Full text of The Northwestern Banker : August 1948, 53rd Year, No. 733

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AUGUST
1 0 4 a

----- ----

...........

How Machines Save
Time and Money for
Banks— Survey-Pas«

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CARMEL-BY-THE-SEA— Page 7

"Indispensable!"
Dependable day-to-day service is always available at
the Merchants National in Cedar Rapids. Its officers
are in continuous touch with business, farming and
industrial leaders throughout the midwest. That's why
so many banks say "The Merchants National is indis
pensable to us in the midwest."

THE
MERCHANTS NATIONAL
=

O F F I C E R S
JAMES E. HAMILTON,
Committee

Chairm an Executive

S. E. COQUILLETTE, Chairm an of the Board
JOHN T. HAMILTON II, President
MARK J. MYERS, V ice President
FRED W . SMITH, Vice President
GEORGE F. MILLER, V ice President and
Trust Officer
M AR VIN R. SELDEN, Vice President

R. W . M AN ATT, Vice President
L. W . BROULIK, V ice President
PETER BAILEY, Cashier
R. D. B RO W N, A ssistant Cashier
O. A . KEARNEY, Assistant Cashier
STANLEY J. MOHRBACHER, A sst. Cashier
EVERETT C. PRATT, Assistant Cashier
C. F. PEREMSKY, Assistant Cashier
VICTOR W . BRYANT, Assistant Cashier
JAMES E. COQUILLETTE, Assistant Cashier

Cedar Rapids

Iowa

Member Federal Deposit Insurance Corporation

Northwestern Banker, published m onthly by the Northwestern Banker Company, at 527 Seventh Street, Des Moines, Iowa. Subscription, 35c
per copy, $3.00 per year. Entered as Second Class M atter January 1, 1895 at the Post Office at Des Moines, Iowa, under A ct o f M arch 3, 1879.

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ong

affiliated in the Home Fleet, the ten com

p a n ie s listed above have now been brought

producers it affords the advantages and economies
of simplification and concentration of detail.

together under the single seal of The Home.

7he Home, through its agents and brokers, is

This significant step marks another entry in the

the leading protector of American Homes and

record of The Home's continuing effort to pro

the Homes of American Industry

vide security and peace of mind for American
property owners.
To the businessman, homeowner and individual
this action is important in that it offers the secur
ity of a fully integrated company. To agents and

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0 y i f o I * is good advice for BANKERS too
One of the primary functions of a
commercial bank is the transfer of
funds—and checks are the tangible
evidence of that service. Distributed
by banks at the rate of billions a
year, checks are continually passing
th ro u g h the h a n d s of a b a n k ’s
cu sto m e rs...a n d of e v ery worth
w h ile b a n kin g "p ro sp ect” in the
community. Obviously, it’s quite as
important for a bank to have a rep
resentative check as for a manufac
turer to have a suitable package.

* SA«

SAFETY PAPER FOR CHECKS
GE OR GE LAMONTE & SON. NUTIEY NEW JERSEY

«« W
AV
A Check Paper All Your Own
Thousands of hanks and many o f the larger corporations
use La Monte Safety Papers .with their awn trade-mark or
design made in the paper itself. Such INDIVIDUALIZED check
paper provides maximum protection against both altera
tion anu counterfeiting —makes identification positive.

Northwestern Danker, Aucust, i ?4'J

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H O W THE C H A SE C A N BENEFIT Y O U R B U S IN E S S O V E R S E A S
T h e C h ase m a k es b a n k in g facilities d irectly available in the w o r ld ’ s c o m m e r c ia l centers
th ro u g h its o w n fo r e ig n b ran ch es and c lo se c o r r e s p o n d e n t r e la tio n sh ip s w ith le a d in g
b an k s th r o u g h o u t the w o r ld . A m o n g the services p r o v id e d are:

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C a s h in g of d rafts u nd er T ra v e le rs ’ Letters of Credit
Effecting C o lle ctio n s

•

M ak in g R em itta n ces

O p e n in g C o m m e rcia l Letters of Credit
S u p p ly in g C red it Inform atio n
A s s is tin g in a rra n g in g B u sin e ss C o n n e ctio n s
S u p p ly in g in fo rm atio n on E x c h a n g e C o n d itio n s a n d R e g u la tio n s

M a n y C h ase c o r r e sp o n d e n ts in the U n ite d States use these ser
vices extensively, h avin g fo u n d that by so d o in g , they can save
th eir cu stom ers b oth tim e and m o n e y in the tran saction o f their
o versea s business.
Send for our booklet "How the Chase Can
Benefit Your Business Overseas.’’

THE CHASE NATIONAL BANK
O F THE CITY O F N EW Y O R K
Member Federal Deposit Insurance Corporation

Northwestern Banker, August, 1948

FASTEST GROWING
CUSTOMER S E R V I C E
IN

TH E B A N K I N G

FIELD!

Evidence of the enthusiastic acceptance and approval of
Burroughs Commercial Teller’s Machines is contained in the
steadily growing list of banks (now over 1 ,2 0 0 ) that are using
them, and in the unqualified endorsements being received from
banks all over the country.
Checking account customers like this new system because it
saves time and gives the greater convenience and accuracy of
registered deposit receipts. Tellers like it because serving
customers is faster and easier, and so is cash balancing at the
end of the day. Bankers praise the more efficient internal
accounting it makes possible.
Your local Burroughs representative will gladly give you com
plete information about this fastest growing customer service
in the banking field.

B U R R O U G H S C O M M E R C IA L TELLER ’S M A C H IN E

WHEREVER THERE’S BUSIN ESS THERE’S

Burroughs
Northwestern Banker, August, 1948

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!h > a r E d i t o r

The following letters are from
Northwestern Banker readers. Your
views and opinions on any subject
are welcome in this column.

"50 Years a Subscriber"
“ This coming November it will be 50
years that I started in banking and am still
active and naturally am pleased to see my
son, Cannon Helscher, take up the same
kind of work. Have been reading the
N orthw estern B anker , for almost that
long.”
B. I). Helscher, President,
KeoTculc County State BanTc,
Sigourney, Iowa.

"Inestimable Value"
“ The article concerning the organization
of the Bettendorf Bank and Trust Company,
Bettendorf, Iowa, which appeared on page
74 of the July issue of the N orthw estern
B an ker has been read with interest.
“ I have always found the information
concerning banking subjects, news items
and other features in the N orthw estern
B an k er interesting and informative. Also,
the data contained in the Iowa-Nebraska
Bank Directory are, in my opinion, of
inestimable value to anyone interested in
the banking field.”
Frante A. Lettow, 1906
Grant Street, Bettendorf,
Iowa.

TH E

C O V ER

The cover page photo is the work of
Jerry Moorhead, 18-year-old son of the
N o r t h w e st e r n B a n k e r ’ s Associate Pub
lisher Ralph W. Moorhead, and was
taken on their recent vacation trip to
the west coast. It pictures the turbu
lent waters just north from CarmelBy-The-Sea, on the famous 17-mile Toll
Drive which m any N o r t h w e st e r n
B a n k e r readers doubtless have en
joyed. This strip of Pacific beauty,
while restful to the eye, has taken a
heavy toll of ships, as attested by nu
merous markers along the beach which
designate spots where various ships
have been wrecked.

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IN THIS AUGUST, 1948, ISSUE
EDITORIALS
Across the Desk from the Publisher-.......... ...................................

FEATURE ARTICLES
Dear Editor .................
Frontispage ..........
How Machines Save Time and Money fo r Banks— A N o r t h w e s t
ern B a n k e r Survey...........................................................................12,
Touring the W est............................Mr. and Mrs. Ralph W. Moorhead
News and Views o f the Banking W orld......................Clifford De Puy
Bankers You Know— Charles S. McKinstry.........................................
When Can a Will Be Withdrawn from Probate— Legal......................
Away from Horse and Buggy Days........................................ John Doe

T
H
13
14
ltì
18
20
22

BONDS AND INVESTMENTS
How Will the Election Affect the Bond Market?....Raymond Trigger 25

INSURANCE
For Life Salesmen All Selling Signals Say “ Go"... Benny Maynard 29

STATE BANKING NEWS
Minnesota News .................... ..............-.............- -...............- ...... —-......
Twin City News.......................................... ......................................
South Dakota News.................. ............................... -........................ -........
Sioux Falls News...................................................................-.............
North Dakota News............ ..................................................................... —
Nebraska N ew s.............................................. -.........-..........-.............-..........
Omaha N e w s ....... ................................ .................................................
Iowa News .......................... — .......— ----------------------- ----------- ----------Coin Collectors’ Column............. .................... ~~------ ---------------------------

31
32
35
35
37
39
40
45
53

IN THE DIRECTORS’ ROOM
New Twists to Old Straight Gags............................................................ 54
Conventions ..... ...................... - ....................................- .............................. 54
NORTHWESTERN BANKER
527 Seventh St., Des Moines 9, Iowa, Telephone 4-8163
RALPH W. MOORHEAD
CLIFFORD DE PUy
Associate Publisher
Publisher
HENRY H HAYNES
Editor
ELIZABETH COLE
Advertising Assistant
PAUL W. SHOOLL
Field Representative

BEN J. HALLER, JR.
Associate Editor

MALCOLM K. FREELAND
Associate Editor
SADIE E. WAY
Circulation Department

HAZEL C. HADLEY
Auditor

JOSEPH W. FRANKS
Field Representative

NEW YORK OFFICE
Frank P. Syms, Vice President, 505 Fifth Ave., Suite 1806
DE PUY

PUBLICATIONS:

Northwestern

Banker,

MUrray Hill 2-0326

Underwriters

Review,

Des Moines Insurance Directory, Iowa-Nebraska Bank Directory.

Northwestern Banker, August, 1948

even before the Truman regime is out of office.
So, as a prediction, we say Hail to our new
chief, Governor Dewey, and farewell President
Truman, about whom many people say, “ I am
just mild about H a rry .”
P.

S. Oh yes, Henry, have fun fighting capital

ism which has made you rich with your hybrid
seed corn— but please don’t give us any more
of your Soviet sorcery.

OsjdUx (pkiUp TYUvihmj:
President C.l.O.
In a recent issue of the “ C.l.O. Economic Out
look, ” you stated that “ a mere handful of people
control the nation’s big corporations and decide
the basic economic policy of Am erica.”
This is certainly very interesting, Mr. Murray*
when you consider that just 2 unions,

yours*

the Congress of Industrial Organizations, with
6,500,000
the

members,

American

comprising 40 unions,

Federation

Labor,

with

and
100,

unions comprising 7,400,000 members, practically

Across the Ilesk
From the Publisher
(D sjc Ux (p h si& ijd sw iw l Ç a n d id a k iÂ :
It is the opinion of the N orthwestern B anker
that Tom Dewey, governor of New York, will he
States

ployed people.
In other words, your 2 unions have 13,900,000
members of approximately 15,000,000 members
in unions in the United States.
May we, therefore, paraphrase what your own
organization said by stating “ a relatively small

Dewey, Truman and Wallace

the next president of the United
elected on the Republican ticket.

control the entire labor situation in the United;
States, although we have some 60,000,000 em

and

group of C.l.O. and A .F . of L. executives decide
the basic policies of labor in the United States.”
Furthermore,

Mr.

Murray,

where

are

your

financial statements, so that all of the public can
see how much money you take in and how it

Harry Trum an’s speech at 2:00 o ’clock in the
morning at the Philadelphia convention was the

is spent?
Every corporation in America is required by

best speech he had made up to that time, but

law to publish its financial statement regularly.

neither that nor subsequent speeches will win

W h y don’t you do the same?

him the election.
Henry W allace will secure perhaps 3 to 4 mil
lion votes, but these will be

taken

from

the

Democratic party and thus help the Republicans.
The next 4 years will present difficult domestic
as well as foreign problems.

(D sucU i ¿ h a m fi {R jd joaq va U :
Ex-boss o f the White House
Since you have become a columnist, it is cer

The next 3 or 4

tainly interesting to “ read the workings of your

months will be difficult ones, even before the

m ind.”
W e are glad that we have lived long enough
to see you pay a tribute to capitalism and to the

new administration takes over in 1949.
Business is riding a wave of inflation, and un
less it can be controlled without a severe depres
sion sometime during the next 4 years, the Re

system which lias really made America

great,

publican administration will have a real problem

and we think of all the years that you and your
associates used to tear down and ridicule our

in keeping control of Congress and of re-election.

so-called free enterprise system in this country.

Governor D ew ey’s advisers, of course, realize

So we were pleased and delighted, Eleanor,

this better than anyone, and we feel sure they

when you said recently,

will do their best to iron out the business curves

find that we have reached a peak of employment

and prevent a drastic deflation.

in this country which many people once thought

In the meantime, our situation with Russia is
still critical, and needs the best possible guidance,

unreasonable and even impossible to suggest as
a goal. In fact, we are over the figure of 60,000,-.

Northwestern Banker, August, 1948

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Federal Reserve Bank of St. Louis

“ It is interesting to

9
that total expenses of

(b& W i d icü w h d (R . (D rilsim stjy & A :
Chairman, Nebraska Bank Management Committee
The first annual operating survey of Nebraska
banks which has just been issued by your Bank
Management Committee is most interesting.
According to your survey, questionnaires were
sent to all of the 410 banks in the state and you
received reports from 172, thus representing a
participation of 41 per cent.

It is to be hoped,

ducting net losses of 3.2 per cent and taxes on
net income of 7.3 per cent.
Items not shown in the above chart and which
are of interest to all bankers show that—
1. Interest on U. S. Government securities av
erage 1.4 per cent
2. Interest and dividends on other securities
average 2.1 per cent

Mr. Deitemeyer, that next year and in the fol
lowing years, you will be able to get a larger

all kinds amounted to

57.5 per cent of total earnings.
Net profits amounted to 32 per cent after de

3. Interest on loans average 5.6 per cent.

percentage of the banks to report, although the

In the various deposit volume groups, there

N orthwestern B anker believes the figures which

was only a difference of 4.1 per cent from the

you have compiled give a very good cross section

highest and lowest, as far as total expenses were

of what all your banks are doing in the various

concerned, while there was a difference of 6.6

groups.
The combined averages for all of the groups

per cent between the highest and lowest groups

indicate that Government Securities represented
57.4 per cent of the total assets of the banks
reporting, and that Loans for all of the groups
represented 14.1 per cent of the total assets.

]
2
3
4
5
6

Less than
$1,000,000
$1,500,000
$2,000,000
$3,000,000
$5,000,000

to
to
to
to
to

G ov’t
S ecurities

B anks
R ep ortin g

$ 1,000,000
$ 1,500,000
$ 2,000,000
$ 3,000,000
$ 5,000,000
$15,000,000

48
33
16
36
21
18
172

ilar bank management surveys in other states

have proven most valuable, and congratulates

are shown in the following chart:

D eposit V olu m e

covered by the deposit volume of from 2 million
to 3 million.
The N orthwestern B anker believes that sim-f- ■

These figures and some additional comparisons

Group

when net profits were figured.
Group No. 4 had the highest net profits and is

57.6%
58.9
58.6
56.5
58.0
55.1
Av . 57.4%

Loans

14.2%
14.9
12.9
14.4
14.4
14.0
14.1%

E arnings
Interest
G ov’t Sec. On Loans

39.2%
41.0
41.4
40.4
43.2
42.3
41.3%

36.9%
39.1
34.3
41.6
37.6
35.7
37.5%

S ervice
Charges

12.1%
11.5
13.1
8.4
9.6
11.4
11.0%

Salaries
Salaries
Officers E m ployes

T otal
E xpenses

Net
Profit

11.3%
12.3
11.5
12.4
16.4
16.8
13.4%

59.8%
55.7
55.8
55.9
59.3
58.8
57.5%

29.4%
34.9
31.1
35.7
29.1
31.9
32.0%

23.3%
18.8
21.9
17.8
16.2
13.6
18.6%

Sources of earnings based on a percentage of

you, Mr. Deitemeyer, and your committee on this

the total earnings show that interest on U. S.

report.
Banks, if they are to continue sound must be
successful. No depositor wants to put his money

Government

securities

accounted

for

41.3

per

cen t; earnings on loans represented 37.5 per cent
of the total earnings and service charges repre
sented 11 per cent of total earnings.
Expenses, based on a percentage of total earn
ings, indicated that salaries for executive officers
amounted to 18.6 per cent; wages for junior offi

in a bank that is likely to fail, therefore, banks
should make a profit, should build up their capital
structure by adding substantial amounts from
time to time to their surplus and profits account.
That the banks in Nebraska are in a strong

cers and employes amounted to 13.4 per cent and

and enviable position is indicated by this report.

000 employed which was set as the desired num

present socialist government denouncing capital

ber to give us steady prosperity.
“ It also means that the capitalistic system
still works for the benefit of the great majority

ism in all its forms, mocking with derision and
contempt the tremendous free enterprise, capital

of people in the United States.”
Yes, indeed, the capitalistic system does work
for the great majority of people in the United
States, and will continue to do so unless we
allow it to become undermined by the Commu

istic system on which the mighty production of
the United States is founded, I cannot help feel
ing that as a nation we are not acting honorably
or even honestly.”
So thanks, again, Eleanor, as it is a pleasure
for us to agree with you at least once in awhile.

nists.
One of the best recent tributes we have had
to our economic system was the speech by W in
ston Churchill when he said, “ W hen I see the

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Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1948

\ A Complete Correspondent Service
Rendered in an Efficient and Friendly Manner

and Trust Com pany • Des M oines, Iow a
N' 5 X" ' '

Member

Northwestern Banker, August, 1948

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Federal Reserve Bank of St. Louis

Federal

Deposit

I n s u r a n c. .eV-■' C o r p o r a t i o n

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Northwestern Banker, August, 1948

H ow M ach ines Save Tim e
and M o n e y for Itanks
U sers of Modern Equipm ent Tell H ow Th ey H ave
Sp eed ed Up C lerica l O p era tio n s and Reduced O v e rh e a d
A NORTHWESTERN BANKER
SURVEY
bookkeepers to take care of all book
keeping operations. Before the in
stallation of subject machines, our tell
ers filed at least 50 per cent of the
checks but now our three full-time
bookkeepers take care of this with a
minimum of outside help, certainly not
B. M. DE LAY
more than 10 per cent of another em
Assistant Cashier, De Lay National Bank
ploye’s time. We estimate our proof
Norfolk, Nebraska
department through the medium of
(Population 11,000— Deposits $9,073,000)
machine operations (batch system)
“ In our bank we use the unit-posting save in operating cost the time of one
method in all of our commercial and individual working on a half-time ba
savings operations. We also have in sis.
stalled a Recordak Machine within the
“ Since the installation of our Re
past year and have a separate proof cordak machine (we photo only out
department which is entirely operated side transit items), we estimate this
by machines.
procedure saves between one and one
“We have cut our operating costs in and one-half hours a day. At least our
our bookkeeping department by at experience has been that our employes
least one bookkeeper, even though our are finished with their transit work
individual accounts have increased in the above mentioned period of time.
considerably from the time of the ini
“ The above methods of machine
tial installation. We first installed this bank operations have saved us ap
unit method of posting in 1943, at proximately $200 per month and in
which time we had approximately these days of increased costs of sup
3,000 individual checking accounts and plies, etc., $2,400 a year is a sizable
were employing on a full-time basis item.
“We are contemplating and consider
four bookkeepers. As of January 1,
1948, we have 4,500 checking accounts ing the installation of individual teller
and are employing three full-time adding machines which in effect will

HIS is the fourth and last of a
series of articles on modern bank
equipment and how its use saves
money for banks. The first article
was published in the May issue of
The Northwestern Banker.

FULLY MECHANIZED— This picture was taken in the Drovers National Bank,
Chicago, and shows a battery of Alien-Wales machines in operation.
Northwesfern Banker. August, 1948

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Federal Reserve Bank of St. Louis

do away with the pass book system of
operation, which in itself will be a
considerable saving in the purchase of
supplies. It is my personal opinion in
a bank of our size or smaller, we could
follow some larger banks in the adop
tion of this particular operating proce
dure. Certainly if we were starting a
new institution we would do away en
tirely with the pass book method.”

W. L. MATTSS
Assistant Cashier
Security-First National Bank of Los Angeles
(Population 1,806,000— Deposits
$1,651,000,000)

“There a r e several points that
should be considered in deciding when
the use of mechanical equipment is
advisable. They are, namely:
1. To save labor.
2. To save time.
3. To promote accuracy.
4. To maintain proper records and
controls.
5. Employe morale.
6. Customer service.
“The first two points, saving labor
and saving time, should be considered
together. To effect a saving in labor
you should actually be able to reduce
staff by one or more persons. A hypo
thetical saving of a half a person’s
time is actually never realized through
a reduction in payroll costs. Unless
you have a large volume of work it is
not always possible to reduce staff by
the installation of mechanical equip
ment. However, this does not mean
that you would not benefit by addi
tional equipment even with a small
volume. Through the saving of time
you actually may be able to establish
more regular hours for your employes,
smooth out operations in general, and
overcome bottlenecks.
“Promoting accuracy and maintain
ing proper records and controls should
also be considered together. You are
all aware of the necessity and impor
tance of neat, accurate records insofar
as banks are concerned. Also the im
portance of proper controls which can
be maintained with the use of certain
types of equipment. This is especially
important today from the auditor’s

standpoint because of the huge volume
of work being handled by banks, in
that it is possible only to check a small
percentage of transactions.
“Employe morale is an important
factor which must be considered. If
you are going to get the desired effi
ciency and production from your em
ployes, you must supply them with the
proper tools. In this mechanized age
people are accustomed to using ma
chines and labor saving devices wheth
er it be in the home, farm, or factory.
There is a certain amount of satisfac
tion in working in a modern, wellequipped office.
“ It is the desire of every bank to
improve its customer service. This
can be accomplished through mechani
zation—by speeding up the handling
of various transactions—fewer errors
and neater records. Customers expect
banks to be an example of efficient
operation.
“No single piece of equipment is
going to permit you to reduce staff
and cost of operations. However, the
benefits derived from the use of mod
ern equipment on every job and wher
ever practical can certainly be noted.
It may forestall an addition to the staff
or enlargement of quarters and cer
tainly will result in better customer
service and employe relations.”

G. L. COON
Purchasing Agent, First National Bank
Omaha
(Population 270,000— Deposits
$87,500,000)

“We have used Addressograph equip
ment for over 30 years in our bank
f o r addressing envelopes, heading
statement sheets, and addressing tran
sit letters. We were getting along all
right with the old Addressograph
equipment. It was 10 times faster
than typewriter method and gave as
surance of 100 per cent accuracy and
uniformity on all addressing work.
“However, like other banks, we are
always looking for ways to reduce
costs of operations and improve effi
ciency, and purchased new equipment.
“We are now handling a greater vol
ume of work with one girl than we
did previously with two girls. The
statements, envelopes, and transit let
ters that used to take about two weeks
time for two girls to hand-feed to the
old Addressograph, now take one girl
only about three days. This saving,
plus the saving in time of embossing
plates on the new Keyboard Graphotype, enables us to operate with one
less girl in the Addressograph depart
ment. In addition we get better qual
ity work from the new equipment and
better registration on the forms.

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BOOKKEEPING — Offering
many efficiency features bankers
want, this Burroughs bank book
keeping machine is a modern and
complete unit making for accu
rate and rapid work.

“We now have time to do a
considerable amount of mail
advertising for the personal
loan department, without dis
rupting our regular work, and
without h i r i n g additional
help.’

BYRON DUNN
President, National Bank of Commerce
Lincoln, Nebraska
(Population 87,000— Deposits $39,000,000)

“We have just begun to realize what
satisfaction in economy and general
business efficiency modern Addresso
graph equipment is providing in the
accurate and speedy identification of
the great volume of paper work items
in the many functions of our banking
business.
“ In our bank we use Addressograph
plates for many different purposes.
Our plate file is composed of two main
groups — banks and checking account
customers. One set of plates serves
many different purposes, as we have
each particular classification indicated
by tabs in proper positions at the top
of the Addressograph plates and by
proper setting of the automatic selec
tor on the Addressograph printing
machine we can make only
those plates print that we
want to print from on a par
ticular job.
“ Our Graphotype provides
ease and speed in making up
plates for new accounts and
minor corrections on plates of
old accounts. Information on
new accounts and changes on
old accounts are referred to
t h e Addressograph depart
ment for making plates which
are proofed and then used to
imprint all forms for the book
keepers and file clerks, thus
making for uniformity and ac
curacy of account names, adHAS MANY USES — Banks
which have installed Addresso
graph equipment find its use can
be adapted to many details of
bank operation. The Addresso
graph machine at the right is a
new model in the First National
Bank, Omaha, which has been a
user of Addressograph for more
than thirty years.

dresses and related data on all bank
forms. This practice also saves a large
amount of clerical time, by the elimi
nation of duplicate typing and neces
sity for checking out errors.
“We have found our Addressograph
equipment advantageous for many
jobs of which we list a number: state
ment and ledger sheets, check file in
dexes, central file cards, daily mailing
lists for envelopes and remittance let
ters, advice cards, payroll records, time
cards, house organ, and select lists of
various types of accounts for statistical
information from our list of checking
account customers.
“We continue to find additional uses
for our Addressograph equipment as
we uncover or develop repetitive data
writing jobs that can be handled with
Addressograph plates and machines.—
The End.

LEFT ABOVE: In Spanish, “ Salados” is not a salad but “ Howdy” and on the balcony, a Spanish band greeted us
with the strains of “ Avalon” when we, with 2,500 other tourists, docked at the little town of Avalon, on Catalina Island.
This is 25 miles from the mainland, and a lovely one-day trip. Next, at Arrowhead Lodge, Poudre Canyon, Colorado,
Mrs. Stan Case gives “ Buckv,” her tame fawn, one of his every-three-hour feedings. She and her husband own and op
erate Arrowhead Lodge, which is familiar to many mountain lovers from Iowa and Nebraska. Next, the world’s
only statue to a sea gull. It’s in Temple Square, Salt Lake City, and perpetuates the legend that when the early
Mormons were about to lose their first bounteous crop to grasshoppers, the gulls flew in from the lake, devoured the
grasshoppers and thus saved the Mormon colony from starvation. Eight, viewing the Pacific along the sand dunes
north of Carmel-by-the-Sea, California.

Touring the W est
By MR. AND MRS. RALPH W. MOORHEAD
Editor’s N ote: This summer. Asso
ciate Publisher Ralph W . Moorhead,
with Mrs. Moorhead, their 16-year-old
daughter, Janet, and 18-year-old son,
Jerry, took a motor trip to California.
T hey ivent by way of Santa Fe, the
Grand Canyon, Hoover Dam, Las
Vegas, with a week in Los Angeles, a
week in San Francisco, then they re
turned through Reno, Salt Lake City
and Cheyenne. On this and following
pages are their im pressions of the
trip. The paragraphs in bold face
type are written by Mrs. Moorhead,
an experienced news reporter, and
the others are by Associate Publisher
Moorhead.

N OUR southern route, Santa
Fe was beautiful and interest
ing. Founded in 1610 by the

Spaniards, elevation 7,000 feet, it is
fascinating.
Population is 27,000,
probably the only city of its size in
America without a railroad. You con
nect with a railroad 15 miles away by
bus. It is a city of fiestas and siestas,
where “manana” really means “to
morrow.” We were royally enter
tained there by a fellow publisher, G.
D. Mathews, who publishes Bank
News at Kansas City, and who is
summering near Santa Fe with Mrs.
Mathews. In Santa Fe people spend
their lives learning how to enjoy life.
Thirty-five miles north, at Los Ala
mos, atom bomb center, people are
spending their lives learning how to
destroy life. In the famed Palace of
Governors, General Lew Wallace
wrote his immortal book, “ Ben Hur,”

while commanding the garrison there
in the early days.
Many of the small towns in the west
that lie at the foot of a mountain
range have the name of the town
painted white on rocks high above
the town. Some of the larger towns
like Golden, Colorado, and Trinidad,
Colorado, have modernized the names
with electric lights so the name can
he read at night.
The night we were in Trinidad, the
last three letters were blacked out,
which called for the pun, “Dad isn’t
lit up tonight.”

Las Vegas must be seen to be be
lieved. It is the gambler’s paradise,
but out there it is “gaming,” rather

BELOW LEFT: Buius of an ancient pueblo near Pecos, New Mexico, the Moorheads in the foreground. This pueblo
dates back more than three hundred years. Eight, the patio of the old Spanish Mission (1772) at San Miguel, Cali
fornia, where even the life of a cactus can be glamorous and beautiful.

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Federal Reserve Bank of St. Louis

ABOVE, LEFT TO RIG-HT: Roses like the one above, as large as the hand of Associate Publisher Ralph Moorhead
who holds it, don’t grow in Iowa but they thrive in San Luis Obispo, California; next, the Colorado River has gotten
itself in a terrible groove, and they call it the Grand Canyon, with just a glimpse of the river in the left center; next
the Moorheads snapped at the gates of the Press Department, RKO Studios, Hollywood, where they had just spent a most'
enjoyable afternoon on the RKO lot; right, Miss Janet Moorhead posing with a lemon (which she picked and brought
back to Iowa) from a lemon grove near Santa Cruz.

than “gambling.” Gambling houses,
with every conceivable game, faro,
roulette, poker, dice, thousands of slot
machines, and even “bingo,” await
your stray money, from nickels to
the sky-is-the-limit. Thus does Nevada,
a poor state with only mining and
ranching to support it, gain its state
revenue—by its taxes on the gaming
tables of Las Vegas, Reno, Elko and
the other cities there. The gaming
houses are beautiful, wide-open to any
one except minors, and with their
neon lights, they resemble Times
Square in glare and glitter. Every
gaming establishment is just as
crowded at 7 a. m. as at any other
hour of the day or night. They never
close.
Seeing such places as the naval am
munition depot near Hastings, Nebras
ka, the Kingman Army air field near
Kingman, Arizona, the Sioux ordnance
depot near Sidney, Nebraska, looking
like shuttered summer cabins at a
lake, one couldn’t help but wonder if
their hundreds of acres would again
show activity. One would wish they

could be relegated to the same status
as the Pueblo ruins near Pecos, New
Mexico.

At Hoover Dam, which the Demo
crats renamed Boulder Dam, but
which has since been changed by law
back to Hoover Dam, one sees what
miracles can be wrought by human
brains and modern engineering. There
in the Black Canyon the wild Colo
rado River has been tamed. It now
supplies untold wealth to the farm and
industrial empire of the Southwest.
It provides most of the electric power
for Los Angeles, and 14 other cities
in southern California. It waters, by
irrigation, the fertile Imperial Valley
of California and southwestern Ari
zona. Costing $137,000,000 it has paid
back to Uncle Sam, through the sale
of power, $42,000,000, and will even
tually pay off in full. To understand
the project, the tourist should go first
to Boulder City and see the hour-long
movie of the entire construction of the
dam, which is shown continually each
hour at the Government house there,
then return to the Canyon and take

the “Dam” tour, under the efficient
Government guides.
Santa Fe, New Mexico, is certainly
a “no” town—no street signs, no traffic
lights, no parking meters and no house
numbers. Traveling the narrow and
crooked streets one wonders if the
natives haven’t hit on the right idea
for “no callers.”
Also the city has no railroad and no
station—no country club. There is
something about the whole delightful
town that reminds one of that old
song, “Yes, We Have No Bananas.”

At .the California Bank in Los An
geles, we enjoyed a breezy chat with
W. G. Sixsmith, advertising depart
ment (at the helm there in the absence
of Michael Donnelly, who was ill).
“Bill” is a bright young newspaper
man from Minnesota, raised at Mora,
schooled at Minnesota University,
then graduated from the School of
Journalism at Missouri. He likes Cali
fornia, but wants to keep his midwestern contacts, too.
(Turn to page 49, please)

BELOW LEFT: Stage coac-hes in the museum at the Palace of Governors in quaint old Santa Fe, New Mexico;
right, three Iowa tourists (Mrs. Moorhead, Janet and the author) awed by the giant Redwoods in Muir Woods, near
San Francisco.

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Federal Reserve Bank of St. Louis

News and Views
OF THE BANKING WORLD
By HENRY H. HAYNES, Editor

HARLES G. GAMBRELL, vice

president of the Irving Trust
Company, One Wall Street, in
vited us to dine with him in their
private dining rooms in the Tower of
their building when we were in New
York recently.
This location still affords one of the
most picturesque views in New York.
Thev menus are always interesting
because you order everything by num
ber which makes for convenience and
improved service.
In discussing the United States debt,
the Chamber of Commerce of the
United States points out that, “ Reduc
tion in the gross debt from current
surpluses during the first half of cal
endar year 1948 was accompanied by a
Substantial decrease in demand depos
its in the banks and thus tended to be
a check upon inflation. Other factors,
however, worked in the opposite di
rection.
“While the per capita burden of
debt has been decreasing, the com
puted annual interest rate has been
rising because of higher short-term
rates and a shift to trust fund obliga
tions.”
The gross debt at the end of the
fiscal year 1948 on June 30th was 252
billion dollars and a reduction of al
most 6 million dollars during the past
year.
Since people are making more
money, savings are on the up-grade
for the first time in 4 years, according
to the United States Department of
Commerce.
Incomes of individuals in the first
quarter of 1948 indicated an annual
rate of 209 billion 200 million dollars.
Of this amount, about 23 billion dollars
will be paid in taxes but over 12 bil
lion 900 million dollars or 7 per cent
of this was being saved after income
tax was paid.
With Congress returning, there is
one authority who believes the war
threat crisis over Berlin may be some
what lessened, and believes that war
remains very improbable with Berlin
as the cause since he thinks that a war
fought to feed two and a half million
Germans would hardly make sense.
Northwestern Banker, August, 1948

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Federal Reserve Bank of St. Louis

William Vogt has a very interesting
article in Harper’s Magazine, “A Conti
nent Slides to Ruin,” and says, “All
except three or four Latin-American
countries are overpopulated. They
are able to feed and shelter their citi
zens, and supply water for their many
needs, only by a progressive and ac
celerating destruction of natural re
sources; biological bankruptcy hangs
over their heads like a shaking ava
lanche.”
Charles C. Hawley, advertising man
ager, New York Trust Company, in
addition to his many other duties, is
also “ Editor-in-Chief” of The Index,
published by his very fine institution.
In a recent issue the interesting
subject of “Sports as an Industry”
was discussed and in referring to golf
the following facts were presented:

our monetary, banking and banksupervisory and credit structures.
In a part of Mr. Vardaman’s letter
he says, “From time to time during
the past year, I have discussed this
subject informally with several United
States Senators and have found them
to be cognizant of the present con
fused situation and seemingly anxious
to do something about it. These con
versations encourage me in the hope
that your suggestion will receive a
cordial and constructive welcome in
the Congress.”

John 1). Goodloe, former chairman
of the Reconstruction Finance Cor
poration, has been elected secretary of
the Coca-Cola Corporation at a salary
of $75,000 a year. His former salary
with the R.F.C. was $15,000.

GOLF
“ Some four million men and women
in the United States are estimated to
play golf with annual expenditures
amounting to $500 million or more.
These annual expenditures of the
private club golfer are broken down
by the publication, Golfdom, as fol
lows: average annual dues, $100; cad
die fees $35; golf balls, $30; playing
equipment, $20; services by profes
sional, lessons, $10; locker rental and
other clubhouse services, $10; guest
green-fees, $25. To this annual cost of
$230 there should be added $50 to
cover the expenditures of other mem
bers of the family. This total of $280
does not include the money spent for
meals, beverages, e nt e r t ai nm e nt ,
clothing and accessories, estimated to
amount to several hundred dollars a
year.
“There are 4,870 golf courses in the
United States valued at $726 million,
according to Golfdom. This includes
the value of the land, course, club
house, equipment and furnishings.”
James K. Vardanian, Jr., a member
of the board of governors of the Fed
eral Reserve System, called the atten
tion of the N o r t h w e st e r n B a n k e r to
a letter which he has written to
Winthrop W. Aldrich, chairman of the
board of the Chase National Bank, en
dorsing in principle Mr. Aldrich’s sug
gestion that Congress create a com
mission for the purpose of studying

Evidently “the pause that refreshes”
has proven a profitable business.

John J. Barry, vice president of the
National Shawmut Bank of Boston,
in a recent letter to the N o r t h w e st e r n
B a n k e r , told us that, “When telecast
ing started in Boston recently, the
Shawmut Bank assumed commit
ments for the largest telecasting sched
ule of any sponsor in the city.

“The entrance of a bank into this
new medium on such a scale has occa
sioned nationwide curiosity in finan
cial circles and the experiment has
also been the subject of inquiry from
the broadcasting industry, inasmuch
as service organizations have not as
yet turned to television.”

Roland I. Robinson, professor of
banking in the School of Commerce,
Northwestern University, has written
a very interesting article on “Bank
Capital and Dividend Policies” in a
recent issue of the Harvard Business
Review.
Professor Robinson has pointed out
that “Considering the relative ade
quacy of bank capital for risk cover
age, the policies of banking supervis
ors are unrealistic and unreasonable.”

—The End.

OVERNIGHT
AND

Direct

Sending

• W e are strategically located to give you the quickest collec
tion and transit service.
• To insure the best results flowing from our central location
we send your items by air or rail mail, whichever is
faster.
• To save time and money, we route all collections and transit
items direct, wherever possible.

The Omaha
National Bank
Member Federal Deposit Insurance Corporation

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Northwestern Banker, August, 1948

H a u lie r s Y o u K a o ir

d a i r i e s S.
3 i c K in s t r y
President, The National Bank
of Waterloo, Iowa
“Participation in public affairs broadens perspective”

h e recognized stability of modern
banking stems from the sound
financial thinking and foresighted
policies adhered to by the nation’s
hankers during the present decade of
great national and world-wide prob
lems. Typical of these straight-think
ing financiers is Charles S. McKinstry,
president of The National Bank of
Waterloo, Iowa. His highly regarded
business ability results from a keen
interest in all phases of bank work,
implemented by his active participa
tion in public affairs which broadens
his perspective of the city’s overall
business picture.
The concern of all bankers over one
of today’s most difficult inflationary
problems is expressed by Mr. M cKin
stry when he says: “ A cautious view
of all extensions of credit should be
taken by the bankers at this time.
Good, sound loans, of course, should
be made, but loans tending to further
increase the price structure and those
of a speculative nature should be
avoided.”
Mr. McKinstry’s first banking ex
perience was gained at the old Com
mercial National Bank in Waterloo

Northwestern Banker, August, 1948

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Federal Reserve Bank of St. Louis

where he started as a bookkeeper in
1917. In 1926 he was elected assistant
cashier. His association with The
National Bank of Waterloo dates back
to 15 years ago when he was named
cashier of that institution in 1933.
The following year he was elected vice
president, then was moved up to the
presidency by the board of director«
in 1945.
Mr. McKinstry was born in Rowan,
Iowa, February 18, 1897. He attended
Iowa State Teachers College High
School and Iowa State Teachers Col
lege at Cedar Falls. W hen W orld War
I broke loose he became a part of the
Arm y Air Service (now the Army Air
Forces), serving 16 months overseas
as a sergeant. He has enjoyed a longassociation with the American Legion.
In 1930 he was Post Commander in
Waterloo and in 1931 was Iowa Vice
Department Commander.
He was married June 30, 1921, to
Bernice Edleman. They have three
sons, Richard, 25, Robert, 22, and
James, 20.
He has long been active in local
politics and has been a member of
the School Board in Waterloo for 18

years, the past 13 as president and is
still serving in that capacity. Recently
he completed a tliree-year term as
director of the Waterloo Chamber of
Commerce of which he is also past
treasurer. An important civic task
with which he is currently engaged is
his position as chairman of the
finance committee of the Mayor’s Citi
zens Action committee, a committee
for long-range planning for Waterloo.
His friendly attitude toward employes
in the bank and his demonstrated ad
ministrative ability for preparing and
carrying out plans, particularly fit
him for this latter job.
In the lighter vein, Mr. McKinstry
is an avid sports fan. High school and
college football and baseball seem to
be his favorites, especially since his
son, Jim, was All-State quarterback
in Iowa high school football in 1945
and won a highly-treasured Kinnick
Scholarship to Iowa University for
athletic and scholarship achieve
ments. A claim often voiced by Mr.
McKinstry is that his associates always
maneuver him into supporting the
wrong World Series team.

(Turn to page 22, please)

19
*

★

tlie
inClikap
AS Y O U R BANK
You are cordially invited to use The First National
Bank of Chicago as your correspondent. To serve you,
and to insure prompt attention in all correspondent
bank relationships, there is an experienced group of
officers which devotes its entire time to this work.

Edward E. B rown, Chairman
James B. F organ
Bentley G. M cCloud
Vice-Chairman
BANK

President

AN D

BANKERS

D IV ISIO N

John J. A nton
T homas J. Nugent
Harold W . L ewis
M elvin H. T hies
V erne L. Bartling
Charles F. N ewhall
Edward D ecker
V ictor C. von M eding

O FFICER S

Vice-President
Vice-President
Vice-President
Asst. Vice-President
Asst. Vice-President
Assistant Cashier
Assistant Cashier
Assistant Cashier

The First National Bank of Chicago
Building with Chicago and the Nation Since 1863
MEMBER

★

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FEDERAL

D EPO SIT

IN SU RA N C E

CORPORATION

it
Northwestern Banker, August, 1943

LEG A L

W hen t an a W ill
He
Withdranm From
Q . Bradley died leading a will nam
ing various heirs as beneficiaries of
his estate and appointing a trust com
pany as his executor. He had lived a
rather full life and surviving him were
various parties who felt they had a
claim to his bounty, some of whom
were named in the will and others not.
The will was duly presented for pro
bate.
Before the court could act
thereon some of the parties named
asked the bank to withdraw it from
probate due to certain publicity at
tending it. Some of the others, how
ever, refused to consent to a with
drawal. Tn the absence of unanimous
consent, could the bank, under the
law applicable in most jurisdiction,
withdraw the instrument from pro
bate?

No. The general rule applicable to
situations similar to those outlined in
the question is that, in the absence of
the consent of the parties interested,
an executor or other proponent of a
will for probate may not, as a matter
of right, withdraw such will from
probate or have the proceeding dis
missed. It has been so held in Ne
braska, Missouri and other states. Illi
nois permits the proponent of a will to
withdraw it from probate if he chooses
to do so.

, Warbler, a Minnesota banker and
real estate dealer, sold a house in that
state to Swain. In doing so he repre
sented that it was connected with the
city Avater main and seAver and also
that gas Avas connected and installed
in the premises. These were false and,
by examining the premises, SAAain
could have determined that such was
the case. He did not consider this
necessary, however, and relied upon
Warbler’s statements. When he discoAered the fraud he sued for dam
ages. Could he recover?

Yes. It has long been settled in
Minnesota that a purchaser can re
cover from a seller for fraudulent
representations made by such seller
which he has relied upon even though,
by making an actual inspection of the
property, the true condition of the
premises would have been disclosed.
Northwestern Banker, August, 1948

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Federal Reserve Bank of St. Louis

This and Other Timely Legal
Questions Are Answered
by the
LEGAL DEPARTMENT

This is at somewhat of a variance to
the usual let-the-buyer-beware (caveat
emptor) attitude of most courts and
should be borne in mind in connection
with real estate transactions there.

Clardy OAvned certain shares of
common stock in a utility company in
loAAa. There were also outstanding
various issues of preferred stock. All
of the stock aaus reclassified into com
mon stock and, for his old common
stock, Clardy received certain new
shares. Litigation ensued in which it
was asserted that the old common
stock was worthless and that Clardy
should not receiAre any of the new
common stock. Such assertions Avere
ultimately upheld. After the litiga
tion commenced Clardy transferred
some of the new common stock that
had been issued to him to others. Was
the stock they receiAed valueless?

Yes. The judgment holding that
Clardy was not entitled to receive
anything in the reclassification of the
stock meant that the new common
stock he received was not to be recog
nized as having any value. This, in
effect, cancelled it and rendered it
valueless. Those to whom Clardy
transferred the stock after commence
ment of the litigation were bound by
the decision, as, under the law, they
took their certificates subject to its
outcome.
This principle received
recognition recently in the Iowa Su
preme Court in a case involving the
Iowa Southern Utilities Company.

As public spirited citizens, bank
ers quite often find themselves on city
councils or other municipal governing
bodies which are charged with the re
sponsibility of adopting and making
effective sewer and drainage plans
Avhieh are appropriate and satisfac
tory. As an incident to such activities
is it necessary that such plans be ade

quate and can circumstances arise in
which the municipality may be held
liable for damages in the event the
drainage plan fails?

Yes. Ordinarily municipalities are
not liable for damages resulting from
the inadequacy of sewers or drains
due to mere errors in judgment in
adopting sewage or drainage plans.
They are, however, liable where the
utilization of inadequate plans results
from negligence in adopting a pal
pably insufficient plan, or, in adopting
a plan without the aid of skilled per
sons, or in failing to change a plan
after its inadequacy has been demon
strated upon its being put into opera
tion. Illinois, Indiana, Iowa, Kansas,
Kentucky, Michigan, Minnesota, Ne
braska, and Wisconsin are among the
states in which municipal liability is
recognized on these matters.

Cider, a banker, purchased cer
tain real estate at a delinquent tax sale
and procured a deed thereto from the
taxing authorities. There Avere cer
tain fatal defects in the tax sale, and
Farrell, the true owner, had the tax
deed declared invalid. Cider, hoAvever,
had gone into possession Avhen the
tax deed Avas issued to him.
Was
Farrell, under the general rule on
these matters, entitled to recover the
rents and profits from Cider Avhieh
had accrued Avhile he, Cider, Avas in
possession?

Yes. It is the general rule, sup
ported by the great weight of au
thority, that the lawful owner of land
is entitled to recover the rents and
profits from the holder of a tax titie
in possession whose title has been
adjudged invalid or void. Alabama,
Arkansas, Kentucky, Louisiana, Mich
igan, Mississippi, Missouri, Ohio, Okla
homa, South Dakota, Texas and West
Virginia are among the states so hold
ing.

. Hamilton, a Nebraska banker,
also had a construction concern which
did resurfacing work on streets in
various cities there. Certain streets

(Turn to page 28, please)

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Northwestern Banker, August, 1948

.4 traij

From H orse and
By JOHN DOE
Banker

THINK more bankers should render
better service to the public, in many
ways which, in the long run, would
mean more profit and prestige for
them. One of the ways they can do
this is to carry an insurance policy
that would eliminate the cost and trou
ble of keeping a complete description
of the transit letter in their banks.
Such insurance is a progressive step,
and no banker can afford to close his
mind to progress.

“When I first heard about the cash
letter policy originated by Scarbor
ough & Company, I was a little skepti
cal, but after four years of coverage
I now wouldn’t be without it in our
bank. We, of course, gave a lot of
thought to our responsibility to our
customers. But we soon discovered
there was no reason to worry about
the predicament we would be in if
we could not allocate an item of which
we did not have a complete descrip

an investment
service
. ta ilo re d
fo r
your b an k
The individual investment requirements of your
bank can be met efficiently by our Investment Division.
We invite you to make use of this service when you are
purchasing or selling U. S. Government, state or municipal
securities. Our practice of executing your buying
and selling orders in the open market assures you of the
best available prices at no cost to you.
The fine background of experience of the men in our
Investment Division may also be of value to you in the
analysis of the bonds in your bank’s investment account.
Why not discuss your investment problems with us?

tion. A survey showed us that even
in our busy bank we did not have one
request a month from a customer for
a description of checks he had depos
ited with us for collection.
“We didn’t drop a life-long habit of
record-keeping without first looking at
every possible angle. We asked our
auditor to ascertain if not keeping the
transit items would in any way weak
en our position in the event of em
bezzlement within our institution. Aft
er his analysis we concluded our au
dits and controls would be in no jeop
ardy whatsoever.
“When we make up our cash letter
today, of course, we have an adding
machine tape and the deposit slips.
They are held together in sequence,
and the cash letter can easily be recon
structed. In a test, our auditor came
up with 80 per cent of the items in one
day’s sendings, allocated to depositors,
after working only two and a half
hours. We discovered that the pre
mium on the cash letter policy was
less than one-third of what we had
been spending over the years on rec
ord keeping.
“One thing I like most about this
new form of insurance is what I call
the good will clause. Our bank is not
required to charge back a customer’s
account when after diligent effort he
has been unable to get a duplicate
check. You will agree there is no
quicker way to lose the good will of a
customer than to exercise the deposi
tor’s agreement and charge his ac
count.
“ So, e v e r y t h i n g considered, we
wouldn’t be without the cash letter
policy in our bank. It is a new form
of protection that we want to have.
My mind is wide open to change, for
it is only as new things take the place
of old that we can improve our meth
ods and do a better job. Let’s get
the horse and buggy days out of bank
ing in as many ways as we can.”—
The End.

BA N K ER S YO U K N O W
(Continued from page 18)

AMERICAM NATIONAL BANK
AND TRUST C O M P A N Y O F C H IC A G O
M EM BE R FEDERAL DEPOS IT

IN SU RAN CE CORPORATION

LASALLE

Northwestern Banker, August, 1948

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

WASHINGTON

Mr. M,cKinstry’s “ hobby ’ is over
seeing his 200-acre farm located about
three miles from Waterloo. He op
erates the farm with a tenant, but can
be found there quite often. He is
interested in all soil conservation
activities and any project for im
provement of farm products and
livestock.

— this machine mechanically proves each
deposit

creates outgoing letters

trols sort of items
for all departments

•

con

establishes controls

•

accumulates se p a

rate debit and credit totals

and provides

identification for all items.

Its auto m atic e rro r-d e te c tio n fe a tu re

— which literally

locks out error — is found in no other machine. It keeps the work absolutely
in balance every minute of the day. At the end of the day, control figures
are immediately available for final balancing of all departments.
A bank handling even so few as 2000 items a day can keep one of these
National Central Control and Proof Machines busy with profit.

A NEW, ILLUSTRATED 64-PAGE BOOKLET

One large bank operates a battery of 65, providing definite proof and

describes the services of each of the
National line. Shows how they can
speed work in every department of
your bank. Ask your local National
representative to bring you your
copy. You’ll find it informative and
helpful. Have it handy when ac
counting problems arise.

control on all incoming items, and eliminating peaks and bottlenecks
by keeping an even flow of work going to all departments from the
time the bank opens until it closes.
For fuller description of this, and all the other National Accounting
Machines, ask your local National representative for your copy of the
handsome and helpful illustrated 64-page booklet shown at the right.
Or, write to The National Cash Register Company, Dayton 9, Ohio.
Sales and Service Offices in over 400 cities.

Q/fZîtUmal
CASH MGISTEBS• ADDING MACHINES
ACCOUNTING MACHINES

THE

NATIONAL

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Federal Reserve Bank of St. Louis

CASH

COMPANY
Northwestern Banker, August, 1948

¿0
,O fL Ô J u d i

Announces Prom otions

A ssista n t S e cre ta rie s

Manufacturers Trust Company, New
York, announces that Herbert L.
Grant, William F. Landriau and Har
old A. Walsh have been advanced from
assistant secretaries to assistant vice
presidents.
Both Mr. Grant and Mr. Landriau
came to the bank in 1932 through the
merger with the Chatham Phenix Na
tional Bank, Mr. Grant having begun
his banking career with the Royal
Bank of Canada in 1914, and Mr. Land
riau with the same bank in 1915. Mr.
Walsh has been with the bank since
1931, having started with the old
Gotham Bank in 1915.
At present all three men are in the
bank’s Business Development Depart
ment. Mr. Grant represents the bank
in southern New England and Long
Island, Mr. Landriau in New York
State, and Mr. Walsh in North Dakota,
Minnesota and Wisconsin.

Manufacturers Trust Company, New
York, announces that Nathan E.
Evans, Angus M. MacDonald and
Charles F. MacLellan have been ap
pointed assistant secretaries.
Mr. Evans came to the bank in 1918
through the merger with the Columbia
Bank. At present he is in the comp
trollers department and has been treas
urer of the Manufacturers Safe De
posit Company since 1941.
Mr. MacDonald came to the bank in
1932 through the merger with the
Chatham Phenix National Bank.
Mr. MacLellan became affiliated with
the bank in 1940, and after an absence
of several years with the Armed
Forces, returned to the bank in 1946.
He is now in the business develop
ment department and represents the
bank in the southwestern states.

1949 Convention
cH sM h JL } M

. ß ifS lh A

When you
are in the market to

(Bjuu^

S&1L

BANK STOCKS
Either control or minorityinterest carrying an
active Executive Position

The 58th convention of the Illinois
Bankers Association will be held in
the Hotel Jefferson, St. Louis, Mis
souri, June 15, 16, and 17, 1949, and
the Mid-Winter Conference and Dinner
of the association will be held at the
Sheraton Hotel, Chicago, on January
27, 1949, it Was announced by Asso
ciation i’resident Harry E. Emerson,
cashier, secretary and trust officer of
the First Bank and Trust Company,
Cairo, Illinois.
President Emerson also announced
that the Fall Group Meetings of the
association will be held the week of
October 11th for the northern part of
the state and the week of October 18th
for the southern part of the state.

G u aran ty Trust Com pany
Increases in deposits, loans, capital
funds and total resources are shown
in the statement of condition of Guar
anty Trust Company of New York as
of June 30, 1948. The statement shows
total resources of $2,799,933,625.27, as
compared with $2,760,369,125 at the
time of the last published statement,
March 31, 1948; deposits $2,352,216,496.36, as compared with $2,332,835,818.18, and loans and bills purchased
$870,076,683.69, as compared with $810,899,654.62. Holdings of U. S. govern
ment obligations are $1,123,217,847.28,
a decrease of $34,840,526.82 from the
preceding quarter.
The company’s capital and surplus
remain unchanged at $100,000,000 and
$200,000,000, respectively, and undi
vided profits now are $63,848,493.22.

Twenty-four years of efficient,
confidential, personal service in
selling banks. Ask the country
bank department of any reserve

E ffe c tiv e

e o - o r d in a t io n

city bank.
o f all departm ents assures rapid, efficient h an
BANKS FOR SALE
W e have banks for sale rang
ing in size from one million to

dling o f every typ e o f banking transaction. You
are in v ited to use a n y or all o f our facilities.

twenty million dollars and reguiring investments of $50,090
to $500,000 for control.

City N

ational

ank

A N il T R U S T C O M P A N Y o f C h i c a g o

Bankers Service Co.
HENRY H. BYERS, President

Box 1435

Tel. 2-7800

Des Moines 5, Iowa
('Offices in the Register & Tribune Bldg.)

Northwestern Banker, August, 1948

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

2 08

SOUTH

LA S A L L E

STREET

■M E M B E R F E D E R A L D E P O S I T I N S U R A N C E C O R P .

INVESTMENTS

H ow W ill the Election
A ffect the R ond M a r k e t?
The Prudent M anager of investm ents W ill Shorten M aturities
and U p-grade the Portfolio in G eneral
By RAYMOND TRIGGER
Investment Analyst
New York City
NASMUCH as the authorities in
Washington have almost absolute
control of money and the markets
for government bonds and this is an
election year, the following observa
tions, taken from a recent letter by
Phillips Barbour, a vice president in
the New York offices of The First
Boston Corporation, are timely and
wise:
“We don’t know how widespread
is the anxiety regarding the possible
change in government fiscal policy,
given a new administration, but it is
a paralyzing influence in certain quar
ters. Some commentators on the sub
ject have felt that Elliot V. Bell, at
present superintendent of banks in
New York State, and who has been a
student of governmental finance for
many years, will have an important
influence in directing the govern
ment’s policy should the Republicans
be returned to full control. He has
been chief financial adviser to Mr.
Dewey for many years. If one may
judge by Mr. Bell’s public comments
on the subject and by the testimony
of those who have known him well
for a long period, one might conclude
that his influence would be toward a
policy very much in line with that of
the present administration. They say
there is no basis at all for fear that
he would advise any action which
would be fair to call radical and that
he would go mighty slow in advising
changes until he made thorough tests
to determine the solidity of his posi
tion. Mr. Bell and Mr. Sproul of the
Federal Reserve of New York seem
to have been pretty much in agree
ment as to fiscal policies in recent
years.
“A change of administration has al
ways been a cause for anxiety among
the banking and investing public even
when the new incumbent in the White
House was the man they most wanted
to see there. In these days when the

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

This is a discussion of factors
affecting your investment port
folio. If you have any questions,
or if you find yourself in dis
agreement with comments here
in, your letters, addressed to the
NORTHWESTERN BANKER, will
be welcome and will be answered
here if the subject matter is of
general interest. Under no cir
cumstances will the editor of this
column discuss specific securities.

was sadly lacking. Otherwise, there
would have been ample buying power
above the support levels on the theory
that one might make a good profit and
couldn’t lose much in any event.
Should the Democrats be the win
ners, they might, flushed with vic
tory, and confident of at least a fouryear tenure in office during which
many things can be forgotten, retreat
from the 2% per cent line. Or, they
might battle on, regardless of the eco
nomic facts of life.

Stable Interest Rates
control of interest rates and bond
prices are in the hands of a few men
the conservative investor is apt to
move cautiously until he knows who
the new pilots will be and can feel
safe with them at the controls.”
It will be noted at once that Mr.
Barbour does not rule out the possi
bility of change, but that he under
lines the likelihood that Mr. Bell,
should he move into a national posi
tion with Mr. Dewey this fall, will
make haste slowly. Still, both Mr.
Dewey and Mr. Bell have splendid
reputations f o r realism. Further,
neither is to be burdened with any
New Deal inheritances. There is noth
ing in their record to support the
notion that 2% per cent is sacrosanct.

An Election Year
In any election year, thoughtful in
vestors must weigh the possibility of
new policies. Before they are consid
ered, though, what if the incumbents
are returned to power? Presumably,
the present economic dictators will
hold the line laid down by their pred
ecessors as long as possible. The
“pegs” will not be pulled till all is
lost. But, this support has lately un
dergone a test and proved to be less
than fully satisfactory. Prices, of
course, did not dip under the “support”
level, but confidence that the “pegs”
would hold under any circumstances

In the first instance, government
bond prices would decline. In the sec
ond, how long can the line be held?
The National Association of Savings
Banks was treated to an address by
Murray Shields, a vice president of
the Bank of Manhattan Company, who
has a high reputation for knowing his
way about among the mazes of finance
and economics. Some of Mr. Shields’
meatier observations are given below:
“We shall probably have to learn
from hard experience that stable in
terest rates contribute to instability
in business. Fluctuations in the price
of credit are essential if the intricate
mechanisms of money and credit are
to fulfill their proper function.
“ Representations by government
officials of their intention to control
or set the pattern of interest rates
may come to be taken much less seri
ously than has been the case of late.
At the end of the war fiscal and cen
tral bank officials issued many state
ments declaring that no material de
clines in bond prices or advances in
interest rates would be tolerated.
“But in fact the past two years may
be described as a postwar bear market
in government bonds. French obliga
tions are 28 points under where they
were early in 1946. British consols
are off 23 points in the past year and
a half. Our own government securi
ties declined sharply a few months
Northwestern Banker, August, 1948

/nvestments

ago. We are learning that it is just
as true of credit as it is of commodities
that in the long run price controls are
not likely to work very well.
“ How will the Treasury, the Federal
Reserve and the policy of pegging the
price of long-term governments fit
themselves into a rising interest rate
picture? If the next period of pros
perity is not to degenerate into a boom,
the Federal Reserve must have power
to curtail or stop the expansion of
bank credit. This they cannot do as
long as they have an implied commit
ment to peg the market for govern
ment securities.
“ Interest rates and bond yields over
the longer future are likely to reflect
the threat of a world-wide shortage of
capital. This shortage has its origin
in the well-nigh universal socializa-

D ie b o ld
I

tion of the tax structure, which con
stricts savings in the high-savings in
come brackets. Meanwhile, the world
is at the beginning of a period of vig
orous expansion in industrial capacity.
“ Our government is counted on to
spend billions of dollars to shore up
the economy in case private business
slumps. It has insured tens of billions
of deposits, billions of mortgages and
the level of agricultural prices. It has
tens of billions of demand obligations
outstanding which holders may re
deem in depression.
“Where will the government get all
these funds? The debt is already a
quarter of a trillion dollars. The gov
ernment is already collecting and
spending 40 billion in taxes per an
num. Leverage in our tax system is
high. Revenue will decline sharply if
business slumps. Where will the
money come from for the government
to use in preventing a slump from
developing into a long depression?
“The government has been on a 15-

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Northwestern Banker, August, 1948

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

year financial binge. This clearly is
no time to be lulled into a sense of
false security as to the need for real
quality in loans and investments, care
fully adjusted maturity positions, and
old-fashioned standards of credit wor
thiness.”
Reverting to the political arena, the
situation could almost be summarized
by saying that if the Democrats stay
at the helm they won’t be able to stem
the tide and that if the Republicans
get in, they won’t even try to. The
task is too big for the Democrats and
the Republicans are too well informed
to tackle the impossible, if the rec
ords of Mr. Dewey and his high lieu
tenants mean anything at all.

The Prudent Manager
It is hardly necessary to spell out
the significance of the foregoing. The
prudent manager of investments will
shorten maturities and upgrade the
portfolio in general, as has so often
been counselled in recent months in
this column. The question of peg or
busted peg need not be even entered
into. Portfolio composition should
take no account of artificial support,
but should be constructed on the basis
that, soon or late, there will be a free
market in money and governments.
If this means lower prices for long
2 V2 S, it also means a softening market
in best grade corporates and, perhaps,
a really soggy market in the lower
grades. This does not mean calamity,
or anything like it. An aftermath of
World War I was heavy discounts on
governments in the open market, but
the country survived, prospered and,
till ’29, boomed.
The 2 V2 per cent rate proved too
much for Britain, and, in mid-July,
Canada borrowed $150,000,000 at 3 per
cent for 15 years from three big insur
ance companies in this country. This
financing did not provide the country’s
commercial banks with an opportunity
that they might well have eagerly em
braced, but the door does not appear
to have been closed for good.
Almost a year ago, Canada’s finance
minister pointed out that Canada nor
mally sought U. S. dollars by selling
its obligations to banks or other pri
vate investors in the U. S. This time,
the banks were left out and, no doubt,
are envying the good fortune visited
upon the insurance companies. Still,
Canada may come back into this mar
ket for medium-term funds and may
seek it, through underwriters, from
banks and others. A 3 per cent return
from Canada can hardly be considered
as anything but a great bargain under
prevailing conditions.
For contrast, and to point up the
difficulties Uncle Shylock is encounter
ing in his efforts to put Europe back
together again, the beneficiaries of the

Investments
Marshall Plan are complaining bitterly
that 3 per cent is too much for them
to contract to pay on the modest
amount of aid they are expected to
borrow and, in the improbable event,
repay.

Canada's Credit Good
Canada’s finance minister, with pro
verbial Canadian courtesy, put it this
way: “ The purchase on such favor
able terms of this substantial issue of
Canadian bonds by three large insur
ance companies in the U. S. is a tribute
to the high credit standing of Canada
in the U. S. market.”
It was an at least equally sincere
tribute to the sagacity of the buyers,
but the Prudential, the Equitable Life
and the Metropolitan Life haven’t
grown to their present eminence by
overlooking many bargains in the in
vestment field.
The practical lesson for the commer
cial banker is to wait and be patient;
he may have similar opportunities be
fore too many months have gone by.
Meanwhile, he will shorten sail, ques
tion the ability of the present and the
willingness of the next administration
to sustain government bond prices,
and look about for suitable invest
ments in other fields.
On this head, he could do worse
than to examine into certain tax-ex
empt municipal revenue issues, of
which there may be a fair number
before election. They are likely to
be priced at levels that will provoke
interest on the part of the insurance
companies, generally much more con
cerned with yield than tax shelter.
Banks, too, probably will find the time
and effort spent on appraising these
situations well worthwhile.—The End.

was named a director-at-large of the
National Tuberculosis Association. His
term of office will expire at the time
of the annual meeting of the associa
tion in 1950.
Mr. Schneider has served as treas
urer and director of the Missouri Tu
berculosis Association since 1942.

Bank of A m erica
Featuring the highest total resources
in the history of the institution, the
June 30, 1948, statement of condition
of the Bank of America shows assets
totaling $5,859,234,000, an increase of
$389,451,000 over a year ago. Total de
posits were $5,433,396,000, an increase
of $320,106,000 in the same period.
Mississippi Valley Trust Company,

The statement also shows invest
ments in securities totaling $2,110,417,000 and loans and discounts outstand
ing totaling $2,602,110,000.
The bank’s net profit for the half
year ended June 30, 1948, was $27,516,000, or $3.23 per share, compared with
$24,718,000 or $2.90 per share in the
first half of 1947, on •the 8,531,710
shares of capital stock outstanding.
Out of this net profit dividends
amounting to $10,664,638 were paid for
the half year at the rate of $2.50 per
share per annum, and $16,851,000 was
added to capital funds, which now
total $278,542,000, exclusive of the re
serve for possible loan losses of $35,270,000. This is an unallocated reserve
to which an appropriation is custom
arily made at the year end, and it is

H ea d s D irectors' Board
James F. Twohy of Santa Monica,
California, former governor of the Fed
eral Home Loan Bank Administration,
was elected chairman of the board of
Investors Syndicate, nationwide in
vestment firm, following his election
as a director by stockholders.
Directors re-elected to the Investors
Syndicate board were E. E. Crabb, B.
C. Gamble and C. C. Raugust of Minne
apolis; Galen Van Meter of New York,
and C. R. Martin of Wilmington, Dela
ware.
Incumbent officers re-elected were
E. E. Crabb, president; Galen Van
Meter, vice chairman of the board; D.
W. Green, H. K. Bradford, W. C. Carr,
Grady Clark, D. F. Gruenhagen, C. D.
McGuiggan, C. J. Moore, J. R. Ridgway, Sr., vice presidents; N. B. Wagg,
vice president and comptroller, and J.
B. Racey, secretary-treasurer.

Nam ed D irector

H arris T rust a n d Savings Bank
Organized as N . W . Harris & Co. 1882 • Incorporated 1907
1 1 5 W e st M o n ro e Street, C h icago 9 0
Member Federal Deposit Insurance Corporation

Jules F. Schneider, vice president of

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

Northwestern Banker, August, 1948

Investments

to provide protection in addition to
capital funds against any possible fu
ture loan losses.
As the result of an increase of ap
proximately 50 per cent in the rate of
savings interest initiated by the Bank
of America since January 1, 1947, the
institution’s depositors were paid ap

proximately $14,800,000 interest for the
first half of 1948.

C alifo rn ia Bank
California Bank’s loans, as reported
in the June 20 statment of condition,
totaled $100,270,533, a gain of approxi
mately $12,000,000 since June, 1947.

Frank L. King, president, pointed
out that deposits totaled $429,525,018,
showing a slight decline from the $430,916,305 reported a year ago. However,
total resources of the hank of $452,283,202 compared with $451,411,361 a
year earlier.
Capital funds of the bank increased
to $17,661,627 from $16,932,456 a year
ago.

Fed eral R eserve O fficers
Appointment of W. W. Turner as
vice president, H. Fred Wilson as as
sistant vice president, and Russel A.
Swaney as assistant cashier of the
Federal Reserve Bank of Chicago was
announced by Clarence W. Avery,
chairman of the board of the bank.
Mr. Turner has been assistant vice
president and is in charge of the check
collection functions of the bank. He
has been with the Federal Reserve
Bank of Chicago since 1918. He has
been in charge of the credit depart
ment, was a loaning officer for several
years, and was in charge of fiscal
agency functions during the war.
Mr. Wilson has been manager of the
bank and public relations department
since its organization in 1945. Prior
to that time he was manager of the
research department.
Mr. Swaney is the bank’s represent
ative in Michigan and has been with
the bank since 1946. Prior to that
time he was with the United States
Treasury in charge of bond drives in
Michigan during the war.

FORTY m U
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in the Insurance field and of
our Banker Representatives.

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LEGAL QUESTIONS
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THERE ARE 2 TIMES WHEN . . .
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CASUALTY COMPANY
Harold S. Evans, President
Hubbell Building

Northwestern Banker, August, 1948

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

Des Moines 7, Iowa

A utom obile
Public
7 iaMIi'.y
W orkm en's
Com pensation

(Continued from page 20)
were resurfaced by him for a munici
pality under a contract which it was
authorized to make, hut which de
veloped to be unenforceable because of
the various irregularities in its execu
tion. Since the municipality received
and retained substantial benefits,
could Hamilton recover from it tlieir
reasonable value?

Yes. A similar situation was be
fore the Nebraska Supreme Court re
cently and it was there held that a
recovery should be allowed. In so
holding the court pointed out that
under strict legal principles no recov
ery could be had, but it would be so
unfair to permit one party to have
the benefit of the labor and property
of another without recompense that
compensation should be provided. In
providing for compensation, however,
the court allowed only the actual cost
of the services rendered and materials
furnished plus interest. It refused to
make an allowance for profits, point
ing out that generally they will not be
allowed in matters of this kind.

INSURANCE

F or L ife Statesmen
A ll Selling

Signals *7»«’ *

Th ere A re N© RED Signals
Except in the Mind of the Man W ho Is Making the Sale
By BENNY MAYNARD
Assistant Manager
Mutual Life of New York
Wichita, Kansas
WOULD like to think with you
about “traffic signals'.” There 'are
only three basic lights on a traffic
signal—green, amber and red.
There are trends today which exist
and have always existed which are GO
signals to us. A few of these are:
The increase in marriages.
The increasing birth rate.
The demand for and the increase in
new homes.
Inadequate insurance programs be
cause of inflated conditions.
Increased number of new businesses.
Increased products and higher prices
for these products.
The constantly increasing desire for
more security and the increasing diffi
culty in attaining it.
Lower income taxes.
There are trends today which may
have a tendency to make us think in
terms of amber:
The unrest in the world, which has
the tendency to make people have the
“What’s the use” attitude.
The feeling that may occur to us
sometimes that people have all the life
insurance they will ever buy and that
the market has reached the saturation
point.
Conditions are too uncertain.
Conditions are too good.
These amber signals have always ex
isted and will continue to exist but
they have always been overshadowed
by the GO signals. We know that the
GO signal has always been on ever
since life insurance was first insti
tuted. It has proved itself and will

continue to grow to be the mainstay
of security for all people.

Don't Be Afraid
During my first year in my work, I
was located in a small town of about

BENNY M AYNARD
“ L e t ’ s N o t B e L a te in ’ 48”

6,500. I was active in the Junior
Chamber of Commerce and was closely
associated with the president of the
Senior Chamber. I wanted to visit
with this man but was hesitant. The
reason for my being hesitant was that
I thought he was so successful that he
probably had a fine insurance program

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N A T IO N A L

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Federal Reserve Bank of St. Louis

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and also because of his looks. He al
ways seemed to have a sneer on his
face. I thought I would do some
checking and I visited with his broth
er. I learned that they did all their
business with one particular estab
lished insurance firm and he felt that
neither of them would want to change.
I decided that I was going to visit this
man and, if nothing else resulted, I
would try to develop him for a center
of influence. It took a lot of courage
for me to see him but I did. All
through the interview I had the feel
ing that he was just tolerating me
because he had that condescending
sneer on his face. I found that he did
have a good insurance program but I
also found that he was building a new
business and had borrowed $15,000 on
an open note and had been thinking
of some plan to underwrite this. I
explained briefly plans that would ac
complish this, for ,him and asked to
make a proposal to show him. I did
this and he bought the contract. Later,
I asked about this man’s appearance
and was told that he always looked
that way when he was happy. This
was a definite traffic signal to me in
that I am never bothered now because
of a man’s attitudes, objections or per
sonal oddities.
I have always been told to be curious
—not nosey—just curious. This idea
of curiosity was illustrated to me by
my manager about an underwriter
who noticed two very unusual bricks
in a brick yard and by inquiring who
was buying that type of brick and fol-

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3, I L L I N O I S

STATE

to Banks

4325

Northwestern Banker, August, 1948

Insurance

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lowing it up, wrote a very large vol
ume of quality business. Recently 1
was visiting one of our representatives
in his town and, as we were driving
into the country, I noticed some kind
of construction work going on. I asked
my associate what it was and he didn’t
know. As we drove on, the brick story
stuck in my mind. I turned around
and we decided to find out. We found
the owner, a former G. I., who had
purchased a large amount of used bar
racks and was building several homes
with air strips behind them. He
planned to live in one and said he had
the others already sold. We discussed
life insurance and he is now a policy
holder—all because of curiosity.

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Timeliness is another signal. I had
talked with a friend of mine about
keeping his National Service Life In
surance and he appreciated the infor
mation that he received. About five
months later he told me that he was
planning to go deer hunting and was
telling me about his guns and where
he was going. I struck up a conversa
tion with him about my having lived
in Minnesota and how many hunters
were usually there in the woods and
told from actual experiences of men
who had been killed. One day after
I had finished work with my manager,
my wife told me this man had called.
I called him and he said he understood
that my boss was in town and he
thought it might be good for me to
write an application. I agreed with
him and made an appointment for the
following morning. I started through
with my presentation and was about
half way through when he said, “That’s
what I want.” I asked him what he
wanted and he said, “ I want that.” I
started filling out the application, now
knowing just what he wanted. Within
30 minutes, he had signed an applica
tion for $20,000, especially with dou
ble indemnity. He left my car and
took his physical after paying a semi
annual premium. This is an unusual
case but there are timeliness signals
in front of us all the time.
One of the finest traffic signals that
a man can show other people is his
smile and sense of humor. I’ve always
believed in sincerity but I also believe
in having fun in my work. A smile
is so much easier to carry than a
grouch.
I have not listed any red signals.
I believe that there are none—except
in our own thinking. Our companies
have given us the training, opportu
nity and materials. These are GO
lights to us. I am sure we will all
make the most of our opportunities in
1948. By not making use of these op
portunities is the only way that the
light will ever turn red.—The End.

M in n esota

N EW S
M. O. GRANGAARD
President
Minneapolis

Announce N ew O fficers
Directors of the State Bank of Dar
fur, Minnesota, made two executive
officer changes at their meeting last
month. H. O. Johnson, who has been
serving as vice president and cashier
since 1936, was elected president. C.
N. Englin, assistant cashier since 1946,
was named cashier.
Mr. Johnson joined the State Bank
of Darfur 30 years ago, after complet
ing a business course at Gustavus
Adolphus College at St. Peter, Minne
sota. Mr. Englin has been with the
bank since 1941, except for three and
one-half years’ army service. Prior to
working in the bank he took a busi
ness course at Mankato Commercial
College and worked for two other
firms as bookkeeper.

A ppoint D irector
At its regular meeting last month,
the board of directors of the Farmers
& Merchants State Bank at Preston,
Minnesota, appointed Attorney Philip
B. Gartner to fill out the unexpired
term of the late Senator Henry A.
Larson.
Other members of the board of di
rectors are: A. G. Olson, A. H. Langum, C. H. Utley and Wils Garratt.

W iliiam Burkhart
William Burkhart, 76, retired Man
kato, Minnesota, business man, who
was a civic leader in that community
for more than a quarter century, died
in a Mankato hospital recently.
Prominent in banking circles, Mr.
Burkhart was vice president of the
First National Bank of Mankato at
the time of his death. Previously he
had served as president of the bank
and was a First National director for
many years.
He also was a past president of the
Mankato Lions Club, and served for
several years as director of the Man
kato Chamber of Commerce.

O pen H ouse C eleb ratio n
With an estimated crowd of 3,000
visitors, the Union National Bank of
Rochester, Minnesota, last month cele
brated its eightieth anniversary with
an open house.
Approximately 50 floral tributes

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Federal Reserve Bank of St. Louis

Deposits reported by the bank affili
ates in published statements as of
June 30, 1948, aggregated $1,095,634,694.

A ttend Banker Clinics

A series of seven Clinics were held
throughout the state of Minnesota the
last two weeks in July for the bene
fit of regional bankers’ associations.
ROBERT E. PVE
The Clinics, with State Association
Secretary
President M. O. Grangaard presiding,
Minneapolis
were held at Duluth, Bemidji, Thief
R i v e r Falls, Alexandria, Redwood
were received from banking institu
Falls, Faribault and St. Paul.
tions or from other places of business.
Current popular banking topics were
Bankers from all parts of the state
discussed by well-informed speakers.
attended the anniversary, including
The subjects and speakers were: “Pre
the entire staff from the bank at Lanesvention of Crimes Against Banks,” by
boro, where O. U. Habberstad, Union
Elmer Stovern, superintendent of Bu
National president, was once associ
reau of Criminal Apprehension; “ Sim
ated.
plified Service Charges” by H. M.
Among the visitors were J. C.
Johnson, chairman, association sub
Thompson and Von Luscher, presi
committee on service charges, and
dent and vice president respectively
president, First National Bank of Fair
of Northwest Bancorporation, with
which the Union National is affiliated. mont; “Job Relations” by Bob Ruth
erford of American Bankers Associa
The present board of directors in
cludes 93-year-old board chairman, tion; “Banking From a Supervisor’s
Viewpoint” by F. A. Amundson, com
Dr. Christopher Graham, Mr. Hab
missioner of banks in Minnesota, and
berstad, C. E. Knowlton, W. W. Law
“A.I.B. Study Groups” by Chris Ries
ler, E. C. Weinhold, R. W. Chadwick,
of the Federal Reserve Bank. Banquet
T. H. Johansen and G. S. Withers.
Active officers and employes are speaker was Tom Collins, City Na
tional Bank of Kansas City, Missouri.
Mr. Habberstad, president; Mr. Wein
hold, vice president; Edward H. LundPresid ent of W illm ar Bank
quist, cashier; Herbert G. Halvorson,
Norman T. Tallakson has been
Miss Mona Carson and Donald H.
elected president of the Bank of WillGrina, assistant cashiers.
mar, Minnesota, to succeed George J.
Johnson, St. Paul, who resigned due
Resigns in M ankato
Wilbur R. Miller, assistant cashier to ill health. Dr. B. J. Branton was
of the National Citizens Bank, Man named vice president to succeed Mr.
kato, Minnesota, last month resigned Tallakson.
his position and assumed new duties
in the office of the Guaranteed Sand
and Gravel Company, in Mankato.
An employe of the bank for 18
years, he began as messenger on June
15, 1930.

Vote Bank Stock Dividend
Directors of First Bank Stock Cor
poration at a meeting last month de
clared a dividend of 40c per share on
the capital stock of the corporation,
payable September 10, 1948, to stock
holders of record at the close of busi
ness August 20, 1948. A dividend of
the same amount was paid on March
10, 1948. Consolidated net operating
earnings of First Bank Stock Corpora
tion and its affiliated banks and other
active affiliates for the first half of
1948 were $3,207,699, equivalent to $1.13
per share. This compares with $2,725,515 for the first half of 1947, equiv
alent to 96c per share.
The figures shown are after accru
als for estimated taxes based on in
come and are subject to usual year-end
adjustments.

Elected C ash ier
Election of Robert L. Breitenbach as
an assistant Cashier of the First State
Bank of Litchfield, Minnesota, has
been announced by G. A. Hollaar, pres
ident. In his new position, Mr. Breit
enbach will be active in the insurance
department.
Recently he completed a training
course of several weeks at Philadel
phia, Pennsylvania, conducted by the
Insurance Company of North America.
The course covered all forms of insur
ance associated with fire and extended
coverage and casualty lines, and quali
fies him to handle insurance matters
of all types.
Mr. Breitenbach is a native of Meek
er county and was graduated from
Washington High School in Litchfield.
He served in the Marine Corps during
the war and, following his discharge,
joined the bank’s staff in 1946. For
the past several months he has been
serving as teller and has been taking
an increasingly active part in insur
ance work.
Northwestern Banker, August, 1948

WO Minneapolis suburban banks
are contemplating construction of
new- buildings to house expanding op
erations.
The Wayzata State Bank is planning
construction of a building one block
east of its present location. A onestory structure with a two-story set
back is contemplated. The bank has
occupied its present home since its
founding in 1908.
First Robbinsdale State Bank has
purchased property a few doors north
of its present location as a site for a
building. J. W. Roche, vice president,
announced.
The bank was organized in 1918 as
the Security State Bank of Robbins
dale. It changed its name to First
Robbinsdale State Bank in 1946', and
is affiliated with First National Bank
of Minneapolis. Other officers are
T. P. Howard, president; Sven Grundstrom, cashier, and Mr. Howard, Mr.
Roche, H. A. Morse and I>r. Martin
Nordland, directors.

Edward L. O’Malley, a guard at the
American National Bank of St. Paul
for eight years, died recently at the
age of 66.

The First National Bank of St. Paul
has been upheld by the Minnesota su
preme court in a decision of extreme
importance to banks.
The high court ruled that the bank
was within its rights in refusing a St.
Paul woman access to a safe deposit
box rented by another woman, now
deceased.
Only court-appointed legal repre
sentatives of deceased persons have
the right to open such boxes, the court
held.
The decision reversed a Ramsey
County (St. Paul) district court ruling
giving title to the contents of the box
to the woman and ordering judgment
against the bank for wrongful deten
tion. The bank had refused the woman
access to the box on grounds that she
was not the legal representative of
the estate as named by the probate
court.
Ben S. Woodworth, assistant cash
ier of First National Bank of Minne
apolis, has been elected treasurer of
the Orchestral Association of Minne
apolis, which sponsors the Minne
apolis Symphony Orchestra.
Charles F, Poppenberger of St. Paul,

Gold wrist watches were presented
to members of the Quarcent club of
Midland National Bank of Minne
apolis at the bank’s annual summer
party. The Quarcent club is com
posed of 20 members who have been
employed by the bank for 25 years or
more.
George J. Johnson of St. Paul has
resigned as president of the Bank of
Willmar, Minnesota, because of poor
health. He was succeeded by Norman
H. Tallakson.

Election of James F. Twohy, former
governor of the Federal Home Loan
Bank administration at Washington,
as chairman of the board and a direc
tor of Investors Syndicate of Minne
apolis was announced by E. E. Crabb,
president, following the annual meet
ing of stockholders.
Northwestern Banker, August, 1948

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Federal Reserve Bank of St. Louis

a director of the First Merchants State
Bank of St. Paul, died recently at the
age-of 63. Services and burial were in
St. Paul.
James A. Murphy of the First Na
tional Bank of Minneapolis is treas
urer of the Hennepin county (Minne
apolis) unit of the American Cancer
society which recently completed its
drive for funds.
Gordon M. Malen, also of the First
National Bank of Minneapolis, served
as public relations chairman during
the drive.

Appointment of three Twin Cities
men as account executives was an
nounced by the First Acceptance Cor
poration, Minneapolis discount bank
ing firm.
They are George Wilkens, Kenneth
W. Ralin and Donald E. Bates. Mr.

Wilkens formerly was agricultural
economist for the Minneapolis Fed
eral Reserve Bank. Mr. Rahn has
been western representative of Ameri
can Business Credit Corporation of
New York. Mr. Bates has been man
ager of the St. Paul branch of Indus
trial Credit Company.
Jack Ewing, former personnel su
pervisor and counsellor at the Minne
apolis Federal Reserve Bank, has
joined the personnel staff of the First
National Bank of Minneapolis. He
will assist Alan Moore, who will con
tinue as officer in charge of the per
sonnel department. Mr. Ewing dur
ing the past year was president of
the Minneapolis chapter, American In
stitute of Banking.
Alan Giles has resigned as executive
secretary of the Minneapolis chapter,
American Institute of Banking. He
has held the position three and onehalf years. Mr. Giles plans to move
with his family to Pasadena, Cali
fornia. His successor in the Minne
apolis post has not been named.

Formation of the Columbia Heights
Insurance Agency, Inc., of .Columbia
Heights, Minneapolis suburb, was an
nounced by Herbert S. Woodward,
president. The new concern will suc
ceed to the business of the Columbia
Heights Insurance Agency conducted
by Woodward since organization of
the Columbia Heights State Bank in
1947 for the benefit of its stockholders.
Among incorporators are Mr. Wood
ward, executive vice president, and
Clarence T. Olsen, cashier of Columbia
Heights State Bank. Directors besides
Mr. Woodward and Mr. Olsen are Jay
W. Craig, Arthur L. Gluck, Walter li.
Hobart, Harold C. Earson, Herbert
W. Mogg, Joseph I). Sullivan, and F.
Wesley Weldon. All also are directors

of the bank.
Deposits in Minneapolis area banks
are back over the billion-dollar mark,
according to response to the bank call
for a report on their condition.
The 14 national, nine state and one

Minnesota News
banks reported total deposits
of $1,028,562,181, or $36,844,958 more
than they had on deposit April 12th,
date of the last bank call.
It was the fifth year in succession
that Minneapolis deposits have passed
the billion-dollar mark, starting with
December 30, 1944, and reaching their
peak December 31, 1945, at $1,158,901,799.
H av in gs

Chip's Ries of the Minneapolis Fed

eral Reserve Bank was among speak
ers at Duluth at the first of a series
of seven “bank clinics” held in Min
nesota. F. A. Edmundson, Minnesota
state banking commissioner, presided
as moderator. Other clinics in the se
ries sponsored by the Minnesota Bank
ers Association were held at Mankato,
Thief River Falls, Alexandria, Red
wood Falls, Faribault and St. Paul.
Nine members of the staff of
National Bank of Minneapolis
completed 28 years of service
the bank. They are Raymond C.

Bank, and Harold G. McConnell, Fed
eral Reserve Bank, both of Minne
apolis, were members of the 1948 grad
uating class at the A.B.A. Graduate
School of Banking. Graduation cere
monies took place last month.
The Annual Men’s Golf Stag of the
Northwestern National Bank of Min

neapolis was held at Golden Valley
Golf Course last month, with sore feet,
aching muscles and good food the
order of the day.

Convention S p ecia l
Special arrangements have been
made through the office of State Asso
ciation secretary Robert E. Pye, for

Bank debits
Ninth Federal
up 20 per cent
month a year

for 133 cities in the
Reserve District were
in June over the same
ago, the Minneapolis
Federal Reserve Bank reported. Deb
its reached a total of $2,934,791,000 for
June, compared with $2,452,508,000 for
June last year,
Minneapolis debits for June totaled
$1,111,683,000, compared with $918,943,000 in June, 1947, a gain of 21 per cent.
St. Paul in June had a total of $496,643,000, a gain of 14 per cent. The Min
nesota total was $2,129,121,000 against
$1,794,917,000 in June, 1947,
Francis A. Gross, 77-year-old retired

Minneapolis banker, has been elected
president emeritus of the Minneapolis
park board, on which he has served
for 31 years,
Mr. Gross served as president of the
board for 13 terms. Since his retire
ment from the banking business 15
years ago, he has given his time to
civic projects. The former Armour
golf course in Minneapolis has been
renamed Francis A, Gross course in
his honor.
Election of Roland L, St. Clair and
Robert B. Willette as assistant cash
iers of First Produce State Bank was
announced following a recent meeting
of the bank’s directors,

Minnesota bankers going to the A.B.A.
convention, to run special parlor cars
on the New Twin Cities Hiawatha
which operates between the Twin
Cities and Chicago. Mr. Pye’s office
has informed all association members
wishing to entrain on the special to
write his office immediately for reser
vations so necessary arrangements
can be made.
The train will leave the Twin Cities
September 25th at 7:50 a. m. and will
arrive in Chicago at 2:40 p. m. From
C h i c a g o the Pennsylvania-Wabash
Railroads are providing special parlor
car trains for the five-hour trip. The
convention special leaves Chicago Un
ion Station at 4:00 p. m. Central Stand-

SPECIAL OFFER

First
have
with

Hoglund, Carl P. Johnson, Myrtle R. John
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Redburn, Loretta F. Ring and Selma
T. Sandeen,

Accident Insurance, $5000 Principal Sum for
only $2.00 Paid Up in Full to the Middle of
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M IN N ES O T A

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2550 Pillsbury Ave. So.

Minneapolis 4, Minnesota

W H A T A B O U T THAT CHECK IS E P A Ü T M E N T ?
About five years from now we may be
asking this same question. By then,
however, check departments in banks
may be quite common, so perhaps
we’ll follow up with something like
this: "Do you still have check inven
tories at every teller’s window? In
each officer’s desk? Do customers
have to wait in line for their check
books? Are you still paying the bill for
checks, or are your customers buying
their imprinted checks? If you haven’t
started one, this is the time to do it.”
But now, since very few banks have
check departments, we cannot become
too disturbed over the fact that thou
sands of banks do not. Nevertheless,
as one bank at a time installs this
control, we will be watching the
development and we hope soon to
mark it as a trend. It’s coming sure
as shootin’ because the growing use
of imprinted checks will make it nec
essary. And it will pay for itself.. . in
addition to which it will establish bet
ter control of check distribution.
Peering just a little further into the

future, we can see greater emphasis
being given to the dignity o f the
checkbook . .. more ceremony as it is
ordered and delivered. And why not?
Isn’t the checkbook just about the
most important instrument in the
financial field? Isn’t it the personal
currency o f the individual? Why
shouldn’t it command more respect
and attention than an ordinary piece
of stationery? It should, it does, and
it will!
As observers we see these develop
ments start and, because they affect
our operations, we watch them closely.
For the past ten years we have been
watching the development of Person
alized Checks. At first just a little
interest. Then gradually an accelerated
interest. And now a nationwide inter
est with such momentum that two
things are almost certain to come
about: one, that all people who have
checking accounts will some day use
imprinted checks; two, that one per
son, or one department in each bank,
will control their distribution. So what
about that check department?

Manufacturing Plants at:
N E W Y O R K . C LE VEL AN D,

CHICAGO,

K A N SA S C IT Y , ST. PAUL

C. Herbert Cornell, Fidelity State

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Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1943

M in n eso ta N e w s

ard Time, Saturday, September 25th
(two hours after arrival of Twin Cities
train in Chicago), and will arrive in
Detroit at 10:00 p. m. Eastern Standard
Time at Fort Street Station. Cost of
round trip fare hy coach for the Twin
City to Chicago and Chicago to Detroit
trip is $49.28. Parlor car round trip
fare for both legs of the journey is
$55.96.
The A.B.A. annual convention offi
cially is scheduled for September 26th
to September 29th, official headquar
ters being at the Statler and Book
Cadillac Hotels. Hotel reservations in
Detroit must be made through the
convention hotel committee. Earl J.

X BANK

Failor, Post Office Box 116, R.P.A., De
troit 32, is chairman.

N ew A ssista n t C ash ier
H. L. Jacobson of Walhalla, North
Dakota, has accepted a position as
assistant cashier of the First National
Bank of Hawley, Minnesota. Mr.
Jacobson served as assistant cashier
of the Walhalla State Bank before
moving to Hawley.

N ew C ash ier at Mora
The directors of the Kanabec State
Bank, Mora, Minnesota, at their reg
ular meeting last month elected Frank
J. Grahn as cashier, succeeding V. W.

at the

YARD S

Peterson who has held the position for
the past six and a half years and who
had previously resigned, effective July
10th. Mr. Grahn was born and raised
in that community. After graduating
from the Mora High School in 1938, he
entered the employ of the Kanabec
State Bank as a bookkeeper and later
was advanced to the position of teller,
where he served until he enlisted in
the United States Navy in July, 1942.
Upon his discharge from military
service in October, 1945, he again en
tered the employ of the bank and was
elected assistant cashier, which posi
tion he has held until his recent pro
motion. He has been active in the
American Institute of Banking and
the American Legion and is married.
Mr. Peterson will continue to serve
as secretary-treasurer of the Kanabec
Credit Company, an affiliate corpora
tion, and will devote his time to its
management, handling loans, insur
ance, investments and real estate.

R e le a se s Interim Report

CARL

F R E D R IC K S E N
P r e s id e n t

M ARK
V ic e

Service to All!

W IL S O N

P r e s id e n t

W IL L IA M
G. N E L S O N
V i c e P r e s id e n t
W IL L IA M
C. S C H E N K
A s s t. V . P res , and C a s h ie r
C L IF F O R D
L. A D A M S
A s s t. V i c e P r e s id e n t

The Live Stock National Bank in
Sioux City offers correspondent serv
ices valuable to all banks— and espe

J O H N S. H A V E R
A s s t . C a s h ie r

cially to agricultural banks. W e invite

JA M E S L. S M IT H
A s s t. C a s h ie r an d A u d it o r
K IN L E Y W . S M IT H
A s s t. C a s h ie r

your inquiry— no matter where you
are located in South Dakota, Iowa,
Nebraska or Minnesota.

STAN LEY W . EVANS
F ie ld R e p r e s e n ta tiv e

J. Cameron Thomson, president of
Northwest Bancorporation, Minneap
olis, in releasing the interim report of
Northwest Bancorporation and affili
ated banks and companies, covering
operations for the six months ended
June 30, 1948, said the consolidated
net income was $2,678,499. This was
equal to $1.73 per share, compared
with $2,141,159, equal to $1.38 per
share, for the same period in 1947, an
increase of $537,340, which is largely
accounted for by reduced income tax
es as a result of change in method of
computing taxable income.
Net cash income of the holding com
pany was $856,753 for the six months
ended June 30, 1948, compared with
$874,354 for the same period in 1947.
A dividend of 40c per share, in the
aggregate amount of $619,107, was paid
May 25, 1948.

Capital Increase

4 SIOUX CITY
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker, August, 1948

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Federal Reserve Bank of St. Louis

The capital and surplus of North
west Bancorporation increased from
$57,488,587 at December 31, 1947, to
$59,699,013 as of June 30, 1948, equiva
lent to a book value for the corpora
tion stock of $38.57 per share as of
June 30, 1948, as compared to $37.14
per share as of December 31, 1947. The
book value of the stock excludes re
serves for contingencies and reserves
for losses on loans, which aggregated
$16,714,419 as of June 30, 1948, and
$16,316,263 as of December 31, 1947.
Combined deposits of affiliated banks
as of June 30, 1948, were $1,262,199,683 (including War Loan deposits of
$22,546,847), compared to $1,305,127,032
(including War Loan deposits of $13,166,205) as of December 31, 1947.

The bank’s board of directors re
cently was increased by the addition
of Carl T. Fischer, Ft. Pierre, and H.
Varro Wegner and T. B. Roberts of
Pierre to the membership. Bank offi
cers and employes include J. R. McKnight, president; W. H. Burke, ex
ecutive vice president; E. W. Stephens
and Karl Goldsmith, vice presidents;
C. B. Mateer, cashier; R o y a l Van
Camp, assistant cashier; and Mrs. Fred
Heck, Mrs. Richard Lindbloom, and
Alma Pulles, clerks.

H. R. K ibbee, Sr.
Funeral services for Howard R. Kib
bee, Sr., 81, president of the Commer
cial Trust and Savings Bank, of Mitch
ell, South Dakota, w e r e held last
month.
Mr. Kibbee had recently returned
from Palo Alto, California, where he
had been living with his daughter,
Mrs. William M. Kelley, since last Feb
ruary.
He had been hospitalized in Cali
fornia with a broken hip bone after
an automobile accident there.
Howard Ryland Kibbee was born
August 16, 1866 at Eldora, Iowa. He
moved to Mitchell in 1880 in a covered
wagon with his father, C. H. Kibbee.
After two years as a clerk in the post
office, he began his banking career in
1883 with the First National Bank,
then resigned to become cashier of the
Security Bank of Mitchell where he
remained until 1897 when he organ
ized the Commercial Trust and Sav
ings Bank there. Since that time he
had been president of the organization.

G olf Cham pion
The 1948 South Dakota amateur golf
champion is Ivan Steen, assistant
manager of the Brookings Branch,
Northwest Security National Bank of
Sioux Falls, Brookings, South Dakota.
In the finals he met Bob Walworth,
assistant cashier of the First Citizens
National Bank of Watertown and de
feated him 9 and 8 in this 36 hole final
match.
Mr. Steen was a runner up in last
year’s tournament and Mr. Walworth
is a former titlist, having won the
state title in 1943.

Richard Muhmel is vice president, L.
K. Johnston is assistant cashier.

H ead s Com m ercial Bank
H. R. Kibbee was elected president
of the Commercial Trust and Savings
Bank, Mitchell, South Dakota, by the
bank’s board of directors at their semi
annual meeting held last month.
Other officers elected were J. W.
Bryant, vice president; E. A. Loomer,
vice president; G. W. Toft, cashier;

Darwin Behl has accepted the posi
tion of cashier at the Farmers & Mer
chants State Bank of Scotland, South
Dakota. He replaces Mrs. Clara Weiland, who resigned and moved to the
west coast.
Mr. Behl has been working in the
bank for about four years, two of
them before he was called into the
services and two since he was dis
charged.
Geo. Behl is president of the bank,

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A. BRAY, assistant cashier of
. the Northwest Security Nation
al Bank, was installed as recorder of
Alpha Council No. 1, Royal and Select
Masters, a Masonic organization.

Tony Westra, agricultural and live
stock representative of the Northwest
Security National Bank, discussed
scientific developments in weed and
insect control before the Kiwanis and
Rotary clubs.
Frank E. Duffy, manager of the in
surance department of the Union Sav
ings Bank, spent two weeks taking a
refresher course for reserve officers at
Salina, Kansas.

H . R. K I B B E E , J R .
E le c t e d P r e s id e n t

H. W. Fredine, assistant cashier. Mr.
Toft was also made a director to fill
the vacancy on the board of directors.
Other routine business was trans
acted at the meeting.

A ssista n t C ash ier
Harold C. Seierson, formerly con
nected with the Bank of America at
San Bernardino, California, has moved
his family to Wessington, South Da
kota, where he has been named assist
ant cashier of the Bank of Wessing
ton.

114th Dividend
N ew C ash ier

S io u x F a lls N ew s

Directors of the Pierre National
Bank, Pierre, South Dakota, have de
clared the 114th dividend since the
bank was organized on September 1,
1889, it was announced by J. R. McKnight, president. During the first
few years of existence an annual divi
dend was declared. A policy of de
claring semi-annual dividends h a s
been followed for more t h a n fifty
years, without interruption.
The dividend declared was a 5 per
cent semi-annual dividend.

Mrs. Marion A. Schryver, a former
employe of the First National Bank
and Trust Company, with which she
was connected for 16 years, died at
the age of 38. Her husband, a son, her
parents and a brother survive.

The First National Bank and Trust
Company of Sioux Falls and C. J. Devine & Company, Inc., of Chicago, pur
chased school bonds amounting to
$600,000 on a low bid of 1.4 per cent
interest, plus a $360 premium, as bids
were opened by the local board of
education. The issue was authorized
by Sioux Falls voters June 15th. It
is to finance a new school building
in the southwestern part of the city,
and other improvements.
Lawrence J. Larson enjoyed a vaca
tion from his duties as cashier of the
National Bank of South Dakota.
John S. Hinman, assistant cashier
of the Northwest Security National
Bank, was appointed state vice presi
dent for South Dakota of the Nation
al Association of Bank Auditors and
Comptrollers.
J. V. Lowe, vice president and cash
ier of Northwest Security National
Bank, took a vacation trip to WinniNorthwestern Banker, August, 1948

South

D akota

News

peg, Canada, recently, accompanied by
his family.
Employes and their families of the
Sioux Falls, Madison, Dell Rapids and
Brookings branches of the Northwest
Security National Bank held their an
nual picnic at the Sioux Empire fair
grounds in Sioux Falls with about 175
in attendance. The Chamberlain and

Gregory branches held their joint pic
nic in American island, at Chamberlain, about 50 being present.
M. A. Brown, vice president and di
rector of the Chamberlain branch of
the Northwest Security N a t i o n a l
Bank, attended commencement exer
cises at Oxford university, Oxford,
England, his son, Gerald, b e i n g a

5 MINUTES FROM DOWNTOWN

member of this year’s graduating class
there. He expected to return around
August 1st. Gerald Brown will re
enter the legal department of the San
ta Fe railroad in Los Angeles. Father
and son were both Rhodes scholars at
Oxford.
C. A. Christopherson, chairman of
the board of directors of the Union
Savings Bank, was elected to a twoyear term as director of the Minne
haha county chapter of the American
Red Cross.—The End.

C hase N ational Bank
The statement of condition of the
Chase National Bank for June 30, 1948,
showed loans outstanding of $1,461,069,553 (the largest total reported on
any quarterly date in the past 17
years), compared with $1,405,956,869
on March 31, 1948, and $1,203,007,457
on June 30, 1947.
Total resources on June 30, 1948,
were $4,551,331,951, compared with $4,675,876,955 on March 31, 1948, and
$4,814,277,130 on June 30, 1947. De
posits were $4,154,808,627, compared
with $4,295,185,055 and $4,445,081,221
on the respective dates.
Investments in United States gov
ernment securities on June 30, 1948,
were $1,632,762,060, compared with $1,725,308,801 and $2,168,562,691 respec
tively. Cash in the bank’s vault and
on deposit with the Federal Reserve
Bank and other banks was $1,203,034,945, compared with $1,267,487,348 and
$1,113,745,115.
On June 30, 1948, the capital of the
bank was $111,000,000 and the surplus
$154,000,000, both amounts unchanged
in the past year. Undivided profits on
June 30, 1948, were $58,940,688, com
pared with $57,399,074 on March 31,
1948, and $52,316,584 on June 30th a
year ago.

At the Chelsea, every guest room is a large
outside room, with its own private bath. All
are beautifully decorated and designed for
comfort A truly outstanding downtown hotel
perfect for those who wish to be in mid-city,
and yet prefer a quiet home-like atmosphere
The Chelsea is near-Radio Center, Huntington Library, Forest Lawn Memorial Park,
China City, Movie Studios, Beaches.
Rates from $3.00

W AREH OUSE

Safe Loans through

R EC EIPTS

Many of your customers have inventories which could provide the basis
for sound profitable loans when secured by warehouse receipts of the
St. Paul Terminal Warehouse Company.

CUSTOMER CONVENIENCE? The inventories remain stored on your
customers’ premises. Your investigation is invited!

St. P a u l T erm inal W a re h o u se Co.
ST. PAUL, MINNESOTA
515 Iowc-Des Moines
National Bank Building
T. C. CANNON
District Manager

Northwestern Banker, August, 1948

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Federal Reserve Bank of St. Louis

O m aha Office

— Other Offices —

Des Moines Office
MINNEAPOLIS
NEW YORK

MILWAUKEE
BOSTON

PHILADELPHIA
DALLAS

MEMPHIS

CHARLOTTE

CHICAGO

DETROIT

BUFFALO

INDIANAPOLIS

PITTSBURGH

SYRACUSE

ATLANTA

ALBANY, GA.

JACKSONVILLE

SHREVEPORT

1105 First National
Bank Building
ELMER J. OTTESON
District Manager

North Dakota

N EW S
ARNE A. GREGOR
President
Leeds

Elected V ice Presid ent
Mayor Fred Zerr of Napoleon has
been elected a director and vice presi
dent of the Stock Growers Bank, Na
poleon, North Dakota. Mr. Zerr, for
mer local hardware store operator, is
a large real estate owner.
Cashier George Heitmann also an
nounces that the bank is dropping the
words “ In Napoleon” from the title.
Henceforth the bank will be known as
Stock Growers Bank, the original
name of the institution. The words
“ In Napoleon” were used after the
bank changed from a national to a
state institution several years ago.

H ea d s

LaMoure Bank

G. A. Klefstad of Forman has been
elected vice president of the First
State Bank of LaMoure, North Da
kota, succeeding Paul Adams, who has
resigned.
Mr. Klefstad is president of the Sar
gent County Bank at Forman, and is
also interested in the Bank of Hazelton and the Stock Growers Bank at
Napoleon. He is a state representative
from Sargent county.
Mr. Adams, who will continue as
vice president and a director, has been
president of the LaMoure Bank since
1938 and has been active in the insti
tution since 1906.
Mrs. Olive Adams, a long-time di
rector, also resigned. C. H. Alin con
tinues as cashier, with the office of
assistant cashier to be filled later.

C h ester R. H odge
Chester R. Hodge, 72, who since 1933
has been connected with the land de
partment of the Bank of North Da
kota, died in Jamestown last month.
Mr. Hodge was postmaster in James
town for three years and has been
connected with banking activities since
he was a young man. Born in Jack
sonville, Illinois, he moved to James
town with his parents in the early ’80s.
Survivors are a nephew, L. M. McElroy, Jamestown, and a niece, Rose
Jennings, Los Angeles.

Farg o N ational Control
Control of the Fargo, North Dakota,

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Federal Reserve Bank of St. Louis

C. C. WATTAM
Secretary
Fargo

National Bank, founded by Martin
Hector in 1897 and held by the Hector
family for more than half a century,
has passed to others in a stock trans
action just completed.
F. J. Carlisle, chairman of the board
of directors, and Earl L. Shaw, presi
dent, said that approximately 1,000
shares of stock—about two-thirds of
the total—had been transferred by the
heirs of Martin Hector to a group of
Fargo business and professional men,
in addition to present officers and di
rectors, all of whom have increased
their stock holdings.
With the broadening of the stock
ownership, officers said it is likely the
board of directors will be increased
from the present five members at a
regular stockholders’ meeting in Jan
uary.
The board is composed of Mr. Car
lisle, Mr. Shaw, W. F. Burnett, George
W. Crowe and W. H. Toussaint. Other
officers include: T. D. Hughes of Min
neapolis, vice president; L. E. Smith,
vice president and cashier, and W. R.
Braseth and C. S. Miller, assistant cash
iers.
Previous owners of the stock now
going to new owners are Mrs. Fred
Hector, Mrs. Minnie Hector Smith,
both of Fargo, and Mrs. W. H. McGill
(Evelyn Hector) of Winchester, Mas
sachusetts.
With the latest transaction, owner
ship of the bank is divided among
more than two score stockholders, the
officers said.
The Fargo National has footings of
nearly $10 millions, its statement of
June 30 .shows. Par value of capital
stock is $150,000, surplus $200,000 and
undivided profits $81,778. Deposits
total $9,225,945.
The Fargo National has been in
business on its present site at 52 Broad
way since organization. The present
building was erected in 1907, with an
addition being recently completed.
The original bank building was de
stroyed by fire.

Honored at Dinner
Ernest W. Hauser, who 25 years ago
entered the employ of the James River
National Bank, Jamestown, North Da

kota, was honor guest at a dinner
party recently.
P. J. Schirber, bank president, was
toastmaster. Mr. Hauser w a s pre
sented with a gift from the group with
Mr. Schirber making the presentation.
Covers were laid for 25. The eve
ning was spent informally. Mr. Hauser
was first a clerk in 1923 and then a
bookkeeper and teller. He was pro
moted to be assistant cashier and in
1943 to cashier.

M. L. Dryburgh
Death after an illness of several
weeks ended the career of a promi
nent Grand Forks, North Dakota, in
vestment firm head, and Fordville’s
first banker, M. L. Dryburgh.
Eorn in Kininmouth, Scotland, Mr.
Dryburgh, came from his native land
to Grand Forks in 1901, and became
connected with the Birkholtz Co. in
1903. In 1905, when the town of Med
ford, now Fordville, North Dakota,
was started, he came to Fordville and
until 1911 was cashier in charge of the
First State Bank. Resigning his posi
tion with the First State Bank in 1911,
he organized the Farmers and Mer
chants Bank and was in charge there
until in 1920 he sold his interests in
that institution to the late C. C. Jacob
son and P. B. Peterson, returning to
Grand Forks.

Successful Year
The Graduate School of Banking of
the American Bankers Association last
month brought to a close its four
teenth annual summer resident ses
sion in colorful exercises when 244
bank officer students from 106 cities
and towns in 33 states were graduated
in what was the twelfth annual com
mencement of the school, which
opened its doors for the first time in
June, 1935, and graduated its first class
in June, 1937. Diplomas were pre
sented by Loring L. Gelbach, chairman
of the board of regents of The Gradu
ate School of Banking, president of
the Central National Bank of Cleve
land, Cleveland, Ohio, who urged upon
the graduates “the development of
such curiosity that shall recognize all
that Victor Hugo meant when he said
‘nothing is more mysterious than a
key for one who does not know what
it will unlock.’ ”
The Richard W. Hill Award, given
each year to the oldest member of the
graduating class, was awarded at com
mencement to Thomas H. Leahy, first
vice president of Peoples Bank, Can
ton, Ohio. This is an achievement
award, the aim of which is to encour
age older bank officers to continue
their education through the study
courses of The Graduate School of
Banking.
Northwestern Banker, August, 1948

FOR 92 YEARS
SOUND BANKING SERVICE

Northwestern Banker, August, 1948

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unable to appear on the program be
cause of illness. Governor Val Peter
son was a concluding speaker, touch
ing on the subject of soil conservation
and urging banker support of the PickSloan plan for middle west states.

In crease Kim ball C ap ita l

S e c o n d C lin ic a S u c c e s s
E CHOES of the second Nebraska

Bankers’ Clinic had not died out
yet last month when Clinic Chairman
John Van Auken was requested to
reserve dates at Doane College in Crete
again for the third clinic, to be held
there in June, 1949.
The registration of 182 at this year’s
clinic as compared with 115 the first
year, an increase of 37 per cent, is
ample evidence of the value placed on
the three-day school by Nebraska
bankers. With a similar show of en
thusiasm next year, the registration
will pass the 200 mark easily.
An impressive array of speakers ap
peared at the several sessions to give
new and improved ideas for better
bank management. Leading off was
Otto Kotouc, Jr., vice president, Home
State Bank, Humboldt, who discussed
many of the legal phases of banking,
including the Community Property
Law.
Robert Lindquist, president, Finan
cial Public Relations Association and
vice president, La Salle National, Chi
cago, told the bankers that good public
relations begins with employes in the
bank, then went on to cover the field
of bank public relations.
Trude D. Morse, president, Doane

Agricultural Service, gave a compre
hensive explanation of the over-all
agricultural picture; A. L. Jorgenson,
president, T h e American National
Bank, Sidney, discussed loans now
used by banks, and Joe Johnson, RFC,
Omaha, told about the new secondary
market for G. I. loans.
Herbert V. Prochnow, vice presi
dent, First National Bank, Chicago,
was guest speaker at the evening pro
gram. Mr. Prochnow reviewed the im
portance of world trade, pointing out
how many European countries col
lapsed when their foreign trade and
importing trade collapsed.
An interesting part of the clinic was
Harold Deitemeyer’s discussion of the
association’s bank management com
mittee report. Mr. Deitemeyer is cash
ier of the First National Bank, Bea
trice, and chairman of the above
committee. The printed report cover
ing a survey of Nebraska banks in
various deposit groups was distributed
for study by students at the clinic.
Don Cunningham, Sioux City, re
viewed live stock lines of credit, draw
ing on his own personal background
of experience in markets and market
ing of livestock.
Nebraska Senator Hugh Butler was

Directors of the American National
Bank of Kimball, Nebraska, increased
the surplus account from $50,000 to
$75,COO at their last regular July meet
ing, according to an announcement by
J. I. Christiansen, president.
Total capital, surplus and undivided
profits now are over $170,000, as of
this date.

H. L. W endland
Funeral services for H. L. Wend
land, 57, of Bellevue, Nebraska, were
held at Minden last month. Mr. Wend
land at one time was cashier of the
First National Bank of Minden and
the bank at Plymouth.

E re c t N ew Bank
The recently constructed Citizens
Bank in Haddam, Nebraska, was open
for inspection last month. The for
mer bank, built in 1887, was torn
down and the new building was
erected on the same site.
R.
S. Wilfley, formerly of Fairbury,
directed planning and construction
operations. He is the bank’s execu
tive vice president.

W ith Beatrice Bank
Joe Fuhr, who holds degrees from
the University of Nebraska colleges
of agriculture and business adminis
tration, has joined the staff of the
Beatrice State Bank, Beatrice, Nebras
ka, as that bank’s second agricultural
consultant. A veteran, he is a native
of Spencer, Nebraska.

Students and faculty of the Nebraska Bankers Association’s second annual Bankers Clinic are shown below as they assembled
on the lawn of Doane College, Crete, Nebraska, where classes were held.

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Northwestern Banker, August, 1948

Nebraska News
chairman of the board, 44 years; O. H.
Holmquist, assistant cashier, 42 years;
R. L. Swanson, assistant cashier, 41
years, and Frances Stem, teller in the
women’s department, 39 years.
Greenway & Company, Omaha in
vestment bankers, announced recently
the promotion to the sales staff of Mrs.
Vina P. Aitken. Mrs. Aitken formerly
was with the bond department of an
Omaha bank. She has been associated
with the Greenway Company for some
time in various positions.

E DWIN N. VAN HOUX!'], president both in the United States and abroad

of the Federal Land Bank of
Omaha, will be the general chairman
of the 1948 Omaha Community Chest
campaign this fall.
Mr. Van Horne is a director of the
Union Stock Yards Company of Oma
ha, a former member of the board of
directors of the Omaha Chamber of
Commerce, and immediate past treas
urer of the Omaha Chamber. He
served on the board of the United
War and Community Fund. He was
associate chairman of the Chest cam
paign last year.
His appointment was announced by
V. J. Skutt, insurance executive, who
is president of the Omaha Chest.
Gould Dietz, 80, Omaha civic and
business leader, pioneer aviation en
thusiast and a director of the Omaha
National Bank, who died recently, left
an estate valued at more than $210,000.
Most of the estate was willed to nieces,
nephews, great-nieces and great-neph
ews. Under an agreement, he and his
second wife, the former Alice Andreesen Kountze, maintained separate
property.
Much of the estate is made up of
stock in the Gould Dietz Investment
Corporation and the Rivett Lumber
and Coal Company of Omaha.
Mr. Dietz died at Lake Minnetonka,
Minnesota, at the home of a niece,
while he was attending the conven
tion of the National Aeronautical As
sociation. Mr. Dietz was widely-known

and was acquainted with many of the
world’s notables. He often was host
to celebrities at his suite in the Fontenelle Hotel. His collection of fa
mous autographs was one of his most
valued possessions.

Omaha business is mending after
the 10-week packing house strike.
That was shown in the report of
the condition of Omaha banks in re
sponse to the call from the Comptrol
ler of Currency as of June 30th.
Deposits were $10,565,032 higher
than at the time of the April 12th
bank call, although loans dropped $35,884.
Three banks showed drops in depos
its since April. Four reported drops
in loans.
Figures reported by individual banks
for June 30th:
D e p o s its
O m aha N a tio n a l ................. $129,918.236
F ir s t N a t i o n a l .......................
78,650,287
U n ite d S tates N a t i o n a l . ..
67,363,408
L iv e S to c k N a t io n a l.........
57,625,102
S to c k Y a r d s N a t io n a l.........
23,009,078
P a ck e rs N a t io n a l...................
9,678,517
D o u g la s C o u n ty B a n k .........
8,247,971
N o rth Side B a n k ..................
5,215,676
Sou th O m aha S a v in g s B k .
2,194,698
T o ta ls

....................................$381,902,973

Loans
$26,795,737
19,211,916
13,966,297
20,149,371
4,242,169
1,949,337
1,622,637
1,289,194
1,658,939
$90,885,597

Twenty-seven veteran officers and
employes of the First National Bank
of Omaha were honored at a luncheon
recently at the Omaha Athletic Club.
They have been with the bank 25
years or longer. President Fred W.
Thomas of the bank presented watches
to the honor guests.
Heading the list were T. L. Davis,

Charles YV. Mead has been elected
vice president of the Douglas County
Chapter of the Red Cross.
The Omaha National Bank is com
pleting the air-conditioning of the
main banking rooms, savings depart
ment, safe deposit vaults, women’s de
partment and trust department. The
project is part of the bank’s present
construction and remodeling program.
John Lauritzen, assistant vice presi
dent of the First National Bank of
Omaha, has been installed as presi
dent of the Omaha Lions Club. He
succeeds Donald Y\r. Lyle, insurance
man. W. Leroy Wilcox is first vice
president, and John T. Brownlee is
treasurer.

With many Iowa banks reportedly
in favor of a five-day business week,
Nebraska banks soon may act on the
question.
At present, most Nebraska banks
are open six days a week.
Quentin K. Deaver, native Omahan
who is manager of the National City
Bank’s branch at Montevideo, Uru
guay, has been visiting in Omaha. He
was the guest of Dale Clark, president
of the Omaha National Bank, at a
luncheon.
Mr. Deaver, a resident of South
America 22 years, was being “paid
back” for hospitality shown by him

IN ST. JOSEPH

No Other Bank Gives You

MORE* for YOUR MONEY
Than the

T O O T L E -L A C Y
Northwestern Banker, August, 1948

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Federal Reserve Bank of St. Louis

MILTON TOOTLE

FRED T. BURRI

P R E S ID E N T

C A S H IE R

R. E. WALES
V IC E

P R E S ID E N T

Nebraska News
He was assisted by James F. Mc
Cloud, secretary-treasurer of Kirkpatrick-Pettis Company, and Manning E.
Handler, vice president of Stern Broth

last year when an Omaha trade group
visited South America. He headed
the group that entertained the Omahans in Montevideo.
At the meeting with those Omahans
who made the trip, it developed that
Mr. Deaver, the South American resi
dent, was the only native Omahan
among those present.

ers & Company.

The Live Stock National Bank of
Omaha held its annual picnic for em
ployes and their families last month.
After a sumptuous chicken dinner
with all the trimmings, games and
contests were held—also a movie.
Mr. and Mrs. J. Francis McDermott

have returned after a 10-day stay at
Portsmouth, New Hampshire. Mr. Mc
Dermott is vice president of the First
National Bank of Omaha. They ac
companied Governor and Mrs. Val
Peterson of Nebraska to the annual
Governors’ Conference.
Edward E. Ruzicka, clerk at the

Federal
Omaha
Omaha
mother

Reserve Bank of Kansas City,
Branch, died recently at an
hospital. His wife and his
survive.

Richard H. Mallory, vice president
of the United States National Bank of
Omaha and president of Omaha’s
Downtown Kiwanis Club, was one of
those who conferred an “admiralcy”
in the ‘‘Nebraska Navy” on Dr.
Charles AY. Armstrong, past Inter
national Kiwanis president, when the
latter stopped in Omaha recently. He
was on his way home from the Ki
wanis convention in Los Angeles. Mr.
Armstrong lives at Salisbury, North
Carolina.
J. Cliff Rah el, Omaha investment
banker, was chairman of the banking
and investment division of the Security Loan Drive in Omaha a n d
Douglas County. Mr. Rahel is first
vice president of the Wachob-Bender
Corporation.

Herbert Meile, veteran Omaha bank
er, has been installed as president of
the Benson Lions Club. He received
the president’s lapel pin from Past
President Earl Schroer, with District
governor George Pratt as installing
officer.
Mr. Meile is vice president of the
Douglas County Bank of Omaha, in
suburban Benson.

The Curtis (Neb.) State Bank is
paying a fourth 10 per cent dividend,
the final distribution, R. G. Taylor,
trustee for depositors, announced.
The engagement of Miss Jean Pettis,
daughter of Mr. and Mrs. Donald Pet
tis of Omaha, to Donald McDonald of
Philadelphia, formerly of Omaha and
son of Mrs. Alan McDonald and the
late Mr. McDonald, Omaha architect,
was announced recently. The brideto-be’s father is an Omaha investment
banker. She attended Brownell Hall
at Omaha and Wellesley College and
is a member of the Omaha Junior
League.
Omaha civic clubs contributed more
than $2,500,000 toward the Omaha and
Douglas County quota in the Security
Loan Drive, according to AV. Dean
Yogel, chairman of the Community
Service Club Division of the drive.
Mr. Vogel is vice president of the Live
Stock National Bank.
AATalter Ah Raynor, formerly asso
ciated with John M. Douglas, Inc.,
Omaha investment banking firm, has
opened his own office at 1219 First
National Bank Building in Omaha.
Mr. Raynor will conduct a general in
vestment banking business.
John F. Davis, vice president of the

First National Bank of Omaha, has
sold his suburban residence at 9015
Hickory Street to Bernard J. Boyle.
Mr. and Mrs. Davis are moving to a
home at 607 North Sixty-fifth Street
which they bought from Dr. Eugene
Simmons.

Sell Bank Building
The Stephens National Bank Build
ing, Fremont, Nebraska, has been sold
to the Hainelli Building Corporation
of Omaha.
Recent owner was the Stephens
Building Corporation, whose top offi
cials live in Omaha.
Consideration w a s approximately
$45,500, according to revenue stamps
on the deed which was filed in the
register of deeds office. The deed
showed that on July 1st, there was a
mortgage totaling $73,066.37 on the
property.
The building was erected in 1914.
It was owned by the Union National
Bank up to 1936 when it was bought
by S. S. Sidner, C. J. Malmsten and
Eugene Diers. In 1947, Sidner, Malm
sten, Eugene D. and Walter C. Diers
(who got their father’s interest when
he died) sold out to the Stephens
Euilding Corporation.
Besides the Stephens National Bank
located on the ground floor, there are
professional offices in the building.

Fills In at Maimo
J. Fred Peters, former head of the
Citizens National Bank, Ashland, Ne
braska, has been helping out at the
Bank of Maimo as manager of the
bank until appointment of a new cash
ier can be made. Cashier Gus Houfek
was forced to resign because of ill
ness, and Mr. Peters, who had just dis
posed of his Ashland bank interests,
filled in at Maimo temporarily.
Mr. Peters, a former state banking
director, has moved to Lincoln.

Moves to H ardy
Mr. and Mrs. Jack Heasty of Fairbury have purchased stock in the

*MORE personal service — *MORE types of service — *MORE
friendliness —

*MORE people who are interested in you.

NATIONAL BANK
GRAHAM G. LACY
CH .

TH E

BOARD

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Federal Reserve Bank of St. Louis

E. H. SCHOPP

E. L. CRUME

ASST.

C A S H IE R

ST. JOSEPH, MO.
M em b er F ed era l D ep o sit
Insu rance C orporation

Northwestern Banker, August, 1948

Nebraska News

Hardy State Bank, Hardy, Nebraska,
and have moved to Hardy where Mr.
Heasty has been elected assistant cash
ier. Eugene Aurand of Hardy will
be president of the bank. Fred Mur
phy is cashier. Most of the stock will
be locally owned. The Heastys have
been connected with the First National
Bank of Fairbury for several years.

15th A n n iv e rsa ry in Blair
The Washington C o u n t y Bank
marked its 15th anniversary in Blair,
Nebraska, last month. In 1933 the
bank was moved from Kennard to
Blair. George T. Hedelund, president,
revealed that when the bank opened
for business 15 years ago in Blair,
there were only 351 depositors. Since
then the number has grown to 2,670
and deposits have increased from $148,720 to $4,139,787.

Fed eral Report
Reporting on the experience of the
Federal Savings and Loan Insurance
Corporation in its insuring function,
William H. Husband, general manager
of the corporation, announced that
FS&LIC has not been called on for aid
to any insured savings and loan asso
ciation in more than four years.
In a statement reflecting activities
of the Insurance Corporation up to
the fiscal year-end on June 30th he
also reported that no insured associa
tion has been placed in liquidation by
supervising authorities since 1941.
“Although favorable business condi
tions of course have played a large
part in this record of savings and
home financing institutions through
out the nation in recent years, we
should not overlook the performance
of associations in building up their
reserves,” said Mr. Husband. “ Since
1941 they have increased their com-

944 JliruzaUt— ^Jlte Ganti+ie+ttai—
A

range of service
particularly adapted to
the every-day needs of

bined reserves from $181,000,000 to
$585,000,000, a rate substantially above
the rate of rise in their total assets.”
Established by Congress in 1934, the
Federal Savings and Loan Insurance
Corporation now insures the savings
of nearly six million persons, up to
$5,000, in 2,566 savings and loan and
similar home finance institutions, he
said.

Dividend
Directors of California Bank have
declared the regular quarterly divi
dend of 50 cents per share, payable
August 2nd to shareholders of record
July 20th.

Publishes Book
“ How to Guard A g a i n s t Loss
Through Error, Negligence or Fraud”
is a 16-page booklet just published by
Cummins Business Machines Corpora
tion, Chicago.
As the title indicates, the booklet
discusses losses in business and sug
gests ways of preventing many of
these losses. It contains ideas that
will be of interest to practically every
business man — auditors and control
lers, as well as other executives.
Printed in two colors, this booklet is
clearly illustrated to show how con
trols can be strengthened to guard
against fraud or other losses.
It wil be sent free of charge, with
out obligation, upon receipt of a re
quest.

Correspondent Banks
Em pire Trust D irector

C o n t in e n t a l N a t io n a l

Ba/
f

LIN CO LN
Member Federal Deposit Insurance Corporation

Northwestern Banker, August, 1948

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

The election of John Thomas Cahill
to the board of directors of Empire
Trust Company, New York, was an
nounced by Henry C. Brunie, presi
dent of the bank.
Mr. Cahill was admitted to the New
York Bar in 1928; served as second
assistant attorney general of New
York from 1931 to 1933; special assist
ant to district attorney, New York
county, 1936-1937; United States attor-

Nebraska News
ney for the southern district of New
York from 1939 to 1941, and at present
is a partner of Cahill, Gordon, Zachry
& Reindel. He is a graduate of Colum
bia College, 1924, and Harvard Law
School, 1927.

W ith Irving Trust
Irving Trust Company announces
the election of Earl S. MacNeill as an
assistant vice president. He is joining
the company’s personal trust division
to specialize in estate planning.
A member of the New York Bar,
Mr. MacNeill was trust officer of The

manage the various interests of the
Crocker family as vice president of
the Provident Securities Company and
the Crocker Investment Company, po
sitions which he has held for many
years. He will also continue his mem
bership on the boards of directors of
a number of San Francisco industrial
companies.

Trust O fficer
Donald S. Jones was elected assist
ant trust officer of the La Salle Na
tional Bank, Chicago, by the bank’s
board of directors at a recent meet
ing. Mr. Jones will continue in the
investment division of the trust de
partment.

G. Ly le Fischer
G. Lyle Fischer, second vice presi
dent of The Northern Trust Company,
Chicago, died suddenly last month
from a heart attack in his home in
Glencoe. He was 50 years old.
Surviving are his wife, Mrs. Anne
Clark, and two sons, John Lyle and
Thomas Clark.

Continental Bank & Trust Company of
New York, which was recently ac
quired by the Chemical Bank & Trust
Company. He has been well-known
for the past 20 years as a trust officer
and attorney.
Currently Mr. MacNeill is president
of the New York Financial Advertisers
and previously has been chairman of
the trust development section of the
parent national organization, Finan
cial Public Relations Association.

R etires
Daniel J. Murphy retired last month
as vice president of the Crocker First
National Bank of San Francisco after
serving the institution for 44 years.
He will, however, continue as a mem
ber of the executive committee and
the board of directors of the bank.
Mr. Murphy will also continue to

Norman N. Feltes
Norman N. Feltes, vice president of
the Harris Trust and Savings Bank,
Chicago, died last month in Evanston
Hospital at the age of 44. A graduate
of Norte Dame University and Har
vard University Business School, he
joined the bank as a clerk in 1927. He
was elected a vice president in 1944.

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. D A V E N P O R T & C O .
OM AHA

Stock Industry

J. A . GREENFIELD
President
t.

Mr. Fischer was born at Kewanee,
Illinois, on August 23, 1897. He was
graduated from the Kewanee High
School in 1915 and from Harvard in
1920. Before joining The Northern
Trust Company in October, 1932, he
served five years as assistant cashier
in the Savings Bank of Kewanee and
for five years as assistant vice presi
dent in the Central Republic Savings
Bank and Trust Company in Chicago.

The Live

OFFICERS
G. E. PORTER
Chairm an of the Board

E A R L S. M a c N E I L L
A s s is t a n t V i c e P r e s id e n t

and its problems are of special inter
est to us. Our officers are specialists
in livestock financing and other stock
yards business.

j. M cC u l l o u g h
V ice-Pre sident

M. E. BLANCHARD
Cashier
LOUIS J. KOMER
Asst. Cashier

Let us put this specialized knowl
edge to work for you through a corre
spondent connection with the "O n ly
Bank in the Y ards."

H. H. BROADHEAD, JR.
Asst. Cashier

First St. Joseph
STOCK YAR D S BAN K
South St. Joseph, Mo.
“ ONLY BANK IN THE

Scarborough & Company

Dt'd you know that this company pioneered in putting
Bank Insurance on a scientific basis and forcing
rate reductions? Ask us about our counseling service.

Insurance Counselors
F IR S T

N A T IO N A L

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

BANK

B U IL D IN G

C H IC A G O

IL L IN O IS

STATE

to Banks

4325

Northwestern Banker, August, 1948

A NOTE

ABOUT YOUR

BANK

fr ien d ly

SERVICE, W H ERE —

m
X here's an old joke about "Banker's Hours"— about the easy
going bankers who quit at two for the golf course. Every banker
knows, of course, that a great amount of work is necessary
before ten and after two just preparing to serve customers.
At your Bank of Friendly Service, "Banking Hours" mean
even more. Even after 5 o'clock, part of our staff is on duty to
provide correspondent banks with 24-Hour Transit Service, an
important part of our complete correspondent facilities. At any
hour, too, our trained staff of officer-specialists is on call to
give quick, personal service on your particular correspondent
banking assignments.
W e believe this schedule of "Banking Hours" is necessary in
order to give us a complete knowledge of your needs and an
ability to serve you fully and well. The confidence cf more
than 400 local banks we now serve warrants, we believe, an
invitation to you to make Live Stock National, of Omaha, your
correspondent bank.

LIVE ST O C K ^B A N K
O
TH E

B A N K
M em ber

Northwestern Banker, August, 1948

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

H
OF

F ederal

N E B R A S K A

F R I E N D L Y
R eserve

and

F ed era l

2 4 - H O U R
D e p o s it

In su ra n ce

S E R V I C E

C o r p o r a tio n

1o w a

N EW S
W. W. BLASIER
President
Jesup

Bechtel Sells H oldings
George M. Bechtel, prominent in
vestment and commercial banker in
Iowa for 57 jmars, has sold his con
trolling interest in the First Trust and
Savings Bank of Davenport to five
Davenport business men. They are
Charles Shuler, Otto Nobis, Leo Capen,
Walter W. Paul and Wayne G. Cook.
The first four men will be on the hoard
of directors, while Mr. Cook becomes
general counsel for the bank.
Mr. Bechtel had retired from the
First Trust presidency in January,
1947, at which time he was succeeded
by his son. Harold R. Bechtel, who is
now head of the bank. No other
changes in the staff are contemplated.
Mr. Bechtel began his financial ca
reer in 1891 at the age of 23, when he
went into the investment business for
himself. His success in this business
became widely known, especially his
reputation for a keen understanding of
municipal bonds and the city legal
structure behind them. The Bechtel
Trust Company was formed in 1927,
being reorganized into the First Trust
and Savings Bank in 1935 with the
elder Bechtel as president. This in
stitution now has approximately $9,000,000 in deposits, with capital, sur
plus and profits totaling $500,000.

Nam ed A ssista n t C ash ier
Rolfe O. Wagner, president, Ankeny
State Bank, Ankeny, Iowa, has an
nounced the election of Noel J. Liechty
as assistant cashier.
Mr. Liechty received his grade and
high school education in the Ankeny
schools and is a graduate of the State
University of Iowa. He served three
years in the U. S. Army during World
War II and has been employed in
Texas since his discharge.

O tto Schm itt
Otto Schmitt, 74, vice president of
the Maynard Savings Bank at May
nard, Iowa, died last month. He is
survived by his wife, a son, three
daughters, nine grandchildren, two
brothers and four sisters.

Sioux C ity C hanges
R. R. Brubacher, president of the
Toj^ National Bank and the Farmers

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

FRANK WARNER
Secretary
Des Moines

Loan and Trust Company of Sioux
City, announced several promotions
and a capital account addition follow
ing annual meetings of the two insti
tutions last month.
Henry K. Larsen v t s elated as'-is*rnt cashier and will be assistant man
ager of the Toy National’s personal
loan department. He replaces John
Gordon, who now is acting as cashier
of the First Trust and Savings Bank
at Alta. Mr. Larsen has been with the
bank since 1930, serving three and
one-half years in the armed forces.
J. William Van Dyke and Carleton
C. Van Dyke, formerly assistant cash
iers of the Toy National Bank, were
elected assistant vice presidents. The
former has been with the Toy National
since 1934, the latter since 1938.
E. H. Spiecker has been advanced
from the office of secretary to that of
vice president of the Farmers Loan
and Trust Company, his former posi
tion now being occupied by U. H.
Bunkers. A. J. McGowan was elected
treasurer. Mr. Brubacher was re
elected president; E. A. Hoffman, J.
William and Carleton C. Van Dyke
were renamed vice presidents, and
Miss Lillian Galvin was re-elected as
sistant secretary and treasurer.
At the Toy National’s annual meet
ing directors added $100,000 to the
surplus account, providing the bank
with total capital and surplus of $1,000, 000.

Jo in s O sk a lo o sa Bank
C. Cannon Helscher of Sigourney,
Iowa, became associated with the Iowa
Trust and Savings Bank in Oskaloosa
last month, in the capacity of teller,
and it is reported he will become as
sistant cashier within the next few
months.
Mr. Helscher was born in Sigourney,
where his father is president of the
Keokuk County State Bank. He was
graduated from the Sigourney High
Schools, and received his bachelor of
arts degree from Coe College in Cedar
Rapids in 1940.
After working for a year as teller
at the Guaranty Bank and Trust Com
pany in Cedar Rapids, he entered the
U. S. Air Force and spent four and
one-half years in the service, including
20 months in the Southwest Pacific

theater of operations. He attained the
rank of major.
Mr. Helscher was employed in the
accounting division of the Maytag
Company at Newton from the time of
his discharge until last February. He
v as graduated recently in a class of
500 from the air command and staff
school at the Maxwell Air Base in
Alabama.

N ew Presid ent at G lenw ood
Clyde Rhoads was elected president
of the Glenwood State Bank of Glen
wood, Iowa, at the annual meeting of
stockholders last month, to succeed
Rudolph Hopp, who resigned because
of ill health. Mr. Rhoads had been
vice president of the bank.
Cashier Leonard Dean was re-elected
to that position in addition to being
named vice president, succeeding Mr.
Rhoads. Morris Moore and Francis
Wilson were re-elected assistant cash
iers.
Mr. Rhoads has been with the Glen
wood State Bank since 1912, when he
became cashier. Later he was elected
vice president following the death of
C. E. Dean.

In crease Surplus A ccount
At a recent meeting of the board of
directors of the Sac City State Bank,
Sac City. Iowa, the bank transferred
$50,000 from is undivided profit ac
count to surplus. At the end of June
the capital structure of the bank stood
at capital $50,COO, surplus $100.000,. and
undivided profits $53,000.

Elect N ew V ice P resid ent
E. H. Parker has been elected vice
president and James G. Armstrong has
been elected director of the Farmers
State Bank of Jesup, Iowa. These
elections took place following the re
cent death of Vice President and
Director Charles Frush. W. W. Plaisier, president of the Iowa Bankers
Association, continues as president of
the Farmers State Bank.
Mr. Armstrong recently was suc
cessful in the primary election as a
candidate for state representative from
Black Hawk county and has large
farming interests near Jesup where
he expects to maintain his home in
the near future.

T w o Changes at R ippey
Two officer changes were made at
Rippey Savings Bank, Rippey, Iowa,
last month when Dwight M. Crumley
became executive vice president and
H. A. Norgren succeeded him as cash
ier. Mr. Norgren previously had been
assistant cashier. In another change,
to fill a board vacancy created by the
recent death of John Fouch, Mr. Nor
gren was named to the directorate.
Northwestern Banker, August, 1948

Iowa News

Mr. Fouch had served as a director
for 22 years and had been vice presi
dent, his death necessitating the
changes in the official staff.
E. E. Kupfer continues as presi
dent. Directors, in addition to Mr.
Kupfer, Mr. Crumley and Mr. Norgren, are C. A. Lofstedt and T. P.
Gannon.

Readlyn Savings Bank for 44 years, 34
in the capacity of president and the
last 10 as honorary chairman of the
board. Mr. Meyerhoff continued active
participation in church, community
and public office affairs until several
years ago.
His son, August F. Meyerhoff, is
president of the Readlyn Savings
Bank.

H. W . M eyerhof?
Annual M eeting in Radcliffe

H. William Meyerhoff, 91, pioneer
and early settler of Bremer county,
died at his home in Readlyn, Iowa,
last month after a long life of work
and service to the community in which
he had lived most of his life. Mr.
Meyerhoff had been a director of the

★

Stockholders of the Security State
Bank of Radcliffe, Iowa, last month
elected directors at their annual meet
ing as follows: Carroll Drake, Rachael
Drake, A. C. Kramer, William Shafer
and Otis Wierson. F. C. Varnum, a

★

One Purpose
One

purpose underlies all dealings

of the First

National Bank with its correspondents to make the
relationship of mutual advantage to BOTH institu
tions. The effectiveness of this strategy is shown in
the fact that so m any banks in the midwest area
already use First National Bank correspondent serv
ice in Sioux City.
Your account, too, will be welcome!

director of the Security State Bank
for the past 26 years and a prominent
landowner and livestock feeder, died
at his home several weeks ago.
Directors re-elected Mr. Drake presi
dent, Rachael Drake as vice president,.
James W. Ryan as cashier and John
L. Erbes as assistant cashier.

Junior Bankers M eet
The Council of the Iowa Junior
Bankers Association was scheduled to
meet at the Des Moines Club in Des
Moines August 7th, to »consider back
ing an expanded American Institute
of Banking program in Iowa. Presi
dent Clarence D. Clausen, assistant
cashier, Citizens National Bank, Boone,
was to call the meeting to order at
2:00 p. m. The business meeting was
to continue through the afternoon, fol
lowed by a dinner at the club. Guests:
of the Junior Bankers Association
were to include officers of the A.I.B.,
plus officers of the Des Moines A.I.B.
chapter, along with Iowa Banking Su
perintendent N. P. Black and Christian
Ries, Federal Reserve Bank of Minne
apolis, and an A.I.B. national officer.

O pen Drive-In W ind ow
The new drive-in deposit window of
the Peoples Savings Bank in Waterloo,
Iowa, was opened last month for use
by bank customers. The window is
located in the rear of the bank, allow
ing patrons to speed up deposit service
and eliminate a parking problem
around the bank. Radio equipment
aids in contact between the depositor
and teller, with the latter being pro
tected by heavy shatterproof glass and
bulletproof steel plating.

Bsra J. Baum gartner
A. G. SAM, President
J. T. Grant, Vice President

H. H. Strifert, Assistant Cashier

J. R. Graning, Cashier

K. J. Shannon, Assistant Cashier

E. A. Johnson, Assistant Cashier

W . L. Temple, Assistant Cashier

J. Ford Wheeler, Auditor

NATIONAL
BANK

in SIOUX CITY

MEMBER FEDERAL RESERVE SYSTEM
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

-----★
Northwestern Banker, August, 1948

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

★

Ben J. Baumgartner, 56, cashier of
the Elgin State Bank at Elgin, Iowa,
died last month after suffering a heart
attack. Mr. Baumgartner had been
president of the northeast Iowa dis
trict bankers association and for four
years was county chairman of the U. S.
Savings Bond drives.
He is survived by his wife and one
daughter.

Double C ap ita l
Stockholders of the Farmers Sav
ings Bank of Danbury, Iowa, last
month voted to transfer $25,000 from
surplus and undivided profits to the
capital account, thus providing that
bank with total capital of $50,000. The
Farmers Savings Bank earlier in the
month had marked its 17th banking
anniversary, the institution having
been founded in 1931 by Charles F.
Seibold, who is still president; F. W.
Kemp, the bank’s first and only cash
ier, and several other stockholders.

\x>ur Feeder depositors
will appreciate this service

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

O v er th re e quarters o f a cen tu ry ’s exp erien ce has p ro v ed to
us th e value o f speedy transm ission o f p roceed s from th e
sale o f live sto ck in C h icago. T h e Stock Y ard s postoffice is
just across the street and w e m ail you th e ad vice o f cred it
o n the day o f receip t.
T o give y ou r depositors th e ad v an tage o f this fast serv
ice, ask them to instruct th eir C h icag o com m ission m en to
ro u te th e m on ey th ro u g h this bank . W e shall be pleased to
send you in stru ctio n card s.

r ÿ A e

LIVE STOCK
zAdtiona/ BANK
ESTABLISHED 1868

U N IO N

STO CK

YARD S

Member Federal Deposit Insurance Corporation

Northwestern Banker, August, 1743

Iowa News

W ith Clutier Bank

M oves to Indianola

Charles A. Grover became cashier
of the Clutier State Bank at Clutier,
Iowa, last month, filling the position
left vacant by the recent death of
A. H. Fischer.
Mr. Grover has been assistant cash
ier of the Rowley Savings Bank,
Rowley.

William Buxton, III, president of
the Peoples Trust and Savings Bank
in Indianola, Iowa, has announced the
election of Andrew H. Agena as assist
ant cashier. Mr. Agena has been as
sistant cashier of the State Savings
Bank at Baxter the past two and onehalf years. He succeeds Guy Risinger,

M A R Q U E T T E tffa & o tu ii B A N K
OF
" THE

STRONG
MEMBER

vice president, who resigned to accept
a position with an insurance firm.

Honor W om an Em ploye
Miss Marie Hayes, assistant cashier
of the State Central Savings Bank of
Keokuk, Iowa, was recently honored
by officers and staff members at a
dinner in recognition of her 35 years
of service to the bank. Miss Hayes
began working in the bank in 1913.
She was presented with a beautiful
wrist watch by President W. A. Logan
and 35 roses by Fritz Breitenstein.

MINNEAPOLIS

FRIEND
FEDERAL

THE

DEPOSIT

INDEPENDENT

INSURANCE

BANKER”

CORPORATION

B. F. Kauffman
Iowa lost one of its most respected
and well-liked bankers last month
when B. F. Kauffman, 73, chairman of
the board of the Bankers Trust Com
pany, Des Moines, died in a Des
Moines hospital. Mr. Kauffman had
been in failing health several weeks
prior to his death.
Mr. Kauffman was founder of the
Bankers Trust Company, serving 30
years as its president, from the open
ing date on May 31, 1917, to May 31,
1947, when he became chairman of
the board.
B

WATERLOO

HEADQUARTERS
NORTHEASTERN
IOWA HANKERS

B. F. K A U F F M A N
1874-1948

Prompt, efficient, and complete
banking facilities make this
bank your logical choice for
Northeastern Iowa business.
Member . . . Federal Deposit Insurance Corporation
Federal Reserve System

Northwestern Banker, August, 1948

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Federal Reserve Bank of St. Louis

His business career began in 1895
when he joined the old Des Moines
Savings Bank after attending Iowa
Wesleyan University and Amherst
College. In 1898 he was an organizer
of the insurance firm of Witmer &
Kauffman (now Witmer, Kauffman,
Evans Insurance Agency), handling
insurance, real estate and real estate
loans.
In 1917 he organized the
Bankers Trust Company. Prior to tnis
time he had been a director of the
Iowa National Bank before it merged
wi.h the Des Mcines National Bank.

Iowa News
In 1933 Mr. Kauffman was elected
president of the Iowa Bankers Asso
ciation. During the depression days
he was called upon to serve as chair
man of a special credit committee of
the Iowa Association, and was vicechairman of the Iowa loan committee
of the RFC. He also served as a mem
ber of the Iowa State Banking board
and was very active in Des Moines
civic and charitable affairs.
Mr. Kauffman’s keen judgment and
reputation for fair play were well
known outside the banking field. For
many years he was prevailed upon to
arbitrate disputes between labor and
management groups, his ability to
bring these men together on common
ground gaining for him a widespread
reputation as a labor-management con
ciliator.
B. F. Kauffman was born in Des
Moines December 8, 1874, receiving
his elementary and high school educa
tion here. He was married in 1910 to
Mell Howell who survives him. A
daughter, Mrs. E. T. Meredith, Jr.,
Des Moines, and two sons, John
Howell Kauffman, Eustis, Iowa, and
Ray F. Kauffman, Des Moines, also
survive.

Kansas City, Chicago, and New York,
and employs 110 people. We shared
his box at the races at lovely Holly
wood Racetrack. Later, as guests of
the Davidsons, we dined at Chassens,
noted Beverly Hills restaurant, a fa
vorite eating spot for the movie peo
ple. Our children were entranced by
the notables there, including Louis
Hayward and Bonita Granville at
the adjoining table.
The Grand Canyon, on a clear day
when you can appreciate the length
and depth and color of a spectacle that
is so aAve-inspiring you are afraid to
look at it and which no person would
eA7er dare to describe, is No. 1 on my

list of the seA en wonders of the Avorld.
While the American tourists ay ere
taking pictures of the Canyon and
their friends and relatiAes AACre busy
taking pictures of those taking pic
tures, a party of four natives of India
stood in aAve-inspired silence. One had
the feeling these Indians in their na
tive costumes had never seen anything
like it in the Himalayas and Avould
have boAA’ed their heads to the ground
if they had not realized they Avould
be a target for American picture-tak
ing.

W e’ve often wondered where people
from Southern California, one of
America’s choicest vacation spots, go

TO UR5N G T H E W E S T
f

(Continued from page 15)

Although an occasional deer came
into sight along the mountain high
ways, it Avas in the fine grazing land
south of Raton, New Mexico, that A\e
saAV a herd of deer that had come
down from the mountains to graze
Avith the cattle.
On Donner pass, at an elevation of
7,000 feet, it Avas a thrill to encounter
a beautiful pasture where more than
200 cow’s were grazing—and each
AACaring a cowbell “so she shall have
music wherever she goes.”
Encountering 2,000 head of sheep
coming doAAn from the Red Feather
Lake district into the narrow road of
Poudre Canon, it A va s interesting to
observe how two sheepherders and
one sheep dog maneuvered the sheep
to alloAA7 traffic to pass through.

For prompt, efficient service on
all items and collections, many midwestern bankers use the specialized
facilities of the Drovers National
Bank. These bankers have found
that the highly trained staff of the
Drovers does speed collections.
They appreciate the immediate
personal attention that each out-of"
the-ordinary item receives from an
experienced executive.
«

Your Inquiry Will Receive Prompt Attention
In Los Angeles, we were royally en
tertained by a cousin, Virgil Davidson,
and his charming wife, Virginia. Vir
gil, a native of Lenox, Iowa, opened a
wholesale meat company in Los Ange
les in 1932, and now has branches in

DROVERS R A T I O N A L B A N K
DROVERS T R U S T B S A V I N G S BA N K
U N I O N

S T O C K

Y A R D S ,

C H I C A G O

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. D A V E N P O R T & C O .
OM AHA

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Federal Reserve Bank of St. Louis

Northwestern Banker, August, 1948

Iowa News

for their vacations. At the Pacific
Mutual Life in Los Angeles, Miss G.
M. Millar, of the advertising depart
ment, gave us the answer. “We go
north to the San Francisco area, where
the mountains are greener than our
mountains. We enjoy the different
climate and the different scenery in
that area,” says Miss Millar.

feels he is really observing something
pretty special preserved from the his
tory of the great Southwest. One does
not get the feeling of being “let down”
or “fooled” on anything. It is all there
—more than can be digested in a
single visit—and one leaves Santa Fe
with regret and the determination to
return.

Santa Fe, with its colorful popula
tion of Indians, Mexicans, Spaniards
and Italians, artists and would-be
artists, has done a bang-up job in
carrying out the best tradition of its
travel folder descriptions.
From the wonderful Palace of Gov
ernors and Art Galleries and LaFonda
hotel to such cafes as “Old Original”
and “Pink Adobe,” the average tourist

Los Angeles is becoming more co
lossal, gigantic and stupendous every
day. It is flourishing (its population
now around 1,800,000), with more than
3,000,000 people in the L. A. area.
Vast increases in its shipping, the
growth of its garment industry (now
second only to New York as largest
garment center in the world) plus its
tremendous airplane industries and
the motion picture business, are mak
ing Southern California grow by leaps
and bounds.
The week we were there, the Pru
dential of Newark laid the cornerstone
of its new west coast home office build
ing. Los Angeles talks of a population
of 7,000,000—the world’s largest city
—within 15 years. California plans a
state population of 35 million in 25
years. Californians hate to die more
than any other people—they don’t
want to trade California for Heaven.
Whatever they have is the best, as in
a big electric sign we saw in Holly
wood, “ More people use Melrose
Blinds just because they are gooder,
that’s why!”

MERCHANTS
MUT UA L

BONDING
COMPANY

The women in San Francisco live up
to their reputation of being the best
dressed women west of New York
City. The gals in Los Angeles and
the Southwest continue to put comfort

first and ignore the “New Look” com
pletely. Daytime clothes in the ex
clusive clubs and restaurants and at
the race track continue short and
casual.
The only women who promote the
new look in the Southwest are the
Indian women whose “old look” is
now the “new look” with long and
voluminous petticoats and skirts.

Growth of the Occidental Life, in
Los Angeles, is almost unbelievable.
Almost two billions of insurance in
force now, says genial V. H. Jenkins,
senior vice president, who has been
with the company since he was eight
years old, when he joined the com
pany as an errand boy. When he took
over sales management for the com
pany 15 years ago, it had less than two
millions on the books.
Guided by Duncan Hines and Hobbs
travel books, finding good food and
comfortable accommodations was easy
and there weren’t any disappoint
ments. Many new restaurants and
motels have out-distanced Messrs.
Hines and Hobbs’ publication dates,
however.
The surest way of determining the
important factors in comfortable
traveling, however, is to appoint some
one from the party to “case the joint”
first. The better restaurants appear
to welcome anyone scouting the place
for cleanliness, quality food and menu
prices, and in motels it is an accepted
routine for one to bounce on the beds,
inspect the bath facilities and inquire
about the nearness of highway and
railroad traffic noises.
Air-conditioned motels are as eom-

Incorporated 1933

S A V IN G S

H o m e O ffice
& L O A N B U IL D IN G

It's attention to the little things that make for
perfection— but perfection itself is no little thing.

Des Moines, Iowa

At the City National, the careful handling of the

•

smallest detail assures competent and thorough
This is Iowa’s oldest surety company.

service to those banks whose correspondent

account is in our keeping.

progressive company with experi

enced, conservative management.
W e are proud of our two
bank agents in Iowa.

hundred

To be the exclusive representative of
ihis company is an asset to your bank.

FIFTH AVENUE
SOUTH-226-

NATI0NÁL

BANK

C £ ¿ n to n , 9 c t i r i

W . W. W ARNER
A s s is ta n t S e c r e ta r y

Northwestern Banker, August, 1948

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Federal Reserve Bank of St. Louis

M em ber Federal Deposit Insurance Corporation

Io w a N ew s
inon now as clean bedding and towels
and guest soap. The cleverer operators
of motels deliver ice cubes while pa
trons are unpacking their tooth
brushes and always show a friendly
interest in where you liaA7e come from,
where you are going and what a lovely
car you are driving.

John Mylod, suave, handsome new
president of the Pacific National Fire
of San Francisco, is definitely a west
coast booster, although he went to the
Pacific National only two years ago,
from the North British Group in New
York. He is rightfully proud of the
company’s splendid record, especially
last year when it wrote $6,500,000 of
premiums. The company is now in all
48 states, Hawaii, D. C., Alaska and
the Philippines.
“Just remember,”
says President Mylod, “20 years ago
the company wrote direct business
only in the state of California, with a
little reinsurance business in New
York and Nevada.”

black or royal blue lettering to catch
your eye, but they tickle your risibil
ities with such statements as “Mad
Man Pisinger— I Hate Money—1 Hate
Money— I Love Cars,” or “1 Love
Murphy, I Love Murphy.”
One cafe advertises “Lousy Food”
and another says, “Not Recommended
by Duncan Hines.”
Even a young, freckle-faced vendor
at Gilmore Stadium kept calling his
wares with “Who Wants These Awful
Peanuts?”

Ranches of Taos and also the Indian
pueblos that have been the inspira
tion for so much of the work of the
artists in the Southwest. It is no
wonder Taos has been called “the
Greenwich Village of the West.”
At the LaFonda hotel in Taos
(which has taken much of the flavor
as well as the name of the LaFonda
hotel in Santa Fe) one finds the foyer
and dining room walls a veritable art
gallery. It is a good feeling to find

In our visit with smooth, efficient
W. Stanley Pearce, secretary of the
Firemen’s Fund Insurance Company,
San Francisco, Mr. Pearce reports
there seems to be no letup in the
steady increase in fire premiums.
Their home office, like others, works
full speed to keep up with volume.
Right now the company is embarking
on a strong campaign to publicize its
Health and Accident department.

POSITION WANTED in bank as sec
ond man. Married. Veteran. 24 years of
experience. Can invest. Prefer town of
1,500 or more. Write C.R.S. c/o NORTH
WESTERN BANKER, 527 7th Street,
Des Moines, Iowa.

The renowned Taos, New Mexico, is
well worth the beautiful drive into the
mountains out of Santa Fe. The town
itself is highly interesting because of
its fine, small shops and numerous art
galleries patronized by the artists Avho
make up much of the population of
Taos.
Short side trips from Taos take one
to the fine old mission called the

There is no doubt a sense of humor
makes advertising more palatable.
While Southern California goes all out
for advertising to a greater extent
than any other part of the country,
advertisers take the curse oft' by mak
ing it fun to read. Not only do they
use cherry-colored backgrounds with

WANTED — Assistant Cashier— Iowa
town 2,000 population. Prefer man in 30
age bracket with small amount banking
experience. Write H.H.M. c/o North
western Banker, 527 7th St., Des Moines,
Iowa.

ENVELOPES
Geared to the
Banking Business

YOUR BANK LOANS
secured by

FIELD WAREHOUSE RECEIPTS
Help to Carry the Load of SEASONAL INVENTORIES
SEASONAL CROPS . . . MANUFACTURE IN ADVANCE OF SELLING SEASON
. . . SHORT SELLING SEASON . . . STORING OF RAW MATERIALS . . .
all require "EXTR A" CAPITAL

BANKERS FLAP

Field Warehouse Receipts issued by WILLIAM H. BANKS WAREHOUSES, INC.,
covering seasonal inventories, provide DESIRABLE and SAFE COLLATERAL to
BANK LOANS

...s e a ls quickly and stays sealed .
Protect bulky m ail in these strong
shou ldered, w id e seam ed, deeply
gum m ed en velopes.
W rite for
sam ples and prices.

Protective Insurance maintained in effect at all times
REDUCE THE ELEMENT OF RISK
IN CONNECTION WITH YOUR INVENTORY LOANS

Division Offices:
Des Moines, Iowa
Angola, Indiana

M a d is o n , W is c o n s in
F a y e tte v ille , A r k a n s a s

St. Louis, Missouri
W eslaco, Texas

WILLIAM H.BANKS
WAREHOUSES
(INC.)
1 0 9 SO

SALLE

CHICACO

Tension E nvelope Corp.

ILL

New York 14, N. Y.
Minneapolis 1, Minn.
St. Louis 10, Mo.
Des Moines 14, Iowa
Kansas City 8, Mo.

Jicld IVoteJwuie "Receipt*
B ltd jin y THE CAP Between

BANKING and INDUSTRY

Scarborough & Company

D id y o u k n ow that adoption of our Cash Letter
insurance enables you to dispense with detailed
Cash Letter transcripts and keep only a duplicate
adding machine tape? Ask us for details.
F IR S T

N A T IO N A L

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BANK

B U IL D IN G

C H IC A G O

Insurance Counselors
3,

IL L IN O IS

STATE

to Banks

43 2 5

Northwestern Banker, August, 1948

Io w a N ew s

many of the fine restaurants in the
Soulthwest and in California have
bought tine original paintings to hang
on their walls. If the idea was to
“cram art down their throats” it is an
easy way to take it for it goes down
well.
so

The writer was the guest of genial
Vice President R. J. Mayle of the
Pacific National Fire at lunch in the
spacious Merchants Exchange Club in
San Francisco. Members there, in
search of recreation at noontime, pla>r
dominoes for small stakes. Mr. Mayle
introduced the author to George
Gillin, local insurance broker, who was
about to be sworn in as Superintend
ent of the United States Mint in San
Francisco, and when we pulled that
old crack about taking home samples
from the mint, Mr. Gillin said “At
home I have a large bed of mint, and

DES MOINES BUILDING-LOAN &
SAYINGS ASSOCIATION
Oldest in Des Moines
210 6th A v e .

D ial 4-7119

Pm having this mint dried and placed
in tiny boxes which I can carry in my
pockets so when my friends ask about
samples from the mint, I’ll present
them each with a real sample from
my mint.”
Boulder City, Nevada, in the moun
tains above Hoover Dam, is now 10,000 or more in population. Govern
ment-built for the employes working
on the great dam, it is a model city in
action, and a tribute to and from
American taxpayers. Laid out with
beautiful wide streets and parks, the
public and store buildings and homes
are all air-conditioned with the cov
ered walks in the business district
made attractive by growing trees,
fountains and benches. There are
many lovely shops selling fine mer
chandise, a beautiful colonial-type
hotel and numerous fine restaurants
and other attractions for the Hoover
Dam tourist to enjoy.
Although there are now less than
800 government employes of the

HOLLINBECK
Stamp and Coin Co.
Royal Union Bldg.

E L M E R E. M I L L E R
P r e s , and S ec.
FOR

YOUR

H U B E R T E. JA M E S
A s s t. Sec.

EN JO YM EN T

. . .

Des Moines
Appraisal* tor tax and
estate purposes

L is te n t o th e
“ W ORLD
K R N T , 1350 K C

M U S IC ”

1 to 1 :3 0 p .m . S u n d a ys

Des M o i n e s

Á
TALLMM SHOP
Banking Fixtures
and
IOW A •LITHOGRAPHING •COMPANY
FOUNDED BY CEOR.CE H RAGSDALE • •

• EDWIN G RAGSDALE. -V SECRETARY

Store Fixtures

513 TWENTY EIGHTH STREET

DE S •M O I N E S

Phone 24

CLARION, IOWA
Q UALITY - E X P E R I E N C E

• S E R V I C E

Northwestern Banker, August, 1948

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Federal Reserve Bank of St. Louis

Hoover Dam remaining in Boulder
City, the social life of the town is com
fortably “country club" style; and al
though the residents are not amazed
to see the temperature reach 118 above
zero in the summer, they were amazed
to have an eight-inch snow two years
ago that brought out all of the resi
dents for a gala celebration of snow
man building and snow-ball battles
that is still the talk of the town.

Affable L. E. Townsend, vice presi
dent (advertising and public rela
tions) the Bank of America, San Fran
cisco, was invited to lecture and teach
at the August School of Financial Pub
lic Relations in Chicago. “ I was most
sorry that I couldn’t arrange to do it,”
Mr. Townsend told us, and his desk,
piled high with a thousand details,
told why.
As guests on the BKO lot in Holly
wood where we watched some scenes
being filmed for “Brothers of the Sad
dle,” featuring Tim Holt, and “Every
Girl Should Marry,” starring Cary
Grant and Franchot Tone, you develop
a keener appreciation of how much
goes into movie-making and what a
tremendous industry it has become.
You are conscious in meeting the stars
that they are just ordinary people
making a living and subject to all of
the problems and intricacies of “big
business” with its organization, mar
kets, politics and taxes, etc. Watching
them work under the hot lights and
re-doing the same scenes over and
over, you feel they have earned the
fabulous salaries they are said to earn.
Some idea of why movies cost
money to make is gained from the
story we were told, that a company re
cently on location in Arizona had an
electric plug “un-plugged” that had to
be “re-plugged” before shooting the
picture could be continued. Since not
one member of the company on loca
tion was a member of the right union
it was necessary to send back to Holly
wood for the correct union member
and he had to he rushed to Arizona by
airplane to re-plug the plug that had
become un-plugged.

Thirteen has no dire meaning to
Vice President R. J. Mayle of the
Pacific National Fire, San Francisco.
He became the company’s 13th em
ploye in 1928, and is, of course, cele
brating his 20th anniversary with the
company this year.
If the mama of the family touring
the country lias a collecting instinct
under the guise of a hobby she would
do better to make her collections away
from the prying eyes of the family.
At the attractive Green Hut in

Iowa News
Boulder City, the management has a
large collection of lavender-colored
bottles that have been collected from
the desert where the rays of the sun
shining on ordinary glass turn it into
various shades of pale lavender to
purple. Although the collection would
not be envied by any museum of art
and indicates the prospectors lost on
the desert had a plentiful supply of
catsup and pickles, the colors were
intriguing to the point of inquiring
the price of a certain cruet in the col
lection.
After hearing such remarks from
the family as, “It would be more val
uable if it were full of catsup,” etc., it
was a wonderful relief to have the
waitress return with the information
the cruet in question was broken in
back, and the question of price and
sale dismissed.
Such a collection, resulting ques
tions and increased tips must pay off,
however, for soon after leaving the
restaurant we saw our waitress drive
off in a snazzy Packard coupe.

San Francisco’s famed Golden Gate
Bridge is known the world over for its
size and beauty—also for its suicides.
While we were there, the Bridge re
luctantly chalked up its 100th suicide.
It costs only a dime to walk on the
bridge, so it’s not the overhead that
hurts, it’s the undertow! Men jump
ers outnumber the women, 75 to 25.
Many of them are from distant places.
A New York banker drove all the way
from New York to jump from the
Golden Gate Bridge, evidently feeling
that the jumping facilities offered by
his home town, Manhattan, were in
adequate.
The popularity of midget auto and
“hot rod” races seems to be on the in
crease in California and capacity
crowds fill Gilmore Stadium in Bos
Angeles for every race. The speed
and recklessness witnessed on the
tracks is tame compared with meeting
Indian boys in old jalopies on the
highways in Arizona and New Mexico,
however.
Horse racing, boxing and wrestling
matches all get a heavy play from
patrons in Southern California. In
the San Francisco area sports take on
a more genteel aspect with numerous
bowling greens and dominoes occupy
ing the attention of sedate club mem
bers.—The Find.

Dividend
The board of directors of the City
National Bank and Trust Company of
Chicago, at their regular meeting June
29, 1948, declared a regular quarterly
dividend of $1.50 per share, payable
August 2, 1948, to shareholders of rec
ord on July 20, 1948.

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Federal Reserve Bank of St. Louis

COIN COLLECTOR
COLUMN

3 to n e y S y ste m
C h in n G o e s
It a eh M o r e T h a n 2 ,0 0 0 Y e a r s
Oriental Country Has Most Remarkable
Series of Copper Coins Ever Issued
HE most remarkable series of coins
ever issued is comprised of the cop
per cash of China. Beginning more
than 2,000 years ago, they were coined
continuously until 1907. During that
time billions of cash were issued and
only rarely did they vary in size, ap
pearance, or value. Even though they
have not been coined for forty years
and inflation has practically destroyed
China’s monetary system, these pieces
are still popular in the interior. It is
not unusual to find coins in circulation
that were issued as early as the 6th
century A.D.
To the average person these little
square-holed copper coins look very
much alike. Even to the coin collec
tors they look alike, until the secret of

deciphering the curious characters is
learned. To do this requires time and
patience, but it is not really difficult.
Keeping in mind that Chinese sym
bols are always open at the bottom
and closed at the top, it is easy to sort
the different types.
Most libraries have standard illus
trated books on Chinese coins, and
after a little research it is easy to
attribute the pieces to the proper pe
riod and ruler.
It is not expensive to form a large
collection. Common Chinese coins can
be bought for a little over their metal
value, and the ancient issues can often
be obtained for a few cents each.—By
Stuart Mosher, Editor of The Numis
matist.

II
H a m m e r m i l l P a p e r C o m p a n y ........................ 21
H a r r i s T r u s t a n d S a v i n g s B a n k ................ 27
H o l l i n b e c k S t a m p a n d C o in C o m p a n y . . 52
H o m e I n s u r a n c e C o m p a n y ................ .
3

I
I n v e s t o r s S y n d i c a t e .............................................
I o w a - D e s M o i n e s N a t i o n a l B a n k .............
I o w a L i t h o g r a p h i n g C o m p a n y ...................

26
56
52

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K och

AUGUST. 1948
A
A l l i e d M u t u a l C a s u a l t y C o m p a n y ........... 28
A m e r ic a n
N a tio n a l
B ank
and
T ru st
Com pany
................................................................... 22

B ro th e rs

................................................

L,
L a M o n t e , G e o r g e a n d S o n ................................
L e s s i n g A d v e r t i s i n g C o m p a n y ......................
L iv e S to c k N a t io n a l B a n k — - C h i c a g o ...
L iv e S to c k N a tio n a l B a n k — O m a h a . .. .
L iv e S to c k N a t io n a l B a n k — S io u x C it y .

4
52
47
44
34

B a n k e r s S e r v i c e C o m p a n y , I n c ..................
B a n k e r s T r u s t C o m p a n y — D es M o in e s ..
B a n k s , W i l l i a m H ., W a r e h o u s e s , I n c . . .
B u r r o u g h s A d d i n g M a c h in e C o m p a n y . .

24
55
51
6

C
C e n tr a l N a tio n a l B a n k a n d T r u s t C o m
p a n y — D e s M o i n e s ................................................
C h a s e N a t i o n a l B a n k ...........................................
C h e l s e a H o t e l ................
C i t y N a t i o n a l B a n k — C l i n t o n ........................
C i t y N a t i o n a l B a n k a n d T r u s t C o .—
C h i c a g o ........................................................................
C o n tin e n ta l N a t io n a l B a n k — L i n c o l n . ..

M a r q u e t t e N a t i o n a l B a n k ................................ 48
M e r c h a n t s M u t u a l B o n d i n g C o m p a n y . . 50
2
M e r c h a n t s N a t i o n a l B a n k ................................
M i n n e s o t a C o m m e r c i a l M e n ’ s A s s n .......... 33
M o d e r n F i x t u r e C o m p a n y ................................ 50

10
5
36
50

N a t i o n a l B a n k o f W a t e r l o o ...........................
N a t i o n a l C a s h R e g i s t e r C o m p a n y ..............

24
42

D
D a v e n p o r t , F . E ., a n d C o m p a n y ........... 4 3 -4 9
D e L u x e C h e c k P r i n t e r s , I n c .......................... 33
D e s M o i n e s B u i ld i n g , L o a n a n d S a v i n g s
A s s o c i a t i o n ...........................
52
D ie h o ld , I n c ...................................................................... 2b
D r o v e r s N a t i o n a l B a n k ..................................... 49
F
F i r s t N a t i o n a l B a n k — C h i c a g o ....................... 19
F i r s t N a t i o n a l B a n k — O m a h a ................ .. . 42
F i r s t N a t i o n a l B a n k — S i o u x C i t y . ........... 46
F i r s t S t. J o s e p h S t o c k Y a r d s B a n k . . . . 43
F i r s t “W i s c o n s i n N a t i o n a l B a n k ................... 30

48
23

O
O m aha

N a tio n a l

B a n k .....................

P
P u b lic N a tio n a l B a n k a n d T r u s t C o . . . .

S
S t. P a u l T e r m i n a l W a r e h o u s e C o ............. 36
S c a r b o r o u g h a n d C o m p a n y ................. 2 9 - 4 3 - 5 1
T
T a l l m a n W ro o d a n d E l e c t r i c S h o p .............. 52
T e n s i o n E n v e l o p e C o r p o r a t i o n ................... 51
T o o t l e - L a c y N a t i o n a l B a n k ..........................4 0 -4 1

U
U n ite d

S ta tes

N a tio n a l

B ank— O m aha.

W
W a l t e r s , C h a r l e s E . C o m p a n y .....................
W e s t e r n M u t u a l F i r e I n s u r a n c e C o ..........
W h e e l o c k a n d C u m m i n s .....................................

50
28
26

Northwestern Banker, August, 1948

111 the
D IR E C T O R ’ S
lliààkll
■A'flf
■ ■ ——
■ ■
Makes a Difference
Contractor: Before I hire you, I’d
like to ask you a question. Do you
ever partake of intoxicating liquor?
Applicant: Before I reply, I’d like
to ask a question, too. Is this an in
quiry or an invitation?

Talked Too Much
Skipper (to frightened passengers
on sinking ship): Who among you can
pray?
Minister: I can.
Skipper: Then start praying, mister,
and the rest of you put on life pre
servers. We’re one short.

Just Testing

Love Fleas

Coy lady (giggling): You bad,
naughty boy. Don’t you dare kiss me
again.

“You say the flea circus folded?”
“Yeah. The leading lady ran off
with a poodle.”

Young man: I won’t, lady. I’m just
trying to find out who has the bour
bon at this party.

Patient Pup

Nothing to It

Man (dining in a small town hotel):
Why does that dog sit and watch me
all the time?

The woman lion tamer had her
beasts under perfect control. At her
summons the fiercest lion came meek
ly to her and took a piece of sugar
out of her mouth. The circus crowd
marveled—all except one man.
“Anybody could do that,” he yelled
from the audience.
“Would you dare do it?” the ring
master retorted scornfully.
“Certainly,” replied the man in the
audience, “ I can do it just as well as
the lion can.”

Waitress: You’ve got his plate.

just About Average
Visitor: How many students do you
have in your class?
Professor: Oh, about one in every
five.

Disinterest
Hostess: Our dog is just like one of
the family?
Bored visitor: Which one?

Honeymoon Hero
Young groom (looking dreamily
out to sea): Roll on, thou deep and
dark blue ocean—roll!
Bride (excitedly, after gazing at the
water for a moment): Oh, Fred, you
wonderful man! It’s doing it!

C o n v e n t io n s
August 16-28, Financial Public Rela
tion’s School of Public Relations,
Chicago, Northwestern University.
August 23-September 4, Central States
School of Banking, University of
Wisconsin, Madison.
September 22-24, National Association
of Supervisors of State Banks,
Annual Meeting, Louisville, K en
tucky, Hotel Brown.
September 22-24, Mortgage Bankers
Association, 35th Annual Conven
tion, New Y ork City, Hotel Com
modore.

A Sure Test

September 24-26, Association of Bank
W om en, Annual Convention, De
troit, Hotel Fort Shelby.

The surest way to tell a male sar
dine from a female sardine is to watch
and see what can they come out of.

September 26-29, American Bankers
Association, Annual Convention,
Detroit.

Rapid Multiplication

October 24-27, Annual Convention
Iowa Bankers Association, Des
Moines, Hotel Fort Des Moines.

Two rabbits were being chased by a
pack of wolves. One turned to the
other and said, “ How about you and
I stopping for a moment and out
numbering them.”

Forgetful Fred
Husband: You say you found a let
ter in my pocket in a woman’s hand
writing? I’m sure I don’t know how
it got there.
Wife: I do! I gave it to you to mail
—three weeks ago.
Northwestern Banker, August, 1948

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

Wait a Minute
“Don’t you love a beautiful night
like this?”
“Yes, but I usually wait until we’re
a little farther from town.”

November 4-5, A .B .A . Mid-Continent
Trust Conference, Chicago.
November 10-11, Nebraska Bankers
Association, Annual Convention,
Omaha, Hotel Fontenelle.
November 29-December 2, Financial
Public Relations Association, A n
nual Convention, H o l l y w o o d ,
Florida, Hollywood Beach Hotel.
December 6-10, Annual Meeting, In
vestment Bankers Association of
America, H o l l y w o o d , Florida,
Hollywood Beach Hotel.

He Didn't Drown
Inflated: Did you know that all of
my family were great swimmers?
Deflated: Yes, I know. I heard
your brother was killed in a dive on
the West Side.

She's In Trouble
A young bride was annoyed by her
husband’s presence in the kitchen
while she was preparing dinner. And
when he accidentally knocked her
cook book to the floor, she flared up.
“ Now look what you’ve done. You’ve
lost the place and I haven’t the least
idea what I’m cooking.”

For Whom the Bell Tolls!
Two salesmen found the only hotel
in town full. The proprietor told them
the best he could do for them was to
let them sleep in an abandoned church
building across the street. They
agreed.
About two o’clock in the morn the
church bell began to toll. The hotel
owner woke up the bellboy and sent
him to see what the trouble was.
“Well, what’s the matter?” he anx
iously asked the bellboy on his return.
“ The party in pew 16 wants a whis
key sour,” the bellboy answered.

'\ \ ^ h c n an y of y o u r c u s to m e rs

happen to be in Des Moines, we welcome the opportunity to

cooperate with you by giving them the full benefit of our experience

and contacts in their own fields of business.

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

Member Federal Deposit Insurance Corporation

Member Federal Reserve System

FOR Fast SERVICE . . . ROUTE
GRAIN DRAFTS TO THIS BANK
Iowa's fields of growing grain m ean continuing prosperity for
this State.
Iowa banks are invited to route grain and other drafts to this
Bank for collection.

You are assured of prompt and efficient

service.
A steadily growing volume of such transit business indicates
that Iowa Banks and Bankers are relying to a greater extent
than ever before on the facilities of this Bank to provide prompt
collection service for their customers.

A Strong, D ependable C orrespo nd ent Connection

I0WA-DES MOINES NATIONAL BANK

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

M em ber

Federal

D ep o sit

Insu rance

C o rp o ra tio n