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BUY
U N ITE D
STATES
WAR
H. R. K IB B E E , JR.
President, South Dakota Bankers Association
Vice President, Commercial Trust & Savings Bank
M itchell
A. C. ID S V O O G
President, North Dakota Bankers Association
President, Grafton National Bank
Grafton
BONDS
A ND
STAMPS
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Federal Reserve Bank of St. Louis
Solving The Farmer’s Postwar Problem
Page 22
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ACTION and ENTERPRISE
"A"RADITION is sometimes mistaken for immovability.
Our
tradition, however, is one of action and enterprise and, with
this background. The Merchants National Bank of Cedar Rapids
has made great strides. Our correspondent banks are enjoying
and profiting by the superior service and interested attention
<•-
A CEDAR RAPIDS BANK
CEDAR
R A P IO S
SERVICING A LL IOWA
M ERCHANTS
N ATIONAL BANK
James E. H am ilton , Chairman
S. E. Coquillette, President
H. N. B oyson , Vice President
Roy C. F olsom, Vice President
M ark J. M yers, V. Pres. & Cashier
George F. M iller, V. Pres. & Tr. Officer
Marvin R. Selden , Vice President
F red W. S m it h , Vice President
John T. H amilton II, Vice President
R. W. M an att , Asst, Cashier
L. W. B roulik , Asst. Cashier
Peter B ailey , Asst. Cashier
R. D. Brown , Asst. Cashier
0. A. K earney , Asst. Cashier
Stanley J. M ohrbacher, Asst. Cashier
E. B. Zban ek , Building1Manager
Cedar Rapids
Member Federal
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afforded them as a result of our many years of experience.
Iowa
Deposit Insurance Corporation
Northwestern Banker, published monthly by the De Puy Publishing Company, at 527 Seventh St., Des Moines, Iowa. Subscription, 35c per copy S3 00 per year
Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under Act of March 3, 1879.
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Federal Reserve Bank of St. Louis
• It is our earnest desire to meet all the demands for
Allen Wales Adding Machines, but as a result of our
effort in the manufacture of vital war materials, we
may build only a limited number of adding machines.
If you are in need of Adding Machine Equipment, we
suggest that you get in touch with our nearest agency
or write to our home office for further information.
ALLEN W WALES
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Federal Reserve Bank of St. Louis
ADDING MACHINE CORPORATION
444 Madison Avenue, New York 22, N. Y.
A WHOLLY-OWNED
SUBSIDIARY
* OF
THE NATIONAL CASH REGISTER CO.
4
A BFUPOt OF
CHECKS
Northwestern Banker
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Federal Reserve Bank of St. Louis
FROM
PHILADELPHIA
TO C H IC A G O
T h e item s w hich are h an d led b y T h e P hiladel
phia N ational in one m onth, if placed end to
end, w ou ld reach from o u r offices to C hicago —
o r 822 m ile s !
O f course, th a t’s just a w ay o f expressing the v o l
um e o f o u r T ran sit D ep artm en t. But the w ork of
that d e p artm e n t is m ore tan gib ly dem onstrated,
as far as o th e r banks are concerned, b y the speed
and efficien cy of its o p eratio n — a service w hich
o u r co rresp o n d en ts k n o w and appreciate.
W e are alw ays glad to discuss possible c o rre
sp o n d en t relationships, in fo rm ally if yo u wish.
W h y not com m unicate w ith us on that basis?
THE P H ILA D E LP H IA
NATIONAL BANK
PHILADELPHIA
1,
M E M B E R
D E P O S I T
August Î94-4
F E D E R A L
PA.
ORGANIZED
I N S U R A N C E
1803
C O R P O R A T I O N
That's where Johnny is today— your brother—
the American Red Cross and the wonderful work
son— sweetheart— the little hoy from down the
it’s doing — among the most important, super
block or around the corner.
vising the collection and processing of the blood
Now he’s a war-
toughened veteran of several campaigns— in Italy,
plasma that may save his life.
Normandy or on a Pacific isle. But, veteran that
It only takes us a few minutes to give our blood
he is, it is only human for him to be thinking of
but it may mean years of life to Johnny— years
his home so far away and realizing how close to
to fight, to conquer and eventually to live at home.
death he’s been and may yet he.
Think of that and make an appointment with
Yet Johnny may be closer to home and
your nearest blood donor center. Y ou may be
further from death than he thinks, thanks to
giving years to your Johnny— or the others.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
This is the sixth o f a series o f advertisements dedicated to the American Red Cross by
THE HOME INSURANCE COMPANY, NEW YORK
FIRE
«
AUTOMOBILE
•
MARINE
6
T he
N e w Y ork T rust
Com pany
IO O
BROADW AY
MADISON AVENUE AND 40 th ST.
TEN ROCKEFELLER PLAZA
CONDENSED STATEMENT OF CONDITION
At the close o f business, June 30, 1944
AS S E T S
Cash on Hand and in Federal Reserve B a n k ...................................................
$ 1 0 4 ,8 2 2 ,5 2 1 .8 5
Exchanges, Collections and Other Cash I t e m s ............................................
4 6 ,1 4 8 ,9 6 3 .9 9
4 5 5 ,6 0 6 ,9 0 3 .4 6
United States Government Obligations— Direct and Guaranteed . . .
Other Bonds and Securities
.............................................................................
Loans and D is c o u n t s ...............................................................................................
Interest Receivable, Accounts Receivable and Other A ssets......................
Customers’ Liability for A c c e p t a n c e s ............................................................
Real Estate Bonds and M o r tg a g e s ........................................................................
Equities in Real Estate
........................................................................................
3 3 ,9 4 3 ,7 0 7 .5 7
1 8 8 ,3 4 9 ,9 5 5 .3 2
2 ,5 4 2 ,4 3 6 .9 6
3 8 6 ,4 5 9 .9 2
1 ,5 3 4 ,2 5 1 .3 8
8 4 ,9 7 9 .5 2
$ 8 3 3 ,4 2 0 ,1 7 9 .9 7
LIABILITIES
Deposits
.................................................................................$ 7 4 8 ,3 0 0 ,4 8 0 .5 6
Outstanding and Certified C h e c k s ............................
2 8 ,5 3 6 ,5 9 5 .7 4
Dividend Payable July 1, 1944
........................................................................
Accounts Payable, Reserve for Taxes and Other Liabilities . . . .
$ 7 7 6 ,8 3 7 ,0 7 6 .3 0
A c c e p t a n c e s ...............................................................................................................
C a p i t a l ..................................................................................
S u r p lu s ..................................................................................
1 5 ,0 0 0 ,0 0 0 .0 0
3 0 ,0 0 0 ,0 0 0 .0 0
Undivided P r o f i t s .............................................................
7 ,1 3 8 ,2 9 2 .9 1
5 2 5 ,0 0 0 .0 0
3 ,3 9 1 ,2 1 7 .0 5
5 2 8 ,5 9 3 .7 1
5 2 ,1 3 8 ,2 9 2 .9 1
$ 8 3 3 ,4 2 0 ,1 7 9 .9 7
United States Government obligations and other securities carried
at $235,218,753.49 in the above statement are pledged to secure
United States Government deposits of $219,897,668.05 and other
public and trust deposits and for other purposes required by law.
TRUSTEES
FRANCIS B. DAVIS, JR.
MALCOLM P. A L D R X I
GRAHAM H. A N T H O N Y
Pres., Colt s Patent Fire Arm s i fg . Co.
ARTHUR A. BALLANTINE
Root, Clark, Buckner & Ballantine
JOH N E. BIERWIRTH
President
ALFRED A. COOK
Cook, Lehman, Greenman,
Goldmark & Loeb
WILLIAM F. CUTLER
Vice- Presid ent
American Brake Shoe Company
RALPH S. D A M O N
Vice-President & General Manager
American Airlines, Inc.
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Federal Reserve Bank of St. Louis
H O W A R D W . MAXWELL
Chairman of the Board
United States Rubber Company
N ew York
N ew York
H AR R Y T . PETERS
RUSSELL H. D U N H AM
N ew York
Chairman of the Board
Hercules P ow der Company
SETON PORTER
President, N ational Distillers
Products Corporation
SAMUEL H. FISHER
Litchfield, Conn.
WILLIAM HALE HARKNESS
ROBERT C. REAM
President, American Re-Insurance Company
N ew York
MORRIS SAYRE
HORACE HAVEMEYER, JR.
Exec. Vice-Pres.,Corn Products Refining Co.
Executive Vice-President
T he National Sugar Refining Company
B. BREWSTER JENNINGS
N ew York
M em ber of the Federal Deposit Insurance Corporation
August 1944
VANDERBILT WEBB
N ew York
MEDLEY G. B. WHELPLEY
Guggenheim Bros.
:
^ ìc a m (o m & -----GIVES Y J D I J THE
INDIVIDUALLY
IDENTIFIED
Your Lithographer or
Printer Does the Rest
W e Supply the
Specially Designed Paper
Important Banks and Business
O rganizations from coast to coast
agree that the safest and most desir
able check of all is the one which is
lithographed or printed on their own
INDIVIDUALLY IDENTIFIED Safety Paper.
» » Such checks incorporate the issu
ing organization's Trade Mark or Spe
cial Design —front and back
— as part of the paper itseli.
BUY
» » In addition to providing
additional recognition value
le t ’s All
for your checks, the use of
INDIVIDUALIZED La Monte Safety Paper
assures maximum protection. It safe
guards both the face of the check and
the endorsement against alteration and
counterfeiting.
For Samples of La Monte Safety Paper see your
Lithographer or printer — or write us direct.
PAPER
G EO R G E L A M O N T E & S O N , N utley, N . J.
T he w a v y lin e s a r e a
La M o n te t r a d e - m a r k
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Federal Reserve Bank of St. Louis
.VICTORY
UNITED
STATES
BACK TH E ATTACK
Note how the Trade Mark on the front of the check
appears on the back of the check in reverse. Indi
vidualized Safety Paper facilitates identification and
helps prevent missorts in banks and clearing houses.
" SKI LL
TO
COMES
OF
DO
DOI NG"
—Ralph Waldo Emerson
J
V
U
A
l l
Field Warehousing experience
rent assets tied up in inventories o f raw
materials. An inventory loan backed by
Lawrence System field warehouse re
ceipts can help these customers hold
their credit line . . . and frequently en
able them to purchase new materials for
reconversion to consumer products.
Through w a rs, d e p r e s s io n s and
booms Lawrence System has success
fully handled sound inventory loans.
In a history-making method o f financ
ing Lawrence System has been both the
pioneer and the specialist. Pioneer— in
the developing and expanding of the
application o f the p rin cip le o f field
warehousing; specialist—in the perfect
ing o f operating detail and skilled per
sonnel. And now, in the turmoil and
adjustment o f wartime financing, Law
rence System field warehouse offers
hank loan officers its experience, co
operation and aid in securing and arran
ging inventory loans.
By planning the inventory loans through
Lawrence System, hanks are assured of
careful and accurate handling . . . and
experienced judgment in the acceptance
of sound collateral. For over 30 years
Lawrence System has specialized in
field warehousing and cooperated with
banks in thousands of commodity loans
throughout the entire nation. The repre
sentatives in the offices of the Lawrence
Warehouse Company will he glad to aid
you in working out any specific inven
tory loan problem. Phone or write the
office nearest your bank for prompt con
fidential service.
Already banks are having to be called
upon to aid customers whose war con
tracts have been cancelled, leaving them
with as much as 50 to 75% o f their cur
LAWRENCE SYSTEM jieU waneheusinq
Northwestern Banker
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Federal Reserve Bank of St. Louis
FOR BANK
N e w York:
Bu ilding
Charlotte,
August 1944
LOANS AGAINST
72 W all
-
Buffalo
N.
C.
-
Street
-
-
Chicago:
A tlanta
Jacksonville,
-
1 N . La S a ll e S tr e e t
Cincinnati
Fla.
INVENTORY
-
-
Boston
Minneapolis
-
-
San Francisco:
Philadelphia
D a lla s
-
Houston
-
37
Drum m
Kansas
Denver
Street
City
-
-
-
Fresno
Los A n g e l e s :
St.
-
Louis
Portland,
-
W.
New
Ore.
-
P. S t o r y
Orleans
H o nolulu
9
The following letters were received
from Northwestern Banker readers.
Your views and opinions on any sub
ject will be gladly published in this
column.
F O R T Y - N IN T H y E A R
(Turn to page 59, please)
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Federal Reserve Bank of St. Louis
N U M B ER 685
Oldest Financial Journal West of the Mississippi River
"Must Wear at Least One Shoe”
The following very interesting letter was
received by Frank Warner, secretary of the
Iowa Bankers Association, from R. M. Donhowe, Yeoman First Class, who is now sta
tioned in South America. M r. Donhowe is
the son of A . T. Donhowe, vice president
of the Central National Bank and Trust
Company of Des Moines.
‘ ‘ The big industry in this section of
South America seems to be the raising of
sugar cane and a large group of the popu
lation is employed in some type of this
work.
Also a number of people are em
ployed in the growing and exporting of
coffee, pineapples, and bananas.
Then of
course there are those working in commer
cial establishments.
Living standards are
much lower than ours. The great majority
of people seem to me to be poorer than our
poorest class of people.
A job as a po
liceman or streetcar conductor pays $20
to $30 a month.
Compulsory education is
unheard of but schooling is available
through the fourth grade at no cost.
The
poorer population lives in frail huts thatched
from coconut fronds.
The fronds are also
woven into fans and baskets. W e see these
huts near the edge of town on going and
returning from liberty. The average house
is made of mud.
First, a branch fram e
work is tied together with vines and the
gaps filled up with stones.
W e t mud is
patted smooth and when hardened forms a
satisfactory wall. Roofs are made by lay
ing tiles on a criss-cross framework of
branches.
Girls of the better families are
seldom seen on the streets and never attend
social functions without proper chaperones.
Women enjoy little freedom as their cus
tom says the w om an’s place is in the home.
The church is an integral part of the peo
p le ’ s life down here. M any of them have
crumbling brick walls and sagging tile
roofs while inside the altars are surrounded
with colorful and lavish ornamentation. The
people are great lovers of birds which are
trapped back in the interior and carried to
the market in homemade bamboo cages. I
understand that practically every home has
several cages of noisy and colorful birds.
Here on the base the favorite seems to be
the parrot and at least one can be found in
every barracks.
‘ ‘ The street cars are regular ‘ Toonerville
trolleys, ’ in that they actually bulge with
passengers. Most of them are open and run
ning boards along both sides makes it pos
sible for people to hang in all directions
from the cars.
Soldiers ride free and the
___________
IN THIS A U G U ST , 1944, ISSUE
Editorials
Across the Desk from the Publisher............................................................... 10
Feature Articles
Dear Editor...................................................................................................... 9
Frontispage .....
13
Why Bankers Prefer Arbitration..................................... Clyde H. Doolittle 14
How Good Checks and Stationery Help Sell Your Bank...... Andrew Jamison 15
The Safe Deposit Is No “ Stepchild” .................................... Frank O. Brand 16
How North Dakota Will Find Farms for Service Men...... .......B. E. Groom 17
News and Views of the Banking World................................. Clifford De Puy 18
What Collection Restrictions Are Imposed?—Legal Questions....................... 20
How Your Farmer Customer Can Solve His Postwar Problems— ..... ..........
............................................................................................... O. B. Jesness 22
Bonds and Investments
How Banks in Five Nebraska. Counties Buy Their Bonds............J. Y. Castle 27
Should Banks Remain Open as Long as Post Offices? What Do You Think? 29
Insurance
Help Yourself to Your Share....... ............................................Earle E. Vogt 31
State Bankins News
.........................
...... .....................
......................
...................
........................
.........................
........................
John Lauritzen
........................
.........................
........................
........................
Minnesota News .....................................
Twin City News...............................
South Dakota News..................................
Sioux Falls News........ .....................
North Dakota News.................................
Fargo News .....................................
Nebraska News .......................................
Junior Bankers News........................
Omaha Clearings ..............................
Lincoln Locals ..... .... .......................
Iowa News ..............................................
Des Moines News..............................
35
37
39
39
42
43
45
46
47
49
51
53
The Directors’ Room
A Few Short Stories to Make You Laugh
Conventions ................................... .........
•
62
62
•
N O R T H W E S T E R N B A N K E R , 527 Seventh St., Des Moines 9, Iowa, Telephone 4 -8 1 6 3
C L IF F O R D D E PU Y , Publisher
R A LP H W. M O O R H E A D
Associate Publisher
H EN R Y H. H A Y N E S
Editor
RUTH K IL L E N
Associate Editor
E L IZ A B E T H C O L E
Advertising Assistant
M A R G U E R IT E B R O W N
Office Supervisor
BETTY M IL L E R
Circulation Department
N EW 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
Northwestern Banker
August
H)
Across the Desk
not this proposed world bank will become a gi
gantic W PA proposition in which the United
States will have contributed almost 50 per cent
of the capital and yet will only have a minority
voting interest.
I b e a s i S e n a t e * R ,o M e* t / 7 . *1 a ^ t:
Benjamin M. Anderson, professor of economics
at the University of California and former econ
omist for the Chase National Bank, criticizes
the plan by saying, “ To put the thing in the
proper perspective, how can the stricken countries
of Europe repay gigantic loans made by private
agencies, supplemented and endorsed by the mod
est 8 billions of the world investment bank? If we
are to make loans to Europe, they must be good
loans. We must not deluge them with funds for
a time, then cease to lend them, and then see them
default upon what we have lent,”
Another expert, Leonard P. Ayres, vice presi
dent of the Cleveland Trust Company, opposes the
United Nations Bank because, “ I am convinced
that if put into operation it would shortly result
in a scarcity of dollars available for our inter
national transactions. That scarcity would have
to be dealt with. We could deal with it either by
accepting restrictions to trading in dollar ex
change, or by making a series of huge dollar loans
to the fund. Either course would impair our re
lations with foreign nations and make it increas
United States ...........3 Billion 185 Million
ingly difficult and embarrassing for us to cooper
United Kingdom ..... 1 Billion 300 Million
ate with them. We cannot afford to let that
Russia ................................
900Million happen. ”
China ........................
600MillionIn discussing this proposed world bank, Phil
France ................................
450Million
S. Hanna, financial editor of the Chicago News,
India .........................
400Million
puts it this way : ‘ ‘ During- the period from March,
Canada ..............................
375Million
1919, to September, 1920, the United States ad
We were interested in your statement that you
did not have much faith in the proposed United
Nations Bank, about which various so-called fi
nancial experts have recently concluded a meet
ing at Bretton Woods, New Hampshire.
As we understand it, the proposed bank would
have a total capital of 8 billion 800 million dol
lars, and the capital would be subscribed to by 4-1
countries. The amount which the first 7 countries
would subscribe is to be as follow s:
1.
2.
3.
4.
5.
6.
7.
The initial payment of each member country
would be 20 per cent of its subscription and 20
per cent of this amount would be in gold and the
remainder in local currency.
The bank is to have authority to guarantee, par
ticipate in, or make loans to any member country
and through the government of such country to
any of its political subdivisions, or to business or
industrial enterprises therein under prescribed
conditions. Payment of interest and principal
would be fully guaranteed by the national gov
ernment. The loan would be available only if the
borrower were unable otherwise to secure funds
under reasonable conditions.
The question which you have in mind, Senator
Taft, is, we believe, the same as other statesmen,
bankers and economists have, which is whether or
Northwestern Banker
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Federal Reserve Bank of St. Louis
August
vanced the British $2,635,000,000 for the very pur
poses which the present stabilization program en
visions. The plan was not successful. The notes
given the United States are still unpaid.
“ The money went for the purchase of foreign
monies which were sagging in value steadily. But
the foreigners who received the dollars bought
goods hand over fist in the United States.
“ The net of that historical event was that our
own Treasury funds bought our own goods and
created a considerable boom; but the foreigners
got the goods and we wound up with depreciated
or worthless foreign currencies.
Incidentally,
that happened under a Democratic administra
tion. ’ ’
W e will await with interest, Senator Taft, the
discussion of this proposed legislation when Con-
11
From the Publisher
gress reconvenes because, as we understand it,
the conference at Bretton W oods was without
power to make any commitment and that all agree
ments would have to be submitted to the various
governments for their final approval.
The United States must, and will, help to re
store foreign trade when the war is over, but we
are sure, Senator, that the majority of the people
of the United States are not interestd in using
their own tax collected dollars simply to assist
the United States in becoming Santa Claus to the
world.
2>eayi £an.l Bn.o-w.de.'i:
So you want to tell us how to run the United
States!
So you want your “ Communist Political Asso
ciation” to dictate for whom we shall vote at the
coming National election! A t least this was the
idea in your recent paid political advertisement
which appeared in the newspapers throughout
the country.
You said, “ The spirit of partisanship is today
a most costly luxury which America cannot afford.
Our problem is how to subdue and control the
spirit of partisanship, how to conduct a national
election in the spirit of national unity. It is not
an easy task. We Communists consider it so seri
ous that we have dissolved the Communist Party,
and renounced all aims of partisan advancement,
and have formed a nonpartisan organization— the
Communist Political Association— through which
we expect to contribute to the common cause of
the progressive majority of the American people.
“ Can Roosevelt help the nation to unity and
victory by conceding the demand of Republicans
and disloyal Democrats that he announce his re
tirement?
“ A moment’s thought reveals that such a step
would be a disaster for our country. Our enemies
in the war would be encouraged to new efforts,
our allies in the war would have deep misgivings,
and our own country would be launched upon an
uncharted sea of uncontrolled factionalism. That
is why people of all parties are joining to draft
Roosevelt.”
You did not have to draft President Roosevelt.
Mr. Browder, because he will run as long as be
thinks lie has a chance of being elected.
But, if you think the American public is going
to take its dictation as to how to vote from you or
from the CIO Political Action Committee you are
mistaken.
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Federal Reserve Bank of St. Louis
A recent Gallup poll shows that 53 per cent of
all the voters will cast their ballots against any
candidate supported by the CIO Union.
In our opinion the voters of America have had
about enough of the Communists and CIO threats
and we believe they will vote more independently
at the coming November election than they ever
have.
Do you think the average voter will forget the
subversive activities carried on by the Communist
Party before Russia was our ally?
Do you think the voters will forget the strikes
and labor disturbances caused by the CIO and
other Labor organizations?
Do you think that the voters will forget that
the man hours lost due to 1,020 strikes during the
first quarter of 1944 were almost twice as many as
for the same period in 1943?
Do you think that the voters will overlook the
fact that while living costs have increased that
there is a spread of 65 points in favor of wages
over living costs?
W e do not think the American voters will for
get these things.
But, whatever the outcome of the November
election may be, we are convinced, Mr. Browder,
that neither you nor your CIO Political Action
Committee is going to be sitting in the driver’s
seat when the ballots are all counted.
^ b e a A Q . J l. B a c l t :
As a member of the division of Research and.
Statistics of the Federal Reserve Board of Wash
ington, your recent survey about service charges
and their effect upon bank deposits and the
amount of currency in circulation is most inter
esting.
It is our belief that banks may have to put
greater emphasis on the benefits, the convenience,
the safety and the other features which a check
ing account will give to customers in order to
offset the slight amount of service charges paid
for such benefits.
As we see it, it is a “ selling jo b ” for banks to
do and we know they can do it.
After all, why should any one want to mend his
own shoes or be his own doctor.
Likewise, why be your own banker when bank
ing facilities are already available and at a very
reasonable cost.
Northwestern Banker
August 19b?!
rthwestern Banker
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Federal Reserve Bank of St. Louis
August
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Federal Reserve Bank of St. Louis
14
W h y Bankers Prefer A rb itra tio n
Instead of Court Settlements
RECENT issue of N or th w est
B anker carried a bank’s
story on “ Our 8 Tests for Mak
ing Good Loans.” The author might
have added a ninth—“ Is the borrower
one who protects his undertakings, his
resources, his credit, his good will, and
his written contracts by an arbitration
clause?”
In other words, are his undertakings
liable to be involved in litigation and
its wastes and costs, or will his dis
putes and controversy, if any should
arise, be settled quickly, economically
and privately?
It is not a far-fetched idea. Not a
new one!
Some years ago, Credit Monthly, the
publication of the National Associa
tion of Credit Men, became interested
in the question of commercial arbi
tration and its relation to the credit
rating of business men and firms who
practiced it. Among the leading bank
ers who contributed articles on the
subject were the late William C. Redfield, former secretary of commerce,
and the late Felix M. Warburg, mem
ber of the international banking firm
of Kuhn, Loeb & Company.
Said Mr. Redfield: “ It would be of
value to a banker in considering financ
ing or extending credit to a concern
to know whether it prefers arbitration
to litigation, and such information
would be helpful in estimating the
risks involved. And certainly it would
be in order for the agencies that fur
nish information as to a business
man’s credit rating to include among
his assets the fact that he uses an ar
bitration clause.”
Said Mr. Warburg: “ Bankers are
constantly importuned to extend credit
or to finance business expansions or
new ventures. It may be important
in the future to know whether the
business men promoting these enter
prises are disposed to settle amicably
any future disputes or whether they
prefer a fight in the open. With the
study of this subject by credit men
and with their cooperation in giving
arbitration its proper” place in the
stabilization of credit, bankers will
have a very real sympathy.”
A
ern
An Illustration
Just how prophetic were the words
of those bankers of broad vision is ilNorthwestern Banker
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Federal Reserve Bank of St. Louis
August Í944
By Clyde H. Doolittle
Vice President and Trust Officer
lowa-Des Moines National Bank
Des Moines
CLYDE H. DOOLITTLE
“ Not a far-fetched idea”
lustrated by the following case, in
which vitally needed fighting equip
ment for our naval forces was tied up
by a dispute, and in which, indirectly,
a bank was involved:
A tool manufacturer in Syracuse,
New York, advised the War Produc
tion Board that he would have to sus
pend operations, as he could no longer
meet his payroll. His bankers refused
to advance any more money. The rea
son: a controversy existed concerning
some $87,000 which the manufacturer
claimed was due him for machine tools
and gauges made for another sub-con
tractor, to be used in the manufacture
of the famous Oerlikron gun—an anti
aircraft weapon called by its makers
“the sailor’s sweetheart” .
Representatives of the War Produc
tion Board and of the U. S. Navy at
tempted to negotiate a settlement.
They were unsuccessful, and the Board
referred the parties to the American
Arbitration Association. An arbitra
tion agreement was immediately exe
cuted, following which the bank agreed
to lend the manufacturer additional
money, and production continued.
The Arbitration Tribunal then went
into action. The arbitrators sat from
9:00 in the morning until late into the
night listening to the evidence. In
three and one-half days the case was
completed, and within another few
days an award was made. In the
meantime, production of those jigs,
fixtures and gauges necessary to get
the guns to our sailors proceeded. The
attorneys concerned in the case de
clared that it would have taken at
least three weeks to have tried the case
in the courts.
The files of the American Arbitra
tion Association show many cases in
which arbitration, promptly applied to
controversy, has freed urgently needed
war materials—warm flying jackets
for the air forces, stockpiles of raw
materials requisitioned by the Govern
ment, uniforms for the army, belts and
leather goods for the Soviet forces,
work benches for U. S. arsenals, windbreakers for the ground forces.
There are scores of unrecorded cases
in which the presence of an arbitration
clause in purchase contracts—private
agreements, U. S. Government con
tracts, and purchase contracts of
the British Purchasing Commission
(which uniformly, in the United
States, include the standard arbitra
tion clause of the American Arbitra
tion Association)—has scotched a dis
pute as soon as it arose and facilitated
an early settlement without the need
of formal arbitration.
Two Developments
The immediate interest of bankers
in commercial arbitration is typified
by two recent developments.
One was the action of President
Wiggins, of the American Bankers As
sociation, in addressing a letter to the
heads of each State Bankers Associa
tion, urging their practical support of
arbitration by the nomination of mem
bers of their respective associations to
serve on the National Panel of Arbi
trators of the American Arbitration
Association. Such panels now exist in
(Turn to page 57, please)
15
How G o o d Checks and Stationery
Help to
VERY discriminating person, is,
subconsciously, a paper expert,”
I don’t know the name of the
enthusiast who made that statement
and I suppose it is a bit extravagant.
Perhaps it would be more accurate to
say that every person, discriminating
or not, knows good paper when he
feels it. Certainly nobody will deny
that fine stationery makes fine impres
sions. Nor will anyone deny that
high grade paper is essential to fine
stationery.
I find the entire subject of Bank
Stationery an intriguing one. Perhaps
that is because a rather wide study of
the printed and lithographed forms
used by banks has produced so many
contradictions and apparent incon
sistencies that I am puzzled.
It is perfectly true, I believe, for the
most part, bankers are discriminating
men. They are regarded in their re
spective communities as business
leaders and their opinions are sought
in civic affairs and in matters that
promote the welfare of their fellow
citizens. Oh, there may be a few ex
ceptions. Here and there you may
find a fishy-eyed old crab in the bank
ing business, but don’t let those ex
ceptions warp your judgment. Almost
always, your banker is a pretty solid,
substantial citizen. He lives well, and
he likes the good things of life. He is
justly proud and he will carefully
avoid doing anything that might reflect
discredit upon him or upon his bank.
Which is just another way of saying
that bankers are keenly aware of the
value of good impressions.
I saw an advertisement, recently,
addressed to “the one man in seven
who shaves every day” and I got a
little glow out of it because, by golly,
I shave every day. Well, so does your
banker—and he wears clean linen and
keeps his clothes pressed—and when
he writes a letter to his big correspond
ent bank in the east, he wants that
letter to create a good impression. It
must be on a nice, well-designed and
well-lithographed letterhead and he
tells “Miss Keyes” to be sure to use a
new ribbon in the “machine”—“and
no smudgy erasures, please.” And,
that’s exactly as it should be. No
sloppy letters should ever go out of
E
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Federal Reserve Bank of St. Louis
Sell Your
By Andrew Jamison
any bank, but I wonder if this banker
we’re talking about is as particular
about all the bank’s letters. You see,
this banker is the customer of the big
correspondent bank and it seems to
me that he should be just as particular
(or more so) about the impressions
that are made upon his customers, but
it doesn’t always work out that way.
I know some banks—and pretty big
ones, too—that buy the finest letter
heads on paper made of 100 per cent
rag fibre to be used exclusively by top
executives, whose correspondence is
mostly “out of town,” but they also
use cheaply produced letterheads on
wood fibre paper for “local” corre
spondence, and I can only conclude
that the inferior ones were purchased
because they were a couple of dollars
a thousand cheaper. I think that is
not only short sighted but that it is
very poor merchandising.
Now don’t tell me that banking is
“different” and that “merchandising”
is not the right word to use. Ask the
New Business Department in any
bank and they will tell you that theirs
is very definitely a merchandising
Bank
problem. I admit they are not selling
a commodity, but they are selling
banking service and if they fail to
use good selling technique the results
will be far short of what they might
be. One of the best merchandisers
I know recently said, “Our selling
efforts are directed, first, toward mak
ing secure the business we have and,
second, toward securing new busi
ness.” With that sort of thinking, it
is small wonder that his business has
survived several depressions that have
been fatal to other concerns directed
by narrower minds. That same man
also said that “Making good impres
sions is more than 50 per cent of good
selling technique,” and I assert that
every piece of bank stationery that
reaches the public is a silent salesman
that can help make secure the busi
ness a bank has and help toward get
ting new business—or it can help make
the road toward new business re
semble the rocky road to Dublin. And
that applies, I think, whether it be
letterheads, envelopes, statements, ad
vertising material or checks, though
in many respects checks may be even
more potent “salesmen” than the
others since they circulate in greater
numbers.
Back a ways I said that bankers
are keenly aware of the value of good
impressions. That is evidenced by the
imposing bank buildings we see in all
parts of the country, and by the
marble counters, bronze grill-work and
massive vault doors with shiny time
locks in their beveled plate glass “show
cases.” It is obvious, of course, that
transactions over wooden counters
would be no less “binding” than over
marble and that the time-locks would
Your customers know you have a good bank— keep them
"sold” through the use of good supplies. Your prospective
customers judge your bank partly by the appearance and
"feel" of the letterhead you send them soliciting their
business— sell them by using the best
Northwestern Banker
August 1944
16
work just as well if they were hidden
behind blackened steel plates.
Then why all the “show” ?
There’s just one answer to that.
Bankers are keenly aware of the
value of good impressions and they
know that those marble counters and
all the other parts of the “show” create
the very desirable impressions of
strength and security and stability and
permanence. So I applaud the “show.”
It’s good merchandising and it’s prob
ably a good investment because it will
last a long, long time, but let’s not
overlook the fact that the only per
sons who see it are those who come
into the bank—and they have some
sort of business relations established
with the bank or they wouldn’t come
in. What, then, of the new business
angle? The bank fixtures can’t help
much in that direction. Few sight
seers are likely to wander in “just to
look” and busy business-men who may
be prospective bank customers haven’t
any time for such wanderings. But
those prospective customers do see
the bank’s checks which circulate in
greater numbers, they tell me, than
all other bank forms combined. And
the circulation is mostly in the very
community and the only community
from which the bank can hope to draw
any substantial number of new cus
tomers.
Every one of those checks is a silent
salesman, you know, and each one
works steadily for (or against) the
(Turn to page 38, please)
The Safe Deposit Business Is
No Longer a Banking ^Stepchild**
By Frank O . Brand
President of New York S t a te Safe Deposit Association
I N MANY communities bank and safe
I deposit companies are now realizing
the meaning of a “waiting list.” For
the first time its definition is proved
by a practical demonstration-—more
applications t h a n accommodations
available. This situation is further
aggravated by the inability to secure
new locks and keys, which, if avail
able, would permit the renting of
boxes forced open because of non
payment of rental or lost keys. The
War Production Board at Washington
has been acquainted with this problem
and is seeking information to deter
mine what relief, if any, is possible
at this time. This unusual demand for
safe deposit facilities for the most
part is due to such wartime conditions
as shifting of war workers to industrial
centers and the desire of those in the
armed forces of our country to pro
vide a place of security for valuables
during personal absence. Also, there
are hundreds of thousands of war bond
purchasers who realize that “bureau
drawers” are not the safest place for
bonds. Combined, these factors tend
to the creation of a new mass market
for safe deposit facilities.
On every side we hear of “ Postwar
Planning.” Are you, Mr. Banker, mak
ing plans to hold the increased busi
ness you are now enjoying? If it is
true that history repeats itself, then
business will follow the trend and
pattern of the postwar era of World
War I. During that period literally
thousands of boxes were surrendered.
Northwestern Banker
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Federal Reserve Bank of St. Louis
August 19M
This loss of business was in most cases
due to the redemption of Liberty
Bonds. Let us in times of “War” pre
pare for “Peace” . As previously stated
bond purchasers for the most part are
responsible for the rapid growth of
the business during the past few
years. Are you, therefore, directing
your public relations program to
them? Are you acquainting them with
the fact that there are other items
of equal or greater importance—such
as deeds, mortgages, jewelry, wills,
birth certificates, insurance policies,
etc.? They also are valuable and not
easily replaced and should be afforded
the same security as bonds.
Careful consideration should always
be given to the manner in which you
advertise. There have been instances
when banks or safe deposit companies
have advertised their vaults as “fire
proof,” “bombproof,” and “burglar
proof.” Some courts have ruled this
kind of advertising makes your insti
tution an insurer of the contents of
boxes. If a loss occurs, and it is
proved that these statements were in
cluded in your advertising material,
such copy may cause your institution
to experience a considerable loss. To
day qualified executives of companies
engaged in the business of renting safe
deposit boxes are actually aware of the
implied liability of extravagant ad
vertising proposals. Have you recent
ly reviewed your advertising copy and
promotional literature for these allinclusive claims?
Some bankers apparently do not
realize the extent of liability which
they incur when they enter into the
business of renting safe deposit boxes.
The measure of liability cannot be
based upon the size of the box or the
amount of rental received. In making
a loan or cashing a check the banker
can measure the extent of liability
in each case by the dollar value in
volved. By contrast—as the contents
of a box are unknown to the lessor,
his liability is unlimited. A vivid ex
ample of the extent of liability in con
nection with safe deposit rentals is the
story of the late Mayor Thompson of
Chicago whose safe deposit boxes
were found to contain more than a
million dollars in cash. I raise the
question, Mr. Banker, what defense
could your bank or safe deposit com
pany present if it were confronted
with an allegation of a loss from one
of your safe deposit lessees? You
would in all probability have to prove
in court that you operate your vault
in such a careful manner that it was
impossible for such a loss to occur.
Could you do this? If it could be es
tablished that you had been negligent
in any manner, you would most likely
be held accountable.
In the past few months our Safe
Deposit Association has exchanged
correspondence with a number of
banks on the subject of the relative
merits of operating the business as
a departmental function, or as an
affiliated corporate entity. Letters
have been received from various parts
of the country. Some bankers have
thought of dissolving their affiliates
to reduce clerical and tax expenses.
Others have been considering the for
mation of such companies. The basic
idea of minimizing liability remains
the same, nevertheless. The existence
of such companies is significant of the
desire of bankers to limit safe deposit
hazards. Banks engaged in the busi
ness on a large scale and some even on
a smaller scale have been able to af
ford the maintenance of affiliates.
Generally, banks in the business on a
small scale probably are in greater
need of such protection but cannot
afford it.
It is quite evident bankers are be
coming more and more concerned
about the proper operation of their
safe deposit business. They are be
ginning to recognize the need for
uniformity of practice.
They also
generally agree that safe and sound
methods are necessary if harmful and
dangerous practices are to be elimi
nated and are seeking a source of
sound counsel and safe judgment on
things pertaining to this highly spe
cialized field of banking procedure.
>
\
17
How North Dakota
W ill Find Farms for
Returning Service Men
By B. E. Groom
Secretary
G r e a t e r North Dakota Association, Fargo
ITHIN the next few months
we can expect and hope to have
the pleasure of having some
10,000 North Dakota farm boys re
turn from the service of the armed
forces now scattered over the globe.
There has been a great deal of
conversation, and in some cases posi
tive action, calculated to determine
ways and means of assisting these re
turning men to re-establish themselves
in the various positions, trades and in
dustries from which they were called.
The most of this postwar planning of
which we hear a great deal is not
being developed along lines that are
practical and desirable for these 10,000 young men taken from the farms
of North Dakota. It may be all well
and good for the boys from the small
towns and cities, where thinking is
almost excusively along the line of
jobs. That does not meet the needs
of the boys from the farms. Some
thing different than just a good job
is desired by the great majority of
these farm trained and farm minded
men. The Greater North Dakota As
sociation early recognized that this
was a problem in which we were
very vitally interested.
What can we here at home do to
assist these men in getting established
in the business of farming instead of
seeking a job that means only a fair
standard of living?
Greater North Dakota Association
has undertaken to find the solution
for this problem and along three dis
tinct lines—
W
t. Determine what lands are avail
able and suitable.
2. What farm land is wanted.
3. To undertake a program that
would establish usable farm credit for
service men in buying farms or in the
matter of securing equipment.
To get the answer to problem “one”
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Federal Reserve Bank of St. Louis
W hen the war is over, many states are already m aking
sure that the boys w ill come marching home to jobs
a general meeting of large land owning
concerns was called. The response
was most gratifying. Representatives
of the Federal Land Bank, Bank of
North Dakota, State Land Department,
insurance and investment companies
attended and gave detailed reports
on their holdings, prices, terms, etc.
As expected the number of desirable
properties owned by all of these in
stitutions as reported is far less than
the average citizen realized. Sales
of farms to tenants numbering over
20,000 in the past few years has great
ly reduced the desirable improved
farms unsold and current sales are
further reducing this number.
A committee formulated a program
designed to reach every township in
the state and from next of kin secure
data on farm intentions of the boys
from each township. The county di
rector of the Greater North Dakota
Association was named as the chair
man of a county committee. The
county auditor and chairman of the
board of county commissioners was
named to assist our county director.
They were requested to select one man
in every rural township to canvass
the township and secure answers to
18 questions. The committee believed
that the answers to these 18 questions
would furnish the required informa
tion for a practical and usable pro
gram in postwar planning to help these
service men establish themselves on
farms, if farming was their preferred
vocation.
Printed forms were prepared and
sent out by Greater North Dakota As
sociation. To date more than 1,000
people have cooperated in this un
dertaking. Township reporters in 44
counties have filed reports from 845
strictly rural townships. This survey
does not include cities, towns and vil
lages. The number on which reports
have been received is estimated to
represent two-thirds of all of the rural
townships of the state. In most cases
the answers to the questions were
given by fathers or mothers and
whether the statements made repre
sent expressed wishes and intentions
of servicemen, we do not know, but
the statements are what the next of
kin told our township reporters. Brief
ly stated the substance of the survey
is as follows:
Total number of men in service
and reported o n ....................... 7,040
Married men .............................. 1,319
Single men
5,721
Years spent on farms ............ 1 to 48
On farms when called.................. 5,305
Number that were farming on
their own account...................... 1,658
Number reported that want to
farm ...
5,935
Number preferring—
Mixed fa rm in g ......................... 5,259
Power farm in g.........................
634
Dairy farming
42
Number owning land .................. 730
Number owning livestock or
equipment for farming
1,685
Number having their plans made
for fa rm in g .............................. 1,021
Number wanting to farm but no
plans m a d e .................................4,914
Number that want to buy a farm 3,646
Number preferring to start by
renting ..................................... 2,289
Number wanting land with
buildings .................................. 4,967
Average resources reported per
man, including cash, bonds,
land, livestock, equipment and
other p rop erty ..........................$1,050
This compiled report very definitely
indicates that of the approximate
number of 10,000 men from our farms
that around 2,000 have their plans
made and this leaves 8,000 who would
(Turn to page 36, please)
Northwestern Banker
August 194-4-
18
N e w s a n d V ie w s
I
O F THE
B A N K IN G
W O RLD
By Clifford DePuy
THANK J. RATHJE, president of the
I Chicago City Bank and Trust Com
pany and the Mutual National Bank
of Chicago, has received the endorse
ment of the Illinois Bankers Associa
tion for his candidacy for the vice
presidency of the American Bankers
Association when the A. B. A. meets
in Chicago in September 24 to 27.
Mr. Rath je is past president of the
Illinois Bankers Association and very
popular with the bankers of his state.
Herbert L. Horton, president of the
Iowa-Des Moines National Bank and
Trust Company, was justly proud of
the bank’s financial statement as of
these data have remained almost un
used in their studies.”
of the National Industrial Board—a
private business research agency, says,
“ If the English could participate they
would cast their vote, almost to a man
for Roosevelt. He is facetiously re
ferred to as ‘the best president Eng
land ever had’ ” .
George R. Hicks, president of the
Union National Bank in Kansas City,
Missouri, has announced an increase
in the common capital stock of the
Arthur E. Bryson, Jr., son of A. E.
Bryson, vice president of Halsey,
Stuart and Company, Chicago, recently
finished two years in Engineering at
Haverford, Pennsylvania, and has been
transferred to Ames, Iowa, where he
is in the Navy V-5.
Fred A. Cuscaden, vice president
Northern Trust Company, Chicago, in
spite of war loan drives and paper
drives, is still making some of the
longest drives in his golfing career and
shoots regularly in the low 80’s.
“ Oklahoma” has turned out to be as
good an investment in Chicago as in
New York and the show recently went
over a million dollars in point of re
ceipts at the Erlanger Theatre. How
much longer the Chicago engagement
will continue remains to be seen, but
seats are being sold as far ahead as
September.
Phil S. Hanna, financial editor of
the Chicago Daily News, says that
Thomas E. Dewey will be the next
president of the United States and
points out that, “The fight hasn’t even
begun.
Roosevelt is up against a
shrewd political organizer and tactician for the first time in his presi
dential battles. Already the chief reed
upon which he depended in 1940 has
been practically eliminated—the inter
national issue.
H E R B E R T L. H O R T O N
. . . over 100 million in deposits
June 30, 1944, when the total deposits
were $104,960,000—this being the first
time that any bank in the Hawkeye
State has had deposits of over 100
million dollars.
Chester E. Haring, director of Mar
keting Research of the Committee for
Economic Development, 285 Madison
Avenue, New York City, believes that,
“Next to population data and retail
sales, bank debits undoubtedly are the
most valuable and useful of all sales
research data—and in many respects
exceed them in usefulness. But for
some reason this fact has not been
recognized by sales research men and
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Federal Reserve Bank of St. Louis
August 7944
“A year before his own party lead
ers saw the light on the foreign issue,
and, daring their wrath at Mackinac,
Dewey planted the seed for the crop
that he used so effectively in his ac
ceptance speech. He has partly dis
armed the New Deal on the old re
liable ‘don’t change horses’ plea by
audiciously praising General Marshall
and Admiral King.
“Dewey in one fell stroke has nar
rowed the campaign down to a ques
tion of who is the best man to man
age our domestic affairs from here
out.”
And speaking of politics, Great
Britain has declared that Franklin D.
Roosevelt is the “Best President Eng
land Ever Had.”
The Economic Record, a publication
G EO R G E R. HICKS
Retires All Preferred Stock
bank from $1,000,030 to $1,539,033. The
bank is also retiring the $750,000 of
outstanding preferred stock.
The very fine growth of the Union
National Bank is indicated by the fact
that in 1933 the deposits were $11,990,000 and today they are over $49,697,000. Last year the bank earned a
net profit of $113,732.
In addition to President Hicks, the
other officers of this very progressive
bank are D. A. McDonald, Geo. C.
Moore, R. B. Hewitt and James J.
Rick, vice presidents; E. J. McCreary,
Jr., cashier; R. H. Thomas, Douglas
Wallace, Chas. H. Griesa, R. J. Bush
man, J. 1). Bowersock ITT, and W. R.
Warner, assistant vice presidents; R.
B. Hewitt, trust officer; J. W . Ramsey,
Jr., and Whitney Ogden, assistant
trust officers.
Senator Ralph O. Brewster, repub
lican from Maine, points out that the
present Senate consists of 57 demo
crats, 38 republicans and 1 progressive.
The term of 21 democrats and 11 re
publicans expire this year, and he
believes that the republicans have a
good chance of securing 12 of the 21
(Turn to page 58, please)
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Federal Reserve Bank of St. Louis
19
jm
v
o
L
Northwestern Banker
August
W h at Collection Restrictions A re
Imposed W hen Seed Is Furnished O n Credit?
SOUTH DAKOTA bank had cer
tain dealings with a French cor
A
poration. After the German occupa
tion of France the problem arose of
whether the corporation should be
considered an enemy alien under the
provisions of the Trading with the
Enemy Act. Should it be so consid
ered?
Yes. A corporation organized and
existing under the laws of a foreign
country during the time when it is
occupied hy the armed forces of the
enemy must he deemed an enemy alien
under the terms of the Trading with
the Enemy Act. The federal courts
have so held in cases involving
French, Danish and Belgian corpora
tions.
Hooper, a Missouri banker, acted as
agent for Butler in a transaction with
Hodges. Throughout the deal, for
military reasons, Hooper did not dis
close to Hodges that he was Butler’s
agent although this fact was ultimate
ly ascertained by Hodges. A law suit
resulted in which Hodges claimed cer
tain sums were due him under con
tract. Assuming his claim was valid,
could Hodges recover from both Hoop
er and Butler?
No. A person who has dealt with
the agent of an undisclosed principal
may elect to hold either the agent or
the principal liable on the contract, but
not both.
Morton, an Iowa banker, reported,
as a draftee, for military service on
the morning of November 11, 1918. Be
fore entraining for the mobilization
center he was dismissed in the after
noon of the same day because all draft
calls were cancelled. The Iowa law
provides for a tax exemption of prop
erty in the value of $500 for any honor
ably discharged soldier of the war with
Germany that prevailed as of about
that time. Was Morton entitled to the
exemption?
No. In a recent decision involving
facts substantially similar to those out
lined, the Iowa Supreme Court held
that the tax exemption law involved
must be strictly construed and that, beNorthwestern Banker
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Federal Reserve Bank of St. Louis
August
These and Other Timely Legal
Questions Are Answered
property was barred by limitations,
the property became worthless. Was
Greybull estopped to deduct its loss at
such time?
By the
LEGAL DEPARTMENT
cause the army had not finally accept
ed the claimant of the tax exemption,
he was not entitled to the benefits of
the law.
No. A taxpayer who has received
property which was taxable as income
when received but on which he inno
cently failed ever to pay any income
tax is not estopped to deduct its loss
in a later yeai* when it became worth
less, in ascertaining taxable income,
although reassessment of his tax lia
bility in respect of such property is
barred by limitations. Authority for
this is to be found in Bennett v. Hel
vering, 137 F. (2d) 537, 149 ALB 114(5.
Burke, an Oklahoma banker, was
guardian of the minor daughter of a
deceased friend. One of the assets of
his ward’s estate was a promissory
note that came due. Could Burke, as
a strictly legal proposition, accept any
thing but cash in full on the note un
less he obtained a court order approv
ing an alternative transaction?
Anderson owned a farm in Arkansas
that he leased to Denniston for one
year. During that year the farm was
sold at a tax sale because the taxes
were delinquent. Denniston purchased
the farm at that sale. Was such action
on his part legal?
No. A guardian’s authority in deal
ing with negotiable paper belonging to
his ward, in the absence of a court
order, is limited to obtaining the full
amount in money represented by such
instrument.
Yes. A tenant is not bound to see
that the taxes assessed against the
land he occupies are paid. If the land
is forfeited and sold for non-payment
of taxes, he may purchase it and set up
his tax title against the landlord.
Suppose that, in the preceding ques
tion, Burke was confronted with a sit
uation whereby cash in full was not
available from the debtor and some
thing other than money had to be ac
cepted. Could he accept payment by
other than cash in full without being
personally responsible for any result
ing loss if the court authorized such
action by appropriate order?
Various states, including Nebraska,
have passed laws regulating the busi
ness of making small loans. The con
stitutionality of such laws have been
attacked in many instances for vary
ing reasons. The validity of the Ne
braska law has been recognized by the
Supreme Court of that state. Upon
what constitutional basis was this
done?
Yes. A guardian may accept some
thing other than money in discharge
of a negotiable instrument belonging
to his ward, but court approval of such
transaction is necessary to protect the
guardian against personal responsibil
ity for any resulting loss.
Greybull received certain property
which was taxable under federal law
as income when received. He inno
cently failed to pay the federal income
tax thereon. In 1935, which was sev
eral years later and after reassessment
of his tax liability in respect of such
The police power. The court, in up
holding the law, said: “The purpose
and intent of the legislature in passing
this act were to protect the borrower
against excessive and usurious rates
of interest on small loans, and other
charges, made under one subterfuge or
another, and to control and regulate,
rather than protect, the lender. The
legislature has the power to regulate
interest, and legislation like that under
consideration (the Small Loan Act) is
within the police power of the state.”
(Turn to page 41, please)
21
When a customer opens a new account. . .
Ask him to read this...
A customer tells you that he plans to open a new checking account
for a subsidiary or a division of his company. That means new,
specially designed checks.
To forestall future trouble for him and for you— trouble caused
by improperly designed “ headache checks,” suggest that he read
this compact 16-page Hammermill book, “ Business Checks.”
Here are 15 examples of common faults in check arrangement—
also the 8 essentials of good check design, which conform to recom
mendations of the A .B .A . Send the coupon below for this useful
book. N o obligation,. N o salesman will call.
Bank checks and business checks that give greatest satisfaction
are on the sa fety paper that provides true p ro tec tio n — H a m m erm ill S afety. This paper is dependable in use, im pressive in ap
pearance, and carries a n a m e yo u r cu stom ers kn ow and respect.
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Federal Reserve Bank of St. Louis
Northwestern Banker
August 19Ü
22
How Your Farmer Customer Can
SolVC His Postwar Problems
"Let's Make Better Use of Productive Resources—
Not Withhold Them From Use"
HE war will not lead to a farmers’
millennium in which agriculture
no longer is faced with problems.
On the contrary, the war may intensify
some old problems and at the same
time create some new ones. No in
telligent person will contend that it is
possible for us at this stage to see all
of these problems clearly nor to de
velop complete programs for dealing
with them. However, it is well for us
to be thinking ahead in order that we
may not be entirely unprepared to
cope with what the future may have
in store.
In company with other producers,
farmers are concerned with the re
wards which their efforts will yield.
That is why farmers evidence such
keen interest in price and the opera
tions of the market by which prices
are registered. War demands to satis
fy civilian as well as military and lendlease requirements have led to decided
increases in farm prices. Expansion
of farm output to which these prices
apply has led to a still greater increase
in farm income. The question with
which we are concerned today deals
with the prospects for continuation of
this strong demand and resultant
favorable income situation.
The end of the war will bring a de
cided reduction in food purchases for
the armed forces both because de
mobilization will reduce numbers and
because it no longer will be necessary
to accumulate large stocks in various
parts of the world for military use.
Demobilization will not reduce the
number of consumers, but will merely
transfer them from military to civilian
status. This, consequently, will affect
demand only to the extent the shift
affects the types and quantities of farm
products consumed. It is unlikely,
however, that the demands of the vet
erans for food as civilians will be as
great as when they were in active
service.
T
Lend-Lease Not Permanent
It is not safe to view the lend-lease
program as one suited for permanent
use. During the war it is a realistic
way of sharing in the common underNorthwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 194b
By O . B. Jesness
C hie f Agricultural Economics
University of Minnesota
O. B. JESN ESS
“ Postwar will create new problems”
taking of defeating the enemy. For
that objective, it can in no sense be
thought of as having any Santa Claus
features. For peacetime, the situation
will be different and the program may
expect to encounter opposition both at
home and abroad. Our high taxes and
heavy debt will make us reluctant to
continue this program; other countries
will feel that lend-lease goods offer
unfair competition to home products.
A more adequate and acceptable basis
of settlement must be established if
the flow of exports is to continue.
While this nation may find it advan
tageous to make capital loans to other
countries, sale on credit is not likely
to be important for any length of time.
The real key to the future volume of
agricultural and other exports lies in
the trade policies which this and other
nations will follow. Unless we are
willing to import, we cannot hope to
export.
Involved in trade policy is the ques
tion of world security and peace. No
one will seriously maintain that trade
interferences are the sole cause of war.
On the other hand, no sane person will
argue that trade restrictions have no
part in causing wars. Nations have to
learn to live together on the economic
as well as the political front.
While it is within our power to adopt
policies which will go a long ways to
wards assuring us a place in world
trade, success in so doing will not
mean that production adjustments will
not be necessary. Agricultural exports
under lend-lease have included cheese,
butter, beef, dried milk and the like.
After the war, our exports are more
likely to consist of such things as cot
ton, wheat, lard, tobacco and certain
fruits.
Some may contend that the foreign
market is of relatively minor import
ance and that we may, therefore, for
get about it. We cannot view the loss
of half of the cotton market, perhaps
a third of the tobacco market and im
portant outlets for soft wheat, dried
fruits, lard and other products that
lightly. Such a loss would create
tremendous problems of agricultural
adjustments.
Domestic Market
The farmers’ principal outlet is the
domestic market. The buying power
of the rest of the population will deter
mine the strength of that market after
the war. Buying power will depend
upon the level of activity and employ
ment in nonagricultural lines. War
levels of employment cannot be ex
pected to continue very long after the
fighting ends. Several million men
will be released from their present oc
cupations in the armed forces. Some
of the workers in war plants also will
be released. Hours of work will short
en and earnings from overtime rates
will fall off rather quickly. As the
production of civilian goods is re
sumed, competition for the consumers’
dollar will increase. All of this will
tend to slacken somewhat the de
mand for farm products.
The easing in pressure on agricul-
23
ture may not be altogether unwelcome
because farmers have driven them
selves and their land rather hard to
meet war goals. But as farm boys
come back home and new machinery
again can be bought, the producing
capacity of American farmers may
step up materially.
Unfilled demands for durable con
sumers’ goods and savings which have
accumulated will help provide active
employment for the early postwar pe
riod after conversion has taken place.
The situation for the first few years
may be quite favorable. From then on,
it depends upon how well we organize
our productive efforts. We need not
be afraid of running out of wants call
ing for satisfaction. The problem is
one of directing our production in such
a way that we will maintain the high
est possible satisfaction of wants.
High Taxes
You may have missed any reference
in this discussion to the depressing
effects which high taxes are assumed
to have on economic activity. One
hears it said that war is so costly that
it is bound to lower living standards
for a long time to come. This con
tention does not always rest on a clear
concept of what the war costs are and
when they must be met. The costs of
the war in the terms of materials and
Gosh!
W h a t is this?
Inspection or
Invasion?
the services of men come from past
and current production, not from the
future. High taxes will have to re
main, of course, for the indefinite fu
ture because we are unwilling to cover
the material costs of war with taxes
while it is being fought. Please do
not misunderstand me on this point. I
do not accept the view that we need
have no worry about public debt be
cause “we owe it to ourselves.” The
point on which this contention rests
applies to private as well as public
debt. It is simply that while debt
charges are an outlay to the debtor,
payments represent income to the
creditor. Taxes, after all, do not rep
resent money taken out of use, but in
stead are transfers of funds from one
to another. While postwar taxes will
involve knotty problems, they do not
disbar us from having a high standard
of living. The standard will be deter
mined by what and how much we pro
duce and how the results of that pro
duction are distributed. If we main
tain production at a high level, we
will have the means of satisfying
wants—or in other words, a high level
of living. If we fall back into unem
ployment and inactivity, our means of
satisfying wants will suffer. One more
comment with respect to taxes is in
order, however. The need for large
revenues to meet public debt charges
and other outlays, enhances the im
portance of maintaining a high level
of activity in order that the collection
of taxes may not be beset by impos
sible difficulties.
Inflation Control
Another factor which will have a
part in deciding what the postwar situ
ation of agriculture will be is the suc
cess with which efforts to control
inflation may be crowned. A reason
able view of controls to date is that in
spite of considerable creaking and
groaning the results are not too bad.
The greatest danger will come when
we are released from the curbing in-
Federally Insured
Certificates to yield
PLACE
$25,000 (or any part thereof)
to yield
at the
In six A ssociation s, with the entire
PLACE
$50,000 (or any part thereof)
to yield
rate of...........................................3.50%
sum Fe d e rally Insured.
at the
rate of...........................................3.35%
In ten A sso ciatio n s, with the entire sum Fe d e rally Insured.
PLACE $100,000 (or any part thereof)
to yield
at the
rate of...........................................3.02%
In tw en ty A ssociation s, the entire sum Fe d e rally Insured.
E A C H A S S O C IA T IO N O FFER ED IS A MEMBER O F FED ERA L SA V IN G S & LOAN IN SU R A N CE C O R
PO R A TIO N , AN IN STR U M EN TA LITY O F TH E U N ITED ST A TES , AND A LL A C C O U N T S , UP TO $5,000 IN
E A C H A S S O C IA T IO N , ARE INSURED FOR S A FET Y O F PR IN C IP A L.
Each A ssociation Offered Is Fe d e rally Supervised, F e d e rally
Regulated and Regularly Examined by Federal A uthorities.
WE WILL PROVIDE AN OFFERING— WITHOUT FEE (AND THERE IS NO BROKERAGE)
A LLISO N W A U G H
Financial Development Company
(N O T IN C O R P O R A T E D )
105 S o u t h L a S a l l e S t r e e t
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Federal Reserve Bank of St. Louis
Chicago
3r I l l i n o i s
Northwestern Banker
August
24
trade is relatively free from govern
mental controls. There are serious
doubts about how far nations will go
in permitting export dumping of this
kind. The United States in common
with other nations have means of
restricting imports in such cases.
Moreover, it is an important question
of public policy whether it is advan
tageous to supply others with com
modities at lower prices than those
charged our own consumers.
fiuences of the war spirit. We may be
come possessed with an unbridled de
sire to lift all restraints. Such a spree
would spell disaster for the farmer.
But at the best, agriculture may find
some lines of production badly out of
balance fairly early in the postwar
period. In fact, the supply of cotton
on hand both in the United States and
the rest of the world will be excessive
at the war’s end. I heard a news
commentator on the radio say the
other day that the days of wheat
surpluses are over. I do not believe
it. The world may easily be plagued
with a wheat surplus within a year
or two after the shooting stops. Un
less cattle men unload before the end
of the war, we are likely to find pres
ent numbers out of joint with post
war demand. Some of our oil crops
may be overdone when demand re
turns to a more normal state and for
eign sources again become available
to us.
But, I have been assured from some
quarters that in our wisdom we have
foreseen these difficulties and have
arranged to meet them by promising
extension of support prices on many
farm products for two years beyond
the end of the war. This is no solu
tion for a situation which calls for
production adjustment. In fact, it is
N ope!
No
escaped German Prisoner
’round here!
a program which is likely to add to
problems of agricultural adjustment
in the years which lie ahead. We,
therefore, ought to look into some of
its angles.
The Two-Price System
The advocates of a two-price system
may think they have a solution for
this problem, in the proposal that
prices be maintained here at home
and the surplus be allowed to sell at
whatever it may bring on the world
market. Attention may be called to
the fact that such a plan could not
hope to succeed unless international
Another angle of support prices to be
noted is that if these supports decide
the level of prices to farmers, we will
transfer price determination from the
market to the government. If that is
what we are going to do, let us attain
it by deliberate and free choice rather
than by slipping into such a program
without seeing clearly what we are
doing until perhaps it is too late.
Nor let us delude ourselves into
thinking that support prices will be all
there is to it. If prices are maintained
above normal levels by government
price support, the government must
have means of holding production in
check or of disposing of the surpluses
which the market will not absorb at
those prices. We need to give our
brains some exercise over this prob
lem. Support prices are not an ade
quate answer.
WAREHOUSE RECEIPTS LOANS AGAINST INVENTORIES
W arehouse Receipts Loans offer a practical solution of the financing problems of
those concerns am ong your customers whose volume has outgrown their working
capital.
Dormant assets represented in their inventories of agricultural products, raw m a
terials or finished products can be collateralized through a warehouse established by
us right at your customer's own plant.
A secured loan . . . a W arehouse Receipts Loan . . . enables you to lend in excess
of open-line credit limits, safely and profitably.
Without obligation, our representative will call on request and explain
how our Field Warehousing service provides collateral against inventories
on the owner's premises.
§s>t Çaul terminal
TOarefiouöe Co.
ST. PAUL, MINN.
— Iowa Office —
— Other Offices —
515 Iow a-D es M oines National Bank Building
MINNEAPOLIS
DES MOINES
INDIANAPOLIS
NEW YORK
TELEPHONE 2-1208
PHILADELPHIA
PITTSBURGH
T. C. CAN N ON , DISTRICT M ANAG ER
Northwestern Banker
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Federal Reserve Bank of St. Louis
MEMPHIS
MILWAUKEE
ATLANTA
CH ICAGO
CHARLOTTE
BOSTON
SYRACUSE
ALBANY, G A .
"The only com pany engaged in Field Warehousing with an office in Iow a"
August 1944
DETROIT
Are we not laying too much stress
on the idea that farmers should, aided
by government if necessary, seek to at
tain control comparable to the control
of price and wage rates exercised by
industry and labor? Let us never lose
sight of the elemental fact that we live
by production, not by its lack. Price
by itself is sterile. It must be mated
with production before it yields an
income. It is rates of pay applied
to hours of work which put earnings
in the pay envelope. We are not paid
for the act of working, but for the
production which results from it.
Broadly, our purpose must be to use
as fully and effectively as possible the
productive resources available to us.
It is the universal obligation of all
groups and individuals to work
towards that end. Only by its at
tainment can we have the level of
living which is within our reach. Only
in this way can the ends of general
welfare be served. Let each group—
government, agriculture, labor, in
dustry. finance—take that as its guide
and set its attainment as the goal. Let
us correct maladjustments in produc
tion by a better use of productive re
sources, not by withholding them from
use. These are the aims which should
guide postwar policy for all.
Chemical Bank, New York
The Chemical Bank & Trust Com
pany reported as of June 30, 1944, de
posits of $1,311,718,685 and total assets
of $1,408,349,505 as compared respec
tively with $1,206,319,742 and $1,302,762,968 on March 31, 1944. Cash on
hand and due from banks amounted to
$282,097,404 compared with $259,657,970; holdings of United States govern
ment securities to $710,300,107 against
$674,093,586; bankers’ acceptances and
call loans to $99,874,584 against $74,833,136, and loans and discounts to
$171,174,963 against $145,786,905.
Capital and surplus were unchanged
at $20,000,000 and $55,000,000 respec
tively, and undivided profits were
$8,558,020 against $7,994,374 at the end
of March.
Manufacturers Trust
The statement of condition of Manu
facturers Trust Company, New York,
as of June 30, 1944, shows deposits
of $1,694,391,593, which include United
States Government War Loan deposits
of $262,947,502. Resources are $1,797,641,066.
These figures compare with deposits
of $1,562,527,324 and resources of $1,665,581.402 shown on March 31, 1944.
On June 30, 1943, the respective figures
were $1,416,802,430 and $1,517,315,839.
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Federal Reserve Bank of St. Louis
Serving this Northern California Area
.SACRAMENTO
ROCKTON
MODESTO
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ROSA
■ » F , M ffgBURG W
CONCORD ^
M:AR|jNEZ
¡Ric h m o n d P iedm o n t
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LOS B A N O & J:
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BERKELEY OAKLAND
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PETALUMA
» S A N RAFAEL
f
FSAN ANSELMO
SAUSAUTO
;
SAN JOSE
GILROY
SANTA CLARA
BURÜNGAME.
REDWOOD CITY
SAN FRANCISCO
Statement o f Condition
AT THE CLOSE OF BUSINESS JUNE 30, 1944
RESOURCES
Cash on Hand and in Banks................................................................ $139,131,603.78
354,396,774.00
U. S. Government O b lig ation s.....................................................
Obligations of Other Federal A g e n c i e s ....................................
10,233,631.43
State, County, and Municipal B o n d s .........................................
29,062,831.91
Other Bonds and Securities...........................................................
6,337,687.76
Stock in Federal Reserve B a n k .....................................................
660,000.00
Loans and D is c o u n t s .......................................................................
181,364,024.86
Bank Premises and E q u ip m e n t.....................................................
5,613,522.49
Other Real E s t a t e .............................................................................
7.00
Customers’ Liability under Letters of Credit and Acceptances
3,506,437.86
Accrued Interest Receivable and Other A s s e t s ........................
2,540,437.70
T O T A L RESOURCES
.
.
$732,846,958.79
LIABILITIES
D e p o s i t s ....................................................................................................$697,527,877.63
Letters of Credit and Acceptances...............................................
3,630,737.86
Reserve for Interest, Taxes, etc......................................................
2,423,005.03
Other Liabilities
.............................................................................
2,037,887.43
Capital Stock
P r e fe r r e d ..............................................................$7,500,000.00
150.000 shares four per cent convertible stock,
$50.00 par value.
C o m m o n ............................................................... $7,500,000.00
15,000,000.00
375.000 shares, $20.00 par value.
S u r p l u s ...............................................................................................
Undivided P r o f i t s .............................................................................
TOTAL
LIABILITIES
.
7,000,000.00
5,227,450.84
. $732,846,958.79
United States Government and other securities carried at $129,143,056.14 are pledged
to secure U. S. Government W ar Loan Deposits of $90,189,759-89 and other public
funds and trust deposits, and for other purposes as required or permitted by law.
Member Federal Deposit Insurance Corporation
Northwestern Banker
August 19’H
26
YESTERDAY
Wisconsin had graduated from
territorial status only five years
before . . . and the population
of Milwaukee was only 20,000
. . . when this bank was estab
lished ’way back in 1853.
United States Government War Loans
deposits on March 31, 1944 were $185,910,471, and on June 30, 1943 they
were $103,136,634.
Cash and due from banks is listed
on June 30, 1944 at $368,368,496 as
against $372,935,412 shown on March
31st and $330,842,294 shown a year ago.
United States government securities
stand at $974,290,789; three months
ago they were $864,450,080 and one
year ago they were $805,566,229. Loans,
bills purchased and bankers’ accept
ances are now $375,174,899, which com
pare with $335,440,682 on March 31st
and $276,254,774 on June 30th last year.
Named Assistant Cashier
Thomas F. Ford has been elected
assistant cashier of the American Na
tional Bank and Trust Company of
TODAY
Milwaukee is a major war pro
duction center . . . and the First
Wisconsin is one of America’s
best known banks — first in
Wisconsin in size, facilities,
scope of service, and contacts.
T
HIS bank has weathered three wars
in the past 91 years . . . and is now
serving in a fourth, serving in all the many vital
ways that all American banks are playing a part
in our nation’s latest, greatest struggle for freedom.
As a large bank — largest in the state, and
one of the oldest — the First Wisconsin main
T H O M A S F. FORD
Assistant Cashier
Chicago, according to a recent an
nouncement. Mr. Ford has been asso
ciated with the American National
since 1939 in its correspondent banks
division. He had previously been with
various other Chicago financial insti
tutions.
tains complete modern facilities keyed to wartime
needs. And over 85 per cent of all the banks in
Wisconsin are First W isconsin correspondents.
BANKS AND BANKERS DIVISION: G eorge T . C ampbell , Vice-President
Assistant Cashiers
Mercantile-Commerce Bank and
Trust Company, St. Louis, has an
nounced the appointment of Stanley
Fletcher and Miss Nellie T. Lewis as
assistant cashiers.
Richard J. Lawless , D onald A . Harper - - Assistant Vice-Presidents
Member of the Federal
Deposit Insurance
Corporation
Northwestern Banker
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Federal Reserve Bank of St. Louis
FIRST WISCONSIN
L IT Ill\ ll, BANK
OF
August 19^'t
MILWAUKEE
In a Hurry
Conducter: “ Hurry up, lady, we
can’t wait all day.”
Lady: “ Can’t you wait till I get my
clothes on?”
All the passengers turned to stare.
A girl got on with a basket of laundry.
27
How Banks in Five Nebraska
Counties Buy Their B o n d s
Editor’s Note.—The following bond
study was made recently in the Mid
west Nebraska Regional Clearinghouse
Association. This Region comprises
banks in five counties located in the
sandhill country of Nebraska, the irri
gated Platte Valley, and the wheat-pro
ducing table lands of southwest Ne
braska.
O MUCH has been said and writ
ten about bonds that we are all
very bond conscious. With inceasing deposits the bond account
shows a continued tendency to ever
become larger. City correspondents
are anxious to analyze bond accounts
and make suggestions for increased in
come. One bank recently had such
an analysis made in New York, Chi
cago and a Nebraska city and all three
conclusions were the same, lengthen
your maturities and increase your in
come.
War loan deposits accounts are be
coming even larger. One bank in our
group requested approval for such an
account of $150,000 in 1942. This bank
has successively increased such author
ization until its approval has been
requested to $500,000. This bank found
$180,000 large enough for the Third
War Loan drive. The Fourth drive
carried the account to $350,000 and the
Fifth War Loan will take the account
to $500,000 or more. A proper invest
ment policy is demanded for the safe
handling of such huge volatile de
posits.
The writer believes firmly in the
astuteness of his fellow bankers and
that when outside influence or pres
sure is removed from them, they will
react to any circumstance in the right
manner. The same force that causes
us concern and brings about definite
action in our institution is also im-
S
House Association asking what they
were buying with their restricted sub
scriptions in the Fifth War Loan drive,
and also asking for their bond ac
counts.
By J . Y. Castle
Vice President and C ash ie r
McDonald S ta te Bank
North Platte, Nebraska
pelling other bankers into action. Put
together, perhaps these different re
actions can brief a logical and clear
picture. Carrying out this thought,
our letters were sent to twenty mem
ber banks of our Regional Clearing
The bond account of the hanks is
holding the various issues following
Issue
Rate
U. S. Treas. Bills
..........................................
%
U. S. C. of 1.
%
U. S. Sav. Bds.
Series F
U. S. T. N.
........... .......................................... %
a
u
u
u
.9
U
U
44
44
44
44
44
44
U. S. T. B.
Comm. Cred. Cor|).
U. S. T. \. .............
“
“ “
..........................................
m
%
..........................................
214
U/s
1
“
U.
U.
U.
U.
U.
S.
S.
S.
S.
S.
T.
T.
T.
T.
T.
B.
N.
B.
N.
B.
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
44
.............
m
.............
.............
...............
..........................................
U. S. P. B.
U. S. T. B.
44
44
44
44
44
44
44
44
Dep. Bonds
1/2
23/
1/2
..........................................
...............
...............
...............
............... 2
1/2
2
2
2
2
2/2
2/2
2
2
2/2
The interesting replies were elo
quent and excerpts from them are
quoted:
“We are not buying in the restricted
subscriptions, but will buy from our
customers or on the market $25,000
114% and $75,000 of the %%. We like
to stay on the conservative side.”
as follows, with the number of hanks
the amount:
Maturity
Amount
No. Banks
$ 430,000
1
4
965,000
3
132,500
48,100
1
9-15-44
1
100,000
3-1-45
100,000
1
3-15-45
50,000
1
12-15-45
8,000
1
12-15-45
4,500
1
2-15-45
25,000
1
3-15-46
1
50,000
2
12-15-46
165,000
1947-45
500
1
9-15-47
2
125,000
6-15-48
2
125,000
9-15-48
444,000
4
3-1950/48
1
30,000
12-15-50/48
4,800
1
9-15-51/49
2
20,000
12-15-51/49
30,000
2
12-15-53/49
2,500
1
1953
3,800
l
9-15-52/50
55,000
3
9-15-53/51
138,500
5
3-15-54/52
17,000
1
1954
4,000
1
$3,078,200
In addition, two hanks had municipals of $39,000, all in the same county.
Scarborough ¿ C ompany
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C iH iM S iÎelà
First National Bank Building, Chicago
Horace A . Smith, Iowa Representative
Des Moines, Iowa
Northwestern Banker
August 1944
28
“We do not consider ourselves to be
an authority on this subject and we
are fearful that the information might
be used as a pattern.”
“Practically all of our bonds mature
within the five year period; it appears
that we should have more bonds; what
solicit the investment
— Trust Funds
— Endowment Funds
— Insurance Funds
— Pension Funds
— Cemetery Care Funds
— Individuals
100%
'SafetyLiquidity
Freedom from
Market Losses
The Russell County Building & Loan Association
RUSSELL,
would you suggest we buy in the cur
rent market?”
“We have total bonds on hand at
this time $581,000 and all but $62,000
mature in four years, or 89%—the
interest rates are from % to 1y2% on
short time bonds and others 2% % .”
“As taken from our recent exami
nation:
5 years or under
51.4%
Over 5 and through 10 36.
Over 10 and through 20 10.8
Over 20 years
1.8
KANSAS
”
“Since we have no time certificates
and only $2,886 in savings, we are
not buying any of the F or G bonds.”
“We will buy $14,000 F bonds in the
Fifth War Loan Drive.”
“ I don’t see much difference be
tween the F’s and G’s. Just a mat
ter of which one a person prefers.
The majority of banks will plan on
holding either one to maturity. We
have approximately 60 per cent of
our deposits in bonds.
One y e a r ........................... 39%
Four years ..................... 30%
Eight years ................... 24%
Over eight y e a rs.............. 7%
100%
We get 1.58% on our account not tak
ing into consideration taxes.”
“Our deposits are all on demand—
with the exception of children’s sav
ings, these are taken to a maximum
of $100 and we pay 1% on them.
Maturities of Bonds:
Less than 1 year
. . 76%
1 year to 5 years . . . .
9%
5 years to 8 years
. . 15%
-
100%
“We have not paid any interest for
over a year. We are considering mak
ing some further purchases, probably
bonds with a maturity of 4 to 5 years,
buying them on the market. Per
centage of deposits in government
bonds 35.9%, cash 57%, total 92.9%.”
Y
Second Vice President
A
BALANCED
The Chase National Bank of the
City of New York announces the ap
pointment of Leo F. Kelley as a second vice president in the Foreign
Department. Mr. Kelley has been an
assistant cashier of the bank.
FUND
P rospectus on request fr o m P rin cip a l U nderw riter
T
INVESTORS SYNDICATE
Philadelphia National
M IN N E A P O L IS , M IN N E S O T A
REPRESENTATIVES
IN
THE
PRINCIPAL
CITIES
OF
THE
UNITED
STATES
Out-of-'Town Ranks
O u t-o f-to w n banks and bankers w ill find here
co m p le te b a n k in g fa c ilitie s fo r p r o m p t and
econom ical handling o f accounts in Chicago. W e
w ould appreciate the opportunity o f serving you.
C
it y
N
a t io n a l
AND
TRUST
2 0 8
S O U T H
/
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C O M P A N Y
B
L A S A L L E
August 1944
ank
of Chicago
{Member Federal Deposit Insurance Corporation)
^
S T R E E T
The statement of The Philadelphia
National Bank for the quarter ended
June 30, 1944 shows deposits on that
date of $735,905,519, which compares
with $682,002,755 on March 31, 1944.
Total resources amounted to $794,030,392, compared with $741,331,632
at the end of March; cash and due
from banks aggregated $174,323,874,
compared with $171,887,883; U. S. gov
ernment securities, $478,944,728, com
pared with $422,360,167; state, county
and municipal securities were $15,144,656 against $14,448,981; other se
curities, $33,780,083, as compared with
$31,148,546; loans and discounts $86,758,159, compared with $94,882,036.
The capital of the bank on June 30,
1944 was unchanged at $14,000,000, but
the surplus on that date was $28,000,000
compared with $21,000,000 on March
31, reflecting the increase authorized
by the board of directors on June 19.
The undivided profits account, after
being debited with the transfer to sur
plus, amounted on June 30 to $8,893,002, compared with $15,113,755 on
March 31. The directors also approved
writing down the value of buildings
from $2,200,000 to $1.
^
^
r
r
^
29
H. H. Billings, president, Security
State Bank, Pine Island, Minnesota:
“ I think it would be a serious mis
take for banks to attempt to meet gov
ernment competition in the deposit
field by increasing the length of busi
ness hours. Bankers might better use
the extra time in an improvement of
customer relations and the sale of
bank services. Government deposits
appear much less attractive when the
customer is informed of the relative
advantages and disadvantages of bank
depositing as contrasted with postal
savings.”
J. E. Conklin, president, Hubbell
Bank, Hubbell, Nebraska:
“ I think the banks are giving very
good service now. Striving to meet
unusual rates and hours does not im
prove service. Our public does not
object to present opening hours.”
Lewis Vanderboom, cashier, Farm
ers & Merchants Bank, Platte, South
Dakota:
“ I think the increased cost of over
time under present wages and hour
laws would make it unprofitable to
stay open as late as the post office.
“Post office employes in our town
are given hours off during the slack
time of the day to avoid payment of
Question: Do you think banks
should remain open as late
as post offices to meet post
al savings competition?
W. W . McRory, president, Citizens'
State Bank, Oakland, Iowa:
“Postal savings competition has
never concerned us particularly. We
make no effort to compete with ‘Uncle
Sam’ in matters of savings deposits.
“We feel that hours for opening and
closing our banks should be governed
by the service which we believe is
due to our customers, and to facilitate
the completion of our daily business.”
the v a l u e
of
Experience
IN MOVING LARGE BLOCKS
OF SECURITIES
'T p H E successful disposal of blocks of securities usually requires extensive facili
G. E. Lane, president, First National
ties plus the valuable quality of experience.
Bank, Hecla, South Dakota:
“I think post offices should close.
Banks are already assuming a heavy
expense in issue of War Bonds, upon
a franked basis. They should cooper
ate with banks, rather than compete.
We have been closely associated with sec
ondary distributions for many years and with
special offerings since their inception. This
provides us with that invaluable sense of tim
L. V. Skoglund, executive vice presi
dent, First National Bank, Hettinger,
North Dakota:
“No, I don’t think banks should have
the same opening and closing hours
as post offices as I do not think postal
savings is the competition it was a few
years ago.”
ing and "know how” that are of definite
advantage in disposing of blocks of securities
of all types and sizes.
Whether you have occasion now to seek
such services for institutions, estates or large
private investors, or expect to require them in
A. E. Dahl, president, Rapid City Na
tional Bank, Rapid City, South Dakota:
“No, I do not think that banks
should keep open as late as post offices,
but I do think bankers have gone too
far in shortening bank hours.”
W. L. Spencer, president, Oakland
Savings Bank, Oakland, Iowa:
“ I think that banks should not re
main open as long as post offices to
meet postal savings competition.
Banks do not attempt to compete with
that government agency from the
standpoint of rate of interest paid for
the reason that it is not good business
or common sense to pay that high
a rate; neither should banks attempt
to compete with them in hours open
to the public.”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
the future, one of our executives specializing
in such distributions would be glad to under
take to assist you. Related consultations are,
of course, strictly confidential.
M errill Lynch , P ierce, F enner & B eane
Under-writers and Distributors of Investment Securities
Brokers in Securities and Commodities
7 0 PINE STREET
N E W Y O R K 5, N . Y .
Branch Offices in
85 Cities
siili...
Northwestern Banker
August 19hb
30
as much overtime as possible. This
practice in a bank would disrupt your
whole organization.
“The business one would get by
staying open would not pay its way
with the present low yield of securi
ties.”
H. H. Williams, cashier, Mahaska
State Bank, Oskaloosa, Iowa:
“Personally, I think it would be ab
surd for banks to remain open as late
as post offices to meet postal savings
competition. In the first place, we do
not consider postal savings as compe
tition. We have reduced the interest
on our savings accounts from time to
time and they still continue to grow
and we are now paying 1 per cent less
than postal savings pays.
“ In the second place, I do not be
lieve that staying open would influence
any number of persons who are now
depositing in postal savings, as they
do not think along the lines that would
make them potential bank customers.”
H. G. Pratt, president, Hastings Na
tional Bank, Hastings, Nebraska:
“ I think that banks should not re
main open late to meet postal savings
competition. Open hours of commer
cial banks are now sufficient to take
care of most customers. I do not think
it would pay to increase overhead for
the small amount of additional busi-
?
-
How to Confer
TO SERVE YOU
D AILY
Every day the full facilities o f W estern Mutual are
available to each policyholder and to our agents.
Com plete coverage fo r buildings, autom obiles and
plate glass are at the service o f the public at all times.
you
are interested
in
representing
W estern
Mutual fo r tbe benefit o f your customers call
WESTERN MUTUAL
FIRE INSURANCE COMPANY
NINTH & GRAN D
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
DES M OINES 8. IO W A
August Í94A
C. B. Newman, vice president, Dodge
Center State Bank, Dodge Center, Min
nesota:
“ I think that staying open as late as
post offices to meet postal savings com
petition would not prove profitable.
Our post office stays open until 6
o’clock each day except Sunday, and
I assume that most post offices in
small towns and cities do likewise.
To most banks this would mean extra
payroll expense as well as other mis
cellaneous expenses. Furthermore, I
do not think that this practice would
convert many postal savings deposi
tors. It is my belief that the rate of
interest paid to depositors, coupled
with advertising and a public relations
program that will instill confidence
and a friendly attitude toward the
banks will do more than anything
else to increase the depositors in our
banks.”
F. J. Rogstad, president, Becker
County National Bank, Detroit Lakes,
Minnesota:
“Postal savings competition has been
with us a long time. The public
knows what it wants to do with its
savings and will not be affected by
a change in banking hours. The banks
must adopt other methods to get this
business.”
■: ■ .
If
ness that would accrue. It might pay
savings banks located in the larger
centers.”
a
Jr, »
“There is no reason why twelve men
in a room should add up dumber than
any one of the twelve,” says an intro
ductory paragraph in a 16-page humor
ously illustrated book “How to Har
ness a Conference,” published by the
Hammermill Paper Company.
The book pokes fun at the proverbial
business conference and suggests,
among other things, printed forms to
help conduct successful conferences.
A report in writing of the accomplish
ments resulting from the conference
and a follow-through check-up on the
progress of the work assigned are
urged for getting more out of all busi
ness meetings.
The book is cartoon-illustrated (by
Don Herold) and comes to the point
with no mincing of words about the
lack of result-producing conferences.
A letter to Hammermill Paper Com
pany, Erie, Pennsylvania, on your
bank stationery, will bring you a free
copy.
The World
’Tis a funny world we live in.
Its wonders never cease.
All “civilized” people are at war,
And savages are at peace.
H elp Yourself to
YOUt Shdt6
of $40/000/000 Commissions
With a New $200,000,000 Market in the Insurance Business,
Any Agent Can Be Writing a 20 Per Cent
Increase Over Last Year
N 1943 over $1,000,000,000 in fire,
allied fire, and inland marine pre
miums were written in the United
States-—premiums on property which
authorities tell us has increased over
20 per cent in value in the past few
years.
This steady increase in property val
ues has automatically created a new
insurance market approximating $200,000,000 in new premiums. This means
at least $40,000,000 potential additional
commission is available to insurance
agents throughout the country.
What part of this potential increase
can be garnered by an agent depends,
of course, upon himself. He can help
himself to any part of it, and surely
the business he already controls is
within his easy grasp. His immediate
objective should be a 20 per cent in
crease in his own writings, bringing
insurance up to present-day values, but
that should not be the full extent of
capitalizing on today’s opportunity.
By Earle E. Vogt
Production Manager
Millers National Insurance Co.
Illinois Fire Insurance Co.
too much of their own losses because
of the neglect of their agents in in
creasing their insurance. Claim de
partments of insurance companies are
confronted too frequently these days
with cases where assureds have failed
to satisfy the co-insurance clauses in
their contracts, hence the claim de
partments have no alternative but re
quire that insureds become co-in
surers for the amounts of deficit what
ever they may be. Maybe that word
“ service” under present conditions
should be “service.”
What is a logical approach here? It
would seem practical to get up all
large fire and inland marine lines,
analyze each one, arrange with the
assureds for new appraisals if neces
sary, and bring these lines up to
proper insurance to value limits. On
these bigger lines an agent cannot
afford to wait until expiration to dis
cuss increased values. Small lines,
dwellings, household furniture, etc.,
should at least be caught on expiration.
Today insurance should not be simply
renewed “as is,” but a definite point
should be made to build up every fire
line to proper insurance value. Every
fire expiration should pass over the
agent’s desk. It should be studied and
the assured should be contacted by
telephone, if not in person.
Increasing to Value
Increasing limits in a policy is the
equivalent of making a new sale, and
sales time put in on this job pays well
even on small business. Increasing in
surance to value is the best market for
the insurance agent today. It is bad
practice today to renew “as is.” It is
Spread Out
Naturally, some agents are slow to
react to changing conditions, and it is
just their misfortune to let a more
alert agent come in and pick up a nice
piece of business from a pet account.
Indeed, the alert agent is not confining
his “service” simply to his own ac
counts these days when such a golden
opportunity affords itself to break
into new accounts.
No intention is to malign the word
“serve” above, because it is a service
of the first order to bring insurance up
to proper present-day value. There
are too many assureds today standing
"Th ere is today a new $ 2 0 0 ,0 0 0 ,0 0 0 market in the
Insurance Business, and a potential $ 4 0 ,0 0 0 ,0 0 0 in
Commissions to help M r. Agent pay increased in
come tax, increased living expense, and buy bonds
to speed victory.
Here lies the Insurance Agent’s
Opportunity for 1 9 4 4 .”
Scarborough ^ C ompany
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ù m M h eû rlà .
First N ational Bank Building, C hicago
H orace A . Smith, Iow a Representative
Des M oines, Iow a
Northwestern Banker
August A944
32
bad for the insured, and it is opportu
nity thrown out the window for the
agent.
Most inland marine lines are subject
to at least as big an increase as fire,
bigger in the case of luxury items such
as jewelry and furs, because the Fed
eral luxury tax first increasing the
MERCHANTS
MUTUAL
BONDING
COMPANY
Incorporated 1933
Hom e Office
V A L L E Y B A N K B U ILD IN G
Des Moines, Iowa
•
•
This is Iowa’s oldest surety company.
A
progressive company with experi
enced, conservative management. W e
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.
•
•
W r it e to
E. H. W A R N E R
tax to 20 per cent, automatically in
creased the value of these items pro
portionately.
Yes, there is today a new $200,000,000 market in the insurance business,
and a potential $40,000,000 in commis
sions to help Mr. Agent pay increased
income tax, increased living expense,
and buy bonds to speed victory. In this
field lies the insurance agent’s oppor
tunity for 1944.
Bank of America
Statement of condition of Bank of
America N. T. & S. A. as of June 30,
1944, reflects substantial gains made
during the half year in all departments
of operation, and a marked increase
in capital funds, which now total $171,776,000, a net increase of $10,251,000
over a year ago, and $5,391,000 since
December 31, 1943.
Total resources were $3,975,493,000,
a gain of $847,856,000 over a year ago
and $277,581,000 over December 31,
1943. Deposits totalled $3,767,443,000,
an increase of $830,177,000 over a year
ago and $269,290,000 since December
31st.
Loans and discounts outstanding ag
gregated $857,395,000, an increase of
$79,743,000 over a year ago and $46,735,000 during the half year. Total
securities amounted to $2,323,546,000,
or $616,115,000 more than a year ago
and an increase of $228,114,000 since
December 31st. This increase was
largely in United States government
securities, which at June 30, 1944, to
talled $2,040,595,000.
Enters Casualty Field
National Surety Corporation has de
cided to enter the general casualty
field, writing all lines except Boiler
and Machinery and Accident and
Health. Since January 1st, they have
been building their basic home office
organization for the casualty business,
and Vincent Cullen, president, has an
nounced the following appointments:
John F. Idler, manager, Casualty
Department; A. Lawrence Kitchener,
Supt. of Underwriting, Casualty De
partment; Josiah Jensen, Supt. of En
gineering, Casualty Department; J. S.
Crawford, Atty. in Charge, Casualty
Claim Department; George Hutchins,
Supt. of Auditing, Casualty Depart
ment; Herbert Glensor, Supt. of Rating
Division, Casualty Department; and
Thomas A. Thompson as Regional Un
derwriter.
Elected Vice President
E. Chester Gersten, president. The
Public National Bank & Trust Com
pany of New York, announced that
S e c r e ta r y an d M a n a g e r
Earnings for the half year were
$15,595,000.
Resources of
O VER
TW O
M IL L IO N
D O LLA RS
Experience of
O VER
T W E N T Y - F IV E
YEA RS
Now dedicated to the Surety
and Fidelity Bond needs of
the Middle W est.
Surety division
The State Automobile Insurance Association
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D E S
M O I N E S ,
August 19M
I O W A
S A M U E L STO CK
Now with Public National Bank
Samuel Stock was elected vice presi
dent, effective August 1.
Mr. Stock, who is now president of
the First National Bank, South Am
boy, New Jersey, has been in the bank
ing business practically all his busi
ness life having started with the Na
tional Bank of Commerce in New York
in 1914, continuing there and with the
Guaranty Trust Company, into which
the former was merged, for eighteen
years. Mr. Stock will continue as di
rector of the First National Bank,
South Amboy, New Jersey.
33
William B. Whitman Elected
Assistant Vice President
Manufacturers Trust Company, New
York, has announced that William B.
Whitman, out-of-town representative
of the bank and formerly an assistant
mained since that time. He has been
affiliated with the bank’s out-of-town
department for the last 10 years and
represents the bank in Iowa, Nebras
ka, South Dakota, Colorado, Wyoming,
Utah, Idaho, Kansas and Western Mis
souri.
ing served as resident manager in
Minneapolis for that corporation since
October, 1930.
Mr. Fluhr has been with Bankers
Trust Company since 1921, having
served at the 57th Street Office for the
past 23 years.
Two New Officers
Joins
At a meeting of the board of direc
tors of Bankers Trust Company, New
York, Joe A. Frazer was elected an
assistant vice president and George L.
Fluhr was elected an assistant treas
urer.
Mr. Frazer, who joins the bank on
August 15th, has been employed since
September, 1943, as a negotiator for
the Reconstruction Finance Corpora
tion Price Adjustment Board, prior
to which he had been employed in the
financial sales department of General
Motors Acceptance Corporation, hav
W. L. Hemingway, president of the
Mercantile-Commerce Bank and Trust
Company of St. Louis, has announced
the election of William A. McDonnell
as vice president. Mr. McDonnell will
take up his new duties on August 15,
and will have supervision of the fol
lowing divisions of the bank: General
operations, banks and bankers, and
savings. He comes to the St. Louis
institution from the Commercial Na
tional Bank of Little Rock, Arkansas,
where he has been executive vice
president since 1933.
Mercantile-Commerce
W IL L IA M B. W H IT M A N
Now Assistant Vice President
secretary, has been elected an as
sistant vice president.
Mr. Whitman enjoys a wide ac
quaintanceship among local banks be
cause of his frequent visits to Manu
facturers Trust Company’s corre
spondents in this area. He was horn
in New York City and is a veteran
of World War I in which he served
with the 102nd Cavalry, New Jersey
National Guard, after being stationed
for a time at Camp Joseph E. Johnston,
Jacksonville, Florida.
Mr. Whitman began his hanking
career with the former Chatham Phé
nix National Bank and Trust Com
pany in 1929. In 1932 that bank was
merged with Manufacturers Trust
Company where Mr. Whitman has re
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_
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ALLIED MUTUAL CASUALTY COMPANY
Harold S. Evans, President
Hubbell Building
Des Moines, Iowa
GENUINE ENGRAVED
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SEA SO N
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Federal Reserve Bank of St. Louis
• St.
Paul
1,
Minnesota
Northwestern Banker
August 19b'r
34
M
a n ufactl r e r s
TR U ST C O M P A N Y
(Condensed Statement oj Condition as at close o f business
]une 30, ]944
RESOURCES
Cash and Due from B a n k s ................ $ 368,368,496.12
U. S. Government S ecu rities.............
974,290,789.40
U. S. Government Insured
6,530,344.91
F. H. A. M ortgages..........
State and Municipal B on ds.
17,533,081.85
Stock of Federal Reserve Bank . . .
2,220,300.00
Other Securities...................
19,769,300.74
Loans, Bills Purchased and
Bankers’ A cceptances......
375,174,898.52
M ortgages.................................
13,324,729.61
11,950,030.67
Banking H o u s e s ...................
Other Real Estate E q u itie s.
1,525,508.08
Customers’ Liability for Acceptances
3,230,573.68
Accrued Interest and Other Resources
3,723,012.86
In 1927 Mr. McDonnell became vice
president of Federal Bank and Trust
Company, Little Rock, the following
year joining the Bankers Trust Com
pany in the same capacity, and in 1935
he became executive vice president of
the Commercial National Bank.
Ringland Becomes Vice
President of Northwestern
National Bank
The board of directors of North
western National Bank of Minneapolis
announces the election, effective as of
August 1, of an additional vice presi-
$1,797,641,066.44
LIABILITIES
Preferred Stock . . .
Common Stock . . .
Surplus and
Undivided Profits
$ 8,009,920.00
32,998,440.00
50,048,133.78
91,056,493.78
R e serve s....................................................
7,319,482.17
Dividend on Common Stock
(Payable July 1, 1 9 4 4 ) .................
824,959.50
Dividend on Preferred Stock
(Payable July 15, 1 9 4 4 ) .................
200,248.00
Outstanding A cceptances....................
3,455,769.15
Liability as Endorser on Acceptances
and Foreign B i l l s ..............................
392,521.15
D e p o s it s .................................................... 1,694,391,592.69
$1,797,641,066.44
United States Government securities carried at $288,299,475.67 are pledged to
secure U. S. Governmen t War Loan Deposits o j $262,947,502.25 and other public
fund s and trust deposits, and f o r other purposes as required or perm itted by law.
— DIRECTORS
CHARLES FROEB
EDWIN M. ALLEN
Chairman, Mathieson
A lkali Works, Inc.
EDWIN J. BEINECKE
Chairman, The Sperry &
Hutchinson Co.
Chairman, Lincoln
Savings Bank
PAOLINO GERLI
President, A tlantic, G u lf
and W est Indies
Steamship Lines
LOU R. CRANDALL
President, G eorge A.
Fuller Company
CHARLES A. DANA
President, Spicer
M anufacturing Corp.
HORACE C. FLANIGAN
Vice-President
President
JOHN L. JOHNSTON
President,
Lambert Company
OSWALD L. JOHNSTON
Simpson Thacher &
Bartlett
CHARLES L. JONES
The Charles L. Jones
Company
SAMUEL McROBERTS
New York City
New York City
President, Scranton &
Lehigh Coal Co.
HAROLD C. RICHARD
Chairman, General Bronze
Corporation
HAROLD V. SMITH
President, Hom e
Insurance Co.
ERNEST STAUFFEN
Chairman, Trust Committee
GUY W. VAUGHAN
President, Curtiss-Wright
Corporation
HENRY C. VON ELM
Vice-Chairman o f the Board
JOHN P. MAGUIRE
JOHN M. FRANKLIN
President, Cluett,
Peabody & Co., Inc.
GEORGE J. PATTERSON
President,
E. Gerli & Co., Inc.
HARVEY D. GIBSON
EDGAR S. BLOOM
C. R. PALMER
President, John P.
M aguire & 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 NEW YO RK
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 1944
JO SEPH F. R IN G L A N D
Returns to Minnesota
dent, Joseph F. Ringland, for the last
year a resident of New York City.
“We are particularly pleased to se
cure the services of Mr. Ringland,”
said Shirley S. Ford, president of
Northwestern National, after the board
meeting. “ In addition to the natural
pleasure I feel in joining forces with
a former associate, I believe Mr. Ringland will bring to the bank a wealth
of experience in many fields and Min
neapolis will gain a valuable and pub
lic-spirited citizen.”
Mr. Ringland has had a long and
varied banking career. The son of a
pioneer banker of Wayne, Nebraska,
after graduation he went from Iowa
State College to the United States Na
tional Bank of Omaha and thence to
become successively vice president of
the Great Falls National Bank, Great
Falls, Montana; president of Stock
Yards National Bank of South St. Paul,
Minnesota; president of Empire Na
tional Bank of St. Paul, Minnesota;
and vice president of Guaranty Trust
Company of New York.
W ILBU R F. McLEAN
President
Duluth
W IL L IA M DUNCAN, Jr.
Secretary
Minneapolis
Gains Almost Double
Vice President Retires
Showing splendid growth, total
footings of First National Bank,
Blooming Prairie, Minnesota., have
almost doubled in the past few years,
according to its recent statement.
Outstanding loans June 30th were
$263,318. Guaranteed obligations of
United States government and state
securities total $786,647. Ready cash
and balances with other banks—funds
ready for depositors call—are $483,968.
The First National has no bills pay
able, rediscounts and other liabilities
of any nature for borrowed money.
Total assets have reached $1,577,195.
Total deposits are at the peak high
figure of $1,457,359.
Capitalized at $60,000, directors of
this bank in southern Minnesota,
voted to add $6,000 to the surplus fund,
which increases it to $30,000.
Officers and directors of The First
National Bank are C. T. Farr, presi
dent and chairman of board; R. A.
Peterson, vice president; A. L. Fosteson, executive vice president; Ray
Herron, cashier; Olga Falleson, assist
ant cashier; Dr. J. E. Price, director.
A. C. Evanson, who has served as
vice president and on the board of
directors since the Security State
Bank of Houston, Minnesota, was
organized on November 18, 1911, has
retired from active duties associated
with the banking institution.
C. S. Johnson, cashier, has been
chosen to replace Mr. Evanson on the
board of directors. Other directors
include Private L. E. Briggs and the
Messrs. L. H. Briggs, A. T. Rowland
and Henry Forsyth.
The officers are L. H. Briggs, presi
dent; Private L. E. Briggs, vice presi
dent; C. S. Johnson, cashier, and C. P.
Wahl, assistant cashier.
Heads Chatfleld Bank
C. D. Haydon of Elgin, Minnesota,
former cashier of the Elgin State
Bank there, has been elected presi
dent of the First National Bank of
Chatfield, Minnesota. F. S. Graham
has disposed of his interest in the
bank, which he took over last Febru
ary.
Other directors disposing of
their stock in the First National were
George Underleak, Will Touhy, Ed
ward Harnish and H. P. Thurber;
Braham Bank Reports
Increasing home front activity is
reflected in the recent statement of
condition of the First National Bank
of Braham, Minnesota.
Total re
sources are over $1,300,000. Capital,
surplus and profits have passed the
$67,000 mark. Deposits now stand at
$1,241,537. It points to a sound finan
cial basis for postwar construction and
progress in that territory, according to
O. A. Olson, president.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Clearinghouse Meeting
The seventh annual meeting of the
Northwest Clearinghouse Association
was held at Wheeler’s Point on Lake
of the Woods, Minnesota, last month.
There were 83 registered.
The high light of the meeting was
the banquet. Governor Edward J.
Thye was the main speaker. Colonel
S. H. Griffin, now in charge of the
U. S. Engineer’s Office, Duluth, Minne
sota, gave an account of his experi
ences in Australia and New Guinea,
where he .was formerly stationed, in
charge of U. S. Army construction
work.
Speakers at the business meeting
were F. A. Amundson, commissioner
of banks, Wilbur McLean, president
of the Minnesota Bankers Association,
Wm. Duncan, Jr., secretary of the
Minnesota Bankers Association and
K. T. Martin of the First National
Bank of Minneapolis, who spoke as a
representative of the Minnesota War
Finance Committee. Officers elected
for the ensuing year were as follows:
George W. Werstlein, casher, North
ern State Bank, Thief River Falls,
elected president; H. M. Heneman.
president, Security State Bank, Warroad, elected vice president, and J.
Forrest Yetter, president, First Na
tional Bank, Stephen, elected secre
tary-treasurer.
The following were elected di
rectors:
For Pennington County, George W.
Werstlein; for Marshall County, J.
Forrest Yetter; for Roseau County, H.
M. Heneman; for Kittson County, A.
L. Wikholm, cashier, Northwestern
State Bank, Hallock; for Lake of the
Woods County, Adolph Marhula, cash
ier, First State Bank, Williams.
The business meeting was conducted
by H. C. Hanson, president of the First
National Bank of Baudette, and re
tiring president of the Northwest
Clearinghouse Association. The Toast
master was Walter J. Orr, vice presi
dent and cashier of the First National
Bank of Baudette.
Le Center Banks Report
Deposits in Le Center, Minnesota,
banks last month totalled $1,638,017
despite the continued and heavy pur
chases of war bonds by people of the
community. The First National Bank
has deposits totalling $1,004,612, and
the First State Bank deposits are
$633,405.
Two Million Dollar Bank
A statement of the condition of the
Northwestern State Bank of Hallock,
Minnesota, as of June 30, 1944, re
veals that this institution now has
a footing totaling $2,060,022—a little
over two million dollars.
Attends Bank School
C. J. Elsenpeter, of Walker, Minne
sota, president of the First National
Bank there, has been a member of the
approximately 500 bankers throughout
the United States who attended the
recent U. S. Banker Short Course at
Rutgers University, New Brunswick,
New Jersey.
Adopt Resolution
Stockholders of the Farmers State
Bank, Hamel, Minnesota, recently
adopted a resolution by a majority
vote of its capital stock which says:
“The highest amount of indebted
ness or liability to which the corpora
tion shall at any time be subject shall
be $750,000.”
An Assistant Cashier
Ben E. Lageson has been promoted
to the post of assistant cashier of the
Austin State Bank, Austin, Minnesota.
The announcement followed a meeting
of the board of directors which took
the action. Mr. Lageson came to
the Austin bank January 1, 1942, from
Hastings, Minnesota.
Cass Lake Bank Is 42
The First National Bank, Cass Lake,
Minnesota, celebrated its 42nd birthNorthwestern Banker
August 1944
36
•MINN ESOT A NEWS*
day anniversary last month with foot
ings that were the largest in its his
tory, and moving steadily toward the
million mark.
A1 J. Hole is president of the bank,
Cliff Swenson, cashier; Ardis Chris
tensen, assistant cashier, and Mary
Dugas, bookkeeper.
Ernest Flem
ming, J. E. Lundrigan and Ferd W.
Christensen are directors.
Make Amendment
At a*meeting of the stockholders of
the Farmers State Bank, Lyle, Minne-
CONTINUOUS
PROGRESS
Each year Twin City
Federal Savings and
Loan helps more and
more families enjoy
home ownership,
strengthens its record of
dependable, helpful
service. Through 21
years. Twin City
Federal has specialized
in low-cost, convenient
home loans— has
proved itself to be
the leading home
financing institution in
the Twin Cities.
TWIN CITY
FEDERAL
SAVINGS &LOAN ASSOCIATION
Fourth largest Federal savings and
loan association in the United States
Guardian Bldg.— St. Paul
8th and Marquette— Minneapolis
sofa, held recently, it was voted that
the highest amount of indebtedness
or liability to which the corporation
could at any time be subject would
be $1,000,000.
H O W N O RTH D A K O T A
W ILL FIND FARM S
(Continued from page 17)
like to farm, have no plans made but
do have average resources of over
$1,000. The individual reports showed
that the young men under 25 years of
age had little in the way of savings
while older men were reported as
having from $1,500 to several thou
sand dollars.
This gives us a picture of around
8,000 men returning to the state de
sirous of farming with some savings
to help get started, but with financial
resouces far below any amount re
quired to secure a start.
This G. I. bill passed by congress
may give them around $2,000. Our
state at the next session of the legisla
ture may develop a plan for some as
sistance. However, if these young
men are established on our farms
it is clear that a definite farm credit
plan must be available.
That brings us up to the third phase
of this program—the problem of farm
credit. As we study that we find the
situation about as follows. Our banks
are loaded with money that they
would like to loan at a rate of inter
est these prospective young farmers
would pay if the loan could be made
available.
No credit facilities are needed for
lands owned by corporations and
large land owning institutions. They
will acceptably finance the sale of
their own lands but will not finance
lands owned by others.
State institutions and units of the
state government might be able to
handle some of these loans but the
amount and extent is very proble
matical. We have many individuals
with money to loan but so far as we
can determine the average individual
does not seek farm loans.
The above constitutes the major
source of farm credit and under ex
isting conditions we have no credit
facilities to offer these 8,000 men. If
they are served it will take a vast sum
of money and will no doubt require the
loaning facilities of all of the named
sources.
At a recent meeting of our board
of directors with officers of other
groups present it was decided to un
dertake a program that would re
establish a farm purchase credit sys
tem for the purpose of making it pos
sible for these returning soldiers to
secure loans if they wanted to buy a
farm and located the property desired.
These 8,000 farm minded sons of
our neighbors and friends are the
greatest agricultural asset this state
has in sight. How pitifully small and
shortsighted we would be if we did
not step out and, while giving them
a welcome home, show them that we
have done the job of providing ways
and means for them to secure the
farm home that Pa and Ma said they
wanted.
Famous Last Words
No. 9160.25%
Our diploid and our haploid cells
"Will never conjugate.
No gametes from our chromosomes
Will seek to procreate,
Our genes will go their separate
ways,
No zygote will there be.
My interest’s academic, dear,
In your anatomy.
N EED LE IN A . MAIL" Ï T A C K
„
...........• "
"An effective, suitably designed envelop«
does not hide like the proverbial needle.
It’s easy to find. Business men more and
more are turning to Tension-envelope
specialists — for exactly the right kind of
envelope to suit their own needs.
Tension knows how!
T e n s io n E n v e l o p e Co r p .
BERKOWITZ ENVELOPE CO.
Resources— $ 2 8 ,5 0 0 ,0 0 0
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1912 Grand Ave., Phone 4-4126. Des Moines 14, Iowa
August 19b!f
37
Twin C ity News
HP******
IRECTORS of American National
Bank, St. Paul, have voted to dou
ble its surplus, from $500,000 to $1,000,000. according to announcement
by Otto Bremer, chairman of the board.
Capital account now stands at $1,280,000 common stock, $1,200,000 preferred,
$1,000.000 surplus, and approximately
$200,000 undivided profits and $450,000 reserves.
D
Earl P. Fredell has been elected
assistant cashier of Produce State
Bank, Minneapolis.
Entering the
bank's employ in 1931 as a messenger,
he served as bookkeeper, teller, head
teller and chief clerk.
Frederick O. Glasoe, vice president
of Fourth Northwestern National
Bank, has been elected to the board
of directors of the bank to fill the va
cancy created by death of Alexander
A. McRae. Glascoe has been asso
ciated with Fourth Northwestern for
J
a m ie s o n
&
C
o m p a n y
Members
New York Stock Exchange
and
Other Principal Exchanges
★
STOCKS
BONDS
COMMODITIES
★
MINNEAPOLIS
ST, PAUL
DULUTH
FARGO
GRAND FORKS
SIOUX FALLS
PRIVATE WIRES
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
By James M. Sutherland
S p ecia l C o rre s p o n d e n t
25 years and has been an officer since
1933.
E. C. Johnson, president of Empire
National Bank & Trust Company, St.
Paul, and recently elected a vice presi
dent of the St. Paul Association of
Commerce, has now been appointed
chairman of the Association’s commit
tee on solicitations and donations.
Richard C. Lilly, president of First
National Bank, St. Paul, has been ap
pointed by American Bankers Asso
ciation President A. L. M. Wiggins
to the A. B. A. postwar small business
credit commission.
Celebrating its reaching the status
of a million-dollar bank with resources
of $1,024,222, Columbia Heights State
Bank was host to residents of that
Minneapolis suburb at a celebration
July 18. Herbert S. Woodward is cash
ier and managing officer.
O. H. Odin, vice president of Mar
quette National Bank, Minneapolis,
has been elected first vice president
of the Business Leaders Breakfast
Club.
Marcella R. Beise of the insurance
department of Investors Syndicate, has
been named to continue for another
year as treasurer of the National Asso
ciation of Insurance Women.
Several leading Twin City bankers
are among sponsors of the recentlyannounced Twin Cities Plan for Post
war Taxation, a plan that already has
attracted attention of many people
throughout the nation, including of
ficialdom in AVashington.
The plan is calculated to “provide
jobs for all Americans who want
them” by altering individual income
tax schedules to free venture capital.
Bankers listed in the imposing
sponsoring group include Shirley S.
Ford, president of Northwestern Na
tional Bank, Minneapolis; C. T. Jaffray,
chairman of the board of directors of
First Bank Stock Corporation; Ly
man E. Wakefield, president of First
National Bank, Minneapolis, and
Julian B. Baird, vice president of First
National Bank, St. Paul. G. Sidney
Houston, manager of investment re
search for First Bank Stock Corpora
tion, is on the advisory committee.
Lyman E. Wakefield, president of
First National Bank, Minneapolis, has
been reappointed to the finance de
partment committee of the United
States Chamber of Commerce.
Accidents are actually more nu
merous at home than on the
hattle-front lines!
They cannot always be avoided
but you can, at least, carry insur
ance that will help pay for the
loss.
Only $2.00 buys an Accident
Policy, paying $25.00 a Week up
to Two Years, or $5,000 for loss
of Life, Limbs or Sight.
Write for Application
Minnesota Commercial
Men’s Association
Paul Clement, Secretary
2550 Pillsbury Ave.
Minneapolis
4, Minnesota
Northwestern Banker
August
MINN E S O T A
NEWS
Harold Lund has been appointed as
sistant cashier of Chicago-Lake State
Bank, Minneapolis.
C H E C K S A N D STA TIO N
ERY HELP SELL Y O U R
BANK
Minneapolis bankers attending the
Graduate School of Banking at Rut
gers University this year included W.
R. Chapman, Midland National Bank
and Trust Co.; Willard W. Holmes,
Winston Molander and Donovan E.
Crouley, Northwestern National Bank;
Alan H. Moore, First National Bank,
and Clayton E. Tillander, Federal Re
serve Bank.
(Continued from page 16)
bank’s best interests, so isn’t it per
fectly reasonable to say that a bank’s
checks should be carefully designed
and expertly lithographed? Of course
it is. Careless designing and poor
workmanship can rob checks of all the
good influence they are capable of
creating. It is just as important to
“ F” for “ Financing”
C. L. FREDRICKSEN
President
There is no Arm y or N avy "E " for the
M. A. WILSON
Vice President
livestock producer who jammed the mar
W. G. NELSON
Assistant Vice President
kets last year with his amazing production.
W. C. SCHENK
Cashier
Nor is there an "F " for the bankers of
the northwest who rendered able financial
H. C. LINDUSKI
Assistant Cashier
and Manager of
Air Base Facility
assistance
to
livestock
producers
and
processors.
C. L. ADAMS
Assistant Cashier
We
J. S. HAVER
Assistant Cashier
in this bank know how country
bankers
JAMES L. SMITH
Auditor
in the
Sioux
City
area
have
helped finance the livestock industry and
we point with pride to the correspondent
service we render to these banks.
T
H
E
3
L
N
St
ive
a
t
OF
i o
n
a
SIOUX
B
l
CITY,
M Ê M B E B
y/ re
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
o c k
F, D . I . C .
¿ ¿¿à t/ te
August
a
n
IOWA
k
select a good grade of safety paper as
a base for the expert lithography. It
will protect the checks against altera
tion and it will add the feeling of se
curity to the other good impressions
such checks can create.
I can understand why, in the dark
days of the middle “thirties,” many
bankers felt that all costs, including
stationery costs, should he cut to the
very hone. Heaven knows, I did the
same thing myself, but do you know
that some of the best and most highly
regarded banks in the country didn’t
let down at all on the quality of their
stationery—at least that part of it
that reached the public? Maybe that’s
one of the reasons why they retained
their leadership.
Now the dark days have passed.
The sun (or a reasonably accurate
facsimile) is peeping through the
clouds. Forward-looking bankers are
fixing their attention upon the coming
Victory and upon postwar opportuni
ties, and there really should be no
problems about bank stationery. It
seems perfectly clear that the most
expensive stationery a bank can buy
is the sort that bears the cheapest
price tag, but I notice that, somehow,
a good many bankers have failed to
recover from the price jitters of the
“thirties.” You should see some of
the atrocities in letterheads and checks
that are still misdoing their jobs. I
have some of them on my desk as I
write this. I also have some splendid
samples that reflect high credit upon
the banks whose names they bear.
These are in greater number than the
“duds” but why, oh, why, should any
bankers, who are otherwise discrimi
nating, be satisfied with anything
less? It can’t very well be for the
sake of any substantial saving in dol
lars and cents because the difference
in cost is trifling. Perhaps it is be
cause the purchasing has been en
trusted to someone who has tried to
make a showing by saving a quarter
of a cent per letter or a few cents
per check book but has succeeded also
in “showing up” the bank. More like
ly, it is because the bank officers don’t
want to be bothered with purchasing
detail. Whatever the reason, it seems
incredible that such things could be.
It just doesn’t seem to make sense.
Now do you see why I am intrigued?
Do you see why I am puzzled?
Value Up
“Glad to hear you’ve gone back to
your wife.”
“Yes, I didn’t realize how much she
meant to me until the judge set the
alimony.”
39
being returned to individual owners,
city residents in large numbers are
acquiring title to homes, and mort
gage debts are being reduced or
liquidated to a large extent.
SOUTH
"5
D A K O T A
NEW S
H. R. KIBBEE, JR.
President
Mitchell
Acting Secretary
LOIS J. HALYORSEN
To Make Postwar Plans
John N. Thomson, vice president
and cashier of the Bank of Center
ville, South Dakota, last month was
appointed to an important new group
within the American Bankers Asso
ciation to foster plans for serving the
postwar credit needs of business and
agriculture. He has been named a
member of the Association’s Postwar
Small Business Credit Commission,
it has been announced by A. L. M.
Wiggins, president o'f the A. B. A.
GEORGE M. STARRING
Secretary-Treasurer
Huron
( I n the Service)
Manages Britton Branch
Arnold Stoa, who has been acting
manager of the Britton, South Dakota,
branch of the First National Bank, of
Aberdeen since the transfer of J. J.
Warkentin to Aberdeen as manager
there, recently was appointed man
ager of the branch bank.
Mr. Stoa graduated from the Uni
versity of Minnesota and has been
employed in the Britton branch for the
past four years.
Bank Employe Is Bride
Director Appointed
At the semi-annual meeting last
month of the board of directors of the
First National Bank of Hecla, South
Dakota, A. W. Wittala of Liberty
township was appointed to fill the
vacancy occasioned by the recent
death of Director George Youngman.
Assistant Cashier Married
Nadine Ketchum became the bride
of Joe Walsh in a ceremony last
month at the Catholic parsonage in
Wakonda, South Dakota. For several
years the bride has been assistant
cashier of the Security State Bank of
Wakonda.
On returning from their honey
moon, Mrs. Walsh plans to continue
her work in the bank while her hus
band is in the service.
With Banking Commission
Gov. Sharpe last month reappointed
W. P. Jones, Mobridge, South Dakota,
to the state banking commission.
Jones’ term expires July 1, 1947.
In Business 25 Years
The Farmers State Bank, Stickney,
South Dakota, marked its 25th anni
versary last month. President F. G.
Bormann and Cashier E. G. Bormann
have both been with the bank since
its organization, July 19, 1919.
G ets C o at of Paint
The Commercial State Bank, Lake
Andes, South Dakota, is improving its
building with a coat of paint.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
An employe of the Farmers State
Bank, Flandreau, South Dakota, for
several years, Lorraine Keck, daughter
of Mr. and Mrs. Karl U. Keck of Flan
dreau, and Fred Shackelford, well
known implement dealer and farmer,
were married recently at Rapid City.
Former Flandreau
Banker Dies
Funeral services were held last
month for Norman E. Russett, Rossie,
Iowa, former insurance man at Pipe
stone, Minnesota, and banker at Flan
dreau, South Dakota, before becoming
a manager of the branch bank of the
Farmers Trust & Savings Bank of
Spencer, Iowa, at Rossie.
Sioux Falls News
ITH crop prospects excellent in
southeastern South Dakota, bank
deposits continue to mount to new
record highs in Sioux Falls. One
local bank reports a $600,000 increase
since January 1, and gains in other
banks are comparable.
Business activity has slowed down
somewhat, as harvest operations get
under way with the cutting of small
grain, but a bright future is foreseen.
Bankers here were particularly in
terested in a report prepared by the
Minnehaha county register of deeds,
Art B. Hoffman, which shows an everincreasing acreage of farm land is
W
With South Dakota far over the top
on total quota in the Fifth War Loan
drive, and assured of reaching the high
individual quota, C. A. Christopherson,
president of the Union Savings hank
and executive manager of the state war
savings staff, expressed high appre
ciation for the sales work done by
dozens of South Dakota bankers.
A report is now being compiled by
T. N. Hayter, vice president of the
First National Bank and Trust Com
pany and .ABA chairman of the Fifth
War Loan drive in South Dakota, on
the extent of dollar sales made by
banks in the state. While the report
is not yet complete, indications are
that bond sales will average in excess
of 10 per cent of deposits in the state,
Hayter said.
Nearly all bank officers of Sioux
Falls were among the many guests of
officers at Sioux Falls Army Air Field
at an outdoor buffet supper last month.
Officers planned the event as a gesture
of appreciation “for the many courte
sies and kindnesses” shown soldiers
and officers of the post. Following
the supper, a varied program, includ
ing entertainment and boxing bouts,
was staged by enlisted personnel at
the post for the officers and guests.
Among the distinguished visitors
in Sioux Falls in July was Jay G.
Larson, vice president of the First
National Bank of Seattle, Washington.
Together with his wife and daughter,
Larson visited his son, Private Allen
Larson, a student at Sioux Falls Army
Air Field.
As president of the Sioux Falls
Chamber of Commerce, Ralph M. Wat
son, president of the Northwest Se
curity National Bank, announced re
cently that arrangements are being
completed for the annual meeting of
the organization in October at which
Eric Johnston, president of the United
States Chamber of Commerce, will
speak. Business leaders from through
out this section of the country will
be invited to the meeting, Watson
said.
Two Sioux Falls bankers are listed
for the first time in the new edition
of “Who’s Who in America,” publi
cation of which was announced early
in July. The bankers whose biogra
phies are included in the famous book
are Fred H. Holister, chairman of the
board of directors of the Northwest
Northwestern Banker
August 19bb
40
*
SOUTH
Security National Bank, and Ralph M.
Watson, president of the Northwest
DAKOTA
NEWS
entered service, has been reported
missing in action following aerial com
bat over occupied Europe. The pilot
of a P-38 Lightning fighter, Williams
had downed several enemy planes on
escort and strafing missions.
Security National Bank.
Among the South Dakota delegates
to the Republican national convention
in Chicago which nominated Gov.
Thomas E. Dewey for the presidency,
was C. A. Christopherson, president
of the Union Savings Bank in Sioux
Falls.
Among the out-of-town visitors who
recently attended a district meeting
of Rotary International at Watertown,
South Dakota, were Ralph Watson,
president of the Northwest Security
National Bank, and P. H. McDowell,
vice president and trust officer of the
bank.
lit. Terrance M. Williams, an em
ploye of the Northwest Security Na
tional Bank for two years before he
W ater
over the dam
. .. and back of the dam . . . is creating a new
land of opportunity in the great Pacific
Northwest. The harnessing of the endlessly
flowing Columbia River and other swift run
ning streams generates the nation’s greatest
regional supply of hydro-electric power.
Today, these great, man-made sources of
energy are helping to win the war . . . keep
ing aluminum reduction mills at high speed
production . . . filling the light metal needs
of our great wartime air armada, our navy
and our merchant marine.
Their postwar possibilities hold limitless
promise. Here is a source of low-cost power
ready for immediate action and potentially
equal to the heaviest demands of rapid indus
trial expansion. Here are planned irrigation
projects capable of transforming millions of
acres of rich, but arid, land into fertile farms
and orchards. New trading centers will thrive.
L ook to the Pacific Northwest
New manufacturing will augment the lum
bering, shipping, fishing, farming and mining
industries, to which the Pacific Northwest
owes its ascendency. Vast quantities of goods
will flow to Alaska, China and all the Orient
from the natural deep-water harbors of the
Pacific North Coast ports.
The Milwaukee Road serves this region of
boundless opportunity. We have long had
faith in its future. To the builders of America
we say: "Look to the Pacific Northwest!”
GRAND COULEE DAM
BUY
t h e
M
il w a u k e e
ELECTRIFIED
Northwestern Banker
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Federal Reserve Bank of St. Louis
M ORE
OVER
August 19brh
THE
ROCKIES
TO
BONDS
R
THE S E A
oad
•
Recent organization of a South Da
kota committee of the famous New
comen Society of England found Rob
ert E. Driscoll, president of the First
National Bank of Rapid City, South
Dakota, named state treasurer, and
Ralph M. Watson, president of the
Northwest Security National Bank of
Sioux Falls, named regional vice chair
man.
Former Cashier Dies
George K. Burt, 69, of Watertown,
South Dakota commissioner of insur
ance, died in Pierre recently from a
heart attack. Mr. Burt had served as
insurance and securities commission
er since 1940 after joining the depart
ment as an examiner in 1938.
He was born in Pennsylvania and
came to South Dakota in 1885 and set
tled on a farm near South Shore with
his parents. He was editor of the
South Shore weekly paper and later
cashier for the First National Bank
there.
Vice President Resigns
L.
H. Loken announced his resig
nation as vice president of the Farm
ers and Merchants Bank at Watertown, South Dakota.
Mr. Loken is opening a general real
estate, insurance and loan office.
His resignation ended an association
with the bank of seven and one-half
years, during which he served as vice
president of the bank. Until about two
years ago, he was in active charge of
the Watertown Bank.
Chancellor Bank Officers
Members of the board of directors
of the Chancellor State Bank at Chan
cellor, South Dakota, elected the fol
lowing officers recently: Ray G. Stev
ens, president; Alan Bogue, vice presi
dent; V. B. Clikeman, vice president;
and V. L. Gotthelf, cashier.
E. C. Hofmeister, former owner and
who has been assisting Mr. Gotthelf,
has now severed his connections with
the institution. Mr. Gotthelf is in full
charge of the bank.
G oes to Sioux Falls
Donna Vasgaard has accepted a po
sition at the First National Bank in
Sioux Falls and left her home in Cen
terville, South Dakota, last month,
to take up her work.
Heads Branch Bank
M.
S. Frederickson was recently
promoted and is now in charge of the
41
White Lake Branch of the Farmers &
Merchants State Bank of Plankinton,
South Dakota, taking the position of
M. L. Oltmans, who resigned. Mr.
Frederickson has been connected with
the Farmers & Merchants State Bank
in Plankinton the past two years.
President a State Director
Jean R. Kinder, Lincoln business
man, has been appointed state director
of the War Manpower Commission.
Mr. Kinder for many years has been
president of the Tilden Bank since the
death of Charles Stuart.
Death Takes President
John Maxwell, 59, hardware dealer,
president of the Citizens State Bank
at Arlington, South Dakota, and presi
dent of the city council, died suddenly
in Arlington.
L E G A L Q U ESTIO N S
(Continued from page 20)
Dodge, the director of an Alabama
bank, was troubled by a female deer
that was continually breaking into his
garden patch and eating the vegetables
there. Finally, in desperation, he shot
and killed her. Subsequently criminal
proceedings were brought against
Dodge as it is a violation of Alabama
law to kill a female deer. Could Dodge
defend on the basis of the facts behind
the killing?
r
JU ST T W O
M O RE CH ECKS
So many banks whose no-minimum balance checking account plans are
lacking a little in revenue could
go over the top and into the profit
bracket i f their custom ers w ould
write just tw o m ore checks each
month.
W hen the plan was installed the idea
was to get as many "names on the
ledger” as possible, but now, after a
couple o f years o f experience, the
idea is to make the accounts more
active. A n inactive or dormant
account so o n becom es a closed
account, and too many are closed
before the acquisition cost is
recovered.
O n the other hand, an
active account not only
pays its way but it re
mains longer, and Per
sonalized Checks help to
bring about this condition. W h en a
person has one hundred checks in
his possession, imprinted with his
name, and w hen he carries those
checks in an attractive cover upon
which his name has been stamped
in gold, the "pride o f ownership”
elem ent com es into the picture
and he becomes a more interested
depositer.
Personalized Checks are not costly
c o n s id e r in g th e jo b th e y do.
W e h a v e a 75 c e n t p a c k a g e
designed especially for no-minimumbalance accounts and will be glad
to send you a sam ple if
you’ll write us. W e 'll also
g i ve y o u the names
o f s o m e ba nks w h o
are already supplying
these checks to their
customers.
Deluxe
CHECK
P R IN T E R S
dpnc.
Manufacturing Plants at
V
XT17W7 VHD
Yes. Before a person may resort to
force in protecting his property from
wild animals whose killing constitutes
an offense, he must have exhausted all
other remedies provided by law, and
the force used must be reasonably
necessary and suitable and only such
as a reasonably prudent man would
employ under like circumstances.
A few states have seed lien statutes.
Broadly stated, these provide that one
furnishing seed on credit has a lien
on the crops of the person obtaining
the seed. Are such liens generally re
stricted to the crops grown from the
seed furnished?
Yes. The liens procured under seed
lien statutes are generally restricted to
the crops grown from the seed actually
furnished by the lienors to those, plant
ing the seeds. Decisions to this effect
are to be found in Minnesota and
North Dakota.
For your
HEALTH FURLOUGH
W EEK
RO O M S WITH PRIVATE TOILET
IN C L U D IN G
ALL
M EALS
SEE YOUR TRAVEL BUREAU OR
Write for descriptive literature.
T w o S teps
“When you asked her to dance, did
she accept quickly?”
“Why, she was on my feet in an in
stant.”
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Federal Reserve Bank of St. Louis
Northwestern Banker
August 1944
Against it also is charged an “original
capital investment” of $2,000,000.
Total footings are $70,998,425, and
resources include $49,726,650 in U. S.
government securities and $15,396,708
in “cash and due from banks,” while
$2,153,000 state bonds and certificates
and $1,816,588 net in municipal securi
ties.
NORTH
D A K O T A
A. C. IDSVOOG
President
Grafton
NEWS
C. C. W ATT AM
Secretary
Fargo
Up 6 Million
Resources and deposits in Greater
Grand Forks, North Dakota, banks
have each increased more than six
million dollars in the past year, ac
cording to statements released by the
banks.
Resources of the three banks as of
June 30 totaled more than $20,676,000,
compared to $14,214,000 on June 30,
1943. Deposits this year were $19,779,000 compared to $13,280,000 on
June 30, 1943.
Bank reports issued recently in
clude:
First National—Resources, $10,950,904.56 and deposits of $8,854,185.18,
plus a war loan deposit of $1,605,589.08.
Resources on June 30, 1943 were $7,166,972.52 with deposits of $6,401,704,
plus a war loan deposit of $319,306.02.
Red River National—Resources $6,770,260.17 and deposits of $6,457,804.39,
including a war loan deposit of $638,648.46. Resources on June 30, 1943
were $5,015,000.33 and deposits were
$4,714,520.98 including a war loan de
posit of $111,386.35.
Minnesota National—Resources, $2,955,693.07 and deposits of $2,861,659.63,
including a war loan deposit of $244,573.75. Resources on June 30, 1943,
were $2,032,944.14 and deposits were
$1,945,127.29 including a war loan de
posit of $102,690.12.
Banker Marries
At Zeeland, North Dakota, Anna
Mae Hasenmueller, daughter of Mr.
and Mrs. Peter J. Hesenmueller, Sr.,
of Zeeland, last month, became the
bride of Edwin H. Glur, son of Mr.
and Mrs. George Glur of Ashley,
North Dakota.
Mr. and Mrs. Glur are to make their
home at Ashley. Mr. Glur is employed
in the McIntosh County Bank of
Ashley.
Assets Climb
Reflecting the current prosperity
of the Lake Region, Devils Lake’s
First National and Ramsey County
National Banks, North Dakota, dis
closed a combined asset total of nearly
Northwestern Banker
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Federal Reserve Bank of St. Louis
No Inflated Farm Prices
August 1944
six million dollars, a new high, in their
published statements last month in
response to a call by the Comptroller
of the Currency.
The statements revealed $5,971,837
in combined assets, only $28,162 short
of six million. Total deposits of- the
two organizations were $5,627,280.
First National assets were $3,153,772,
with deposits of $2,969,059 with the
Ramsey County National’s assets at
$2,818,064 and deposits of $2,658,221.
Minot Bank Director
Announcement that Harry Eck
Minot, North Dakota, businessman and
farmer, has been elected a director of
the American State Bank, Minot, was
made recently by C. P. Kjelstrup, ex
ecutive vice president of the bank.
Eck was elected at a special meeting
of the directors, to fill a vacancy
created by the resignation of Roy
L. Aney, occasioned by Aney’s moving
to the west coast.
The new director is owner of the
Motor Service wholesale and retail
establishment in Minot, and operates
a 1,040-acre farm.
Other members of the board of
directors of the bank are Kjelstrup,
C. H. Parker, and J. L. Smith of Minot
and Attorney Harold B. Nelson of
Rugby.
Increases Capital
Capital and surplus of the Rolette
County Bank of Rolla, North Dakota,
were increased last month to $45,000,
F. A. Foley, president of the bank an
nounced.
Established in 1888, the
bank has been in business for 56 years.
As of July 1 this year, the bank became
a member of the Federal Deposit In
surance Corporation.
Quarter Century Old
Growth of the Bank of North Da
kota, Bismarck, North Dakota, in the
25 years it has been in operation is re
flected in the statement of its con
dition as of June 30, 1944.
The bank’s statement shows total
deposits of $66,489,306, and undivided
profits and reserves totaling $2,469,428.
During the past year farm land
prices in North Dakota increased but
8 per cent, and in South Dakota but 10
per cent, according to figures of the
U. S. Bureau of Agricultural Eco
nomics.
“These figures indicate that North
Dakota farmers are buying land worth
the money,” says R. J. Hughes of
Wahpeton, president of GNDA. “This
situation is more hopeful than that of
25-years ago. Farmers are aware of
the dangers of a land boom. Few of
the some 20,000 farms sold in North
Dakota during recent years have been
bought for speculation. They have
been purchased for homes and for
the most part by renters and young
farmers, many of whom already own
their own farm homes.”
The BAE gives the following com
parative land prices, based on the
1912-14 average assumed to be 100
per cent:
u. s.
N. D.
1920
170
145
1933
73
66
1943 ...........................
99
58
1944
114
70
Farm prices in the nation increased
15 per cent during the past year, the
above figures indicate, and they are
now 38 per cent above the average in
the nation than they were just before
the first World War.
It will be seen that even with the
increase in farm land prices during
the past year that land prices in North
Dakota are 75 per cent below prices
in this state in 1920.
“The figures make it clear that there
is no inflation in North Dakota farm
land prices,” President Hughes de
clares.
$50,000 Capital
A. O. Aune is president of the North
western Bank of Langdon, North Da
kota which last month announced the
increase of its capital and surplus
to $50,000 and its recent affiliation
with the Federal Deposit Insurance
corporation. He has been affiliated
with the bank since 1930.
Gus Hartman has been affiliated with
the same bank probably longer than
any banker in North Dakota. With
the Northwestern Bank of Langdon
for 36 years, since 1908 when he joined
the staff of the bank while it was
still at Nekoma. He is now cashier.
Fa rgo News
L T. Wayne A. Kretschmar, of Venturia, N. D., and a former teller
at the First State Bank of Venturia,
has been missing in action since May
26 when he participated in a bombing
raid over Yugoslavia, according to
official war department casualty lists.
He is 26.
Lt. Kretschmar piloted a B-24 Lib
erator. He is a graduate of the Ash
ley, N. D., high school and attended
the University of North Dakota, where
he is a member of Kappa Sigma fra
ternity. Before entering service he
was employed at the Venturia bank
and went into the army on March 27,
1941, training with the air force at
Enid, Okla., and Arledge Field, Texas.
He received his wings and commission
in November, 1943, at Gowen Field,
Idaho. Before entering the air forces
he served with the field artillery two
years.
The application of the Harwood
State Bank of Harwood for renewal
ital stock from $20,000 to $50,000 was
approved.
The First State Bank of Page, N. D.,
discontinued accepting deposits as of
March 31, 1944, going into voluntary
liquidation. The final examination of
this bank was made on June 13, 1944.
of its corporate existence for a period
of 25 years from July 14, 1944, was
approved.
The application of the First State
Bank of Casselton to increase its cap
T H
E
OmSfMTAL
B A N K & TR U ST COMPANY
O
F
N
Frederick E. Hasler
Thomas H. Jeffery, 67, of Valley City,
N. D.. died there after a long illness.
Formerly associated in banking firms
at Harvey and Fessenden, N. D., and
Brookings, S. D., he came to Valley
City in 1930 and was with the First
National Bank there until he opened
an insurance and realty office a few
years ago.
Survivors are Mrs. Jeffery, a daugh
ter, Mrs. V. Neal Weber of Grand
Forks, N. D.; a son, Capt. Wilfred
Jeffery, with the paratroopers in North
Carolina, and two brothers, John of
Benson, Minn., and Sherman of Ash
land. Neb.
Gordon IV. Nesbit, president of the
First National Bank and Trust Com
pany of Fargo, has been appointed
a member of the postwar small busi
ness credit commission of the Ameri
can Bankers Association. Mr. Nesbit
expected to attend a meeting of the
commission in New York, July 25 to 27.
Philip B. Peitz, 46, former North Da
kota banker who for the past three
years resided at Detroit Lakes, Minn.,
died in a Minneapolis hospital.
Mr. Peitz was born at Hankinson,
N. D.. Aug. 10, 1897, and was gradu
ated from the Hankinson high school
and from a college in St. Louis, Mo.
He was a banker at Bradley, S. D., and
at New England, Forbes and Monango,
N. D., and also was engaged in govern
ment work throughout western North
Dakota.
At a special meeting of the North
Dakota state banking board, called by
J. A. Graham, chairman, the following
action was taken.
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Federal Reserve Bank of St. Louis
CHAIRM AN
O F THE
E IV
James A. Jackson
BOARD
MEM BER O F TH E
YO R
PRESIDENT
FEDERAL
W e
D E P O S IT
IN S U R A N C E
C O R P O R A T IO N
K n o u t
OUTH AMERICA
• Branches of this bank have been established in
South America for over a quarter-century— today
serve 18 of the principal cities. Our Managers speak
the ianguage, know the people and enjoy wide and
friendly business contacts. Their specialized knowl
edge is at the disposal of any bank seeking to serve
its own customers better in the South American field.
Inquiries are invited and should be addressed to
Business Development Department
/ New York Agency, 6S William Street
Branches in-, Argentina Brazil British Guiana
Colombia
Peru
Uruguay
Venezuela
also in British Honduras, C uba , Haiti, Dominican
Republic, Puerto Rico, and the British West Indies.
T H E R O Y A L B A N K OF C A N A D A
HEAD
O F F IC E — M O N T R E A L
Bu si ne ss Li nk w it h L ati n A me r ic a since 1899
Northwestern Banker
August 1944
44
Northwestern Banker
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Federal Reserve Bank of St. Louis
À-
A
t
August 194't
45
Improve Bank Statement
NEBRASKA
NEWS
R. I. STOUT
President
Tekamah
WM. B. HUGHES
Secretary
Omaha
Serves for 25 Years
Writes Popular Book
The Guardian State Bank, Alliance,
Nebraska, is 25 years old. In 1927,
the Abbott family purchased control
of The Guardian State and Arthur J.
Abbott became president.
C. J. Abbott and LeRoy Abbott, his
sons, are now active in the bank.
Affiliated with The Guardian State
Bank are the First State Bank of
Scottsbluff, the Bank of Chadron, the
Bank of Hyannis, the Bank of Hemingford, the Bank of Mullen and the
Bank of Wood Lake.
“Nebraska Pioneers,” a most inter
esting story of pioneering in South
west Nebraska from 1875 to 1940 has
been well liked by those who have
had the opportunity to read this in
formative book written by F. G. Stilgebouer, president of the Benkelman
State Bank, Benkelman, Nebraska. In
as much as the history of early bank
ing prevails throughout the book,
bankers have made it a point to read
it.
Bassett Banker on Board
Heads Chadron Bank
S. H. Megown last month took over
his duties as cashier and managing
officer of the Bank of Chadron, Chad
ron, Nebraska. He succeeds Walter
L. Good.
Mr. Megown comes to Chadron from
the Guardian State Bank at Alliance
where he has been employed for the
past four years.
Make Interest Payment
The Stamford Bank, Stamford, Ne
braska, recently made a 6 per cent
payment to depositors on the original
face amount of 40 per cent write-down
on accounts in the bank on April 1,
1933. The final payment of the full
principal sum was made in 1938 so
this interest payment came as a sur
prise to the depositors.
Bank Is a Trustee
An $8,000 trust fund has been estab
lished, with Nebraska City National
Bank, Nebraska City, Nebraska, as
trustee, by Sterling Morton, Chicago,
in honor of his father, the late Joy
Morton, to encourage Nebraska City
high school students to study history
and write about it intelligently.
Former Banker Dies
Ward F. Dobbin, former banker of
the Bank of Bertrand at Bertrand,
Nebraska, and well known Phelps
county resident, died last rponth at
Wichita, Kansas. He was 81 years old.
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Federal Reserve Bank of St. Louis
Perry J. Everett, assistant cashier,
Commercial Bank, Bassett, Nebraska,
was reappointed for a three year term
on the Bassett School Board. Mr.
Everett was also elected director and
treasurer of the Bassett Lions Club,
as well as appointed a delegate to the
State Convention in Lincoln.
Banker for 45 Years Dies
Nicholas Aloysius Steinauer died
last month in Steinauer, Nebraska.
His entire life he lived in this com
munity founded by his father, after
whom the village was named. He
served as cashier of the Steinauer
Bank, organized by the Steinauer
brothers, for forty-five years.
Reaches Million Dollars
At the close of business June 30
total deposits in the First National
Bank in Exeter, Nebraska, were $1 ,019,756, as published in response to a
call by the comptroller of currency.
This is, so far as available records in
dicate, the first time Exeter bank de
posits have reached the million dollar
mark.
Promoted to Cashier
At a meeting of the board of di
rectors of the Schuyler State Bank,
Schuyler, Nebraska, held last month,
J. M. Rogers was elected to the posi
tion of cashier. Mr. Rogers has been
connected with the bank for 30 years.
He was assistant cashier 25 years.
Mr. Rogers succeeds R. O. Brownell.
Some of the best promotion work
done for financial institutions for
many a day comes from Richard
Trefz of Beatrice State Bank, Bea
trice, Nebraska. The bank’s statement
is an appeal to understanding what
makes a bank tick. All items are
defined so the public knows what a
term
like
“unearned
discounts”
means and the resources are broken
down in percentage, showing the de
positor where his dollars are invested.
Joins Allen Bank
Donella Ellis, graduate of the Allen
high school this spring, has recently
accepted a position with the Security
State Bank of Allen, Nebraska, as ap
prentice bookkeeper. She and Eleanor
P. Martin completed a Burrough’s
special training course at Omaha last
month. Miss Martin is also employed
in the Security State Bank.
Donates to Civic Center
Commending the Lions Club for its
action in providing a badly needed
civic center in Wymore, Nebraska, L.
Boyd Rist, vice president and cashier
of the Wymore National Bank recently
made announcement of his intentions
to make a $100 donation to the project.
Cashier Hurt
Vincent E. Rossiter, Hartington
bank director and cashier of the Bank
of Hartington, Hartington, Nebraska,
last month suffered a severe eye in
jury and brain concussion when a
crowbar he was using slipped and
struck him in the left eye, cutting
through the eyelid.
Land Bank to Stay
At a recent meeting of the directors
of the Federal Land Bank of Dixon,
Wayne and Thurston counties, it was
unanimously decided that the bank
would maintain its offices in its pres
ent location in Wakefield, Nebraska.
Cashier Dies
R. O. Brownell, 62, cashier of the
Schuyler State Bank, Schuyler, Ne
braska, died at St. Mary’s Hospital in
Columbus recently. He was a past
secretary of the Nebraska State Bank
ers’ Association.
Former Banker Leaves
Mr. and Mrs. Frank M. McGrew
were to leave Callaway, Nebraska, last
month for Wichita, Kansas, where
they will make their home. In 1908
Mr. McGrew accepted a position in the
Callaway State Bank. Later he beNorthwestern Banker
August
46
came an officer in the Farmers State
Bank and then he became cashier of
the Seven Valleys State Bank. He was
appointed receiver of failed banks by
the state banking department.
weekly meeting of the Rotary Club,
the occasion being his 75th birthday.
He is a charter member of the organi
zation and former president of the
club.
J u n io r N e w s
From the Nebraska
Junior Bankers Association
On Furlough
Glamour Salesman
1st Lt. F. A. Guggenmos, Jr., an em
ploye at the First National Bank, Fairbury, Nebraska, during 1937-38 and
the spring of 1939, and his wife and
son, were visiting in Fairbury recent
ly.
Lt. Guggenmos is in the engineers
corps and has been in foreign duty
for 20 months. He was through the
African, Sicilian, and Italian cam
paigns, and was on the Anzio beach
head for 75 days.
When Polk, Nebraska, held an “ultra
auction” in its Fifth War Loan drive,
Arnold Isaacson, cashier of the Citi
zens State Bank, there, adorned him
self as a glamour girl to aid the sale.
W ar Loan Chairman
C. J. Mortensen, president of the
Nebraska State Bank of Ord, was
again chairman of the War Loan
Drive of Valley County, Nebraska.
Resigns Post
Honored on Birthday
Wallace Robertson, president of the
Beatrice National Bank, Beatrice, Ne
braska, was honored recently at the
Ray Hughes recently resigned his
position at the First National Bank
Cozad, Nebraska, and left for southern
California.
We Don’t Own a Rocket Ship Yet —
But we will when they become
available and practical to speed our
transit service for you.
" C i t y N a t i o n a l " alw ays has
availed itself of the latest equipment
and the fastest methods in serving
its correspondent banks. There is no
speedier or more efficient transit serv
ice today than ours and there never
will be— even in the days when
rocket ships are common.
*7lte. Ct+Uotne'i
ßniä ßcudz
C IT Y NATIONAL B A N K E T R U S T CO.
18tb &Grand
K.ns.s til,, M..
John Lauritzen, Editor
M
TSS DOROTHY PETERSON, who
recently graduated from the Ash
land High School, is now with the
Farmers and Merchants National Bank
of Ashland, Nebraska, as a bookkeeper.
W. E. Harnsberger, vice president
of the Farmers and Merchants Na
tional Bank of Ashland, has been
elected a director of the local Rotary
Club in Ashland, Nebraska, while
Clarence Castner, cashier, has been
elected the Rotary treasurer.
Jean R. Castner, son of Clarence
Castner, cashier of the Farmers and
Merchants National Bank of Ashland,
has been transferred from Hamilton
Field, California, to La Guardia Field,
New York. Jean is a purser in the
Air Transport Command on the North
Atlantic Wing.
George Ryan, assistant cashier of
the Beatrice State Bank, is enjoying
his annual vacation. George says that
he is getting in a few “licks” at his
“Victory Garden.”
Lt. Dale Bonham, Army Air Corps,
formerly of the First National Bank,
Beatrice, has returned to his camp
after a brief furlough with his parents
and friends.
Mrs. Viola Searl, stenographer of the
Beatrice National Bank for several
years, gave birth to a new stenogra
pher a few days ago. Last reports
from the hospital say that all is quiet
in the nursery and that mother and
daughter are doing nicely.
7%iT 0 0 TLE-LACY
TO US, SERVICE MEANS CAREFUL ATTENTION TO YOUR NEEDS
Northwestern Banker
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Federal Reserve Bank of St. Louis
August
y
>
47
President Alvin E. Johnson said
Jirdon fills the vacancy created by
the recent death of Thomas E. Gledliill, Sarpy county farmer, who had
been a member of the board since the
bank’s organization.
One of the North Platte valley’s
largest livestock operators, Jirdon
feeds more than 40,000 sheep annually,
is an extensive landowner and is one
of the country’s largest owners and
distributors of potatoes. In addition,
he has extensive business interests.
AVINGS in Omaha’s three uptown
banks have increased more than
four million dollars in the past year.
The figures as of June 30 were $18,801,922, as compared with $14,031,312
the same date a year ago.
S
A number of counterfeit-conscious
Omahans have called F. E. .Strout, in
charge of the local United States se
cret service office for assurance that
a new $1 bill that has appeared here
is not bogus.
The new bill seems no different
from the old ones except that the let
ter “ S” in red ink is inscribed near the
treasury seal. The answer is that the
treasury department is trying out a
new kind of paper in the hope it will
prove more durable. Average life of
the regular bill is nine months.
In the experiment, the treasury has
issued a quantity of bills printed on
the new paper identified with the letter
“S”.
Remodeling, made necessary by the
leasing of new office space adjacent to
the main building at the Live Stock
National Bank in South Omaha, was
almost complete and part of the space
was in use in July, according to Alvin
E. Johnson, president of the bank.
Walls of the section now completed
are decorated in cream with a red
border trim. The floor is covered
by a green checked pattern linoleum.
The section is occupied by the tran
sit department. The mailing depart
ment will also occupy the new space
and the basement will be used for
storage. A women’s lounge has also
been installed in the addition.
Indebtedness against the Ak-Sar-Ben
bridge dropped below the million dol
lar mark with the retirement of an
other $100,000 in bonds, President A.
A. Lowman of the Ak-Sar-Ben Bridge
Association announced recently.
The semi-annual bond retirement
payment brought the sum still to be
paid off to $900,000.
At the same time, Mr. Lowman an
nounced that the reserve trust fund of
the Association was increased by a
little more than $27,000 and now to
tals $227,813. All of this amount is
invested in war bonds.
John R. Jiron, Morrill, Nebraska,
businessman and livestock man, re
cently was elected a director of the
Livestock National Bank of Omaha.
NATIONAL BANK
Corporal Charles T. Wheatley, for
mer employe of the First National
Bank of Omaha, was the first Omahan
the Omaha World-Herald’s overseas
correspondent, Lawrence Youngman,
now in England, was able to locate
among the wounded soldiers evacu
ated to England from the beach-heads
of France.
Wheatley suffered a bullet wound
in the left foot. He said he didn’t
consider it a bad wound, and that he
was feeling “just fine.” At the time
he was still on the hospital boat that
brought him across the channel.
A. J. “Jack” Rhodes of the Omaha
National Bank wasn’t kidding recently
when he told friends he was a proud
grandfather. You see, he looks quite
young, and there were some who didn’t
believe him.
A son was born to Mr. and Mrs.
Rhodes’ daughter, Mrs. Charles Henry
Crane, Jr., and her husband Pfc. Crane,
who is now in Italy. Mrs. Crane is
the former Jean Rhodes.
Phyllis Otto, the Atlantic, Iowa, miss
who is rated as one of the nation’s
best young woman golfers, is now
living in Omaha, where she is em
ployed by the Live Stock National
Bank. She reported at the bank after
competing in the Western Open golf
tourney in Chicago. She also planned
to compete in the Western Amateur
in August. She will do her Omaha
playing at the Field Club.
ST. JOSEPH, MO.
MILTON TOOTLE, JR.
E. H. ZIMMERMAN
R. E. WALES
E. H. SCHOPP
PRESIDENT
VICE PRESIDENT
CASHIER
ASST. CASHIER
GRAHAM G. LACY
MILTON TOOTLE, III
FRED T. BURRI
E. L. CRUME
VICE PRESIDENT
VICE PRESIDENT
ASST. CASHIER
ASST. CASHIER
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Federal Reserve Bank of St. Louis
M e m b e r Federal D eposit
Insurance Corporation
N orth w estern B an k er
August
HUT
48
•
Main objective of the Omaha Cham
ber of Commerce during the coming
year is community-wide cooperation,
according to a joint statement issued
by Don B. Woodyard, president-elect;
Charles I). Saunders of the First Na
tional Bank of Omaha, vice president
elect, and Farrar Newberry, treasurerelect.
“The next year will bring homeproblems that are crucial to Omaha’s
future.” the new officers said. “More
than 45,000 Omahans are either in
NEBRASKA
NEWS
service or in war jobs. They have
a great stake in the reconversion from
war to peace.”
by the First State Bank of Lodgepole,
with $705,905, and Dalton State Bank
with deposits of $647,083.
Omaha’s bank deposits amounted to
$367,737,066 as of June 30, an increase
of $26,046,164 over deposits of April
13, which were $341,690,902.
Total loans were $46,397,299, a gain
of $6,527,861 during the same period.
Loans on April 13 were $39,869,438.
The June 30 figures were in response
to a bank call from the comptroller of
currency.
Coop Associations Convene
Banker Loses Shirt
J L x p e r ie n c e
Service
Cooperation
Manned by officials w ith years
of experience, our Correspon
dent Bank Division renders a
complete service, conducted in
an intimate and personalized
manner.
The guiding policy is one of
cooperation in all matters of
mutual interest.
cr& e
Public National
BAN K
AN D
T R U ST
CO M P A N Y OF N E W Y O R K
E S T A B LI S H E D 19 0 8
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 19kb
•
York County War Finance Commit
tee Chairman J. R. McCloud, president
of the First National Bank at York,
Nebraska, lost his shirt—and paid out
$2,000 to get it back—at the auction
held one night recently in connection
with the York-Fairmont baseball game.
Auctioneers Roy Tucker and George
Myers got lively bids on McCloud’s
shirt, which the York banker peeled
off on the auction stand. He subse
quently bought back the shirt for
$2,000 in war bonds. Total war bond
sales for the evening were $15,500.
Fairmont won the ball game, 4-0.
Cheyenne County Deposits
Deposits in the four banks in Chey
enne county, Nebraska, amounted to
a record of $6,096,139 at the end of
June, according to financial statements
published as called for by the comp
troller of currency and the Nebraska
State Department of Banking.
Leading the list, is the American Na
tional Bank of Sidney, whose total
deposits amounted to $3,852,964.
Second in the county, and top in the
three state banks, was the Potter State
Bank, with deposits totaling $890,186.
Third and fourth places were taken
At the sixth annual convention of
the Nebraska Cooperative Associa
tions, held at the Cornhusker Hotel
in Lincoln recently, D. E. Magnuson of Chapman, Nebraska, was
elected president; O. A. Brandenburgh
of Bellwood, vice president; and G. D.
Van Cleef of Chester, secretary-treas
urer. Mr. Van Cleef is the retiring
president.
The 125 associations of the state
were well represented by about 100
delegates. Among the speakers were
Wade Martin, superintendent of bank
ings, L. C. Opper and Harold Johnson,
deputy directors of the banking de
partment, Loren N. Mills of the Oma
ha OPO office and Byron Dunn, ex
ecutive vice president of the National
Bank of Commerce at Lincoln.
The day’s activities were climaxed
when the National Bank of Commerce
entertained the delegates at a ban
quet with Albert A. Held, vice presi
dent of the bank, acting as toastmaster.
Karl M. Arndt, associate professor of
economics at the University of Ne
braska, discussed the federal debt
after the war.
Bank Employe Marries
Esther L. Bockholdt, daughter of
Fred Bockholdt, Sr., of Plymouth, Ne
braska, and Frank A. Houston of Fairbury, Nebraska, were married in Min
neapolis, Minnesota.
Before her marriage, Mrs. Houston
was employed at the First National
Bank in Fairbury for several years.
Bellhop: Did you ring, sir?
Man: No, I was tolling—I thought
you were dead.
49
President of "400" Club
A ccepts Vice Presidency
Directors of the “400” Club elected
as 1944 president A. J. Hallas, for
the past six years vice president of
the Stock Yards National Bank in
Omaha and previously president of
the South Omaha Savings Bank.
The “400” Club was organized seven
years ago with membership among the
packing industry, stock selling agen
cies, feeders, some farmers and any
who might “create a better understand
ing between the people operating in
this second largest market in the
world.”
Hamilton F. Mitten, principal of Fre
mont high school for the past seven
years, has resigned to accept the vice
presidency of the Nebraska State Sav
ings and Loan Association in Fremont.
Other new officers elected by the Asso
ciation include Paul Colson, resident;
Guy Ilmsted, executive vice president;
Stanley Steen, secretary; and William
N. Mitten, treasurer.
Move Office
ALTER S. BATTEY, vice presi
dent of the Continental National
Bank of Lincoln, was recently appoint
ed chairman of the Lincoln Commu
nity Chest. Also of the Continental,
A. W. Griffith, and John F. Warner of
the First Trust Company of Lincoln,
recently attended the graduate school
of banking at Rutgers University, New
Brunswick, New Jersey.
W
Already shown by bank clearings,
and in federal data released recently,
Lincoln’s gain in business is again
revealed by the banking houses in
their reports on condition to the comp
troller of the currency.
The consolidated report of the banks
shows an increase in deposits from
$96,881,716.31 on June 30, 1943, to
$108,504,929.29 on the last day of June,
1944. Meanwhile loans were decreas
ing. On June 30th a year ago they
aggregiated $7,685,800.32, compared to
$7,058,700 at the close of the month
just ended.
The gain in total assets also moved
ahead. A year ago they were $101,503,992.95, and in this call, $114,002,372.30.
Total deposits of the three suburban
banks, Citizens State, Havelock Na
tional and Union Bank of College View
totaled $4,385,388.27 on June 30, a gain
of $578,337.24 over the December 31,
1943 figures.
The group office of the Federal Land
Bank, representing Dakota, Dixon,
Thurston and Wayne counties, was to
be moved from Wakefield to Wayne,
Omaha headquarters has informed
H. B. Ware, in charge of the office.
Cashier Dies
Mrs. Luella Rose Unruh, 56, cash
ier at the Bank of Eagle, died unex
pectedly at her home in Eagle, Ne
braska recently. She was the wife of
of George O. Unruh, president of the
Bank of Eagle.
On Flood Duty
E. N. Solomon, assistant cashier of
the First National Bank of Omaha
and an officer in the Nebraska State
Guard, was called out on flood control
duty for the recent flash floods near
Fremont, Nebraska.
Stromburg Banker Succumbs
John H. Anderson, 88, a native of
Sweden and for years a director of
First National Bank, Stromburg, Ne
braska, died there recently.
Joins FD IC
Bank of Elgin at Elgin, Nebraska,
announces its membership in the
Federal Deposit Insurance Corpora
tion.
Prisoner of W ar
Second Lieutenant Lynn Hunsaker
is named by the war department in a
list of eleven Nebraskans as prisoners
of war in Germany. Mr. Hunsaker was
employed as a clerk in the Farmers
State Bank, Sargent, Nebraska, four or
five years ago.
BANKS
Bought and Sold
C o n fid en tially and w ith becom ing dig n ity
BANK EM P LO Y EES P LA C ED .
39 Years Satisfactory Service
THE CHARLES E. WALTERS CO.
OM AHA.
N EBR A SKA
Co-operation
Indispensable to a satisfactory
correspondent relationship.
Ducks Unlimited Show
W. E. Speer, trust officer of the First
National Bank of Omaha, recently en
tertained Glen L. Martin at a Ducks
Unlimited meeting, where Mr. Martin
showed his famous movies in slow mo
tion of ducks of all description on his
conservatory.
A sincere pledge at
C o n t in e n t a l R
®
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
a t io n a l
&ANK
L IN C O L N
Member Federal Deposit Insurance Corporation
OM AHA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker
August
50
LIVE S T O C K NATI ONAL BANK
OMAHA
This Bank Has Made a Specialty of Financing Feeders,
Both Cattle and Sheep, Since Commencing Business More
Than Thirty-six Years Ago.
Loans Are Made In Cooperation With Our Correspond
ent Banks.
We Would Be Pleased to Handle Your Excess Requirements
★
★
★
Many of Our Bank Correspondents Send All of Their
Out-of-Town Items to Us For Credit.
Won't You Try Our Service?
★
★
★
Capital Surplus and
Loans and
Undivided Profits
Discounts
June 30, 1930 .................................................. $ 624,613.98
June 30, 1940...................................................... 1,108,782.12
June 30, 1944 .......... ..............
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Deposits
$3,038,672.54
5,712,093.34
...... ............. 1,734,945.55
$ 5,250,597.40
13,454,319.99
59,639,940.92
7,828,674.71
O F F IC E R S A N D D IR E C T O R S
ALVIN E. JOHNSON
P re s id e n t
HENRY C. KARPF
V ic e
R. H. KROEGER
P re sid e n t
V ic e
P re sid e n t
PAUL HANSEN
V ic e
P re s id e n t a n d
C a s h ie r
W . DEAN VOGEL
V ic e
H. H. ECHTERMEYER
P re s id e n t
V ice
P re sid e n t
L. V. PULLIAM
C. G. PEARSON
A s st. C a s h ie r
A sst. C a s h ie r
EARL R. CHERRY
TOM J. PRICE. JR.
A s st. C a s h ie r
A sst. C a s h ie r
H. B. BERGQUIST
W . P. ADKINS
C oal
O m aha
and
G r a in
JAS. J. FITZGERALD
L. S. BURK
P res.
C h ic a g o
JOHN R. JIRDON
L iv e s t o c k a n d G r a in
M o r r i ll , N e b r .
C o m m e r c ia l S a v .
L oan A ssn .
&
LEO T. MURPHY
M gr.
A llie d
M i ll s ,
In c.
JAMES L. PAXTON, JR.
HERMAN K. SCHAFER
P res.
P re s . M a n e y M illin g
P a x to n -M itc h e ll
C o.
CARL A . SW AN SON
P res.
J erp e C om . &
S tora g e C o.
C o ld
C o.
J. L. WELSH
B u tle r -W e ls h
G r a in
C o.
This Bank Has N o Affiliated Com panies
M em ber of Federal R eserve System and Federal D eposit Insurance Corporation
August 19^'t
51
The Iowa State Bank had $3,172,000,
on deposit.
The First Federal State Bank’s de
posits were $1,932,000.
Returns from Orient
V. W . JOHNSON
President
Cedar Falls
New Service in W aterloo
Something new in service to cus
tomers is being tried out in the Wa
terloo Savings Bank, of Waterloo,
Iowa. The bank has installed a cage
near the entrance which will be used
for cashing checks only.
Located
near the door, it will enable customers
who wish to cash checks only, and
need to transact no other business, to
accomplish their purpose quickly with
out having to walk half the length of
the lobby or more. This not only
saves time for the customer, but during
rush periods also saves time for the
bank personnel.
Now an Ensign
A. L. Messerschmidt, formerly cash
ier of the First National Bank, West
Des Moines, Iowa, is now an ensign
in the Navy, and has been asked to
report to Plattsburg, New York, on
August 1 for further training.
Starts Duties in Northwood
E. O. Bottolfson, with over 20 years
experience in the banking business,
and the past eight years located at
Wells, Minnesota, took over the duties
of assistant cashier in the Northwood
State Bank, Northwood, Iowa, recent
ly. He succeeds C. L. Bolender, who
resigned two months ago.
Takes Assistant Cashiership
The annual stockholders meeting of
the Farmers Savings Bank, Ricketts,
Iowa, was held last month. All of the
old officers were re-elected except Milton Struck who is now in the armed
forces of the United States, and at
present is stationed at Camp Fannin,
Texas. Pearl Claussen was elected
assistant cashier in place of Mr.
Struck. Cashier P. H. Claussen was re
elected for the 36th time and has been
in continuous charge of the bank since
1909. A regular annual dividend of
10 per cent was declared.
Iowan Speaks to A.I.B.
Des Moines and Sioux City, Iowa,
were represented among 75 to 100
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Federal Reserve Bank of St. Louis
FRANK W AR N ER
Secretary
Des Moines
chapter leaders from five states at a
regional conference under auspices of
the Minneapolis, Minnesota, chapter
of the American Institute of Banking
in Minneapolis, last month.
Among the speakers was Carleton C.
Van Dyke, assistant cashier, Toy Na
tional Bank, Sioux City, Iowa, who
discussed “ Meeting Current Problems
in Membership and Enrollment.”
Two New Assistant Cashiers
W. L. Cousin of Alden, Iowa, and
S. H. Whitehorn, recently of Norfolk,
Nebraska, were elected assistant cash
iers of the Iowa Falls State Bank,
Iowa Falls, Iowa, at a meeting of the
bank’s board of directors, recently.
Mr. Cousin, who is in charge of
the Alden branch of the bank, will
continue in that capacity and Mr.
Whitehorn has arrived in Iowa Falls
to make his home and assume his new
duties in the bank.
Joins Board of Directors
Joseph Hunt, assistant cashier of
First State Bank, Churdan, Iowa, has
been elected to the board of directors
of that institution. He has been with
the bank for the past 18 years.
New High in Deposits
Deposits in Des Moines banks topped
$250,000,000—an all time peak—at the
close of business June 30.
The Iowa-Des Moines National Bank
& Trust Co., largest bank in Iowa, had
deposits of more than $104,000,000 on
June 30, the highest they’ve ever been
on a call date.
The Central National Bank & Trust
Co. had deposits of just under $70,000,000 on the call date.
All other banks in Des Moines also
reported highest deposits in history on
call dates.
The Bankers Trust Co. had deposits
of just under $52,000,000.
The Valley Savings Bank’s deposits
were $12,200,000.
The Capital City State Bank’s de
posits were $7,023,000.
The Des Moines Bank & Trust Co.
had deposits of $4,664,000.
Major Harry Schaller, president of
the Citizens First National Bank,
Storm Lake, Iowa, who has been sta
tioned in the India-China-Burma the
ater of war as aide to General E. Stratemyer, commander of the AAF in that
sector has been home on two weeks
leave.
Major Schaller told of the great
beauty of that sector, its people, his
contacts there, but said that no mat
ter how much beautiful scenery you
see in the far corners of the world
there is no thrill that compares with
seeing Storm Lake, if you are a native
son who has been away for any length
of time at all.
Assistant Secretary Elected
A. J. McGowan, Sioux City, Iowa,
was elected assistant secretary of the
Farmers Loan and Trust Company,
Sioux City, at the 60th annual stock
holders meeting held last month. He
is replacing U. H. Bunkers who is now
on leave of absence serving in the
Navy.
Mr. McGowan started working for
the Toy institution at the Fonda bank
in 1926 and in 1928 was transferred
to Storm Lake. In 1936 he was called
to Sioux City and has been general
auditor and tax consultant of the
trust department.
Induct Assistant Cashier
Henry Stock gave up his position
as assistant cashier in the Grundy
National Bank, Grundy Center, Iowa,
last month. He had been an employe
of the bank for eight years. He has
received his call to enter the armed
service.
Miss Junice Gunnarson has been
given a position in the Grundy Na
tional.
Rippey Cashier Dies
J. H. Van Scoy, 72, cashier of the
First National Bank of Rippey, Iowa,
died last month.
He had been connected with the
bank many years and was a member
of the Order of Eastern Star.
Add to Staff of Bank
The annual meeting of the stock
holders of the Pocahontas State Bank,
Pocahontas, Iowa, was held last
month. During the business meeting
all of the officers and directors were
re-elected as follows: W. F. Rich, Ft.
Northwestern Banker
August 19bb
52
•
Dodge, president; L. E. Eckerson, vice
president and cashier; Bernard Bohlke,
N. B. Homan and L. S. Homan of Remsen, directors. Two new directors
were added to the organization. They
IOWA
NEWS
•
are T. A. Nixon and James Donahue,
both of Pocahontas.
Margaret Lorge, who has been book
keeper at the bank for several years,
was named assistant cashier.
i
P e a ce
For three-quarters o f a cen
have been in close touch
tury— in war and peace— in
with both agriculture and
g o o d times and bad— this
industry in this territory.
bank has served farmers,
T his experience, which our
business m en and bankers
hundreds o f correspondent
throughout the middle west.
banks have found o f value,
During three wars and
is offered to you without
five m ajor depressions we
LIVE
obligation.
STO CK
BAN K
ESTABLISHED
U N IO N
C( J/i€ C fia €
1868
STOCK
YARDS
c a rbo ro u g h
¿¿C
First National Bank Building, Chicago
Northwestern Banker
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Federal Reserve Bank of St. Louis
Renewing faith in the honesty of
people is this unusual story from the
Iowa-Des Moines National Bank and
Trust Company. A letter arrived at
the bank from a woman in Meridan,
Mississippi, containing a note, a pass
book and $42. She had found the pass
book and $42 and since there was no
address given with the name she was
asking the bank to return them to
their owner.
Robert Donhowe, Y 1/c, formerly
with the Central National and the son
of Vice President and Mrs. A. T. Don
howe, was home last month on a 15day leave. Yeoman Donhowe has been
stationed in South America and a very
interesting letter from him appears
in the Dear Editor section of this issue
of the N orthw estern B an k er .
From the Central National also is
news of the promotion of two of its
members in the armed forces overseas.
Donald Walsmith, formerly a paying
teller, has been raised in rank from
a pfc to corporal. He is somewhere
in Italy. Just sent overseas, Clyde
Cramer, a bookkeeper with the Cen
tral National, has been promoted from
a 2nd to a 1st lieutenant.
Mrs. Dorothy Lynch of the trust
department of the Iowa-Des Moines
M e m b e r F ed era l D ep o sit Insurance Corporation
S
Ira L. Wright, trust officer of the
Central National Bank and Trust
Company, has returned to his duties
at the bank after an absence of 27
months during which time he served
in the army at Kansas City, Missouri,
Lincoln and Harvard, Nebraska. He
was a captain at the time of his re
lease.
Word has been received by Vice
President Carl W. Mesmer of the
Bankers Trust Co. from his son, Lt.
Carl W. Mesmer, Jr., of the second
Marine division that he took part in
the Saipan campaign and had come
through it safely. Lieutenant Mes
mer also was with the Marines at
Tarawa.
lilP8'"
a n d
Des Moines News
om pan y
Horace A. Smith, Iowa Representative
Des Moines, Iowa
August 1944I
53
•
Bank and Trust Company has joined
the Air Wacs and left last month to
report for duty.
Major Irwin T. Shaw, who before
entering the service was in charge of
collections in the budget department
of the Central National, recently
helped direct the landing of troops and
supplies on tiny Noemfoor Island,
Dutch New Guinea, under the most
adverse conditions. His men succeed
ed in transporting thousands of tons
of supplies and equipment over shal
low coral reefs by ducks and buffalos
while actually under enemy fire.
The lobby of the Iowa State Bank
has been recently enlarged in order
to better accommodate their rapidly
increasing volume of business.
Since opening its doors for busi
ness on April 16, 1941, it has enjoyed
a steady growth. On June 30, 1944,
deposits had reached $3,171,850. Em
ployes have increased from five to 17.
Officers of the bank are: G. A.
Frampton, president; George O’Dea,
IOWA
NEWS
•
F. S. Ferring, cashier of the Farley
State Bank, Farley, Iowa, is home
after a ten day stay at Hot Springs,
Arkansas.
President J. P. Budde, Henry Coun
ty Savings Bank, Mt. Pleasant, Iowa,
is making his debut as a farmer this
summer. His brother who is oper
ating about 500 acres of farm ground
testifies to Mr. Budde’s efficiency as
a tractor chauffeur.
Fishing was very good at Walker,
Minnesota, according to H. B. Hammer, executive vice president and cash-
ier of the State Bank of Wapello, Iowa,
who just returned from a nice vaca
tion there. Mr. Hammer made the
trip via train, bus and thumb.
F. M. Lindenmeyer, cashier, and
Mrs. Lindemeyer, assistant cashier of
the West Chester Savings Bank, West
Chester, Iowa, recently enjoyed a
short furlough visit with their son
who is a pilot in the air service.
F. L. Pearson, cashier of the First
State Bank, West Branch, Iowa, passed
away recently. He has been in poor
ALL-ROUND COOPERATION
First National Bank service is a special type of
service.
George H. Borg, J. Hamilton Dawson,
It is particularly attractive to banks that
have grain, hay, and livestock items in this area.
vice presidents; L. A. Rodenbough, Jr.,
cashier; M. J. Dwiggans, W. L. Wilder,
Carl W. Moody, assistant cashiers.
Our officers know farms and farming— livestock
W aterloo Deposits Up
and meat.
Deposits in Waterloo’s three banks
had reached a total of $32,814,367 on
June 30, an increase of $4,372,713 over
total deposits for the period ending
December 30, 1943.
Deposits in the three banks included
National Bank, $17,680,453; Waterloo
Savings Bank, $14,038,277; People’s
Savings Bank, $1,095,636.
The increase of deposits in 12
months stood about 33 per cent.
W e invite you to use this bank in Sioux
City for all your items, including livestock, grain and
hay proceeds.
A . G. Sam,
J. P. Hainer, Vice President
Fritz Fritzson, Vice Pres, and Cashier
J. T. Grant, Assistant Cashier
President
J. R. Graning, Assistant Cashier
E. A . Johnson, Assistant Cashier
W . F. Cook, Auditor
Brief Iowa News
Jack Smith, assistant cashier of the
Iowa State Bank, Morning Sun, Iowa,
recently enlisted in the naval service.
He has received orders to report for
training duties the 25th of August and
unless his orders are altered he will
report at Princeton University for the
first phase of officers training.
The Dubuque Bank & Trust Com
pany, Dubuque, Iowa, of which George
F. Jansen is vice president and cashier
is now open for business in its new
location at 14th and Central Avenue.
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
*
*
*
★
/ ff
S / o u x
(7 / / i f
★
*
*
Member FDIC— Member Federal Reserve System
OM AHA
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Federal Reserve Bank of St. Louis
Northwestern Banker
August 1944
54
—
health for some months. His work
with the bank was marked by devoted
service to his fellow men, his com
munity and his institution.
IOWA
NEWS
•-
taking over the assets and liabilities
of the former First National Bank.
The officers of the new bank are
Everett Sherman, president; Ralph B.
Hunter, vice president, and Walter L.
Hawley, cashier. Mr. Hawley has been
connected the past 10 years with the
Capital City State Bank in Des Moines.
Ralph Hunter with his brother, Fred,
are large land owners and have been
successful farmers and feeders at Earlham, Iowa, where they also operate an
implement business, garage, as well
as being large stockholders in the
Earlham Savings Bank there.
By installing the new low type fix
tures, adding another tellers window
and laying tile flooring, the Atlantic
State Bank, Atlantic, Iowa, has re
decorated and improved their banking
quarters.
The First State Bank is the new
banking institution at Stuart, Iowa,
Council Bluffs Banks Increase
Assets of Council Bluffs’ four banks
reached an all-time high of $31,089,666
as of the close of business June 30,
1944—an increase of approximately
$6,776,000 in the last six months.
Assets of the four banks have
jumped some $8,500,000 in the last 12
months.
Total deposits in the four banks
June 30 were $29,584,142. Six months
ago the banks had $22,891,753 on de
posit. Deposits in savings accounts
are at the highest peak in history.
Loans and discounts of the local in
stitutions are $7,852,633 up from the
$6,911,213 reported six months ago.
Exceed Quota
The Farmers Savings Bank of Pier
son, Iowa, sold $65,000 in treasury and
savings bonds during the Fifth War
Loan drive, officials reported. This is
more than 125 per cent of their quota.
Elected Vice President
The Columbus Junction State Bank,
Columbus Junction, Iowa, announced
last month the election of H. Lee Hus
ton, as vice president to succeed the
late T. N. O’Neill.
Mr. Huston has been cashier of the
Columbus Junction State Bank since
it was organized some 18 years ago
and has been a director of the bank
for the past 10 years.
W apello Bank President Dies
O
John G. Keck, 82, president of the
State Bank of Wapello, Iowa, since its
organization in 1935, died at his home
there last month.
He was an undertaker and furni
ture dealer from 1891 to 1937 and for
merly served as mayor.
U R military and governmental leaders have assured us that
this year will see the maximum war-winning effort by our
allies and ourselves. Y et even now government is considering
plans for peace; management, likewise, must begin to anticipate
" V Day.”
Y o u are doubtless called upon to aid business in your area,
Graduates 125 Bank Officers
as we are in ours, both in the changing requirements o f war and
the far-sighted planning for peace. Many correspondent banks
have found the broad experience and ready cooperation o f the
American National o f great assistance in connection with their
service to customers. Possibly we can be equally helpful to you.
AM ER IC AN NATIONAL BANK
AND TRUST COM PANY
OF C H IC A G O
LA S A L L E S T R E E T
Member Federal Deposit
O U R
B
U
S
I
N
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
E
S
S
August
I S
AT W A S H IN G T O N
U lS v
w
T O
Insurance Corporation
H E L P
B
U
S
I
N
E
S
S
One hundred twenty-five bank offi
cers from 26 states, who were gradu
ated at Rutgers University by The
Graduate School of Banking conducted
by the American Bankers Association,
were urged not to take to totalitarian
ism “either lying down or by default”
by Dr. Harold Stonier, director of the
school, who gave the commencement
address.
The two weeks’ summer resident
session of The Graduate School of
Banking, which closed recently, com
pletes the first decade of the school’s
life. The Graduate School opened in
June 1935. Its first commencement
was in June 1937.
55
.
New Name
Sign painters put the new name on
the Salem, Iowa, bank last month. The
bank is now known as the Salem office
of the Des Moines Valley State Bank.
To Marshalltown Bank
Ralph M. Wilson, 33, for 10 years as
sistant cashier of the State Bank of
Boone, Iowa, has been named cashier
of the Security Savings Bank in Mar
shalltown to succeed Cecil E. Orr, who
recently relinquished the post to ac
cept the cashiership of the Adel State
Bank at Adel.
IOWA
NEWS
•
Spencer and Mrs. Margariete Johnson,
bookkeepers.
Heads Farm Loan Staff
L. O. Schoenthal, fieldman for the
investment department of the Mutual
Benefit Life Insurance Company for
the last seven years, joined the staff
of the Whitney Loan and Trust Com
pany Bank, Atlantic, Iowa, last month.
Mr. Schoenthal has charge of the
bank’s farm loans and the department
of farm management service the bank
now offers farm-owning patrons.
Death Takes Former Cashier
Walter P. Dickey, 65, former Sioux
Cityan, died in Portland, Oregon, last
month.
He started in the banking business
at the Live Stock National Bank in
Sioux City and was cashier when in
1911 he moved to Portland. There
he was president of the Portland Cattle
Loan Company and the Live Stock
State Bank, as well as being western
representative for the Chase National
Bank of New York City.
Too True
Many an old pot has gone broke be
cause of a cute dish.
Dies in Denver
Norman Russett, assistant cashier
and manager of the Rossie office of
the Farmers Trust and Savings Bank,
Rossie, Iowa, died last month at Den
ver, Colorado. He had been a patient
in a sanitarium there for a year.
Since his absence from the bank,
his wife has taken over his duties
there.
Promote Two
Two employes of the Peoples Sav
ings Bank, Cedar Rapids, Iowa, were
promoted at a meeting of the board
of directors last month. Donald L.
Estes, former auditor, was made as
sistant cashier, and Charles E. Krecji,
teller, was promoted to auditor. Both
have been on the bank staff for many
years.
Redecorating Ames Bank
The Union Story Trust and Savings
Bank, Ames, Iowa, is being redecorated
after putting on a new ceiling of
plastic. The new color scheme adds
to the attractiveness of the interior.
They also plan to remodel the coun
ters and do away with the cage effect,
for a modernistic finish.
Announce Staff
The annual meeting of the stock
holders of the Oakland Savings Bank
was held last month.
W. L. Spencer, president, pointed
out that the institution during the
past year had increased its resources
to over $600,000 in that period.
The stockholders elected the follow
ing directors: W. L. Spencer, W. L.
White, E. E. Spalti and J. J. Evans.
The board of directors transacted
the usual order of business and the
following officers and personnel were
elected to serve for the ensuing year:
W. L. Spencer, president; J. J. Evans,
vice president and cashier; Harold
Spencer, assistant cashier; Mrs. Hazel
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Federal Reserve Bank of St. Louis
FAST SERVICE
An Essential in Marketing Livestock
S p eed is essential in handling the huge volum e of livestock
w h ich m oves from feedlots to stockyards— for fast service
b y truck or b y train brings cattle or h og s to the market
p la ce in g ood condition without ex cessiv e shrinkage. Trans
portation is g ea red to g iv e that fast serv ice to M iddlewestern livestock feeders.
Bankers w h ose customers ship livestock to C h icago find that
Drover's National Bank g iv es fast service in transmitting
1943 Livestock Ship
ments to Chicago
By Rail:
No. of head........... 6,350,053
No. of cars...........
86,771
By Truck:
No. of head........... 4,195,040
No. of trucks. . . . 157,809
proceed s after the sale is m ade in the yards.
Members, Federal Deposit Insurance Corporation
DROVERS NATIONAL BANK
DROVERS TRUST & SAVINGS BANK
U N I O N
S T O C K
Y A R D S ,
C H I C A G O
Northwestern Banker
August 1944
IOWA
Organized in 1884
City State Bank, of Ogden, Iowa, has
been on the job for 60 years serving
the public of Ogden and surrounding
vicinity. It is gratifying to the officers,
directors and stockholders of the or
ganization that they have been able
to be of such important service to the
community.
Toronto Banker Succumbs
Oliver Cole Mowry, 69, died last
month in his home near Toronto,
Iowa.
Mr. Mowry was a lifelong resident
NEWS
of Toronto and a prominent livestock
and hog raiser. He was the first mayor
of Toronto and a member of the Clin
ton county board of supervisors six
years. He was president of the Tor
onto Savings Bank a number of years.
Observe I 2th Year
Officers and directors of the Daven
port Bank & Trust Company, Daven
port, Iowa, last month were observing
the 12th anniversary of the opening
of the institution with deposits of
$59,575,000 at the highest point in the
history of the city.
THElNATIONAL BANK
OF WATERLOO
★
------------------------------------------------
STATEMENT OF CONDITION
★
"
RESOURCES
Cash and due fr o m b a n k s ____________________________ $ 4 ,3 4 6 ,8 6 9 .4 0
L oans and D isc o u n ts________________________
2 ,6 0 7 ,1 8 8 .4 2
U . S. G overn m en t Securities___________________________
8 .2 6 2 ,8 9 6 .3 8
State, County and M unicipal Securities_____________
2 ,9 4 0 ,4 2 7 .9 1
O th er B o n d s ------------------------------------------------------------------
2 8 1 ,6 5 1 .4 4
Stock in Federal Reserve B a n k _______________________
1 5 ,0 0 0 .0 0
Overdrafts ___________________________________
2,020.91
Furniture and fixtu re s_________________________________
1 7 ,1 2 9 .0 6
A ccrued Interest R eceivab le___________________________
5 3 ,0 2 1 .1 6
$ 1 8 ,5 2 6 ,2 0 4 .6 8
LIABILITIES
2 5 0 ,0 0 0 0 0
Surplus --------------------------------------------------------------------------Undivided P r o f i t s ___________ 2 ______________________ _
2 5 0 .0 0 0 .0 0
2 3 8 ,2 7 2 .8 1
Reserve fo r taxes, interest, e tc ._______________________
1 0 3 ,0 4 1 .9 2
Interest collected but not e a rn ed ____________________
4 ,4 3 6 .7 1
D e p o s i t s ---------------------------------------------------------------------------
1 7 .6 8 0 ,4 5 3 .2 4
$ 1 8 ,5 2 6 ,2 0 4 .6 8
★
H . F . H o ff e r ....Assistant Cashier
*R . L . K il g o re ... .Assistant Cashier
A . J. B u r k ......... A ssistant Cashier
‘ Serving with the armed forces.
M em ber Federal R eserve System
M em ber Federal D eposit Insurance Corporation
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 1944
Benton C. Gruver, who died last
month at Clermont, Iowa, had been
cashier of the Clermont State Bank
for 30 years. He had served as as
sessor for a number of years, and as
secretary of the school board.
Association Election
The Sioux County Bankers Associa
tion held their annual meeting and
dinner at the Warren hotel, Rock
Valley, Iowa, recently. W. S. Short,
dean of Sioux County bankers, pre
sented the invocation.
Officers were elected as follows:
Fred C. Aue, Sioux Center, president;
E. S. Kiernan of Alton, vice president,
and Earl Slife of Hawarden, secretarytreasurer.
John J. Ruvane, 67, Des Moines,
credit union examiner for the state
banking department, was killed last
month in an automobile accident near
Mingo, Iowa.
A state patrolman said Ruvane’s
car struck a truck parked on the high
way without warning flares.
Elected Vice President
Warren Mosman, who for the past
25 years has been associated with the
safe and bank vault industry, has been
elected vice president of Herring-HallMarvin Safe Company.
For the past 22 years, Mr. Mosman
has been with Diebold Safe and Lock
Company, Canton, Ohio. Mr. Mosman
will be located at the company’s main
office and plant in Hamilton, Ohio.
Edward Ball of Jacksonville, Flor
ida has been elected president to fill
the vacancy caused by the resignation
of C. A. Andres, the former president,
who left the company recently.
With Kansas City Bank
OFFICERS
J a m e s M . G r a h a m ........ President
C h a s . S. M c K i n s t r y ....F ice Pres.
R. L . P e n n e ........................... Cashier
B. C . Gruver Dies
Examiner Killed
A t the close of business June 30, 1944
Capital stock— c o m m o n -------------------------------------------- $
When the bank opened July 5, 1932,
deposits were approximately $8,000,000.
Cyril J. Jedlicka, formerly vice pres
ident and treasurer of the Morris Plan
Company of Kansas City, has been
elected assistant cashier of the City
National Bank & Trust Company of
Kansas City. Mr. Jedlicka was more
than 20 years with the Morris Plan
Company and will serve in the per
sonal loan and discount department of
City National.
57
—•
W H Y BANKERS PREFER
ARBITRATION
(Continued from page 14)
more than 1,500 communities in the
United States. The present expansion
of the use of arbitration, and its prom
ise of greater scope in the postwar
period, have shown the need to extend
these panels to many more commu
nities where arbitration will be in de
mand.
Another development was the action
of the Bankers Association of an east
ern state in appointing a committee
to study, among other subjects, the
use of an arbitration clause in all mat
ters where the bank is interested as
principal, and in certain transactions
between the bank and its clients when
specific obligations are undertaken;
in matters in which the bank has a
financial stake, not as a principal, but
as a leader; in transactions involving
letters of credit, specifically in the
underlying contract.
One bank’s counsel sums up the
banker’s stake in arbitration as fol
lows:
“ Most banks probably have a certain
number of so-called ‘slow’, ‘frozen’, or
bad accounts that they are carrying
on the books, thrown into such classifi
cation due to differences, uncertainties
or disputes, not necessarily with the
bank, but between the parties to a
commercial transaction, in which it
has a banking interest. The parties
being reluctant to do anything are
merely procrastinating, while the
bank’s funds are tied up.
“ The bank may be in the position of
an innocent bystander, but with its
financing at stake. Obviously it would
be the bank’s desire to expedite the
matter but perhaps it is unable to
bring the parties together, as each is
contending something that the other
is unwilling to concede. And as neither
party is willing to trust his side of
the matter to the courts within the
jurisdiction of the other party, the re
sults are that nothing whatever is
done and the bank as well as the par
ties get nowhere.
“ Meanwhile the file and the time
spent in the matter continue to grow.
A short hearing on the merits, before
a competent, well qualified and impar
tial arbitrator would solve the whole
problem and enable the bank as well
as the parties to clear up the matter
satisfactorily and to continue with
other business.”
IOWA
NEWS
•
present. Every banker should be in
terested in the prompt settlement of
postwar disputes. Every bank will
have a stake in stability, in the smooth,
uninterrupted return of industry to
peacetime conditions and operation, in
the prompt settlement of claims aris
ing out of cancelled war contracts.
Fair and equitable disposition of such
claims will affect not only the big war
contractors, but the well-being of thou
sands of small firms—sub-contractors
and sub-sub-contractors — throughout
the country will depend upon quick
and fair adjustment of claims involv
ing terminated war contracts.
The banks of the United States are
financing a large part of the war pro
duction. One company has arranged a
billion dollar bank loan. Others must
rely for rapidly increasing financial
help upon the private banking system.
Before the end of 1942, 100 contractors
were obligated on contracts of more
than $100,000,000 each; 58 for $200,000,000 each; 35 for $400,000,000 each; 25
Correspondent Bank
Service
A
policy o f strict adherence to
sou n d b an k in g p rin cip le s has
brought to this bank correspond*
ents from every part o f the country*
They find here adequate facilities
and competent counsel.
The bank needing a Chicago corre
spondent will find an association
that should prove pleasant and
profitable*
The First National Bank
o f Chicago
Building with Chicago and the Nation since 1863
Lo okin g A h e a d
But bankers, in their consideration
of arbitration, are looking beyond the
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Federal Reserve Bank of St. Louis
Northwestern Banker
August 19b'i
58
—•
for $600,000,000 each, and 16 for $1,000,000,000 or more each.
Sub-contractors and suppliers by the
thousand are involved in these con
tracts—and of course their bankers are
involved along with them.
Business groups, Government plan
ners, bankers, and economists are all
planning how to swing the huge in-
IO W A
NEWS
•-
dustrial war machine back into profit
able peace production.
The American Arbitration Associa
tion is now studying postwar and re
construction problems and the possible
prevention of a huge congestion of
claims, not only in the United States,
but between our neighboring Repub
lics, when the war ends. It has had a
preliminary study made of the settle
Farmers State Savings Bank
IN D EPEN D EN C E, IO W A
Condition on June 30, 1944
RESO U RCES
C a sh and D ue from B a n k s ...............................................................................................................................$ 1 ,0 3 0 ,4 4 9 .9 0
L o a n s and D is c o u n t s .......................................................................................................................................
5 6 6 ,4 4 0 .6 7
F ir s t Real E s t a t e M ortgages....................
3 5 5 |7 4 2 .* 7 3
U . S. G overnm ent B o n d s .........................................................................................................................
. 2 ,4 0 6 ,2 3 9 ^ 5 9
M u n icip al S e c u r i t i e s .............................................................................................................
146 6 4 7 .4 9
F u rn it u re and F ix t u r e s ...........................................................................................
3 ,1 5 1 .9 8
O verd rafts
......................................................................................................................................................
5 4 9 .4 1
$ 4 ,5 0 9 ,2 2 1 .7 7
L IA B IL IT IE S
C a p ita l Stock ( C o m m o n ) ......................................................................................................................
$ 1 0 0 ,0 0 0 .0 0
Su rp tu s
.....................................................................................................................................................................
100 , 000.00
U ndivided P r o f i t s .................................................................................................
3 3 ,3 4 8 8 0
D eposits
......................................................................................................................................................
i 4 , 2 7 5 ’8 7 2 i9 7
ment of war contracts with private in
dustry under two world wars, and has
a special committee to consider what
part arbitration can take and to plan
for its use in domestic, inter-American
and international war contracts for the
settlement of accounts and contro
versies with private industry.
Bankers may find it desirable to be
fully acquainted with all the facts con
cerning the potentialities of arbitra
tion. Next to all-out production, the
greatest responsibility of those charged
with negotiating future contracts (or
renegotiation of present contracts) —
responsibility to stockholders, to the
labor they now employ and wish to be
able to continue to employ after the
war, and to their bankers—is to assure
themselves of a safe transition from
war status to postwar status.
The banker’s questions are always
simple and direct: 1) Do I get my de
positor’s money back if I have loaned
it to a war contractor? 2) When?
3) How?
$ 4 ,5 0 9 ,2 2 1 .7 7
O F F IC E R S
E. F. Sorg, President
C. E. Fiester, Cashier
E. E. Everett, Vice President
P. E. Sorg, Assistant Cashier
Member Federal Deposit Insurance Corporation
The No. 4 question on the banker’s
list may well be: How can arbitration
figure in a satisfactory answer to the
first three questions?
NEWS AND VIEWS
(Continued from page 18)
0
democratic senate seats, and if so,
this would give the republicans a ma
jority in the senate.
Ray R. Calkins, president of the
American National Bank of St. Joseph,
Missouri, has announced that through
a stock dividend of 50 thousand dol
lars the capital of the bank has been
increased to 250 thousand dollars. Also,
50 thousand dollars has been trans
ferred from undivided profits to sur
plus and which account is now also
250 thousand dollars—the same as the
capital. In addition to this, undivided
profits now amount to 70 thousand
dollars.
IOWA •LITHOGRAPHING •COMPANY
FOUNDED
BY
GEORGE
H. RAGSDALE
515
E D W IN G. R A G S D A L E
SECRETARY
TW ENTY EIGHTH STREET
D ES •M O IN ES
Q U A L I T Y
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
- E X P E R I E N C E
August Í.944
• S E R V I C E
Sumner H. Sliohter, Harvard Uni
versity economics professor, believes
that the demand for civilian consumer
goods will probably reach 102 billion
dollars in the first year after the war.
When the war ends, he said the coun
try will need three and one-half mil
lion vacuum cleaners, seven and onehalf million electric clocks, 20 million
radios, 5 million electric refrigerators,
10 million irons, three million wash
ers, and four and one-half million elec
tric toasters.
59
.
Ed. M. Warner, president of City
National Bank of Clinton, Iowa, is
not only a very successful banker, but
a poet whose paragraphs have a real
punch. And just to prove it, here is
one that he wrote recently.
“Have you forgotten the ’28 crash?
If not— don’t you buy trash.
Stop! Think! Use your good head.
Invest safely; Buy WTar Bonds in
stead.”
Warren Garst, cashier Home State
Bank of Jefferson, Iowa, sent the
Northwestern Banker a very interest
ing poster which he places in the
safety deposit department to stimulate
the sale of war bonds.
Here are a few of the paragraphs
in the circular:—
I O W A
The class of 1944 was the 10th one
to be graduated by The Graduate
School of Banking at New Brunswick,
New Jersey. There were 125 bankers
in the class from 25 states. Dr. Har
old Stonier, director of the School and
who delivered the commencement ad
dress, said, “English speaking peoples
of the earth in hours of great decision
maintained their personal liberties
which can be sustained only by eternal
vigilance.”
No Soap
“Why so downcast, Bud?”
“Well, I was spoonin’ with mah sugar
last night and der warn’t nothin’
stirrin’. ”
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Federal Reserve Bank of St. Louis
•
"Predictions Coming True"
DEAR EDITOR
W . L. Spencer, president
o f the Oakland Savings Bank, sent out the
follow in g interesting letter when he mailed
his hank statem ent o f June 30th to all o f
his custom ers and to all o f the local men in
the A rm ed Services.
E d it o r ’ s N o t e :
(Continued from page 9)
law states that passengers must wear at
least one shoe. On the downtown street, or
anywhere for that matter, it is not at all
uncommon to see people walking carrying
their shoes in their hands.
“ 1 am trying to tell you a little about
the country I am lucky enough to be in
and personally feel it is a great experience.
However, I can hardly wait for the day
I can come home for keeps and shall enjoy
visiting with you about my experiences. ’ ’
R . M . D o n h o w e , Y fc , N A F
B ox B B , N avy 120, c/o
F P O , N ew Y ork, N . Y.
“What is the Difference between
Money and War Bonds?
“Both issued by the Same Govern
ment.
“Both are Signed by the Same Man.
“Both have the same 100% Safety.”
“Bonds pay interest—Money Does
Not. (2.9% on Series E. Bonds; 2.5% on
Series G Bonds if held to maturity.)”
Herbert V. Prochnow, assistant vice
president, The First National Bank of
Chicago, has just published a new
book, “Great Stories from Great Lives,”
which is an anthology consisting of 83
selections written by many of the most
distinguished biographers of our time.
In a letter to the Northwestern Bank
er, Mr. Prochnow said, “Each author
was asked to select what he believed
is the single greatest story in one of
his significant biographies.” In pre
paring this very fine edition, Mr.
Prochnow examined over 2,000 biogra
phies.
The book covers a wide diversifica
tion of interests such as medicine,
music, law, sports, business, govern
ment and aviation.
N E W S
H ere is the le tte r :
‘ ‘ O UR P R E D IC T IO N S A R E CO M IN G
T R U E ! Remem ber? . . . we said a year
ago that H it le r ’s “ goose was cooked.” . . .
and last January we stated that 1944
would see the dow nfall of Germany. W ell,
things have been happening pretty fast
this spring . . . record bomb loads have
been dropped on the R eich; Rome was ta k
en, and our Arm ies moved into northern
I ta ly ; the second front has been opened
READILY AVAILABLE FULL INFORMATION AND MARKETS
ON ALL
U. S. GOVERNMENT SECURITIES
T
o
assist y o u
in the management o f the United States
Government investments o f your bank, we suggest
the use o f our facilities. Full information and markets are
readily available on such securities. Your orders will be
executed promptly in the purchase or sale o f United States
Government securities.
Write fo r our convenient Q U O T A T IO N RECORD FORM
to assist you in recording markets on your portfolio
o f United States Government securities.
B O N D DEPARTM ENT
THE NORTHERN
TRUST COMPANY
50 SOUTH LA SALLE STREET, CHICAGO 90, ILLINOIS
M em ber Federal Deposit Insurance Corporation
TELEPHONE: FRANKLIN 7070
TELETYPE: CG 368
Northwestern Banker
August 194-4
60
•
successfully . . . yes, and new giant
bombers are starting in on Japan.
‘ ‘ O f course, we know the war is n ’ t over
yet.
Our fighting men have a tough job
ahead of them . . . and all o f us on the
home front are backing them up 100 per
cent by participating in war activities,
buying W a r Bonds, staying on the job,
and producing for war.
“ This increased home fron t activ ity
is reflected in the enclosed June 30th
W e H e lp
NEWS
•
Statem ent of Condition— this is the best
statement the Oakland Savings Bank has
ever published in 52 years of uninter
rupted service.
Our total resources are
now nearly $2,000,000.
Capital, Surplus,
and Profits have passed the $100,000 mark.
This is important— it points to a sound
financial basis for postwar construction
and progress in this territory.
Our boys
w ill come back to a progressive, active
community.
“ There have been some difficulties in
our type of business just as there has been
in every business.
A scarcity of help
plus a greater demand fo r service has
increased the pressure of our staff— but
there has been no complaint— from the
staff or from the customers.
W e have
maintained service b y working harder; we
have met the requirements o f our regular
customers; and we have expanded our
service to include news customers.
B A N K E R S
W A N T S
M a y
IO WA
Y o u ?
Rate— 5c per word with order
NORTHWESTERN BANKER
527 Seventh Street, Des Moines 9, Iowa
.Country bank in n o rth e a st N e b ra sk a
w an ts a ssista n t cashier w ith previous e x
perience. Chance fo r in v estm en t and ad
vancem ent. K n ow led g e o f Czech besides
E n g lish desirable. Splendid op p ortu n ity.
W r ite C N B , c /o N o rth w e ste rn B an ker,
527 7th S t., D es M oines.
Bank em p loye available now or later
w ith experience as a ssista n t cashier in
country bank, desires retu rn in g to coun
tr y bank as cashier or a ssista n t. W r ite
B. B. W .— c /o N o rth w e ste rn B an ker, 527
7th S treet, D es M oin es, Iow a.
W e are with you 100 per cent, and are
looking forw ard to when you w ill be with
us . . . back home. M a y it be s o o n !’ ”
Sincerely,
W . L . Spencer, President,
Oakland Savings Bank, Oak
land, Iow a.
Banks Sold or Bought!
quietly, quickly and in a personal manner
JAY A. WELCH
B A N K BROKER
Haddam, Kansas
“ 36 Years Practical Banking E xp erien ce ”
‘ ‘ Crops in this locality are nearly up to
normal regardless of the disadvantageous
weather we have had— so food producers
in the Oakland territory w ill once again
contribute a fu ll share to the production
of Food for V ictory. (The Oakland S a v
ings Bank has helped, too, b y providing
necessary financing.)
‘ ‘ I f you detect a note of optimism in
this mid-year report to you, it is because
we are optimistic over the progress of
the war and progress in this territory . . .
and we look to the postw ar period with
optimism. Copies of this letter are being
sent to all local men in the Arm ed Services
— so we know we are speaking not only
for ourselves, but for our customers when
we close with a direct word to our fight
ing men . . . ‘ Greetings and best of luck.
DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION
Oldest and Largest in Des Moines
411 6 th Ave.
Dial 4-7119
ELM ER E. M IL L E R
Pres, and Sec.
FIRST SECURITY BANK & TRUST CO.
H U BE R T E. JAM ES
A sst. Sec.
FOR YOUR ENJOYMENT . . .
. Listen to the
“ W O R L D OF M U SIC ”
C H A R L ES C IT Y , IO W A
KSO, 1460 KC
9 :30-10 :00 a. m. Sundays
S T A T E M E N T O F C O N D IT IO N AS O F JU N E 3 0 , 1 9 4 4
RESO U RCES
Cash and Due from
B a n k s ...............$
5 4 5 ,0 5 0 .0 3
U . S. S e c u rit ie s . . 2 , 9 4 3 ,5 9 6 .6 3
T o ta l Cash and U . S . S e c u rit ie s . $ 3 , 4 8 8 ,6 4 6 .6 6
M u n icip al and O th er T a x E x e m p t
Bon d s ..................................................
1 8 ,7 3 1 .2 8
O th er B o n d s ............................................
1 7 ,0 1 7 .5 0
Lo a n s and D is c o u n ts ...........................
7 8 1 ,2 2 4 .1 3
O verd rafts
...............................................
1 9 7 .3 1
F u rn itu re and F ix t u r e s ......................
6 ,9 0 6 .1 1
$ 4 ,3 1 2 ,7 2 2 .9 9
L IA B IL IT IE S
..................$
1 0 0 0 0 0 .0 0
C a p ita l
S u rp lu s
..................
5 0 ,0 0 0 .0 0
Un d ivid ed Profits
8 6 ,0 6 7 .2 3
Reserve for C o n tin
gencies ...............
2 0 ,0 0 0 .0 0
Through 4 wars and many
panics and depressions
T o ta l C a p ita l, S u rp lu s and
Pro fits .................................................. $
D em and D eposits $ 2 ,5 6 7 ,1 1 7 .0 1
T im e D eposits . .
9 6 4 ,8 8 0 .3 1
U . S . D e p o sits. . .
5 2 4 ,6 5 8 .4 4
T o ta l
Deposits
...........................
2 5 6 ,0 6 7 .2 3
4 , 0 5 6 ,6 5 5 .7 6
$ 4 ,3 1 2 ,7 2 2 .9 9
Melvin W. Ellis, President
Ernst L. Walleser, Vice President
Win. A. Herbrechtsmeyer, Cashier
Merten J. Klaus, Vice President
R. L. Harding, Asst. Cashier
Clara L. Smith, Asst. Cashier
have weathered the storm. Today,
as in past years, we will continueto
successfully serve Iowa business
men to the best of our ability.
Member Federal Deposit Insurance Corporation
Plan to use an a d vertisin g program o f
w ell w orded m essa g es crea ted b y
W es s lin g S er v ices , D e s M oin es, Iow a
ennceâ
C o u
n
D.
s
e
B
a
n
k
P u b l i c
R e l a t i o n s
R . W E S SL IN G , PRESIDENT
3 , eS
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August Î9bb
o tn ei
9,
ESTABLISHED W
?
STATIONERS V 1889 S BOOKBINDERS
OFFICEOUTFITTERS^^W^^BUSINESSM
ACHINES
G rand A v
e
.
a t
Fo
u r th
Des M
o in e s
, Ia .
61
—•
"Glad and Proud"
“ I was interested in the article on Jennie
R. W illiam s in the July N o r t h w e s t e r n
B anker.
“ For your inform ation the W illiam s
and O by fam ilies have been devoted
friends for many years.
Her fath er was
inactive vice president all of the tim e that
I was president of the D etroit S tate Bank,
Detroit Lakes, M innesota. I knew Jennie
during- her school career. She came to me
for her first job, and then developed
through the ranks to assistant cashier
at D etroit Lakes.
W h en I accepted the
assignment in St. Paul and required a
secretary, I offered the position to Jennie;
she accepted and came to St. Paul, where
she devoted much effort to higher train
ing. She worked w ith me for seven and
one-half years in the bank at Detroit
Lakes and eight years in the St. Paul
B ank for Cooperatives.
Her connection
w ith the Empire N ation al B ank and Trust
Company, St. Paul, M innesota, originated
through m y contacts. I am glad and just
a trifle proud, to know that M iss W illiam s
is recognized b y being sought out for
space in the N o r t h w e s t e r n B a n k e r , as in
dicated by your article on page 16 o f the
July issue.”
W a l t e r O b y , 1337 Fair-
mount A venue, St. Paul
Bank f o r Cooperatives, St.
Paul, M innesota.
Chase National Bank
The statement of the Chase National
Bank for June 30, 1944, shows deposits
of the bank on that date were $4,677,873.000, the largest deposit figure yet
reported by the bank, compared with
$4,457,582,000 on March 31, 1944.
Total resources amounted to $4,990,183.000, compared with $4,766,000,000
on March 31; cash in the bank’s vaults
and on deposit with the Federal Re
serve Bank and other banks, $886,348.000, compared with $936,854,000
three months ago; investments in
United States government securities,
$2,778,218,000, compared with $2,691,990,000; loans and discounts $1,048,627,000, compared with $878,952,000.
On June 30, 1944 the capital of the
bank was $111,000,000, and the surplus
$124,000,000, both figures unchanged
from those reported as of March 31,
1944. The undivided profits on June
30, 1944, after deducting $5,180,000 from
that account for a semi-annual divi
dend payable August 1st, amounted to
$43,209,000, compared with $43,107,000
last March 31st.
Trust Officers
Mercantile-Commerce Bank & Trust
Company, St. Louis, announces the ap
pointment of Arthur S. Bland, Jr.,
and Frank A. Molumby as assistant
trust officers.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IOWA
NEWS
•-
"Real Income" Gains
The “real income” of the American
Public at the start of June, 1944, was
$1.04, or four cents on the dollar more
than at the beginning of June, 1943,
according to Investors Syndicate, in
a study of what people earn and
spend.
“Over-all living costs show no ap
preciable change over a year ago,”
explained Investors Syndicate in re
porting on its monthly study of the
nation’s buying power. “When all
vital items in the average household
budget are considered one dollar dur
ing May would buy about as much as
it did the same month a year ago.
“Food, which always takes the larg
est slice of expenditures in the aver
age American household, was lower
than any of the main living costs dur
ing May. Food expenditures of 96
cents in May, 1944 compare with $1.00
in May, 1943 for the same quality and
quantity of these items.
Mother: “ Mabel, get off that sailor’s
lap.”
Mabel: “ No, Mother—I got here
first.”
: M E M B E R F E D E R A L H O M E L O A N BA N K
STATEMENT OF CONDITION
June 30, 1944
HOME FEDERAL
S AV I N G S A N D L O A N A S S O C I A T I O N
414 Sixth Street
Des Moines, Iowa
A S S E T S
Officers and Directors
A rth u r S . K ir k
D r. L a w re n ce E . K e lle y
V ic e P re sid e n t
C.
B.
F le tc h e r
S ecreta ry-T rea su rer
E d ith K e e lin g
A ssista n t T rea su rer
H e n rie tta A lb rig h t
A ssista n t Secretary
H arold J .
H owe
C ash .............. ....................................................... $
2 7 9 ,7 1 6 .7 7
U n ited S tates W a r S a v in g s
6 0 4 ,4 0 3 .1 3
Stock in F ed era l H om e L oan B a n k ....
Repayable on monthly payment plan.
L oans on P assbooks and C ertificates..
F u rn itu re and F ix tu r e s ........
J . T . S c h illin g
Iow a Pow er & L ig h t C o .
D r. John L . H illm a n
Presid en t E m e ritu s
Sim pson College
L t . Jo n a th a n M. F le tc h e r
In M ilita ry Service
Office B u ild in g .......................
O ther A s se ts ............................................ , .....
These are prepaid expense items.
1 2 6 ,3 85 .1 7
2 ,3 4 5 .2 6
__________________
$ 4 ,5 5 9 ,2 6 9 .9 5
LIABILITIES
S a v in g s and In v e stm e n t A cco u n ts.......$ 4 ,2 7 7 ,0 3 5 .3 6
Each account is insured up to $5,000.00.
L o a n s in P ro cess............................................
5 6 ,8 2 4.7 0
New loans on which these funds have
not been disbursed.
O ther L ia b ilitie s .........................................
4 ,4 3 4 .7 5
These are current accounts.
D ividends D eclared and
We Are Exceedingly
proud of ourfinancial
statement and urge
your careful analysis
6 ,93 2 .66
1 0,3 9 6.9 9
H oughton
D e n tist
Joseph IV. C h am b erla in
R ea l E s t a t e & Insu ran ce
5 0,0 0 0.0 0
F ir s t M o r tg a g e L o a n s........................ ...... 3 ,4 7 9 ,0 8 9 .9 7
Counsel
D r. M arvin J .
B on d s....
U n p a id .........
5 5 ,3 9 0.3 7
To be paid in cash on July 1, 1944,
or credited on savings accounts.
R e serve s and U nd ivided P ro fits:
G en eral R eserves ..........$ 75 ,2 21 .2 7
Specific R eserves ......... 6 1 ,3 7 3.5 0
U nd ivided P r o f i t s ......... 28,990.00'
1 6 5 ,5 84 .7 7
$ 4 ,5 5 9 ,2 6 9 .9 5
PHONE 3-0555
W e invite you to call and ta lk w ith us about sta rtin g a sav in gs
account.
O r w rite us f o r our booklet exp lain in g how to open a
sav in gs account by m a il.
E a ch account is insured up to $ 5,0 0 0.
W e have never paid less than 3 % per ann um , our current rate.
W E A R E IN T H E M A R K E T F O R GOO D H O M E L O A N S
=
=
W e Have Grown $1,173,659.07 in the Last 6 Months ■
Northwestern Banker
August 1944
fi2
In
th e
DIRECTORS' ROOM
R e fo r m e r s
W h o Is G .I. J o e ?
Daughter: “ I can’t marry him, Moth
er. He is an atheist and does not be
lieve in hell.”
Mother: “ Marry him, my dear; be
tween us we will convince him that
he is wrong.”
To his government G.I. Joe is man
power. To the general he’s expend
able. To the medics he’s a potential
casualty. To the quartermaster he’s
another foot in a shoe. To his com
pany commander he’s a replacement.
To his first sergeant he’s a goldbrick.
To his mess sergeant he’s a chow
hound. To his battery clerk he’s a sick
book rider. To his sergeant he’s a
lousy recruit who’ll never make a sol
dier. To his corporal he’s a target for
hard labor. To the Pfc.’s he’s a meathead.
But to his girl back home he’s a
hero, and to his family he’s t h e shin
ing example of an American soldier.
R a d io
M o ra to riu m
A Negro was walking down the
street mumbling to himself, when he
met his pastor.
“ Parson, I wants you to splain sumpin’ to me. I heah de white folks talk
ing about dis here moratorium. It’s
moratorium dis, and moratorium dat.
What does dey mean?”
“ I’ll splain it to you. You see de
King of England owes Uncle Sam a
lot of money. Uncle Sam sent de King
a bill, but de King tore it up. He sent
him another bill and he tore it up.
Uncle Sam jes kept sending de King
bills and de more he sent him de more
he torem.”
B ig T im e
Tech. Sgt.: “ Let’s get our wives to
gether tonight and have a big time.”
Master Sgt.: “All right, but where
will we leave them?”
A harried script-writer for a Wyom
ing station was commissioned to take
the song requests which came in dur
ing a hillbilly program. Irked by the
task, he took down the first three calls,
added a note of his own, and slipped
them under the studio door. He had
hardly regained his desk before the
emcee drawled over the ether:
“Well, it looks like you folks like our
music. We have some requests al
ready. Here’s Home on the Range,
Little Joe, The Wrangler, Red River
Valley and tell the damn fools to quit
phoning in.”
Thumbs Up
Mama: I see that a woman has been
awarded $2,000 for the loss of a thumb
—I didn’t know a thumb was so valu
able.
Papa: Perhaps it was the one she
kept her husband under.
l
CONVENTIONS
Sept. 3-4, IO W A , Fort Des Moines Ho
tel, Des Moines
Sept. 19-20, N A T IO N A L A S S O C IA
T IO N OF B A N K A U D IT O R S AN D
C O M P T R O L L E R S , Cleveland, Hotel
Cleveland
Sept. 24-27, A M E R IC A N B AN K ER S
A S S O C IA T IO N , Chicago
Oct. 25-29, F IN A N C IA L
ADVER
T ISE R S ASSN ., Edgewater Beach
Hotel, Chicago
4
Index To Advertisers
A
A llen W a le s Adding- Machine Corp.........
3
A llied M utual C asualty C om pan y.............. 33
Am erican National Bank and Trust
Company— Chicago .................................... 54
Am erican Trust Company— San F ra n
cisco ................................................................... 25
II
Bankers Trust Company— -Des M o in e s.. 63
C
Central National Bank and Trust Com
pany— Des Moines ......................................
Chicago, M ilwaukee, St. Paul & P a
cific Railroad Co............................................
City National Bank and Trust Company
— Chicago ........................................................
City National Bank and Trust Company
— -Kansas City ...............................................
Continental Bank and T rust Company
— New Y ork ...................................................
Continental National Bank — Lincoln,
N e b r a s k a ......... .................................................
12
40
28
43
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August 19^4
60
26
I
Investors Sundicate, Inc................................. 28
Iow a-D es Moines National Bank and
Trust C o m p a n y ............................................. 64
Iow a Lithographing C om pany.................. 58
.1
Jamieson and C om pany................................ 37
41
58
K
Koch B r o t h e r s ...................................................
N
National Bank of W a te r lo o ......................... 56
New Y ork Trust C om pany...........................
6
Northern States Envelope Com pany. . . . 33
Northern Trust C om pany............................. 59
7
8
61
52
50
38
M
M anufacturers Trust C om pany.................. 34
Merchants Mutual Bonding Com pany. . . 32
Merchants National B a n k .............................
2
♦
«
Omaha National B a n k ....................................
19
P
Philadelphia National B a n k .........................
4
Public National Bank and Trust Co......... 48
K
Royal Bank of C anada......... ..........................
Russell County B uilding and Loan
A s s o c ia t io n .............................
4
43
28
S
St. Paul Term inal W arehouse Co............. 24
Scarborough and C om pany...........27-31-52
State Autom obile Insurance A ssn ............. 32
61
L
George LaM onte and S on .............................
Law rence System .............................................
L essin g A dvertisin g C om pany........... ..
Livestock National Bank— -Chicago.........
Live Stock National Bank— O m aha.........
Live Stock National Bank— Sioux C ity. .
k
Merrill Lynch, Pierce, Fenner & B eane. 29
M innesota Commercial Men’s A ssn ........... 37
H
H am m erm ill Paper C om pany....................... 21
Hom e Federal Savings & Loan Assn.,
Des Moines ...........
61
Home Insurance C om pany...........................
5
49
E
F
Farm ers State Savings Bank— Inde
pendence, Iow a ................> .........................
23
57
48
53
46
1)
Davenport, F. E. and C om pany...............49-53
DeLuxe Check Printers, Inc........................ 41
Des Moines Building, Loan and Savings
A s s o c ia t io n ...................................................... 61
Drovers National B a n k .................................. 55
E lm s H o t e l ..........................................................
Financial Developm ent C om pany..............
F irst National Bank— C h icago.................
F irst National Bank— O m aha...................
F irst National Bank— -Sioux C ity ..............
F irst Security Bank and Trust Company
— Charles City, Io w a ....................................
F irst W isconsin National B a n k ................
T
Tension Envelope Corporation.................. 36
Tootle Lacy National B a n k ..................... 46-47
Twin City Federal Savings and Loan
A ssociation
f
.................................................... 36
U
United States National B ank— O m a h a .. 44
\v
W a n t Ads .............................................................
Charles E. W a lte rs Co...................................
Jay A. W e lc h ......................................................
Wressling Services ...........................................
W estern Mutual Fire Insurance Co.........
60
49
61
60
30
*
DR. O. J. FAY
Surgeon
PREPARE for
J. G. GAMBLE
A tlorney
J. W. HOWELL
Pres., W arfield-Prall-IIowell Co.
F. W. HUBBELL
Pres., Equitable Life Ins. Co. o f Iowa
E. J. LINDHARDT
President, National By-Products., Inc.
E. T. MEREDITH, Jr *
V . P ., Meredith Publishing Co.
POSTWAR
SHIRLEY PERCIVAL
Pres., Green Colonial Furnace Co.
RUSSELL REEL
PROGRESS
President, Yellow Cab Co.
JOHN I). SHULER
President, Shuler Coal Co.
B. F. KAUFFMAN
President
J. W. HUBBELL
Vice President
In your postwar planning, there is a definite
S. C. PIDGEON
Vice President
R. R. ROLLINS *
Vice President
place for a Des Moines correspondent, with
contacts, facilities and resources to deliver
OTH ER OFFICERS
the service you and your customers require.
C. W. MESMER
Vice President
F. C. ATKINS
Vice President and Cashier
L. NEVIN LEE
Recently, the combined capital and surplus of
this bank was increased to $2,000,000— put
Vice President
F. S. LOCKWOOD
Secretary and Trust Officer
ting us in still stronger position to cooperate
S. G. BARNARD
with you in financing the postwar needs of
Assisanl Secretary
WM. ELLISON
A ssislanl Cashier
G. A. MOECKLY
Assistant Cashier
Mgr. Personal Loan Dept.
We believe you will find every phase of our
A. F. ERICKSON
Assistant Cashier
correspondent service well adapted to your
K. L. DeBOLT
Assistant Cashier
Mgr. Mortgage Dept.
* In Government Service
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
your larger customers.
requirements.
BANKERS TRU ST
C O M PA N Y
d e s m o in e s
PWICTORY
BUY
UNITED
STATUS
W AR
BONDS
AN D
STAMPS
CO LLECTIO N S
An I m p o r t a n t S e r v i c e for Your C u s t o m e r s
When you send checks or drafts to
this Bank for collection you get fast,
dependable service to points any
where in Iowa and throughout the
United States.
As a further guarantee of speed, work
in the Transit Department is geared
to meet daily mail schedules by air
or train.
A
Des Moines is the hub of a network
of railroads. It is also at the junction
of two major air lines . . . United's
transcontinental East-West route and
Mid-Continent's North-South route.
Direct air mail connections with all
leading centers are thus available.
steadily
collection
increasing
business
volume
indicates
of
that
Iowa Banks and Bankers are relying
to a greater extent than ever before
on the facilities of this Bank to
provide fast and efficient service for
their customers.
I owa -D es M oines N ational B ank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
& TRUST COMPANY
M e m h e r Federal Deposit Insurance Corporation
@FedFRASER