and visitin g together.
L ate S eptem ber—Quad C ounty Baby
Beef Show—sponsored by th e Clinton
C ham ber of Com m erce and held in th e
C linton Coliseum —a tw o-day show
w ith ab o u t 120 calves exhibited. B usi
nessm en b an q u et th e 4-H m em bers,
see th e calves judged and later sold a t
auction—su b stan tial cash prizes are
aw arded.
D ecem ber 1—In te rn a tio n a l in Chi
cago.
L a te r in D ecem ber follow ing I n te r
national Show—A nnual C linton Coun
ty C attle F eed ers A ssociation b an q u et
held in C linton w ith a good m ixer,
m eal and sp eak er—in tro d u ctio n of
w in n ers a t In te rn a tio n a l—th is festiv
ity is su p p o rted equally by farm ers
and businessm en.
W e have not th ro w n caution en tirely
to th e w ind, by reason of our en
th u siasm for cattle loans and in loan
ing follow ra th e r closely these p rin
ciples:
(I) In sist th at b egin ners m ake sm all
com m itm ents in ligh t cattle.
(2) Coniine larger loans to stable and
experienced feeders.
(3) Discourage th e purchase of more
cattle than hom e-grow n corn w ill
finish.
(4) E ncourage feeders to m arket the
cattle w h en they are ready.
(5) E ncourage regularity of feedin g to
obtain average return.
(6) Give consideration to q uality of
the cattle and care they w ill have.
It is quite generally anticipated th a t
cattle prices will decline follow ing the
w ar, b u t th e w ise feeder w ill probably
not drop out try in g to guess th e tim
ing. W e believe th a t such action w ould
be speculative and few w ould profit;
m any w ould lose m ore rem aining out
for an indefinite term . W hen cattle
prices m oved up, large profits accrued
to th e feeders, w hich m ust be p artially
given up w hen the price is adjusted
dow nw ard. Reasonable com m itm ents
in light to m edium cattle should not
m ake for heavy losses.
Dividend
The board of directors of th e Chem
ical B ank and T ru st Com pany have
declared th e reg u lar q u arterly divi
dend of 45 cents p er share on th e
capital stock of th e bank, payable
A pril 2, 1945, to stockholders of record
M arch 15, 1945.
Select t&ece
P R IM E S H O R T T E R M IS S U ES
tc tv e à Ù H e e tt
Co n so lid a ted D e be n t u r e s of the Federal intermediate
credit banks offer excellent media for employment of large
cash balances. Issued monthly in maturities from 6 to 12
months and denominations from $5,000 to $100,000, they
are available regularly through recognized dealers and
dealer banks. ^ Eligible as security for most fiduciary,
trust and public funds, these debentures are authorized
under the Federal Farm Loan Act, as amended. They are
THOMSON &
McK i n n o n
legal investment for savings banks and insurance companies
in various states, besides enjoying exemption from
all state, municipal and local taxes.
STOCKS • BONDS
COMMODITIES
216-218 Empire Bldg.
D ES
M O IN E S
Phone 4-2127
THE FEDERAL INTERMEDIATE CREDIT RANKS
11 W a ll S t r e e t , N e w Y o r k
231 S. L a S a lle S t., C h ic a g o
B r a n c h e s in 34 C it ie s
Other features o f these desirable obligations
w ill be explained gla d ly upon request to
W r ite f o r our w e ek ly S to ck S u r v e y
CHARLES R. DUNN, Fiscal Agent
D IR E C T P R IV A T E W I R E
Laverne M. Barlow
31 N assau Street
N ew York 5, N. Y.
M anager
M em bers N e w Y o rk S to ck E x c h a n g e
a n d o t h e r p r in c ip a l e x c h a n g e s
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker
April Í9k5
36
Elected Vice President
E. C hester G ersten, presid en t of The
Public N ational B ank and T ru st Co.
of New York, announces th e election
of T hom as M. Keefe as vice president.
Mr. Keefe w as form erly connected
w ith the New York T ru st Co., and w as
an active credit officer at th e F o rtie th
S treet and M adison A venue office of
P R O VI DI N G I NVESTMENT CAPITAL
by a prehistoric ice-cap
FAVORED
which scooped out their lakes,
deposited their rich top-soil, and
made more readily available their ex
tensive mineral resources, the East
North Central States have become
the center of the nation’s transpor
tation system and one of its foremost
industrial and agricultural regions.
Though widely traversed by early
explorers, this section’s major de
velopment covers little more than
the past century. Its rapid growth in
population and resources during the
last fifty years has naturally called
for large capital outlays—well be
yond the accumulated reserves in
so new an area.
In assisting in the financing o f this area,
Halsey, Stuart & Co. Inc. has made an
important contribution to its exceptional
progress and has likewise opened channels
fo r conservative investm ent o f surplus
fu n d s. T his organization has p a rtici
pated as an original underwriter in over
1000 bond issues, totaling over $414 billions,
o f municipalities and corporations in the
East North Central States.
H A L S E Y , S T U A R T &. C O . I n c .
C H I C A G O 90, 123 S. LA S A L L E STREE T • N EW Y O R K 5, 35 W ALL STREE T
AND OTHER P R I N C I P A L C I T I E S
THOM AS M. K EEFE
N e w V i c e P r e s id e n t
— SPECIALISTS
IN—
United States Government
Securities
G u a ra n te e d Issues
F e d e ra l Land Ban k a n d O th e r A g e n c y Issues
T e rrito ria l Bonds
M u n icip al Bonds
C. J. DEVINE & CO.
th a t in stitu tio n . He comes to th e P u b
lic N ational w ith long experience in
th e banking field and w as also asso
ciated, for a period, w ith a pro m in en t
N ew York com m ercial p aper house.
Stern to Head W ar
Loan Drive
L aw rence F. Stern, presid en t of the
A m erican N ational B ank and T ru st
Com pany of Chicago, has been ap
pointed chairm an of the forthcom ing
Seventh W ar Loan drive for Chicago
and Cook county, it is announced by
R enslow P. Sherer, ch airm an of the
W ar Finance Com m ittee of Illinois.
Mr. S tern has already sta rte d or
ganization of th e cam paign estab lish
m ent w hich he expects to to tal ap p ro x
im ately 100,000 vo lu n teer w o rkers
from all categories of business, p ro
fessional and civic activity in th e city
and county, by th e tim e th e drive gets
u n d er w ay in May.
The Field Building, Chicago 3, III.
N ew York • Boston • Philadelphia • Pittsburgh • Cleveland • Cincinnati
St. Louis • San Francisco
Direct Wires to all Offices
☆ ----------------------- ------------------------------------------------------------------------------ ☆
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 1945
Good Night!
H ostess (to room ful of g u e s ts ): H ush
a m om ent, th e children are going to
deliver th e ir good n ig h t message. L is
ten—
(F rom head of sta irs): Ma—W illie
found a bedbug!
OUR 50th YEAR
37
I N P L A N N I N G A H E A D , business, industrial, a n d banking execu
tives a re w eighing the vast opportunities in C alifornia. If you put your finger
on the m ap of this State you touch the richest, m ost concentrated m arket in
th e W est.
Your finger p lace d a t alm ost a n y point on this m ap — at m ore th an 300
points, in fact — will cover, too, a city or town w here your interests can be
serv ed b y the local facilities of Bank of Am erica.
This C alifornia-w ide b ra n ch bank, long experienced in serving others, w el
com es the opportunity of being helpful to you. Your inquiry is invited.
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•
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Com plete Banking Facilities - Commercial - Savings - Trust - Safe Deposit
Main Offices in the two reserve cities of C alifornia . . . San Francisco - Los Angeles
B lu e a n d G o ld B A N K of A M E R I C A T R A V E L E R S C H E Q U E S are a v a ila b le
th ro u g h a u th o riz e d b a n k s an d a g e n c ie s e v e ry w h e re . C a rry them w hen you tra v e l.
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker
April 1945
38
T H E
B E S T
I N
P
U
B
L
I
C
SERVICE
That is w h a t y o u w a n t to offer your custom ers from d a y to
d a y a n d w e b e lie v e w e a re in position to assist y o u in d oing
just this. In v estig a te our co m p lete lin e of A utom obile an d
Fire C o v era g e.
If y o u w ill in v estig a te our A g e n c y Proposition w e are sure
you w ill b e con v in ced of our ab ility to provide Full Protec
tion at S u b stan tial S a v in g s in a Sound A g e n c y O rganization
under Efficient M a n a g em en t in
W ESTERN M UTUAL
FIRE I NSURANCE CO.
“Over a Third o f a Century o f Safety and Service with Savings
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A p ril 19^5
”
OUR 50th YEAR
Selling
the Professional Man
A Presentation of Life Insurance for a Professional Man With a Large
Present Income But With No G reat Amount of
Capital Accumulated From It
D OCTOR, I have a sto ry I w a n t to
tell you. I know th a t you w ill tell
me you have h eard life in su ran ce
stories before. You w ill also tell me
how m uch life in su ran ce you have and
th a t you have p len ty of it. B ut—th is
sto ry is only incidentally about life in
surance. I t has to do w ith finances
and taxes.
“I th in k you w ill adm it, Doctor, th a t
you are now fa r too busy practicing
m edicine and far too in terested in the
problem s of y o u r ow n profession to be
concerned w ith w h a t is going on in th e
field of finance and taxes. T here have
been som e developm ents here, how
ever, th a t need y o u r a tte n tio n and I
am going to explain th em to you ju st
as briefly and concisely as I can.
need as m uch for living expenses as he
now uses.) Mr. M alarney continues:
By M. J . Malarney
General Agent
Lincoln National Life
Pontiac, Michigan
Illustrates Straight Savings
Enumerates Sales Points
“The first point for consideration,
Doctor, is th e fact th a t m oney is get
tin g cheaper. A ny given am o u n t of
capital w ill produce less incom e now
th a n it w ould in the y ears past.
“The second point to consider is th e
fact th a t because of th e increased in
come taxes it is im possible for a m an
w ith an incom e as large as yo u rs to
create any large capital sum b y savin g.
In spite of th is fact, you m u st accum u
late capital if you w ish to build an in
come for you rself th a t w ill continue
w hen you q u it w orking.
“Since it is im possible for you to
save large capital sum s quickly, you
m u st su b stitu te m an u factu red capital
or incom e for actual capital or income.
“The n ex t p oint is th is—life in su r
ance and an n u ities are, in fact, m an u
factu red capital and income.
“Doctor, I am ju s t outlin in g a sim ple
set of facts th a t cannot be denied. L et
us see how th ey apply to you. I know
M. J. MALARNEY
“I H a v e a S to r y to Tell"
th a t you have a definite stan d ard of
living set up on your p resen t income.
I know also th a t you w an t to and are
going to be forced to re tire a t some
tim e. I t is also evident th a t you are
going to take some loss in incom e at
re tire m e n t over your p resen t e a rn
ings.”
(The prospect usually agrees th a t
th is is so and m akes th e com m ent th a t
a t re tire m e n t he, of course, w ould not
“L et me assum e th a t you w ant $400
a m onth incom e at retirem en t. H ere is
one w ay to get it. W ith cheap m oney
you m ust save $160,000 over the next
20 y ears and in v est it at 3 per cent.
You are now 42 and your incom e from
this accum ulated m oney w ould begin at
62. If you take this plan, you m ust
s ta rt to save im m ediately $8,000 a year
in order to reach your goal of $160,000
by the tim e you are age 62.
“T hat is w h at w ill happen if you say
‘No’ to me.
“If you say ‘Yes’ to me, you s ta rt
now to save $3,000 a year, a total of
$60,000 d u rin g the 20 year period.
This saving u n d er m y plan w ill pro
duce an incom e of $400 a m onth also.
“Do not forget—th e purpose of cap
ital is to produce income, therefore,
w ith m y plan as opposed to th e savings
plan, you have $100,000 to pay on in
creased incom e taxes, to increase your
stan d ard of living and, in general, to
live a fuller life. In o ther w ords, w ith
m y plan you do not have to save all of
your income.
“Now, Doctor, let us assum e you
give m y com pany $60,000 over th e nex t
20 years. You are now 62 years old
and are receiving from this an income
of $400 a m onth or $4,800 a year. On
th is you m ake an incom e tax re tu rn on
3 per cent of th e purchase price or
$1,800 a year, y et you have an income
of $4,800 p er year, therefore, $3,000
of y o u r $4,800 an n u al incom e is free
from incom e tax.
“I can see from yo ur reaction, Doc
tor, th a t you are saying perhaps to
yourself, ‘T hat m ay be all v ery well
S carborough ^ C ompany
C o u ft& c ù b à .
First National Bank Building, Chicago
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ß c i t i f c 'i
Horace A. Smith, Iowa Representative
Des Moines, Iowa
'Northwestern Banker
April 1945
40
for th e p resent, b u t how do I know th e
incom e ta x situ atio n will be th e sam e
20 years from now .’ W hile it is true,
Doctor, th a t w e have no absolute a ssu r
ance th a t th e incom e ta x principles w ill
be th e sam e 20 years from now as th ey
are now, on th is p a rtic u la r question the
taxab ility of life in su ran ce proceeds,
tax au th o rities since 1913 have never
changed. C hanges have been attem p ted
several tim es b u t th ey have nev er gone
through. It is m y opinion th a t such
changes n ev er w ill go th ro u g h because
it has alw ays been th e vow ed in ten tio n
of th e tax in g au th o rities to discourage
schem es and speculation and to encour
age organized old age th rift.”
Reviews Sales Steps
A t this point in th e in terv iew Mr.
M alarney rep o rts th a t the prospect u su
ally asks, “W h at are those steps
again?” Mr. M alarney, using th e five
fingers of his left hand, goes over the
five points of his original approach.
(I) “M oney is g etting cheaper and pro
duces less income, (2) it is im possible
to accum ulate capital from savings be
cause of incom e taxes, and (3) you
m ust, therefore, su b stitu te m anufac
tu re d capital and incom e—life in su r
ance and annuities, (4) you can buy
th em to produce an incom e cheaper
th a n you can save to produce th e sam e
SIN CE
19 19
H ow to choose a
life partn er
Jo h n H an so n know s good tools and
good guns, an d likes to han d le them .
T h a t —plus his n a tiv e independence—
m ay be w hy he scrim ped an d saved
to op en h is ow n h a rd w are store, and
w hy h is fellow -tow nsm en b u y from him .
B e t h a t as it m a y , h e’s a successful sm all
business m a n — a ma n of character.
W e recom m end Jo h n H a n so n as a
"life p a rtn e r” for you. T h e life in s u r
ance co m p an y w ith such people as p o l
icyholders is a good place for y o u r own
insurance. M uch o f th e stre n g th of a life
in su ran ce com pany lies in the stre n g th
o f the m en an d w om en who b u y its p o l
icies—in th e ir th riftin ess, in their d e te r
m in a tio n to c a rry on without lapsing.
F o r m o st lapsed policies m ean a loss n o t
only to th e m an who lapses, b u t to th e
c o m p a n y , a n d to its policyholders.
Y our N W N L a g en t has a special in
cen tiv e to find an d sell such m en. F o r
while he to o is an in d ep e n d en t business
m an , u n d e r his unique c o n tra c t w ith us
his incom e depends n o t prim arily on
new insu ran ce sales, h u t on his p o lic y
h o ld ers’ persistence in keeping their in
surance in force.
T h erefo re, he h as a special incentive
to sell you exactly th e k in d o f insurance
you need an d th e a m o u n t you can a f
fo rd — an d to confine his selling efforts
to th e k in d o f people you can welcom e
as fellow policyholders in a life in su r
ance com pany.
N
Hawkeye Mutual Hail
Insurance Association
Carver Bldg.
Fort Dodge, Iowa
L IF E
INSURANCE
COMPANY
O . J . A rn o ld ,
P re sid e n t
M in n e a p o lis ,
M in n e s o ta
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April Í 9f 5
Closing Point
“Before you answ er me definitely,
let’s assum e th a t you say ‘No’ to m y
plan. You choose instead to in v est th is
$3,000 I am asking you to deposit. You
in vest this m oney ann u ally in stock.
T his inv estm en t pays a dividend and
your incom e is increased by th is much.
H ow ever, you have a professional in
come now of b e tte r th a n $30,000 a year.
T his in v estm en t incom e is added on
to your p resen t professional incom e
w ith th e n et re su lt th a t m ost of w h at
you gain in inv estm en t incom e you lose
in th e hig h er p en alty brackets of tax
ation. You w ould continue to suffer
th is heavy loss on your inv estm en t in
come every year th a t you p u t aw ay
the $3,000.
“U nder our plan, on th e o th er hand,
you freeze th e incom e from y o u r $3,000 an n u al savings incom e tax-wise u n
til you are ready to use it. You have
no re-investm ent problem and you have
an op p o rtu n ity to be a b e tte r m edical
m an because you are not dividing your
atten tio n and ability betw een finance
and m edicine.
“W h at will it be, Doctor, pay high
incom e taxes on th e in v estm en t incom e
Resources of
OVER TW O MILLION DO LLARS
Experience of
OVER TW ENTY-FIVE YEARS
Now dedicated to the Surety
and Fidelity Bond needs of
the Middle W est.
Surety division
o rth w estern
National
incom e and (5) m oney received as in
come from a re tire m e n t life insurance
or a n n u ity plan enjoys definite incom e
tax advantages.” A fter going over
these points, Mr. M alarney continues
th e in terv iew as follows:
“Now, Doctor, the b est sto ry in th e
w orld w on’t sell this plan, nor w ill the
best salesm an. As a m a tte r of fact,
y o u r re tire m e n t problem exists and I
am ju st a w heelbarrow w hich is c a rry
ing th e solution to you. I t ’s up to you
to say ‘Yes’ or ‘No’ to th e w hole thing.
The S tate A u tom obile In su ran ce A ssociation
DES
MOINES,
I OWA
OUR 50th YEAR
41
of $3,000 a n n u al savings or—have these
funds accum ulate ta x free y e a r by
year?
“W h at h o u r are you free for an ex
am in atio n ?”
Arnold Introduces
Morgenthau
T he problem of risin g prices is still
w ith us and is likely to reach a crucial
stage in th e n e x t four or five m onths,
S ecretary of th e T re a su ry H en ry M or
g en th au , Jr., told top officials of 50
larg est firm s in M inneapolis a t a
luncheon m eeting a rra n g e d by th e
payroll savings division of th e H en n e
pin C ounty W ar F in an ce Com m ittee.
He w as intro d u ced by O. J. A rnold,
p resid en t of N o rth w estern N ational
Life In su ran ce C om pany and c h a ir
m an of th e M innesota W ar F in an ce
Com m ittee.
T he se cretary m ade a brief, inform al
ta lk w hen he paid a “drop-in” visit to
th e luncheon. He w as in th e city to de
liver a m ajo r address on behalf of th e
B retto n W oods in tern atio n al economic
agreem ents.
S u b stan tial increases in sale of w ar
bonds, especially E bonds, in th e sev
e n th drive are counted on heavily by
tre a su ry officials to help offset the
grow ing pressu res tow ard higher
prices; these pressu res w ill increase,
and not dim inish, in th e event of an
early end to th e E u ropean w ar, the
secretary declared.
Mr. A rnold introduced S ecretary
M orgenthau as head of “the w orld’s
largest sales organization,” and said
he believed th e o u tstanding success of
th e w ar bond sales program has been
largely due to th e w isdom of th e secre
ta ry in developing “grass ro o ts” com
m ittees th ro u g h o u t th e co u n try and
th e n lettin g these com m ittees “ru n
th e ir own show s” in large degree.
W hile in M inneapolis, Mr. and Mrs.
M orgenthau visited th e ir new ly-ar
rived g ran d daughter. The m other, Mrs.
R obert M orgenthau, a M inneapolis
girl, is living here w ith h er p arents,
Mr. and Mrs. H. J. P attridge, w hile h er
h u sband serves in th e navy.
According to Mr. Rooch, “It is not
reducible by loss u n d er any of its
four in su rin g agreem ents w hile in
force: A. Com m ercial b lan k et fidelity,
B. M oney and securities, C. Safety
deposit box coverage, and D. D epositors
com m ercial forgery and alteration.
The ‘A’ bond carries a fixed am ount
on each item.
“In some instances you w ill find
little need for th e fidelity coverage,
especially w here th e fam ily owns and
operates th e business exclusive of out
side help. In such instances m oney
and securities coverage can be w ritten
alone, th ereb y extending th e broad
featu res of this bond to yo u r clients
in com petition to the reg u lar standard
form .”
Declare Two Dividends
The board of directors of T he F irst
N ational B ank of Chicago at a recent
A.
L. Rooch, a ssistan t vice p resident reg u lar m eeting declared a dividend of
$2.00 p er share on the capital stock of
of th e A nchor C asualty Company, St.
Paul, has announced the issuance of th e bank, payable A pril 1, 1945, to
stockholders of record M arch 26; also a
a Ju n io r C om prehensive D ishonesty,
dividend of $2.00 per sh are payable
D isappearance, D estruction B lanket
on Ju ly 1, 1945, to stockholders of rec
Bond at a m oderate cost for th e small
ord Ju n e 25, 1945.
enterprise.
Blanket Bonds
5 2 nd A N N U A L F IN A N C IA L S T A T E M E N T
A s of D ecem b er 31, 1944
ADMITTED
ASSETS
LIABILITIES
M ortgage Loans ...............................................$ 180,760.61
Bonds and Stocks (Am ortized V alu es). . . 1,149,242.57
D eposits in Banks (O n Interest and Open
A ccount) .........................................................
724,613.04
Building and Loan A ssociation Shares. . . .
55,000.00
A gents’ B a la n c e s...............................................
36,967.70
Reinsurance Contracts R eceivable...............
53,362.42
Interest Due and Accrued on Securities. ..
7,076.83
All O t h e r ..............................................................
7,227.74
Reserves:
L osses and C laim s........................................ $ 106,215.38
Unearned Premium s ..................................
277,858.46
Salaries, Rents, E xpenses, etc...................
685.57
T axes (Federal, State and O th e r )...........
63,692.94
Contingent Commissions ..........................
133,410.48
All Other .......................................................
10,826.86
Total ........................................................ $2,214,250.91
Total ....................................................... $2,214,250.91
T otal .......................................................
592,689.69
Surplus as regards P olicyh old ers............... 1,621,561.22
S u rp lu s O ver A ll L ia b ilities $ 1 ,6 2 1 ,5 6 1 .2 2
FARMERS MUTUAL HAIL INSURANCE COMPANY OF IOWA
C. P. RUTLEDGE, Presi dent
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Valley Bank Building, Des Moines
Northwestern Banker
April 1945
42
"Banking Fundamentals the Same"
D E A R E D IT O R
(C ontinued from page 9)
o rd in ary b u t, ju d g in g fro m th e a tte n tio n
which our m odest p ro g ram has a ttra c te d , it
a p p ea rs th a t some people th in k it unusual. ’ ’
F.
L.
O ’H a i r ,
P resident,
C entral N a tio n a l B a n k,
G reencastle, In diana.
“ I consider it a g re a t honor to hear
fro m you. I t b rin g s back to me m em ories
of th e old days in the G reat N a tio n a l P a rk
B ank o f New Y ork City, w hich in stitu tio n
w as so A m erican in its policy an d personnel.
“ E v er since I re tire d fo r h e alth re b u ild
in g back in 1934, th is out-of-doors fa rm
an d ran ch life h as done w onders fo r me. I
am now feelin g like m y old self ag ain . The
recent years have b ro u g h t a b o u t g re a t
changes in our b a n k in g m ethods and p o li
cies. H ow ever, as one who has now been
on b o th sides o f the counter, I believe th a t
th e re a l fu n d a m e n ta ls o f b a n k in g are an d
ever will rem ain c o n stan t— th a t is, th e p e r
sonal equation betw een b an k ers an d p a tro n s
will continue as first consideration.
Col
la te ra l an d ‘ quick a s s e ts ’ a re recognized
as essentials, b u t c h a ra c te r an d experience
J .C .
Note this
Complete Coverage
a f /
First Tim e A n yw h ere
A Ju n io r C om p reh en sive
$1000.00
Commercial Blanket
Fidelity
(with Retroactive Res
toration & Reinstate
ment Prem. Waiver)
$500.00
Money & Securities
Broad Form
(Blanket Inside &
Outside)
(Series “ A” )
D is h o n e s ty
D is a p p e a r a n c e
D e s tr u c tio n
Blanket Bond
at m oderate cost
for the sm all en terp rise
— alw ays ju s t as essential— even m ore so.
M y feeling, a f te r n e arly 12 y e ars out of th e
b an k in g service— b o th in c o u n try an d la rg e
c ity b an k s— is th a t bankers, by a n d larg e,
are finding i t to th e ir a d v a n ta g e to g e t
closer an d alw ays closer to th e ir p a tro n s
by actu al personal visits to th e ir respective
business places and homes, a sc e rta in in g th e ir
re al needs— an d a b ilitie s— even to th e ex
te n t of m a in ta in in g a n e x tra w indow and
teller fo r the accom m odation of those cus
tom ers an d especially fa rm e rs who cannot
a tte n d to th e ir business in the se t hours of
10 to 2 d aily and 10 to 12 noon on S a tu r
days. M y th eo ry has alw ays been th a t the
m ore the ra n k an d file of people can be a t
tra c te d to banks b y services free ly ren d ered
the b e tte r fo r all concerned. I fu rth e r b e
lieve th a t the fa rm in g business is a g a in
com ing in to its real strid e.
F a rm s p ro
duce th e essentials of all su sta in in g life,
a n d th e bankers, in fo ste rin g soil conser
vation, m odern fa rm in g m ethods such as
contouring, te rra c in g , a n d stre ssin g the
m aintenance of good all w eather, h a rd
su rfa ce d roads, ‘ fa rm -to -m a rk e t ’ highw ays,
$500.00
Safety Deposit Box
Securities
Cover at Bank
$500.00
Depositor’s
Commercial Forgery
& Alteration
(Insured’s Issue)
T o ta l $2500.00
Junior Series
“ B” Bond
written in optional
amounts for larger risks.
Descriptive Folder & Rates Upon R equest
nncHOR cnsuflLTV compunv
IN SU RE
in the largest exclu
sive Hail Insurance
Company operating
in Iowa and Missouri
Statement of Condition at Close of Business
December 31, 1944
ADMITTED ASSETS:
Cash in Banks................................. $271,445.56
Federal Building, Loan &
Savings Associations ................ 45,000.00
U. S. Government Bonds................ 449,270.00
2,516.29
Accrued Interest .............................
TOTAL ADMITTED ASSETS.......... $768,231.85
LIABILITIES:
Reserve for Unpaid Losses and
Adjusting Expense ..................... $ 3,000.00
(Losses incurred and in process of adjustment)
Reserve for Taxes ......................... 14,382.17
Total Liabilities ............................. $ 17,382.17
POLICYHOLDERS' SURPLUS..........
$ 7 5 0 ,8 4 9 .6 8
SAINT PAUL 4, MINN.
A n c h o r Y o u r B o n d B u s in e s s
$768,231.85
As additional protection to policyholders
in case of excessive losses, the Company
has Reinsurance in the amount of
$250,000.00
A new Sickness Policy for Bankers pays $25.00 to $50.00 per week
and no reduction in the weekly rate for non-confinement.
diseases covered at the maximum rate.
All
$4.00 pays for insurance in full to the 15tli of next September.
WRITE FOR APPLICATION AND DETAILS.
MINNESOTA COMMERCIAL MEN S ASSOCIATION
2550 Pillsbury Ave.
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Minneapolis 4 , Minn.
A pril 1945
Square Deal carries your hail insurance
at reasonable cost. No company can do
better.
#
A FEW DESIRABLE AGENCY
LOCATIONS OPEN
S Q U A R E
In su ra n c e
D E A L
C o m p a n y
( Mutual)
DES MOINES, IOWA
OUR 50th YEAR
43
w ill them selves enjoy g re a te r benefits and
in so doing keep up tvith the p re sen t tre n d . ’ ’
J a y D e L o s R i s i n g , fo rm e rly
V i c e P resid en t, N a tio n a l
Parle B a n k o f N ew Y o rk
C ity before its m erger w ith
Chase N a tio n a l, R esidence
A ddress, 5210 B u r t S tre et,
Omaha 3, N ebraska.
HOW
O U R D IR ECTO R S
DIRECT
(C ontinued from page 14)
w illing assistance. It is ju s t a n a tu ra l
cooperation betw een th e m anagem ent
of th e b an k and th e directors, w ith an
e a rn e st effort on th e p a rt of each to
perfo rm th e ir respective du ties.”
P a ris office w ho came to New York
d u rin g th e period of G erm an occupa
tion, have been in P aris in recent
m onths m aking arran g em en ts to re
establish operations there, w ith a view
to serving again not only th e U. S.
gov ernm ent and arm ed forces, b u t also
th e m any form er clients of th e office
th e re and others. In advising by cable
th a t th e office is again open for busi
ness, Mr. Loree em phasized th a t bu si
ness conducted by th e b ran ch at this
tim e is, of course, subject to licensing,
exchange control, and o ther reg u la
tions of th e U nited States and France.
According to Gnawing
Some few days after having his w al
let stolen in th e subw ay th e victim , by
th en resigned to the loss, received this
letter: “Sir, I stole y u r m unny. Rem orz is n oring me so I send sum of
it back to you. W en it nors again I
w ill send sum m ore.”
No M arket Losses
H o w do y o u r d irectors cooperate
in y o u r b a n k? W e w ill be glad to have
N o rth w estern B a n k e r readers co m
m e n t on th e above, and give us th eir
vieivs on d irecto r cooperation. H oiv
a b o u t several o f our m a n y readers
w h o are a lready d irectors o f banks
te llin g “H o w M y B a n k Officers Co
op era te W ith M e”? L e t’s have th e
o th e r side o f th e story. A d d ress yo u r
le tte r to H e n ry H. H aynes, editor, T h e
N o rth w e ste rn B a n ker, 527 Seven th
S tre e t, Des M oines 9, Iowa.
M ER C H A N TS
MUTUAL
BONDING
COMPANY
Incorporated 1933
IF
YOU INVEST
Home Office
SOUTHERN SURETY BUILDING
Des M oines, Iow a
YOUR M ONEY
in our 3% F ed
erally insu red cer
T his is Iow a’s oldest surety com pany.
tificates,
A progressive com pany w ith ex p eri
enced, conservative m anagem ent.
have
w h i cli
safety,
li
Paris Office Opens
q u id ity and fr ee
The reopening of th e P a ris office of
th e G u aran ty T ru s t C om pany of New
York w as an nounced by J. L u th e r
Cleveland, p resid en t of th e Company.
The b ran ch again occupies its p re
w a r q u a rte rs a t 4 Place de la Concorde
in th e h isto ric building know n as the
H otel de Coislin, one of th e group of
eig h teen th c e n tu ry buildings adjoining
th e A m erican E m bassy and fro n tin g
on th e fam ous square.
Vice P re sid e n t R obert F. Loree, head
of th e C om pany’s F oreig n D epartm ent,
an d former* A m erican officials of th e
dom from m arket
W e a re p r o u d o f o u r h u n d r e d a n d
fif ty b a n k a g e n ts in Iow a.
To be the exclusive re p resen tativ e of
this com pany is an asset to y our bank.
losses.
George E. V irden, Secretary
Write to
E. H. W A R N E R
Secretary and Manager
The Russell County Building & Loan Associai
Insurance Agents—
I
$
*
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O U R 5 0 th YEA R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M U T U A L
C A SU A L T Y CO M PA NY
DESMOINES
“ I t m u s t b e a c a s e o f n e r v e s . T h e p o o r lit t le
t h in g tr e m b le d a ll o v e r in t h e s to r m
la s t n ig h t.”
A L L IE D
Harold S. Evans, Presi dent
....
Hubbe ll Building
n
.. .
.
Des Moine s, I o w a
Northwestern Banker
'
April 1945
44
Tim e . . . And Your Telephone
T h e jo b o f th e c o u n tr y b a n k e r h as b een in c re a s
ch ase ca n g e n e ra lly be c o n s u m m a te d in a m a tte r
in g . H e h as b een ca lle d u p o n for m ore co u n sel
o f m in u tes. T h e Northw estern m ain tain s th e best
a n d advice th a n ever before . . . r e c e n tly , in som e
a v a ila b le m a rk e ts b e ca u se o f c o n s ta n t c o n ta c t
territories, th e re h as b een a n u n u s u a l w ith d ra w a l
w ith national m arkets th rou gh speediest channels.
o f d ep o sits cau sed b y th e tax period an d th e in
B onds in a “ S a fe k e e p in g ” a c c o u n t w ith us are
a b ility o f m a n y farm ers to m a rk e t la s t y e a r ’ s
c a r e fu lly recorded, co u p o n s are clip p ed an d c o l
crops. T h e S e v e n th W ar L o a n is c o m in g . W ith
le c te d
a ll o f th e se a c tiv itie s an d c o n d itio n s fa c in g th e
d epo sited . A n ad vice o f cre d it an d an ex p la n a tio n
c o u n tr y b a n k e r — tim e b eco m es o f tre m e n d o u s
o f th e source o f in c o m e are m a ile d to th e re
im p o rta n c e .
sp ective co rresp o n d en t b a n k s.
M a n y ba n k ers save tim e b y u s in g th e ir te le
on
th e
proper
d a te
an d
th e
proceeds
Save t im e — use N o rth w e ste rn ’ s services.
We
ph o n e to b u y an d sell se cu rities t h a t th e y h ave
are no fa rth e r fro m y o u th a n yo u r tele p h o n e,
in our “ S a fe k e e p in g ” d e p a r tm e n t. A sale or p u r-
tele g ra p h or ty p ew riter.
SHIRLEY S. FORD, P r e s id e n t
D e p a rtm e n t o f B a n k s a n d B a n k e rs
D. E. Crouley
L. P. Gisvold
Carl Wiesecke
A. F. Junge
V ice P r e s id e n t
A s s t. C a sh ie r
A s s t. C a sh ie r
R e p r e s e n ta tiv e
NORTHWESTERN NATIONAL BANK or Minneapolis
M a r q u e tte A ve. — S ix th to S ev e n th S treets
M E M B E R
'Northwestern Banker
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Federal Reserve Bank of St. Louis
F E D E R A L
A pril 19Í5
D E P O S I T
I N S U R A N C E
C O R P O R A T I O N
OUR *50th YEAR
45
cashier in several banks an d in 1926
w ent w ith th e state b anking d e p a rt
m en t w here he served u n til 1928. H e
organized th e F irst State B ank in Zumbro Falls, th e F irs t S tate B ank of
G rand Meadow, and now th e F irs t
State B ank of Racine.
A lbert Team onson, since organiza
tion of th e F irs t S tate B ank of G rand
Meadow, has been w ith th a t firm.
WILBUR F. McLEAN
President
D u lu t h
Honored on 45th Year
Clare D. Moll, p resid en t of th e F irs t
N ational B ank of St. P eter, M innesota,
m ark ed his forty-fifth an n iv e rsa ry
w ith th e F irs t N ational B ank last
m o n th —an u n u su a l record in th a t his
en tire 45 y ears in th e b an k in g business
have been w ith th e F irs t N ational.
Mr. Moll w as su rp rised w ith a d in
n e r p a rty a t th e hom e of R. W. M altby,
vice p resid en t of th e bank, w h ere th e
board of d irecto rs and th e b an k staff
w ere assem bled.
H osts and hostesses at th e g ath erin g
w ere Mr. and Mrs. H. B. Seitzer and
Mr. and Mrs. R. W. M altby. G uests
w ere m em bers of th e board of direc
to rs and th e ir wives, and m em bers of
th e b an k staff an d th e ir wives.
W IL L IA M D U N C A N ,
S e creta ry
M in n e a p o lis
Jr.
recently by a m ajority vote of its capi
tal stock:
The highest am ount of indebtedness
or liability to w hich th e corporation
shall at any tim e be subject shall be
five m illion dollars ($5,000,000).
New Vice President
and Cashier Arrives
Clarence E rsta d of Maddock, N orth
D akota, last m onth assum ed his new
duties as vice presid en t and cashier
of the U nion State Bank, Sauk Rapids,
M innesota, to tak e th e place of R obert
P. Howe.
Mr. E rsta d has been cashier of the
F arm ers State B ank at Maddock.
Mr. Howe has assum ed his new
duties as presid en t of M urray County
State B ank at Slayton, M innesota.
New Article
A t a m eeting of the stockholders of
the State B ank of Long Lake, Long
Lake, M innesota, held at th e b anking
house recen tly a resolu tio n w as offered
and adopted by a m ajo rity vote of its
capital stock to th e effect th a t a new
article w as to be added to th e A rticles
of In co rp o ratio n of th a t b an k to read
as follows: The h ig h est am o u n t of
in debtedness or liability to w hich th is
ban k shall a t an y tim e be subject shall
be seven h u n d red th o u san d dollars
($700,000).
Frank Horton
Services w ere held at W inona, M in
nesota, recen tly for F ra n k H orton, 73,
vice p resid en t of th e S tan d ard L um ber
Co., and fo rm er p resid en t of th e F irs t
N ational B ank of W inona.
Mr. H orton died in W inona g eneral
hospital from in ju rie s suffered w hen
he slipped on ice a w eek before.
Amendment
Signed by C. H. Berge, president, and
J. K. T inkelpaugh, cashier, of th e Citi
zens S tate Bank, B rainerd, M innesota,
th e follow ing am en d m en t to certificate
of inco rp o ratio n w as adopted at a m eet
ing of th e stockholders of th e bank
O U R 5 0 th Y E A R
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Federal Reserve Bank of St. Louis
Rochester Vice President
George C. W erdel, recently becam e
active vice p resident of th e U nion N a
tional B ank of R ochester, M innesota.
F o rm er presid en t of th e Carroll
C ounty S tate B ank in Carroll, Iowa,
Mr. W erdel w as elected to th e R oches
te r position in Ja n u a ry and assum ed
his duties after com pleting business
affairs in Carroll.
New Racine Bank Opens
The new F irst State B ank of Racine,
M innesota, had its form al opening re
cently.
H eading th e new bank is George
Reppe, w ho is presid en t and cashier.
E. M. Reppe and A. H. T eam anson are
a ssistan t cashiers.
Mr. Reppe is also presid en t of the
F irs t State B ank of G rand Meadow.
He w as born and reared in Z um brota
w here his brother, Baldwin, is cashier
of th e F arm ers Security State Bank.
He w as educated in the Z um brota
schools and at St. Olaf College. He is
a v eteran of W orld W ar I and at pres
en t holds th e post of D istrict Com
m an der of th e A m erican Legion, dis
tric t one. He is a m em ber of the H a rry
T. A nderson post in G rand Meadow.
A fter th e w ar, Mr. Reppe served as
Heads Sandstone Bank
Nels Lundorff, Sandstone, M inne
sota, businessm an, is th e new active
presid en t of th e Sandstone State Bank,
follow ing purchase of th e capital stock
of the late R. W. B arstow and reo rg an i
zation of th e board of directors of th a t
in stitu tio n at a recen t m eeting.
Mr. L undorff has been a successful
farm er and businessm an in th a t com
m u n ity since com ing th ere in 1918
from Superior, Iowa. He has b u ilt up
a good lum ber y ard and feed business,
and took an active p a rt in politics. L ast
fall he w as in th e race for re p re se n ta
tive in th e legislature from th e fiftysix th district.
Julius Halvorson
Ju liu s H alvorson, ban k president, of
M orris, M innesota, died recen tly in
th a t city. F o r the p ast 26 y ears he had
been m anager of th e C yrus and M orris
L ivestock
Shipping
A ssociations,
b ringing him in close contact w ith
farm ers over a wide area. He w as p res
ident of th e M orris S tate B ank there.
He had also served as director of th e
Cyrus T elephone Com pany and th e
Cyrus E levator Company.
Spring Valley Cashier
Le Roy Fiegel, teller a t th e F irs t Na
tional Bank, R ochester, M innesota, has
been appointed a ssistan t cashier a t th e
F irs t N ational B ank of Spring Valley,
an affiliate of th e R ochester bank.
Mr. Fiegel, w ho has been an em ploye
of th e R ochester B ank for 18 years,
succeeds Clifford Bow ers w ho left th e
Spring Valley B ank w hen it becam e
necessary to re tu rn to his form er hom e
in N orth Dakota.
Michael Joesph Kolb
F u n eral services w ere held for M ich
ael Joseph Kolb, w ho passed aw ay re
cently a t Bagley, M innesota. He w as
one of the business and civic leaders
of Bagley and C learw ater county for
m any years.
H is first v en tu re into th e banking
business w as a t Belgrade, M innesota,
w here he organized th e B ank of Bel
grade. He m ade his hom e th ere for
about tw o or th ree y ears afte r w hich
he w ent to Brooten, M innesota, w here
Northwestern Banker
April 1945
46
he organized th e B rooten S tate Bank.
H e resided a t B rooten u n til 1904 w hen
he cam e to Bagley.
He w as th e organizer of th e C lear
w ate r C ounty State B ank in Bagley
and also w as organizer and ow ner of
th e F irst N ational B ank a t Gonvick
and the F irs t N ational B ank at Clearbrook.
Besides his ban k in g connections he
also w as active in o th er en terp rises
and w as ow ner of th e S ecurity L um ber
and H ard w are business at Gonvick as
w ell as th e F o rd G arage there.
H e helped organize a nu m b er of
fa rm e rs’ cream eries, elevators and tele
phone com panies.
St. Paul Banker Retires
George M. Brack, secretary -treasu rer
of th e F irst T ru st Com pany of St. Paul,
last m onth announced his resignation
in conform ity w ith the tru s t com
p a n y ’s retirem en t fund regulations.
His successor is H arold C. Soderm an,
who has served as com pany controller
for th e p ast six years.
Mr. B rack started his banking career
as a m essenger for the St. P aul N a
tional B ank in 1899. In 1906 th a t or
ganization w as m erged w ith th e Capi
tal N ational B ank in w hich Mr. B rack
served as chief clerk, a ssistan t cashier,
cashier and vice president.
M i n n e a p o l i s -M o l in e
t r a c t o r s
~f, F A R M
cA „N ever
C n d ln g
M A C H IN E R Y
. ' JL
There is little rest for the good farmer. His is a year-round job
with every season packed to the brim with particular tasks to be
done. During the growing and harvesting seasons, when every
hour counts, his days begin at sun-up and end long after sun
down. Keeping the land fertile, in particular, is a never ending
job—just like keeping goodwill of customer is.
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ing to make the task of the farmer lighter. MM machines
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brought modern, speedy methods to present-day farming
and are giving farmers more hours to enjoy family and
community life.
Bankers of America are working with the MM Ma
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m
M i n n e a p o l i s -M o l in e
POWER IMPLEMENT COMPANY
Northwestern Banker
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Federal Reserve Bank of St. Louis
April 1915
1 , M I N N E S O T A, U. S. A.
Brief News
SKD 3/c M yron E llingson (Seabees),
form erly cashier of th e State B ank of
Hope, Hope, M innesota, is stationed in
th e M arianas Islands. He has been
overseas since A ugust, 1944.
Cashier of th e State B ank of C larks
Grove, C larks Grove, M innesota, A. J.
Lageson, w as in Denver, Colorado,
last m onth visiting his son w ho is in
th e arm ed forces.
Succeeding Jo h n Domes as presid en t
of th e Blue E a rth State Bank, Blue
E a rth , M innesota, is W alter J. Schwen.
Mr. Domes w as one of th e m em bers of
the original ban k in g p a rtn e rsh ip of
W ellm ert B row n C lark & Com pany,
w ho incorporated as th e Blue E a rth
State B ank in 1905.
':y '
M IN N E A P O L IS
In 1924, follow ing th e consolidation
of the C apital N ational and M erchants
N ational B anks, B rack w as elected
secretary -treasu rer of th e M erchants
T ru st and Savings Bank, an affiliate of
the M erchants N ational w hich w as an
antecedent organization of th e F irs t
T ru st Company.
Two o th er prom otions m ade since
the first of th e y ear advanced Oliver
W. H edeen and A lvin W. H ilgedick to
th e ra n k of assistan t tru s t officers.
W hat Farmers Will Buy
A survey, am ong the farm ers in th e
Pacific N orthw est, has been m ade to
find out w h a t people w ill b u y w ith
th e ir w ar savings.
Autom obiles, radios, and household
equipm ent lead th e postw ar buying
plans of 1,380 d irt farm ers checked by
th e Pacific N orthw est F a rm Trio, p u b
lishers of the Oregon Farm er, W a sh
ington Farm er, and Idaho F arm er m ag
azines. T he surv ey w as divided equal
ly am ong th e th ree states, w here farm
crops in 1944 had a value in excess of
a billion dollars.
The m agazines found th a t 37.6 per
cent of th e farm ers plan to buy new
cars, 34.8 p er cent w an t radios, 30.1 per
cent hope to install b ath tu b s or show
ers. O ther percentages: w heel-type
tra c to rs 24.3 p er cent, track-type tra c
tors 8.5 per cent, tru ck s 21.2 per cent,
electric refrig erato rs 27.4 p er cent,
w ashing m achines 24.1 p er c e n t ,
w ater h eaters 21.7 p er cent, ranges 23.1
per cent, waffle irons 14.2 p er cent, oil
h eating furnaces 7.6 p er cent, steam or
hot w ater furnaces 2 p er cent, frozen
food lockers 28.9 p er cent, p ressu re
w ater system s 14.7 p er cent, k itchen
sinks 17.2 per cent.
O U R 5 0 th Y E A R
47
Twin C ity News
T WO new b anks have been estab
lished in th e T w in Cities, one
th ro u g h th e nationalizing of w h a t had
been a M inneapolis state b an k and
m oving it to new offices and th e o th er
th ro u g h th e g ra n tin g of an application
for re-establishm ent of facilities of a
St. P aul state bank.
In M inneapolis, th e Second N orth
w estern State B ank closed its doors
an d m oved its gen eral b an k in g b u si
ness to th e Third N orth w estern N a
tion al Bank. Second N orth w estern
State Bank reopened in th e T w in Cities
M idw ay d istric t as th e Second N orth
w estern N ational B ank w ith new offi
cers.
In St. Paul, th e M innesota Com
m erce C om m ission g ra n te d an applica
tion for th e o rganization of th e M inne
sota State B ank of St. P aul to do b u si
ness at th e location fo rm erly occupied
by th e S ecurity S tate B ank w hich p re
viously h ad m oved to th e M idw ay dis
tric t and nationalized.
S h irley S. Ford, p resid en t of th e
N o rth w estern N ational B ank of M in
neapolis, announced th e officers of th e
new M inneapolis b an k w ill be F rank
C. O’B rien, w ho also is a vice p resid en t
of th e N o rth w e ste rn N ational B ank of
M inneapolis, president; J. R. W ren,
now a ssista n t m an ag er of th e N o rth
w e ste rn N atio n al’s L incoln office, vice
presid en t and cashier; and H arry J.
Jen sen, fo rm erly cashier of th e Mil
lers & T rad ers S tate Bank, assistan t
cashier.
F o rd said R ay M ikolajczyk, cashier
of th e Second N o rth w e ste rn State
B ank, becom es an officer of th e T h ird
N o rth w e ste rn and John S. R eshetar,
a ssista n t cashier of th e sta te bank, be
comes an officer of C entral N o rth
w e ste rn N ational B ank.
Safety deposit boxes of th e state
b an k have been tra n sfe rre d to C entral
N o rth w e ste rn N ational B ank and th e
bu sin ess of N o rth east S tate B ank In
O U R 5 0 th Y E A R
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Federal Reserve Bank of St. Louis
By E. W . Kieckhefer
Special C orre spon de nt
su rance agency has been tra n sfe rre d
to th e C entral N ational agency.
Officers of th e M innesota State B ank
of St. P aul w ill be H ugo Schroeckenstein , retired businessm an w ho served
m any y ears as a director and vice
p resid en t of th e Security State, p resi
dent; and Ju liu s H. B rogm us, w ho w as
w ith th e S ecurity S tate 20 years, vice
p resid en t and m anaging officer.
D irectors of th e state b ank w ill be
S ch roeckenstein, B rogm us, Leonard R.
M oeller, executive state agent of St.
P aul M ercury In d em n ity Co., Charles
B. W agner, m eats and groceries deal
er; and W illiam F. P eters of P eters
M eat P roducts Co.
C apital of th e new St. P au l b an k w ill
be $50,000; su rp lu s $10.000 and u n d i
vided profits $5,000.
F ollow ing announcem ent of ap p o in t
m en t of J. R. W ren as vice president
and cashier of th e new T hird N o rth
w estern N ational B ank of M inneapo
lis, S hirley S. Ford, presid en t of th e
N o rth w estern N ational of M inneapolis,
announced P aul L. Brick, m anager of
N o rth w estern N ational’s tra n s it de
p artm en t, had been nam ed assistan t
m an ager of N o rth w estern ’s Lincoln
b ranch to succeed W ren.
D onald C. D ayton, secretary and as
sistan t general m anager of th e D ayton
Co., w as appointed to th e advisory
board of th e Lincoln office.
H arold C. Soderm an has been elected
se c retary -treasu rer of th e F irs t T ru st
Com pany of St. P au l to succeed George
M. Brack w ho resigned in conform ity
w ith th e firm ’s re tire m e n t policy.
B rack sta rte d his b anking career as
a m essenger for th e St. P au l N ational
B ank in 1899. W hen th a t b ank m erged
w ith th e Capital N ational in 1906,
B rack served as chief clerk, assistan t
cashier, cashier and vice president.
A fter consolidation w ith M erchants
N ational in 1924, he w as elected sec
re ta ry tre a su re r of M erchants T ru st
& Savings Bank, an affiliate of M er
ch ants N ational from w hich grew th e
F irs t T ru st Company.
Soderm an has been associated w ith
F irs t T ru st and th e firm s from w hich
it grew 26 years. He has been com p
tro lle r th e last six y ears and w as audi
to r for several y ears previous to th at.
He is a p ast presid en t of th e St. P aul
C hapter of th e A m erican In stitu te of
B anking and th e Tw in City B ank A udi
tors and C om ptrollers Conference.
I. V. Gedney, 76, d irector of the
N o rth A m erican b ran ch of th e N orth-
J a m ie s o n
&
C o m pa n y
Members
New York Stock Exchange
and Other Principal Exchanges
★
STOCKS
BONDS
COMMODITIES
★
MINNEAPOLIS
FARGO
ST. PAUL
GRAND FORKS
DULUTH
SIOUX FALLS
PRIVATE WIRES
N orthw estern Banker
A pril 19^5
48
•
MINN E S O T A
w e ste rn N ational B ank of M inneap
olis, died recen tly a t his M inneapolis
hom e. He w as p resid en t of th e M. A.
G edney Co., packers of pickles and
m an u fa c tu rers of vinegar, for 35 years
and had been associated w ith th e firm
m ore th a n 60 years. He w as a m em ber
of th e M inneapolis and M inikahda
clubs and of th e M inneapolis consis
to ry of th e Scottish R ite and th e Z urah
tem ple of th e Shrine.
NEWS
tre a s u re r of th e M inneapolis Iro n
Stores Co. and a d irector of th e M in
neapolis Civic and Commerce Asso
ciation.
Cavour S. Langdon, 83, vice presi
den t of the F arm ers & M echanics Sav
ings B ank of M inneapolis, died re
cently afte r a long illness. He had
lived in M inneapolis since 1866 w hen
he cam e from New H aven, V erm ont,
w ith his father, R obert B ruce L ang
don, who becam e a pro m in en t Tw in
Cities railroad m an.
He w as presid en t of th e Langdon-
Sam uel Sew ell, 50, directo r of th e
M idland N ational B ank and T ru st Co.
of M inneapolis, died recently. H e w as
M. A. WILSON
Vice President
Is a M ap!
In choosing a correspondent here, get
a m ap of Sioux City. See w here the
great Sioux City Livestock m arket is
located—then note the Live Stock N a
tional Bank in its very center!
W. C. SCHENK
Cashier
H. C. LINDUSKI
Assistant Cashier
and Manager of
Air Base Facility
C. L. ADAMS
Assistant Cashier
O ur location right in the stock yards,
plus our know ledge of the live stock
b usiness gives this ban k a Double "A"
rating for your Sioux City business. Try
us an d see!
J. S. HAVER
Assistant Cashier
JAMES L. SMITH
Auditor
X
Hi
£
L i ve S t o c k
'TijONAL ^ ANM
0
S IO U X
C IT Y .
M E M B E R
&
N orth w estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
£
A pril 19^5
*
lO W A il
F .D .IX .
... ....................... ... ..................................
"7 / c e
L ym an E. W akefield, presid en t of
the F irs t N ational B ank of M inneap
olis, has announced ap p ointm ent of
c. K. D. MINAR
Committee Member
W. G. NELSON
Assistant Vice President
.. i l l ; O F
W arren Mines, Inc.; d irector of th e
Soo line railroad and th e M innesota
C harter Commission.
Our Best Salesman
C. L. FREDRICKSEN
President
§ § ¿ 4
»
t/te
'
C ushm an K. I). M inar as a m em ber of
th e advisory com m ittee of th e b a n k ’s
St. A nthony Falls office.
C harles J. R itt has re tu rn e d to St.
P aul from Los Angeles, California, to
become vice presid en t and a director
of th e M idway N ational Bank. In Los
Angeles he w as vice p resid en t of th e
Citizens N ational T ru st and Savings
B ank w ith w hich he w as associated 10
years.
Before going w est, R itt w as a n a
tional b ank exam iner in th e N in th and
T w elfth F ederal R eserve districts. He
began his banking career 25 y ears ago
w ith th e Second N ational B ank of
St. P aul and later w as w ith th e A m er
ican N ational. His b ro ther, A. L.
R itt, is p resid en t of M idway N ational
B ank of St. Paul.
In his new post R itt w ill be in
charge of new business developm ents
and public relations.
A ppointm ent of H orace J. M inar as a
m em ber of th e advisory board of th e
Lake S treet office of N orthw estern
N ational B ank of M inneapolis has been
announced by Shirley S. Ford, p resi
dent of N o rth w estern N ational.
T he M inars are p a rtn e rs in th e
M inar Company, dealers in autom o
biles and farm im plem ents in th e
N orthw est.
O U R 5 0 th Y E A R
49
Proposed Merger Dead
SOUTH
Æ
ff
a
Mm
H. R. KIBBEE, JR.
President
Mitchell
DAKOTA
NEWS
Acting Secretary
LOIS J. HALVORSEN
GEORGE M. STARRING
Secretary-Treasurer
Huron
( I n the S ervice)
Cancel Bankers Convention
Joins Hartford Bank
T he 1945 convention of th e South
D akota B an k ers A ssociation scheduled
for Ju n e 22 and 23 has been canceled.
T he m eeting w as to have been held in
R apid City.
T his action w as ta k e n a t a m eeting
of th e executive council of th e associa
tion in M itchell.
Mr. and Mrs. E ldon M unce have
m oved to H artford, South Dakota,
w h ere th e y w ill m ake th e ir fu tu re
home. Mr. M unce w ho has been as
sistan t cashier at th e C om m unity
B ank office, H um boldt, has been tra n s
ferred to th e p a re n t b an k at H artford.
Assistant Manager
at Brookings
M orris W in ter of P ark sto n , South
D akota, w as nam ed by th e d irectors
of th e N o rth w est S ecurity N ational
B ank, as a ssista n t m an ag er of th e
b ra n c h b an k a t Brookings.
Mr. M orris is a recen t g rad u ate of
th e U n iv ersity of South Dakota.
Banker Speaks to
Farm Loan Group
Leo E. M anion, vice p resid en t of
th e F ed eral L and B ank of Omaha, w as
th e m ain sp eak er a t th e a n n u al m eet
ing of th e F a rm L oan A ssociation
m eeting held in M adison, South Da
kota, last m onth.
W hen th e b an k w as organized in
1917, Mr. M anion sta rte d as an ap
p ra ise r an d la te r becam e a ssista n t
chief ap p raiser.
In 1926 he w as nam ed review ing
a p p ra ise r in th e eighth d istric t and
la te r becam e chief a p p ra ise r for the
F irs t Jo in t Stock L and B ank of Chi
cago.
He re tu rn e d to th e o rganization w ith
w hich he sta rte d as its vice p resid en t
in 1933 an d a y e a r la te r he w as also
nam ed secretary , holding b oth posi
tions u n til 1936, w h en he devoted all
of his tim e to his d uties as vice p re s
ident.
Mr. M anion w as in active charge of
th e real estate d e p a rtm e n t d u rin g the
tim e w h en th e b an k ow ned m an y
farm s an d his o u tstan d in g w o rk in
th is field led to his choice as head of
th e L and B an k ’s new loan d ep artm en t
in 1942.
O U R 5 0 th Y EA R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banker Invents Crib Floor
A nother circular crib floor is going
up on the farm of L. D. Larson, K ings
b u ry county farm er, n ear De Smet,
South Dakota, w ho has com pleted the
cribbing of 3,500 bushels of corn w hich
had been stored in cribs an d piles on
th e ground.
The circular floor plan is th e p a ten t
of Theodore H. M eyer, presid en t of the
Peoples State B ank of De Smet.
He devised th e plan du rin g spare
h o u rs in th e basem ent of his hom e
and now he an d his son, w ho is located
in th e Black Hills, have sta rte d a sm all
factory and are tu rn in g out aro u n d a
h u n d red of th e floors each week. They
are being d istrib u ted th ro u g h dealers
to farm ers in th e eastern p a rt of th e
state.
The floors are 16 feet in diam eter,
are m ade of full tw o-inch m aterial
m ounted on 2x8’s and come from the
factory ready to be set up.
T hree slat cribs are u sually set up
on th e floor to m ake a u n it of at least
1,000 bushels.
Speaks at Farm Meetings
A ssociated w ith th e F ederal L and
B ank a t Omaha, N ebraska, since 1933,
Nile C. K innick, supervisor of associa
tion service division, w as th e principal
sp eaker at the an n u al stockholders
m eeting of th e R ushm ore N ational
F a rm Loan A ssociation in R apid City,
South Dakota.
He spoke also at th e an n u al m eet
ing of th e B attle M ountain N ational
F a rm Loan A ssociation, held in H ot
Springs, on th e progress of th e farm
e rs’ credit system .
P rio r to 1933 he operated and m an
aged Iow a farm s and his broad know l
edge of both farm ing an d banking is
of in te re st to farm and ra n c h ow ners.
G overnor M. Q. Sharpe, at P ierre,
South D akota, recently described his
proposed m erg er of state banking and
in su ran ce d ep artm en ts as "definitely
dead.”
He told his press conference he w ill
w ithhold a banking-insurance consoli
dation m easure in view of Congres
sional action to resto re in surance com
pany reg ulation to th e states. A recent
suprem e co u rt decision held such reg
ulation to be a federal function.
Previously, th e governor said a re
tu rn of such control to th e state gov
ern m en ts w ould req u ire a separate in
surance departm ent.
Arthur H. Marble
W ord w as received the p ast w eek
by D eW itt M alvin, vice p resid en t and
m anager of th e Belle Fou.rche, South
Dakota, office of th e F irs t N ational
B ank of Black Hills, th a t A rth u r H.
M arble, w ell-know n pioneer b an k er of
th a t city from 1891 to 1903, passed
aw ay at Los Angeles, California, re
cently.
Mr. M arble began his ban k in g career
in Deadwood in 1889, sh o rtly after be
came connected w ith th e form er B utte
County Bank, w hen its offices w ere at
M innesela, m oving to th e new tow n of
Belle F ourche in 1891. F ro m 1891 to
1903, he w as cashier of th e B utte Coun
ty Bank, now th e F irs t N ational B ank
of th e Black Hills. In th a t year he
m oved to Cheyenne, W yom ing. A t
C heyenne he becam e p resid en t of th e
Stock G row ers’ N ational Bank, w hich
position he held a t th e tim e of his
death. He w as also p resid en t of th e
M ontana N ational B ank of Billings,
M ontana, and b anking m anager for th e
Jo h n Clay & Company. F o r 46 years,
from 1891 to 1937, he held official con
nection w ith th e form er B utte County
Bank, being vice presid en t of th a t
in stitu tio n after he left Belle F ourche.
Hold Open House
C ustom ers and friends from long
distances, th ro n g ed th e lobbies and
w ork room s of th e F irs t N ational
Bank, Lem m on, South Dakota, as th ey
g athered to inspect th e new b an k a t
"open house” cerem onies held by th e
in stitu tio n recently.
P re se n t for th e opening w ere L. B.
Hogue, secretary of th e F irs t B ank
Stock C orporation, M inneapolis, and E.
A. Tyler, re n ta l agent of th e F irs t N a
tional Bank, St. Paul.
V isitors w ere show n th ro u g h th e
building by Mr. Hogue, F red L. Lewis,
A. O. Rolien and D irectors P. A. S attler
and A lfred Reder.
N orthw estern B anker
A pril 1945
50
*
SOUTH
Sioux Falls News
IOUX FA LLS b an k ers w ere well
rep resen ted at a m eeting of th e
executive council of th e South D akota
w ar finance com m ittee, held a t H u ro n
last m o n th to lay plans for th e seventh
w ar loan cam paign. Am ong those a t
tending w ere C. A. C hristopherson,
ch airm an of th e board of directors of
th e U nion Savings B ank and executive
d irecto r of th e w ar finance com m ittee;
S
FOREIGN REMITTANCES
B anks w ith o r w ith o u t F oreign
D e p a rtm e n ts are in v ite d to u ti
lize this B a n k ’s special facilities
fo r co m m ercial a n d b en ev o len t
pay m en ts a b ro a d , a n d fo r the
d r a w i n g o f d r a f t s u n d e r th e
B a n k ’s p ro te c tio n .
O u r 36 ye ars’ e x p erien c e is av ail
able fo r assisting b a n k s to e stab
lish o r e x ten d th e ir re m itta n ce
service, an d w e a re p re p a re d to
fu rn ish c o m p le te in fo rm a tio n re
g a rd in g m oney tran sfers th a t can
be m ade now to A llied, N e u tra l
a n d L ib e r a t e d C o u n tr ie s . I n
q u iries fo r d e ta iled in fo r m a tio n
are ivelcom ed.
PublicNational
COMPANY
OF
TR U ST
NEW
E ST A B L I S H E D
YORK
1908
Main Office : 37 Broad Street
Member: N ew York Clearing House
Association, Federal Deposit Insurance
Corporation
NEWS
T. N. H ayter, vice presid en t of the
F irs t N ational B ank and T ru st Com
p any and ABA bond ch airm an for
South Dakota; P. H. M cD ow ell, vice
p resid en t an d tru s t officer of the
N o rth w est S ecurity N ational B ank
and bond sales coordinator for so u th
ea ste rn South Dakota; Tom S. Harkison, p resid en t of th e N ational B ank of
South Dakota; and R alph W atson,
p resid en t of th e N o rth w est Security
N ational Bank. Also atten d in g th e
executive council m eeting w as Mrs.
W illiam C. Duffy, state ch airm an of
th e w om en’s bond sales com m ittee
and w ife of th e presid en t of th e U nion
Savings Bank. P rin cip al speaker a t
th e bond m eeting w as John P eyton,
p resid en t of th e F ed eral R eserve B ank
of M inneapolis.
F ed eral Deposit In su ran ce corpora
tion approval has been asked for the
tra n sfe r of h ead q u arters of th e H a r
risb u rg State B ank to Sioux Falls, to
be operated u n d er the nam e of th e
S ioux V alley Bank. A b ank office w ill
continue to be m aintained in H a rris
b u rg if approval is granted. To be
p resid en t of th e new in stitu tio n is
E rlin g H augo, form erly b an king com
m issioner of South Dakota, according
to re p o rts being circulated here.
CT&e
BANK. A N D
DA KOTA
|
A dolph L odm ell, a ssistan t tru s t offi
cer of th e N o rth w est S ecurity N ational
Bank, w as announced w in n er of the
H onor A thenian aw ard a t th e tw entyfirst a n n u al ban q u et of th e Sioux Falls
A th en ian club. It w as th e th ird tim e
Lodm ell had received the aw ard.
Seven em ployees of Sioux Falls
b anks w ere scheduled to g rad u ate the
first w eek of A pril from an A m erican
In stitu te of B ankers stu d y course in
com m ercial law. T he course w as given
in Sioux F alls by R oy W illey, attorney.
•
The g rad u ates w ere to be guests a t a
d in n er a t th e C ataract Hotel, given by
Ralph W atson, presid en t of th e N o rth
w est Security N ational Bank. L. H .
H agen, em ploye a t W atson’s bank, is
presid en t of th e AIB here.
A n um ber of directors of Sioux Falls
banks recen tly visited California. H ow
ard S hip ley and J. W . F en n , directors
of th e F irs t N ational B ank and T ru st
Company, w ere in Los Angeles. Dr. W.
R. Laird, a d irector of th e N o rth w est
Security N ational Bank, visited his
son, w ho is serving in th e navy, at
San Diego. H erm an V eenker, also a
director of th e N orthw est Security,
spent a m o n th at B row nsville, Texas.
D on Crouley, vice p resid en t of th e
N o rth w estern N ational B ank of M in
neapolis, visited Sioux F alls on M arch
20 and 21.
Dr. S. A. D onahoe, a d irector of th e
N ational B ank of South D akota, re
cently sold a pureb red S h o rth o rn bull
calf a t an auction sale here for th e top
price of $700. W. E. Perrenoud, cashier
of th e F irs t N ational B ank and T ru st
Company, served as clerk a t a sale of
th e South D akota B erkshire A ssocia
tion.
R. L loyd Sm ith, presid en t of th e
Stockyards N ational B ank of South
St. Paul, and Col. P eter S. R ash, for
m er South D akota m an w ho recen tly
re tu rn e d from E ngland, w ere in th is
state for a p h easan t h u n tin g trip as
guests of P. H. M cD ow ell, vice p resi
dent and tru s t officer of the N o rth w est
Security N ational Bank.
Am ong recent visitors in Sioux Falls
w ere F ran k A. Olson, cashier of th e
B ank of Toronto, and John N. Thom
son, vice p resid en t and cashier of the
B ank of Centerville.
'Wan IBand Qac&efo
DESIGN ED FOR B A N K USE
During th e Seventh W ar Loan Drive, you will undoubtedly sell a g re at m any W ar Bonds. This
offers your Bank an o p portunity to render a C ustom er Service. However, thru the use of
Ju s trite W ar Bond Ja c k e ts you can dress up those Bond sales and a t th e sam e tim e Sell Your
Bank Services by im printing th e Bond Ja c k e ts w ith an appropriate m essage.
Justrite W ar Bond Jackets offer an attractive container for the Bonds you sell— and
they carry your Bank Name and Advertising Message for many years to come. This
long term advertising media is available to you at a cost of only 1c to 2c per envelope
in thousand lots.
If your Dealer is unable to supply you, w rite directly to our factory for sam ples and prices.
nORTHCRn STATES €RV€L P€ CO.
0
N orthwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 19b5
O U R 5 0 th Y E A R
51
W illiam W. Baker, p resid en t of the
F irs t N ational B ank and T ru st Com
pany, recen tly was reelected a d irector
of th e Q ueen City F ire In su ran ce Com
pany. T his y e a r observing its fo rtieth
an n iv ersary , th e Sioux F alls com pany
paid its tw en ty -th ird consecutive a n
nu al dividend of 5 p er cent. D irectors
reelected all officers, w ith D en ny P.
L em en nam ed p resident, B aker, vice
president, T. M. B ailey, vice p resid en t
and counsel, J. J. Larkin, tre a su re r,
C. L. N elson, secretary and a ssistan t
tre a su re r, M. T. W oods, a ssista n t coun
sel, an d C. L. P aulson, a ssista n t secre
tary . N ew a ssista n t secretaries nam ed
w ere E. V. S w en son and H arry L.
S tanley.
New Directors
E lection of D ayton R ogers and K eith
K. K eller as d irecto rs of Bloom ingtonL ake N ational B ank, M inneapolis, has
been announced by L ym an E. W ake
field, p resid en t of F irs t N ational B ank
I S prom pt, efficient collection o f
W iscon sin checks and drafts im
portant to you? D o you ever need first-hand facts
about sources o f su pp ly in W isconsin? . . . credit
inform ation? . . . market data? . . . w h o ’s w ho?
DAYTON ROGERS K. K. KELLER
Named Directors
of M inneapolis w ith w hich th e Bloomington-L ake N ational is affiliated.
Rogers is p resid en t of th e D ayton
Rogers M an u factu rin g Company. Or
ganized in 1921 and incorp o rated in
1929, th e com pany produces die-cut
m etal stam pings, m uch of its p re se n t
o u tp u t being for w a r purposes.
K eller is p resid en t and ow ner of
th e K eller D rug Com pany w hich w as
established in 1925. He is a d irector
of N o rth w e ste rn D rug Com pany and
for te n y ears served as ch airm an of th e
m erch an d isin g com m ittee of th e N a
tio n al A ssociation of R etail D ruggists.
W hatever your requirem ents — routine bank
ing service, special inform ation, or off-the-beatenpath assistance — the chances are that the facil
ities, lon g experience and statew ide contacts of
the First W isconsin N ation al Bank o f M ilw aukee
can su pp ly the answer.
This bank is the largest in the state . . . 25th in
size am ong all banks in America . . . and over
85 per cent o f the hundreds o f banks throughout
W isconsin are First W isconsin correspondents.
Manufacturers Trust
T he b oard of d irecto rs of M anufac
tu re rs T ru st Com pany, N ew York, de
clared th e re g u la r q u a rte rly dividend
of 50 cents p er sh are on th e com m on
stock, payable on A pril 2, 1945, to
stockholders of record on M arch 15,
1945.
T he board also declared th e reg u lar
q u a rte rly dividend of 50 cents p er
sh are on th e p re fe rred stock, payable
A pril 15,1945, to stockholders of record
on M arch 30, 1945.
O U R 5 0 th Y E A R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banks and Bankers Division
GEORGE T. CAMPBELL
RICHARD J. LAWLESS
DONALD A. HARPER
Vice-P resident
A ssistant V ice-President
A ssistant Vice-P resident
....... - Member o f ----the Federal Deposit
Insurance Corporation
N orthw estern Banker
A pril 19^5
52
NORTH
DAKOTA
NEWS
A . C. ID S Y O O G
P r e s id e n t
G r a fto n
Fills Cashier Vacancy
At a m eeting of th e directors of the
F irs t N ational Bank, E llendale, N orth
Dakota, held recently, W. S. Boom w as
nam ed cashier of th e in stitu tio n to fill
the vacancy caused by th e d eath of th e
late B. L. Sm ith.
Mr. Boom has been associated w ith
th e F irs t N ational as a ssista n t cashier
since 1928, and p rio r to th a t tim e had
been bookkeeper at th e old E llendale
N ational B ank, a post he h ad filled
since 1910.
Mrs. Ted Griffin has accepted a posi
tion as bookkeeper a t th e bank.
On Loan Committee
A nnouncem ent w as received last
m onth from W alter J. Maddock, state
directo r of th e F a rm Security A dm in
istratio n , th a t H e rb e rt M. N ash, cash
ier, F a rm e rs and M echanics N ational
Bank, H utton, N o rth D akota, has been
appointed a m em ber of th e v e te ra n s’
loan certifying com m ittee for T raill
County. As a m em ber of th e com
m ittee he w ill certify loans m ade to
veteran s u n d e r th e GI bill.
Maddock Bank Changes
C. I. E rstad , cashier of th e F a rm e rs
State B ank at Maddock, N o rth Dakota,
has left th a t in stitu tio n to tak e a new
position a t Sauk Rapids, M innesota,
w here he w ill be vice p resid en t and
cashier of th e U nion S tate Bank.
Succeeding him a t M addock will be
Theodore L. Rask, fo rm er a ssista n t
cashier, m ore recen tly em ployed w ith
th e G rafton N ational B ank at G rafton.
Mr. E rsta d w as at M addock for 19
years, going th e re from M innew aukan,
N orth D akota, w h ere he had been em
ployed in th e F irs t N ational Bank.
Minot District Manager
H. M. E rick so n of M inot has been
appointed M inot d istric t m an ag er of
th e B ank of N o rth Dakota, Fargo,
N orth D akota, and assum ed his new
duties last m onth.
The ap p o in tm en t w as m ade by H a r
old C. Bowers, w ho becam e m anager
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A p ril 1945
C. C . W A T T A M
S e creta ry
F argo
of th e B ank of N orth D akota a t Bis
m arck recently.
Mr. E rickson succeeds P. H. McGurren.
David Lloyd
David Lloyd, 97, pioneer resid en t of
LaM oure, N orth Dakota, died at his
hom e th ere last m onth. He had been a
resid en t of N o rth D akota since 1883,
w hen he form ed a p artn ersh ip w ith
a brother-in-law , A. J. Lockm an, in the
lum ber business.
Besides th e lum ber enterprise, w hich
Mr. Lloyd continued at LaM oure for
13 years, he engaged in extensive farm
loan and banking operations. He w as
one of th e organizers of th e State B ank
in L aM oure in 1898, w hich later be
cam e th e F irs t N ational Bank. He ac
q uired extensive land holdings and
w as also a pro m in en t stockm an in the
LaM oure com m unity.
Business Volume
B ism arck’s business volum e slum ped
slig h tly in F eb ru ary , according to fig
u res released last m onth by th e N inth
F ed eral R eserve Bank.
F ig u res for F e b ru a ry show a decline
of 6 p er cent in ban k debits, w hile th e
accum ulated total for Ja n u a ry and F eb
ru a ry is 7 per cent u n d er th e same
m o n th s of 1944.
Service a Help
Dr. Don McMahan, w ho has been
busy w ith a program of some 50 m eet
ings arran g ed by B. E. Groom, secre
ta ry of G reater N orth D akota Asso
ciation, rep o rts enth u siastic reception
of his d em onstration and talk s on the
p rev en tion of disease and hom e tre a t
m ent of livestock.
Dr. M cM ahan’s services w ere se
cured by GNDA to an sw er a dem and
for v e te rin a ry services and advice.
T here are b u t 60 v eterin arian s to cover
a te rrito ry of m ore th a n 70,000 square
m iles in a g reat livestock state. H eavy
livestock losses helped create th e de
m and for m eetings w hich w ould give
some first h and instru ctio n s to farm
ers. GNDA has th e active assistance of
county
extension
agents,
SmithH ughes in stru cto rs and GNDA direc
to rs in handling program s in tow ns
over m uch of th e state.
F rom 50 to 100 stockm en have a t
tended afternoon m eetings, held al
m ost daily. C ounty agents re p o rt to
Dr. M cM ahan troubles experienced by
stockm en in th e local com m unity. The
speaker gives general inform ation on
th e subject, answ ers questions and
tells of m ethods of treatm en t. In some
cases d em onstrations are given as to
m ethods of treatm en t.
Group Meetings
In view of th e fact th a t a conven
tion for 1945 is definitely out, th e exec
utive council has approved th e holding
of spring and fall group m eetings.
M any im p o rtan t subjects of v ital in te r
est to ban k ers th ro u g h o u t th e state
w ill be discussed, and it is urged th a t
every b an k er arran g e his affairs so as
to enable him to a tten d these m eetings.
Banks Sounder Today
E rie L. Fouks, presid en t of th e F irs t
N ational Bank, V alley City, N o rth Da
kota, gave some in terestin g sidelights
on w hy the banks of 1945 are in a
sounder position th a n th ey w ere at
the close of W orld W ar I.
T aking B arnes county for an ex
am ple he pointed out th a t deposits in
th e co u n ty ’s banks today total ap p ro x
im ately $6,800,000. A t the end of th e
first w orld w ar deposits totaled less
th an $4,000,000.
In Valley City today ban k s have
about $200,000 o u tstanding in loans, or
less th a n 5 per cent of deposits. The
A m erican N ational and th e F irs t N a
tional both of V alley City have com
bined in v estm en ts in g overnm ent
bonds of about $4,000',000.
At the end of th e last w ar one of th e
banks th e re had loans on its books of
nearly a m illion and a half dollars.
T h at w as actually m ore th a n its de
posits.
A nother factor w hich has m ade for
g re a te r stab ility in th e ban k in g b u si
ness is th e w eeding out of excess in sti
tutions. In th e early tw enties N orth
D akota h ad one b ank for every 700
people. Today it has one for every
3,500.
W H A T DO Y O U TH IN K?
(C ontinued from page 7)
tion th ey re p re se n t is necessary to our
econom y m akes no difference to them
—th ey don’t care if th e ir activities are
g radually p u ttin g th e banks of th e
co u n try out of business—th ey are on
the governm ent payroll, and th e y ’re
going to stay there.
O U R 5 0 th Y EA R
53
“Congress m ig h t m ake a p reten se to
investigate, b u t I ’m afraid th e resu lts
w ould be like m any o th er in v estig a
tions—n o th in g .”
capital and pay in terest on th e federal
funds th ey retain.
The A.B.A. president, w ho is also
vice chairm an of th e board, The N a
tio nal City B ank of N ew York, New
York, stated “th a t w hile the rais
ing of th e debt lim it is a necessary
w ar m easure, we ought to recognize
its inflationary dangers and m ake such
efforts as we can to lessen th e dangers.
Annua! Report
The a n n u al re p o rt of A m erex H old
ing C orporation for th e y e a r ended
D ecem ber 31, 1944, released to stock
holders by R obert L. C larkson, ch air
m an of th e board and president, indi
cates th a t a t th e y e a r end the com pany
ow ned 98.99 p er cent of to tal o u tsta n d
ing sh ares of A m erican E x p ress Com
pany. N et earn in g s of A m erex H old
ing C orporation w ere $1,345,469.60,
equal to $1.82 p er share, as against
$1,513,343.98, or $2.05 in 1943. A m er
ican E x p ress Com pany, an d its su b
sidiary, The A m erican E x p ress Com
pany, Incorporated, earn ed $2,380,907.74 in 1944 including profits from
th e sale of securities. T his w as equiv
a le n t to $13.23 p er sh are of A m erican
E x p ress Com pany, as ag ain st $2,269,323.79, or $12.60 in 1943.
F in a n c in g
I n te r n a tio n a l T ra d e
F o r eighty years T he First N ation al B ank
o f Chicago has financed foreign business
for importers and exporters. T he m any
correspondents o f the bank in countries
w ith w h ich this country n o w has business
facilitate the financing o f international
trade. T h e Foreign B anking D epartm ent
has the m ost recent available data on
quotas, restrictions, and regulations o f
foreign governm ents. C om plete service
is available to those w ho contem plate
any phase o f foreign trade.
Return Capital or
Pay Interest
T estifying before th e Senate F inance
C om m ittee on th e bill to raise th e
public debt lim it to $300,000,000,000,
W. R andolph B urgess, p resid en t of
th e A m erican B an k ers A ssociation,
u rged re stric tio n s on non-w ar expendi
tu re s and recom m ended th a t g overn
m en t business corporations engaged in
com m ercial e n te rp rise be req u ired to
re tu rn to th e g o v ern m en t all u nused
W e gladly cooperate w ith other banks in
handling transactions w ith countries o f
this hem isphere and w ith other parts o f
the world.
FO R E IG N B A N K IN G D E P A R T M E N T
The First N ational Bank
o f Chicago
M EM BER F E D E R A L D E P O S IT IN S U R A N C E C O RPO RATIO N
“ A cu llati la d y at de back do’ w a n ts to do yo u ’
w ashin’, M ista h M a h tin .”
S carborough ^ C ompany
First National Bank Building, Chicago
O U R 5 0 th Y E A R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Horace A. Smith, Iowa Representative
Des Moines, Iowa
'Northwestern Banker
A pril i945
BANKING SERVICE
y
C o m p le te C o r r e s p o n d e n t F a c ilitie s
A
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A p ril 1945
O U R 5 0 tl. Y E A R
55
Farm Loan Speaker
W ayne E. Sm ith, secretary of the
F ed eral L and B ank of Omaha, w as the
p rincipal speaker w hen m em bers of
th e Ogallala F a rm Loan A ssociation
m et for th e ir an n u al business session
last m onth.
A rrangem ents for th e m eeting w hich
w as held in Ogallala, N ebraska, w ere
in th e charge of G. J. McGinley, secre
tary -treasu rer, of th e association.
NEBRASKA
NEWS
EDGAR McBRIDE
President
Blue Hill
Dividend Paid
G. J. B orgm eyer, tru ste e of th e funds
w hich w ere w ritte n dow n to enable
th e F a rm e rs S tate B ank, Dodge, Ne
braska, to reopen about 10 y ears ago,
last m onth issued checks to all de
positors in th e am o u n t of 12 p er cent
of th e ir deposits w hich w ere w ithheld.
Total am o u n t of th e checks w as $32,000.
A le tte r accom panying th e dividend
checks, stated th a t th e re are still some
assets to be realized.
The deposits on w hich th e 12 per
cent was. paid re p re se n t half of th e
original deposits in th e b an k a t the
tim e it closed. The o th er half w as
credited to depositors w h en th e b ank
reopened.
WM. B. HUGHES
Secretary
Omaha
Several y ears ago he bought a con
tro lling in terest in th e F arm ers Sav
ings B ank at G arwin.
Will Be Visiting You
P aul W. Shooll, genial and popular
p u b lish er’s rep resen tativ e w ho has
been associated w ith the N orthwestern
B anker staff for a num ber of years,
w ell know n to hu n d red s of N ebraska
b ankers, plans to spend several
m onths in th e C ornhusker S tate start-
Front th e N ebraska
J u n io r B ankers A ssociation
W illiam N. M itten, p resid en t of the
S tephens N ational B ank, F rem o n t, N e
braska, com pleted his tw enty-fifth y e a r
in th e in stitu tio n last m onth. The a n
n iv e rsa ry w as celebrated w ith a spe
cial cake a n d gifts from b an k em
ployes. Mr. M itten sta rte d as chief
m essenger boy at 18. In 1922, he w as
m ade a ssista n t cashier, a post he held
for seven years, an d th e n w as p ro
m oted to cashier. He w as elected vice
presid en t in 1937 and, in 1938, w as
nam ed president.
Jam es G ray has resigned from his
position w ith th e exam iners of th e n a
tional ban k in g system and re tu rn e d to
Coleridge, N ebraska. He began his
new duties a t th e Coleridge N ational
B ank last m onth, w h ere he is succeed
ing H en ry R eynolds as cashier.
Mr. R eynolds w en t to W inner, South
D akota, to accept a position as cashier
in th e F a rm e rs S tate Bank.
Ernest Christiansen
E rn e st C hristiansen, 61, fo rm erly
ow ner of th e Springfield, N ebraska,
bank, died sudenly last m o n th a t his
hom e in G arw in, Iowa.
H e cam e to Springfield quite a few
y ears ago and w as cashier of th e A m er
ican S tate B ank for a nu m b er of years.
O U R 5 0 th Y EA R
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Federal Reserve Bank of St. Louis
D eath came to C harles O. C rosth
w aitt, 78, David City, N ebraska. In
1885 he becam e assistan t bookkeeper
for th e F arm ers and M erchants B ank
there, later becom ing cashier. In No
vem ber, 1888, w hen th is b ank and the
David City B ank consolidated, becom
ing th e City N ational Bank, he w as
bookkeeper for a tim e and w as th en
m ade a ssistan t cashier. In a few
y ears he becam e cashier and th e n vice
president, serving in these capacities
u n til th e b ank w as closed for th e bank
holiday in 1933.
Junior News
Completes Quarter Century
Returns to Coleridge
Charles O . Crosthwaitt
John Lauritzen , Editor
E. J. C hittenden, cashier of the
F arm ers B ank of Clatonia, N ebraska,
has every reason to be proud of his
tw o sons, E nsley and E v erett. Both
of these boys are m ajors in th e in fan
try. One is now in Ceylon and the
o ther is back in this co untry after
serving tw o y ears in th e A leutians.
PAUL W. SHOOLL
Will Soon Call on You
ing in April. He w ill soon be calling
at y o u r ban k in search of new s and
o th er in terestin g editorial m aterial,
and he and th e editor of th e N orth
w est e r n B a n k e r , w ill appreciate your
cooperation in supplying such item s
to him.
Regional Officers Named
T he P latte Valley Regional C learing
H ouse A ssociation held its an n u al
m eeting recently a t G rand Island, N e
b raska, and elected officers for 1945.
L. J. H allas of Shelton w as elected
president, E. C. H uxtable of W ood
R iver, vice president, and Leslie Belford of G rand Island, secretary-treas
urer.
J. H. Clark, p resid en t of th e Citizens
State Bank, D orchester, N ebraska, is
q u aran tin ed at his hom e w ith his wife
w ho has scarlet fever.
R. B. W alker, cashier of th e Citizens
State B ank of Carleton, N ebraska, is
one of th e first co u ntry ban k ers to
have an application on a G. I. business
loan. A v eteran has m ade an applica
tion w ith him for a $4,000 loan to p u r
chase a garage.
W. R. H rabak, a ssistan t cashier of
th e F a rm e rs State B ank of Dodge, Ne
braska, has been w ith th is fine in stitu
tion for over th irty years.
The City N ational B ank of H astings,
N ebraska, now own th e building in
w hich th ey have th e ir qu arters. BeNorthwestern Banker
April 1945
56
* NEBRASKA
N E WS
fore p u rch asin g th e building from th e
city th ey had ren ted th e ir space there.
Conference on
Veterans Service
George H. Looschen, w ho used to be
connected w ith th e old Dodge C ounty
B ank a t H ooper, N ebraska, is now
cashier of th e F irs t N ational B ank of
Hooper, h aving succeeded N orm an E.
Shaffer.
The big subject of service to re tu rn
ing v eteran s w as studied by a recently
appointed group of N ebraska b ankers
from every regional clearinghouse in
th e state, to g eth er w ith official govern
m en t rep resen tativ es at a m eeting held
last m onth in Lincoln.
The purpose of th is m eeting w as to
th o ro ughly analyze th e governm ent
plan of G.I. loans and th e restrictio n s
thereto, and to seek to im plem ent the
Gus H oufek, cashier of th e Security
H om e B ank, Malmo, N ebraska, rep o rts
th a t th e service charge in th e ir b ank
is now a flat th re e cents p er check.
A
GOT A P E N C I L ?
O. K ... .N o w figure o u t how m uch
you pay for tw o hundred Pocket
Checks. A lso, how m uch for a check
book cover and how m uch for a
pass book. D o n ’t tell us, but isn’t
it about fifty cents?
So th at fifty cents is given to the
d e p o sito r. . . b u t is he conscious o f
it? N o , he isn’t! I t’s just som ething
he has to have because it goes w ith
his checking account.
T he p o in t we are trying to m ake is
how m uch m ore conscious o f value
that d epositor w o u ld be i f he paid
out $1.25 o f his ow n m oney and got
tw o hundred Personalized Checks
along w ith a nice gold-stam ped
cover. T hen he w ould really have
som ething.
A nd then take a look at the benefits
to your bank. I t’s so easy to sort and
file w h e n y o u are l o o k in g a t a
p rinted nam e and it wastes so m uch
tim e w hen you have to depend en
tirely up o n w ritten signatures, many
o f w hich are illegible and m o st o f
w hich are "G reek to us.”
Still g o t that pencil? T hen how
about m ultiplying fifty cents by the
num ber o f checking accounts n o t
already using im printed checks. I t’s
all m oney o u t o f your pocket and
m uch o f it can be saved by selling
the checks instead o f giving them
away. Use one o f our statem ent
enclosures ju st one m onth. W e
predict that th e results w ill sell you
on the Personalized Check program .
Manufacturing Plants at :
•
w hole plan to m eet th e problem a t
hand. G overnm ent officials from the
V eterans B ureau and R econstruction
F inance C orporation w ere invited to
explain all th e provisions of th e new
G.I. loan plan and outline how best it
m ay be adm inistered. The State De
p artm e n t of B anking w as also re p re
sented. The consulting bankers, one
from each regional clearinghouse, com
prised:
S.
C. W augh, chairm an, vice p resi
dent, F irst T ru st Company, Lincoln;
C harles Novak, president, B ank of
B rainard; F red H. B runing, president,
B runing State Bank; M att D. Pond,
president, F irst N ational Bank, Lyons;
B. D. B erkheim er, president, F irs t N a
tional Bank, Gordon; Glen T. Gibson,
president, E xchange Bank, Gibbon; J.
V. Johnson, president, Johnson C ounty
Bank, Tecum seh; George F. Moss,
cashier, McCook N ational Bank; A. C.
Hove, cashier, M inden E xchange N a
tional Bank; J. Y. Castle, vice p resi
dent, M cDonald S tate Bank, N o rth
P latte; H. G. Thorley, president, Com
m ercial N ational Bank, A insw orth;
T. T. V arney, Jr., vice president,
B roken Bow S tate Bank; J. A. Stockwell, president, F irs t N ational Bank,
B ayard; Jam es Zoubek, president, S tan
ton N ational Bank; A rnold Isaacson,
cashier, Citizens State Bank, Polk.
Follow ing this m eeting, all com m er
cial banks in th e state w ere notified, so
th a t th ey w ould know how th e y could
aid in carry in g out th e G.I. loan plan
to be adm inistered u n d er g overnm ent
direction.
BANKS
Bought and Sold
Confidentially and with becoming dignity
N E W Y O R K , C L E V E L A N D , C H IC A G O , K A N S A S C IT Y , S T. PAU L
BANK EMPLOYEES PLACED.
40 Y e ars S a tis fa c to ry S e rv ice
THE CHARLES E. WALTERS CO,
OMAHA, N E B R A S K A
rfeTO O TLE-LA CY
WE ARE QUALIFIED BY RESOURCES AND EXPERIENCE TO MAKE YOUR
ST. JO E BANKING CONNECTION PROFITABLE AND WORTH-WHILE
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 1945
OUR 50th YEAR
57
T he Omaha YMCA m em bership cam
paign closed at a dinner, w hen 648
m em bers in all divisions w ere re
ported signed. R obert H. H all, execu
tive officer of th e N o rth Side B ank of
Om aha and general ch airm an of the
drive, presented a $10 gift certificate
and a sh irt and tie-clasp set to R obert
F innm an, high producer in th e cam
paign.
C OUNTY JU D G E ROBERT TROY-
E R signed an ord er at Om aha by
w hich executors of th e Jo h n A. Munroe estate w ere to inv est one m illion
dollars in g o v ern m en t bonds. It w as
th e larg est in v e stm e n t ord er ever
issued by Judge T royer.
The executors of th e fo rm er U nion
Pacific vice p re sid e n t’s estate—Jam es
T. W achob, in v estm en t banker; M yles
Standish and C harles C. Conkle—
show ed th a t th e y had disposed of
bonds, stocks and o th er securities and
had appro x im ately a m illion dollars
in cash on hand. The perm ission to
in v est w as asked because it w as ex
pected to be several m onths before dis
trib u tio n of th e estate could be com
pleted.
F ed eral estate tax es w ere expected
to am o u n t to m ore th a n $250,000.
Mr. M unroe, w ho died la st October,
left an estate v alued a t $1,126,755.
Chief beneficiary w as Miss C lara E lder,
th e late Mrs. M unroe’s longtim e com
panion. Miss E ld er died a few w eeks
afte r Mr. M unroe and th e b u lk of h e r
p ro p e rty w ill go to th e H attie B. M un
roe H om e for C onvalescing C hildren
at Omaha.
Col. J. F. M cD erm ott, on leave from
his d uties as vice p resid en t of th e
F irs t N ational B ank of Omaha, w ill
deliver th e high school com m encem ent
address a t Shenandoah, Iowa, May 25.
T he Ak-Sar-Ben Bridge A ssociation
of Omaha has arran g ed refinancing
w hich w ill reduce in terest on th e in
debtedness of th e Ak-Sar-Ben bridge,
linking Om aha and Council Bluffs,
from 4 to 1% p er cent, P resid en t A. A.
L ow m an announced.
The refinancing w ill be effective
Ju n e 30 and it is contem plated th a t a
$100,000 pay m en t on th e debt w ill be
m ade at th a t tim e, he said. T his w ould
leave $650,000 rem aining of th e orig
inal $2,350,000 indebtedness.
The F irst N ational B ank of Omaha,
U nited States N ational B ank of Oma
ha, and Omaha N ational Bank, are u n
d erw ritin g th e obligation w ith no com
m issions or fees, Mr. L ow m an stated.
T he refinancing w ill be on th e basis
of a stra ig h t m ortgage loan, avoiding
th e expense of a new bond issue.
Mrs. John L auritzen, d au g h ter of T.
U. D avis, presid en t of th e F irs t N a
tional B ank of Omaha, and also the
wife of an Om aha banker, is produc
tion ch airm an of th e Om aha Com m u
n ity Playhouse.
NATIONAL BANK
Y ou’ve h eard of a left-handed m on
key w rench, subject of m any a prac
tical joke.
B ut have you ever h eard of a lefthanded check book?
W ell, th ere is such a thing, and it’s
for th e convenience of left-handed
people.
It differs only from th e o rdinary
check book in th a t th e stub is to th e
rig h t instead of th e left of th e check.
A ccording to H. C. Yarwood, in
charge of th e im p rin tin g d ep artm en t
of th e check book division of th e P e
t e r s o n L ith ograp hing Com pany of
Omaha, th e firm has been m aking
these “personalized” check books for
several y ears and a few co u ntry banks
are am ong those w ho order them .
B ut v ery few are m ade and sold, in
com parison to th e “right-handed”
check books. T here ju st a re n ’t enough
left-handed people, in the first place,
and, second, a left-handed check isn ’t
m uch easier for a left-handed person to
w rite th a n is a right-handed one.
A fter all, W HAT check IS easy to
w rite?
H aw thorne A rey, form er Omahan,
has been appointed general counsel of
th e E x p ort-Im port B ank in W ashing
ton, D. C.
Mr. A rey had previously held the
position of vice president. He is a
grad u ate of C reighton U niversity Law
School and a son-in-law of W. A. Gor
don of Omaha and Bellevue, N ebraska.
Col. J. F. M cD erm ott, on leave from
his duties as vice presid en t of the F irst
N ational B ank of Omaha, discussed
“The F inancial Side of W a r” in a talk
ST. JOSEPH, MO.
MILTON TOOTLE, JR.
E. H. ZIM M ERM AN
R. E. WALES
E . H. SCHOPP
PRESIDENT
VICE PRESIDENT
CASHIER
ASST. CASHIER
GRAHAM G. LACY
MILTON TOOTLE, III
FR E D T. BURRI
VICE PRESIDENT
VICE PRESIDENT
ASST. CASHIER
O U R 5 0 th Y E A R
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Federal Reserve Bank of St. Louis
E
M e m b e r F e d e r a l D e p o s it
I n s u r a n c e C o r p o r a tio n
L. CRUME
ASST. CASHIER
N orthw estern Banker
A pril 1945
58
before th e Om aha W om en’s C om m it
tee of th e A m erican In stitu te of B ank
ing.
The com m ittee sponsored a forum
d in n er a t th e Om aha A thletic Club.
Miss E th e l M eller and Mrs. E th e l L ay
erin g w ere in charge.
Mrs. H. G. Kiddoo, m o th er of Guy C.
Kiddoo, form er Om aha b a n k e r and
now vice p resid en t of th e F irs t N a
tional B ank of Chicago, died recently
in Omaha.- She is survived also by h er
husband, w ho is p resid en t of B yers
NATIONAL BANK OF COMMERCE
OF LINCOLN. NEBRASKA
Statem ent of C ond itio n at the Close of B usiness, M arch 20, 1945
L IA B IL IT IE S
RESO U RCES
Loans and Discounts..................$
921,005.27
Overdrafts ...................................
168.25
Banking House .........................
145,000.00
U. S. Bonds................................. 23,500,000.00
War Savings Stamps..................
1,500.00
Customers Liability for
Letters of Credit....................
14,180.00
Stock Federal Reserve B a n k ..
30,000.00
Cash and Sight Exchange. . . . 10,540,468.93
S 1,647,596.87
20,000.00
Reserve for Dividends...
Letters of Credit.............
14,180.00
Deposits ...................................... 31,190,581.46
War Loan Deposits...........2,279,964.12
$35,152,322.45
$35,152,322.45
Capital ................ $500,000.00
Surplus ............... 500,000.00
Reserves ............. 500,000.00
Undivided Profits 147,596.87
M. WEIL, President
GLENN YAUSSI, Assistant Vice President
BYRON DUNN, Executive Vice President
and Trust Officer
ALBERT A. HELD, Vice President
PAUL BOGOTT, Cashier
ERNEST C. FOLSOM, Vice President
R. E. MILLER, Assistant Cashier
JULIUS WEIL, Vice President
and Assistant Trust Officer
TED THOMPSON, Assistant Cashier
Member of the Federal Deposit Insurance Corporation
B rothers L ivestock Com m ission Com
pany of Omaha.
The Omaha Civic Com m ittee on
Pow er finished its job recen tly and
recom m ended th a t Om aha acquire the
N ebraska P ow er Com pany pro p erties
by negotiated purchase u n d er LB 204,
passed by th e N ebraska L egislature,
w hich created the People’s Pow er Com
m ission.
The re p o rt w as m ade afte r four
w eeks of stu d y of th e city ’s electric
pow er situ atio n by th e com m ittee of
five, w hich included D ale Clark, presi
dent of th e Om aha N ational Bank; E.
A. Baird, of th e C onservative Savings
and Loan Association; R. S. D ickinson,
E llsw o rth M oser, vice p resid en t of the
U nited States N ational B ank of Omaha,
and K arl E. Vogel.
T he com m ittee did not recom m end
th e acceptance of th e non-profit plan.
It u rged th a t LB 204 provide th e basis
for all fu tu re local public pow er tra n s
actions.
à
i
f
-V
Leaves Bank
On th e com pletion of 35 y ears in
th e banking business, E lm er W. L a r
son, executive vice p resid en t of the
S tate B ank of Scotia, Scotia, N ebraska,
last m onth left the em ploy of th e
bank b u t reta in s stock in th e in stitu
tion. This y e a r B enjam in C. B ilhorn
becam e cashier and m anaging officer
of th e bank.
Y
Addresses C . of C .
Complete
Correspondent
Service
C. D. Saunders, vice p resid en t of the
F irs t N ational B ank of Omaha, vice
presid en t of th e Om aha C ham ber of
Commerce, spoke at the d in n er held
in Lincoln by th e Omaha C ham ber of
Commerce in honor of th e state legis
lators and state officers.
We invite you to make full use
Add $5,000 to Capita! Stock
OFFICERS
FRAZER L. FORD
President
J. A. GREENFIELD
Vice President
HARRY H. MOHLER
Vice President
th o s. j .
McCu l l o u g h
Cashier
M. E. BLANCHARD
Assistant Cashier
LOUIS J. KOMER
Assistant Cashier
of our modern facilities for the
handling of your requirements.
M em bers of th e B ank of B ertrand,
B ertrand, N ebraska, have increased
th e capital stock of th e ir bank. The
directors m et recently and voted to
add an o th er $5,000 to th e paid up capi
tal stock.
Cashier Moves On
F i r s ! St. J o s e p h
STOCK Y A R D S BAN K
S o u th S t. J o s e p h , M o.
“ O n ly B a n k in th e Y a rd s”
Member Federal Deposit Insurance Corporation
Ju lien Stevenson, cashier of F a rm
e rs’ Bank, N ebraska City, N ebraska,
w ho has been living in Phoenix, A ri
zona, since th e holiday season because
of his health, is m oving to a fru it ran ch
n ear Glendale, California.
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
OM AHA
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 1945
O U R 5 0 th Y E A R
-V
h
59
* NEBRASKA
N E WS»
died a t his hom e in Lincoln recently.
A w ell know n b an k er and educator,
Mr. King ta u g h t school at Cook, Doug
las, and D unbar. F o r a tim e, he served
as su p erin ten d en t of th e school for th e
blind at N ebraska City, and w as regis
tr a r of both K earney and C hadron
state norm al schools. L ater, he w as
associated w ith th e state su p erin ten d
e n t’s office in Lincoln.
He en tered th e b anking business at
H ild reth and la te r m oved to Elm w ood
and to Graff.
T H E N ebraska leg islatu re’s ban k in g
com m ittee held up action on th e bill,
req u ested by G overnor Griswold, LB
358, w hich provides th a t all d o rm an t
accounts in N ebraska state b an k s shall
be closed th ro u g h legal action and th e
m oney be tu rn e d over to th e p e r
m an en t lands and school fund.
G overnor G risw old had previously
asserted th a t th e accounts could be
expected to b rin g some $100,000 to
$200,000 to th e school fund.
J. F re d P eters, b an k in g director, ex
plained to th e com m ittee th a t d o rm an t
accounts now rem ain in g in th e b ank
have been a nuisance w ith w hich to
deal. He pointed out th a t th e am o u n t
of d o rm an t accounts depends on th e
b a n k e rs’ effort to close th em out—
one bank, he said, had $14,000 in dor
m a n t accounts w hile an o th e r of p rac
tically th e sam e size h ad none.
The com m ittee laid th e bill over for
fu rth e r consideration, to determ in e th e
legal aspects involved and th e cost of
legal ad v ertisin g th a t th e m easure en
tailed.
T. B. Strain, p resid en t of the Con
tin e n ta l N ational Bank, has been
elected chairm an of th e L ancaster
county w ar finance com m ittee. He
succeeds H a rry G rainger, resigned,
w ho directed th e fifth and sixth w ar
loans. Mr. S train is presid en t of the
U niversity of N ebraska foundation,
and has been active in m any civic
projects.
Retires After 57 Years
L ast m onth A ugust Z im m erer re
tired as a ssistan t cashier a t th e F irst
N ational Bank, York, N ebraska, w ith
w hich in stitu tio n he had been asso
ciated for 57 years.
He en tered th e service of th e b ank
as bookkeeper in October of 1888, six
y ears a fter its founding by W illiam
M cW hirter. He had held th e position
of assistan t cashier since Jan u ary ,
1894. M ary M oskw inski becam e assist
a n t cashier. She w ill be receiving tell
er and in charge of the drafts and
tra v e le rs’ checks departm ent.
More Nebraska News Page68
N ebraska bankers use this bank
as a correspondent b ecause it
is strategically located in the
state's C apital City.
(O N T IN E N T A L |S|A TIO N A L
Ba/ k
L IN C O L N
Member Federal Deposit Insurance Corporation
R obert C larence K ing, 75, form er
chief of th e b an k b u re a u of N ebraska,
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern Banker
A pril Í945
60
L
i v
e
S
t o
c
N
k
O
M
a
A
t i o
H
n
a
B
l
a
n
k
A
Statem ent of Condition, M arch 20th, 1945
RESOURCES
Loans an d Discounts ..................................................
Bonds a n d O ther Securities.....................................
Stock in F ederal R eserve B ank...............................
B anking House an d Fixtures.....................................
O ther Real Estate.........................................................
Interest A ccrued on G overnm ent Securities, Etc.
U. S. G overnm ent Securities.......................................$33,334,652.99
C ash an d Sight E xchange........................................... 15,904,540.04
.$ 8,257,589.21
244,319.15
45,000.00
1.00
None
141,878.50
49,239,193.03
$57,927,980.89
LIABILITIES
C apital Stock (Common)............................................................................. $ 500,000.00
Surplus (Earned) ............................................................................................ 1,000,000.00
U ndivided Profits ..........................................................................................
350,570.44
R eserved for Taxes, Interest, Etc................................................................
228,031.26
U nearned Discount ......................................................................................
3,207.72
D ividends P ay ab le M arch 31st, 1945..........................................................
7,500.00
Deposits ........................................................................................................... 55,838,671.47
$57,927,980.89
OFFICERS AND DIRECTORS
ALVIN E. JOHNSON
P r e s id e n t
PAUL HANSEN
HENRY C. KARPF
R. H. KROEGER
V ice P r e s id e n t
V ice P r e s id e n t
W. DEAN VOGEL
WADE R. MARTIN
V ice P r e s id e n t a n d
C a s h ie r
H. H. ECHTERMEYER
V ice P r e s id e n t a n d T ru s t O fficer
V ic e P r e s id e n t
V ic e P r e s id e n t
L. V. PULLIAM
C. G. PEARSON
EARL R. CHERRY
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
A s s is ta n t C a s h ie r
W. WALLACE KEENAN
T ru s t
O fficer
H. B. BERGQUIST
W. P. ADKINS
O m aha
C o a l a n d G r a in
L. S. BURK
JAS. J. FITZGERALD
C h ic a g o
P r e s . C o m m e rc ia l S a v . & L o a n A ssn .
JOHN R. JIRDON
LEO T. MURPHY
L iv e s to c k a n d G r a in , M o rrill, N e b .
M g r.
A llie d
M ills,
In c .
JAMES L. PAXTON, JR.
HERMAN K. SCHAFER
P re s .
P re s.
P a x to n -M itc h e ll
C o.
CARL A. SWANSON
P re s . J e rp e C om . & C o ld S to r a g e C o.
M oney
M illin g
C o.
J. L. WELSH
B u tle r-W e ls h
G r a in
C o.
T his B a n k Has N o A ffilia ted C om panies
M em b er of F ederal R eserve S y stem and F ederal D eposit Insurance C orporation
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 19^5
O U R 5 0 th YEA R
61
New Bank at Lester
N EW S
FRANK WARNER
Secretary
Des Moines
Norway Officers
T he stockholders of the B enton
C ounty Savings B ank, N orw ay, Iowa,
m et recen tly for th e ir a n n u al m eeting.
T he board of directo rs elected for an
o th er y e a r include: E. M. W illiam s,
H. O. Schloem an, M ichael B recht, Jo h n
C. S chulte and W illiam A. Schulte. The
follow ing officers w ere elected: Mr.
W illiam s, presid en t; Mr. Schloem an,
vice presid en t; P re n tiss G. Florag,
cashier, and Mrs. M ary Schulte, a ssist
a n t cashier. T he b an k w as organized in
1881 and has ju s t com pleted its 64th
year.
Bankers in Army
M em bers of th e Boone State B ank
and T ru st C om pany staff, Boone, Iowa,
e n te rta in e d a t a d in n er last m onth, in
farew ell co u rtesy to Jo h n McLeod,
m an ag er of th e B oxholm b ran ch of
th e bank, and V ern J. K uhl, w ho has
been serv in g as assista n t cashier of the
bank. Both left for arm y service.
Elected Vice President
O. N. H uffm an of Stanton, Iow a, w as
elected vice p resid en t of th e H oughton
S tate B ank a t a m eeting held by th a t
organ izatio n in Red Oak. Mr. H uff
m an, w ho is c u rre n tly serv in g as state
se n a to r from th e E ig h th Iow a D istrict,
succeeds th e late Mrs. L. H. P ringle, a
siste r of H. C. H oughton, Jr., w ho has
been vice p resid en t of th e b an k for
som e tim e.
The bank, w hich h as its h e a d q u a r
te rs in Red Oak, also has offices in
S tan to n and E lliott.
The p re sid e n t is H. C. H oughton, Jr.,
of Red Oak. Oscar H elgerson is vice
p re sid e n t and cashier, and a ssistan t
cash iers are H. D eem er H oughton and
V ivian Nelson. On th e board of direc
to rs are: H. C. H oughton, Jr., H en ry
H eckert, O. N. H uffm an, R. C. Kipp
of E lliott, R. J. Sw anson, H. D eem er
H oughton and Oscar H elgerson.
Open Branch Office
A b ra n c h office of th e Jack so n State
S avings B ank, M aquoketa, Iowa, w ill
be opened in D elm ar, Iowa, sh o rtly
O U R 5 0 th Y E A R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
a fte r A pril 1st, b an k officers have an
nounced. T he b an k has purchased the
b an k building a t D elm ar and it w ill be
redecorated before th e opening.
R. M. Sayer
R uel M. Sayer, 73, presid en t of the
B enton County State B ank at Blairstow n, Iowa, and a lifelong resid en t of
B enton county, died v ery suddenly at
his hom e in B lairstow n last m onth. He
had served as p resid en t for a num ber
of years.
Lyon county w ill soon have an o th er
b ank—th e L ester S tate Bank, to be
located at L ester, Iowa.
A certificate of incorporation for th is
new in stitu tio n w as issued by W ayne
M. Ropes, secretary of state, last
m onth.
It is expected th a t th e b an k w ill be
open for business th is m onth.
The new b an k w ill have a capital
of $30,000, according to th e official no
tice.
U ntil th e first an n u al m eeting, offi
cers of th e b an k w ill be A ugust M aur
er, president; J. F. Schoelerm an and
F red Haegele, vice presidents, and
P aul Schoening, cashier. D irectors are
th e officers and R ay M cCarty and G. T.
N aglestad.
President Retires
J. E. R ichardson has retire d as p res
ident of th e Goldfield S tate B ank and
T ru st Company, Goldfield, Iowa, a posi
tion he has held since th e b an k w as
organized in 1926. Mr. R ichardson has
Iowa Banks Winning W ar Trophy Prizes for Best Sales of W ar
Bonds in Sixth W ar Loan Drive
Class
County
Name of Winning- Bank
1. T hom pson—
Peoples State
2. N orw ay—B enton
County Sav. B ank
1. G reen M ountain—
P roducers Sav
ings B ank
2. W aterville—
F a rm e rs & M er
chants Savings
B ank
1. A udubon—
A udubon
CLASS I I —
F irs t State B ank
(Those com pet
2. H am pton—
F ra n k lin
ing banks w ith
H am pton
resources of
S tate B ank
$2,000,0011. C larinda—Page
$7,500,000.)
Page
C ounty State B ank
(Appro«x. 119
H um boldt 2. H um boldt—
banks.
F irs t N ational
B ank
Des Moines 1. B urlington—
CLASS I I I —
N ational B ank of
(Those com pet
2. N ew ton—Jasp er
ing banks w ith Jasp er
C ounty Savings
resources of
B ank
$7,500^,001 and
1. Des Moines—
over.) (Approx. Polk
Iowa-Des Moines
21 banks.)
N ational B ank &
T ru st Co.
Des Moines 2. B urlington—
N ational B ank of
T otal—3 classes 10 C ounties
11 B anks
W innebago
CLASS I—
(Those com pet
B enton
ing banks w ith
resources of
$2,000,000 or less.) M arshall
(A pprox. 503
banks.)
A llam akee
Making the
Greatest Per
Cent of “E”
Bond Sales to
Quota for
Individuals
Making the
Greatest Per
Cent of Com
bined E, F, G
and 2%% Bond
Sales to Quota
for Individuals
176%
171.9%
373%
218%
111%
95%
169%
158%
88%
59%
134%
6 Prizes
Northwestern Banker
129%
6 Prizes
April 1945
62
— • IOWA
sold his stock holdings. E a rl A nder
son has also disposed of his stock in
th e bank.
Jo h n S. W hyte w as elected p resid en t
in place of Mr. R ichardson, and E a rl
B artley succeeds him on th e board of
directors.
The b an k opened for business on
Ju ly 29, 1926, w ith Mr. R ichardson as
president, E. H. F u rro w of Cedar R ap
ids, vice president, and J. A. Bundy,
cashier. The capital stock w as $25,000
w ith a su rp lu s of $12,500.
State Bank Examiner
F ey Mi eras, a ssista n t cashier a t th e
NEWS
• -
F irs t T ru st and Savings Bank, Alta,
Iowa, has resigned to take a job as
state b ank exam iner. He left last
m onth for Iow a City to receive his
tra in in g u n d er a field m an. A fter th a t
he w ill be assigned to a definite area,
w ith h ead q u arters probably at Spencer
or F o rt Dodge.
Orange City
In an Iow a new s item last m onth the
B a n k e r erroneously
stated th e N orth w estern State B ank
w as at Sioux Center, Iowa, w hile it
should have read th e N o rth w estern
N orthw estern
THE KEY TO 4 STATES!
State Bank, O range City. The N orth
B anker is h ap p y to m ake th is
correction.
w e st e r n
Officers Named
D irectors now in charge of th e La
P o rte City State Bank, La P o rte City,
Iowa, w hich changed hands recently,
are: R alph Brow n, president; E lm er
G. R asche and L. L. F roning, vice
presidents, and L. J. T u tt and Ogden
Fosse, m em bers of th e board. Of th e
group only Mr. Rasche is w orking reg
u larly in th e bank.
O ther officers are: L. C. McGill,
cashier; E th el P eters and R. A. Heyden, assistan t cashiers.
In th e only m ajor change in policy
announced th u s far, th e b an k w ill re
sum e staying open S aturday afternoon
from 1:00 to 3:00.
DES MOINES NEWS
In m ilitary strategy, to capture or hold "Key"
cities, is a lw a y s param ount.
M abelie G. zum B runnen, w ho for
some tim e has been associated w ith
th e bond d ep artm en t of th e B ankers
T ru st Company, Des Moines, last
m onth w as m arried to A rth u r G. Stev
ens, w ho is w ith the Navy, stationed
a t P hiladelphia. T he w edding took
place a t th e residence of F. S. Lockwood, secretary and tru s t officer of
B ankers T rust.
Mrs. Stevens w as
ch airm an of th e w om en’s division of
th e Des Moines C hapter of A. I. B.
If our W estern Front w ere on the b an k s of the
M issouri River, Sioux City w ould indeed be a Key
City. Both by location a n d custom, it unlocks the
g ates into South Dakota, Iowa, N ebraska an d M inne
sota.
Let the "FIRST" be your first choice a s your corre
spondent in this key city!
B ert B. P oepping, HA 1/c, fo rm er
teller a t th e Iowa-Des M oines N ational
B ank and T ru st Company, and m em
ber of th e F o u rth M arine D ivision
w hich took p a rt in th e I wo Jim a cam
paign, has been rep o rted a w ounded
casualty.
A. G. Sam, P re sid e n t
J. P. H a in er, Vice P re sid e n t
J. R. G raning, A ssistant C ashier
F ritz F ritzso n , Vice P res, and C ashier
E. A. Jo h n so n , A ssistant C ashier
J. T. G rant, A ssistant C ashier
W. F. Cook, A u d ito r
L ast m o n th F ran k W arden, vice
presid en t of th e C entral N ational B ank
and T ru st Company, w as in Chicago
atten d in g a m eeting of th e F in an cial
A dvertisers.
Note T eller George W. Gill, Valley
Savings Bank, is th e fath er of a baby
girl, born last m onth in Des Moines.
The child has been nam ed M ary
Elaine.
★
A
*
★
/ f f S ’/ o u x
C /f l/ *
Member FDIC-—Member Federal Reserve System
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A pril 1945
*
★
In his official capacity as Com m and
er of A rgonne Post, Carl W . M esm er,
vice presid en t of th e B ankers T ru st
Company, Des Moines, visited Oskaloosa last m onth w here he attended
th e Iow a A m erican Legion oratorical
contest.
E lection of F ran klin F. R obinson as
a ssistan t tru s t officer of th e Iowa-Des
O U R 5 0 th Y E A R
63
LIVE STOCK
-/iff/ioi irr/ BANK o f ■ </„„„,<
U N I O N S T O C K YARDS
• T E L E P H O N E YA R D S 1 2 2 0
S jfY fifa in e n /
^ o cricliftvm
M arch 2 0 , 1945
RESOURCES
C ash a n d d u e fr o m b a n k s .........................................$ 1 3 ,8 5 8 ,6 3 4 .4 7
U. S. T r e a s u r y b ills a n d c e rtific a te s..................... 2 6 , 5 0 0 , 0 0 0 . 0 0
U. S. G o v e r n m e n t b o n d s a n d n o t e s ....................
1 ,5 9 0 ,7 0 0 .0 0
State a n d m u n ic ip a l s e c u r itie s ................................
6 7 2 ,7 5 3 .5 3
O t h e r m a r k e ta b l e b o n d s ...........................................
3 6 9 ,4 2 1 .0 0
L o a n s a n d d i s c o u n t s ....................................................
7 ,5 4 2 ,4 5 4 .4 5
F e d e ra l R e s e rv e B a n k s t o c k .....................................
7 5 ,0 0 0 .0 0
B a n k b u i l d i n g ................................................................
3 7 5 ,0 0 0 .0 0
8 5 ,1 0 0 .9 7
I n te r e s t e a r n e d , n o t c o lle c te d .................................
C u r r e n t re c e iv a b le s a n d o th e r a s s e ts ...................
4 8 ,1 2 4 .0 1
~ $ 5 1 , 1 1 7 ,1 8 8 .4 3
L I A B I L I T I E S
C a p i ta l................................................................................$ 1 ,0 0 0 ,0 0 0 .0 0
S u r p lu s ...............................................................................
1 ,5 0 0 ,0 0 0 .0 0
U n d iv id e d p ro fits a n d r e s e r v e s ...............................
2 2 0 ,4 3 3 .4 4
U n e a r n e d d i s c o u n t .......................................................
2 3 ,6 4 6 .3 2
D e p o s i t s ............................................................................ 4 8 ,3 7 3 , 1 0 8 . 6 7
$ 5 1 ,1 1 7 ,1 8 8 .4 3
Fr e d e r ic k H . P r i n c e
A r t h u r G . Le o n a r d
JO H N W . AUSTIN
President, Union Stock Y a rd
& Transit Co.
Treasurer, Union Stock Y a rd
& T ransit Co.
ORVIS T . HENKLE
R o b e r t J. D u n h a m
R a l p h M . Sh a w
Investments
Winston, Strawn & Shaw
RICHARD HACKETT
T h o m a s E. W
D a v id
il s o n
Chairman o f the Board,
Wilson & Co., Inc.
General M anager, Central
M anufacturing D istrict
h
. R e im e r s
President, The Live Stock N ational Bank o f Chicago
SERVING
AGRICULTURE
AND
INDUSTRY
fjin c e
ME MB E R
O U R 5 0 th Y E A R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
F E D E R A L
D E P O S I T
I N S U R A N C E
C O R P O R A T I O N
Northwestern Banker
April 19^5
64
•
IO WA
NEWS
A M ER IC A N NATIONAL B A N K
AND TRUST COMPANY
O F CHICAGO
L A S A L L E STREET
JJ,
Member Federal Deposit
AT W A S H I N G T O N
insurance Corporation
w
M oines N ational B ank & T ru st Com
pany, of Des Moines, w as announced
recen tly by Herbert L. Horton, p resi
dent of th e bank.
Mr. Robinson is a grad u ate of Cor
nell College, Mt. V ernon, Iowa, and of
the law college of the State U n iversity
of Iowa. F rom 1929 to 1945 he served
as national b ank exam iner w ith spe
cial assignm ent to exam ination of
tru s t dep artm en ts of all banks in th e
STATEMENT OF CONDITION
AT TOE CLOSE OF UIJSINESS MARCH 20. 1945
RESOURCES
Cash and d u e from b a n k s .........................................$ 46,922,487.63
U n ited S ta tes G overn m en t o b lig a tio n s — direct
and fu lly g u a r a n t e e d ..............................................
.
80,218,609.99
19,103,127.32
Loans and d i s c o u n t s ....................................................
37,314,647.22
Federal Reserve B ank s t o c k ........................................
150,000.00
M u n icip al and oth er m ark etab le secu rities
.
C u stom ers’ lia b ility on a c c e p t a n c e s .......................
77,970.88
A ccrued in te re st r e c e iv a b le .........................................
O ther a s s e t s .....................................................................
333,929.11
140,191.34
$184,260,963.49
LIAEM C I T I E S
C apital s t o c k .....................................................................
2, 000, 000.00
Surplus ................................................................................
3,000,000.00
1,081,560.43
U ndivided p r o f i t s .........................................................
Reserve for taxes, in te re st, c o n tin g e n c ie s, etc. .
U nearned d is c o u n t .........................................................
L iability on a c c e p t a n c e s ..............................................
392,559.51
110,893.79
D ep osits:
D e m a n d ........... $149,459,639.81
U n ited S ta tes G overn m en t
O ther p u b lic fu n d s . . . .
S a v i n g s ......
.
FRANKLIN F. ROBINSON
1,213,961.87
15,713,769.62
4,295.62
11,284,282.84
176,461,987.89
$184,260,963.49
United, States Government obligations and other securities carried at $33,236,625.92 are pledged
to secure public and trust deposits and f o r other purposes as required or permitted by law.
S eventh F ederal R eserve d istrict,
w hich includes th e states of Illinois,
Indiana, Iowa, M ichigan and W iscon
sin.
He assum ed his new duties A pril
1st, and w ill head th e new ly created
personal agency division of th e IowaDes Moines N ational’s tru s t d ep art
m ent. In this capacity he w ill assist
m en and w om en who have th e respon
sibility of investing funds for th em
selves or others, and w ill aid corpo
ratio n s and in stitu tio n s in connection
w ith th e ir investm ents.
In his new position Mr. R obinson
Mr, Banker:
Do you know that recently, in this territory alone, over 100 banks have subscribed to the
D.A.S. AGRICULTURAL DIGEST
There is no other agricultural information service just like it.
For sample releases and further information write to
Doane Agricultural Service, Inc.
B o x 3 0 2 , 2 0 5 P ly m o u th B ld g .
Des Moines 9, Iowa
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A p ril 1945
O U R 5 0 th YEAR
65
More Meat—World Demand
O ne type of "am m unition” essential on the b attle front
as well as on the hom e front is m eat.
M eat m ust be produced in g re a te r a b u n d a n c e a n d
distributed efficiently, eq u itab ly a n d expeditiously.
O ne of the most efficient a n d indispensable elem ents
in the livestock industry is your central m arket, w here
the packers, order buyers a n d feeder buyers concentrate
their purchases.
No other system of m arketing possesses the facilities
a n d the ability to h a n d le so la rg e a volum e of livestock
at such a sm all cost to the shippers. The total costs cov
ering commissions, feed a n d y a rd a g e for selling livestock
at O m a h a am ount to approxim ately IV4 per cent of the
sale price. W here c a n you m arket an y other ag ricu l
tu ral com m odity with co m p arab le service for such a
sm all ch arg e?
Support the Central Market That Supports the Price of Your Livestock.
UNION STOCK YARDS COMPANY of OMAHA, (Ltd.)
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker
April 1945
66
*
IOWA
NEWS
Out-of-Town Banks
•
w ill be associated w ith Clyde H. Doo
little, vice presid en t and tru s t officer,
and C. Ream D aughrity and W. F ra n k
Howell, assistan t tru s t officers.
Plan Alden Bank
A bout 45 citizens of Alden, Iowa, and
vicinity m et last m onth and listened
to a talk by L. R. Clift of Toledo, on
organizing a b ank at Alden. A com
m ittee consisting of Mr. Clift, Carl
A nderson of Iowa Falls, George F u ller,
L. S. Cox and E. B. P ritc h a rd had been
in Des Moines to discuss plans.
O u t-o f-to w n b anks an d b an k e rs w ill find h e re
c o m p le te b a n k in g f a c ilitie s f o r p r o m p t an d
econom ical h a n d lin g o f accounts in C hicago. W e
w o uld ap p reciate th e o p p o rtu n ity o f serv in g you.
Buy Building Site
C
i t y
N
A N II T I I I J S T
2 0 8
B
a t i o n a l
COMPANY
S O U T H
a n k
of Chicago
L A S A L L E
S T R E E T
(Member Federal Deposit Insurance Corporation)
The Citizens First National Bank
S torm Lake, Iow a
On Comptroller’s Call, March 20, 1945.
RESO U RCES
Loans ..................................................$
Overdrafts..........................................
’ Banking H o u se ..............................
* Furniture and Fixtures...............
Stock in Federal ReserveBank. . . .
Miscellaneous
31,230.00
Bonds ............... $
United States
Obligations . . . 3,762,861.68
Cash and Sight
Exchange . . . . 1,115,791.11
745,482.55
514.48
1.00
1.00
5,250.00
L IA B IL IT IE S
Capital Stock ..............................
Surplus Fund ..............................
Undivided Profits ......................
Reserved for Taxes and
Contingencies .........................
Dividends Unpaid ......................
Deposits ..................................... ..
.$
75,000.00
1 0 0 , 0 0 0 .0 0
178,123.10
40,481.65
7,500.00
. 5,260,027.07
W. A. Lane, p resid en t of th e Secu
rity Savings Bank, of M arshalltow n,
Iowa, announced last m onth after a
m eeting of the directors of th e bank,
th a t he, W. L. B rintnall, J. M. Considine, S. A. D ickerson, Dr. R. R. H ansen
and N. C. N ielsen have purchased from
S. W. LaShelle th e business p ro p erty
on the n o rth e a st corner of F irs t Ave
nue and M ain Street. T he p ro p erty
fro n ts 40 feet on M ain S treet and 180
feet on N orth F irst Avenue.
The group of m en associated in th e
p u rchase are all directors of th e Secu
rity Bank.
Mr. Lane said th e b an k directo rate
planned to build a m odern office build
ing on th e new ly acquired site as soon
after th e w ar as possible. T he build
ing, he said, w ould be five or six
stories high.
4,909,882.79
$5,661,131.82
$5,661,131.82
O F F IC E R S
R.
G EO . J . S C H A L L E R , C hairm an
H. W. SCtHALLER, P resid en t
(on leave w ith TJ. S. arm ed forces)
E . S H E F F IE L D , 1 s t Vice P resident
W A Y N E A. M Y E R S, 2 n d Vice P resident
E V E R E T T STO C K , Cashier
D. C. STO R C K, A sst. Cashier
M E M B E R O F T H E F E D E R A L D E P O S IT IN SU R A N C E C O R PO R A TIO N
FIRST TRUST AND SAVINGS BANK
Northwest Corner Third and Brady Streets
DAVENPORT, IOWA
C o n d it io n as o f M a r c h 20, 1945.
RESO U R CES
Loansand Discounts ..........................................................................................
Banking House ................................................................................................. ..
Furniture and Fixtures...............................................
U. S. Government Bonds................................................................................... $1,848,839.69
Municipal Bonds ..................
875,400.38
Other Bonds ...............................................................................................
114,955.02
Cash and Due from Banks................................................................................... 2.002,806.52
Other A s s e t s .............................................................................
Overdrafts ................................................................... . . . . . . I
Total
Resources .............................................................................
L IA B IL IT IE S
Capital ................................................................................................................ $
Surplus . . . . .........................................................................................................
Undivided Profits and Reserves.........................................................................
Deposits ....................................................................................... '........................
Unearned In te re st...............................................
$2,239,907.39
48 500.00
n g5 1 5 5
4,842.001.61
-\ 248 31
2^714^34
$7,146,223.20
200,000.00
170,000.00
54,170.87
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A pril 1945
George A. G utshall, 88, a p ro m in en t
resid en t of the Booneville, Iowa, com
m u n ity for m any years, died last
m onth in a hospital in Des Moines. In
1905 he helped organize the Booneville
Savings B ank th ere and served as p res
ident of th a t in stitu tio n from 1905
un til it paid off its depositors in 1939.
Visits Campus
E lizabeth K leindienst of th e perso n
nel d ep artm en t of the H arris T ru st
and Savings B ank of Chicago, w as on
the cam pus of th e U n iversity of Iowa,
Iow a City, last m onth to in terv iew stu
dents in terested in positions w ith th a t
bank, according to Prof. George H ittle r
of th e college of commerce.
Miss K leindienst w as especially in
terested in young w om en w ith lite ra ry
424,170.87
6,709,449.69
12,602.64
Total Liabilities .............................................................................
$7,146,223.20
George M. Bechtel, President
R . O. Byerrum , Executive V ic e President
F . A . Johnson, V . P res., Cashier & T ru st Officer
H . R . Bechtel, V ic e President
Lo uis M artin, A ssistan t Cashier
W. C. Siddle, A ssistan t T ru st Officer
Member Federal Deposit Insurance Corporation
N orthwestern Banker
George A . Gutshall
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
. ‘i *'1
F. E. DAVENPORT & CO.
:____________________O M A H A
OUR 50th YEAR
67
•
faculty, those w ith research in te re st
in economics, accounting or statistics
and those w ith stenographic ability.
Old Bank Building Sold
The old Iow a N ational B ank B uild
ing a t 219 E a st Main Street, O ttum w a,
Iowa, has been sold, according to offi
cers of th a t bank.
T he Iow a N ational B ank first occu
pied th e building in 1925, a fte r tra n s
form ing it into a m odern b an k bu ild
ing. T h at b an k rem ain ed in business
th e re u n til 1931, w h en it w as consoli
dated w ith o ther b anks into w h at is
now th e U nion B ank & T ru s t Com
pany.
IOWA
NEWS
•
O , L. Wright
M em ber of a w ell-know n banking
fam ily, Ora Lee W right, 74, form erly
of K noxville, Iowa, died at a hospital
in Des Moines last m onth. Mr. W right
w as m ade cashier of th e M arion Coun
ty N ational B ank th ere at th e age of
21.
(C ontinued on next page)
TODAY, AS EVER —
HEADQUARTERS
FOR YOUR
NORTHEASTERN IOWA
BUSINESS.
Carlton M. Magoun
C arlton Moore M agoun, 50, Sioux
City b a n k e r and w holesale seed execu
tive, died last m onth at his hom e in
Sioux City, Iowa.
Mr. M agoun w as associated fo rm er
ly w ith his fath er, th e late Jo h n Adam s
M agoun, in th e old Sioux N ational
B ank. More recen tly he w as p resi
d en t and g eneral m an ag er of the
M ichael-Leonard Com pany, and for
seven years he w as associated w ith th e
sam e firm in th e Chicago office.
S. R. Dyer
S herm an R ay Dyer, 56, E ldora b a n k
er, died at his hom e in E ldora, Iowa,
recently.
Mr. D yer w en t to Iow a F alls in 1933
and w as associated w ith th e Secured
F in an ce Com pany. H e and his fam ily
m oved to E ldora in 1937, w h ere he en
te re d th e finance business and later
becam e associated w ith th e H ard in
C ounty Savings Bank, as vice p re si
d en t in charge of th e con su m ers’ loan
d ep artm en t, a position he held a t the
tim e of his death.
W ATERLOO
Former Adel Cashier W eds
F o rm e r cashier, W illiam Thom as, of
th e Dallas C ounty S tate B ank a t Adel,
Iowa, w as m arried recen tly in Cali
fo rn ia to M arjory Chally of S tratford,
Iowa. Sgt. T hom as for th e p ast two
y ears has been statio n ed in th e A leu
tia n Islan d s and recen tly re tu rn e d to
th e U nited States on furlough.
Member— Federal Reserve System
Federal Deposit Insurance Co rp o ratio n
S carborough ^ C
¿57
First National Bank Building, Chicago
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
o m pa n y
lÀAAkCM lC
Horace A. Smith, Iowa Representative
Des Moines, Iowa
Northwestern Banker
April 19^5
68
F ro m th en on his activities in b an k
ing circles broadened. He eventually
becam e stockholder in ten banks, and
he organized seven of them . His pol
icy w as to w ork along w ith th e busi
ness m an and farm er.
DES M OINES BUILDING-LOAN &
SAYINGS ASSOCIATION
Oldest In Des Moines
411 6th Ave.
ELMER E. MILLER
Pres, and Sec.
Dial 4-7119
HUBERT E. JAMES
Asst. Sec.
FOR YOUR ENJOYMENT . . .
Listen to the
“WORLD OF MUSIC”
KRNT, 1350 KC
10:30-11 a. m. Sundays
The
N e w Y o r k T r u st
Co m p a n y
C a p ita l Funds O ver $50,000,000
Horse Raiser
F ra n k Hoffm ann, cashier of th e
W estside S tate Savings Bank, W estside, Iowa, sent F ra n k W arner, secre
ta ry of th e Iow a B ankers A ssociation,
a pictu re recen tly of a two-year-old
green saddle colt, driven to th e cart for
the second tim e. Mr. H offm ann said,
“We th in k he is going to be a show
horse. W e raised him on a bottle. The
m o th er disow ned him h u t we d idn’t.”
NEBRASKA NEWS
New Cashier
Donald H albersleben of B roken Bow,
w ho is the new cashier in the P u rd u m
State Bank, P urdum , N ebraska, has
tak en up his duties in his position.
IO O BRO ADW A Y
Vice President of R. Morris
M A D ISON AVENUE
A N D 4 0 T H STREET
TEN
ROCKEFELLER
PLAZA
Y
Through 4 wars and many
panics and depressions
O. H. E lliott, a ssistan t vice presid en t
of th e F irst N ational B ank of Omaha,
has been elected vice presid en t of th e
R obert M orris A ssociates for th e Mis
souri V alley D istrict. T he R obert M or
ris A ssociates are a n ational associa
tion of b ank credit m en. S.'C. Pidgeon,
of th e B ankers T ru st Com pany of Des
Moines, w as elected presid en t for th e
com ing year and F. W. A lexander, of
th e F ederal R eserve B ank of K ansas
City, secretary.
Fred W . Rottmann
Member ofthe Federal Deposit Insurance Corporation
have weathered the storm. Today,
as in past years, we will continue to
successfully serve Iowa business
men to the best of our ability.
B anks Sold or Bought!
quietly, quickly and in a personal manner
JAY A. WELCH
c M ESTABLISHED
>
AETIO
NTFITTERS^^^W
ERS V 1889-^BUSSIN
BO
OKBM
IN
EIN
RSES
OST
FFIC
OU
ESS
AD
CH
Grand Av e . at Fourth
De s M o in e s , Ia .
BANK BROKER
H addam , K ansas
“36 Years Practical Banking Experience”
THEY'LL COME BACK
SURE AS THE SWALLOWS!
TENSION
KNOWS
Return envelopes bring back
whatever they're sent out
to get, in the form of inquiries,
orders and checks. They will
increase returns by making it
easy for your customers to reply
HOW!
1912 Grand Ave., Phone 4-4126. Des Moines 14, Iowa
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 19^5
F red W. R ottm ann, 72, one tim e
N ebraska City banker, died last m onth
at Cam bridge, N ebraska. He atten d ed
N ebraska City schools, soon afterw ard
en tered th e em ploy of Otoe County
N ational Bank, there, w here he w as
assistan t cashier for m any years.
Tells of Increased Deposits
T he inflationary n a tu re of b an k de
posits in th e last few y ears w as ex
plained by E d w ard H uw aldt, executive
vice presid en t of th e Com m ercial N a
tional Bank, G rand Island, N ebraska,
in a talk before th e R o tary Club.
D eposits in th e G rand Island banks
have increased in five years, Mr.
H uw aldt said, from $7,400,000 to $20,900,000, and w ith o u t th e purch asin g of
w ar bonds by individuals out of th e ir
own accounts, the inflationary te n d
encies w ould become even m ore p ro
nounced.
Named to Offices
The board of directors of the F irs t
State Bank, B eaver City, N ebraska,
m et to fill tw o vacancies caused by th e
death of the late A. B. Brown. George
W. Shafer, Jr., w as elected vice p resi
dent, and Lyle B ottrell w as nam ed to
th e board and m ade cashier.
OUR 50th YEAR
69
President of Association
Jo h n V anA uken, vice p resid en t of
th e L exington S tate Bank, L exington,
N ebraska, w as nam ed p resid en t of the
M id-N ebraska
R egional
C learing
H ouse A ssociation at a m eeting held
re c e n tly in N o rth P latte. E lected vice
p resid en t w as Gordon B rain ard , cash
ier of th e F a rm e rs N ational B ank,
G rant; and secretary -treasu rer, W. H.
M unger, cashier, F irs t N ational B ank,
N o rth P latte.
tw enty-sixth y ear of service. W hen
th e in stitu tio n opened it had deposits
to taling $42,136. Today it has deposits
to taling $9,700,000.
P resid en t of th e in stitu tio n is H ow
a rd G. P ra tt, w ho last m onth observed
his tw enty-third a n n iv ersary as an
officer. O. A. “A rch ” Riley, vice p re s
ident, w as cashier w hen th e bank
opened 26 y ears ago and still holds th a t
office.
O ther m en continuously associated
w ith th e bank since its opening are
S tephen Swigle and R. R. Vance, di
rectors. T hey are followed closely by
C. E. B yers w ho has been on th e board
since sh o rtly after the b ank opened
in 1919.
AMERICAN TRUST & SAVINGS BANK
D U B U Q U E ,
Leaves Cashier's Post
A t th e a n n u al m eeting of th e direc
to rs of th e State B ank of Jan sen , Ne
b raska, held recently, H. T. F a st re
signed as cashier. H e will, how ever,
rem ain on th e board of d irecto rs for
th e p re se n t tim e. Mr. F a st has been
cashier of th e b an k over 25 years. He
is also p o stm aster at Ja n se n and will
devote his tim e to th e conduct of this
office.
L IA B IL IT IE S
RESO U R CES
Capital Stock .................................$
Cash and Due from Banks..........$ 3,588,091.23
Surplus ..........................................
U. S. Government B o n d s . . . . . . 11,113,908.88
Federal Reserve Bank Stock.
1 5 .000.
00 Undivided Profits .........................
State, County and Municipal
Reserves ..........................................
Deposits:
Bonds ................................
602,182.65
D em and..........$7,158,985.11
Loans and Discounts ..........
1,215,649.45
Time .............. 5,246,491.12
Overdrafts ..............................
807.63
U. S. Govt. War
Bank Building ......................
50.000.
00
Loan Account 3,464,304.19
250.000. 00
2 5 0.000. 00
144,359.42
71,500.00
15,869,780.42
$16,585,639.84
$16,585,639.84
C. J. S C H R U P , Chairm an of th e Board
D. W . E R N S T , P resid en t
O. J. K L E IN SCHM ID T, Cashier
ROY F . G LA B, Vice P resid en t
A. L. VOGL, A ssistant Cashier
M. J. B A U M H O V ER , A ssistan t Cashier
M E R L Y N B. K U R T , A ssistan t Cashier
Member- Federal Reserve System.
Member of th e F ed eral D eposit Insurance C orporation
lÁ J e á ó iin c f
C o
Begins 26th Year
Incorporated 1912
STATEMENT OF CONDITION, MARCH 20, 1945
Close at 3:00 O 'C lo ck
A nn o u n cem en t w as m ade by F. E.
P eterso n , cashier of th e B ank of S ta
pleton, Stapleton, N ebraska, th a t ef
fective last m onth, a 3:00 o’clock clos
ing h o u r w as adopted. T h ere w ill be
no deviation from th is tim e on S a tu r
days.
TO W A
Organized 1905
u
n
s
P lan to use an a d v ertisin g program of
w e ll w orded m essages created by
W e sslin g S e rv ic e s, D e s M oin es, Iow a
S e r u ic e ó
e l
on
B a n k
P u b l i c
R e l a t i o n s
D . R . W E S S L IN G , P R E S ID E N T
L ast m o n th th e H astings N ational
B ank, H astings, N ebraska, en tered its
ifl/joinei 9, ~3owa
Index To Advertisers
A
A l l e n W a l e s A d d i n g - M a c h i n e C o r p ..........
A l l i e d M u t u a l C a s u a l t y C o m p a n y .............
A m e r i c a n N a t i o n a l B a n k a n d T r u s t C o..
A m e ric a n T r u s t a n d S av in g s B an k ,
D u b u q u e .................................................................
A n c h o r C a s u a l t y C o m p a n y ..............................
3
43
64
69
42
C
C e n tra l N a tio n a l B a n k a n d T r u s t C o ...
C h a s e N a t i o n a l B a n k ...........................................
C itizen s F i r s t N a tio n a l B a n k — S to rm
L a k e ...........................................................................
C ity N a tio n a l B a n k a n d T r u s t C o m
p a n y — C h i c a g o ..................................................
C o m m e r c e T r u s t C o m p a n y ..............................
C o n tin en tal B an k and T ru st C om pany—
N e w Y o r k ...............................................................
C o n tin e n ta l Illin o is N a tio n a l B a n k and
T r u s t C o m p a n y ..................................................
C o n tin e n ta l N a tio n al B a n k — L i n c o ln ...
G
G u a r a n t y T r u s t C o m p a n y ................................. 24
R
B a n k o f A m e r i c a ..................................................
B a n k e rs T r u s t C om pany— Des M o in es..
B u rro u g h s A d d in g M achine C o m p a n y ..
F i r s t N a t i o n a l B a n k — S i o u x C i t y ............. 62
F i r s t S t. J o s e p h S t o c k Y a r d s B a n k . . . . 58
F i r s t T r u s t a n d S a v i n g s B a n k - —- D a v e n
p o r t .............................................................................. 66
F i r s t W i s c o n s i n N a t i o n a l B a n k ................ 51
37
71
29
12
27
66
66
30
II
H a l s e y S t u a r t a n d C o m p a n y ......................... 36
H a m m e r m i l l P a p e r C o m p a n y .......................
5
H a w k e y e M u tu al H ail In su ra n c e A sso
c i a t i o n ...................................................................... 40
H o m e I n s u r a n c e C o m p a n y ..............................
6
H o r n b l o w e r a n d W e e k s ................................... 34
I
Io w a -D e s M oines N a tio n a l B a n k a n d
T r u s t C o m p a n y .................................................. 72
.1
34
Jam ieson
31
59
Koch
and
C o m p a n y ...................................
.......................................................
68
»
L
D a v e n p o r t , F . E . a n d C o m p a n y .............58-6 6
D e L u x e C h e c k P r i n t e r s , I n c ......................
56
D es M oines B u ild in g -L o a n a n d S a v in g s
A sso ciatio n
.......................................................... 6 8
D e v i n e , C. J . a n d C o m p a n y ............................ 36
D o a n e A g r i c u l t u r a l S e r v i c e ............................ 64
D r o v e r s N a t i o n a l B a n k ...................................... 26
L a M o n t e , G e o r g e a n d S o n ................................. 23
D a w r e n c e S y s t e m ..................................................
8
L e s s i n g A d v e r t i s i n g C o m p a n y .................... 68
L i v e S t o c k N a t i o n a l B a n k — C h i c a g o . . . 63
L i v e S t o c k N a t i o n a l B a n k — O m a h a . . . . 60
L i v e S t o c k N a t i o n a l B a n k — S i o u x C i t y . 48
F
F a r m e r s M u tu a l H ail In s u ra n c e C o ....
F e d e ra l In te rm e d ia te C red it B a n k s . . . .
F i n a n c i a l D e v e l o p m e n t C o m p a n y ............
F i r s t N a t i o n a l B a n k — C h i c a g o ....................
F i r s t N a t i o n a l B a n k — O m a h a .......................
M e r c h a n t s M u t u a l B o n d i n g C o m p a n y . . 43
M e r c h a n t s N a t i o n a l B a n k .................................
2
M i n n e s o t a C o m m e r c i a l M e n ’s A s s o c i a
t i o n .............................................................................. 42
M in n e a p o lis, M o lin e P o w e r I m p l e m e n t
C o m p a n y .................................................................
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
41
35
34
53
59-
58
67
25
68
50
28
44
40
O
O m a h a N a t i o n a l B a n k ........................................
21
P
P h i l a d e l p h i a N a t i o n a l B a n k .........................
P u b l i c N a t i o n a l B a n k ........................................
4
50
It
R u ssell C o u n ty B u ild in g an d L o an A s
s o c i a t i o n ................................................................. 43
S
47
K
B ro th ers
N
N a t i o n a l B a n k o f C o m m e r c e .........................
N a t i o n a l B a n k o f W a t e r l o o .........................
N a t i o n a l C a s h R e g i s t e r C o m p a n y .............
N e w Y o r k T r u s t C o m p a n y ..............................
N o rth e rn S ta te s E n v elo p e C o m p a n y ....
N o r t h e r n T r u s t C o m p a n y .................................
N o r t h w e s t e r n N a t i o n a l B a n k . ....................
N o rth w e ste rn N a tio n al L ife In s u ra n c e
C o m p a n y .................................................................
M
S t. P a u l T e r m i n a l W a r e h o u s e C o m p a n y 32
S c a r b o r o u g h a n d C o m p a n y ................... 3 9 - 5 3 - 6 7
S q u a r e D e a l I n s u r a n c e C o m p a n y ............. 42
S t a t e A u t o m o b i l e I n s u r a n c e A s s o c i a t i o n 40
T
T e n s i o n E n v e l o p e C o r p o r a t i o n .................... 68
T h o m s o n a n d M c K i n n o n ................................... 35
T o o t l e L a c y N a t i o n a l B a n k ........................5 6-5 7
II
U n i o n S t o c k Y a r d s C o m p a n y — -O m aha,
N e b r a s k a ............................................................... 65
U n ited S ta te s N a tio n a l B a n k — O m aha,
N ebraska
............................................................... 54
W
W a l t e r s , C h a r l e s E . W a l t e r s .........................
W e l c h , J a y A ..............................................................
W e s s l i n g S e r v i c e s ................................................
W e s t e r n M u t u a l F i r e I n s u r a n c e C o ..........
Northwestern Ranker
56
68
69
38
April 19'i5
70
In
the
D ir e c t o r s ' ROOM
Last But Not Least
Emergency Measure
1st Soldier: H ow come you h ap
pened to join th e Army?
2nd Same: W ell, first of all, I w anted
to fight; second, I felt it w ould m ake
me physically fit; and th ird , th ey cam e
and got me.
H ave you ever stopped to th in k the
pinup girl came in ju st as elastic w ent
out?
Two Whistle Type
Sailor: I like th e shy, dem ure type
— th e k ind you have to w histle a t
twice.
Vicious Circle
O verheard in th e show er room :
“F irs t we lick them , th e n w e feed
them , th en we finance th em and th e n
we have to lick th em again.”
Aye, Aye, Sir
The old sailor had retire d from the
sea. Each m orning a grubby youngster
knocked at his door, w en t in and came
out again. A fter this had gone on for
some w eeks th e curiosity of th e vil
lagers w as aroused.
“Tell m e,” said one to th e youngster,
“w hy do you v isit th a t old sailor every
m orning?”
“Well, sir, he gives me a q u a rte r if I
say to him, ‘The captain w ants you im
m ediately.’ ”
“A nd w h at does he say to th a t? ”
“He says, ‘Tell th e captain to go to
blazes.’ ”
Scarcities Rule
H ospital Bound
I t used to be th a t w hen th e cigarette
girl w alked p a st in th e n ig h t club you
h a rd ly noticed th e cigarettes.
M other: So you’re n ot afraid to go
to th e hospital—th a t’s a good little boy.
L.B.: B ut I a in ’t gonna let ’em palm
off a baby on me like th ey did you—I
w anna pup!
By Instrument
A soldier received a le tte r from his
wife containing a sk etch of th e ir c a r’s
in stru m e n t panel. “T his is th e exact
w ay th e dashboard looks,” she w rote,
“do we need a q u a rt of oil?”
Whole Crew
The m anager of a to u rin g th eatrical
com pany w ired th e p ro p rieto r of a
th e a te r w h ere h is com pany w as booked
to appear: “W ould like to hold re h e a r
sal n e x t M onday afternoon a t th re e
o’clock. H ave y o u r stage m anager,
carp en ter, p ro p e rty m an, electrician,
and all stage hands p re se n t a t th a t
h o u r.”
F o u r h o u rs la te r he received th e fol
low ing reply-: “All rig h t, I ’ll be th e re .”
Speed
The R ussians can tak e tow ns faster
th a n others can pronounce them .
Everything for Victory
Uncle L uke says: “T hey ain ’t m ak in ’
shoes an y m ore. F ro m now on it’s
ev ery th in g for V ictory and n o th in g for
Defeat.”
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 1945
Condemned
A little boy’s favorite uncle w as to
be m arried and he w as questioning his
m o th er about th e w edding: “M other,
th e last th ree days th ey give them any
th in g th ey w an t to eat, don’t th ey ?”
Too Rough
D ruggist: Shall I fix you a bromo?
Joe H angover: Ye Gods no! I can ’t
stand the noise.
Turns on the W orks
A w om an n ever know s w h a t she can
do u n til she cries.
And Gaping Japs
W hen th e Y anks get th ro u g h w ith
Jap an th e re ’ll be gaps w here th ere
w ere Japs.
On Condition
An old p la n te r and one of his fa ith
ful w o rkers w ere discussing th e h e re
after.
“Sam,” said the boss, “if you die first,
I w an t you to come back and tell me
w h at it’s like over there. If I die first,
I ’ll come back and tell you w h a t it’s
like.”
“Dat suits me fine, sah,” replied the
old Negro, “b u t effen you dies fust, Ah
w ants you to prom ise me you’ll come
back in de daytim e.”
Thanx a Lot
D uring a question period follow ing a
lecture a m an arose and p u t a foolish
query to th e speaker. The la tte r re
plied:
“The logic of your question m akes
me th in k of another. Can you tell me
w hy fire engines are alw ays red? You
can’t.
Well, fire engines have four
w heels and eight men. F o u r and eight
are twelve. Tw elve inches m ake a
foot. A foot is a ruler. Queen E liza
beth w as a ru ler. The Queen E lizabeth
sails the seven seas. Seas have fish.
F ish have fins. The F in n s fought th e
R ussians. The R ussians are Red. F ire
engines are alw ays ru sh in ’. Therefore,
fire engines are alw ays red. I hope
th is answ ers your question also.”
OUR 50th YEAR
I
How can w e develop more
I
b a n k -b y -m a il accounts?
■
1 *1
1
i _____
L et's ask th e Bankers T ru st...
They've been active
in prom oting such service
■
That’s the right answer!
We wel
come the opportunity to exchange
information with you in any way that
may help either or both of us to do a
better job of banking.
B A N KER S T R U S T
C O M PA N Y DES MOINES
https://fraser.stlouisfed.org
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Federal Reserve Bank of St. Louis
FQPWICTORY
BUY
WAR
BONDS
STAMPS
H A T S O F F . ..
To The Farm ers of Iowa
Iowa farmers, since Pearl Harbor, have done a great
job in helping to keep Allied fighting men well-fed and
healthy.
The work of farmers to attain even higher food pro
duction goals in 1945 is just as essential as armaments in
maintaining today's accelerated march toward Victory.
Again this year, Iowa Banks and Bankers have another
opportunity to make an important contribution to the W ar
effort by financing, encouraging and cooperating with
individual farmers in every locality to obtain all-out mobili
zation of our State's great food producing resources.
That's a task in which all of us should be delighted to
cooperate whole-heartedly.
Capital Funds
a
—
Over 5 Million Dollars
i‘m m
liiMPiiJiY
Member Federal Deposit Insurance Corporation
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
@FedFRASER