Full text of The Northwestern Banker : December 1944, Forty-Ninth Year, Number 689

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EDGAR McBRIDE

►»VICTORY


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Federal Reserve Bank of St. Louis

BUY

U N ITE D

STATES

WAR
"BONDS
AND

STAMPS

President, Commercial Bank, Blue H ill, Nebraska
President, Nebraska Bankers Association
See Page 18

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Planning for the Future
I n YOUR postwar planning, the Merchants National Bank
of Cedar Rapids should be included.
W e stand ready at all times to serve our banker friends,
in the unusual as well as the routine matters.

A CEDAR RAPIDS BANK

SERVICING A L L IOWA.

T HE

M ERCHAN TS
NATIONAL BANK
OFFICERS
James E. H amilton , Chairman
S. E. Coquillette, President
H. N. B oyson , Vice President
Roy C. F olsom , Vice President
M ark J. M yers, V. Pres. & Cashier
George F. M iller, V. Pres. & Tr. Officer
M arvin R. Selden , Vice President
F red W. S m it h , Vice President
John T. H amilton II, Vice President
R. W. M an att , Asst. Cashier
L. W. B roulik , Asst. Cashier
Peter B ailey , Asst. Cashier
R. D. Brown , Asst. Cashier
O. A. K earney , Asst. Cashier
Stanley J. M ohrbacher, Asst. Cashier
E. B. Zban ek , Building Manager

Cedar Rapids

Iowa

Member Federal Deposit Insurance Corporation

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Northwestern Banker, published monthly by the De Puy Publishing Company, at 527 Seventh St., Des Moines, Iowa. Subscription, 35c per copy, $3.00 per year.
as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under Act of March 3, 1879.

Entered

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Federal Reserve Bank of St. Louis

• We extend our sincere appreciation to our many friends for their
patience and understanding at a time when we can build and
deliver only a limited number of adding machines because of our
,
.
"
participation in war work.

*

To the extent that we are able to produce Allen Wales Adding
Machines with our present available facilities, we will continue to
distribute them so as to meet the most urgent requirements.
4

If you are in need of Adding Machines, please telephone our
nearest agency or write to our home office for further information.

:

ALLEN W WALES


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Federal Reserve Bank of St. Louis

ADDING MACHINE CORPORATION
444 Madison Avenue, New York 22, N. Y.
A WHOLLY-OWNED

SUBSIDIARY

OF

THE NATIONAL CASH REGISTER CO.

4

Warehouse Receipts
L oans Against

inventories

Inventories are valuable assets ami they constitute the repaying
power of m any m anufacturers, processors, producers and dealers.
W here inventories are present, banks have splendid opportu­
nities to em ploy profitably their resources through new and
larger loans based on them . . . .
And w hen secured by our W arehouse Receipts inventory loans
are sound.

Long experience, integrity and responsibility stand

behind our operations . . . .
F o r inventory collateral there is no substitute for a W arehouse
R eceipt issued by an experienced bona fide P u b lic W arehouse
C om pany . . . .

Without obligation, our representative will call on
request and explain how our Field Warehousing serv­
ice provides collateral on inventories on the owner's
location ....

g>t. $aul terminal ®JJarefjouge Co.
ST. PAUL, MINN.
— Other Offices —

— Iowa Office —
515 Iow a-Des Moines National Bank Building
DES MOINES
TELEPHONE 2-1208
T. C . C A N N O N . DISTRICT M A N A G E R

MINNEAPOLIS

M ILW AU K EE

CH IC A G O

N E W YORK
PHILADELPHIA
MEMPHIS

PITTSBURGH
ATLANTA

DETROIT

BOSTON
SYRACU SE
ALBANY. G A .

CHARLOTTE

"The only company engaged in Field Warehousing with an office in Iowa"

Northwestern Banker December 19&4-


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Federal Reserve Bank of St. Louis

5

TO BANKS
WITHOUT

A FOREIGN

DEPARTMENT

LETTERS OF C r e d i t — b oth d om estic and fo re ig n — are
increasingly

used

as

a financing

m eth od

by

business

to d a y — w hether as buyer or seller. T here are definite,
practical reasons for this tren d — tim e saved, flexibility
p erm ittin g

quick

decisions in

con clu d in g

a deal, and

reduced tim e in v o lv e d in credit investigation.
Y o u do n o t need a foreign departm ent to participate
in this trend. Y o u p ro v id e the ju d gem en t o f credit and
k n o w le d g e o f the character and standing o f the b o rrow er;
w e p ro v id e the m echanics o f issuing the Letter o f C redit.
Y o u r custom er benefits, and both your institution and
ours are adequately com pensated.
W r i t e us about Letters o f C redit and w e w ill explain
h o w w e can " g e t to g e th e r " on h an d lin g such transactions.

THE PH ILAD ELPH IA
NATIONAL BANK
PHILADELPHIA
M E M B E R

F E D E R A L

1,

PA.

D E P O S I T

ORGANIZED
I N S U R A N C E

1803

C O R P O R A T I O N

Northwestern Banker December 1944

6

YOUR FOREIGN TRADE TOMORROW

AS more and more o f the western world

In anticipation of

such a need, the

emerges from Hitler’s domination,the

Chase National Bank has maintained its

“ shape o f things to come” begins to take

many contacts in Allied and other friendly

form. In one field, that o f foreign trade, it

nations.

is not too early to look at the future situa­

edge o f actual trade conditions as they

tion in the light o f what is already known.

exist and change constitutes an inestimable

For example, pre-war data regarding
business firms in European countries must

As always, the intimate knowl­

aid to those companies and individuals
interested in export and import.

be revised and brought up to date; new

These Chase facilities which are always

credit information must be gathered and

at the disposal o f our domestic corre­

other vital facts correlated in the light of

spondent banks provide a valuable service

drastically changed conditions.

for their own customers.


Northwestern Banker
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Federal Reserve Bank of St. Louis

THE C H A S E N A T I O N A L B A N K
OF THE C I T Y OF N E W Y O R K
M e m b e r F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n

December Î9U

7

word o f appreciation
fo r your frien d and ours . . .

The Check Supplier
I n 1944 business a ctiv ity created an u nprecedented demand
on the nation’ s banks. T h e need for

ch eck s reached a

volum e unequalled in b an kin g history.
So, as the ye a r draw s to its close, H am m erm ill w ould
like to say a w ord to b an kers about a m utual frien d — the
ch eck supplier.
In the face o f the g rea t u p su rge in ch e ck traffic, he has
been ham pered b y w artim e restriction s, b y m anpow er scar­
city, b y in exp erien ced w o rk e rs, b y unavoidable delays in
secu rin g the supplies you requ ired.
B u t he has accepted those hardships as p art of his w a r­
tim e jo b . H e has done his share in help in g yo u c a rry on.
W e congratu late him on a vital task w ell done.

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Federal Reserve Bank of St. Louis

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Northwestern Banker

December

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àenvtce, owi tfautfó.

As a rule, wounded men talk very little. They’ve
learned to “ take it.” Many live in a secret, silent
world of pain— but they know. They know and
are grateful. They remember the horrors of that
last battle . . . They remember the Red Cross
worker bending over them . . . the plasma . . .
Then, the hospital, with all their precious lives
before them . . . Their gratitude for the innumer­
able small, but vitally important comforts brought
to them by Red Cross Nurse’s Aids and Gray
Ladies is expressed by eyes grown bright—
or a simple “ thanks.”
Only a few of us can actively serve the


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Red Cross in the far-flung battle areas, but there
is something we can all do no matter where we
are. W e can humbly share our blood . . . W e can
divide our time . . . W e can give our money . . .
W e can and must help.
Make an appointment at your nearest blood
donor center today. . . Join the hosts of Americans
on the home front who are helping to make
the Red Cross contribution in World W ar II
the greatest mass effort of mercy the world
has ever known . . . W e must all deserve that
“ thanks” of our fighting men who have
given so much for us.

This is the tenth of a series of advertisements dedicated to the American Red Cross by

THE HOME INSURANCE COMPANY, NEW YORK
AUTOMOBILE

9

N O RTH W ESTERN
The following letters were received
from Northwestern Banker readers.
Your views and opinions on any sub­
ject ivill be gladly published in this
column.

"It Is Tops"
“ W e have one o f the largest corn crops
in history around St. Edward this year
and less laborers than usual to assist in the
harvesting.
However, it seems there is
always a way out, and if the weather man
is kind until the 10th o f December, most
o f the crop will be gathered.
“ We greatly enjoy the N orthwestern
B anker and think it is tops.”
F rank L. F onda, Cashier,

Bank o f St. Edward, St.
Edward, Nebraska.

"V ery Tim ely A rticle s"
‘ ‘ I have just seen the November, 1944,
issue o f the N orthwestern B anker . I
like it very much and am interested in
subscribing for it for one year.
" Y o u do not quote your subscription
rates, so will you please advise me your
yearly rates ?
“ I find that you have some very timely
articles which should be o f interest to
everyone engaged in the banking business.”
E arle M iner, Cashier, The
Farmers Bank, Maysville,
Missouri.

"Splendid Cooperation"

>

''H a d you been at our recent Board of
Directors meeting, you would have heard
a very enthusiastic group of men comment
most earnestly about the splendid coopera­
tion which the N orthwestern B anker gave
us this last year in running our association
ads.
“ I t is such splendid cooperation as you
have been giving us that has helped to make
our association a stronger force in devel­
oping better public relations for financial
institutions. Again, i f you had heard Bob
Purse, president o f the Purse Company,
who is the agency for our association, com­
ment upon your splendid cooperation at the
annual business meeting, I am sure that you
would have been pleased.
“ We do appreciate very much all that
you have done for the association and espe­
cially during this time o f paper shortage. ’ ’
P reston E. R e e d , Execu­
tive Vice President, Finan­
cial Advertisers Association,
231 South La Salle Street,
Chicago 4, Illinois.

(Turn to page 28, please)

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Federal Reserve Bank of St. Louis

DES

M OINES

F O R T Y -N IN T H Y E A R

N U M BER 689

Oldest Financial Journal West of the Mississippi River

IN T H IS D ECEM B ER , 1944, ISSU E
Editorials
Across the Desk from the Publisher.-..................................................... ........ 10

Feature A rticle s
Frontispiece .......... .............. .............................................. ............................. 13
Five Ways to Create and Keep Good Will...... ...........................F. R. Detrick 14
What Women Are Doing in Banking................. ....Elizabeth M. Brotherhood 15
Farm Debts Can Pay Dividends....................................... K. J. McDonald 16
My 39 Years in Banking.................................... ............ .... Col. W. G. Edens 17
Nebraska Holds Largest Convention.............................................................. 18
What Is Your Bank Doing to Promote New Loans..........Marguerite Brown 20'
News and Views of the Banking World................................Clifford De Buy 22
Legal Questions and Answers................................ ........................................ 24

Insurance
Why This Husband Bought a Policy on His Wife.......... Cornelia C. Hodges 31

Investm ents
Putting Capital to Work Is Job Number One........................ John C. Folger 35
What Do You Think?................................................................................... 39

State Banking News
Minnesota News............
Twin City News....................................................................
South Dakota News...... ...................... ..................... ......................................
Sioux Falls News............... .............................................. .......................
North Dakota News................... .... ...................... ...........................................
Nebraska News ................................................
Omaha Clearings ............. ............................ ............ ..............................
Lincoln Locals ...... ............. .....................................................................
Iowa News ..........................
Des Moines News.....................................................................................

41
42
45
45
47
49
51
53
55
59

The D irecto rs’ Room
A Few Short Stories to Make You Laugh.............. ........................ ................ 66
Conventions ......
66
N O R T H W E S T E R N B A N K E R , 527 Seventh St., Des Moines 9, Iowa, Telephone 4 -8 1 6 3
C L IF F O R D DE PU Y, Publisher
R A L P H W. M O O R H E A D
Associate Publisher
H EN R Y H. H A Y N E S
Editor

RU TH K IL L E N
Associate Editor

E L IZ A B E T H C O L E
Advertising Assistant

M A R G U E R IT E B R O W N
Office Supervisor

S A D IE E. W A Y
Circulation Department

__
N EW Y O R K O FFIC E
Frank P. Syms, V ice President, 505 Fifth A v e ., Suite 1806

Telephone MUrray H ill 2-0326

Northwestern Banker

December

10

Across the Desk
8. Each bank will have one vote at all meetings.
9. Any bank may present a loan for considera­
tion of the Credit Committee and may retain
a part of the loan in agreement with the Com­
mittee.

The N o rth w ester n B a n k e r has long been op­
posed to government in business or government
in banking, and since the Connecticut plan empha­
sizes that the private banking system can furnish
adequate credit without relying on governmental
agencies, we believe that the idea is sound and
that the plan will work. Other bankers associa­
tions should give the Connecticut plan real
thought and study.

3 > ea % j).

3) eat Miita+i cM. Qlane^:
The “ Bank Credit Association,” formed by
your Connecticut Bankers Association, we belieye,
can be used as an example for other state asso­
ciations to follow.
As chairman of the Credit Policy Committee of
your own association and as vice president and
trust officer of the Hartford National Bank and
Trust Company, you have done a worthwhile piece
of work in preparing the “ Connecticut Plan.”
As. we understand it, Mr. Glover, your program
includes the following points:
1. All banks in Connecticut will cooperate in
providing’ credit in the postwar period to all
competent borrowers on a state-wide basis.
2. Every commercial bank in Connecticut has
been invited to become a member of the new
association and to subscribe to participation
in loans which may be approved by the Credit
Committee.
3. The Connecticut Bank Credit Association
will provide a medium through which ade­
quate credit can be furnished by the private
banking system without relying on govern­
mental agencies and government guarantees.
4. It will insure to the business man a proper
hearing before more than one source of
credit.
5. Borrowers will know that their credit needs
can be met in their own local community.
6. The association will implement and extend
local banking accommodations.
7. The agreement is for 5 years and may be ex­
tended longer by vote of the banks.

Northwestern Banker


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Federal Reserve Bank of St. Louis

December 1944

<1.

Last month we visited your B-29 Glenn MartinNebraska plant where as president you guide and
plan the destinies of these giants of the sky.
Here you build a $1,000,000 plane whose wing
spread is longer than the total distance flown by
the first Wright Brothers’ plane.
You employ 12,000 people, 40 per cent of whom
are women, all concentrating on building the
mightiest machines of destruction ever flown in
all the history of mankind.
These all spell the final doom of Japan, as they
are all sent to the Pacific theater of war and none
are used in Europe.
But what of tomorrow, Mr. Hartson? What
will your $30,000,000 plant do then?
What will you build when peace comes?
These questions went through our mind many
times as we walked for miles viewing the long
gigantic conveyor system on which the B-29’s
moved slowly but endlessly toward their comple­
tion and final destination of Tokyo.
In some “ tomorrow” the war will end.
Then your plant and all others making weapons
of war will turn to peacetime pursuits.
America is a nation of peace at heart, but may
she never again be caught unprepared.
But the B-29’s can, and should, be converted
into great cargo carriers after the war.
The United States must develop its foreign
trade when the war ends, and B-29’s, minus their
guns, could be transformed into “ argosies of the
air” which would help speed our goods and manu­
factured products to London, Moscow, Paris,
Buenos Aires, Sydney, Chungking, and Calcutta.
So, Mr. Hartson, as we saw your workers put­
ting 1,000,000 rivets in each $1,000,000 super-

11

From the Publisher
fortress, saw the gigantic cranes moving back and
forth, saw jeeps towing sections of the plane into
place on the assembly line, saw the 12,000 work­
ers like ants crawling over, under and in these
great machines which will before long help to
destroy the war lords of Japan, we conld also vis­
ualize the dawn of a new international day.
We could see the nations of the earth brought
closer together because of your ships of peace.
We could see rulers of peoples conferring on the
other side of the earth, on 15 hours notice if need
be, to discuss and settle the affairs of the moment.
And so we hope, Mr. Hartson, that out of your
B-29’s and out of many other war plants will come
goods and equipment which will help to restore
peace to the world and good will among men.
Let’s make the B-29’s the forerunners of peace, ^
as America and the World looks toward a better
and a happier tomorrow.

3) eat G. W. Bailey:
As chairman of the Agricultural Commission of
the American Bankers Association, and -we pre­
sume, incidentally, president of the First National
Bank of Clarksville, Tennessee, we heartily agree
with the program which you have organized for
country banks in connection with aiding agri­
culture, the three main objectives of which are :
1. Help keep agriculture financially sound.
2. Develop sound and helpful farm lending
methods.
3. Merchandise farm service aggressively.

Farmers today are in much better shape finan­
cially than they were after World War No. 1,
because now many of them have paid off their
farm mortgages and have substantial bank bal­
ances on which to operate.
If your committee, Mr. Bailey, can continue to
“ keep agriculture financially sound” you will be
contributing a very worthwhile financial service
through the country banks of America to the
farmers of America, and without a successful agri­
culture all other divisions of our economy are on
an insecure foundation.

3 > e a b /? .

^JU am a^:

As president of the world’s largest labor union,
the United Automobile Workers, we were flab­
bergasted to think that you, of all men in the
United States, should even have the slightest or


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Federal Reserve Bank of St. Louis

the remotest doubt that Franklin Roosevelt is not
the “ Greatest man in the world.”
Yet, at the annual meeting of the Congress of
Industrial Organizations last month, you said,
“ W e can’t sell the workers much longer on the
idea that Roosevelt is the greatest man in the
world unless he acts quickly to revise the little
steel formula.”

As we see it, Mr. Thomas, Roosevelt is the
greatest man in the world just so long as he does
what you want him to do, and he generally does,
but we only need to remind you that if the little
steel formula is thrown out the window this will
start in motion a spiral of inflation which will
cause more damage to you and the members of
your union than anything else which could pos­
sibly happen.
Then, Mr. Thomas, your brother cohort, George
Meany, in the A. F. of L. and member of the
WLB, said your “ commander in chief” told a
“ damnable untruth” —my! my! such language—and Mr. Meany put it this way, “ W e call it the
refinement of cruelty when we hear some public
official talk about 60 million postwar jobs and at
the same time doesn’t see that this evil (wage pol­
icy) is corrected.
“ Anyone who says this can be done without
providing for postwar wages and purchasing
power is telling the people of the country a dam­
nable untruth.”

And also while we are on the subject of your
recent convention, we notice that your delegates
“ urged President Roosevelt to recognize the fact
that the deportation of Harry Bridges, C.I.O. di­
rector from California, would be a blow to mo­
rale, to national unity and to war production.”

Great Heavens! Mr. Thomas, we had no idea
before that our national unity, our war produc­
tion, to say nothing of our morale, depended upon
the labor racketeering, strike-promoting Harry
Bridges,
If he is as great as all this, perhaps he is just
the man whom F. D. R. should appoint as Sec­
retary of Labor.
Why don’t you make the suggestion? Thus
“ insuring his deportation to Washington, D. C.,”
instead of Australia from whence he came.
Certainly we mustn’t lose “ our morale” and
“ our national unity” by losing Harry— and be­
sides, we have so many bridges to cross these
days.

Northwestern Banker December 19bk

12

HOLIDAY
GREE TIN GS
— from these

now serving in the Armed Forces

Irwin Abram
Robert Allison
Ed Bliquez
Judean Brekken
John J. Buckley
Ellis Conkling
Rex G. Cox
Clyde Cramer
Elmer Cumpston
Richard Davis
Clarence Dickson
Robert Donhowe
Arnold Dressier
Em. Eagan
Joseph Fox

—and

Robert Frampton
Howard Franklin
Robert Galloway
Joseph Gedden
David Gualt
Wm. R. Hill
Garold Holmes
Kenyon Knowles
Paul McDonnell
Ruth McKay
Carl Morris
George Nelson
Robert Neswold
George Noah
Everett Newcomb
George Olsen

Fred Owens
Dale Pearson
Barton Peddicord
John Quiner
Philip Rachford
W. C. Sanner
Irwin Shaw
Dale C. Smith
Harry Tusant
Roy Van Vark
Donald Walsmith
John Willard
Don Withington
Ed A. Wolf
Larry Wright

theOfficers, Directors and Employees

^ ‘ C E N T R A L
NATIONAL BANK
DES MOINES, IO W A
M E M B E R F . D. I . C.

Northwestern Banker


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Federal Reserve Bank of St. Louis

December 19^4

AND

TRUST CO.

r


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Federal Reserve Bank of St. Louis

Northwestern Banker

December

14

5 W ays to Create and
Keep

Good 14////

A Community Responds to a Youthful Spirit in a Bank's Working
Force and to the Bank's Interest in the Young People of
the Community
ORTHINGTON, OHIO, is a vilage of 1,500, nine miles north of
the state house in Columbus,
and serves a large rural area where
farms run from 400 acres down to three
acre chicken farms. Our assets hang
around $1,350,000 and our daily clear­
ings are larger than the average.
In the first place, if a bank is to have
the good will of a community and give
it service, the personnel must be
young, smart and active. No one cares
much who is on the board of directors,
if any one.
As for our group, I’m 49 and have
been president since 1930 (own 13
shares out of 409 and no relative lives
in the area or owns a share); the cash­
ier is 33 (owns five shares and has no
relatives owning any); the assistant
cashier is a young lady graduated from
a rural centralized school in 1935; the
head bookkeeper is a young lady grad­
uated recently from a rural school, and
my secretary, who doubles as a book­
keeper, is 25; and last, our flunkey is
a young fellow working after school
and Saturdays. (None of the last four
have a share of stock and none of their
families have any, and only one family
even banks with us.) Hence, if we
are going to run the hank (and we d o ),
we have to produce results for we con­
trol nothing.
The stockholders got a 50 per cent
stock dividend last Detember 15th, and
now we are paying 1 per cent quarter­
ly in cash, so they are satisfied. We
all get decent salaries and an extra
month’s wages the week before Xmas
as a bonus, so we are satisfied.
We try to know every man, woman
or child in the community (but, of
course, we do not), but each one of the
employes is intimate with a separate
group and through some one of us, we
can get the dope on any deal, person
or account in our area. We wouldn’t
have a special farm representative, for
the farmers would soon know him as
a professional caller working for the

W

Northwestern Ranker


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Federal Reserve Bank of St. Louis

December 7944

By Forrest R. Detrick
President
Worthington S avings Bank
Worthington, Ohio

they come in and sit down at a desk.
On the inside we have no secrets;
anybody can wait on anybody and see
that they get whatever they deserve
and, if possible, whatever they ask for.
We have a service station with any­
thing the city banks have, plus a no­
tary public and telegraph money or­
ders.
Then, too, we have a big celotex bul­
letin board in the corner of the lobby
where it can be seen through the win­
dow, where sale bills, church supper
notices, etc., are put up with thumb
tacks. Our mezzanine floor (directors’
room), is always available to any group
wishing to meet.

Opens Saturday Night

F O R R E ST R. D E T R IC K
“ B e a frien d ”

bank’s interests, and, maybe they
wouldn’t like him anyway. I know a
lot of people don’t like me—others
don’t like the cashier—others don’t like
somebody else, so, if somebody is to be
called on, they send their friend in the
group or else have their preacher, doc­
tor, auctioneer or some one else tell
them to come in and get any loan or
other service we have to offer and
when people come in, we make them
feel at ease. We have done that by
abandoning the old cages and operat­
ing with counter-type fixtures, face to
face, without a wicket or barrier of
any sort. The cashier operates the
front slab, the assistant cashier the
next one and, if I’m needed, I take the
back one or talk over the top of the
gate. If the customer wishes privacy,

Like all burgs, Saturday night is the
big parade, so we have for years stayed
open from 6:30 to 8:00, dating and car­
rying the work over to Monday, and
what a business we do in that one and
one-half hours. We really have many,
many Saturday night customers who
otherwise would bank somewhere else
nearer their work and many who
otherwise would keep their money in
a sock because they can’t get around
during banking hours. Since the fortyhour week, we close Wednesday after­
noon—open 9:00 ’til 2:00 daily, except
Wednesday and Saturday afternoons.
Having a young personnel, we keep
actively in touch with the Scouts, 4-H,
etc. The cashier, though he has no
boys, has been cub scoutmaster for
several years in Worthington.
The town has a weekly newspaper,
but we do not average twelve ads a
year, preferring to spend our money as
awards to the school children or teams
that win the county championship in
anything. Our high school, through
the bus system, serves about the same
community we do, so when a team
wins, families from miles around are
represented. This spring we gave thir­
teen sterling basketballs to our boys
(Turn to page 28, please)

15

W hat Women A re
Doing In Banking
“ A survey made recently by tlie Association of Bank Women revealed tin
surprising fact that there were 4,635 women executives in banks in the
United States and its territories. In addition to the 105 presidents, 19
chairmen of the board and 9 partners, there were 286 vice presidents, 387
cashiers, 11 assistant vice presidents, and the remaining number were junior
executives.’’

By Elizabeth M. Brotherhood
C o - c h a irm a n
P ublicity C o m m itte e A sso c ia tio n of Bank Women and S e c r e t a r y
and A ssista n t T r e a su r e r of M cLachlen Banking C o r p o r a tio n
Washington, D. C.

RADITION dictates that a bank
president begin his career as a run­
ner. Seldom will a banker admit
that he attained his pinnacle of success
by other than the arduous climb from
the lowest rung of the ladder. This
tradition has put the women in the
banking business who might have eyes
on the president’s chair, at a disadvan­
tage for, according to a custom of the
past, girls were never made runners.
Now, however, that final masculine
stronghold, the Clearinghouse, has suc­
cumbed to femininity, and any aspir­
ing girl who wants to hitch her wagon
to the banker’s star, can follow the tra­
ditional path to success, from runner
to president.
Women, however, are notably untraditional creatures, and by the time it
was conventional for them to be run­
ners, 105 of them had become bank
presidents, 19 held the office of chair­
man of the board and nine were classi­
fied as owners or partners.
A survey made recently by the Asso­
ciation of Bank Women revealed the
surprising fact that there were 4,635
women executives in banks in the
United States and its territories. In
addition to the 105 presidents, 19 chair­
men of the board and nine partners,
the survey showed there were 286 vice
presidents, 387 cashiers, 11 assistant
vice presidents, and the remaining
number were junior executives.
The members of the committee con­
ducting the survey were, themselves,
astounded as the total mounted, for no
accurate survey had heretofore been
made and previous estimates had

T


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placed the figure at around 3,000. If
consideration is given for the number
of women holding titles whose names
appear in official listings by initials
only, it is conservative to say that the
number of women bank executives at
this time is well over 5,000.
But for every woman serving in an
executive capacity, there are hundreds
of girls and women filling jobs of every
kind in every type of bank in the coun­
tr y -jo b s left vacant by men who are
doing an even bigger job in the once
peaceful countryside of Europe or in
the tropical islands of the Racific.

E L IZ A B E T H M . B R O T H E R H O O D
W o m en are n otab ly untraditional

have made it possible for banks to
carry on their normal functions and
the added duties involved in ration
banking, selling War Bonds and serv­
ing, in many communities, a war swol­
W ho A re These W om en?
len population.
The war has brought an unprece­
Where have the banks recruited
these women, who in the short space dented demand for the services of
of a few years have increased the per­ women in banking and, under the
centage of women bank employes from duress of the times, success has been
less than 50 per cent in pre-Pearl Har­ easy. Novices have been pushed ahead
bor days, to 60, 70 and, in some com­ as rapidly as possible to positions of
munities, as high as 90 per cent of responsibility and trust for which in
bank personnel? Some of these new normal times they would have served
workers are youngsters fresh from a long hard apprenticeship. Yes, suc­
school or college, beginning on their cess has been easy, but unless these
first jobs. Others are housewives who newcomers fortify themselves by study
wanted to make a direct contribution and an intelligent interest in not only
to the war effort. Many are women their own work, but that of those
with husbands in the service, who for around them, their success will be
economic, patriotic or for the more per­ short-lived and they will not be pre­
sonal reason of shortening the days pared to meet the keen competition of
until their husbands return, sought the future.
The women who have already at­
employment. Fortunate, indeed, are
the banks that have found in these lat­ tained official positions in banking are
ter two groups, women with previous excellent executives and in these war
bank experience which enabled them years have demonstrated exceptional
to assume responsible positions with ability, for in order to have been recog­
short apprenticeship. Of all ages, types nized they have usually had to possess
(Turn to page 33, please)
and experience are the women who
Northwestern Banker December

16

Farm debts
Can Pay Dividends
“ Financing is not merely a matter of borrowing money and paying it back
if you have it, losing it if you don’t. It is a science in the measurement
of a protection from risk. In depression periods, everybody looks on debt
as something evil, a scourge to be cured by artificial methods if necessary.
Sound planned and managed debt should be an honor bespeaking the
management ability and integrity of the borrower.”

'

By K. J. McDonald
President
Iow a Trust & S avings Bank
Estherville

K. j . M cD o n a l d

E ditor’ s N ote : During the last de­
pression some farmers lost money and
some made money and, as a result of
his contact with numerous farmers
during that period, K. J. McDonald,
president of the Iowa Trust and Sav­
ings Bank of Estherville, presents in
this interesting article what happened
to three typical farmers, each of whom
operated a 160 acre farm.
As we enter the postwar period, the
N orthwestern B anker believes that
there is much “food for thought” in
what Mr. McDonald has to say.

debts at any time and still have your
“earning” property left. Keep ade­
quate reserves for both the expected
and unexpected contingencies.

FARMER A

W

Northwestern Banker December 19M


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Federal Reserve Bank of St. Louis

FARMER B

160 acre farm
Clear

160 acre farm
Mortgage $12,000

9 cows
11 other cattle
30 hogs
5 horses
1,000 bu. grain
Machinery

9 cows
11 other cattle
30 hogs
5 horses
1,000 bu. grain
Machinery

HILE the illustrations on this
page are hypothetical, they are
typical of the experiences and
And Here Is
results of the last depression, and their
logic is self evident. On this page is
a chart showing what Farmer A,
Farmer B and Farmer C had at the 160 acre farm
Clear
beginning of the depression.
The Moral—Debt of itself isn’t “bad.” Only sold marketable
Risk is. Debt protected against risk products, income from
can be profitable. Cash reserves are a which provided living
protection against risk. Minimum re­ a n d operating ex­
penses.
serves should be:
1. Adequate checking account.
2.
Prepayment on mortgage indebt­ Had left:
14 cows
edness (two years in advance).
3.
War Bonds—can be cashed when 16 other cattle
60 hogs
needed—bear interest—patriotic.
4.
Savings account (two years taxes 8 horses and colts
3,000 bu. grain
and interest).
The same moral applies to other Machinery
debts. Amortize capital debts such as FARMER A had more
obligations for machinery, breeding property at the end of
and dairy stock. Keep such debts down the depression than
to not more than one-third of normal he had at the beginvalues. Limit other debts to what can ning.
readily be paid from the sale of cur­
rently marketable products. Keep your­
self in a position so you can pay your

An Illustration

It is typical rather than specific. I
use this illustration repeatedly in dis(Turn to page 33, please)

FARMER C
160 acre farm
Mortgage $14,000
Cash reserve $2,000
9 cows
11 other cattle
30 hogs
5 horses
1,000 bu. grain
Machinery

What These Farmers Had at the End
of the Depression
Kept selling personal prop­
erty at low prices in at­
tempt to meet mortgage
payments, t h u s reducing
earning power. Borrowed
on personal property to try
to hold farm and finally had
to sell out at depression
prices. Practically no sal­
vage.
Lost farm.
Lost personal property.
Went on WPA.

FARMER B l o s t
thing.

160 acre farm
Mortgage $12,000
Used $2,000 cash reserve to
meet mortgage payments.
Only sold marketable prod­
ucts, income from which
provided living and operat­
ing expenses.
Had left:
14 cows
16 other cattle
60 hogs
8 horses and colts
3,000 bu. grain
Machinery

every- FARMER C used his cash
reserve to meet mortgage
payments and reduce mortgage. Didn’t have to sell at
sacrifice. Had more prop­
erty at end of depression
than at beginning.

-r

17

M y 39 Years

In Banking
An Extensive Organizer, Col. Edens has done
Much in the W ay of Building Banking Groups
to Their Present High Degree of Cooperation
By Col. W. G . Edens
Vice President
Terminal Na tio nal Bank
C h ic a g o , Illinois

FTER entering the railroad serv­
ice at the age of 15, as a brakeman, I was employed for sev­
eral years as a pioneer organizer of the
Brotherhood of Railroad Brakemen,
traveling throughout the United States,
Canada and Mexico. This service took
me into all of the states and territories
of our union before I reached the age
of 27 years. For seven years I was an
officer of the Post Office Department at
Washington during the administra­
tions of President McKinley and Presi­
dent Roosevelt. Assisted in installing
the experimental rural free delivery
throughout the country and helped to
organize the military postal service
for army camps during the War with
Spain. Also the postal service which
was extended to Cuba and Porta Rico,
resigning July 1, 1904, to devote my en­
tire time to the position as grand chan­
cellor for Illinois of the Order of
Knights of Pythias. It had been my
intention to re-enter the railroad serv­
ice, as Benjamin Wintchell, president
of the Rock Island System, had ten­
dered me a position as superintendent
of their mail service. A like position
had been offered me by my old Chi­
cago friend, J. D. Farrell, at that time
vice president of the Great Northern
Railroad at St. Paul.
Late in January, 1903, my former
associate in the Brotherhood, President
Patrick Henry Morrissey, urged me to
become chairman and founder of the
Brotherhood’s Illinois State Legisla­
tive Board, which position I accepted
and remained at Springfield during the
session of the 43rd General Assembly
and until the legislature adjourned in
September, 1904. During this time I
assisted in securing the passage of
several bills in the interest of labor.

A

Jo in s Central Trust Com pany
This activity attracted the attention
of my friend, Charles Gates Dawes,

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COL. w. G. ED EN S
Father of Illinois Group System

with whom I had been associated in
the campaign in behalf of Wm. Mc­
Kinley for President, and who had
shortly before organized the Central
Trust Company of Illinois and ten­
dered me a position in that organiza­
tion. I was then 42 years of age and
my only contact with banks and bank­
ers had been while I was employed as
chief clerk and cashier of the Na­
tional Headquarters of the Brother­
hood while located at Galesburg, Illi­
nois, from 1890 to 1896. I had always
had a high regard for Mr. Dawes as
a man and financier and accepted his
offer. This position brought me in
contact with his cousin, William D.
Dawes, cashier of the bank, with
whom I had official relations while he
was employed as cashier of the Chi­
cago Post Office. It was understood
that I was to contact country bankers
and solicit correspondent accounts.
Within a few days after September
13, 1905, I was on the road calling on
bankers, and secured my first account
from Cashier Watson of the First Na­
tional Bank of Aurora, Illinois, which
favor was bestowed on me with the un­
derstanding that our bank would make
their collections in Illinois at par.
Late in September I attended my
first convention of the Illinois State
Bankers Association at Bloomington.
During this meeting I observed that
the state association seemed to be un­
der the control of a group of influential

private bankers. Realizing that I knew
very little about the fundamentals of
banking and economics, I then and
there decided that I would devote my
energy to organization work. Shortly
after that I attended a group meeting
of the Iowa Bankers Association at
Decorah, Iowa, and noted how it was
made to work, and from that experi­
ence I decided that it would be a good
thing to have such an organization in
Illinois. It would give the younger
bankers a chance to attend these local
meetings and extend their acquaint­
ance with those engaged in the same
line of business and, the organization
once established, might prove an enter­
ing wedge for control of the state or­
ganization. At Decorah I was fortu­
nate to become acquainted with some
of the outstanding bankers of that era
in Iowa, such as Charles H. McNider,
Charles Mills, Joe Inwardson, Henry
Carpenter, Homer Miller, the three
Weiser brothers of Decorah and Chas.
Enright, a native of Decorah, then
banking at St. Joseph and later bank
commissioner of Missouri, father of
Fairleigh Enright, now president of
the Empire Trust Company, of St.
Joseph.

O rganizes Group System
In September, 1906, I attended the
bankers convention at Springfield and,
acting on the advice of Theodore S.
(Turn to page 47, please)
Northwestern Banker December 1944

18

Nebraska bankers and their wives grouped before the Glenn

L. Martin-Nebraska Company plant, where the B-29’ s are built.

LüfgConv

Nebraska Holds
Important Changes in Association Constitution Mark
Armistice Day Meeting in Omaha

E

DGAR McBride, president of the

Commercial Bank, Blue Hill, was
elected president of the Nebraska
Bankers Association at the forty-sev­
enth annual convention of the organ­
ization held last month in Omaha. Mr.
McBride was advanced from the office
of vice president which he has held
during the past year. Other officers
named were V. E. Dolpher, vice presi­
dent, president of the First National
Bank, David City, and for treasurer,
Fred W. Thomas, vice president of the
First National Bank, Omaha. William
B. Hughes of course continues as
secretary.
Four members of the executive
council were elected, consisting of
Fred Bruning, president of the Bruning State Bank, Group One; Ed Gal­
lagher, president First National Bank,
O’Neill, Group Three; Glen Gibson,
president Exchange Bank, Gibbon,
Group Five; and Harlan D. AVells, vice
president First State Bank, Scottsbluff, Group Six.
Nebraska officers of the American
Bankers Association were elected as
follows: Nominating Committee, Otto
Kotouc, Sr., president Home State
Bank, Humboldt; alternate, I. A. Riley,
vice president Hastings National Bank;
vice president National Bank Division,
W. H. Pierce, president First National
Bank, Shelby; vice president State
Bank Division, H. J. Bornholdt, cash­
ier Commercial State Bank, Wausa;
Northwestern Banker


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Federal Reserve Bank of St. Louis

December lQbb

By Clifford De Puy
Publish er
The N o rthw e ste rn Banker

was the main reason for this increased
registration.
The Sunday WorldHerald perhaps had the convention
pictured in its true light when it said,
“more than 1,300 persons attended the
convention; 800 of them bankers.”

vice president Trust Division, AV. S.
Battey, vice president and cashier
Continental National Bank, Lincoln;
and vice president Savings Division,
F. A. Hansen, cashier City National
Bank, Hastings.
Among resolutions adopted at the
convention were “that the bankers of
Nebraska extend every possible coop­
eration in carrying out the spirit and
letter of the Servicemen’s Readjust­
ment Act of 1944, generally known as
the G. I. Bill of Rights”—“we pledge to
the Nation our whole-hearted support
to the forthcoming Sixth War Loan”—
“the Production Credit System must
be placed on a basis where it will pay
for its now cost-free capital”—“a
special service to be set up by the
Federal Reserve to assist country
banks in their problems.”

Convention Conversation
Nebraska bankers and their wives
set an all time record for the 47th con­
clave which met in Omaha on Armis­
tice Day. The fact that those who at­
tended would be given a trip through
the Martin-Nebraska bomber plant

Wm. B. Hughes, who for 40 years
has been a very popular and efficient
secretary of the Nebraska Bankers
Association, reports that the total
membership is now 414, and that the
receipts for membership during the
past fiscal year were $14,977, with total
receipts amounting to $18,415 and
total disbursements of $14,884.
E. AV7. Rossiter, president of the
Bank of Hartington and chairman of
Group Three, offered a resolution
whereby members of the Nebraska
Bankers Association would be elected
through a “Vote by Mail” plan, but
this resolution was voted down by the
convention.
Robert I. Stout, president of the
First National Bank of Tekamah and
retiring president of the Association,
did an excellent job as presiding offi­
cer at both the noon luncheon and
evening banquet.
AAr. Dale Clark, president of the Oma­
ha National Bank and state chairman
of the War Finance Committee, was
introduced as “an outstanding citizen

19
not only of Nebraska but of the entire
United States.”

Mr. Clark pointed out that $459,000,000 of war bonds had been purchased
in Nebraska during the first five war
bond drives. The quota for Nebraska
in the Sixth War Loan Drive is $94,000,000 and Mr. Clark emphasized
that everyone should take a personal
view of the situation and consider that,
“this is my war and my bond cam­
paign.”
Randolph Burgess, vice chairman of
the National City Bank of New York
and president of the American Bank­
ers Association, emphasized that the
A. B. A. wants to fight the P. C. A. and
government encroachment on business
and that totalitarianism is still strong
in London and Washington but
bankers frequently ask the govern­
ment to guarantee their loans thus in­
viting the government to come into
the banking business.
Wm. N. Jeffers, president of the
Union Pacific Railroad Company, was
unable to speak at the banquet be­
cause of illness and Colonel Frank
Kurtz flew from Washington to Omaha
to speak in his stead.
The famed pilot of the Flying Fort­
resses Swoose 1 and 2, who has seen
service in all World War II theaters,
(Turn to page 26, please)

A t the Nebraska Convention
Reading from left to right-—1, Col.
Frank Kurtz, Washington, D. C.; Robert
1. Stout, president, First National Bank,
Tekamah, immediate past president o f the
Nebraska Association; and Margo Kurtz.
2, A. G. Zuhlke, cashier, First National
Bank, B ancroft; Rollie W . Ley, president,
State National Bank o f W ayne; and W il­
liam B. Hughes, secretary o f the Nebraska
Association.
3, C. G. Bliss, Nebraska
Banking Department, South Omaha; T.
G. Boggs Union Stock Yards Company,
Omaha; George Woods, executive vice
president, First National Bank, Council
Bluffs, and former head o f the Nebraska
Banking Department; J. Y. Castle, vice
president and cashier, McDonald State
Bank, North P latte; and F. E. Slusser,
cashier, Bank o f Clarks. 4, Dale R. Ains­
worth, vice president, City National Bank,
Kansas City; Richard McMullen, cashier,
State Bank, Stella; S. D. Elzea, Federal
Deposit Insurance
Corporation, North
Platte; and Henry Schneider, president,
Plattsmouth State Bank. 5, A. J. Rhodes,
assistant cashier, Omaha National Bank;
Mrs. A. J. Rhodes; J. G. Brewster, vice
president and cashier, Stockmens National
Bank, Rushville; Florence Freer, First Na­
tional Bank, Omaha; Pauline Kohls, First
National Bank, Omaha; and Thomas Can­
non, middlewestern Representative, St.
Paul Terminal Warehouse Company, Des
Moines.


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Federal Reserve Bank of St. Louis

Northwestern Banker December

20

W hat Is Your Bank Doing

LOCtilS

To Promote
—

A

Northwestern Banker Survey —

A Number of Nebraska Bankers Give Their Answers to This Important
Question When Interviewed by Marguerite Brown, of the Northwestern
Banker Staff

F

H. WACKEL, cashier First Na­

tional Bank, West Point, Nebras♦ ka: “We are making as many per­
sonal contacts as we possibly can,
both with old customers and pros­
pective customers.”
W. H. Collett, vice president and
cashier Crete State Bank, Crete, Ne­
braska: “We are running a series of
weekly advertisements in local news­
papers, soliciting insurance loans. We
try to keep our eyes open for loans on
improved real estate and make per­
sonal contacts whenever possible,
which we can do only occasionally
due to shortage of help in the bank.”
J. Overly Peck, president Central
National Bank, Columbus, Nebraska:
“For the past 10 years, we have includ­
ed chick and calf loans in our Public
Relations program. We work through
the 4-H Clubs and other similar organ­
izations and feel that we are directly
responsible for the high chick popu­
lation in Platte County. This pro­

gram has promoted good will towards
our bank, not only among the present
farmers but with the future farmers
of our community. We also have an
efficient farm manager who maintains
personal contact with our farmer
friends.”
Edward Huwaldt, executive vice
president Commercial National Bank,
Grand Island, Nebraska: “We are en­
larging our personal loan department
to meet the demand for financing the
purchase of commodities when they
again come on the market. Many of
our local business men are moving
into more desirable locations—larger
space and better display facilities—
and we are contacting these dealers
with an eye to future business. We
expect to play a big part in re-estab­
lishing our young men when they
come back from the war.”
H. A. Schneider, president Plattsmouth State Bank: “We are branching
out into new fields, making loans on

Two presidents visit— Edgar McBride, left, president of the Nebraska Bankers
Association, and Randolph Burgess, president of the American Bankers Association,
who was a speaker at the recent Cornhusker convention.


Northivestern Banker
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Federal Reserve Bank of St. Louis

December 1944

city property, which we have not done
in the past, and refinancing farm
loans.”
W. H. Pierce, president of the First
National Banks of Osceola and Shelby,
Nebraska: “We are making more real
estate loans. We are also watching
and contacting the aggressive business
men in our communities who seem to
be interested in postwar planning.”
J. L. Kudrna, cashier First Na­
tional Bank, Wahoo: “We have found
that direct mail has done more to
promote good will for the bank than
any other plan. We write our farmer
friends and customers (always first
class mail) regularly, keeping them
advised as to bank activities. We also
support the 4-H Clubs and similar
groups.”
Lloyd C. Blair, assistant cashier
Stephens National Bank, Fremont,
Nebraska: “We have already named an
officer of the bank to contact various
business people and farmers, getting
a complete picture on postwar plans.
We have made a survey on what farm­
ers will want first in the way of trac­
tors and other farm machinery and
are helping them to plan for the
financing of this equipment. These
personal contacts enable us to learn
the future plans of the people in our
community as well as to acquaint them
with the methods and practices of our
institution.”
T. W. Stanosheck, assistant cashier
State Bank of Odell, Nebraska: “Going
after city real estate loans and lower­
ing interest rates to meet government
competition.”
W. C. Logan, executive vice presi­
dent and M. J. Youngstrom, cashier,
Farmers State Bank, Silver Creek:
“We have no particular plans. Our
loans and discounts are increasing
due to the buying of new equipment
and refinancing of old loans.”
(Turn to page 34, please)


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Federal Reserve Bank of St. Louis

21

Northwestern Banker

December 19bb

22

News

and

V iews

O F T H E B A N K IN G W O R L D
By Clifford DePuy
Sc a r b o r o u g h Jr., pres­
ident of Scarborough and Com­
pany, Chicago, received a letter
from a friend of his who was district
air warden in London and who en­
closed the map reproduced on this
page showing where the robot bombs
fell on Croydon Field.
At the top of the map it says, “ The
%
enry

H

vanced toward the enemy it was fired
upon by several machine guns but suf­
fered no casualties. The patrol then
changed formation and charged the
emplacements with such aggressive­
ness and speed that the enemy sur­
rendered, making a total of 9 prisoners
and 4 machine guns. The courage and
aggressiveness displayed by Lieu­
tenant Miller reflects great credit on
the armed forces of the United States.”
The Chicago Opera Season finished
last month, after one of the most suc­
cessful seasons in its history. We
had the pleasure of attending “La
Boheme” and enjoyed it very much,
with Nino Martini and Richard Bonnelli taking leading parts.

black (lots on this map show where
the 141 flying bombs crashed in Croy­
don, Britain’s most fly-bombed bor­
ough. Nineteen others fell on the
fringes of the town. The bombs killed
211 people, seriously injured (597 and
slightly injured 1,277. Over 54,000
houses were damaged (roughly three
in every four in the town) and of these
1,400 were completely destroyed. Dur­
ing previous raids (from August 1940,
to April 1944), 2,621 high explosive
bombs, apart from thousands of in­
cendiaries, were dropped in Croydon.
About 1,200 houses were demolished
and 523 people were killed.”

Ralph W . Moorhead, associate pub­
lisher of the N orthwestern B an k er ,
was in Montreal last month when the
question of drafting Canadians for war
duty was a hot political question,
which it has been for five years, as
there has been no conscription in
Canada since the war started, as only
volunteers have been sent abroad.

An editorial in the Montreal Gazette,
which Mr. Moorhead sent us, con­
tained this paragraph:
“But it does seem significant to us
that America’s citizen soldiers, drafted
into the service of their country for
duty anywhere in the world, are filling
the ranks of a Canadian army while
Canadian drafted men are still at
home.”
Leo M. Cherne spoke at the Chicago
Rotary Club recently on “The Psy­
chology of Prosperity” and said, “The
United States was the only country
which has both money and men and
has had no part of its territory de­
stroyed by war, but it is still the
country where unemployment is most
feared.”
He also said, “The advance in medi­
cal science in this war, including the
use of penicillin and the radio knife
for operations as two examples, will
help to save more lives in the years
ahead than all the lives lost in this
war.”
Joining us at this Rotary luncheon
were Louis H. Northrop, assistant vice
president; Herbert V. Prochuow, vice
president; and Verne L. Bartling, as­
sistant vice president of the First Na­
tional Bank of Chicago.

In case you are interested—or are
you?—the oldest cocktail lounge or bar
(Turn to page 60, please)

Omaha Banker-Fighters

1st Lt. Norman A. Miller of the
313th Infantry and formerly associ­
ated with the N orth w estern B ank er ,
has been awarded “The Bronze Star
Medal” and given the following cita­
tion: “For heroic achievement in action
against the enemy, on 5 August 1944 in
France. When his platoon became
temporarily isolated from the main
body of troops during a rapid ad­
vance due to harassing fire from hid­
den enemy machine gun units on
either side of the road, Lieutenant
Miller volunteered to lead a four man
patrol in the attempt to locate the
enemy positions. As the patrol ad
North western Banker
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Federal Reserve Bank of St. Louis

December 19bb

John M. Douglas, investment banker of Omaha, sent us the photograph
shown here which was taken at the Beach Club at Honolulu by Lt. Hugh Hickox,
personnel manager of the Wbodmen of the Woriel L ife Insurance Society, Omaha,
and from left to right includes the follow ing: Lt. (j.g.) Edward T. Volz, man­
ager municipal department; John M. Douglas, Investments; Lt. Commander
Phil Redgwick, former Omaha physician; Lt. (j.g.) Don H. Knott, Occidental
Building and Loan Association, Omaha; Lt. Commander J. B. Frazier, Omaha
manager A. C. Allyn and Company; Lt. (j.g.) Harold J. Gleisberg, Greenway
and Company, Omaha; and Lt. Col. Emmett Solomon, trust officer First Na­
tional Bank, Omaha.

23

T oday Industry rec­
ognizes as never before, its obligation
to protect the worker against occupa­
tional hazards. 11 11Thanks to the inge­
nuity of the Safety Engineer, special
devices have been developed to guard
the danger spots on practically every
type of machine and operation. Em­
ployers who fail to provide these safe­
guards are guilty of negligence.1111The
business man, too, is guilty of negli­
gence when he fails to safeguard his
checks against counterfeiting and
fraudulent alteration. )111 If you have
doubts on this score, consult your
banker. He will advise on check forms
appropriate to your business proce­
dure—demonstrate the right and wrong
way to make out a check—and explain
the security value of safety paper. 1111
La Monte Safety Papers are time-tested
by seventy-three years of use
and long recognized as the
standard of safety in check
protection.
For Samples of La Monte Safety Paper see your Lithographer or Printer — or write us direct.

GEORGE! LA MONTE & SON


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

1/

Let’s All
BACK THE ATTACK

/ NUTLEY. NEW JERSEY

W e supply m a n y b a n k s and corporations with their o w n
i n d i v i d u a l l y id e n t if ie d S a fety P aper. The issu ing org a n i­
zation's Trade-M ark is in the p a p er itself and a p p e a r s o n
both the front and b a ck of the ch eck . Such in d iv id u a l iz e d
p a p er adds to the p restig e of you r ch eck s —sa v e s sorting
time —p rev en ts errors in b a nks and c J e a r i n g hou ses.

pÑ AT

LON A t :

T h e w a v y lin e s a r e a
La M o n te tr a d e m a r k

Northwestern Banker

December 1944-

Does Redemption of a Farm A lso
G ive Title to Growing Crops?
ORNICKEL, a Nebraska banker,
owned a farm in that state upon
which a lake was located that
had been formed through the im­
pounding of water by natural condi­
tions. Hornickel wanted to use the
lake bed and proposed to remove the
lake by cutting a channel through a
retaining embankment. Such action on
his part would result in damages to
the property of his neighbor. Could
he do so?

H

No. Where water is impounded upon
land by natural conditions whereby a
lake is formed, the owner of such
land has no lawful right to remove
an impediment to its flowage and
thereby cause such water to flow upon
the land of another to his damage.
The Nebraska Supreme Court so ruled
in a recent decision.

Snow owned a farm in North Dakota.
He failed to pay the taxes thereon and
the county in which it was located
acquired title thereto under statutory
proceedings in 1940. Thereafter the
county leased the property to a farmer
on a share basis. In 1941 Snow ac­
quired the property back by deed from
the county through redemption. Did
Snow acquire the county’s interest in
the crops as a result of such action?
Yes. An owner of land in North
Dakota that has been forfeited to the
county under tax deed proceedings,
who exereises the right to repurchase
such land, makes payment therefor
and receives a deed from the county
pursuant to statute becomes vested
with all the interest, right and title
held by the county in and to such
land. The deed from the county to
such former owner operates to vest
in the grantee in such deed all interest
and right of the county in and to crops
then growing on the land as well as
title to any unaccrued rent for the
use of the land.

Birch, a banker, was the executor in
Iowa of the estate of Molly Brown.
The estate was of a substantial net
value. During Mrs. Brown’s last illness
certain expenses were incurred for
doctors and nurses. Her husband paid
Northwestern Banker

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

December 1944-

These and Other Timely Legal
Questions Are Answered
8y the
LEGAL DEPARTMENT

these. Subsequently he sought to have
a claim allowed against her estate for
them. Should Birch treat with such
claim as being a proper one?
Yes. The I<nva statute provides that
executors and administrators must pay
oft' the charges of the last sickness
and funeral of the deceased as soon as
they are possessed of sufficient means,
over and above the expenses of admin­
istration, to do so. In a recent decision
the Iowa Supreme Court held, in a
case involving facts similar to those
outlined, that such statute requires the
allowance of the claim.

Suppose that, in the preceding ques­
tion, Brown had purchased for Mrs.
Brown certain clothing during her life
time which clothing could be consid­
ered a family necessity. Suppose fur­
ther that he paid for such clothing,
that there was no agreement by her
to reimburse him therefor, and that
the clothing was in no way connected
with her last illness. Would Brown
have a valid claim against Mrs.
Brown’s estate for reimbursement?
No. It is Avell established by prece­
dent in IoAA^a that if either spouse uses,
or permits the use of, his or her in­
dividual property for the purchase of
family necessaries, Avithout an agree­
ment for repayment, the one whose
property is so used cannot recover it
in an action against the other spouse or
against his or lier estate.

§

*Y0U LEND YOUR
M oney THEY GIVE THEIR

Wilson purchased a farm in South
Dakota and, as an incident thereto,
executed a purchase money mortgage
and promissory note. Payment of the
note was duly guaranteed by Ander­
son. Subsequently the holder of the
note sought to hold Wilson, as prin­
cipal, and Anderson, as guarantor,
liable for a deficiency between the fore­
closure sale price and the balance due
on the note. Under South Dakota law
Wilson was not liable. Was Anderson?
No. This situation is governed by
the general rule that, if a contract is
invalid, a guaranty partakes of the
character of the principal contract and
is also invalid. The South Dakota Su­
preme Court so ruled in a recent de­
cision involving facts similar to those
outlined in the question.

Butler obtained in New York a $1,000
United States savings bond as an in­
cident to one of the recent drives. He
had the bond made payable to himself
or at his death to Jones. Subsequently
Butler, for a valuable consideration,
delivered the bond to Brakewell. Still
later Butler died. Is Brakewell entitled
to the bond?
No, according to a recent NeAV York
decision. In such decision it Avas held
that United States s a A d n g s bonds is­
sued in the name of a decedent, pay­
able on death to a named beneficiary,
became the property of the named
beneficiary on the death of the primary
payee, and that mere delivery of the
bonds by the decedent to a third per­
son, even though for a valuable con­
sideration, could not confer title.

A Kansas banker owned a house in
a defense area in that state which he
rented to a tenant. The tenant did
not pay his rent. In the absence of a
special certificate from the O.P.A. Ad­
ministrator having the effect of waiv­
ing such action, was it necessary that
the landlord, in bringing eviction pro­
ceedings, serve notice on the tenant
stating the grounds upon which his
removal would be asked and, within
twenty-four hours, serve a copy of such
notice on the O.P.A. area rent office?
(Turn to page 63, please)

L iven !

25

• . • L a w ren ce S y ste m 's
n a tio n -w id e r e p u ta tio n
b u ilt u p o n 30 y e a r s of fie ld
w a r e h o u s in g e x p e r ie n c e

T H E S E A R E T I M E S — when experience

contracts. The readjustment period from

and skill in handling financial adjust­

wartime large-scale production to supply­

ments may mean the difference between

ing post-war consumer needs calls for

prosperity and depression for many of

sound financial judgment and a thorough

your customers. Companies engaged in

understanding of industrial problems.

producing war materials and supplies may

Bank loan officers can release needed

suddenly find themselves with excessive
inventories —beyond im m ediate peace­

working capital by suggesting a sound,

time needs. Lawrence Warehouse Com­

by Lawrence System field warehouse re­

pany, pioneer in field warehousing, offers

ceipts. Your customer’s raw materials or

banks the services o f its skilled person­

finished products can be used as collat­

easily-negotiated inventory loan backed

nel—a staff which has given its attention

eral and can remain right on the bor­

to the normal and unusual problems of

rower’s prem ises readily available for

field warehousing for over 30 years.

marketing or processing. Your inquiries

Your bank may be called upon to help

w ill be considered con fid en tia l and

solve im m ediate fin a n cia l problem s

Lawrence W arehouse Company’s serv­
ices can be rendered from coast to coast.

brought on by the cancellation o f war

LAWRENCE WAREHOUSE COMPANY
Tteld Warehousing


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Federal Reserve Bank of St. Louis

FOR B A N K

LO A N S A G A IN ST

IN VENTO RY

N ew Y o rk : 72 W a ll Street • C h ic a g o : 1 N . La S a lle Street • San F ra n cisco : 37 Drumm Street . Los A n g e le s:
W . P. Sto ry B u ild in g • B u ffa lo • A tla n ta • C in cin n a ti . Boston . P h ila d e lp h ia . K a n s a s C ity . S t. Louis
N ew O rle a n s • Ja c k s o n v ille , F lo rid a • D a lla s • Houston • D enver . Fresno . P o rtla n d , O re gon

Northwestern Banker

December 1944-

26

Nebraska Holds Largest Convention
(Continued from page 19)
gave a thrilling account of his many
adventures.

welcome visitor to the Nebraska con­
vention.

The colonel has received the Silver
Star with two clusters, the Distin­
guished Flying Cross with two clus­
ters, and four Presidential citations,
and he has flown over 60 missions in
Europe. He pointed out that both the
Germans and the Japanese are tough
fighters but the Germans are smarter
because they think while they are in
the air, and the Japs are just mechani­
cal.

Alvin E. Johnson, president of the
Live Stock National Bank, became
president of that institution in 1934
when the bank had deposits of $4,910,000 and capital, surplus and undivided
profits 'of $614,000. Today the bank
has deposits of almost 60 million dol­
lars and capital, surplus and undivided
profits of $1,734,000.

Joe A. Greenfield, vice president of
the First St. Joseph Stock Yards Bank
of St. Joe, Missouri, lives at 2113
Lovers Lane and has a daughter,
Florence Greenfield, who is a nurse
with the armed forces overseas and
when she gave her home address as
“Lovers Lane” the commanding offi­
cer thought it was a joke and asked
her to give him her “proper address.”
Colonel J. F. McDermott, on leave
of absence as vice president of the
First National Bank of Omaha, was a

T. T. Varney, Jr., executive vice
president Broken Bow State Bank of
Broken Bow, Nebraska, came to
Omaha to attend the convention by
way of Kansas City. He was joined in
Omaha by Mrs. Varney (Priscilla.)
Mrs. Paul Rogers, wife of P. M.
Rogers, assistant cashier First Na­

tional Bank of Friend, Nebraska, and
Mrs. Phil Southwick, wife of P. O.
Southwick, vice president of the bank,
were in attendance at the Omaha con­
vention. It was Mrs. Southwick’s first
experience at a state convention and
she used it as an excuse to visit with

their son, Wayne Southwick, who is in
the Navy V-12 program at the Medical
School of the University of Nebraska
in Omaha.
Approximately 450 out of the 488
registered ladies of the convention
enjoyed a very delightful luncheon
Saturday noon in the Black Mirror
Room of the Fontenelle Hotel.
Mrs. Ray R. Ridge and her com­
mittee are certainly to be congratu­
lated on the excellent table decora­
tions and the well appointed luncheon.
Mrs. Ridge is the wife of Vice Presi­
dent Ray R. Ridge of the Omaha Na­
tional Bank.
Bankers See Bombers Built

Nebraska bankers and their wives
were thrilled to have the opportunity
of visiting the plant of the Glenn L.
Martin-Nebraska Company where the
B-29s are built. This courtesy was
extended to them through J. T. Hartson, president of the company, and as
he said in speaking to the convention,
“Because of the super-selling ability
of Ellsworth Moser, executive vice

N O W

W E CAN FURNISH

NEW BANK VAULT DOORS
and

NEW SAFE DEPOSIT BOXES
W E HAVE A REPRESENTATIVE NEAR YOU

Our engineering service is available.

May we help you with your remodeling or expansion

plans?

No obligation.

HERRING - HALL - MARVIN SAFE COMPANY
MAIN OFFICE AND FACTORY — HAMILTON, OHIO
BRANCHES : N EW Y O R K — CHICAGO — W ASHINGTON

Manufacturers of
Night Depositories.
Tellers’ Lockers.
Steel Counters.
Steel Transfer Cases.

Burglary-Resistive Chests.
“ Point of Use” System Safes.
Personal Safes.
Steel Files.

W e also have used B an k V a u lt Doors, Steel V a u lt Linings,
G rilles, N ight D epositories, Etc.

Northwestern Banker

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Federal Reserve Bank of St. Louis

December

27

president of the United States Na­
tional Bank of Omaha, who induced
me to allow the bankers to visit the
plant.”
The main points to remember about
the B-29 are these:
1. All B-29s are being used in the
battle against Japan—none are
being sent to Europe.
2. The cost of each bomber is
$ 1 ,000 ,000 .

3. The wing span is 141 feet or
the height of a 14-story building.
4. The plane is powered by four
2,200 horse-power Wright cyclone
engines.
5. It has a speed in excess of 300
miles per hour and a ceiling of
well over 30,000 feet.
6. The total number of guns in
the plane is 13, all of which can
be electrically fired.
7. One gunner can control all
guns from a central position.
8. There are nearly a million
rivets of various types required
for the building of each B-29.
9. Forty per cent of the 12,000
employes at the Glenn E. MartinNebraska Company are women.
10. The company now has or­
ders from the government for the
next two years or until 1946.
11. Each B-29 carries a crew of
11.

12. The Omaha plant cost ap­
proximately 30 million dollars to
build.
13. The B-29 weighs 140,000
pounds.
14. Four companies are making
the B-29. The Boeing Plants at
Seattle, Washington, and Wichita,
Kansas, and the Bell Aircraft Com­
pany at Marietta, Georgia, and the
Martin-Nebraska Company.

S prompt, efficient collection of

I

W isconsin checks and drafts im­

portant to you? D o you ever need first-hand facts
about sources o f supply in W isconsin? . . . credit
information? . . . market data? . . . who’s who?
W hatever your requirements — routine bank­
ing service, special information, or off-the-beatenpath assistance — the chances are that the facil­

Through the courtesy of Ellsworth
31oser, vice president of the United
States National Bank, Omaha, Henry
Haynes, editor of T he N orthwestern
B an k er , was permitted to sit in on a
special press interview with Col.
Frank Kurtz and his charming wife, at
which the famous flyer made a re­
cording which was later broadcast
over WOW, Omaha radio station.
In his talk to the membership,
President Robert I. Stout said that
public relations begin at home, in the
banker’s own community—urged bank­
ers to keep their eyes open for G. I.
loans, and to make the loans mean
something, since they are just as
serious and binding as any other loan
the bank makes, and cooperate to the
fullest, and not make it difficult for the
service man to do business with the
bank.

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

ities, long experience and statewide contacts of
the First W isconsin National Bank o f Milwaukee
can supply the answer.
This bank is the largest in the state . . . 25th in
size among all banks in America . . . and over
85 per cent o f the hundreds o f banks throughout
W isconsin are First W isconsin correspondents.

B a n k s a n d B a n k e r s Division
GEORGE T. CAMPBELL RICHARD J. LAWLESS . . .
DONALD A. HARPER . . .

— M em ber of
«
the F ed era l Deposit
Insurance C o rp o ra tio n

Vice-President
Assistant Vice-President
Assistant Vice-President

first W i s c o n s i n

NATIONAL BANK
OF

M ILW A U KEE

Northwestern Banker

'J

December

28

Henry W. Koeneke Dies

DEAR EDITOR
(Continued from page 9)

"One of the Best Y ears"
“ We have raised what is probably the
highest yielding corn crop in our history.
Alfalfa yield was excellent. Small grain
yield was considerably below normal.
‘ ‘ Ours is quite a cattle feeding commu­
nity and this fall more farmers have shipped
in cattle than usual. Hog production is
considerably below average.
Everything
considered, this should be one of the best
years our farmers have ever experienced.
Harvesting the corn crop is quite a ‘ prob­
lem here as corn is slow maturing and as
mechanical pickers are almost impossible
to get and farm labor shortage is acute, it
will take lots o f good weather to get the
corn crop picked in anywhere near normal
season.
“ Business is as good as can be, as de­
mand exceeds supply in almost every re­
spect. Our War Bond drives have always
gone over the top in this county and we
expect to put the Sixth War Loan over
along with the rest of them.
' ‘ There has been some volume of land
sales here lately. The better farms are
not being offered for sale and real estate
salesmen report that they find it harder to
list land than to sell it. Prices of land
have not reached inflation levels yet in my
opinion.’ ’
W. P . W e n k e , President
and Cashier, Pender State
Bank, Pender, Nebraska.

Henry W. Koeneke, former presi­
dent of the American Bankers Associaation, died at Ponca City, Oklahoma
last month. Mr. Koeneke was elected
president of the association at its
annual meeting in Chicago in Septem­
ber, 1941.
Mr. Koeneke was born in Herkimer,
Kansas, February 27, 1890. He had
the distinction of having served as
banking commissioner in the State of
Kansas through the administrations of
three different governors during the
depression years, 1929-1935. He began
his banking career with the First Na­
tional Bank of Marysville, Kansas, in
1909 and became cashier of the newly
organized Herkimer State Bank in
Herkimer the following year. Having
acquired a substantial interest in the
Exchange State Bank of Parsons, Kan­
sas, he became cashier and vice presi­
dent of that institution in 1917.
In 1929 Governor Clyde M. Reed ap­
pointed Mr. Koeneke banking commis­
sioner for the state. He continued in
the post during the administrations of
Governor Harry Woodring and Gover­
nor Alfred M. Landon. In 1935 he re­
signed the commissionership to be­
come the president of the Security
Bank of Ponca City.

VALUES
Suppose it costs a bank fifty cents a
year to keep the average personal
checking account customer supplied
with checks, covers and pass books.
Well, that isn’t much to give away,
but, on the other hand, neither is it
much to get. Certainly the customer
doesn’t attach any importance to it
and it is doubtful if he ever considers
that he is being given anything.
But suppose he bought his own Per­
sonalized Checks, paying $1.25 for
200, together with a personalized
cover, check register and deposit
record? Then he w ould be inclined
to evaluate what he bought in relation
to the price he paid and he’ d see that
he’ d been given something that
was really w orth h aving.

a weighty expense item which can be
saved. And in the saving the customer
is pleased and those in the operating
division are enabled to sort and file
faster and more accurately.
It is significant that no bank that ever
undertook to sell Personalized Checks
has been dissatisfied with our pack­
age or our service. N o t all banks have
sold as many customers as they anti­
cipated, but each year the results are
better and enthusiasm is more notice­
able. Some o f the country’s largest
banks are now engaged in a planned
program that recognizes the im por­
tance o f Personalized Checks.

G oing back to that fifty
cents . . . it isn’t much
to spend on a customer
over a period o f a year,
but, in the aggregate,
those half dollars make up

If your bank has not already pre­
sented these checks to your
customers why not insert
one o f our pieces o f pub­
licity in your statements
this month. W e will sup­
ply, without charge, what­
ever quantity you need.

M anufacturing Plants at
NEW YORK

Northwestern Ranker

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

CLEVELAN D

C H IC A G O

December 1944

K A N S A S C IT Y

S T . PAU L

5 W A Y S TO C REATE AN D
KEEP G O O D W ILL
(Continued from page 14)
who won the county championship and
went on to win the district and regionals.
About every year we kick in with
silver footballs, track shoes or some­
thing and that sort of good will lasts
forever. In other words, we get swell
publicity at the banquet, rate higher
with several families and inside of ten
years the boy or girl who received an
award will probably be running the
farm or be in business alone, and if
you think that person is going to bank
somewhere else or run to Columbus to
get a government loan or even to find
out what the interest rate is, you’re
wrong. In fact, we are in close touch
with all age groups through our group
somewhere, and through donating the
ice cream for the farmers’ exchange
picnic or putting out some other choice
morsel at the Grange festival, etc., we
are into everything and every employe
is known to every customer by nick­
name and, in turn, we usually greet
the customer by nickname or first
name soon after he or she gets inside
the door.
At the high school football games,
the cashier or one of the girls, or both,
are there to sell the tickets, certify the
receipts, settle with the visiting team
and see that the balance gets to the
bank—for this, it is just free admit­
tance to the game and dance after, etc.
At country sales of any real size, one
of us goes out after the bank closes,
taking along a bag of change and then
makes the settlements with the buyers
and takes the proceeds back to the
bank. For this the one who goes col­
lects a fee and retains it. We usually
take along a few notes, hoping some
customer will have overbought his
cash balance.

More Services
We realize that some of our custom­
ers will loan money to others, espe­
cially on mortgages, so we furnish the
blanks and have the notes payable at
the bank, send out the interest notices
and collect one-half of 1 per cent for
the service.
Monday and Thursday night, by ap­
pointment, income taxes are worked
out, the ones doing the work collect­
ing the fees. Minimum fee $2.50 for
simple form and on up for the compli­
cated ones. In March, 1944, the cashier
collected about $200 and others did
quite well and the bank got credit for
giving its customers some more serv­
ice.
We stay out of politics, support all
churches, patriotic organizations, youth

29
efforts, etc., with the special efforts on
youth, and it is just -Sport, Norm,
Flash, Ginny, Ruby and Chuck among
ourselves and to the outside world run­
ning a bank and a service center, who
can answer yes or no to your question
just as quickly as the restaurateur,
can tell you if you have apple pie to­
day, and with no more pretense.
We have enjoyed a steady, healthy
growth, abnormal in the past year.
Our earnings have been above the
average and when we have wanted to
enlarge our capital, the people of the
community have responded. Our loans
total as much now as they did in De­
cember, 1942, while our U. S. bond ac­
count has more than doubled, so we
remain quite liquid.
It takes time to build good will, and
If any little bank has not started, it
had better start now.
First: Look inside. Is the place in­
viting? Are the employes alert and
good mixers? Are they interested in
local matters and the people’s problems
at home, or are they sitting around
reading statistics about the national
debt, the inroads of consumer credit,
etc., with the usual grouch and wiser
than my neighbor attitude?
Second: You have money and serv­
ice to sell. Are you open so as to catch
the greatest number of buyers or are
you trying to change the buying habits
of the whole community?
Third: Are the employes courteous
and patient with the rich and poor
alike and is the bank back of every
worthwhile person, group or project
of the area which is not a controversial
matter?
Fourth: Do the high school kids
know the bankers as friends they
would fight for, if asked?
Fifth: Are you out or in as the oc­
casion demands offering service your
customers need and will pay for, or do
you just advertise service and cater to
the few who are bold enough or inti­
mate enough to ask for it?
The average American will cooper­
ate, but abhors being dictated to or
driven, so if the banks are to succeed
and the public influenced to break up
crack-pot ideas and practices antago­
nistic to banking, then every banker
must conscientiously say:
“ Let me live in a house by the side of
the road,
Where the race of men go by.
The men who are good and the men
who are bad,
As good and as bad as I.
I would not sit in the scorner’s seat,
Or hurl the cynic’s ban.
Let me live in a house by the side of
the road,
And be a friend to man.”

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

SAFC LANDING
ùt

t6 e

^ e c o ft n e -ié tc H

" P e n ta d

A great volume of Commercial Loans un­
questionably will be be made in the Recon­
version Period.
Bankers’ courage and ingenuity will be taxed
to the utmost, yet a safety element—a virtual
parachute —may be injected into your lend­
ing program by use of Field Warehousing
Operations.
When your customer’s inventory (raw or fin­
ished) is collateralized through the use of a
field warehouse installation this collateral
becomes protected in a manner comparable
to having it in your own vaults.
Our Record Stands: Never so much as one
dollar of loss on a Field Warehousing Opera­
tion to Lending Agent, Bonding Company or
Ourselves.
Write for information
on Field Warehousing.

Northwestern Banker

December 19^4-

30

Down through the ages comes the message
of hope at this Christmas season.
While we pause in this feeling of good fel­
lowship we want to express our appreciation for
the opportunity of serving your clients through
you this year.
As the New Year approaches, let us suggest
that you offer your clients insurance protection
as afforded by

WESTERN MUTUAL
F I R E I N S U R A N C E CO.
9th & Grand

Des Moines, Iowa

“ Over a Third o f a Century o f Safety and Service with Savings

Northwestern Banker


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

December 19tä

”

W h y This Husband
Bought a Policy on His W ife
Two Actual Interviews That Resulted in Sales for
This Woman Underwriter
BELIEVE that it is a social obliga­
tion for every adult to carry a life
insurance policy that will at least
cover his last expenses, but when I
undertake selling a husband a policy
for his wife I sometimes run into dif­
ficulty.
I had sold a child’s policy to a friend
of mine on the life of his little son,
age 8. At that time his wife had asked
me about a policy for herself, and I
snapped at the bait, but friend husband
put his foot down and I didn’t push it
that night, but I did not forget it,
either.
Some months later he asked me to
come to the house and write a policy
for the little daughter, age 4, because
she felt that brother had something
she did not have, and thought Daddy
should get her a “policy” like John’s.
I went, outlined the child’s policy
and veered the conversation around to
one for the mother. He listened pa­
tiently, and then—
“ Mrs. Hodges, I don’t want a policy
on Mary. No amount of money could
ever take her place in the home.”
I scratched my head and made a vis­
ible effort at remembering.
“Who said anything about money
taking anybody’s place in the home? I
can’t seem to recall.”
He began to sputter, and I contin­
ued: “You carry a fair amount of in­
surance; do you think it would replace
you in the home?”
“ No-no, it wouldn’t.”
“Well, what good would it do? What
will it replace?”
“Well, it would replace the money I
had been bringing in after the time I
could no longer do that. But she


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

By Cornelia C . Hodges
Equitab le Life of Iowa
Keosauqua, Iowa

C O R N E L IA H O D G ES

doesn’t bring in any money.”
“ Exactly, and it would also provide
that which would be required to pay
the debts your death would make,
would it not?”
“Yes, but I’ll pay her debts. I don’t
even like to think about it.”
“That’s right, none of us do, but the
one certain thing in an uncertain fu­
ture is that every one of us has a date
with the undertaker, and we pay the
bill, so we might as well be realistic
about it. Isn’t that so?”
“Yes, to be sure it is, but I’ll pay the
bill.”

First National Bank Building, Chicago

“ Of course, that has been previously
admitted, nobody doubts that, but
when little John is 17, a thousand dol­
lars will mean opportunity at the op­
portune time. It will mean a toehold
on the initial rungs of his ladder of
success. It will mean a faster start to
a life of usefulness than he could other­
wise have, it is what you and Mary are
saving together for. A thousand dol­
lars is a lot of money in anybody’s lan­
guage, and in anybody’s pocket. Sup­
pose you gave that thousand dollars to
the doctor and the undertaker, could
you also buy little John’s opportunity
with it?”
He was sitting up straight looking
at me as though he had never seen me
before. “ By the way, I never thought
about it like that before. I can’t spend
money twice, that’s certain.”
“ No, you can’t, and you’ll need more
than one thousand, for it will not only
be the doctor and the undertaker to
keep in a good humor, but you will
have to keep a housekeeper appeased,
and the butcher, the baker and candle­
stick maker will likely begin taking a
bigger toll under the new manage­
ment.”
“Yes, that’s right. Well, Mother,
what do you say?”
And Mother said “Yes.”

The Farmer Bought, Too
I ran into another interesting case
one da,y when I saw a young farmer
whom I knew, driving his team into
the barn lot. I yanked my car to a
standstill right then.
“Hello,” I called, “What you doing?”
“ Going to clean out the barn; want
to help?”

Horace A. Smith, Iow a Representative
Des Moines, Iowa

Northwestern Banker December 19M

32
By that time I was patting the near
horse. “Well, you know I could, but
I don’t exactly want to.”
“ No? Well, I wouldn’t want you to,
either. What’s on your mind?”
“ I represent the Equitable Life In­
surance Company of Iowa, so you can
guess what’s on my mind.”
He grinned. “ I can’t afford life in­
surance.”
“ No? Going to live to be an old man,
aren’t you?”
“Going to try to.”
“ I spect you’ll do it, too. Then what
you going to do?”
“ I never thought much about that.”
“ No. What’s your father doing?”
“ He’s renting a place and working
too doggone hard.”
“Yeh, what did your Uncle Fletch
do?”
“ He worke.d himself to death.”
“Yeh?” And I named several other
old friends, and elicited similar replies.
“What you getting at, Mrs. Hodges?
I can’t afford life insurance. I haven’t
any children, and we have enough to
bury us if anything should happen.”

“That’s not what I’m talking about.
Do you have enough to live on if noth­
ing does happen?”
“Well, that’s what I’m working for.”
“Of course. That’s what we all are
working for. Now, Fredrick, if I could
tell you how you could get a pension
of $100 per month for the rest of your
life, beginning at 65, would you be in­
terested?”
“ I sure would.”
“Would $100 be enough?”
“Yes, $100 would be plenty, if prices
don’t change too much, but I can’t
afford any life insurance.”
“ I’m talking about a pension, old age
insurance. How old are you? I want
to think this over and figure it out for
you, exactly. When will you have an
evening in which we could go over it
together?”
“ Oh, most any evening after this
week.”
“ I’ll come Monday evening, then.”
Monday evening it was raining, but
I was there—with mud on.
“ Mrs. Hodges, this isn’t some sort of
life insurance is it?”

A New Sickness Policy Without the Restrictions or Reduc­
tions Common to Most Health Policies!
Pays at the Same Rate for Non-confining Sickness As Con­
fining and also Provides for Partial Disability.

WRITE FOR APPLICATION AND LITERATURE

MINNESOTA COMMERCIAL MEN'S ASSOCIATION
2550 Pillsbury Ave.

Minneapolis 4, Minn.

Resources of

O V E R T W O M IL L IO N D O L L A R S
Experience of

O V E R T W E N T Y -F IV E Y E A R S
Now dedicated to the Surety
and Fidelity Bond needs of
the Middle West.

Surety
The State Automobile Insurance Association
DES

MOINES,

Northwestern Banker December 19H


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

IOWA

“Fredrick, you are buying a con­
tract with the Equitable Life Insur­
ance Company of Iowa to do certain
things. You agree to deposit with
them a certain amount of your savings
per year for so long, and they agree to
give you a certain income, from a given
age on, the rest of your life. They also
agree to complete the job for you, if
you do not live to complete the con­
tract.
“It’s this way, Fredrick. Let us
consider two investments, each de­
signed to give you an income of $100 a
month when you are 65, a farm, and
the contract I’m talking to you about.
O. K. Could you pay for a farm?”
“ Not all at once; I’d have to take it
so much a year.”
“All right, you’d make an annual
payment. Now in buying that farm
you’d assume the taxes also, wouldn’t
you?”
“Yes.”
“And the interest on the mortgage?”
“Yes.”
“ And the insurance on the build­
ings?”
“Yes.”
“And the upkeep on the improve­
ments?”
“Yes.”
“All that in addition to your annual
payment?”
“Yes.”
“All right, suppose you should die
before you get it all paid for. It would
be pretty nice if the mortgage owner
would come to Martha and say ‘If
Fredrick had lived he would have
paid this off, so I am just going to give
it to you,’ wouldn’t it?”
“ It sure would.”
“ But would he do that?”
“ I never heard of anything like it.”
“Well, that’s exactly what my com­
pany will do, if you do not live to fin­
ish making all your annual payments
on this contract. There would be no
objection to that, would there?”
“ No, there wouldn’t”
“Well, here are the figures I’ve
drawn up for you on it.”
We went over the figures, and he
decided that just now the premium
was more than he could undertake, but
I had another plan all fixed up that
still gave him $10,000, and the right to
convert it to a maximum income later,
or if the original policy is completed it
will give him a fair income. He ex­
pects to convert it.

Promoted to Vice President
W. R. Jenkins, formerly sales direc­
tor of Northwestern National Life, has
been advanced to a vice presidency of
the company, according to announce­
ment made by President O. J. Arnold.
Other vice presidents of the company

33
are J. S. H ale, G e o rg e C. H o lm b e rg ,
R o s s E . M o y e r, and G e o rg e W . W e lls ,
Jr.
O th er ch a n g e s a n n o u n c e d b y th e
c o m p a n y in clu d e th e a p p o in tm e n t o f
R. F . P r e s to n as a ctu a ry o f th e g r o u p
d e p a rtm e n t.
M r. P re s to n has b een
m a n a g e r an d a ctu a ry o f th e d iv is io n o f
p o lic y h o ld e r s ’ s e rv ice . H a rla n W h e e l­
er, h e r e to fo r e a g r o u p d e p a rtm e n t field
su p e r v is o r , b e c o m e s m a n a g er o f th e
g r o u p d ep a rtm en t. G e o rg e D a v is and
L e o n a r d L a n g , fo r m e r ly s u p e r v is o r s
in th e d iv is io n o f p o lic y h o ld e r s ’ s e r v ­
ice, n o w ta k e ch a r g e o f sep a ra te ph a ses
o f d e p a rtm e n ta l o p e ra tio n s u n d e r th e
g e n e ra l s u p e r v is io n o f V ic e P resid en t
J. S. H ale. R. H. T a llm a n , fo r th e p ast
th re e y e a rs a m e m b e r o f th e a ctu a ria l
d e p a rtm e n t, has b e e n a p p o in te d as­
sista n t a ctu a ry . K e n n e th K. W u n s c h ,
fo r m e r ly e d ito r o f th e N w N L N ew s,
h as b e e n a p p o in te d p u b lic ity m an a ger.
A la n M. K e n n e d y , a ssistan t to th e
p re sid e n t, co n tin u e s to h a v e g en era l
ch a r g e o f th e c o m p a n y ’ s p r o g r a m s o f
p u b lic re la tion s, a d v e rtis in g an d p u b ­
licity .

W H A T W O M EN ARE
D O IN G IN BA N KIN G
(C o n tin u e d fr o m p a g e 15)
a d o u b le m ea su re o f q u a lifica tion s fo r
a g o o d b a n k er.
W h a t w ill b e th e a ttitu d e o f th e
b a n k s to w o m e n e m p lo y e s w h e n th e
w a r is o v e r a n d th e y a re n o lo n g e r
fo r c e d to r e ly o n fe m in in e h e lp to k e e p
th e w h e e ls r o llin g ? It is c e r ta in ly sa fe
e n o u g h to p r e d ic t th a t th o se w o m e n
w h o h a v e ea rn ed a p la ce in th e b u s i­
n ess w o r ld th r o u g h lo y a lty a n d u n s e l­
fish d e v o tio n to d u ty in tim es o f e m e r ­
g e n c y , an d w h o h a v e d e m o n stra te d
th e ir a d a p ta b ility , v e r s a tility an d sen se
o f s p o rts m a n s h ip an d fa ir p la y w h e n
th e g o in g w a s h ard, w ill n o t b e fo r ­
g otten .
N o o n e w h o d e s e rv e s th e
n a m e o f b a n k e r w ill fa il to r e c o g n iz e
an d a p p re cia te th e p a rt th a t th e w o m ­
en h a v e p la y e d in m a in ta in in g b a n k ­
in g s e r v ic e u n d e r t r y in g co n d itio n s.

When the Men Return
W h a t o f th e r e tu r n in g m a n ? M a n y
ca n n e v e r re tu rn . S om e w ill tu rn to
o th e r p u rsu its, an d th o s e w h o d o r e ­
tu rn w ill find jo b s w a itin g fo r th em
v a ca te d b y th e “ d u r a tio n ” w o r k e r s .
T h e “ d u r a tio n ” w o r k e r s w ill r e tu r n to
th e ir h o m e s a n d th e ir n o r m a l p e a ce
tim e p u rsu its.
B u t so m e w h o c o n s id e r e d th e m se lv e s
“ d u r a tio n ” w o r k e r s w ill b e fa c e d w ith
th e e c o n o m ic n e c e s s ity o f s e lf su p p ort,
an d n o t a fe w w ill h a v e to b e a r th e
r e s p o n s ib ilit y fo r th e s u p p o r t o f oth ers.
F o r th o s e w o m e n an d th e th ou sa n d s
o f w o m e n w h o p r e c e d e d th e m in th e
b a n k in g w o r ld , th e o p p o r tu n ity fo r th e


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Federal Reserve Bank of St. Louis

fu tu re w ill be d e te rm in e d o n ly b y th eir
o w n in te llig e n ce , d ilig e n ce , se lf-co n fi­
d e n ce an d u n selfish n ess. T h e rea liza ­
tio n th a t w o m e n ca n an d d o s u cce e d in
b a n k in g w ill in flu en ce o th e r w o m e n to
c h o o s e it a n d p re p a re fo r it as a p r o ­
fession . In th e fu tu re th e p r e s e n c e in
b a n k s o f w o m e n o f s u p e rio r a b ility and
in te llig e n c e w ill n o t b e le ft e n tire ly in
th e h an ds o f th e sam e k in d fa te th at
sta rted on e o f ou r p r o m in e n t w o m e n
b a n k e rs in th e sou th in b a n k in g . W h e n
a sk ed w h a t m a d e h e r c h o o s e th e b a n k ­
in g b u sin e ss as a p r o fe s s io n , she r e ­
p lie d q u ite ca n d id ly th a t h er b a n k in g
c a re e r b e g a n w h e n th e lo ca l b a n k e r
ou tb id th e la w y e r fo r w h o m sh e w a s
w o r k in g , b y five d olla rs a m on th . In
th e fu tu re, th e o p p o r tu n itie s fo r s u c ­
cess in b a n k in g w ill s e rv e as a g rea ter
stim u lu s to w o m e n fo r e n te r in g in to
th e b u sin ess th a n th e e c o n o m ic n e c e s ­
s ity o f th e m om en t.
It has b e e n tr u ly said, “ T h e re is al­
w a y s r o o m at th e to p .” In th e b a n k ­
in g b u sin ess th ere is r o o m at th e top
fo r w o m e n o f a b ility as w e ll as fo r
m en . T h e 5,000 w o m e n w h o w e a r th e ir
titles so p r o u d ly h a v e p r o v e n th a t th is
is tru e. A w illin g n e s s to stu d y , s a cri­
fice an d w o r k w ill c a r r y m a n y o th e r
w o m e n in th e ir fo o ts te p s in p o s tw a r
yea rs.

In su ch ca ses w e a d v ise th a t ra th er
th a n p a y d o w n all th e y can , th e y get
as le n ie n t term s as p o ssib le, h o ld in g
b a ck so m e w h ic h is th en im m e d ia te ly
u sed as a d v a n ce p a y m e n t and th u s in ­
su ra n ce p r o te c tio n a ga in st d ep ression .
A s a m a tter o f fact, w e so m e tim e s u se

DEBTS C A N PAY DIVIDENDS

T o be the exclusive representative of

M ERCH ANTS
MUTUAL

B O N D IN G
COMPANY
In corporated 1933

Home Office
V A L LE Y BANK BUILDING
Des M oin e s, Iowa

•

•

T h is is Iow a’ s oldest surety com pany.
A

progressive

com pany

w ith

experi­

enced, conservative m anagem ent.
are

proud

o f our hundred

and

We
fifty

bank agents in Iow a.

this com pany is an asset to your bank.

(C o n tin u e d fr o m p a g e 16)
•

cu s s in g fin a n cin g p la n s an d o b je c t iv e
w ith cu sto m e rs, p a r tic u la r ly w h e r e
th e ir rea l estate o b lig a tio n s are h e a v y
o r in in sta n ce s w h e r e th e y are b u y in g
a fa r m u n d e r c o n tr a c t o r fin a n cin g th e
p u rch a se o f a fa rm .

•

Write to
E. H . W A R N E R
Secretary and Manager

%

To Our Scores o f
Banker Agents ..
W e W is h Y o u . . .
"A Christmas Season Full of Content­
ment and our mutual Prayer that
"Permanent Peace on Earth" may
return soon to a W ar W eary world.

A L L IE D M U T U A L
CASUALTY COMPANY
H arold S. Evans, President
H ub beli Building

Des Moines, Iow a

J)
Northwestern Banker December 1944-

34
the ca tch p h ra se o f “ ta k in g ou t d eb t
in su ra n ce fo r d e p re s s io n p r o te c tio n .”
It is o u r t h e o r y th a t if a n y fa r m e r
has e n o u g h r e s e r v e to c o a s t fo r tw o
y ea rs, d u r in g th o s e tw o y e a rs h e w ill
be able to a ccu m u la te e n o u g h to tak e
ca re o f at least a th ird y ea r, an d if a
d e p re s s io n ru n s b e y o n d th ree y ea rs,
h e ’d h a v e p le n ty o f c o m p a n y , fo r v e r y
fe w p e o p le w o u ld b e w ith o u t fin a n cia l
p ro b le m s.
F in a n c in g is n o t m e r e ly a m a tter o f
b o r r o w in g m o n e y an d p a y in g it b a ck
if y o u h a v e it, lo s in g if y o u d o n ’t. It
is a s cie n ce in th e m ea su re m e n t o f and
p r o te c tio n fr o m risk .
In d e p re s s io n
p e rio d s, e v e r y b o d y lo o k s o n d eb t as

s o m e th in g evil, a s c o u r g e to be cu re d
b y a rtificia l m e th o d s i f n e ce ssa ry .
S ou n d p la n n ed an d m a n a g ed d eb t
sh o u ld b e an h o n o r b e s p e a k in g th e
m a n a g e m e n t a b ility an d in te g r ity o f
th e b o r r o w e r .

PRO M O TIN G NEW LO A N S
(C o n tin u e d fr o m p a g e 20)

Win. H. Hynek, a ssista n t ca sh ie r
H o m e State B an k , H u m b o ld t: “ P e r ­
son a l co n ta cts an d som e lo ca l n e w s ­
p a p e r a d v e r tis in g .”
A. J. Baxter, ca sh ie r F r e n c h m a n
V a lle y B a n k , P a lisa de, N eb ra sk a : “ W e
are w o r k in g o n life in s u ra n ce loan s.
W e c o n ta c t p e o p le w h o a re p a y in g

80 Years’ Experience
in the Marketing
of Government Issues
This bank is connected by direct wire with the
principal trading centers in government securi­
ties.

This and other facilities enable The First

National to achieve prompt contact with buyers
and sellers. Hence, the Bond Department can
give current quotations and complete trades
promptly and efficiently.
Experience o f 8 0 years in buying and selling
government issues enables T he First National
Bank to render service o f exceptional value to
correspondent banks.
Inquiries by telephone, wire or mail
are invited. Telephone Franklin
6 8 0 0 (Long Distance 9 2 - 9 3 - 3 1 3 ) .
Teletype C G . 987.

The First National Bank
o fChicago
Building W ith Chicago and the Nation Since 1863

Northwestern Banker December


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

in te re st o n life in su ra n ce loa n s an d
so fa r h a v e s u cce e d e d in g e ttin g a
90 p e r c e n t r e tu rn o n su ch co n ta c ts .”
R. H. Barber, p r e s id e n t C itizen s N a­
tio n a l B an k , B o o n e , Io w a : “ W e are
m a k in g m o r e rea l estate loa n s an d are
g e ttin g o u r sh a re o f th e b u sin e ss b y
b e in g as a g g r e s s iv e as p o s s ib le .”
Crawford J. Mortensen, p re sid e n t
N eb ra sk a State B a n k at Ord: “ W e h a v e
d e v e lo p e d co n fid e n c e b e tw e e n th e b o r ­
r o w e r a n d th e b a n k b y p e r m ittin g
o v e r d r a fts , a llo w in g th e fa rm e rs to
m a k e th e ir p u rch a se s o f liv e s to c k and
p a y b y m ea n s o f o v e r d r a fts an d th en
c o m in g in to th e b a n k an d m a k in g th e ir
loan s. T h is is so u n d b a n k in g as loa n s
are b a sed o n liv e s to c k a ctu a lly p u r ­
ch a sed p r io r to m a k in g o f th e loan . Of
co u rse , re g u la r in te re s t is c h a rg e d o n
o v e r d r a fts th e sam e as a n y o th e r k in d
o f lo a n .”
A p p a r e n tly th is is a v e r y s u c c e s s fu l
p la n as 55 p e r ce n t o f th e b a n k ’s d e ­
p o sits a re in lo a n s a n d d is co u n ts a n d
th e re is o n ly o n e b o r r o w e r in V a lle y
C o u n ty w h o u ses th e P. C. A .
In c id e n ta lly , M r. M o rte n s e n sa id
th at V a lle y C o u n ty h a d a m illio n d olla r
p o p c o r n c r o p th is y ea r.
Edgar McBride, p re s id e n t o f th e
C o m m e rcia l B a n k o f B lu e H ill a n d
n e w ly e le cte d p re s id e n t o f th e N e­
b ra sk a B a n k e rs A s s o c ia tio n : “ W e a d ­
v e r tis e in lo c a l n e w s p a p e r s an d k e e p
in co n s ta n t to u c h w ith fa r m e r c u s ­
to m e rs b y m a k in g r e g u la r fa r m c a lls.”
George A. Wright, p r e s id e n t B a n k
o f E lg in , N eb ra sk a : “ W e are c o n c e n ­
tra tin g o n th e r e fin a n cin g o f fa r m rea l
estate lo a n s at lo w e r ra tes o f in te r­
est.”

Dates Announced
T h e tw e n ty -s ix th a n n u a l M id -W in te r
T ru s t C o n fe r e n c e o f th e T ru s t D iv i­
sio n o f th e A m e r ic a n B a n k e rs A s s o c i­
a tion w ill b e h e ld in N e w Y o r k C ity at
th e W a ld o r f-A s to r ia , F e b r u a r y 6-7-8,
1945, it w a s a n n o u n c e d b y F r e d e r ic k A.
C arroll, p re s id e n t o f th e d iv isio n . M r.
C a rroll is v ic e p r e s id e n t a n d tru st
officer o f T h e N a tion a l S h a w m u t B a n k
o f B oston , B o sto n , M a ssa ch u setts.

Elected Vice President
M a n u fa ctu re rs T ru s t C o m p a n y a n ­
n o u n c e s th at J o h n B. P addi, fo r m e r ly
a ssista n t v ic e p resid en t, w h o has b e e n
in c h a rg e o f its p e rs o n a l loa n d e p a rt­
m e n t e v e r sin ce th e in a u g u ra tio n o f
th is s e r v ic e a b o u t n in e y e a r s a go, h as
b e e n ele cte d a v ic e p r e s id e n t o f th e
ban k .
In 1935, M r. P a d d i w a s m a d e h ea d
o f th e p e r s o n a l an d m o d e r n iz a tio n loa n
d e p a rtm e n ts e sta b lish e d b y M a n u ­
fa c tu r e r s T ru s t C o m p a n y th a t y ea r,
a n d on e y e a r later, h e w a s e le c te d an
assista n t v ic e p resid en t.

S'

T

V-

35

Putting Capital to W ork Is

Jo b Number One
"Banks Are Chock-Full of Nervous Money— What Can Be
Done to Get It Out of Hiding?"
L

E T ’ S e x a m in e th e c o u n t r y ’s fin a n ­
cia l o u tlo o k in th e c o ld g r a y d a w n
o f th e m o r n in g after. B o th sides
m a d e g lo w in g ca m p a ig n p ro m ise s. N o
m a tter w h ic h sid e w o n , som e rea listic
th in k in g w o u ld b e tim e ly . A r e w e e x ­
h ib itin g th e h e c tic flu sh o f in fla tion ?
A r e p e o p le t h r o w in g m o n e y a ro u n d in
a Anal b ig flin g o f a w a rtim e b o o m ?
Is th e re su ch a th in g as a p e rm a n e n t
boom ?
A m a n fr o m M ars m ig h t say, an d
in d e e d so m e fo r e ig n e c o n o m is ts in ­
sist, th ere is s im ila r ity b e tw e e n ou r
p r e s e n t b u sin e ss p a tte rn an d th a t o f
1929. T h e y th in k o u r p o p u la r p o s tw a r
b u sin e ss o u tlo o k is a ll m ix e d u p w ith
p a triotism , m ass w is h fu l th in k in g a n d
u n w a r r a n te d op tim ism . T h e y in q u ire
w h y w e sh o u ld e x p e c t a h ig h e r b u s i­
n ess le v e l th a n in 1939. T h e y ask if it
m a k e s sen se to sa y to b u sin e ss m e n —
“ T h e s e th in g s are g o in g to b e fine a fter
th e w a r. Y o u w ill, o f c o u rse , lo se y o u r
w a r c u s to m e r, th e g o v e r n m e n t, w h ic h
b u y s h a lf y o u r ou tp u t, b u t y o u w ill
p ic k u p n e w cu s to m e r s a n d e v e r y th in g
w ill b e r o s y .” In n o r m a l tim es, b u s i­
n ess m e n w o u ld tu rn ra th e r a m is ­
tr u s tfu l ea r to w a r d s su ch p r o p h e c y .
N o w b a n k e rs h a v e a strea k o f p e ssi­
m ism o r th e y w o u ld a lw a y s be b a n k ­
ru p t. A s lo n g as w e liv e, w e ’ll a lw a y s
h a v e on e e y e o n 1929. T h e b ig d iffe r­
e n ce b e tw e e n th e n an d n o w is th at
fo u r te e n y e a rs a g o e v e r y o n e o w e d fo r
e v e r y th in g an d h a d little or n o m o n e y .
N o w p r iv a te b ills are p a id a n d som e
sa y w e h a v e to o m u c h m o n e y . W e
c e r ta in ly h a v e to o m u c h id le m o n e y .

By John C . Folger
President
Investm ent Bankers Association
of A m e rica

"We must persuade inves­
tors to risk their money in
a dynamic economy. The
Government should make
things look encouraging, so
that nervous patient, stag­
nant capital, will emerge
bravely from its hiding
place"

fo rm . Can p riv a te ca p ita l d o it? T h a t’s
th e q u estion .
N o w ca p ita l is lik e a n e r v o u s p a tien t
in th e d o c t o r ’s office. I f th e p a tien t
has h a d a c o m p le te n e r v o u s colla p se,
all h is th in k in g g o e s in to rev erse.
W e ll, ca p ita l w e n t in to re v e r s e in 1929.
O n ce h a p p y , it b e c a m e m o ro se . O n ce
op tim istic, it sa w n o th in g b u t g lo o m .
O n ce p leasan t, it b e ca m e su lle n an d
p ro fa n e . A ll d o c to r s k n o w th e p a ttern
a n d rea lize th a t m o s t p a tien ts sn ap
ou t o f it a n d a fte r r e c o v e r in g are r e a lly
sou n d er, w is e r an d m o re p h ilo s o p h ic a l
th a n ever.

Capital to Work

Needs Encouragement

G ettin g id le ca p ita l b a ck to w o r k is
g e n e r a lly co n c e d e d to b e “ J ob N u m b e r
O ne in th e p o s tw a r p e r io d .” E v e r y o n e
is s h o u tin g o u r s to r y fr o m th e h o u s e ­
top s. C an it b e th a t in v e s tm e n t b a n k ­
in g , th e u g ly d u ck lin g , sto n e d so lon g ,
m a y p o s s ib ly b e c o m e a sw a n ?
W h a t is th e s to r y n o w ? W e w a n t
d y n a m ic g r o w t h w ith o u t th e h e a d ­
a ch es. P r iv a te b u sin e ss fin a n ced b y
p riv a te ca p ita l raised th r o u g h n o rm a l
in v e s tm e n t ch a n n els. T h a t’s th e plat-

W e a ll k n o w th e b a n k s are c h o c k
fu ll o f n e r v o u s m o n e y . W h a t ca n b e
d o n e to g e t it ou t o f h id in g ? F ir s t o f
all w e m u st re m e m b e r th a t ca p ita l
lik es to b e e n co u r a g e d , n o t frig h te n e d .
F o r th e p a st fifte e n y ea rs, e v e r y e m ­
p h a sis has b e e n p la ce d u p o n th e p r o ­
te c tio n o f ca pital. O ne tro u b le is th at
w e h a v e to ld little R e d R id in g H o o d
so m u c h a b o u t th e big , b a d w o lf, h a v e
w a r n e d h e r an d sca re d h e r to th e
p o in t w h e r e sh e w o n ’t v is it h e r g r a n d ­


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

m o th e r o n a n y o c c a s io n — n o t
o v e r th e h ig h road.

even

Taxes
T h e b e st e n c o u r a g e m e n t fo r v e n tu re
ca p ita l w ill c o m e w ith ta x re lie f. B a sed
on p re se n t ta x law s, n o b a n k e r can
c o n s c ie n tio u s ly p u t h is clie n ts in a n y ­
th in g b u t m o re o r less risk le ss in v e s t­
m en ts.
S e cu rity o ffe rin g s in th e
last ten y e a rs tell th e sto ry . N in ety five p e r ce n t are o f s e n io r secu rities,
m o s tly b o n d s. T h e flo w o f rea l v e n ­
tu re capital h as s lo w e d d o w n to a
trick le .
W h a t w e n eed is a real
stream . It is a lle g e d th ere are o v e r
3,000 sep a ra te r e c o g n iz e d ta x p la n s in
e x is te n ce , ea ch o u tb id d in g th e o th e r
w ith re s p e ct to ta x red u ctio n . A ll th is
in th e fa ce o f a 300 b illio n d o lla r debt,
a n e e d fo r at lea st 25 b illio n s o f an ­
n u a l ta x r e v e n u e a n d a se n tim e n t fo r
a b a la n ce d b u d g et. S o m e o n e r e c e n tly
re m a rk e d th is w a r w o u ld c o s t h a lf a
tr illio n d olla rs. T h e r e is n o p a in less
ro a d a fte r a h a lf tr illio n d olla r w a r.
S om e th in g s ca n b e d o n e ta x -w ise
to h e lp b u sin ess. A v e r a g in g loss e s an d
g a in s b a c k w a r d s a n d fo r w a r d s o v e r a
p e rio d , sa y o f five y ea rs, w o u ld be
m o s t ben eficia l.
T h e ca p ita l g a in s ta x sh o u ld be
lo w e r e d o r elim in a ted .
N o s a tisfa c­
to r y b asis fo r its c o lle c tio n has b een
e v o lv e d . R ic h p e o p le are fa c in g th e
p r o b a b ility th a t th e d a y s o f v e r y la rg e
in c o m e a re o v e r. T h e y w ill, h o w e v e r ,
tak e ch a n ce s in th e h o p e o f in cre a sin g
capital.
T h a t is a h u m a n te n d e n cy .
G iv e th e la rg e in v e s to r h is c h a n ce at
ca p ita l gain s, a v o id s o a k in g c o r p o r a ­
tion s co n fis c a tin g ta x es b e fo r e the
m o n e y e v e r g e ts to th e s to ck h o ld e rs ,
h e lp n e w a n d little b u sin ess ta x -w ise
an d w e ’ll d o m o r e th a n a n y th in g else
to g e t v e n tu r e ca p ita l ou t in to th e
op en .

Little Business
E n c o u r a g e m e n t is n e e d e d fo r little
b u sin ess. H e re is th e m o s t p o p u la r
a n d a p p e a lin g ca ll o f all. E v e n ts o f
th e p a st fifteen y e a rs h a v e n o t fa ­
v o r e d little b u sin ess. R e c e n tly th e com -

Northwestern Banker December 19bb

36
m e rcia l b a n k e rs h a v e set u p th e ir o w n
R. F . C. cr e d it p o o l. T h is, in itself,
offers g re a t p ro m ise . F u r th e r m o r e , it
p u ts th e idea m o r e sq u a r e ly u p to th e
in d iv id u a l b a n k er.
It g e ts h im to
th in k in g an d a ctin g on th e p ro b le m .
Y o u k n o w , in v e s to r s are n o t th e o n ly
p e o p le w h o h a v e g r o w n n e r v o u s an d
tim id . D e p o sit b a n k e rs in sist th e y are
n o t su p p o se d to s u p p ly v e n tu r e c a p i­
tal, b u t w e all k n o w th a t in th e o ld
d a y s th e lin e b e tw e e n a fu ll lo a n an d
v e n tu r e ca p ita l w a s a ra th e r th in on e.
F u r th e r m o r e , if w e se a rch e d ou r o w n

m in d s a n d h earts, w e m ig h t fin d in ­
v e s tm e n t b a n k e rs h a v e g r o w n m o re
th a n a little tim id w ith th e ir a d v a n c ­
in g y ea rs.
A liftin g o f th e p r e s e n t e x e m p tio n
o n re g istra tio n fo r s e c u r ity issu es o f
$100,000 a n d less to $1,000,000 sh o u ld
be co n sid e re d . W e are n o t d is p o s e d to
p u b lic ly a rg u e th e q u e stio n w ith th e
S. E . C. w h e n th e y say, “ W e ’re n o t
h o ld in g u p th e ga m e; it ’s so m e o n e else,
p r o b a b ly th e in v e s tm e n t b a n k e r s .”
T h e p r o b le m o f sm a ll b u sin ess is
th eirs as w e ll as ou rs.

g lll!ll![ll!ll!n n il!l!ll!l!lll1 lllll!l| l|| |n !!lll!!i:il¡ llli!l!! llllj|| || || l| l!l!lll| |!l|| |¡| || !!ll!l| || !l|¡ || || |!| ] | || || || || || |l!ll| || || || || || !l!ll!l| |llll| l!l| |llliü il| || |! l|| |! || !i| || !| || |!| !|| !ll|| || |[ | | || !|| || || || |! l!!l! || || I || || [ | || | l !| |¡! !|| || !l!| [ | |] | | ^

A ll s u b je c ts lea d e v e n tu a lly to th e
q u e s tio n w h ic h is u p p e r m o s t in b a n k ­
e r s ’ m in d s. H o w fa r w ill th e g o v e r n ­
m e n t g o in p u b lic b a n k in g ? T h e a n ­
s w e r lies p a r tly in w h a t step s b a n k ers
a re p re p a re d to ta k e to fill th e v o id
a n d stop it.
G o v e rn m e n t, o r q u a si­
g o v e r n m e n t loans, s e c u r e d b y fa rm s,
h o m e s a n d co m m o d itie s a re on e th in g.
P o litic a l e x p e d ie n c y w ith su ch len d in g
p resen ts m a n y fra ilties. B u t in th e
field o f v e n tu r e cap ital, p riv a te b u s i­
n ess an d p riv a te b a n k in g m u st m a k e
th e ir rea l b id fo r a p la ce in th e sun.
T h e y m u st clo s e u p th e e v e r w id e n in g
gap b e tw e e n s a v in g s an d in v estm en t.
T h is c o u n t r y w a s b u ilt u p o n th ree
th in g s: (1 ) L o w c o s t p r o d u c tio n ; (2)
w id e d istrib u tio n ; an d (3 ) p u ttin g
p rofits b a c k in to th e b u sin ess.
W e m u st p ersu a d e in v e s to r s to risk
th e ir m o n e y in a d y n a m ic e c o n o m y .
T h e g o v e r n m e n t s h o u ld m a k e th in g s
lo o k e n co u r a g in g , so th e n e r v o u s p a ­
tien t, sta g n a n t ca p ita l, w ill e m erg e
fr o m its h id in g p lace.

Represents 8th District
R o y W . L a rse n , p re s id e n t o f th e
T w in C ity F e d e r a l S a v in g s a n d L o a n
A s s o c ia tio n , h as b e e n n a m ed to r e p r e ­
sen t th e eig h th fe d e ra l h o m e loa n
b a n k d is trict on th e n a tion a l F e d e ra l
S a v in g s an d L o a n A d v is o r y C ou n cil.

UNDERWRITERS
and

DISTRIBUTORS
of

B A N K STOCKS

M errill Lynch , P ierce, F enner & B eane
Underwriters and D istributors o f Investm ent Securities
Brokers in Securities and Com m odities
7 0 P IN E S T R E E T

N E W Y O R K 5, N . Y .

O ffices in S5 C itie s

liiliiiiiiiiiiiiiiiiiiiiiiiiiiiHiiiiiiiiiiiiiiiiiiiiiiijiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiniiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiNiiiiiiiHiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiliiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiR

Northwestern Banker

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

December

R O Y W . LA R SE N
On National Council

H is e le c tio n has b e e n a n n o u n c e d b y
th e B o a rd o f D ire cto rs o f th e F e d e ra l
H o m e L o a n B a n k in D es M oin es, la.,
w h ic h se rv e s th is d istrict.
L a rs e n last m o n th a tten d ed th e first
m e e tin g o f th e g r o u p fo llo w in g h is
ele ctio n . In h is n e w p o s itio n , h e r e p ­
resen ts a d is tr ic t w h ic h in c lu d e s Iow a ,
M in n esota , M issou ri, N o r th an d S ou th
D akota.

37

Relates Thrilling Story
L ieu t. R o b e r t A in s w o r th , w h o s e
fa th e r is D ale R. A in s w o r th , v ic e p r e s i­
d en t o f th e C ity N a tion a l B a n k & T ru s t
C om p a n y , o f K a n sa s C ity, h a d som e
e x c it in g e x p e r ie n c e s to rela te w h e n h e
w a s at h o m e on a r e c e n t leave. L ieu t.
A in s w o r th , w h o has c o m p le te d b e ­
tw e e n s e v e n ty an d e ig h ty m issio n s in
E u r o p e in a P-47, h a d h is -p la n e sh ot
d o w n o v e r F ra n ce , an d fo r sev e ra l
d a y s p r io r to h is re tu rn to th is cou n -

fa r as b a n k ea rn in g s are co n c e r n e d .
In th e last s ix m on th s, b a n k loa n s w e n t
u p a lm o st tw o b illio n d olla rs, $1,905,154,000 to b e exa ct.
D u r in g th e sam e p e rio d , d e p o sits in ­
crea sed $11,115,663,000 an d th e h o ld in g s
o f G o v e r n m e n t se cu ritie s $10,188,198,000, to an all-tim e h ig h o f $76,122,535,000. S m all d e clin e s w e r e re g is te re d in
o th e r se cu ritie s an d in ca sh an d e x ­
ch a n g e d u e fr o m o th e r b a n k s.
A l­
th o u g h ca p ita l re m a in s su b sta n tia lly
th e sa m e d u r in g th e s ix m o n th p eriod ,
u n d iv id e d p rofits an d r e s e r v e s s h o w an
in cre a se o f $217,303,000.
O ther p e r tin e n t b a n k in g statistics

s h o w n in th e B lu e B o o k in d ica te the
u n p r e c e d e n te d q u ota o f b a n k assets
an d sta b ility o f th e w h o le b a n k in g
stru ctu re.

Named Director
L t. Col. J a y C ook e w a s e le cte d a d i­
r e c to r o f T h e P h ila d e lp h ia N a tion a l
B an k , at a m e e tin g o f th e b o a r d last
m on th .
C o lo n e l C ook e re tu r n e d to
A m e r ic a r e c e n tly fr o m a c tiv e co m b a t
d u ty w ith th e 110th In fa n tr y , 28th
D iv isio n . H e w a s s e v e r e ly w o u n d e d
in a ction .
C o lo n e l C ook e is k n o w n in b a n k in g
c ir c le s th r o u g h o u t th e c o u n tr y . H e is

SHORT TERM ISSUES
. . . FULFILLING

RIGID

INVESTM ENT REQUIREM ENTS
Consolidated collateral trust debentures, issued by the
L IE U T . R O B E R T A IN S W O R T H
Bailed Out Over France

tr y p la y e d an e x c itin g g a m e o f h ide
a n d seek w ith G erm a n sen tries, e sca p ­
in g a p p r e h e n s io n o n ly b e ca u se o f th e
a ssista n ce re n d e r e d b y F r e n c h p a triots.
O n ce h e w a s c o m p e lle d to la y in a
m a n g e r c o v e r e d w ith h ay, an d a n o th e r
tim e la y in a b la c k b e r r y p a tch in th e
ra in w h ile th e G erm a n s w e r e se a r c h ­
in g th e p rem ises. T e llin g o f th e latter
p a rt o f h is e x p e r ie n c e , L ie u t A in s ­
w o r th sa y s:
“ T h e F r e n c h g a v e m e a fr ie d e g g and
ca n ta lo u p e fo r b rea k fa st, and I h id
a ro u n d th e ir p la ce m o s t o f th e day.
T h e se c o n d m o r n in g tw o F r e n c h p a rti­
sans a p p ea red r id in g tw o b ic y c le s , and
b r in g in g a g ir l’s b ic y c le w ith th em . I
ro d e th at b ik e in to to w n to a n o th e r
h id in g p la ce, w h e r e th e G erm a n s n e a r­
ly flush ed m e u p, b u t n o t qu ite. A b o u t
3 o ’c lo c k o f th e fo llo w in g m o r n in g I
h ea rd a lot o f s h o o tin g an d g o t th e
g re a te st th rill o f m y life — A m e r ic a n s
h ad ta k en th e tow n .
I jo in e d the
A m e r ic a n fo r c e s an d w a s s o o n re s to re d
to m y outfit, w h e r e I h ad b e e n listed
as ‘m is s in g in a c tio n .’ M y lea v e h o m e
ca m e s o o n a fte r.”

Federal intermediate credit banks, constitute joint and
several obligations of these institutions. They are au­
thorized under the Federal Farm Loan Act, as amended.
When maturing in six months or less, they may be
purchased by Federal Reserve Banks and are
acceptable as collateral for fifteen-day loans to
member banks. Furthermore, the debentures are legal
investment in various states for funds of insurance
companies, savings banks and other fiduciaries.
These debentures become available at regular intervals
for subscription, in denominations of $5,000, $10,000,
$50,000, $100,000, due from six to twelve months.

They are obtainable from the established fiscal agency
or through recognized dealers and dealer banks.

THE FEDERAL INTERMEDIATE CREDIT BANKS
Requests for supplemental information
regarding these seasoned issues should he addressed to
CH ARLES R. D U N N ,

Fiscal A g e n t

Healthy Condition
T h e F in a l 1944 E d itio n o f th e R a n d
M cN a lly B a n k ers D ir e c to r y , ju s t is­
su ed, in d ica te s a h e a lth y c o n d itio n as


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Federal Reserve Bank of St. Louis

Northwestern Banker

December 194-b

I

38
a d ir e c t d e s ce n d e n t— a g rea t g ra n d ­
son — o f J a y C ook e w h o fo r m e d the
b a n k in g firm o f J a y C ook e & Co.,
c re d ite d w ith fin a n cin g th e F e d e ra l
G o v e r n m e n t d u rin g th e C iv il W a r.
F r o m 1924 to 1935 h e w a s a p a rtn e r
in Chas. D. B a r n e y & Co., an d u p o n th e
m e r g e r o f th at firm w ith E d w a r d B.
S m ith & Co., h e b e ca m e a p a rtn e r in
th e en la rg e d firm o f S m ith, B a r n e y &
Co. H e r e s ig n e d fr o m th e firm in 1940
in o r d e r to d e v o te h is e n tire tim e to
p u b lic affairs.
f — -------

" '

"

Using Bombs to Boost Bonds

‘

FOREIGN REMITTANCES
1
;
1

Banks w ith or w ith o u t F oreign
D ep artm en ts are in vited to u ti­
lize this B a n k ’s special facilities
fo r com m e rcia l and b e n evolen t
p aym ents ab ro a d , and for the
d r a w in g o f d r a fts u n d e r o u r
p ro tection .

t

O u r 35 years’ exp erien ce is a v a il­
ab le for assisting banks to estab­
lish or e xten d their rem ittance
service, and w e are p repared to
fu rn ish c o m p le te in fo rm a tio n re­
g a rd in g m o n e y transfers that can
be m ad e n o w to A llie d , N e u tra l
an d L ib e r a te d C o u n tr ie s . I n ­

War Loan. Display by the Manufacturers Trust Company

q u ir ie s f o r d e ta ile d in fo r m a tio n

T

a re iv e lc o m e d .

O A C T I V E L Y p r o m o te th e sale o f
W a r B o n d s in th e fin a n cia l d istrict
d u r in g th e S ix th W a r L o a n ca m p a ign ,
M a n u fa ctu re rs T r u s t C o m p a n y is d is­
p la y in g tw o -to n b o m b s o n e ith er sid e
o f th e e n tra n ce to its p rin c ip a l office
at th e c o r n e r o f B ro a d an d B e a v e r
S treets, N e w Y o rk .
T h e b o m b s are
9 feet, 7 in ch e s h ig h an d 34 in ch e s in
d ia m eter.
E a ch tim e on e o f th ese
b o m b s is d r o p p e d , th e p la n e is je r k e d
ten fe e t h ig h er.

s h o w n w ith th e first tw o g ir ls em­
p lo y e d b y th e b a n k to q u a lify as lie u ­
ten a n ts in th e B lu e Star B rig a d e. L e ft
to r ig h t are F r e d e r ic k K. T e ip e l, v ic e
p re sid e n t o f th e ba n k , an d ch a irm a n o f
T e a m N o. 6; M iss J ea n n e G old en ;
E r n e s t S tau ffen ; M iss M a rth e R a m a gnan; L o u is P. C h risten son , v ic e p r e s i­
d en t in ch a rg e o f th e m a in office b a n k ­
in g d ep a rtm en t.

In th e p ictu re , E r n e s t S tau ffen ,
ch a irm a n o f th e T ru s t C om m ittee o f
M a n u fa ctu re rs
T ru st
C om p a n y , is

S. S loa n C olt, p re s id e n t o f B a n k e rs
T ru s t C om p a n y , N e w Y o r k , a n n o u n c e d
th a t at a m e e tin g o f th e b o a rd o f d i­
r e c to r s o f th e c o m p a n y h e ld on N o ­
v e m b e r 21, it w a s v o te d to ca ll a
sp ecia l m e e tin g o f th e s to c k h o ld e r s on
D e c e m b e r 11, to a u th o riz e an in cre a se
in th e ca p ita l s to c k fr o m th e p re s e n t
a m o u n t o f $25,000,000 p a r v a lu e to
$30,000,000 p a r v a lu e, th is n e w s to c k
to be d istrib u te d to s to c k h o ld e r s as a
s to c k d iv id en d .

T
' CTfte

PublicNational
BAN K

AN D

CO M PAN Y

OF

TR U ST
N E W

ESTABLISHED

Y O R K

1908

M a in O f f i c e : 37 B ro a d S tre e t
,

Member: New York Clearing House
Association, Federal Deposit Insurance
Corporation

..

....

....

f !

...

'M

f.

Prospectus on request from Principal Underwriter

INVESTORS SYNDICATE
M IN N E A P O L IS , M IN N E S O T A
REPRESENTATIVES

Northwestern Banker

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

IN

THE

PRINCIPAL

December 19411

CITIES

OF

THE

UNITED

STATES

To Increase Capita!

T h is a ction , if a p p ro v e d , w o u ld r e ­
su lt in in c r e a s in g ca p ita l fu n d s to a
tota l o f $135,175,880, d iv id e d as f o l­
lo w s: C apital $30,000,000, su rp lu s $80,000,000, u n d iv id e d p rofits $25,175,880.
(B a se d on fig u res as o f S e p te m b e r 30,
1944. )
T h e r e g u la r q u a r te r ly d iv id e n d o f
35 cen ts p e r sh a re w a s d e c la r e d o n th e
$25,000,000 p a r v a lu e o f ca p ita l s to c k
n o w ou tsta n d in g , p a y a b le J a n u a ry 2,
1945, to s to c k h o ld e r s o f r e c o r d at 3:00
p. m . on D e c e m b e r 12, 1944.

A

39
n o t oth e rw ise . T h e n e w d ea lers are
fo r all th e ‘is m s ’, an d as lo n g as th e y
are in p o w e r th e y w ill u se th e ta x
p a y e r s ’ m o n e y to a c c o m p lis h th e ir
o w n ends. T h e o n ly w a y to stop th is
fo o lis h n e s s is to cle a n h ou se, an d p la ce
sa fe an d so u n d citiz e n s in office.
W h e n th is h a p p en s th e u n n e c e s s a r y
g o v e r n m e n t le n d in g a g e n cie s w ill b e
cu rta iled , an d n o t u n til th e n .”

Question: If you favor curtailuig
governmental lending agencies
how do you think this can he
accom plished?
tail th e a ctiv itie s o f th ese a g e n cie s so
th at m a n y o f th e o b je c t io n s n o w
ra ised ag a in st th em w o u ld b e e lim i­
n a ted .”

Howard

J. E. Roche, v ic e p resid en t, M ilw a u ­
k ee C o u n ty B an k , W e s t A llis, W is c o n ­
sin:
“ T h is w ill b e a v e r y d ifficu lt p r o b ­
lem , e s p e c ia lly if b a n k s are e x p e cte d
to m a k e loa n s so h a za rd ou s th at th e
o n ly w a y b a n k s can h a n d le th em is
b y fu ll o r p a rtia l gu a ra n ty .
“ H o w e v e r , th e first a p p ro a ch to g e t­
tin g th e g o v e r n m e n t ou t o f th e le n d ­
in g field is fo r b a n k s to w o r k m o r e
a g g r e s s iv e ly to p r o v id e fo r lo ca l cre d it
n eeds. F r o m th e lo o k s o f th e state­
m en ts o f som e ban k s, n o rea l effort
is m a d e to m a k e lo ca l lo a n s .”

E. C. Amann, p resid en t, F a rm e rs &
M erch a n ts
State B an k , W is c o n s in
D ells, W is c o n s in :

Meilenz,

v ic e p resid en t,
F irs t State B an k , R a n d o lp h , N e b ra s­
ka:
“ I th in k th a t th is ca n b e a c c o m ­
p lish e d if e n o u g h o f u s o ld tim e D e m o ­
cra ts v o te th e R e p u b lic a n tick et, an d

“ I th in k e v e r y c o u n t r y b a n k e r o u g h t
to let th e ir fa r m e r c u s to m e rs k n o w
th at th e y can b o r r o w fr o m th e b a n k

E. H. Rollins & Sons
In co rp o ra te d

Complete Investment Facilities
for Banks and Individuals

R. I. Stout, p resid en t, F ir s t N a tion a l
B an k , T ek a m a h , N eb ra sk a : “ U n less w e
m a k e o u r loa n s w ith o u t a sk in g fo r
g o v e r n m e n t g u a ra n tee an d ask fo r n o
s u b s id y fo r o u rs e lv e s , w e h a v e n o
ch a n ce o f c u rta ilin g g o v e r n m e n t loan
a g en cies. L e t ’s g et o u r o w n h o u s e in
o r d e r an d th en w e can g et re s u lts .”

Bonds

E. A. Heiden, ca sh ier, O sage F a r m ­
ers N a tio n a l B ank, O sage, Iow a :
“ I th in k th e g o v e r n m e n t le n d in g
a g e n cie s sh o u ld b e p la ce d on an eq u a l
b a sis w ith p riv a te fin a n cia l in stitu ­
tion s; th at is: th at th e y s h o u ld p a y
ta x es, in te re st on ca p ita l a n d b o r r o w ­
in g s, all ru n n in g e x p e n s e s an d a b s o r b
th e ir o w n losses. In a d d ition , n o su ch
a g e n c y s h o u ld m a k e a loa n to a n y ­
o n e w ith o u t first o b ta in in g a sta te­
m e n t fr o m a p riv a te fin a n cia l in stitu ­
tio n th a t th e a p p lic a tio n h as b e e n r e ­
je c t e d b y it. S u ch a ctio n w o u ld cur-


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

P U B L IC

U T IL IT Y

R A IL R O A D

IN D U S T R IA L

M U N IC IP A L

IO W A REPRESENTATIVES
D on

E dw ard

D . G ordon

H . K ane

C e d a r R a p id s

D e s M o in e s
#
NEW

BO STON

YORK
C H IC A G O

SAN

P H IL A D E L P H IA
F R A N C IS C O

R e p r e s e n t a t i v e s in m a n y o f th e p r i n c i p a l c i t i e s o f th e U n i t e d S ta tes .

Northwestern Banker

December lO'tb

40
fo r th e ir r e q u ire m e n ts , in stea d o f b e ­
c o m in g ‘w a rd s o f th e g o v e r n m e n t’ a n d
p a y in g d o u b le in te re s t on th e ir loan s.
“ W h e n y o u b o r r o w fr o m P C A y o u
are o b lig e d to b u y s to c k in th e ir o r ­
ga n iza tion .
“ W h e n y o u b o r r o w o n y o u r fa rm
fr o m th e F e d e ra l L a n d B a n k , y o u
m u st b u y s to c k in th e ir ba n k . F o r
b o th o f th ese in v e stm e n ts, th e y ch a rg e
y o u in terest, b u t d o n o t p a y y o u an y.
“ W h y sh o u ld th e fa r m e r p a y d o u ­
b le in te r e s t? ”

s im p ly a b o lis h in g o r d is c o n tin u in g
th o se g o v e r n m e n t a g e n cie s w h ic h h a v e
b e e n sta rted as an e m e r g e n c y m ea su re
b u t w e r e c o n tin u e d as a p o litic a l m o v e ­
m en t. A n e m e r g e n c y is ju s t w h a t it
m ean s. T h e en d o f th is w ill b e th a t th e
ta x p a y e r w ill e v e n tu a lly b e e lim i­
n a ted .”
C. A. Potter, v ic e p re s id e n t an d ca sh ­
ier, F ir s t N a tion a l B a n k , S elb y , S ou th
D akota: “ G o v e r n m e n t le n d in g a g e n cie s
c o u ld b e cu rta ile d b y p la c in g th em on
an eq u a l b a sis w ith p r iv a te le n d in g
a g en cies. In o th e r w o r d s , n o p a rt o r
c o s t o f o p e r a tio n sh o u ld b e b o r n e b y
th e g o v e r n m e n t.”

Edwin Brickson, p re sid e n t, A d ria n
S tate B a n k , A d ria n , M in n esota : “ W e
c o u ld c u rta il g o v e r n m e n t le n d in g b y

S W O R D S INTO PLOUGHSHARES
' I 1HE great Middle Western area, which has contributed so
importantly toward building our war machine, can logically
anticipate a leading part in rebuilding for peace. As a businessminded bank, we have helped many companies in converting
to war production. When the time for reconversion comes and
business and industry face similar problems, we believe that our
policy of cooperation and assistance will be equally valuable.
Correspondent banks will find the American National well
prepared to assist them in meeting the changing requirements
of their customers during the reconstruction period.

AMERICAN NATIONAL BANK
AND TRUST COMPANY
O F C H IC A G O
___________

LA S A L L E S T R E E T . |

AT W A S H I N G T O N

Member Federal Deposit

B U S I N E S S

Northwestern Banker


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

E. T. Morris, p resid en t, F ir s t C itizen s
N a tion a l B an k , W a te r to w n , S ou th D a­
k ota : “ I th in k th at b y a d o p tin g le g ­
isla tio n w h ic h w ill p r o v id e g o v e r n ­
m e n t a ssista n ce in fin a n cin g in e m e r­
g e n c ie s a n d n o t o th e r w is e w e ca n c u r ­
ta il g o v e r n m e n t le n d in g a g e n cie s .”
N. V. Torgerson, P resid en t, F a rm e rs
State B an k , A d a m s, M in n esota :
“ T h e ta x p a y e r c o u ld n o w d e m o n ­
strate w ith ju s tic e th a t to o m u ch
m o n e y is n o w in v e s te d in th e v a r io u s
g o v e r n m e n t le n d in g a g e n cie s— som e
o f w h ic h are d ir e c t a n d s o m e s u b ­
sid ized b y th e F e d e ra l G o v e rn m e n t.
“ T h e p re s e n t su b sid ies in th e fo r m o f
g o v e r n m e n t ca p ita l sh o u ld b e r e tu rn e d
to th e U n ited S tates T r e a s u r y o r r e ­
q u ire th e a g e n cie s to p a y a r e a so n a b le
rate o f in te re s t o n g o v e r n m e n t m o n e y .
“ P e o p le are b e c o m in g e x c e e d in g ly
ta x c o n s c io u s , m o r e e s p e c ia lly sin ce
th e w ith h o ld in g ta x sy ste m is p in c h in g
th e w a g e s ea ch w e e k . T h e y are b e g in ­
n in g to d em a n d an a c c o u n tin g o f g o v ­
e rn m e n t m o n e y s a n d e x p e n d itu re s.
“ T h e ta x p a y e r s h o u ld n o w d em a n d
th e r e tu r n o f g o v e r n m e n t ca p ita l to
essen tia l n eed s w h ic h w ill in tu rn r e ­
d u ce p u b lic d e b t.”

Two New Officers
A t a r e c e n t m e e tin g o f th e b o a r d o f
d ir e c to r s o f B a n k e rs T ru s t C om p a n y ,
N e w Y o rk , W . L a u d -B r o w n w a s ele cte d
a v ic e p re s id e n t an d Ja m es H. J en k in s
w a s e lected an assistan t v ic e p resid en t.
M r. B r o w n h as b e e n a sso cia te d w ith
th e b a n k ’s B o n d d e p a rtm e n t sin ce
1921.
M r. J e n k in s w a s g ra d u a ted
fr o m D a rtm o u th in 1926. A fte r le a v ­
in g c o lle g e h e w a s a ssocia ted w ith
v a r io u s s e c u r ity h ou s es an d is at
p re s e n t w ith th e C en tra l H a n o v e r
B a n k & T r u s t Co. H e jo in e d B a n k ers
T ru s t C o m p a n y on D e ce m b e r first a n d
w ill b e c o n n e c te d w ith its M e tro p o lita n
D iv ision .

Insurance Corporation

No Degrees

W
O U R

E. E. Hedgcock, ca sh ier, S e cu rity
State B an k , E d g a r, N e b ra sk a : “ I w o u ld
fa v o r an a ct b y C o n g re ss to liq u id a te
th e P.C .A ., as th e re is n o n e e d fo r th is
lo a n in g a g e n cy . T h e F .S .A . is a ll rig h t
a n d w e h a v e c o -o p e ra te d w ith th em
in th is t e r r ito r y a n d th in k it sh o u ld
be c o n tin u e d . A s to fa r m loa n s w e are
n o t w o r r ie d b y g o v e r n m e n t loa n s. W e
fin d in th is t e r r ito r y th e p e o p le p r e fe r
loa n s fr o m th e ir b a n k ra th e r th a n a
g o v e r n m e n ta l a g e n cy . W e d o n o t h a v e
on e P.C .A . loa n in o u r b a n k te r r ito r y ,
an d w e d o n o t th in k th e y s u p p ly a n y
n eed in o th e r c o m m u n itie s .”

I S

December 1944

T O

H E L P

B U S I N E S S

“ B r o w n n e v e r d id co m p le te h is e d u ­
ca tion , d id h e ? ”
“ N o, h e liv e d an d d ied a b a c h e lo r .”

41
h e h a d b e e n a p p o in te d a m e m b e r o f
th e p o s tw a r s tu d y c o m m itte e o f th e
state d e p a rtm e n t o f th e A m e r ic a n L e ­
g ion . T h is is a n e w c o m m itte e w h ic h
th e L e g io n has set u p to g iv e sp e cia l
a tten tion to th e p r o b le m s o f th e v e t e r ­
ans d u r in g th e p o s tw a r p e rio d .

MINNESOTA
NEWS
W IL B U R F. McLEAN
President
Duluth

Bank Director Passes Away
W IL L IA M DUNCAN, Jr.
Secretary
Minneapolis

Passes Insurance Exams

Is Windom Cashier

L. V. W id m a r k , e x e c u tiv e v ic e p r e s i­
d en t o f th e F a rm e rs & M erch a n ts N a­
tio n a l B a n k in Iv a n h o e , M in n esota , an ­
n o u n c e s th a t J. M. K a c z r o w s k i, ca sh ie r
o f th e ba n k , has r e c e n tly p a ssed a ll in ­
su ra n ce e x a m in a tio n s re q u ir e d b y th e
In s u ra n ce C o m m is s io n e r o f th e State
o f M in n esota.

A lfr e d E. P re ch t, w h o fo r th e past
y e a r a n d a h a lf h as b e e n ca sh ie r o f th e
C itizen s State B a n k o f L a fa y e tte , M in ­
n esota, h as r e s ig n e d h is p o s itio n and
ta k en a p o s itio n as ca sh ie r o f th e W in ­
d o m N a tion a l B an k , W in d o m , M in n e ­
sota. H e w a s to ta k e o v e r h is n e w
d u ties last m on th . M r. P re ch t, w h o fo r
se v e n te e n y e a rs w a s c o n n e c te d w ith
th e C itizen s State B a n k o f N e w U lm ,
w e n t to L a fa y e tte on J u n e 1, 1943.
R e p la c in g h im at th e L a fa y e tte b a n k
w ill b e T. W . H a lv e r s o n o f St. P eter.

Cashier at Ellsworth
R. G. B a b c o c k , fo r m e r ly assista n t
ca sh ie r o f th e F a r m e r s State B ank,
F re d e ric, W is c o n s in , has ta k en a p o s i­
tio n w ith th e E lls w o r th State B ank,
E lls w o r th , M in n esota , as ca sh ier.
H e has b e e n w ith th e F a r m e r s State
B a n k s in ce J a n u a ry 1, 1939, an d le ft to
a cce p t a m o r e re s p o n s ib le p osition .

Bank President Dies
F u n e r a l s e r v ic e s w e r e c o n d u c te d at
th e M eth od ist C h u rch h a ll in R a cin e
last m o n th fo r Ja m es F. B a llin g e r o f
S te w a r tv ille , M in n esota.
M r. B a llin g e r w a s p re s id e n t o f th e
S te w a r tv ille N a tion a l B an k , an office
w h ic h h e h ad h eld s in ce th e d ea th o f
Dr. C. E. F a w c e tt in 1939, w h o w a s
p re s id e n t o f th e in s titu tio n at th e tim e
o f h is death . M r. B a llin g e r w a s v e r y
a ctiv e in c iv ic affairs a n d w a s v e r y in ­
terested in fa rm e rs co -o p e ra tiv e m o v e ­
m en ts.

Pass Quarter Century Mark
Ju st 25 y e a rs a g o last m on th , th e
State B a n k o f K lo ssn e r, K lossn er,
M in n esota , w a s fou n d ed .
T h e b a n k h as a ca p ita l to d a y o f
$12,000, su rp lu s o f $13,000, u n d iv id e d
p rofits o f $6,242, an d o th e r r e s e r v e s o f
$1,400. T h e b u ild in g is v a lu e d at $2,700 an d th e fix tu res at $600. T h e b a n k
h a d tota l r e s o u r c e s at th e tim e o f th e
last ca ll o f $496,821 an d tota l d e p o sits
o f $464,178.
T h e p re s e n t officers and d ir e c to r s
are F. H . K r o o k , N e w U lm , p re sid e n t;
B e rn a rd J. V etter, W e s t N ew ton , v ic e
p re sid e n t; V ic to r J. S on dag, N e w U lm ,
ca sh ier, an d W illia m H. D em p sey , N e w
U lm ; A lfr e d J. V o g e l, N e w U lm ; J oh n
U lrich , L a fa y e tte ;
V ern e
J oh n s on ,
K lo ssn e r, an d G e o rg e V etter, N e w
U lm , d ire cto rs.

Ask New Bank Charter

On Veterans Committee

A p p lic a tio n w a s filed la st m o n th fo r
a n e w b a n k ch a rte r at C anton, M in n e ­
sota, to b e n a m ed C a n ton State B a n k
and to h a v e a ca p ita l o f $25,000, s u r ­
p lu s $5,000, an d u n d iv id e d p rofits $2,500.
In c o r p o r a to r s a re: R e v . F r. D. J.
W ils o n w h o also is to b e first p resid en t;
L e s te r E. F in n e y , v ic e p resid en t, and
B y r o n C. W illfo r d , J o h n B. Sills and
C y ril F. S n yd er.
L is te d fo r th e ca sh ie rsh ip is L a w ­
r e n c e G alligan , a ssista n t ca sh ier, Scanla n -H a b b ersta d B a n k & T r u s t C om ­
pany, L anesboro.

T h e A m e r ic a n B a n k ers A s s o c ia tio n
r e c e n tly a p p o in te d a n e w c o m m itte e
w h ic h w ill g iv e sp e cia l a tten tion to
s e r v ic e fo r re tu r n in g w a r v etera n s,
an d F r a n k P. P o w e rs , p re s id e n t o f th e
K a n a b e c State B ank, M ora, M in n esota,
w a s n otified th a t h e h ad b e e n a p ­
p o in te d a m e m b e r o f th is com m itte e .
H e a tten d ed a tw o -d a y m e e tin g in C h i­
ca g o, at w h ic h tim e a co m p le te d is c u s ­
sio n o f th e p r o b le m s o f re tu r n in g v e t ­
eran s w a s h eld. T h e r e c e n t la w e n ­
a cted b y C on g ress, k n o w n as th e G. I.
loa n b ill, w a s g iv e n sp ecia l a tten tion .
M r. P o w e r s a lso r e c e iv e d n o tic e th at


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

H u g o W . A n d e rs o n , p re s id e n t o f th e
B a rn u m , M in n esota , c o u n c il, d ie d in a
D u lu th h o s p ita l last m on th .
H e w a s a d ir e c to r in th e State B a n k
o f B a rn u m an d a lso o f th e M in n esota
P o w e r & L ig h t C om p a n y , a n d w a s r e ­
c e n tly a p p o in te d to th e b o a rd o f a d ­
v is o r s o f th e a g ricu ltu ra l d iv is io n o f
th e Office o f P r ic e A d m in istra tio n .

With Bank 25 Years
L a st m o n th b e g a n th e 26th y e a r o f
s e r v ic e to th e F ir s t N a tion a l B a n k o f
St. C harles, M in n esota , fo r G eo rg e T.
E c k le s, ca sh ier.
It w a s in N o v e m b e r, 1919, th a t M r.
E c k le s b e g a n h is w o r k at th e ba n k .
H e has se r v e d as ca sh ie r th e p a st 15
yea rs.

Killed in Action
W o r d has b e e n r e c e iv e d o f th e d eath
in a ctio n on th e Ita lia n fr o n t o f Cpl.
R a y m o n d E . S ch m ierer, fo r m e r assist­
an t ca s h ie r o f th e W in n e b a g o F ir s t
N a tion a l B ank, W in n e b a g o , M in n esota.
H e w a s a m e m b e r o f th e 34th D iv is io n
an d en te re d th e a r m y in 1942.

Death Takes Cashier
J o h n W . M cC a ffrey , 79, ca sh ie r o f
th e L a C rescen t State B an k , L a C res­
cen t, M in n esota , sin ce its org a n iz a tio n
in 1912, d ied at a L a C rosse h o sp ita l
re c e n tly . H e h a d b een in fa ilin g h ea lth
fo r so m e tim e.

Bank Changes Hands
A g ro u p o f P e o p le s State B an k ,
M azeppa, M in n esota , s to ck h o ld e rs, in ­
c lu d in g M. J. H art, p resid en t, an d F . A .
H od g e, ca sh ier, h a v e sold th e ir in te r­
ests in th e lo ca l b a n k to A . J. D offin g
an d a ssociates.
M r. D offin g is v ic e
p re sid e n t an d m a n a g in g officer o f th e
F ir s t State B a n k o f W a b a sh a , M in n e ­
sota, an d w ill a ct as p re s id e n t an d d i­
r e c to r o f th e ban k . V . C. Sand, fo r ­
m e r ly a ssocia te ca sh ie r o f th e P e o p le s
State B an k , has b e e n e lected ca sh ie r
an d w ill a ct as m a n a g in g officer.
D ire cto rs o f th e P e o p le s B an k , in
a d d ition to M r. D offin g, are F r e d G rossb a ch and M a x M aas.

Cashier Resigns
A r n o ld N e w s tr o m h as r e s ig n e d h is
p o s itio n as ca sh ie r at th e F ir s t N a tion ­
al B ank, D e e rw o o d , M in n esota .

Northwestern Banker

December 1944

42

Tw

S

E V E R A L T w in C ities b a n k e rs are
o n co m m itte e s o f th e A m e r ic a n
B a n k e rs A s s o cia tio n , a p p o in te d b y W .
Randolph Burgess, A. B. A . p resid en t
T h e y in clu d e: Alan H. Moore, assistan t
ca sh ier, F ir s t N a tion a l B an k , M in ­
n ea p olis, p u b lic r e la tio n s co u n c il; M.
O. Grangaard, v ic e p resid en t, F irst N a ­
tio n a l B a n k , M in n ea p olis, c o m m ite e on
fe d e r a l leg isla tio n ; Julian B. Baird,
v ic e p resid en t, F ir s t N a tion a l B an k ,
St. P aul, su b -co m m itte e on ta x a tio n o f
c o m m itte e o n fe d e ra l le g isla tion ; E. L.
Mattson, b o a r d ch a irm a n , M id la n d N a ­
tio n a l B a n k & T ru s t Co., M in n ea p olis,
su b -com m ittee on s e ctio n 5219 o f c o m ­
m ittee on fe d e ra l leg isla tion ; S. S.
Ford, p resid en t, N o r th w e s te r n N a ­
tio n a l B a n k , M in n ea p olis, e x e c u tiv e
c o u n c il at large; J. Cameron Thomson,
p resid en t, N o r th w e s t B a n co rp o ra tio n ,
r e s e a rch co u n c il; William Duncan, Jr.,
se cre ta ry , M in n esota B a n k ers A ssocia -

J a m ie s o n
&

C

om pany
M embers

New York Stock Exchange
and

Other

Principal

Exchanges

★

STOCKS
BONDS
COMMODITIES
MINNEAPOLIS
ST. PAUL
DULUTH

F AR G O
GR AN D FORKS
SIOUX FALLS

PRIVATE WIRES

'Northwestern Banker

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

December Í.944

in

C

ity

N

ews

By James M. Sutherland
S p e c ia l C o r r e s p o n d e n t

tion , ra tio n c o u p o n b a n k in g c o m m it­
tee. B esid es th ese, O. L. Olson, v ic e
p re sid e n t o f M id la n d N a tion a l, is a
m e m b e r o f th e e x e c u tiv e c o u n c il an d
th e fe d e ra l le g isla tiv e co u n c il.
L a rg e st state b a n k in M in n esota w a s
o p e n e d in St. P a u l’s M id w a y d istrict
in m id -N o v e m b e r. It is th e Security
State Bank, affiliate o f F ir s t N a tion a l
B a n k o f St. P aul, w h ic h w a s m o v e d
fr o m its p r e v io u s lo ca tio n on th e w e s t
side. A t th e sam e tim e ca p ita l s to ck
w a s in cre a se d to $300,000, su rp lu s to
$100,000, u n d iv id e d p rofits to m o re
th a n $20,000, an d m a x im u m in d e b te d ­
n ess to $10,000,000. It fo r m e r ly h ad
$60,000 ca pital, $51,700 su rp lu s an d u n ­
d iv id e d p rofits, a n d $2,500,000 m a x i­
m u m in d eb ted n ess.
T h e b a n k h as ta k en te m p o r a r y
q u a rters at U n iv e r s ity an d R a y m o n d
a v en u es, b u t w ill e r e c t a n e w s tru ctu re
at th a t c o r n e r w h e n b u ild in g m a teria ls
are ava ila b le.

H. S. Woodward has b e e n a d v a n ce d
fr o m ca sh ie r to e x e c u tiv e v ic e p re s i­
d en t o f C olu m b ia H e ig h ts State B an k ,
w ith Clarence T. Olsen n a m ed ca sh ­
ier.
O lsen w a s w ith F ir s t N a tion a l
B a n k o f St. P eter, M in n esota , fo r 25
y e a rs u n til h is re s ig n a tio n a c o u p le o f
m o n th s ago.
H e h a d b e e n ca sh ier
th e re fo r eig h t y ea rs.
William H. Lee, 90, p io n e e r M in n e ­
a p o lis b a n k er, d ied last m on th . S ta rtin g
h is b a n k in g ca re e r in 1869 in th e old
H e n n e p in C o u n ty S a v in g s B a n k , he
w a s its p re sid e n t fo r y ea rs.
On its
m e r g e r w ith th e M in n e a p o lis T ru s t
Co. in 1927, h e se rv e d in an a d v is o r y

s.

c a p a c ity w ith th at c o m p a n y an d w ith
F ir s t N a tion a l B a n k u n til h is re tire ­
m en t in 1942.

Northwest Bancorporation an d lo ca l
sh a re h o ld e rs h a v e s o ld F irs t N a tion a l
B a n k o f P re sco tt, W is c o n s in , to B an k
o f E lls w o r th . It w ill be op e ra te d as a
sta tion o f th e ban k.

X

M. F. Leighton, in th e in v e stm e n t
b u sin ess in th e T w in C ities sin ce
1927, h as o p e n e d h is o w n b u sin ess in
St. P a u l u n d e r th e n a m e M. F. L e ig h ­
ton & Co.
J. F. Horn, v ic e p r e s id e n t an d se c r e ­
ta ry o f F ir s t M in n e a p o lis C om p a n y
an d o f M in n e a p o lis-T ru st J o in t S tock
L a n d B a n k , has b e e n e le cte d e x e c u tiv e
v ic e p re s id e n t a n d d ir e c to r o f T itle
In s u ra n ce C o m p a n y o f M in n esota ,
ta k in g o v e r h is n e w d u ties as o f D e­
c e m b e r 1st.
Northwest B an corporation has
b o o s te d its d iv id e n d rate fr o m 25
to 35 cen ts a sh a re an d p a id th at
a m o u n t N o v e m b e r 25th to s to c k ­
h o ld e rs o f r e c o r d N o v e m b e r 10th. T h e
d iv id e n d b r in g s to 60 cen ts th e a m ou n t
p a id th is y e a r o n th e b a n k h o ld in g
c o m p a n y ’s 1,555,767 sh ares.

g-

A
V e te ra n officers a n d e m p lo y e s o f
F ir s t N a tion a l B a n k o f M in n ea p olis
h a v e o rg a n iz e d th e F ir s t N a tion a l
C lip p er C lub, c o m p r is in g p e rso n s w ith
25 y e a r s or m o r e o f s e r v ic e w ith th e
in stitu tio n an d its g ro u p .
O f 115
p e rs o n s e lig ib le fo r m e m b e rs h ip , 97
w e r e p re se n t at th e o rg a n iz a tio n m e e t­
ing. C. Ben Brombacli, F ir s t N a tion a l
v ic e p resid en t, p re s id e d as “ S k ip p e r o f
th e C lip p e r.”
E le c te d to th e b o a rd o f g o v e r n o r s
fo r th ree-y ea r term s w e r e Ernest M.
Wardle, Lloyd Wagner a n d Walter
Howe. S ix m e m b e rs o f th e c lu b ’s or-

L

43

•MINN ESOT A NEWS*
g a n iz a tio n c o m m itte e w h o co m p le te
th e b o a rd are Carl G. Gustafson, Clar­

ence Gadney, May A. Cooley, Jessie
Millar, Fred E. King a n d Herbert M.
Rose. G o v e r n o r s w ill se le ct a n e w
“ s k ip p e r .” Olaf E. Nelson h ea d ed th e
o r g a n iz a tio n com m itte e .

Lynn Fuller, p r o m in e n t b a n k e r o f
Illin o is a n d Io w a w h o r e c e n tly jo in e d
M a rq u ette
N a tion a l
B an k ,
M in n e ­
a p olis, as v ic e p resid en t, h as a cq u ire d
su b sta n tia l b lo c k s o f s to c k in B a n k
S h ares, In c., h o ld in g c o m p a n y c o n ­
tr o llin g M a rq u ette, C h ica g o-L a k e State
an d U n iv e r s ity N a tio n a l B a n k s, all o f
M in n ea p olis.
F u lle r h as b e e n e le cte d e x e c u tiv e
v ic e p r e s id e n t o f M a rq u ette a n d a d i­
re c to r , Ralph W. Manuel, p resid en t,
a n n o u n ce d . T h e s to c k w a s a cq u ire d
fr o m M a n u el an d oth ers.
T h e n e w M in n e a p o lis b a n k official
c o n tin u e s as p r e s id e n t o f Illin o is N a ­
tio n a l B a n k , Q u in cy , Illin o is , and
J a ck so n State S a v in g s B an k , M aqu oketa, Iow a .

Henry S. Kingman, p re s id e n t o f
F a rm e rs & M e ch a n ics S a v in g s B ank,
has b een n a m ed ch a irm a n o f th e 1945
R e d C ross w a r fu n d ca m p a ig n in
M in n e a p o lis an d H e n n e p in c o u n ty .

O p era tin g c o m m itte e o f N o r th w e s t
B a n c o r p o r a tio n h e ld its s e c o n d m e e t­
in g o f th e y e a r in M in n e a p o lis to d is­
cu ss c u r r e n t s u b je c ts on b a n k in g an d
b u sin ess. C h a irm a n R. E. Driscoll o f
R a p id C ity p resid ed .


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

T w o p r o m o tio n s w e r e a n n o u n ce d at
th e F irs t N a tion a l B a n k in G ra n d R a p ­
ids, M in n esota , r e ce n tly . C la ren ce C arl­
son an d A. J. K aatiala, b o th co n n e c te d
w ith th e b a n k fo r som e tim e, are n o w
assistan t ca sh iers.
M r. K aatiala h as
b e e n h a n d lin g th e in su ra n ce a g e n c y

F u n e r a l s e r v ic e s w e r e h e ld fr o m St.
A lb a n ’s E p is c o p a l C h u rch in Staples,

mmmmmmmmmm

Out-of- Towii Banks
O ut-of-tow n banks and bankers will find here

N o r th w e s te r n N a tion a l B an k , M in n e ­
a p olis, h as b e e n n a m ed c h a irm a n o f
a w a r su rp lu s d isp o sa l c o m m itte e o f
th e M in n e a p o lis C iv ic & C o m m e rce
A s s o c ia tio n .

S om e 110 W is c o n s in b a n k e rs w e r e
g u e sts o f M in n e a p o lis F e d e ra l R e ­
s e r v e B a n k at an e c o n o m ic c o n fe r ­
e n ce at th e b a n k late in N o v e m b e r .
P a tte rn e d a fte r its w a r-in te rru p te d
N in th D istrict c o n fe r e n c e s , th e m e e t­
in g w a s a d d re sse d b y P r e s id e n t John
N. Peyton; Franklin L. Parsons, a g r i­
cu ltu ra l
e c o n o m is t; Paul W. Mc­
Cracken, d ir e c to r o f re se a rch ; Arthur
R. Upgren, v ic e p re s id e n t an d e c o n o ­
m ist, an d Oliver S. Powell, first v ic e
p resid en t.

Becomes Assistant Cashier,

Vice President Dies

Clarence E. Hill, v ic e p re sid e n t o f

Robert C. Rutherford, e x e c u tiv e
s e c r e ta r y o f th e M in n e a p o lis ch a p ter,
A m e r ic a n In stitu te o f B a n k in g , sin ce
1937, has b e e n a p p o in te d assista n t to
th e s e c r e ta r y o f A IB , a c c o r d in g to a n ­
n o u n c e m e n t b y D r. H a ro ld S ton ier,
e x e c u tiv e m a n a g e r o f th e A m e r ic a n
B a n k e rs A s s o cia tio n . H e w ill fill th e
p o s t at n a tio n a l h e a d q u a rte rs m ade
v a ca n t b y th e re s ig n a tio n o f R o b e r t
H a m m er.
M r. R u t h e r fo r d w a s e m ­
p lo y e d b y F ir s t N a tion a l B a n k in M in ­
n e a p o lis fr o m 1923 w h e n h e re s ig n e d
to tak e th e A IB c h a p te r post.

M in n esota , r e c e n tly fo r J a y R . N im s,
60, w h o d ied at St. M a ry ’s H o sp ita l in
R o ch e ste r.
H e w a s at th e tim e o f h is death the
e x e c u tiv e v ic e p re s id e n t o f th e S taples
State B ank, a p o s itio n w h ic h h e h ad
h e ld fo r sev e ra l y ea rs. H e w a s a sso­
cia ted w ith th e F ir s t N a tion a l B a n k in
S taples p r io r to th at tim e.

M en a n d w o m e n e m p lo y e s o f A m e r i­
ca n N a tion a l B ank, St. P au l, w e r e
g u ests o f C h a irm a n Otto Bremer at
sep a ra te d in n e rs o n su c c e s s iv e days.
A t b o th M r. B re m e r e x p r e s s e d h is
a p p re cia tio n fo r th e ir lo y a lty and c o n ­
sisten t e n d e a v o r to p r o m o te th e b est
in terests o f th e ban k.

com plete banking facilities for prom pt and
economical handling o f accounts in Chicago. W e
would appreciate the opportunity of serving you.

C

it y

N

A N II T R U S T
2 0 8

S

O

U

T

B

a t io n a l
H

of Chicago

C O M P A N Y
L

A

S

A

L

L

a n k

E

S

T

R

E

E

T

(Member Federal Deposit Insurance Corporation)

THE

01NTMMTM
BANK & TRUST COMPANY
OF N E W YO R K
\

M EM BER O F TH E

F E D E R A L D E P O S IT

IN S U R A N C E

C O R P O R A T IO N

Northwestern Banker

December

44

•MINN ESOTA
m a in ta in ed in c o n n e c tio n w ith th e
ba n k , an d w ill c o n tin u e in a d d itio n to
h is w o r k as assista n t ca sh ier.

NEWS

B ank, St. C lou d. H e p la n s to m a in ta in
h is re s id e n c e at R o y a lto n fo r th e p re s ­
ent.

T h e s e ch a n g e s w e r e m ad e fo llo w in g
th e re sig n a tio n o f N. A . B au er, w h o
left to ta k e o v e r a p o s itio n as ca sh ier
in th e F ir s t N a tion a l B a n k in M oose
L ak e.

Death Takes Former Banker
A n d r e w C. E v a n s o n , life lo n g resi­
d en t o f H o u sto n , M in n esota , d ied last
m on th .
W ith th e fo u n d in g o f th e S e cu rity
State B a n k th e re in 1911, M r. E v a n ­
son w a s e lected as its first v ic e p r e s i­
d en t, w h ic h p o s itio n h e s e r v e d w ith
cr e d it u n til th e s p r in g o f 1944 w h e n
fa ilin g h ea lth ca u sed h im to resig n .

Cashier at St. Cloud
A . B. In d e rrie d e n , ca sh ie r o f th e R o y a lton State B ank, R o y a lto n , M in n esota ,
fo r 17 y ea rs, re s ig n e d to a cce p t a p o s i­
tio n as ca sh ie r o f th e St. C lou d State

•
New Middle River Bank
A ch a r te r has b e e n issu ed b y th e
state to th e M id d le R iv e r State B ank,
M id d le R iv e r , M in n esota . T h e in c o r ­
p o r a to r s are O scar S ch e n k e y , w h o w ill
b e p re s id e n t; V ic to r P. B e r g o f M iddle
R iv e r , v ic e p re s id e n t; H e n r y Y o u n g o f
M id d le R iv e r , J o h n J. A sia la o f D u lu th
an d W a lte r J o h n s o n o f R e d L a k e F a lls,
d ire cto rs.
T h e n e w in stitu tio n w ill
h a v e a ca p ita l o f $25,000, su rp lu s o f
$5,000 an d u n d iv id e d p rofits fu n d o f
$2,500, m a k in g a ca p ita l s tru ctu re o f
$32,500.

Banker Helps Buy Cattle

50 “ Missions Completed"
C. L. F R E D R IC K SE N
President

In most war areas, when a bomber
crew completes 50 flights or missions,
they are sent home to instruct other
crews.

M. A. W IL S O N
Vice President
W . G. N E L SO N
Assistant Vice President
W . C. SCH EN K
Cashier

Next year, the Live Stock National
Bank of Sioux City will complete, not
50 missions, but 50 whole years of
banking service. W e don't expect to
receive any special merit awards for
this record, but we are proud of our
half century of faithful service to our
many correspondent banks.

H. C. L IN D U S K I
Assistant Cashier
and Manager of
Air Base Facility
C. L. A D A M S
Assistant Cashier
J. S. H A V E R
Assistant Cashier
JAM ES L. SM IT H
Auditor

W e will let you know when our 50th
birthday cake is ready to be cut.

M

E

L ive St o c k
N

a

t

OF

i o

n

a

S I O U X

B

l

C IT Y .

MEM.BEB

F. 0.1 .C.

....

t/ r e

'y A #

Northwestern Banker


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

December 1944

a

n

IO W A

k

W a lte r L. V o ig t, p r e s id e n t o f th e
M u rra y C o u n ty State B a n k , S layton ,
M in n esota ; A . B. H a g en , M u rra y c o u n ­
t y a g en t; H e r b e r t F . J o h n s o n , c h a ir­
m an o f th e M u rra y c o u n t y fa r m b u re a u
and fa r m e r an d fe e d e r ; C ecil M. Speer,
m a n a g e r o f th e S la y ton sales p a v ilio n
an d v illa g e c o m m is s io n e r , an d P eter
M etz, fa r m e r an d fe e d e r o f H a d ley ,
M in n esota , s p e n t s e v e ra l d a y s in H o t
S p rin g s, S ou th D ak ota, r e c e n tly , b u y ­
in g ca lv e s fo r 4-H C lu b w o r k fo r n e x t
yea r.

Honor Retired Banker
D allas C. W a k e m a n , re tire d ca sh ier
o f th e W e s te r n N a tion a l B an k , D u lu th ,
M in n esota , w a s h o n o r e d b y officers, d i­
r e c to r s an d e m p lo y e s o f th e W e s t D u ­
lu th B a n k at a d in n e r re c e n tly . C lar­
e n ce A . E r ic k s o n , b a n k d ir e c to r an d
g e n e ra l s u p e rin te n d e n t o f In te rla k e
Iro n C orp., w a s toa stm a ster.
A lfr e d
H oel, p resid en t, fe licita te d M r. W a k e m an fo r h is 17 y e a r s ’ s e r v ic e w ith th e
b a n k as ca sh ier. M r. W a k e m a n re tire d
S ep tem b er 15th an d w a s s u cce e d e d b y
H ild in g J. O lson.

Duluth Bankers
On Committees
H.
C. M atzke, p r e s id e n t o f th e C ity
N a tion a l B an k , an d W ilb u r F. M cL ea n ,
v ic e p re s id e n t o f th e M in n esota N a tio n ­
al B ank, b o th o f D u lu th , M in n esota ,
h a v e b e e n a p p o in te d to w o r k in g c o m ­
m ittees o f th e A m e r ic a n B a n k ers A s s o ­
cia tio n b y W . R a n d o lp h B u rg ess, p r e s i­
den t. B. M u rra y P e y to n , p re s id e n t o f
th e M in n esota N a tion a l B an k , a p a st
m e m b e r o f th e c o m m e r c e an d m a rin e
c o m m itte e o f th e a ssocia tion , w ill c o n ­
tin u e w ith th a t g rou p .

Tell All
H u sb a n d (a r r iv in g h o m e la t e ): Can
y o u g u ess w h e r e I ’v e b een ?
W ife : I can, b u t g o o n w ith y o u r
story .

45
sa v in g s staff, w h o sp o k e on “ B a n k e rs
a n d th e W a r F in a n c e P r o g r a m .”
A ls o on th e p r o g r a m at th e first
th re e m e e tin g s w a s Ralph M. Watson,
p re s id e n t o f th e N o r th w e s t S e cu rity
N a tion a l B a n k , w h o sp o k e o n “ T h e
B a n k ’s P a rt in F in a n c in g P o s tw a r
S m all B u sin e s s.”

SOUTH
D A K O TA
'

NEW S

A <
H. R. KIBBEE, JR.
President
Mitchell

Acting Secretary
LOIS J. HALVORSEN

GEORGE M. STARRING
Secretary-Treasurer
Huron

( I n the Service)

South Dakota Groups Elect Officers
L

A S T m o n th 835 m e m b e rs o f th e
S ou th D a k ota B a n k e rs A s s o c ia tio n
m e t in th e ir re s p e c tiv e g r o u p s to elect
officers fo r th e y ea r. G rou p s 1, 2 and
3 h e ld th e ir m e e tin g s at M itch ell,
G ro u p s 4 an d 5 at R ed field , G rou p 6 at
M o b r id g e an d G rou p 7 at R a p id C ity.
O fficers are as fo llo w s :

Group 1
P resid en t, O. D. H a n sen , v ic e p r e s i­
d en t, B a n k o f U n io n C ou n ty , E lk P oin t;
v ic e p re sid e n t, J. M. L lo y d , v ic e p r e s i­
den t, A m e r ic a n State B an k , Y a n k to n ;
secre ta ry -tre a su re r, M a r t i n K oth e,
ca sh ier, B a n k o f U n io n C ou n ty , E lk
P oin t.

Group 2
P resid en t, C. A . L o v r e , m a n a g er,
B r o o k in g s B ra n ch , N o r th w e s t S e cu rity
N a tion a l B an k , B r o o k in g s ; v ic e p r e s i­
d en t, T o m S. H a rk iso n , p resid en t, N a ­
tio n a l B a n k o f S ou th D akota, S io u x
F a lls ; s e creta ry -trea su rer, Chas. E .L e e ,
ca sh ier, F ir s t N a tion a l B ank, V olg a .

Group 3
P resid en t, F. W . B u n d a y , ca sh ier,
F a r m e r s & M erch a n ts B a n k , W e ssin g to n S p rin g s; v ic e p re sid e n t, C. L. B reck en rid g e, ca sh ier, F irs t N a tion a l B ank,
A r m o u r ; s e c r e ta r y - trea su rer, C. J.
S ch iltz, assista n t ca sh ier, M itch ell N a ­
tio n a l B an k , M itch ell.

p re sid e n t, C. P. S w ift, e x e c u tiv e v ic e
p resid en t, C itizen s State B ank, A r lin g ­
ton ; se creta ry -trea su rer, H . C. W h a le y ,
assista n t m a n a g er, H u r o n B ra n ch ,
N o rth w e s t S e cu rity N a tion a l B ank,
H u ron .

Group 6
P resid en t, J. S. C hase, ca sh ier, F u lk
C o u n ty State B ank, F a u lk to n ; v ic e
p resid en t, R. H. J a ck son , p resid en t, Se­
c u r ity State B an k , M cIn to s h ; s e c r e ­
ta ry -trea su rer, W . P. Jon es, p resid en t,
C itizen s State B ank, M ob rid g e.

Group 7
P resid en t, F. L. C h risten sen , ca sh ier,
B ea r B u tte V a lle y B an k , S tu rg is; v ic e
p resid en t, W . E. D ick e y , v ic e p re sid e n t
an d m a n a g er, S pearfish B ra n ch , F ir s t
N a tion a l B a n k o f th e B la ck H ills,
S p earfish ; se creta ry -trea su rer, L. C.
D o n a ld son , a ssista n t ca sh ier, S tu rg is
B ra n ch , F ir s t N a tion a l B a n k o f th e
B la ck H ills, S tu rgis.
H . B. L o v a ld , ca sh ier, F ir s t N a tio n ­
al B an k , P h ilip , w a s n o m in a te d fo r
e x e c u tiv e c o u n c il m e m b e r to re p la ce
C. J. P osh u sta , N e w U n d e r w o o d , w h o s e
te rm e x p ir e s a fte r th e 1945 c o n v e n tio n .
T h is n o m in a tio n is to b e p re se n te d at
th e 1945 c o n v e n t io n fo r action .

Sioux Falls News

Group 4
P resid en t, J. A. A n d e rs o n , p resid en t,
F ir s t State B an k , P ie rp o n t; v ic e p r e s i­
d en t, S. B. C roth ers, ca sh ier, F a rm e rs
an d M erch a n ts B an k , W a te r to w n ; s e c ­
re ta ry -tre a su re r, E. S ch o u w e ile r, ca sh ­
ier, B a n k o f V eb len , V eb len .
W a lte r K . J o h n s o n , ca sh ier, F a rm e rs
N a tion a l B an k , E ste llin e , n om in a te d
fo r E x e c u t iv e C o u n cil m e m b e r to r e ­
p la ce L. A . L o h r , L a k e N ord en , w h o s e
te rm e x p ir e s a fte r th e 1945 c o n v e n tio n .
T h is n o m in a tio n is to b e p re se n te d at
th e 1945 c o n v e n t io n fo r action .

Group 5
P resid en t, L. T. Ja rm u th , v ic e p r e s i­
d en t, F ir s t N a tion a l B an k , M iller; v ic e


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

B

A N K E R S o f S ou th D a k ota are p la y ­
in g a m a jo r p a rt in th e S ix th W a r
L o a n d riv e , a n d h a v e in d ica ted “ k een
in te r e s t” in d o in g e v e r y th in g p o ssib le
in re a c h in g g o a ls sp eed ily , a c c o r d in g
to C. A. Christopherson, e x e c u tiv e d i­
r e c to r o f th e S ou th D a k ota w a r fin a n ce
c o m m itte e an d p re s id e n t o f th e U n ion
S a v in g s B ank.
C h ris to p h e rs o n e x p re s s e d g ra tifica ­
tio n at th e in te re st in th e b o n d c a m ­
p a ig n s h o w n at a r e c e n t series o f
b a n k e rs g r o u p m e e tin g s h eld at R a p id
C ity, M o b rid g e , R ed field an d M itch ell.
O ne o f th e m e e tin g sp ea k ers w a s W . J.
B eck , d e p u ty a d m in istra to r o f th e w a r

P la y in g a k e y p a rt in o rg a n iz a tio n o f
th e S io u x F a lls w a r b o n d d riv e w a s P.
H. McDowell, v ic e p re s id e n t a n d tru st
officer o f th e N o r th w e s t S e c u r ity N a­
tio n a l B an k , an d w a r fin a n ce c o o r d in a ­
to r fo r co u n tie s o f so u th e a ste rn S ou th
D akota.
A s a state b o n d e x e c u tiv e , C h risto­
p h e r s o n sp o k e at a m e e tin g at w h ic h
th ea tre o p e r a to r s p la n n e d p a rticip a ­
tio n in th e b o n d d riv e. H e u rg e d th at
civ ilia n s “ d e m o n stra te th a t th e h o m e
fr o n t is ju s t as s tr o n g as th e w a r fr o n t ”
in th e c lim a c tic b a ttles “ to era d ica te
th e rats o f E u r o p e a n d th e P a cific.”
A p p o in tm e n t o f a n e w five-m an
b o a r d to su p e r v is e th e S io u x F a lls
m u n ic ip a l a irp ort, u n d e r d ir e c tio n o f
th e c it y c o m m is s io n , a n d to r e c o m ­
m e n d p o lic ie s , ru les an d r e g u la tio n s
fo r its m a in ten a n ce, o p e ra tio n a n d im ­
p r o v e m e n t, w a s a n n o u n c e d b y M a y o r
C. M. W h itfie ld .
One o f th e five
b o a r d m e m b e rs is P. H. McDowell,
v ic e p r e s id e n t a n d tru st officer o f th e
N o r th w e s t S e cu rity N a tion a l B ank.
A t its o rg a n iz a tio n m e e tin g fo r th e
c o m in g y ea r, th e b o a r d o f d ir e c to r s o f
th e S io u x F a lls C h a m b er o f C o m m e rce
w e lc o m e d tw o n e w m e m b e rs, b o th o f
th em b a n k ers.
T h e y are Tom S.
Harkison, p re s id e n t o f th e N a tion a l
B a n k o f S ou th D akota, an d T. N. Hayter, v ic e p re s id e n t o f th e F ir s t N a­
tio n a l B a n k an d T ru s t C om p a n y .
E le c tio n o f Ross E. Hunt, fo r m e r ly
ca sh ie r o f th e F ir s t State B a n k at
P a rk R iv e r , N o rth D ak ota, as a ssista n t
ca sh ie r o f th e N a tion a l B a n k o f S ou th
D ak ota, w a s a n n o u n c e d b y T. S. Harki­
son, p resid en t.
H a r k is o n a lso an ­
n o u n c e d th at W. J. Corcoran, w h o has
b e e n a u d ito r o f th e b a n k fo r th e p ast
2 V2 y ea rs, has b e e n p r o m o te d to th e
p o s itio n o f a ssista n t ca sh ier.
R e c e n t ly r e e le c te d fo r a tw o -y e a r
te rm as d ir e c to r o f th e M in n eh a h a
C o u n try C lu b in S io u x F a lls w a s P. H.
McDowell, v ic e p re s id e n t an d tru st offi­
c e r o f th e N o r th w e s t S e cu rity N a tion a l
B ank.
W h e n m e m b e rs o f th e W o o d la w n
C e m e te ry A s s o c ia tio n h e ld th e ir a n ­
n u a l m e e tin g in S io u x F a lls, th e y
n a m ed as v ic e p re s id e n t C. A. Christo­
pherson, p re s id e n t o f th e U n io n Sav-

Northwestern Banker

December 19kb

46

*

SOUTH

in g s B an k , a n d th e p o s t o f assistan t
trea su rer w e n t to John Barton, v ic e
p re sid e n t o f th e N o r th w e s t S e cu rity
N a tion a l B ank.
W ith a m e m b e r s h ip m o re th a n
d ou b led , th e S io u x F a lls C iv ic M u sic
A s s o c ia tio n s p o n s o r e d tw o fine c o n ­
certs d u rin g th e p ast m on th . P r e s i­
d en t o f th e o rg a n iz a tio n is Mrs. Wil­
liam C. Duffy, w ife o f th e v ic e p r e s i­
d en t o f th e U n io n S a v in g s B ank.

T
N

ew

Y

Co

DAKOTA

NEWS

Federal Reserve Director
J. R. M cK n ig h t, p re s id e n t o f the
P ie rre N a tion a l B an k , P ierre, S ou th
D akota, w a s re-elected last m o n th as a
d ir e c to r o f th e F e d e ra l R e s e r v e B an k
o f M in n ea p olis. H e se rv e s as a C lass A
d ir e c to r fo r a th re e y e a r term , b e g in ­
n in g J a n u a ry 1, 1945.

AIB Classes Started
T h e S io u x F a lls C h a p ter o f th e
A m e r ic a n In stitu te o f B a n k in g op e n e d
its y e a r ’s a ctiv itie s r e c e n tly in its cla ss­
r o o m s in th e S e cu rity B a n k B u ild in g ,

he

ork

T

rust

•
d er th e n e w stre a m lin e d a rra n g e m e n t
as a u th o rize d b y th e n a tion a l office.
L o r e n I. S h oop o f th e F ir s t N a tion a l
B a n k an d T ru s t C om p a n y , th e c h a p ­
te r ’s fo r u m an d sem in a r ch a irm a n ,
p la n s to s p o n s o r fo u r o r five m eetin g s
fo r th e se n io r ch a p te r m e m b e rs and
b a n k officers d u r in g th e c o m in g w in te r
m on th s.

Returns to Huron Bank
L o u is A . M ey ers, w h o left h is p o s i­
tio n as assista n t m a n a g er o f th e H u r o n
B ra n ch o f th e N o r th w e s t S e cu rity N a­
tio n a l B a n k o f S io u x F a lls a fe w w e e k s
a g o to b e c o m e a ssocia ted w ith a b a n k
at W in n e r , has r e tu r n e d to h is fo r m e r
p o s itio n at H u ro n , it w a s a n n o u n ce d
last m on th .

Community Buys Bank

m pan y

A fte r w e e k s o f u n c e r ta in ty c o n ­
c e r n in g th e fu tu r e o f th e C h a n ce llo r
State B an k , C h a n cellor, S ou th D akota,
fa rm e rs an d b u sin e ss m en th e re b y
p u r c h a s in g th e ca p ita l s to c k h a v e
a ssu red th e fu tu re o f th e b a n k ’s o p e r a ­
tion.
V. L. G otth elf, w h o has h ad m a n y
y e a rs o f e x p e r ie n c e in th e b a n k in g
b u sin ess, w ill op e ra te th e b a n k fo r th e
n e w c o m m u n ity o w n e rs . H e h as b een
in c h a rg e o f th e b a n k sin ce last A p ril.

Capital Funds Over $50,000,000

IO O BROADWAY
M A D IS O N

AVENUE

AN D 40TH

STREET

TEN

With New Bank at Gary

ROCKEFELLER
PLAZA
R O Y E. W IL L Y
Sioux Falls A IB Instructor

Member o f the Federal Deposit Insurance Corporation

S io u x F alls, w ith P re s id e n t L . H .
H a g en p resid in g . H e in tr o d u c e d R o y
E . W illy to th e c h a p te r ’s n e w cla ss in
C o m m e rcia l L a w .
T h e c h a p te r ’s m e m b e rsh ip ch a irm a n ,
B. F. B org e rs, r e p o r ts th at a p p r o x i­
m a te ly 15 stu d en ts e n r o lle d in th e la w
class th is season , ta k in g th e w o r k u n ­

JUSTRITE Bf l l ì Ki nG- BV- mAIL

5

J oh n T h o e lk e a n n o u n ce d r e c e n tly
th at h e has a cce p te d a p o s itio n w ith
th e n e w b a n k at G a ry an d w ill e n te r
u p o n h is n e w d u ties at th e o p e n in g o f
th e ban k , w h ic h w a s e x p e c te d b y D e­
c e m b e r first o r th e first o f th e yea r. A t
p re s e n t h e is e m p lo y e d at th e D eu el
C o u n ty N a tion a l B a n k in C lear L a k e,
S ou th D akota. H e is a lso p r o p r ie to r
o f th e B o w lin g A lle y s and is c le r k o f
th e s c h o o l b oa rd , in a d d itio n to b e in g
s e c r e ta r y o f th e C lear L a k e C o m m e r­
cia l C lu b an d c it y trea su rer.

VSTEÍI1 S SAVE Tl fAE!

'D C û tin ct S ty C e d ta *pct tyo cci ‘S tu tú cn y 'TfeecCa

1
!

Save Customer's Time and Save Time at the Teller's Cages— The Justrite Banking-By-Mail
System will enable you to handle more banking business by completing daily deposits in a
shorter time.
Available in two distinct styles: The One-Piece type with Deposit Slip. Receipt and Return
Envelope as a unit. The Three-Piece type as illustrated with Deposit
Slip and Receipt, Return Envelope and large Window Envelope for
return of receipt and new deposit set-up to customer.
Investigate the possibilities of the Justrite Banking-By-Mail System.
Your Dealer will show you samples, or if you have no regular source,
write directly to our factory.

¡¡¡S®
‘crc..
Ite -

I

i
J

A

B

CUSTOMERS
M AILING

D E PO SIT SL IP
AND

ENVELOPE

RECEIPT

Northwestern Banker


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

December Í944

C
W IN D O W
ADDRESS
V ISIB LE

ENVELOPE
ON

RECEIPT

THRU

W IN DO W

nORTHERn STATES ERVELOPE CO.
Chicago 4 , Illinois

St. Paul 1, Minnesota

47
m e m b e rs h ip in th e C h ica g o ch a p te r in
th e in stitu te. In 1912, th e m e n w h o
re p r e s e n te d th e la rg e r b a n k s in th e
R e s e r v e citie s fe lt it n e c e s s a r y to h a v e
an o rg a n iz a tio n fo r th e ir g ro u p , o f
w h ic h I b e ca m e a ch a rte r m e m b e r and
still h o ld an h o n o r a r y m e m b e r s h ip in
th e a ssocia tion .

NORTH
DAKOTA

Supports State Representation

A. C. IDSYOOG
President
Grafton

NEWS

Appointed Council Member

C. 0 . W ATTAM
Secretary
Fargo

Named Vice President

C.
W . B u rg es, ca sh ie r o f th e S e cu rity R . A . H. B ra n d t, e x e c u tiv e v ic e p r e s i­
d en t o f th e F ir s t N a tion a l B an k , M i­
N a tion a l B an k , E d g e le y , N orth D akota,
n ot, has b e e n a p p o in te d N o rth D ak ota
h as b e e n a p p o in te d as a m e m b e r o f
v ic e p re s id e n t o f th e A m e r ic a n B a n k ­
th e N o rth D a k ota State L e g is la tiv e
ers A s s o cia tio n , a c c o r d in g to a n n o u n c e ­
C o u n cil b y W . R a n d o lp h B u rg ess, p r e s ­
id en t o f th e A m e r ic a n B a n k ers A s s o ­ m en t r e c e iv e d last m o n th fr o m W . R a n ­
d o lp h B u rg ess, N e w Y o r k C ity, p r e s i­
cia tion .
S u ch an a p p o in tm e n t as a
d en t o f th e o rg a n iza tion .
m e m b e r o f o n e o f th e fo r t y w o r k in g
g r o u p s o f th e a sso cia tio n is n o t o n ly a
p e rs o n a l r e c o g n itio n a c c o r d e d M r. B u r ­
ges, b u t is a n a tion a l r e c o g n itio n sh a red
S h a rpe P reu tz, ca sh ier o f th e State
b y all th e b a n k s o f L e M o u re co u n ty .
B a n k o f K u lm , N orth D ak ota, w a s
n a m ed p re s id e n t o f th e sou th ea stern
d is trict o f th e N o rth D a k ota B a n k ers
I.
E. G ied t o f R ich a rd to n , N orth D a­A s s o c ia tio n w h e n it m et at V a lle y C ity
kota , w a s ele cte d p re s id e n t o f th e
re c e n tly .
P. J. S ch irb er, p resid en t,
S o u th w e s te rn N o rth D a k ota b a n k ers
J am es R iv e r N a tion a l B an k , J a m es­
g r o u p at a r e c e n t m e e tin g in B ism a rck .
to w n , is v ic e p resid en t, a n d C h rist
O ther officers n a m ed w e r e G. A . L en H a a rsa g er, ca sh ier, L itc h v ille State
h art, H a zelton , v ic e p re sid e n t; A . A.
B a n k o f L itc h v ille , w a s n a m ed a m e m ­
M ayer, B ism a rck , secreta ry -trea su rer,
b e r o f th e state n o m in a tin g com m itte e .
an d I. G. F ish e r, D ick in so n , m e m b e r o f
R u s s e ll H o u g e n , v ic e p re s id e n t and
th e state n o m in a tin g com m itte e .
ca sh ier o f th e A m e r ic a n N a tion a l B a n k
o f V a lle y C ity, is secreta ry -trea su rer.

Southeastern District Elects

Southwestern Group Officers

Approve Capital Increases
N o rth D a k o ta ’s state b a n k in g h oa rd
said last m o n th it h ad a p p r o v e d ca p ita l
in cre a se s o f fr o m $15,000 to $25,000 fo r
b o th th e P e o p le s State B a n k o f Parsh a ll and th e C itizen s State B a n k o f
F in le y .
T h e re w e r e n o ch a n g e s in
b a n k titles, liq u id a tion s, c o n s o lid a tio n s
o r clo sin g s.

Group Holds Election
M o n ra d O lson, p resid en t, C o m m e r­
cia l State B an k , S anish, N o rth D akota,
w a s ele cte d p r e s id e n t o f th e N o r th w e s t
g r o u p o f th e N o rth D a k ota B a n k ers
A s s o c ia tio n at a d in n e r m e e tin g h eld
r e c e n t ly at th e M in ot C o u n tr y Club.
M r. O lson s u cce e d s W . P. C am p bell,
ca sh ier, S e c u r ity State B an k , D u n seith ,
w h o w a s n a m ed a m e m b e r o f th e b a n k ­
e r ’ s state e x e c u tiv e c o u n c il.
F . E . S tew art, ca sh ier, A m e r ic a n
State B an k , W illis to n , w a s c h o s e n v ic e
p r e s id e n t o f th e d is tr ic t an d C h a rles F.
A n d e r s o n , a ssista n t ca sh ie r o f th e F irs t
N a tion a l B an k , M in ot, se cre ta ry -tre a s­
u rer.


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Federal Reserve Bank of St. Louis

39 Y E A R S IN BA N KIN G
(C o n tin u e d fr o m p a g e 17)
C h apm an , a state sen a tor an d at th a t
tim e p r e s id e n t o f th e J e rse y State
B a n k at J e rs e y v ille , I p re p a re d a r e s o ­
lu tio n to b e p re se n te d to th e state c o n ­
v e n tio n , th e re su lt b e in g th e d e cis io n
to o rg a n iz e th e g r o u p s y ste m fo r ou r
state w h ic h w a s a d op ted a n d a g ro u p
c o m m itte e w a s a p p oin ted , o f w h ic h I
w a s m ad e a m em b er.
A t th e A m e r ic a n B a n k ers C o n v e n ­
tio n h e ld at N e w O rlean s in 1911 I w a s
e le cte d a m e m b e r o f th e e x e c u tiv e
c o u n c il a n d m y first v o te in th a t g ro u p
w a s ca st in fa v o r o f A r th u r R e y n o ld s
o f D es M oin es fo r ch a irm a n o f th e
e x e c u tiv e co u n c il.
F r o m m y first c o n n e c tio n w ith b a n k ­
in g in te re sts I b e ca m e id en tified w ith
th e e d u ca tio n a l m o v e m e n t k n o w n as
th e A m e r ic a n In stitu te o f B a n k in g ,
s e r v in g in th e A .B .A . on th a t c o m m it­
tee, as w e ll as s e v e ra l o th e r c o m m it­
tees d u r in g th e fo u r te rm s I se r v e d on
th e c o u n c il an d I still h o ld h o n o r a r y

T h e first A .B .A . c o n v e n t io n I at­
te n d e d w a s h e ld at A tla n tic C ity in
O ctober, 1907. T h e r e I jo in e d w ith th e
d e le g a tio n fr o m Io w a in s u p p o r tin g an
a m e n d m e n t to th e c o n s titu tio n w h ic h
p r o v id e d th at e v e r y state sh o u ld b e
re p re s e n te d o n th e e x e c u tiv e co u n c il.
P r io r to th a t tim e th e re h a d b e e n n o
o n e ele cte d to th e c o u n c il fr o m th e te r ­
r it o r y w e s t o f th e M iss ou ri R iv er.
D u r in g th e n e a r ly fo r t y y e a rs th at
I h a v e b e e n a ctiv e in th e N a tion a l
A s s o c ia tio n I re p re s e n te d Illin o is m a n y
tim es on th e n o m in a tin g co m m itte e ,
b e in g ch a irm a n o f th at g ro u p fr e q u e n t­
ly, w h ic h p o s itio n en a b led m e to as­
sist in th e s e le ctio n o f th e n a tion a l
officers.
M y e x p e r ie n c e d u r in g th ese y e a rs
has ta u g h t m e th a t th e b a n k e rs o f th is
c o u n t r y are a v e r y h u m a n an d fr ie n d ly
g rou p , m u ch m o re so th a n th e y are
cre d ite d w ith b e in g b y som e p o liticia n s
an d o th e rs w h o are w illin g to m is ju d g e
th e m as th e re s u lt o f m ista k es m ade b y
a c o m p a r a tiv e ly fe w o f th e p ro fe ssio n .
E a r ly in m y b a n k in g c o n n e c tio n s I
w a s fo rtu n a te in fo r m in g th e a cq u a in t­
a n ce o f H a r r y W ilk in s o n , fo r m o re
th a n fo r t y y e a rs e d ito r an d p u b lis h e r
o f th e C h ica g o Banker. On C h ristm as
d a y m a n y y e a rs ago, h e sen t b y m e s ­
s e n g e r to m e at th e b a n k a ra ilro a d
p r e s id e n t’s m o d e l w a tch , an old tim er,
an d w h ic h b o r e th is in s c r ip tio n “ T o
Col. W . G. E d en s, E v e r y b o d y ’s F rien d .
H . W .” T h is to u c h e d m e d eep ly , fo r
as an old r a ilro a d e r I h a d a lw a y s
w a n te d to p ossess su ch a tim e p ie ce . I
th in k th e in s c r ip tio n fa ir ly illu stra tes
m y e fforts, fo r d u r in g m y a lm ost
fo r t y y e a r s in b a n k in g I h a v e e n ­
d e a v o r e d to b e fr ie n d ly a n d c o o p ­
erative.
W h e n G en era l D a w es re tu r n e d fr o m
F ra n ce , a fte r s e r v in g fo r tw o y e a rs in
th e F ir s t W o r ld W a r, a n d w h e n I w a s
co n g r a tu la tin g h im o n th e sp le n d id r e c ­
o rd h e h a d m ade, h e said to m e,
“ E d en s, I ca n a lrea d y see th e im p r o v e ­
m en ts th a t are b e in g m a d e in o u r roa d
sy stem ; y o u sh o u ld b e v e r y p r o u d o f
th e p a rt y o u h a v e ta k en in th e g o o d
roa d s m o v e m e n t in Illin o is ; it is fu n d a ­
m en ta l an d is b o u n d to lin k y o u r n a m e
w ith th e h is to r y o f th e state.”
The
E d en s P a rk w a y , a fo u r lan e h ig h w a y
fr o m C h ica g o to th e W is c o n s in state
lin e n o w u n d e r c o n s tr u c tio n , w ill b e
c o m p le te d a fte r th e w a r.
Northwestern Banker

D ecem ber 1944
X

48

COMPLETE
CORRESPONDENT
FACILITIES

Northwestern Banker


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Federal Reserve Bank of St. Louis

D ecem ber

49
B ea trice State B ank, B ea trice, N eb ra s­
ka, h as b e e n a p p o in te d b y W . R a n ­
d o lp h B u rg ess, p r e s id e n t o f th e A m e r i­
ca n B a n k ers A s s o cia tio n , to th e o r g a n i­
z a tion c o m m itte e an d c o n s u m e r cre d it
co m m itte e .

NEBRASKA

NEWS

Becomes Vice President

EDGAR M cBRIDE
President
Blue Hill

WM. B. HU G H ES
Secretary
Omaha

On Ration Commission
J. D. M illik en , p r e s id e n t o f th e F r e ­
m o n t N a tion a l B an k , F re m o n t, N e b ra s­
ka, h as b e e n n a m ed a m e m b e r o f th e
ra tio n c o u p o n b a n k in g c o m m is s io n o f
th e A m e r ic a n B a n k ers A s s o cia tio n ,
R a n d o lp h B u rg ess, p re s id e n t o f th e
a ssocia tion , a n n ou n ced .
T h is c o m m is s io n is a p p o in te d as p a rt
o f th e a s s o c ia tio n ’s p r o g r a m to im ­
p r o v e b a n k in g se rv ice . It w ill also o f­
fe r a ssista n ce to ra tio n b oa rd s, ap art
fr o m b a n k in g a ctiv ities.

Cashier Resigns
J o h n W . B roa d h u rst, w h o h as b een
an e m p lo y e o f th e F ir s t State B ank,
S cottsb lu ff, N eb ra sk a , fo r se v e n yea rs,
has r e s ig n e d h is jo b as ca sh ie r an d w ill
o p e ra te th e F r ie n d ly F o o d S tore.

Banker Re-elected

ka, lan d o w n e r a n d fo r m e r b a n k er,
p a ssed a w a y in O m aha last m on th .
In 1892 M r. Y o n t b e ca m e ca sh ie r o f
th e B a n k o f B ro ck , an in s titu tio n th a t
b e c a m e k n o w n o v e r a w id e te r r ito r y
fo r its ca re fu l, so u n d b a n k in g p ra ctice s
in stitu te d b y M r. Y on t. In 1919 h e w a s
m a d e p r e s id e n t o f th e o rg a n iz a tio n and
at th e tim e o f h is r e tir e m e n t in 1942,
w h e n h e v o lu n ta r ily liq u id a te d th e g o ­
in g co n c e r n , h e w a s th e o ld e s t b a n k e r
in th e state in p o in t o f c o n tin u o u s
s e r v ic e w ith th e sa m e b a n k in g in sti­
tu tion .
In 1925 h e b e c a m e p re s id e n t o f th e
F r e m o n t J o in t-S to ck L a n d B an k . H e
w a s ch o s e n a d ir e c to r o f th e F o u r th
re g io n a l C lea rin g H o u s e A s s o c ia tio n ; a
ch a rte r m e m b e r o f th e N eb ra sk a B a n k ­
ers A s s o c ia tio n a n d a m e m b e r o f th e
A m e r ic a n B a n k ers A s s o cia tio n .
He
w a s o n th e b o a rd o f d ire cto rs o f th e
L in c o ln T ru s t C om p a n y .

J.
E . C on k lin , p re sid e n t, H u b b e ll
B an k , an d in s u ra n ce m a n fr o m H ubT h e F ir s t N a tion a l B a n k o f F a irbell, N eb ra sk a , w o n re -e le ctio n as r e p ­
b u ry , N eb ra sk a , last m o n th to o k o v e r
re s e n ta tiv e fr o m th e le g is la tiv e d istrict
th e a c co u n ts an d assets o f th e D iller
c o m p r is in g J e ffe rs o n an d T h a y e r c o u n ­
State B a n k o f D iller. O. J. M a y b orn ,
ties b y a v o te o f m o r e th a n tw o to one.
p re s id e n t o f th e D iller B an k , h a d a
h ea rt a tta ck s e v e ra l w e e k s ago, and
W . E. A n d e r s o n , ca sh ier, r e c e n tly had
A lv e r n a K r o e n k e h as r e s ig n e d h er
a m a jo r o p e r a tio n an d w ill n o t b e able
p o s itio n as b o o k k e e p e r in th e F a rm e rs
to d o a n y w o r k fo r so m e tim e. T h is
State B a n k , D od g e, N eb ra sk a , an d h er
le ft th e b a n k w ith o u t an a c tiv e h ead.
p o s itio n has b e e n filled b y N orm a
A t th e re q u e s t o f M r. M a y b o rn th e
W o lff.
F ir s t N a tion a l has ta k en o v e r th e ba n k ,
tr a n s fe r r in g all a cco u n ts to F a irb u ry .

A lv in E. J oh n s on , p r e s id e n t o f th e
L iv e S to ck N a tion a l B an k , O m aha, has
a n n o u n ce d th e e le c tio n o f W a d e R.
M artin , L in c o ln , as v ic e p re s id e n t o f
th e b a n k in th e c o u n t r y b a n k d iv isio n .
M r. M a rtin a ssu m ed h is n e w d u ties o n
D e ce m b e r 1st. H e w a s 'd ir e c t o r o f th e
D e p a rtm e n t o f B a n k in g at L in c o ln ,
a n d is a lso p re sid e n t o f th e C o m m e rcia l
B a n k at S tratton, N ebrask a.
M r. M a rtin w a s b o r n at F r e m o n t an d
m o v e d to L in c o ln in 1907 w h e r e h e at­
ten d ed L in c o ln h ig h sch o o l. H e g ra d ­
u a ted fr o m th e U n iv e r s ity o f N eb ra sk a
in 1911, b e c a m e assista n t ca sh ie r o f th e
N eb ra sk a State B a n k o f L in c o ln in
1915.
H e jo in e d th e U n ited States

Takes Over Bank

Takes Dodge Bank Post

Retired Banker Dies
C la ren ce E d w in Y o n t, 76, w id e ly
k n o w n B r o c k , N em a h a co u n ty , N e b ra s­

Appointed to Committees
R ic h a r d W . T r e fz , p re s id e n t o f the

W A D E R. M A R T IN
Newly Elected Vice President

A r m e d F o r c e s in 1917 an d at th e tim e
o f h is d isch a rg e fr o m th e a rm y , w a s
ca p ta in in th e F ie ld A r tille r y . It w a s
d u r in g th e tim e h e se rv e d in th e a r m y
th at h e m et G o v e r n o r D w ig h t G ris­
w o ld .

S carborough ¿ .C ompany


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Federal Reserve Bank of St. Louis

c/ n &
First National Bank Building, Chicago

u k a M

c ty Û

o« aM

â

Horace A. Smith, Iow a Representative
Des Moines, Iowa

N orthwestern Banker

D ecem ber Í 9 M

50

* NEBRASKA
On D e ce m b e r 1, 1919, M r. M a rtin p u r ­
ch a sed c o n tr o llin g in te re st in th e C o m ­
m e rcia l B a n k in g C o m p a n y o f S tratton
an d re m a in e d at S tra tton u n til b e c o m ­
in g D ire cto r o f B a n k in g u n d e r th e ad­
m in istra tio n o f G o v e r n o r G ris w o ld in
J a n u a ry , 1941.
In 1928-29 M r. M a rtin w a s State C om ­
m a n d e r o f th e A m e r ic a n L e g io n .
In c o m m e n tin g u p o n M r. M a rtin ’s
re sig n a tio n as D ir e c to r o f B a n k in g ,
G o v e r n o r G risw o ld sta ted: “ A s on e o f
th e e x e c u tiv e s w h o has s e rv e d sin ce
th e b e g in n in g o f m y a d m in istra tion , h e
has b e e n on e o f th o s e re s p o n s ib le fo r
w h a te v e r su cce ss w e h a v e a c c o m ­
p lis h e d .”

Attend Son's Graduation
H a r r y I. H y lto n , assista n t ca sh ier,
G resh a m State B an k , G resh am , N e­
b rask a, and M rs. H y lto n , s p e n t a w e e k
in W a s h in g to n , D. C., re c e n tly , attend-

NEWS

in g th e g ra d u a tio n o f th e ir son , Lt.
D o n H y lto n , fr o m a s c h o o l fo r s p e cia l­
ized tra in in g fo r officers in th e M a rin e
C orp s R e s e rv e .
W h e n h is w o r k is
co m p le te d , L t. H y lto n w ill b e a ssign ed
to a ctiv e d u ty.

Bank Sponsors Contest
In a c o n te s t s p o n s o r e d b y th e M u r­
ra y State B an k , P la ttsm ou th , N eb ra s­
ka, th e s u b je c t o f w h ic h w a s “ W h a t
4-H C lu b W o r k M ean s to M y F u tu r e ,”
E lm e r Isk e, P la ttsm ou th , w o n th e first
p rize o f an A n g u s steer ca lf; R ich a rd
Sack, P la ttsm ou th , w o n se c o n d p riz e
o f an A n g u s h e ife r ca lf, a n d L y le
S ch a fer, N eh a w k a , w o n th ird p r iz e o f
a H e r e fo r d steer ca lf. P riz e s w e r e d o ­
n a ted b y th e M u rra y State B ank an d
A r th u r an d F. J. H ild.

After Hour Depository
A n “ a fter h o u r d e p o s ito r y ,” a va ila b le

You Get FULL MEASURE of
|W

SERVICE at
C ity N a tio n a l B a n k
"C ity N ation a l" has taken care of its cus­
tomers to their satisfaction and enjoys a
national reputation as an outstanding,
fast-growing bank, exceptionally capable,
through experienced personnel, to handle
all your correspondent banking needs.
It has proven a capable banking ally for
31 years, through wars and depressions.
On this record w e invite your K ansas City
business.

K a n s a s C i t y ’s

F a vo rite B a n k

C IT Y N A T IO N A L B A M & T R U S T C O .
18th &Grand

Kansas Cltï' M°-

•to th e cu s to m e rs o f a n y N eb ra sk a C ity
ba n k , is b e in g in sta lled at th e F a rm e rs
B a n k in N eb ra sk a C ity.

New Elm Creek Bank
A r tic le s o f in c o r p o r a tio n h a v e b e e n
d ra w n u p fo r a b a n k to o p e n th e first
o f th is m on th , to be k n o w n as th e E lm
C reek State B a n k at E lm C reek, N e ­
b rask a. T h e a u th o rize d ca p ita l s to ck
o f th e c o r p o r a tio n is $25,000.

Notes Fifteenth Year
T h e E d is o n B a n k o f E d ison , N e b ra s­
ka, ce le b ra te d its fifteen th a n n iv e rs a ry
r e ce n tly . D u r in g th a t tim e th e sam e
m a n a g e m e n t h as b e e n in ch a rg e o f th e
ban k . T h e b o a rd o f d ir e c to r s con sists
o f J. C. S a n derson , G. E. F ritz e r, C ly d e
S. P ain e, E lg e B a rd a n d M erlin R.
G arey. A u g u s t W a r n e r , w h o w a s on e
o f th e o r ig in a l d ir e c to r s , died.
Mr.
S a n d erson is s e r v in g as p re s id e n t o f
th e ba n k , b u t is n o t a c tiv e in its d a ily
o p era tion .
M erlin R. G a rey is v ic e
p re sid e n t an d ca sh ier, an d a c tiv e as
m a n a g er o f th e in stitu tio n ; M rs. C ora
J. G a rey, assista n t ca sh ier, an d M rs.
M a rg a ret B illesb a ch , b o o k k e e p e r .

B ea trice State B an k , B ea trice, N e ­
b rask a, officers an d e m p lo y e s w e r e d in ­
n e r g u ests o f R. W . T r e fz , p resid en t,
re c e n tly , at th e P a d d ock . T h e ir m o n th ­
ly d is cu s s io n a n d r e p o r ts fo llo w e d at
th e ban k .

D ecem ber

Lr

Former Bank President Dies
Ira A lv a K irk , fo r m e r G ib b on , N e ­
brask a, b a n k e r, d ie d r e c e n tly at th e
M a son ic H o m e in P la ttsm ou th , N eb ra s­
ka, at th e age o f 75. H e w a s in th e lu m ­
b e r an d co a l b u sin e ss w ith h is fa th e r
an d la ter w a s in th e b a n k in g b u sin e ss
in th e F ir s t N a tion a l B a n k a n d later
th e E x c h a n g e B a n k th ere, o f w h ic h h e
w a s p resid en t.

THE KIND OF SERVICE YOU W ANT—WHEN YOU WANT IT

Northwestern Banker

T

Entertains Bank Staff

The TOOTLE-LACY

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Federal Reserve Bank of St. Louis

S-

4

51
T h e b a n k s r e p o r te d “ so m e in c r e a s e ”
in th e n u m b e r o f a c co u n ts an d in th e
a m o u n t o f sa v in g s o v e r p r e v io u s y ea rs,
b u t n o t in a n y p r o p o r tio n to th e in ­
crea se in in c o m e s an d g e n e ra l s a v ­
in g s c o m p a r e d w ith p re-w a r y ea rs.
G en era l sa v in g s h a v e n e a r ly d ou b led .
A m o n g old -tim e m e m b e rs o f th e
O m aha R o ta r y C lu b h o n o r e d at a
lu n c h e o n r e c e n tly as “ R o ta r y P io ­
n e e r s ” w a s D. P. Hogan, w h o w a s
p r e s id e n t o f th e F e d e r a l L a n d B a n k
o f O m aha sin ce its o rg a n iz a tio n in
1917 u n til h is r e tire m e n t a fe w y e a rs
ago. M r. H o g a n has b e e n a R o ta ry
m e m b e r fo r m o r e th a n 25 yea rs.
G en era ls M arsh all, M a c A r th u r and
E is e n h o w e r w e r e lis te d as a m o n g
fa m o u s R ota ria n s.
to ta lin g $315,000 w e re
m a d e b y J o h n A . M u n roe, retired
v ic e p r e s id e n t o f th e U n io n P a cific
R a ilro a d an d c o -fo u n d e r o f th e H a ttie
B. M u n r o e H o m e fo r C o n v a le s cin g
C h ild re n at O m aha.
T h e O m ahan
d ie d O cto b e r 6th at L o n g B ea ch , C ali­
fo rn ia .
It w a s estim a ted th at h is estate
m ig h t tota l n e a r ly on e m illio n dolla rs.
A m o n g th e leg a tees w a s James T.
Wachob, o f O m aha, ch a irm a n o f th e
b o a r d o f th e W a c h o b -B e n d e r C o r p o r a ­
tio n , in v e s tm e n t b a n k ers. H e re c e iv e d
$5,000.

B

eq u ests

T h r e e fo r m e r O m ahan s, Guy Gadp r e v io u s ly w ith B u rn s-P otter
C om p a n y , O m aha in v e s tm e n t b a n k ers;
J. T h o m a s R u s s e ll a n d J e r r y H all, are
m e m b e r s o f th e six -m a n a d v is o r y
b o a r d o f M a n a g em en t, In c., a n e w in ­
v e s tm e n t c o u n s e lin g firm at B e v e r ly
H ills, C a liforn ia . M r. G a d b ois is p r e s i­
d e n t o f th e c o n c e r n . H is w ife is th e
fo r m e r M a rce lle F old a , on e-tim e Q u een
o f A k -S a r-B en a n d d a u g h te r o f th e late
E . P. F old a , O m aha a n d ou tsta te
b a n k er.

bois,

Charles D. Saunders o f th e F irs t
N a tion a l B a n k o f O m aha, as ch a irm a n

o f th e O m aha C h a m b er o f C o m m e rce
E x e c u t iv e C om m ittee, w a s to n a m e a
n e w ch a irm a n o f th e C h a m b e r’s P o s t­
w a r P la n n in g C om m ittee to s u cce e d
Alvin E. Johnson, p re s id e n t o f th e
L iv e S to ck N a tion a l B a n k o f O m aha.
M r. J o h n s o n re s ig n e d b e ca u se o f o th e r
in terests, in c lu d in g h is w o r k as d i­
r e c to r a n d tre a su re r o f th e F a rm
C rops P r o c e s s in g C o rp o ra tio n , w h ic h
o p era tes th e b ig O m aha a lco h o l plan t.

Mr. and Mrs. A. R. Reed o f O m aha
w e r e h o sts r e c e n tly at a fa m ily r e ­
u n io n a n d at an o p e n h o u s e fo r 200
g u ests to m a rk th e ir G old en W e d d in g .
M r. R e e d is c h a irm a n o f th e b o a rd
o f th e B y r o n R e e d C o m p a n y a n d a
d ir e c to r o f th e U n ited States N a tion a l
B a n k o f O m aha.
A m o n g th e a ssistin g g u ests w e r e Mr.
and Mrs. Victor Caldwell, Jr., Mrs.
Douglas Peters, and Mrs. J. F. Mc­
Dermott.
M ore th an 7,000 p e o p le a ccu m u la te d
n e a rly a h a lf m illio n d olla rs in C h rist­
m as C lu b sa v in g s in Omaha banks d u r ­
in g th e p ast y ea r. S om e b a n k s b e g a n
m a ilin g c h e c k s N o v e m b e r 15th, som e
earlier, an d o th e rs w e r e to m a il th em
D e c e m b e r 1st.

NATIONA
M IL T O N T O O T L E , JR.
PR ESID EN T

E . H . Z IM M E R M A N
VICE P R ESID EN T

GR AH AM G. LACY
VICE PR E SID E N T

M I L T O N T O O T L E , III
VIC E PR ESID EN T


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

BANK
R. E. W ALES
CASHIER
FRED T. BURRI
ASST. CASHIER

Robert Hall, e x e c u tiv e officer o f th e
N o rth S ide B a n k o f O m aha, w a s c h a ir ­
m a n o f p u b lic ity fo r th e C en ten n ial
d in n e r w h ic h th e O m aha Y. M. C. A .
s p o n s o r e d N o v e m b e r 24th w h e n G ro v e
P a tterson , T o le d o , O hio, Blade ed itor,
w a s sp eak er.
M r. H a ll r e c e n tly w a s re -elected
p re s id e n t o f th e B o a rd o f T ru s te e s o f
th e O m aha C h ild re n ’s M e m o ria l H o s ­
pital, fu n d s fo r w h ic h are n o w b e in g
raised. T h e H o sp ita l fu n d n o w tota ls
m o r e th a n $300,000. M rs. D a n iel W .
C a m p b ell a n d H a r r y C o ffe e w e r e
e le cte d n e w tru stees o f th e H osp ita l.
T ru s te e s re-elected in clu d e M r. H all,
R u sse ll J. H o p le y , p re s id e n t o f th e
N o r th w e s te r n B e ll T e le p h o n e C om ­
p a n y ; M iss
E ile e n
K elih er- Jeffers,
d a u g h te r o f W illia m M. Jeffers, p r e s i­
d en t o f th e U n io n P a cific S y stem an d
fo r m e r ru b b e r czar; A lv in E. J o h n s o n ,
p re s id e n t o f th e L iv e S to ck N a tion a l
B a n k o f O m aha.
B a n k “ e x c h a n g e c h a r g e s ” are a
“ fo r m o f e x tr a c tio n v e r y c lo s e ly a k in
to p e tty la r c e n y ,” in th e o p in io n o f
J. H. Peters, p re s id e n t o f th e L o v e la n d ,
C olora d o, F ir s t N a tion a l B a n k , w h o
sp o k e b e fo r e th e O m aha A s s o c ia tio n o f

ST. JOSEPH, MO.

E . H . SCH O PP
ASST. CASHIER

M em ber Federal Deposit
Insurance Corporation

E . L. CRUM E
ASST. CASHIER

Northwestern Banker

D ecem ber

52
d ra w e e b a n k d o fo r th e p a y ee o f a
c h e c k th a t w o u ld w a r r a n t an e x ch a n g e
ch arge?”
T a il T w is te r John Lauritzen, F irst
N a tion a l B a n k o f O m aha, o f th e
O m aha L io n s C lub, a tten d ed th e c lu b ’s
w e e k ly lu n c h e o n p re p a re d to p u t an
en d to th e m e m b e r s ’ tr ic k o f r e q u e s t­
in g ch a n g e fo r a $20 b ill w h e n e v e r M r.
L a u ritz e n le v ie d th e c u s to m a r y 10-cent
fine fo r fo r g e t tin g th e ir m e m b e r s h ip
b u tton s.
W h e n P a st P re s id e n t I r v in g B eno lk e n p re s e n te d h is $20 b ill fo r ch a n g e,
M r. L a u ritz e n h u r r ie d in to th e h all
an d r e tu rn e d w ith a s a c k fu l o f p e n n ie s
— 1,900 o f th em .

The Bank o f Hemingford, whose building is pictured above, opened in Hemingford, Nebraska, only 18 months ago, in April, 1943, and prior to that time there
had been no bank in’ Hemingford since October, 1931. Capitalized at $25,000,
the Bank of Hemingford early last month had deposits o f $912,394— and by now
probably has more than a million dollars. Its officers are C. J. Abbott, president;
LeRoy Abbott and F. A. Black, vice presidents, and Y. H. Seaton, cashier.

C redit M en , at th e O m aha C h a m b er o f
C om m erce.
M r. P eters said h e has b een g iv in g
a c tiv e le a d e rsh ip in th e fig h t ag a in st

A GOOD

b ills p e n d in g in C on g ress c o n c e r n in g
“ e x c h a n g e c h a rg e s .”
“ W h a t in th e n a m e o f all th a t’ s
re a s o n a b le ,”
he
a sk ed, “ d oes
th e

RETRIEVER
you

need

gam e

it’s

en velo p e.
p ed alled
w ill b e

a
a

good

d irect

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h u n tin g

m ail

a

return

R etu rn E n v elo p es are b ein g so fttoday

back

in

to

save

force

T en sio n

A

retriev er.

d o g — in

paper.

But

they

a fte r victo ry.

knows how!

T e n s io n E n v e l o p e C o r p .

BERKOWITZ ENVELOPE CO.
1912 Grand Ave., Phone 4-4126, Des Moines 14, Iowa

Northwestern Banker

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

W h e n th e m e e tin g a d jo u r n e d 90
m in u te s later, M r. B e n o lk e n still w a s
co u n tin g p en n ies.

Alvin E. Johnson, p re s id e n t o f th e
L iv e S to ck N a tion a l B a n k o f O m aha,
a d d ressed a R e g io n a l C lea rin g H o u se
A s s o c ia tio n m e e tin g at G ra n d Island,
N eb ra sk a , re c e n tly .
T h e p a rish h o u s e o f St. T h o m a s ’
C h u rch in W in o n a , M in n esota , w a s th e
sce n e o f th e w e d d in g o f M iss M a ry
M a llo ry , d a u g h te r o f N a v y L ie u t, an d
M rs. Richard H. Mallory o f O m aha, to
E n s ig n J o h n A r th u r R ic e o f W in o n a ,
T h e c o u p le w ill liv e at N o r fo lk , V ir ­
g in ia. L ie u te n a n t M a llo ry , o n lea v e
fo r th e d u ra tio n fr o m h is d u ties as v ic e
p re sid e n t o f th e U n ited S tates N a tion a l
B a n k o f O m aha, r e tu rn e d to h is p o st
at C in cin n a ti, O hio, a fte r a tte n d in g th e
w e d d in g o f h is d a u g h ter. M rs. M al­
lo r y a n d h e r d a u g h ters, M isses B a r­
b a ra a n d A n n , re tu r n e d to O m aha
a fte r th e c e r e m o n y .

T

Col. J. F. McDermott a r r iv e d in
O m aha r e c e n tly fo r a su rp rise v isit
w ith h is fa m ily . H e h a d b e e n o n a
th re e -m o n th sp ecia l m is s io n to E n g ­
lan d an d F ra n ce , an d w a s in W a s h in g ­
to n a fte r h is r e tu r n to th is co u n tr y .

*
X

D ecem ber Í944

53
H e is on le a v e fr o m h is d u ties as v ic e
p re s id e n t o f th e F irst N a tion a l B a n k
o f O m aha.
S o o n a fte r a r r iv in g in
O m aha, C o lo n e d M cD e r m o tt a d d ressed
a lu n c h e o n o f th e N eb ra sk a W a r F i­
n a n ce C o m m itte e ’s in d u stria l d iv ision .

tra ct fo r p e r fo r m a n c e in v o lv e d e ith e r
u n d e r S. 3, A rt. 7 o f c it y o rd in a n ce s o r
S. 15-603 C. S. N eb ra sk a , 1929.
P e titio n filed ca lle d a tte n tio n to
th ese la w s an d n o te d th a t e a ch d e p o sit
o f fu n d s c o u ld p o s s ib ly be c o n s id e r e d
a c o n tr a c t o f th e b a n k to p a y o r re tu rn
th e m o n e y on dem a n d . T h is, th e c o u r t
h eld, w a s s tr e tc h in g th e a d m in istra tiv e
in te rp re ta tio n o f th e la w to o far.

M rs. W a lte r B. R o b e r ts has re tu rn e d
a fte r s p e n d in g tw o w e e k s in N e w Y o r k
C ity. M rs. R o b e r ts w a s h o ste ss at a
c o c k ta il p a r ty at th e A m b a s s a d o r
H o te l fo r h e r n e p h e w , Lieut. (,j.g.)
John Davis o f O m aha, o n lea v e fr o m
h is d u ties w ith th e F ir s t N a tio n a l B a n k
o f O m aha, a n d E n s ig n W illia m B a ird
o f O m aha, w h o h a v e b e e n a ssig n ed to
th e sa m e ship.

Fred Eckstrom, 64, c le r k at th e
F e d e ra l R e s e r v e B a n k , O m aha B ra n ch ,
fo r 25 y e a rs, d ied r e c e n tly in T u cs o n ,
A riz o n a , w h e r e h e h a d g o n e last
A u g u st. H is w ife , a d a u g h ter, th ree
sisters, on e b r o th e r su rv iv e .
O m a h a ’s U n ited W a r an d C om ­
m u n ity C h est ca m p a ig n to p p e d th e
m illio n -d o lla r m a rk . T h e c lo s in g ta b u ­
la tion w a s $1,005,564, it w a s a n n o u n c e d
b y C h a irm a n Linn P. Campbell.
It
w a s th e first tim e O m aha h ad e x c e e d e d
a m illio n d o lla rs in a sim ila r d riv e and
th e fig u re is th e la rg est su m e v e r
ra ised in th e c it y fo r ch a rita b le p u r ­
poses.

Former Banker Gets Award

(C

T h e L e g io n o f M erit h as b e e n
a w a rd e d Lt. Col. E r n e s t R. B ro ck , fo r ­
m e r N eb ra sk a state b a n k ex a m in e r, b y
L t. G en. A le x a n d e r M. P atch , c o m ­
m a n d in g g e n e ra l o f th e U. S. 7th A r m y
in ea stern F ra n ce .
T h e cita tio n m e n tio n e d C ol. B r o c k ’s
“ o u tsta n d in g s e r v ic e s ” in N o rth A fr ic a
an d S icily b e tw e e n O ctob er, 1942, and
A u g u st, 1943, in c o n n e c tio n w ith h is
d u ties as d is b u r s in g officer o f th e W e s t ­
ern T a sk F o r c e an d later th e A tla n tic
B ase S ection .
In c iv ilia n life Col. B r o c k a tten d ed
the U n iv e r s ity o f N eb ra sk a an d w a s a
b a n k e r in B e lg ra d e an d B lair. H e w a s
a state b a n k e x a m in e r in N eb ra sk a at
th e tim e o f h is en listm en t.

Postmaster Becomes Cashier
A. M. T illm a n , p re s id e n t o f th e F irst
N a tion a l B a n k at H o o p e r , N ebrask a,
has a n n o u n ce d th at G e o rg e L o o s c h e n ,
H o o p e r p o stm a s te r fo r th e p a st e le v e n
y e a rs, h as b e e n ele cte d ca sh ier, r e p la c ­
in g th e late N. E. Sh affer.

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, V A U LT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.

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

T h e case w a s c o n s id e r e d an d th e
ru lin g sig n e d b y th ree o f th e fo u r
d istrict ju d g e s, J o h n L. P olk , J e ffe rso n
B r o a d y an d R a lp h P. W ils o n .

E P O S IT in th e First National Bank
o f C ity o f L in c o ln fu n d s d oes
n o t in th e le g a l sen se in v o lv e a
c o n tr a c t b e tw e e n th e c it y a n d th e b a n k
an d th e r e fo r e d oes n ot v io la te th e c ity
o rd in a n ce , h o m e ru le ch a rte r o r state
law , a c c o r d in g to a d e c la r a to r y ju d g ­
m en t h a n d ed d o w n in d istrict cou rt.
T h e ju d g m e n t is th e re s u lt o f su it filed
b y th e c it y ’s o w n leg a l d e p a rtm e n t at
d ir e c tio n o f th e c o u n c il to cle a r u p th e
m a tter a fte r ch a rg e s h a d b e e n m ad e
th at th e la w fo r b id d in g c o n tr a c t o f th e
c it y w ith a n y firm w h ile on e o f its
officers w a s a c it y c o u n c ilm a n w a s
b e in g v io la te d .
C o u n cilm a n Stanley
Maly is an officer o f th e F ir s t N a tion a l
ban k.
T h e c o u r t in ru lin g h o ld s th a t in a s­
m u ch as c it y fu n d s in th e b a n k are
p ro te c te d b y $1,000,000 in b o n d s p la ced
in e s c r o w b y th e b a n k w ith th e F e d ­
eral R e s e r v e B a n k o f K a n sa s C ity,
w h ic h m eets th e r e q u ir e m e n t o f o r d i­
n a n ce an d state la w , th e re is n o con -

D

Samuel C. Waugh, e x e c u tiv e v ic e
p re s id e n t o f th e F ir s t T r u s t C om p a n y ,
h as b e e n a p p o in te d to m e m b e r s h ip o f
a n e w c o m m itte e o f th e A m e r ic a n
B a n k ers A s s o c ia tio n to g iv e a tten tion
to th e n eed s o f w a r v e te ra n s, W . R a n ­
d o lp h B u rg ess, p resid en t, a n n ou n ced .

Hold Farewell Party
T h e m e m b e rs o f th e U e h lin g C o-op er­
a tiv e C redit A s s o cia tio n , U eh lin g , N e ­
brask a, an d th e ir fa m ilie s h o n o r e d M r.
an d M rs. C lifton U e h lin g at a fa r e w e ll
p a r ty r e ce n tly .
M r. U e h lin g has b e e n a ssocia ted w ith
th e b a n k in g b u sin e ss th e re fo r th e p a st
16 y ea rs, first w ith h is fa th e r in th e
F a r m e r ’s State B ank, an d la ter w ith
th e C o -op era tiv e C redit A s s o c ia tio n
sin ce its org a n iz a tio n 10 y e a rs ago.

With Oakdale Bank
M a x in e S ch u ch a rd t o f O akdale an d
N orm a L u ca s o f E lg in are e m p lo y e d at
th e F ir s t N a tion a l B an k , O akdale, N e ­
braska.

Our Cooperation
Bankers can be of inestimable assistance in
encouraging the growth of all needed enter­
prises through financial assistance. To banks in
Nebraska, we offer our own cooperation and
help in establishing the sort o f industries which
will assure the growth and prosperity which
our state so richly deserves.

C

o n t in e n t a l

¡H
M ember

N

a t io n a l

L IN C O L N
Federal

Deposit

Insurance

Corporation

OM AHA

Northwestern Banker

D ecem ber

54

Let Us Handle Your Transit Items

* * * A S P E C IA L T Y * * *
HANDUNG"OFfEXCESS FEED|LOTf|LOANS

ALVIN E. JOHNSON
President
R. H. KROEGER
Vice President

HENRY C. KARPF
Vice President
PAUL HANSEN
Vice President and Cashier

W A D E R. MARTIN
Vice President

W . DEAN VOGEL
Vice President
H. H. ECHTERMEYER
Vice President

C. G . PEARSON
Asst. Cashier

L. V . PULLIAM
Asst. Cashier
EARL R. CHERRY
Asst. Cashier

L IV E ST O C K

Northwestern Banker

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

O

NATIONAL
M

A

H

A

Member Federal Reserve System and Federal Deposit Insurance Corp.

D ecem ber 1 9 H

BANK

55

County Bankers Meet

FRANK W AR N ER
Secretary
Des Moines

R. R. BR U BAC H ER
President
Sioux City

Celebrate 60th Anniversary

Staff Changes

M r. an d M rs. H . A . T r u m p q u ie tly
o b s e r v e d th e ir 60th w e d d in g a n n iv e r ­
s a ry at th e ir h o m e in D o n n e llso n ,
Io w a , last m on th . T h e o c c a s io n also
w a s th e 88th b ir th d a y a n n iv e r s a r y o f
M r. T ru m p . H e has b e e n a b a n k d ir e c ­
to r sin ce 1913 an d a d ir e c to r o f th e C iti­
zen s State B a n k at D o n n e lls o n sin ce
it w a s o rg a n iz e d in 1929.

C h an ges in official staff o f th e C om ­
m e rcia l State B an k , P oca h on ta s , Iow a ,
a re:
C h arles E . W a tts, p re sid e n t; A lb e r t
C. S h im on , v ic e p resid en t, an d A lfr e d
M iller, ca sh ier.

Attend Graduation Exercises
E . T. P eterson , e x e c u tiv e v ic e p r e s i­
d en t o f th e P r im g h a r S a v in g s B a n k o f
P rim g h a r, Io w a , an d M rs. P e te rs o n a t­
ten d ed th e g ra d u a tio n e x e r c is e s at th e
W A V E office rs’ tra in in g s c h o o l at
S m ith C olleg e, N o rth a m p to n , M assa­
ch u setts, r e ce n tly .
T h e ir d a u g h ter,
L a u ra M ae, r e c e iv e d h e r c o m m is s io n as
an E n s ig n in th e U. S. N a v y an d is
n o w on d u ty at N e w p o rt, R h o d e Island.
She w ill r e p o r t s h o r tly fo r a 12 w e e k
c o u r s e in N a v a l S u p p ly w o r k at th e
R a d c liff B ra n ch o f H a rv a rd U n iv e r s ity
at C a m b rid g e, M a ssa ch u setts, a n d w ill
la ter b e a ssig n e d to on e o f th e N a v a l
S u p p ly D ep ots.
M r. an d M rs. P e te rs o n fle w fr o m C h i­
ca g o to H a rtfo rd , C on n ecticu t, an d o n
th eir re tu rn trip fr o m N e w Y o r k C ity
to C h ica go.

Cashier Dies
J. E. F ie r c e , ca sh ier, T in g le y State
S a v in g s B an k , T in g le y , Iow a , p assed
a w a y re c e n tly .
H is d ea th w a s v e r y
su d d en . H e h ad b e e n ca sh ie r o f th e
T in g le y b a n k fo r 27 y ea rs.

Tenth Anniversary
T h e A c k le y State B a n k h a d an a n ­
n iv e rs a ry , th e ten th , last m on th . N o ­
v e m b e r, 1934, its re s o u r c e s tota led
$323,694, its ca p ita l w a s $25,000, w ith
$10,000 su rp lu s. It n o w has, a c c o r d in g
to th e last fin a n cia l sta tem en t, issu ed
S ep tem b er 30th, r e s o u r c e s to ta lin g $2,304,652; its ca p ita l s to c k has b e e n in ­
crea sed to $50,000 w ith su rp lu s o f $50,000, and u n d iv id e d p rofits and re s e rv e s
o f $22,945.
T h e b a n k ’s official r o s te r is: H e n r y
A . C arsten s, p re sid e n t; H a r r y S. L e k w a ,
v ic e p re s id e n t an d ca sh ie r; the d ir e c ­
tors are H. A . C arsten s, H . F . B leek er,
G eo rg e L. C arsten s, A . A . C arsten s an d
H. S. L ek w a .

Is Iowa Vice President
M a rv in R. S elden , v ic e p re s id e n t o f
th e M erch a n ts N a tion a l B a n k , C edar
R a p id s, has b e e n a p p o in te d Io w a state
v ic e p re s id e n t o f th e A m e r ic a n B a n k ­
ers A s s o cia tio n . E a ch state has on e
v ic e p resid en t.
T h is is th e se c o n d a p p o in tm e n t o f
C edar R a p id s b a n k e rs to b e m ad e th is
yea r. F r a n k C. W e lc h , p re s id e n t o f th e
P e o p le s S a v in g s B an k , w a s ea rlier
m ad e a m e m b e r o f th e p o s tw a r sm a ll
b u sin e ss cr e d it c o m m issio n .

J o h n G. B a lle n s k y w a s th e p r in c ip a l
sp e a k e r at a m e e tin g o f th e L o u is a
an d W a s h in g to n C ou n ties B a n k ers A s ­
so cia tio n , h eld at W e s t C h ester, Iow a ,
last m on th . T w e n ty b a n k s are r e p r e ­
sen ted in th e m e m b e rsh ip o f th e a sso­
cia tio n w h ic h is a c tiv e an d on e o f th e
le a d in g c o u n t y b a n k in g o rg a n iz a tio n s
in th e state. A c c o m p a n y in g M r. B a l­
le n s k y to th e m e e tin g w e r e E. H . M ertz,
v ic e p re s id e n t o f th e H a y e s v ille S av­
in g s B an k , H a y e s v ille , Iow a , an d C. C.
W illia m s o n , v ic e p r e s id e n t o f th e F ir s t
T ru s t an d U n io n S a v in g s B an k , S ig o u r­
n ey.
J. E . H en son , ca sh ie r o f th e L o u is a
C o u n ty N a tion a l B a n k at C olu m b u s
J u n ctio n , w a s ele cte d p re s id e n t o f th e
o rg a n iza tion .
C ash ier O rin J o h n s o n o f th e P e o p le s
S a v in g s B a n k at C r a w fo r d s v ille w a s
n a m ed v ic e p resid en t.
C h arles B a r­
cla y , assistan t ca sh ie r o f th e W a s h in g ­
ton State B a n k o f W a s h in g to n , w a s
n a m ed s e cre ta ry an d trea su rer.

Former Banker Dies
C. J. W e is e r d ied s u d d e n ly last
m o n th at h is h o m e in P asadena, C ali­
fo rn ia , at th e age o f 79.
H e w a s p r e s id e n t o f th e W in n e s h ie k
C o u n ty B ank, D ecora h , Io w a , an d 15
o th e r b a n k s in th at and s u r r o u n d in g
co u n tie s.

Buy Nebraska Bank
T.
L. G reen lea f, D. D. B ra m w e ll a n d
W illis K. B r a m w e il o f E ld o r a h a v e
p u r c h a s e d a b a n k at W ellfle e t, N e b ra s ­
ka, a n d M r. G re e n le a f w ill g o to W ellfleet to ta k e a ctiv e ch a rg e o f th e ban k .
M r. B ra m w e ll, h ea d o f th e H a rd in
C o u n ty S a v in g s B a n k at E ld o ra , w ill
c o n tin u e a ctiv e in th e b a n k ’s m a n a g e­
m en t.

On A B A Committees
T w o D es M oin es b a n k e rs h a v e b e e n
a p p o in te d on co m m itte e s o f th e A m e r i­
ca n B a n k ers A s s o cia tio n .
L ehm an
P lu m m e r, v ic e p re s id e n t o f th e C en ­
tra l N a tion a l B a n k & T ru s t C om p a n y ,
is a m e m b e r o f th e c o n s u m e r cr e d it
c o m m itte e , an d H e r b e r t L . H o rto n ,
p r e s id e n t o f th e Iow a -D es M oin es Na-

S carborough ^ C ompany


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

C o tifù e ù ïà * Í i ,r Ñ a f v í Á
First National Bank Building, Chicago

Horace A . Smith, Iow a Representative
D es M oines, Iowa

Northwestern Banker

D ecem ber 1944-

56

.
tion a l B a n k & T r u s t C om p a n y , is o n
th e su b c o m m itte e on F e d e ra l D ep osit
In s u ra n ce C o rp o ra tio n stu d y.

Honor Departing Officers
L a st m o n th th e C h ick a sa w C o u n ty
B a n k ers A s s o c ia tio n h o n o r e d W illia m
E . H u rle y , ca sh ie r o f the S e cu rity State
B a n k o f N e w H a m p ton , an d W a lte r
M ey er, ca sh ie r o f th e State B a n k o f
L a w ler.
M r. H u r le y w ill lea v e fo r th e state
o f W a s h in g to n w h e r e h e e x p e c ts to
b e in th e b a n k in g b u sin e ss again , and
M r. M ey er g o e s to K a n sa s City.

IOWA

NEWS

.

Joins Grinnell Staff
M ilton J. D w y e r last m o n th b e ca m e
a ssocia ted w ith th e G rin n e ll State
B an k , G rin n ell, Iow a .
M r. D w y e r h as h a d 14 y e a rs o f b a n k ­
in g e x p e r ie n c e an d c o m e s to G rin n ell
fr o m th e F a rm e rs S a v in g s B a n k at
R em sen .

Pass Million and Half Mark
D ep osits in th e L a P o rte C ity State
B an k , L a P o rte C ity, Iow a , r e c e n tly
p assed th e m illio n and a h a lf d o lla r
m a rk fo r th e first tim e, b a n k officials

a n n o u n ce d . T h e tota l d e p o sits th e first
d a y o v e r th e m a rk w e r e $1,507,555.
A y e a r a g o th e y w e r e ju s t p a st a m il­
lio n d o lla rs — $1,010,874. In 1937, th e
first y e a r a fte r org a n iz a tio n o f th e
ba n k , th e y w e r e o n ly $102,157.

On Federal Board
V iv ia n W . J o h n s o n , p r e s id e n t o f
F ir s t N a tion a l B an k , C edar F alls, Iow a ,
has b e e n ele cte d d ir e c to r o f th e F e d ­
eral R e s e r v e B a n k o f C h ica go.
H e w a s v ic e p re s id e n t o f th e Io w a
B a n k ers A s s o c ia tio n in 1937-38 and
p re s id e n t o f th at g r o u p in 1943-44.

Heads Lawler Bank
V in c e n t K e lly o f S io u x C ity, fo r m e r
G ra ettin g er b a n k er, has b e e n n a m ed
p re s id e n t o f th e State B a n k o f L a w le r
at L a w le r, Iow a .
Mr. K e lly w a s affiliated w ith th e F e d ­
era l L a n d B a n k as a fa r m in s p e c to r fo r
a n u m b e r o f y e a rs fo llo w in g h is d e ­
p a rtu re fr o m G ra ettin g er.
W a lte r M ey er, w h o h as b e e n ca sh ier
o f th e L a w le r b a n k fo r th e p ast five
y ea rs, has a n e w p o s itio n as e x e c u tiv e
v ic e p re s id e n t o f th e State B a n k o f
M ission , K an sas.

r"

T

Former President Dies

EFFICIENT, SPEEDY HANDLING
Essential at Chicago’s Union Stock Yards
M eat is a perishable commodity; livestock "o n the h o o f" requires
skilled, sp e e d y handling.

Unloading, feeding, driving, shipping

— each operation must b e performed rapidly, efficiently b y skilled
em ployees at Chicago's Union Stock Y ards.
After 62 ye a rs' "o n the sp o t" association with these rapid live­
stock-marketing

channels,

the

Drovers

Bank

is

w ell

qualified to handle financial transactions affecting the
livestock industry.

Drovers National Bank is prepared

to collect and transmit proceeds to your livestock ship­
ping

customers

quickly

and

efficiently,

and

to

act

c a p a b ly as your Chicago correspondent.
W e

The number
of employees
at Chicago’s
Union Stock
Yards Is
Estimtaed at

30,000

w ill w e l c o m e your in q u ir y

Members, Federal Deposit Insurance Corporation

DROVERS NATIONAL BANK
DROVERS TRUST & SAYINGS BANK
U N I O N

S T O C K


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

Y A R D S ,

C H I C A G O
wmsmmtsBBamn a m a i

t.
Northwestern Banker

E d w a r d M. S cott, 83, C edar R a pid s,
Iow a , d ie d at h is h o m e last m on th .
M r. S cott w a s a fo r m e r p re s id e n t o f
th e S e c u r ity S a v in g s B a n k th ere, h ad
b een v ic e p r e s id e n t an d a d ir e c to r o f
th e C edar R a p id s N a tion a l B an k , and
fr o m 1927 to 1938 h ea d ed th e liq u id a t­
in g c o m p a n y o r g a n iz in g th e S ecu rities
S a v in g s c o m p a n y .
H e w a s a m e m b e r o f th e A m e r ic a n
B a n k ers A s s o cia tio n , a p a st p re sid e n t
o f th e C edar R a p id s C lea rin g H o u se
A s s o cia tio n , an d w a s on e o f th e o r g a n ­
izers o f th e M orris P la n C om p a n y .

Decem ber 1944

L

*

Hold Open House
T h e L o s t N a tion , Io w a , b r a n c h o f th e
F ir s t T ru s t and S a v in g s B a n k o f
W h e a tla n d , o p e n e d fo r b u s in e s s last
m o n th a n d h e ld o p e n h o u s e fo r a
day. T h r e e h u n d re d an d fo rty -th re e
gu ests re g is te re d d u r in g th at tim e.

Chairman of Commission
K. J. M cD on a ld , p re sid e n t o f th e
Io w a T ru s t & S a v in g s B an k , E sth erv ille, Io w a , h as b e e n a p p o in te d ch a ir ­
m a n o f th e c o u n t r y b a n k o p e ra tio n s
co m m is s io n an d is also a m e m b e r o f
th e c r e d it p o lic y c o m m is s io n , it w a s
a n n o u n ce d fr o m N e w Y o r k b y W . R a n ­
d o lp h B u rg ess, p re s id e n t o f th e A m e r i­
ca n B a n k ers A s s o c ia tio n . M r. M cD o n ­
ald has b e e n a ctiv e d u r in g th e p ast
y e a r in c o m m itte e w o r k .

A

57

• IOWA

NEWS

•

High Post to Be Vacant

Royal Banker Dies

T h e tw o h ig h e s t p a y in g state p o s i­
tion s w h ic h w ill b e c o m e v a c a n t n e x t
y e a r are th o s e o f M elv in W . E llis,
C h a rles C ity, s u p e rin te n d e n t o f b a n k ­
in g , an d Dr. W a lte r L. B ie rrin g , D es
M oin es, c o m m is s io n e r o f h ealth . B o th
fo u r-y e a r term s e x p ir e J u n e 30th. E l­
lis has b e e n d r a w in g an a n n u a l sa la ry
o f $6,000, an d B ie r r in g $6,200.

G e o rg e L. B a iley , 65, w e ll k n o w n
C la y c o u n t y b a n k er, d ied at h is h o m e
in R o y a l, Iow a , re ce n tly .
M r. B a ile y h ad b e e n p re s id e n t o f th e
H o m e State B a n k th ere sin ce 1925.

Two New Bankers at Alta
T w o n e w b a n k e rs to o k o v e r d u ties
at th e F ir s t T ru s t & S a v in g s B ank,
A lta , Io w a . H e r b e r t W e tz e le r , fo r m e r
ca sh ie r o f th e F ir s t N a tion a l B a n k o f
A k r o n , is th e n e w ca sh ier, w h ile F e y
M ieras, fo r m e r ly o f A lta, h as c o m e
b a c k to be assista n t ca sh ier. M r. M ieras
is ta k in g o v e r th e p o st h e ld b y E. W .
S ch re ib e r fo r s e v e r a l y ea rs.

Committee Changes Name
F o r m e r ly k n o w n as th e “ P o s tw a r
S m all B u sin ess C redit C o m m itte e ,” th e
Io w a B a n k ers A s s o c ia tio n has ch a n g e d
th e n a m e o f th at c o m m itte e to “ G. I.
S e r v ic e an d P o s tw a r S m all B u sin ess
C redit C o m m itte e .” T h e c o m m itte e w a s

o rg a n iz e d to e x te n d e v e r y co o p e r a tio n
to c a r r y o u t th e in ten t an d sp irit o f
S. 1767 k n o w n as th e “ S e r v ic e m e n ’s
R e a d ju s tm e n t A c t o f 1944.”
In th is c o n n e c tio n th e Io w a c o m m it­
tee w ill co o p e r a te w ith th e A m e r ic a n
B a n k ers A s s o c ia tio n c o m m itte e a p ­
p o in te d to o p era te o n a n a tion a l scale.
T h e Io w a c o m m itte e an d th e a d v is o r y
c o m m itte e are co m p o s e d o f 63 Io w a
b a n k e rs an d r e c e n tly M. W . E llis, state
su p e rin te n d e n t o f b a n k s, an d W . H.
B re n to n o f D allas C enter, h a v e b e e n
ad d ed to th e g ro u p .

Y our Four / / F recdom s//

Director Dies

As your correspondent in Sioux City, we believe
you are entitled to these four ''Freedoms'':

T h e L in c o ln S a v in g s B a n k o f R e in ­
b e c k an d L in c o ln , Io w a , w a s clo se d
fo r on e a fte r n o o n last m o n th fo r th e
fu n e r a l o f on e o f its d ire cto rs , F ra n cis
F. C old, 76, a fa r m e r an d T a m a c o u n ­
t y ’s la rg e st la n d o w n e r, w h o d ied at h is
h o m e n o rth o f L in c o ln . A t o n e tim e
h e w a s e m p lo y e d b y th e o ld F irs t N a­
tio n a l B a n k o f G la d b rook .

1. Freedom to obtain the earnest counsel and
advice of our officers at any time and on any
problem.
2. Freedom to expert special service when neces­
sary.
3. Freedom to ask personal service in Sioux City
for your own customers.

Stock Increase
S h a reh old ers o f th e F ir s t C apital
N a tion a l B a n k o f Io w a C ity h a v e a p ­
p r o v e d a fo r m o f s h a r e h o ld e r s ’ r e s o lu ­
tio n w h ic h p r o v id e s :
F o r an in cre a se o f th e c o m m o n s to c k
o f th e b a n k fr o m $100,000 to $200,000
b y th e d e cla ra tio n o f a $100,000 d iv i­
d en d, and
F o r a c o m p le te n e w set o f a rticles o f
a ssocia tion .
T h e m e e tin g w a s ca lle d b y F. D. W il­
liam s, b a n k p resid en t.

4. Freedom to tell us how we can improve our
correspondent service to you.

A . G . Sam , President
J. P. H a in er, V ic e P resident
J. R . G raning, Assistant Cashier
Fritz F ritzson, V ic e Pres, and Cashier
E. A . Johnson, Assistant Cashier
J. T . G rant, Assistant Cashier
W . F. C o ok , A u d itor

On Audubon Bank Staff
M rs. H a ze l M cG in n is b e g a n w o r k at
th e F ir s t State B an k , A u d u b o n , Iow a ,
last m on th .
She s u cce e d s C h a rles
D a vis, w h o w ill m a k e h is h o m e in G len ­
dale, C a liforn ia .

Goes to Waterloo Bank
S. A . R u sta d, w h o h as b e e n c o n ­
n e cte d w ith th e U n ited H o m e B a n k
an d T r u s t C o m p a n y in M ason C ity fo r
th e p a st se v e n y ea rs, has re s ig n e d to
a cce p t a p o s itio n in th e loa n d e p a rt­
m en t o f th e P e o p le s S a v in g s B a n k o f
W a te rlo o .
M r. R u sta d w a s e m p lo y e d fo r 15
y e a rs b y th e F ir s t N a tion a l B a n k o f
M ason City.


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

*

*

*

★

/f t

S /O U X

C f /t J

★

*

*

Member FDIC— Member Federal Reserve System

Northwestern Banker

D ecem ber 194-4-

58

-•
Elected to Directors' Board
A t th e re g u la r m o n th ly m e e tin g o f
th e d ir e c to r s o f th e F ir s t T ru s t & Savv in g s B an k , A n th o n , Io w a , r e ce n tly ,
F . M. T r e c k e r w a s e lected to th e b a n k ’s
b o a rd o f d ire cto rs.

Form County Organization
B a n k ers fr o m fo u r co u n tie s m et in
W e b s te r C ity r e c e n tly to fo r m a fou rc o u n t y org a n iza tio n . C ou n ties in clu d e d
H a m ilton , H a r d i n ,
F r a n k lin an d
W rig h t.
A co m m itte e o f o n e fr o m ea ch c o u n ­
ty w a s n a m ed to p re s e n t a p la n fo r a

IOWA

NEWS

•—

p e rm a n e n t o r g a n iz a tio n an d to ca ll th e
n e x t m eetin g . On th is c o m m itte e a re:
H a rd in co u n ty , L. G. J o rg e n so n ,
Io w a F a lls; F r a n k lin co u n ty , J. H .
B o e h lm e r, H a m p to n ; W r ig h t co u n ty ,
O. G. U hr, E a g le G ro v e ; H a m ilto n c o u n ­
ty, G eo rg e B. A d e n , W e b s te r C ity.

Man and Wife Leave Bank
M a rc L. H ick m a n , ca sh ie r o f th e
N e w to n N a tion a l B an k , N e w to n , Iow a ,
an d a ssocia ted w ith b a n k in g affairs in
N e w to n fo r th e p ast 20 y e a rs, r e sig n e d
h is p o s itio n to lo ca te in B ellin g h a m ,
W a s h in g to n . M r. H ic k m a n an d w ife ,

w h o has b e e n e m p lo y e d in th e N e w to n
N a tion a l B an k , also, in te n d e d to lea v e
last m on th .
A t th e sa m e tim e P re sid e n t O. L .
K a rs ten o f th e b a n k a n n o u n c e d th a t
M a x K rea g er, s e c r e ta r y o f th e J a sp er
C o u n ty A A A fo r s e v e ra l y ea rs, has
b e e n n a m e d to th e p o s t o f assista n t
ca s h ie r in th e ban k .
M rs. L e la A n ­
d re w s, a m e m b e r o f th e b a n k fo r c e fo r
a n u m b e r o f y ea rs, has b e e n n a m ed
m a n a g er o f th e sa v in g s d ep a rtm en t,
s u c c e e d in g M rs. H ick m a n , an d o th e r
m e m b e rs o f th e fo r c e h a v e b e e n g iv e n
g e n e ra l p r o m o tio n s .
*

Made Executive
Vice President

.tifi?

in W a r

I fb^sswe»-

\ á é0^

I

and

A t a b o a r d m e e tin g o f th e M a n ly
State B ank, M an ly, Iow a , r e ce n tly ,
L e o n a r d S im m er o f M a son C ity w a s
ele cte d as e x e c u tiv e v ic e p r e s id e n t and
a m e m b e r o f th e b o a r d o f d ir e c to r s to
fill a v a c a n c y cre a te d b y th e r e s ig n a ­
tio n o f M. A . H a n son .
M r. S im m er r e c e n tly p u rch a s e d th e
s to c k in te re st o f M r. H a n so n in th e
ba n k , an d a ssu m ed h is n e w d u ties im ­
m ed ia tely .
M r. H a n so n has b e e n in a ctiv e ch a rg e
o f th e b a n k fo r th e p a st s ix y e a rs an d
it w a s u n d e r h is m a n a g e m e n t th a t th e
b u sin ess o f th e F a rm e rs S a v in g s B a n k
o f P ly m o u th , w ith w h o m h e w a s fo r ­
m e r ly a ssocia ted , w a s m e rg e d w ith
th a t o f th e M a n ly State B ank.

More Safety Boxes
For three-quarters of a cen­
tury— in war and peace— in

have been in close touch
with both agriculture and

good times and bad—this

industry in this territory.

bank has served farmers,

This experience, which our

business men and bankers

hundreds of correspondent
banks have found of value,

throughout the middle west.
During three wars and
five major depressions we

is offered to you without
obligation.

LIV E S T O C K
•A i f / w i i f f / B A N K
c€ f t c a < f e
.

E S T A B L IS H E D

UNION

STOCK

1868

YARDS

M ember Federal Deposit Insurance Corporation

Northwestern Banker


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

D ecem ber 19ith

W o r k m e n are p r e p a r in g a la rg e
v a u lt in th e b a s e m e n t o f th e H a rd in
C o u n ty S a v in g s B an k , E ld ora , Io w a , to
b e u s e d as a s tora g e v a u lt a n d fo r
a d d ition a l sa fe ty d e p o s it b o x e s fo r th e
a c c o m m o d a tio n o f its cu stom ers.
A n o rd e r fo r 250 b o x e s h as b e e n
p la ce d an d it is e x p e c te d th e y w ill b e
r e a d y fo r u se soon .

Former Banker in
New Mexico
D o n L o r m o r , fo r m e r te lle r at th e
W a te r lo o S a v in g s B a n k , o f W a te r lo o ,
Io w a , h a s b e e n a p p o in te d assistan t
ca sh ie r at th e N e w M e x ic o State B a n k
in A lb u q u e r q u e , N e w M ex ico.
S in ce
m o v in g to N e w M e x ic o h e has b e e n a
te lle r at th e N a tion a l B a n k o f A lb u ­
q u erq u e.

President Has
Appendectomy
Ja m es N u ck o lls , p re s id e n t o f th e
H a rd in C o u n ty S a v in g s B a n k , E ld ora ,
Iow a , last m o n th su b m itte d to an ap­
p e n d e c to m y at th e E ld o r a M e m o ria l

59

* IOWA
H osp ita l.
rily .

H e is r e c o v e r in g s a tis fa c to ­

Add New Service
T h e P e te r s o n State B a n k o f P e te r ­
son , Io w a , has a n n o u n ce d a n e w c h e c k ­
in g a c c o u n t s e r v ic e ca lle d th e “ P A Y C ”
(P a y -a s-Y ou -C h eck ) P lan . It is a s e r v ­
ice d e s ig n e d fo r th o s e w h o d esire th e
c o n v e n ie n c e o f a c h e c k in g a c c o u n t
w ith o u t m a in ta in in g a m in im u m b a l­
a n ce, th e o n ly r e q u ir e m e n t b e in g a d e ­
p o s it su fficien t to c o v e r c h e c k s w ritte n .
T h e r e are n o m o n th ly s e r v ic e fe e s o r
a c tiv ity ch a rg e s on th ese a ccou n ts.

NEWS

•
Dr. Karl Arndt, p r o fe s s o r o f e c o n o m ­
ics at th e U n iv e r s ity o f N eb ra sk a at
L in c o ln , sp o k e b e fo r e a fo r u m s p o n ­
s o re d b y th e D es M oin es ch a p te r o f
th e A m e r ic a n In stitu te o f B a n k in g
last m o n th at H o te l F o r t D es M oin es.
D r. A rn d t, w h o has sp o k e n fr e ­
q u e n tly b e fo r e b a n k in g g ro u p s, ta lk ed
on “ In te rn a tio n a l F in a n c e A fte r th e
W a r — B r e tto n W o o d s C o n fe r e n c e .” S.
C. Barnard, o f th e B a n k e rs T ru s t, is
th e p re s id e n t o f th e lo c a l ch a p te r o f
th e A IB .

B u rlin g to n , at N e w L o n d o n as a r e ­
c e iv e r o f th e N a tion a l B a n k an d a r e p ­
r e se n ta tiv e o f th e D r o v e r s N a tion a l
B a n k o f C h ica g o.
H e is a fo r m e r
tre a su re r o f th e Io w a B a n k ers A s s o c i­
ation.
B a n k staff o f th e Iow a -D es M oin es
N a tion a l w ill
a tten d
th e
annual
C h ristm a s p a r ty o f th e b a n k to b e
h e ld M on d a y , D e c e m b e r 18th.
Ap­
p r o x im a t e ly 250 m e m b e rs o f th e staff
a n d th e ir w iv e s a n d h u sb a n d s it is a n ­
ticip a te d w ill b e p re s e n t fo r th e d in ­
n e r a n d h o lid a y p ro g ra m .

Buy More War Bonds

Observes I Oth Birthday
O d eb olt State B an k , O debolt, Io w a ,
last m o n th ce le b ra te d its 10th y e a r o f
s e rv ice . A t th e en d o f th e first y e a r
th e b a n k h ad a su rp lu s o f $5,000 an d
d e p o sits o f $15,670. T h e b a n k ’s fin a n ­
cia l sta tem en t issu ed ju s t ten y e a rs
sin c e th e b a n k o p e n e d its d o o rs, sh o w s
a su rp lu s o f $36,000, u n d iv id e d p rofits
an d d e p o sits o f n e a rly tw o m illio n
d ollars.
S in ce P ea rl H a r b o r th e b a n k h as sold
m o re th a n $745,000 o f W a r B on d s. T h e y
a rra n g e th e ca s h in g o f b o n d s w h e n r e ­
q u ested , an d h a n d le a v a st a m o u n t o f
fo o d an d g a s o lin e r a tio n in g a cco u n ts
an d r e co rd s .
T h e m e m b e rs o f th e b a n k ’s b o a rd o f
d ir e c to r s are F. J. G ilb ert, A . B. T raed er, R. B. S w a n son , D on G. M u llan an d
R. H . G riffin. T h e officers an d p e r s o n ­
n el a re: R. H. G riffin, p re sid e n t; F . J.
G ilbert, v ic e p re sid e n t; Ira C. M artin,
ca sh ie r; P h y llis C. K ra h l, teller, and
A r le n e S. S ton eb erg , b o o k k e e p e r .
T h e O d eb olt State B a n k is a m e m b e r
o f th e F e d e ra l D e p o sit In s u ra n ce C or­
p o ra tio n .

TO D A Y, AS

EVER —

HEADQUARTERS
FOR YOUR
NORTHEASTERN IOWA
BUSINESS.

Des Moines News
T

HE
Iow a -D es M oin es N a tion a l
B a n k an d T r u s t C o m p a n y e m p lo y e s
are a g a in o r g a n iz e d in an e m p lo y e
c o n te s t fo r th e S ix th W a r L o a n d riv e.
T h e c o n te s t is ru n on an in d iv id u a l
basis.

TO

STATE BANKERS ASSOCIATION
OFFICIAL SAFE, V A U LT AN D
TIMELOCK EXPERTS

0
c

<

L a st m o n th Clarence T. Simmons,
fo r m e r ly a ssista n t ca sh ie r o f th e H artford -C a rlisle S a v in g s B an k , C arlisle,
Io w a , b e c a m e affiliated w ith th e Io w a
State B a n k in D es M oin es. M r. S im ­
m o n s has a lso b e e n w ith th e F irs t
Io w a State T r u s t an d S a v in g s B an k ,

F. E. DAVENPORT & CO.

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

OM AHA

WATERLOO
M ember— Fed eral R eserve System
Fed eral D eposit Insu ran ce C o rp o ra tio n

★
Northwestern Banker

D ecem ber

60

News and View s of the Banking W orld
(C o n tin u e d fr o m p a g e 22)
in C h ica g o w a s esta b lish ed in 1871 or

73 years ago.
David H. Reimers, p re s id e n t o f th e
L iv e S to ck N a tion a l B a n k in C h ica go,
a n d Mrs. Reimers w e n t p h ea sa n t an d
d u ck h u n tin g r e c e n tly at J a m e sto w n ,
N o rth D ak ota, s ta y in g w ith h is b r o t h ­
er, Fred Reimers, w h o o p e ra te s th e
“ H a n n a R a n c h .”
D a v e has b e e n h u n tin g in th is area
e v e r y fa ll fo r th e last 20 y ea rs.
W h e n w e a sk ed D a v e if M rs. R eim -

ers w e n t a lo n g ju s t to add a rea l to u ch
o f b e a u ty to th e la n d sca p e, h e s u r­
p ris e d u s b y s a y in g th at sh e w a s an
e x c e lle n t s h o t a n d on s e v e ra l o c c a ­
sion s b r o u g h t d o w n m o r e b ird s in a
d a y th a n h e did.

Chester L. Price, a d v e rtis in g an d
p u b lic ity m a n a g e r o f th e C ity N a tion a l
B a n k a n d . T ru s t C o m p a n y o f C h ica go,
a n d John L. Chapman, tru st officer,
in v ite d us to lu n ch in th e b a n k ’s p r i­
v a te d in in g ro o m .

★

★

CONTACT THIS BANK
FOR INFORMATION ON
U. S. GOVERNMENT SECURITIES
v e r y

E

f a c il it y

is available here for prompt

C het has b e e n tre a su re r o f th e C h i­
ca g o F e d e r a tio n o f A d v e r tis in g C lu bs
fo r 10 y e a r s an d fo r tw o y e a rs w a s
d ir e c to r o f th e F in a n c ia l A d v e r tis e r s
A s s o c ia tio n an d w a s r e c e n tly v e r y a c­
tiv e in h a n d lin g th e p u b lic ity fo r th e
F ift h W a r L o a n d riv e.
J a ck C h a p m a n is ch a irm a n o f th e
tru st d iv is io n an d d ir e c to r o f th e
F A A , as w e ll as b e in g s e c r e ta r y o f
th e C h ica g o L ife In su ra n ce an d T ru s t
C ou n sel.
A t Jacques French Restaurant at
900 N o rth M ich ig a n A v e n u e th e y say,
“ W e a lw a y s s e r v e C h ip p e w a sp rin g
w a te r fr e e w ith m e a ls,” b u t ju d g in g
fr o m th e p o p u la r it y o f th e ir c o c k ta il
lo u n g e th at is th e o n ly tim e th ey
m a k e a n y r e fe r e n c e to w a ter.

Carmen Cavallaro is n o t a g ir l b u t a
y o u n g m a n w h o k n o w s h o w to m a k e
h is fin g ers fly o v e r th e k e y s o f a
p ia n o at th e E m p ir e R o o m at the
P a lm e r H ou se. H e is ex ce lle n t.
Robert Lindquist, a d v e r tis in g an d
p u b lic ity officer fo r th e A m e r ic a n
N a tion a l B a n k o f C h ica g o an d the
n e w 3rd v ic e p re s id e n t o f th e F in a n ­
cia l A d v e r tis e r s A s s o c ia tio n , to ld us
at lu n ch o n e d a y th a t h is h o m e state
w a s M ich iga n , b u t th at h e w a s n e v e r ­
th eless v e r y p r o u d to b e a p e rm a n e n t
citiz e n o f Illin ois.

action in your behalf in the purchase or sale

o f Government securities. An experienced investment

staff will serve your needs. You are invited to contact
us for the latest quotations and information on
United States Government securities.
Write fo r our convenient Q U O T A T I O N R E C O R D F O R M
to assist you in recording current prices on your

Perry E. Dryden, v ic e p re s id e n t o f
E. H. R o llin s a n d S on s, C h ica go,
s h o w e d u s a d o c u m e n t in d ica tin g th at
Edward H. Rollins o f N e w H a m p sh ire
w a s a m e m b e r o f th e “ N otifica tion
C om m ittee o f 1860,” w h o “ o fficia lly in ­
fo r m e d Abraham Lincoln o f h is e le c ­
tio n to th e p r e s id e n c y in 1860.” T h e
c o m m itte e w a s c o m p o s e d o f 27 m en
“ w h o v is ite d h im in h is h ou se in
S p rin g field fo r th at p u r p o s e .”

United States Government securities.

BO N D DEPARTMENT

THE NORTHERN
TRUST COMPANY
50 SOUTH LA SALLE STREET, CH ICAG O 90, ILLINOIS
M em ber Federal Deposit Insurance Corporation

TELEPHONE: FRANKLIN 7070

N orthwestern Banker


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

D ecem ber 19't^t

TELETYPE: CG 368

Randolph Burgess, p r e s id e n t o f the
A m e r ic a n B a n k ers A s s o c ia tio n , w a s
th e g u e st o f h o n o r at a p r iv a te d in n er
p a r ty g iv e n b y W. Dale Clark, p r e s i­
d en t o f th e O m aha N a tion a l B ank, on
M o n d a y n ig h t fo llo w in g th e N eb ra sk a
c o n v e n tio n . T h is w a s a v e r y d e lig h t­
fu l a ffa ir at w h ic h tim e M r B u rg e ss
ta lk e d in fo r m a lly a n d o ff th e r e c o r d
on th e g e n e ra l b u sin ess an d e c o n o m ic
o u tlo o k .
A m o n g th e g u ests p re se n t
w a s Walter W. Clark, s o n o f D ale
C lark, w h o is 19 y e a rs o f a g e a n d is in
th e F ie ld A r tille r y sta tio n e d at F o r t
Sill, O klahom a.

61

• IO WA

NEWS

•

e cu tiv e s w h o h a d c o m e to O m aha to
ce le b ra te th e 10th a n n iv e r s a r y o f th e
B u r lin g to n Z e p h y r a n d w h o w ere:
Ralph Budd, p re s id e n t B u r lin g to n
L in es; Edward G. Budd, p re sid e n t E d ­
w a r d G. B u d d M a n u fa ctu rin g C om ­
p a n y ; H. L. Hamilton, v ic e p re s id e n t
G en era l M o to rs C orp o ra tio n ; Edward
Flynn, e x e c u tiv e v ic e p re s id e n t B u r ­
lin g to n L in es; a n d L. R Capron, v ic e
p re s id e n t B u r lin g to n L in es.

Henry H. Byers, v ic e p re s id e n t o f
C h a rles E . W a lte r s an d C o m p a n y o f
O m aha, is p r e s id e n t o f th e L io n s C lub,
th e n a tio n a l o r g a n iz a tio n b e in g c o m ­
p o s e d o f 4,000 clu b s a n d 200,000 m e m ­
b e rs, w h ic h , a c c o r d in g to H e n ry ,
m a k es it th e “ la rg e st s e r v ic e c lu b in
th e U n ited S tates.”
Charles 1). Saunders, v ic e p re s id e n t
o f th e F ir s t N a tion a l B a n k o f O m aha
a n d c h a irm a n o f th e e x e c u tiv e c o m ­
m itte e o f th e O m aha C h a m b er o f C om ­
m e rce , p re sid e d at th e p u b lic affa irs
lu n c h e o n g iv e n to ce le b ra te th e 10th
a n n iv e r s a r y o f th e B u r lin g to n Z e p h y r.
T h e sp e a k e rs in c lu d e d Edward G.
Budd, P h ila d e lp h ia , p re s id e n t o f th e
E d w a r d G B u d d M a n u fa ctu rin g C om ­
p a n y ; H. L. Hamilton, B e v e r ly H ills,
C a liforn ia , v ic e p re s id e n t o f G en era l
M otors, a n d Ralph Budd, C h ica go,
p r e s id e n t o f th e B u r lin g to n R a ilroa d .

George W. Holmes, p re s id e n t o f th e ,
F ir s t N a tion a l B a n k o f L in c o ln , h as
tw o h o b b ie s — on e is p h o to g r a p h y and
th e o th e r is d u c k h u n tin g , bu t, sin ce
p h o to g r a p h ic m a teria ls an d e q u ip m e n t
are p r a c tic a lly u n o b ta in a b le d u rin g
th e w a r p e rio d , G e o rg e has b e e n d o in g
m o r e d u c k h u n tin g , w h ic h h e e n jo y s
v e r y m u ch .
Edward A. Becker, s e n io r v ic e p r e s i­
d en t o f th e C on tin en ta l N a tion a l B a n k
o f L in c o ln , h ad lu n c h e o n w ith us at
th e U n iv e r s ity C lu b an d to ld u s o f th e
fine g r o w th in th e d e p o sits in h is in ­
stitu tion , w h ic h w e r e 13 m illio n in
1940 an d are n o w 30 m illion .

Herbert M. Bush nell, p r e s id e n t o f
th e U n ited S tates N a tion a l B a n k o f
O m aha an d a d ir e c to r o f th e B u r ­
lin g to n R oa d , e n te rta in e d at a c o c k ­
tail p a r ty in th e A s s e m b ly R o o m o f
th e H o te l F o n te n e lle fo r th e p r o m i­
n e n t ra ilro a d an d m a n u fa c tu r in g e x ­

E d c o m m e n c e d h is b a n k in g ca reer
in M a y 1915 w ith th e G erm a n -A m eri-

ca n B a n k o f L in c o ln , w h ic h at th at
tim e h a d o n ly fo u r e m p lo y e s . In 1918
th e n a m e w a s c h a n g e d to th e C on tin en ­
tal State B a n k an d in 1929 th e b a n k
b e ca m e th e C on tin en ta l N a tion a l B a n k
o f L in c o ln .

Milton F. Barlow o f th e F ir s t T ru s t
C o m p a n y o f L in c o ln an d past n a tion a l
p r e s id e n t o f th e A m e r ic a n In stitu te
o f B a n k in g , jo in e d u s in a tte n d in g th e
L in c o ln R o ta r y C lub w h e r e Byron
Dunn, e x e c u tiv e v ic e p re sid e n t o f th e
N a tion a l B a n k o f C o m m erce, w a s p r e ­
sid in g officer. S p ea k er o f th e d a y w a s
Mrs. S. D. Canter, a L in c o ln g ir l w h o
h ad ju s t re tu r n e d fr o m e n te rta in in g
so ld ie rs in th e Ice la n d area, w h e r e it
w a s a w a r m d a y w h e n it w a s 30 d e­
g rees b e lo w zero.
W h e n w e m e n tio n e d th e o th e r d ay
to Dale E. Chamberlin, v ic e p re sid e n t
o f th e D r o v e r s N a tion a l B a n k o f C hi­
ca g o, th a t 1945 w o u ld b e th e 50th A n ­
n iv e r s a r y o f th e N o r t h w e s t e r n B a n k ­
e r , D ale said th a t th e y w e r e p r o u d o f
th e ir o w n r e c o r d o f th e le n g th o f tim e
th e ir officers h a v e b e e n a ssocia ted w ith
th eir in stitu tion , a n d so w e a sk ed h im
to g iv e us th e e x a ct data, a n d in a
r e c e n t letter h e said:
(T o p a g e 63)

As a correspondent, you can't be too exacting
with us. Our service is built on the most exacting standards.
Besides routine banking service, you are al­
ways welcome to ask for special information or
off-the-beaten-path assistance for yourself or

\

\

2

your customers.
Whatever your requirements, we of Security

OFFICERS
CHARLES

R.

PR E SID E N T

G O SSETT

B. M . W H E E L O C K

V IC E

PR E SID E N T

ALBERT

V IC E

PR E SID E N T

C.

ECKERT

FRANK

B.

A S S IS T A N T

SEVERSON

H. A B E L

A L V IN

G.

ROBERT

N E L SO N

W.

. . . profitably.

C A S H IE R

R. E A R L B R O W N
D A N IE L

National are prepared to serve . . . promptly

LE W IS

C A S H IE R

A S S IS T A N T

C A S H IE R

A S SIS T A N T

C A S H IE R

A S SIS T A N T

C A S H IE R

DIRECTORS
PAUL

G E O R G E L. B O O T H

BE K IN S

CH ARLES

R. G O S S E T T

W M . W . M ACFARLAN E
O T IS


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Federal Reserve Bank of St. Louis

P. G A R R I S O N
EDW ARD

H AROLD

A . JA CO B SE N

SECURITY NATIONAL BANK

JULES T. M A R T IN
H A R R Y P. P R A T T
C.

M em b er F ed era l D e p o sit Insu ra nce C orporation

PALM ER

N orthwestern Banker

D ecem ber 1944

62

USE 8-POINT PLAN FOR
AN OVERBOARD DRIVE
IN THE 6th WAR LOAN!
NOV. 20th TO DEC. 16th

\

Our fighting men still have a long way to go! But—your plant­

{

wide selling of the 6th can do much to shorten their embattled
miles—lessen the price they so willingly pay for victory! Join
the coast to coast parade of patriotic firms that are assuring an
l

" o v e r b o a r d ” s h o w in g in th e 6 t h by following through on
e v e r y point in the 8-Point Plan.

Start the ball rolling b y appointing a Gth W a r

M ake definite Assignm ents to those best equip­

Loan Bond Committee, representing labor, man­

ped to arrange music, speeches, rallies, com­

agement and other groups.

petitive progress boards and meeting schedules.

Carry on b y selecting a Team Captain—prefer­

Issue Individual Pledge Cards—made out in the

ably a returned veteran—for every 10 workers.

name of each worker and providing for both
cash and installment purchase.

\

Right at the start, establish a Quota for each

\

Arrange frequent Meetings of Captains, high­

department — and every em ployee.

lighting

importance of

their work — effective

Resolicit! This is the secret of "o v er b o a rd " W ar
Bond subscriptions. Your State Payroll Chairman
has a special Resolicitation Plan for you to put
into action near the end of the campaign.

*

sales methods—and need for painstaking study

G ive generously of your Advertising Space to

of Treasury Booklet, Getting The Order.

drive home the W ar Bond story.

l

The Treasury Department acknowledges with appreciation the publication of this message by

V

NORTHW ESTERN BANKER
ie

This is an official U. S. Treasury advertisement-prepared under auspices of Treasury Department and War Advertising Council

N orthwestern Banker


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

D ecem ber 19

jç

63

• IO WA

A store
is tested

“bunch of tired, quarrelsome, worn out
old men.”

\

by time
and the
tim es.

We

are always
on guard
to guard
our quality
reputation.
Our 83rd Year

F R A N K E L 'S
I)ES MOINES

é

\

Through 4 wars and many
panics and depressions

KOCH

BlimiEIIS
have weathered the storm. Today,
as in past years, wewill continueto
successfully serve Iowa business
men to the best of our ability.

K och B r o t h e r s
e—

D p r i n t e r s ^ - ----------------- a

— <• , X T—
— f y
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H ESTABLISHED Y2- — *
STATIONERS V
1889
Y BOOKBINDERS
OFFICEOUTFITTERS \^ry^^BUSINESS MACHINES

Grand Ave. at Fourth

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Federal Reserve Bank of St. Louis

•

Murray M. Otstott, v ic e p re sid e n t
an d ca sh ier, 1903, 41 yea rs.
Cassius A. Newman, assista n t ca sh ­
ier, 1906, 38 yea rs.
Dale E. Chamberlin, v ic e p resid en t,
1909, 35 yea rs.
Robert Lough, assista n t ca sh ier,
1914, 30 y ea rs.
George A. Malcolm, v ic e p re sid e n t
an d ca sh ier, 1917, 27 yea rs.
Frank M. Covert, assista n t ca sh ier,
1917, 27 y ea rs.
Leo R. Gruber, co m p tr o lle r , 1926,
18 y ea rs.
Richard H. Hart, assista n t ca sh ier,
1932, 12 y e a r s .”
T h is is c e r ta in ly an e x c e lle n t r e c o r d
a n d th e p r o g r e s s iv e an d a lert m a n n e r
in w h ic h th ese officers c a r r y o n th e
affairs o f th e ir in stitu tio n s p r o v e s b e ­
y o n d d o u b t th at th e y are n o t a

“ Y o u m e n tio n e d w h ile in th e office
th a t th e N o r t h w e s t e r n B a n k e r w o u ld
b e 50 y e a rs o ld n e x t y ea r. W e ll, th a t’ s
so m e r e co rd , Cliff, a n d h e r e ’s c o n ­
g r a tu la tio n s fr o m all o f us!
N ow ,
le t’s tak e a lo o k at th e r e c o r d (as th ey
sa y n o w a d a y s ) o f th e y e a rs o f s e r v ic e
o f th e officia l fa m ily o f th e D r o v e r s
N a tion a l B a n k an d D r o v e r s T ru s t
a n d S a v in g s B a n k —
William C. Cummings, p resid en t,
1894, 50 y ea rs.
Charles S. Brintnall, v ic e p resid en t,
1900, 44 y ea rs.
Frederick N. Mercer, v ic e p resid en t,
1902, 42 y ea rs.

V

NEWS

Des Moines, Ia.

LE G A L Q U ESTIO N S

so Avithout regard to error, fraud, ac­
cident or mistake AAdien no abuse of
discretion occurs. In a recent decision
inAolAing facts similar to those out­
lined in the question the Nebraska Su­
preme Court held that the district
court did not abuse its discretion in va­
cating the original sale order.
In M in n esota m a y th e h e irs o f a
d e ce d e n t in ce rta in c ircu m s ta n c e s d is­
p en se w ith th e fo r m a l a d m in istra tio n
o f th e state an d a m ic a b ly settle th e ir
rig h ts an d d istrib u te th e ir p r o p e r ty
c o m in g fr o m th e estate?

BANKERS
and

FARM ING
E v e r y b a n k e r w an ts to

(C o n tin u e d fr o m p a g e 24)

Yes.” In a proceeding to evict a
tenant for nonpayment of rent, it Avas
recently held by the Kansas Supreme
Court, that a notice is required to be
served on the tenant stating the
grounds upon which the landlord re­
lies for removal, and a copy of the
notice is required to be served within
twenty-four hours on the area rent
office. It is only where the landlord
has secured a certificate from the Ad­
ministrator authorizing him to “pur­
sue his remedies in accordance with
the requirements of the local law”
that he is relieved from the necessity
of serving such notice on the area rent
office.
A b a n k b r o u g h t p a rtitio n p r o c e e d ­
in g s in a N eb ra sk a d is trict c o u r t in
c o n n e c tio n w ith certa in rea l estate
o w n e d b y it. T h e u ltim a te re su lt o f
su ch p r o c e e d in g s w a s th at th e p r o p ­
e r ty w a s so ld an d th e sale drdy c o n ­
firm ed b y th e co u rt. S h o r tly th e r e ­
after, an d w ith in th e sam e te rm o f
co u rt, th e sale w a s o r d e r e d set aside
b y th e c o u r t b e ca u se a n o th e r p u r ­
ch a se r h a d a g reed to p a y $10,000 fo r
th e p r o p e r ty w h e re a s th e o r ig in a l p u r ­
ch a se r h a d p a id $9,000. W a s th e a ctio n
o f th e c o u r t in settin g a side th e sale
p r o p e r?

D. A. S. AGRICULTURAL DIGEST
A service that w ill help to keep
yo u up to date on “ Business and
A gricu ltu re ” and other sem i-m onthly
releases.
Initial
cost
$15,
in clud ing
six
m onths
service
and
$10
a year
thereafter.

D
oaneAgricultural Service
I N C O R P O R A T E D

H om e

O ffice:

St. L ou is,

M issou ri

The Oldest and Largest Farm Man­
agement and Appraisal Service in
the United States.
For Complete Inform ation and
Sample Releases, W rite to

DOANE AGRICULTURAL SERVICE, Inc.
205 Plymouth Building
Des Moines 9, Iowa

DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION

OldestandLargestinDesM
oines
411 6th Ave.

Yes. District courts in Nebraska
have the poAver to vacate or modify
their own judgments at any time dur­
ing the term at which they are pro­
nounced for the purpose of correcting
error or to relieve against fraud, ac­
cident or mistake. Also they may do

knoAV

W lia t ’s A h e a d ?

Dial 4-7119

ELMER E. MILLER
Pres, and Sec.

HUBERT E. JAMES
Asst. Sec.

FOR YOUR ENJOYMENT . . .
Listen to the
“ WORLD OF MUSIC”
KRNT, 1350 KC

10:30-11 a. m. Sundays

Northwestern Banker

D ecem ber

64

-•
Yes. In Minnesota where there are
no creditors or where their claims are
barred by the statute of limitations
because not presented to the probate
court in time, heirs entitled to an
estate may dispense with formal ad­
ministration by an amicable settlement
of their rights and distribution of their
property.

IOWA

NEWS

T o b ie , p resid en t, M erid en
B an k , M erid en , C on n ecticu t.

•S a v in g s

Elected to Board
W in th r o p W . A ld r ic h , ch a irm a n o f
th e b o a rd o f T h e C hase N a tion a l B ank,
h as a n n o u n c e d th e e le c tio n o f A. N.
K em p , o f C a liforn ia , p re sid e n t o f

On A B A Committee
Ja m es S. N e w ly , v ic e p re sid e n t, C ity
N a tion a l B a n k a n d T r u s t C om p a n y ,
K a n sa s C ity, M issou ri, has b een m ad e
a m e m b e r o f th e c o m m itte e o n sa v in g s
d e v e lo p m e n t o f th e A m e r ic a n B a n k e rs
A s s o c ia tio n b y H. R. T e m p le to n , v ic e
p re s id e n t o f th e C lev ela n d T ru s t C om ­
p a n y , C levela n d , O hio, an d p re s id e n t o f
th e N a tion a l A s s o cia tio n .
T h e c o m m itte e ch a irm a n is L. A .

L t. E n g e lh a r d t w a s 27 y e a rs o ld an d
h a d jo in e d th e b a n k as a m e sse n g e r
w h e n h e w a s 18 y e a rs old. H e w a s a
cr e d it m a n in th e In d u s tria l D iv is io n
in 1942 w h e n he le ft to e n te r th e s e r v ­
ice. P re s e n ta tio n o f th e m ed a ls w a s
m a d e b y Lt. Col. L a u ris M. E e k . L a w ­
r e n c e F. S tern , p r e s id e n t o f th e ba n k ,
o p e n e d th e c e r e m o n y fo llo w e d b y p o s t­
in g o f th e c o lo r s b y th e c o lo r g u a rd
o f th e C o m m o n w e a lth E d is o n P o st o f
th e A m e r ic a n L e g io n .

Experienced Assistant desires perma­
nent position offering Catholic Commu­
nity and school location. Available Jan­
uary first. Address A. E. K., c/o North­
western Banker, 527 7th Street, Des
Moines, Iowa.

BANKS

Elect New Director

Bought and Sold

Confidentially and with becoming dignity

B A N K E M P L O Y E E S (PLA CED .
39 Y e a rs S a tis fa c to r y S e rv ice

A. N. KEM P
New Chase Board Member

T H E C H A R L E S E. W A L T E R S CO .

A m e r ic a n A irlin e s , In c., as a m e m b e r
o f th e b a n k ’s b o a rd o f d irectors.
M r. K em p , w h o fo r m a n y y e a rs has
b een p r o m in e n tly id en tified w ith p u b ­
lic u tility , in su ra n ce an d b a n k in g en ­
te r p r is e s in h is n a tiv e C a liforn ia ,
a d d ed c o m m e r c ia l a v ia tio n to h is in ­
terests in 1941 w h e n h e w a s e le cte d a
d ir e c to r o f A m e r ic a n A irlin e s .
In
A p ril, 1942, h e w a s a sk ed to s e rv e as
p re s id e n t fo r th e d u ra tio n o f th e w a r
w h e n C. R. S m ith w a s ca lle d to s e r v ic e
in th e A r m y .
»

OM AHA. NEBRASKA

Banks Sold or Bought!
quietly, quickly and in a personal manner

JAY A. WELCH
BANK BROKER
H a d d am , Kanssas

‘'36 Years Practical Banking Experience”

A c o lo r fu l c e r e m o n y m a r k in g th e
p re se n ta tio n o f th e d is tin g u is h e d fly ­
in g cr o s s a n d air m ed a l to th e m o th e r
o f a y o u n g fly er lo st in a ctio n o v e r
A u stria last y e a r u sh e re d in th e S ix th
W a r L o a n fo r e m p lo y e s an d g u ests o f
th e A m e r ic a n N a tio n a l B a n k an d
T ru s t C om p a n y , C h ica g o, m e e tin g in
th e lo b b y o f th e ban k.
M rs. A b b ie S. E n g e lh a rd t, 6133 N.
K e n m o r e A v e n u e , C h ica g o, w a s g iv e n

C

o

u

n

s

e

Plan to use an a d vertisin g program o f
w ell w orded m essa g es crea ted
by
W es slin g S er v ices , D e s M o in es, Iow a

S e r v ic e ó
l

o n

B

a

n

k

P

u

b

l

i

c

R

e

l

a

t

i

o

n

s

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

Ylfjoines 9 , J^owa
N orthwestern Banker


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

D ecem ber 1944

E u g e n e W . S tetson , ch a irm a n o f th e
b o a r d o f G u a ra n ty T r u s t C o m p a n y o f
N e w Y o rk , has a n n o u n c e d th e e le c ­
tion o f Col. R o b e r t T. S tev en s, as a
d ir e c to r o f th e tru st c o m p a n y .
M r.
S tev en s
w as
im m e d ia te ly
g ra n te d
le a v e o f a b se n ce b y th e c o m p a n y to
c o n tin u e h is d u ties as d e p u ty d ir e c to r
fo r p u rch a se s in th e O ffice o f th e Q u ar­
te rm a ste r G en era l at W a s h in g to n . M r.
S tev en s re s ig n e d as p re s id e n t o f J. P.
S tev en s Co., In c., an d all o th e r b u s i­
n ess c o n n e c tio n s , w h e n h e en te re d
m ilita r y s e r v ic e in J a n u a ry , 1942, f o l­
lo w in g c o m p le tio n on th e d a y b e fo r e
P e a rl H a r b o r o f a sp e cia l c o u r s e at th e
C om m a n d a n d G en era l Staff s c h o o l in
F o r t L e a v e n w o r th .

Christmas Savings Checks

Colorful Ceremony

lÁ J e ó á ñ n g -

the d istin g u ish e d fly in g cr o s s an d air
m ed a l fo r h e r son , Lt. J a ck B. E n g e l­
h ardt, w h o has b e e n o fficia lly re p o r te d
m issin g in a ction . S in ce th e c e r e m o n y
w a s a rra n g ed , h o w e v e r , th e w a r d e ­
p a rtm e n t has a d v is e d M rs. E n g e lh a rd t
th a t h e r s o n is n o w liste d as dead.
T h e fly er w a s a n a v ig a to r o n a p la n e
in th e flig h t w h ic h first a tta ck e d th e
P lo e sti o il fields in R u m a n ia in A u g u s t,
1943. In a la ter raid, h is p la n e w a s
sh o t d o w n o v e r A u s tria in O ctob er,
1943.

T h e F ir s t N a tion a l B a n k in St.
L o u is th is y e a r m a ile d c h e c k s to ta lin g
$693,427 to 10,941 m e m b e rs o f its
1944 C h ristm a s S a v in g s C lub.
T h is
r e p re se n ts a c o n s id e r a b le in cre a s e in
b o th m e m b e r s a n d tota l a m o u n t as
c o m p a r e d w ith th e 1943 C lub. A la rge
p r o p o r tio n o f th ese fu n d s is n o w u sed
to b u y W a r S a v in g s B on d s.

Takes Office January 1st
L. E. S tep h en son , fo r th e last t w e lv e
y e a rs s e c r e ta r y a n d tre a s u re r o f th e
E m p ir e T r u s t C o m p a n y o f St. J o se p h ,
M issou ri, has b e e n ele cte d v ic e p r e s i­
d en t o f th e C ity N a tion a l B a n k a n d
T ru s t C o m p a n y o f K a n sa s C ity a n d
w ill jo in C ity N a tio n a l’s staff o f offi­
ce rs J a n u a ry 1.

65
Mr. Stephenson has been with the
St. Joseph bank for more than 25
years. He began his banking career
as a messenger with the GermanAmerican Bank in St. Joseph after
leaving school. His business career
has been entirely with banks.
During the First World War, Mr.
Stephenson served in the Cost Ac-

V

{

1

A nnounces Prom otions
Manufacturers Trust Company an­
nounces that John H. Brennen, H. C.
V. Cann, Raymond F. De Mott, Alex­
ander M. Horner, Leon A. Rosenbaum
and Edwin B. Thorpe, all former as­
sistant secretaries, have been elected
assistant vice presidents of the bank.
Mr. Brennen is affiliated with the
bank’s Out-of-Town Department at its
principal office. Mr. Cann is located at
the office at 149 Broadway, New York.
Mr. De Mott is in charge of the office
at Fourth Avenue, corner 27th Street,
New York, and Mr. Rosenbaum is at
the office at Seventh Avenue, corner
39th Street, New York. Mr. Horner
and Mr. Thorpe are with the bank’s
Personal Loan Department at 29 Broad­
way, New York.

Sidney N o rto n Elected
At a meeting of the board of direc­
tors of Bankers Trust Company, A.
Sidney Norton was elected an invest­
ment officer in the bank’s bond de­
partment. Mr. Norton has been asso­
ciated with Shields & Co., investment
bankers, since January, 1935. Born in
1897 at Freehold, New York, he was
graduated from Amherst in 1917, and
served in the first World War as an
ensign in the Navy.

"Y

L. E. STEPHEN SON
A New V ice President

H eads A sso cia tio n

a

counting division of the Ordnance De­
partment. He was born and always
has lived in St. Joseph and for more
than 20 years was treasurer of his
Republican County Committee.

At a meeting of the Missouri State
Safe Deposit Association, held recent­
ly in St. Louis, August Roeder of the
Mercantile-Commerce Bank & Trust
Company, St. Louis, was elected presi­

dent. He succeeded F. T. Hodgdon,
cashier, Farmers & Merchants Bank
& Trust Company, Hannibal, Missouri.
Roeder is manager of the Safe De­
posit Department of the MercantileCommerce Bank & Trust Company, St.
Louis, and has had wide experience in
safe deposit work.
He is past president of the St. Louis
Safe Deposit Association and former
chairman of the publicity committee of
the National Safe Deposit Advisory
Council. He has been treasurer of the
Missouri State Safe Deposit Associa­
tion from its inauguration.

Return to Bank
Virtually all staff members of the
Bank of America now in the armed
forces want to return to the bank when
their military service is completed, ac­
cording to their responses to question­
naires from the bank.
A pamphlet is now being mailed to
the men, answering many points
brought up by their responses, renew­
ing the bank’s pledge that reinstate­
ment awaits them on their return and
informing them their seniority has
been preserved as service with the
bank dates back to original employ­
ment, including time spent in the
armed forces.
As to salary, the men are assured of
generous treatment, with considera­
tion given to salary received on leav­
ing, length of service and experience
in the armed forces, prevailing salary
scales at time of return and responsi­
bilities of the position to which the
men are assigned.

Index To Advertisers
A
A lle n W a le s A d d in g M a c h in e C o m p a n y .
3
A llie d M u tu a l C a s u a lt y C o m p a n y ........... 33
A m e r ic a n N a tio n a l B a n k a n d T r u s t
C o m p a n y — C h ic a g o ................................... 40

4
►
*

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 in e s ...............................
C h a se N a tio n a l B a n k ......................................
C ity N a t io n a l B a n k a n d T r u s t C o m p a n y
— C h ic a g o ........................................................
C ity N a tio n a l B a n k an d T r u s t C o m p a n y
— K a n s a s C i t y ...............................................
C o n tin e n ta l B a n k an d T r u s t C o m p a n y .
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 . . .

12
6

J a m ie s o n a n d C o m p a n y .................................. 42
K
K o c h B r o th e r s ................................................. 63

J

43
50
43
53

I>

F
F e d e r a l I n t e r m e d ia t e C r e d it B a n k s .........
F ir s t N a tio n a l B a n k — C h i c a g o ..................
F ir s t N a tio n a l B a n k — O m a h a ....................
F ir s t N a tio n a l B a n k — S io u x C i t y ..............
F ir s t W is c o n s in N a tio n a l B a n k ................
F r a n k e l C lo th in g C o m p a n y .........................


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

I

I n v e s t o r s S y n d ic a te ...................................... 3 8
I o w a - D e s M o in e s N a tio n a l B a n k ............ 68

D a v e n p o r t , F . E . an d C o m p a n y . . . . . . 53-59
D e L u x e C h e c k P r in te r s , I n c ........................ 28
D e s M o in e s B u ild in g -L o a n a n d S a v in g s
A s s o c i a t i o n ...................................................... 63
D o a n e A g r ic u lt u r a l S e r v i c e ......................... 63
D r o v e r s N a t io n a l B a n k .................................. 56

v

7
26
8

67

B

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

H
H a m m e r m ill P a p e r C o m p a n y ....................
H e r r in g -H a ll-M a r v in S a fe C o m p a n y ...
H o m e I n s u r a n c e C o m p a n y ....................

37
34
52
57
27
63

L.

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

23
25
64
58
54
44

M
M e rc h a n ts M u tu a l B o n d in g C o m p a n y .. . 33
M e rc h a n ts N a tio n a l B a n k .............................
2
M e r r ill L y n c h , P ie r c e , F e n n e r an d
B e a n e ................................................................. 36
M in n e s o ta C o m m e r c ia l M en ’ s A s s o c ia ­
t io n ..................................................................... 32
N
N a tio n a l B a n k o f W a t e r l o o .........................
N e w Y o r k T r u s t C o m p a n y ...........................
N o r th e rn S ta te s E n v e lo p e C o m p a n y . . . .
N o r th e r n T r u s t C o m p a n y .............................

59
46
46
60

O
O m ah a N a tio n a l B a n k .................................... 21
P

5
P h ila d e lp h ia N a tio n a l B a n k ................
P u b lic 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 ................................................................... 38
K
R o llin s , E. H. a n d S o n s .................................. 39
R u s s e ll C o u n ty B u ild in g an d L o a n A s ­
s o c ia t io n ........................................................ 39
S
St. L o u is T e r m in a l W a r e h o u s e C o m p a n y 29
St. P a u l T e r m in a l W a r e h o u s e C o m p a n y 4
S c a r b o r o u g h a n d C o m p a n y .................31-49-55
S e c u r ity N a tio n a l B a n k — S io u x C it y . . . . 61
S ta te A u t o m o b ile I n s u r a n c e A s s o c ia t io n 32
T

T e n s io n E n v e lo p e C o r p o r a t io n .................. 52
T o o t le L a c y N a tio n a l B a n k ..................... 50-51
U
U n ite d S ta te s N a tio n a l B a n k — O m a h a . . 48
U n ite d S ta te s T r e a s u r y D e p a r tm e n t . . . . 62
w
W a n t A d ...............................................................
W a lte r s , C h a rle s E ..........................................
W e lc h , J a y A .......................................................
W e s s lin g S e r v ic e s ...........................................
W e s t e r n M u tu a l F ir e I n s u r a n c e C o m ­
p a n y ..............................................

Northwestern Banker

64
64
64
64
30

December 1944-

I;

66

In

the

Directors' Room
V

Quick Change
Little Girl (at church wedding): Did
the lady change her mind, Mommy?
Mother: Why, no. Why do you ask?
Little Girl: ’Cause she went up the
aisle with one man and came back with
another.
Too Bad
The civilian who wasn’t quite able
to distinguish an officer’s rank by in­
signia was conversing with a colonel.
Several times he called him captain,
then, as if not sure, he asked: “You
are a captain, aren’t you?”
“Well,” said the colonel, slightly
amused, “ I once was, but I’m not any
more.”
“That’s too bad,” consoled the civil­
ian. “Was it women or liquor?”
Light on the Matter
Gob: “Would you turn off the lights
if we were sitting over on the daven­
port?”
She: “Why, of course not—you lazy
thing.”

W hich
A colored preacher was hearing the
confession of a young man. In the mid­
dle of it he stopped the young sinner,
saying: “Wait a minute, young man,
wait a minute. You ain’t confessin’—
you’s braggin’.”
For Nothing
Customer (arguing with cab driver
over the fare): See here, I haven’t
been riding in cabs ten years for noth­
ing.
Cabbie: No, but I’ll bet you’ve been
trying hard enough.
On Trial
Air Raid Warden (in English air
raid shelter): Is there a mackintosh in
here that’s large enough to keep two
young ladies warm?
Voice (from dark corner): No, but
there’s a MacPherson who’s willing to
try.
Commanding Officer
“What is a lieutenant commander?”
“ A lieutenant’s wife.”

Easy Solution
Abe owned a well-known race horse
for which Ikey offered him $10,000.
Abe accepted the offer and the check,
promising to send the horse the next
day. Overnight, however, the horse
died. But Abe could not bear to lose
his bargain, so he cashed the check and
sent the horse on.
He received no complaint from Ikey,
but did his best to avoid him. Unfor­
tunately, the day came when they met
face to face. Abe assumed a nonchal­
ant attitude and asked what had be­
come of the horse.
“Veil,” said Ikey, “ven I find he vos
deat, and eferboty vat know him know
he was a vonderful horse, I raffle him
off, and twenty-fife beople puy dickets
at fife hundred tollars each.”
“ But,” said Abe, “didn’t anyone
grumble?”
“ Oh, only von man who von it,” re­
plied Ikey, “ so I gif him his money
back.”

Hard to Know
Office Manager (to new employe):
Young lady, in the matter of dress,
don’t you think you ought to show dis­
cretion?
Flapper: My gosh, some of you guys
ain’t never satisfied.

Postwar Plan
A farm boy, after watching one of
Uncle Sam’s tanks on maneuvers,
wrote to the Secretary of War: “ Please
reserve me one of them tanks when
you sell them after the war. With one
of those we can do our fall plowing
without fear of being killed by the city
hunters hunting deer.”

Feb.
6-8, M ID -W IN T E R
TR U ST
CONFERENCE, A. B. A., W aldorfAstoria, New York City.

Northwestern Banker

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

December 19M

Arm y Food
Sign in the Mess Hall: If the steak
is too tough for you, get out. This is
no place for weaklings.
Test
Sentry: “ Halt, who’s there?”
Voice: “ An American.”
Sentry: “Advance and recite The
Star Spangled Banner.”
Voice: “ I don’t know it.”
Sentry: “ Proceed, American.”

CONVENTIONS

Feb. 12, GROUP ONE, IO W A B AN K­
ERS A S S O C IA T IO N , Sioux City.
Apr.
15-18,
SPRING
M E ETIN G ,
A. B. A. E X E C U T IV E COUNCIL,
W aldorf-Astoria, New York City.

Apt
“ You’re an apt boy. Is your sister
apt, too?”
“ If she gets a chance, she’s apt to.”
Proof
A man named Josh was brought be­
fore a country squire for stealing a hog,
and three witnesses, being examined,
swore they saw him steal it. A wag,
having volunteered as counsel for Josh,
knowing the scope of the squire’s brain
arose and addressed him as follows:
“ May it please your honor, I can estab­
lish this man’s honesty beyond the
shadow of a doubt, for I have twelve
witnesses ready to swear they did not
see him steal it.” The squire rested his
head for a few minutes upon his hand,
as if in deep thought, and with great
dignity arose, and brushing back his
hair, said: “ If there are twelve who
did not see him steal it, and only three
who did, I discharge the prisoner.”
Dancers
“What’s a fan dancer?”
“ A nudist with a cooling system.”
Horse Deal
Mr. P., a member of one of Boston’s
principal horse-dealing firms, was one
day trying very hard to sell a horse to
the late Governor Wolcott. After as­
suring him the animal was just what
he wanted in every way, sound, with­
out a blemish, not a pimple on him,
afraid of nothing, not even steam cars,
they proceeded to take a drive to test
the animal’s qualities.
All went well till they reached Cot­
tage Farm bridge, when a train dashed
under and the horse nearly dashed
over with fright.
“ I thought,” said the Governor, “he
was not afraid of cars.”
“Well, to tell the truth,” returned
Mr. P., unabashed, “it ain’t the cars he
minds, it’s the engine.”
No Use
Lady of the House: “ I saw the milk­
man kiss you this morning, Jane. I’ll
take the milk in myself after this.”
Jane: “ It won’t do you no good,
Ma’am. He promised to be true to me.”

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Bankers have a Bigger Part
in Wartime Christmas Buying
Throughout America, the Number
One gift of 1944 is a War Bond. It’s
a gift that expresses the true spirit
of wartime Christmas in America.
So this year, Iowa bankers play a
bigger part in Iowa’s Christmas buy­
ing— for every Iowa banker is doing
his utmost to increase War Bond
purchases in his community.

Through War Bond activities . . .
and through alert attention to the
everyday business of banking in war­
time, bankers are contributing to
America’s war effort. These everyday
wartime jobs add up to a worthwhile
total. They are important in helping
the home front give full support to
our worldwide battlefronts.

BANKERS TRUST
W COMPANY
D ES M O IN E S


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

P A I CTO RY

\

yt« IMPORTANT JOB...


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

Jleü Va Vt 7Vd l!
The 6th W a r Loan is o ff to a good start in Iowa.
For this cam paign, our State has been assigned a
qu ota o f $178,000,000, including $61,000,000 in
Series "E " bonds.
Buying W a r Bonds . . . the best investm ent in the w orld
. . . is saving the p a trio tic way. As Bankers it is our
o p p o rtu n ity and our o b lig a tio n to do everything we
possibly can to encourage this fo rm o f th r ift . . . so
im p o rta n t to the present and the future w elfare o f the
U nited States o f A m e rica .
Let's s o lic it everyone to buy at least one extra $ I 00
W a r Bond during the present drive. Let's sell greater
am ounts o f bonds than ever before to a larger num ber
o f investors.
W h ile subscriptions to the fo u r m arketable issues
o ffe re d in the 6th W a r Loan must be postm arked prior
to m id n ig h t o f D ecem ber 16th, closing d a te o f the
cam paign, all sales o f Series E, F and G savings bonds
and Series C savings notes processed through the
Federal Reserve Bank by D ecem ber 31st will be
c re d ite d to the sales to ta ls o f the drive.

C A P IT A L FUNDS OVER FIVE MILLION DOLLARS