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AUGUST

1943

T. N. H A Y T E R
President South Dakota Bankers Assn.
V ice President, First N ational Bank
Sioux Falls

H . A. F I S C H E R
President North Dakota Bankers Assn.
Cashier, Farmers Security Bank
W ashburn

Middle West Is in the Money

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

Page 13

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“Constantly on the Alert”
Smoothness of operation is important whether it be in a machine
or a bank.

That is why the officers of the Merchants National

Bank are constantly on the alert for any information or sugges­
tions which will enable them to assist their correspondent banker
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friends in meeting wartime banking problems.

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A CED A R R A P ID S BA N K

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OFFICERS
James E. H am ilton , Chairman
S. E. Coquillette, President
H. N. B oyson , V ice President
Roy C. F olsom, V ice President
M ark J. M yers, V. Pres. & Cashier
G eorge F. M iller, V. Pres. & Tr. Officer
M arvin R. Selden, Vice President
F red W . S m it h , V ice President
John T. H amilton II, V ice President
R. W . M anatt , Asst. Cashier
L. W. Broulik , Asst. Cashier
Peter Bailey , Asst. Cashier
R. D. Brown , Asst. Cashier
O. A. K earney , Asst. Cashier
Stanley J. M ohrbacher. Asst. Cashier
E. B. Zban ek , Building M anager

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Cedar Rapids

Iowa

Mtmber Federal Deposit Insurance Corporation

Northwestern Banker, published monthly by the De Puv Publishing

corr o

Entered as Second Class Matter January 1, 1895. at the Post OfficeW


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Federal Reserve Bank of St. Louis

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under

le t 'o f 'M a r c h 3'!?

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Official U. S. N avy photograph

TODAY

Moreover, they are still further proving

j

their teamwork ability by patriotically cooper­
ating with our company in its modest contribu­
tion towards national war financing through

Blinding speed, armored planes and devastating

the Ninetieth Anniversary War Loan campaign,

firepower have eliminated the individual ace—

which provides that:

the “ knight of the air” — from modern aerial

All new gross premiums collected on fire

warfare. Now it is the perfect coordination in

and other policies that the Home writes for the

precision teamwork of every echelon and every

balance of the year are being invested in War

squadron that “ rings the bell” in air battle.

Loan Bonds. These purchases are OVER and

That is why American fighters and bombers

ABOVE the normal government bond pur­

are writing such glorious new pages in history.

chases which the company is continuing to

Americans are brought up on teamwork— in

make.

play, in business and in war. In the fire insur­
ance industry, for example, despite the handi­

In the air or on the ground, teamwork is the
American way— the short-cut to Victory!

caps of the manpower shortage and drasticallycurtailed transportation, agents are continu­
ing to bring insurance protection to American
homes and industries. And besides giving

ATHE

HOME *

efficient service to policyholders, agents are
active in civilian defense— another important
form of protection.

NEW
FIRE ★

A U T O MO B I L E

Y O R K
★

MA R I NE I N S U R A N C E

LV


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Federal Reserve Bank of St. Louis

A S i s THE

CHECK FORGER

W H E N T H A T W H I T E S POT A P P E A R S
Forgers and counterfeiters are in trouble when they attempt to
alter a check written on La M onte Safety Paper. » » For that
tell-tale W

h it e

Spo

t

flashes a warning for all to see and heed

— a warning that says plainer than words: This check has been
tampered with! This check is worthless! » » And no matter

Try to remove anything written
on La Monte Safety Paper with
Ink Eradicator — and Presto — a
W h it e S po t appears!

whether you use ink eradicator, eraser or pen knife — that
W H IT E S p o t

shows up instantly! » » Try it yourself. Make the

three simple tests illustrated at the right. See why La Monte
Safety Papers have long been recognized as the standard o f
safety in check protection. And why today, over 75% o f
America’s leading banks and outstanding business corporations

— or use an Eraser as gingerly
as you please — again that tell­
tale W hite S p o t shows u p !

from coast to coast specify La Monte Safety Paper fo r their
checks and other negotiable instruments!
For samples of La Monte Safety Paper see your
lithographer or printer — or write us direct.

— or try to scratch it off with
a p e n k n ife . N o use — th ere’s
that W h it e S p o t , again !

GEORGE LA MONTE <& SON . . . Nutley, New Jersey


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Federal Reserve Bank of St. Louis

you would kindly send me two or three extra
copies of the July issue.
‘ ‘ Again I want to thank you for this fine
consideration and cooperation, which I know
was also appreciated by the Marquette Na­
tional Bank of Minneapolis, with whom
Lowell was employed as loan officer before
enlisting in the U. S. Arm y.”
J. G. O l s o n , Cashier
Citizens National Bank
Madelia, Minnesota

"If Cooled Him Off"
“ Received the N o r t h w e s t e r n B a n k e r
this morning, and cooled right off when I
turned to page 67. Sometimes I wish I was
up at old Bark Bay for good. Joe O ’Malley
and I had a couple of pretty good outings
there in the winter time.
‘ ‘ Suppose we ’ll see you out at the con­
vention in September. I f you happen to
be in the city during the summer, drop out
and see us. ’ ’

The following letters were received from Northwestern Banker
readers. Your views and opinions on any subject will be gladly
published on this page.

"Doing Great Work"
“ The N o r t h w e s t e r n B a n k e r has done
great work in fighting the RA AO situation
and now most o f the associations are jump­
ing on the band wagon— a band wagon which
they should have been riding several years
ago. ’ ’
C. W . F i s h b a u g h , Asst. Cashier
Security Trust and Savings Bank
Shenandoah, Iowa

"Publisher in Knee Pants"
‘ ‘ Time certainly passes quickly and it
hardly seems twenty-five years ago since Mr.
Cummings attended his first Iowa conven­
tion with Merrill Tilden and myself.
I
think you were in knee pants at that time.
It is probably thirty or thirty-five years ago
since I attended my first Iowa convention,
at which time I was with the Fort Dearborn
National Bank. Now I have two grand­
children, Cliff, one five and the other three. ’ ’
G e o r g e A. M a l c o m , Vice President
and Cashier, Drovers National
Bank, Chicago

"Bankers Stood the Brunt"
“ Perhaps the following information will
be o f considerable interest to various older
bankers in the state of Iowa, and I, for one,
have always felt that many of the bankers
in Iowa which stood the brunt of the trou­
blesome times from the years 1926 through
1934, have not received proper recognition.
“ On July 27, 1943, depositors of the
First National Bank of Boone, Iowa, which
was placed under voluntary liquidation dur­
ing the bank trouble of 1933, received 2
per cent interest on any unpaid balance they
had in said bank from date o f liquidation.
Principal in full had been paid depositors
before January 1, 1938. Stockholders were
not called upon to pay an assessment, and
now with the depositors having received
principal and interest, the stockholders will
be entitled to remaining assets. This will

be paid to the stockholders through liqui­
dating dividends on the remaining assets.
Net operating figures of the trustees show
a profit of approximately $19,000.
Of
course, substantial non-operating losses
through liquidation were sustained by the
stockholders.
Affairs of the liquidation
have been handled by the trustees, with an­
nual audits by reputable C. P. A. firm.
‘ ‘ Officers and directors of the old First
National Bank of Boone were C. C. Quinn,
president; J. H. Herman, vice president,
now deceased; F. P. McDonald, cashier;
H. R. Eaton, assistant cashier; J. E. Carl­
son, assistant cashier; and the following di­
rectors: W. H. Crooks, now deceased; T. J.
Mahoney; F. O. Smith; and W. W. Goodykoontz.
‘ ‘ The trustees of the assets were C. C.
Quinn, George Eckstein and C. W. Alex­
ander. I have acted as manager for the
trust since its inception, and in August, 1937,
went with the Citizens National Bank as
their cashier. It is with a great deal of
satisfaction that I announce the foregoing
final liquidation of the trusteeship. ’ ’
E . E . W i e m e r , Cashier
The Citizens National Bank
Boone, Iowa

"Thanks for Your Cooperation"
•'‘ Thank you very kindly for the story
on page 41 of the July issue o f the N o r t h ­
w estern
B a n k e r ..
It was kind of you
people to give such fine consideration to the
suggestion made by your J. E. Tyler, to
run the news story referred to above. I
assure you it was greatly appreciated by
me and by Lowell. He just recently received
an assignment to go to Camp Hale, near
Denver, Colorado.
His address is now
Lieutenant E. Lowell Olson, Camp Hale,
Colorado.
“ We mailed our copy of the N o r t h w e s t ­
e r n B a n k e r to Lowell and I am going to
impose on your good nature and ask if

F rank

M.

Covert,

Assistant Cashier
Drovers National Bank
Chicago.

"An Enthusiastic Reader"
1‘ Always an enthusiastic reader of your
w blication, it is with even more eagerness
that I now scan each page as the issues
reach me here at Jefferson Barracks. Even
after fourteen months in the service, I have,
through constant reading of the N o r t h w e s t ­
e r n B a n k e r , been able to keep well informed
as to what is happening in the ‘ ‘ Banking
W orld” and to keep track of my many
friends in the banks of Iowa.
“ Clifford De P u y ’s editorial, ‘ The Bank­
er Is in a Preferred Position,’ was excep­
tionally good reading. ’ ’
S g t. Cl a r k G. I n g er so ll

U. S. Army A ir Forces
23rd Training Group
Jefferson Barracks, Missouri

New Officers
The Mercantile-Commerce Bank and
Trust Company, St. Louis, has an­
nounced the appointment of Robert
N. Arthur as assistant trust officer.
Mr. Arthur will take up his new duties
with the bank on September 1st.
A graduate of St. Louis University
and of the Graduate School of Bank­
ing, Rutgers University, Arthur re­
ceived his LL.B. from Benton College
of Law in 1930. He has been associated
with the Mississippi Valley Trust Com­
pany since 1916 and is a former presi­
dent of the St. Louis Chapter, Amer­
ican Institute of Banking.
At the same time, the bank an­
nounced the appointment of John J.
Fox as assistant vice president. Fox
is a graduate of Washington Univer­
sity and first joined the staff of the
bank in 1933. He was made an assist­
ant cashier in 1938.
Northwestern Banker


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Federal Reserve Bank of St. Louis

August 1913

6

Single D ay

Sales Top

$ 2, 500,000
Already, in the first few months of this year, there have
been several days in which livestock sales in the Omaha
Market topped the two-and-one-half-million-dollar mark,
and the average daily volume for 1943 is well over a million
dollars!
Follow the lead of thousands of successful producers and
ship to Omaha.

It's your LOGICAL market because

. . .

NATION-WIDE DEMAND— buyers with orders from all over
America ride the yards daily

.

.

.

FEEDER BUYERS by the thousand from Iowa, Nebraska and
the cornbelt states throng to the Om aha
stock

.

.

Market for their

.

CENTRAL LOCATION on all leading railroads and highways
m eans quick runs and lighter shrinks

.

.

.

PACKING CENTER with 14 meat packing plants, including the
"Big Four" located here

.

.

.

AMPLE FACILITIES to handle the largest

AK-SAR-BEN
4-H CLUB
STOCK SHOW

October 6-7-8

runs quickly and efficiently

.

Omaha

Northwestern Banker

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

August 19^3

.

THE UNION STOCKYARDS
COMPANY
OF O M A H A , Ltd.

UNION
STOCKYARDS

.

/

A U G U S T

NOgÇHWESTERN

1 94 3

F O R T Y - E IG H T H Y E A R

N U M B ER 673

O ldest Financial Journal West of the Mississippi River

IN T H I S

ISSU E

Editorials
C L IF F O R D D E P U y
Publisher

A cross the Desk from the Publisher.

8

Feature A r t i c l e s

R A LP H W. M O O R H E A D
Associate Publisher

D ear E ditor ...................
F rontispage ....................................................................... ...............................
News and View s o f the Banking W orld.............. ................'..... ........ Clifford D e P u y
The Middle W est Is in the M oney— Statem ent Figures from 1,000 Banks..........
Iow a Statement F ig u r e s ......... ........
M innesota Statem ent F ig u res.............. ............................................................................... .
Nebraska Statement F ig u res......................
North Dakota Statem ent F ig u res........................................................................................
South Dakota Statem ent F ig u res.................................. ....................................................
Statem ent Figures o f L arge C ity Banks.........................................................................
A dvance Rent Subject to T ax— Legal D epartm ent.._____ ___ ___ __ ____________

H EN RY H. H A Y N ES
Editor

527 Seventh Street,
Des M oines, Iowa
Telephone 4-8163

5
H
12
13
13
16
19
201
21
22
24

Insurance
W hen Johnny Comes M arching Home.

.Harold J. R equ artte 27

N E W Y O R K O F F IC E
Frank P. Syms
V ic e President
505 Fifth A v e .
Suite 1806
Telephone MUrray H ill 2-0326

Bonds and Investments
Plenty o f M oney at Low R ates.......... .................................................. James H. Clarke 31
City Sam Buys a F arm ....................................................... .................. ......Edivy B. Reid 33

State Banking News
★

★

★

CONVENTIONS
A M E R IC A N BANKERS
A S S O C IA T IO N
Am erican Bankers A ssociation, W a l ­
dorf-A storia H otel, N ew York C ity—
W e e k of September 13.
F in ancial
Advertisers
Association ,
Edgew ater Beach H otel, Chicago—
O ctober 19-20-21.


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Federal Reserve Bank of St. Louis

H otel,

35
37
39
41
43
45
47
48
51
53

The Directors* Room

STATE A S S O C I A T I O N S
Iowa. Fort D es M oines
M oin es— September 5-6.

M innesota News .................................... .................................. ...............................................
Tw in City News. ............... ................. ...........................................................................
W hen Carrots A re Cash............................................................................Ted A sh by
South Dakota N ew s......................... ........ ............... .......... .................... ...... .........................
North Dakota N ew s............ ............................. ...... ................................................................
Tw enty-five Y ears A g o ___ __________________ ______ ____ ___ ___ _____ _______
Nebraska N ew s............... ......................................... ................................................................
Omaha C learings.................... ........... ........................................... ..... .................. ..........
Lincoln Locals .......... ................. ................. ....................................................................
Iow a News ............................................. .......... ........ ........ ........................................................

D es

A Few Short Stories to Make You Laugh

66

Across the Desk
From the Publisher

I b e a b ¡ja k e fiU ÎZ .

2 ) e a t

W e have been much interested in your recent
suggestions for the cancellation of conventions
and similar meetings.
You state, however, that, “ each organization

So the businessmen of America are responsible
for any breakdown in the war program?
Of course, it was not the New Dealers or the
brain trusters who were at fault, but only the
businessmen who have given of their time, energy,
and genius to produce tanks, airplanes, and the
machines necessary for winning the war.

must make its own independent decision. The Office
of Defense Transportation cannot pass upon the
essentiality of any proposed meetings.”
As far as bankers conventions are concerned,
Mr. Eastman, we think they are most desirable
and most essential. Bankers everywhere are de­
voting a major part of their time to war activities
of one kind and another. Already many state
conventions of bankers have been held this year
and much good has resulted from these gather­
ings.
If conventions are to be eliminated for bankers
and businessmen, then they should also be elimi­
nated for government employees and civil service
organizations.
From January 1st up to now, there have been
23 conventions held in one state of organizations
connected with the National, State or County
Government, and the total attendance at these
conventions was 4,825, and if you would like to
have the list, we will be glad to send it to you.
W e are convinced that bankers’ conventions are
just as helpful and just as essential as many of
these gatherings conld possibly be.
Sure we will stay heme, Mr. Eastman, if that
will help win the war, but why not have cur own
government employees set us a good example—
and we don’t mean Eleanor, because not even
you, Mr. Eastman, could keep her from traveling.

Northwestern Banker

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Federal Reserve Bank of St. Louis

August 1943

O c k & 'i :

“ It isn’t the New Dealers who have been run­
ning this war’ ’, you said. “ If I know anything
about Washington, it is that the businessmen
who have been drafted have been running the
war— men like Knudsen, Nelson, Stettinius and
many others whom I might mention.
“ If the war program has broken down at
point, if it has failed to keep the pace that
been hoped for, it hasn’t been chargeable to
‘ brain trusters’, to the ‘ New Dealers’, or to
‘ bureaucrats’

any
has
the
the

D on’t feed us the foolish philosophy that every
economist and every starry-eyed dreamer in the
administration knows more about business and
business operations than any executive of longexperience could possibly know.
No, Mr. Ickes, we just can’t swallow this recent
blast of yours against the businessmen of America
who have done so much to make victory weapons
their main achievement. Their deeds speak louder

than your ballyhoo.

When you and your friend, Henry A. Wallace,
were tossing bouquets back and forth, we were
much interested in both sides of this controversy

9

but we want to congratulate you on one sentence
which was the prize remark on your part when you
said, “ Squandering the people’s money, even in
wartime, is no proof of patriotism” . With this
we certainly most heartily agree.
On this same subject, you also said, “ As for the
charge which Mr. Wallace appears to regard as a
major crime, that I have attempted to safeguard
the taxpayers’ money, 1 must plead guilty.
“ The RFC does not pay $2 for something it can
buy for $1. Maybe no one does, but the point is
that some men know when you can buy it for $1,
some d o n ’t know, and some don ’t care as long as
they are spending other people’s money.”
It is so unusual, Mr. Jones, to have someone
interested in safeguarding the taxpayers’ money,
especially someone in Washington, that we hope
you will keep right on thinking about us.

jh e G S i J la u

/? .

M

o r e a u :

When you resigned as Deputy Administrator
of the Office of Price Administration we were
sorry to have you leave but d idn ’t blame you
much under the circumstances because as you said
the agency is “ so bound up in legalistic red tape
that Houdini himself couldn’t untangle it,”
We read every word of your criticism of OPA
which you said must not fail but which will fail
unless it gets some new blood and some new
management.
The thing that worried us most was the fact
that the lawyers and theorists behind the scenes
were using OPA to force their radical ideas on
the public under the excuse of wartime needs.
1 believe you expressed it this w av:
“ There is a strong clique in OPA who believe
that the government should manufacture and
distribute all commodities.
“ They are using the war as a means of further­
ing their reform ideas.
“ If this group isn’t curbed, we are going to
lose a good slice of the very freedom we are fight­
ing for. I cannot subscribe to their obvious efforts
to force radical and dangerous concepts on the
public under the excuse of wartime needs.”

ea>i <y4eu>uf, j). KaHeSi:
W e are proud of you because you get things
done.
AVe are proud of you because no matter how
much the politicians cuss the businessmen and
damn the corporations, you produce ships that
help to win the war.
Also we are glad because you have a real vision
of tomorrow as was indicated when you tolcl the
graduating class of' Washington State College
that “ Our tools and machines are wearing out;
our substance is being consumed; our transporta­
tion system creaks and groans; our highways are
inadequate; our people lack safe and comfortable
housing, perhaps by millions of units. There is
demand enough in sight to keep every productive
force in America working to capacity for 25
years” .

America is not going to be licked externally
and she is not going to be defeated by her foes
within when we have such men as you, Mr. Kaiser,
with enthusiasm and vision to help build the
weapons of war today, and the products of peace
for tomorrow.

ubeaA OeuUa MuAAxdtiU:
We were in Rome “ Anno 7 of Fascism” .
You were a great guy then to some people— but
the ways of a despot and a dictator are not all
salutes and salutations.
Farewell Benito, and remember :
“ Life’s but a walking
shadow, a poor player,
“ That struts and frets
his hour upon the stage,
“ And then is heard no
more;
‘ ‘ It is a tale,
“ Told by an idiot, full
of sound and fury,
‘ ‘ Signifying nothing. ’ ’

Farewell Benito.

We need more outspoken men like yourself if
we are to correct the evils that are now apparent
in our government activities.


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Federal Reserve Bank of St. Louis

Northwestern Banker

August 19^3

10

CORRESPONDENT SERVICE
Ö L k andliny oß every corre­
spondent item

luìtL

e^iciency}
. . .

courtesy a n d dispatch

has resulted in oar serviny
an ever-increasiny number oß
correspondent accounts.

‘ ‘ I O W A ’ S

F R I E N D L Y

BANK

l!NITML NATIONAL MIk
All)

T li U S T

COMPANY

&j 2bed Manned,
F I F T H

A V E N U E

B E T W E E N

W A L N U T

A N D

Membe r Fede ral Deposit Insurance C orporati on

Northwestern Banker


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

August 19^3

L O C U S T

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

12

N e w s a n d V ie w s
OF

THE

B A N K IN G

W O RLD

By Clifford DcPuy
SLOAN COLT, president of Bank­
ers Trust Company, 16 Wall
♦ Street, New York, has announced
that Laurence G. Payson and Robert
B. Hobbs have been elected assistant
vice presidents.
Mr. Payson has just completed a
year of service as assistant executive
manager of the Victory Fund Commit­
tee of the Second Federal Reserve Dis­
trict.
After graduating from Princeton in
the class of 1916, Mr. Payson was con­
nected with the American Locomotive
Company. He later became president
of the Stock Clearing Corporation,
affiliated with the New York Stock Ex­
change. He is married and has three
children and lives in New York City.
Mr. Hobbs recently resigned as spe­
cial assistant to the Secretary of the
Treasury in Washington. In the Treas­
ury Department he was assistant to
the director of the Victory Fund Com­
mittees throughout the country in con­
nection with the war financing pro­
gram. Prior to going to Washington
Mr. Hobbs was a partner in the invest­
ment banking firm of W. W. Lanahan
& Company of Baltimore, which has
since been merged with Alexander
Brown & Sons. He was a governor of
the Investment Bankers Association
and a director of a number of indus­
trial companies and foundations.
Mr. Hobbs graduated from the Uni­
versity of Virginia in the class of 1926.
He is married and has two children.

S

According to Mr. McMillen, “The
truth is that the United States is only
now approaching what can be the
great days of its history.
“With the vast resources of power
and science now at our command, with
the limitless raw materials we have
and can produce, the years ahead can
be made to yield blessing and well­
being for man far in excess of what
has yet been produced.”
Tom Collins, columnist and assistant

to the publisher of the former Kansas
City Journal, beginning August 1st,
becomes publicity director of the City
National Bank and Trust Company of
Kansas City.
Besides handling the advertising and
publicity for the bank, Mr. Collins will
represent it at various meetings in
this region.
Mr. Collins is a native of Kansas
City and is well known as a humorous
and inspirational speaker. In the last
eight years he has given more than
5,000 talks before all types of audi­
ences in 46 states and three foreign
countries. He averaged a talk a day
for five years and has addressed the
state bankers’ meetings in 16 states.
Several years ago he was featured
for a year under his own name on a
national radio program. For the last
year, since the closing of the Journal,
(Turn to page 62, please)

V O U C A N ’T ARREST A BO D Y FOR JUST L O O K IN ’.

C. O. Strom, cashier of the First Na­
tional Bank of LeRoy, Minnesota, in a
letter to N o r t h w e s t e r n B a n k e r , tells
us that during the past six years they
have increased their common capital
stock $10,000 and recently have paid a
cash dividend on the common stock of
4 per cent and have increased their
surplus fund by $7,500, besides paying
a stock dividend of 8 per cent.
Their total deposits were $595,000
on June 30th. The bank is paying
IV2 per cent on time deposits.
Wheeler McMillen, president of the
National Farm Chemurgic Council, be­
lieves that the power age, plus scien­
tific knowledge, plus freedom to pro­
duce equals a great postwar prosperity
for the United States.

Northwestern Banker


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Federal Reserve Bank of St. Louis

August 1943

Cartoon by J. N . “ D in g ” D arlin g in the D es M oines R egister-

13

2 0 Largest Banks in the

The Middle W est

United States
Deposits of June 3 0 , 1 9 4 3

Is

1.

In the Money
June 30, 5943, Statement Figures Sent to the North­
western Banker from More Than 1,000 Banks in Five
States Show Deposits at an All-Time High
EPOSITS in the banks of the
United States have risen to the
highest mark ever recorded, ac­
cording to statements of financial in­
stitutions filed at the close of business
on June 30, 1943. There are instances
of where deposits have nearly doubled
during the past year, and the deposits
of the twenty largest banks in the
country have increased over $6,000,000,000 in the year since June 30, 1942.
Figures for these banks appear above.

D

Chase N a tio n a l_________$4,193,352,000

2. National C it y ___________ 3,512,094,000
3 . Bank of A m erica_______
4. Guaranty T r u s t _________
5. Continental I lli n o is ____
6. First National of Chicago
7. Central H a n o v e r_______
8 . Manufacturers T r u s t ___
9. Bankers Trust o f N. Y.__
1 0 . First National o f B oston1 1 . Chemical of New Y ork__
12. National Bank of Detroit
13. Security First of L. A ___
14. Irving T r u s t ____________
15. Bank of Manhattan_____
16. First National of N. Y .__
17. J. P. Morgan & Co., Inc._
18. Philadelphia N ation al-19. Cleveland T r u s t_________
20. New Y ork Trust_________

On this and following pages are pub­
lished statement figures as of June 30,
1943, for more than 1,000 banks located
in the states of Iowa, Minnesota, Ne­
braska, North Dakota, and South Da­
kota, followed by figures from a num­
ber of banks located in the larger cities
of the nation. With a bumper crop of
small grain already assured and excel­
lent prospects for a huge corn crop,
and with prices for every item of farmproduce—grain, livestock and dairy

2,937,266,000
2,758,837,000
2,090,710,000
1,703,773,000
1,432,946,000
1,416,802,000
1,347,634,000
1,200,115,000
1,108,817,000
1,028,809,000
980,237,000
945,998,000
937,757,000
931,087,000
734,037,000
722,821,000
682,420,000
642,831,000

products—at a top-notch figure, the
banks in the N o r t h w e s t e r n B a n k e r
territory are located in one of the
wealthiest sections of the United
States, as careful reading of their
statements will indicate.
In analyzing these, statement figures,
please note that where a star appears
after a figure, cash and due from banks
is included, and where a dagger ap­
pears, the figure includes bonds and
securities.

Iowa
JUNE 30, 1943
C A S H IE R
BANK
TO W N
A c k ley ................ ...A c k le y State B a n k ................................... H. S. L ew k a..............S
O.
D. E ll s w o r t h ....
..D
a
lla
s
County
State
B
an
k
..................
A d e l.....................
Albert C ity. . . . . . Albert City Savings B an k .................. . C. E. K in dw all.........
E.
W
. B axter............
.
.
Peoples
National
B
a
n
k
........................
A lb ia .....................
. . I o w a State B a n k ................................... H. L. G ilm ore............
.
Joe
Menges
............
.
.
A
lta
V
ista
State
B
a
n
k
.......................
A lta V is t a .........
. . Alton Savings B a n k .............................. E. S. K iern an ............
. . Am es Trust & Savings B a n k ........... G. R. A lle y ..............
A m e s ..................... . Union Storv Trust & Savings Bank. ('. F. C adw ell.........
A n am osa ............ ...C itiz e n s Savings B a n k ......................... L. D. M urfield____
Flint. . . .
A n drew .............. ...A n d r e w Savings B a n k ............................. Eber V .
. .. A n i t a State B a n k ................................... H. C. Faulkner.........
A r lin g to n ........... ..A m e r ic a n National B an k .................. Opal A . L u ce.........
A tk in s ................ . . . Peoples Savings B a n k ........................... J. H. D y e ..................
A tla n tic .............. . . Atlan tic State B a n k .............................. C. D. E m m ert............
A tla n tic.............. .. W hitney Loan & Trust Co. Bank. . Robert L. Shannon. .
. . . F i r s t State B a n k ...................................... C. E. N elson ..............
. . First Trust & Savings B a n k ......... . H. H. D eyloff.........
The Avoca State B an k .......................... Frank C. V ie rh u s..
A v o c a .................. ..C it iz e n s Savings B a n k ......................... R. G. P eters............
B aldw in.............. .. Baldwin Savings B a n k ....................... . C. A . H ard in g............
B a n cro ft............
Farmers & Traders Savings Bank . C. S. P earson............
Battle C reek. . . . . First State B an k ..................................... E. D. M ickelson. . .
B axter................ . . . State Savings B a n k .............................. W . L. P h illips.........
B eam an .............. ...F a r m e r s Savings B a n k ........................ Thos. J. Neessen. .
Bellevue.............. . . First National B a n k ............................ Herman J. Kueter.
B ennett.............. ...B e n n e t t State B a n k .............................., J. G. E n g e l..............
B oone................... . . .Boone State Bank & Trust Co......... R. J. M eyer............
...C itiz e n s National B an k ....................... E. E. W iem er............
Boyden................ ..F a r m e r s Savings B a n k ........................ N. Rouwenhorst . .
B reda................... ...B r e d a Savings B an k ............................... F. Van E rd ew yk ..
B u r t..................... . .. B u r t Savings B an k ................................ H. A. T h o m p s o n ...


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

Capital
50.000
31,000
30,000
50,000
50,000
25,000
25,000
100,000
100,000
60,000
25,000
25,000
25,000
30,000
50,000
50.000
50,000
25,000
50.000
30,000
25,000
25,000
30,000
50,000
25,000
50,000
30,000
150,000
100,000
25,000
50,000
25,000

Surplus and
Loans and
Profits
Discounts
S
50,763
s
543,567
43,100
558,263
14,772
180,988
69,360
425,525
89,363
595,802
41,084
250,892
24,692
224,126
107,762
770,677
45,179
387,426
59,997
l,1 6 5 ,1 3 2 f
30,883
218,569
24,619
178,246
40,962
173,436
64,000
6,000
153,287
940,268
86,361
880,992
77,358
711,021
53,827
423,753
403,894
46,663
73,504
576.068Í
27,184
274,897
207,721
21,818
22,459
356,729
35,761
383,031
39,228
253,529
35,680
158,194
22,935
139,051
99,065
1,361,070
96,929
877,682
35,963
276,392
23,979
185.118
22,458
114,224

Bonds and
Securities
S
672,301
1,569,023
696,500
642,500
1,099,381
261.953
216,293
1,776.996
1,489,849
433,809
340,713
318,600
235,300
126,000
1,457,010
810,645
838,367
253,615
605,502
173,155
82,982
301,300
271,900
83,997
686,810
436,530
1,476,044
1,884,421
441,290
325,200
160,800

Cash and Due
From Banks
$
522,533
446,682
198,895
614.128
1,412.108
259,904
152,810
813,807
1,228,509
692,677
70,900
343,602
199,441
123,000
1,190,970
965,871
574,978
304,827
358,548
569,173
417,166
370,977
204,775
510,983
126,051
409,280
384,605
1,315,241
984,357
168,678
355,402
311,666

Northwestern Banker

Deposits
S 1,643,837
2,453,684
1,027,629
1,567,862
2,990,586
709,162
549,524
3,169,732
2,989,416
2,196,411
578,668
942,310
544,419
284,000
3,438,779
2,549,436
2,010,064
911.114
1,274,282
1,042,135
815,068
629,574
815,492
1,073,250
403,419
1,177,194
912,716
3,914,543
3,578,554
831,262
796,175
546,120

August 1943

14
TO W N

BANK

B ussey....................... State Bank of Bussey.
C antril....................... State Savings B ank. . . .

C hariton.................. National Bank & Trust Co.
Charles C ity ......... First Security B a n k ................
Charter O a k ......... Farm ers State B a n k ................

Clim bing H ill.

Corydon.

D enison.
Denver.

Dubuque.
D u ran t....................... Liberty Trust & Savings B ank.

E a rlin g ..................... Farmers Trust & Savings Bank.

Fairbank...................Fairbank State B a n k ..

F o n d a............
Fort Dodge.
Fort M adison. .
F ustoria..............
Frederika............
G arnavillo.............. Garnavillo Savings Bank.

Northwestern Banker

•W . G.
W . B.
H. R.
•Jam es
Robert
. Robert

J a c k s o n ....
Ryan
M otter............
F. A d a m s ..
Weidenbach.
J. T a n k . . . .

. C. J. Gar m en............
W m . Zonkel ............
. C. J. L iljed ah l____
. H . B. Sidles............
. C. E . M iller............
. R. M. A n derson. . . .
.F . F. Cowlishaw. . . .
.F . S. F e rrin g............
J. H. H an an ............
.O scar W . M adson ..
. Robert H. Henstorf
. Russell A . S w artz. .
.A . M. K u h l................
H arry T. H u ff.........
. H. H. M ohrfeld____
. Milton E . Lehning.
Albert R. Benhow . .
H. A . O 'F arrell. . . .
. Fred Rewoldt .........
. E. C. F o rd................
H. J. W irk ler............
. H. L. Ollenburg. . . .
. E. N . Christianson
. L. L. A ren d t............
R. W . M illen.........
. Lavera M. B o ll.
. G. T. T a ylor............
. W arner T. B utts. . . .
H. A . Elsenbast. . . .
. Lola LTeker ............
. C. V . C ave................
J. E . H ow e................
. Bertel Leth ............
. L. M. C annin g. . . .
.R . S. K in sey............
. A . V . D ieken.........
. W m . Groote, V . P ..
. J. W . R yberg............
. A . F. H ansen............
. W . N. Shellenbarger

Greene.


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

C A SH IE R
Capital
. F. D. R iebsam en..
50,000
. H. ,1. H arm s..............
25,000
. E. E. S a p p ..............
25,000
. W . H . Sw iler..............
100,000
H. E. S im on ..............
125,000
1 ho mas L. Dyer. . . .
200,000
. J. T. Doughman . . . .
25,000
B. C. Casady............
25,000
. G. D. Schooler. . . .
25,000
. E. R. Nicholson. . . .
20,000
. W . E. B row n ............
100,000
. Frank J. Dvorak. . .
100,000
. Reginald B. F igg e. .
200,000
.M a rk J. M yers.........
500,000
■Ervin F. Step an ek ..
200,000
. Flora Tillotson . . .
50,000
. S. H . Mehrhoff. . . .
100.000
.R o y E. O u g h t o n ....
50,000
. Jno. H. Y o u n g .. . .
50,000
. Lester F. S m ith . . . .
50,000
M. .1. G rogan............
100,000
. W . Herbrechtsmeyer
100,000
. F. T. Thom sen............
25,000
R. T. Steele..............
50,000
. Arnold Rüther . . . .
25,000
. Fred Seitz ..................
25,000
. J. A . E rickson. . . .
35,000
( . O. M cC Iaren.........
15,000
- J. H . N isse n ............
400,000
. L. J. Derflinger. . .
60,000
. L. J. Derflinger
100,000
H. E. B e ll................
25,000
. J. E. H en son .........
50,000
. J. F. W heeler............
25,000
. W alter Buenneke . .
25,000
. H . N . McM aster . .
25,000
H. L. C larke............
50,000
. Ira L. H a y s..............
150,000
. E. H . Spetm an. . . .
150,000
Clyde A . Blanchard
100,000
. K. A . Coates......... ..
20,000
. J. P. Thom son.........
100,000
A . Om ar C an n o n ..
15,000
. Geo. A . Freem an. .
25,000
Lindley Finch . . . .
100,000
. B. I. Lundberg. . . .
35,000
. Herm an Staak . . . .
600,000
. F. A . Johnson..........
200.000
. F. C. A tk in s ............ 1,000,000
. J. N . Coffey............
200,000
J. R. C apps............ 1,250,000
. H arry G. W ils o n . . 2,500,000
. J. R . A s tle y ..............
200,000
. T. C. Aarestad. . . .
100,000
. S. C. Kim m .................
25,000
. J. Yvo Floerehinger
25,000
. H. O. Sanderson. . . .
30,000
. Lee Chandler . . . .
25,000
R. L. Sch m itt.........
25,000
. James 1. Deam . . . .
50,000
. C. J. Kleinschmidt.
250,000
. Josenh V . K ep p ler..
300,000
. S. G. B arlow ............
30,000
. R. D. R y a n ................
75,000
. Glen H. M illard . . .
25,000

August 1943

Surplus and
Profits
80,389
17,234
75,684
269,250
125,993
163,532
18,864

Loans and
Discounts
626,149
130,302
397,052
1,737,551
835,771
1,101,045
122,669

Bonds and
Securities
887,426
235,800
507,060
2,385,350
2.672,838
4,126,301
137,000

Cash and Due
From Banks
456,780
111,421
546,039
3,131,379
1,266,036
2,099,069
193,315

1 eposits
1,845,467
435,560
1,357,199
6,929,046
4,596,144
7,003,087
413,475

30,600
60,590
12,829
37,566
54,191
149,181
2,644,296
155,905
43,067
63,231
67,281
72,226
35,604
71,387
102,781
39,674
68,656
56,886
37,214
16,455
20,800
262,793
106.006
88.496
82,309
18,487
25,484
26.736
18.440
46.968
261,312
365,288
113,412
47,099
182,628
25.250
23.000
92,776
74,686
3,091,781
177,720
1,261,333
132,723
892,791
2,121,316
280,864
46,145
40,303
79,730
26,734
16,698
41,328
10,855
277,018
482,444
34,635
75,689
52,603

116,582
475,848
90,345
227,390
590,406
1,078,596
5,567,049
2,005,722
299,090
448,830
152,652
291,884
259,664
344,259
779,549
329,095
222,096
320,185
184,914
150,789
167,177
1,814,251
163,025
494,241
346,173
51,095
114,910
313,350
173,313
170,288
1,601,169
3,514,033
1,180,135
198,329
573,868
166,390
142,000
1,057,625
292,573
7,101,726
1,989,626
7,772,804
1,078,234
9,462,584
10,797,986
2,948,109
404,703
270,129
511,300
252,734
279,438
135,545
244,745
1.164,088
1,302,881
125,650
693,372
233,479

445,127
370,150
114,200
1,393,067
1,234,867
3,207,730
36,293,013
4,351,446
876,630
1,148,659
1,100,215
1,225,818
1,002,995
1,156,628
1,721,117
170,750
831,220
470,027
358,614
258,876
40,050
7,155,284
1,840,559
1,203,724
612,563
473,597
170,250
241,700
466,025
496,055
2,435,432
4,152,385
1,425,839
298,446
1,402,647
60,090
476,000
1,268,851
500,342
31,174,499
1,852,760
22,979,458
3,446,287
30,063,446
52,697,444
4,985,337
1,351,984
289,500
448,445
260,800
142,800
1.006,320
458,715
6,164,688
9,987,227
457,539
605,110
478,084

360,143
399,623
86,905
871,032
532,414
1,098,575
20,113,899
2,138,247
564,059
870,490
615,117
491,988
250,986
665,807
517,796
400,150
615,738
242,316
293,234
153,474
197,456
3,278,529
1,393,448
285,765
488,427
118,204
331,654
918,008
180,632
577,341
1,941,302
1,404,438
1,281,922
224,289
909,906
60,886
142,000
532,705
468,334
13,757,502
2,485,230
9,671,445
1,059,222
19,814,617
23,421,478
2,842,108
426,815
174,273
948,995
216,608
283,681
134,469
352,232
1,927,963
3,537,947
187,288
767,220
270,324

869,758
1.160,413
261,226
2.385,287
2,195,067
5 030,001
59.809.817
8 151,122
1 650,573
2.305.434
1,720,112
1,860,641
1,440,714
2,022,962
2,814,034
838.808
1,492,703
955,841
778,915
513.736
370,452
9,119,291
3,262,786
1,782,741
1,354,107
582,108
570.503
1,421,476
796,671
1,156,706
5,676,591
8,678,211
3,682,417
658,715
2,607,760
245,153
714,000
2,683,086
1,156,379
48,445,248
5,990,833
38.690.817
5.315.196
57,292,032
83,441,916
10,205,434
2,048,537
668,687
1,809,510
687,572
668.808
1,216,994
1,002,478
8,728,751
14,063,584
696,163
1,919,104
907,798

25,000
20,000
25,000
25,000
25,000
50,000
30,000
25,000
60,000
50,000
50,000
50,000
25,000
26,000
25,000
25,000
25,000
30,000
25,000
25,000
100,000
205,000
100,000
100,000
15,000
20,000

73,750
15,057
41,859
22,550
25,094
55,435
22,074
68,808
95,788
106,566
143,064
46,319
31,911
11.744
40,904
37,938
43,416
12,758
40,843
45,001
203,918
73,465
31,567
98,456
45,771
12,264

371,970
391,474
308,715
195,651
123,613
392,648
180,859
287,514
698,139
395,781
1.213,292
389,684
324,213
174,232
227,143
236,179
338,497
98,259
144,148
327,113
1,234,170
522,430
119,418
389,128
154,745
148,434

32,800
73,700
118,300
340,597
527,980
936,554
352,028
125,200
994,449
758,078
1,587,373
640,212
474,360
148,500
339,685
545,066
279,952
48,490
288,969
400,300
2,482,355
2,978,629
742,457
1,517,347
169,649
68,400

321,188
287,825
452,605
321,096
215,263
286,826
381,423
418,934
291,659
360,868
845,549
680,010
266,538
164,079
296,555
126,110
139,687
434,313
361,487
490,962
1,675,077
1.469,851
312,968
584,487
291,084
108,836

627,230
621,049
818,112
817,073
812,513
1,520,719
872,888
740,345
1,838,322
1,362,949
3,465,532
1,639,520
1,011,717
454,967
803,781
847,256
690,823
546,903
738,189
1,162,808
5,095,860
4,665,840
1,049,492
2,337,378
557,295
296,830

5,000
50,000
50,000
20,000
25,000
25,000
50,000
25,000
15,000
12,500
15,000
25,000
50,000
25,000
15,000
60,000
65,000
30,000
50,000
15,000
25,000
25,000

1,567
70,172
34,761
20,506
28,186
24.996
65,703
38,713
8,223
43,521
14,071
33,902
36,005
27,097
19,163
41,757
110,385
31,727
32,266
16,804
44,488
23,290

87,973
413,024
254,078
97,357
387,219
131,170
464,976
106,898
76,712
221,871
79,718
394,662
236,023
450,724
83,255
401,926
676,157
473,075
297,465
83,498
241,083
150,917

76,156
235,866
514,992

203,418
1,068,982
1.530.196
513.736
946,815
407,895
1,274,890
686,404
361,174
700,098
307,925
1,126,239
1,399,274
1,952,747
347,980
1,848,114
2,569,312
1.007.434
956.504
264,222
1,315,367
401,814

26,875
559,949
830,106
392,340*
399,316
198,030
429,500
164,754
208,852
253,975
201,329
383,795
617,100
378,979
170,500
837,900
1,454,742
363,170
501,085
81,500
828,383
229,700

210,413
125,378
487,875
470,032
92,001
273,558
52,337
395,032
626,156
1,146,981
152,496
693,377
594,577
232,763
234,499
128,993
310,338
66,969

15
BANK
C A SH IE R
TO W N
.Farm ers State B a n k .............................. C. A . S life ...........
H aw arden.
Ha w arden.
.First National B a n k .............................. H. Visser .............
.Citizens Savings B a n k ..........................L. E. Billm eyer.
Hawkeye.
H ayesville................Hayesville Savings B a n k ............................ J. E. Ray.
H ills ............................Hills Bank & Trust C om pany............... A . F. D roll.................
H illsboro.................. Hillsboro Savings B a n k ............................P. W . H ix son ..........
H olstein...................Holstein State B a n k ...................................H. P. K n u th ..............
H opkin ton..............Citizens State B a n k ................................. Kathryn M c E llio tt..
Hospers..................... Hospers Savings B a n k ..............................C. F. Sheel.................
H um boldt................ Humboldt Trust & Savings B a n k .H . L. S tro n g ..............

Capital
25,000
50,000
25,000
10,000
25,000
20,000
50,000
35,000
25,000
50,000

Surplus and
Profits
30,098
33,956
7,675
29,781
31,589
25,541
47,583
12,598
46,887
133,032

Loans and
Discounts
278,786
274,542
114,264
267,919
534,503
85,853
472,273
226,201
406,375
688,379

Bonds and
Securities
85,939
235,810
205,653
524,347
177,490
219,800
891,900
221,100
411,625
1,075,823

Cash and Due
From Banks
587,327
231,358
208,705
542,048
204,880
86,654
374,090
125,321
238,499
944,152

Deposits
904,393
671,622
493,176
1,273,064
863,989
348,050
1,656,614
527,024
994,307
2,505,775

Ida G rove.................Ida County State B an k ........................... L. V . Overholtzer. .
Independence......... Farm ers State Savings B a n k ............... C. L. Fiester.............
Independence......... Security State B a n k ................................ John Corcoran, J r..
Indianola................ Peoples Trust & Savings B a n k . . . . M . F. H en d e rso n ...
Ion ia..........................Ionia Savings B a n k ....................................D. H . D udley..........
Ireton ....................... Security Savings B a n k ...........................G.
T. Ju ffer................
Jefferson...................Home State B a n k ....................................... W arren Garst . . . .
Jefferson...................Jefferson State B a n k ..............................R. H . M a l o n e y ....
Jesu p..........................Farmers State B a n k .................................. C. E. Stew art...........
Jew ell....................... Farm ers State B a n k ................................... G. C. R orem ..............
K alo n a ..................... Farmers Savings B a n k ...............................A . A . Jackson...........
K a lo n a ..................... Kalona Savings B a n k ................................V . D. H ochstetler. .
K e llo g g ..................... Kellogg Savings B a n k .............................. J.
D. R oth ..................
K e n t............................K ent State Savings B a n k ......................E. B. M cln tire ...........
K eystone.................. Keystone Savings B a n k ......................... F.
J. H oskins............
K im b allton ..............Landmands National B a n k ......................V . H . Trukken..........
K iro n ......................... Kiron State B an k ....................................... C. E. D ah l..................
K le m m e.................. First National B a n k ....................................C. G. W a t e r m a n ...
K n oxv ille................ Community National B an k ................... Ed M. B utterfield..
Lake C ity .............. Lake City State B a n k .............................. W alter Jacobs . . . .
Lake V ie w .............. Farm ers State B a n k ................................E.
E . S cott.................
L a m on i...................... State Bank of L a m on i.......................... Verne L. D e s k in ...
LaPorte C ity ......... LaPorte City State B a n k ...................... L. C. M cG ill.............
L a u rel....................... Peoples Savings B a n k .............................. Hugh C. M cCleery.
L auren s....................Laurens State B a n k ................................ E.
B. P a n n k u k ....
L a w ler..................... State Bank of L a w ler............................... W alter W . M ey e r ..
L eigh ton .................. Farme*s Savings B a n k ............................H . W . VanderLinden
Le M a rs...................First National B a n k ...................................C. L. E a s t m a n ....
Lim e S p r i n g s .... Exchange State B a n k ................................J.
B. C ray.................
Lin eville....................Lineville State B a n k ................................R. A . D avis...............
L isbo n ....................... Lisbon Bank & Trust Co.......................G.
L. H ill....................
Liverm ore............... Livermore State B a n k .............................. J. F. H a m m ...............
L oh rville..................Commercial Savings B a n k .....................G. W . E v a n s...............
Lone T ree.............. Lone Tree Savings B a n k ....................... H . C. B u ell.................
L ow den..................... Am erican Trust & Savings B a n k ..W . H. W itt e .............
L yn n ville................ First State B a n k ........................................J. B. W a sso n .............
L u a n a ........................Luana Savings B a n k ................................ C. Adrian Riveland
L u cas.........................Farmers & Miners B an k ....................... Norm F. B a k e r ....
L u V ern e...................Farmers State B a n k .................................. J.
A . N elson ..............
M adrid..................... City State B a n k ..........................................J.
H . W h ite ................
M a n ly ....................... M anly State B a n k ..................................... A . M . B a rth .............
M anson.................... Manson State B an k ...................................G.
L. Scoles................
M apleton................ First State B a n k ........................................ Orval Spahn .............
M apleton................ Mapleton Trust & Savings B a n k ..C . G. W h itin g . . . .
M arcu s..................... Farmers State B a n k .................................O. J. S t r a m p e ....
M arsh alltow n. . . . Fidelity Savings B a n k ..........................E . H . N y ce ..................
Marshalltown . . . . Security Savings B a n k ...........................C. E. Ó r r .....................
M assen a...................Farm ers Savings B a n k ...........................A . J. C ruise...............
Mason C ity ............First National B an k ................................W illiam W . Boyd.
M artelle................... Farmers Savings B a n k ............................Guy C. M a r t i n . .. .
M cG regor................ First State Savings B a n k .....................J.
J. Goheen.............
M elbourne................Melbourne Savings B a n k ......................41. S’ n d e r m a n ..........
M en lo........................ Menlo Savings B a n k ................................ R. M . Sayre.................
M errill......................Farmers State B a n k ................................ M . O. N elson ...........
M ile s..........................Miles Savings B a n k ...................................J. R. W itz ig m a n ..
M ineóla..................... Mineóla State B a n k ............................... Fred F. K a h l.............
M in g o ........................M ingo Trust & Savings B a n k ..............Albert E. T o m s .. ..
Missouri V a lle y . . .First National B a n k .............................. F. C. B urke................
M itchellville...........Farm ers Savings B an k ............................R. P. B lak e.................
M onona.................... Union State B a n k ....................................... Kenneth W . R a s h ..
M ontezum a..............Montezuma State B an k ........................... I. W . H. V e s t ...........
M onticello................Monticello State B a n k ...........................Hal.
M . Carpenter
Mount A y r ..............Security State B a n k ................................Carson W illiam s . .
Mount V e rn o n . . . . Mount Vernon Bank & Trust C o .. . D. U . Van M e tre ..
M oville..................... First Trust & Savings B a n k ................ H . W . H a y s ..................
M uscatine............... Central State B a n k ..................................... Glen Downing . . . .
L. M cK ee...............
M uscatine............... Muscatine Bank & Trust Co................B.

40,000
100,000
50,000
100,000
25,000
15,000
50,000
50,000
75,000
25,000

31,255
118,872
14,490
130,625
20,397
23,731
71,195
138,008
25,362
48,464

261,185
962,585
303,372
724,601
100,685
234,310
646,389
1,058,055
87,375
603,257

680,151
1,623,024
471.484
1,709,753
141,500
56,500
581,348
1,356,133
872,943
354,700

349,660
1,037.794
268,063
924,947
113,700
333,069
262,704
366,129
301,390
219,062

1,227,507
3,409,274
983,883
3,150,769
311,057
589,602
1.380,128
2,616,446
1,245,265
1,108,584

25,000
25,000
25,000
25,000
25,000
50,000
25.000
35,000
50,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
57,500
25,000
25,000
50,000
25,000
40,000
25,000
35,000
25,000
25,000
10,000
25,000

26,063
49,559
77,826
9,098
26,109
48,552
16.722
30,839
139,058
24,603
21,326
25,317
44,384
17,579
70,401
14,108
23,217
22,540
33,275
9,664
58,079
25,090
24,704
29,169
27,935
8,347
16,013
21,269
14,195

238,239
220,725
395,533
50,752
146,193
392,854
176,387
130,408
743,709
205,369
187,358
156,638
546,019
183.381
597,217
153,690
125,807
287,212
295,366
106.189
240,014
180.707
158,613
128,319
248,282
112,598
152,962
61,927
150,296

447,972
779,314
715,862
71,900
200,092
250,455
261.100
643,218
971,818
468,772
25,000
285,346
313,533
158,000
318,089
99,400
365,550
676,059
304,223
89,500
441,185
201.300
237,900
193,367
515,909
209,625
246,700
108,333
197,373

292,879
398,552
395,435
110,960
589,709
476,345
224,701
557,946
750,702
334,411
392,226
246,440
245,695
142,814
494,340
212,192
159.197
407,555
303,480
165,056
210,301
241.465
263,167
287,470
382,149
156,378
101,992
141,178
99,355

929,189
1,329,057
1,404,864
200,797
897,201
1,031,444
624,143
1,147,074
2,269,517
965,148
562,585
642,346
1.038,839
443,244
1,325,111
430,812
565,210
1,308,331
841,808
326,332
788,758
577,266
608,375
561,879
1,089,551
445,054
463,096
285,076
413,059

25,000
50,000
25,000
50.000
75,000
25,000
100,000
75,000
25,000
400,000
25,000
20,000
25,000
30,000
25,000
30,000
25,000
15,000
50,000
25,000
52,500
50,000
400,000
30,000
50,000
25,000
125,000
125,000

32,800
55,927
51,703
27,410
52,733
35,997
250,752
73,126
18,079
480,743
27,730
44,233
38,491
48.668
17,771
34,436
15,611
26,900
30,623
14,946
32,839
33,781
122,519
61,587
78,927
39,020
132,387
298,154

312,460
570,705
328,533
244,022
284,786
153,910
698,436
721,797
131,599
2,550,480
117,059
99.699
197,824
377,264
134,514
193,685
144,755
75,947
140,909
180,531
114,874
308,582
2,288,045
415,364
409,888
620,515
675,240
586,866

348,280
322,280
441.739
549,497
478,138
709,000
1,868,729
1,710,414
227,826
7.354,761
244,723
539,465
228,673
412,099
524,407
451,969
125,000
172,347
641,594
457,863
470,810
708,540
4,053,796
458,500
636,640
311,000
2,510.012
5,309,831

400,315
508,999
493,453
170,386
434,773
417,055
3,198,457
882,003
181,743
3,389,477
117,611
121,861
528,392
537,149
142,977
369,184
125,101
322,455
625,050
186,142
393,713
212,556
1,277,603
433,670
387,792
387,921
1,177,410
2,193,399

1,035,623
1,312,965
1,186,785
904,297
1,083,965
1,218,999
5,470,022 3,182,208
499,127
12,694,686
426,717
684,586
893,230
1,250,671
759,427
948,140
355,514
542,526
1,323,686
787,198
898,742
1,150,057
6,990,087
1,229,682
1,305,696
1,268,519
4,106,808
7,694,196

N e o la ..........................Farm ers & Merchants State Bank . Holland W . H a l l..
N evad a.....................Nevada National B a n k ............................L.
R. B assett..............
N evad a.....................State Bank & Trust Co........................... H. T. Faw cett............
N ew ell....................... First National B a n k ................................L. A . E rickson...........
New London......... Farmers State B a n k ................................V . Z. B renem an_____
N ew to n .................... Jasper County Savings B a n k ..............A . E. H in d o r f f ....
N ew to n ..................... Newton National B a n k .........................M. L . H ickm an...........
N ora Springs. . . . First State B a n k ..................................... James A . C u t le r ...
N orthw ood.............. Northwood State B a n k ...........................Oscar A . O l s o n .. . .
N orw alk .................. N orw alk-Cum m ing State B a n k . . .. Geo. T. D tse n b erg..
N orw a y ....................Benton County Savings B a n k ..............Prentiss G. Folvag.
O akland...................Citizens State B an k ...................................D.
F. B usse.................
O akland...................Oakland Savings B a n k ............................J. J. E v a n s..................
O debolt.................... Odebolt State B a n k ...................................Ira C. M a rtin ...........
O elw ein.....................First N ational B a n k ............................... M . C. H an son .............
O gd en ....................... City State B a n k ........................................Arnold Boehm . . . .
O nslow .....................Onslow Savings B a n k .............................. Geo. H . P a u ls e n ...
Orange C ity ......... Northwestern State B an k ....................... H . C. M oret.................
O sage........................Farmers National B a n k ......................... E.
A . H eiden..............
Osceola.....................Clarke County State B a n k .....................Don Hickman . . . .
Oskaloosa................Iowa Trust & Savings B a n k ..............H . D. R ow e..................
O x fo rd ..................... First Trust & Savings B a n k ................ F.
L. S chw eitzer..

50.000
50,000
40,000
25,000
25,000
100,000
100,000
25,000
30,000
25,000
15,000

28,868
59,048
27,172
60,373
30,709
271,889
76,773
41.185
21,984
32,730
18,521

446,752
623,559
503,399
378,674
131,734
1,904,665
488,093
180,567
253,184
210,209
109,530

319,852
1,095,082
225,200
248,164
266,900
2,048.087
1,963,207
470,692
488,064
160,205
180,098

336,785
472,623
332,773
356,068
114,617
2,084,882
610,828
802,111
59,968
312,594
72,990

1,028,056
2,077,571
1,005,753
902,455
469,084
5,642,702
2,319,287
1,397,039
670,087
628,805
336,659

40,000
35,000
25,000
50,000
50,000
20,000
65,000
100,000
50,000
50,000
25,000

52,109
61,000
47,438
130,371
88,292
42,610
74,901
119,284
53,234
47,514
24,364

610,559
529,361
368,824
458,929
631,020
225,958
619,660
536,328
422,261
251,417
165,648

521,953
430,000
423,300
1,666,498
696,200
176,300
1.111,800
1,092,431
1,181,636
826,175
331,800

308,497
516,681
394,666
881,732
690,229
359,312
452,312
605,593
303,025
363,859
252,718

1,357,549
1,377,418
1,118,238
2,857,289
1,888,730
699,123
2,046,116
2,031,033
1,807,416
1.368,490
699,935

P a lm er.....................Palm er State B a n k ..................................... V . H. R eid...................
P a lo ...........................Palo Savings B a n k .................................. J. W . M cC lin tock ..
Parkersburg..........Parkersburg State B a n k ......................... Oliver Jungling . . .
P a u llin a...................First National B a n k ................................C. G. Kislingbury. .
P e lla ..........................Marion County State B a n k ..................R. J. V erM eer...........
P e rry ........................ First N ational B an k ...............................W . B. C rist................
P eterson..................Peterson State B a n k ................................ H. G. M o r r i s o n ....
P ierson....................Farmers Savings B a n k ..........................J.
F. B rooks...............
P isga h ....................... Pisgah Savings B a n k ............................... V . S. Petersen...........
Pocahontas............Pocahontas State B a n k ......................... L.
E. E c k e r s o n ....
Pom eroy..................Pomeroy State B a n k ................................ R.
C. B erry.................
Prairie C ity ..........First N ational B a n k ................................J. Van Steenbergen
P rim gh ar.................First National B a n k ................................F. C. Borde w ick. .

15,000
10,000
25,000
50,000
25,000
50,000
25,000
25,000
25,000
30,000
25,000
25,000
50,000

18,065
19,982
54,624
69,055
21,382
126,939
18,221
24,385
32,355
30,640
31,705
21,061
70,562

58,767
51,483
593,441
293,064
375,168
590,784
355,423
154,827
135,390
267,831
465,414t
85,088
472,224

200,250
130,700
235,895
500,600
542,056
1,506,902
190,500
105,233
75,520
495,720

188,816
192,525
277,144
865,056
238,001
487,174
136,711
284,574
207,199
140,261
291,374
281,614
677,431

424,157
345,499
1,041,082
1,590,848
1,131,093
2,423,449
644,493
503,641
353,056
860,279
699,108
720,452
1,496,922

398,242
456,975

Northwestern Banker

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

August 19^3

16
TOW N
BANK
C A SH IE R
Capital
P rim gh ar................ Prim ghar Savings B a n k ....................... W . A . H oeven.............
30,000
Princeton................ Farmers Savings B an k ..........................Z. G. Su iter.............
25,000
R an d all................... . Randall State B a n k ................................ J. H . Brekken.............
25,000
R andolph................ Randolph State B a n k ............................J. S. Zdychnec..........
25,000
R eadlyn.................. .Readlyn Savings B a n k ..........................Burton C. Stum m e. .
25,000
Red O a k ................... Houghton State B a n k ............................Oscar Helgerson . . .
100,000
Red O ak ................... Montgomery County National B an k W . W . A rth erh o lt..
50,000
Reinbeck.................. Lincoln Savings B a n k ............................ J. W . Hepperle..........
25,000
Ren w ick................... Ren wick Savings B a n k ............................ D. J. C hristenson. . .
25,000
R iceville................... Riceville State B a n k ..................................C. G.
P o tter....................
25,000
R icketts................... •Farmers Savings B a n k ......................... Milton Struck . . . .
30,000
R idgew ay................ Farmers State B a n k ..............................M. O. R u e...................
25,000
R ip pev....................... •Rippey Savings B a n k ...............................D. M .
C r u m l e y ....
25,000
Rock F a lls .............. Farmers Savings B a n k ...........................R. V . W ilk in s o n ...
10,000
Rock V a lle y ......... V alley State B an k ................................... John Roghair, J r . ..
35,000
Rockwell City. . . . National Bank of Rockwell C i t y ..E . B.
L em en...................
50,000
R ow ley..................... Rowley Savings B a n k ............................... D. H . D i n g s l e y ....
20,000
R oyal......................... Home State B a n k ..................................... W . M . B ailey...........
25,000
Sac C ity ................... Citizens Savings B a n k ............................J. P. Jones..................
40,000
St. A n sg a r............ •Saint Ansgar Citizens State B a n k . Albert Halvorson . .
50,000
Schaller.................. •State Bank of Schaller........................M. E. C urrie.............
25,000
Schlesw ig................ Farmers State B a n k ..............................H . A . K lo tz................
75,000
Sergeant B lu f f ... Pioneer V alley Savings B a n k ...........A . W . W ie s .................
25,000
Sheffield.................. •Sheffield Savings B a n k .......................... H. O. W e b b ...............
25,000
Sheldon..................... Sheldon National B a n k .......................... E. B . M yers...............
50,000
Sheldon..................... Security State B a n k ................................ R. A . S c h n e id e r ....
50,000
Shenandoah............ Security Trust & Savings B a n k . . .W . H. L o n g m a n ...
60,000
Sidney....................... Fremont County Savings Bank . . . . J. H. Pullman . . . .
25,000
Sioux C ity .............. Farmers Loan & Trust Co.................. Carleton C. VanD yke
100,000
Sioux C ity .............. First N ational B a n k .............................. Fritz Fritzson . . . .
400,000
Sioux C ity .............. Live Stock National B a n k ................ W illiam C. Sc h en k ..
250,000
Sioux C ity .............. Security National B a n k ..................... R . Earl B r o w n ....
250,000
Sioux C ity .............. Toy N ational B a n k .................................E. E. E rickson...........
300,000
Sioux C ity .............. W oodbury County Savings B a n k ...C . T. M cC lintock..
100,000
Sioux Rapids. . . . •First State B a n k ..................................... Arthur J. S c o t t . . ..
25,000
S loan .......................... Sloan State B a n k ..................................... Jas. A . B yers.............
50,000
Soldier....................... Soldier Valley Savings B an k ............O. S. N ordaker...........
20,000
S olon.......................... Solon State B a n k ........................................C. E.
M ark itan....................
25,000
Spencer..................... Clay County National B a n k ...................A . E. A n d e r s o n ....
100,000
Spencer..................... Farmers Trust & Savings B a n k . . . . K . R. T u ttle..............
100,000
Spillville.................. Citizens Savings B a n k ..........................Roy V . N o v a k ...........
15,000
Spirit L a k e......... First National B a n k ............................ > .J . Robert C o rn ell..
55,000
Stacyville................ Stacyville Savings B a n k ..........................A . J. H eim erm an. .
25,000
Stanhope.................. Farm ers State B a n k ................................. S. R.
L in n ....................
25,000
Stanw ood................ U nion Trust & Savings B a n k ............Carl H. Haesemeyer
30,000
State Center......... Central State B a n k ................................ E . S. P itm a n .............
60,000
Stockport................ Iowa State B a n k ..................................... Mildred I. Newm an
25,000
Storm L a k e......... Citizens First National B a n k ............W ayn e A . M y e r s ..
75,000
Storm L a k e............ Commercial Trust & Savings B ank. Elmer J. K nebel. . .
50,000
Storm L a k e............ Security Trust & Savings B a n k . . . . G. B. E g in ton ............
50,000
Stratford ................ Farmers Savings B a n k ......................... E. J. Johnson..........
20,000
S tu art....................... First National B a n k .............................. Chas. Kelley .............
35,000
Sutherland.............. Security State B a n k ................................ W . R. Steinert...........
25,000
Sw isher..................... Swisher Trust & Savings B a n k . . . . Chas. J. K o ss............
30,000
Tabor......................... First State B a n k .....................................V . H . P a trick ............
30,000
T a m a ......................... Tam a State B a n k ...................................Hubert Kubicek . . . .
40,000
Thom pson................ Peoples State B a n k .................................Edith Ellickson . . .
10,000
Thornton.................. First State B a n k ..................................... Paul L. J a m e s ....
25,000
Th urm an................... Thurman State Savings B a n k ............C. C. C ase..................
15,000
T ip to n ....................... Tipton State B a n k ...................................R. D. Swartzlender.
52,500
T iton k a..................... Titonka Savings B a n k ..........................Edward Boyken . . .
15,000
Toledo....................... National Bank of Toledo..................... A sa Thomas .............
80,000
T raer.......................... Farm ers Savings B a n k ..........................Otto F. M o e l l e r ....
40,000
T reynor.................... Treynor State B a n k .............................. J. M . G ronstal.............
25,000
T rip oli....................... Am erican Savings B an k ....................... L. H . F in k ..................
25,000
U nderwood.............. Underwood Savings B a n k ................ Edw. F. H u b b ard ..
20,000
U n io n ....................... U nion-W hitten State Savings B a n k .C . F. L o n g ................
25,000
V a n H orn e............ V an Horne Savings B a n k ...................Osborn O ’Brien . . .
12,000
V e n tu ra................... Ventura State B a n k .............................. Lawrence L. B le s s ..
25,000
V ic to r....................... Farmers Savings B a n k ..........................H . W . Chittenden. .
50,000
V icto r....................... Victor State B a n k ..................................... Henry von Asw ege.
30,000
V in to n ....................... Benton County Bank & Trust C o.. . L . R. B ock..............
50,000
V in to n ....................... State Bank of V in to n ........................... Charles B . B a rro n ..
65,000
W a lfo r d .................. .Farmers Savings B a n k ....................... M. C. E ru sh a.............
20,000
W all L a ke.............. W all Lake Savings B a n k .................. C. W . Sh aw ................
30,000
W ashin gton............ National Bank of W ash in gton ......... C. P . W e ld in ..............
80,000
W aterloo................... National Bank of W aterloo................ R . L. P enne................
250,000
W aterloo................... W aterloo Savings B an k ..................... J. J. M iller..................
200,000
W aterville.............. ■Farmers & M erchants Savings BankC. V . N elson..............
25,000
W a y la n d ................... W ayland State B a n k ............................. Melvin G. R o t h . .. .
25,000
W e llm a n ................... W ellm an Savings B a n k ..........................Ross Severt ...............
25,000
W ellsb u rg ................ Peoples Savings B an k ..........................G. H . B allard.............
25,000
W e sle y ....................... Exchange State B a n k ............................John Hutchison . . . .
40,000
W est Chester......... W est Chester Savings B a n k ............F. M . Lindenmeyer.
25,000
W est Des Moines First National B a n k .............................. A . L. Messerschmidt
25,000
W est Des Moines W est Des Moines State B a n k ............A . M . C o m p t o n ....
25,000
W estside................... W estside State Savings B a n k ............Frank Hoffmann . .
25,000
W e v e r....................... Farmers Savings B a n k ....................... .H arry T. E d w ards..
45,000
W hat Cheer............ First State B a n k ..................................... R. D. K im m ................
25,000
W heatlan d.............. First Trust & Savings B a n k .............. L. H . Pedersen, Asst.
50,000
W illia m s................... W illiam s Savings B a n k ......................... F. A . R um m el...........
25,000
W illiam sbu rg......... Security Savings B a n k ............................ D. J. L e w is...............
50,000
W in field .................. Peoples State B an k .................................G. R. A rth au d .............
25,000
W oodbine................ First National B a n k .............................. S. R. D eCou...............
50.000
W rig h t....................... Farmers Savings B a n k ..........................Oliver Anderson . . .
25,000
W y o m in g ................ Citizens State B a n k .................................H . T. Schnittier. . . .
25,000
Ze arin g..................... Tri-County State B a n k ..........................W . H. B row n.............
35,000

Surplus and
Profits

Loans and
Discounts
293,113
215,294

26,281
27,916
19,110
14,447
27,424
96,714
62,385
81,487
23,954
14,372
34,748
31,198
47,888
8,068
77,316
13,480
33,882
56,052

Bonds and
Securities
403,517
363,094
61,363
259,227
373,047
1,302,090
873,007
655,500
358,390
140,041
67,913
480,574
166,608
10,014
797,152
501.198
370,071
202,500
484,475
472,274
252,500
393,650
51,350
426,012
727,389
819,581
584,379
518,542
163,729
6.036,833
9,319,919
7,702,860
10,818,203
1,912,348
123,500
94,293
70,342
523,949
737,253
786,440
291,300
629,757
210,500
190,076
404,012
1,120,716
355,500
2,231,459
541,700
759,278
226,200
396,239
402,661
355,348
186,727
835,411
150,000
473,980
104,896
706,944
226,130
586,948
647,906
235,000
293,221
11,307

224,459
77,310
161,790
1,190,375
505,769
599,419
132,498
52,190
188,979
129,568
217,015
70,826
529,320
332,667
179,233
240,169

54,050
43,210
28,475
89,691
18,307
35,497
46,576
55,027
93,061
57,610
153,252
243,738
356,872
302,735
421,966
183,538
27,999
34,102
46,181
44,985
124,236
110,320
25,285
30,590
18,830
29,728
33,291
36,533
16,897
251,426
62,716
69,511
24,911
42,046
32,181
24,215
33,670
71,722
12,455
74,441
13,908
94,435
77,056
95,943
39,756
9,362
22,275
9,673
33,805
79,925
17,789
54,350
17,702
11,725
140,491
19,342
64,496
53,718
444,371
262,890
19,822
41,585
35,279
29,652
20,799
18,191
44,214
9,309
29,655
17,107
24,998
68,495
63,661
34,259
20,596
136,119
51,142
47,880
5,000

510,841
340,144
195,210
797,850
140,305
238,275
230,902
334,443
506,011
365,934
639,299
2,514,006
2,063,719
2,506,275
1,850,267
1,729,597
477,539
209,451
144,822
192,253
1,071,316
1,085,532
133,165
305,723
94,990
165,357
488,546
732,315
131,208
685,982
363,500
314,570
153,323
186,339
247,506
231,646
258,161
309,945
150,194
230,932
50,160
1,078,491
314,682
451,092
416,298
220,940
192,536
91,105
852,904t
349,949
212,126
150,392
91,877
251,685
738,911
73,881
397,037
290,715
2,226,499
1,997,899
155,294
204,249
352,152
254,124
143,908
130,928
229,754
60,818
427,537
146,160
255,596
325,181
794,795
290,428
136,658
563,792
256,507
304,684
203,173

245,749
175,992
307,853
428,771
536,122
1,122,624
259,831
584,813
1,320,981
7,549,143
5,769,808
179,159
447,090
481,963
422,592
10,000
141,516
216.040
172,324
225,135
446,681
339,760
309,078
185,890
280,700
243,000
182,351
608,200
582,585
150,000

Cash and Due
From Banks
212,684
240,286
339,973
201,512
159,903
1,370,822
742,704
417,778
213,331
94,466
214,046
222,702
338,982
102,173
689,007
739,927
150,946
395,557
337,934
338,424
276,370
514,772
279,546
482,364
439,948
557,103
1,391,416
218,000
261,714
3,513,777
8,902,877
6,312,594
6.618,439
1,092,410
409,600
740,351
296,367
271,051
1,634,544
1,380,685
124,810
597,020
189,621
275,126
369,781
609,466
99,185
998,420
470,324
743,780
297,794
209,170
199,277
130,636
265,427
321,595
170,948
396,626
186,477
504,563
642,293
692,259
434,589
168.730
267,723
170,053
365,089
275,621
293,487
372,720
79,026
102,347
842,866
30,167
459,277
910,869
4,926,166
2,941,500
88,778
356,581
202,230
112,174
498,779
205,957
291,488
227,483
219,969
230,722
182,343
204,253
425,266
282,477
238,850
906,701
477,513
271,408
217,923

Deposits
860,592
782,184
585,885
624,932
655,170
3,827,867
2,026.788
1.578,343
660,594
250.104
404,846
783,955
651,860
176,959
1,910,115
1,507,952
649,802
763,206
1,253,116
1,075,386
680,001
1,558,155
431,451
1,092,551
1,320,260
1,622,013
2,335,547
1,059,002
807,879
11,571,438
19,584,132
16,145,425
18,794,138
4,417,345
937,969
967,419
448,077
918,375
3,262,136
3,087,919
509,980
1,504,985
451,247
578,833
1,201,107
2,378,519
472,562
3,571,655
1,275,070
1.701.014
636,722
726,098
792,982
655,560
651,947
1,374,221
449,288
1,003,111
313,044
2,153,884
1,086,663
1,572,589
1,421,552
594,378
710,002
243,553
1,149,992
779,549
638,181
721,968
555,206
849,232
2,516,556
324,041
1,359,275
2,385,471
13,980,636
10,355,356
375,369
943,137
980.498
736,929
608,388
435,360
678,427
426,342
829,336
775,473
726,784
715,018
1,324,193
773,888
573,035
1,482,183
1,268,695
1,088,343
534,672

Minnesota
JUNE 30, 1943
BANK
C A S H IE R
TOW N
. . . . . . . . N . V . Torgerson . . . . $
A d a m s................
A d ria n ..............
Albert Lea. . . . . . . F i r s t National B a n k ................

Northwestern Banker

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

August 19^3

Capital
25.000
30.000
100,000

Surplus and
Profits
$
46,533
49,162
103,747

Loans and
Discounts
$

207,375
212,124
561,814

$

Bonds and
Securities
444,290
328,200
2,161,858

Cash and Due
From Banks
$
285,302
141,681
931,689

Deposits
$

872,786
631,894
3,494,608

17
Capital
C A SH IE R
100.000
. L. H. Peterson.........
30,000
. J. F. G reeley............
A ld e n ......................... First National B an k ....................
60,000
.Edith E. Joh n son ..
A lex an d ria.............. Alexandria State B a n k .............
50,000
. A . C. Schneiderhan .
A lex an d ria.............. Farm ers National B a n k ...........
30,000
Paul C. H eard.........
A n o k a ....................... State Bank of A n o k a .................
30,000
. N . A . W e lle ..............
A r lin g to n ................ Arlington State B a n k ................
100,000
. A . H . H a a k e n s o n ...
A u stin ....................... Austin State B a n k ......................
10,000
. J. B. Steffenson . . . .
B arrett......................Citizens State B an k ....................
35,000
.W a lte r J. O r r .........
B audette...................First National B an k ....................
25,000
A. J. B orerdin g..
B elgrade...................North Am erican State Bank.
10,000
. W . C. D a h l................
B elview .....................Belview State B a n k ...................
25,000
A . J. H ilp ert..............
B ertha....................... First National B a n k ...................
15,000
. E. H. Anderson. . . .
Big L a k e .................Citizens State B a n k ...................
10,000
. G. A . R edding.........
Bingham L a k e ... First State B a n k ..........................
30,000
. Edw. A n derson. . . .
Bird Islan d ............State Bank of Bird I s la n d ...
10,000
. James Matson . . . .
B lom kest..................State Bank of B lom kest.............
25,000
. G. R. Johnson.........
60,000
Bloom ing P rairie.F irst N ational B an k .............................. . Ray Herron ..............
35,000
Blue E a rth ..............Blue Earth State B a n k ........................ .K . O. Sa ttre..............
35,000
B rah am ..................... First N ational B a n k ............................... . Margaret M. Olson .
75,000
Brasnerd................... Citiezns State B a n k ............................... .J a s. K. Tinklepaugh
50,000
Breckenridge..........First National
B an k ......................... . Peter Seterdahl . . .
25,000
B ricelyn....................^tate Bank of B ricelyn........................ .P . J. F lo .....................
10,000
B row nsdale............. State Bank of B row nsdale................. .H . G. H ill..................
20.000
Browns V a lle y . . . Union State B a n k ................................... .Stanford R o n n in g ..
60.000
B uffalo.......................Oakley National B an k ......................... .John A . B e rg .........
12,000
Butterfield............... State Bank o f Butterfield................. . J. Brogger ..............
50,000
C anby....................... N ational Citizens B a n k ......................... . H. B. Lueders.........
60,000
Cannon F a lls.........First National B a n k ............................... . Eldridge L. Peters.
25,000
Cannon F a lls .........Security State B a n k ............................... . D. Fay C ase..............
35,000
Cass L a k e .............. First National B a n k ............................... . C. R. Sw enson.........
50,000
Chatfield...................First National B a n k .............................. . A . O. K rogen ............
15,000
.
A
,
J.
Reichmuth
.
.
.
Chokio....................... Chokio State B a n k ....................................
25,000
Clara C ity .............. Clara City State B a n k ......................... . B. A . Behrends. . . .
25,000
.
W
.
J.
S
trate............
Clarkfield.................Farmers & M erchants State B a n k .
10,000
Clarks G rove......... State Bank of Clarks G rove............... . A . J. L ageson ............
15,000
Clearbrook...............First State B a n k ....................................... . A . H enderson............
50,000
C okato....................... First National B a n k ............................... .A . M . L o b erg............
25,000
Coleraine..................First National B a n k ............................... . D. M . Verm ilyea . . .
40,000
Columbia Heights .Columbia Heights State B a n k ......... . Herb. S. Woodward
10,000
C onger...................... State Bank of C onger............................. . H. C. H anson.........
15,000
Cosm os...................... First State B a n k ....................................... . H. L. Sw an son. . . .
25,000
C ottonw ood.............Empire State B a n k ................................. .H . P. P e t e r s o n ....
10,000
C ourtland................ Courtland State B a n k ............................. .John C. K ettner. . . .
100,000
Crookston................ First National B a n k ................................ . H. A . W ils o n .........
40,000
Crookston................ Polk County State B a n k ...................... . W . S. E ricson.........
20,000
C urrie........................Currie State B a n k .................................... . H. G. Eiselein.........
15,000
D anvers.................... State Bank of D anvers........................... . D. L. C onnolly. . . .
20,000
D a rfu r.......................State Bank of D a rfu r ............................. . H. 0 . Johnson.........
30,000
D aw son.....................Northwestern State B a n k .................... .Glenn E. Blomquist.
50,000
.
Alden
Pearson
.
.
.
.
Detroit Lakes. . . . Becker County National B an k .........
20,000
D over......................... First State B a n k ....................................... . M. E. Comingore . . .
100,000
D uluth....................... Bank of Commerce & S a vin gs.......... . C. W . B erglund. . . .
600,000
D uluth....................... City N ational B a n k ................................. Robert H. M a g ie ..
150,000
D uluth....................... Duluth National B a n k .......................... . Roy S. Carlson . . . .
. Sylvester T. Strain . 2,000,000
400,000
. Jorice E. B row n. . . .
D uluth.......................Minnesota N ational Bank.
. L. O. Anderson . . . . 1,000,000
D uluth.......................Northern National Bank.
50,000
. P. C. Pich etti.........
D uluth.......................Northwestern State Bank.
100,000
. N . H. P eyton ............
D uluth.......................Pioneer National B a n k . . ..
100,000
. D. C. W a k e m a n ....
D uluth.......................W estern National B a n k ...
15,000
. O. E. Sh and orf. . . .
D undas..................... .Dundas State B a n k ................
50,000
. L. H. E v erett.........
E . Grand Forks. .Minnesota National B ank.
10.000
. T. W . Loonan............
E a sto n ....................... State Bank of E a sto n ..........
20,000
20.000
. F. H. Fruechte.........
E itzen ......................... Eitzen State B a n k .................
25,000
. G. V . Sam pson.........
Elbow L a k e ......... Bank of Elbow L a k e ..............
25,000
. R. A. Ellingson . . .
Elk R iv er.............. First National B a n k ..............
50.000
.J . R. Schuknecht. . .
E veleth.....................Miners National B a n k . . ..
25,000
E xcelsior..................M innetonka State B a n k ...
50,000
.W . H. N orm an .........
F a irm o n t..................Fairm ont National Bank.
50,000
.
L.
P.
Peterson.........
.............
F airm on t..................First National B a n k
125,000
j.C h as.
M acK en zie..
50,000
. Ray Meyer ..............
F aribault...................State Bank of Faribault.
100,000
o.E. C. B eim er............
100,000
.........
.
R.
E
.
L
in
coln
Fergus F a lls ......... First National B an k ................................
25,000
F ertile........................First State B a n k ..................................... . H. A. M alm berg. . . .
20,000
Fin layson.................First State B a n k ..................................... . V . E. Sh afer............
25,000
Flocdw ood............... First State B a n k ..................................... . L. C. F in n ila ............
25,000
.
S.
H.
W
isn
iew
sk
i..
F o le y..........................State Bank of F oley..........................
20,000
. Lorence Granum
F osston..................... Farmers State B an k ..........................
25,000
.B . W . L loy d ..............
F u ld a......................... Citizens State B a n k ..........................
10,000
.
L.
W
.
Johnson.........
Geneva...................... Geneva State B a n k ..................................
30.000
Gibbon.......................State Bank of Gibbon............................. . A . P. Rischm iller. .
25,000
.
Frank
J.
H
e
a
n
e
y
..
.
Glencoe..................... Security State B a n k .............................
25,000
Glenwood.................. Glen wood State B a n k .......................... . E. A . W a lt e r ............
25,000
G onvick.................... Northern State B a n k ........................
75,000
Grand R apids. . . . First National B a n k .............................. .G . P. M itchell.........
10,000
Green Isle .............. Citizens State B a n k ..................................
25,000
Grove C ity ..............First State B a n k ..................................... . A . A . M iller..............
20,000
H am m ond................Security State B a n k .............................
20.000
H ector....................... Security State B a n k ............................. . L. L. Sp reiter.........
20,000
H in ckley.................. Farmers & M erchants State Bank. . A . E. E d dy................
50,000
H opk in s....................First N ational B a n k ............................. . S. H . Severson.........
25,000
H ouston....................Houston
State B a n k ............................. . W . McMillan _____
25,000
H ouston....................Security State B a n k .............................
20,000
Howard Lake. . . . Security State B a n k .............................. . H. W . R eiter..............
10,000
H u n tley.................... Farm ers State B a n k ..............................
100,000
H utchinson..............Citizens B a n k .............................................. . H. R. Jensen............
10,000
Isa n ti......................... First State B a n k ..................................... . Geneva Peterson. . .
24,000
Jasper....................... Jasper State B a n k ....................................
25,000
Jeffers....................... State Bank of Jeffers........................
25,000
Jordan....................... Northwestern State B a n k ................. . .J . H. B ruen ig.........
10,000
K elliher.................... Citizens
State B a n k ............................... . O. J. L a tterell.........
15,000
L a fa yette................ Citizens
State B a n k ............................... . V . F. Q u ist................
50,000
Lake C ity ................ Lake City Bank & Trust Co............. . W . F. Sprague.........
25,000
Lake W ilso n ......... First National B a n k ..........................
20,000
Lam berton..............Farm ers & M erchants State Bank .
50,000
45,000
Le R o y ...................... First National B ank.
40,000
. . E. A . H ig h u m ............
Lew iston.................. Security State Bank .
TO W N

BANK


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

Surplus and
Profits
48,514
37,242
46,092
72,363
47,663
60,155
64,012
8,091
44,631
22,969
4,785
31,481
10,456
24,965
79,543
13,826
42,263
48,441
87,655
28,356
47,420
25,707
38.525
23,150
18,460
50,628
13,742
62,515
36,031
15,203
16,499
58,422
25,542
30,398
27,217
31,719
20,101
12,638
43,673
14,639
34,774
8,390
38,681
9,366
72,838
48,969
34,434
10,730
44,093
47,459
59,309
18,475
46,697
317,153
58,070
1,630,480
194,882
460,525
84,432
45,902
28,293
6,197
34,065
20,174
16,832
16,417
35,757
35,842
18,232
57,620
122,004
90,097
169,817
80,176
189,539
224,314
26,847
12,518
7,843
42,594
56,879
87,595
20,438
26,102
38,344
27,083
82,931
71,852
68,373
33,903
15,080
39.000
15,588
87,034
11,308
18,610
29,528
27,963
64,395
21,635
40,555
78,006
51,933
9,750
8,185
57,259
30,019
50,701
46,464
10,086
37,112

Loans and
Discounts
153,809
155,793
354.729
185,012
194,823
275,726
419,305
36,357
201,870
311,360
67,652
212,311
130,547
113,360
377,612
67,517
209,554
325,338
430,762
404,012
406,651
357,081
277,679
97,139
169,115
257,645
76,158
247,159
294,031
220,450
45,321
149,657
138,748
140,558
263,970
128,236
186,207
209,631
102,294
203,274
150,435
110.557
178,944
69.194
223,254
279,104
124,895
130,701
226,947
245,432
386,532
149,077
931,159
1,925,906
789,788
7,852,295
929,843
2,954,421
638,441
223,607
527,765
61,222
218,183
67,193
125,502
65,156
259,096
253,388
292,271
179,624
312,022
204,568
907,418
335,865
696,720
481,717
190,791
124,773
98,777
156,455
354.679
565,593
220,102
165,060
290,696
229,306
295,786
377,313
370,633
214,637
109,669
210,000
185,231
412,032
129,467
134,866
201,918
137,561
809,936
150,346
132,737
387,388
138,890
75,039
144,731
192,063
161,248
427,773
246,880
230,015
234,248

Bunds and
Securities
1,652,379
398,546
1,079,225
875,692
467,955
518,625
1,487,241
95,029
106,991
234,600
47,302
382,704
94,842
162,894
592,000
212,624
432,972
635,831
876,209
352,576
1,214,303
249,967
382,353
167,694
325,505
785,625
96,242
697,016
710,928
199.100
548,804
584,395
181,305
242,247
592,288
312,000
158,871
452,841
556,251
339,092
177,131
82,943
446,313
98,377
911,293
521.709
181,500
216,855
319,598
880,277
1,162,216
150,500
601,400
6,784,366
1,795,580
30,128,364
7,665,626
9,385,960
374,952
1,275,816
956,758
250,815
1,338,014
183,729
264,185
186,000
274,400
445,313
394,046
729,333
1,814,068
1,215,667
2,592,914
790,996
2,461,188
1.513,382
457,417
174,964
114,962
796,080
319,072
844,343
163,017
514,100
432,033
367,222
720,634
1,350,859
506,136
321,100
98,840
324,000
193,707
872,528
281,754
363,671
544,094
250,452
1,337,698
147,090
342,674
359,779
593,488
50,564
238,255
1,058,626
284,000
338,462
747,539
245,400
522,486

Cash and Due
From Banks
729,817
141,029
672,268
329,533
129,625
353,499
496,996
132,421
385,157
197,995
138,651
216,137
107,704
50,093
300,278
70,355
259,492
397,694
550,614
285,066
808,537
492,292
342,991
150,231
289,632
258,193
150,130
547,492
347,982
264,267
147,832
302,439
282,252
265,920
219,344
243,559
153,178
124,838
155,205
138,959
215,168
88,772
510,110
113,785
918,161
581,383
274,705
148,002
145,395
343,778
428,014
223,464
438,659
3,936,424
908,415
13,797,742
4,863,939
8,141,828
276,295
468,188
711,948
48,659
459,643
117,843
144,299
169,908
310,247
243,596
290,381
266,858
665,846
265,210
854,288
388,648
981,646
856,412
274,635
163,877
101,227
241,999
495,912
263,906
130,267
310,284
261,011
167,027
261,101
830,472
210,699
228,058
385,000
157,059
367,186
93,444
186,553
172,567
129,608
553,974
152,079
219,346
362,568
178,746
83,656
155,434
457,337
154,507
300,241
90,998
164,537
296,050

Northwestern Banker

Deposits
2,405,742
636,628
1,965,131
1,316,941
722,999
1,066,245
2,237,393
221,329
779,864
687,471
241,467
754,746
313,351
178,622
1,130,368
326,371
843,756
1,286,646
1,753,391
991,148
2,273,682
1,041,835
948,086
383,752
750,293
1,180,124
301,864
1,400,004
1,247,726
641,474
693,409
939,930
563,041
599,927
1,026,433
644,304
466,585
746,338
737,686
643,106
500,210
258,883
1,078,094
264,562
1,817,696
1,308,535
530,553
461,729
629,033
1,390,248
1,873,685
490,466
1,810,551
11,723,216
3,391,266
47,981,523
12,940,619
19,068,011
1,171,407
1,825,241
2,077,119
343,621
1,945,127
339,596
499,154
386,250
785,486
901,450
931,549
1,100,951
2,661,620
1,617,584
4,086,416
1,411,360
3,909,873
2,419,635
876,588
435,630
285,524
1,133,248
1,087,043
1,579,584
485,948
939,067
937,909
722,043
1,174,475
2,499,154
1,008,783
720,254
226,197
866,000
505,606
1,531,793
462,416
640,129
855,740
480,539
2,509,758
421,134
635,543
980,848
825,121
190,842
497,805
1,609,678
554,576
1,012,777
999,581
595,029
965,665

August 1943

18
Surplus and
TO W N
BANK
C A SH IE R
Capital
Profits
Litchfield.................State Bank of Litchfield......................... G. A . H olla ar...........
100,000
39,121
Little P a lls............ First N ational B a n k .................................. A . J. F a lk ....................
63.000
21,544
L ittlefork ................ State Bank of L ittlefo rk .........................Floyd Breneman . .
10.000
10,074
L o w ry....................... Lowry State B a n k .................................... H. F. Engebretson. .
25.000
15,915
Luverne....................Luverne National B a n k ........................... S. R. H am m er..........
50.000
62,689
Luverne....................Rock County B a n k .................................... R. A . Sherm an.........
50.000
46,327
L y le ...........................Farmers State B a n k .................................. A . P . G arnatz..........
15.000
32,469
M adison....................Klein N ational B a n k ................................Leo A . N i k o l a i .. .. .
50.000
80,821
Manchester............. Manchester State B a n k ........................... E. H .
W eb e r............
10.000
6,068
M ankato...................National Bank of Com m erce................A . C. S tallm an ...........
100,000
61,046
M ankato...................National Citizens B a n k ........................... George Hudy ...........
200.000
262,140
Maple L a k e............ Security State B a n k .................................. H.
O. Bolduan . . . .
10,000
29,487
M arsh all...................First National B a n k .................................. K .
E.
Sheffield.... 50.000
108,521
M elrose.....................Melrose State B a n k .................................. H .
C. Stalboerger. .
25.000
30,466
M enahga...................First National B a n k .................................W . Jarvinen .............
50.000
8,969
M inneapolis........... Camden Park State B a n k .......................R. R.
N elson...........
50.000
32,814
M inneapolis............Farmers & Mechanics Savings BankJohn De L a it .t r e .... M ut. Bk.
6,469,830
C.
J. O lson__ 123.000
M inneapolis........... Fidelity State B a n k .................................... H .
53,275
M inneapolis........... First National B a n k .................................. J. G. M aclean.......... 6 , 000,000
10,390,580
M inneapolis........... Hennepin State B a n k ............................. R. V .
H a g en ............
100.000
55,973
M inneapolis............Midland National Bank & Trust Co.Robert S. Stebbins. 1,000,000
823,984
M inneapolis............Minneapolis-Trust Jt. Stk. & Ld. B k.E . J. G rim es.............
450.000
M inneapolis............Northwestern National B a n k ............. Guy E . M asters.......... 5.000.
000 6,947,683
M inneapolis............Produce State B a n k ..................................G. O. L e e .......................
100.000
73,438
M ontevideo..............Security National B an k .......................... W . A . G runert...........
50.000
136.578
Montevideo............. Union State B a n k .......................................Orin Samstad . . . .
50.000
39,107
M onticello............... W right County State B an k .......................H.
N . Lungw itz. . . .
30.000
22,798
M ontgom ery.......... Citizens State B a n k .................................... J. J. P etricka.............
50.000
38.554
M oorhead................. First National B a n k .................................. Lawrence Mauritson
100,000
79,024
M o ra .......................... Kanabec State B a n k .................................. V . W . P e t e r s o n ....
60.000
89,349
P.
N etzke...
M orga n ..................... State Bank of M orga n ..............................W .
25.000
72,017
N ew p ort................... Farmers Term inal State B a n k ........... T. H. M attim ore. . . .
15.000
19,170
N ew U lm ................Citizens State B a n k ..................................... F. H . K rook ...............
100,000
95,095
N ew U lm ................ State Bank of New U lm ........................Edward A . S t o l l . . . .
40.000
192.223
Northfield................ First National B a n k ................................. E. H. W a ts o n ..........
75.000
72,309
N orthfield................ Northfield N a t’l Bank & Trust C o ..P . M . Odegaard. . . .
50.000
67,873
Northfield................State Bank of Northfield......................... Arthur M . Peterson
50.000
42,928
O gem a....................... Ogema State B a n k .......................................R.
H . T e m b ro c k ...
10.000
18,666
Okabena...................First State B a n k ......................................... Sam
F rederick s««.
10,000
27,449
O klee............, ........... Security State B a n k .................................. A . N . R ie s....................
25.000
17.964
O rm sby.................... Farm ers State B a n k .....................................A . G. Ibelin g.............
10.000
24.779
O w atonna............... First N ational B a n k ..................................J. H . M eyer.
100,000
63,513
____A .
O w atonna...............Security Bank & Trust Co......................A
A . E n dres. .
100,000
191,183
Park R apids...........Citizens National B a n k ...
____C. A . Fuller. .
25.000
35,007
____A .
Pequot Lakes.........Farmers State B a n k ..........
C. L arson. .
25.000
9,125
____M. B. B aron . . .
Pine; C ity............... First N ational B an k .............
50.000
63,033
____A
Pipestone................ First National B a n k ..................................
A . R. Stillw ell.
75.000
321.223
P lainview ................First N ational B a n k .................................. A . W . W em pn er. . . .
50.000
68,424
Prin ceton................ Princeton State B a n k ................................B. R. W h itn ey ...........
20.500
92,548
P rin sburg................Prinsburg State B a n k ................................S. H . L e e......................
10.000
16,758
P roctor.....................First N ational B a n k ..................................Ivor F. A n d e r s o n ...
50.000
24,131
Red W i n g .............. First National B a n k ..................................August H . Lidberg.
100,000
87,167
Red W i n g .............. Goodhue County National B a n k . . . . H .
J. C roke................
125.000
159.656
Redwood F a lls. . . Citizens State B a n k ...................................M. O. H an son ...........
25.000
92,598
R enville....................O’ Connor Bros. State B a n k .....................N. L. B illig ................
30.000
42,921
Rochester............... Union National B a n k ..............................A . C. B u rg a n ..............
145.000
89,019
R oseau..................... Citizens State B a n k .................................. C. B. D a h lq u ist.. . .
25.000
49,365
Round L a k e.........Farm ers State B a n k ..................................Henry C. M i ll e r ...
25.000
35.779
R ussell....................... New Farmers & Merchants St. B ankA . J. Sy se......................
15.000
13,055
Sacred H e a rt......... Farmers & Merchants State B a n k .H . C. O m holt..........
25,200
25,396
St. C loud................. St. Cloud State B a n k ................................W . E . W ilson, A . C.
35.000
34,786
St. C harles.............First N ational B a n k .................................. Geo. Eckles................
50.000
33.555
St. Joseph...............First State B a n k ......................................... John Stock ................
55.000
5,624
St. P a u l................... Am erican National B a n k ...................... Fred J.
Gode....2,500,000
1,042,449
St. P a u l................... .Empire National B a n k ............................. C. T. D edon..............
500.000
686,741
St. P a u l.................. First N ational B an k ..................................Arthur W . M cN ee. . 6.000.
000 9,899,618
St. P a u l..................M idway National B a n k ........................... Harold M . Schwartz
180.000
370,409
St. P a u l...................W estern State B an k ..................................E. Leo
N a sh ...
50.000
62,986
So. St. P a u l..........Drovers Exchange State B a n k ..............H. G. S w a n s o n ....
100,000
112.656
So. St. P a u l........... Stock Yards National B a n k ..................J. G. M cG arrau gh ..
250.000
254.329
St. P e te r..................First N ational B a n k .................................. C. T. O lsen..................
50.000
83,968
St. P eter..................Nicollet County B a n k ..............................H . C. F ille r................
50.000
87,152
Sanborn.................... Sanborn State B a n k .................................... W . D. Y a eg er............
25.000
46,228
S layto n ......................M urray County State B a n k .....................C. J. L ieser...............
50.000
55,280
Sleepy E y e .............State Bank of Sleepy E y e .......................M ary A . W ooldrik. .
25.000
70.965
Springfield.............. Farmers & Merchants State B a n k ..F . E. Pieschel...........
40.000
68,543
Spring Grove........State Bank of Spring Grove.................. Chas. D ahling . . . .
30.000
10,191
Stephen....................Farmers State B an k .................................. Jordan C. Rasmussen
25.000
31,392
Stephen....................First National B a n k .................................. Carl H jelle ................
35.000
9,355
Stillw ater................First National B a n k .................................. R. D. M c D o n a ld ....
200.000
341,273
Storden.................... First State B a n k ....................................... .. S. Anderson ............
25.000
59,372
Sw an ville................First State B a n k ......................................... Carl O. Iekel................
15.000
4,232
Thief River Falls.N orthern State B a n k .............................. George W . Werstlein
50.000
50.578
Thief R iver F alls.U n ion State B a n k ..................................... A . W . H e n s r u d ....
50.000
84,085
Triu m ph.................. Triumph State B an k .................................. E. A . E d m a n .... .
20.000
23,817
Two H arbors..........Commercial State B a n k .......................... Paul A . E sse n ...........
25.000
34.578
Tw o H arbors........ First National B a n k .................................. W m . G. P e te rson ..
62.500
46,862
V irg in ia ................... State Bank of Virginia.............................. J. E . Takkinen. . . .
100,000
31,464
W a b a sh a ..................First State Bank of W ab a sh a................. A . J. Doffing.............
75.000
60,216
W alnut Grove. . . . Citizens State B a n k .................................W m . A . Kuehl. . . .
25.000
27.998
W an a m in go........... Security State B a n k ................................ C. D. O lson...............
40.000
24,851
W a n d a ...................... W anda State B a n k ...........................
N.
A.
L eather......
15.000
27,418
W a seca ..................... First National B a n k ....................................J. E . F a rrell.............
100,000
111,976
W a y z a ta ...................W ayza ta State B a n k .................................. W ayn e T. Blackm arr
25.000
49,227
W heaton...................First State B a n k .......................................... G. E . R ued.................
25.000
30.999
W h ea to n .................. State Bank of W h ea to n ......................... Sam E. S torm ...........
25.000
38,917
W hite Bear Lake.First State B a n k ..................................... . F. J. T a y lo r...............
25.000
21,427
W illm a r ................... Bank of W illm a r ......................................... A . E . N o r d s tr o m ...
100,000
125,570
W illm a r ....................Security National B a n k ........................... Geo. W . O dell...........
1 0 0 ,0 0 0
44,633
W ilm o n t...................First National B a n k .................................. E. L. M eyer..................
25.000
13,326
W illia m s.................. First State B a n k ......................................... W . R. Siem s.................
10.000
31,023
W in d o m ....................First National B a n k .................................. W m . L. P a lm ...........
50.000
63,463
W in n eb ago..............First National B a n k ............................... I. A . Babcock.........
50.000
53,946
W in o n a .....................First National B a n k .................................. .H . L. H a r r in g t o n ...
250.000
316,003
W in o n a .....................The Merchants B a n k ................................H . A . T ornow ..........
200.000
373,025
W in o n a ..................... W inon a National & Savings B a n k ..J o h n Ambrosen . . .
200,000
324.330
W ood L a k e............ State Bank of W ood L a k e .......................W . E . Eckhardt. . . .
20.000
22,843
Young Am erica. ..S t a te Bank o f Young A m e rica............F. S. M a y er.................
30,000
12,123

Northwestern Banker


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

August 1943

Loans and
Discounts
184,214
503,030
41,353
93,844
355,029
299,066
160,354
173,587
73,097
587,382
985.923
181,864
378,807
220,790
185,379
577,217
27,770,918
1,734,228
34,151,904
158,357
8,271,431
185,261
44,558,921
284,907
216,462
388,304
228,094
480,202
773,258
578,335
177,418

Bonds and
Securities
1,107,096
752,263
135,365
188,406
1,038,900
912,343
373,861
1,392,589
36,772
946,381
4,626,265
313,175
1,893,268
502,152
359,024
778,600
52,883,037
1,800,988
173,488,143
1,022,070
24,569,567

Cash and Due
From Banks

249,212

Deposits

174,455,330
2,896,346
1,982,743
871,285
506,549
573,050
1,453,856
658,097
683,785

394,473
119,010
54,331
267,100
207,395
201,779
450.720
110,091
1,080,081
1,981,578
139,733
905,505
284,198
166,410
436.827
3,515,402
678.452
71,094,091
486,080
10,297,050
61,723
71.699.560
1,188,596
483,245
230,555
296,098
183,726
456,645
637,477
284,389

1,439,131
1,594,913
267,398
299,867
1,573,594
1,332,439
693,565
1,894,327
206,692
2,460,835
7,163,320
607,631
3,025,166
946,180
654,830
1,603,684
78.205.817
4,026,295
262,112,171
1,511,626
40,963,419
564,718
280,355,180
4,217,204
2,498,997
1,401,110
983,120
1.132.682
2,518,358
1,739,571
1,056,575

162,138
289,131
181.397
182,784
103,851
300,314
93,680
167,719
113,292
138,894
179,969
786.397
180,680
80,185
407,931
1,218,546
425,616
345,660
46,797
174,904
545,067
484,048
254,449
290,434
520,306
302,392
343,255
62,168

235,726
1,042,359
1.566.352
1,102,934
849,296
826,561
34,425
207,250
288,194
121,067
2,245,376
3,494,443
246,672
238,196
1,023,885
1,238,170
589,542
603,112
193,044
552,267
1,694,205
2,482,365
1,424,553
547,129
2,010,501
373,812
348.600
137,000

252,348
449,664
797.452
341,490
195,102
267,404
148,352
138,356
136,915
118,522
654,384
1,247,423
145,539
271,644
394.333
1,055,982
341,496
343,997
118,762
191,075
630,618
957,429
674,097
276.334
880,354
524,784
167,935
167,034

617,290
1,614,052
2,340,610
1,481,207
1,042,574
1,292,034
251,191
480,877
498,594
326,612
2,958,547
5,275,498
524,651
561,036
1,740,360
3,107,152
1.248.682
1,179,722
333,845
857,810
2,678,469
3,(736,894
2,231,642
1,055,564
3,213,559
1,137,5^7
806,268
342,657

364.663
290,844
306,744
119,000
4,608,532
4,150,385
47,732,829
2,112,591
516,285
970.923
1,486,207
329,287
299,418
159,943
405,355
278,408
620,018
123,221
200,128
223.664
634,945
326,034
56,044
192,809
320,869
114,096
167,687
370,474
207,351

328,580
286.600
635,483
79,559
35,314,298
8.465.353
130,669,814
5,370,902
848,353
1,474,937
7,251,881
1,026,140
97,500
217,372
798,149
689,349
456,700
64,000
391,943
277,744
3,461,371
322,391
265,931
831,377
1,352,415
123,0-94
457,446
703,714
1,131,522

283,253
315,797
368,267
94,713
22,690,318
3,877,989
63.164.561
2,343,112
772,804
1,287,839
3,894,692
583.827
713.721
250,287
383,634
181,768
719,632
286,902
248,580
159,898
2,224,829
229,694
119,193
482,851
459,794
256,592
279,448
321,865
415,066

847,360
816.241
1,238,289
277,329
54,977,457
15,334,032
227,753,968
9,185,590
2,030,746
3,457,349
11,942,470
1,836,737
988,440
554,380
1,467,866
1,057,099
1.700.286
443.242
786,744
620,048
5,788,623
802,247
420,609
1,425,451
2,011,807
453,967
854,966
1,285,513
1,615,813

577,577
239,210
239,851
157,604
821,731
386,193
95,515
367,169
80,551
570,104
160,526
84,185
96,427
186,996
255,682
1,480,769
2,045,705
1,132,943
103,458
13,014

1,033,784
181,287
652,453
177,557
1,701,218
326,678
526,429
478,352
487,532
1,537,287
1,378.214
238,892
295,992
909,662
771,002
4,220,024
4,440,646
2,599,131
259,837
491,301

262,213
261,547
212,621
172,788
764,669
256,708
115,920
405,579
243,696
700,161
574,954
214,773
115,764
284,862
241,932
1,356,899
1,969,064
2,612,799
267,944
126,233

1,734,054
631,998
1,045,975
466,230
3,108,302
902,989
697,184
1,194,569
782,969
2,590,146
2,010,682
505,462
467,866
1.300.817
1,004,743
6,576,058
8.036.287
5,965,060
588,896
592,044

19

Nebraska
JUNE 30, 1943
TOW N

A llia n c e ..................... Guardian State B ank.

A v c c a ......................... Farmers State Bank.
B a n cro ft...................Citizens B a n k ...............

B la ir........................... W ashington County Bank.
Bloomfield................Farmers & Merchants Stai
Blue H ill................ .The Commercial B a n k . . . .

B ru n in g.....................Bruning State B ank.

Cedar R apids......... Cedar Rapids

State Bank.

C ody............................Bank o f Cody.

C reighton................ Am erican National Bank.

D uB ois....................... State Bank of DuBois.

E lw ood....................... First National B ank.

F airbury................... Fairbury State Bank.
F airbury................... First National B a n k ..
F a rn a m ..................... Farnam

B ank.

H a stin g s.................. H astings N ational Ba
H ebron.......................Thayer County B ank.
H erm an ..................... Herman State B a n k ..

M adison.................... Bank of M adison...............
M adison.................... Farmers National Bank.

M ead ..........................Bank of M ead ...............
M errim an .................The Anchor B ank. . . .
M in atare...................First National B ank.
M inden.....................First National Bank .


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

C A SH IE R
Capital
Henry Gramann, Jr.. .S
20,000
.H en ry I). M c N e i l...
25,000
T. E. R itter................
50,000
Roger I. B latter. . . .
50,000
..5. .1. Rothm eier.........
25,000
. H. E . L ich ty..............
125,000
.C . V . E v a n s................
15,000
.Geo. E. Schoettger. . .
30,000
.Jno. T. Z a c h a r ia s ...
60,000
.Fran k M . F a rr............
50.000
.E lm er H a lls t r o m ....
15.000
. W . J. M eyer................
30,000
A . G. Zuhlke..............
50,000
.E . H . L ittle ...................
25,000
H. D. Silsby..................
50,000
.E d . C A u s tin ..............
100,000
•Loran J. H obbs............
50,090
G. W . Shafer, J r . . . .
30,000
A . J. Leuthauser. . .
25,000
.<-. E, B ark s...................
40,000
.D . E. G allatin..............
35,000
.Louis M urdoch............
35,000
.Frank H u gh es..............
25,000
W illiam K o rt..............
25,000
32,500
. T. S. F orsyth..............
35.000
. P. (J. R ic h a r d s o n ....
35.000
.Fred H. B r u n i n g ....
25,000
.F . H. Oberm ann.........
25.000
. Everett Johnson. . . .
25,000
. W . E. Sorensen.........
31.000
G. W . O rshek..............
10.000
W . L. Good...................
50.000
J. A . K ucera..............
40,000
H D. M iller...................
25,000
Hazel Severns..............
25.000
. Howard Burdick. . . .
100,000
Ben B. M cN a ir............
50,000
.E . R. Sp ray...................
30.000
D. A . V an D e v e e r ...
25,000
. Thomas J. A r o n . . . .
50,000
P. A . U d e .......................
25,000
Richard H. Holsten.
30,000
. James H . C lark .........
25,000
.M a x Church................
25,000
.E . E . H edgcock.........
15.000
Merlin R. G arey.........
20.000
.It. A . K ovanda.........
10,000
.M . R. M orga n ..............
37,500
. W . P. D ailey................
10,000
.M a x H ueftle................
35,000
. Irl E ls e ..........................
50,000
.Harold L iv in g s to n ...
150,000
. C. V . G lenn..................
25.000
(h a s . I*. T o u s..............
25,000
.J . A . R ow land..............
20.000
100,000
.J . Guy EdlofT..............
.A . H. F ra n tz..............
50,000
. F. M. B lack ................
50,000
. I . E. W a r d ..................
50,000
. C. E. Pearson..............
50,000
.A n n a Sorensen............
50,000
. ( . E. D avidson............
50.000
. G. G. H am pton............
50,000
.Vernon R ice...................
100.000
. F. J. C leary.....................
200,000
.E d g ar M. H o a r.........
25,000
.Floyd A . H ansen.........
100,000
. L Leo S w igle..............
125,000
. H. R. K illinger............
40.000
. T. R. Sw an son..............
35,000
.N orm an E . Shaffer. . .
50,000
50.000
.P . J. Ternus................
50,000
. E. H. Johnston..............
25,000
.Fred W . W a g n e r .........
10,000
. D. Clarke Casey. . . .
25,000
.John M. Sp ear..............
75,000
. I. B. C ole.......................
15,000
.Clarence C lasen.........
15,000
. Benj. C. Bilhorn . . . .
10.000
. C. W . F a h n e s to c k ....
25,000
.Geo. C. K u m p f.........
25,000
. J. V . O ’ D onn ell...........
35,000
Sim B on sall..................
75,000
. Percy M a y s..................
30,000
. C. W . B a tte y ..............
650,000
.Howard F r e e m a n .... . 1,000,000
. I). R. F aw cett................
25,000
.Paul B o g ctt.....................
350,000
(h a s . H. W e a r ..............
50,000
.A . C. Peterson............
25,000
W . B. Abrahamson . . .
25,000
G. C. B en n in g..............
25,000
Ed () Shea.......................
37,500
, Gus H oufek.....................
19,000
H. M. K rogh ................
75,000
G. F. M oss.....................
50,000
Emerson E. Erw ay. . .
27,400
I). W . C offey................
25,000
S. H. M egow n................
25,000
E. ( . T id vall................
50,000

Surplus and
Profits
$
14,718
127,834
29,776
82,499
11.012
114,657
20,466
18,800
62,133
24,573
26,131
17,772
46,347
25,606
29,440
156,556
28,607
38,273
26.700
6,894
30,108
48,859
35,520
31,589
14,805
30.434
9,786
40,690
13,533
27,000
16,416
6,548
14,835
16,194
26.494
7,942
242,249
27,880
24,963
42,594
23,994
14 359
22,290
29,054
19,499
19,866
6,649
7,852
14,734
22,018
21,106
25,224
122,467
6,206
17,535
12,178
117,637
28,509
69,000
35,211
18,939
102,942
16,530
53,875
158,223
487,908
37,877
97,341
182,356
27,168
22,393
44,844
55,374
32,310
21,412
15,923
11,766
68,729
26,955
7,081
7,075
40,145
16,786
22,586
23,454
23,163
377.278
799,819
20,757
538,555
15,758
18,481
33,814
18,979
4,130
7,582
94,988
74,675
10,171
17,772
30,745
26,059

Loans and
Discounts
S

82,254
136,754
283,145
274,799
78,905
1,904,561
44,222
181,447
177.635
219,235
94,510
151,006
164,412
219,175
214,163
685.649
391,858
107,149
99,332
170,965
274,503
385,014
197,276
269,936
182.481
236,162
40,135
170,726
72,899
259,769
173,880
23,976
315,727
133,972
108,965
131,974
799,143
179,871
167,724
244,628
180,906
69.727
96,200
111,118
71,910
78,771
35,471
57,561
122,038
22,894
145,867
413.081
1,239,895
59,450
17,025
98,296
647,151
224,745
194,213
111,934
211,121
595,445
130,875
292,038
523,471
1,506,056
478,480
719,896
910,242
306,253
131,205
288,871
151,748
261,974
213,002
60,510
96,236
318,953
193,819
104,600
28,973
479,502
186,900
281,873
259,627
135,256
2,468,214
2,489,404
108,351
2,727,316
509,395
77,852
129,021
166.775
83,913
98,239
669,818
204,966
60,773
136,411
186,212
121,823

Bonds and
Securities
8
334,580
673,484
256,800
568,750
66,489
2,100,386
218,491
306,232
734,504
224,813
273,153
98,462
518,751*
69.661
427,833
2,746,066
415,883
133.452
205,600
274,400
186,652
796,335
198,686
314.466
274,860
401,717
358,322
159,507
32,928
323,679
207,600
20,000
605,848
319.063
15,468
125,000
3,068,472
685.500
468.845
1,115,920*
573,911
125,738
41,635
143,182
255,151
95,200
152,332
182,120
83,698
47,563
193,119
377,652
1,989,416
290,031
99,300
58,040
3,022,253
460,015
226,872
209,703
474,637
582,800
194,200
209,835
2,421,830
5,448,318
451,790
1,658,340
3,996,993
673,630
266,946
700,582
317,908
48,818
88,308
104,785
152,150
2,393,545
87,082
95,933
55,590
271,600
44,700
165,911
593,180
519,250
14,720,305
27,406,205
471,300
20,150,000
368,945
127,550
147,000
120,700
301,350
38,000
2,487,623
813,029
261,378
110,300
46,064
328,049

Cash and Due
From Banks
S
158,378
360,930
364,973
439,909
91,959
750.065
149,876
315,043
778,110
531,056
245,006
253,248
281,680
465,556
1,648,124
557,138
469,850
146,759
215,483
831.638
863,232
457,654
469,350
483,320
656,635
154,481
494,320
159,427
269,423
190,157
70,483
179,718
209,575
285,007
148,473
1,908,315
312.926
404,693
375,129
308,615
310,843
285,987
168,410
248,296
128,388
85,108
232,522
105,501
405,672
736,278
2,148,482
139,249
485,189
197,520
1,430,924
408,899
493,296
256,983
329,633
526,642
496,217
622,373
1,535,315
2,015,422
556,976
2,563,467
2,752,180
369,552
317,661
575,033
391,953
474,555
324,984
54,404
173,993
1.103,059
262,192
84,936
42,202
615,007
290,634
522,537
597,443
174,746
6,853,918
13,424,281
239,919
10,292,544
740,981
383,838
302,753
418,805
242,764
185,076
1,333,400
1,000,662
191.642
249,064
658,008
342,323

Northwestern Banker

Deposits
527,544
1,022,956
826,771
1,111.467
202,842
4,509.080
380,722
759,048
1,568,452
911,402
574,689
458,518
592,170
526,107
1,034,712
4,849,284
1,302,965
645,164
406,342
613,695
1,232,799
1,946,945
797,109
1,000,589
890,938
1,237,548
511,905
763,372
230,913
772,252
521,264
99,690
1,050,860
608,311
359,653
378,693
5,608,595
1,118,437
991,211
1,300,725
1,064,550
467.872
397,008
490,876
452,373
388,801
286,718
300,316
390,899
143,942
677,509
1,466,450
5,203,277
461,124
563,779
323,452
4,887,784
1,041,352
803,242
505,011
951,309
1,466,538
760,364
1,026,061
4,254,393
2,328,999
1,434,769
4,757,209
7,402,826
1,191,069
664,131
1,479,290
755,071
706,021
587,380
194,426
387,958
3,696,304
501.140
267,355
108,016
1,310,514
484,918
917,637
1,357,677
784,236
23,108,141
41,753,333
779,118
32,020,241
1,426,816
547,406
509,374
664,220
593,946
284,405
4,288,471
1,884,580
463,724
457,498
838,075
721,038

S

August 1943

20
C A SH IE R
.Robt. T. C o v in g to n ...

BANK
TOW N
M orrill................... . .First National B a n k ............................ .
Nebraska C ity. . . Farmers B a n k ............................................
Nebraska C ity. . . Nebraska City National B an k ............
Nebraska C ity. . . Otoe County National B an k ..............
N elson ................... . .T he Commercial B a n k ............................
N ew castle............ . .Am erican State Bank. ........................
Newman Grove. . .First National B a n k ..............................
N o rfo lk ................ ..N a tio n a l Bank of N o rfo lk ................
North B end......... .P la tte V alley B a n k ................................
North Platte. . . ..F ir s t National B a n k ..............................
North Platte. . . . .M cDonald State B a n k ............................
O m aha................... ..F ir s t N ational B a n k ..............................
O m aha................... ..L iv e Stock National B ank...................
O m aha................... ..O m a h a National B a n k .........................
O m aha................... ..South Omaha Savings B a n k ..............
O m aha................... ..S to ck Yards National B a n k ..............
O m aha................... ..U n ited States National B a n k ............
O ’ N e ill.................. ..O ’ Neill National B a n k .........................
Osceola.................. . First National B a n k ..............................
O rd ......................... ..F ir s t N ational B a n k ..............................
O rd ......................... ..N ebrask a State B a n k ............................
O x fo rd ................... . .Security State B a n k .................................
P alisade................ . .Frenchman V alley B a n k ................ .. .
P a lm er................... . State B a n k ................................................. .
P a x to n ................... . .Bank of P a x to n .......................................
Pender.................. . . Pender State B a n k .................................
Pickrell.................. . . Pickrell State B a n k ................................
Pierce..................... . .Cones State B a n k .....................................
P ilg er..................... . .Farmers N ational B a n k .......................
P lainview .............. . Plainview State B a n k ............................
P lattsm outh. . . . ..P la ttsm ou th State B a n k .....................
P rim rose.............. ..F ir s t National B a n k ..............................
R aven na................ .T h e Ravenna B a n k ................................
Red C loud............ . Peoples-W ebster County B a n k .........
R iverdale.............. . .State Bank of Riverdale.......................
R ushville.............. ..S to ck m an ’s National B a n k ................
St. E d w ard......... . .Bank of St. E d w ard..............................
Sa rgen t.................. . . Farmers State B a n k ................................
Scottsbluff............ . .First State B a n k .....................................
Scottsbluff............ . .Scottsbluff National B an k ...................
Schuyler................ . Schuyler State B a n k ..............................
Scribner................ • Farmers State B a n k ..............................
Scribner................ . First National B a n k ..............................
Seneca.................. ..Sto ckm en s B a n k .......................................
Sidney..................... . Am erican National B a n k .....................
Silver Creek. . . . . .Farmers State B a n k ..............................
Spalding................ . Spalding City B a n k ................................
Springview ......... . .First National B a n k ..............................
Stam ford .............. . .Stamford B a n k ......................... ................

, 0 . .1. Schneider............
. H. H. T e te n ...................
•Jas. F. M urphy............
,M . M. N elson................
.H. L. G erhart................
.L . W . R oss.....................
.Em il E. W o l f ..............
. W . H . M un ger................
. J. Y . C astle...................
,J . T. Stewart, I I I ____
. Paul Hansen ..............
.Clyde 0 . D arner.........
.F . J. K o c a m ik ..............
John McCumber .........
.A . L. V ick ery ................
.E . F. Q uinn..................
.1). R. B yers...................
.C . B. Gudmundsen . . . .
. E. R. F af eita ..............
. F. P. N ielsen ................
.A . J. B axter................
. J. H. Itzen.....................
J. F. F lea k ..................
,W . F. W en k e ..................
.1). Reil ............................
.E . G. Schellpeper. . . .
.Robert L a rson ................
. Adon Jeffrey ..............
. Frank A . C loidt.........
. W . C. W ic k s ................
.Chas. Z im p fe r ................
.C . M . Sherwood............
,C . H . P r a tt.....................
..I. G. B rew ster..............
.F ran k L. Fonda............
.E . T. L a rson ................
John Broadhurst.........
J, L. W itte r s ................
. Rainsford O. Brownell
Herman F. M eyer. . . .
H. F. M ullen................
.Paul Haffner ................
.M arius Christensen . .
. M. J. Youngstrom . . . .
.M . J. D olce.....................
. E . C. L o g a n ...................
. L. B. Carraher..............

. .Stanton National B a n k .......................
Stapleton.............. . Bank of Stapleton...................................
. . State B a n k .................................................
Strom sburg......... .S trom sb u rg B a n k ...................................

.R . C. H oehne................
. F. E. Peterson..............
. Richard McMullen
. E. C. N ordlund..............

Superior................ . Farm ers State B a n k ............................ .L loyd Boersm a ............
T a lm ag e ................ . Bank of T a lm ag e..................................... .Chas. E. W o o d ............
Tecum seh.............. .Johnson County B a n k . . ..................... . Lloyd Pope ...................
Tekam ah.............. . . Burt County State B a n k ..................... .R . K. Hancock..............
Tekam ah.............. ..F ir st National B a n k .............................. . H . J . W r a g g e ................
T ren ton ................ . .State Bank of T renton.......................... . B. G. S h illin g t o n ....
U tic a ....................... .F ir s t National B a n k .............................. L. R. L u ll.......................
V a lle y ..................... . Bank of V a lle y ....................................... . T. F. G reen...................
W a c o ....................... . Farmers & Traders B a n k ..................... .W . R . Pettee................
W a h o o .................. . . First National B a n k .............................. .Jam es L. Kudrna. . . .
W akefield.............. .W akefield National B a n k ..................... .Robert E. A n d erso n ..
W a lla c e ................ ..F a rm e rs State B a n k .............................. .M arie Cooper ..............
W a lth ill................ . First National B a n k .............................. ,P . H. L a n g e n b e r g ...
W aver l y ................ . Lancaster County B a n k ....................... W . H. D ick.....................
W est P o in t......... . Farmers & Merchants N at'l Bank. W . T. K nievel................
W ilb e r................... . .Saline State B a n k ..................................... . J. J. N ovak ..................
W is n e r .................. . First N ational B a n k .............................. .N eil D. Sa ville............
W ood L a k e ......... . Bank of Wood L a k e .............................. .Elm o Gardiner ............
W ood R iv er......... .Bank of W ood R iv er.............................. .E . C. H uxtab le..............
W y m o re ................ .W y m o re National B an k ....................... .Gordon Jones ..............
Y o r k ....................... ..F irst National B a n k .............................. . H. E. N ordlund............

Capital
25,000
50,000
100,000
50,000
25,000
19,500
37,500
100,000
30,000
100,000
100,000
1,500,000
500,000
2,000,000
50,000
500,000
1,100,000
50,000
25,000
60,000
35,000
35,000
50,000
12.000
25,000
85,000
13,500
50,000
50,000
25,000
50,000
50,000
25,000
50.000
15,000
35,000
25,000
25,000
50,000
100,000
70,000
40,000
50,000
25,000
50,000
20,000
30,000
25,000
30.000
50.000
50,000
25,000
25,000
30,000
25,000
50,000
25,000
55,000
30,000
62,500
25,000
30,000
25,000
10,000
80,000
25,000
25,000
50.000
25,000
50,000
25,000
50,000
25,000
10,000
50,000
150,000

Surplus and
Profits
52,145
149,696
44,161
52,810
49,679
7,247
11,368
34,172
46,768
160,234
46,279
1,792,944
1,065,275
2,675,109
42,728
502,742
1,566,383
96,715
26,156
40,831
31,727
10,369
20,954
9,764
18,257
62,777
3,904
23,953
13,616
32,300
129,867
2,901
37,115
20,799
21,153
65,230
14,821
10,598
39,331
191,847
21,544
28,300
5,594
12,131
76,113
15,010
35,329
12,437
14,131
143,249
66,103
45,598
18,867
30,290
28,732
25,639
16,626
32,284
12,513
84,309
26,522
11,469
14,599
27,338
85,981
42,581
16,078
23,556
5,815
54,994
23,933
54,116
11,444
9,419
14,489
230,879

Loans and
Discounts
197,065
253,501
70,047
183,961
198,910
77,039
211,175
401,763
269,448
1,000,376
335,422
11,587,010
9,040,502
12,577,117
478,959
2,421,127
4,619,625
138,665
142,563
233,643
321,240
131,569
170,468
47,361
223,942
641,620
59,628
183,714
203,868
232,254
492,414
38,266
134,779
116,491
76,714
426,985
149,673
119,916
236,553
534,768
114,869
228,630
112,145
154,479
627,767
81,368
103,989
133,435
91,998
210,572
315,560
115,239
98,689
191,171
142,076
208,617
34,262
263,911
161,924
664,414
199,062
110,025
80,286
62,470
443,328
136.070
123,875
142,655
123,625
214.098
124,090
319,531
148,550
58,751
143,478
868,884

Bonds and
Securities
113,700
1,159,158
655,040
600,659
218,102
160,609
263,420
1,277,475
170,792
1,316,167
1,212,931
32,267,821
22,642,976
64,062,543
479,940
9,410,094
33,588,352
519,483
178,472
518,700
396,899
169,974
135,300
56,475
43,999
135,000
60,000
407,450
149,083
298,045
772,347
150,000
274,710
442,112
160,247
842,832
210,358
227,043
867,453
3,116,608
1,005,611
299,706
244,558
11,621
1,336,390
142,900
68,579
240,270
158,200
1,065,018*
438,133
184,114
160,241
216,017
579,879*
505,144
241,600
88,079
251,700
1,202,160
178,937
204,927
252,708
109,494
998,532
100,000
152,600
88,550
70,000
453,519
205,279
191,900
187,483
95,000
478,569
1,522,433

Cash and Due
From Banks

Bonds and
Securities
370,800
43,474,591
1,722,891
3,895,715
135,300
127,588
691,193
570,415
1,332,450
1,094,031
1,434,345
373,700
157,661
112,600
221,294
348,019
383,845

Cash and Due
From Banks
$ 240,361
8,809,592
838,055
1,480,379
362,186
257,971
294,773
132,565
727,000
544,027
790,383
240,821
151,079
78,710
463,971
474,811
323,092

1,143,574
1,187,090
351,658
813,867
276,800
172,748
269,170
797,084
485,894
1,494,270
745,357
14,167,458
15,597,951
38,168,760
163,242
6,628,296
21,155,124
567,919
286,406
583,102
451,109
263,793
408,500
225,212
252,805
800,900
111,373
617,594
252,931
662,564
656,651
157,935
480,928
607,876
263,377
433,961
219,728
148,073
496,841
2,544,629
535,418
615,211
297,405
104,913
1,178,906
105,756
282,505
175,981
250,692
418,368
341,473
124,482
333,658
314,193
162,916
1,031,297
365,765
525,286
231,919
381,072
337,209
178,184
1,065,823
656,302
269,652
396,896
132,122
771,044
235,531
401,923
72,444
165,728
389,903
1,923,822

Deposits
1,380,194
2,401,054
938,612
1,509,191
621,960
380,498
696,703
2,335,229
849,862
3,531,944
2,151,916
56,381,307
45,506,826
110,342,173
1,020,725
17,514,090
57,592,295
1,072,696
559,367
1,227,153
1,094,735
526,167
644,734
309,541
478,840
1,419,744
215,497
1,143,078
546,062
1,144,211
1,723,358
304,751
827,246
1,098,714
461,337
1,242,647
476,466
459,180
1,513,057
5,928,214
1,579,718
1,081,418
594,124
234,199
3,042,297
298,514
394,778
516,249
459,676
1,070,707
1,059,043
569,463
341,033
676,677
675,175
960,505
398,341
1,299,303
743,7^8
2,247,673
556,413
656,252
630,874
310,311
2,356,912
1,009,917
509,170
564,282
296,157
1,333,552
522,765
779,055
374,476
300,959
946,334
3,963,985

North Dakota
JUNE 30, 1943
C A SH IE R
Capital
BANK
. . First N ational B a n k ............................ . . J. W . M ilsten ......... . . . S
25,000
2,000,000
. . Bank of North D akota.......................
100,000
. . Dakota National Bank and Trust. , . A . A . M ayer............
200,000
B ism arck............ . . First National B a n k ............................ . . B. F. L aw yer.........
50,000
B ow m an.............. . . First National B a n k ............................ . . D . G. Hogoboom . . .
25,000
B uffalo................ . . .First State B a n k .....................................
30,000
C arrington. . . . . . . Foster County State B a n k .................. . . Guy Cook ..................
25,000
Cooperstown. . . . . First State B a n k ..................................... . Geo. H. Johnston. .
75,000
Devils Lake. . . . . .F i r s t National B a n k ............................ . . W endell Haley . . .
75.000
Devils Lake. . . . . . Ramsey County N atio n al................ . . A . W . Omdahl. . . .
100,000
D ickinson......... . .. F i r s t National B ank............................... . T. A . T ollefson.........
25,000
...F i r s t National B a n k ............................... . H. M. Rossebo...........
23,000
D rayton.............. . . .Drayton State B a n k ............................ . K. H. Johnson. . . .
15,000
Dunn C en ter.. . . .U nion Bank ............................................ . . O. T. E venson.........
25,000
...S e c u r it y N ational B a n k ..................... . . C. W . B u rges.........
50,000
. . . Citizens State B a n k ............................ . . E. N . K ittleson.........
65,000
Enderlin.............. . . Peoples & Enderlin S ta te................ . . Lena Selvig ..............
TOW N

Northwestern Banker


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

August 19^3

Surplus and
Profits
$
33,837
2,034,888
82,074
304,713
15,031
18,618
58,645
42,076
86,367
11,416
119,697
33,892
11,793
13,423
20,114
12,195
10,077

Loans and
Discounts
$ 121,895
2,258,896
495,427
552,907
664,299
130,542
278,477
229,224
213,234
241,844
338,377
498,922
214,595
209,095
286,063
140,221
129,759

§

Deposits
$
679,636
50,176,199
2,673,871
5,522,497
1,115,192
484,301
1,183,598
872,712
2,135,868
1,773,158
2,404,410
1,053,895
490,802
374,485
934,064
905,134
771,513

21
TO W N
BANK
C A SH IE R
F a rg o ......................... First National Bank & Trust C o . . . G .
W . Jenson...................
F a rg o ......................... M erchants N a t’l. Bank & Trust C o .. C.
H . O lson......................
F in ley ....................... Citizens State B a n k ....................................... M. R. Sim onson.............
G arrison...................Garrison State B a n k ...................................H . T. H o ltz ....................
G ilby..........................First State B a n k ..........................................A . A . H olm quist.............
G ra fto n ..................... Grafton National B a n k ..............................D. M . U p h a m ..................
Grand F o rk s......... Northwestern Trust C om pany................ M. C. B acheller..............
H ank in son.............. Lincoln State B a n k ..................................... F. O. H ealy .....................
H ettin ger...................First N ational B a n k ...................................L. C. M en sin g..................
H illsboro...................Northwestern State B a n k ...................... Leonard Beal ..................
H op e.......................... First State B a n k ....................................... .. M . G. Pederson..............
Jam estow n............. James River N atio n al............................... E . W . H a u s e r ...................
Jam estow n............. The National B a n k .................................... L. H . Ickler, Jr................
K illdeer.................... Bank of K illdeer.........................................J . O. Severtson................
K indred....................Kindred State B a n k ..................................... John Ottis ......................
L a M cu re..................First State B a n k ..........................................C. H . A l i n ........................
L a n gd on .................. The Northwestern B a n k ......................... Gus H a r t m a n ..................
L a n k in .......................Citizens State B a n k .................................... W . J. V crachek.............
L arim ore................. Elk V alley State B a n k ........................... A . N . Johnson..................
L isbo n .......................Farm ers State B a n k ..................................L. E. L ilyqu ist................
M an d an .......................First National B a n k ...................................A . E. Luhke....................
M ayville................... Goose River B a n k .......................................N . C. K la h o.......................
Minnewaukan . . . . Farm ers State B a n k ................................H . S. H erm an ..................
M in o t.........................Am erican State B an k ................................C. P . K je lstru p ................
M in o t.......................... First National B a n k ..................................W alter E. T ooley............
M in ot......................... Union N ational B an k ............................... I. S. W estlak e.................
M un ich......................First State B a n k .........................................J. J. H illm a n ..................
New E n glan d ......... Citizens State B a n k .................................. A . O. L o n a ......................
New R ockford. . . .F irst State B a n k ......................................... Lynn W . Schwoebel. . .
O akes............................First N ational B a n k ...................................Glenn V . D ill.................
P a g e ........................... First State B a n k ......................................... E . G. C lapp.......................
Par sh a ll....................Peoples State B a n k .................................... E . O. L erberg..................
P ortland................... First & Farmers National B a n k . . . . E . R . F o ss.......................
R egen t.......................First State B a n k ........................................... H . C. B ow ers..................
R ham e....................... The Bank of R h a m e ................................. R. Hestekin ....................
R ichardson..............Farm ers State B a n k .................................. I. E. Giedt.........................
R olla ...........................Rolette County B a n k ............................... M . L. Lindeblad..............
R u gby........................ Merchants B a n k ...........................................J. W . M offatt..................
Sharon....................... First State B a n k .................................... . . M . W . D uncan..............
Souris.......................... State B a n k .......................................................O. S. F reem an.................
Stan ley......................Scandia Am erican B a n k ........................... O. K . Anderson................
V alley C ity .............Am erican National B a n k ........................ R . M. H ougen..................
V a lley C ity .............First National B a n k .................................. H . M . Erick son...............
W ah p eton ................ Citizens National B a n k ..............................G. H . Reeder..................
W ah p eton ................The National B a n k .................................... O. J. O lson.......................
W ash b u rn ................Farmers Security B a n k .............................H . A . Fischer.................
W atford C ity ......... First International B a n k ..........................O. N . Stenehjem .............
W eb ster.................... The Bank o f .................................................. A . I. M u n ig .......................
W illisto n ..................Am erican State B a n k ............................... F. E . Stew art..................
W illisto n ..................First National B a n k .................................. R. G. R asm usson...........
W ilt o n ..........................First National B a n k ...................................G. Hochhalter ...............

Capital
350,000
150,000
15,000
15,000
25,000
75,000
100,000
15,000
50,000
40,000
20,000
100,000
100,000
25,000
25,000
25,000
15,000
15,000
25,000
50,000
100,000
50,000
25,000
50,000
150,000
100,000
30,000
25,000
25,000
50,000
15,000
15,000
25,000
25,000
20,000
25,000
15,000
25,000
25,000
15,000
25,000
50,000
50,000
75,000
75,000
15,000
15,000
19,900
50,000
50,000
35,000

Surplus and
Profits
495,520
249,927
6,503
14,168
15,481
98,353
28,077
15,594
33,164
51,852
13,783
45,927
60,516
43,562
26,071
7,301
38,586
23,811
35,610
29,699
59,036
73,443
22,110
24,503
180,070
84,673
27,965
40,415
55,786
21,624
11,568
15,114
23,118
19,454
11,354
22,109
32,037
26,250
20,839
17,229
23,256
40,684
73,342
65,504
57,248
33,642
16,885
4,439
30,057
31,175
5,345

Loans and
Discounts
2,036,455
1,104,366
14,801
458,241
248,212
692,647
4,223
143,751
735,600
447,817
242,000
504,065
487,681
332,311
388,146
57,725
170,838
185,999
303,288
278,870
645,228
473,351
289,765
593,448
1,366,120
383,375
150,712
420,298
261,341
180,572
126,521
559,761
133,797
258,529
251,564
317,305
220,634
361,207
199,860
205,837
364,960
334,495
481,504
630,289
544,065
357,097
446,819
152,490
719,928
245,235
106,570

Bonds and
Securities
7,679,106
3,981,439
20,000
196,310
354,672
2,054,080
90,528
322,263
315,243
816,028
244,848
1,691,548
1,510,943
346,327
236,528
231,200
583,530
513,753
370,356
589,150
1,433,913
967,566
239,611
846,350
3,410,716
1,409,016
940,159
313,977
422,701
509,617
81,846
96,900
323,305
183,000
67,153
226,950
429,575
416,485
133,775
194,800
338,147
796,766
812,237
1,412,617
442,045
348,965
207,900
33,375
759,600
739,740
127,464

Cash and Due
From Banks
3,350,576
1,446,853
61,987
154,332
104,367
473,534
53,367
258,571
505,377
276,499
249,868
602,959
729,300
94,735
406,737
374,193
142,810
212,053
254,723
512,788
620,055
217,356
289,081
542,429
1,759,957
580,582
196,263
388,716
404,732
389,713
125,395
362,185
278,515
385,466
234,537
121,511
138,990
498,654
334,754
288,042
239,359
316,396
435,728
445,977
1,086,384
278,948
284,822
95,267
1,033,129
805,583
210,450

Deposits
11,951,706
6,171,040
75,336
788,915
670,903
3,035,468
246,312
684,469
1,491,379
1,454,439
697,800
2,648,567
2,587,255
712,319
983,524
649,163
850,644
791,357
867,283
1,288,038
2,490,699
1,557,110
764,530
1,914,078
6,320,162
2,255,764
1,232,790
1,063,877
1,035,369
1,024,658
307,725
994,132
695,250
755,011
504,943
624,145
742,828
1,214,650
633,397
651,957
842,906
1,373,718
1,638,629
2,383,309
1,962,997
880,517
828,497
255,669
2,469,835
1,739,386
416,585

South Dakota
JUNE 30, 1943
TOW N

C anova....................... Security State Bank.
C olom e....................... Bank o f Colome.

E u rek a....................... Eureka State Bank .

H a rtfo rd ...................Com m unity B ank.

H osm er.....................Farmers State Bank.
H u ron ....................... Farmers & Merchants B ank. .

M ellette..................... Farmers


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

State

C A SH IE R
Capital
.Clayton W a l k e r . . .. . .S 100,000
F. M. M cK ellips____
25,000
Ralph P ie r ................
25,000
. G. Q. R unkel............
50,000
A. H. P irotek............
25,000
-T . A . Peterson.........
50.000
H. C. G ross................
15,000
. C. N. H alvorson. . . .
25,000
,F . O. P a lm er............
15,000
.John N . T h om son ..
50,000
. L. L. M a n n ................
25,000
.A lic e P elletier.........
25,000
. C. E. P e rrin ..............
25,000
. M. J. T w iss................
25,000
,V . A . J o r g e n s e n ....
15,000
. B. W . K ea tin g ............
30,400
R. F. Petschow. . . .
25,000
. E. F. Herrboldt. . . .
25,000
. O. L. Greguson.........
25,000
.D avid R. M i l l e r ....
25,000
.Julius Bertsch .........
25,000
. T. E. W an g sn ess. . .
45,000
. H . F. W a rn er............
25,000
.Florence Morehead .
25,000
.N . F. V a n Fleet. . . .
25,000
.Jam es Erickson . . . .
25,000
.J. A . Stiegar............
45.000
. J. A . H ardesty.........
25,000
.A lb ert J. H aerter. .
15,000
O. A . K vernes............
25,000
L. .1. M an n in g ...........
100.000
. G. H. M a xam ............
25,000
Chas. E . P endo. . . .
42,000
. C. O. Peterson.........
25,000
A. O. R olien............
50.000
. S. A . Jacobs................
25,000
, W m . E. W e n z e l.........
26,200
.C a rl W . H icks............
25,000
.G eo. P. C ady............
15,000
R. H. Seydel..............
25,000

Surplus and
Profits
$ 212,279
87,115
24,951
57,063
45,888
30,634
11,503
34.158
15,718
36,004
37,440
24,495
40,898
20,583
15,404
17,147
17,960
30,004
38,121
8.652
46,234
22,502
17,238
65,950
51,488
13,169
2.969
52,088
25,896
40,793
56,854
61,541
31,725
46,751
38,701
25,720
15,030
8,179
4,235
19.033

Loans and
Discounts
$ . 310,481
506,826
63,631
808,717
238,240
469,981
76,692
90,599
117,342
208,376
62,153
162,899
188,053
103,030
127,545
164,723
143.395
521,061
317,714
188,823
190,050
290,529
51,182
216,635
311,833
135,833
85,442
243,366
131,237
149.692
330,921
268,190
149,396
528,870
422,461
183,828
98,673
193,084
31,771
121,764

Bonds and Cash and Due
Securities
From Banks
3,581,777
1,079,300
261,344
509,778
178,462
243,496
195,010
641,312
155,793
220,211
324,400
722,567
110,534
256,631
191,376
243,155
178,753
109,269
561,262
556,305
452,844
390,686
135,500
407,480
166,815
429,643
213,300
154,748
42,491
96,514
281,433
283,490
369,212
212,186
401,300
225,909
131,271
326,377
207,750
177,479
330,753
253,790
284,900
424,284
201,422
184,891
620.007
364,568
269,135
347,729
154,128
159,919
378,520*
544,086
307,699
305,924*
288,081
494,008
1,217,300
1,188,818
268,863
296,218
315,891
320,657
239,700
297,784
834,128
313,166
542,580
242,467
176,776
136,749
60,000
202,674
138,746
146,271
237,700
227,284

Northwestern Ranker

Deposits
4,721,562
1,174,435
439,301
1,561,747
619,358
1,487,550
419,127
473.699
377.647
1,260,674
848,427
663,961
730,408
441,280
237,346
681,907
689,891
1,098,502
714,992
533,628
705,710
945,643
395,272
1,128,060
1,159,460
420.647
426,493
1,026,254
404,575
816,775
2,588,963
762,933
722,279
995,356
1,499,849
927,141
371,201
428,832
303,163
553.700

August 19b3

22
TO W N
BANK
C A SH IE R
M ilbank..................... Dakota State B a n k ....................................F. F. P hillippi...............
M iller......................... First National B a n k ..................................L.
E . W ea v e r.................
M itchell.................... Commercial Savings B a n k ...................... E.
A . Loom er.................
M itchell.................... Mitchell N ational B a n k ...........................J.
N . Shelby..................
Murdo........................ Jones County State B a n k ........................ H .
C. P a rker.................
P arker.......................First National B a n k ..................................V .
L. G otth elf.................
P arkston...................First National B a n k ................................... W . C. R em pfer...........
P ierre......................... First National B a n k ................................. L. L. B ran ch .................
P ierre.........................Pierre National B a n k ................................ W alter H . B urke............
P la tte ......................... Farmers & M erchants B a n k ...............Lewis Vanderboom . . .
P resho....................... Farmers & Merchants State B a n k . B . A . M cA reavey...........
Rapid C ity.............. First National of The Black H ills ..N o e l W . K la r ..................
Rapid C ity.............. Rapid City N ational B a n k .......................W . E. Shoberg................
R oslyn....................... Farmers & Merchants State B a n k ..J . Schad .........................
Sa lem ..........................McCook County N ational B a n k .......... A . Boyd K n o x .................
Scotland.................. Farm ers & Merchants State B a n k ..K . L. Szym anski..............
Sioux F a lls..............First National Bank &Trust
C o.. . . W . E. Perrenoud............
Sioux F a lls..............National Bank of South Dakota . . . Frank J. C inkle...............
Sioux F a lls.............. Northwest Security National B a n k .J . V irgil L o w e...............
Stickney....................Farmers State B a n k ..................................E.
G. B orm an n ............
Stockholm ................Stockholm State B a n k .............................Verner Berg .................
T y n d a ll.....................Security State B a n k .................................. B. R . L a ird ......................
V erm illion ..............Citizens B a n k ................................................ H. A . B ergren ..................
V iv ia n ........................Vivian State B a n k ......................................N. C. C allan an ...............
W a g n e r .....................Commercial State B a n k ...........................R. A . C ihak......................
W ak o n d a.................. Security State B a n k ................................. A . J. M ikkelson.............
W a r n e r ..................... First State B a n k .........................................C. L. Seam an....................
W a terto w n ..............Farmers & M erchants B a n k ....................S. B. Crothers..................
W a terto w n ..............First Citizens National B a n k ...............Bert Morgan .................
W eb ster.................... Security B a n k ............................................... E.
H. P eters...................
W essington Spgs. Farmers & Merchants B a n k ................. F.
W . Bunday................
W ilm o t.....................W ilm ot State B a n k .....................................J. M . A a sla n d .................
Y a n k ton .................. The Am erican State B a n k ....................... H.
E. E dm unds............
Y a n k to n ...................First Dakota National B a n k .................H.
C. D an forth ............

Capital
25,000
50,000
100,000
100,000
15,000
25,000
25,000
50,000
50,000
25,000
25,000
500,000
150,000
24,800
25,000
30,000
365,000
250,000
500,000
17,500
20,000
25,000
59.000
10,000
30,000
25,000
15,000
50,000
150,000
25,000
25,000
25,000
50,000
100,900

Surplus and
Profits
37,059
118,901
75,104
86,351
9,381
19,912
37,886
17,540
64,094
54,559
56,161
615,823
199,344
2,753
81,932
35,426
311,849
198,523
742,957
12,368
10,367
30,361
33,183
13,189
57,746
35,708
11,398
90,017
188,969
45,071
18,155
29,488
151,807
67,637

Loans and
Discounts
299,819
726,956
587,570
788,855
85,824
74,967
77,771
228,243
170,405
206,978
502,123
4,000,212
1,705,335
60,996
101,834
105,033
1,666,125
1,311,689
3,247,506
84,256
134,310
85,934
327,397
36,086
227,372
328,921
145,010
596,361
753,712
279,487
95,319
121,762
797,469
586,464

Bonds and Cash and Due
From Banks
Securities
375,627
350,000
423,110
923,470
948,933
2,263,394
1,015,460
1,507,649
110,599
165,972
232,509
422,706
237,422
401,317
406,884
427,026
699,613
1,136,120
511,400
612,100
331,997
230,055
3,485,137
9,379,076
2,002,523
2,863,363
37,172
137,446
493,873
714,451
227,008
363,577
4,289,489
7,459,514
2.072,425
5,471,435
6,684,545
13,615,888
202,690
81,011
122,896
183,577
237,173
364,200
253,742
710,145
60.100
50,010
807,802
432.238
280,100
478,558
144,312
255,806
994,000
568,753
1,161,558
3,123,877
995,924*
360,899
143,000
303,982
244,009
933,601
1,869,450
537,266
1,573,410

Deposits
970,776
1,943,045
3,610.741
3,167,663
335,817
697,038
745,125
1,097,164
1,905,045
1,260,978
990,454
15,896,469
6,409,567
211,508
1,218,G81
636,073
12,805,623
8,461,282
22,661,846
339,645
412,618
631,984
1,225,541
124,841
1,383,189
1,028,910
508,238
2,034,297
4,805,101
1,222,779
561,600
620,147
3,397,465
2,584.805

Large City Banks
JUNE 30, 1943
Surplus and
Profits
Capital
TOW N
BANK
S 3,126,757
$
1,600,000
C hicago..................... American National Bank & Trust Co..............
4.000.
000' 4,515,461
C hicago..................... City National Bank & Trust Co............................
50.000.
000 74,676,609
Chicago..................... Continental-Illinois National Bank & Tr. Co..
1.000.
000 1,151,373
C hicago..................... Drovers National B a n k ..............................................
666,134
350.000
C hicago.....................Drovers Trust & Savings B a n k ...............................
30.000.
000 54,800,150
C hicago..................... First N ational Bank of C hicago............................
1,638,287
1
,
000,000
C hicago..................... Live Stock National Bank of C hicago..............
3.000.
000 11,857,104
C hicago..................... Northern Trust C om pany..........................................
18,935.219
18.500.000
D etroit....................... National Bank of D etroit............................................
1.000.
000 2,656,582
Kansas C ity............City National Bank & Trust Co..............................
8,553,934
6 , 000,000
Kansas C ity ............Commerce Trust C om pany..........................................
8,368,239
10 . 000.
000
M ilw aukee................First W isconsin National B a n k .............................
2,575,825
6 , 000,000
N ashville.................. The American National B a n k ................................
25.000.
000 97,515,492
N ew Y o r k ..............Bankers Trust Com pany.............................................
80,239,673
21. 000. 000
New Y o r k ..............Central Hanover Bank & Trust Co.......................
150,112,417
New Y o r k ..............Chase National B an k ...................................................... 100,270,000
90.000.
000 195,453,135
New Y o r k ..............Guaranty Trust Com pany..........................................
55,339,984
50.000. 000
New Y o r k ..............Irving Trust Com pany.................................................
46,255,896
41,306,080
New Y o r k ..............Manufacturers Trust C om pany.................................
15.000.
000 35,101,910
New Y o r k ..............New York Trust Com pany........................................
7.000.
000 11,905,593
N ew Y o r k ..............Public National B a n k ....................................................
14.000.
000 34,482,161
Philadelphia............Philadelphia National B a n k ..................................
308,439
200.000
St. Joseph.............. Am erican National B a n k .......................................
523,605
500.000
St. Joseph.............. First National B a n k .....................................................
116,711
250.000
St. Joseph.............. First St. Joseph Stock Yards B an k .....................
329,138
200.000
St. Joseph.............. Tootle-Lacy National B a n k ...................................
82,349,641
58,122,640
San Francisco. . . . Bank of A m e rica..........................................................
2,644,689
2,500,000
St. L o u is.................. Boatm en’s National B a n k .........................................
10,579,519
10. 200.000
St. L o u is.................. First N ational B a n k .......................................................
7,794,603
10
.
000
.
000
St. Louis...................M ercantile-Commerce Bank & Trust Co.............
6.000.
000 4,188,052
St. L ou is.................. M ississippi V alley Trust C o m p a n y ...
-------

I. B. A. Nominee
John Clifford Folger, investment
banker of Washington, D. C., will head
the official ticket of nominees of the
Investment Bankers Association of
America to be elected at the asso­
ciation’s annual meeting in New York,
November 3d, 4th, and 5th, it was
announced by Jay N. Whipple of Ba­
con, Whipple & Co., Chicago, president
of the association. The presidential
nominee is head of the Washington
investment house of Folger, Nolan &
Co. and has served for the last two
Northwestern Banker


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

August Î943

Loans and
Discounts
S 23,493,496
54,113.721
260,869,504
4,853,451
3,953,990
298,964,069
5,446,539
31,840,558
103,661,995
21,823,690
56,792,468
43,475,303
10,826,186
308,417,549
242,949,006
717,908,709
624,160,820
163,910,370
276,254,773
142,366,409
68,329,078
78,672,247
2,898,918
2,886,455
1,174,951
1,191,904
777,652,890
18,335,200
84,812,166
35,937,154
41,999,084

years as a vice president of the asso­
ciation.
Others on the regular ticket, as ap­
proved by the association’s Board of
Governors for submission at the an­
nual meeting, are: Albert T. Armitage
of Coffin & Burr, Boston; Albert H.
Gordon of Kidder, Peabody & Co., New
York; Edward Hopkinson, Jr., of Drexel & Co., Philadelphia; Vic E. Breeden
of R. H. Moulton & Company, San
Francisco and Julien H. Collins of
Harris, Hall & Company, Chicago, all
nominated as vice presidents. In the
case of the first three men this repre­

$

Bonds and
Securities
68,012,831
146.854,439
1,501,211,325
31,018,532
7,416,852
1,095,662,995
23,837,998
378,055,938
665,978,052
29,997,611
159,386,751
279,058,954
10,592,920
857,148,563
978,180,029
2,748,857,545
1,898,496,061
657,510.991
872,933,283
433,140,388
170,923,953
501,057,691
7,476,597
11,692,215
4,276,731
8,389,258
1,703,711,246
79,011,094
197,270,131
156,884,281
92,572,967

Cash and Due
From Banks
S 36,503,702
65,100,031
457.840.293
27,655,538
2,246,571
389,460,494
14,743,721
115,812,491
296,436,261
26,906,249
113,372,069
117,021,226
41,387,103
289.234,207
295,160,610
943,768,352
518,735,739
203,704,260
330.842.294
133,647,316
61,087,893
193,367,809
6,248,373
9.127,831
3,309,122
4,531,325
584,123,684
28,586,093
87,558,739
67,408,439
44,246,898

$

Deposits
122,215,029
256,813,495
2,090,709,847
60,861,141
12,277,423
1,703,773,435
41,957,098
500,344,599
1,028,809,792
75,159,942
317,250,564
421,505,680
139,012,246
1,347,633,891
1,432,945,842
4,193,352,244
2,741,653,523
945,997,682
1,416,802,430
642,830,902
281,191,456
722,821,101
16,242,450
22,795,934
8,416,145
13,638,280
2,937,266,512
120,859,206
350,604,099
246,072,468
168,875,504

sents renominations since they are at
present serving as vice presidents.
Nomination is considered tantamount
to election, as the selections of the
board have always been approved.
Early or Late?
Father: “ Mary, who was that man
I saw you kissing last night?”
Mary: “What time was it?”
Easier to Do
He: “ Shall we sit in the parlor?”
She: “ No, I’m tired—let’s play ten­
nis.”

23

M EM BER
FEDERAL
D E P O S IT
IN S U R A N C E
C O R P O R A T IO N

National Bank

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

Northwestern Banker

August 19^3

In W hat Year Is Rent Paid In
to Federal Income Tax?

Advance
ERSA, a California banker, re­
tired and went to Iowa to live.
He purchased certain real estate
there. One of his purchases was a
store building which he rented to a
pottery distributor for ten years under
a lease calling for the payment of part
of the rental for the tenth year at the
time the lease was signed. Such ad­
vance rental was duly paid. Was the
payment taxable as income for federal
income tax purposes in the year it was
received?

V

Yes. An amount paid to a lessor as
rent in advance is taxable income in
the year of its receipt.

A corporation paid one of its officers
$25,000, which was described as a
gift in recognition of the officer’s
past successful direction of its corpo­
rate affairs. At the same time he re­
linquished certain earned commissions
and a contract entitling him to future
commissions. Was the payment tax­
able as income under the federal in­
come tax law?
Yes. Where an officer of a corpora­
tion relinquishes earned commissions
and a contract entitling him to future
commissions, the payment to him by
the corporation of $25,000, which is
described as a gift in recognition of his
past successful direction of its corpo­
rate affairs, is not a gift but is in effect
a bonus subject to the federal income
tax as part of his compensation for
services rendered.

Smith, an Iowa banker, was engaged
in several other businesses through­
out that state. One of his trusted
employees embezzled some of his
funds, taking and converting the

S

These and Other Timely Legal
Questions Are Answered
By the

LEGAL DEPARTMENT

money in a county other than the
county in which it was the employee’s
duty to account to the banker. Be­
cause of a local situation it was not
wished to prosecute the employee in
the county where the taking occurred.
Could he be prosecuted where it was
his duty to account?
Yes. One charged with embezzle­
ment in Iowa may be prosecuted
either in the county where the unlaw­
ful taking and conversion of his princi­
pal’s money takes place or in the
county where it was the embezzler’s
duty to make an accounting of the
money to his principal.

Grant signed, as surety, an agree­
ment with a Nebraska bank whereby
he guaranteed the payment of an
indebtedness of Harris to it. The
agreement p r o v id e d that Grant
“waived all notice of any nature what­
soever” . The indebtedness was not
paid and the statute of limitations ran
as to it. Thereafter Harris, without
any authorization or ratification by
Grant, made certain payments that
revived the indebtedness as to Harris.
Was it revived as to Grant?
No. A surety’s waiver of “all notice
of any nature whatsoever” does not
operate to supply a surety’s consent

carborough
*

zLfo •MPANY
¿AlÂ4'4L;I£l4t€£s

First National Bank Building, Chicago

Northwestern Banker


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

August 1943

and authority to the making of a
partial payment in the future which
would have the effect of tolling the
statute of limitations as to the surety.
The wording of the waiver was con­
cerned with notice only and not with
consent.

Pollard died in Iowa, leaving a will
which created a trust in favor of his
daughter, as beneficiary, for life. The
will provided for the appointment of
a trust company as trustee and further
provided that the trustee should trans­
fer the trust property upon his
daughter’s death as she might appoint
and direct or to certain other named
persons in the event she did not ex­
ercise the power of appointment. The
daughter died, leaving a will providing
for the disposal of the property held
by the trust company as trustee in a
manner that clearly showed that she
intended to exercise the power of
appointment. Her will, however, did
not set forth in so many words that
she was exercising the power. In
such circumstances was the power
duly exercised?
Yes.
An intention to exercise a
power of appointment appears by
words, acts, or deeds demonstrating
the intention, and it is not necessary
that the exercise of the power be set
forth in definite words.

Farrell owned a large tract of land
in Minnesota bordering upon a lake.
He conveyed all but ten acres on the
lake to Snow, reserving to himself a
travel road “by foot or wagon” for
ingress and egress to the ten acre
tract. The conveyance was made about
1900. By 1940 it was developed that
the ten acres had some valuable

fay

Horace A. Smith, Iowa Representative
Des Moines, Iowa

25

gravel deposits and Farrell sought to
take out the gravel by truck. Could
he do so?
Yes. In a recent decision involving
facts similar to those outlined in the
question, the Minnesota Supreme
Court held that the word “wagon”
was used in the generic sense and was
broad enough to cover vehicular trans­
portation at present in common use.
In other words, trucks may be used
to take out the gravel along the right
of way to the ten acre tract.

THE
FO U R T H OF JULY
W ithin the shadow of Inde­

McNorton sued Frandord in North
Dakota on a promissory note. The
note originally ran to McNorton’s
father, who had died. It was shown
at the trial that there were judicial
records in existence in another state
which p r o v id e d that McNorton
succeeded to the note, but properly
authenticated copies were not pro­
duced in the suit on the note. Counsel '
for Frandord objected to the intro­
duction of verbal testimony by Mc­
Norton regarding the probate records
and they were sustained. Was such
correct?

pendence Hall, and o n ly a
short twenty-seven years after
its historic bell proclaimed
Liberty throughout the land,
The Philadelphia Bank was
organized.
Through all the years of Pros­

Yes. Judicial records in existence
must be proved by properly authenti­
cated copies in preference to recol­
lection testimony.

perity, Depression, Panic and
War that have intervened,
this institution has continued

Due to a wrongful and negligent act
of Anderson, Rossen sustained in­
juries to his person and to his auto­
mobile in South Dakota. Rossen sued
Anderson for the damage to the car
and recovered. Later Rossen sued
Anderson for damages because of the
personal injuries. Can Rossen re­
cover?
No. A single wrongful or negligent
act causing an injury to both the
person and property of the same indi­
vidual constitutes hut one cause of
action with separate items of damages.
A recovery of a judgment for either
item of damage will bar an action to
recover for the other item of damage.
There are certain exceptions to this
rule, hut they are not in point in the
circumstances outlined.

A Nebraska banker owned a farm
in that state through which ran a
stream. The channel of the stream
changed and nothing was done to
restore it to the former bed. All in­
volved, including the owner and lower
riparian owners, treated with the old
bed as having been abandoned, farm­
ing it, building roads and bridges, and
so on, accordingly. This went on for
a substantial number of years. The
banker, by reason of faulty drainage,

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State, and the Nation.
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Bank with a proven record for
efficiency and service.
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August 1943

26

came to want to restore the former
channel. Could he do so?

M anufacturers
TRUST CO M PAN Y
Condensed Statement o f Condition as at close o f business
June 30, 1943
RESOURCES
Cash and Due from B a n k s.................. $330,842,294.15
805,566,229.02
U. S. Government Securities............
U. S. Government Insured
F. H. A. Mortgages.......................
9,688,824.67
State and Municipal Bonds...............
23,632,686.60
Stock of Federal Reserve Bank . . . .
2,229,200.00
Other Securities ................................
33,845,544.36
Loans, Bills Purchased and
Bankers’ A ccep tan ces....................
276,254,773.76
M ortgages...........................................
13,949,773.81
Banking H o u s e s ................................
12,307,280.15
Other Real Estate Equities...............
2,160,858.28
Customers’ Liability for Acceptances
3,750,659.22
Accrued Interest and Other Resources
3.087,714.59

No. The general rule on matters
of this kind is that a riparian owner
may restore to its former channel a
stream which has formed a new chan­
nel upon his land, providing he does
so within a reasonable time after the
new channel is formed and before the
interests of lower riparian proprietors
along the course of the old channel
would he injuriously affected by such
action on his part. This was not done
in this case and the banker could not
restore the channel.

Suppose that, in the preceding ques­
tion, the banker sought to change the
channel back to the former course
within a period of time set by the
statute of limitations as governing real
estate actions generally. Would he,
thereby, be within his rights in doing
so?

$1,517,315,838.61
LIABILITIES
Preferred Stock . . .
$ 8,307,640.00
Common Stock . . .
32,998,440.00
Surplus and
Undivided Profits
46,255,896.09
87,561,976.09
Reserves..............................................
7,516,899.96
Dividend on Common Stock
(Payable July 1, 1 9 4 3 )..................
824,959.50
Dividend on Preferred Stock
(Payable July 15, 1 9 4 3 )...............
207,691.00
Outstanding Acceptances.................
4,401,881.65
D ep osits.............................................. 1,416,802,430.41
$1,517,315,838.61
United States Government and other securities carried at $140,233,401.64 are pledged
to secure U. S. Government War Loan D eposits o f $103,136,633.79 and other public
fu n d s and trust deposits, and f o r other purposes as required or perm itted by law.

-DIRECTORS
EDWIN M. ALLEN

CHARLES FROEB

President, Mathieson
A lkali Works, Inc.

EDWIN J. BEINECKE
Chairman, The Sperry &
Hutchinson Co.

EDGAR S. BLOOM
President, Atlantic, G u lf
and West Indies
Steamship Lines

LOU R. CRANDALL
President, George A.
Fuller Company

CHARLES A. DANA
President, Spicer
M anufacturing Corp.

HORACE C. FLANIGAN
Vice-President

C. R. PALMER
President, Cluett,
Peabody & Co., Inc.

GEORGE J. PATTERSON

PAOLINO GERLI
President,
E. Gerli & Co., Inc.

HARVEY D. GIBSON
President

JOHN L. JOHNSTON
President,
Lambert Company

OSWALD L. JOHNSTON
Simpson Thacher &
Bartlett

CHARLES L. JONES
The Charles L. Jones
Company

SAMUEL McROBERTS

President, Scranton &
Lehigh Coal Co.

HAROLD C. RICHARD
Chairman, General Bronze
Corporation

HAROLD V. SMITH
President, Home
Insurance Co.

ERNEST STAUFFEN
Chairman, Trust Committee

GUY W. VAUGHAN
President, Curtiss- Wright
Corporation

HENRY C. VON ELM
Vice-Chairman o f the Board

New York City

JOHN P. MAGUIRE

JOHN M. FRANKLIN
Hew York City

Chairman, Lincoln
Savings Bank

President, John P.
Maguire & Co., Inc.

ALBERT N. WILLIAMS
President, Western Union
Telegraph Company

Principal Office: 55 Broad Street, New York City
68

B A N K IN G O F F IC E S

IN

G R E A T E R N EW Y O R K

European Representative Office: 1, Cornhill, London, E. C. 3
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance Corporation
Both Common and Preferred shares have a p a r value o f $20 each. The Preferred is convertible into
and has a preference over the Common to the extent o f $50 p e r share and accrued dividends.

Northwestern Banker


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

August 19^3

No. The time within which a stream
may he restored to its original channel
by a riparian owner does not depend
upon a statute of limitation but upon
whether the public has acted in justi­
fication on a belief that the change is
to be permanent and has made
changes in their property in reliance
on such belief.

Forms Committee
Formation by the American Bank­
ers Association of a Committee on Fed­
eral Deposit Insurance whose func­
tion will be the continuing study of
the deposit insurance system was made
known by W. L. Hemingway, A.B.A.
president, who is president of the
Mercantile-Commerce Bank and Trust
Company, St. Louis, Missouri.
The committee will be an adjunct
of the Association’s Committee on Fed­
eral Legislation. Members are:
Claude E. Bennett, Chairman, Presi­
dent, Tioga County Savings and Trust
Company, Wellsboro, Pennsylvania;
E. J. Boyd, President, Second National
Bank, Warren, Ohio; A. F. Cruse, Pres­
ident, Routt County National Bank,
Steamboat Springs, Colorado; Preston
B. Doty, President, First National
Bank, Beaumont, Texas; E. V. Krick,
Vice President, American Trust Com­
pany,
San Francisco,
California;
George L. Rice, President, Hardwick
Bank and Trust Company, Dalton,
Georgia; H. N. Thomson, Vice Presi­
dent, Farmers and Merchants State
Bank, Presho, South Dakota; Donald
C. White, Executive Vice President,
First National Bank, Lewiston, Maine;
Evans Woollen, Jr., President, Fletch­
er Trust Company, Indianapolis, In­
diana.

W hen Johnny Comes March'll^
The Service A ct of 1940 Says His Former Job Must Be
Restored if He Wants It Back

W

HEN the present war is over,
we will have something over

10,000,000 men and women in
the military service, probably three
times as many to demobilize as we had
at the end of World War I. The re­
adjustment for war is gradual. The
readjustment for peace may become an
avalanche unless we prepare for it.
We may easily have greater problems
when war is over than we are having
during the war. We must meet the
problems of rehabilitation and estab­
lishment of returning men and women
in civil life, and at the same time face
the probability of establishing a new
economic and possibly a new social
order. Unlike World War I, when the
great majority in the armed services
were between 21 and 30 years of
age, we will have millions above 30
years of age, men and women whose
business and family life have been
rudely interrupted and whose progress
toward a competence has been set back
many more years than the years of
service they will have given.
The Selective Training and Service
Act of 1940 contemplates not only the
raising of an army, but also job resto­
ration for men of that army. Briefly
stated, the act provides that all per­
sons inducted into the land or naval
forces who, in the judgment of those
in authority over them, satisfactorily
complete their service, shall be en­
titled to certificates to that effect which
shall include a record of any special
proficiency attained.
Any such person who has left a
position to enter military service,
other than a temporary position, and
is still qualified to perform the duties
of that position, may make application
for re-employment within forty days
after his military service terminates.
If such position was in the employ of
the United States government, the act
makes mandatory, without qualifica-

By Harold J. Requartte
General Counsel
Woodman Ac c id e n t Com pany
Lincoln. Nebraska

H A R O L D J. R E Q U A R T T E
“ A m erica M u st M ake I t W o r k ”

tion, the restoration to such position
or to a position of like seniority, status
and pay. If such position was with a
state or any political subdivision
thereof, it is declared to be the sense
of the Congress that such person
should be restored to such position or
to a position of like seniority, status
and pay.
As to private employers, the act is
couched in broad terms, providing that
such employer shall restore his former
employe to his position or to a position
of like seniority, status and pay, unless
the employer’s circumstances have so
changed as to make it impossible or

unreasonable to do so. What circum­
stances will make it “impossible or
unreasonable” for an employer to re­
store the former employe to his posi­
tion, or a like position? Certainly the
whole purpose of the act would be de­
feated if the employer could say that
the position and all like it were filled
by competent persons hired after the
former incumbent was inducted. That
a girl was filling a job left by a man,
and perhaps doing it better, would not
be a reasonable excuse for denying
re-employment. I know of a company
having a military service plaque in the
lobby of its building, on which are
listed nearly half as many names as
are on its normal payroll. Discharge
of nearly half of its present staff
would enable it to comply with the
Selective Service Act, but would not
result in any net gain in employment.
Perhaps those who stay at home must
relinquish their positions to those
returning, and it is not an unreason­
able sacrifice that they should, but no
economic gain will be achieved by such
a process.
Assuming that the returning soldier
has obtained a certificate of satis­
factory service from the service au­
thorities, is still qualified for the posi­
tion, and applies for re-employment
within the forty days after he leaves
the service, and his application is
refused, we next consider his remedy.
The act, as amended in 1942, provides
that he may apply to the United States
District Attorney, for the district in
which his employer has a place of
business, and ask his aid. That official,
if reasonably satisfied that the appli­
cant is entitled to benefits under the
act shall act as his attorney without
cost. He may settle the matter by arbi­
tration or he may file a motion, pe­
tition or other appropriate pleading
in the United States district court.
That court may require the employer

S carborough ¿.C ompany
First National Bank Building, Chicago

Horace A. Smith, Iowa Representative
Des Moines, Iowa

Northwestern Banker

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

August 19'i3

28

o n ’ t you agree that
time is a great testerof ideas
as w e ll as institutions? O n e
hundred
have

nine ty-o n e

proven

the

years

idea of

mutual insurance sound and
profitable.
O v e r a third o f a century
of

service

to

the

to comply with the conditions of the
act, and as an incident thereto, to
compensate the rejected employe for
any loss of wages or benefits suffered
by reason of the employer's refusal of
re-employment. The act specifically
provides that no re-employed soldier
shall be discharged without cause
within one year from restoration.
It would seem to follow that wrong­
ful refusal of re-employment could not
result in a penalty greater than one
year’s wages, plus the present value of
any pension, annuity or retirement
plan which the employer had estab­
lished. As to such plans, the act pro­
vides that the employe shall be en­
titled to participation pursuant to
established rules and practices relating
to employes on furlough or leave of
absence as of the time of induction.
The Selective Service Act is but a
skeletal outline of re-employment pol­
icy. The employers of America must
make it work. Therefore, every busi­
ness man must consider how he can
help and what the broad objectives of
the plan must be. Some of them are:
1. Demobilization must involve more
than a $60 bonus and a ticket home.
We should try and place the soldier
in contact with a job before he is
finally released from the army.
2. We must utilize the services of
the United States Employment Service
and all affiliated agencies to the ut­
most. But if we blithely leave the
problem to them alone, we are fore­

doomed to defeat. We must attack
re-employment through our Chambers
of Commerce and every other public
service and patriotic organization with
more organization and fervor than
ever characterized a War Bond or
community chest drive.
3. Business men must expand their
personnel, even to the extent of de­
liberately overstaffing, and they must
invade new fields of business action,
knowing that unless they do so they
will collectively have a much bigger
bill to pay in a resulting depression.
4. Business must lend its experi­
enced personnel men to the end that
the man will be placed in a position
for which he is suited.
5. Government must subsidize new
industries and undertake a program
of public works that will make its en­
deavors in that field during the last
depression look infantile. Air trans­
port, the manufacture of rubber, and
the development of the plastic in­
dustry are three examples where many
can be employed.
6. Government must make credit
available at low interest rates so that
the self-employed ex-serviceman, for
whom the act makes no provision, may
regain his position in business. We
shall probably have to make direct
government loans so that ex-service
men may have tools, stock in trade,
land or other necessary things for
commencing an employment or occu­
pation.

middle

w est has gained w id e p u b ­
lic acceptance for our p o l i ­

OmaÂatifyoud...

cies in particular. W h y not
find out about

the advan­

tages enjoyed by hundreds
of

banker

company

agents
that

does

w ith

of this

a

outstanding

hotel,

noted as the civic, social

every

and

thing '"just a little b e tte r” ?

city.

travel

center of the

There's far more to

enjoy but it is far from be­

W r ite today.

ing expensive.

w«

HOTEL

Fontemle
Y
\/
Official A .A .A . hotel. Home

V /

V/

of the National Aeronautic

V /

V /

Assn. Headquarters of civic

V /

clubs including: Rotary, Ki-

V /
V /

V /
V /

Northwestern Banker

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

August 1943

V /

V /

V /

Over a Third o f a C en tu ry o f
S afety and Service w ith Savings

Y

V /
V
V /
V /

wanis,

Blue Goose, Lions,

Optimists, Ad-Sell, Om aha
Executives.

V/
\ /
V /
V /
V /
V /

V

29

And finally, we must make up our
minds that we cannot win the peace
by some mouth-filling shibboleth such
as the “back to normalcy” slogan we
heard so often after the last war.

Deposit Box Shortage
A new, unadvertised shortage creep­
ing up on the U. S. public will soon
be found in safety deposit boxes.
White-collar workers and wage earners
clutching war bonds in their hands
have swarmed into banks and trust
companies in recent months and
rented safety boxes for the first time
in their lives, reports the Northwest­
ern National Life Insurance Company.
Safety box occupancy is at an alltime high; rentals since January 1st
are up 31 per cent over the same pe­
riod of a year ago; some banks are
already sold out on small boxes, which
comprise the great majority of their
safe deposit receptacles.
Prior to the outbreak of the pres­
ent war with its resulting wave of
pay boosts, an estimated 50 per cent
of the approximately 11,000,000 safety
deposit boxes in the United States
were rented. Today the occupancy
figure is estimated at 75 to 80 per cent;
by the year’s end there will be no
smaller boxes vacant in many regions,
bank officials predict.
No tendency to hoard currency, as
in 1933, is observed by vault employes.
Besides, the total of money in circula­
tion is rising steadily, the report points
out.
The real answer is simply that more
people have more valuables to pro­
tect; this is the reason for the rush of
Bill Jones and Thomas Kelly to the

polished grills of the safety deposit de­
partment. It is the war bond drives
that have really brought in the crowds,
who once a box is rented also use it
to tuck away their insurance policies,
home deeds and mortgage papers,
copies of their income tax statement,
grandfather’s watch, and other valu­
ables. Once acquired, the safety box
habit is likely to carry on after the
war, the report predicts.

Col. Charles B. Robbins Dies
Colonel Charles Burton Robbins,
well known business executive, soldier
and statesman, died last month in his
native city of Cedar Rapids, Iowa,
following several months’ illness.
Colonel Robbins was connected with
the banking field through his position
as Chairman of the Board of the Fed­
eral Home Loan Bank of Des Moines.
He had held this position since the
creation of the bank.
He was also well known throughout
the insurance world, serving as Man­
ager and General Counsel for the
American Life Convention for the past
nine years. He served as President
of the Cedar Rapids Life for many
years, until that company was merged
with another life concern, and was
known as an able, and outstanding
life insurance executive.
Colonel Robbins had a brilliant mili­
tary career. He served in the SpanishAmerican war and the Philippine in­
surrection, being wounded and deco­
rated in that action. He served as a
major in Warld War No. 1, and in
1926, became a colonel. He was com­
mander of the Iowa American Legion
in 1922-1923.

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In 1928 and 1929, he served as As­
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ident Coolidge. Burial was at Arling­
ton Cemetery.

Dividends
The regular $4 semiannual dividend
on the common stock of the American
National Bank and Trust Company of
Chicago was voted at the meeting of
the bank’s board of directors on July
14th. The dividend was declared out of
the bank’s earnings for the first six
months of 1943, $2 being payable on
July 15th to stockholders of record
July 14th and $2 payable October 15th
to stockholders of record October 14th.

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Northwestern Banker

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

I O W A

Bonds

August 19k3

30

Wills Joins Staff

/

John H. Wills recently joined the
staff of The Northern Trust Company
and was elected a second vice presi­
dent and associate economist. He is
a native Illinoisan but received his
preparatory education in Pontiac,
Michigan. Mr. Wills earned his B.S.
degree at Massachusetts Institute of
Technology; attended the Graduate
School of Arts and Sciences, Harvard
University; took graduate study in
economics at Princeton University;
and later received his M.A. degree
from Princeton.
He was associated with the National
Bank of Rochester, New York; Amer­
ican Founders Corporation, New York;

CH ECKIN G ACCOUNTS
AT W H O L E S A L E
We have just printed a bulletin
concerning the wholesaling of
small checking accounts to in­
dustrial organizations. We are
not presenting a finished plan —
merely introducing the subject
for debate inasmuch as it seems
to us that they can be sold like
group insurance.
Millions of people are coming
up into the medium earnings
bracket. They never had check­
ing accounts and perhaps they
don’t care if they ever get them.
But nevertheless they need them
and th e y c o n s titu te a
real, healthy, servicecharge-paying mass
m arket th at must
be reached — at a

If banks can build up a "pack­
age” for ten, twenty, fifty or a
hundred accounts to be whole­
saled to one organization, they
will have a real chance to retain a
substantial part of the income in
the form of net profit. Whether
the employer pays all or part of
the service charge, or whether
the only advantage gained is the
group approach, the idea appears
to have some merit as a means of
reducing acquisition expense.
While this bulletin doesn’t be­
gin to explore the subject, it does
h it a few o f the h igh
spots and you may find
it in te re stin g re a d ­
ing. We w ill m ail
you a copy upon
request.

reasonable sales cost.

M anufacturing Plants at
NEW YORK

CLEVELAND

CHICAGO

KANSAS CITY

ST. PAUL

^________________________________

J

Let Tmbdom
Ring!
JOHN

H. W IL L S

Second V ice President
ig h

ABOVE

the roar and rumble o f America’s facto­

H ries at work for war, you hear the bells o f freedom
ringing on tens o f thousands o f rushing railway locomotives.

Those bells dram atically symbolize the strength and
resourcefulness and determined will o f this land o f free men
to whom freedom o f initiative and freedom o f opportunity
have never been denied.
America’s railroads, planned by free men, financed and
operated by free men, managed by men with a strict sense o f
responsibility towards those who patronize them and towards
their government, have done more perhaps than any other
one activity to make this a nation united and indivisible.
One truly representative American railroad is the far-flung,
11,000-mile Milwaukee Road—with bands o f shining steel
linking the industrial ports o f the Great Lakes to the world
ports o f the Pacific North Coast. This railroad is proud o f
the productive region it serves and proud to be a part o f
America’s free railroad system.
Untrammeled transportation facilities are vital to victory!
L E T F R E E D O M R IN G !

the

M

il w a u k e e

SERVING

Northwestern Banker

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Federal Reserve Bank of St. Louis

August 1943

THE

SERVICES

AND

road
YOU

the First National Bank of Boston; and
Moody’s Investors Service in New
York before coming to The Northern
Trust bompany.

Promotions
The board of directors of the First
National Bank in St. Louis at its last
meeting announced the following pro­
motions:
Wm. C. Tompkins, formerly auditor,
was elected comptroller and auditor;
R. D. Kerr, formerly assistant vice
president, was elected vice president,
and George F. Engel, formerly man­
ager, industrial service department,
was elected manager, industrial serv­
ice and defense loan department.
Sure Death
Buck: “What’s a suicide blonde,
Sarg?”
Sergeant: “ One that dyes by her own
hand.”

31

Plenty of Money at Low Rates
The Market for Governments Should Maintain
a Good Degree of Stability
As we write this
near the end of
July, events on the
war fronts are de­
veloping with such
rapidity that no
ready analysis is
possible. It is ap­
par ent , however,
JAM ES H. C LAR K E

The Month's Market Maneuvers
Prepared for
The Northwestern Banker

By James H. Clarke
Assistant Vice President
American National Bank & Trust Co.
Chic ago

c o lla p s e Of

Mussolini and the
Russian offensive cannot help but be
favorable to our side, and by the same
token, detrimental to the cause of the
Axis. It is logical that optimism should
prevail—despite the fact that, as we
write this, Italy is still in the war,
Germany continues to be a most for­
midable foe, and Japan apparently is
still able to put up a most tenacious
opposition.
On the home front, there is much
that is disturbing. In July the Presi­
dent stepped in to stop public fights
between his Cabinet members — but
jealousy and bickering continue to be
grave obstacles to progress in Wash­
ington. The labor front remains dark.
John L. Lewis is about to go before the
Labor Board with a contract signed by
Illinois miners and operators but with
no assurance that it will be accepted.
Officials of the A. F. of L. and of the
C. I. O. have already demanded further
roll-backs of prices and have intimated
that repudiation of the no-strike
pledge will follow unless living costs
drop. Indeed, if the public did not
have victory headlines in the newspa­
pers, the country could very well be in
a tremendous uproar now over the
bungling in high places at home.
In July, production of war materials
declined—following some recession in
June. While this has been partially
due to strikes and slow-downs, in the
main it has been the result of changes
in the production schedules necessi­
tated by revisions of programs. Thus,
it is not as serious as it sounds. It
will become a matter of concern only if
the new production schedules are not
met as a result of labor difficulties or
further complications in governrnent
agencies in Washington. In short,
much of the newspaper discussion of
this falling off in production is not
serious—at least for the moment.

For the past several weeks, the stock
market has not made a great deal of
progress. Certain stocks have been
especially strong— for instance, Pepsi­
Cola has advanced 10 points in the
past two weeks— hut, in general, the
old-line favorites have just about held
their own.
The stock market has now advanced
without a serious set-back for a period
of 15 months. Those who follow the
technical movements of securities say
that it is increasingly difficult to push
the market higher— and that seems
logical. In the face of declining earn­
ings and dividends and with the prob­
ability of earnings being hurt in many
cases through renegotiation of con­
tracts, it is apparent that much of the
strength which we have seen in the
market in the last two or three months
has resulted from inflationary fears.
Washington has indicated and may
adopt a more firm policy toward the
limitation of price rises. If this actu­
ally develops, much of the optimism
behind the market will he dissipated.
The stock market likewise faces the
discussions of the new tax law when
Congress convenes in a few weeks.
It seems a fair guess, however, that
corporations will receive somewhat
better treatment in the bill— perhaps
we should say: will not receive as had
treatment— than has been their lot in
the last two or three years.

The government bond market, after
reaching new highs around the middle
of July, has settled back somewhat.
For instance, the 2’s of 9/15/52-50 sold
at around 101 on July 14th, and the
bid side of the market today (July 27)
is 100 21/32. There also was some soft­
ness in the partially tax-free govern­
ments early in the month. In one
way or another, the rumor started that
the Treasury was planning to suggest

removal of the tax-free provisions on
all government bonds. On July 22nd,
Secretary of the Treasury Morgenthau
took recognition of this rumor and
denies that there was any change in
the Treasury’s plans on the taxing of
any government bond already out­
standing. Following this, the recovery
which occurred pretty well wiped out
the losses.
The Treasury has just completed
the successful sale of approximately
$2,500,000,000 of new % per cent oneyear Certificates of Indebtedness to the
banks. This clears up the government
program until September 9th when the
big drive for $15,000,000,000 of funds—
all to be secured from sales to the
public— starts. The drive will be quite
similar to the last one in that it will
include three issues of war bonds, an
issue of 2V\a per cent bonds due 1964-69,
one issue of 2 Ver cent bonds due 195153 and some % per cent Certificates of
Indebtedness. About all that is miss­
ing are the tax notes which have
played a fairly important role in the
previous government drives.
The raising of $15,000,000,000 through
sale of government issues exclusively
to individuals, corporations and insti­
tutions and so forth will be a real test.
This drive will smack more of the old
Liberty Loan drives of the last war
with house-to-house canvassing in­
volving thousands and thousands of
voluntary workers. Without a doubt,
this will be the most interesting drive
for funds to date— and its results Avill
he the most far-reaching on future
drives. Of special importance to hank­
ers, however, was the announcement
of the Treasury that in October there
will be an offering of a 2 per cent bond
and a % per cent Certificate of In­
debtedness— exclusively for banks. As
we write this, it seems that it will be
a 2 per cent bond that will be similar
in description to the one which is sold
to the public in the September drive,
but the dating on the % per cent
Certificates of Indebtedness may be
advanced a month. The amount of
bonds that are to be sold to banks has
not been announced at the time of this
writing, but there is no reason to be­
lieve that the banks will not be in a

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Federal Reserve Bank of St. Louis

August 1943

32
position to absorb whatever
Treasury needs at that time.

the

Municipal bond prices remain ex­
tremely high and new offerings are
scarce. In the corporation field, there
are occasional offerings in the market,
but 1943 will probably set a record for
low volume in this field. With the
government competing for the avail­
able money and with prices for gov­
ernment bonds quite comparable to
those of high-grade municipal and
corporation issues, it is not expected
that this situation will change to any
material extent in the foreseeable fu­
ture.

Despite the disturbing news that
comes out of Washington daily and the
many other uncertainties on the home
front, it seems that money will con­
tinue plentiful and that rates will re­
main low. The Treasury has indicated
by its recent offering of % per cent
Certificates of Indebtedness and its
announcement of its October financing
that it intends to stick to its policy
of the last year or two so far as money
rates are concerned. This will dispel
rumors that the government will cut
the coupon on the Certificates of In­
debtedness to % per cent and will
reduce other coupons accordingly for
its notes and bonds to be offered. Un­
der such circumstances, there should

HOME FEDERAL

be a good degree of stability in the
government market.

For Governors
Newton P. Frye of the Central Re­
public Company, and D. Dean Mc­
Cormick of Kebbon, McCormick & Co.,
have been nominated for three-year
terms as governors of the Investment
Bankers Association of America by the
executive committee of the Central
States Group of the association. They
are nominated to succeed Julien H.
Collins of Harris, Hall & Company, and
Winthrop E. Sullivan of the First
Boston Corporation.

Fourth in the Nation
With an increase in assets during
the past year of almost $6,000,000 the
Twin City Federal Savings and Loan
Association, of Minneapolis, is now the
fourth largest Federal savings and
loan association in the United States,

SAVINGS AND LOAN ASSOCIATION
414 Sixth Street

DES M O IN ES, I O W A

Statement of Condition at Close of Business
June 30, 1943

ASSETS
Cash __________________________

149,862.90

W ork in g capital on hand and de­
posited in various com m ercial
banks.

United States War Savings
B o n d s ______________________
203,700.00
Stock in Federal Home Loan
B a n k ________________________
50,000.00
First Mortgage Loans__________ 2,459,784.28
Repayable
plan.

OFFICERS A N D
D IR E C T O R S
Arthur S. Kirk
President

on

m onthly

paym ent

Loans on Passbooks and
Certificates _________________
Furniture and Fixtures_________
Other A ssets__________________

10,094.16
6,808.39
425.02

These are prepaid expense items.

Dr. L aw rence E. K elley
V ice President

,880,674.75

C. B. F letcher
Secretary-T rea surer

Jesse E. B illin g s
A ss t. S ec y.-T rea s.

H a rold J. H ow e
Counsel

LIABILITIES
Savings and Investment
Accounts ___________________ | ,545,739.26
Each account
$5,000.00.

is

insured

up

to

Dr. M arvin J. H oughton

Loans in Process_______________

D en tist

New loans to build, buy or re­
finance on which these funds
have not been disbursed.

Joseph

N. Cham berlain

R eal E sta te & Insurance

J. T. S ch illin g
D e s M oin es Gas
& E lec tric Co.

Dr. John L. H illm an
P resid ent E m eritu s
Sim pson C ollege

Jonathan M. F letcher
In M ilita r y S ervice

Advance Federal Home Loan
B a n k ________________________
Other L ia bilities______________
These

are

current

92,385.23

100, 000.00
2,697.19

accounts.

Dividends Declared and Unpaid

35,175.53

Dividends to be distributed on
July 1, 1943, on all savings and
investment accounts.

Reserves and undivided Profits-

104,677.54

General Reserves . . . .$ 4 0 ,7 3 4 .0 6
Specific R eserv es.......... 44,953.48
U ndivided P r o f i t s . . . . 18,990.00

2,880,674.75
We are paying 3% on Savings
Member Federal Savings and Loan Insurance Corporation

Northwestern Banker

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Federal Reserve Bank of St. Louis

August Í9't3

R O Y w. L A R S E N
President, T w in C ity Federal S avings
and Loan A ssocia tion

according to the June 30, 1943, state­
ment. Assets of the Twin City Fed­
eral now stand at $22,393,892.
On June 30, this year, the Twin City
Federal paid its 41st consecutive semi­
annual dividend, according to Roy W.
Larsen, president of the Association.
This dividend was at the rate of 3 per
cent per annum.
Nineteen hundred forty-three is the
twentieth anniversary year, and cer­
tainly the officers and directors of the
Association should feel a great deal of
satisfaction over the fine progress the
organization has made down through
the years. A. M. Blaisdell is chair­
man of the board; Mr. Larsen, presi­
dent; Henry Rines, vice president; and
B. N. Bell, secretary and treasurer.

33

City Sdll)

Buys a Farm

And His Banker, Whether He Knows It or Not,
Is Sam's Partner

By Edwy B. Reid, Director
Information and Extension
Farm C r e d it Administration
Kansas C ity

AM SMITH is a man of foresight.
He saw inflation coming; he saw
food shortages on the horizon,
and he saw that a war-crowded city
was no place to raise children. So
Sam bought a farm. That is, Sam
acquired an equity in a farm. “ For,”
said Sam, “if I’m really going to hedge
against inflation, an equity is a better
hedge than an outright purchase.”
Sam, as you can see, is an amateur
economist. Also, he didn’t have enough
cash to buy the place outright anyway.
Sam was full of foresight the day
he bought the farm. The salesman who
sold Sam the farm was happy indeed
to have such a foresighted client. It
helped the sale along no end.
For, to tell the truth of the matter,
the farm left something to be desired
from the point of view of a practical
farmer. No practical farmer himself,
still Sam noticed some of these things.
But that’s when he used his foresight.
“We can fix that,” said Sam. “W e’ll
do it this way. . .”
Now Sam lives on his farm and
commutes back and forth to town.
Sometimes he likes to refer to himself
as a farmer. Occasionally, in a moment
of self-conscious jocularity, he slips a
“by cracky” into his conversation.
And yet there are times when Sam
has a doubt about whether a man
becomes a farmer by the simple act of
buying a farm—or even an equity in
a farm. There seem to be a hundred
and one things that need doing, and
there isn’t much time to do them when
you leave early and come home late.
There are all kinds of decisions to
make, Sam is learning, that bear
absolutely no relation to the decisions
he must make in his business in town,
and he’s beginning to wonder if farm­
ers are not born instead of made—or
at least, if the making of a farmer isn’t
a rather long process.
Sam has a partner in his farming
enterprise-—the bank that holds the
mortgage on the farm—although neith­
er Sam nor the bank think of it as a
partnership arrangement.

it out of the farm, they can pay the
loan from their city incomes.”
Sam Smith is beginning to find out
that at least part of that statement is
true. He’s finding out that while a
farm may support a farmer, it’s often

As a matter of fact, the bank doesn’t
know about Sam’s difficulties or
doubts, and probably wouldn’t be
much concerned if it did. For Sam’s
banker says, “City people buying
farms are good risks. If they don’t get

S

A

S o u n d 3 P o p u l a r

SH O R T T E R M IN V E ST M E N T
☆

☆

☆

Consolidated collateral trust debentures o f the
Federal intermediate credit banks are joint and
several obligations o f these banks, established
under an Act o f Congress twenty years ago.
The Debentures are legal investment for trust funds, insur­
ance companies and savings banks in New Y ork and other
States. They are eligible to secure all fiduciary, trust and
public funds, including war loan deposit accounts, under
authority or control of officers of the United States. They
are approved security for deposits of postal savings funds.
Maturities to six months may be purchased by the Federal
reserve banks and are acceptable by them as collateral
for fifteen day loans to member banks. Denominations of

$5,000, $10,000, $50,000, $100,000, maturing in three to
twelve months, are offered periodically through recog­
nized dealers and dealer banks at current market rates.

THE FEDERAL INTERMEDIATE CREDIT RANKS
SPRINGFIELD, MASS.
BALTIMORE, MD.
COLUMBIA, S. C.

LOUISVILLE, KY.
NEW ORLEANS, LA.
ST. LOUIS, MO.

ST. PAUL, MINN.

IIOUSTON.TEX.

OMAHA, NEB.

BERKELEY, CAL.

WICHITA, KAN.

SPOKANE, WASH.

F u rth er in form ation rega rd in g the D eben tu res m a y he o b ta in ed fr o m

CH A R L E S R. D U N N , Fiscal Agent

31 Nassau Street, New York

Northwestern Banker

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Federal Reserve Bank of St. Louis

August 1943

34

just the reverse when a city man
moves on a farm. Then the man
supports the farm. That ceases to
be fun after a while.
That’s why the man who sold Sam
his farm can (and does) say, “Most
of my business is selling the same
farms year after year. City fellows
don’t stick. They take their loss and
they’re glad to get rid of the farm.
It doesn’t take them long to get their
fill.”
Sam Smith is legion, and his number
in increasing. He buys farms for mo­
tives which may be praiseworthy, but
he thinks with his heart instead of his
head. He buys his farm for its site

value, rather than its productive value.
He looks, so to speak, at the hearth
rather than the heath.
Sam Smith creates more problems
than he knows when he buys a farm
he can’t operate. He pushes up values
beyond those based on normal pro­
ductivity. He makes it harder for
practical farmers to buy and pay for
farms. And there is a very real ques­
tion as to whether Sam Smith isn’t
going to cause his banker a real head­
ache before he’s through.
The prospect of profiting through
unearned increment on land already
priced too high is a questionable one.
Pushing up the price is the only way

Guaranty Trust Company o f New York
Fifth A ve. at 4 4 th St.

Broadway

^^

L o n d o n : 1 1 B irch in Lane, E. C. 3 ;

M adison Ave. at 6 0 th St.
B ush H ouse, W . C. 2

Condensed Statement o f Condition, June 3 0 , 1 9 4 3
R E SO U R C E S
Cash on H an d, in Federal Reserve B a n k , and
D ue fro m B anks and B a n k e r s ........................................ $
U. S. G overnm ent O b l i g a t i o n s ........................................
Loans and B ills P u r c h a s e d ..............................................
Public S e c u r i t i e s ........................
$ 3 7 ,0 3 8 ,8 8 0 .5 1
Stock o f the Federal R eserve B ank
7 ,8 0 0 ,0 0 0 .0 0
O ther Securities and O bligations .
2 0 ,1 5 4 ,9 9 6 .3 9
Credits Granted on Acceptances .
3 ,0 1 7 ,6 3 7 .4 4
Accrued Interest and Accounts
R eceivable
.
.
8 ,1 0 4 ,2 9 3 .8 4
Real Estate B on ds and M ortgages .
1 ,6 6 3 ,3 2 8 .8 5
----------------------------B ank B u i l d i n g s ..........................................................................
O th er Real Estate . . . . . .

5 1 8 ,7 3 5 ,7 3 9 .9 3
1 ,8 4 1 ,3 0 2 ,1 8 5 .9 1
6 2 4 ,1 6 0 ,8 2 0 .0 2

7 7 7 7 9 1 3 7 .0 3
1 0 ,4 3 9 ^ 9 9 6 .1 9
1 ,0 7 1 ,1 6 1 .1 3

Total R e s o u r c e s ........................................... $ 3 ,0 7 3 ,4 8 9 , 0 4 0 . 2 1
L IA B IL IT IE S
C a p i t a l ................................................... $ 9 0 ,0 0 0 ,0 0 0 .0 0
Surplus F u n d ........................................
1 7 0 ,0 0 0 ,0 0 0 .0 0
Undivided P r o f i t s ............................
2 5 ,4 5 3 ,1 3 5 .8 1
T otal Capital Funds . . . . .
. . .
. $
Deposits . . .
• $ 2 ,7 4 1 ,6 5 3 ,5 2 3 .1 1
T reasurer’ s Checks O utstanding
1 7 ,1 8 3 ,2 6 7 .5 0
T otal Deposits . . ..............................................
Federal Funds P u r c h a s e d ..............................................
A c c e p t a n c e s ........................................$ 5 ,2 2 0 ,4 0 9 .9 3
Less: Ow n Acceptances
H eld for Investm ent
. . . .
2 ,2 0 2 ,7 7 2 .4 9
$ 3 ,0 1 7 ,6 3 7 .4 4
Liability as E ndorser on A ccept­
ances and F oreign B ills . . .
Foreign Funds B orrow ed . . .
Dividend Payable July 1, 1 9 4 3 . .
Items in T ransit with F oreign
B ranches and Net D ifference in
Balances Betw een V arious O f­
fices D ue to D ifferent Statement
Dates o f F oreign B ranches .
.
M iscellaneous Accounts Payable,
A ccrued T ax es, etc...........................

2 8 5 ,4 5 3 ,1 3 5 .8 1

2 ,7 5 8 ,8 3 6 ,7 9 0 .6 1
1 1 ,4 0 0 ,0 0 0 .0 0

1 0 8 ,3 6 5 .0 0
1 5 2 .5 5 0 .0 0
2 ,7 0 0 ,0 0 0 .0 0

1 ,0 6 3 ,2 8 4 .8 0
1 0 ,7 5 7 ,2 7 6 .5 5
1 7 ,7 9 9 ,1 1 3 .7 9

T otal L i a b i l i t i e s ..............................................$ 3 ,0 7 3 ,4 8 9 , 0 4 0 . 2 1
S e c u r it ie s c a r r ie d at 3 5 2 0 , 7 7 7 , 6 0 0 . 0 9 in th e a b o v e S ta te m e n t a re p le d g e d t o q u a lify fo r
fid u c ia r y p o w e r s , t o s e c u r e p u b l ic m o n ie s as r e q u i r e d b y la w , a n d f o r o t h e r p u r p o s e s .
T h is S ta te m e n t in c lu d e s th e r e s o u r c e s a n d l i a b i li t ie s o f th e E n g lis h B r a n c h e s as o f
J u n e 2 6 , 1 9 4 3 , F r e n c h B r a n c h e s as o f O c t o b e r 3 1 , 1 9 4 2 , a n d B e lg ia n B r a n c h as o f
O cto b e r 3 1 , 1 9 4 1 .

M em ber F ed eral Deposit Insurance Corporation

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Federal Reserve Bank of St. Louis

August 1943

to make the profit, and then the man
who profits must get out before the
final reckoning.
When profits are made without the
addition of value or service, somebody
is left holding the bag at the end. It
may be the man who holds the
mortgage.
Today farm ownership by non-farm­
ers, or by absentees, is particularly
hazardous. Almost every farm area is
beset by labor shortages. Supplies
and equipment are hard to get and
those that can be got are high priced.
The costs of livestock for stocking
purposes are inflated. Renters seldom
operate as efficiently as the owneroperator; hired labor even less so.
There are, of course, exceptions. In
smaller communities particularly, pro­
fessional and businessmen with a first
hand intimate knowledge of agri­
culture manage farms successfully and
profitably. There also are outstand­
ingly successful tenants.
But the inexperienced owner is an
entirely different class of risk. He
neither has the knowledge to do a
first-class m a n a g e m e n t job, even
though he actually may live on the
property himself, nor is he likely to
attract a first-class tenant or highgrade hired labor.
There are other hazards, which
lender and borrower share alike.
There is the hazard that city income
may not be nearly so secure after the
war as it is today. There is the con­
stant drain of taxes and interest, of
maintenance of buildings, fences, dikes
or ditches, and, in many sections, the
constant battle against the encroach­
ment of weeds or the ravages of ero­
sion.
Sam Smith may be on the right track
when he wants to own a piece of land
where he can raise his children and
his vegetables, but a 75-foot suburban
lot may come far closer to his needs
and his capacities than a 75-acre farm.
The banker who gives the Sam
Smith who comes to him a wider
angle to his foresight may save him­
self and Sam and his community from
some very unpleasant postwar head­
aches.
Not on Mine
A clergyman and a Scotchman were
watching a baseball game together.
The Scotchman continually kept tak­
ing nips from a bottle, and the clergy­
man, no longer able to restrain him­
self, at last cried out, “ Sir, I’m sixtynine years old, and never in my life
have I touched alcohol.”
“Well, dinnae worry yourself sae
much,” replied the Scotchman with a
pronounced burr. “You’re nae ginna
start noo.”

35

M IN N ESO TA
NEWS
H . R. K U R TH
President
Hutchinson

Accepts Position
A t Rochester
Harold Byers, formerly of Harmony,
Minnesota, has taken a position with
the Olmstead County Bank and Trust
Co., of Rochester.

To Board of Directors
Clarence A. Erickson has been
elected to the board of directors of the
Western National Bank of Duluth,
Minnesota. Mr. Erickson succeeds
Harold G. Glenn, who died last March.
Employed by the Interlake Iron
Corp. for the last 23 years, Mr. Erick­
son is now general superintendent of
the firm, a position in which he also
succeeded Glenn.

Northwest Group Elects
Members of the Northwest Clearing­
house Association and their ladies, to
the number of sixty-one, gathered at
Jesme’s Camp on Rainy River, north­
west of Baudette last month for their
annual banquet and meeting. The First
State Bank of Williams (Minnesota)
was host for the occasion.
A delicious banquet was served at
7:00 o’clock. Previously, the business
meeting was held when banking prob­
lems were discussed. The following
officers were elected:
President, H. C. Hanson, Baudette;
vice president, George W. Werstlein,
Thief River Falls; secretary-treasurer,
Harold Heneman, Warroad; directors,
Forrest Yetter, Stephen, and J. M.
Lang, Hallock.

Changes at Blooming Prairie
Miss Melda Johnson, assistant cash­
ier of The First National Bank, Bloom­
ing Prairie, Minnesota, for the past
ten years, resigned her position effec­
tive July first. Miss Johnson has ac­
cepted a teller’s position with the
Union National Bank, Rochester.
Leona Simon, daughter of Mr. and
Mrs. John Simon, has accepted a posi­
tion with The First National of Bloom­
ing Prairie.

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Federal Reserve Bank of St. Louis

the past seven years, Mr. Eckhardt
has been cashier of the Western State
Bank in Marshall and during that
time has made a wide acquaintance­
ship and many friends in that terri­
tory, who wish him well in his new
position.

Winona Debits Up
14 Per Cent

June bank debits in Winona, Minne­
sota,
were 16 per cent above the total
W IL L IA M DUNCAN, Jr.
in June of 1942 and in the first half
Secretary
Minneapolis
of this year were up 14 per cent over
the comparable period of 1942.
Spring Valley led all reporting Min­
Accepts Position in Duluth
nesota communities in percentage of
Miss Beatrice Dinwiddie has ac­ gain in both classifications, with a 55
cepted a position as teller at the First per cent increase in June and 38 per
American National Bank at Duluth, cent for the six months. Lanesboro
Minnesota. She has been employed for showed gains of 12 and 25 per cent.
the past three years in the Minneapo­ Wabasha had a decrease of 21 per cent
lis, Winona and Duluth offices of the for June and an increase of 15 per
Personal Loan Company.
cent for the half year.
Minnesota as a whole had an in­
crease of 26 per cent for the month
Cashier Resigns
Walter T. Payne, cashier of the and 24 per cent for the six months.
June figures, compared with totals
Farmers State Bank of Lakefield, Min­
for
the same month a year earier, in­
nesota, for the past thirty years, re­
signed his position July 1st. Mr. Payne cluded increases as follows: Albert
plans on taking a well earned vacation Lea, 31 per cent; Austin, 6; Duluth, 14;
after which he expects to again en­ Mankato, 13; Minneapolis, 28; Red
gage in business in a new location he Wing, 14; Rochester, 14; St. Cloud, 10;
St. Paul, 29.
will choose later.
The same cities showed six-months
increases as follows: Albert Lea, 23
Deposit Boxes Scarce
per cent; Austin, 5; Duluth, 21; Man­
Safety deposit boxes in Stillwater, kato, 9; Minneapolis, 30; Red Wing,
Minnesota, banks are near the sell-out 15; Rochester, 14; St. Cloud, 1; St. Paul,
point due to the brisk demand from 21.
purchasers of war bonds. The First
National reported a few boxes still
New Assistant at Proctor
available but the Cosmopolitan and
At a meeting of the directors of the
Farmers and Merchants were each
down almost to the last box. The Cos­ First National Bank of Proctor, Min­
mopolitan has ordered additional boxes nesota, Mrs. June Ellefson was named
an assistant cashier of the institution.
to meet the demand.
Officers of the bank are: President,
The situation is not, of course, pe­
culiar to Stillwater. The shortage is H. H. Peyton; vice president, Andrew
country-wide. It is estimated that for Johnson; vice president, George Bemthe country as a whole 80 per cent el; cashier and trust officer, Ivor F.
Anderson; assistant cashier and trust
of the deposit boxes are now in use.
officer, Roy C. Carlson, and June Ellef­
son, assistant cashier.

Moves to New Building

The State Bank of Butterfield, Min­
nesota, is back in its old location again
having moved into the completely re­
built and newly furnished building
which was destroyed by fire last Sep­
tember. Since the fire the bank has
been doing business in the room west
of the post office formerly occupied
by the Holte and Bergthold electric
shops.

lo W ood Lake Bank
W. E. Eckhardt of Marshall, Minne­
sota, is now cashier and director of
the State Bank of Wood Lake. For

Bank Employes in Service
The First National Bank of Braham,
Minnesota, now has three former em­
ployes in the armed forces. E. M. An­
derson, cashier of the bank, is in the
air corps; Raymond Kerr, formerly
assistant cashier, stationed at Camp
McCoy, Wisconsin, in the quarter
masters division; and Oscar A. Olson,
Jr., son of President Olson, is an en­
sign in the coast guard, now stationed
in the Hawaiian Islands. Another son,
George A. H. Olson, has received a
medical discharge from the air corps
and is now back in the bank.
Northwestern Banker

August Í.9J3

36

•
Help in Canning Factory
Plainview, Minnesota, bank em­
ployes and officials recently pinch hit
at the Plainview pea cannery. All em­
ployes of the First National Bank
worked nights in order to get the
crops in cans to help feed the boys
in the armed forces.

Wins G olf Championship
J. R. Chappell, vice president of the

MI NN E S O T A

NEWS

Merchants Bank of Winona, Minne­
sota, won South Minnesota’s Golf
Championship last month.

Duluth Debits Show Rise

In Service

Among former employes of the City
National Bank of Duluth, Minnesota,
now in the service, are R. M. Wellwood, Jr.; Ray Hoergen; Roland L.
Mneice; Wm. James Stevens; Robert J.
Manthey; Claude F. Young, and John
Apostal.

Arrowhead Group Meets
A Sickness Policy Paying $200.00
Per

Month

Maximum

The Arrowhead Group of the Min-

Benefits

Costs Only $4.00 Paid Up in Full
to the Middle of Next December.

J

No Medical Examination — Sound

a m

i e s o n

&

Insurance With a Reliable Com ­
pany

with

a

Record

of

Thirty-

C

eight Years Successful Service to

o m

p a n y
Members

Select Risks.

New York Stock Exchange
Write for Application and Litera­

and

Other Principal Exchanges

ture.

★

STOCKS
BONDS
COMMODITIES

#

Minnesota Commercial
Men’s Association

★
MINNEAPOLIS
ST. PAUL
DULUTH

2550 Pillsbury Ave.
Minneapolis 4, Minnesota

nesota Bankers Association held their
annual meeting late in July at Hibbing, Minnesota.

FARGO
GRAND FORKS
SIOUX FALLS

PRIVATE WIRES

__________________ ____________

Bank debits in Duluth, Minnesota,
during the first half of 1943 showed a
21 per cent increase in volume over
the level for the same period last year,
according to a report released by the
Federal Reserve Bank in Minneapolis.
The bank debits are considered an
indicator of general business volume
and reflect farmers’ cash income and
government spending to cover pay­
rolls and purchases of war materials.
During June, bank debits in the
city reached a point that was 14 per
cent above the figure for 1942.
The indicated business volume of
the entire Ninth Federal Reserve Dis­
trict, which consists of Minnesota,
Montana, North Dakota, South Dakota,
Upper Michigan, and northern Wis­
consin for the first half of the year
was 23 per cent greater than for the
1942 period.

New Bank at Scandia
Scandia, Minnesota, will have anoth­
er bank if plans of the Washington
County Co-operative Association go
through.
Recently Maurice Gessner bought
the old Scandia bank building with a
view to renting it to the co-operative
association. At a meeting of the direc­
tors of the association it was decided to
use the building for a bank.
Scandia has not had a bank for sev­
eral years. The bank formerly estab­
lished there was merged with the
Marine bank.

Deposits in Mankato Climb

T W IN

C IT Y F E D E R A L

SAVINGS & LOAN ASSOCIATION

2 0 th
Anniversary Year
RESOURCES

June 30, 1942_______________$16,540,157.95
June 30, 1943----------------------- 22,393,892.25

NOW !

FOURTH Larg e st Federal Savings and Loan
A ssociation in the United States

E ighth and M arquette, M in n eap olis - G uardian B ld g ., St. Paul

Northwestern Banker


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

August 19^3

Deposits in Mankato’s (Minnesota)
four banks are at an all-time high.
Bank presidents, explaining the rec­
ord-high deposits, agreed that “with
nothing to buy people just have more
money than they can spend.”
Purchase of war bonds and stamps,
both by depositors and the banks, is
continuing high and rapidly increas­
ing, so, it is concluded that the in­
creased deposits are not causing a
slump in war bond sales.
Loans, the banks report, are down.
Persons no longer need loans as fre­
quently or in such large quantities,
they explain. One bank, however, em­
phasized that loans were “down only
slightly over a year ago.”
Combined total of all deposits in
Mankato banks June 30th was $16,381,419.73. Last year at this time the
combined total of all deposits was
$11,566,562.87.

37

Tw in

C ity N e w s

INNESOTA bankers, as before,
By James M. Sutherland
are going to play leading roles
Sp ecia l C orre spon de nt
in the continuing war bond sales cam­
paign in the state, it was definitely in­
dicated when O. J. Arnold, Minne­
C. S. Ash m un of the Minneapolis in­
apolis, state chairman, announced his
vestment house bearing his name, has
selection of top state executives for
been re-elected treasurer of the Better
the drive.
Business Bureau of Minneapolis. Bank­
ers who were re-elected to the bu­
Harold E. W ood, head of the St.
Paul investment house bearing his reau’s board of directors include W il­
liam E . Brockman, vice president, Mid­
name, is executive vice chairman of
the war finance committee.
land National Bank & Trust Company,
Vice chairman for banking and in­ and Guy W . LaLone, vice president,
vestment is Julian B. Baird, St. Paul, First National Bank.

M

vice president of First National Bank.
On the executive committee of 20 are
W illiam Duncan, Jr., Minneapolis,
secretary of the Minnesota Bankers
Association; Shirley S. Ford, president
of Northwestern National Bank of
Minneapolis; Lym an E . Wakefield,
president of First National Bank of
Minneapolis, and Frank P. Powers,
president of Kanabec State Bank,
Mora.

To handle its growing war savings
bond department, Minneapolis Fed­
eral Reserve Bank has leased the old
Farmers & Mechanics Savings Bank
building, according to announcement
by John N. Peyton, reserve bank presi­
dent.

Two Minneapolis bankers are on the
first board of directors of the reorgan­
ized Minneapolis & St. Louis Railroad,
under terms of an order signed by
Federal Judge Gunnar H. Nordbye,
marking one of the final moves in lift­
ing the 20-year receivership of the
road. They are Victor F. Rotering, vice

O


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

t - o

f - 'T

o

Richard C. Lilly, president of First
National Bank, St. Paul, has been
named chairman of the regional board
of directors of the Smaller War Plants
Corporation.
George V. Jackish, president of the
Twin City Bond Traders Club, has
been appointed a member of the nomi­
nating committee to pick the slate of
officers for the National Security Trad­
ers Association, in connection with the
annual meeting in Chicago in July.
L. E . Elm quist, associated with Em­
pire National Bank, St. Paul, for 20
years, was elected assistant secretary

w

n

H

a

n

k

s

O ut-of-tow n banks and bankers will find here
com plete banking facilities fo r prom pt and

With bank tellers’ counters and
vaults still in place, the building
makes an ideal setup for war bond
purposes. It will be taken over early
in August and plans are to have it in
operation before the Third War Bond
drive starts in September.
Vacated when Farmers & Mechanics
moved into its new building about 18
months ago, the quarters have been
used by the Office of Price Administra­
tion, which is taking a new loop loca­
tion.

u

president, First National Bank, and
Clarence E. Hill, vice president, North­
western National Bank. First Nation­
al also was named trustee of the new
corporation.

economical handling o f accounts in Chicago. We
would appreciate the opportunity o f serving you.
I

C

i t y

N

AND

TRUST

2 0 8

S O U T H

a t i o n a l
COMPANY

B

a n k

of Chicago

L A S A L L E

S T R E E T

{Member Federal Deposit Insurance Corporation)

Northwestern Banker

August t9^3

38

•M IN N ESOT A N E W S at a meeting of the bank’s board of
directors.

O. Lukkasson has been the cashier at
the Northome bank for several years.

Directors of Camden Park State
Bank, Minneapolis, have elected Rob­
ert L. Lundquist assistant cashier. He
has been a member of the bank staff
since 1936.

Banker's W idow Dies

Joins Bank Staff
Elmer Lukkasson, son of E. 0. Lukkasson of Northome, Minnesota, is now
a member of the staff at the First Na­
tional Bank of International Falls. E.

Mrs. Jessie J. Hegardt, 79, widow
of the late William G. Hegardt, former
president of the old American Ex­
change National Bank in Duluth, Min­
nesota, died last month at Huntington
Memorial Hospital in Pasadena, Cali­
fornia.

Hit All-Time High
Fairmont (Minnesota) bank deposits

Ce n t r a l H a n o v e r B an k an d T ru st Co m p a n y
NEW YORK

hit an all-time high June 30th, when
the three banks reported total deposits
of $6,590,171.
This is an increase of $2,109,171 over
June 30, 1942.
The deposits are:
1943
1942
Fairmont Natl. .. $2,661,000 $1,804,000
Martin County .
2,310,000 1,536,000
First National .
1,617,000 1,141,000

Interior Modernized
The interior of the Security State
Bank of Pillager, Minnesota, has taken
on a metropolitan atmosphere with
alterations to the fixtures about the
work room.
The high glass partitions with heavy
overhead trim have been removed and
low modern glass installed, making a
very neat appearance and adding con­
siderable light behind the partitions.
Gus E. Parsons, cashier, and Miss
Doris Lee, assistant cashier, invite the
public to view the improvement.

Heads Fairmont Bank
Statement of Condition at Close of Business
June 30, 1943
A SSE T S
$295, 16 0 ,6 10 .2 6

Cash and Due from Banks

9 4 1 , 1 3 2 ,087.33

U. S. Government Securities .
State and Municipal Securities

2 1 , 456, 476.44

Other Securities

1 5 , 5 9 1 ,466.89

.

.

.

.

2 ,4 3 0 ,00 0.00

Stock in Federal Reserve Bank

2 4 2 , 9 4 9 ,0 0 6 .3 5

Loans and Bills Purchased

5 ,4 2 4 , 3 8 6 . 3 4

Real Estate Mortgages .
.

.

.

.

1 4 , i 2 4 ,009.00

Other Real Estate .

.

.

.

Interest Accrued

.

.

.

6 7 8,759-7 4
2, 3 5 4 ,669.60

Banking Houses

.

Customers’ Liability Account of Acceptances
T otal

L 5 i 7>378-3 2
;1 , 5 4 2 , 8 i 8 , 8 5 0 . 2 7

L IA B IL IT IE S
C a p i t a l ..........................

.

$2 1 ,0 0 0 ,0 0 0 .0 0

Surplus
..........................
Undivided Profits
. .

.

6 0,0 0 0,000.00

.

20,239 ,6 73.18

$ 1 0 1 ,239,6 73.18

Reserves:
Taxes, Interest, etc...........................................

6 ,0 1 8 , 2 19 .5 5

Dividend:
Payable July 1 , 1 9 4 3 .................................

1 ,0 5 0 ,0 0 0 .0 0

Acceptances.................................................................

L 5 6 5 *1 1 4 - 6 7

Deposits....................................................................... 1 >432 >945>842- 87
Total $ 1 , 5 4 2 , 8 1 8 , 8 5 0 . 2 7
T here are pledged to secure public monies and to qualify for fiduciary powers
U. S. Governm ent S e c u r i t i e s ....................................................... $209,549,806.08
Member Federal Deposit Insurance Corporation

Northwestern Banker


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

Through recent changes in the offi­
cial personnel of the First National
Bank of Fairmont, Minnesota, Harvey
Johnson becomes president and Einer
B. Nelson is added to the board of di­
rectors.
J. G. Brauch, Mankato, who has been
president, retires from the board.
With Mr. Johnson’s advancement,
Leonard Peterson becomes cashier.
Other directors of the bank are Ed
Duffey, Wm. Simpson, Jr., and F. L.
McCadden.

August 19b3

Pipestone Deposits
The statements issued by Pipestone’s
(Minnesota) two national banks in re­
sponse to a call dated June 30th show
that on that date the institutions had
combined assets of $4,880,436 and de­
posits totalling $4,335,834, the largest
in their histories.

Changes at Hector
E.
G. Spaudie, assistant cashier of
the Security State Bank of Hector,
Minnesota, has resigned his position
and is now the cashier of the State
Bank at Pequot Lakes. Mr. Spaudie
was replaced by Mrs. Mildred Hable.
Three Chances
Doctor: “ Do you have any aches or
pains? Do you see spots before your
eyes? Are you afflicted with back­
aches? Do your feet burn? Have you
a ringing in your ears?”
Patient: “ No. Now do you want to
try for the $64 question?”

39

Carrots Are

W hen

Cash

Since Ration Banking Started, Carrots Are Considered Cash,
and Cucumbers Are Current Collateral
Editor’s Note: This humorous analy­
sis of ration hanking was written by
Ted Ashby of the Des Moines Tribune,
and is reprinted with his permission.
ANKING c e r t a i n l y has taken a
gastronomic and haberdashery
turn.
In one bank, for example, deposits
include 512,308 pounds of coffee. And
5,760,434 pounds of sugar. And 9,467,804
gallons of gasoline. That’s figuratively
speaking, obviously. What the bank
actually has on deposit is ration cou­
pons covering those items. Here’s what
happens. The banking fraternity, to
do its part in facilitating the rationing
of foods, shoes, gasoline and fuel oil,
has set up and is operating a ration
coupon clearing house. Your retail
merchant makes out deposit slips for
and draws checks on his rationing
account. The banks audit the ration
coupons.
W h en the merchant draws a check
on, say, his meat (fats, fish, cheese)
ration account, he must show that he
has on deposit in the bank, acting as
an agency of and under the juris­
diction of the office of price administra­
tion, sufficient meat (fats, fish, cheese)
coupons to cover the amount of the
check. Each month the bank sends
him a statement setting out his balance
in ration coupons and his canceled
ration checks.
The bank mentioned earlier also has
on deposit: Processed foods—109,636,694 points; meats and fats—130,363,274
points; shoes—98,599 pairs.
If you are interested in something
more intimate about the deposit slips,
the processed foods slip is orange in
color—a rather attractive shade, too.
The shoe deposit slip is a light shade
of yellow and the gasoline credit slip
is a darker hue of the same color.
Both are rather attractive. Pink is
the color of the coffee deposit slip and
the one for meats, fats, fish and cheese
is a restful tone of blue.
A point that might not have oc­
curred to you is that use of the deposit
slips and ration checks makes unneces­
sary the turning of the banks into
veritable produce houses. It would
take a lot of refrigeration if the mer­
chant came in with a hatful of toma­
toes and dumped them in front of
the man handling his edible checking

B

Y


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

By Ted Ashby
account. And a check for seven ru­
tabagas doesn’t have a great deal of
financial prestige.
In addition, the bank’s regular busi­
ness would be hampered no end by

depositors running in and out lugging
herring, walleyed pike, five-gallon cans
of gasoline, men’s oxfords, gorganzola
cheese and tins of coffee. Besides, it
would be awfully easy to be overdrawn

TOWARD UNCONDITIONAL
SURRENDER
E A C H day the p o w e rfu l m achine that is A m erica turns m ore
sw iftly. T h e gian t factories and m an ifold skills o f the m ost
h igh ly industrialized nation in the w o rld are n o w concentrated on
b rin g in g defeat to our enem ies.
T h e necessity o f m ain tain in g this trem endous activity at peak
has b ro u g h t a m u ltip licity o f n ew p ro b lem s to m any local indus­
tries and to the banks w h ich serve them . T he experien ce w e ou r­
selves h ave gain ed in d ealin g w ith sim ilar p rob lem s here in the
heart o f one o f the n atio n ’s greatest in dustrial areas is available to
any bank that cares to m ake use o f it. T h is is but p art o f our fullrounded correspon den t service.

AMERICAN NATIONAL BANK
AND TRUST COMPANY
OF CH ICAGO
LA S A L L E S T R E E T J S

AT W

Member Federal Deposit

A

S H

I N

G

T

O

N

__________________

Insurance Corporation

w
O U R

B U S I N E S S

I S

T O

H E L P

B U S I N E S S

Northwestern Banker

August 19k3

40

• M I N N ESOT A NEWS
four turnips. The head man wouldn’t
know whether he was president of a
bank or the A. & P. stores.
There is no danger of the financial
institutions taking on the appearance
of merchandise marts. The consensus
in the banking fraternity is that stalks
of bananas hanging from chandeliers
would be unsightly. And customers
would not be able to resist sampling
the salted cod and juicy dills in open
barrels about the lobby. It was held
too that you can't keep a cauliflower
in escrow or make change for limburger.

Loan Delinquencies

granted by the act, the survey shows.

A new statistical analysis of delin­
quencies on instalment repayments of
consumer credit loans, prepared by the
Consumer Credit Department of the
American Bankers Association, re­
veals that the Soldiers’ and Sailors’
Civil Relief Act has increased the total
delinquencies among matured loans
and loans more than 90' days overdue.

With the exception of the cumula­
tive effect of the Soldiers’ and Sailors’
Act upon unpaid matured loans, the
rate of repayment on such loans as
are permissible under Regulation W
has remained fairly constant in rela­
tion to the rate of repayment prevail­
ing before Pearl Harbor.

However, less than one per cent of
the total number of personal loans out­
standing at the end of May, 1943, were
delinquent because of the privileges

O U R

JO B

The job of this bank in helping win the
C. L. F R E D R IC K SE N
President

war is two-fold, as we see it:

M. A. W IL S O N
Vice President

1. To vigorously promote the sale of

W . G. N E L SO N
Assistant Vice President

W ar Bonds and Stamps.

t

W . C. SCH EN K
Cashier

2. To do our level best to help develop
the live stock and farming interests of

H. C. L IN D U S K I
Assistant Cashier

the Sioux City territory.

C. L. A D A M S
Assistant Cashier

By location and experience, this bank is

J. S. H A V E R
Assistant Cashier

particularly qualified to excel at the latter

JAM ES L. SM IT H
Auditor

task.

W e suggest you try us for such

★

★

★

LIVE STOCK
N

a

T

O F

I O

/ V A L

S I O l/ X

C #

B

A / V I C
IO W A

^ À e ßa*js/c a é tfte
Member Federal Deposit Insurance Corporation

Northwestern Banker


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

August 1913

•

Monthly fluctuations in the delin­
quency percentages have been within
well defined limits, the analysis shows,
with the possible exception of Febru­
ary of this year, when delinquencies
increased, probably as a result of bor­
rowers withholding instalment pay­
ments in order to meet their income
taxes.
Delinquency
percentages
dropped sharply after February and
resumed a more nearly normal ratio
to total loans in March and April.
While delinquencies resulting from
the Soldiers’ and Sailors’ Act accounted
for only .986 per cent of total delin­
quencies at the end of May, their cu­
mulative effect upon delinquencies of
90 days and over, and upon delinquen­
cies among matured loans, has been
noteworthy. In both categories, the
percentage of delinquencies in relation
to those of September 30, 1941, carried
the relative significance of 137 to 100
and 131 to 100, respectively.
Moreover, the percentage of Soldiers’
and Sailors’ Act delinquencies, in re­
lation to these delinquencies as of
September 30, 1941, has more than
trebled, and reached the relative figure
of 371 at the end of May this year. Con­
tinued growth of this figure is de­
pendent in part upon whether or not
the Selective Service System continues
to induct men into the armed forces at
the rate prevailing in recent months.
Should the rate of induction be low­
ered in succeeding months, the relative
growth of Civil Relief Act delinquen­
cies should normally be expected to
be lessened.
The rate of induction, however, is
not the sole determinant of the delin­
quency rate, it was pointed out. The
Civil Relief Act establishes moratoria
on personal debt only if the borrower
is unable to pay. There is evidence
that some borrowers who are in fact
able to repay avail themselves of the
act’s privileges, without regard for the
intent of the act, which sets forth that
repayment of debt incurred before in­
duction into the armed forces is de­
layed only in cases of undue hardship,
and does not relieve the borrower of
eventual repayment.

in the Blackpipe State Bank and be­
gan her duties there last month.

SOUTH

Vacation
Miss June Anderson, employed at
the Belle Fourche, South Dakota,
branch of the First National Bank of
the Black Hills, and Miss Josephine
Waite of the J. C. Penney Store, va­
cationed recently in Denver, Colorado.

DAKOTA
NEWS
T. N. H A Y T E R
President
Sioux Falls

A ctin g Secretary
M IL D R E D S T A R R IN G

G E O R G E M. S T A R R IN G
Secretary-Treasurer
H uron

Garretson Bank Sets
New Record

An increase of $247,947.00' in deposits
in the past six months is responsible
Woonsocket; L. T. Morris, Watertown;
for bringing the assets of the First
Accepts Position
National Bank in Garretson, South Da­
Miss Margaret Mackey, formerly of J. R. McKnight, Pierre; W. P. Jones,
kota, to well over $1,000,000 for the
Elk Point, has accepted a position as Mobridge; John Hirning, Lead.
first time in the history of the institu­
Bank Management
bookkeeper in the First National Bank
Wm. C. Rempfer, chairman, Parks- tion. Their statement as of June 30th
at Akron, South Dakota. She is a
daughter of Mr. and Mrs. Frank ton; B. R. Laird, Tyndall; R. S. Ban- shows total assets of $1,013,146.08. De­
field, Aberdeen; L. A. Jacobson, Bry­ posits of all kinds at the time the re­
Mackey.
ant; H. B. Lovald, Philip; H. C. port was made were $945,643.65.
Whaley, Huron.
The bank is operated by three sons
O.K. Land Bank's
of the late Thomas Wangsness, who
Public Relations
C.
C. Anderson, chairman, Rapid was a pioneer banker in the town.
Reorganization
Directors of the Flandreau, Madi­ City; Thos. E. Porter, Webster; L. T. They are B. O. Wangsness, president;
T. E. Wangsness, cashier; and R. O.
son, Ramona, Three County and Miner Jarmuth, Miller; L. Roy Klatt, Tripp;
County National Farm Loan Associa­ T. E. Wangsness, Garretson; F. 0. Wangsness, assistant cashier.
tions approved the reorganization plan Palmer, Canova.
Taxation and Legislation
recently offered by the Federal Land
New Assistant at Hartford
Walter H. Burke, chairman, Pierre;
Bank of Omaha. The decision came
Paul Breen, formerly of Volin, has
P. H. McDowell, Sioux Falls; W. W.
at a meeting called last month.
accepted
a position as assistant cashier
Baker,
Sioux
Falls;
W.
H.
Frei,
Wag­
Under the reorganization plan, the
in the Community State Bank at Hart­
capital stock of insolvent National ner; Fred B. Stiles, Aberdeen; N. J.
ford, South Dakota. Of late, he has
Farm Loan Associations would be re­ Thomson, Platte; Geo. T. Mickelson,
been employed in the bank at Parkers
stored to par value, and former mem­ Selby; John L. Wood, Hartford.
Prairie, Minnesota, but resigned re­
ber borrowers of insolvent associa­
cently to take the position in the Hart­
tions would receive full payment for
Change in Personnel
ford bank.
their stock investment.
Miss Delores Szymanski, of Tabor, is
employed in the Farmers and Mer­
chants State Bank of Scotland, South
in Service
Big Gain at Wakonda
Private Earl F. Nixon, director and Dakota, succeeding Mrs. John K. Rob­
Bank depositors of Wakonda, South
assistant cashier, Dakota State Bank, inson, who resigned.
Dakota, achieved a record figure last
Milbank, South Dakota, is now at
month when total deposits mounted
Camp Roberts, California. He enlisted Branch at Air Base
to over a million dollars, it was re­
about two months ago and is taking
The First National Bank of the vealed by the statement of the Se­
volunteer officers training course
Black Hills, Rapid City, South Dakota, curity State Bank. The amount is
there.
has opened an office at the Rapid $1,028,910.82, an increase of $269,713.92
City army air base to provide banking since the statement of December 31st,
1942. In addition, depositors pur­
facilities there for army and civilian
Committee Appointments
chased over $100,000 in war bonds.
President T. N. Hayter announces personnel.
George W. Milne, assistant cashier,
the appointment of the following
Trend of business is indicated in a
who has been employed at the Sturgis drop of customer loans to $286,913.34,
standing committees for 1943-1944:
branch of the bank, serves as manager. a result of heavy liquidation of live­
Agriculture
A.
G. Berger, chairman, Clear Lake; The office will operate under a spe­ stock by feeders and farmers.
The bank was established in Wa­
John N. Thomson, chairman, sub-com­ cial wartime permit from the United
mittee on Government Lending Agen­ States Treasury Department recently konda by E. A. Eystad and associates
in February, 1934. Mr. Eystad con­
cies, Centerville; Carl J. Odegard, issued to the bank.
A new building has been erected for
tinues to serve as president.
chairman, sub-committee on Farm
Chemurgy, Huron; E. A. Eystad, Wa- the use of the bank at the base, ad­
konda; C. A. Lovre, Brookings; R. A. joining the finance office and across
Madison Debits Up
Johnson, Kimball; A. Kopperud, Wa­ the street from the base theatre.
63 Per Cent
tertown; Theo. H. Meyer, De Smet;
Fred L. Lewis, Lemmon; G. Q. Runkel, To Bank
Business in Madison, South Dakota,
Belle Fourche.
Mrs. W. H. Shannon, who has been continued brisk during the month of
employed at the Red Owl Food Store June, the report on bank debits of the
Membership
J. M. Lloyd, Yankton; T. S. Harki- in Martin, South Dakota, for the past Federal Reserve Bank showed. As
son, Sioux Falls; T. M. Brisbine, several weeks, has accepted a position against the same month last year, it
( I n th e S e r v i c e )


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Federal Reserve Bank of St. Louis

Northwestern Banker

August 1943

42

•

SOUTH

was 57 per cent above the previous
level.
For the entire six months of this
year, a 63 per cent increase for the
city was listed. Over the entire state,
the six-month figure was a 27 per cent
increase and for June only, a 22 per
cent increase.

Mitchell Debits Up
47 Per Cent
During the month of June, the
volume of bank debits in Mitchell,
South Dakota, reached a point that
was 68 per cent above the level
attained in June, 1942, while figures
for the entire first half of 1943 showed
a 47 per cent increase when compared
with the same period of 1942.

29 Per Cent Increase
During the month of June, the
volume of bank debits in Rapid City,
South Dakota, reached a point one
per cent above the level attained in
June, 1942, while figures for the entire
first half of 1943 showed a 29 per cent
increase when compared with the
same period of 1942.

DAKOTA

NEWS

in an advisory capacity until the end
of the year.
Accompanied by his family, he left
for Los Angeles, where he plans to
live for the next two years.
First entering the banking business
at Claremont, South Dakota, in 1902,
Stevens came to Sioux Falls in 1908,
and in 1910 became president of the
State Bank & Trust Company, which
later became the Northwest Security
National Bank.
His interest in the bank was sold
in 1919 to the late W. Z. Sharp, and
from then until 1926 Stevens was
engaged in the automobile business in
Sioux Falls and Minneapolis.
In 1926, he founded the Citizens
National Bank in Sioux Falls, which
in 1931 became affiliated with the First
Bank Stock Corporation of Minne­
apolis. The institution changed its
name to the National Bank of South
Dakota in 1937.

C. A . Christopherson, president of
the Union Savings Bank, has been
selected to represent the banking in­
dustry on a postwar planning com­
mittee chosen from the membership of
the Sioux Falls Chamber of Com­
merce.
The committee will study incipient
postwar problems of the community
and the state, as well as material com­
piled by the U. S. Chamber of Com­
E . S T E V E N S , president of the
National Bank of South Dakota, merce and the National Committee of
Development.
Sioux Falls, has announced that Economic
he
Regional chairman of the latter
will retire as head of that institution
group is John Morrell Foster, general
on December 31.
Effective July 20th, the veteran South manager of the Sioux Falls branch of
Dakota banker began a leave of ab­ John Morrell and Co.
sence from active duties at the bank,
Christopherson, together with P. H.
but indicated that he would remain
associated with the board of directors M cDowell, vice president and trust

Sioux Falls News

W

FIRST NATIONAL BANK OF THE BLACK HILLS
Rapid City
Lead
Deadwood
Belle Fourche
Hot Springs
Sturgis
Spearfish
Newell
STATEMENT OF CONDITION JUNE 30, 1943
R ESO U RCES
Cash on Hand, in Federal Reserve Bank, and Due from Banks and
B a n k e r s ................................................................................................................................ $ 3 , 4 8 5 , 1 3 7 . 1 2

U. S. Government Obligations..........................................................................
State and Municipal Bonds..................................................................................
Other Bonds and Secu rities..................................................................................

««
a la a o B n
a j.a a j.a u

$ 1 2 8 6 4 2 14.91

Stock in Federal Reserve Bank in Minneapolis...............................................................................
Overdrafts . .........................................................................................................................................
Loans and D iscounts......................
.................
Banking Houses, Furniture and Fixtu res. .
. . . ...... •■
..............

2 7 '?8 1 83
4 00 0 21 2 31
1 ? g ,£infi oo
m a .a u o .u u

Includes Banking Houses at Rapid City, Deadwood, Belle Fourche, Sturgis,
Spearfish, and Newell, all clear of encumbrances.

Q

Real Estate Owned, other than Banking Houses..........................................................................
82| - ”
Interest Earned but not Collected........................................................................................................
*138 75
Other Assets ...................................................................................................
.................................... ..................................'
TO TA L.

.

............................................................................................................................................
L IA B IL IT IE S

Capital Stock, Common.......................................................................................... $ l i o ’oOfhOO
Surplus .............................................. ............................................................................
Undivided Profits and Reserves.......................................................................... .. ................*

e 1 ,1 1 5 ,8 2 3 .0 3
69 491 28
Reserved for Interest, Taxes and Other Expenses. .............................................................
1 0*4 08.35
Interest Collected but not E arn e d .....................................................................................................
15 8 9 6 ,4 6 9 .4 7
Deposits .........................................................................................................................................................
_ j J _______________ _
T O T A L ...................................................................................................................................................... $ 1 7 ,0 9 2 ,1 9 2 .1 3

Member Federal Deposit Insurance Corporation

Northwestern
Banker

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Federal Reserve Bank of St. Louis

August 19^3

•
officer of the Northwest Security
National Bank, has also been named
to a policy-making committee of the
state war savings staff, under a gen­
eral reorganization ordered by Secre­
tary of the Treasury Morgenthau.
In a merger of the war savings staff
with the state victory fund committee,
Christopherson’s title changes from
state war savings administrator to
executive manager.
Effects of a war boom on the bank­
ing industry in South Dakota were
explained to the general public in a
full page advertisement in the Sioux
Falls Argus-Leader, prepared under
the direction of Ralph W atson, presi­
dent of the Northwest Security Na­
tional Bank.
Calling attention to a one-year de­
posit gain of from $14,000,000 to
$22,500,000 at Northwest Security and
the difficult problem of employing
experienced workers, the advertise­
ment carried a plea for tolerance if
service is found to be somewhat slow­
er than in normal years.
After one month of operation, activi­
ties at the branch bank at the Army
Technical School in Sioux Falls have
shown a “tremendous increase,” it was
reported by M . I. Onus, assistant
cashier at Northwest Security.
In a single day recently, 30 new
accounts were opened at the branch,
which offers all normal banking serv­
ices except the rental of safety deposit
boxes.
War bond sales are running high
at the post, w i th s e v er a l $1,000
purchases reported in recent weeks.
The branch is under the supervision
of G. O. Nordby.
Bank clearings in Sioux Falls
showed strong gains in the first six
months of this year, it was reported by
the Clearinghouse Association. Total
clearings this year were $80,833,160,
as compared with $63,433,148 during
the first six months of 1942.
During June, however, the increase
was the smallest since last January,
the gain being but 13.6 per cent over
the same month a year ago. In May
the gain was 25 per cent; in April 33.3
per cent, and in March 47 per cent.
Much of the slump was attributed to
a decrease in livestock marketings
here, due to confusion over the OPAsubsidy program. A heavy run of
livestock, especially beef, was antici­
pated at the end of July, however.

43

NORTH
DAKOTA
NEWS
H . A. F IS C H E R
President
W ashburn

0 . C. W A T T A M
Secretary
Fargo

with his parents to North Dakota in
1881 and settled near Rugby. When
a young man he was employed by
Beilder and Hobson Lumber Company
in Blanchard, North Dakota, and was
later postmaster there.
During later years he was postmas­
ter of Sharon, a member of the board
of education, and was elected state
senator in 1911 from Steele and Griggs
counties. In 1924, he retired from the
mercantile business but continued as
president of the bank of Douglas,
North Dakota, director of the Citizens
State Bank and later of the National
Bank at Sharon.

Bowman; F. A. Foley, Rolla; Clarke
Bassett, Fargo.
B.
F. Bambenek took over his duties
Debits Up in Devils Lake
Legislative
recently as executive vice president
During the month of June, the vol­
J. J. Schmid, chairman, Wilton; F.
of the First National Bank of Dickin­
ume, of bank debits in Devils Lake
B.
Heath,
Bismarck;
I.
E.
Giedt,
Richson, North Dakota.
reached a point that was 32 per cent
Mr. Bambenek, formerly vice presi­ ardton; C. P. Kjelstrup, Minot; Sharpe above the level attained in June, 1942,
Preutz,
Kulm.
dent of the First National Bank of
while figures for the entire first half
Public Relations
Spring Valley, Minnesota, has spent
of 1943 showed a 25 per cent increase
L. E. Callahan, chairman, Michigan; when compared with the same period
many years in the banking business
at Aberdeen, Hecla and Highmore, W. P. Campbell, Dunseith; J. R. Mad­ of 1942.
South Dakota. He was examiner for sen, Mandan; Geo. Johnston, CoopersThroughout North Dakota, bank
the state banking department in South town; G. H. Hornett, Ashley.
debits for the month of June were 22
Dakota at one time and since 1929 has
Bank Management
per cent above those shown for June,
F.
A. Foley, chairman, Rolla; A. L. 1942, while the total for the first six
been with the First Bank Stock Corpoation, first as examiner and then as Garnaas, Sheyenne, Glenn Dill, Oakes; months of this year indicates an in­
G. A. Klefstad, Forman; Robt. Stroup, crease of 13 per cent over the same
manager of several of its affiliates.
Hazen.
1942 period.
Junior Bankers
New Service Charge
L. E. Lilyquist, chairman, Lisbon;
The convenience of a bank account
Theo. H. Tufte, Northwood; J. P. Far­ New Assistant at Dickinson
costs more in the seven banks of
Frank J. Barth has accepted a posi­
rell, Fargo; H. M. Erickson, Valley
Williams, Mountrail, McKenzie and
tion
as assistant cashier at the Farm­
City; Ward Dwight, Fargo.
ers State Bank, Dickinson, North Da­
Divide Counties (North Dakota) with
W ater Conservation
kota. He was employed at the Rich­
the setting up of a new service charge
R.
A.
H. Brandt, chairman, Minot; ardson Bank fifteen years. He is fi­
for checking accounts.
Each active checking account will L. H. Ickler, Jr., Jamestown; M. J. nancial secretary of the Knights of
pay a charge of 50 cents a month, Raschko, Dickinson; O. A. Refling, Columbus.
Drake; Krist Kjelstrup, Underwood.
regardless of the size of the account,
it is announced.
Debits Increase 88 Per Cent
The move is made necessary by the Voluntary Liquidation
During the month of June the vol­
Announcement was made recently ume of bank debits in Jamestown,
fact that the costs of operating a bank
have risen steadily while the banker’s that the First International Bank of North Dakota, reached a point that
chances to make money to pay the Esmore, North Dakota, for more than was 88 per cent above the level at­
forty years one of the leading financial tained in June, 1942, while figures for
increased costs have been reduced.
In other communities banks have institutions of the county, would liqui­ the entire first half of 1943 showed a
adopted a plan of making a charge for date and would close as soon as de­ 34 per cent increase when compared
each check written on an account in positors could be paid off.
with the same period of 1942.
Because of banking restrictions, the
the bank, and for each check de­
posited. Northwestern North Dakota inability to secure competent help in
Business Gains— Grand Forks
banks have discarded that plan as the bank, the stockholders have de­
During the month of June, the vol­
cided
on
voluntary
liquidation
and
will
costing the customer too much, how­
ume of bank debits in Grand Forks,
ever, and have instead adopted the wind up the affairs of the bank as
North Dakota, reached a point that
50 cents a month straight service rapidly as possible.
was 25 per cent above the level at­
The
bank
had
deposits
of
$288,258.98
charge for all active checking ac­
at the last statement made in April. tained in June, 1942, while figures for
counts.
Loans and discounts were $189,700.93. the entire first half of 1943 showed a
E.
O. Craig is president of the bank 23 per cent increase when compared
New State Committees
and Minnie D. Craig and M. H. Engel with the same period of 1942.
The following are the members of are directors.
standing committees of the North Da­
Bank Debits— Mandan
kota Bankers Association, appointed
During the month of June, the vol­
Sharon Banker Dies
recently by President H. A. Fischer:
Charles J. Ellingson, 73, prominent ume of bank debits in Mandan, North
Agricultural
resident of Sharon, died in a hospital Dakota, reach a point that was 21 per
Fred A. Irish, chairman, Fargo; F. there last month. Born August 16, cent above the level attained in June,
D. McCartney, Oakes; Dugald Stewart, 1869, at Arkdale, Wisconsin, he came 1942, while figures for the entire half

Named Vice President

Northwestern Banker

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Federal Reserve Bank of St. Louis

August 1943

44

•

NORTH

NEWS

sions to the American Bankers Asso­
ciation for the ensuing year:
National bank division, E . J. Bloedow of Edgeley, North Dakota.
Savings bank division, F. B. Heath
of Bismarck.
State bank division, M. G. Peterson
of Hope, North Dakota.
Trust division, Carther Jackson of
Grand Forks.

of 1943 showed a 13 per cent increase
when compared with the same period
of 1942.

Farso News
I OSEPH P. F A R R E L L , who started
J at the bottom of the ladder as mes­
senger boy and went up the rungs to
the post of cashier, a post he held
since 1932, has resigned that office at
First National Bank and Trust Com­
pany of Fargo, North Dakota.
Bank directors have elected George
W . Jenson, vice president, as vice
president and cashier, with Ray
Schmallen as assistant cashier.

Charles J. Ellingson, 73, former
president of the bank at Douglas,
North Dakota, and director of the
Citizens State Bank and later the
National Bank at Sharon, North Da­
kota, died in a Sharon hospital.

Clarke Bassett, vice president of the
Merchants National Bank and Trust
Company of Fargo, North Dakota, has
been named representative for the
Fargo area of the Minneapolis division
of the army officer procurement serv­
ice, which is seeking men and women
in civilian life between the ages of 38
and 55 who can qualify for commis­
sions in the United States Army.

The various North Dakota divisions
of the American Bankers Association,
at their meeting in Fargo, named the
following representatives of their divi­

77

DAKOTA

Despite the shortage of many types
of merchandise, Fargo’s bank debit
figures for June were $28,924,000, com­
pared with $23,876,000 for June, 1942,
a gain of 21 per cent, according to
records of the Federal Reserve Bank
at Minneapolis.
Throughout Noijth Dakota, bank
debits for June were 22 per cent above
those shown for June, 1942, while the
total for the first six months of this
year indicates an increase of 13 per
cent oer the same 1942 period.

Farm Land Price Boom
The rising trend of farm land prices

Victory requires
H E A L T H
///

TAKE THE BATHS»..». DRINK THE WATERS

\ V.
. :•••%:;

Feel y o u rs e lf f’ E R X -O t d a y b y d a y , as you
re»* o nd re la x a t The Elms. F o rtify y o u rs e lf w ith B uo ya nt H e a lth th ro u g h F o u t
K in d s o f M in e ra l W a te rs . S ports. Recreatio n . Low A m e rica n P lan ra te s. W r ite fo r
d e s c rip tiv e lite ra tu r e .

EftlLSIOR
SPRINGSmo
Northwestern Banker

is called to the attention of banks by
a bulletin sent by the American Bank­
ers Association to its membership. The
bulletin points out that a possible post­
war boom and collapse in farm land
values may be developing.
Terming the rise in land prices
which has thus far occurred as “mod­
erate,” the bulletin emphasizes that
this rise nevertheless parallels that
which occurred during World War I,
and that the real boom in farm real
estate occurred after the last war rath­
er than during the war. This postwar
boom was followed by the land price
collapse of 1921.
“As during the present conflict, the
rise was rather slow to get under
way,” the bulletin says. “ Once a boom
has grown to ‘moderate’ size, however,
it continues to swell at a faster and
faster rate.”
The bulletin, which contains com­
parative tables of agricultural produc­
tion, farm prices, mortgage debt, real
estate prices, livestock production and
related statistical series, shows that in
all of these categories except mort­
gage debt, the trend is upward and
their pattern “follows closely—too
closely—that of World War I.”
“ The argument is being used, and
rather successfully, that prices must
be controlled to win the war,” the bul­
letin continues. “This same argument,
however, cannot be used after the war
is won, and price control will be much
more difficult. Undoubtedly, there will
be a break in the then-prevailing level,
including land prices, sometime after
the shooting stops. If we are not able
to keep control, the break will be se­
vere and the situation could be much
worse than in 1921.”

Biggest in Chicago

iSiSSSS..


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Federal Reserve Bank of St. Louis

•

August 19^3

77

For the first time in history, Chicago
has a $5,000,000,000 bank. The total
assets of the Federal Reserve Bank of
Chicago passed that mark on July 9th.
The higher level of business activity
engendered by the war has increased
deposits of commercial banks through­
out the Seventh Federal Reserve Dis­
trict which, in turn, has brought about
an increase in the size of the Federal
Reserve Bank in which the members
carry their required reserves.
The principal items in the statement
which have shown a marked increase
are cash reserves, which amounted to
$3,720,000,000, and holdings of secur­
ities, which totaled $1,047,000,000. The
increase in security holdings has re­
sulted primarily from heavy purchases
of United States Treasury bills from
member banks.

45

•
T

w

NORTH

e n t y -fiv e

Y

DAKOTA

e a r s

A

NEWS

g o

Names in Northwestern Banker News From the
August, 1918, Issue
E W I S E . P IE R S O N , Chairman of
I_ the Board of the Irving National
Bank of New York, in an address to
the National Association of Credit
Men said, “Preparedness for peace in
these days of war is as lacking in
official circles as was preparedness for
war in the days of peace. New financial
perils will arise should peace come
unexpectedly” .— W illiam Ontjes, presi­
dent of the Sioux Falls National Bank,
Sioux Falls, South Dakota, is being
congratulated upon his excellent state­
ment for June 29th, 1918, showing de­
posits of $4,322,000. This is the largest
bank in South Dakota.— Charles H .
M cNider of Mason City, while attend­
ing the Republican State Convention
in Des Moines, received from M ajor
H . H . Polk a brass model repro­
duction of the French 75 gun which
was given to his son, Lieutenant H an­
ford W . MacNider at the officers’
training school in France.—The Se­
curity National Bank of Sioux City

announces through the medium of the
very attractive blotter carrying a
service flag that six of its boys are
now at the front.—Lieutenant H al­
stead M . Carpenter, USR, stationed at
Fort Snelling, has been advanced to
the rank of Captain.—The following
officers were elected at the annual
meeting of the Minnesota Bankers
Association which was held at Minne­
apolis; Edgar L. Mattson, President,
Midland National Bank of Minne­
apolis; M. J. Dowling, Vice President,
Olivia State Bank, Olivia; C. H . Draper,
Treasurer, First National Bank of
Wells; and G. H . Richards, Secretary
of Minneapolis.— The First National
Bank of Davenport, Iowa, which is
the oldest National Bank in the United
States, recently celebrated its 55th
anniversary.—The officers of the Ne­
braska Bankers Association are W . F.
W eston, Vice President of the Peter
Trust Company of Omaha, President;
J. H. K elly, President of the First
State Bank of Gothenburg, Chairman
of the Executive Council; J. F. Coad,
Jr., President of the Packers National
Bank of South Omaha, Treasurer; and
W illiam B. H ughes of Omaha, Secre­
tary.— R. W . W alters, First Vice Presi­
dent of the Charles E. Walters Com­
pany of Omaha, has joined the army
at Camp Green, South Carolina, where
he is in the Medical Department.—

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

Teller in the
Northwestern National Bank in Min­
neapolis, has left for New York City to
report for Y. M. C. A. Secretary duty
overseas.— A lex Highland, Vice Presi­
dent of the Aberdeen National Bank,
Robert F. MacTavish,

was recently elected president of the
South Dakota Bankers Association.—
R. E . Cone, President of the James Val­
ley Bank of Huron, South Dakota, has
announced an increase in the capital
of his bank from $30,000 to $60,000.—
L. P. Larson is President of the newly
organized Farmers Bank of Sutton,
North Dakota.—A . W . Powell, who has
been cashier of the State Bank of
Bowman, North Dakota, for the past
two years, has moved to Montana
where he has purchased a bank.

1863

C

•

1943

orrespondent

'

B a n k Relations

with The First N ational Bank of
Chicago assure prompt handling of
checks, notes, drafts and collections;
afford facilities for the exchange of
credit information, for checking investment portfolios, and other bankto-bank services*
W ith The First National Bank of
Chicago correspondent bank relation*
ship is one of long duration, having
been inaugurated in 1863*

Today

the Banks and Bankers Division is
handling a nation-wide business, and
invites accounts upon a basis that so
long has proved mutually satisfactory.

The First N ational Bank
of Chicago
MEM BER

FE DE RAL

DE PÔ SI T IN S U R A N C E

CORPORATION

Northwestern Banker

August 1943

46

m
O F F IC E R S
H. M. B U S H N E L L , President
E L L S W O R T H M O S E R , E xec. Vice Pres.
V . B . C A L D W E L L . V ice President
R . H. M A L L O R Y , Vice President
T . F . M U R P H Y , Vice President
H. W . Y A T E S , V ice President
H. E . R O G E R S , Asst. Vice President

C.
A.
E.
E.
N.
E.
H.

Y . O F F U T T , Trust Officer
L . V I C K E R Y , Cashier
E . L A N D S T R O M , Assistant Cashier
W . L Y M A N , Assistant Cashier
L. S H O L IN , Assistant Cashier
C. M c E L H A N E Y , A sst. Trust Officer
T . U E H L IN G , Asst. Trust Officer

*In Service of the United States

U N IT E D A T A T E S
W K.
y

ia

t lo

n

a

fl

o /* (Q

MEMBER

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Federal Reserve Bank of St. Louis

August 19^3

FDI C

m

a A

a

47

man, vice president; H. E. Lichty, vice
president and cashier; Donald Lichty,
assistant cashier; Hannah E. Abbott,
director; O. E. Black, director.

A t First National
Miss Wauneta Fisher of Hubbell,
niece of Mrs. Luther Bonham, is now
employed in the First National Bank,
Fairbury, Nebraska.
R. F. C L A R K E
(O n leave of absence
with Red Cross)
Papillion

Addresses Colorado Bankers
E. W. Rossiter, president, Bank of
Hartington, Nebraska, was one of the
speakers on the program at a war
conference of the Colorado Bankers
Association last month. He spoke on
“ Government Subsidies.”

Reassumes Bank Affiliations
At a recent meeting of the Board
of Directors of The First National
Bank of Hay Springs, Nebraska,
Thomas R. Morrison was elected as­
sistant cashier to fill the vacancy made
by the resignation of Anna Margaret
Potter. Mr. Morrison was formerly
connected with the bank for a period
of twenty-two years prior to his elec­
tion as county treasurer.

Named Bank Examiner
James L. Gray of Coleridge, Ne­
braska, has recently been appointed
by the comptroller of the currency as
an assistant national bank examiner
for the tenth federal reserve district
with headquarters in Kansas City.
Mr. Gray is a graduate of the Uni­
versity of Nebraska, has had exten­
sive banking experience in both Iowa
and Nebraska and is well qualified for
the position.

New Teller at York
The C. T. Moline family has moved
to York, Nebraska, where C. T. has
accepted a position with the First
National Bank as teller and general
utility man. Ted has been connected
with the banking business for a num­
ber of years, holding a position with
the First National Bank in Stromsburg at one time and later in the Farm­
ers State Bank that flourished in
Stromsburg for a time.

Cashier Resigns
S. H. Megown, cashier of the First
National Bank of Minatare, Nebraska,
for the past two years or more, ten­
dered his resignation to the board of
directors effective July 1st. Mr. Me
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

W M . B. H U G H E S
Secretary
Omaha

gown has not announced his plans
for the future, but it is understood that
he resigned to accept a more lucrative
position. No announcement has been
made by the bank directors as to who
Mr. Megown’s successor will be.

Commercial Bank
Elects Officers
The semiannual meeting of the Com­
mercial Bank, Nelson, Nebraska, stock­
holders was held last month. Among
the business transacted, the following
officers were elected:
President, J. B. Wehrman; vice pres­
ident, W. W. Hawley; cashier, Jas. F.
Murphy;
assistant cashiers, Roy
Brewer and Mrs. Leone Swanson; di­
rectors, J. B. Wehrman, W. W. Haw­
ley, Percy Baird, Jas. F. Murphy, Lawson J. Wehrman, Mrs. Leone Swanson.

Guardian State Anniversary
Guardian State Bank, Alliance, Ne­
braska, has entered upon its twentyfifth year of service in Alliance. The
bank was established July 14, 1919,
and was acquired by the present own­
ers in January, 1927.
This financial institution is an out­
standing one in western Nebraska and
on June 30th listed deposits of $4,509,080.75, making it one of the large banks
of the state. As cited by officers of the
bank, the years of operation have been
through both good and bad times and
they say it is gratifying to them to
note little businesses that have become
big through their cooperation and also
to observe a marked advance in the
residential and business sections of
Alliance that they have helped in
bringing about.
It is also pointed out that the bank
has grown and prospered without the
aid of consolidations or mergers of
any kind, the good will and patronage
of the customers having contributed
substantially to the success it has en­
joyed.
Present officers of the bank are:
C. J. Abbot, president; LeRoy Abbott,
executive vice president; C. H. Sud-

Joins Bank Staff
Fred W. Muller, Norfolk, who has
been employed by the Home Owners
Loan Corporation since July 1, 1934,
has resigned that work to accept a
teller’s position with the DeLay Na­
tional Bank, Norfolk, Nebraska.
This marks his return to a bank
position in Norfolk. Before going with
the HOLC, he was employed from 1921
to 1932 with the old Security State
Bank of Norfolk.

New Bank at Hoskins
By a vote of 99 to 1, shareholders
of the Hoskins Co-op. Credit Assn.,
Hoskins, Nebraska, voted to liquidate
the assets of the bank as a preliminary
step in organizing a state bank. The
association had 135 stockholders and
two-thirds of the total had to partici­
pate in the voting either in person or
by proxy and at least 90 had to favor
the proposition to assure its success.
Following the vote the Commercial
State Bank was organized by the fol­
lowing officers and directors: Presi­
dent, Ed. Kollath; vice president, Eric
Meierhenry; cashier, W. A. Gutzman;
assistant cashier, Mrs. W. A. Gutzman;
directors and stockholders, Ed. Kol­
lath, Eric Meierhenry, Ezra Jochens,
George Lángenberg, W. A. Gutzman.
The new bank was capitalized at
$13,600, and its surplus $3,400 and un­
divided profits fund set up at $408.
The bank opened for business July
6th, in the building where the asso­
ciation did business and which was
purchased for $1,200 including fixtures.

Increase in Capital
The Osmond State Bank, Osmond,
Nebraska, published a condensed state­
ment of its condition as of June 30,
1943. John Adkins, president of the
institution, announces the recent in­
crease in capital of the institution to
$16,000.

Show Good Record
Chadron’s banks (Nebraska) reflect
the growth and prosperity of the sur­
rounding country.
The First National shows total re­
sources of over two million, and the
Bank of Chadron, now only two and
Northwestern Banker

August 19^3

48

ì

a half years old, shows better than
one million, a remarkable growth in
so short a time.
The Bank of Chadron started in
January, 1941, and at the end of the
first quarter had deposits of $124,893.77. Today the deposits total $1,050,860.02. Each succeeding report
during the two and a half years of its
existence has shown a steady growth,
the first year with deposits tripled, and
now at the end of two and a half
years with deposits close to ten times
the amount shown at the end of the
first quarter.
Deposits in the First National in­
creased from $1,205,344.84 to $1,983,078.68 during the past year. At the
same time the bank’s customers pur­
chased $349,782 worth of war and other
U. S. treasury bonds.

M

To Scottsbluff
Miss Maxine Anderson of Morrill,
Nebraska, has accepted a position in
the Scottsbluff National Bank.

Changes Position
Miss Orpha Carr has resigned her
position with the Commercial Bank,
Bassett, Nebraska, and is now with
the National Bank of Ainsworth.

Ranks Tops in Deposits
With this call for bank statements
the Wauneta Falls bank shows the
highest deposits of any bank in the
southwestern part of Nebraska out­
side of McCook. The good crops and
good prices have contributed to this
fine showing.

ISS

Miss Dorothy Tharp has resumed
her duties as assistant cashier at the
First National Bank of Springview,
Nebraska, after spending a ten-day
vacation with her parents at Suther­
land, Iowa.

CALDW ELL,

M r. and Mrs. J. T. Stewart, III, left
last month for their summer cottage
at Lake Okoboji, Iowa. They were
accompanied by their daughter, Miss
Gertrude, and their son, J. T., IV.
Mr. Stewart, vice president and cashier
of the First National Bank of Omaha,
expected to stay at the cottage two
weeks, the other members of the
family for a longer time.
Mr.

Vacation

MERCEDES

daughter of Mr. and Mrs. Victor
Caldwell, is writing advertising copy
for an Omaha department store this
summer. She is majoring in journalism
at the University of Nebraska. Her
father is vice president of the United
States National Bank of Omaha.

and

M rs.

Lawrence

Brinker

were picnic hosts at their home in
Omaha on the Fourth of July. Mr.
Brinker heads the investment banking
firm bearing his name.
Among the guests at a Fourth of
July picnic in Omaha were Mr. and

of Lincoln. Mr.
Barlow is a former Omaha banker.

Mrs. Milton Barlow

Mrs. Agnes Ellen Owen, 68, wife of
chairman of the board
of the Stock Yards National Bank of
Omaha, died last month at her home
in Omaha after having been in failing
health since an illness last fall. She
had lived in Omaha 53 years. Services
were held at Lowe Avenue Presby­
terian church, of which she had been
a member 50 years.
James B. Owen,

Omaha banks had deposits of
$298,281,549 on June 30th, the largest
total in Omaha banking history.
The figure was $32,413,416 more than
the total of $265,868,133 last December
31st.
Total loans of June 30th were
$42,722,840, a decrease of $10,881,723
from the total of $53,610,563 reported
last December.
The figures were compiled in re­
sponse to a bank call from the comp­
troller of currency.

OF THE NATION IS OMAHA
OF OMAHA IS THE 1ST NATIONAL BANK
PLUS

OVER 85 Y E A R S OF E X P E R IE N C E
MAKES
THIS
HOM E-OW NED
BANK
E L O G I C A L P L A C E F O R S E R V I C E AND
D E P E N D A B IL IT Y — S E N D U S Y O U R C A S H IT E M S
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Federal Reserve Bank of St. Louis

August Ì9Ì3

49

•
Robert F. Clarke, of Papillion, Ne­
braska, president of the pioneer A. W.
Clarke Banking House of Papillion
and on leave from the presidency
of the Nebraska Bankers Association,
is among the Red Cross workers who
recently arrived safely in Australia.
A former Sarpy County Red Cross
chapter chairman, he is a brother of
Mrs. Doris Becker of Papillion and
attended the University of Nebraska.

Hartington, Ne­
braska, bank president, in a recent
address before the annual convention
of the Colorado Bankers Association,
called for congressional investigation
of the Production Credit Corporation,
and its abolishment.
“We bankers believe the PCC is to
the financial field what the creeping
jenny is to the agricultural field,” he
said.
Rural banks, he declared, cannot
keep going unless something is done
to aid them.
E.

W.

Rossiter,

56, Federal
Land Bank of Omaha attorney for
20 years and naturalization agent dur­
ing the First World War, died of a
heart attack recently on a train while
on his way home from New Orleans,
where he had visited Andrew Jackson Higgins, shipbuilder and lifelong
friend.
He was born in Omaha and was a
graduate of Georgetown University.
In his youth, he was widely known as
a baseball player.
His wife, five sons and two daughters
survive.

NEBRASKA

NE WS

A lvin E . Johnson, president of the
Live Stock National Bank of Omaha,
had to call in his secretary recently
to find out what his latest title is.
As a member of the board of gov­
ernors of the Kansas City region,
Smaller War Plants Corporation, Mr.
Johnson attended a meeting recently
in Kansas City with Samuel W. Reyn­
olds of Omaha, another member.
Mr. anti M rs. John R. Eauritzen are
parents of a son, Bruce Ronnow. The
mother is the former Elizabeth Ann
Davis, former queen of Ak-Sar-Ben and
daughter of T. L. Davis, president of

•
the First National Bank of Omaha,
and Mrs. Davis. The father is asso­
ciated with the First National Bank
of Omaha, and formerly lived in
Minneapolis.
Omaha, with a gain of 41.9 per cent,
led the nation again recently in bank
clearing increases over last year, Dun
& Bradstreet reported. New York was
second, with 35 per cent; Kansas City
third, with 30.9 per cent, followed by
Denver, 30.8.
For the week ended July 3rd, Omaha
clearings gained 76 per cent over the
corresponding week of 1942.

★

COMPLETE SERVICE
I N THE PURCHASE A N D SALE OF

John M. Gurnett, Sr.,

M. D. Cameron, 85, onetime presi­
dent of the old Peters National Bank
and vice president of the old Peters
Trust Company of Omaha, died last
month at his Omaha home. At the
time of his death, he was a member
of the firm of Peters-Cameron Com­
pany.
Born in Ohio, he came with his
parents to a homestead in Colfax
County, Nebraska, in 1872. He was
a graduate of Nebraska Wesleyan
University. Before he came to Omaha,
he was vice president of the Schuyler
(Nebraska) National Bank. He was
a member of the Scottish Rite. His
wife, one sister, two brothers survive.

G O V E R N M E N T SECURITIES

USTOMERS o f The Northern Trust Com­
pany appreciate especially the complete­
ness o f the modern service rendered here in con­
nection with Government securities. The Bond
Department is staffed with men o f long expe­
rience and training in handling conservative
investments. They have ready access to current
information on all Government issues. Inquiries
are invited concerning the purchase or sale o f
United States Government Securities. Orders
are executed with dispatch.

C

THE N O R TH ER N
TRUST COM PANY
50 SOUTH LA SALLE STREET, CHICAGO

Y O U R STATE B A N K ER S A S S O C IA T IO N
O F F IC IA L S A F E , V A U L T A N D
T IM ELO C K EXPERTS

Telephone: FRAnklin 7 0 7 0

Member Federal Deposit Insurance Corporation

F. E. DAVENPORT & CO.
OM AHA

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August 19b3

50

• NEBRASKA

N E WS

ney, and the Frem ont National, Fre­
mont. The First National of Omaha

A suit filed in 1941 by a group of
Nebraska national banks against State
Attorney-General Walter Johnson and
State Banking Director Wade Martin
was dismissed without prejudice in
district court recently on motion of
the plaintiffs.
The banks had claimed that a bill
passed by the legislature in 1941 vio­
lated the rights of national banks as
prescribed by congress. Action was
dismissed because, at the 1943 uni­
cameral session, further b a n k i n g
legislation was enacted.
The 1941 bill made it prohibitive for
the plaintiffs to charge the same in­
terest rates on personal loans as banks
organized under state law were per­
mitted to charge, without first obtain­
ing a license.
Banks bringing the suit included the

also entered the suit on a petition for
intervention.
secretarytreasurer of the Commercial Savings
and Loan Assocation of Omaha, has
been appointed a member of the 1943
attorneys’ committee of the United
States Savings and Loan League.
James

J.

F it z g e r a ld ,

Announcement concerning a con­
tinued delay in the drafting of fathers
was made in Washington recently by
an Omahan, Maj. Em m ett Solomon,
who is on the staff of the manpower
division of the selective service.
He was assistant trust officer of the
First National Bank of Omaha until
he was called to Washington for active
army duty in March, 1942. Previously,
he had been a reserve officer. He was
expected to come to Omaha, July 25th,

United States National, Stock Yards
National, O m a h a ; F i r s t National,
Grand Island; American National, Sid­

•
for a week’s visit with his wife and
two children, and with his mother,
Mrs. E. G. Solomon.
The Omaha Chamber of Commerce
will undertake a comprehensive pro­
gram of postwar planning. Directors
have authorized formation of a special
postwar reconstruction and develop­
ment committee.
A lvin E . Johnson, president of the
Live Stock National Bank of Omaha
and Nebraska chairman of the Na­
tional Committee for Economic De­
velopment, will be chairman of the
committee. Frank P. Fogarty, general
manager of the Chamber of Commerce,
will be secretary of the committee.
For the fiscal year ended June 30th,
Omaha bank clearings showed a gain
of 43.6 per cent and bank debits a gain
of 37.5 per cent, over the previous
12-month fiscal period.
Clearings for the fiscal year totaled
$3,250,620,907, and de bi ts t ot al ed
$3,434,437,855.

Resigns

Helping to Finance the W ar!

Miss Frances Lamb, who had been
employed at the First National Bank,
Cozad, Nebraska, for a couple of years,
left recently for Omaha, where she
will enter nurse’s training at the
Methodist hospital.

W e are cooperating with banks in Nebraska in an en­
deavor to assist business through financing, be it large or
small, that is called upon to meet requirements of the
Government in the production of Munitions of War, the
growing and processing of Food, and the manufacture and
distribution of Vital Materials— thereby strengthening the
fighting power of our Armed Forces.

Last Rites tor Crete Banker
Last rites for W. S. Collett, long time
banker of Crete, Nebraska, and highly
esteemed citizen, were held at the
First Congregational church
last
month.

Call on us if we may be of assistance.

C ontinental R ational
B a/

BANKS

k

Bought and Sold

Confidentially and with becoming dignity

°f-

BANK E M P LO Y E ES P LA CED .
38 Y e a rs S a tis fa c to ry S e rv ice

LIN CO LN

THE CH A RLES E. W ALTERS CO.

Member Federal Deposit Insurance Corporation

OMAHA,

r

f

SIN C E

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Federal Reserve Bank of St. Louis

August 1943

e

1889

T

0

0

WE H A V E

T

L

E

SPECIALIZED

AS "A

L

NEBRASKA

A

C

Y

BANKERS' B A N K "

51
Ernest L. Smith and Bennett S. Mar­
tin. George Holmes is president and

Samuel C. Waugh, executive vice pres­
ident.
Banking Director Martin is setting
up machinery for the handling of the
three installment loan bills passed at
the late legislative session, all of which
become effective on August 29th. All
of these fix a maximum percentage
that may be charged on these loans,
and carry a requirement that the note
and the statement required to be given
each borrower must set up the interest
rate charged either per annum or per
month in the case of banks and indus­
trial loan companies and per month
by finance companies.

]•

EPOSITS in Lincoln’s three down­ checks except over the counter and in
town national banks during the the banking house. Thus, the opinion
year ending June 30th, increased ap­said, no state bank can provide such
proximately 55 per cent from $61,438,- service at army camps or on federal
591.33 to a new all-time aggregate of reservations.
Martin said the commander of the
$96,881,716.31, as shown by the consoli­
dated report prepared by Ray Becker, Alliance army camp had asked an Alli­
secretary of the Lincoln Clearing ance bank to provide such service at
House Association. The report was pre­ the camp and the bank had passed the
pared for the U. S. Comptroller of the question on to the department.
Treasury, in response to his call for
L. C. Opper, former state accountant,
condition of banks as of June 30, 1943.
While deposits were moving upward, has been appointed state deputy direc­
a decrease in loans was noted, and an tor of banking, Governor Griswold an­
increase in total assets corresponding nounced. He will replace George Wil­
son, who resigned to accept a position
with the gain in deposits.
Loans a year ago were $12,561,927.21, in Denver.
The vacancy created in the state
compared to $7,684,934.71 at the end of
auditor’s office will be filled by George
June this year.
The greatest change in deposits was Kolzow, who has been assistant state
noted during the last six months of accountant for a number of years.
1942, when they jumped from the June
R. E . Campbell was elected a direc­
30th figure to $84,729,363.20. Loans
meanwhile gained with deposits, show­ tor of First Trust Company of Lincoln
ing a total at the end of 1942 of $13,- at a special stockholders’ meeting at
406,071.28, and then the decided drop. which the company’s board of direc­
tors was expanded from seven to eight
State Banking Director W ade Martin members.
Other members of the board as now
was advised by the attorney general’s
office that the Nebraska law not only constituted are: L . C. Chapin, Merle
forbids branch banking but also the C. R athbum , George W . Holm es, A r­
receiving of deposits or the paying of thur A . Dobson, Samuel C. W augh,

D

Holds Open House
Nebraska’s new bank, the York State
Bank, held open house recently and
played host to friends and prospective
customers. L ad ie s were presented
with flowers, gentlemen receiving
greetings and handshakes.
Officers and directors of the bank—
Dean Sack, Andrew Grosshans, R. W.
Smith, W. W. Harrington and Cliff
Miller—were in the receiving line. The
interior of the bank is lovely in its
new decorations.
At the teller windows are Shirley
Norton and Mrs. Ardis Burham.
The opening of the new bank is con­
sidered a commercial event of large
importance to the community, the
members of which are pleased to know
that the fine banking room of the
former American State Bank is to
again have a bank occupant and
owner.
Announcement has been made by
Dean Sack, president, that Cliff Miller
of Omaha, former York county resi­
dent and owner of York county farm
land, has become a stockholder of the
bank. He has also been elected a mem­
ber of the board of directors.

NATIONAL BANK ST. JOSEPH, MO.
M ILTO N TO OTLE, JR.

E. H. Z IM M E R M A N

R. E. WALES

P R ESID EN T

VICE PR ESID EN T

CASHIER

G R A H A M G. LACY

M ILTO N TOOTLE, III

FR E D T. BU RRI

VIC E P R E SID E N T

VIC E PR ESID EN T

M em ber Federal Deposit
Insurance Corporation

ASST. CASHIER

Northwestern Banker

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Federal Reserve Bank of St. Louis

August 1943

SU R P LU S
Wheat, Rye, Barley and Grain Sorghum Loans

P U R C H A S ED
W e will purchase eligible 1943
Commodity Credit Corporation
Grain Loans—giving immediate
credit for notes sent us.

W e also offer our facilities in
connection with Livestock, A g ­
ricultural and Commercial
Financing
W r ite

Resources

Us

. $50,0 00,0 0 0.00

LIVE STO CK N A T I O N A L

BANK

OMAHA
Member Federal Reserve System and Federal Deposit Insurance Corporation

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August 1943

53

IO W A

elected the following officers for the
ensuing year: Walter Scott, president;
W. E. Sedgwick, vice president; C. A.
Slife, cashier; E. C. Slife, assistant
cashier.
The officers report a very satis­
factory business for the past year.

N EW S

Accepts Bank Position
B . A. G R O N S T A L
President

FRANK W ARNER
Secretary

Council Bluffs

Des Moines

Miss Esther Book, daughter of Mr.
and Mrs. Carl Book, residing south of
Manilla, Iowa, has accepted a position
in the Manilla office of the Shelby
County State Bank. Miss Book is a
graduate of Defiance high school and
has had training in an Omaha business
college.

Changes at Emmetsburg

New Cashier at Burt

William J. Degnan was promoted
from his former position as teller at
the Central Savings Bank & Trust
Company in E m m e t s b u r g , Iowa,
which position he has held for the
past year, to manager of the Mallard
branch of the bank.
At the annual meeting of the stock­
holders of the Central Savings Bank
& Trust Company held recently, a
number of changes were made in
the status of officers, effective imme­
diately.
William Zunkel, vice president and
cashier since the bank was purchased
by its present owners in April 1941,
was advanced to the position of
executive vice president. Paul Shain
was promoted to the position of
cashier.
Severt Swanson was named assist­
ant cashier and manager of the Ayr­
shire branch of the bank and W. H.
Brenton was re-elected president.

H.
A. Thompson has been hired as
cashier of the Burt (Iowa) Savings
Bank to fill the vacancy caused by
the recent resignation of J. T. Heaney,
who is now in the employ of a Minne­ W ill You Attend the Iow a
sota bank.
Mr. Thompson, who began his new
Convention dinner?
duties last month, is well qualified
by experience for the position, having
The annual dinner of the Iowa Bank­
been cashier of the old First National
Bank of Burt for some years before ers Association will he held Sunday
it was closed.
evening, September 5, at the end of
For the last 12 years Mr. Thompson the first half-day session, at the Hotel
has been in charge of the Thompson
Fort Des Moines, according to present
Store, which was started by his father,
plans. The annual dinner of the Iowa
the late A. N. S. Thompson, in 1897.
convention is always one of the high­
lights of the meeting, hut assumes
Begins Duties
Harold Maurer, Wilton, former first greater importance this year, in that
deputy in the office of Miss Ida Grimm, on Sunday few restaurants in Des
county recorder, recently began his Moines are open, so that unless the
new duties with the Central State
dinner was held, many delegates
Bank of Muscatine, Iowa.
A successor for Mr. Maurer in the would have trouble finding a place to
county recorder’s office has not yet eat.
been chosen.
However, the Iowa Bankers Asso-

Named Cashier
Carl Pearson, deputy county auditor
for the past 18 years, has accepted the
cashiership of the Farmers & Traders
Savings Bank, Bancroft, Iowa, filling
the vacancy caused by the death of
Leo M. Saunders.
Pearson is the second employe to
leave the county auditor’s office in
recent weeks. E. S. Kinsey, auditor,
recently resigned to become manager
of the Algona hemp plant.
L. J.
Immerfall was named county auditor
to fill out Kinsey’s term.

Resigns As Teller
Glenn M. Yaussi has resigned his
position as teller with the Fort Dodge
(Iowa) National Bank to become
assistant cashier and assistant trust
officer of the National Bank of Com­
merce of Lincoln, Nebraska.
Mr. Yaussi was associated with the
same institution before joining the
Fort Dodge bank three and a half
years ago.

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Honor Retiring President
M. Kass, who retired July 1st from
active service with the LeMars (Iowa)
Savings Bank, was honored at a fare­
well dinner at the Union Hotel in
LeMars. He was succeeded by Henry
Harms, Brunsville, who purchased Mr.
Kass’ stock. Officers and employees of
three banks, LeMars Savings, First
State, Brunsville, and Farmers State,
Merrill, were present for the occa­
sion. Mr. Harms was in charge of the
arrangements and presided at the
program and informal evening that
followed a chicken dinner.

Bank Re-elects
The annual meeting of stockholders
of the Farmers State Bank, Hawarden,
Iowa, was held June 28. All directors
were re-elected, including Walter
Scott, W. E. Sedgwick, E. Brunsting,
C. H. Sedgwick and C. A. Slife.
Immediately after the stockholders
meeting, the directors convened and

ciation MUST MAKE A GUARANTEE
to the Hotel Fort Des Moines as to how
many will attend the dinner. Last
year many delegates put off until the
last moment the purchase of dinner
tickets, with the result that they were
forced to obtain their meal somewhere
else. This year there are not so many
other places to go, and if you don’t get
your name in early, YOU MAY NOT
EAT.
So—very shortly you will receive
from Secretary Frank Warner a re­
quest for information as to whether
you plan to attend the annual dinner
on Sunday evening, September 5. If
you do, LET SECRETARY WARNER
KNOW AT THE EARLIEST POS­
SIBLE MOMENT, so that he can make
the necessary reservations.

Northwestern Banker

August 19^3

54

—•
Changes at La Porte City
Two personnel changes became ef­
fective last month at the La Porte
City State Bank, La Porte City, Iowa,
when L. C. McGill was elected vice
president at a special meeting of the
board of directors and Dan Maloney
succeeded McGill as cashier.
McGill had been cashier of the bank
since it was purchased by himself and
E. E. Ronglin in 1939.
Maloney was assistant cashier until
last December, when he went to Santa
Ana, California, to take a position in
the Commercial National Bank in that
city.

Leaves Gliciden for Denver
W. F. Shove, who for the past
twenty years has been connected with
the First National Bank as bookkeep­
er, has resigned his position and will
move to Denver, Colorado, where he
and Mrs. Shove will make their home.

Bank Deposits at New High
Des Moines, Iowa, bank deposits
have passed the two hundred million
dollar mark for the first time in the
city’s history.
Figures from the latest bank call
show Des Moines banks had deposits
totaling $202,445,304 as of June 30th.
This is a gain of $20,592,446 as com­
pared with deposits six month ago.
Total resources of Des Moines banks
also have climbed to a new all-time
high with $214,467,551. The compa­
rable figures as of January 1, 1943, was
$192,853,414.

IOWA

NEWS

Holdings of United States bonds
have kept pace also with the upswing
of resources and deposits with a total
of $103,716,288, as compared with $76,457,464 six months ago.
Loans, on the other hand, continued
their downward trend.
They fell
from $51,115,843 to $40,632,889 during
1942, and during the first half of 1943
have shown a further decline to $34,298,913.

in Bank at Radcliffe
James W. Ryan is now employed in
the Security State Bank at Radcliffe,
Iowa, as assistant cashier, having en­
tered on his duties there several weeks
ago. Mr. Ryan has been employed by
the state for a number of years as
auditor in the tax department, a job
that kept him away from home most
of the time.

Granville in Stanhope Bank
Herbert C. Granville has started em­
ployment in the Stanhope, Iowa, Farm­
ers State Bank. Herb has been work­
ing in the Frank Clothing Company,
Webster City, and is returning to fill
an important need in the bank at
home, as the work and the duties of
the bank have greatly increased.

Director Is Dead
C. Walter Schmidt, 60, died last
month after a long illness. A director
of the Dysart (Iowa) National Bank
and a member of the war price and
rationing board, he had operated a

Federal Home Loan Bank of Des Moines
D E S M O IN E S , IO W A
STATEMENT OF CONDITION JULY L 1943
RESOURCES
Advance to Members....................................................................................................................$ 3,887,654.25
U. S. Government Obligations and Securities fully guaranteed by U. S................... 11,125,363.28
Accrued Interest Receivable..................................................................................................... §
57,661.46
Deferred Charges and Other Assets.......................................................................................
1,333.49
Cash .................................................................................................................................................
2,437,756.25
$17,509,768.73
LIABILITIES AND CAPITAL
Capital Stock Subscriptions........................................................................................................ $11,048,500.00
^Debentures Outstanding ...........................................................................................................
3,500,000.00
Deposits— Members and Applicants........................................................................................
1,897,860.66
Accrued Interest Payable............................................................................................................
6,593.36
Dividends Payable July 7, 1943:
Member Institutions .................................................................................. $ 20,741.13
Reconstruction Finance Corporation.................................................. 46,218.13
66,959.26
Accounts Payable ........................................................................................................................
Surplus:
Reserves .......................................................................
$722,461.14
Undivided Profits ...................................................................................... 266,912.06

482.25

989,373.20

$17,509,768.73
*Participation in $35,000,000 consolidated Federal Home Loan Bank debentures outstanding,
which are the joint and several obligations of the twelve Federal Home Loan Banks.

Northwestern Banker

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Federal Reserve Bank of St. Louis

August 1943

•hardware store in partnership from
1910 to 1940'. He was a member of the
Masonic order.

Commissioned a Major
Harold R. Bechtel, vice president of
the First Trust & Savings Bank, Dav­
enport, Iowa, has been commissioned
as a major in the special reserve of the
United States army for administrative
duty in countries with which the
United States is now at war, when the
armed forces of this nation occupy
those countries.
As far as is known, Mr. Bechtel is
the first man in this area to be com­
missioned in this newly organized de­
partment, the formation of which in­
dicates the preparations the war de­
partment is making prior to invasion
of enemy territory throughout the
world.
The special reserve is composed of
skilled men in a variety of technical
and professional fields being created
by the provost marshal general of the
war department.
In order to be eligible for a commis­
sion in this reserve, one must have
broad administrative training or ex­
perience in government with a state,
county, city or federal department, or
be an expert in finance, education,
sanitation,
public welfare, public
works, public utilities, communica­
tions, economics, and so on. A knowl­
edge of foreign languages is also im­
portant.

Death Takes Ellis Robb
Word was received recently of the
death of Ellis D. Robb, 74, former Eldora, Iowa, mayor and councilman, at
Atlanta, Georgia, where he lived. Death
was due to a heart attack.
Robb was a former state bank exam­
iner for Iowa and before retiring two
years ago had served as a national
bank examiner for nine southern
states, with headquarters in Atlanta.

20 Years of Service
Last month brought to a close the
twentieth year of operation of the
Westside State Savings Bank, Westside, Iowa.
On July 5, 1923, the doors of a new
enterprise opened, built on courage
and faith in the community. Opening
as the Westside Company it operated
for a few days, until July 18th, under
that name, when it was chartered as
the Westside State Savings Bank of
Westside.
Sears McHenry served as the first
president of the bank, with J. W.
»


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Federal Reserve Bank of St. Louis

56

-•
Miller, Jr., cashier, and Frank Hoff­
mann, assistant cashier. The board
of directors was composed of J. P.
Conner, John Saggau, J. W. Miller, Jr.,
August Rohwer, Gustav Gradert, Carl
F. Kuehnle and Sears McHenry.
Three different homes have housed
the bank since its beginning, the first
being in the post office building, the
second in the Patterson Building and
their present home, in their new build­
ing on the north side of the highway,
where they have an excellent banking
house, comfortable and convenient for
both the customers and those working
there.

IOWA

NEWS

A rather unusual coincidence was
discovered upon closing the books for
this quarter. In twenty years of bank­
ing an even twenty thousand notes
had been drawn. Checking back it was
noted that the 10,000th note and the
20,000th note were signed by brothers.
It was fourteen years before the first
10,000 notes were issued.
During the week of July 18th to
24th, the bank held open house.

New Fixtures Installed
The Security Savings Bank, Scran­
ton, Iowa, has changed the appearance

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é

of its place of business. The old
high grill work on the counters was
removed and new low glass panels
with flat tops installed. This im­
proved and modernized the appear­
ance of this banking house.

Last Rites for
Red Oak Banker
Services were held last month at
Red Oak, Iowa, for Wade W. Artherholt, 74, vice president of the Mont­
gomery National Bank of Red Oak,
who died at a Cherokee hospital fol­
lowing a heart attack.
Artherholt was a former mayor of
Primghar where he practiced law and
was connected with the Primghar Sav­
ings Bank. In 1919 he organized the
Security Savings Bank at Hartley, re­
maining there until 1933 when he went
to Iowa Falls where he was with the
state banking department. The Mont­
gomery County National Bank was
acquired in 1937.

Banker Aids Bond Sales

a n d

ÍA

For three-quarters of a cen­

have been in close touch

tury— in war and peace—in
good times and bad— this

with both agriculture and
industry in this territory.

bank has served farmers,

This experience, which our

business men and bankers
throughout the middle west.

hundreds o f correspondent
banks have found of value,

During three wars and

is offered to you without
obligation.

five major depressions we

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L IV E S T O C K
B A N K ,/
E S T A B L IS H E D

U N IO N

STOCK

1868

YARDS

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Member Federal Deposit Insurance Corporation

Northwestern Banker


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Federal Reserve Bank of St. Louis

August 1943

A. T. Altick, president of the Osage
Farmers National Bank, Osage, Iowa,
who has been the Mitchell county
chairman of the War Bond Committee
since its inception here, has accepted
the appointment as director of War
Bond committees in Worth, Howard,
Floyd, Franklin, Butler and Mitchell
counties.
Altick will work under the direction
of V. L. Clark of the state committee
of Des Moines. He replaces Don Englass of New Hampton. His duties
will be to aid Bond sales campaigns
in those six counties.

Annual Meeting
A substantial growth in all depart­
ments of the Oakland Savings Bank of
Oakland, Iowa, during the last year
was reported to stockholders of the
bank by W. L. Spencer, president, at
the annual meeting of stockholders
last month.
Deposits have reached a new high of
$1,377,418.17, Mr. Spencer reported, and
additional amounts have been added to
the surplus and undivided profits ac­
counts. The regular semi-annual divi­
dend was paid.
For the period from January 1st to
July 1st, more than $125,000, sales
value, of War Bonds had been sold by
the bank to the public.
Officers and directors who were re­
elected are: W. L. Spencer, president;
J. J. Evans, vice president and cash­
ier; D. J. Spencer and Harold Spencer,
assistant cashiers, and W. L. White
and E. E. Spalti, directors.

57

— • IOWA
F. F. Potter Takes Over
Active Duties
Offices of the E. W. Clark and Home
Loan and Finance Companies, Mason
City, Iowa, have been moved from the
Foresters Building to the United Home
Bank and Trust Company and all busi­
ness of the two firms will be trans­
acted there.
F. F. Botter simultaneously will take
up actively his duties as first vice pres­
ident of the United Home Bank and
Trust Company. He still will be avail­
able to assist customers of the two
loan companies with their problems,
however.
In taking up his duties at the bank,
Mr. Potter again brings the staff to
full working strength following the
recent retirement of C. O. Wilkinson
as president.
Mr. Potter brings to the United
Home Bank many years of experience
in that field. He formerly was with
the Aredale Savings Bank and the
First National Bank of Tama and has
been both an Iowa state bank exam­
iner and a national bank examiner.

Home Federal Makes
Fine Showing
The Home Federal Savings and
Loan Association of Des Moines has
made a very fine showing during the
past year, and now has resources of
$2,880,000.
In their statement of June 30, 1943,
the Home Federal Savings and Loan
Association had cash amounting to
$149,862, United States War Savings
Bonds of $203,700, first mortgage loans
of over $2,459,000, savings and invest­
ment accounts amounting to $2,545,000,
and reserves and undivided profits
were $104,674.
The Home Federal pays 3 per cent
on savings and is a member of the
Federal Savings and Loan Insurance
Corporation.
The officers are: Arthur S. Kirk,
president; Dr. Lawrence E. Kelly, vice
president; C. B. Fletcher, secretarytreasurer, and Jesse E. Billings, assist­
ant secretary-treasurer.

NEWS • -

He is returning to the same building
in which he started his banking career
in 1906, when he transferred from
telegraphy work on the Burlington
line.
Mr. Byers will retain his interest in
the Hall-Byers Insurance Agency and
the Nishna Valley Finance Company,
and will spend a short time daily in his
own office, where he is associated with
Clark Hall.
Since he began work in the banking
world, Mr. Byers has served as cashier
of the Coburg Savings Bank, vice presi­
dent of the Red Oak Trust and Sav­

ings, and at two different times he was
assistant cashier in the Red Oak Na­
tional Bank.

Bank Interior Streamlined
The First State Bank of Tabor, Iowa,
has a new streamlined appearance
since the interior has been dressed
according to latest design for fashion.
The iron grille partition, ceiling high,
was removed and the bank counters
have had extensions built not quite
shoulder high, giving privacy and pro­
tection to bank papers but permitting

Our Three Fronts
Victory dem ands three fronts — battle,
production, and finances.

The resources

and facilities of this bank are available
to Uncle Sam on any of these fronts.
And — while working for victory — we
likewise carry on our correspondent service
"as usual"— friendly and efficiently.
A. G. Sam, President
J. P. Hainer, Vice President
J. R. Graning, Assistant Cashier
Fritz Fritzson, Vice Pres, and Cashier
E. A. Johnson, Assistant Cashier
J. T. Grant, Assistant Cashier
W. F. Cook, Auditor
Member Federal D eposit Insurance Corporation

Returns to Banking Business
O. R. Byers, veteran banker, has ac­
cepted a position at the Montgomery
County National Bank of Red Oak,
Iowa, for the duration, helping to meet
the shortage of experienced tellers.
Experienced Banker, over draft age,
now employed, is available for executive
position in bank. Would prefer to locate
in a midwestern town. Excellent refer­
ences. Address inquiries to E. C., care
Northwestern Banker, Des Moines, Iowa.

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Federal Reserve Bank of St. Louis

August 19^3

58

• IO WA
the customer a friendlier contact with
the bank workers.
Outside all the woodwork in the
front and rear of the bank has been
refinished.
The new arrangement is strictly
modern and looks much nicer and cer­
tainly is more convenient.

New Cashier at Alburnett
J. J. Dolan of Central City, Iowa, is
to be the new cashier of the Alburnett
State Bank, succeeding A. J. Schueler,
who has been its pilot during the era
of its greatest growth.

Rylander to Bank Position
Carl E. Rylander resigned as Scott
county farm extension director to be­
come associated with the First Trust
and Savings Bank, Davenport, Iowa,
as supervisor of the farm loan and
farm production department, effective
September 1st.
Rylander has been extension direc­
tor here for the last six years and is
president of the Iowa County Agents
Association. He previously was coun­
ty agent of Muscatine county for seven
years and also had served one year in
a similar capacity in Lee county.

Baxter Banker Dies
Ralph M. Butler, 52, executive vice
president and cashier of the Baxter
State Savings Bank, Baxter, Iowa, the
last six years, died recently at his
home there.

Bank Quarters Enlarged
The Farmers Trust and Savings
Bank of Spencer, Iowa, stepped out
recently with its newly remodeled and
redecorated banking house practically
complete after remodeled work which
has taken most of the summer. The
final phase of the work was held up by

KANSAS CITY
NERVE CENTER OF A
GREAT TRADE AREA

NEWS

•

delay in arrival of the floor finish and
some of the marble for the entrance
way. This is practically all in place
now and one of the neatest and most
complete banking houses in Iowa is
ready for public inspection.
The new arrangement takes Presi­
dent L. A. Witter from a dark cubby
hole near the rear of the banking
rooms to a large, well-lighted office
with windows letting in light from
Grand Avenue. This room is hand­
somely furnished with green leather
upholstered chairs and with mahog­
any desk. The room formerly used by
Mr. Witter is now a part of the loan
department and the addition of the
rooms which used to house the Miller
news stand to the bank proper gives
the loan department almost a 50 per
cent increase in space. Gradually as
the bank has grown the entire first
floor of the building has been added to
banking uses, with the exception now
of only that small part which is used
as the office for the Western Union
Telegraph office.

Clearings Show Increase
Bank clearings in Sioux City, Iowa,
totaled more than $35,000,000 higher
during the first half of 1943 than in the
same period of 1942.
A sharp upward trend in business
was revealed by figures such as the
following: Bank clearings, June, 1942,
$24,912,810; June, 1943, $29,053,298; first
six months 1942, $135,852,797; same pe­
riod, 1943, $170,858,737. Livestock re­
ceipts, June, 1942, 284,852 head; June,
1943, 335,631 head; for the first six
months of last year, 1,652,883 head; for
that period this year, 1,998,517.
Valuation of livestock received is
more than $27,000,000 higher now than
a year ago. At the end of the first half
of 1942 receipts stood at $73,168,861; for
a like period this year the figure is
$100,863,301.
A N S A S CITY has been rec­
ognized for years as the
capital of Am erica's breadbasket.
This area has natural resources
vital to the war effort.
Today there is greatly increased
activity here. It is essential that
all Southwestern bankers

K

*Jlte GuAÍosneA.

Changes Made at Allison
Members of the board of directors of
the State Bank of Allison have selected
John McWhirter as cashier, to suc­
ceed Wilford Nelson, who soon expects
his call for the armed services.
Mr. McWhirter, who began as an
employe of the bank as bookkeeper 10
years ago, has held the post of assist­
ant cashier for the past two years.
H. S. Aamoth of Meservey entered the
employ of the Allison bank July 1st
and with Lela Roose will continue in
the positions of assistant cashiers.
Changes have also been made in the
board of directors. E. M. Speedy and
Leland Harms are taking the places of
C. H. Wild, who also is awaiting his
call for service, in the navy, and Mr.
Nelson.
Holdover directors include O. L.
Whitlatch, president of the bank;
Mayor George L. Arnold and Mr. Mc­
Whirter.
R

Officers Elected
The following officers of the Union
Bank & Trust Company, Strawberry
Point, Iowa, were re-elected at the an­
nual meeting of the bank stockholders:
President, Will Rieniets; vice presi­
dent, J. J. Matthews; cashier, G. E.
Dunfrund; assistant cashier, Hilda
Zwanziger; teller, Crodelia Schuchmann, and directors, Will Rieniets, J.
J. Matthews, G. E. Dunfrund, M. F.
Harwood and Alfred Osterman.

Remodeling Completed
Remodeling of the Gibson Savings
Bank of Gibson, Iowa, which included
the addition of two new rooms and
safety deposit vault and installation
of new fixtures, was completed last
month.
Paul Light, who has been managing
the Deep River office for the Gibson
Savings Bank, has been called into the
keep in touch with these new
developments. " C i t y National”
offers a close contact with this
information, and a sincere desire
to help develop the resources
and industry in your commu­
nity b y cooperation with your
bank.

ßuiU ßanh

CITY M U O V A I B A M £ TRUST CO.
iniL o p

j

i8th & Grand

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

August 1943

Member Federal Deposit Insurance Corp.
Resources Over $70,000,000.00

y-

„„ „ pu,, u n

Kansas Liti), Mo.

4

59
• I O W A
Army, and his wife, Mrs. Bette Light,
will act as manager of the Deep River
office during his absence.

Interest Rate Reduced
The White State Bank of South Eng­
lish, Iowa, has reduced their interest
rate on time certificates to 1 per cent
with very satisfactory results.

Beaman Banker Dies Suddenly
E. G. Elliott, cashier of the Farmers
Savings Bank of Beaman, Iowa, died
suddenly of a heart attack last month.
Besides being active in the bank and
local elevator, he was also active in
town and school affairs, having served
in various offices for a number of
years.

Changes at Clermont
J. F. Brorby, assistant cashier of the
Farmers Savings Bank of Clermont,
Iowa, has severed his connection with
that institution and is now employed
by the First National Bank, Portland,
Oregon.
C. Kittelson has been employed as
bookkeeper and Miss Verla G. Gunder­
son has been elevated to teller.

N E W S *

was started on June 7, 1942, has re­
signed, and will become a partner in
the firm of Allen and Company, certi­
fied public accountants, Des Moines.
S. P. Boies, formerly assistant cashier
of the Iowa Trust and Savings Bank
at Emmetsburg and for the past year
assistant cashier of the Brenton State
Bank at Dallas Center and also in
charge of the Woodward office of that
bank, has been elected vice president,
cashier and director of the Benton
County Bank and Trust Company, to
take Mr. Bock’s place.

Picnic Pleasure
The next time you are anywhere
near Walnut, Iowa, ask J. W. Bowman,
executive vice president and cashier
of the Walnut State Bank, to take you
up to his house and show you what he
calls his picnic chuck wagon, with
table to match. He might even demon­
strate how it all works, if you took
along some steaks. Mr. Bowman built
the chuck wagon himself from two
large sheet steel containers. The whole
is divided so that you can broil steaks
on one side, and fry potatoes, boil cof-

Here's How...
W e F it In to T h e
Banking P ictu re

2nd Anniversary

W e are experienced, extensive and responsible operators

The Northwest Bank & Ti’ust Com­
pany of Davenport, Iowa, celebrated
its second anniversary on July 7th.
During their two years of operation
their deposits have increased from
$228,832 on July 7, 1941, to $1,482,136
on July 7, 1943. Henry H. Jebens is
president of the bank; W. F. Meiburg,
vice president; L. W. Fromme, cashier,
and B. F. McGee, assistant cashier.

of Field W arehouses.
W e have developed a proven method of converting bor­
rowers' inventories, no matter where located, into SOUND
BANKING COLLATERAL. Without cost or obligation, ask
our Iowa office about Field W arehousing service covering
such inventories as seed corn and field seeds; shell,
frozen and powdered eggs; soy beans; canned goods;
wholesale groceries; and how Field W arehousing works
to safeguard loans . . . to increase profits for Banks.

Leaves Citizens State Bank
Mrs. Kathryn McElliott Loop, cash­
ier of the Citizens State Bank, Hopkinton, Iowa, has resigned her posi­
tion, which she has held since 1937.
Mrs. Loop will join her husband,
Sergeant Bert H. Loop, who is with
the armed forces, stationed near Riv­
erside, California.

Boies Takes Bock's Place
Lloyd R. Bock, who has been vice
president, cashier and director of the
Benton County Bank and Trust Com­
pany at Vinton, Iowa, from the time it
Y O U R STATE B A N K ER S A S S O C IA T IO N
O F F IC IA L S A F E , V A U L T A N D
T IM ELO C K EXPERTS

ST. PAUL T E R M IN A L
WAREHOUSE COMPANY
St. Paul, Minn.
----------------- IO W A OFFICE ----------------510 lowa-Des Moines National Bank Building
Des Moines, Iowa
T. C. C A N N O N , District M anager
Telephone 4-2353
O ther Offices at C hicago - N ew Y ork - M ilw aukee - D etroit - M em phis - A tlanta

F. E. DAVENPORT & CO.
OM AHA

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Federal Reserve Bank of St. Louis

August 19^3

60

—•
fee, etc., on the other half. The grill
containing the steaks is suspended be­
tween two receptacles holding live
charcoal. The charcoal containers are
adjustable from the outside by means
of a lever attached to each, bringing
them near or farther away from the
steaks, depending on whether you
want your meat well done, medium,
rare, or just break its legs and put it
on the table. The chuck wagon is
mounted on small wheels, with a wide
tread, so that it can be moved easily

IOWA

NEWS

•-

to any shady spot in the spacious
Bowman yard.
The picnic table, also mounted on
small wheels, is circular in shape. The
outside section, upon which you have
your plate of food, etc., is stationary
and about eighteen inches wide. The
center of the table is mounted free
from the outside section and revolves.
It is here the picnic food is piled, and
it works somewhat on a self-serve prin­
ciple. If the fried chicken is across
the table from you, and you are too

polite to stand up and reach, or your
fellow picnickers are too engrossed in
the delightful business of polishing
bones to be disturbed, you simply start
the center section revolving, and the
fried chicken comes around to you—
unless on the way around your asso­
ciates helped themselves so freely
there was none left when it reached
you.
If you want to know about more and
better picnics, just consult with Mr.
Bowman.

Officers Re-elected
STA TEM EN T OF C O N D I T I O N

Mercantile-Commerce
B a n k and Trust Company
Locust - Eighth - St. Charles
St. Louis

J U N E

30, 194 3 =

TH E R E S O U R C E S
Cash and Due from Banks.............................................
U. S. Government Obligations, direct and guaranteed
(including $36,012,510.26 pledged*)..................
Other Bonds and Securities.........................................
Demand and Time Loans............................................
Stock in Federal Reserve Bank in St. Louis...............
Real Estate (Company’s Building)................................
Other Real Estate (Former Bank of Commerce Bldgs.) .
Overdrafts........................................................................

$67,408,439.19
128,976,278.22
27,908,003.79
35,937,154.15
420,000.00
2,790,536.40
1,500,000.00
35,366.50

Customers’ Liability on Acceptances and Letters
of Credit...................................................................
793,407.06
Other Resources...............................................
. _______66,387.24
$265,835,572.55

TH E L I A B IL IT IE S
Capital Stock...................................................................
Surplus.............................................................................
Undivided Profits..............................
$3,794,603.45
Reserve for Dividends Declared . . .
450,000.00
Reserve for Interest, Taxes, etc......................................
Unpaid Dividends...........................................................
Bank’s Liability on Acceptances and Letters of Credit
Other Liabilities..............................................................

$10,000,000.00
4,000,000.00
4,244,603.45
710,665.16
3,750.00
793,407.06
10,678.10

Deposits, Secured: Public Funds . . $ 33,262,322.89
Other Deposits, Demand............... 179,588,808.11
Other Deposits, T im e.....................
33,221,337.78 246,072,468.78
$265,835,572,55
*All Securities p led g ed are to the U. S. Qovernment or its Agents, State o f
Missouri a n d the City o f St. Louis, to secure deposit a n d fiduciary obligations.

M E M B E R

F E D E R A L

Northwestern Banker

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

D E P O S I T

August 1943

I N S U R A N C E

C O R P O R A T I O N

R. R. Brubacher was re-elected presi­
dent of the Farmers Loan and Trust
Company, Sioux City, Iowa, at the an­
nual stockholders’ meeting.
John W. Van Dyke was re-elected
vice president and chairman of the
board, and Earl A. Hoffman, vice pres­
ident. Carleton C. Van Dyke was
elected vice president and re-elected
treasurer. E. H. Spiecker was re­
elected secretary; Clarence Kowalke,
assistant treasurer, and U. H. Bunkers,
assistant secretary.
The usual dividend was declared.

New Assistant at Luana
Miss Norma Hinman has been
elected assistant cashier of the Luana
Savings Bank, Luana, Iowa, succeed­
ing Harlan B. Chamberlain, now a
member of the United States armed
forces.
Mr. Chamberlain is the second man
to leave the Luana Savings Bank,
Keith M. Overbeck having been in­
ducted January 1, 1943.

In Service
Russell E. Dillemuth, bookkeeper
with the National Bank of Rockwell
City, Iowa, was inducted into the army
the latter part of June and is now at
Camp Roberts in California.
Howard E. Carver, who left the em­
ploy of the National Bank of Rockwell
City last year to enter the government
service, has been advanced to the rank
of sergeant and is stationed at Seattle,
Washington, on detached duty with
Airways Communication Service.

Sure Thing
A man appeared in a newspaper
office to place an ad offering $100 for
the return of his wife’s pet cat.
“ That’s an awful high price for a
cat,” the clerk suggested.
“ Not for this one,” said the man,
“ I drowned it.”

61

-•
80 Years of Progress
The First National Bank of Chicago
opened for business July 1, 1863, and
was eighty years old on the same date
this year. During that period the total
resources of the First National Bank
of Chicago showed the following in­
crease:
Total Resources
First National Bank of Chicago
1863
1872

$

4 81 ,8 4 8
4 ,9 0 0 ,0 0 0

1873

5 ,8 5 4 ,0 0 0

1943

1 ,7 9 6 ,0 7 2 ,8 0 8

IOWA

NEWS

•-

as officers of the bank. Each, except
the first, who was a banker of distinc­
tion when the First National was or­
ganized, served under his immediate
predecessor as senior vice president.
The bank has been proud of the esprit
de corps of its employes, many of
whom have spent their business lives
in the service of the institution. At
this time 385 members of the bank’s
staff are in the armed forces. To a
large extent, the bank has trained its
own staff, and it has been a typical
institution of this country, since it has

afforded men the possibility of rising
to the highest positions. Thus, the
bank has continued a homogeneous in­
stitution with gradual, almost imper­
ceptible, changes in management and
personnel.
The bank has progressed steadily
through periods of prosperity, and met
adequately periods of adversity. In
the eighty years since it opened in
1863, the First National Bank has in­
creased its total resources from a few
hundred thousand dollars to a total of
over one and three-quarter billion dol-

Three banks have merged with the
First National: The Union National in
1900, the Metropolitan National in
1902, and the Union Trust Company in

This is an actual scene of a ship convoy in the North
Atlantic (Acme Photo)

T M P O R T A N T offensives are under way
against Axis strongholds and they will
lead to eventual victory and the peace.

E D W A R D E. B R O W N
President F irst N ational Bank

1929. In 1933 the business of its affili­
ate, the First Union Trust and Savings
Bank, which conducted all of the in­
vestment, trust, real estate loan, and
savings business, was absorbed. Its
organization in 1903 was prompted by
certain advantages accruing to state
banks due to restrictions under the
national banking laws. The First Na­
tional also assumed the deposits liabil­
ities of the Foreman-State National
Bank and its state-chartered affiliate in
June, 1931, under an agreement with
Clearing House members and some of
the principal shareholders of the liqui­
dating banks.
The bank has continued unchanged
in name and character, and has been
fortunate indeed in its chief execu­
tives. The record shows four chair­
men, each a banker of forty years’
experience. The seven presidents have
had an average of more than a decade
in the office and a quarter of a century

the United Nations look to Am erica fo r
greater production o f fo o d .

This is a job

that requires the cooperation o f all— fro m
the time production is started on the farm
until the food is processed and distributed
to the Allied forces abroad.

This is the

time when extra effort counts.

T he record

to date indicates that Am erica’ s food pro­
ducing jo b will be well done.
Conserving the time and energy o f Correspondent Banks and
their custom ers who ship livestock to Chicago, is an important
part o f Drovers Service.

DROVERS NATIONAL RANK
DROVERS TRUST & SAVINGS HANK
M EM BERS, FEDERAL

U N I O N

D E P O S IT

S T O C K

IN S U R A N C E

Y A R D S

C O R P O R A T IO N

•

C H I C A G O

Northwestern Banker

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

To

help win the war and a satisfactory peace,

August 19'i3

G2
lars. The official staff is headed by Ed­
ward E. Brown, president; Bentley G.
McCloud, R. Frank Newhall (also
cashier), James B. Forgan, Harold V.
Amberg, Roy C. Osgood, and Irvin L.
Porter, vice presidents.

Cooperation

NEWS AND VIEWS OF THE
BANKING WORLD

Manned by officials with years
of experience, our Correspon­
dent Bank Division renders a
complete service, conducted in
an intimate and personalized
manner.

he has been setting up speakers bu­
reaus for the Office of Civilian Defense
in the Seventh Service Command,
comprising nine states, with headquar­
ters in Omaha.

The guiding policy is one of
cooperation in all matters of
mutual interest.

cT~fii e

PublicNational
BANK

AND

COMPANY

OF

TRUST

NEW

E S T A B L I S H E D

I

V

YORK
1908

M
e
Member:
N ew York Clearing House
Association, Federal Deposit Insurance
A Corporation!

M E R CMUTUAL
H A N TS

BONDING
COMPANY
Incorporated 1933

Home Office
V A L L E Y BANK BUILDING

Des Moines, Iowa

•

•

This is Iowa’s oldest surety company.
A progressive company with experi­
enced, conservative management. We
are proud of our hundred and fifty
bank agents in Iowa.
To be the exclusive representative of
this company is an asset to your bank.

•

•

Write to

E. H. WARNER
Secretary and Manager

Northwestern Banker

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

August 19^3

(Continued from page 12)

H enry C. Miller, cashier of the Farm­
ers State Bank, Round Lake, Minne­
sota, has an exceedingly patriotic fam­
ily, as his daughter, Jane Miller, is
now located at Daytona Beach, Flor­
ida, where she is a member of the
WACs. Mr. Miller’s son, Donald M.
Miller, is serving in the Air Corps in
the Finance Department at the Rome
Army Air Field, Rome, New York.
Both Jane and Donald were former­
ly employed in the bank and voluntar­
ily enlisted in the service of their
country.
John E . Bierwirth, president of the
New York Trust Company, has just
had published a very interesting book
by Rodman Gilder, entitled “ Statue of
Liberty Enlightening the World.”
In the Foreword of the book Mr.
Bierwirth says:
“ For many years The New York
Trust Company has used a represen­
tation of the Statue of Liberty as its
symbol. Such use was prompted by
an enduring regard for the statue and
belief in the ideals for which it stands.
“Our interest in the statue dates
from the formation in 1889 of the New
York Security and Trust Comnany,
whose incorporators were represented
through W illiam E. Strong on the
American Committee for the Statue of
Liberty and its Finance Committee.
The Statue of Liberty itself had then
been dedicated on Bedloe’s Island only
three years before, but was already
strongly identified with the harbor and
city of New York—a name featured in
our corporate title adopted in 1905.
The Liberty National Bank, formed in
1891, naturally used the symbol during
its thirty years of separate existence.
Through this bank, which was merged
with The New York Trust Company in
1921, we acquired the model of the
great monument cast by Bartholdi.
“Today, when the forces of liberty
are struggling once more against the
forces of oppression, it seems fitting to
consider some of the motives under­
lying the creation of the greatest of all

symbols of human freedom—the Statue
of Liberty. To that purpose this book
is dedicated.”
Do your deposits average $9,570 pfer
inhabitant of your community?
The Hayesville Savings Bank of
Hayesville, Iowa, is in a community
with a population of 133, and June 30,
1943, the bank had deposits of $1,273,000, which makes the average amount
of deposits for each of the 133 inhab­
itants approximately $9,500.
Ten years ago the bank had deposits
of $110,000 and now has $1,273,000.
The capital stock is $25,000, surplus
$25,000, undivided profits $4,700, and
special reserve fund $7,500.
The officers of this very fine insti­
tution are: Bert Fischer, president;
E lm er H. Mertz, vice president; J. E.
Ray, cashier; C. J. Mertz and Dale
Aukl, assistant cashiers.
None of the officers of the Northern
Trust Company, including Chas. M.
Nelson, vice president; J. M. Easton,
second vice president, or John V . Haas,
assistant cashier, will dare to spill any
soup on their shirts or ties, since they
have opened the new and attractive
dining room for officers and guests of
the bank.
The east and west walls are covered
with dark grass paper, while two large
simulated w i n d o w s with Venetian
blinds are in the east wall. On the full
width of the north and south walls
have been painted maps of the earth’s
continents and waterways. An increas­
ing global knowledge gives this decora­
tive feature of the room an unusual
interest and all who have seen it are
enthusiastic over this modern treat­
ment of the walls, and no ration cou­
pons are required from guests of the
bank before being served.
Vern Meyer, assistant cashier of the
First National Bank, St. Joseph, Mis­
souri, and Mrs. Meyer have announced
the engagement of their daughter, Miss
Annabelle Meyer, to Sergeant W illiam
Porter Rowe. Sergeant Rowe is now
stationed at Rosecrans Field and is the
son of Mr. and Mrs. Gordon Payne
Rowe of Boston, Massachusetts.

A

4

>

John Clifford Folger, head of the
Washington, D. C., investment house
of Folger, Nolan and Company, was
nominated to the presidency of the
Investment Bankers Association of
America, the board of governors of the
IBA announced.
The election will be held at the asso­
ciation’s annual meeting in New York,
November 3rd, 4th and 5th. Nomina­
tion is considered tantamount to elec­
tion.

f

63

—
Folger, also president of the Cum­
berland Trust Company, Knoxville,
Tennessee, and a director of the Chesa­
peake and Potomac Telephone Com­
pany and the Appalachian Mills, Knox­
ville, was born in Sheldon, Iowa, May
28, 1896.
W . A . Rose, president of the Fairbury State Bank of Fairbury, Ne­
braska, so far as we know, holds the
record in his state for the increase in
deposits from June 30, 1942, to June
30, 1943, when he had almost a 100 per
cent increase; to be exact, it was prac­
tically 96 per cent. Does your bank
have an increase as large as this, or
do you know of anyone else that did?
If so, be sure and write the N orth­
w ester n B anker and tell us about it.
On June 30, 1942, the Fairbury State
Bank had deposits of $747,000 and on
June 30th of this year, their deposits
were $1,466,000.
The capital of the bank is $50,000,
surplus $18,000, u n d i v i d e d profits
$7,000, and reserves $5,100.
The other officers of the Fairbury
State Bank, in addition to Mr. Rose,
the president, are Charles H . McGee,
vice president; Irl Else, vice president
and cashier, and L. S. Johnson, assis­
tant cashier.

cashier of the Home
State Bank, Jefferson, Iowa, has a
clever publicity idea which he uses in
contacting people in his community
whose names have appeared in the
newspaper.
He cuts out the item, pastes it on a
white piece of cardboard, at the top of
which it says, “ W e have read about
you,” and then at the bottom it says,
“Now read about us,” and with this he
encloses a folder about the bank, de­
scribing their services and the advan­
tages there will be to having an ac­
count with the Home State Bank.
W arren Garst,

The following definitions may have
had their origin in Washington, D. C.,
or, on the other hand, they may be
germane to your own community:
A Coordinator is a man who brings

IOWA

NEWS

•—

organized choas out of regimented con­
fusion.
A Conference is a group of men who,
individually, can do nothing, but as a
group can meet and decide that noth­
ing can be done.
A Statistician is a man who draws a
mathematically precise line from an
unwarranted assumption to a foregone
conclusion.
Eugene W . Stetson, president of the
Guaranty Trust Company of New
York, has announced the appointment
as vice presidents of A rthur C. Vogt,
Frederick S. Parker and W illiam R.
Strelow, and the appointment as as­
sistant treasurers of John D. C. Towne,
Jr., John V . Hendricks and W illiam
W . Pevear.

Mr. Vogt has been with the Guaranty
for 26 years, and has had long experi­
ence in banking department operation.
Mr. Parker has been associated with
the Guaranty Trust Company since
1919, and for two years prior to that
was with the National Bank of Com­
merce, which was later merged with
the Guaranty.
Mr. Strelow joined the staff of the
Guaranty Trust Company in 1917 and
has been associated with the foreign
department during his entire period
of service.
R. C. Kemper, president, City Nation­
al Bank and Trust Company, Kansas
City, Missouri, has been appointed on
the 4-state board of governors for the
Smaller War Plants Corporation as a
banking consultant for Region VII.
Lieutenant Tom Miller, in the U. S.
Navy Reserve, is now stationed in Cali­
fornia and was formerly associated
with the Meredith Publishing Com­
pany, and in a recent letter said, “ Pm
utterly disgusted— that strikes should
occur under present conditions. It’s a
sad commentary on the patriotism and
intelligence of this nation. The navy
isn’t on a strike.
E very man who
strikes is just as much a member of
the A xis forces as if he carried a rifle
for Hitler, and every other service

man to whom I ’ve talked feels the
same way. W e aren’t going to forget
it.”
Thomas Farrell, cashier of the First
Capital National Bank of Iowa City, in
a letter to the N orthwestern B anker
said:
“ I am enclosing some notes left by
one of our bookkeepers leaving on her
vacation for the girl who is to take
over her ledger while she is gone. The
new girl has only been with the bank
a few weeks and the girl leaving ap­
parently thought it would do no harm
to leave these instructions. I thought
they were good enough to send on to
you.”
The instructions were written to
Betty and, while they were more in
detail than we are giving them here,
at least a few of the stanzas are here
reproduced:

These suggestions, I suppose
Are all out of line,
But one thing is sure, they
Cost not a dime.
Should someone overdrawn
Don’t cry,
Turn the sheet down and
You’ll get by.
If all the credits together
You sort,
You’ll certainly be rated
A great little sport.
Don’t worry, Betty, you’ll
End up quite well,
’Cause the folks here
Are all just swell.
H e r m a n E. Droegemueller, v ic e
president and comptroller of the First
National Bank of Chicago, died recent­
ly. He retired at the end of 1938 with
a service of 48 years. He was 70 years
old. He made his home with his son,
Dr. William H. Droegemueller, a major
in the overseas military service, at 116
Burnham Place, Evanston. He also
leaves two daughters, Mrs. Mildred
L. Nelson and Mrs. Florence M.

S carborough ^ C ompany
^ l Â
First National Bank Building, Chicago

U /U in C Æ s (Z u n u ic ià ,
Horace A . Smith, Iowa Representative
Des Moines, Iowa

Northwestern Banker

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

August 19^3

64

Downs, both of Colorado Springs,
Colo., and a brother, Arthur L. Droegemueller, of Hinsdale.

Organization Ready
For Third W ar Loan

W e ' ve had our problems in the past, and
we’ve successfully met them.
W e have
our problems today— and with your help,
we can overcome them again.

Organization for the handling of the
Third War Loan which calls for 15
billion dollars invested in war bonds
during September throughout the
nation, is making progress, and the
Iowa War Finance committee has
announced regional men for the or­
ganization which will handle the drive
here.
The campaign will be launched
September 9. Co-chairmen for the
Iowa War Finance Committee are
Herbert Horton, president of the
Iowa-Des Moines National Bank, and
Dr. John Nollen of Grinnell.
V. L. Clark of Des Moines has been
named executive manager. Deputy
managers are Roger F. Warin, Bed­
ford; James A. Cummins, Des Moines;
L. H. Ryan, Ottumwa; John H. Ruhl,
Davenport.
The various regions have been di­
vided up so that no one regional
director will have more counties than
he can cover. This, of course, has
necessitated the appointment of new
regional directors. Regional directors
and the counties they will represent
are as follows:
Jo. S. Stong, Keosauqua, Iowa: Mon­
roe, Wapello, Wayne, Appanoose, Da­
vis and Van Buren.
E. A. Hayes, Mt. Bleasant, Iowa:
Keokuk, Washington, Jefferson, Hen­
ry, Des Moines and Lee.
Robert L. Roach, Muscatine, Iowa:
Louisa, Muscatine, Scott, Johnson
and Iowa.
R. D. Swartzlender, Tipton, Iowa:
Benton, Linn, Jones, Jackson, Clinton
and Cedar.
David B. Cassat, Dubuque, Iowa:
Dubuque, Delaware, Buchanan, Black
Hawk and Bremer.
W. A. Kneeland, Postville, Iowa:
Winneshiek, Allamakee, Clayton and
Fayette.
A. T. Altick, Osage, Iowa: AVorth,
Mitchell, Howard, Floyd, Chickasaw,
Franklin and Butler.
Fred C. Heneman, Mason City, Iowa:
Kossuth, Winnebago, Hancock, Cerro
Gordo, Wright and Humboldt.
Charles E. Watts, Pocahontas, Iowa:
Emmet, Palo Alto, Pocahontas, Web­
ster, Calhoun, Sac and Ida.

Though selections may not be large and
substitute m erch a n d is e d is p la y e d — rest
assured we are doing our best to serve
your immediate requirements— and at the
same tim e e n th u s ia s tic a lly support our
country in the " A ll- O u t W a r Effort."
Buy U. S. Bonds and Stamps"

K och B rothers

O--------------r-4P R I N T E R S

(~~r------------- 1

E S T A B L IS H E D W >
S T A T IO N E R S V
1889 S BOOK B IN D E R S
OFFICE OUTFITTERS \ ^ ^ ^ ^ B U S I N E S S MACHINES

G rand Av e . at Fourth

D e s M o in e s , Ia .

DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION

Oldest and Largest in Des Moines
411 6th Ave.

Dial 4-7119

ELMER E. MILLER
Pres, and Sec.

HUBERT E. JAMES
Asst. Sec.

FO R Y O U R E N JO Y M E N T . . .
Listen to the
“ WORLD OF MUSIC”
KSO, 1460 KC

9:30-10:00 a. m. Sundays

Twenty-four
Years of

Hawkeye Mutual Hail
Insurance Association
Carver B ld g.

Fort D o d g e, Iowa

^ W z iitin c j

J b z XLJ Í C E ±

C o u n s e l

o n

B a n k

D . R . W E S S L IN G , P R E S ID E N T

Northwestern Ranker

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

August 19b3

21st year planning advertising programs
for banks and trust companies .
W rite tor Program K eyed to War Times.

P

u

b l i c

ID

R e l a t i o n s

^ A /^ o in z i,

Ú Covera.

E. L. C. White, Spencer: Osceola,
Dickinson, O’Brien, Clay, Cherokee
and Buena Vista.
Peter B. Mouw, Sioux Center, Iowa:
Lyon, Sioux, Plymouth, Woodbury and
Monona.
Robert A. Wright, Carroll, Iowa:
Crawfoi’d, Carroll, Greene, Harrison,
Shelby, Audubon and Guthrie.
Clay W. Stafford, Ames, Iowa:
Hamilton, Hardin, Grundy, Tama,
Marshall, Story and Boone.
E. L. Job, Knoxville, Iowa: Jasper,
Poweshiek, Mahaska, Marion, Warren
and Lucas.
L. E. Sinner, Greenfield, Iowa: Dal­
las, Madison, Adair, Cass, Pottawatta­
mie, Mills, Adams and Montgomery.
C. A. Nord, Creston, Iowa: Union,
Clarke, Fremont, Page, Taylor, Ringgold and Decatur.
Mr. Clark and the deputy adminis­
trators as well as the regional men
will meet with county banking and
war finance c o m m i t t e e
leaders
throughout the state during the weeks
ahead of the campaign to make plans
for the drive.

A

Modernizing
Jay J. DeLay, assistant cashier of
the Farmers Savings Bank, Remsen,
Iowa, advises that the interior of the
bank has been modernized, with the
high grill work removed and new lowtype counter installed. It is planned
to paint the interior of the building.
Stockholders of the Farmers Savings
held their annual meeting last month,
re-electing all officers and directors.
Officers are Bernard Bohlke, president;
J os ep h Ahmann, vice president;
Adolph Frasch, cashier; Jay J. DeLay
and M. J. Dwyer, assistant cashiers,
and Doris Frasch, bookkeeper.

A

A

Banks Sold or Bought!
quietly, quickly and in

a

personal

manner

>

JAY A. WELCH
BA N K BROKER
Haddam, Kansas
“35 Years Practical Banking Experience”

»

>

65

.
Assistant Vice President
S. Sloan Colt, president of Bankers
Trust Company, has announced that
Laurence G. Payson has been elected
assistant vice president of the Com­
pany. Mr. Payson has completed a
year of service as assistant executive
manager of the Victory Fund Com­
mittee of the Second Federal Reserve
District. Mr. Payson was largely re­
sponsible for the internal management
of the Victory Fund organization.
After graduating from Princeton in
the class of 1916, Mr. Payson was con­
nected with the American Locomotive
Company. He later became president
of the Stock Clearing Corporation, af­
filiated with the New York Stock Ex­
change. He was chairman of the Grad­
uate Council of Princeton University
and served four years as an Alumni
Trustee. He is a member of the Coun­
cil and chairman of the Finance Com­
mittee of New York University. He is
a trustee of the Franklin Savings Bank
and until his election to his present
post was a director of the bank of the
Manhattan Company.

73rd Year of Service
John F. Flaacke, assistant secretary
of Chemical Bank & Trust Company,
last month began his 73d year of con­
tinuous service with the bank. In
point of service, he is the dean of
New York bankers and as far as
known, for length of continuous serv­
ice with one institution, he holds the
record for the entire country.
Mr. Flaacke was born in New York
City on August 22, 1855. He entered
the bank’s employ on July 12, 1871,
during the presidency of John Quentin
Jones, and has served under seven of
the ten presidents which the bank has
had in its 119 years of existence. He
is honorary president of the Quarter
Century Club of the Chemical Bank &
Trust Company.
Mr. Flaacke was one of the organ­
izers of the Bank Clerks’ Building &
Loan Company in 1890 and was also
active in organizing the New York
Chapter of the American Institute of
Banking, of which he was the first
treasurer.

Returns to London
Word has been received that Harvey
D. Gibson, president of Manufacturers
Trust Company, who has been in Eng­
land since last August, acting as Amer­
ican Red Cross Commissioner to Great
Britain, has arrived in London after
spending about five weeks in the
United States. During his stay here,

IOWA

NEWS

.

Mr. Gibson conferred with Red Cross
Officials in Washington, D. C., and New
York in regard to the expansion of
American Red Cross activities abroad.

On Railroad Committee
William G. Rabe, vice president of
Manufacturers Trust Company of New
York, and a director of the New York,
Chicago and St. Louis Railroad Com­
pany, has been elected a member of
the executive committee of the rail­
road.

History of Statue
John E. Bierwirth, president of The
New York Trust Company, recently
announced the publication by the com­
pany of a history of the Statue of Lib­
erty, a representation of which the
company uses as its symbol.
The book was written by Rodman
Gilder, author of “The Battery,” an
authoritative account of the lower tip
of Manhattan Island. His story of the
Statue of Liberty recounts the incep­
tion of the statue by a group of French­
men headed by Edouard Rene de Laboulaye, one of whom, Auguste Bar­
tholdi, was commissioned to do the
statue.

7 nòex

“ Our interest in the statue,” Mr.
Bierwirth said, “dates from the for­
mation in 1889 of the New York Se­
curity and Trust Company, whose in­
corporators were represented through
William L. Strong on the American
Committee for the Statue of Liberty
and its Finance Committee. The Statue
of Liberty itself had then been dedi­
cated on Bedloe’s Island only three
years before, but was already strongly
identified with the harbor and city
of New York—a name featured in our
corporate title adopted in 1905. The
Liberty National Bank, formed in 1891,
naturally used the symbol during its
thirty years of separate existence.
Through this bank, which was merged
with The New York Trust Company
in 1921, we acquired the model of the
great monument cast by Bartholdi.
This small statue now stands in the
lobby of our Main Office, located in
Lower Manhattan, a short distance
from the Battery from which the fa­
mous statue may be viewed.”
C h ew in g G u m

“ Can you loan me $5 for a month,
old boy?”
“What would a month-old boy do
with $5?”

Qo¿Advertisers

<•

A llie d M u tu a l C a s u a lty C o m p a n y ............ 29
A m e r ic a n N a tio n a l B a n k an d T ru s t
C o m p a n y .......................................................... 39

J a m ie s o n an d C o m p a n y ..................................
K

K o c h B r o t h e r s ...................................................

K

L

B a n k e r s T r u s t C o m p a n y — D es M o in e s .. 55

G e o r g e L a M o n te an d S o n .............................
L e s s in g A d v e r t is in g C o m p a n y ....................
L iv e S to c k N a tio n a l B a n k — C h ic a g o . . . .
L iv e S to c k N a tio n a l B a n k — O m a h a .........
L iv e S to c k N a tio n a l B a n k — S io u x C it y . .
M
M a n u fa c t u r e r s T r u s t C o m p a n y .................. 26
M e r c a n tile C o m m e r ce B a n k an d T ru st
C o m p a n y ..........................................................
M e rc h a n ts M u tu a l B o n d in g C o m p a n y ..
M e rc h a n ts N a tio n a l B a n k .............................
M in n e s o ta C o m m e r c ia l M en ’ s A s s o c ia ­
tio n ..................................................................... 36

C

C e n tra l H a n o v e r B a n k an d T ru s t C o ... 38
C e n tra l N a tio n a l B a n k a n d T r u s t Co. 10
C ity N a tio n a l B a n k an d T ru s t C o m ­
p a n y — C h ic a g o ............................................. 37
C ity N a tio n a l B a n k a n d T r u s t C o m ­
p a n y — K a n s a s C i t y ...................................... 58
C o n tin e n ta l N a tio n a l B a n k — L i n c o l n . . . 50
C h ic a g o , M ilw a u k e e , St. P a u l a n d P a c ific
R a ilr o a d ........................
30
D

49P. E. D a v e n p o r t an d C o m p a n y . . . .
D e L u x e C h e ck P r in te r s , I n c .............
D es M o in es B u ild in g , L o a n a n d S a v in g s
A s s o c i a t i o n .....................................................
D r o v e r s N a tio n a l B a n k .................................

N

N ew Y o r k T r u s t C o m p a n y ...........................
N o r th e r n T r u s t C o m p a n y .............................
O

O m ah a N a tio n a l B a n k ...........................

P h ila d e lp h ia N a tio n a l B a n k ........................ 25
P u b lic N a tio n a l B a n k a n d T ru s t C o ......... 62

F

S

F e d e r a l H o m e L o a n B a n k .............................
F e d e r a l I n t e r m e d ia t e C r e d it B a n k s .
F ir s t N a tio n a l B a n k o f th e B la c k H ills
F ir s t N a tio n a l B a n k — C h i c a g o ..................
F ir s t N a tio n a l B a n k — O m a h a ....................
F ir s t N a tio n a l B a n k — S io u x C i t y .............

St. P a u l T e rm in a l W a r e h o u s e C o m p a n y 59
S c a r b o r o u g h an d C o m p a n y .................24-27-63
S ta te A u t o m o b ile I n s u r a n c e A s s o c ia t io n 29
T

G

G u a r a n ty T r u s t C o m p a n y .............................

34

T o o t le L a c y N a tio n a l B a n k ..................... 50-51
T w in C ity F e d e r a l S a v in g s an d L o a n
A s s o c i a t i o n ...................................................... 36

H

U

H a w k e y e M u tu a l H a il I n s u r a n c e A s s o ­
c ia t io n ............................................................... 64
H o m e F e d e r a l S a v in g s an d L o a n A s s o ­
c ia t io n ............................................................
H o m e I n s u r a n c e C o m p a n y ...........................

U n ion S to c k Y a r d s C o m p a n y — O m a h a ..
6
U n ite d S ta tes N a tio n a l B a n k — O m a h a .. 46

I o w a -D e s M o in e s N a tio n a l B a n k an d
T r u s t C o m p a n y ............................................. 68

W

W a n t a d .................................................................
C h a rle s E. W a lt e r s C o m p a n y ....................
J a y A. W e l c h ........................................................
W e s s lin g S e r v ic e s ............................
W e s t e r n M u tu a l F ir e I n s u r a n c e C o .........

Northwestern Banker


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

23

P

E lm s H o t e l ..........................................................
E p p le y H o t e ls C o m p a n y ...............................

£7
50
64
64
28

August 19^3

66

In

th e

DIRECTORS' R o o m

D o n 't W o r r y

Father had his little daughter on
his knee.
“What are you going to do when
you grow up?” he asked her.
“ I’m going to marry an engineer,”
replied the child.
“And what kind?” he asked. “A
civil engineer?”
“Oh,” replied the little girl, “it
doesn’t matter what kind. I’ll soon
make him civil.”
F a ir E n o u g h

In Chicago, Tomaso Ricardo, Italian,
was being examined as an applicant
for citizenship papers.
“Can you tell me how many states
there are in the Union?” the examin­
ing judge asked.
“Mr. Judge,” answered Ricardo, “ I
talk to you. You know your business.
I know my business. You ask me how
many states in Union. I ask you how
many bananas in a bunch?”
S u sp en se

I remember that horrible night in
the trenches as if it were but yester­
day. There we stood, horrified; the
kid kneeled on the ground, his right
hand raised, asking the help of the
gods. Shells burst overhead casting
eerie shadows upon the faces of the
panic-stricken men below. It could
not happen!
“God,” murmured one of the men,
“shoot, for God’s sake, shoot!”
“Give him time! Take it easy!”
soothed the sergeant.
The kid drew back his arm slowly,
so slowly. The eyes of ten men were
riveted upon his hand. Suddenly his
arm shot forward! His fingers opened,
and by the light of the flares in the
skies, we saw the most ghastly im­
possibility happen! There it lay be­
fore our eyes, eight passes in a row!

7 ou g h
Father: “ Now, then, can you sup­
port my daughter in the manner to
which she’s accustomed?”
Suitor: “What! She ain’t goin’ to
move, is she?”
trolley line which averages $9 to $10
per day in fares.
After two trips, Goldstein turned
in to the superintendent $19.85. The
superintendent said to Goldstein:
“You’re a wonder, Goldstein! How in
the world did you do it?”
“Boss, I’ll tell you,” said Goldstein.
“Business was so bad on Spring Street
I took the car up Broadway.”
H e L o o k e d It

The colored soldier had been peeling
potatoes until his hands ached. Turn­
ing to a fellow K. P. he said: “What
d’you suppose dat sergeant mean when
he call us K. P.?”
“Ah dunno,” replied his co-worker.
“But from de look on his face, Ah
thinks he meant ‘Keep Peelin.’ ”
N ew

in th e F a m i ly

Doctor: “ Only members of the fam­
ily may see him. Are you a relative?”
Girl: “ Oh, yes indeed. I’m his sister.”
Doctor: “ So glad to meet you. Pm
his father.”

B u s in e s s Is G o o d

A man named Goldstein got a job
as conductor on the Spring Street
Northwestern Banker


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Federal Reserve Bank of St. Louis

August 19^3

No

H u sba n d s

“ Is my husband at the club?”
“ No ma’am.”
“ But I haven’t told you his name.”
“ Ah realizes that, lady, but dey ain’t
any body’s husband heah—nevah.”
M in c e m e a t

Sergeant: “ If I cut a steak in two
and then cut the halves in two, what
do I get?”
Rookie: “ Quarters.”
Sergeant: “ Right. And then again?”
Rookie: “Eighths.”
Sergeant: “ Right. And again?”
Rookie: “ Sixteenths.”
Sergeant: “ Right. Now once more.”
Rookie: “Hash!”

P o o r R is k

“ I insured my voice,” stated the fa­
mous singer, “for $50,000i”
“And what,” asked his rival, “ have
you done with the money?”
I s n 't I t ?

Student: “Could one refer to the
Venus de Milo as the girl who got the
breaks?”
English Librarian: “ Why not, may
I awsk? It’s an ’armless joke.”

F la c k

Grandma is going to have a tough
time this spring deciding whether she
would remain at work in the shipyard
or play shortstop for the local baseball
team.
Who can recall the grand old care­
free days when gasoline was so un­
rationed that women could use whole
panfuls of it to clean their gloves, and
have enough left over to blow up their
kitchens?

T it f o r T a t

Poor old Hiram. He went up to New
York determined to make his living
pulling some skin games on innocent
strangers. However, the first fellow he
tried to sell the Brooklyn bridge to
turned out to be the owner of the darn
thing, and if Hiram hadn’t paid him
ten dollars to keep quiet the man
would have had him arrested.

U n d e r C o n tr o l

“Oh, doctor,” said the young lady,
“will the scar show?”
“ That, madam,” said the doctor, “is
entirely up to you.”
B e a t H e r to It

“How did you become so rich?”
“ Just plain stubbornness.”
“What do you mean, stubbornness?”
“Well, no matter how much money
I made my wife always managed to
spend a little more, and she wasn’t
going to get the best of me!”

O r a M o to r c y c le

“Are you really content to spend
your life walking about the country
begging?” asked the old lady severely.
“ No, lady,” said the tramp. “ Many’s
the time I wished I had a car.”
L ittl e D r y

Missionary: “Poor man! So you
know nothing of religion.”
Cannibal: “ Oh yes. We got a taste
of it when the last missionary was
here.”
B ro a d -M in d e d

Mandy: “Ah can’t come to work to­
morrow, Mam. Mah little boy is sick.”
Mam: “ Why, Mandy, I thought you
said you were an old maid.”
Mandy: “Ah is, but ah aint one of
them fussy kind.
J u st E x i s te d

“Methuselah lived nine hundred
years.”
“ I can’t understand it. And that was
before vitamins, too!”

T he
N ew Y ork T rust
Co m p a n y
IO O

BROADW AY

M A D ISO N AVEN U E AN D 4 0 t h ST.

T E N RO CKEFELLER PLA ZA

CO NDENSED ST A T E M E N T OF C O N D IT IO N
At the close o f business, June 30, 19 4 3
ASSETS

Cash on H a n d and in Federal R eserve B a n k ....................................................
Exchanges, C ollections and Other Cash I t e m s .............................................
United States G overn m en t O b lig a tio n s —D irect and Guaranteed . . .
Other B o n d s and Securities
...............................................................................
Loans and D i s c o u n t s .................................................................................................
Interest Receivable, Accounts R eceivab le and O ther A s s e t s .......................
C ustom ers’ Liability for A c c e p t a n c e s ..............................................................
Real Estate B o n d s and M o r t g a g e s .........................................................................
Equities in R e al Estate
..........................................................................................

$ 113 ,6 4 7 ,3 16 .9 2
2 9 ,00 4 ,252.29
38 4 ,316 ,6 53.23
19 ,8 19 ,4 8 3.0 9
14 2 ,3 6 6 ,4 0 9 .6 1
2,35 0 ,5 4 6 .0 1
5 ,2 11.8 9
3 ,6 9 0 ,0 9 8 .7 3
7 3 6 ,7 6 7 .6 7
$ 6 9 5 , 9 3 6 , 7 3 9 .4 4

LIA BILITIES

D eposits
.................................................................................. $ 6 2 9 ,4 2 7 , 8 6 0 . 6 9
Outstanding and Certified C h e c k s ...........................
13 ,4 0 3 ,0 4 1.7 3
D ividend P ayab le J u l y 1 , 1 9 4 3
.........................................................................
Accounts P ayable, R eserve for T a x e s and O ther Liabilities . . . .
A c c e p t a n c e s .................................................................................................................
C a p i t a l .......................................
...................................
15 ,0 0 0 ,0 0 0 .0 0
S u r p l u s ....................................................................................
3 0 ,0 0 0 ,0 0 0 .0 0
U n d ivid ed P r o f i t s ..................................
. . . .
5 ,10 1,9 10 .6 2

$ 6 4 2 , 8 3 0 , 9 0 2 .4 2
5 2 5 ,0 0 0 .0 0
2 , 3 5 4 ,8 3 0 . 8 6
12 4 ,0 9 5 .5 4

5 0 ,10 1,9 10 .6 2
$6 9 5,9 36 ,7 3 9 .4 4

United States Government obligations and other securities carried
at $ 7 6 ,4 6 0 ,2 3 1.88 in the above statement are pledged to secure
United States Government deposits of $ 6 7 ,8 9 5 ,0 5 0 .1 7 and other
public and trust deposits and for other purposes required by law.

TRUSTEES
MALCOLM P. ALDRICH

FRANCIS B. DAVIS, JR.

H O W A R D W . MAXWELL

New York

Chairman of the Board
United States Rubber Company

H ARRY T . PETERS

GRAHAM H. A N T H O N Y

President, Veeder-Root Inc.
ARTHUR A. BALLANTINE

New York

F. TRUBEE D AVISO N

President, American Museum
of Natural History

Root, Clark, Buckner
& Ballantine

New York

SETON PORTER

President, National Distillers
Products Corporation

RUSSELL H. D U N H AM

JOHN E. BIERWIRTH

DEAN SAGE

Chairman of the Board
Hercules Powder Company

President
JAMES Ç. COLGATE

Bennington, Vt.
Cook, Lehman, Greenman,
Goldmark & L oeb
WILLIAM F. CUTLER

Vice-President
American Brake Shoe Company

MORRIS SAYRE

Litchfield, Conn.

Executive Vice-President
Corn Products Refining Co.

WILLIAM HALE HARKNESS

VANDERBILT WEBB

SAMUEL H. FISHER

ALFRED A. COOK

Sage, Gray, Todd & Sims

New York

New York

B. BREWSTER JENNINGS

MEDLEY G. B. WHELPLEY

New York

M em ber of the Lederai Deposit Insurance Corporation


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

Guggenheim Bros.

One Of The Most Important In History
Despite a late, wet Spring, Iowa
crops today are doing well
under careful cultivation by
hard-working, patriotic farmers.
Indications now p o i n t
to
another bountiful harvest.
This will be reassuring news to
the fighting leaders of the Unit­
ed Nations, who realize full well
that adequate food production
is just as essential as bullets in
maintaining today's accelerated
march toward Victory.

contributions by Iowa Banks
and Bankers to the War effort
has been in the financing,
encouragement and coopera­
tion extended to individual
farmers in every community to
obtain all-out mobilization of
our State's great food producing
resources.
Uncle Sam and the United
Nations can depend on Iowa for
food . . . and still more food . . .
until the day of "Unconditional

I owa -D es M oines N ational B ank
& TRUST COMPANY
M e m b e r Federal Deposit Insurance Corporation


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Federal Reserve Bank of St. Louis