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FEBRU A RY 1942 P h oto by C laude B o rr ett M O U N T R A N IE R , W A S H IN G T O N T a k en from a b o v e P a r a d ise L o d g e HOW I BUY AND FEED CATTLE TO MAKE MONEY https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Page 12 ^ 4 : ^ <r^ < r < < < ^ ^ ^ TIM E IS M ONEY A ccuracy and speed are o f prim e im p ortan ce becau se of present con d itions. T lie M erchants com p lete fa c ilities N ation al and B ank exten sive w ith netw ork its of corresp on dents is eq u ip p ed to render excep tion al service to hanks th rou gh out the M id-W est. A CEDAR R A P ID S B A N K CEDAR R A P ID S SERVICING A LL IOWA. MERCHANTS -1 NATIONAL BANK M FE OFFICERS L ' J a m e s E . H a m i l t o n , Chairman S . E . C o q u i l l e t t e , President H. N. B o y s o n , Vice President R o y C. F o l s o m , Vice President M a r k J. M y e r s , V. Pres. & Cashier G e o r g e F. M i l l e r , V. Pres. & Tr. Officer M a r v i n R. S e l d e n , Vice President F r e d W. S m i t h , Vice President J o h n T. H a m i l t o n II, Vice President R. W. M a n a t t , Asst. Cashier L. W. B r o u l i k , Asst. Cashier P e t e r B a i l e y , Asst. Cashier R. D. B r o w n , Asst. Cashier 0 . A. K e a r n e y , A sst. Cashier S t a n l e y J. M o h r b a c h e r , Asst. Cashier E . B. Z b a n e k , Building Manager «Cffc m 1 %v\ Ik à > •c<t: "**=?- k r/íE ^ Cedar Rapids Member Federal N- ^ - Iow a Deposit Insurance Corporation r r __ c._ w v' ì > . ^ N o r th w e ste r n B an k er, p u b lish e d m o n th ly b y th e D e P u y P u b lis h in g C om pan y, a t 527 7th S tr e e t, D e s M o in e s, I o w a . S u b sc r ip tio n , 35c per co p y , $3.00 p er y ear. E n tere d a s seco n d c la s s m a tter at th e D e s M o in e s p o st office. C o p y rig h t, 1942. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis i Jl j \ \ J1Á ik W h h t met3l ^ y - ^e, its a«oys are i r mor n w ,re, 1 / at e/ ca stin g ? a i r° ducts A fn ° d ’ A ton 0r ™ore of rm "" may be necessin, • ction o fa • , r f i " « ‘ 'l n" c b o m b in ', , MafangoneJittJ , ' uires fía P b f alu™: fhe co° rd i„ ation ,ufa«ur;ng , of " * * Bauxite enf H W S INSURANCE JLie/s An¿/ustr i a / TeamwonA To assure continuous flow of aluminum and other vital defense materials, factories, smelters and machinery must be carefully planned to minimize danger of loss through hazard. Insurance is on hand to replace when mishaps halt I n d u s t r i a l T e a m w o r k . More than that, it provides facilities to ferret out and plan against traps and hazards to clear the track ahead for full-speed production. Finally, Insurance reserve dollars invested in industry become ^ 7 he p n n d p af Z . a"ed'■» ‘o Z*zluminur 7 ,ndu t? i Ingot a nci s ile e , 'nt° the wrneta Jv; C Wm8* * a pían, , J L TRUl P-g become precious fbe materials o f living and bone and muscle to the ramparts of production. * T H E HOME * ‘ Ptotects other indus. 3 ebminate financia, Ioss (^ < y ? 7 ^ & c & r iy r Possible obstruction will N E W FI RE . AUTOMOBILE https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Y O R K • MARI NE INSURANCE , national defP „zr V* •’.'»■O- mug Utili Iffi *1»i *#*#« *#4H8 1 JIM* If 3333S 3 SiSiiSS lissaa?; ¡¡3 3 3 3 3 » 0 W mMÉ 2 S I2 » Vi 3 33 99* •S» .-s ****'***?»¡ ‘ ■■ i r .v .v .u * * D ealers in M u n icip al Bonds The Chase offers correspondents a well rounded service in this type of investment. Inquiries from banks will receive the personal attention of experienced officers. Bond Department THE CHASE NATIONAL BANK OF THE CITY OF N EW YORK M ember Federal Deposit Insurance Corporation N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 1942 GanliÂenee! A b o v e , in t e r io r o f th e n e w C o u n c il B l u f f s S a v in g s B ank, C o u n c il B lu ffs , Io w a , “ b u il t b y F i s h e r .” I he foundation of nearly all business. W e like to think this is one of the main reasons that so many banks come to us for new equipment when required and also for remodeling and mod ernizing of their old fixtures. Another reason undoubtedly is the fact that Fisher Company has had over 70 years experience planning and designing fixtures and equipping banks all over the northwest. Our experienced men will be glad to call on you and, without obligation, make floor plans and practical suggestions for modernizing your present quarters. Now, when the larger construction jobs are slowing up, is an opportune time to consider and complete the remodeling of your bank. W rite us when to call. Thank you. E S T A B Listi E D I8 7 O Charles City, Iowa N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 1942 S A FET Y The m an w ho d oes electric w eld in g works close to d a n g er in alm ost com plete safety. A fibre m ask w ith sp e cia l g la ss p a n el protects him a g a in st in ten se light, hot sparks an d flying fragm ents of m etal. » » In quite a s practical a fashion, La M onte S afety P apers afford protection to banks a n d corporations. Their u se provides a n effective barrier a g a in st the ever-present hazard of check fraud. » » W ith most of the country's largest ban ks a n d w ith le a d in g corpo rations, La M onte S afety Papers are regarded a s the “Sym bol of Safety." In the sev en ty -o n e y ea rs sin ce G eorge La M onte in v en ted sa fety pap er, this com m on -sen se safegu ard h as protected billions of dollars in transit. » » Your lithographer or printer w ill g la d ly sh o w y o u sa m p les a n d exp lain h ow your tradem ark or ind ividu al d esig n can b e a d a p ted to “your own" check paper. GEORGE LA MONTE & SON N u t l e y ..........................................N e w Jersey https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEBRUARY 19 4 2 NUMBER 655 FO R T Y -SE V E N T H Y E A R Oldest Financial Journal West of the Mississippi River IN T H I S CLIFFO RD DE PUY 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 J. STUART D A V IS Associate Editor 527 Seventh Street, Des Moines, Iowa Telephone 4-8163 • NEW Y O R K O FFICE Frank P. Syms Vice President 505 Fifth Ave. Suite 1 202 Telephone MUrray Hill 2-0326 ISSU E Editorials 8 A cro ss th e D esk fro m th e P u b lish e r. Feature Articles F ro n tisp ie c e ..................... ..... -............................... - ................ ...........-..... -.............. -.................. H ow I B u y an d F eed C a ttle to M ake M oney................................................. L. V. Day G e ttin g N ew B u sin ess an d N ew C u sto m e rs............................................ F . G. Parsons N ew s a n d V iew s.................................-........................................................... Clifford De P uy O utlook Is Im p ro v ed fo r Second G rad e R a ilro a d B onds................. ...... C. C. Rieger T itle V I L o an s H av e Seven A ttra c tiv e F e a tu r e s .............................................................. L eg al D e p a rtm e n t— W hen Does B u y e r R eceive T itle ? ................. ................................. H ow N e b ra sk a J u n io r B a n k e rs P ro m o te S ale of D efen se B onds..J. R. Lauritzen N ew B u ild in g s a n d R em o d elin g ................................................... ............... -......................... 11 12 13 14 15 16 IT 18 20 Insurance See a L o t of ’E m a n d Y o u ’ll S ell............................................................... John H. E glof 23 S u re -F ire S u g g e stio n s fo r S ellin g S u ccess— ........................................... F . W. Potter 26 M IN N E A P O L IS , O FFICE Jos. A . Sarazen Associate Editor Telephone Hyland 0575 Bonds and Investments M u n icip als in M a rk e t R e a c tio n ........................................................... ...James H. Clarke 31 T e m p e ra tu re Low— S ales H ig h ............................................................................... ................. 32 State Banking News CONVENTION CALENDAR A B A M id -W in te r T r u s t C o n feren ce— W a ld o r f-A s to r ia H o te l, N e w Y ork C ity , F e b r u a r y 3-5. A B A E x e c u tiv e C o u n cil S p r in g M e e t in g — T h e H o m e ste a d , H o t S p r in g s, V ir g in ia , A p r il 19-22. A m eric a n I n s titu te o f B a n k in g — N ew O r lea n s, Ju n e 8-12. A B A A n n u a l C o n v e n tio n — B o o k -C a d illa c H o te l, D e tr o it, S e p tem b er 22-O cto b er 1. STATE MEETINGS I o w a G roup O n e— S io u x C ity , F e b r u ary 12. I o w a Group E le v e n — B u r lin g to n , F e b ru ary 23. I llin o is A n n u al C o n v e n tio n — S t. L o u is, M a y 20-22. S o u th D a k o ta A n n u a l C o n v e n tio n — C a ta ra ct H o te l, S io u x F a lls , Ju n e 3-5. W is c o n s in A n n u a l C o n v e n tio n — M i l w a u k ee , Ju n e 16-18 M o n ta n a A n n u a l C o n v e n tio n — Y e llo w sto n e N a tio n a l P ark, J u n e 18-20 M in n e s o ta A n n u a l C o n v e n tio n — H o te l D u lu th , D u lu th , J u ly 8-10. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M in n eso ta N ew s ..................................................................-.............. W h a t M in n eso ta S ta te m e n ts S how ...................................... T w in C ity N ew s..................... ..................................................... S o u th D a k o ta N ew s..................................-......................................... W h a t S o u th D a k o ta S ta te m e n ts Show ............................... N o rth D a k o ta N ew s................. ..................................................... — W h a t N o rth D a k o ta S ta te m e n ts S how ................................ N e b ra sk a N ew s .................................................................................... W h a t N e b ra sk a S ta te m e n ts Show ........ .............................. O m a h a C le a rin g s ......................... ............................................ L in co ln L ocals — .................. ~...........................-...................... Io w a N ew s ............................................................................................. W h a t Io w a S ta te m e n ts S how ........ ........................................ G ro u p s O ne a n d E lev en in Sioux C ity a n d B u rlin g to n Io w a N ew s fro m H e re an d T h e re .......................................... D es M oines B a n k E le c tio n s........... ......................... -............ The Directors* Room A F e w S h o rt S to rie s to M ake Y ou L a u g h 37 38 41 43 43 46 46 49 49 51 53 55 59 61 J. A . Sarazen 63 ........................... 67 .......................... ........ ................. .......................... .......................... .......................... .......................... .......................... .......................... ........................... ........................... ........................... ........................... ........................... ........................... 8 Across the Desk From the Publisher In a recent le tte r sent ont by B abson’s R eports Incorporated, they made this statem ent ‘‘ W h at is the real outlook to d ay ! H ere is B abson’s Definite unhedged forcast for the critical m onths ahead: “ 1. H itler will not win w orld w ar num ber 2. “ 2. Commodities will g radually become more desirable th a n money. Babson Bunk About Safety of Bank Accounts “ 3. GOOD STOCKS WILL BE SAFER THAN BANK ACCOUNTS.” FOUND AVhile we definitely agree w ith statem ent N um ber 1 and there m ay be a m atter of opinion on item N um ber 2, we certainly are in complete dis agreem ent on item N um ber 3, in w hich the em phasis is m ade that, good stocks will be “ safer” th an bank accounts. The banks today are in a stronger position th an they have ever been. The bank rep o rts for 1941 show th a t the b an k ing system was never in a sounder position, and if you believe in the fu tu re of your own govern m ent, the banks have a large percentage of th eir investm ents in trea su ry obligations. L e t’s tak e a look a t the stock m ark et now for a moment. A few of the averages are as follows: 1937— High ........... 194.40 1938— Low ....................................... 98.95 1941—Low ........................................ 108.94 1941—High ................................ 133.54 If you had bought stocks a t the 1937 High and sold them at the 1941 High you would have had a loss of 61 points, w hich is a 32 per cent decline in your investm ent. N ot much safety in th a t plan. If you had had N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 19^2 a thousand dollars or any m ultiple thereof in a bank account in 1937, we know th a t you could still have w ith d raw n the same am ount in 1941. W e know m any individuals who had th eir money in closed banks d uring 1932 and who w hen the banks were liquidated received all the w ay from 95 to 100 per cent of th eir original de posits. W hereas if they had had this same money invested in stocks, they either lost m ost of it or got only a small fractio n of th eir m oney back. B ut Mr. Babson is not talk in g about good stocks as investm ents. He is saying th a t they will “ be found to be safer than bank accounts.” and th a t to us sounds like Babson bunk. A ccording to Secre ta ry of the Treasury, H enry M o r g e n t h a u , “ W e need 9 billion dol lars in additional revenue; I should like the first billion of th a t am ount to be obtained by closing the rem aining loopholes.” The S ecretary then nam es four loopholes from which he expects to get this billion dollars. This includes (1) Tax exem pt securities— (2) com m unity p ro p e rty (3) separate re tu rn s for husband and wife and (4) from percentage de pletions. We would like to recom m end to the secretary of the T reasury the recent study m ade by the B rookings In stitu tio n in which they show how we can reduce non-defense expenditures by 2 billion 85 m illion dollars. This B rookings In stitu tio n re p o rt shows the follow ing: How To Save Two Billion Dollars In Taxes “ An analysis indicates th a t it is possible to reduce federal expenditures for non-defense pur- 9 poses by more th a n two billion dollars. The suggested reductions, by m ajor classes of ex penditures, are as follows, in millions of d ollars: F lood control, rivers and harbors, and other w a te r projects ................ 350 m illion dollars A g ricu ltu re ........................... 625 million dollars P ublic dom ain ..................... 19 million dollars P ublic w elfare .................... 615 million dollars H ighw ay developm ent __ 171 m illion dollars E xecutive and other general activities............ 5 million dollars T ra n sfer of costs to state and local go v ern m en ts-- 300 million dollars T otal................ 2,085 m illion dollars If th ere ever was a tim e for stopping non defense expenditures it is now. W hy not reduce expenditures by 2 billion dollars before you raise taxes by billions, Mr. S e c re ta ry 1? Reduction of Goods A m erica today, + increase in Money we llave a great crease m the am ount „ , of m oney m circula tion and a trem endous reduction in the am ount of consum er goods, and this is bound to resu lt in inflation. This point was em phasized recently by Sir C harles M organ-W ebb, E nglish economist who discussed the topic in a lecture, “ W h a t W ill H appen To Y our M oney.” S ir C harles said th a t inflation is sim ply too much m oney in circulation and then em phasized, th a t “ Y o u ’ve got m illions of dollars more in circulation now th a n two years ago b u t not n early as g reat an increase in goods. Y our m anu fa ctu red goods are going to E ngland and Libya, etc., as w ar goods. “ F o r instance, last year your factories tu rn e d out five m illion m otor cars. This y ear it is probable th ey w o n ’t produce one fo r the general public. They are producing tanks. “ T here is lots of money, b u t little goods.” R ealizing th a t a certain am ount of inflation is inevitable in w ar, Sir C harles gave five w ays of red u cin g the danger by tak in g up some of the excess money. These five w ays a re : 1. T axation, 2. Savings, 3. R ationing, 4. P rice control, 5. W age control. The first fo u r of these m ethods we are already using to a g re ater or less degree, and w hether the 5th one of wage control will be p u t into effect rem ains to be seen. N evertheless, w hatever m ethods m ay be neces sary to prev en t inflation m ust be taken. = i n , . In fla tio n Hitler Will Be Defeated But Don't Underestimate c, ,i H.is otrenqth ° Tllat we llave to make sacrifices to retain , , our freedom and to d efeat H itler was em phasized in a speech which we heard recently by B aron W olfgang von P utlitz, a form er Germ an diplom at who escaped to E ngland and who has recently come to this country. The B aron was, for four years, first secretary of the Germ an embassy in London before H itler took over Germ any. Being an avowed foe of H itlerism , he fled to London by plane w ith the aid of B ritish officials. B aron von P u tlitz brought out nine interestin g points in his address w hich are as fo llo w s: (1) In America you throw away enough tin cans every day to build a dozen airplanes. (2) Every family in Germany has 2 garbage cans—one for inedibles, the other for edibles—the potato peelings go to feed the community drove of hogs. (3) Many Germans pay lip service to Hitler— their gangster ruler—but pray for delivery. (4) Democracy must prove itself able to fight for freedom. (5) Don’t underestimate Hitler’s strength. (6) What you call sacrifice here would be wealth beyond dreams in Europe. (7) If you give up half of your luxuries you’ll still live 10 times better than anybody in Europe. (8) The Nazis like locusts, have squeezed enormous resources out of Europe and put them all into their own pockets for their own power. (9) The scum of every section of German so ciety has been banded together under the swastika to plunder, loot and blackmail. As indication th a t the B aron was som ewhat fam iliar w ith our w ay of living in this country, he pointed out th at, “ Y our homes have telephones in every room ; the farm ers have radios in th eir barns while they m ilk th e ir cows; your b read comes already slic e d ; and your wives p u t th eir cakes in the oven, go down town, and re tu rn to tak e them out b a k e d .” The main point is th a t the U nited S tates and the other u n ited nations can and will lick H itler, b u t in the m eantim e we m ust not underestim ate his strength. N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 1942 10 QUALIFIED in every respect Resources, Experience, Physical Facilities, Trained P erso n n el and Friendliness . . . to serve as your Des Moines correspondent. “ I O W A ’S F R I E N D L Y B A N K ’’ CEN TRA L M T M M L BANK S, TRUST COMPANY • R Moines, Iowa e s M E M B E R N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F E D E R A L D E P O S I T I N S U R A N C E F e b ru a r y Í942 \ C O R P O R A T I O N 11 N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F ebruarij 19^2 12 Mr. D ay bought these c a ttle as calves in the fall a t $7.40, w eighing 340 pounds. He sold them th e follow ing Ju n e a t $9.75, w eighing 885 pounds. How I Buy and Feed Cattle to Make Money Every Farmer-Stockman Needs Good Banking Connections" OST of m y cattle are bought a t auction sales h ere in N ebraska and South D akota, w ith special a tten tio n paid to th e ir condition. Care is tak e n not to get excessive fills, from w hich it som etim es tak es th em th irty days or m ore to recover. In choosing th ese cattle in th e fall I try to select th e ones of ty p e and quality to fit th e feeds on hand; for exam ple, th is year, h av in g a lot of fall feed, I bou g h t fo rty head of w et cows an d heifers, w hich hav e m ade a gain of 100 to 150 pounds an d $1.50 per h u n d re d w eig h t in price, m ostly on salvage feed. As to th e feed-lot cattle, I have n early alw ays stay ed w ith “in-be tw een ” k in d as to q u ality an d price— m ostly yearlings. W hen buying calves I tr y to choose a good grade as cheap as possible, b u y ing often in sm all lots w h en th e re seem s to be a soft spot in th e auctions. In buying th ese 600 to 800 lb. steers, I have found th a t for abo u t $1.00 per cw t u n d e r top q u ality cattle—selling as I do m ostly in th e spring, w hen th e m arg in is n a rro w b etw een good cattle and m edium —th e profit w ill be considerably g reater. F u rth e rm o re , w hen I b u y m edium q u ality cattle I M N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 19^2 By L. V. Day Fremont, Nebraska get a g reat m any good ones w hich w h en fatten ed o ut w ill m ake top quality, and w hen buying top quality feeders at a high price, I usually get a few “cut-backs” w hich a re n ’t so desirable and w hich cost a lot of m oney. F o r th e p ast tw o or th ree years, I have fed a lot of h eifers— m ostly y earlin g s and calves—th a t have cost $1.00 to $2.00 less th a n steers going into th e feed-lots, and w hich sold alm ost on p a r w ith th e steers w h en finished. Close a tten tio n m u st be given w hen buying these heifers to be sure th a t th ey are n ot w ith calf. A fter all, th e only tim e we farm ers have an y th in g to say about th e price is w h en we do th e buying; w hen th ey are sold all we can do is sit on th e fence and hope for th e best. I ’ve told you som e of th e th in g s I have done, and now here are a few th in g s I don’t do: I n ever get enough excited over m a rk e t conditions to ru sh into tow n and buy a feed-lot supply of cattle at one tim e, and I have never paid com m ission to anyone for buying m y cattle, alth o u g h in some cases th is m ight have been w rong. H ow ever, I ’ve m anaged to stay on th e rig h t side of th e ledger th ro u g h some v ery lean years. So m uch for gettin g th ese cattle in possession. The feed-lot cattle are fed-out alm ost exclusively on farm grow n products w ith a p ro tein supplem ent. I have n ever bought any p rep ared com m er cial cattle feed, as m ost of th em are low in p ro tein and high in price, an d have a g reat deal of fillers and car bohydrates. I depend on yellow corn for carbohydrates for fattening, w ith alfalfa and cakes or oil-meal to balance th e ration. T here is a m ill in F rem o n t w hich w ill pellet th ese proteins in any proportion and add about 100 pounds of m ineral to th e ton, w hich m akes a v ery good feeding supplem ent a t a m inim um of cost. I use large am ounts of straw for bedding and try to have p len ty of sheds and w indbreaks to keep th e cat tle com fortable and dry. I also use ta n k h eaters to w arm th e ir w ater. A fter gettin g these cattle from the range in th e fall, th ey are sta rte d (T u rn to page 35, please) 13 When The B o a rd M e e t s Getting New Business and New Customers IRECTO RS can be of m aterial as sistance to th e m anaging officers of th e ir bank, both in th e w ay of safe-guarding th e in te re sts of th e bank, an d in g e ttin g new business and new custom ers. To illu stra te one angle, som e tim e ago one of our d irecto rs h e a rd th a t som e cattle described in a ch attel m ortgage, and supposedly being p as tu re d on an o th er farm , w ere in fact non-existent, and also th a t a good team h ad been tra d e d for an additional piece of m achinery. He im m ediately checked th e tr u th of th e rep o rt, and told th e active officers w h a t he h ad discovered. W ith his cooperation it w as possible to obtain im m ediate p ay m en t of th e debt w hile th e re w as still sufficient ch attel security, and th e debt w as liqu id ated w ith o u t delay and also w ith o u t an y disagreeable afterm ath . T he average businessm an-director fre q u e n tly has advance know ledge of n ew businesses and in d u stries com ing to th e tow n and has an o p p o rtu n ity to connect tho se incom ing businesses w ith his ow n bank. An approach by th e active officers is alw ays advisable, b u t th e contact m ade by th e d irectors can and is often m ore p ersonal and m ore effective. T he follow ing case dates back to w h en b an k s h ad “O ther R eal E sta te ,” b u t th e prin cip les are th e sam e today. I recall an occasion q uite a few y ears ago w h ere a b u sin essm an m entioned th a t he h ad been re n tin g th e place he h ad been living in for m ore th a n te n years, and th a t all he h ad to show for th e te n y ears w as approxim ately $3,500 in re n t receipts. H e w an ted to know n if th e re w a sn ’t som ething he could do to get sta rte d on th e w ay D By F. G . Parsons Director Iowa Trust & Savings Bank Estherville H ere is w h at K . J. M cDonald, p resid en t of the Iow a T ru st & Savings Bank, says about Mr. Parsons, the author of this a rti cle: “M r. Parsons is a d irector w ho is in active o n ly in classifica tion. H e is the ty p e of director every active officer dream s about and hopes to have. H e is of great h elp and value, not on ly b y rea son of his experience and good ju dgm en t, but as w ell b y reason of his patien ce and w illingness to cooperate, regardless of the nature of th e req u est.” to ow n a hom e of his own. W ith no F ed eral H ousing p rogram and no building experience, he w as averse to tackling th e ta sk of building a house, b u t he did have a fairly w ell located lot, and ju s t a block aw ay in a b e tte r location th e b an k ow ned a house. It w as possible to arran g e an exchange w hereby th e b an k took his vacan t lot and tu rn e d him th e house, m aking him a loan for th e difference, am ortizing th e loan on a m onthly basis. In ju st about six years th is young m an ow ned his hom e, besides having m ade m ate rial im provem ents in th e m eantim e. In cidentally th e young m an w as given an agreeable education in banking m ethods and th e b an k gained a good friend. Added to th is need th a t th e director be ever alert in gettin g new custom ers and new business, is th e m aterial aid he can give by being courteous and friendly, not only to th e existing clien tele, b u t likew ise to those w ho are not custom ers of his bank, since everyone w ho is n ot already a custom er is al w ays a prospect. In our setup all directors are m em bers of th e discount com m ittee, th ree serving in an active capacity, and th e o thers subject at all tim es to call and consultation. W e all serve in an in form al way. T he telephone m ay ring, and does, at any tim e of th e day, and th e discount com m ittee is in session. Over th e telephone w e receive th e inform ation as show n in th e financial statem ent, th e re p o rt of th e checkup at th e courthouse and on th e farm , the credit rep o rts from b u reau s and in dividuals, and any o th er p e rtin e n t in form ation. Once in aw hile, w hen th e cases are borderline, w e m eet at th e b ank and argue th e m a tte r o u t th e n and th ere. In th is w ay th e re is no delay in an sw erin g a credit request, and th e only tim e req u ired is th a t tak en in assem bling th e necessary credit data. O ther ban k in g problem s are handled in m uch th e sam e way. All of th e directors are in and out of th e b an k several tim es a week, and w hile in th e y drop by th e officers’ desks to pick up and discuss th e latest developm ents. W e have our w o rk to do at th e m onthly m eetings, b u t we don’t w ait u n til th e m onthly m eetings to know w h at is going on. W e know th a t from day to day. N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 19b2 14 N e w s a n d V ie w s OF THE B A N K IN G W ORLD By Clifford DePuy D R. JU L IU S H IR SCH , w ho served in G erm any d u rin g W orld W ar No. 1 as price ad m in istrato r, and w ho as se cretary for econom ics a fte r th e w ar w as active in try in g to p re v e n t or control inflation, and w ho w as one of th e R eich’s leading business m en be fore he had to flee th e country, w as asked w h at he w ould do to p ro tect him self if he h ad to go th ro u g h th e w ar and p o stw ar inflations in G er m any again, and he said th a t he w ould buy first—real estate, second—com m odities, and th ird —stocks. Frank K. H ou ston, p resid en t of the Chem ical B ank & T ru s t Com pany of New York, has issued a su rv ey show ing a nine y e a r m unicipal price record w hich includes appro x im ately 200 state and m unicipal bonds and traces th e price m ovem ent over th e p ast nine years. If you are in terested in a copy of th is su rv ey we are su re th a t Mr. H ouston w ill be glad to send you one. If you don’t th in k W estbrook Pegler is rig h t about his cam paign to have th e unions freed of rack eteers and crooks, ju s t look over th e recen t G allup poll in w hich th e question w as asked, “If th e A. F. of L. and th e C. I. O. do get to g eth er in one organization, w ho do you th in k w ould be th e best m an to head th a t organization?” A nd on th is list to be p resid en t m em bers of th e C. I. O. unio n gave th e nam e of H arry B ridges, wellknow n w est-coast strik e r, rack eteer and alien citizen w ho long ago should have been deported. A pproxim ately 1.75 per cent of A m erican fam ilies have incom es of from tim e take even $5,000 to $10,000—an d by th e th e incom e boys on M arch 15th th e ir share, w h a t is left w ill not be th a t high. W inthrop W. A ldrich, ch airm an of th e Chase N ational B ank, in a recen t statem en t pointed out th a t th e larg er com m ercial b an k s in th e U nited States, as of Septem ber 30, 1941, held tre a su ry obligations, direct and g u a r anteed, am o u n tin g in ro u n d figures to 19 billion dollars, w hich rep resen ts about 43 p er cent of all m ark etab le tre a su ry obligations th e n outstanding. C ertainly no one can criticize th e banks for n o t doing th e ir p a rt in help ing to finance th e g o v ern m en t by th e purch ase of its securities. N o r th w e s te r n R a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a r y 1942 The N ational R esou rces P lan n in g Board, in its an n u al rep o rt subm itted to Congress, predicted a post-w ar boom in w hich peace tim e production of goods w ould be at a ra te of 105 billion to 110 billion dollars annually. If th is takes place, th e rep o rt also em phasized th a t th ere w ould be a suffi cient accum ulated shortage in resi d ential housing and durable consum er goods, such as autom obiles, etc., to give us a vigorous p riv ate in v estm en t boom. V ictor Cullen, p resident of th e F i nancial A dvertisers A ssociation and vice p resid en t of th e M ississippi V al ley T ru st Com pany of St. Louis, m et in New Y ork recen tly w ith th e o ther officers and m em bers of th e board of d irectors for th e m id-w inter council m eeting of th e A ssociation. The im provem ent of th e Associa tio n ’s service to its m em bers w as the m ain topic of discussion. E u gen e W . L ew is, p resid en t of the In d u strial N ational B ank of D etroit, M ichigan, has p rin ted one of th e m ost in te re stin g b ank adv ertisem en ts we have seen, entitled “I am a B an k.” T he first p arag rap h says, “I am a bank. I have been accused of being a cold, heartless, py ram id of steel and stone. H ow absurd! W hy, I have been m aking friends and influencing people long before Dale Carnegie w as know n. I know th is cold as stone assum ption to be false, and now, after long y ears of w aiting, I have found one w ho has consented to tell th e sto ry of m y life to all of th e people.” F ro m th e n on th e ad v ertisem en t con tin u es to tell th e sto ry of th is bank in a m ost in terestin g way. W hen th e B ank of A m erica dedi cated th e ir new building a t 300 M ont gom ery Street, San Francisco, th e em ployees of th e ban k p u rchased the original helm of th e “P o rtsm o u th ” and p resen ted it to th e b a n k ’s founder, A. P. G iannini. The significance of th is helm lies in th e fact th a t n ear th e spot w here th e P o rtsm o u th b erth ed in 1846 to claim California for th e U nited S tates w as also the first office of th is bank. The B ank of A m erica is now the fo u rth larg est in th e nation. L eo J. W egm an, presid en t of the City Savings B ank of A nam osa, w ho is alw ays in terestin g in p riv ate con v ersatio n as well as public speaking, is likew ise able to express h is th o u g h ts consistently and colorfully in his letters. In a recen t one to u s on th e question of inflation and non defense spending he said, “I had a ‘H ill B illy’ ask me a few days ago if we w ere going to have inflation. I asked him w h a t it w as—and he said dam n if he knew . Bill R ogers said th e g ratify in g th in g about th e m oney question w as th a t th e dum b bell k n ew about as m uch about it as th e sm a rt guy—and, so I conclude th e sam e ob servation applies to th e m a tte r of in flation; we have it in some degree now, as I view it—and w h eth er it zooms out of reason hell and gone IS ra th e r th e question th a t disturbs. “You m ade jocular reference to th e fact th a t the w rite r is a dem ocrat and a new dealer—rig h t as to being a dem o crat, and only about half rig h t on th e new deal stuff. H ow ever, I m u st in sist th a t I w as consistent. A t th e State B ankers Convention last Sep tem ber in Des Moines I being a m em b er of th e R esolutions Com m ittee p re sented a resolution providing th a t non-defense spending be reduced to th e m inim um if n ot elim inated en tirely and th a t a ceiling be placed on farm com m odity prices and labor. T here w ere a flock of o th er b an k ers on th e com m ittee and not a dam n one w ould su p p o rt th e p a rt of th e resolu tion reg ard in g th e farm er or labor, fearful of antagonizing th e groups; believed th e th o u g h t sound b u t didn’t have th e godam n back bone to follow a sane conviction and so I w as S. O. L. w ith th e proposal. A nyw ay such is life and w hoever said it w as several dam n th in g s afte r m ore of th e sam e kind, knew his stuff.” F ran k W arner, th e v ery able and efficient secretary of th e Iow a B ankers A ssociation, has ju s t sent out the 1941 book of proceedings of th e Associa tion. As usual, th e book is com plete and covers every activity of th is wellknow n organization. Charles B. M ills, of Moline, Illinois, w ell-know n b an k er th ro u g h o u t th e N orthw est, is visiting his d au g h ter and h e r husband for a couple of m onths at Ft. Sill, Oklahoma. No doubt Charlie w ill learn all about th e field artille ry w hen he is there, and how to kill th e Jap s a t long range. Joseph R. K night, a ssistan t cash ier of th e C ontinental Illinois N ational B ank and T ru st Com pany of Chicago, has been w ith th a t in stitu tio n for 11 y ears and previous to th a t w as asso(T u rn to page 69, please) 15 Outlook Improved for Second Grade U R IN G th e last few y ears th e re has been considerable liquidation of speculative railro ad bonds by savings b anks and o th er in stitu tio n al holders. In re c e n t m onths excellent railro ad earn in g s have been ignored and selling p re ssu re is again in creas ing. The ex ten t of in stitu tio n a l liqui dation and p o ten tial fu tu re selling of railro ad bonds is creatin g som e con cern on th e p a rt of investors. L iquidation of speculative railro ad bonds has been an alm ost continuous process, as far as in stitu tio n a l in v e st ors are concerned, for over te n years. T here is n o th in g new about in stitu tio n al selling and it has long been recog nized th a t only d u rin g periods of m a r k et stre n g th could obligations of th is caliber be successfully distributed. T ru s t com panies, savings banks, in v estm en t funds and in su ran ce com pa nies a t one tim e provided a norm al dem and for th is class of security. To day th is buy in g su p p o rt for defaulted and m ost second-grade railro ad bonds has been w ith d ra w n and w ith “th in ” m ark ets for bonds and stocks of all descriptions it is m ore or less obvious th a t only m oderate selling on th e p a rt of in stitu tio n a l in v esto rs tends to over depress th e m a rk e t prices for such securities. P ew b a n k officers show any in te re s t in b u y in g even th e h ig h est grade railro ad obligations. T hey see little a ttra c tio n in bonds such as B u rlin g to n G eneral 4s 1958, G reat N o rth e rn 4s 1946, or S o u th ern R ailw ay 5s 1994. In ste a d th e y show a p re fe r ence for high grade public u tilities and governm ents. Savings b an k s ap p ear to be on th e “selling” side of th e m ark et. F e w ra il road issues rem ain am ong th e secu ri ties legal for savings b an k s and tr u s t funds in th e v ario u s states. T h ere has been co n stan t p re ssu re on th e p a rt of ban k d irecto rs to liquidate speculative railro ad bonds w h en ev er possible. The re p o rt of th e C om ptroller of C urrency show s th a t in th e y e a r w hich ended Ju n e 30, 1931, b an k s in th e U nited States redu ced th e ir holdings of ra il road secu rities by $105,366,000, leaving a to tal a t th e end of th a t fiscal period of $1,508,727,000 still held. T he g re a t est liquidation of th ese securities w as show n by th e m u tu al savings b anks D RtiHtOüdBûftcfs By C . C . Rieger Manager Bond Department Jamieson & Company Minneapolis C. C. R IE G E R w hich disposed of $74,000,000, w hile th e n ational banks liquidated about $35,000,000 w orth. Possible fu tu re selling of rail bonds by in stitu tio n s m ay be exaggerated and liquidation from th is source m ay soon be a m a tte r of history. In su ran ce com panies have sold relativ ely few ra il road obligations and have actually p u r chased additional am ounts of these securities d u rin g 1941. New buying, how ever, has been confined to th e b et te r quality issues b u t com m itm ents in second grade and defaulted rail lines have been m an tained intact. T he pessim istic elem ents in th e sec o ndary railro ad bond situations have been ra th e r fully outlined above. Con cern over h ig h er wages, increased costs and risin g taxes is fully w arranted. W h at m ay n ot be w a rra n te d is th e view point th a t th ese factors w ill de stro y railw ay earn in g pow er in 1942. The M ediation Board recognized th a t increased wage costs w ould have to be m et by passing on a t least p a rt of th is additional expense to th e shippers. O perating records for 1941 w ill be exceptionally good. New high ratios in efficiency w ill be attained. F re ig h t cars are of g reater capacity and w hile carloadings for 1941 w ill fall below com parative loadings for 1930, tons hauled and rev enue ton m iles w ill probably be at th e highest level since 1929. D espite a reduction in th e ra te p er ton mile, n et railw ay o perating incom e w ill also be th e best since the y ears 1926-29 and this is a real achieve m ent. The earnings for th e m arginal carriers w ill m ore th a n come up to p resen t expectations and a great im p rovem ent in n et w o rk in g capital is now assured. No m arked decline in railro ad earn ings in 1942 is anticipated. Traffic w ill probably average betw een 15 and 20 per cent above th e 1941 level. W ith one m ore good y ear even th e w eakest carriers should be able to survive one or tw o y ears of extrem e recession in business. In th is connection it m ight be pointed out th a t a post-w ar depres sion is by no m eans inevitable w hen th e w ar ends. In d u stria l activ ity m ight continue at a high level for a period of several years. A few m ore receiver ships m ay be w itnessed in fu tu re years b u t prices go a long w ay tow ard dis counting such eventualities. Values in physical p ro p erty behind railro ad m ortgages are also w o rth y of recognition. T here have been m any statem en ts to th e effect th a t carriers such as M issouri Pacific, Frisco, Mil w aukee and o th er receivership lines are in b e tte r physical condition th a n N o rth ern Pacific, S outhern Pacific, S outhern R ailw ay, etc. In some cases th is is tru e b u t inspection indicates th a t m ost m arginal railroads are being w ell m aintained. R egardless of m ain tenance ratios, S o uthern Pacific is in b e tte r physical condition th a n M issouri Pacific and it has a larg er and m ore m odern pow er and car equipm ent in ventory. On th e o th er hand, th e p h y sical condition of th e Frisco, D enver & Rio G rande and W estern Pacific ap p ears to be b e tte r th a n th a t of the S outhern Railw ay, Nickel P late and N o rth ern Pacific. H ow ever, by n ex t N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 1942 16 sum m er th ese roads w ill com pare fa vorably w ith m ost o th er w ell m ain tain ed c a rrie rs th ro u g h o u t th e nation. Some inv esto rs have been fearfu l of govern m en t ow nership. If F ed eral operation comes to pass, railro ad bonds in all categories should im prove in price and th e sam e th in g w ould no doubt be tru e of actu al g o vernm ent ow nership. R ecent earn in g s and v a lu ations w ould su p p o rt handsom e prices for m an y secondary railro ad issues. G overnm ent o w nership of th e ra il roads is n o t expected b u t F ed eral con tro l and operatio n is e n tire ly w ith in th e realm of possibilities and should be considered. T h ere can be no h a rd and fast ru le and each situ atio n m u st be appraised on th e basis of factu al evidence ob tain ed by in v estig atio n an d research. T h ere is a possibility th a t som e of th e b e tte r grade ra il bonds m ay qualify again for legal lists in v ario u s states w here th e y are now in disfavor. T here nev er w as a tim e w h en in v estm en t counsel w as m ore necessary. M any banks have continued to carry second-grade railro ad bonds in th e ir portfolios, anticip atin g th a t eventually th e y m ight realize th e ir original cost. A n u m b er of railroads now in receiver ship are in th e process of being re organized on a basis w hich should solve th e ir respective financial prob lems. T he financial stru c tu re of these reorganized railroads has been based upon th e average am ount of incom e w hich th e y can produce over a period of years. W e are of th e opinion th a t if th e recen t increased earnings had not ta k en place, a n u m b er of railroads not now in receivership w ould have gone th ro u g h reorganization. If w ar should continue for a nu m b er of y ears as w ell as increased earnings, reo rg an i zation of these roads w ould be delayed. H ow ever, in order to place these roads on a sound basis, it w ill be necessary ev en tu ally to go th ro u g h a reorganiza- Title VI Loans Have Seven Attractive features H E F ed eral H ousing A d m in istra ally by th e U nited States. (4) If th e u n p aid p rincipal of a tio n ’s T itle VI loans have a n u m b er of a ttra c tiv e featu res w hich should T itle V I m ortgage a t th e tim e of fore appeal to financial in stitu tio n s, accord closure exceeds 80 p e r cent of th e ing to T. J. Nolan, F H A sta te directo r original appraised value of th e prop erty , th e re w ill be included in th e for Iowa. F H A ’s T itle VI, w h ich w as recen tly d eb en tures on account of th e cost of liberalized, provides th e n ecessary foreclosure actually paid by th e m o rt vehicle for th e financing of u rg e n tly gages and approved by th e a d m in istra needed p riv ately b u ilt hom es on a to r an am ount n ot in excess of tw o p e r cent of th e un p aid principal of re n ta l basis for defense w orkers. Mr. N olan pointed o u t th a t F H A ’s th e m ortgage as of th e date of in sti T itle V I loans have all th e in v estm en t tu tio n of foreclosure proceedings and advantages of o th e r F H A In su re d n o t in excess of $75.00, or not in excess P aper, w ith one or tw o e x tra features. of tw o-thirds of such cost, w hichever Some of th e in v estm en t featu res of is g reater. In th e case of foreclosed T itle II m ortgages, th e m axim um T itle V I m ortgages are: (1) You have th e sam e nation-w ide allow able am o u n t for foreclosure costs secondary m a rk e t as T itle II m o rt is $75.00. (5) P ro p erties securing T itle VI gages. M ore th a n $1,400,000,000 of T itle II m ortgages have been tra n s m ortgages m u st m easure up to th e ferred b y th e o rig in atin g in stitu tio n s sam e p ro p erty stan d ard s and m in to o th er investors. T itle V I m ortgages im um construction req u irem en ts as now com m and a p rem iu m in th e open m ortgages in su red u n d er T itle II. (6) T itle VI m ortgages have th e m arket. (2) The R FC M ortgage Com pany, in sam e m axim um in te re st ra te of 4%% addition to p riv ate in stitu tio n s, buys as o th er F H A in su red loans, and have a m axim um m a tu rity of 20 y ears as T itle V I m ortgages on v irtu a lly th e sam e basis as T itle II m ortgages, th u s ag ain st 25 y ears u n d er T itle II. (7) T he m ajo rity of T itle VI m o rt in su rin g an in v estm en t outlet. (3) In case of foreclosure of a T itle gages can be handled in groups, h a v VI m ortgage, th e d eb en tu res issued in ing th e sam e m ortgagor, w hile each T itle II m ortgage ord in arily has a exchange for th e foreclosed p ro p erty are g u aran teed fu lly an d uncondition- different borrow er. T N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 1942 tion along th e I. C. C. plan now being placed in effect by th e p re se n t roads in receivership. If w e should have a sh o rt w ar, this, of course, w ould change th e p icture entirely, and th e holders of second-grade railroad bonds m ight be obliged to sell th e ir bonds at th e going m ark et or go th ro u g h a re organization. T he Dow-Jones averages show th a t second grade railro ad bonds closed th e y ear 1941 selling low er th a n th ey w ere a y ear ago. No one can anticipate th e fu tu re, and th e continued holding of second grade railro ad bonds is h ig h ly speculative. Rutgers Session, June 15-27 T he an n u al organization m eeting of th e faculty of T he G raduate School of B anking of th e A m erican B ankers As sociation, and th e an n u al reu n io n of th e alum ni of T he G raduate School of B anking w ill be held a t th e M anhattan Club in New Y ork City on S aturday, A pril 11, 1942, it is announced by Dr. H arold Stonier, d irector of T he G radu ate School. T he faculty m eeting is in th e n a tu re of a conference for a stu d y of plans for th e resid en t session of th e school w hich w ill be held a t R utgers U niver sity, New B runsw ick, N ew Jersey, from Ju n e 15th-27th of th is y e a r . T he reunion of th e alum ni w ill con sist of a series of afternoon confer ences on various aspects of com m ercial banking, investm ents, savings ban k in g and tru sts, followed by a d in n er in th e evening at w hich th e faculty m em bers w ill be invited guests. The reunion th is y e a r w ill m a rk th e fifth an n iv er sary of th e class of 1937 and w ill be in charge of D avid C. B ary, vice p resident of th e Lincoln-Alliance B ank & T ru st Company, R ochester, N ew York, as ch airm an of th e com m ittee in charge. T he resid en t session a t R u tg ers U ni v ersity n ex t sum m er w ill m a rk th e be ginning of th e eig h th y ear of T he G rad u ate School of Banking. T he class of 1942 w ill g rad u ate approxim ately 225 b an k officers. Sixtieth Annual Meeting T his y ear m ark s th e six tieth an n i v e rsa ry y e a r of th e D rovers N ational B ank of Chicago, w hich w as estab lished in 1882 to serve every b ran ch of th e live stock in d u stry . All p re se n t officers an d directors w ere re-elected a t th e an n u al m eeting of th e D rovers N ational B ank and th e D rovers T ru st and Savings Bank. T he D rovers N ational B ank tra n sfe rre d $100,000 to th e su rplus account, w hich now m akes a to tal of $1,000,000 surplus. T he capital stock is $1,000,000 also. Does Buyer Receive Title Until Payment Is M ade? A bank m ade a loan to a distillery in M issouri to enable it to m ake certain im p ro v em en ts an d th e re a fte r tra n s ferred th e loan to th e F ed eral H ousing A d m in istratio n u n d e r T itle I of th e N ational H ousing Act. T he distillery w en t in to receiv ersh ip and th e H ous ing A d m in istratio n e n te re d a claim ag ain st its assets as did certain lab orers. W as th e claim of th e H ousing A d m in istratio n en titled to a p rio rity as to p ay m en t over th e w age claims? Yes. In a case in v o lv in g su b stan ti a lly the sam e facts as th ose ou tlined in the q uestion th e U nited States Suprem e Court held recen tly th at the claim of th e F ed eral H ou sin g A dm in istra tio n again st an in so lv e n t w as en titled to p riority over w age claim s in receiversh ip proceedings. A su p p ly com pany sold a p lum ber a fu rn ace in M innesota. T he p lum ber in stalled th e fu rn ace in th e hom e of a b a n k e r th ere. T he b an k er paid th e plum ber. T he p lu m b er did n o t pay th e su p p ly house, b u t instead, w e n t in to b an k ru p tcy . T he supply house so u g h t to estab lish a m a te ria lm a n ’s lien ag a in st th e b a n k e r’s home. Did th e fact th a t th e p lu m b er h ad becom e b a n k ru p t p re v e n t it from doing so? No. In M innesota a m echan ic or m aterialm an is en titled to h is lien as provided by law , even thou gh an in term ediate con tractor’s liab ility has been discharged in bankruptcy. Sim ilar h oldings m ay be found in Okla hom a and T en n essee althou gh G eorgia holds to th e contrary. A state had $100,000 on deposit in a natio n al b an k th a t failed. T he deposit w as secured by a bond in like am o u n t w ritte n by a su re ty com pany. A fifty p e r cen t dividend am o u n tin g to $50,000 w as paid sh o rtly a fte r th e closing and, sh o rtly a fte r th a t, th e bonding com pany paid th e sta te th e $50,000 balance. A dditional dividends w ere paid an d th e su re ty com pany so u g h t to have th em paid on th e basis of th e o riginal $100,000 deposit ra th e r th a n th e $50,000 paid out b y it. In o th e r w ords th e su re ty com pany con tended th a t w h en a 10 p er cent divi dend w as declared it should have $10,000 ra th e r th a n $5,000. Should th e su re ty com pany be sustained? These and Other Timely Legal Questions A re Answered By the LEGAL DEPARTMENT Yes. A sim ilar case w as before the U nited States Suprem e Court recen tly and w as decided, in an opinion by Mr. Ju stice F ran kfu rter, in lin e w ith the an sw er given . It is in terestin g to note th at Mr. Ju stice D ouglas d issen ted in a separate opinion. A N orth D akota banker driving along a highw ay in th a t state in his autom obile collided w ith th e ten d er of a railw ay engine th a t w as backing slow ly across th e highw ay. A law su it re su lted an d in th e course of th e p ro ceedings th e m a tte r of w ho h ad th e rig h t of w ay arose. Should it be said th a t th e tra in had th e rig h t of way? Yes. A s b etw een a m otorist ap proaching a railroad crossin g, and a train, the train has the right of w ay. A tex tile com pany sought to deduct from its gross incom e certain expendi tu re s for lobbying in d eterm in in g its n e t incom e for federal incom e ta x purposes. Could it do so? No. The incom e ta x la w p rovides th at “ordinary and n ecessary exp en d i tu res” m ay be deducted from gross in com e to determ ine n et incom e for fed eral incom e tax purposes. Treasury regulations provide exp en d itu res for lob bying are n ot “ordinary and n eces sary” as contem plated by the law . It lias been recen tly held by the U nited States Suprem e Court that such regu lation s are valid. A N ebraska banker let one of his friends use his autom obile to drive to a certain destination. D uring th e trip an accident occurred. T he b an k er w as n o t p re se n t and h ad no direction or control over th e m achine a t th e tim e and fu rth e rm o re th e car w as being used by th e b a n k e r’s frien d for th e frie n d ’s sole use and benefit. Could th e b a n k e r be held liable? No. A n autom obile ow ner, p erm it tin g an oth er to u se h is autom obile for the other’s ow n purposes and not for the o w n er’s purposes, is n ot liable for an accident due to the o th er’s opera tion of the car in N ebraska. A South D akota state bank becam e insolvent an d w as placed in th e hands of a local board of tru ste e s for the purpose of liquidation. B row n owed th e ban k certain sum s an d the bank sued him for such sum s in its own nam e and w ith o u t an y show ing th a t th e su it w as b ro u g h t by th e liquidating board. Could th e su it be m aintained? No. In South D akota th e su sp en sion of b u sin ess by a bank because o f in so lv en cy and the su b seq u en t ta k in g over of th e bank’s affairs by a board of tru stees operates to tran sfer the bank’s property to th e liq u idatin g agen cy and su spend s the b ank ’s pow er to su e as a separate en tity d uring the course of the liquidation. T here has been considerable discus sion reg ard in g w h e th e r an em ployer can express its view s on labor policies or problem s u n d er th e N ational L abor R elations Act. W ould it be correct to say it can express no view s w h atso ever? No. The N ational Labor R elation s A ct does not preclude an em ployer from ex p ressin g its Aiews on labor p olicies or problem s so lon g as such u tterances do not, by reason of other circum stances, have a coercive effect upon em p loyees in ch o o sin g repre se n ta tiv es for co llective bargaining. T he U nited S tates Suprem e Court so held recently. A W isconsin banker sued to fore close a m ortgage securing a prom issory note in th a t state. T he note called for th e p ay m en t of $2,000. A t th e h earin g th e m ak er trie d to show by verbal testim o n y th a t before an d a t th e tim e of m aking th e note th e b an k er and he h ad agreed v erbally th a t th e note could be satisfied by th e doing of certain w o rk for th e b an k er by th e m aker. Should he be p erm itted to do this? No. W h ere a n ote on its face called for p a y m en t in specie, verbal evidence to sh o w a prior or contem poraneous agreem en t th a t it could be paid in any other m ann er Avould con trovert its term s and Avas in com petent. N orthw estern Banker January 19k2 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 18 A n Iow a banker sold his autom obile to an acquaintance. The acquaintance gave th e b an k er a check for th e p u r chase price. T here w as no specific u n d erstan d in g betw een th e p arties th a t title passed on d elivery of the check. The check w as not honored w hen p resen ted to th e b an k on w hich it w as draw n. The b an k er insisted th a t th e car be re tu rn e d w hen th e check w as n ot paid. The acquaintance still h ad th e car and could re tu rn it. W as th e b an k er w ith in his rig h ts in his dem ands? Yes. In Iow a p aym en t is a condi tion of the p assin g of title in th e sale of p ersonal property ex cep t w here specific p rovisions to the contrary are m ade and w h en a b uyer g iv e s a ch eck or draft for th e purchase price and it is accepted by the seller as th e m eans of paym ent, it co n stitu tes o n ly a co n d itional p aym en t and, as b etw een th e parties, p aym en t does not becom e ab solu te and title does not pass u n til the paper is paid. How Nebraska Junior Bankers Promote Sale of Defense Bonds EM B ER S of th e N ebraska J u n By John R. Lauritzen ior B an k ers A ssociation are Chairman Nebraska Banks for Defense g earin g them selves to be of th e Financing, Omaha g rea te st possible help to our co u n try in th is try in g and dangerous tim e. Ju n io r b an k e rs realize, as do senior b an k ers, th a t “business as u su a l” a fte r th e w ar depends in a large degree on th e suc points are given; (8) if a w indow dis cess of th e D efense Savings Bond an d play (o ther th a n poster) is erected, Stam p program . A nd th e y realize th a t 25 points w ill be earned; and (9) if th e bank s of th e co u n try can be a p o ten t local new spaper is prevailed upon to force in leading th is p ro g ram to a vic m ention th e b a n k ’s p articip atio n in de fense activ ity (such as m entioning th e torio u s success. C onsequently, N eb rask a ju n io r b a n k w indow display), an o th er ten points ers are settin g out on a v e n tu re w hich w ill be given. T he preceding breakdow n totals 100 w ill enable th em to do th e ir p a rt in helping th e ir country, th e ir banks, and points, th e goal w hich N ebraska ju n io r in establishing “business as u su a l” b a n k ers w a n t each b an k in th e state a fte r th e w ar. It is an im p o rta n t job to reach every m onth. A w indow dis an d one w hich w ill assu re th em an im play p u t up in F e b ru a ry w ill not earn p o rta n t place in th e b an k in g w orld. points for th e m onth of M arch unless T hey w ill be of g re a t help to senior it is changed substantially. P osters, b an k ers in p u sh in g th e sale of D efense cards, floor displays, etc., m u st be placed in new positions each m onth if Bonds an d Stam ps. A plan h as been devised to secure th e y are to be counted for points. Or m axim um cooperation from all of th e b e tte r yet, if possible to do so, obtain bank s in N ebraska. I t w ill be know n new ones from th e local Defense Sav as th e p o in t system , each b an k being ings office. T he ju n io r b an k ers in each ban k w ill u rg ed to ea rn 100 points each m onth. B anks w ith 100 points w ill be 100 p er be given com plete charge of th is ad cen t banks. T he details of th e system v e rtisin g prom otion detail. I t w ill be up to th em to see th a t th e signs are are as follows: (1) If one or m ore w indow p osters k ep t in good shape and in pro p er posi a re displayed, five points w ill be given; tions, th a t stuffers are d istrib u ted in (2) if stuffers are enclosed w ith sta te th e various suggested ways, and th a t m ents, 30 points w ill be given; (3) if new m aterial is requisitioned m onthly. active te lle r’s cages have folders placed T hey w ill be urged to use originality so th a t custom ers can pick th e m up, in th e w indow displays and to create a five poin ts w ill be given; (4) w h en display of th e ir ow n m ak in g if th e lo folders are placed on end o rsem en t cal Defense Savings office is tem po counters, five points w ill be given; (5) ra rily out of m aterial. T his is an im p o rtan t job for Ne one or m ore co u n ter cards displayed prom in en tly , earn five points; (6) a b ra sk a ju n io r bankers. It w ill req u ire floor display, such as th e m in u te m an conscientious effort and a g re a t deal poster, earn s five points; (7) if all in d i of ingenuity. I t is th e ta sk of creating viduals of th e b an k staff a re p u rc h a s custom er dem and for D efense Savings ing D efense Bonds or Stam ps, te n Bonds and Stam ps and th e ta sk of p e r M N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 19^2 suading these people to come into th e b an k for inform ation. T he sale of D efense Savings Bonds and Stam ps is absolutely necessary if we are to w in th is w ar and if w e are to enjoy th e A m erican W ay a fte r th e w ar is over. N ebraska ju n io r b an k ers are going to prove to th e co u n try th a t th e y w ill do th e ir p art.—R ep rin t from The Teller, F eb ru ary , 1942, published by th e U nited States Check Book Com pany, Omaha. Kempf and Hunt Promoted A t th e ir an n u al m eeting th e board of directors of T he N o rth ern T ru st Company, Chicago, prom oted L aw rence A. K em pf to second vice p resi dent. Mr. Kempf, w ho has been asso ciated w ith The N o rth ern T ru st Com p any since 1922, w as elected an a ssist a n t cashier in 1935. R obert E. H u n t has been associated w ith T he N o rth ern T ru st Company, Chicago, since Ju ly 2, 1934, a n d th e board elected Mr. H u n t an assista n t cashier. He w as born in W aterloo, Iowa, and is a g rad u ate of L aw rence College, A ppleton, W isconsin, and H a r v ard B usiness School. A ssociated w ith th e b an k since 1934, he rep resen ts th e correspondent b ank division of T he N o rth ern T ru st Com pany in Iow a and N ebraska. Bad Bargain In th e sm okeroom of th e big hotel, th e Scot had been boring everyone w ith tales of his great deeds. “Well, now ,” said an E n g lish m an at last, “suppose you tell us som ething you can’t do, and, by Jove, I ’ll u n d e r take to do it m yself.” “T h an k ye,” replied th e Scot, “I canna pay ma bill h ere.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 20 New BuìlditIgS and RstnodsUng By Banks of the M iddle W est L AST m o n th we p ublished in fo rm a tio n and descriptions of a n u m b er of new b an k buildings an d rem odeling p rojects re la tin g to b anks in th e M iddlew est, an d h ere we call a tten tio n to o th er b anks w hich have m ade com plete or p a rtia l im prove m ents w ith reference to buildings and interio rs. In m an y cases w e quote from le tte rs w hich have been received from an officer of th e in stitu tio n . of ply wood and stained, and w e have cornice, building th e o u ter w alls found them v ery inexpensive and stra ig h t up and adding four feet of efficient, and th ey have added greatly new brick; afte r w hich we sandblasted to th e appearance of th e in terio r of th e en tire building for th e purpose of th e bank, and we have received m any blending th e new construction an d favorable com m ents. cleaning the old brick. On th e in “W e have also in stalled fluorescent te rio r w e covered all of th e w all su r lights and have found th a t w ith in face w ith sheet rock and low ered th e creased light we have g reatly cut ceiling one and one-half feet. dow n th e m argin of errors, as w ell as “A ir conditioning w as installed m aking th e w o rk easier. th ro u g h o u t th e office including th e C. F . H arris, president of th e State “W e have also installed th e p resi d irecto r’s room. T he finance d ep art Bank, Gladbrook, Iowa: d e n t’s desk by th e fro n t door of the m en t w as m oved from th e side of “W hile it is n o t noticeable in th e b an k in order to allow closer contact th e b anking office facing M ain S treet picture, th e re have been tw o additions betw een th e custom ers and th e officers, to larg er q u a rte rs adjoining th e b an k added to th e original stru c tu re , w hich w hich we feel to be v ery im portant. on F irs t Street, and th e d irecto r’s room originally extended approxim ately “W e have also installed an a tta c h was th en m oved up, tak in g over th e four feet back of th e iro n railin g m en t to th e furnace w hich w ashes q u a rte rs w hich form erly housed th e show n a t th e left side of th e building. th e a ir and a fan to drive it th ro u g h finance departm ent. T his w as finished “The first addition extended back to th e ban king q u arters, as w ell as an of course w ith com plete redecoration th e th ird w indow from th e rear, an d o u tlet fan over th e fro n t door w hich of th e interior. th e last w as added on th e back room . com pletes th e circuit an d reduces the “W e m ade no change in our counter “W e have stream lin ed th e in te rio r te m p e ra tu re in th e b an k about ten or lobby as th e y had both been re of th e back for w o rk in g efficiency. degrees. m odeled about four y ears ago.” The lobby has been n arro w ed to ap “As a whole, th e rem odelling we proxim ately eight feet and th e w o rk have done has been m ore w ith an P aul H. K innick, cashier of th e ing q u a rte rs w idened to sixteen feet eye to custom er convenience and F irst State Bank, Coon R apids, Iow a, by in stallin g a long stra ig h t counter efficiency of w ork perform ed th an says th a t in his in stitu tio n th e old high from th e left side of th e fro n t door w ith em phasis on beauty, and we feel grill w ork w as rem oved, and hanged stra ig h t back th e len g th of th e m ain th a t th e inexpensive changes we have to th e low er shelf counters. The ex bankin g room. m ade could w ell be adapted to any te rio r of th e building w as painted, th e “W e have used old fix tu res, rem o v sm all tow n bank, an d th a t it w ould in te rio r w as new ly p ain ted and ing all su p e rstru c tu re an d placing pay for itself m an y tim es over in varnished, and th e floors covered w ith th ereo n a low box co u n ter w hich ju s t custom er relations and satisfaction new linoleum . clears th e note cases, ty p e w rite rs and and efficiency of th e b ank force.” o th er item s . n ecessary for coun ter H enry E. F ey , cashier of the State W . L. Spencer, president of th e w ork. T he w inodw s are open p e rm it N ational Bank, W ayne, Nebraska: Oakland S avings Bank, Oakland, Iowa: tin g free access for conversation and “W e recently finished a general re “N ot long ago new low type co u n ter business tran sactio n s, b u t th e boxes m odeling of our en tire office stru c fixtures w ere installed by A. M oorm an extend back far enough th a t item s on tu re. The en tire job th ro u g h o u t w as & Company, M irineapolis. T his w ork th e co u n ter cannot be seen or reached as follows: We first rep aired th e ex w as effected by rem oving th e high from th e lobby. The boxes are m ade terio r, tearin g off th e old fire w all and wood and m etal grill w ork dow n to This new building of the Lone Tree, Iowa, Savings Bank, was just completed early last month. N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 19^2 Most modernistic in appearance is this new home of the Westside, Iowa, State Savings Bank. Top—The new build in g of th e Hartwick, Iowa, State Bank tak e s th e place of one dam aged b y fire more th a n a y ear ago. C enter— The in te rio r of th e State Na tional Bank, Wayne, Nebraska, was com pletely re arran g ed and remodeled. B ottom — Two ad d itio n s w ere made a p a rt of the State Bank, Gladbrook, Iowa, and th e in te rio r rem odeled and redecorated. th e co u n ter level an d in stallin g th e re on glass an d wood fixtures w ith open tellers w indow s. T he finished co u n ter fixtures are m ade up of polished m ahogany 42 inches h ig h to th e coun te r level, w ith glass a n d m ahogany fram es over th e co u n ter w h ich ex tends 15 inches h ig h e r th a n th e counter. N ew flu o rescent lig h ts an d fixtures w ere in stalled to replace th e old style lig h t fixtures. “ In additio n to th e above rem odel ing, th e w alls an d ceiling w ere re finished an d painted. W e in stalled an air conditioning u n it, w hich is w a te r cooled supplied from o u r ow n w ell in th e b asem en t of th e b a n k building. “W e m ade no changes in th e arra n g e m en t of th e position of th e old fixtures.” W alter E. S teven s, p resident of th e N ational B ank of South D akota, S ioux Falls: “T ellers’ w indow and w o rk space for bookkeepers have been m oved from th e so u th side of th e b an k in g room to th e n o rth side w h ere th e lig h t is b e tte r an d th e space b e tte r adap ted to use. T he old style grille w o rk s u r ro u n d in g th e te lle r’s “cage” h as been replaced b y a m odern low ty p e m arble co u n ter w ith glass screens and bronze posts. Our tellers w ill w elcom e th e o p p o rtu n ity to g re e t th e ir custom ers face to face in stead of th ro u g h a b a r rie r of grille w ork. “F lu o rescen t lig h tin g illu m in ates th e te lle r’s q u a rte rs and th e bookkeep ing d ep artm en t. T he area has been acoustically tre a te d to in su re quiet. “Officers’ q u a rte rs on th e so u th side of th e room have been enlarged an d equipped th ro u g h o u t w ith new an d m ore co n v en ien t fu rn itu re an d fix tu res. “A new , forced a ir v e n tila tin g sys tem h as been in stalled to a ssu re ad e q uate v en tilatio n th e y e a r around. “A n after-hour-depository h as been installed as a pro tectio n and service to m e rc h a n ts and all o th ers w ho have cash or checks to deposit outside of re g u la r b an k in g h o u rs.” (T u rn to page 71, please) N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F ebruarij 19k2 Increased Gains for Western Mutual Indicate Increasing Service By Western Mutual Agents More autom obile a n d property ow n ers w ere serv iced by W estern M utual a g e n ts in 1941 than in a n y other y ea r in this com p an y's 35 y ea rs of su p p ly in g sound protection at a w orthw hile sa v in g s. T hese sa v in g s to property ow ners ca n bu y th ou san d s of dollars of d e fe n se bonds. At the sam e time, net prem ium incom e, reflecting greater a g e n c y earn in gs, rea ch ed a n e w high . Likew ise com p an y a sse ts contin ued their stea d y , consistent grow th. Here, in co n d en sed form, is W estern M utual's record of a d v a n cem en t for '41. ASSETS LIABILITIES C ash (in guaran teed banks)................. $253,166.84 U. S. Bonds (market valu e)................... 111,730.32 M unicipal Bonds (market v a lu e)........ 5,000.00 Building and Loan S h ares..................... 12,000.00 Real Estate O w n ed .................................. 3,000.00 First M ortgages (none delinquent)...... 56,550.00 Due from A gen ts (current balances).. 60,646.94 Due from Reinsuring C om p an ies........ 1,385.12 A ccrued Interest on Investm ents........ 2,559.42 C ash V alu e of Life Insurance.............. 8,919.61 School W arrants ..................................... 651.48 S u r p lu s........................................................ 151,500.99 $515,609.73 $515,609.73 Current Bills ............................................. $ 726.22 Current Reins. Prem ium s....................... 5,320.76 R eserve for T axes.................................... 5,297.19 R eserve for Unpaid L osses................... 38,092.93 R eserve for U nearned Prem ium s........ 295,872.14 Additional R eserve Acct. S chedule P............................................. 18,799.50 Western Mutual Fire Insurance Co. 9th & Grand Des Moines, Iowa O ver a T h ird of a Century of Safety and Service with Savings " N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F ebruari/ 19^2 Lot of ’em—and YOU'HSôHa Lot W HO are prospects for com pre hensive policies? P rospects are needed today ju s t as m uch as th ey w ere in th e “tw e n tie s” if you w a n t to w rite business. In fact th e m ore p rospects you build up th e m ore exposed you w ill be to actu al orders. See ’em! See ’em! See a lot of them! A nd y o u ’ll sell a lot of ’em! A liability policy w as w ritte n about tw o y ears ago for a te n dollar m in i m um prem ium . It w as renew ed a t th e sam e p rem iu m —a t least th e p roducer th o u g h t so u n til th e policy w as re tu rn ed . T he in su red h ad h ad com pre hensive coverage offered him and th e te n dollar p rem iu m w as b u ilt up to a $700 p rem iu m by som ebody else. T his risk w as lost to th e original producer because he failed to follow th ro u g h — first, w hen he sold a te n dollar policy and not p ro tectio n for “need s” and second, w hen he failed to go into action a t th e tim e th e com prehensive policies becam e available. In th e w ords of D ante, “F ro m a little sp ark m ay b u rs t a m ig h ty flame.” Today it is neces sary to look upon every b u y er of lia b ility in su ran ce as a possible prospect. In su ra n c e salesm anship m ethods are changing. It is now recognized th a t “know ledge” plays a m ost im p o rta n t p a rt in securing th e order an d servic ing th e risk. It is know ledge of tw o th in g s — needs and coverages. Your job and m y job is to fe rre t out needs an d supply coverages. If you can do th a t you are a salesm an and a good one. Some p ro ducers say all you have to do is w rite “com prehensive liab ility ” on y o u r cuff and ju s t talk. You are bound to pick up a sizable am o u n t of com prehensive liability business. B uy ers of in su ran ce w ill listen to you be cause you are offering th em som ething th e y have w an ted for a long tim e. T his applies to p re se n t policyholders as w ell as tho se w ho have not as y e t done b u siness w ith you. H ow should th e com prehensive pol icies be presented? P ersonally, I am in favor of v isual m ethods of p re se n tation. Some p ro ducers use th e “jig-saw ” puzzle idea. T he su rv ey form dis closes th e risk s in su ran ce needs. If By John H. Eglof Supervisor Agency Field Service The Travelers JO H N H. EG LO F these are tak en care of un d er separate policies it is easy to im agine how a jig-saw puzzle could be bu ilt on the basis of having as m any p a rts to the puzzle as th ere are policies. P u t th e p a rts to g eth er and you have solved the puzzle. Is th ere an y th in g missing? Yes. The saw dust th a t w as m ade by th e jig-saw cuttin g the puzzle. The saw dust rep resen ts w h at you get for th e 1 per cent charge. You should th e n en um erate th e advantages of com p rehensive coverage. H ere th ey are: (1) Policies are broad, inclusive con tra cts w ith u n d erw ritin g qualifications in th e w ay of exclusions reduced to a m inim um . (2) D ividing lines betw een specific peril coverages are elim inated. (3) Possible loopholes betw een spe cific coverages afforded by one com p any and o ther specific coverages af forded by an o th er com pany a r e avoided. (4) Policies are com pletely au to m at ic in th e ir application to additional of ’em hazards and exposures du rin g th e pol icy period, except w ith respect to cer tain uses of autom obiles. (5) The coverage being broad and inclusive, statem en t of coverage is correspondingly simple. (6) The policies enable th e in su red to buy liability insurance instead of insurance on specific hazards w hich m ay or m ay not be th e cause of sub sequent loss. (7) The use of th e policies enables the in su red to review his liability needs a t one tim e and in th e ir en tirety. H aving done th is he does not have to be bothered again du rin g th e year, th ereb y saving a g reat deal of tim e. (8) T here are a great m any different rules and coverages in the various m anuals. T he producer is protected against overlooking any of these rules and coverages w hen he offers com pre hensive liability policies. The assured is accordingly protected against any oversight on th e p a rt of th e producer. T he survey is to assist th e producer and th e com pany in obtaining a com plete record of all exposures. (9) The insured can fix responsibil ity on one producer in connection w ith his liability insurance. The com pre hensive policies give the producer th a t opportunity. Surveys are a m ost im p o rtan t p a rt of com prehensive liability insurance selling. The survey and application form should be com pleted by th e p ro ducer in th e presence of a person in au th o rity . It should n ot be done in the p ro d u cer’s office unless a p roper rep resen tativ e of th e risk is present. It is th u s evident th a t com prehensive policies b rin g survey salesm anship to the front. If you have been using this m eans of developing business you are prep ared to go ahead un d er the new program ; if you h av en ’t, now is the tim e to begin, for com prehensive lia bility in su ran ce protection cannot and should not be sold w ith o u t a com plete m eeting of th e m inds as to th e risks, needs and coverages req uired to take care of those needs. W hile certain exclusions are perm issible th e ir n u m b er should be kep t to a m inim um . F ail u re to do th is detracts from th e value N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a r y 19^2 24 of th e coverage and m ig h t pave th e w ay for m isunderstanding. Jo h n th e A.M.P.C. Club. Always Make Policy Clear—and elim inate m is und erstan d in g a t audit. E m phasize “peace-of-mind” coverage, i. e., feeling of secu rity and sense of protection th a t goes w ith com prehen sive liability. C om prehensive policies follow th e com m on law in a bro ad er sense th a n individual policies. T he com m on law deals w ith liability; specific policies deal w ith hazards, hence th e need for th e broad, inclusive in su rin g clauses of th e com prehensive policies. A good approach—do you w a n t y o u r claim prepaid or do you w a n t it C. O. D.? C om prehensive policies change p ro s pects into buyers. T he less you have to confuse the prospect th e m ore th ey buy. T hey like th e idea of one agent, one com pany, and one responsibility. F ro m a p ro d u cer’s stan d p o in t the policy is ideal. I t ’s easy to explain and it avoids th e non-insured loss. P e r haps w h at pleases producers m ost is th a t it corrals th e en tire liability b u si ness of an in su red and th ereb y sh u ts out com petition. The purchase of the com prehensive liability policies involves no penalties, for full credit is given for outstand- financialStatem ent OF AMERICA’S LARGEST EXCLUSIVE DWELLING INSURANCE COMPANY ( S t a t e m e n t a s o f D e c e m b e r 31, 1941) ADMITTED ASSETS Cash in Banks and Office.................................................. $ 255,558.23 Federal Savings and Building and Loan Associations 299,500.00 Bonds: U. S. Government................................. $741,036.49 Canadian Government ...................... 149,245.09 Federal Land Bank.............................. 89,565.00 State and Municipals.......................... 397,072.29 Public Utilities .................................. 10,257.14 Railroads ............................................... 8,993.75 1,396,169.76 Accrued Interest ................................................................. 14,549.33 Agents’ Balances (N ot over 90 d ays)............................ 34,012.38 Other Assets ......................................................................... 390.99 ing in su ran ce even though th e com pre hensive elim inates all th e gaps in th e m eantim e. C om prehensive liability coverage is salable—it’s understandable-—insureds have been asking for it for a long tim e b u t it w ill still take salesm anship to get y o u r sh are of th e business. W hy? T here never has been nor th e re n ev er w ill be a su b stitu te for salesm anship. N uggets don’t roll o u t of th e hillside into th e m in e r’s lap.—-THE EN D . Sixty Per Cent Gain T he Square Deal In su ran ce Com pany, Des Moines, had a record y e a r in 1941, show ing a gain of 60 p er cent in business in force, C. F re d M organ, president, told directors a t th e com p a n y ’s an n u al m eeting here. In 1940, th e com pany had $9,000,000 w o rth of hail in surance in force, M or gan said. T his w as increased to m ore th a n $15,000,000 w o rth of business in force for 1941. Mr. M organ w as re-elected p resid en t of th e com pany. O ther officers re elected w ere F re d K, H aw ley, L aurens, vice president; M erle D. M organ, Des Moines, secretary; G rant M cPherrin, Des Moines, treasu rer. Board m em bers re-elected w ere J. E. Craven, K el logg, and C. F re d M organ, Des Moines. H oldover board m em bers are H aw ley; Jo h n Beller, Des Moines; M cPher rin; Lon Osier, Griswold, and Otto W alther, W averly. T he com pany w rites hail in surance only. Its offices are located a t 616 V alley B ank Building. Total Admitted A ssets........................................... $2,000,180.69 Concludes Good Year LIABILITIES Reserve for Losses in Process of Adjustment............ $ 13,982.16 Reserve for Taxes and Expenses.................................... 8,630.25 Unearned Premium Reserve............................................. 743,530.28 Guaranty Fund ........................................ $ 200,000.00 Surplus ....................................................... 1,034,038.00 P O L IC Y H O L D E R S’ SU R PLU S ................................ 1,234,038.00 Total ............................................................................$2,000,180.69 Total Insurance In Force, $559,285,693.00 <Jown c O f DWELLING INSURANCE COMPANY Organized 1892 H u b b e ll B u ild in g , Des M oines O F F I CE R S B. R E E S J O N E S , P r e s id e n t L E S T E R T. JO N E S V ic e P r e s id e n t F R A N K H. D IR S T S ecr eta ry D I R E C T O S en a to r C lyd e L. H e rrin g , D e s M o in e s F rank H . D ir s t, H a m p to n L e s te r T. J o n es, D e s M o in e s O. B. M c K in n e y , D e n v e r , C o lo ra d o R. J. S u lliv a n , N e w H a m p to n N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a r y 19^2 G R A N T M cP H E R R IN T rea su rer R S R. L lo y d Y o u n g , O e lw e in R ex H . F o w le r , D e s M o in e s H arry F . G ross, D e s M o in e s G rant M c P h errin , D e s M o in e s B . R ees J o n e s, D e s M o in e s T he M innesota Com m ercial M en’s A ssociation of M inneapolis, w hich has m ade an enviable record am ong h e alth and accident com panies, has ju s t is sued its new financial statem en t for D ecem ber 31, 1941, w hich show s a nice gain th e p ast year, both in resources and m em bership. T otal resources are now $312,165.12, w hich is m ade up largely of cash, m unicipal and govern m ent bonds. T he A ssociation is a v e te ra n in th e business, since it is now in its 37th year. B ankers co n stitu te th e largest group of its m em bership, and it is w idely know n th ro u g h o u t ban k in g circles. Since th e M innesota Com m ercial M en’s A ssociation w as organized, it has paid out alm ost $5,000,000.00 in dis ability benefits to m em bers w hich re p resen ts a re tu rn of approxim ately 70 per cent. It w rites health, accident, and hospital reim b u rsem en t policies at low cost. P aul Clem ent is secretary and gen eral m anager. O ther officers include 25 O. A. Brachlow , presid en t, A. U. Hamrum , vice p resid en t, and A rth u r D en ier, tre a su re r. Increased Hail Coverage L ast season b ro u g h t th e m ost dis astro u s h ail losses in 10 y ears to Iow a farm ers, and equally high losses to farm ers of several n eighboring states, Carl P. R utledge, p re sid e n t of F a rm e rs M utual H ail In su ran ce com pany, re po rted at th e com pany’s an n u al m eet ing in Des Moines. Over $750,000 in losses w ere paid by F a rm e rs M utual H ail in 1941, according to th e an n u al rep o rt. W ith larg er acreages of crops to be p lan ted in 1942, and h ig h e r v al ues on all farm products, P resid en t R utledge told delegates th a t a consider able in crease in hail in su ran ce cover age is expected in Iow a and th e m id w est d u rin g th e com ing season. “The com pany experienced a 15 p er cent gain in business d u rin g th e p ast y ear and en ters 1942 w ith a su rp lu s of m ore th a n $1,250,000,” S ecretary W. A. R utledge told delegates. “F a rm e rs M utual H ail extended its activities into tw o additional states d u rin g 1941 and is now ad m itted to do business in 14 states. In th e p ast 12 m o n th s it has m ade su b sta n tia l gains in hail, au to mobile, fire and tornado in su ran ce.” More th a n 300 delegates w ere guests of th e com pany a t its a n n u al banquet. W. A. R utledge presided as to astm as ter, and talk s w ere given b y P resid en t Carl P. R utledge, Gov. George A. W il son, S ecretary of S tate E arl G. Miller, and In su ra n c e C om m issioner C harles F ischer. A t th e election, delegates nam ed five Iow a farm ers to com prise th e com p a n y ’s 1942 ad ju stin g com m ission, in cluding E d S iebert of Grim es, S. F. L afon of Commerce, C harles Dreesbach of H um boldt, H. L. M cKinley of St. A nsgar, and Jo h n G ard of E arly. W. S. R utledge w as re-elected to th e board of directors. A featu re of th e aftern o o n m eeting w as a ro u n d table conference of in s u r ance agents, d u rin g w hich th e 40 h ig h est producing agents of th e com pany offered suggestions on in su ran ce u n derw riting. F a rm e rs M utual H ail In su ran ce C om pany is now en te rin g its 50th y ear in business, P resid en t R utledge re ported. T he com pany w as founded by a g roup of Iow a farm ers at E arly, Iowa, in 1893. Re-elect All Officials A t th e an n u a l m eeting of th e Iow a S tate T rav elin g M en’s A ssociation in Des Moines, all officers and d irectors w ere re-elected. T hey are W illiam H. Sm ith, p re si dent; W alter St. John, vice p resident; and C urrie C. Chase, secretary -treasu r er. D irectors are R obert Phillips, N orton Sullivan, George H am ilton, D utton Stahl and St. John. All live in Des Moines. T he association had a n et gain of 801 m em bers in 1941, and passed 19 m illion dollars in to tal claim s paid since its organization, officers said. Insurance Pioneer Dead Jam es T. Sharp for 56 y ears an ex ecutive of th e Mill O w ners M utual F ire In su ran ce Com pany of Des M oines died last m onth a t th e age of 81. H e w as a pioneer an d v eteran am ong Iow a in su ran ce m en, re tirin g as p resid en t of th e com pany in 1940. H is fa th e r founded th e Mill Ow ners M utual F ire In su ran ce Com pany in G rinnell in 1875. Mr. S harp becam e connected w ith his fa th e r’s agency in 1884, and on th e death of his fath er in 1909, he becam e secretary and m an ager and w as elected p resid en t in 1928. The com pany now operates in 42 states and in Canada. Two sons, L eonard K. and Jam es T., Jr., are connected w ith th e Mill Own ers M utual F ire In su ran ce Company, L eonard being secretary and Jam es as special agent in Iowa. STATEMENT OF ASSETS AND LIABILITIES As of Decem ber 31, 1941 ★ Assets Bonds (Amortized Value) Government ...........................................................................$405,859.42 Iowa County............................................................................ 74,666.29 Municipal ............................................................................... 5,000.00 Railroad (Government owned)................................................................ $495,394.60 87,000.00 Federal Savings and Loan Certificates......................................................... 99,500.00 Bank Certificates of Deposit (on interest)..................................................... Deposits (not on interest) Central National Bank and Trust Company, Des Moines .................................................................... $267,014.94 Northwest SecurityNationalBank,Sioux Falls....................................... 3,000.00 Iowa-Des Moines National Bank & Trust Co., Des Moines ........................ 10,000.00 Grinnell State Bank, Grinnell, Iow a................................. 5,000.00 285,299.94 Cash in Office.......................................................................... 285.00 Agents' Balances (Under 90 days old)......................................................... Interest Accrued Bonds .......................................................................................$ 2,862.62 Federal Savings & Loan....................................................... 1,445.00 Certificates of Deposit........................................................... 620.81 73,803.41 Total Admitted A ssets................................................................................ $1,045,926.38 4,928.43 ★ Liabilities Reserve for Liability and Workmen's Compensation Claims ..................................................................................... $208,718.13 Reserve for all other Claims..................................................... 79,502,39 Estimated Expenses of Investigating and Adjusting Claims ..................................................................................... 8,667.72 $296,888.24 450,862.65 16.116.19 1,098.54 Reserve for Unearned Premiums..................... Reserve for Taxes and Miscellaneous Items. Funds Held Under Reinsurance Treaties...... Total Liabilities ......................................................................................... ‘Surplus .......................................................................................................... $ 764,965.62 280,960.76 $1,045.926.38 Balance ‘ B on d s a t cu rren t m a rk et v a lu e s in c r e a s e s su r p lu s to $295,570.16. J l l I ^ ALLIED M U T U A L CASUALTY COMPANY Harold S. Evans, President Hubbell Bldg. Des Moines, Iowa N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9,868.89 F e b ru a r y 1942 26 5 Sure-fireSuggestions for Selling Success F T E R ten y ears of re c ru itin g m en for our business and th e n tra in in g th ese m en th ro u g h our sales tra in in g school, and follow ing over 2,000 of th em in th e field, looking over th e ir production records and see ing th em at w ork, I have come to th e v ery definite conclusion th a t everyone is a n a tu ra l b o rn salesm an and can suc ceed in th e in su ran ce business if he w ill b u t use a few basic principles. I hope to cover a sufficient n u m b er of these principles so th a t any ag en t who has th e will, d eterm in atio n and am bi tion can succeed even w ith obstacles in his w ay and seem ing lack of n atu ral talen t. H ere we go! ! ! N um ber One: Be an optim ist. Op tim ism generates en th u siasm and if you are en th u siastic about w h a t you have to sell, it often spreads to y o u r prospect. F eel good inside and look cheerful outside — smile! A sh o rt w hile ago a girl w as aw arded $5,000 by a ju ry because in an autom obile accident a nerv e in h e r face w as sev ered, m aking it difficult to sm ile any more. Did you ever stop to figure out w h at a ju ry w ould give you for your sm ile if th e y could see it in its average state? A lw ays feel p roud of y o u r profes sion and also th e place th a t insu ran ce plays today in th e economic w elfare of th is nation. R em em ber, th e public of this co u n try paid over $4,500,000,000 in in su ran ce prem iu m s d u rin g 1940 and w ill exceed th is figure consider ably in 1941, and no o th er business can exceed th is figure in sales volum e. N um ber Two: Get dow n to b u si ness. If you are to m ake fifteen sales interv iew s a day and to avoid a rg u m ent and g ettin g y o u r prospect in a w rong state of m ind, one of th e quick est w ays to avoid such a condition is to get dow n to business. I sp en t con siderable tim e w ith one of our agents try in g to prove to him th a t th e reason he w as not g ettin g along m ore suc cessfully in th e in su ran ce business was th a t he did not see enough people a day. He stated th a t w ith all his col lections, renew als, claim m a tte rs and all th e o th er task s th a t it w as im possible for him to see m ore th a n th re e people a day. I w en t out to w ork w ith him th e n e x t day, and soon found A N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 1942 By Francis W . Potter Field Supervisor Aetna Casualty & Surety Company out th e reason. T he first prospect we called on he greeted w ith th is re m ark: “Saw you on th e golf course Sunday. How did you m ake out?” T h erew ith we w ent over th e w hole eighteen holes and played every stroke. Then, th e prospect asked how he did th e sam e day, and w e played eighteen holes more, discussing th e m erits of th e sh o rt holes and how th e long ones could be sh ortened and th e w ater hazards m ade easier. By th a t tim e, th e phone ran g and th e pros p ect’s secretary said th a t he had a custom er outside. T he prospect, ris ing, suggested we come around som e tim e w hen he w asn’t so busy. W e had used up half an hour of a busy m an ’s tim e, and certain ly m y tim e had earned no business for m y com pany and th e agent left d isgruntled and tired out from his tw o rounds of golf. I handled th e n e x t interview , sta rtin g som ething like this, after being introduced by th e agent, “Mr. Jones (w ith a sm ile), I notice you are busy, b u t I have a v ery unusual, broad and up-to-date co n tract on your home, som ething q uite new and I th in k it w ill in terest you if I m ay have ju st a few m inutes of y o ur tim e.” He nodded to go ahead and in ten m inutes I had cov ered every m ajor p o int in th e con tra c t and had m ade a sale. A fter filling out th e application, and leaving th e office, we looked at our w atches and found th a t ju st eighteen m inutes had elapsed from beginning to end. W e m ade n in eteen in terview s th a t day and needless today, w e both had a profitable day, because, as is usually th e case, the m ore interview s, th e m ore sales, and th a t m eans m ore com m issions. If you are going to sell any co n tract practice gettin g y o u r p res en tatio n dow n to ten or tw elve m inutes. I m ake it a ru le to m ake th e longest sales p resen tatio n not over tw elve m inutes, as th a t is about as long as m ost business m en w ill con cen trate and usually in te rru p tio n s w ill s ta rt com ing if you h av en ’t m ade y o u r close by th a t tim e. N um ber T hree: Pre-approach is still half th e sale. I have seen so m any good prospects ru in ed by lack of p roper pre-approach and found so m any sales m ade easy w hen th e p roper inform a tion w as secured in advance of th e interview . Once I w orked w ith an agent on “Com bination R esidence”— a policy giving com plete protection on a m an ’s home. The agent sim ply had fifteen nam es on th e back of an en velope and th a t w as all he figured he needed to s ta rt th e day’s w ork. I let him handle th e first interview . He started by saying, “R em em ber, a spe cial clause in th is policy is th e ex plosion clause, and w hen yo u r h eater explodes and takes p a rt of th e house w ith it, we w ill pay.” T he prospect in te rru p te d to say, “I have a hot-air furnace.” The agent th en said, “You su re w ill like th e liability clause. It covers your dog biting anyone, and we even w rite police dogs. Also, it covers your m aid falling dow n stairs. P re tty good, don’t you th in k ? ” The prospect sm iled and said, “It w ould if I had a dog, and rem em ber, m y w ife and I do all th e w ork at our house.” Need less to say no sale w as m ade and th e agent w as discouraged a fter the in te r view, suggesting selling accident in surance th e re st of th e day. I th e n said to th e agent, “L e t’s find some definite inform ation on th e n ex t prospect and see how it goes.” W e found th a t th e prospect played golf, w ent h u n tin g and fishing, had several beautiful rugs and his w ife some ex pensive jew elry; th a t th ey w ent south in th e w inter, th e plum bing had been in over ten years, and th e re w as a large glassed-in porch. W e th e n em phasized u n d er th e “com bination resi dence” policy th e sports liability clause, the v ery broad b u rg lary and holdup clause, including vacancy for six m onths, th e w ater dam age clause covering all leaks and b reaks in th e plum bing even w hile th e te n a n ts are away, and the com plete glass breakage clause. E v ery th in g clicked w ith th e prospect and we had a three-year prem ium of $280. Since th e n th e agent has been v ery careful of his 27 pre-approach w o rk and is one of our best salesm en on “com bination re si dence” in su ra n c e today. N um ber F our: Use th e question m ethod; to create th e in te re st of y o u r prospect a t th e v ery s ta rt of y o u r in te r view, n o th in g is m ore effective th a n ask in g him one or m ore leading ques tions. T his m ethod is p a rtic u la rly h elp ful w ith cold canvass and w h en calling upon p rospects w ith w hom you have had little prev io u s contact. A lw ays m ake th e question such th a t th e y cre ate in te re st and u su ally of a ty p e th a t only you know th e answ er. •I have six teen leading questions on autom obile insuran ce, b u t it is u n u su al to go beyond th e first fo u r or five be fore he p resses a b u tto n and asks his se cretary to b rin g in his policies, and afte r looking a t his autom obile policy for a few m om ents w ith a so rt of blan k look on his face, he tosses over his pol icy for you to find th e answ ers. F rom th e re on it is up to you. You know now w h at y o u r com petition is, th e ex p iratio n dates, lim its, etc. W h at a golden op p o rtu n ity for a salesm an. You should have several good leading questions on every type of policy. I have nine for residence b u rglary, b u t seldom need to use b u t th ree or four. N um ber Five: Sell th e gadgets. I talk ed w ith th e leading salesm an of a certain m ake of autom obile in a large ea stern city and asked him concerning his sales technique. He said, “I t ’s th e little th in g s about th e car th a t help th e sale. The o ther day a m an and his wife came into th e show room to look a t a certain model, and afte r lifting up th e hood and show ing them th e m otor, th e w ife rem ark ed th a t all m otors looked alike. I th en changed m y tactics and said, “I w ish you w ould look inside of th e car. You w ill notice we p u t a v an ity case on each side of th e re a r seat, w ith a h andy cig arette lig h ter be side it. It is som ething quite new in this y e a r’s m odel.” Im m ediately th e w ife sta rte d to show in te re st and th e color of th e car began to appeal to them . I t w asn ’t long afte r explaining a few m ore gadgets th a t th e car w as sold. T he m otors all looked alike, b u t th e v an ity case w as different. W e have some perfect gadgets th a t go w ith every in su ran ce policy. Take contracts and list all th e ex tras or gad gets and you w ill be am azed a t how in terestin g y o u r sales ta lk can become. F o r instance, tak e th e residence b u r glary policy. I u sually sell th is policy som ething like this. “Good m orning, Mr. Jones (w ith a sm ile). Our com pany has b ro u g h t out a v ery com plete FINANCIAL STATEMENT of MINNESOTA COMMERCIAL MEN’S ASSOCIATION December 31, 1941 This A ssociation h a s a g a in con clu d ed a su ccessfu l y ea r with an in crease in both resources and m em ber ship. N ow in its 37th y ea r of operation, it h a s disbursed $4,741,147.52 in disability benefits to its m em bers, w hich represents a return to the m em bers of approxim ately 70%, w hich attests to its liberal claim p a yin g record. H ealth, A ccident and H ospital Reim bursem ent Policies are written at low cost. RESOURCES LIABILITIES % 36.8 10.8 5.2 24.7 4.8 2.8 5.7 $115,321.32 34,000.00 16,475.00 77,225.00 15,000.00 6,528.06 18,000.00 5.3 2.8 0.3 16,877.95 9,072.90 1,033.39 0.8 2,631.50 TOTAL .......................................... ...100.00 $312,165.12 C a s h .............................................. .... U. S. G overnm ent B onds......... .... State Bonds ................................. .... M unicipal Bonds ...................... .... Railroad Bonds ........................ .... First M ortgage L oans............... .... Real Estate ................................. .... Endow m ents, Current C ash V alu e ........................................ .... Other Secured D eposits........... .... Interest R eceivab le .................. .... A d v a n ce P aym ents by M em bers ................................. .... D isability C laim s A w aiting Proofs.... .... $ 16,500.00 Death C laim s A w aiting Proofs........... .... 10,000.00 Unearned A s s e s s m e n ts ........................ ..... 2,631.50 2,874.87 R eserve for T axes, Bills, Etc................. .... RESERVE FOR PROTECTION OF MEMBERS ............................................ .... $280,158.75 TOTAL ....................................................... .... $312,165.12 Bankers constitute the largest group of our m em bership. W e appreciate this confidence and invite others to secu re this sound and liberal protection. For application blanks or other information write PAUL CLEMENT, Secretary 2550 Pillsbury A ve. M inneapolis, M innesota N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 1942 28 b u rg la ry policy on y o u r nice home. P erh a p s I should say it is a burg lary , th eft, larceny and robb ery policy, for it n o t only covers you w h en b u rg la rs b reak into y our house, b u t also if you are aw ay at th e m ovies an d th e y clim b up th e fro n t porch and get in th ro u g h th e window; or th ro u g h th e unlocked back door w hen you are in th e fro n t of th e house; or should y o u r m aid or de livery boy tak e som ething; or robbers hold you up w hile play in g bridge, th is policy not only covers y o u r ow n p ro p e rty and th a t of y o u r wife, b u t y o u r ch ild re n ’s p ro p e rty an d an y re la tiv e s’, g u ests’ or se rv a n ts’ property. I t covers n o t only all p ro p e rty stolen, b u t all dam age done by b u rg la rs to doors, w in dows, d resser d raw ers, etc., also th e sam e coverage applies on p ro p e rty in safe deposit boxes. W e give you $100 protection on p ro p e rty stolen from th e porch and law n, such as ham m ocks, chairs, bicycles, law n m ow ers and hose. W e cover $1,000 on jew elry, s te r ling silver and furs; a n o th e r $1,000 on all o th er pro p erty , such as clothing, rugs, radio, including up to $50 in m oney and securities, an d we say to you go off on vacations or on w eek-end visits and n o t to w o rry because you can be gone up to six m o n th s an d still F o r Six S tra ig h t Y ears th e "CH AM PIO N " AGENCY o f th e B A N K E R S L IF E COM PANY Des M oines be protected. I t costs only $17.25 (T er rito ry F o u r) and you can save a h alf y e a r’s prem ium by buying it for th ree years. Bill, don’t you th in k th a t is some policy for th e m oney?” T h ere are several m ore principles th a t could be m entioned to m ake in su r ance selling a success, b u t if you w ill be optim istic and enthusiastic, w ill know all about y o u r prospect an d his needs before th e interview , value his tim e and y o urs and get dow n to busi ness, create in te re st a t th e v ery s ta rt of th e in terv iew and hold th a t in te re st by know ing y o u r contract, and w ill w ork, I p red ict y o u r success in our business, no m a tte r th e obstacle. tion paid m ore th a n 11,400 loss claim s in Iowa, totalling over $737,500. L ite r ally every section of th e state w as visited by severe storm s, including m any of extrem e violence.” T he Iow a M utual Tornado associa tion is now th e larg est of its k in d in the w orld, w ith $668,555,423 of in su r ance in force, th e an n u al re p o rt stated. The re p o rt show ed an increase of m ore th a n $25,000,000 in insu ran ce in force com pared w ith last year, and a 1941 gain in business m ore th a n $9,000,000 g reater th a n th e 1940 gain. S ecretary Gross rep o rted th a t n et assets at th e close of th e year w ere $2,391,467.37, in cluding an em ergency reserv e of $1,970,017.92. G reater efforts in loss prev en tio n Increase in Surplus w o rk w ere forecast d u rin g 1942 in th e M erle O. M illigan, Des Moines real secretary ’s report. “T he county m u estate dealer, w as re-elected presid en t tu al in surance associations th ro u g h o u t of th e M erchants M utual Bonding th e state are doing exceptional w o rk in C om pany of Des Moines a t th e an n u al th e inspection of farm buildings and in m eeting. O thers re-elected are R ay helping farm ers to reduce losses by Y enter, vice president, and E. H. W ar m aking pro p er rep airs and keeping ner, secretary-treasurer. buildings in good condition,” he said. T he com pany rep o rted a $9,000 in “W ith w artim e building costs soaring crease in surplus, m aking a to tal su r h ig h er and higher, loss prev en tio n plus of $31,940', and voted a 10 per cent activities tak e on g reater im portance salary increase to its 10 employes, p ay th an ever at th is tim e.” O ther officers elected include W. C. able q u arterly , to m eet h ig h er taxes C hildren, Council Bluffs, vice p resi and increased living costs. dent; Wm. Treim er, H artley, tre a su re r; H a rry L. Gross, Des Moines, a ssistan t Larger Volume secretary. D irectors re-elected include Jo h n Officers of th e W estern M utual F ire In su ran ce Company, Des Moines, w ere E vans, G rinnell; F. K. H awley, L au rens; B. Rees Jones, Des Moines; W m. re-elected at a directors m eeting. J. D oliver K ent w as again selected T reim er, H artley, and H a rry Sum ners, as ch airm an of th e board. Officers also Clarion. M em bers of th e executive include C harles S. Vance, president; com m ittee nam ed y esterd ay are F red J. M. P iper of Cedar Rapids, Iowa, vice W. Shaw, Corning; F. K. H aw ley, presid ent; G lenn S. B lount, secretary, L aurens, and A. P. Beck, M aquoketa. and Jo h n M. M ueller of Calamus, Iowa, tre a su rer. Mr. K ent, in a re p o rt to th e board of directors, said th e re h ad been a sub sta n tia l increase in th e volum e of bu si ness, both in fire and autom obile in su ran ce lines. H e said th e re h ad also been an increase in su rp lu s and com p an y assets. Largest of Its Kind W . K. N I E M A N N D e s M o in e s A g e n c y M a n a g er N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a r y 1942 Jo h n E v an s of G rinnell w as re-elect ed p resid en t and H. F. Gross of Des Moines w as re-elected secretary of th e Iow a M utual T ornado In su ran ce as sociation a t th e com pany’s an n u al m eeting. Iow a last season experienced one of th e w orst periods of tornado and w in d sto rm losses in recen t years, according to th e an n u al re p o rt su b m itted to pol icyholders. “T h ere w ere m ore th a n fifty days d u rin g 1941 w hen loss-producing w in d storm s occurred,” S ecretary Gross re ported. “D uring th e y ear th e associa B. Rees Jones Re-elected B. Rees Jones w as re-elected p resi d en t of th e Tow n M utual D w elling In surance com pany at th e com pany’s an n u al m eeting attended by delegates from four states, at Tow n M utual’s hom e office in th e H ubbell building, Des Moines. S ubstantial gains w ere m ade in all d ep artm en ts of th e com pany’s opera tions d u rin g th e p ast year, P resid en t Jones announced in his an n u al report. The rep o rt show ed th a t Tow n M utual assets now exceed $2,000,000 and are th e largest in th e com pany’s history. T he re p o rt also show ed $559,285,693 of insurance in force, a gain of m ore th a n $22,000,000 du rin g th e p ast 12 m onths. “Tow n M utual now is in th e unique position of being th e larg est exclusive tow n dw elling in su ran ce com pany in A m erica,” P resid en t Jones reported. “The com pany is now in su rin g ap p ro x im ately one-fifth of all city and tow n dw ellings in Iowa, and has a policy- 29 holders’ su rp lu s th a t is now sufficient to pay five y e a rs’ average losses.” O ther officers re-elected include L es te r T. Jones, Des Moines, vice p resi dent; F ra n k H. D irst, H am pton, secre tary; and G ran t M cPherrin, Des is now doing business in 16 states. Iowa, how ever, continues to ra n k ahead of all o th er states in volum e of business. E m ployers M utual’s volum e in Iow a last y e a r w as over $1,458,000. T he com pany is now th e larg est cas u a lty com pany in Iowa. I t has m ore th a n 100,000 policyholders served by over 2,000 agents.” D irectors of th e com pany voted to pu rchase $50,000 in defense bonds, in addition to a sim ilar block of defense bonds p u rchased last year. O ther officers elected include W. Z. P roctor, general counsel; H. A. W atson and Miss H. V. M ulligan, a ssistan t tre a su rers. R udolph W eitz, p resident ' - '■•V I of W eitz Company, Inc., w as elected as a new m em ber of th e board. D irectors re-elected to th e board include H. L. H jerm stad, Red W ing, M innesota; F ra n k K ohrs, D avenport; H. W. Read, Oskaloosa, and Dr. W. E. B aughm an, F o rt Dodge. Allied Mutual Re-elects A dm itted assets and p rem ium in come of th e A llied M utual C asualty Com pany both show ed a no tew o rth y increase du rin g 1941, it w as announced last m o n th a t th e com pany’s an n u al m eeting. P resid en t H arold S. E vans cautioned, how ever, against th e steady A FIN A N C IA L STATEME that speaks (or itself ■ ■ ■ ■ ■ ASSETS B. R E E S J O N E S Moines, tre a su re r. Re-elected to the B oard of D irectors w ere B. Rees Jones, R ex H. Fow ler, and G ran t M cPherrin. T he a n n u a l m eeting w as atten d ed by gen eral agents, cashiers and in s u r ance leaders from Iowa, Colorado, M in nesota, and South Dakota. A s of D e c e m b e r 31, 1941 Cash in Banks_________________________________ U. S. Government Bonds (Market Value)-------------State and Municipal Bonds (Market Value)---------N o b o n d s e v e r o w n e d b y th e c o m p a n y h a v e b e e n in d e f a u l t a s to in te r e s t o r p r in c ip a l . Real Estate (Home Office Building)---------------------Real Estate Mortgages (FHA)-----------------------Stocks (Market Value)--------------------------------------Interest A ccru ed -----------------------------------------------Premiums in Course of Collection (Not Past Due) J. W. G unn w as re-elected p resid en t an d tre a s u re r of th e E m ployers M utual C asualty C om pany and Jo h n F. H ynes w as nam ed vice p resid en t and secre tary , a t th e com pany’s th irtie th a n n u a l m eetin g a t its hom e offices in Des Moines. L a st y e a r reg istered th e larg est gains in b u siness and th e larg est gain in a s sets in th e com pany’s e n tire history, according to th e a n n u al re p o rt su b m itted by P re sid e n t Gunn. The rep o rt show ed th a t assets d u rin g th e p ast 12 m o n th s have in creased 20 p er cent, to a to tal of $5,044,899.18. T he re p o rt also show ed an increase of 13.3 per c e n t in surplus, giving th e com pany a to ta l su rp lu s of $1,100,000. P rem ium s increased 24 p er cent d u rin g th e p ast 12 m onths, ag g reg atin g $4,059,931.07. D uring 1941 m ore th a n 45,000 individ u al claim s w ere paid on b ehalf of com p an y policyholders, th e re p o rt showed. “E v e ry d e p a rtm e n t of th e com pany’s business m ade m ark ed progress d u r ing 1941,” P re sid e n t G unn announced. “D uring th e y e a r E m ployers M utual expanded its o perations into tw o addi tio n al states, M aryland and Idaho, and _ _ _ 0.6 0.3 15.2 - $ 5 , 044 , 899.18 100.0% RESERVES . $ 2 , 148, 888.89 Reserve for Claims____________________ F u n d s s e t a s i d e to f u lly p a y a l l in c u r r e d a n d e x p e c te d lo s s e s . Reserve for Unearned Premiums- - 1, 489 , 602.46 F u n d s s e t a s i d e to r e t u r n to e v e r y p o li c y h o ld e r th e u n e a r n e d p r e m iu m in e v e n t of c a n c e lla tio n . All Other Reserves----------------------------------------------- 306 ,407.83 I n c lu d e d in th is r e s e r v e is a s u ffic ie n t a m o u n t to p a y a l l 1942 d iv i d e n d s o n a l l p o lic ie s w r itte n a t m a n u a l r a t e s in s ta t e s so r e q u i r in g . _ $ 3 ,944 , 899.18 100 , 000.00 _ 1, 000 , 000.00 TOTAL LIABILITIES Reserve for Contingencies Surplus ________________ J. W. GUNN President and Treasurer $5,044,899.18 JOHN F. HYNES Vice President and Secretary D IR EC TO R S: Dr. D. E. B a u g h m a n , P r e s ., F o rt D o d g e S e ru m C o., F o rt D o d g e , Io w a ; A n se lm F r a n k el, P r e s ., F r a n k e l C lo th in g C o., D es M o in e s ; H. L. H jerm sta d , P re s ., C itiz e n s F u n d F ir e I n s u r a n c e C o., R e d W in g , M in n .; Dr. L. E. K e lle y , P h y s i c ia n a n d S u r g e o n , D es M o in e s ; F rank K ohrs, P r e s ., K o h rs P a c k in g C o., D a v e n p o r t, I o w a ; O. B. M cK in n ey, G e n e r a l A g e n t, D e n v e r , C o lo .; G e o . E. P a tter so n , S p e c ia l R e p r e s e n ta tiv e , D es M o in e s; W . Z. Proctor, A tto r n e y - a t- L a w , D es M o in e s ; H. W . R ea d , S e c y ., I o w a V a lv e C o., O s k a lo o s a , Io w a ; R. W . W eitz, P r e s ., W e itz C o., In c ., D es M o in e s , Io w a ; M. J. W ilk in so n , S u p t. of A g e n ts , D es M o in e s , I o w a ; R. L. W o o d , T r e a s ., W o o d B ro th e r s T h r e s h e r C o., D es M o in e s. E mployers M utual CASUALTY COMPANY • DES AUTOMOBILE INSURANCE • WORKMEN S COMPENSATION • TOWN LIA GENERAL LIABILITY • ELEVATOR INSURANCE * PLATE GLASS N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2.5 7.3 123, 571.36 369 , 934.16 31 , 070.00 14, 871.46 766 , 706.92 C u r r e n t b a l a n c e s d u e fro m a g e n t s a n d p o lic y h o ld e r s . TOTAL ADMITTED ASSETS- J . W . Gunn Heads Com pany 32.7% 22.5 18.9 _ $ 1, 649 , 243.98 _ 1, 136, 020.00 _ 953 , 481.30 F e b r u a r y 19^2 30 increase in autom obile accidents, a th e agency plan in Iowa, South Dako large p a rt of w hich he said can be ta, M innesota and K ansas. T he com avoided. p an y w rites full coverage autom obile, B. Rees Jones, Des Moines, w as re public liability and w o rk m en ’s com pensation insurance. elected chairm an of th e board; H a rry F. Gross, Des Moines; Jo h n E vans, G rinnell, Iowa, and F re d L autenbach, Pella, Iowa, again w ere nam ed direc Chase National tors. Mr. E v an s w as reelected p resi The statem en t of th e Chase N ational dent an d R obert B. Goode, Des Moines, B ank for D ecem ber 31, 1941, show s th e secretary. deposits of th e b an k on th a t date w ere T he A llied M utual o perates u n d e r $3,534,967,000, w hich com pares w ith ANOTHER GREAT YEAR For Iow a's Largest E xclusive H ail Insurance Company 6 CONSECUTIVE YEARS OF GAINS must be reason! — T/iere a POLICYHOLDERS INCREASE 120% SURPLUS 1936 ..................................................$76,450.57 1936 ............................................ 6,579 1937 ......................................... $101,740.82 1937 ............................................. 7,748 1938 .........................$154,247.41 1938 ........... mo.........................$197,802.52 1939 .................... 9,141 1940......... $ 2 4 7 , 3 7 5 . 4 9 1940 ........................... i» $316,549.79 ».I 8.463 9 ,6 1 4 14,553 Assets $321,223.20. Surplus over all liability $316,549.79. Net Losses Paid Since Organization, $2,259,614.95. S quare D eal is a 100% fa rm e rs’ com pany th a t provides crop insurance at cost. L o sses due and payable w ith in 10 days a fte r a d ju stm e n ts are approved. N o w aitin g u n d er th e “ G u aran teed P rice P e r B ushel” P lan. Policyholder fixes his ow n price p er bushel w hich he receives in case of dam ages. P rem iu m s stric tly lim ited and n o t due u n til O cto b er 1. See our ag en t or w rite for literatu re. Square Deal Insurance Company C. F R E D M O R G A N , P re sid e n t Valley Bank Building N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a r y 19't2 DES M OINES $3,587,562,000 on Septem ber 30, 1941, and $3,543,338,000 on D ecem ber 31, 1940. Total resources am ounted to $3,811,803.000 com pared w ith $3,856,799,000 on Septem ber 30th, and $3,824,403,000 a y ear ago; cash in th e b a n k ’s v aults and on deposit w ith th e F ederal R eserve B ank and o ther banks, $1,248,516,000 com pared w ith $1,328,312,000 and $1,672.535.000 on th e respective dates; in vestm ents in U nited States govern m en t securities, $1,364,847,000 com pared w ith $1,339,079,000 and $1,098,108,000; loans and discounts $802,221,000 com pared w ith $773,036,000 and $664,189,000. On D ecem ber 31, 1941, th e capital of th e b ank w as $100,270,000 and th e su r plus $100,270,000, both am ounts u n changed. A fter declaration on Decem ber 24th of a sem i-annual dividend to be paid F e b ru a ry 1st am ounting to $5,180,000, th e undivided profits ac count on D ecem ber 31st am ounted to $40,370,000. This am o u n t com pares w ith $40,441,000 on Septem ber 30, 1941, and $36,212,000 on D ecem ber 31, 1940. T he n et earnings of th e Chase N a tional B ank for th e y ear 1941 am ounted to $14,518,000, or $1.96 p er share, com pared w ith $13,550,000, or $1.83 p er share, in 1940. Continental Changes A t a m eeting of th e board of direc tors of th e C ontinental Illinois N ation al B ank and T ru st Company, Chicago, after th e sh areh o ld ers’ an n u al m eeting, th e follow ing changes w ere m ade in th e official roster: Spencer L. H a rt and F red M. N aber, second vice presidents, w ere elected vice presidents in th e com m ercial b anking departm ent. Leslie A. A nderson, H a rry V. Dyke, H a rry L. Jones, M illard S. McGuffin, P aul E. M iller, and W ilfred E. Resseguie w ere m ade a ssista n t cashiers, com m ercial banking d ep artm ent. Os m ond A. Jackson, New Y ork office, w as also elected an a ssistan t cashier, and H olly P. Blessing w as m ade an assist a n t secretary of th e tru s t departm ent. F ra n k F. Taylor, vice p resid en t in charge of th e tru s t departm ent, w as elected a d irector of the b ank a t th e sh areh o ld ers’ m eeting. Heads Des Moines Shrine W infield C. Jackley, Des Moines in v estm en t banker, w as elected poten tate of th e Za-Ga-Zig Shrine Tem ple at th e livestock industry. O ther officers elected were: F o rd Van H oesen, chief rabban; F o rest I. M urphy, a ssistan t rabban; Jo h n Bemis, high p riest and prophet; W illiam B roquist, o riental guide; F ra n k R. W arden, treasu rer; C. C. Nye, recorder, and R ay D. N ew ton, tru stee. 31 Municipals In Market Reaction "The Biggest Development In the Bond Market W as In Munici pals— the Old Question of Tax Exemption Popped Up Again" W ith fierce b a t I on w o r l d fronts, one w ide could new s he w anted in Ja n u a ry . Too much gapore could be ja m e s h . c la r k e offset by good re p o rts f r o m th e R ussian fro n t—b u t th e b est new s of all w as dom estic. T he ap p o in tm en t of a single boss in W ash in g to n to handle our w ar job m ay prove to be tops in new s for th e d u ratio n of th e w ar. W h at Donald M. N elson can or cannot do can easily d eterm in e how long th e w a r lasts—w h a t k in d of an econom y we shall hav e w h en it ends—and w h a t h ap p en s to our investm ents. T hese w ill be m a tte rs for consideration as m o n th s roll by an d a few of th e re su lts are released. W e shall com m ent on them , especially th e m a rk e t phases, from tim e to tim e. A fter th e flood of selling in th e stock m a rk e t in D ecem ber to estab lish ta x losses, it w as n a tu ra l to expect some rebo u n d in Ja n u a ry . B u t th e re su lts in in d u stria l stocks w ere disap p o in t ing to investors. In th e first th re e days of tra d in g in th e m o n th th e m a r k e t recovered abo u t th re e an d oneq u a rte r poin ts—in th e Dow-Jones in d u stria l stock averages—b u t la te r lost it all. On th e o th er h an d railro ad stocks—w hich w e seldom m en tio n be cause of th e g en eral lack of in te re st in th e m —w ere stro n g e r all m onth. T he D ow-Jones ra il average rose from 25.42 on D ecem ber 31, 1941, to 28.78 as of y e ste rd a y ’s close—an im prove m e n t of ab o u t th re e an d one-third points. T h ere w as a slig h t im prove m e n t d u rin g th e m o n th in prices of public u tility stocks—v e ry slight. W e are w ritin g th is on th e m o rn in g of W ednesday, J a n u a ry 28—to m eet ou r to m o rro w ’s deadline. W e w ill not cover w h a t happ en s in to d ay ’s m a rk e t —nor, of course, th e th re e o th er tra d ing days th a t are left in th is m onth. B ut it seem s u n lik ely th a t m uch can hap p en to change th e gen eral course in th ese few days. As m entioned earlier, aside from th e stre n g th in ra il stocks, th e m a rk e t w as u n e v e n tfu l in Ja n u a ry . In clu d ing y esterd ay th e re w ere 22 days of The Month's Market Maneuvers Prepared for The Northwestern Banker By James H. Clarke Assistant Vice President American National Bank & Trust Co. Chic ago tra d in g on th e New Y ork Stock E x change. On 11 days gains w ere re corded in th e in d u stria l stock averages —on 10 days th e re w ere declines, and on one day th e averages w ere u n changed. A fter th e heavy tra d in g in December, th e volum e in Ja n u a ry w as sm all. No day w hen one m illion sh ares trad ed —only one w hen tra n s actions reached 800,000. T he listless m a rk et w as reflected in th e figures— th e Dow-Jones in d u strial average fig u re w as 110.96 on D ecem ber 31 an d 110.68 yesterday. To some investors th e dullness of th e m a rk e t seem s stra n g e in view of th e high ra te of business activ ity —b u t th ere are good reasons for th is—we shall discuss th em later. The biggest developm ent in th e bond m ark et w as in m unicipals—th e old question of ta x exem ption popped up again. Up to last w eek—to S a tu r day, Ja n u a ry 24, to be exact— m unici pal prices h a d been stro n g er th a n th e D ecem ber levels. B ut on th a t day S ecretary M orgenthau said: “It is high tim e, in m y opinion, to ta x th e in come of state and m unicipal securities —n o t only th e incom e from fu tu re issues, b u t also th e incom e from those issues now o u tstanding.” E n d of quote and end of a firm m a rk e t in m unicipals —a t least a t th is w riting. The W all S treet Jo u rn a l rep o rted th a t City of N ew Y ork T ra n sit U nification 3s of 1980 sold off about th re e points before recovering fractionally—and bids in gen eral on long te rm issues w ere m ark ed dow n th re e to four points. M o rgenthau’s statem en t w as th e first real indication th a t a responsible offi cial favored tax in g bonds already o ut standing. Seems fair to guess th a t m unicipalities, counties and states w ill p u t up a fight—b u t in th ese days w hen every source w ill be tapped, th e re is no assurance th a t m unicipals w ill es cape some so rt of a tax. G overnm ent bonds w ere—tak en as a w hole—som ew hat m ixed d u rin g th e m onth, b u t price changes w ere small. T reasu ry notes w ere som ew hat stro n g er. T here w as no new financing d u r ing th e m o n th and th e T re a su ry ’s w ork balance is still aro u n d tw o bil lions a t th is w ritin g —b u t lots of m oney m u st be raised th is year. F ro m th e P re sid e n t’s m essage it appears th e T reasu ry w ill need ro u g h ly tw elve billions betw een now and Ju n e 30—th e end of th e fiscal year. H alf of th is can be raised by sale of Defense Bonds and sales of special bonds to th e govern m e n t’s various tru s t funds—b u t th e balance should come from banks, in surance com panies, and o th er inves tors. T he p rogram is huge, b u t th ere is no sound reason w h y it should n ot succeed. C orporate bonds acted quite w ell in Ja n u a ry an d som e of th e speculative rails—n ot of b an k quality—w ere espe cially active on th e up side. D uring th e m o n th about tw o h u n d red m illions of financing w as done in th e corporate and m unicipal fields—one h u n d re d and th irty m illions in tw o issues alone. E ig h t m illions of A labam a Pow er 3 V2 S and fifty m illions of City of New York. T here are some o th er issues on th e fire as w e w rite th is—fifteen m illions of Iow a S o u th ern U tilities bonds and notes, tw enty-seven m il lions plus Schenley D istillers deben tures, te n m illions P an h an d le E a ste rn Pipe L ine 3s of 1962, and thirty-tw o m illion plus P en n sy lv an ia E lectric Co. financing. W h eth er these come d u r ing th e m o n th w ill depend on m a rk e t conditions—th e g eneral outlook for th e y ear is for increased em phasis on U. S. G overnm ent bonds and less on m unicipal and corporates. G etting back to th e stock m ark et again—w hy th e poor record in th e face of g reat in d u strial activ ity and good earnings? T h ere are a n u m b er of reasons—b u t th e U. S. Steel Com p an y ’s 1941 statem en t answ ers m ost questions. Big steel earned $10.43 p er share, th e b est of an y y e a r since 1929. T he p resen t m a rk e t price is aro u n d 53 to 54—or about five tim es last y e a r’s earnings a share. In good tim es steel w ould sell a t te n to tw e n ty tim es earnings—b u t now it sells a t five. W ell N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 19U2 32 —in w a r tim es stocks u su ally sell five to eight tim es earn in g s—w hich is one reaso n for p re se n t m a rk e t sluggish ness. U n certain ty as to len g th of th e w ar an d th e co n tin u ity of h igh e a rn ings cause this. H igh tax es and h ig h er taxes th is y e a r are also reasons for such m a rk e t action. D espite h igh e a rn ings for th e full y e a r—U. S. Steel earn ed b u t $1.61 a sh are in th e last q u a rte r of th e y e a r com pared w ith $3.04 in th e final 1940 q u a rte r. T his w as due largely to th e trem en d o u s con trib u tio n to a contingency reserv e w hich w as ta k e n out of th e final 1941 qu arter. A nd then, too—th e prospects of dividends are lim ited—tax es and th e necessity of large reserv es being th e reasons. An inflation fear m ay eventu ally m ove th e stock m ark et, b u t h ig h er earn in g s alone—in o u r p re se n t econ omy—w ill n o t be sufficient. T h u s w e have an ev er increasin g d isto rtio n of our econom ic set-up as w e change over to a full-tim e w a r economy. The g ov ern m en t bond m a rk e t in th is m an aged m oney period w ill be helped w h en n ecessary—b u t w e probably saw our top prices some tim e ago. Temperature Low—Sales High Heads Bond Drive T en m en are in charge of th e a d v er tisin g cam paign by N ew Y ork City banks to prom ote th e sales of D efense Savings Bonds and Stam ps. All th e com m ercial b an k s of th e city, from th e larg est to th e sm allest, are p a rtic ip a t ing in th e cam paign. T h ey are boost ing Defense Savings Bonds an d Stam ps in new sp ap er ad v ertisin g an d in all th e ir collateral m aterial, such as blot- T em peratures outside were w ell below zero w hen th is p ictu re was ta k e n in the lobby of th e F ir s t N atio n al B ank, Chicago, b u t in th e ir zeal to buy D efense Bonds these people ap p a re n tly th o u g h t nothing about th e nippy w eather. The F ir s t N atio n al reports D efense Bond sales in ever-increasing num bers. Public Utility th u r M. DeBebian, vice presid en t and ad v ertisin g m anager of th e Chase N a tional Bank. O ther m em bers are: R. L. R eierson, B ankers T ru st Company; H a rry Carlisle, G u aran ty T ru st Com pany; W illiam G. Rabe, M an u facturers T ru st Company; O. G. A lexander, B ank of th e M an h attan Company; D udley L. P arsons, New Y ork T ru s t Company; R. H. E lm endorf, Irv in g T ru st Com pany; L andon T ow nsend, B ank of New York, and C. R. Sm ith, C entral H an over B ank & T ru st Company. In d u stria l Two New Directors ters, statem en ts of condition and in se rts in correspondence. C hairm an of th e com m ittee is Ar- BONDS R a ilro a d M unicipal  .C A L L Y N and c o m p a n y Incorporated 100 West Monroe Street, Chicago New York Representatives: N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Milwaukee Waterloo F e b ru a r y 19b2 Omaha Des Moines Boston Cedar Rapids A t th e ir ann u al m eeting held re c e n t ly, stockholders of th e LaSalle N a tional B ank voted to increase th e ir board of directors from nine to eleven m em bers by electing H a rry L. D rake, head of th e Chicago real estate m an agem ent firm bearing his nam e, and N athaniel Leverone, ch airm an of th e board of th e A utom atic C anteen Com pany, according to an announcem ent by L aurance A rm our, ch airm an of th e board. All re tirin g directors w ere re elected. “D uring th e first calendar y ear u n der new m anagem ent,” Mr. A rm our 33 stated, “th e in s titu tio n ’s ra n k am ong all b an k s in Chicago m oved from 31st place to 22d place. A t th e sam e tim e, in its new location, th e b a n k show ed a satisfacto ry profit a fte r ad equate re serves and o p eratin g expenses. W e are n a tu ra lly gratified w ith th is p ro g ress w hich su b sta n tia te s our decision in m oving th e b a n k into th e h e a rt of th e financial d istric t a little over a y e a r ago.” Elected on Board A t th e a n n u al m eeting of stockhold ers of th e Stock Y ards N ational B ank of South Omaha, W ill R. Jo h n so n w as added to th e board of directors. Mr. Joh n so n is gen eral m an ag er of th e G. M urback w ere elected vice p resi dents, having been previously a ssistan t vice presidents. Clarence W. W eldon w as elected an a ssistan t vice president. Mr. W eldon for some y ears has been vice p resid en t and m anager of th e F irst-T ru st Jo in t Stock L and B ank of Chicago. C larence E. Cross and Clarence R. E ichenberger, form erly assista n t cash iers, w ere also elected assista n t vice p residents. T he follow ing new officers w ere elected, all being prom otions from th e clerical staff of th e bank: V ernon C. B artels, J. R ussell H anson, W y ndham H asler, George F. Sisler, P hilip Sparling, an d W illiam H. Wood, a ssista n t cashiers; Jo h n R. M itchell, a ssistan t m anager in th e real estate loan d ep artm ent, and R obert S. Swaim, a ssistan t tru s t officer. Approve Pension Plan Stockholders of th e F irs t N ational B ank in St. Louis, a t th e ir an n u al m eet ing re-elected all directors and ap proved a re tire m e n t and pension plan for th e b a n k ’s officers and employes. At a m eeting of th e b oard of directors w hich followed, all officers of th e b ank w ere re-elected. SOUND REASONS w k if, FEDERAL INTERMEDIATE CREDIT BANK DEBENTURES a te ^be& iteide o These consolidated debentures, issued in maturities of from 3 to 12 months, are the joint and several obligations of the 12 Federal intermediate credit banks. o Maturities up to 6 months are eligible for purchase by the Federal reserve banks and are acceptable as collateral for 15-day loans to member banks. W IL L R. J O H N S O N N o rth w e ste rn Bell T elephone Com p an y an d also th e D akota C entral T elephone Com pany. In ad dition to h is busin ess duties, he is a leader of civic affairs in Omaha. No changes w ere m ade in th e list of officers of th e Stock Y ards N ational. First National Election A t th e a n n u a l m eetin g of th e sh a re h olders of th e F irs t N ational B ank of Chicago, all p re se n t d irecto rs w ere re elected w ith th e exception of Ira N. M orris, w hose h e a lth m ade it im pos sible for him to a tte n d m eetings. H u g h sto n M. McBain, first vice p resi d e n t of M arshall F ield & Com pany, w as elected a m em b er of th e board. A t th e su b seq u en t m eeting of th e di recto rs, th e follow ing prom otions w ere made: F o rre s t N. W illiam s an d F re d e ric k o Consolidated debentures are legal investments for trust funds, savings banks and insurance companies in various States, including New York. o They are eligible as security for all fiduciary, trust and pub lic funds held under the authority or control of the Federal Government and are approved as security for the deposit of postal savings funds. THE FEDERAL INTERMEDIATE CREDIT BANKS SPRINGFIELD, MASS. BALTIM ORE, MD. COLUM BIA, S. C. LOUISVILLE, K Y. N E W ORLEANS, LA. ST. LOUIS, M O. ST. PAU L, M IN N . O M A H A, N EB . W IC H ITA , K A N . H O U STO N , TEX. BERKELEY, CAL. SPO K A N E, W ASH. These debentures are offered through recognized security dealers and dealer banks. Further information may be obtained from CHARLES R. DUNN, F is c a l A g e n t 31 Nassau Street, New York, N. Y. N o r th w e ste r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a ry Î942 34 Chase Elections T he board of directo rs of th e Chase N ational B ank elected K en n eth C. Bell, G. K ellogg Rose, Jr., and F ra n c is G. Ross, vice p resid en ts of th e bank. The follow ing w ere elected as second vice presidents: A lfred W. B arth, F ra n k A. Conefrey, Jo h n W. deM ilhau, W alter E. D ennis, W. A rth u r Grotz, E d g ar H. Hall, E rn e s t R. K eiter, W illiam H. M orton, T hom as M. R itchie an d George F. Sloan. T he board also elected as a ssista n t cashiers: L ouis A. A lbarracin, K ennedy Buell, W illiam F. Crook, W illiam S. DuBois, H arold E. H ardim an, V ictor E. R ockhill, R obert W. Scofield, Low ell E. U llery an d Charles R. W alters. Defense Display A N ational D efense display h as been app earin g in th e w indow s of th e La Salle N ational B an k in Chicago. It show s in a g rap h ic w ay som e of th e p rodu cts m ade by th e Kellogg S w itch board & S upply C om pany for o u r N a tional D efense program . T he b an k felt th a t a display of equip m en t v ital to our g o v ern m en t’s a rm a m en t p ro g ram w ould help th e sale of defense bonds by giving th e public th e o p p o rtu n ity to see ju s t w h a t th e ir m oney is h elping to buy. A N atio n al D efense D isplay of products m an u factu red by th e K ellogg S w itchboard & Supply Company, w hich has appeared in th e window s of the LaSalle National Bank, Chicago. Am ong th e in stru m en ts displayed are those of th e com m unication sys tem s used by th e field artillery , th e head phones used by av iators and the field sets upon w hich th e in fa n try de pends so m uch in tim e of battle. The g re a t Kellogg p lan t is w orking day and dent that our standards of service will be maintained. Last year we delivered checks to an average of 4,175 banks each month. This year we hope to serve even more and we expect to do it as carefully and as quickly as in the past. Positiveness is not always in good taste during a period of uncertainty, but we hold the strong conviction that there will be no restrictions placed press our deep appreciation and we assure them that our thoughts throughout the coming year will be focused upon service to our cus- Kuning Named Vice President upon the use of bank checks. Any curtailment would increase the printing of currency, which would have a far-reaching and un desirable effect upon our economy. To those banks who now favor us with their patronage we ex tomers. To those who seek a dependable Deluxe CHECK PRINTERS source of supply for bank checks, we offer the facilities of our five plants. cPnc. M anufacturing Plants at NEW YORK CLEVELAND CHICAGO V N o r th w e ste r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a ry 19h2 Net Earnings H arvey D. Gibson, p resid en t of M an u factu rers T ru st Company, New York, rep o rted a t th e an n u al m eeting of th e stockholders, th a t n et operating e a rn ings, n ot including n et profits from securities sold or o ther assets disposed of d u rin g th e y ear 1941, before chargeoffs or additional reserves set up, b u t afte r all expenses and taxes, and afte r deducting dividends on p referred stock outstanding, as w ell as th e to tal am o u n t set up for am o rtization on bonds p u rchased above p a r , had am ounted to $6,446,236.14, or $3.91 p er com m on share. T his com pares w ith $3.92 p er sh are in th e y e a r 1940. Of th is to tal $3,299,838 w as paid in dividends to com m on stockholders, $804,158.68 w as credited to undivided profits account, and $2,342,239.46 w as credited to reserv e account. Dependable Service This new year will present a real challenge to every business on ganization. We approach it confi n ig h t to tu rn out com m unication in stru m en ts for Uncle Sam ’s arm ed forces and our hom e defense. KANSAS CITY ST. PAUL W illiam O. K urtz, vice p resid en t and director of th e Illinois Bell Telephone Company, w as elected a d irector of th e A m erican N ational B ank and T ru st Com pany of Chicago a t th e an n u al m eeting of th e b a n k ’s stockholders. All o th er directors w ere re-elected, in cluding A rth u r L. Blakeslee, Jam es R. B rem ner, W eym outh K irkland, Chas. A. Liddle, Carl S. Lloyd, D aniel Peterkin, Jr., M elvin L. S traus, R obert E. S traus, E dw in N. Van H orne, H. Belin Voorhees, and L aw rence F. Stern, president. A t th e an n u al m eeting of th e board 35 of d irecto rs a $4.00 sem i-annual divi dend on th e com m on stock of th e b an k w as declared out of th e b a n k ’s e a rn ings for th e last six m o n th s of 1941. Two dollars w as payable on Ja n u a ry 15th to stockholders of record of J a n u a ry 14th and $2.00 on A pril 15th to stockholders of record A pril 14th. T he d irecto rs elected C harles C. Kuning an d L eigh R. G ignilliat, Jr., as vice presidents. B oth fo rm erly held th e title of a ssista n t vice president. Mr. K uning serves t h e corresp o n d en t b anks and o th er custom ers of th e A m erican N ational B ank in Iowa, N e braska, and o th er states w est of Chi cago. Before com ing to Chicago, he w as m an ag er of th e Des M oines office of th e R econ stru ctio n F in an ce Corpo ra tio n and la te r th e O m aha office of th e R egional A g ricu ltu ral C redit Cor poration. Before com ing to th e A m erican N a tional B ank in 1939, Mr. G ignilliat had serv ed in W ash in g to n as d ep u ty adm in is tra to r of th e F ed eral H ousing A dm in istra tio n in charge of th e m oderniza tion p ro g ram an d T itle I loans. He is th is co u n try is com m itted by tru ste d em ployes and th a t practically every forgery loss w hich has been in v esti g ated could have been prevented, facts gleaned from over fo rty y e a rs’ expe rience in th e check-protection field, The Todd Com pany of R ochester, New York, has released a book w hich fully defines th e control m easures needed for m axim um d isbursem ent safety. Called “D isbursem ent M ethods — T h eir Use and M isuse,” th e book p re sents a b rief b u t definitive statem en t of the subject and outlines a system of d isb u rsem en t p r o c e d u r e providing m axim um protection. I t w as w ritte n by executives of th e com pany w ho GENERAL ItJ MOTORS have m ade a com plete stu d y of ac counts payable and payroll practices. Aside from a general in troduction es tab lish in g the need of such a system , th e book is largely given over to a clear explanation of forty-four tested principles of safe d isbursem ent proce dure. H O W I FEED C A T T LE (C ontinued from page 12) grad u ally on oats and th e n shifted to corn gro u n d in th e ear; th e n tow ard th e la tte r p a rt of th e period, a great deal of shelled corn is added to the ear corn and ground together. A C C E PTANCE CORPORAT I ON is engaged primarily in facilitating wholesale distribution and retail sales of consumer goods manufactured by liquidating credits, which are widely diversified as to region and enterprise, cap ital em ployed being in G en er a l M otors C orporation excess of e ig h ty m illion dollars. and its affiliates or sold by dealers In obtaining short term accommo in its products, such as automobiles d atio n , GMAC issues one sta n and trucks; refrigeration dard form of note. This and air conditioning ap obligation it offers to GENERAL pliances; lighting, power banks and institutions, MOTORS and heating equipment. in convenient maturities i n s t a l m e n t ! The business consists and d en o m inations at of investments in selfP L A N current discount rates. T h e se EXECUTIVE notes OFFICE are available, in lim ited a m o u n ts, u p o n request. NEW Y OR K - BRANCHES IN PRINCIPAL CITIES Newhouse Paper Co* C H A R L E S C. K U N I N G a g rad u ate of C ulver M ilitary A cadem y an d P rin c e to n U niversity, and is th e son of G eneral L. R. G ignilliat, w ho serv ed C ulver for 42 y e a rs as su p e rin te n d e n t and is now p resid en t of C ulver E d u catio n al F oundation. O ther official ap p o in tm en ts m ade by th e d irecto rs w ere E d w ard A. B erndt, assista n t tr u s t officer; K e n n eth R. W ells, a ssista n t cashier, an d R obert L ind q u ist, a d v ertisin g an d publicity officer. All o th er officers w ere re elected. New Book ‘B etter P rin tin g Papers 99 T lie p a p er in d u stry , lik e o th er lin es o f b usin ess, is th o ro u g h ly o rgan ized fo r a w ar ec o n o m y and is p rim a rily d evoted to p ro m p tly servin g our arm ed forces. W e are, h ow ever, eq u ip p ed and a b le to serve our cu stom ers for th e ir n o rm a l n eed s. W e o p era te and m a in ta in p a p er w a re h ou ses in th e fo llo w in g cities: M in n ea p o lis, St. P a u l, D u b u q u e, M olin e and D es M oines A cting on th e know ledge th a t a g re a t p ro p o rtio n of th e check fra u d in N o r th w e ste r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a ry Î9b2 36 A v ery fine th in g in th e fall is to ru n these cattle on h ay m eadow or good pastu re, if available, w ith a feed of oats every day for tw o or th re e w eeks u n til th e y g rad u ally becom e acclim ated. Since the advent of th e farm p ro gram , I have done considerable sum m er feeding, u sing oats p a stu re for th e first p a rt of th e period, an d h av in g sudan grass p a stu re read y on w hich to tu rn th em by th e first of July, w ith a full feed of g ro u n d ear corn and some cake d u rin g th e w hole period. T his system of buy in g and feeding has been developed according to the p a rtic u lar needs of m y ow n te rrito ry and has w orked out v ery w ell for me. Last, b u t surely not th e least, every farm er-stockm an needs good banking connections. In m y case, I a ttrib u te a g re a t sh are of m y m odest success to h aving had those facilities. ( I n s p e a k in g o f th e n e c e s s ity fo r good b a n k c o n n e ctio n s in ca ttle fe e d in g opera tio n s, M r. D a y is re fe r r in g to th e S te p h e n s N a tio n a l B a n k o f F r e m o n t, an in s titu tio n w h ic h cooperates e x te n s iv e ly w ith liv e s to c k p ro d u c ers and fe e d e rs in its c o m m u n ity .) IBank of Antcrtm NATIONAL sa v in g s ASSOCIATION CALIFORNIA'S ONLY STATEWIDE BANK Manufacturers Trust, N. Y. The statem en t of condition of M anu factu rers T ru st Com pany as of De cem ber 31, 1941, show s deposits of $984,004,718 and resources of $1,080,505,867 w hich com pare w ith $985,665,790 and $1,082,462,811 show n on Sep tem ber 30,1941. On D ecem ber 31, 1940, th e respective figures w ere $953,709,060 and $1,050,459,262. Cash and due from ban k s is listed a t $365,609,706 as ag ain st $354,140,771 show n on Septem ber 30th and $388,847,897 show n a y ear ago. U nited States g overnm ent securities stan d s a t $340,928,748; th ree m onths ago it w as $340,293,966 and one y ear ago it w as $326,449,037. Loans and bills p u rchased is now $260,309,534 w hich com pares w ith $270,305,220 on Septem ber 30th and $215,187,558 on D ecem ber 31st last year. P re fe rre d stock is show n as $8,892,780, com m on as $32,998,440, and su rp lu s and undivided profits as $42,233,744. Condensed Statement of Condition December 31, 1941 RESOURCES Cash in Vault and in Federal Reserve B a n k ................................................ Due from B a n k s ................................................................ TOTAL C A S H ......................S 429.065.787.56 Securities of the United States Government and Federal A g e n c i e s ...................................................... State, County and Municipal B o n d s ...................... Other Bonds and Securities........................................... Stock in Federal Reserve B a n k ................................. Loans and D iscou n ts...................................................... Accrued Interest and Accounts Receivable . . . Bank Premises, Furniture, Fixtures and Safe Deposit V a u l t s ........................................................... Other Real Estate O w n e d ........................................... Customers' Liability on Account of Letters of Credit, Acceptances and Endorsed B i l l s ........................... Other R e s o u r c e s ........................................................... TOTAL RESOURCES $ 268,174,633.17 160,891,154.39 493,707,662.60 158,491,958.95 37,194,287.99 3,720,000.00 914,569,552.78 6,477,141.87 31,957,940.30 5,612,898.17 14,008,884.27 829,504.33 $2,095,635,618.82 LIABILITIES DEPOSITS: Demand . . . . . . . . . $976,183,372.94 I $1,908,383,921.23 Savings and T i m e ......................$932,200,548.29 S Liability for Letters of Credit and as Acceptor, Endorser or Maker on Acceptances and 14,211.905.28 Foreign B i l l s ................................................................ 9,444,124.02 Reserve for Interest Received in Advance . . . 3,217,021.83 Reserve for Interest, Taxes, Etc..................................... Capital: Common (4,000,000 Shares) . . $ 50,000.000.00 10,800,000.00 Preferred ( 540,000 Shares)* . . 62,000,000.00 Surplus . ...................................... . 21,634,808.17 Undivided P r o f i t s ...................... . 11,284,183.47 Reserve for War Contingencies, etc 2,986,680.59 Other R e s e r v e s ........................... Reserve for Increase of Common C a p i t a l ................................ ..... 1,200,000.00 Preferred Stock Retirement Fund . 472,974.23 TOTAL CAPITAL FUNDS 160.378.646.46 TOTAL L IA B I L I T I E S ..................................$2,095,635,618.82 ‘ I s s u e d a t $50 ($20 C a p ita l— $30 S u r p lu s ), A n n u a l D iv id e n d $2. P r e fe r r e d to e x te n t o f a n d r e tir e a b le a t is s u e p r ic e a n d a c c r u e d d iv id e n d s . T h is sta te m e n t in c lu d e s th e fig u r e s of th e L on d on, E n g la n d , b a n k in g o ffic e. MAIN OFFICES IN TWO RESERVE CITIES OF CALIFORNIA SAN FRANCISCO LOS ANGELES 495 California branches united for strength and service N o r th w e ste r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a ry 191(2 SW E E T MUSIC FOR UNCLE SAM ! C L Y D E M cC O Y , p o pu lar band leader, took tim e out d u r ing a recent theater engagem ent in M ilw aukee to bu y $53,700 w orth of D efense B onds at the First W isconsin N ational B ank. The bonds have a m atu rity value of $72,500. M cCoy (a t righ t) is p ictu red w ith George F. K asten, assistant cashier of the F irst W is consin. For years one of M cCoy's “h obbies" was the collection of travelers’ checks to the tune of tens of thousands of dollars! B u t w ith A m erica at war, he is en list ing his funds for the duration. H is p u r c h a s e— the m axim um p e rm itte d any in d ivid u a l in any one year— p u t th e to ta l am ount of Defense Bonds sold b y the First W isconsin over th e tw elve and a half m illion dollar m ark. 37 m ost p a rt of checks w ritte n by b ank depositors in p aym ent for goods, serv ices, debts, etc., and are considered a good indicator of general business ac tivity, totaled $39,752,000 in O w atonna for th e p ast year. T his w as 21 per cent above th e 1940 total. MINNESOTA NEWS W IL L IA M D U N C A N , J r. S ecreta ry M in n ea r o lis O. G. J O N E S P r e s id e n t B ed W in g Brown County Banks R esources an d deposits of th e nine b an k s of B row n co u n ty have surged u p w a rd ap p ro x im ately $300,000 d u rin g th e p ast tw elve-m onth period. A com parison of th e to ta l figures a t th e re cent call by th e b an k s exam ined and those of a y e a r ago revealed th is sa t isfacto ry condition. A t th e recen t call th e resources of th e n ine b an k s of th e co u n ty w ere $9,248,264.39—crow ding th e $10,000,000 m ark. T his is in com parison w ith re sources of $8,926,937.10 a y e a r ago. T he in crease is $327,327.29. T he to tal to tal deposits a t th e recen t call w ere $8,234,518.49, w hile th e y w ere $7,945,457.88 a y e a r ago. T his is an increase of $289,060.71. Clarks Grove T he stockholders of th e S tate B ank of C larks G rove held th e ir an n u al m eetin g last m o n th a t w h ich tim e th e y re-elected A ndrew H anson, Jo sep h C. Johnson, J. O. P eterso n an d P. C. S orenson as directors. T he d irectors im m ediately organized as follows: Jo sep h C. Johnson, president; A ndrew H anson, vice p resident; A. J. Lageson, cashier; R. B. Johnson, a ssista n t cash ier; and Isabelle Paulson, teller. T his b an k now has deposits of over $385,000. County Resources High F a rib a u lt county b an k s show ed an alm ost spectacu lar gain d u rin g th e p ast m o n th s to increase th e ir total resources by a m illion dollars. A y e a r ago, th e resources of th e 13 b an k s in th e county to taled $7,651,241.90. T his year, w ith th e re p o rt of one of th e sm aller b an k s n o t y e t av ail able, th e to tal is alm ost a m illion dol lars m ore. A dding th e resources of th e u n re p o rte d bank, th e to tal w ill p robably be close to eig h t and threeq u a rte r m illion dollars. Austin Stockholders of th e F irs t N ational B ank of A u stin m et recen tly and re Bayport elected all m em bers of th e board of directors to serve for an o th er year. D irectors include Jay C. H orm el, N. F. Banfield, Jr., E. C. Banfield, R. P. Crane, P a rk D ougherty, M. F. Dugan, C. F. Fox, O. W. O’Berg and C. W. W il kins. A t th e an n u al m eeting of th e b a n k ’s board of directors im m ediately follow ing, N. F. Banfield, Jr., w as elected ch airm an of th e board and tru s t officer and C. W. W ilkins, presid en t of the bank. E. C. Banfield and K. A. K ra m er w ere re-elected vice p resid en t and cashier, respectively. R eports of th e p ast y e a r’s business w ere given and officers and directors elected last m onth at th e an n u al m eet ing of th e A ustin State Bank. Chosen to serve an o th er y ear on th e board of directors were: P. D. Beaulieu, H. F. Garbisch, Dr. O. H. Hegge, Dr. W. H. A lbertson, W. L. M cLaughlin, L. H. W illiam s an d H. E. R asm ussen. Officers elected by th e board of di recto rs for th e ensuing y e a r were: president, P. D. Beaulieu; vice p resi dent, L. H. W illiam s; cashier, A. H. H aakenson; a ssistan t cashier, E. L. Lindsley. Bertha The stockholders of th e F irs t N a tional B ank of B erth a held th e ir an n ual m eeting recen tly and re-elected th e follow ing board of directors: George C. Domian, A rth u r J. H ilpert, H en ry A. Lewis, Jo h n C. M iller, H en ry F. Steinkraus, W illiam F. W ieseke. The board of directors th e n organibed by electing th e follow ing officers: J. C. M iller, president; W m. F. W ieseke, vice president; A. J. H ilpert, cashier, an d H en ry A. Lewis, a ssistan t cashier. Bank Debits Show Gain B usiness volum e in O w atonna d u r ing 1941, as m easured by th e b ank debits to tal for th e year, w as th e h ig h e st single y ear to tal on records w hich ex tend back th ro u g h 1929, according to figures ju s t released by th e F ederal R eserve B ank of M inneapolis. B ank debits, w hich consist for th e Officers of th e F irs t S tate B ank of B ayport w ere elected a t a m eeting held last m onth as follows: president, F red C. A ndersen; vice president, K nute LaVine; cashier, R. G. M cPher son. Bemidji Stockholders of th e tw o national banks in Bem idji held th e ir ann u al m eetings last m onth, elected directors and h eard review s of th e activities of th e p ast year. At th e N o rth ern N ational directors elected w ere C. M. Bacon, R ay K aliher, W. N. Bowser, A lex Doran, M elvin Rognlien, W. L. Brooks and Joe F o r ester. Officers of th e b an k w ill be W. L. Brooks, president; Joe F o rester, vice p resid en t and cashier, and P aul Howe, a ssistan t cashier. A t th e F irs t N ational th e officers w ill be A. A. W arfield, president; H. C. W arfield, vice president; R. H. W elle, vice presid en t and cashier; E. L. P h il lips, assistan t cashier. These four w ith W. S. L ycan com prise th e board of directors. L ester H oganson w as also nam ed an a ssistan t cashier. Blue Earth All directors and officers of th e F irst and F a rm e rs N ational B ank of Blue E a rth w ere re-elected a t th e annual m eeting of stockholders and directors last m onth. J. R. Snyder is again presid en t of th e b an k and S. B. E rickson is executive vice president. H. D. P aschke is vice presid en t and E a rl H um m el, cashier. L eonard K allestad is a ssistan t cashier. D irectors of th e b ank include Mr. Snyder, Mr. E rickson, Mr. Paschke, Mr. H um m el and F. H. P utnam . Blooming Prairie Officers and directors of the F arm ers & M erchants B ank of Bloom ing P rairie h eard an u n u su ally favorable financial re p o rt of th e b an k ’s financial condi tion recen tly a t th e an n u al m eeting. T he b an k d u rin g th e p ast y ear has show n o u tstanding increases in assets of all kinds and now has a su rp lu s of $25,000—equal to th e capital stock of th e bank. E. O. H abberstad w as re-elected p res ident of th e b ank and F ra n k F a lte jsek w as re-elected vice president. G. R. Johnson w as re-elected cashier. ArN o r th w e ste r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a ry 19^2 38 •MINNESOTA th u r M. A nderson and H elen Skalisky w ere both re-elected as a ssista n t cash iers. D irectors elected w ere E. O. H abberstad, F ra n k J. F altejsek , B enedik Melby, T. B. P eterson, Ole H ab b erstad and G. R. Johnson. E lection of officers and directo rs of the F irs t N ational B ank of Bloom ing P rairie w as announced follow ing th e an n u al m eeting of th e stockholders. NEWS* C. A. P eterso n w as re-elected ch air m an of the board of directors and C. T. F a rr w as re-elected president. A. L. F osteson w as elected d irector and re elected executive vice president. C. T. Cashm an, vice president, w as re-elect ed to th a t office an d also to th e board of directors. R ay H erro n w as re-elect ed cashier and director. Olga Falleson, a ssistan t cashier and Melda Jo h n son, a ssistan t cashier, w ere both re elected. R aym ond A. P eterso n w as re-elected director. Bank Debits Soar B usiness volum e in L ittle Falls d u r ing 1941, as m easured by th e b an k debits to tal for th e year, w as a t th e h ig h est point recorded for any full y ear in eight-year records, according to figures released by th e F ed eral R e serve B ank of M inneapolis. What Minnesota Statements Show D ECEM BER 31, 1941 The Northwestern Banker is pleased to publish Bank Statements received before going to press— put us on your mailing list and send us your statements immediately after each call. If your bank is not included in the list below it is because YOU did not send in your statement. Please do so next time. TOW N BANK A lb ert L e a ..............F ir s t N a tio n a l B a n k .................. A le x a n d r ia ..............F a rm ers N a tio n a l B an k A n o k a ........................F ir st N a tio n a l B an k A u s t in ....................... A u s tin S ta te B a n k . . B e m id ji..................... F ir s t N a tio n a l B an k B e n s o n ...................... .F irst S ta te B a n k . . . . B e r th a .......................F ir st N a tio n a l B an k B r a in e r d ...................C itiz en s S ta te B a n k . C ann on F a l ls ........ F ir s t N a tio n a l B an k C lo q u e t......................F ir s t N a tio n a l B an k C o n g e r ...................... S ta te B an k .................. C o s m o s .................... F irst S ta te B a n k . . . . C ro o k sto n ................ F ir s t N a tio n a l B a n k D etro it L a k e s ___ B eck er C oun ty N a tio D u lu th .......................C ity N a tio n a l B a n k .. D u lu th . ..................... F ir s t & A m eric a n N a tio n a l. . . . D u lu th .......................M in n eso ta N a tio n a l B a n k ............. D u n n e ll.....................F ir s t N a tio n a l B a n k ...................... E a s t Grand F o r k s .M in n e s o ta N a tio n a l B a n k ............ E lk R iv e r ................ F ir s t N a tio n a l B a n k ...................... E v e le t h .....................M in ers N a tio n a l B a n k .................... F a ir m o n t..................F a irm o n t N a tio n a l B a n k ............. F a ir m o n t..................M artin C ou n ty N a tio n a l B a n k . F a r ib a u lt...................S ecu rity N a tio n a l B a n k ............... F a r ib a u lt...................S ta te B a n k ........................................ F e rg u s F a l ls ...........F ir s t N a tio n a l B a n k ...................... F e rg u s F a l ls ...........N a tio n a l B a n k & T ru st Co.......... F u ld a ..........................C itiz en s S ta te B a n k ........................ H o p k in s .................... F ir s t N a tio n a l B a n k ...................... H ow ard L a k e ........ S ecu rity S ta te B a n k ...................... H u tc h in s o n .............. C itiz en s B a n k .................................... J e f f e r s ...................... S ta te B a n k ......................................... K im b a ll..................... S ta te B a n k ........................................ L o n sd a le ...................S ta te B a n k ......................................... M a n k a to ................... N a tio n a l B an k o f C o m m e r c e .. M a n k a to ................... N a tio n a l C itiz en s B a n k .................. M a r sh a ll......... . . . . F i r s t N a tio n a l B a n k ....................... M in n e a p o lis ............ F ir s t N a tio n a l B a n k ...................... M o n tev id e o .............. S ecu rity N a tio n a l B a n k .................... M o n tev id e o .............. U n io n S ta te B a n k ............................... M o o rh ead .................F ir s t N a tio n a l B a n k .......................... M o r a ........................... K an ab ec S ta te B a n k .......................... N e w U lm .................S ta te B an k ................................................ N o r th fie ld .................F ir s t N a tio n a l B a n k .......................... N o r th fie ld ................ N orth field N a tio n a l B a n k ................ R ed W in g .................G oodhue C oun ty N a tio n a l B a n k .. R edw ood F a l l s . . . .C itiz en s S ta te B a n k ............................ R o c h e s te r ................ U n io n N a tio n a l B a n k .......................... S t. P a u l...................D rovers E x c h a n g e B a n k . .. S t. P a u l.................... E m p ire N a tio n a l B a n k -----S t. P a u l.................... F ir s t S ta te B a n k ...................... V ir g in ia . W a lk er . . W e lls . W in o n a . N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 19b2 C A S H IE R C a p ita l . E . A . C a m p io n ......... S 100,000 50,000 . A . C. S ch n eid erh an . 50,000 . A . L. L in d m a n ......... . A . A . H aa k en so n . . . 75,000 100,000 R. H. W e lle .............. 25,000 . C. E. G e sm e................ .A . .1. H ilp e r t .............. 25,000 . J a s. K. T in k elp a u g h 75,000 60,000 . A lg o t W . S w a n so n . 100,000 . L yn n S. O lso n ............ 10.000 . H . C. H a n s o n ............ 10,000 . H . L. S w a n s o n ......... 100,000 . H . A. W ils o n .............. 50,000 ......... . A ld en P e a r s o n 600,000 . R obt. H . M a g ie ......... . W illis A . P u tm a n . . . 2,000,000 400,000 . J orice E. B ro w n . . . . 30,000 . G. E. H e y m a n ............ L. H. E v e r e t t ............ 50,000 25,000 . R. A . E llin g so n . . . . 45,000 . .1. R . S ch u k n ech t. . . 50,000 . W . H. N o r m a n ......... 95,000 . C. F . H o ld e n .............. 125,000 .C h a s. M acK en zie . . . 50,000 . R a y M e y e r ................. 100,000 . R . E. L in c o ln ............ 100,000 . E. C. B e im e r .............. 25,000 . B. W . L lo y d ................ 50,000 . S. H. S e v e r so n ......... 20.000 . A . G. R e ite r ................ 100,000 . H . R. J e n s e n .............. 25,000 25,000 . E. A . E r ic k so n ......... 20,000 , F. A . B u sc h e r ............ 100,000 200,000 . G. A . H u d y ................ 50.000 , K. E. S h e ffield ___ _ . 6,000,000 450,000 . M erth E . M o rtenson . L aw ren ce 0 . O lso n . 1,000,000 .G u y E. M a sters. , . . 5,000,000 50,000 . W . A. G r u n e r t......... 50,000 . C has. O. B e n n e tt. . . 100,000 .L a w ren ce M au ritson 60,000 . H . R. N e s s . . . . . . . . 40,000 .E d w a r d A. S to ll. 75,000 , H . 0 . D ille y ................ 50,000 . P . M. O d eg a a r d . . . . 125,000 . H . J. C rok e................ 25,000 . M. 0 . H a n s o n ............ 145,000 .A . C. B u r g a n ............ 20,000 . J. L . E k s e ................... 50,000 . Geo. E ck les .............. . Fred J. G od e.............. 2,500,000 150.000 . L . L . D ic k m a n ......... .A r th u r W . M cN ee. . 6,000.000 100,000 . H . G. S w a n s o n ......... 500,000 . C. T. D e d o n ................ 100,000 W . E. O lso n .............. 30,000 . G. H . G r ea v es............ 250,000 . J. M. K a n e ................ 60,000 . C laren ce G ieske . . . . 50,000 . W . H. K o r tu m ......... 50,000 A . W . H e n s r u d .. . . . 50,000 , R. H . W ille n b r in g . . 25,000 , R . C. P a tt e r s o n . . . 25,000 .W a y n e T. B la ck m a rr 35,000 , G. A. U g g e n ............ 25,000 100,000 Geo. W . O d ell. . . . . 250.000 , C laren ce F . W it t . . . 200,000 Joh n A m brosen . . . . S u rp lu s and L o a n s and P ro fits D isco u n ts $ 828,494 $ 97,957 63,128 337,737 8,573 48,213 70,121 594,400 64,385 569,527 23,295 219,104 29,665 244,861 38,072 551,474 28,418 387,971 154,702 484,097 29,238 193,039 4,284 111,697 60,952 431,035 58,931 547,184 331,624 2,454,339 1,512,504 11,223,717 263,968 2,178,417 18,994 190,472 24,496 348,548 28,180 280,457 358,549 24,450 566,502 100,895 47,247 713,182 163,150 1,207,796 55,078 452,208 1,031,882 205,268 151,921 1,197,956 75,512 615,145 72,997 463,915 11,387 193,130 28,420 1,124,248 66,669 441,216 116,794 17,678 28,458 254,816 52,006 674,779 248,134 1,815,432 92,355 621,257 9,409,399 60,590,942 395,659 4,771,463 700,375 11,577,614 63,480,150 6,683,913 356,840 123,196 34,469 677,249 76,714 821,587 81,477 697,125 171,087 287,457 63,251 283,982 60,125 198,370 152,204 686,131 77,876 542,743 98,349 857,901 249,284 22.341 375,452 31,501 868,260 8,213,256 519,185 1,417,991 70,939,670 7,835,400 1,299,818 89,711 593,667 4,945,183 705,483 133,397 278,381 21,036 3,714,306 368,871 40,806 359,231 510,764 45,570 475,555 78,625 459,254 72,702 227,354 65,044 533,226 45,086 42,000 220,266 148.182 29,995 421,357 45,239 299,001 1,806,238 1,463,865 321,425 B onds and S ecu rities S 699,747 412.014 70,455 593,213 536,943 206,242 146,741 650,260 390,609 1,572,221 70,231 520,024 622,526 2,479,764 16,772,416 4,060,426 62,969 344,928 201,573 225,897 679,560 327,254 976,616 199,953 775,649 1,057,665 245,892 581,450 93,403 159,880 94,408 84,800 144,426 390,525 1,716,591 631,491 69,631,782 1,195,815 6,934,736 57,629,677 939,745 156,705 367,471 220,780 1,131,757 743,894 420,358 1,406,801 294,918 778,263 61,215 256,077 18,917,189 2,938,762 34,453,290 620,067 1,927,742 1,572,613 235,397 1,831,950 628,340 380,547 508,947 674,618 220,534 88,985 142,440 146,317 617,042 3,019,904 2,582,158 C ash and D ue From B a n k s D ep o sits $ 958,313 $ 2,351,378 309,171 992,620 33,154 117,447 485,512 1,568,680 512,970 1,519.600 195,676 584,389 173,810 511,249 574,997 1,633,422 295,154 979,140 868,704 2,685,876 147,941 373,682 45,756 139,607 531,116 1,339,194 297,443 1,361,300 4,416,051 8,423,788 12,889,997 37,535,486 3,566,378 9,305,775 83,503 302,147 227,634 855,484 175,041 620,547 272,758 807,247 500,414 1,632,378 446,427 1,368,011 490,943 2,433,386 297,299 870,152 612,738 2,058,430 579,769 2,728,794 492,257 1,256,202 188,629 1,129,062 72,180 314,773 583,188 1,743,673 141,965 589,994 114,371 290,967 135,648 502,711 583,515 1,503,719 1,606,678 4,762,614 593,226 1,723,938 65,175,020 179,816.269 4,771,463 9,769,023 9,606,872 26,139,074 50,986,731 163,314,313 434,288 1,559,924 155,816 910,006 576,198 1,611,793 438,369 1,230,806 420,259 1,651,474 202,730 1,094,084 644,691 123,535 784,110 2,631.090 1,374,850 643,234 2,233,693 804,142 455,664 120,549 788,982 233,203 13,116,393 36,791,208 5,589,004 1,833,895 59,668,329 152,056,206 2,675,521 1,002,252 9,844,434 4,065,124 263,236 2,386,195 188,082 645,923 3,799,867 8,761,302 174,174 1,068,820 371,529 1,177,405 412,049 1,286,249 294,667 1,323,676 212,656 584,828 104,295 667,799 290,623 581,330 311,817 575,775 436,107 1,383,904 1,539,309 5,936,740 1,380,389 5,091,353 39 MINN E S O T A B an k debits, w hich consist for th e m ost p a rt of checks w ritte n by b an k depositors in p ay m en t for goods, serv ices, debts, etc., and are considered a good ind icato r of g en eral business ac tiv ity , to taled $15,497,000 in L ittle F alls for th e p ast year. T his w as 12 p e r cen t above th e 1940 total. * D irectors of F irs t Service C orpora tion, a T w in Cities affiliate of F irs t B ank Stock C orporation, a t th e ir a n n u al m eetin g elected A. R. M oorhead assista n t tre a s u re r of th e corporation. Mr. M oorhead, a ta x specialist, has been associated w ith th e corporation since N ovem ber, 1929. All o th er offi cers of th e corporation w ere re-elected. v -e > r a n t cashiers; T. J. McGovern, F. A. L andkam er, H. W. Schm idt, T. M. Coughlan, Lam m and B uscher, direc- Duluth An officer and d irector w ere added to th e staff of th e B ank of Commerce S tatem en t of C ondition M ID L A N D N A T IO N A L B A N K A N D TRU ST CO M PANY o f M in n e a p o lis ★ D ecem ber 31, 1941 DIRECTORS RESOURCES Mankato T he re tire m e n t of tw o v e te ra n offi cers of th e F irs t N ational B ank, M an kato, are am ong th e few changes in th e staffs of th e fo u r local b an k s w hich w ere an nounced follow ing th e an n u al m eetings of stockholders an d directors. T he re tire m e n t of W. D. W illard, vice p resid en t of th e F irs t N ational B ank, and M. H. M ickelson, cashier of th a t bank, w as announced. W illard w ill continue to serve on th e board of d irecto rs of th a t b an k and M ickelson w as nam ed to th e board of d irectors for th e first tim e th is week. B oth m en w ill continue to m ain tain desks a t th e bank. T h eir re tire m e n t is in conformity w ith th e b a n k ’s pension program . W illard h as been an em ploye of th e b an k for th e last 40 years, and M ickel son has been on th e b an k staff for 42 years. B. W. Rough, a ssista n t cashier of th e bank, has been nam ed cashier. R e elected officers are J. G. B rauch, p re si dent; H. M. M acKenzie, vice president; F. G. W alser, a ssista n t cashier. Mac Kenzie, like M ickelson, w as elected a new directo r of th e bank. D irectors re-elected are B rauch, P. L. Kimble, W illiam B u rk h a rt, J. A. M cGran and W illard. Officers and directors re-elected w ith o u t changes a t th e o th er b anks are: A m erican S tate B an k —F. W. Darsow, p resident; J. A. H ielscher, vice president; E d Langes, cashier; H. N. K lienschm idt, a ssista n t cashier; R. O. Schweim , teller; M. C. Palluck, book keeper; Jo h n B utzer, Sr., D arsow , H. C. H enline, Dr. J. A. H ielscher, Langes, F. J. M ahow ald and C harles O. S teiner, directors. N ational C itizens—H. A. P atterso n , ch airm an of th e board; H aro ld V. Bull, president; P. R. Kenefick, vice p re si dent; G. A. H udy, cashier; and E lm er • Phillipson, a ssistan t cashier; Bull, Kenefick, P atterso n , F. G. T hom as and S. B. W ilson, directors. N ational B ank of Com m erce—Otto Lam m , president; F. A. B uscher, vice p resid en t and cashier; D. C. Stockm an, J. L. G unhus and C. B orgm eier, assist- Corporation Officer , NEWS N. C. BEIM Cash and Due from Banks___________ $ 9,606,872.62 U. S. Government Securities_________ 5,680,837.39 State, County and M unicipal Bonds__ 814,500.00 O ther Bonds and Securities__________ 439,398.67 Loans and Discounts________________ 11,577,614.34 Overdrafts _________________________ 1,822.27 Income A c c ru e d ------------------------------45,105.12 F urniture and Fixtures______________ 48,208.83 Customers’ Liability on Letters of Credit ___________________________ 10,317.06 $28,224,676.30 C h a ir m a n o f th e B o a r d , W . H . B a rb er C om pany AARON CARLSON M in n ea p o lis FREDERIC B. CARR P r e s id e n t a n d T r e a s u r e r , H a llet & C arey C om pany H. S. GREGG C h a ir m a n o f B o a r d , G regg M a n u fa ctu rin g C om pany G. L. HEEGAARD P r e s id e n t, M a n d a n M ercan tile C om pany W. C. HELM V ic e P r e s id e n t, R u ssell-M iller M illin g C om pany CHARLES B. JORDAN P r e s id e n t a n d M a n a g e r, J o rd a n -S te v en s C om pany LIA BILITIES Deposits D e m a n d ____________$23,638,167.80 Time ______________ 2,500,907.03 $26,139,074.83 Reserve for Interest, Expenses and 72,964.34 Taxes __________________________ Reserve for U nearned Incom e______ 123,222.48 10,317.06 Bank’s Liability on Letters of Credit Capital Account: Common S to c k ______ $1,000,000.00 Surplus _____________ 600,000.00 U ndivided P ro f its ________________ 100,375.08 Reserve for Contingencies _____ 178,722.51 1,879,097.59 $28,224,676.30 EDGAR L. MATTSON C h a ir m a n o f B o a r d BEN C. McCABE P r e s id e n t, M cCabe B ro th er s C om pany P r e s id e n t, In te r n a tio n a l E lev a to r C om pany h . clay M cCa r t n e y T rea su rer, T oro M a n u fa ctu rin g C om pany J. R. RANDALL P r e s id e n t, R eserv e S u p p ly C om pany MAURICE SCHUMACHER B u ild in g C ontractor SAMUEL SEWALL T re a su rer, M in n ea p o lis Ir o n P r e s id e n t PAUL E. YON KUSTER Government and Other Bonds carried at $5,010,000.00 are pledged to secure public and trust funds and for other purposes as required by law. P r e s id e n t, D a v id C. B ell I n v e stm e n t C om pany JAMES C. WYMAN V ic e P r e s ., S t. A n th o n y & D akota E lev a to r C om pany OFFICERS E dgar L . M a t t s o n . . . . C hairm an of the B oard Ar n u lf U ela nd ............................. P r e sid e n t ........... W . E . B r o c k m a n ............................................................. V ic e P r esid L aen w tr e n c e O. O l s o n .............................. V ic e P r e sid e n t R o b e r t S. S t e b b i n s ............................................. C ashier W i l l i a m R . C h a p m a n ....................A ssista n t C ash ier E . W a l t e r E n g s t r o m ...................................... A ssista n t C ashier J a m e s A . G a l b r a i t h ...................... A ssista n t C ashier V i c t o r W . M a s e r .................................................A ss is ta n t C ashier C l i f f o r d C. S o m m e r ...................... A ssista n t C ashier & A sst. T ru st Officer E v e r e t t L . T h o m p s o n . . . .A s s is ta n t T ru st Officer F r a n k W . P e t e r s o n .............................................. A u d ito r MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S tore ARNTTLF UELAND F e b ru a r y 1942 40 •MINN ESOT A NEWS & Savings of D uluth a t its an n u al m eeting, and holdover officers an d di recto rs w ere re-elected. Lane M acGregor, a director, w as nam ed vice president, and A. R einhold M elander, D uluth architect, w as elect ed to the board of directors. Officers re-elected are Ja y E. M arkle, president; C. W. B erglund, vice p resi den t and cashier, and A. E. Elow son, W illiam C. L ontz and R ena T. Pearson, a ssista n t cashiers. D irectors, besides Mr. M acGregor and Mr. M elander, are E d w ard L. Boyle, Joseph D. H arrold, Axel R. H olm gren, Jo h n E. Hoff, A letha B. M arkle, Mr. M arkle and R oger M. W eaver. Park Rapids Stockholders of th e State B ank of P a rk R apids m et recen tly a t th e bank and re-elected all of th e p resen t direc tors. R eports indicated th a t business A wholesome spirit of cooperation must be maintained among all our citizens. A m erica's Defense efforts prove this point every day. . . . With food a principal factor in this em ergency, every farmer in our country should be equipped with the necessary machinery to increase production as needed. . . . Who can best cooperate to bring this about? It is the Banker and the Minneapolis-Moline Dealer. They can come to the "credit" aid of the deserving farmer as they have in the past. Without tools he cannot keep production to normal, let alone hoist it to the high level expected in the present emergency. MM Tractors and Machines — in our opinion the W orld's Most Modern Line — will enable the farmer to dispense with more hands, yet accomplish more and do it at a lower figure. Banker, MM Dealer and Farmer are cooperating for the good of all by keeping machines in good repair and getting new ones w here essential. More than this, they are in creasing their own prosperity and that of their entire community. ...... -c . BRANCHES NEAR EVERYWHERE ■W:h: : •’ f N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Flying!” n .■'• M iN N E A P O L P O W ER ’e m IM P L E M E N T F e b ru a r y 19^2 is -M <:O M P A N Y o l in e M.ÎÂÎifoAfÆ's.'f. ★ du rin g 1941 w as excellent, an d th a t th e b ank is in an exceptionally stro n g con dition. The cash su rp lu s of th e b an k w as increased from $15,000 to $17,500. First Bank Stock Corpo ration Report B anks affiliated w ith F irst Bank Stock Corporation had com bined n e t operating earnings of $3,405,360 in 1941, th e b ank holding com pany’s th ir te en th an n u al re p o rt disclosed. T he portion applicable to F irs t Bank, to g eth er w ith earnings from opera tions of th e corporation and its o th er active affiliates, produced com bined n e t operating earnings of $3,245,411. T his w as equivalent to $1.12 p er share on 2,885,718 sh ares of capital stock o u tstanding and com pares w ith 1940 earnings of $1.02 per share. E a rn ings rep o rted do not include recoveries or profits on sale of bands. B ank affiliates had capital, su rp lu s and undivided profits of $43,965,313 at th e y e a r’s end, an increase of $727,336 du rin g 1941. Deposits increased $34,453,495 to $475,434,525. Loans an d dis counts gained $38,989,810 to $180,$56,215—due su b stan tially to loans m ade directly or indirectly in aid of th e w ar effort, it w as reported. Book value of th e corporation’s stock, based on un d erly in g book values of banks and o th er active affiliates, w as $16.26 p er sh are on D ecem ber 31, 1941, com pared w ith $15.49 a y ear earlier. D ividends of $1,748,650 w ere paid stock holders last year. M inneapolis banks affiliated w ith F irs t Bank, including F irst N ational B ank & T rust Com pany and four affili ates, produced n et o perating earnings of $1,275,205 in 1941. St. P aul affiliates earned $1,111,482, w hile 63 b an k affili ates and branches outside th e Tw in Cities earned $1,018,673. A nnual m eeting w ill be held in M in neapolis F e b ru a ry 10th, a t w hich tim e stockholders w ill consider a proposal to reduce issued capital of th e holding com pany from $30,000,000 to $29,000,000 by re tirin g 100,000 shares of tre a s u ry stock. Bank Stocks.. Bank Positions P o s it io n s a v a ila b le in m id d le -w e s te r n s t a t e s fo r m en and w o m en w ith b a n k in g e x p e r ie n c e as c a s h ie r s, a s s is ta n t ca s h ie r s, t e lle r s , b o o k k eep er s, and sten o g ra p h e rs. Invest in Defense Bonds and Stamps "K e e p • ★ M in o r ity and c o n tr o llin g in t e r e s ts in b a n k s so ld co n fid e n tia lly . W. R. OLSOjV CO., Fergus Falls, Minn. 41 Twin C ity News P R E S ID E N T W A L T E R C. COFFEY of th e U n iv ersity of M innesota has been re-appointed ch airm an of th e F ed eral R eserve B ank of M inneapolis by th e board of g o vernors of th e F ed eral R eserve System in W ashington. R oger B. Shepard, N ew port, M inne sota, w as nam ed dep u ty ch airm an for 1942. H e also w as m ade a class C d irecto r for th e three-y ear te rm s ta rt ing J a n u a ry 1, 1942. H. D. M yrick, Square B utte, Mont., w as m ade a d irecto r of th e b a n k ’s H elena b ra n c h for a tw o-year te rm sta rtin g J a n u a ry 1. Produce S tate B ank and H ennepin State B ank of M inneapolis, both m em bers of th e F irs t N ational group, held an n u al m eetings a t w hich all officers and d irecto rs w ere re-elected. Guy AY. L aL one is p resid en t of Produce, \ r. F. R oterin g of H ennepin. A n o th er state b an k in M inneapolis, Cam den P a rk S tate Bank, also re tu rn e d all officers and directo rs a t th e annual m eeting. A 20 p er cent in crease in deposits w as reported, w ith good earn in g s ru n n in g h ig h er th a n in 1940. Goodman B. Sigurdson is p re si dent. D irectors of E m pire N ational B ank & T rust Com pany, St. Paul, have a u th orized an increase of th e b a n k ’s s u r plus account to $500,000, according to P re sid e n t A lex H ighland. T his b rings th e b a n k ’s capital stru c tu re to $1,000,000, including $500,000 com m on and $500,000 surplus. By James M. Sutherland Special Correspondent K alm an & Com pany has opened new St. P au l offices a t 136 E n d ico tt Arcade, according to E dw in W hite, president. T hey im m ediately adjoin th e old office, w hich had been occupied for 20 years. M idland N ational B ank & T rust Com pany has tak en over additional space on th e first floor of th e M idland B ank building and rem odeled for use of its in stalm en t loan departm ent. Stockholders of F irs t T ru st Com pany, St. Paul, elected tw o new direc to rs a t th e an n u al m eeting: F rank J. Gavin, p resid en t of th e G reat N o rth ern railw ay, and G. R. Seeger, vice p resi d en t-treasu rer of Seeger R efrigerator Company. C harles J. C urley, asso ciated w ith th e tru s t com pany since 1927, w as advanced from tru s t officer to a ssistan t to th e president. A t M idway N ational B ank T. H. M agee w as prom oted from cashier to vice presid en t and H arold Schw artz from assistan t cashier to cashier. E lected a ssistan t cashier w as C. J. W aters, w ith P. J. B atten nam ed m an ager of th e tim e credit departm ent. E. C. W arner from th e ra n k of d irec John B u rgess, vice p resid en t of N o rth w estern N ational B ank & T ru st Company, w as one of th e principal sp eakers a t th e an n u al m id w in ter con ference of W isconsin B ankers Asso ciation in M ilwaukee. H is topic: “W here Do W e Go F ro m H ere?" to rs of F irs t N ational B ank & T ru st Company. Mr. W arn er, w ho w as 77, w as a pioneer M inneapolis business m an and linseed oil m an u factu rer. A n u m b er of leading b a n k ers w ere h o n o ra ry p allb earers a t his funeral. A. B. Lathrop, vice president, F irst N ational B ank of St. Paul, is tre a su re r of th e Red Cross w ar fund in R am sey county. R. C. L illy, b ank president, and P hilip L. Ray, presid en t of F irs t D eath has rem oved th e nam e of T ru st Company, are serving on Red Cross com m ittees. W artim e and post-w ar problem s w ill be the them e of th e fo u rth an n u al M innesota b a n k e rs’ conference a t the U n iversity of M innesota’s C enter for C ontinuation Study F e b ru a ry 12 to 14. The u n iv ersity, th e M innesota B ank ers A ssociation and th e state banking d ep artm en t are co-operating in plan ning th e three-day program . Biggest change in M inneapolis banks at the an n u al elections in Ja n u a ry w as advancem ent of Edgar L. M attson from presid en t to ch airm an of th e board of M idland N ational B ank & T ru st Com pany. E lected presid en t w as A rnulf U eland, senior vice p resident and as sociated w ith th e bank since 1919. Only 46, Mr. U eland is th e son of the late A ndreas Ueland, one of th e founders of M idland B ank in 1909. JAMIESON & COMPANY Stocks Bonds Grain Com m odity Brokers • Members N ew York Stock Exchange and Other Principal Exchanges • ST. PAUL — MINNEAPOLIS • G overnm ent — M unicipal Corporation Bonds • CHARLES C. RIEGER Manager Bond Department Minneapolis — Atlantic 8235 ________________________________ N o r th w e ste r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Cotton Butter Eggs q F e b ru a ry 19^2 42 • MINNESOTA In o th er changes a t M idland, L aw rence 0 . Olson w as advanced from cashier to vice p resid en t and Robert S. Stebbins, a ssista n t cashier, w as m ade cashier. All o th er officers and directors w ere re-elected, w ith th e ex ception of W alton R. M urray, retired. L ucian SAvift Strong, p resid en t and tre a s u re r of th e Strong-Scott M anu factu rin g C om pany of M inneapolis, w as elected a d irecto r of N o rth w estern N ational B ank & T ru s t Com pany at the an n u al sto ck h o ld ers’ m eeting. NEWS W illard W . H olm es, associated w ith th e b ank since 1921, w as nam ed a ssist a n t secretary of th e tru s t departm ent. • L aittre tre a su re r and R. K. Clark as sistan t treasu rer. A t Second N o rth w estern State Bank, M inneapolis, Dr. E. A. Z aw orski w as elected a vice president. F id elity State Bank directors voted a 4 per cent dividend on th e b a n k ’s $100,000 capital stock a t th e an n u al m eeting. In addition, $25,000 w as tra n sfe rre d to surplus. F a rm e rs and M echanics Savings B ank tru stees, a t th e ir annual m eet ing, elected A. H. Crosby and George G. Cow nie, vice presidents. H erm on J. A rn ott w as m ade secretary, John de- N. P. D elander, vice p resid en t of F irs t N ational B ank of St. Paul, has been m ade a d irector of N orth W estern F u el Company. M. O. Grangaard, vice presid en t of F irs t N ational B ank & T ru st Company, M inneapolis, w as re-elected tre a s u re r of th e S tate A g ricu ltu ral Society a t its an n u al m eeting in St. Paul. The so ciety sponsors the M innesota S tate F a ir each year. I h e B a n k a t th e Y a r d s ’ Com e to S io u x City F ebruary 12 th A s one of your Sioux City hosts, w e cordially in vite you to attend the an n u al m eeting of Group No. 1 here February 12th. W e extend a sp ecia l invita tion to our banker friends in South Dakota, N ebraska, and M innesota to b e with us. For alm ost half a century, the Livestock N ational Bank of Sioux City h a s cooperated faithfully with fellow bankers in County, Group, and A ssociation work, just a s w e h a v e faithfully served correspondent banks through th ese m a n y years. O F F IC E R S C. L . F r ed rick sen , P r e s id e n t M . A . W ils o n , V ic e P r e s id e n t W . G. N e ls o n , A s s is ta n t V ic e P r e s id e n t W . C. S ch en k , C ash ier H . C. L in d u sk i, A s s is ta n t C ash ier C. L. A d a m s, A s s is ta n t C ash ier J. S. H a v e r, A s s is ta n t C ash ier J a m e s L . S m ith , A u d ito r D IR E C T O R S C. R. M c K en n a , P r e s., J o h n so n B is c u it Co. B. L. S iffo rd , A tto rn ey , S iffo rd & W a d d en G. F . S ilk n itte r , P r e s id e n t, S io u x C ity S to ck Y a rd s C om pan y C. L . F r ed rick sen , P r e s id e n t M . A. W ils o n , V ic e P r e s id e n t H . C. B o s w e ll, S ecr e ta r y -T r e a su r e r , W e s te r n C o n tr a ctin g C orp o ra tio n M em ber Federal D eposit In s u ra n c e C orporation Consolidated n et incom e of N orth w est Bancorporation and affiliates in 1941 w as $3,251,502, equivalent to $2.09 per share, com pared w ith $2,852,291, or $1.83 p er share, in 1940, J. C. Thom son, president, announced in th e an n u al re p o rt of the b ank holding com pany. B ancorporation alone had n et in come of $1,039,545, or 67 cents a share, last year, com pared w ith $840,879, or 54 cents a share, th e y ear before. Divi dends aggregating $699,386 w ere paid in 1941. Capital and su rp lu s a t the end of th e y ear totaled $39,805,174, indicating a book value of $25.64 p er share, com pared w ith $23.81 at th e close of 1940 and $12.07 at the tim e of its recap itali zation in 1935. The b ank holding com pany had 15,396 stockholders as of Ja n u a ry 6, 1942, and 15,837 a y ear earlier. Shares o ut standing num bered 1,552,237 th is y ear and 1,556,601 a y ear ago. S ubstantial chargeoffs w ere m ade by affiliated banks on b an king prem ises and o th er real estate, w hile reserves for contingencies in affiliated banks w ere m aterially increased, Mr. T hom son reported. N et increase in consolidated su rp lu s w as $2,602,369 for the year. Consoli dated n et earnings from c u rre n t opera tions w ere $4,113,827 last y ear and $3,648,483 th e y ear before. Profit on securities sold am ounted to $523,414, against $573,358 for 1940. S I O U X C I T Y , IO W A N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F ebruary 1942 C onsolidated deposits at th e end of 1941 w ere $503,713,095, com pared w ith $444,029,727 a t th e end of 1940. Loans and discounts increased from $160,807,602 to $200,772,383. 43 New Bank Building SOUTH DAKOTA L . T . M O R R IS P r e s id e n t W aterto w n NEWS Annual Meeting W ith one exception, all officers and directo rs of th e F irs t N ational B ank of th e Black H ills of R apid City w ere re-elected a t th e a n n u al stockholders and board m eetings held last m onth. The sto ck h o ld ers’ m eeting w as held in R apid City and th e board m eeting w as held a fte rw a rd in Lead. D eW itt M alvin, a ssista n t cashier of th e Belle F o u rch e office, w as nam ed vice p resid en t and m an ag er of th e Belle F o u rch e office by th e directors, to succeed th e late W. B. Penfold. R enam ed as officers of th e b an k w ere R. E. Driscoll, R apid City, p resi dent; C. C. A nderson, R apid City, ex ecutive vice president, an d Cham bers K ellar, Lead, ch airm an of th e board of directors. Re-elected in the Lead office of th e b an k w ere Jo h n M. R yan, vice p re sid e n t and m anager; M ason T y ler and W illiam A ndrew s, vice presidents, and W. J. Schoen, as sista n t cashier. C. O. G order is vice presid en t and m an ag er of th e Deadwood office; A. Id. Shostrom is a ssist a n t m anager; and H. P. P erso n and L aV ern M itchell are a ssista n t cash iers. Vice p resid en ts and m an ag ers of G E O R G E M. S T A R R IN G S ecreta ry -T rea su rer H u ro n th e o th er offices of th e b an k are: H ot S prings—W alter L. Voigt; N ew ell— D. J. Hull; Spearfish—W. E. Dickey; S turgis—G. A. M cG arraugh. T he board of directors includes C ham bers K ellar, Lead; C. C. A nder son, R apid City; H. S. Black, Deadwood; Jo h n A. Boland, R apid City; A. A. Coburn, Deadwood; R. E. Driscoll, R apid City; C. O. Gorder, Deadwood; F re d P. H am pton, Sturgis; Dr. F. S. Howe, Deadwood; D. J. H ull, Newell; W. H. Johnson, R apid City; T. D. Murrin, Lead; George Philip, R apid City; W. G. Rice, Deadwood; Jo h n M. Ryan, Lead, and M ason T yler, Lead. Choose Officers A t th e an n u al election of officers of th e U nion County B ank of E lk P oint th e follow ing w ere nam ed for th e en suing year: W. A. Schaetzel, president; J. G. Schaetzel, vice president; George C. K im m el, cashier; Iv a r H ayhom e, a ssista n t cashier. D irectors—J. G. Schaetzel, M. E. Schaetzel, W. A. Schaetzel, George C. K im m el and Iv ar H ayhom e. R apid C ity’s n ew est m ajor com m er cial stru c tu re is rap id ly becom ing a reality, as th e steelw ork of th e new hom e of th e R apid City N ational Bank, corner of S eventh S treet and St. Joe S treet rises. C onsiderable speculation has been h eard am ong b y stan d ers— w h e th e r “licensed” to speak or n ot by m em bership cards in th e “C urbstone C ontractors’ Club”—reg ard in g th e u n even position of th e top horizontal steelw ork. C ontractors explain th a t due to th e extrem e len g th of th e build ing roof, drainage w ill be to w ard th e m iddle from b oth ends, resu ltin g in the long g irders being erected at slight angles. T he com pleted p ro ject w ill not show th a t feature. Branch Bank Opens R ecently final arran g em en ts w ere com pleted and a b ran ch b an k opened in Lake A ndes in th e building fo rm er ly occupied by th e E lite Cafe. M em bers of th e force have been busy recen tly m aking final a rra n g e m ents for th e opening. Lake A ndes has been w ith o u t b an k ing facilities for about five y ears a fter th e close of th e Lakeside State Bank, and needless to say business condi tions suffered in m an y ways. Northwest Security Election H eading the N o rth w est S ecurity N a tional Bank, Sioux Falls, is F. H. H ol lister, ch airm an of th e board; R. M. W atson, president; Jo h n B arton, vice president; P. H. McDowell, vice p resi den t and tru s t officer, and J. V irgil Lowe, cashier. Re-elected heads of th e N o rth w est S ecurity’s six South D akota b ranches are: Brookings, R. M. D ePuy, vice What South Dakota Statements Show DECEMBER 31, 1941 The Northwestern Banker is pleased to publish Bank Statements received before going to press—put us on your mailing list and send us your statements immediately after each call. If your bank is not included in the list below it is because YOU did not send in your statement. Please do so next time. BANK TOW N A b e r d e e n ......... . . . A berd een N a tio n a l B a n k ................ . . . B an k o f ................................................... . . . .E ureka S ta te B a n k .............................. . . . .F irst N a tio n a l B a n k ............................ ....C o m m e r c ia l T ru st & S a v i n g s ... . . . .M itchell N a tio n a l B a n k ..................... . . . F ir st N a tio n a l B a n k ............................ , . . .F irst N a tio n a l B a n k ............................ . . . .First N a tio n a l B a n k ............................ . . . N a tio n a l B an k o f S. D ..................... S iou x F a lls . . . ....N o r t h w e s t S ecu rity N a t i o n a l . . . . V e r m illio n . . . . . . . C itiz en s B a n k ........................................ W a te r to w n . . . . . . .F a r m ers & M erch an ts B a n k ............ W a te r to w n . . . ,. . . . F i r s t C itiz en s N a t io n a l................... Y a n k to n ................... F ir st D ak ota N a t io n a l....................... * In c lu d es C ash and D ue from B a n k s C A S H IE R . . .C la y to n W a lk er . . . . .$ ...E . . . . L. . . . E. . . .I. F. E. A. N. H e rrb o lt......... W e a v e r ............ b o o m e r ............ S h e lb y .............. . . .N o e l W . K la r ............ . . W . E. P erren ou d . . . . . . H . C. D a n fo r th ......... C ap ita l 100,000 50,000 25,000 50.000 100,000 100.000 50.000 500,000 365.000 250,000 500,000 50,000 50,000 150,000 75,000 S u rp lu s and P r o fits S 190,202 16,240 18,177 120,286 48,713 58,503 18,899 542,346 241,582 254,967 607,194 25,497 73,108 157,530 63,074 L o a n s and D isco u n ts $ 1,204,784 276,333 351,582 794,992 779,035 780,874 279,116 5,728,190 2,813,332 2,695,658 5,782,047 460,810 780,301 1,291,655 728,273 C ash and D ue B on d s and From B a n k s S ecu rities S 670,271 S 1,276,921 230,620 353,766 140,334 99,220 555,792* 774,124 705,375 749,738 290,214 297,635 243,071 6,514,612* 3,240,258 3,454,221 5,686,68V* 1,624,617 1,024,185 5,422,214 8,627,468* 138,732 85,602 663,020 332,220 1,109,675 1,108,611 710,814 291,134 N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D ep o sits S 2,930,536 588,150 558,427 1,200,094 2,124,958 1,704,990 113,924 11,390,477 8,055,085 4,982,177 13,691,534 625,048 1,324,942 3,313,839 1,660,054 February 19^2 44 • SOUTH p resid en t and m anager; C. A. Lovre, a ssista n t m anager; C ham berlain, M. A. Brow n, vice president; P. V. Oison, m anager; M. D. Scham ber, a ssista n t m anager; Dell R apids, C. A. Golden, vice p resid en t and m anager; M. E. W icks, a ssista n t m anager; G regory, H. E. McKee, vice p resid en t and m a n ager; W. K. Johnson, a ssista n t m a n ager; H uron, George C. F u llinw eider, vice president; Carl E. Voight, m a n ager; H. C. W haley, L. H. Cornell and L. A. M eyers, a ssista n t m anagers; M ad ison, Carl J. Odegard, vice p resid en t DAKOTA N EWS and m anager; D. J. S lattery, assistan t m anager. Baker Named President M artin J. K uehn w as elevated to the ch airm an sh ip of th e board of directors and W. W. B aker w as nam ed presid en t w hen th e board of directors of th e F irs t N ational B ank and T ru st Com pany, Sioux Falls, held its an n u al election. Mr. K uehn has been presid en t of the b an k and Mr. B aker w as one of its vice presidents. Guaranty Trust Company of New York Fifth Ave. at 44th St. LONDON 1 4 0 B roadw ay J VICHY Y Madison Ave. at 60th St. PARIS BRUSSELS C ondensed Statem en t o f C ondition, D ecem b er 3 1 , 1941 RESOURCES Cash on Hand, in Federal Reserve Bank, ami Due from Banks and B an k e rs............................. $ U. S. Government O b lig a tio n s ............................. 1. Public S e c u r itie s .................................................. Stock of the Federal Reserve B a n k ......................... Other Securities and O b lig a tio n s ......................... Loans and Bills P u r c h a s e d ................................. Credits Granted on Acceptances............................. Accrued Interest and Accounts Receivable . . . . Real Estate Bonds and Mortgages . ................. 883,795,875.57 018,486,210.88 49,327,006.47 7,800,000.00 22,032,385.91 550,865,729.43 5,473,967.43 6.788.221.57 1.755.325.57 2,546,324,722.83 Bank Buildings . Other Real Estate 10,930,820.19 1,332,155.47 Total Resources • $2,558,587,698.49 LIABILITIES D e p o s its ................................. $2,242,977,816.97 16,917,584.52 Checks Outstanding................. $2,259,895,401.49 Acceptances..................................$9,550,144.36 Less: Own Acceptances Held for Investment.................. 4,076,176.93 5,473,967.43 Liability as Endorser on Acceptances and Foreign B i l l s ...................................................... Foreign Funds B o rro w e d ..................................... Dividend Payable January 2, 1942 ..................... Items in Transit with Foreign Branches and Net Difference in Balances Between Various Offices Due to Different Statement Dates of Some Foreign B r a n c h e s .............................................. Miscellaneous Accounts Payable, Accrued Taxes, etc. 94,097.00 152,550.00 2,700,000.00 926,492.29 9,874,333.76 2,279,116,841.97 C a p i t a l ......................................$ 90,000,000.00 Surplus F u n d ............................. 170,000,000.00 Undivided P r o f i t s ..................... 19,470,856.52 279,470,856.52 Total Capital Funds Total Liabilities . . . . $2,558,587,698.49 Securities carried at $16,504,385.75 in the above Statement are pledged to qualify for fiduciary powers, to secure public monies as required by law, and for other purposes. This Statement includes the resources and liabilities of the English and French Branches as of December 26, 1041, and Belgian Branch as of October 31, 1941. M e m b e r F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a tio n N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F ebruary 1942 • Re-elected officers w ere T. N. Hayter, vice president; W. E. P errenoud, cashier; C. D. Rowley and H. L. Jones, a ssistan t cashiers, and R. A. Pankow , tru s t officer. Re-elected to th e board of directors, besides K uehn, B aker, H ay ter and P errenoud, w ere George T. B lackm an, R ush A. Brow n, Louis Caille, Max A. K uehn, and J. J. L arkin. Stevens Re-elected W alter E. Stevens again heads th e N ational B ank of South Dakota, at Sioux Falls, and others on th e official staff are Tom S. H arkison, vice p resi dent; F ra n k J. Cinkle, cashier, and Ole H. Bondhus, a ssistan t cashier. Officers of th e H uron b ran ch are A rt E. Schnad, vice presid en t and m anager, and Jo h n G. B rauch, Jr., a ssistan t m anager, and th e V erm illion b ran ch is headed by W. H. Ja rm u th , vice presid en t and m anager; Jo h n T. Sanger, G. K. B rosius and F. G. Hyde, a ssistan t m anagers. Annual Meeting At the an n u al m eeting of th e stock holders of th e Rapid City N ational bank recently the board of directors, consisting of H. J. D evereaux, Roy Dean, A. E. Dahl, W. E. Shoberg and E arl K eller w as re-elected. Im m ediately after th e stockholders m eeting th e directors re-elected the sam e officers, nam ely Dean, president; Dahl, executive vice president; H. J. D evereaux, vice president; W. E. Sho berg, cashier; K eller, H. B. B rockett and L oren Myli, assistan t cashiers. Takes Bank Post Soren H. L assen has resigned as a m em ber of th e South D akota A gri c u ltu ral C onservation Com m ittee to tak e a position as director of th e Oma ha L and Bank, it w as rep o rted re cently by A lfred R. B arnes, ch airm an of th e South D akota A g ricu ltu ral Con servation Com m ittee. Land Sales High If farm land sales can be used as a yardstick, South D akota ag ricu ltu re staged a real com eback du rin g 1941, according to Leo. E. M anion, vice presid en t of the F ederal L and B ank of Omaha, in M itchell recently a tte n d ing a state-w ide m eeting of the b a n k ’s farm sales representatives. N early th ree tim es as m any South D akota farm s w ere purchased from th e b ank du rin g 1941 as du rin g 1940, he said. “Sales last y e ar num bered 2,828, com pared to 987 tra c ts sold in 45 • SOUTH 1940. In addition, th e p u rch ase of South D akota farm s from o th er ow n ers accounted for a good sh are of the m ore th a n $12,000,000 loaned to fa rm ers d u rin g 1941 by th e lan d b an k ,” Mr. M anion said. Rise in Business A gen eral rise in b u siness conditions in C odington county d u rin g 1941 is revealed in figures show ing gains in deposits and loans of both W aterto w n banks. D eposits show ed a gain of n early one m illion dollars, w hile loans jum ped about $300,000 over th e 1940 total. F irs t C itizens N ational B ank de posits w en t over th e th re e m illion dollar m ark d u rin g 1941 to talin g $3,313,839.11 as com pared to deposits of $2,680,008.89 in 1940. Loans to taled $1,291,655.90 d u rin g th e y ear ju st ended, m aking a sizable gain over the $1,179,980.82 in loans d u rin g 1940. The F a rm e rs and M erchants B ank increased in all d ep a rtm e n ts w ith de posits of $1,324,942.07 and loans of $771,577.51 d u rin g 1941 as com pared to $1,028,489.20 and $555,345.84 resp ec tiv ely d u rin g th e previous year. DAKOTA stock expenditures w hich, du rin g th e y ear ju st closed, am ounted to $35,475,694.28. “T h at figure,” said F oster, “is p a r ticu larly significant, for it rep resen ts an increase of approxim ately $7,500,000 over our livestock expenditures in 1940, despite th e fact th a t we slaugh te re d few er aniam ls.” S laughtering figures for th e local p la n t show ed th a t 1,428,253 anim als w ere killed du rin g the fiscal year. T h at figure rep resen ts a decrease of 153,225 from th e previous year. “G ross sales for th e Sioux Falls • plan t w ere $41,572,507.58,” said F o ster —“a record-breaking figure. A nalysis of th e M orrell sales dollar reveals th a t approxim ately 72 cents out of every dollar go tow ard th e p u rchase of live stock. P ayrolls take about 10% cents of every dollar.” Nygaard Retires The F a rm e rs State B ank of D upree announces th a t O. S. N ygaard has re tired from active d uty as an officer to give his tim e to his livestock in terests. STATEMENT OF CONDITION NORTHWEST SECURITY NATIONAL BANK of Sioux Falls, South Dakota “South Dakota s Leading Bank Offers Association's Services P re sid e n t L. T. M orris of th e South D akota B an k ers A ssociation has w rit ten to P re sid e n t R oosevelt and Gov e rn o r H arlan J. Bushfield offering th e services of his organization in defense efforts. H is le tte r said ev ery b ank in th e state has qualified to sell U nited States defense bonds and 27 of th e m em bers are serving on county or state defense savings com m ittees. “W e are anxious to be of fu rth e r service to o u r co u n try and only ask th a t you give us th e o p p o rtu n ity ,” he w rote. NEWS Decem ber 31, 1941 R ESO UR C ES C ash on H a n d , in F e d e r a l R e se r v e B a n k , and D u e fro m B a n k s and B a n k ers .............................................................................................................. $5,422,214.02 U . S. G o v e rn m en t O b lig a t io n s ........................................................................... 2,427,542.34 S ta te and M u n ic ip a l B o n d s ................................................................................. 702,508.94 O th er B o n d s and S e c u r i t ie s ................................................................................. 75,203.69 $8,627,468.99 27,000.00 912.77 5,782,047.12 370,438.54 S to ck in F e d e r a l R e s e r v e B a n k in M in n e a p o lis .................................................................... O v e rd ra fts ................................................................................................................................................ L o a n s and D is c o u n t s ........................................................................................................................... B a n k in g H o u s e s , F u rn itu re and F i x t u r e s ............................................................................... I n c lu d e s B a n k in g H o u se s a t S io u x F a lls , B ro o k in g s, C h a m b e rla in , G reg o ry , H u r o n a n d M a d iso n , a ll c le a r of e n c u m b ra n ce . D e ll R a p id s , C u sto m er’s L ia b ilit y on A c c o u n t o f L e tte r s o f C r e d it................................................. I n te r e s t E a rn ed b u t n o t C o lle c t e d ............................................................................................... TOTAL ....................................................................................................................................... 5,000.00 70,168.65 $14,883,036.07 L IA B IL IT IE S Morrell in Sioux Falls A com bination of record-breaking sales and increased em ploym ent poured $4,273,845.76 into th e pockets of local em ployes of Jo h n M orrell and com pany in th e fiscal y e a r ju s t closed J. M. F oster, vice p resid en t and m an ager of th e Sioux F alls plant, said. “P ayroll d isb u rsem en ts in th e last fiscal y e a r,” said F oster, “w ere $333,371.45 above th e previous record set in 1940. “D espite th is sizeable increase in th e local p la n t payroll, th e to tal re p re sen ts b u t a sm all p a rt of our d isb u rse m en ts in th e Sioux F alls are a ,” said th e M orrell m anager. “P e rh a p s th e g re a te st stim u lu s to th e p ro sp erity of th is area is provided th ro u g h th e live C a p ita l S to c k — C om m on ........................................................................................... $500,000.00 S u rp lu s ................................................................................................................................. 500,000.00 U n d iv id e d P ro fits and R e s e r v e s ............................................................................. 107,194.01 TOTAL ....................................................................................................................................... $14,883,036.07 B R A N C H E S AT BROOKINGS, CHAM BERLAIN, DELL R A PID S, GREGORY, HURON, MADISON F. H. H O L L IS T E R C hairm an R. M. W ATSON P resid en t Member Federal Deposit Insurance Corporation Affiliated with Northwest Bancorporation N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $1,107,194.01 47,407.47 31,900.15 5,000.00 13,691,534.44 R e s e r v e for I n te r e s t, T a x e s , and O th er E x p e n s e s ............................................................. I n te r e s t C o lle c te d b u t N o t E a r n e d ............................................................................................. L e tte r s o f C red it O u t s t a n d in g ...................................................................................................... D e p o s it s ..................................................................................................................................................... February 19^2 46 ban k a t th e end of 1941 show s m any in terestin g facts. Com paring th e c u r re n t statem en t w ith th a t show n a t th e end of 1940, th e b ank has increased to tal deposits $9,226,019.02 w hile in v estm ents in g overnm ent securities in creased from $11,277,250 to $20,136,164, or a to tal increase in governm ental se curities of $88,858,914. The b ank has been u n d er th e m an agem ent of F ra n k A. Vogel for th e p ast five years. Mr. Vogel w as ap pointed m anager of the b an k by state in d u strial com m ission Ja n u a ry 6, 1937. NORTH DAKOTA J. I. H EG G E P r e sid e n t H illsb oro NEWS Multiplies Volume In less th a n seven y ears th e F irs t N ational B ank of W illiston has m u l tiplied its volum e of business m ore th a n five tim es. On October 2, 1934, a fte r th re e dro u g h t y ears th e bank, w h en it ab an doned its state c h a rte r to secure a natio n al ch arter, footings w ere $234,037. As of D ecem ber 31 th e footings w ere $1,254,758. D eposits grew from $176,631 in 1934 to $1,169,202 in 1941; su rp lu s and u n divided profits from $6,882 to $35,556 and loans and discounts from $48,927 to $716,502. J. A rth u r C unningham is p resid en t of th e bank, W. E. M onroe and A. F. W indel, vice presid en t, an d R. G. R as m ussen, cashier. Bank Liquidates On J a n u a ry 30 th e F a rm e rs State B ank of Sheldon ceased ta k in g de posits and began liquidation of its affairs. All depositors and stockhold ers w ill be paid in full. Miss E. B. Green, president, and R. E. K ra tt w ere elected to handle th e liquidation. T his is th e th ird b an k in C. 0 . W A T T A M S ecreta ry F a rg o Sheldon to close w ith a record of no losses to depositors and leaves th e com m unity w ith o u t b anking facilities. “D epression and d ro u g h t and th e continued and increased restrictio n s placed on banking in stitu tio n s have m ade it m ore difficult each y ear for a b an k such as ours to com ply w ith all th e req uirem ents, regulations and restrictions, and to lim it its loans to th e satisfaction of exam iners. It is a p p a ren t th a t sooner or later m ost sm all banks sim ilarly situ ated w ill have to cease doing business,” th e di recto rs said in a statem en t explaining th e ir decision to liquidate th e bank. Successful Year T he y ear 1941 proved to be th e m ost successful y ear from a financial stan d po in t in th e h isto ry of th e B ank of N o rth Dakota, according to th e an n u al sta te m en t issued u n d er date of Decem b e r 31. The statem en t show s total deposits in th e am ount of $33,466,038.99. T his am ount is th e largest ever show n; exceeding by m ore th a n one m illion dollars th a t show n by any p re vious statem ent. A b reakdow n in th e resources of the Bank Debits Soar R eaching th e hig h est level since 1931, b ank debits in M inot du rin g 1941 soared to $68,097,000, a gain of 32 per cent over th e 1940 to tal of $51,710,000, th e F ed eral R eserve Bank, M inneap olis, rep o rted recently. D ecem ber b an k debits in th e Magic City am ounted to $7,078,000, an in crease of 55 p er cent over th e cor responding m onth in 1940, w hen debits reached $4,575,000. Vote Dividend Stockholders of th e A m erican S tate B ank of Minot, a t th e ir an n u al m eet ing last m onth, voted a dividend in th e form of stock and re-elected all directors. T he directors renam ed all officers and nam ed an a ssistan t cash ier. T he stock dividend, am ounting to $10,000, increases th e b a n k ’s capital stock to $60,000. T he su rp lu s rem ains at $10,000. R euben B. W ill, w ho has been w ith th e b an k since Ju ly 1 as a teller, w as nam ed an a ssistan t cashier. T he list of officers includes C. H. P ark er, president; C. P. K jelstrup, ex- What North Dakota Statements Show D ECEM BER 31, 1941 The Northwestern Banker is pleased to publish Bank Statements received before going to press—put us on your mailing list and send us your statements immediately after each call. If your bank is not included in the list below it is because YOU did not send in your statement. Please do so next time. TOW N BANK C A S H IE R C a p ita l B is m a r c k ............ ...B a n k o f N o rth D a k o ta ................... . .$2,000,000 B is m a r c k ............ ...D a k o t a N a tio n a l B a n k .................. 100,000 B is m a r c k ............ F irst N a tio n a l B a n k ....................... .. 200,000 C a r r in g to n . . . . . . .F o s te r C oun ty S ta te B a n k ............ 30.000 D ic k in s o n .......... . . . F i r s t N a tio n a l B a n k ..................... . . . . T. A . T o lle f s o n ......... . . 100,000 D r a k e ................... . . . F i r s t N a tio n a l B a n k ....................... 25,000 F a r g o ................... . . .F irst N a tio n a l B a n k ....................... . . . J. P . F a r r e ll.............. . 350,000 F a r g o ................... . . .M erch an ts N a tio n a l B a n k ............ 150,000 J a m e s to w n . . . . . . .J a m e s R iv er N a tio n a l B a n k . . . . . . . .M . J . G r etten b erg . . 100,000 J a m e s to w n . . . . ...N a t i o n a l B an k o f .............................. 100,000 L a n g d o n ............ . . . N o r th w e ste r n B a n k ....................... 15,000 M in o t................... .. . U n i o n N a tio n a l B a n k ..................... ___ J. S. W e s tla k e .......... 100,000 P a g e ..................... . . .F ir s t S ta te B a n k ................................. . . . . E . G. C la p p ................ 15,000 I tu g b y ................... . . C itiz en s S ta te B a n k .......................... . . . . L. N . S e s s in g ............ 25,000 V a lle y C ity . . . . . . .A m erican N a tio n a l B a n k .............. 50,000 V a lle y C i t y .. . . . . .F ir s t N a tio n a l B a n k ........................ 50,000 W a tfo rd C ity . . . . F i r s t In te r n a tio n a l B a n k .............. 20,000 N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F ebruary 1942 S u rp lu s and P r o fits $ 713,744 77,748 240,493 67,461 90,578 34,155 392,260 218,607 31,035 45,155 29,020 42,708 7,245 50,260 33,986 66,372 10,591 L o a n s and D isco u n ts $ 1,991,785 660.008 1,631,949 157,626 342,225 553,693 3,894,926 2,073,630 791,673 865,434 355,963 837,784 63,530 92,089 436,100 559,497 109,491 B on d s and S ecu rities $21,050,164 439,499 1,580,927 442,972 375,774 113,696 2,044,434 1,378,496 479,906 481.299 18,950 446,652 57,220 569,947 219,374 297,147 291,568 C ash and D ue From B a n k s $10,698,074 738,695 926,000 142,591 1,293,953 177,458 3,158,853 1,173,937 341,581 372,302 89,287 473,138 48,011 297,083 184,437 187,189 172,043 D ep o sits $33,464,240 1,712,494 3,796,752 654,185 2,351,220 793,869 8,698,491 4,295,905 1,510,565 1,595,105 429,178 1,679,735 152,231 887,898 790,321 962,976 527,708 47 ecutive vice p resident; T. A. Solheim, cashier an d W ill, a ssista n t cashier. The d irecto rs re-elected are P ark er, K jelstru p , Roy L. Aney, J. L. Sm ith an d A tto rn ey H arold B. N elson, R ug by. TR U ST CO M PANY Buffalo Banker Dies A. L. P eterson , p resid en t of th e F irs t N ational B ank of Buffalo, w idely know n in b an k in g an d a g ric u ltu ra l circles th ro u g h o u t th e n o rth w est, died very suddenly of a h e a rt atta c k a t his hom e in Buffalo la st m onth. Bank Debits High The F ed eral R eserve B ank of M in neapolis rep o rted recen tly th a t b an k debits for 13 cities in N o rth D akota du rin g D ecem ber, 1941, w ere $84,113,000, an increase of $25,197,000 over th e sam e period in 1940. T his re p re sented an increase of 43 p er cent. F o r th e y e a r 1941 N o rth D akota b an k debits w ere rep o rted 21 p er cent over 1940. R eports from th e n in th federal re serve d istric t indicate th a t for th e year 1941, M ontana, th e D akotas, M in nesota, n o rth e rn W isconsin an d u p p er M ichigan a tta in e d a b u siness volum e 16 p er cent above 1940. Dec. 1040 Dec. 1941 $16,726,000 $12,887,000 B ism arck 1,603,000 2,125,000 Devils L ake 1,599,000 2,675,000 D ickinson 23,904,000 34,059,000 Fargo 1,261,000 2,246,000 G rafton 5,731,000 7,206,000 G rand F o rk s 1,803,000 2,241,000 Jam esto w n 353,000 526,000 Lisbon 1,050,000 1,761,000 M andan 4,575,000 7,078,000 M inot 1,171,000 1,671,000 Valley City 1,188,000 1,941,000 W ahpeton 1,791,000 3,858,000 W illiston S tate to tal $84,113,000 Ma n u fa c tu r e r s $58,916,000 C ondensed S ta te m e n t o f C o n d itio n as a t close o f business D e c e m b e r 3 1 , 1941 RESO U RCES Cash and Due from B a n k s .................. $ 365,609,706.20 340,928,747.80 U. S. Government S e c u ritie s ............... U. S. Government Insured F. H. A. Mortgages.............................................. 2,525,294.29 State and Municipal B o n d s .................. 30,085,722.18 Stock of Federal Reserve B a n k ............ 2,246,750.00 39,067,015.89 Other Securities....................................... Loans, Bills Purchased and Bankers’ A cceptances........................ 260,309,534.41 M ortgages................................................ 16,224,925.78 Banking H o u s e s .................................... 12,549,000.00 2,949,876.40 Other Real Estate E q u itie s .................. Customers’ Liability for Acceptances . . 5,597,842.60 Accrued Interest and OtherResources . 2,411,451.24 $1,080,505,866.79 L IA B IL IT IE S Preferred S to c k ............ $ 8,892,780.00 Common S to c k ............ 32,998,440.00 Surplus and Undivided Profits . . 42,233,744.36 84,124,964.36 R eserves................................................... 4,717,942.69 Common Stock Dividend (Payable January 2 ,1 9 4 2 ).................. 824,959.50 Preferred Stock Dividend (Payable January 15,1942)............... 222,319.50 Outstanding A ccep tan ces..................... 6,255,708.11 Liability as Endorser on Acceptances and Foreign B i l l s .............................. 355,254.15 D eposits................................................... 984,004,718.48 _____________ $1,080,505,866.79 DIRECTORS EDWIN M. ALLEN President, M athieson A lk a li W orks, Inc. EDWIN J. BEINECKE Chairman, Sperry & H utchinson Co. EDGAR S. BLOOM President, A tla n tic , G u lf and W est Indies Steam ship Lines LOU R. CRANDALL President, George A. Fuller Com pany Largest Deposits A t th e a n n u a l m eetin g of th e stockholders of T he Live Stock N ational B ank of Chicago, D avid H. R eim ers, president, annou n ced th a t th e b a n k ’s deposits w ere th e larg est since its founding seventy-four y ears ago, being now over $33,000,000. All of th e d irec to rs an d officers w ere re-elected. CHARLES A. DANA President, Spicer M anufacturing Corp. ELLIS P. EARLE President, N ipissing M ines Co. HORACE C. FLANIGAN Vice-President JOHN M. FRANKLIN President, United States Lines Company CHARLES FROEB Chairman, Lincoln Savings Bank PAOLINO GERLI C. R. PALMER President, Cluett, Peabody & Co., Inc. GEORGE J. PATTERSON President, E. Gerli & Co., Inc. President, Scranton & Lehigh Coal Co. HARVEY D. GIBSON HAROLD C. RICHARD President JOHN L. JOHNSTON President, Lambert Company OSWALD L. JOHNSTON Chairm an, General Bronze Corporation HAROLD V. SMITH President, Home Insurance Co. Simpson Thacher & Bartlett ERNEST STAUFFEN CHARLES L. JONES GUY W. VAUGHAN President, The JonesA tkin so n Corporation SAMUEL McROBERTS Chairman, Trust Committee President, Curtiss-W right Corporation HENRY C. VON ELM Vice-Chairman o f the Board New York City JOHN P. MAGUIRE President, John P. M aguire & Co., Inc. ALBERT N. WILLIAMS President, W estern Union Telegraph Company Principal Office: 55 Broad Street, New York City 67 B A N K IN G O F F I C E S IN G R E A T E R N E W Y O R K Directors Re-elected A t th e a n n u al m eeting of th e stock holders of th e City N ational B ank and T ru s t Com pany of Chicago, all of th e directo rs w ere re-elected. A t th e an n u al m eeting of th e direc tors, George I. D aniels w as elected a ssista n t vice presid en t, and C. W. Joh n s, a ssista n t tr u s t officer. All o th er officers w ere re-elected. European Representative Office: 1, Cornhill, London, E. C. 3 Member Federal Reserve System Member New York Clearing House Association Member Federal Deposit Insurance Corporation Both Common and Preferred shares have a p a r value o f $20 each. The Preferred is convertible into and has a preference over the Common to the extent o f $50 p er share and accrued dividends. N o r th w e ste r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a ry 194-2 48 Complete Correspondent B A N K IN G SER V IC E ft e Buy E ligible l orn Loans U N IT E D S T A T E S J la tic r u if B A N K of(P m aA a M E M B E R F E D E R A L D E P O S IT N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F ebruary 1942 IN S U R A N C E C O R P O R A T IO N 49 the stock and hold all of the executive positions. Ainsworth NEBRASKA A t th e an n u al business m eeting of th e N ational B ank of A insw orth, held last m o n th th e follow ing officers w ere elected: P resident, H ans Rohw er; vice president, F. W. Skinner; cashier, C. T. Bowen. D irectors, H ans R ohw er, F. W. Skinner, C. T. Bowen, W m. M. Ely, Marne M cAndrew. B ookkeeper, Rollin S. Rohwer. NEWS O. A . R I L E Y WM. B . H U G H E S S ecreta ry Om aha P r e s id e n t Arcadia Celebrates 50th Anniversary F ifty y ears ago last m o n th F arm e rs and M erchants N ational B ank at Oak land w as sta rte d by V alentine N eu m an n at O akland. F ro m a sm all be gin n in g th e b an k grew into one of th e stro n g est financial in stitu tio n s in N ebraska. Since its origin th e b an k has been u n d er th e sam e m anagem ent and ow nership. A. L. N eum ann is the p resid en t and he has been connected w ith th e b an k for fifty years. C. C. N eum ann, vice president, has been affiliated w ith th e ban k for forty-tw o years. The N eum ann fam ily owns all of At a reorganization m eeting of th e officers of th e A rcadia S tate Bank, necessitated by th e passing aw ay of George H. K insey, his bro th er, H. S. K insey w as elected president; C. M. Davis of Ord, vice president; A. E. Haywood, cashier, and C. W. S ta rr and Mrs. A lberta B ellinger, assista n t cashiers. What Nebraska Statements Show D ECEM BER 31, 1941 The Northivestern Banker is pleased to publish Bank Statements received before going to press— put us on your mailing list and send us your statements immediately after each call. If your bank is not included in the list below it is because YOU did not send in your statement. Please do so next time. C A S H IE R C ap ita l . . E . M. K n ig h t...............$ 75,000 . . C. H . S u d ra a n ........... 125,000 . . Ed. C. A u s t in .............. 100,000 40,000 . . J . A . K u c e r a .............. , . H ow ard B u rd ick . . . 100,000 ..C h a s . F. T o u s .............. 25,000 . . H arold L iv in g sto n 150,000 25,000 ..C h a s . F. T o u s .............. 100,000 . . J . G. E d lo ff.................. . . A . H . F r a n t z .............. 50,000 50,000 . . D- V . S o r e n s e n ......... . 100,000 ..V e r n o n R ice .............. 200,000 . . F . J. C le a r y ................ ..G e o . J. A r m s tr o n g .. 100,000 . . E d g a r M. H o a r ........... 25,000 ..F l o y d A . H a n s e n ... 100,000 125,000 ..C h a s . E . D e e t s ........... 40,000 . . H. R. K illin g e r ............ 75,000 ..J o h n M. S p e a r ........... 15,000 . . T . B . C o le ..................... 628,000 . . C. W . B a t t e y ................ ..C o n t i n e n t a l N a tio n a l B a n k .............. . . F i r s t N a tio n a l B a n k ............................ . H ow ard F reem a n . . . 1,000,000 25,000 . .F ir s t N a tio n a l B a n k ............................ . .C . H. R y a n .................. 75,000 . . F i r s t N a tio n a l B a n k ............................ . . H. M. K r o g h ................ 25,000 . . RobtT. C o v in g to n . . ..F i r s t N a tio n a l B a n k ............................ 50,000 . .F a r m ers B an k ....................................... . . J. R . S te v e n s o n ......... 50,000 . .O to e C ou n ty N a tio n a l B a n k ............ . . H. H. T e t e n ................ 100,000 . . D ela y N a tio n a l B a n k ............................ . . P a u l Z utz ................... 100.000 . .L . W . R o s s .................. . .N a tio n a l B an k o f ................................... 100.000 N o rth P la tte . . . . . .First N a tio n a l B a n k ............................ . . W . H . M u n g e r ........... 100,000 N o rth P la tte . . . . . M cD on ald S ta te B a n k .......................... . . J. Y . C a s tle .................. 60,000 . . .F arm ers & M erch an ts N a tio n a l . . . . C. C. N e u m a n n ........... 1,500,000 . . J. T. S tew a rt, I I I . . . . . .F ir s t N a tio n a l B a n k ............................ 500,000 . .L iv e S tock N a tio n a l B a n k ................ . . P au l H a n sen .............. 25,000 . .N o rth S id e B a n k ..................................... . . R. H. H all . .O m aha N a tio n a l B a n k ......................... . . C lyde O, D a r n e r ......... 2,000,000 200,000 . . L. D a le M a tth e w s . . , . .P a ck ers N a tio n a l B a n k ....................... 500,000 ..S to c k Y ard s N a tio n a l B a n k ............ . .J o h n M cCum her . . . . . .U n ite d S ta te s N a tio n a l B an k . . . . . . A . L . V ic k e r y .............. 1,100,000 60.000 O r d .......................... ..F ir s t N a tio n a l B a n k ............................ . .C . B . G u d m u nd sen . . 50,000 . . .F ren ch m an V a lle y B a n k .................. . . A . J. B a x t e r . . . . .. . . . 50,000 . . P la ttsm o u th S ta te B a n k ..................... . . F ra n k A . C lo id t. . . . . . 50,000 . . Joh n B ro a d h u rst . . . . . F ir s t S ta te B a n k ..................................... 100,000 . . .S cottsbluff N a tio n a l B a n k ......... .. . . . . J. L. W it t e r s ................ 50,000 . . L. W . R e y n o ld s ......... . .A m e r ic a n N a tio n a l B a n k ................... 30,000 . . S p a ld in g C ity B a n k ............................... ..M . J. D o lc e .................. 62,500 ..F i r s t N a tio n a l B a n k ............................ . . H . J. W r a g g e .............. 80,000 . .J a m e s L. K u d rn a . . . . . F i r s t N a tio n a l B a n k ....................... 25,000 ..R o b e r t A . A n d erso n , W a k e fie ld ............ . . W ak efield N a tio n a l B a n k ................... 50,000 . . N e i l D . S a v ille . . . 7 . . . . .F irst N a tio n a l B a n k .............. 50,000 W y m o r e .............. . . .W ym ore N a tio n a l B a n k . . . . . . . . . . . . L. Boyd R is t .............. . 150,000 Y o r k ............................ F irst N a tio n a l B a n k .............................. . . H. E . N ord lu nd . . . . . ♦In clu d es cash an d due fr o m b an k s. TOW N BANK A llia n c e N a tio n a l B a n k ..................... . .G uardian S ta te B a n k ............................ B eatrice N a tio n a l B a n k ....................... . . C lark son B an k ..................................... . . C en tral N a tio n a l B a n k ....................... . . .C raw ford S ta te B a n k ............................ . . F ir s t N a tio n a l B a n k .............................. . .F arm ers S ta te B a n k .............................. . . S tep h e n s N a tio n a l B a n k ..................... . . F ir s t N a tio n a l B a n k ............................ . .F irst N a tio n a l B a n k ............................ ..C o m m e r c ia l N a tio n a l B a n k .............. ..F i r s t N a tio n a l B a n k ............................ ..O v e r la n d N a tio n a l B a n k ................... . . B a n k o f ...................................................... .. C i t y N a tio n a l B a n k .............................. . . H a s tin g s N a tio n a l B a n k ..................... . .T hayer C oun ty B a n k ............................ . .F ort K earn ey S ta te B a n k ................... $ S u rp lu s and P r o fits 86,268 85,248 125,194 10,061 84,439 20,773 112,639 13,147 97,867 93,931 23,308 136,374 452,141 60,076 30,813 84,207 157,241 20,317 60,923 21,289 383,668 501,235 33,145 73,769 34,206 131,365 44,632 84,899 34,884 147,723 42,155 71,020 1,676,163 855,084 31,696 2,379,729 104,116 336,657 976,833 43,684 5,628 114,199 30,513 161,387 57,040 25,974 79,590 68,911 29,342 57,174 14,504 220,386 $ L oan s and D isco u n ts 562,451 1,646,042 1,145,229 163,925 1,361,200 250,368 1,553,993 36,547 1,128,924 591,152 245,135 896,050 1,874,978 691,316 405,084 870,221 1,306,463 351,304 640,180 192,241 5,072,710 6,529,161 210,739 630,956 637,503 353,486 237,487 932,014 686,085 905,318 507,684 786,791 15,347,641 11,652,945 418,409 20,967,832 1,712,831 4,131,613 4,808,463 374,053 255,469 754,016 336,858 1,249,396 803,200 147,850 825,270 647,529 454,015 385,675 172,344 1,063,083 $ B on d s and S ecu rities 394,800 393,013 833,766 144,119 1,312,393 31,344 390,048 47,424 395,116 266,050 188,177 865,117 2,504,267 247,380 118,126 385,304 834,890 74,285 130,859 44,253 4,411,426 9,178,793 293,224* 1,014,846 13,800 585,885 202,973 286,714 315,637 621,308 296,451 88,500 4,345,887 2,764,912 54,317 22,584,650 359,920 2,040,086 14,583,713 168,000 31,268 273,492 170,056 296,204 267,831 18,577 131,951 264,343 42,500 91,500 185,082 714,765 C ash and D ue From B a n k s $ 1,583,248 741,945 1,765,521 77,162 1,118,426 224,294 997,813 154,451 748,659 368,262 147,001 601,547 945,255 443,977 234,307 602,009 831,947 160,806 909,321 222,352 4,845,681 7,210,575 538,187 241,759 872,897 452,879 1,100,518 384,833 1,196,730 724,320 242,664 14,793,399 5,897,180 432,854 19,616,838 1,271,070 4.958,694 10,384,089 209,698 78,104 319,656 302,289 1,655,390 453,202 70,673 406,363 561,370 143,922 142,116 181,199 529,346 N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D ep o sits $ 2,412,713 2,562,108 3,545,322 335,539 3,600,608 464,221 2,787,865 205,724 2,079,439 1,084,589 534,584 2,159,078 4,724,535 1,224,052 711,473 1,683,436 2,743,230 539,583 1,561,137 422,559 13,370,225 21,732,013 439,940 2,012,004 672,650 1,631,904 825,270 2,194,030 1,254,046 2,467,092 1,389,289 1,002,936 32,885,877 18,808,719 878,095 56,892,952 3,050,480 10,359,527 28,288,335 667,595 310,133 1,154,441 730,753 2,864,603 1,443,726 191,775 1,235,375 1,341,297 505,351 458,783 479,375 1,982,432 F ebruary 1942 50 -• New Teller W. E. E d w ard s com m enced w o rk as teller a t th e A lliance N ational B ank last m onth. Mr. E d w ard s resig n ed his position a t th e A lliance Steam L a u n d ry w h ere he h as been em ployed for m ore th a n 25 years. Beatrice T he B eatrice N ational, F irs t N atio n al and B eatrice S tate B anks of B eat rice, held th e ir a n n u al m eetings last m onth and re-elected th e ir board m em bers and officers. A tto rn ey M aurice NEBRASKA NEWS K. H avelone w as elected a director of th e F irs t N ational B ank to fill the vacancy caused by th e recen t death of Sam uel R inaker. Chambers The forty-first an n u al m eeting of th e C ham bers State B ank w as held re cently. Officers for th e com ing y ear w ere elected. T hey are Leo T. Adams, president; S. Z. Adam s, vice president; G. H. Adams, cashier, and K a th ry n F. Wood, a ssistan t cashier. A ccording to Leo T. Adams, presi Charter No. 2 0 9 • den t of th e bank, the y ear of 1941 has been a v ery good one for th e bank, w ith prospects for an o th er v ery suc cessful y ear in 1942. Fairbury T he F irs t N ational B ank of F a ir b u ry and th e F a irb u ry S tate B ank held th e ir an n u al m eeting last m onth, w hen officers and directors of both banks w ere re-elected. Officers of th e F irs t N ational B ank are Iv an C. Riley, president; H arold Livingston, cashier; E d g ar Scheips and W. C. S utherland, a ssistan t cash iers. W. A. Rose is p resid en t of th e F a irb u ry S tate Bank, and o th er offi cers include Irl Else, vice presid en t and cashier; C. H. McGee, vice p re s ident, and C hester Bosnall, a ssista n t cashier. Fremont First National Bank o f Omaha The Oldest National Bank From Omaha West Nationalized 1 8 6 3 OFFICERS T . L . D a v i s ..............................................P r e s id e n t F . W . T h o m a s ..........................V ic e P r e s id e n t J. C. J. J. A. H . O. H . Ht. F . M c D e r m o t t ........................................ V ic e P r e sC. id e n E. N. D . S a u h d e r s ............................................ V ic e P r e s id e n t E. F. T . S t e w a r t , I I I . V i c e P r e s , an d C ashier H . A. F . D a v i s ....................................................... V ic e P r e sO. id e n Ht. C h i s h o l m ................................... A ss is ta n t C ashier E l l i o t t ........................................A s s is ta n t C ash ier V e b e r ............................................A s s is ta n t C ash ier S o l o m o n ......................................A s s is ta n t C ashier J e p s e n ..........................................A s s is ta n t C ash ier A r n s b e r g e r ............. A ss is ta n t C ash ier H o l q u i s t .................................... A s s is ta n t C a s h ie r W . E . S p e a r ..................................... T ru st Officer E . G. S o l o m o n . . . .A s s is ta n t T r u s t Officer M em ber F ed eral R eserve System N o r th w e ste r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a ry 1942 M em ber F ed eral D eposit In su ran ce C orporation R oland G aeth w as advanced to as sista n t cashier from te lle r by direc to rs of th e F rem o n t N ational B ank a t an ad jo u rn ed b oard m eeting recently. He began in th e b an k as a bookkeeper in Septem ber, 1928, an d becam e a te l ler in 1931, la te r heading th e collection departm ent. G aeth is p resid en t of th e ju n io r cham ber of com m erce an d E lks lodge d istric t deputy. J. Guy Edloff, cashier, and Lloyd C. Blair, a ssistan t cashier, w ere elected directors of th e Stephens N ational B ank a t th e an n u al m eeting of stock holders and sh areholders last m onth. Edloff sta rte d in th e b an k as a book keeper in 1922, advancing to a ssista n t cashier in 1924 and to cashier in 1938. B lair began as head of th e bookkeep ing d ep artm en t in 1927, becam e a te lle r in 1928 and a ssista n t cashier in 1929. All officers w ere re-elected. T hey are as follows: W illiam N. M itten, president; J. M. Sorensen, executive vice president; Dave Rowe, vice p resi dent; Edloff, cashier; Blair, assista n t cashier; L ester S. Blair, a ssista n t cash ier; E rn e st C. Gaeth, A ssistant cashier. D irectors renam ed w ere R. A. Jo h n ston, A. C. Sidner, J. A. Yager, S oren son, Rowe and M itten. I t w as rep o rted th a t th e an n u al dividend w as paid in 1941. D entist: “B ut if I send him a h a rsh er d u n n in g letter, h e’ll get m ad.” F rien d : “Case of his gnashing y o u r teeth, eh?” Bank H elp W an ted M a n y a t tr a c tiv e p o s it io n s n o w o p en from C h ica g o to P a c ific C o a st fo r p o s t in g m a c h in e o p era to rs, s te n o g r a p h e r s, t e lle r s and a s s is t a n t c a sh ie r s. C o u n try bank e x p e r ie n c e p referred . W r ite fo r a p p lic a tio n b la n k . T H E C H A R L E S E . W A L T E R S CO. P. O. Box 1313, Omaha, Nebraska 51 In 1941, Om aha b an k clearings rose to $1,971,876,060 com pared w ith $1,613,983,021 in 1940, a gain of 22.1 per cent. B ank debits w ere $2,160,815,450 as ag ain st $1,755,734,634 in 1940, a 23 p er cent gain. D uring th e p ast year, b an k deposits clim bed 12.5 p er cent, ban k loans 19.8 per cent. In th e w eek ended D ecem ber 23, 1941, Om aha clearings show ed a gain of 84.9 per cent over th e sam e w eek of the previous year, one of th e largest increases in th e nation. H E S E prom otions w ere m ade by O m aha b an k s a t th e a n n u al J a n u a ry m eetings: T Jam es H. Moore, 38 year-old a ssist a n t cashier of th e Om aha N ational Bank, w as nam ed vice p resident. He cam e to th e b an k from H om iny, Okla hom a, in 1930, an d a tten d ed th e U ni v e rsity of M issouri. T he O m aha N ational also created a new position of com ptroller, to be filled by W. B ritton K night, 35, of K ansas City, w ho has been a natio n al b an k exam in er in th e T e n th federal reserv e d istric t for 12 years. H e w as to come to Om aha in F eb ru ary . E dw ard W. L ym an, 31, w ho came to th e U nited S tates N ational B an k of O m aha from th e F irs t N ational of Chicago in 1940, w as elected a ssista n t cash ier of th e O m aha bank, to serve in th e com m ercial d ep artm en t. He is a U n iv ersity of N ebraska g rad u ate and his w ife is th e fo rm er Louise Condon of Omaha. H is fath er, L. B. L ym an, is a B u rlin g to n ra ilro a d official. A lv in E. Johnson, p re sid e n t of th e Live Stock N ational B ank of South Omaha, addressed th e Om aha Conti n en tal Club recen tly a t a luncheon at th e A thletic Club. Oscar H. H olq u ist, w ho h as been re p re se n ta tiv e of th e new business d e p a rtm e n t of th e F irs t N ational B ank of Om aha, w as nam ed an a ssista n t cash ier of th e bank. H e h as been associated w ith th e F irs t N ational 35 years. O m aha b an k deposits and loans as of D ecem ber 31, 1941, show ed a sizable in crease over S eptem ber figures. In th e case of deposits, th e gain w as $2,480,888 an d in loans it w as $1,933,534. T otal deposits D ecem ber 31 w ere $162,491,504 w hile th e loan total w as $62,754,305. Individual figures for D ecem ber 31: D eposits O m a h a N a t i o n a l ...$ 5 9 ,3 3 3 ,2 2 4 U . S. N a t i o n a l .......... 34,745,321 F i r s t N a t i o n a l . . . . 32,885,878 L i v e S t o c k N a t i o n a l 18,808,719 S t o c k Y a r d s N a t ’l . . 10,359,527 P a c k e r s N a t i o n a l . . 3,050,377 D o u g l a s C ty . B a n k 1,560,828 N o r th Side B a n k . . . . 878,095 S o u th O m ah a Sav. . . 869,535 Loans $20,9 67,832 7,434,382 15,347,641 11,6 52 ,954 4,131,613 1,699,313 644,256 <i20,198 456,125 “R efugees” from O m aha’s New Y ear’s day blizzard w ere John F. D avis, vice presid en t of the F irs t N a tional B ank of Omaha, and his fam ily, including Mrs. Davis and th e ir tw o children, Carol, 2, and Thom as, 3 m o nths old. T hey “evacuated” th e ir su b u rb an hom e at N in ty -F irst and H ickory stre ets New Y ear’s eve as th e re su lt of a fire. P rin cip al dam age w as from smoke. T hey took refuge a t th e B lackstone hotel. Mr. Davis is th e son of T. L. D avis, p resid en t of th e F irs t N ational Bank. An adv ertisem en t of th e Live Stock N ational B ank of South Omaha, com m em orating th e an n iv ersary of the bill of rig h ts and statin g th a t all of th e b a n k ’s em ployes had purchased defense bonds, received th e com m enda tio n of W hite H ouse P resid en tial Sec re ta ry W. H. M cIntyre and of E ugene W. Sloan, executive d irector of the tre a s u ry ’s defense savings staff. R obert H all, executive officer of th e N o rth Side B ank of Omaha, is a m em b er of th e tire ratio n in g board for the n o rth section of th e city. W illiam R. Johnson, general m an ager of th e N o rth w estern Bell Tele phone com pany, w as elected a m em ber of th e board of directors of th e Stock Y ards N ational B ank of South Omaha. L eonard E. H u rt/, presid en t of the F airm o n t C ream ery Company, has been appointed to th e board of direc to rs of th e Om aha branch, F ederal R eserve B ank of K ansas City, for a three-year term . Mr. H urtz, a direc to r of th e Om aha N ational Bank, suc ceed R. E. Campbell, L incoln d e p a rt m en t store executive, w ho served tw o consecutive three-year term s, th e m axim um allowed. Mr. H u rtz is p resi d en t of th e In te rn a tio n a l A ssociation of Ice Cream M anufacturers. George W . H olm es, p resid en t of th e F irs t N ational B ank of Lincoln, w as re appointed to a second three-year term on th e Om aha federal reserve bank board. S. P. D elatour, 93, v e te ra n G arden county, Neb., ran cher, cam e to Omaha recen tly to m ake arran g em en ts to tu rn p ro p erty valued a t $135,000 over to Om aha and o th er N ebraska ch arity organizations. He w orked out the plan w ith officials of th e F irst N a tional B ank of Omaha. He has a 35,000-acre ran ch near Lew ellen. He deeded 22,750 acres in irrevocable tru s t to a son, w ith th e provision th a t th e tra c t be sold w ith in 10 y ears and th e proceeds be given to charities, to g eth er w ith incom e before th e sale. The m oney w as shared by F a th e r F lan ag an ’s Boys’ hom e (B oystow n), M asonic Hom e for Boys a t Omaha, N ebraska C hildren’s Hom e society, H attie B. M unroe hom e for crippled children a t Omaha, S alvation A rm y Booth M em orial hospital, and th e re m ainder am ong ch arities to be chosen by th e son. O m aha’s seven building and loan associations h ad one of th e m ost active y ears in 1941 since th e boom days of th e tw enties. The associations m ade a to tal of $5,749,133 of m ortgage loans in th e year. Stockholders in th e seven com panies num bered approxim ately 40,000 and total assets of th e concerns ex ceeded $32,949,169. T he com panies paid a to tal of $676,671.84 in dividends N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F ebruary 19^2 52 Meeting Today’s Rising Operating Costs Facing a constantly increasin g volum e of w o rk . . . h an d lin g a ho st of extra item s . . . h andicapped by an acute shortage of train ed p e rso n n e l— banks are experiencing steadily risin g costs. T h at is why so many bank o p e ra tin g heads are co n su ltin g w ith B urroughs . . . why they are utiliz ing B u rro u g h s’ experience and technical kno w led g e of m achines, applications and pro ced u res in m ak ing plans to m eet today’s changing conditions. To M eet R ising C osts B anks A re T aking T h ese S tep s Studying o p eratin g ro u tin es in o rd e r to elim inate delays, w aiting, need less m otions, idle m achine tim e. T ra in in g o p e ra tin g departm ent em ployees to do th e ir w o rk the easy, sim ple, fast way. Studying form s that com e up for r e p r in tin g , to see w h e th e r they E quipping em ployees w ith m achines m ight be sim plified o r elim inated. elim in atin g many m anual o p eratio n s. w hich do m ore autom atically, thus BURROUGHS ADD IN G MACHINE COMPANY DETROIT, MICHIGAN th e p ast year. One of th e com panies, th e Com m ercial Savings and Loan association, paid its 109th sem iannual dividend Ja n u a ry 1. It w as organized in 1887. H enry H erm an Buch, 64, Mills county (Iow a) farm er and a d irecto r of th e F ederal L and B ank of Omaha, died recently in a Council Bluffs hos pital. He w as p ast presid en t of th e Mills County F arm B ureau. Mr. and Mrs. A ndrew Kopperud re cently announced the engagem ent of th e ir daughter, Miss M ary Jan e K op perud, to W illiam C. Ram sey, jr., of Omaha. T hey honored th e ir d au g h ter a t a reception on th e tw enty-fifth w edding an n iv ersary of Mr. and Mrs. K opperud. Mr. K opperud is vice p resi dent of th e F ederal L and B ank of Omaha. R ichard H. M allory, vice p resid en t of the U nited States N ational B ank of Omaha, is one of th e four ex-service m en nam ed as heads of air raid w arden activities in as m any Om aha districts, u n d er Jam es L. McCrory, head of the w arden service in Omaha. John A. C hangstrom , vice p resid en t of the Omaha N ational Bank, has been elected tre a su re r of th e board of tru s tees for the Omaha Masonic H om e for Boys. More th a n five h u n d red soldiers at F o rt Crook, south of Omaha, w ho had faced th e prospect of rem aining a t th e fort over C hristm as for lack of trav el funds, got to go home, anyw ay, as a re su lt of a $6,000 loan negotiated by th e presid en t of th e m otor school class, F irs t Class P riv ate Gordon E. \\ right. The soldiers had been given leaves b u t lacked m oney to go hom e because th e ir paychecks h a d n ’t caught up w ith them after th e m en w ere sent to F o rt Crook from 16 arm y posts for eight w eeks of schooling. W rig h t and George A. Gillan, Om aha A m erican Legion post a d ju tan t, laid th e problem before F irst N ational Bank officials and th e loan w as arranged, w ith soldiers giving th eir prom issory notes. The loans w ere to be repaid w ith arriv al of th e paychecks the first of th e year. York J. R. McCloud w as re-elected p resi dent of th e F irst N ational B ank of York at th e ann u al m eeting of direc tors. All o th er officers w ere re-elected. T he b an k declared recen tly its 120th consecutive sem i-annual stock divi dend. N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a r y 1942 53 fense stam ps and bonds, th e N ebraska B ankers A ssociation laid plans to bring 20 o th er state affiliates into the ranks, at a recent Lincoln m eeting. O. A. R iley, of H astings, president of th e organization, explained th e pro cedure qualifying banks to p articipate in th e sale. “The first step is to m ake application to th e F ederal Reserve, and th en after filling out th e qualifying form sent out by th e R eserve Bank, you are eligible for th e defense bond sales,” Riley stated. The m eeting w as presided over by E dgar M cBride, Blue Hill, executive chairm an. W EI Li, p resid en t of the N ational , B ank of Com m erce, declared his in stitu tio n had experienced a highly satisfacto ry y ear w ith deposits grow ing about a m illion and a q u a rte r d u rin g th e fiscal period. Mr. W eil said th a t out of resp ect to J. D. L au and D onald S. Cozad, w ho died d u rin g th e year, th e ir positions w ould not be filled th is year. M T. B. Strain, p resid en t of th e Conti nen tal N ational B ank, issued th e fol low ing sta te m e n t in reg ard to his firm ’s situ atio n : “The period ahead w ill call for sacri fice and courage on th e p a rt of th e A m erican people, b u t I feel confident th a t w e can accom plish th e task. W e are m ost fo rtu n a te to be living in Ne b rask a w h ere we can produce th e foods for so m uch of th e w orld. T here is no need to be hysterical. W e m u st m eet th e changing conditions by h a rd e r w o rk and longer hours. W e are not afraid of th e fu tu re. “Our b an k has added $50,000 to cap ital th ro u g h th e d eclaration of a stock dividend declared a t our a n n u al m eet ing, th u s m aking o u r to tal capital funds n early $1,000,000.” C. W. B attey w as added to th e board of d irecto rs of th e C ontinental. U nion B ank of College View re nam ed all officers and rep o rted a good y e a r at its a n n u al m eeting of directors. W. E. B arkley rem ain s as p resid en t and o th er officers are: J. H. Bradley, vice p resident; C harles H. W ear, cash ier; Isab el Clark, a ssista n t cashier. The first th re e nam ed and W illiam B arkley m ake up th e board of directors. YOUR STATE BANKERS AS SOCIATIO N OFFICIAL SAFE, V A U L T AN D TIMELOCK EXPERTS F. E. D A V E N P O R T & C O . George W. H olm es, p resid en t of F irst N ational Bank, declared in his rep o rt to stockholders th a t satisfactory e a rn ings had been m ade d uring the year. “Looking forw ard to th e inevitable period of read ju stm en t w hich m ay prove painful, reserves for contingen cies have been increased to fu rth e r s tre n g th e n th e position of th e bank. Taxes w ill unavoidably be h ig h er and for th is purpose reserv es have also been increased to m eet th em ,” he said. “Looking forw ard to excellent crops w hich are prom ised at th is tim e, and th e sound position of our bank, we go into th e fu tu re w ith confidence.” Officers of th e H avelock N ational and th e C itizens State Banks, in H avelock and U n iversity Place respectively, w ere re-elected at th e an n u al m eeting. In order to m ake N ebraska banks 100 p er cent stro n g in th e ir sale of de M. W eil w as elected presid en t of the Lincoln Clearing H ouse Association, succeeding George H olm es, at the an nual d in n er m eeting at th e C ornhusker Hotel. T. B. Strain w as nam ed vice president, to succeed Mr. Weil. R. J. B eck er w as elected secretarytreasu rer. Don Cozad w as elected to th a t office a year ago, and B. G. Clark had been acting in th a t capacity for th e late Mr. Cozad. Wisner At th e an n u al m eeting of th e F irs t N ational B ank of W isner directors recently at th e b an k N. J. H ill w as again m ade president; Mrs. M. E. Schreiber, vice president; Neal D. Saville, cashier, and N. R. Oleson, assist a n t cashier. At a m eeting of th e shareholders of th e bank, Mrs. E lsie Hill, Gus Albers, Claus W in th er and H erm an Clatanoff w ere elected board of directors. For SPEEDY TRANSIT SERVICE Use (W riN E N T A L | s | a TIONAL Ba/ k °f~ LIN CO LN Member Federal Deposit Insurance Corporation OMAHA N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F ebruary 1942 54 LIVE STOCK N A T IO N A L BANK OMAHA Statem ent o f Condition D ecem ber 31, 1941 LIABILITIES RESOURCES Loans an d D iscounts.............................. $11,652,945.50 C apital Stock (Common)....................... $ 500,000.00 Bonds and Other Securities................. 1,333.38 Surplus (Earned)....................................... 500,000.00 Stock in F ederal R eserve Bank.......... 30,000.00 U ndivided Profits..................................... 355,084.04 Banking H ouse and Fixtures............... 1.00 R eserve for T axes, Interest, Etc....... 166,859.06 Other R eal Estate.................................... N one U nearned D iscount.................................. 8,209.85 D ividend P a yab le January 2, 1942.... 7,500.00 U. S. G ov. S ecurities......$2,764,912.07 (Less T h an M ark et V a lu e) C ash, Sight E xchange Deposits: and Due From Federal Banks ...........................$9,650,682.60 R eserve Bank.............. $5,897,180.51 8,662,092.58 Other D eposits........... $9,158,036.91 18,808,719.51 $20,346,372.46 $20,346,372.46 CAPITAL, SURPLUS & LOANS & U N D IV ID ED PR O FIT S D ecem ber 31, 1933 - - - - $ 614,098.26 - D ecem ber 31, 1937 - - - - 804,063.52 - - - 1,355,084.04 D ecem ber 31, 1941 DISCO UNTS - D E P O SIT S $ 1,566,262.23 - - - $ 4,910,106.01 - 5,582,387.78 - - - 12,937,522.07 - 11,652,945.50 - - - 18,808,719.51 D IR E C T O R S A N D O F F IC E R S W. P. A dkins , Chairman H. B. B ergquist, Coal and Grain L. S. B urk J . J . F itzgerald, S ec’y Com m ’l. S vgs. & L oan A ss’n. T. E . Gledhill , F a r m e r Leo T. Murphy , M a n a g e r, A llied M ills H erman K. Schafer, P re s. M aney M ills Carl A. Swanson , P re s. J e r p e Comm. Co. A lvin E. J ohnson , P re s id e n t H. C. K arpf, V ice P re s id e n t H oward 0. W ilson , V ice P re s id e n t R. H. Kroeger, V ice P re s id e n t P aul H ansen , C a sh ie r L. V. P ulliam , A s s is ta n t C a sh ie r Chester G. P earson, A s s is ta n t C a sh ie r H . H. E chtermeyer, A s s is ta n t C a sh ie r This Bank Has No Affiliated Companies Member of Federal Reserve System and Federal Deposit Insurance Corporation N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1942 55 IOWA NEWS A. T. D O N H O W E P r e s id e n t PRANK W ARNER S ecreta ry D es M oines Young to Leave Iowa H oyt R. Young, for 25 y ears cashier of th e A m erican N ational B ank of A rlington and one of F a y e tte co u n ty ’s long-tim e b an k ers, su b m itted his resig natio n to th e board of directo rs of th a t in stitu tio n on Ja n u a ry 13, to become effective F e b ru a ry 7, at w hich tim e he w ill becom e associated w ith th e City N ational B ank of W ichita Falls, Texas, as its executive vice p resident. Sim ul tan eo u sly w ith Y oung’s resig n atio n th e office of vice presid en t for Iow a of the national b an k division of the A m erican B an k ers’ Association. M em bers of the executive council of th e Iow a B ankers A ssociation and o th ers of his friends honored Mr. Young w ith a farew ell d inner on Ja n u a ry 28th at th e Des Moines Club in Des Moines. Elected to Board E. T. M eredith, Jr., vice p resid en t and general m anager of th e M eredith P ublishing Company, w as elected to th e board of th e M orris P lan Com pany of Des Moines last m onth to fill th e vacancy caused by th e death of Colonel H a rry W ilkins last A ugust. M ere d ith ’s fath er, th e late E. T. M eredith, served on th e M orris P lan Com pany board 25 y ears ago. Jo h n Ford, presid en t of th e Berkow itz E nvelope Company, w as nam ed tre a su re r, an office also held by Colonel W ilkins. C. M. K irtley, credit m anager, w as elected a ssistan t secretary. A. R. W al lace, au d ito r and office m anager, w as nam ed a ssistan t treasu rer. Charles B ryant, president, and all o th er officers and directors w ere re-elected. Move also w as m ade to pay a six per cent dividend on com m on stock. F irs t paym ent in a n um ber of y ears of a five per cent dividend on common stock w as m ade last year. O ther officers re-elected at th e m eet ing were: B. E. R h in eh art, chairm an of th e board; L eonard J. W egm an, vice president; E. L. W egm an, vice p resi dent; L. D. Murfield, cashier and R. M. Deyo, a ssistan t cashier. D irectors re-elected are D. A. D own ing, H. J. M ayberry, Clifford L. Niles, B. E. R h in eh art, A. R. Thom as, Leo J. W egm an and L eonard J. W egm an. Gain in Assets A ssets of th e four Council Bluffs banks have show n a total gain of $1,261,265.24 in th e last year, a recen t com parison of th e statem en ts of con dition a t th e close of business on Dec. 31 w ith statem en ts for the correspond ing period in 1940 revealed. Am ong factors contrib u tin g to th e u p tu rn w ere im proved conditions, h ig h er prices w ith farm products con siderably h ig h er and an increase in n a tu ra l business. D eposits w ere increased in th e am ount of $1,188,438.68. The total assets for th e close of 1941 and the close of 1940 w ere as follows: $14,229,880.21 and $12,968,614.97. T otal deposits for the sam e periods showed: $13,013,907.37 and $11,825,468.69. Succeeds Father H. R. YOUNG board of th e A rlington b an k a n nounced th a t F re d E. B reckner, w ho has been w ith th e b an k since 1935, h ad been nam ed cashier. Mr. Young has long been p ro m in en t both in b an k in g and civic circles. In th e affairs of th e Iow a B a n k e rs’ Asso ciation he has been v ery active for m any y ears and th is activ ity w as cli m axed in 1941 by his election to th e asso ciatio n ’s h ig h est office, th a t of president. P rio r to his election as its p resid en t he h ad served th a t o rg an ization as vice p resid en t in 1937 and from tim e to tim e has been nam ed on several of its com m ittees. He is also p ast p re sid e n t of th e F a y e tte C ounty B a n k e rs’ A ssociation and has held th e Clay W. Stafford, cashier of the A m es T ru st and Savings B ank since 1921, w as elected presid en t to succeed his fath er, th e late H. W. Stafford, head of th e ban k for 26 years, a t a m eeting of the directors last m onth. George Judisch, president, and all o th er officers and directors of the U nion Story T ru st and Savings B ank w ere re-elected at th e m eeting. Anamosa Leo J. W egm an, A nam osa, w as re elected p resid en t of th e Citizens Sav ings B ank last m onth at th e annual m eeting of the bank. T ran sfer of $15,000 to th e su rplus account bringing th e total su rplus fu n d to $25,000 w as th e chief feature of th e business session. I n S io u x C ity , A d o lp h D avis, le ft, was c h a irm a n o f o n e se ctio n o f th e re c e n t R e d Cross c a m p a ig n , w h ile A d o lp h S a m , p r e s id e n t o f th e F irst N a tio n a l B a n k , w as c h a ir m a n o f a n o th e r R e d C ross c a m p a ig n sec tio n . I t is sa id th a t ea c h m o rn in g , to g iv e th e m p e p a n d fig h tin g s p ir it fo r th e c a m p a ig n a c tiv itie s, th e “T w o A d o lp h ’s” w o u ld s ta n d b e fo re a p ic tu r e o f a n o th e r A d o lp h , H itle r b y n a m e , a n d d e n o u n c e th e la tte r in n o u n c e rta in te rm s. T h e p ic tu r e a b o v e illu stra te s h o w th e y w e n t a b o u t th e ir m o r n in g se ttin g -u p e x ercises. N orthw estern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F ebruary 19k2 IT TAKES PEOPLE TO BUILD A BANK . . . Fred C. Atkins, cashier, pictured ab ove, h a s charge of bank operations including supervision of personnel. A b ove left, F. S. Lockwood, secretary and trust officer. Mr. Lockwood, with the assista n ce of the ca p a b le staff sh ow n directly a b o v e, directs and su p ervises trusts and safekeeping. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OUR TRUST DEPARTMENT AND BANK OPERATIONS These im portant departm ents in this bank underscore a significant d e velopm ent—the fact that during our twenty-five y ears of service to b an k ers, to business a n d to the public, grow th in organization h as been well rounded, well balanced. This h as been of interest to the correspondent banks we are privileged to serve. D epartm ents such a s those illustrated here, have e n ab led us to be helpful both from the standpoint of direct service a n d from the sta n d point of contributing experience to solution of their internal problem s. In December, 1917, the resources of this bank w ere $2,600,000. Under the sam e leadership as at the beginning of the q u arter century, today re sources a re more than $26,000,000. W e a re confident that expansion of departm entalized services played its part in this ten-fold growth. W e view the future in the confident hope of serving more of our banking friends in Iowa. M EM BER FEDERAL D E P O S IT IN SU R A N C E C O R P O R A T IO N I'ff ff r r t ffi p p Til m u n i https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I j r I f lil m 58 Lyman Is Assistant Cashier Follow ing a m eeting of th e stock holders of th e U nited States N ational Bank, Omaha, a t w hich all of th e di rectors w ere re-elected, directors re elected all officers, in addition to elect ing E dw ard W. L ym an to serve as as- T he end-of-the-year state ment has a distinct value in indicating the strength and fa cilities of a bank. But there are other factors of importance not shown among the assets. In casting up our accounts for 1941, we find listed the names of thirty-one additional corre EDW ARD W. LYM AN spondent banks. An ever widen ing circle of friends thus adds to our already ample oppor tunities for service. sistan t cashier. Mr. Lym an, a native of Lincoln, N ebraska, is a g raduate of th e U n iversity of N ebraska, and re ceived his early ban k tra in in g in th e F irs t N ational B ank of Chicago. He cam e to th e U nited States N ational from Chicago in 1940. In his new posi tion he w ill serve in th e com m ercial d ep artm en t of th e bank. Atlantic ... THE . . . P H IL A D E L P H IA NATIONAL BANK O R G A N IZ E D 1803 P H IL A D E L P H IA , P A . C a p ita l, S u r p lu s a n d U n d iv id e d P r o fits $46,000,000 Member of Federal Deposit Insurance Corporation N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Februarij 1942 The A tlantic State Bank, w hich paid stockholders of tru s t certificates in full in December, w ound up a success ful y ear by declaring a four per cent dividend to stockholders at th e an n u al m eeting of stockholders last m onth. It w as th e first dividend paid by the b ank since it w as reorganized du rin g th e bank holiday in 1933. Officers of th e b ank re-elected at the m eeting are F red R. H unt, president; W. R. Rem ien, vice president; C. D. E m m ert, cashier, and H. R. Gunderm an, a ssistan t cashier. Serving w ith the officers on th e board of directors, all re-elected, are A. A. Gillette, W alter G regersen, G. G. Jeck and T. P. Breheny. Mr. B reheny, w ho resigned recently as vice p resid en t and m em ber of the b an k board, w as prevailed upon by th e stockholders to rem ain as a d irector of th e bank. Mr. B reheny h ad ex pressed a desire to re tire both as an officer and d irector of th e in stitution. 59 What Iowa Statements Show DECEM BER 31, 1941 The Northwestern Banker is pleased to publish Bank Statements received before going to press— put us on your mailing list and send us your statements immediately after each call. If your bank is not included in the list below it is because YOU did not send in your statement. Please do so next time. TOW N BANK C A S H IE R C ap ita l A d e l.......................... .D a lla s C ou n ty S ta te B a n k .................. . . 0 . D . E lls w o r t h . . . . .$ 25,000 A lg o n a . . . . . . . . . ..I o w a S ta te B a n k ..................................... , . H. L . G ilm o re............ 50,000 A lg o n a ..................... .S e c u r ity S ta te B a n k .............................. . . E . A . S c h e m e !. . . . . 50,000 A m e s. ..................... . A m es T ru st & S a v in g s B a n k ............ . . C lay W . S t a f f o r d .. . 75,000 A m e s ....................... . U n io n S to ry T ru st & S a v in g s ............ .F . H . S c h le ite r ............ 100,000 A n a m o s a ................ C itiz en s S a v in g s B a n k ........................ . , L. D . M u rfield ......... 60,000 A r lin g to n .............. . A m erican N a tio n a l B a n k ................... . . H. R . Y o u n g ............ 25,000 A u b u r n ................... , A u b u rn S a v in g s B a n k . ........................ . . H . C. B r u n s .............. 25,000 B a ttle ( reek . . . . . F i r s t S ta te B a n k ..................................... . . E . D . M ick elso n . . . . 30,000 B o o n e ..................... . B o o n e T ru st & S a v in g s B a n k ........... , . R. J. M e y e r s............ 150,000 B o o n e ..................... ...C itiz e n s N a tio n a l B a n k ..................... . .E . E . W ie m e r ........... 100,000 B r e d a ....................... Breda S a v in g s B a n k ............................ . . F. V a n E r d e w y k .... 50,000 B u r lin g to n ............ .B u r lin g to n S a v in g s B a n k ..................... , . W . H . S w ile r .............. 100,000 B u r lin g to n ............ .F a r m e r s & M erch a n ts S a v in g s ......... . H . E . S im o n ................ 125,000 B u r lin g to n ............ . N a tio n a l B a n k .............. .......................... ..T h o m a s L . D y e r . . . 200,000 B u r n s id e ................ . B u rn sid e S a v in g s B a n k ....................... . . O. B . L u n d g r e n .... 10,000 C a r lisle ................ .. . H a r tfo rd -C a rlisle S a v in g s ................ . . G. D . S c h o o le r ............ 25,000 C edar F a l ls ......... . C edar F a lls T ru st & S a v in g s ......... . H . C. S m it h .............. 50,000 C edar F a l ls ......... . F ir s t N a tio n a l B a n k , . ........................ . . W . R . B r o w n ............ 100,000 C edar R a p id s. . . . .F irst T ru st & S a v in g s B a n k ............ . . F r a n k J . D v o ra k . . . , 100,000 C edar R a p i d s .. . . G u a ra n ty B a n k & T ru st Co.............. . . R eg in a ld B . F i g g e . 200,000 C edar R a p i d s .. . ..M e rch a n ts N a tio n a l B a n k ................ . . M ark J . M y ers. . . . 500,000 C edar R a p id s. . . . P e o p le s S a v in g s B a n k ....................... . . E rv in F . S te p a n e k . . 250,000 C e n t e r v ille .. . . . . . F irst N a tio n a l B a n k ............................ . . R oy E . O ughton . . . 50,000 C h a r ito n ................. • F ir s t S ta te B a n k ................................... ..L e s t e r F . S m i t h . . . 50,000 C h a r ito n ................. . N a tio n a l B an k & T ru st Co.............. . . E. L. G o o k in ............ . 100,000 C harles C i t y .. . . . .F irst S e c u r ity B a n k .............................. ..M e r te n J . K l a u s . . . 100,000 C la r in d a ................ . P a g e C ou n ty S ta te B a n k ................... . . C. E . B r a d le y ............ 50,000 C lin to n ................... . C ity N a tio n a l B a n k .............................. . . J. H . N is s e n .............. . 400,000 C lin to n ................... ..C lin to n N a tio n a l B a n k ..................... . . L. J. D e rflin g er. . . . 60,000 C o lfa x ..................... .F i r s t N a tio n a l B a n k ............................ . H . E. B e l l................... 25,000 Coon R a p i d s .. . . . F ir s t S ta te B a n k ................................... . P a u l H . K in n ic k . . . . 25,000 Coon R a p id s . . . . . .Iow a S a v in g s B a n k ................................ . . W a lte r B u en n ek e . . 25,000 C oun cil B lu f f s .. . .C o u n c il B lu ffs S a v in g s B a n k . . . . . . E. H . S p e tm a n .......... . 150,000 C oun cil B lu ffs. . . . S ta te S a v in g s B a n k ............................ . . C lyde A . B la n ch a rd . 100,000 C r a w fo r d sv ille . . P eo p les S a v in g s B a n k .......................... . . K . A . C o a te s .............. 20,000 D a v e n p o r t............... .D a v en p o r t B a n k & T ru st Co......... . H erm a n S ta a k ......... 600,000 D a v e n p o r t............ . .F ir s t T ru st & S a v in g s B a n k ........... . . F . A . J o h n s o n ......... 135,000 D e n is o n ................... • F ir s t N a tio n a l B a n k ..................... 100,000 . . T. C. A a r e s ta d ......... D e n v e r ..................... ..D e n v e r S a v in g s B a n k .......................... . . S. C. K im m .............. 25,000 D es M o in e s .......... . .B an k ers T ru st Co................................... . F . C. A t k in s ................ 1,000,000 D es M o in e s ......... ..C e n tr a l N a tio n a l B a n k ..................... . J. R . C a p p s......... .. . ,. 1,250,000 D ea M o in e s .......... . J o w a -D e s M oin es N a tio n a l B a n k . . . . H arry G. W ilso n . . . ,. 2,500,000 D es M o in e s .......... . V a lle y S a v in g s B a n k ............................ . .J . R . A s t le y ................ 200,000 D u b u q u e.............. . . .A m erican T ru st & S a v in g s B a n k . . . R oy F . G la b . . . . . . . 250,000 D u b u q u e ................. ..F i r s t N a tio n a l B a n k ............................ ..J o s e p h V . K e p p le r. 300,000 D u n la p ..................... ., D un lap S a v in g s B a n k .......................... ..G le n H. M i lla r d ... 25,000 D y e r s v ille .............. . D y e r sv ille N a tio n a l B a n k ................... . . A. W . B ir d ................ 50,000 E s th e r v ille ............ . E m m et C ou n ty S ta te B a n k ............ ..R o b e r t S . K n ig h t .. 50,000 E s th e r v ille ............ . Iow a T ru st & S a v in g s B a n k ............... . D on ald T . L a w le r . . 50,000 E x ir a ....................... . E x c h a n g e S ta te B a n k .......................... . . R . M. A n d e r se n . . . . 25,000 F o n d a ..................... . .F irst N a tio n a l B a n k ............................ . . A . M. K u h l................ 25,000 F o r t D o d g e ............, .T h e S ta te B a n k , ........................................ H a r ry T. H u ff ........... 100,000 F o r t M a d is o n .. . ., ..Fort M ad ison S a v in g s B a n k .............. . H. H . M o h r fe ld ......... 205,000 100,000 F o r t M ad ison . . . ,. .I o w a S ta te B a n k ..................................... .M ilto n E. L e h n in g . F o r t M ad ison . . . . L ee C ou n ty S a v in g s B a n k ................ . . A lb ert R . B e n b o w . . 105,000 G a r n e r ..................... .H a n co c k C ou n ty N a tio n a l B a n k . . . . H . H . O lle n b u r g ... 50,000 G a r w in ................... . F a r m e r s S a v in g s B a n k ......................... . . A . F . A g e n a .............. 20,000 50,000 G ladb rook .............. .S ta te B a n k ................................................... . L avera M. B o ll......... G r in n e ll................ . .G rin nell S ta te B a n k .............................. . . L. M. L a n n in g . . . . 60,000 20,000 G run d y C en ter. . . F a r m ers S a v in g s B a n k ....................... . . A . V . D ie k e n ............ G rundy C en ter. . . G ru n d y N a tio n a l B a n k ......................... . . T h os. J . N e e s s e n . . . 50,000 H a m p to n ................ • F ir s t N a tio n a l B a n k .............................. . J . M. B o o t s .................. 100,000 H a r t w ic k ................ H a r tw ick S ta te B a n k ........................... . . W . N . S h e lle n b a rg e r 25,000 50,000 H a w a r d e n ......... .... • F ir st N a tio n a l B a n k .............................. . H . V is se r ..................... 25,000 H a y e s v ille .............. .H a y e sv ille S a v in g s B a n k ..................... . J . E. R a y ..................... H u d s o n ................... . H udson S ta te B a n k ................................. . R. F. B u sc h in g . . . . 25,000 H u m b o ld t.............. • H u m b old t T r u st & S a v in g s B a n k . . . J. L. C a m p b ell......... 50,000 J e s u p ....................... . F a r m e r s S ta te . ........................................ . . C. E. S t e w a r t ............ 75,000 100,000 I n d ia n o la . . . . . . . . .P e o p les T r u st & S a v in g s B a n k ......... . M. F. H e n d er so n . . . . 150,000 Io w a C ity .............. . I o w a S ta te B a n k & T ru st Co........... . . M. B. G u th r ie ........... 50,000 J e ffe r s o n ................. ■J efferso n S ta te B a n k ......... ................. ..R a lp h H. M a lo n ey . 100,000 In d ep en d en ce. . . . . F a r m ers S ta te S a v in g s ....................... . .C . L. F e is t e r .............. 25,000 K e llo g g ................... . K e llo g g S a v in g s B a n k ......................... . J. D. R o th ................... 50,000 K n o x v ille .............. ..C o m m u n ity N a tio n a l B a n k ............ . . J. R. D y e r ................ 30,000 L a n s in g ................... .K e rn d t B ros. S a v in g s B a n k .............. . C. M. K e r n d t.............. 15,000 L a u r e l..................... . P eo p les S a v in g s B a n k . ..................... ..H u g h C. M cC leery. 60,200 L e M ars, ............ .....F i r s t N a tio n a l B a n k .............................. . R. E. T o o l.................. 25,000 M a d rid ..................... .C ity S ta te B a n k . ..................................... . . C. W . A nd erson . . . 25,000 M a n so n ................... . M an son S ta te B a n k .............................. . . G. L. S c h o le s ............ 50,000 M a p le to n ................ .F ir s t S ta te B a n k .............................. .. . . ,. . O rval S p ah n ............ 75,000 . J a ck so n S ta te S a v in g s B a n k ................J o h n J a rg o ................ M a q u o k e ta ............ 100,000 ............ . . A . T. D a v is ................ M a r sh a llto w n . . . . .F id e lity S a v in g s B a n k . . . 50,000 M a r sh a llto w n . . . . .S ecu rity S a v in g s B a n k ....................... . C. E. O r r..................... 25,000 M a r te lle , . . . . . . . . . .F arm ers S a v in g s B a n k ........................ . .G u y C. M a r tin ......... 400,000 W illia m W . B o y d . . ..F i r s t N a tio n a l B a n k .............................. 100,000 . . R . A. P o tte r . ............ . .U n ited H om e B a n k ............ .. 50,000 . F ir s t N a tio n a l B a n k ............................ .. .F . C. B u r k e .............. 400,000 M o n tic e llo .............. .M o n tic ello S ta te B a n k . ..................... ,. . H . M. C a rp en ter. . . 30,000 . S ecu rity S ta te B a n k ............................ .. . C arson W illia m s . . 50,000 . M ou n t V ern o n Bank. & T ru st C o.. . D . U . V a n M e tr e .. 125,000 , .C en tra l S ta te B a n k . .............................. . . G len D o w n in g . . . . 125,000 M u sca tin e B an k & T ru st Co........... . . B. L. M c K ee.............. 50,000 ..N e v a d a N a tio n a l B a n k ....................... . . L . R. B a s s e t . . . . . . 40,000 N e v a d a . . . . . . . . . ^ S ta te B a n k & T ru st Co....................... . . H . T . F a w c e t t ......... S u rp lu s and P r o fits $ 40,006 85,306 18,012 124,155 58,164 34,461 37,105 11,650 17,627 76,131 87,834 23,131 229,285 105,248 122,253 25,945 46,504 47,725 29,870 30,360 135,911 2,373,701 186,978 58,152 27,970 65,967 74,381 59,519 418,919 112,045 64,742 20,396 20,851 284,097 113,720 40,897 2,747,369 84,830 56,629 32,876 928,423 688,400 1,865,269 288,508 237,511 422,547 40,019 25,275 152,328 31,073 24,504 36,337 201,075 54,349 36,156 64,754 27,527 27,399 58,989 36,890 30.138 34,209 79,903 21,085 31,155 24,166 15,306 124,883 19,889 100,212 89,722 113,762 80,258 71,416 128,854 52,879 14.420 20,635 23,972 42,490 22,242 107,313 217,069 88,523 24.940 434,759 73,121 100,642 108,493 51,479 66,277 97,453 250,308 67,379 18,476 L o a n s and D isc o u n ts $ 579,941 799,345 411,804 940,059 656,247 766,879 222,377 213,815 390,087 1,928,320 1,080,911 245,069 2,717,163 1,001,225 1,667,810 287,877 422,913 486,791 390,057 959,045 1,708,666 11,152,449 3,051,039 184,219 358,029 348,368 838,426 682,350 2,656,995 324,821 490,704 287,542 277,972 3,526,485 1,709,551 214,797 10,370,469 2,012,263 661,778 342,376 11,257,996 12,694,325 18,561,769 4,574,633 1,566,434 1,596,993 212,299 508,384 1,191,589 435,154 390,972 332,568 1,979,490 780,427 193,837 620,420 379,652 168,552 622,926 540,945 502,352 341,097 968,757 156,520 310.996 211,186 174,075 916,508 142,542 736,257 1,674,601 823.009 1,044,975 478,855 851,092 305,425 163,106 241,260 297,864 447,572 332,664 1,411,891 1,101,659 909,339 147,469 3,690,507 1,619,793 254,116 3,471,642 407,286 525,103 838,844 1,201,790 742,694 356,836 B on d s and S ec u r itie s $ 81,215 226,851 40,360 771,193 488,606 416,121 85,400 68,400 63,500 253,457 627,686 94,472 378,002 1,056,227 1,306,863 12,969 98,147 340,326 739,856 342,775 995,492 17,015,441 776,649 858,681 330,412 712,784 111,302 179,057 2,204,738 587,055 178,660 89,375 69,600 581,113 197,854 56,600 15,431,849 793,126 309,657 64,010 5,449,705 10,579,907 28,888,964 747,465 2,964,312 1,121,491 212,998 279,050 455,818 238,260 66,613 110,870 450,049 1,693,124 406,096 602,768 61,598 155,050 32,000 79,600 61,471 157,844 433,236 64,300 137,095 208,673 98,622 380,433 707,666 466,140 389,031 417,137 659,759 188,585 202,867 199,069 48,697 472,678 185,747 414 94,750 56,560 983,482 474,110 123,559 3,701,223 80,611 421,348 1,272,784 126,896 103,901 1,334,270 2,530,833 222,823 24,600 C ash an d D ue D ep o sits From B a n k s $ 865,641 $ 273,874 1,961,464 1,050,198 658,171 256,037 1,918,324 422,813 1,639,415 620,691 1,639,885 527,336 438,649 190,323 344,006 95,731 502,874 91,352 2,934,857 979,462 2,411,465 853,644 612,298 341,626 5,203,170 2,392,209 3,528,366 1,628,814 4,719,600 2,027,549 384,831 118,065 674,125 222,893 577,219 1,326,648 1,648,284 604,453 1,619,925 471,672 3,633,948 1,266,336 19,479,886 45,815,547 2,345,512 5,805,735 586,028 1,491,871 346,722 963,642 543,606 1,495,072 1,190,114 1,953,685 584,605 1,343,876 2,486,543 6,546,926 1,191,823 1,950,320 292,019 881,375 200,827 537,780 193,658 495,427 1,440,248 5,265,712 668,305 2,359,125 468,095 253,096 34,509,743 11,974,718 4,015,638 1,590,358 1,231,615 400,081 602,741 252,155 8,458,140 23,925,983 34,143,845 12,828,639 54,334,427 19,778,726 6,784,618 2,057,451 6,130,544 2,124,559 11,117,279 3,638,378 524,304 159,990 686,282 1,416,509 2,224,096 761,839 985,605 373,774 188,521 600,751 335,491 727,227 3,507,844 1,367,333 3,732,346 1,523,935 713,326 238,992 1,958,491 896,359 631,525 1,005,835 363,973 87,890 885,870 330,866 723,422 1,263,587 262,499 771,974 399,028 827,561 1,959,435 712,861 101,708 282,948 499,475 118,072 342,514 707,224 509,303 274,060 402,022 1,522,070 961,933 203,185 1,025,576 2,050,224 3,450,849 1,556,651 794,024 1,880,658 2,413,792 889,123 306,697 883,184 746,908 1,624,570 292,571 746,203 118,521 291,661 290,213 945,523 187,729 626,771 374,182 856,365 494,802 126,631 1,359,214 2,675,124 2,849,137 4,673,936 970,687 2,233,881 99,266 319,356 2,997,804 9,902,458 1,287,968 2,837,846 223,737 818,084 5,293,460 1,109,495 351,097 823,820 329,589 839,083 944,066 2,877,739 3,272,220 6,656,038 486,899 1,346,495 106,494 437,459 N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F ebruary 19^2 60 W H A T IO W A STATEM ENTS S H O W TOW N BANK C A S H IE R N e w to n ................... .J a s p e r C oun ty S a v in g s B a n k ......... .A . E. H in d o r ff............ N e w t o n .. . . . . . . . .N e w to n N a tio n a l B a n k ....................... .W a lte r T . R o b in so n . O a k la n d ................ . O akland S a v in g s B a n k ......................... . J. J. E v a n s ................... O a k lan d . .............. . .C itiz en s S ta te B a n k ................................. . D. F . B u s s e ................ O e lw e in .................. ..F i r s t N a tio n a l B a n k ............................ . M. C. H a n s o n ............ O n s lo w ................... . .O n slow S a v in g s B a n k ................ .. . . . . Geo. H . P a u ls e n . . . . O ra n ge C ity . . . . ..N o r th w e ste r n S ta te B a n k ................... H. C. M o r et................ O sa g e. ..................... .O s a g e-F a rm ers N a tio n a l B a n k . . . . . E. A. H e id e n .............. O ttu m w a .............. ...U n io n B an k & T ru st Co..................... M ax von S c h r a d e r .. P e lla ....................... ..P e lla N a tio n a l B a n k ............................ . H . P . S c h ö lte .............. P e r r y ....................... • F ir s t N a tio n a l B a n k .............................. . C. S . J o h n s o n ............ Red O a k .............. . .H o u g h to n S ta te B a n k ............................ . O scar H e lg erso n . , Red O ak . . ............ .M o n tg o m ery C oun ty N a t io n a l......... . Iv a n E r i c k s o n ............ R o w le y ................... ..R o w le y S a v in g s B a n k .......................... .D . H . D in g s le y .......... S t. A n s g a r ........... , .S t. A n s g a r C itiz en s S t a t e ................... . A lb ert H a lv o rso n . . S h e ld o n ............ ...... . S ecu rity S ta te B a n k .............................. . R. A . S ch n e id er. . . . S h e n a n d o a h .......... .S e c u r it y T ru st & S a v in g s B a n k ... . W . H. L o n g m a n . . . . S io u x C ity ....... .... .F i r s t N a tio n a l B a n k .............................. . F r itz F r itzso n ......... S io u x C ity ............ .L iv e S tock N a tio n a l B a n k .................. .W . C. S c h e n k ............ S io u x C ity ............ .S e c u r ity N a tio n a l B a n k ....................... . R . E. B r o w n ................ S io u x C ity ............ .T o y N a tio n a l B a n k ................................. . E . E . E r ic k s o n ......... S io u x C ity ............ . W oodbury C oun ty S a v in g s B an k . . . . C. T. M cC lin to ck . . . S p e n c e r ................... .F a r m e r s T ru st & S a v in g s B a n k ... . K. R. T u t t le ................ S ta n d w o o d ............ . U n io n T ru st & S a v in g s B a n k ......... .C a r l H . H a a sem e y er. S torm C a k e......... . C itizen s F ir st N a t io n a l....................... .W a y n e A. M y e r s . . . . S to rm L a k e ......... C om m ercial T ru st & S a v in g s B a n k . .E lm e r J . K n e b e l . . . . S torm L a k e ......... ..S e c u r ity T ru st & S a v in g s B a n k ... . G. B .E g in t o n ............ S t r a t fo r d .............. . .F arm ers S a v in g s B a n k ....................... . E. J . J o h n s o n .............. S t u a r t .................... . F irst N a tio n a l B a n k ............................ . C. L. B e e c h ................... T ip to n ..................... . T ip to n S ta te B a n k ................................... . R. D. S w a r tz le n d e r .. T o le d o ..................... . N a tio n a l B an k o f ..................................... . A sa T h o m a s .............. V in t o n . . . . . . . . . . .S ta te B an k o f ............................................ . C harles B . B arron . . W a p ello . . . . . . . . .S ta te B an k o f ............................................ . H orace B. H am m er. W a s h in g to n .......... .N a tio n a l B an k o f ..................................... .E . F . M iic k ................... W a s h in g to n ......... . W a sh in g to n S ta te B a n k ....................... .F r a n k L. K o s .............. W a t e r lo o ............... .N a tio n a l B an k o f ..................................... .R . L. P e n n e ................ W a te r lo o . . . . . . . . .W a terlo o S a v in g s B a n k ....................... J. J. M ille r ................... W 'ayland................ . W aylan d S ta te B a n k .............................. . M elvin G. R o t h ............ W est D es M oin es. .F ir s t N a tio n a l B a n k .............................. .J a m e s L. G r a y ............ W illia m sb u r g . . . . .F a r m ers T ru st & S a v in g s B a n k ... . O. E. J o n e s ................ W o r th in g to n ......... . S ta te B an k o f .............................................. . G eorge N . F e lte s . . . . Y a le .......................... .F a r m e r s S ta te B a n k .............................. . Guy E. H e a te r ............ Heads Association M. C. Eidsm oe, p resid en t of th e W oodbury C ounty Savings B ank, w as elected p resid en t of th e Sioux City C a p ita l 100,000 100,000 35,000 40,000 50,000 20,000 65,000 100,000 300,000 50,000 50,000 100,000 50,000 20,000 50,000 50,000 60,000 400,000 250,000 250,000 300,000 100,000 100,000 30,000 75,000 50,000 50,000 20,000 35,000 52,500 80,000 65,000 25,000 80,000 50,000 250,000 175,000 25,000 25,000 50,000 25,000 30,000 S u rp lu s and P r o fits 250,796 70,067 53,770 45,745 124,223 40,214 68,519 100,914 298,985 69.435 114,800 80,160 52,988 20,872 34,031 44,557 67,321 216,121 323,623 271,844 380,809 143,678 89,187 22,943 226,849 51,246 57,200 17,478 39,100 66,962 84,039 122,771 21,585 48,711 119,603 344,469 236,145 38,960 34,844 62,910 16,250 20.144 C learing H ouse A ssociation at the g ro u p ’s an n u al m eeting last m onth. R. R. B rubacher, p resid en t of th e Toy N ational Bank, is th e re tirin g p resi dent. The new vice presid en t is Carl C o m e . . . F e b r u a r y 12 L oan s and D isco u n ts 2,717,514 582,590 445,974 580,821 669,416 297,336 779,073 741,708 2,465,830 668,179 794,626 451,011 628,787 206,493 506,363 452,474 649,317 3,225,336 3,812,613 4,002,014 2,969,288 1,872,899 1,292,753 568,051 1,379,719 336,643 489,226 181,709 188,164 796,954 669,505 842,510 302,916 356,706 521,273 3,119,525 3,145,662 256,890 290,497 657,575 192,666 350,295 B onds and S ecu rities 401,719 441,711 204,648 152,796 593,857 90,400 23,700 463,957 2,392,003 613,281 212,720 507,049 171,720 83,551 122,423 160,445 345,579 3,759,992 1,371,050 1,009,942 3,877,901 796,102 271,027 28,312 164,030 247,700 263,840 80,700 139,140 196,062 221,826 505,795 56,363 352,585 388,346 3,291,259 1,719,949 147,077 62,694 73,825 44,600 54.028 C ash and D ue From B a n k s 1,177,898 626,855 312,954 204,725 851,185 249,302 639,370 354,599 3,058,404 920,931 652,086 880,576 610,558 179,131 283,018 434,497 605,703 3,176,603 5,468,357 4,560,180 4,704,663 552,334 866,646 230,884 1,099,369 308,693 421,877 206,372 211,736 521,269 531,702 649,343 327,134 1,013,356 862,962 3,683,459 2,982,450 272,329 146,356 439,574 92,299 197,700 D ep o sits 3.966,638 1,528,688 874,806 862,790 1,970,738 576,826 1,320,219 1,371,656 7,459,268 2,080,098 1,516,742 2,684,288 1,325,337 432,520 855,004 969,742 1,571,595 7,476.323 10,000,325 9,228,024 11,004,778 2,950,676 2,375,286 776,037 2,317,730 804,341 1,070,290 436,615 477,730 1,403,293 1,269,273 1,828,022 636,233 1,586,943 1.610,620 9,465,826 7,451,984 614,338 447,012 1,071,719 292,744 554,685 F redricksen, presid en t of th e Live Stock N ational Bank, w ho succeeds Mr. Eidsm oe. R. E. Brow n, cashier of th e Security N ational Bank, w as re elected secretary -treasu rer. The asso ciation w ill be host to a m eeting of Group 1 of th e Iow a B ankers A ssocia tion F e b ru a ry 12 in Sioux City. C e d ar Falls to th e C ity o n th e S io u x ! To our banker friends in Iow a, N ebraska and South Dakota w e sen d this friendly m e ssa g e : Let nothing deter yo u from attending the m eeting of Group O ne of the Iow a Bankers A ssociation at the Martin Hotel, Sioux City, February 12. All directors w ere re-elected a t th e an n u al stockholders m eeting of th e F irs t N ational B ank of Cedar Falls held recen tly in th e offices of th e bank. The board, consisting of J. B. N ew m an, H. P. H ansen, P. A. L und, Jo h n R. Voorhees, M. J. N elson and V. W. Johnson, convened im m ediately afte r the m eeting and re-elected as officers for 1941. V. W. Johnson, president; J. B. N ew m an, vice presid en t and counsel; W. E. Brow n, cashier; and E dw in L. U nger, a ssista n t cashier. W e w an t yo u to en joy the fellow ship, the hospitality and the inspirational program of this outstanding event. You are a lw a y s w elco m e in Sioux City! SECURITY NATIONAL BANK SIOUX CITY, IOW A MEMBER FDIC N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1942 Tipton A t th e an n u al m eeting of th e T ipton State Bank, J. W. Edge w as re-elected president, R. D. Sw artzlender, cash ier, and Dale H. Sm ith, first a ssista n t cashier. Due to recen t increase in de posit liability to $1,400,000, th e capital and su rp lu s accounts of th is b an k have been increased from $70,000 to $105,000. F re d W iebel, a ssistan t cashier, left th e b ank to join the Navy, and is now lo cated a t th e G reat L akes naval base. 61 Groups 1 and 11 In Sioux City and Burlington WO group m eetings hold th e spot lig h t in activ ities of th e Iow a B ankers A ssociation in F e b ru a ry —th e m eeting of G roup One a t Sioux City on T h u rsd ay , F e b ru a ry 12, and th e G roup E lev en conclave in B u r lington on M onday, F e b ru a ry 23. H ea d q u a rte rs in Sioux City w ill be a t th e H otel M artin, th e a rran g em en ts consisting of re g istra tio n and a m eet ing of Ju n io r B ankers in th e m o rn ing, th e re g u la r G roup One business session and p ro g ram in th e afternoon, and a b an q u et in th e evening. A t B urlington, at th e H otel B u rlin g ton, a p relim in ary social ev en t w ill be held th e evening of Sunday, F e b ru ary 22, b u t th e dance usu ally staged as a night-before affair, w ill be om it ted. The m o rnin g of F e b ru a ry 23 w ill be devoted to re g istra tio n and visiting, w ith th e program p ro p er sta rtin g w ith a luncheon in th e hotel. The G roup One pro g ram a t Sioux City is as follows: 9:00 A. M.—R eg istratio n M artin H otel M ezzanine Floor 10:00 A. M.—Ju n io r B an k ers M eeting M eeting Called to O rder—H. C. Linduski, a ssista n t cashier, Live Stock N ational Bank, Sioux City; C hairm an, Ju n io r B ankers of G roup One. G reetings—A. T. Donhowe, vice president, C entral N ational B ank & T ru st Co., Des Moines; president, Iow a B an k ers A ssociation. A dding M achine C ontest (M achines cou rtesy B u rro u g h s A dding M achine Co.). E x h ib itio n — P au l Dick, a ssista n t cashier, E a rly Savings Bank; w in n er, Group One contest 1941. l.:15 p. m.—Ball Room, M artin H otel M eeting Called to O rder—A. J. Bertelson, cashier, M orningside Savings Bank, Sioux City; ch airm an G roup One. A ddress of W elcom e—M. C. Eidsmoe, presid en t, W oodbury C ounty Savings B ank, Sioux City; p resident, Sioux City C learing H ouse A ssocia tion. R esponse—A lb ert H. M eyer, p re si dent, F irs t N ational B ank, P aullina. R em ark s—A. T. Donhowe, vice p re s ident, C entral N ational B ank & T ru st Co., Des Moines; presid en t, Iow a B an k ers A ssociation. R em ark s—M. W. E llis, S u p erin ten d e n t of B anks, Des Moines. R em ark s—W. G. C. Bagley, T reas u re r of S tate of Iowa, Des Moines. A ddress—Hon. V incent F. H a rrin g ton, C ongressm an, E ig h th D istrict of Iowa, W ashington. A ddress—H u g h O’Neill, Jr., In sta ll T m en t C redit D epartm ent, F ed eral Re serve B ank of Chicago. R em arks—F ra n k W arn er, secretary, Iow a B ankers A ssociation. A djournm ent. 4:30 p. m.—G roup C onference of C ounty A ssociation Officers 5:00 to 6:15 p. m.—Social H our C avalier Room, B asem ent M artin H otel 6:30 p. m.—B anquet Ball Room, M artin H otel F loor Show and E n tertain m en t. For the Ladies Lounge and H eadquarters, M artin H otel 12:00—L uncheon, W a rrio r H otel 6:30 P. M.—B anquet, Ball Room, M artin H otel A t Burlington E. A. Ebersole, vice p resid en t an d cashier of th e S tate C entral Savings Bank, K eokuk, has released th e fol low ing program for th e Group E leven m eeting: Group II M eetin g BURLINGTON M on d ay, Feb. 2 3 BURLINGTON W elcom es You/ Burlington b an k s ex ten d a hearty in vita tion to all m em bers of G roup E leven a n d other ban kers to atten d our a n n u a l Group m eetin g h ere M onday, February 23. W e h a v e arra n g ed a fine program a n d w e h a v e a lso p repared som e ex cellen t entertainm ent for your enjoym ent. Be sure to com e to Burlington on S u n d a y , the d a y p reced in g the G roup M eetin g— a n d take a d v a n ta g e of the d ou b le h o lid a y . . . . Burlington Savings Bank Farmers & M erchants Savings Bank N ational Bank of Burlington N o r th w e s te r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b r u a r y 19^2 62 • Sunday, February 22 IOWA NEWS •- McCleary, secretary, Group Eleven; vice p resid en t and cashier, Security State Bank. B u rlin g to n Tea P a rty —7:00 P. M. to 9:00 P. M., B urlin g to n Hotel. Monday, February 23 G reetings—A. T. Donhowe, p resi d en t of Iow a B ankers Association. R eg istratio n —10:00 A. M., B u rlin g ton Hotel. L uncheon — 12:00 M., B urlin g to n Hotel. Invocation—Rev. W illiam T. Sm ith, pastor, F irs t M ethodist Church, B u r lington, Iowa. Call to O rder—H. Lee H uston, ch a ir m an, G roup Eleven; cashier, Colum bus Ju n c tio n S tate Bank. M inutes of th e L ast M eeting—R. J. In tro d u cin g our New Chief, M. W. E llis, S u p erin ten d en t of B anking, S tate of Iowa. W hen G angsters C ooperate—M. W. Fodor, E u ro p ean C orrespondent, Chi cago Daily News. Promotions A t th e an n u al m eeting of stockhold ers of F irs t N ational B ank an d T ru st Com pany of M inneapolis, F ra n k J. Blosky, vice presid en t of th e C edar Lake Ice and F uel Company, and B ruce E. Russell, atto rn ey , w ere elected m em bers of th e advisory com m ittee of th e b a n k ’s N o rth Side Office. A t th e d irecto rs’ m eeting im m ediate ly following, C harles R. M iller w as A ssociation N ews—F ra n k W arner, secretary, Iow a B ankers Association. KENNETH MEW M A R K E T S - N E W MEEHODS V ER the face o f th e country in the p ast few m onths has com e an en orm ou s ch an ge — a ch an ge w h ich is reflected in the b usin ess activity o f every citizen . N e w m arkets, n ew m eth o d s, n ew co n ce p ts o f business are required; and in each o f these resp ects credit plays an im p ortan t role. In the C h ica g o area, the A m erican N a tio n a l B an k and T rust C om p an y is actively e n g a g e d in correlatin g cred it requ irem en ts w ith th ese ch a n g in g c o n d itio n s o f business. Such services have b rou gh t this in stitu tio n in to clo se co n ta ct w ith m any typ ical in dustrial p ro b lem s o f today. It is for this reason that th e A m erican N a tio n a l is able to offer e x c e p tio n a l c o r r e sp o n d e n t b a n k in g services to business-minded banks in oth er parts o f th e country. O A M E R IC A N N A T IO N A L B A N K A N D TRUST C O M PA N Y OF CHICAGO L A S A L L E S T R E E T ,J1 M e m b e r F e d e r a l D e p o s it AT W A S H I N G T O N •ggllllls8*’: I n s u r a n c e C o r p o r a tio n w O U R B U S I N E S S N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I S F ebruary 19b2 T O H E L P B U S I N E S S T. M A R T IN elected vice presid en t and tru s t officer and D w ight M. Holcombe and K enneth T. M artin w ere nam ed a ssistan t cash iers. Mr. M iller becam e a ssistan t sec re ta ry of th e F irs t M inneapolis T ru st Com pany in 1929 and since 1936 h as been a ssistan t secretary and assista n t tru s t officer. Mr. Holcom be has been in th e b a n k ’s credit d ep artm en t since 1925. A fter four y ears as a ssistan t cashier of th e F irs t N ational B ank of L ittle Falls, Mr. M artin joined th e in vestm en t d ep artm en t of th e fo rm er F irs t M inneapolis T ru st Com pany in 1928. F ive y ears later w hen th e b an k and tru s t com pany consolidated, he or ganized and has since m anaged th e B ank A dvisory D ivision of th e F irs t N ational’s d ep artm en t of b an k s and bankers. Martelle A t th e recen t an n u al m eeting of th e F a rm e rs Savings B ank of M artelle, th e officers w ere re-elected for a n o th er y ear as follows: E. C. Gotsch, president; C. L. Murfield, vice president; an d Guy C. M artin, cashier. Mr. M artin w as also elected to th e board of directo rs to fill th e vacancy caused by th e d eath of C. M. Murfield. 63 IOWA NEWS FRO M H ERE A N D TH ERE Toy N ational Bank, S ioux City, de posits, $11,004,778; up $2,176,876. Loans and discounts, $2,970,000; up $153,646. Clay C ounty N ational Bank, Spencer, deposits, $2,544,500; up $470,000. Loans and discounts, $1,218,709; up $238,293. M apleton T rust & Savings Bank, deposits, $657,580; up $24,000. Loans and discounts, $417,891; up $48,380. By J. A . Sarazen, Associate Editor 000. Loans and discounts, $1,872,900; up $54,221. J. A. S A R A Z E N F irst State Bank, M apleton, deposits, ANK deposit tre n d in Iow a b anks pointed sh a rp ly u p w ard d u rin g 1941 as is in dicated by th e several statem en ts w hich w ere picked a t ra n dom and review ed below. Loans gen erally, also k e p t pace, as w ill be noted. F irst N ational Bank, LeM ars, depos its, $945,523; up $129,613. Loans and discounts, $241,260; up $25,494. C itizens N ational Bank, W ebb, de posits, $362,000; up $69,000. Loans and discounts, $200,000; up $20,000. A kron S a A 'i n g s B ank, deposits, $280,193; up $50,000. Loans and discounts, $242,250; up $25,000. B F arm ers T rust W oodbury County S avings Bank, S ioux City, deposits, $2,950,676; up $40,- & Savings S ecu rity N ational Bank, S ioux City, deposits, $9,228,000; up $1,753,650. Loans and discounts, $4,002,000; up $614,457. $494,892; up $43,233. L oans an d dis counts, $332,664; up $65,000. M orningside S a \in g s Bank, S ioux City, deposits, $951,000; up $250,000. Bank, Spencer, deposits, $2,375,286; u p $400,000. L oans and discounts, $1,484,950; up $154,310. F irst N ational Bank, H a w arden, de posits, $500,000; up $30,000. Loans and discounts, $311,000; no change. Secu rity State Bank, Sheldon, depos its, $969,742; up $30,000. L oans and discounts, $452,474; up $73,500. V alley State Bank, R ock V alley, de posits, $1,059,373; up $125,844. Loans and discounts, $705,275; up $179,223. F arm ers State Bank, H aw arden, de posits, $495,000; up $55,000. L oans and discounts, $448,300; up $47,300. Iow a T ru st & S avin gs Bank, Emm etsburg, deposits, $1,142,110; up $75,000. L oans and discounts, $812,474; up $ 86 , 100 . State B ank of T errill, deposits, $302,000; up $36,000. L oans and discounts, $205,000; up $58,667. A lbert City S avin gs Bank, deposits, $578,866; up $110,000. L oans and dis counts, $261,375; up $61,000. C hatsw orth S avin gs Bank, deposits, $78,450; up $7,567. L oans and discounts, $78,825; up $2,638. F irst N ational Bank, A kron, depos its, $550,647; up $103,000. L oans and discounts, $360,603; up $28,633. F arm ers State Bank, M errill, depos its, $388,450; u p $148,000. L oans and discounts, $280,000; u p $90,000. F irst N ational Bank, S ioux City, de posits, $7,476,323; up $602,550. Loans and discounts, $3,225,336; up $696,000. L ive Stock N ational Bank, S ioux City, deposits, $10,000,325; up $2,576,583. Group 1—Sioux City February 12th W elcom e to Sioux City February 12— and help u s open the first Iow a group m eeting of 1942. W e extend a warm invitation also to b anks of N ebraska, South Dakota, and M innesota. Officers of this bank w elcom e y o u w ith the sa m e sincere friendliness that dom inates First N ational Bank corre spondent service. Let us h an d le your correspondent b u sin ess in Sioux City, the great market of the Northwest! For V I C T O R Y B uy D efen se B onds A. G. Sam, President J. R. Graning, Assistant Cashier J. P. H ainer, Vice President Fritz Fritzson, Vice Pres, and Cashier E. A. Johnson, Assistant Cashier W. F. Cook, A uditor J. T. Grant, Assistant Cashier M EM B E R F E D E R A L D E P O S IT IN S U R A N C E C O R PO R A TIO N IN SIOUX CITY Loans and discounts, $3,812,613; up $806,600. N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1942 64 • IOWA NEWS • Loans and discounts, $737,000; up $187000. F irst N ational Bank, W oodbine, de posits, $832,367; up $20,400. L oans and discounts, $642,440; up $98,000. its, $5,265,712; up $463,000. Loans and discounts, $3,526,500; up $740,500. F irst N ational Bank, C ouncil Bluffs, T he building, w hich it occupied since organization, w as p u rchased th e m id dle of Ja n u a ry from th e receivership of th e U nion Savings B ank a t a cost of $45,000. T he building w as erected by the Scott County Savings B ank during W orld W ar days and w as later con solidated w ith th e Union. P lans are u n d er w ay to rem odel th e deposits, $1,883,478; up $257,972. Loans and discounts, $731,200; up $142,550. D unlap S avin gs Bank, D unlap, de posits, $524,300; up $77,300. Loans and discounts, $277,300; up $57,300. State S avin gs Bank, C ouncil Bluffs, deposits, $2,360,000; up $287,431. L oans and discounts, $1,709,551; up $250,000. Council B luffs Savings Bank, depos The F irst T rust & S avin gs Bank, D avenport, now owns its ow n home. THE N A TIO N A L BANK OF WATERLOO ------------------------------------ * ------------------------------------ STATEMENT OF CONDITION in terio r and open a door on T h ird Street. The y ear end statem en t lists deposits of $4,137,000 and footings of $4,406,000. Two new directors w ere added to th e board of directors a t th e an n u al m eet ing of stockholders. T hey are I. W eir Sears, vice presid en t and general m an ager of th e Sears Saddlery Company, and A lbert F. U chtorff, p resid en t of th e U chtorff Company. At th e State Savings Bank, Council Bluffs, su rp lu s has been increased to equal th e capital, w hich am ounts to $100,000. V ictor D. Sm ith, personal loan m anager, w as elected a ssistan t cashier at th e an n u al m eeting. The sm all loan volum e of th is b an k has been b u ilt up to n early $450,000 in the last th re e years. F ran k C. B urke has been elected cashier of the F irs t N ational Bank, M issouri Valley, to succeed H. M. Silsby w ho passed aw ay D ecem ber 10th. Mr. B urke has been w ith th e b an k for th e p ast several years. as at th e close o f business D ecem ber 31, 1941 ---------------------------------------------------* --------------------------------------------------- RESOURCES C ash and due from b a n k s.................................... $ 3,683,459.66 Loans an d d iscou n ts................................................ 3,119,525.45 U. S. G overnm ent secu rities................................ 950,234.85 State, county an d m unicipal secu rities............ 2,210,546.30 Other b o n d s............................................................... 130,479.57 Stock in F ederal R eserve Bank............................ 13,500.00 Overdrafts ................................................................. 3,074.60 Furniture and fixtures............................................. 7,615.65 A ccrued interest r e c e iv a b le ................................ 37,902.57 $10,156,338.65 LIABILITIES C apital stock— com m on ...................................... $ 250,000.00 S u r p lu s ........................................................................ 200,000.00 U ndivided profits...................................................... 144,469.05 R eserve for taxes, interest, etc............................. 79,733.30 Interest collected but not earn ed ....................... 16,309.52 D eposits ...................................................................... 9,465,826.78 $10,156,338.65 ★ OFFICERS J ames M. Graham----- President Chas. S. McKiNSTRY....FFe Pres. R. L. P enne........................Cashier H. F. H offer....Assisfanf Cashier R. L. K ilgore....Assistant Cashier A. J. B urk........ Assistant Cashier Member Federal Reserve System Member Federal Deposit Insurance Corporation N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F ebruary 1942 The destin y of the Sioux C ity C ham ber of Com m erce this year is som ew hat in the hands of the L iv e stock N ation al B atik of Sioux C ity. C. R. M cK enna, a d irector of the bank is p resid en t of th e C ham ber of Com m erce, and Carl L. Fredricksen, p resid en t of the bank, is second vice p resid en t of the Cham ber. Carl ivas treasurer last year. Mr. M c K en n a is presid en t of the Johnson B iscu it C om pany of Sioux C ity. 65 • T he Council Bluffs Savings B ank had a good year, according to B. A. Gronstal, president. T he re g u la r 12 per cen t dividend w as m aintained, su rp lu s increased $25,000, ch arged th e new building dow n to $150,000 and charged fixtures an d v a u lt eq u ip m en t off com pletely. E m ployes received a bonus of 10 p er cen t of th e ir re g u la r salary. H arry C. V oss, Council Bluffs Coal & Ice Com pany, w as elected to th e board of directors. IOWA NEWS • F ritz F ritzson, vice president, F irs t N ational Bank, Sioux City, rep o rts th a t his b an k is selling lots of Defense Sav ings Bonds. Up to tim e of our e n try into th e w ar his ban k had sold about $100,000 w o rth and in th e following fo rty days sold n early th re e tim es as m uch. All Sioux City banks rep o rted heavy sales of D efense Savings Bonds and w e find th a t up u n til th e tim e we en tered th e w ar, D ecem ber 7th, a total of $593,670 w o rth of Defense Savings Bonds had been sold in Sioux City, and th e follow ing forty days, $918,207 m ore w ere sold. The b ank a t Soldier has adopted a new schedule of in te re st rates paid on deposits. No in te re st is paid on ac counts up to $100. Balances betw een $100 and $1,000 w ill receive 1 ^ Per cent. On larg er sum s th e ra te paid w ill be 1 p er cent. T he b ank form erly paid 2 per cent straight. John C hristensen has joined th e D unlap Savings B ank as teller. J o h n ’s fa th e r is p resid en t of th e F a rm e rs N a tio n al a t A urelia. R. C. B aie has been stepped up to a ssista n t cashier. J. R ay Hubbard, cashier, M oorhead S tate Bank, is becom ing quite a holder of Iow a real estate. He has ju s t p u r chased an o th e r 320 acre farm to add to his alread y large holdings of 700 acres. T he la tte r acquired farm will be ru n by a h ire d m an w h ereas he has th re e te n a n ts on th e 700 acre farm . Tom M cE voy, Jr., w as m ade cashier of th e M ondam in Savings B ank a t th e an n u a l m eeting. H e re tu rn e d from th e w est coast la st fall w h ere he w as em ployed by a large bank, to join his fa th e r in th e b an k in g business. T he Iow a S tate B ank, H ull, h as ju st com pleted build in g a large book and m oney v a u lt on th e re a r of th e ir b u ild ing. E. C. R eim ann, president, rep o rts bu siness in 1941 as v ery fair. Stock holders received th e usu al dividend. The F ir st N ational Bank, H aw arden, h ad a good year. S urplus w as in creased from $12,000 to $20,000 from earnings. John Scott, Jr., M orningside State Bank, Sioux City, left for C alifornia w h ere he w ill v isit his son in m ilita ry service a t San F rancisco. He w ill th e n v isit o th er places of in te re st an d re tu rn to his b an k in F eb ru ary . The G raettinger State B ank com pleted th e p ast y e a r w ith an increase in su rp lu s and profits of $6,000, paid a 6 p er cent dividend an d charged th e building down. D eposits are $500,000. Banks Sold or Bought! quietly, quickly and in a personal manner JAY A. W ELCH BANK BROKER Haddam, Kansas A Bumper Crop of Fall Pigs U N IT E D S T A T E S D ep a rtm en t of A g ric u ltu r e E S T IM A T E S : An Important Part of the Food-for-Victory Program Is Now Starting to Market Drovers National Bank can help you give fast service to your customers who ship live stock to Chicago. Within a few hours after sales are made here in the "Yards", the pro ceeds can be made available to your customers at your bank. Drovers Live Stock Shippers' Instruction Forms are an aid to this fast service. One of these simple forms, when prop erly filled in at your bank, instructs the commission firm to transmit proceeds through the Drovers. Keep these Drovers forms on hand, whether or not your bank is a regular cor respondent. We will be glad to send you a supply upon request. Y o u r In q u ir y R e g a r d in g th e A d v a n ta g e s of D r o v e r s S e r v ic e fo r Y o u r B a n k , I s I n v ite d F a ll P ig Crop 35,580,000 H ead S ix p erc en t ab ove a n y p rev io u s record T o ta l 1941 P ig Crop 85,035,000 H ead T w o p erc en t sm a lle r th a n 1939 record crop 1942 E s tim a te : T o ta l P ig Crop 97,000,000 H ead T en m illio n ab ove a n y p rev io u s record DROVERS NATIONAL BANN DROVERS TRUST & SAVINGS BANK U N I O N S T O C K Y A R D S , C H I C A G O “35 Years Practical Banking Experience” M em bers, F ederal D e p o sit Insu ran ce C orporation N o r th w e ste r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F eb ru a ru 1942 66 • F. T. L ew is, a ssista n t cashier, State B ank of T errill, w as ind u cted into m il ita ry service J a n u a ry 22nd. Gerald P eterson of R ound L ake, M innesota, has joined th e bank, succeeding Mr. Lewis. To re n d e r 25 y ears of b an k in g serv ice to a com m unity w ith o u t m ak in g a single change in officers or directors is alm ost an u n h e a rd of accom plishm ent. The C lim bing H ill Savings B ank is ro u n d in g out its 25th y e a r th is y e a r IOWA NEWS • and has th is distinction. W m . H. Steinhauer, president; P. B. V erm ilyea, vice p resident, and C. O. McClaran, cashier, in addition, tw o directors w ere origi nal organizers and have held these re spective positions since. T he b an k has paid a reasonable dividend each y ear w ith th e exception of th re e or four y e a rs and w as released w ith th e n a tio n al banks a t th e tim e of th e national b an k holiday. T he P isgah S avin gs B ank can be C e n t r a l H a n o v er B an k and T r u st C om pan y proud of paying th e ir tru s t certificates in full. It took some of th e good e a rn ings to do th is b u t no depositor can say he lost a cent in th is bank. T he first dividend of 5 per cent w as also paid to stockholders in 1941 since th e national b ank holiday. D. C. M iller succeeds L. B. H ak es on th e board a t th e L au ren s S tate Bank. A ccording to E. B. P annkuk, cashier, th e b ank had an excellent year, paying a 12 p er cent dividend, m ade th e re g u la r charge off on th e building and fix tu re s and m ade a su b stan tial increase to th e reserves. Geo. M. L iven good has been elected to th e board of directors a t th e F irs t N ational Bank, W oodbine, succeeding R. H. Eby. N EW Y ORK Advanced to Cashier T he advancem ent of Joseph R. F itz p atrick to cashier of th e Second N a tional B ank of W ashington, D. C., has been announced by Jo h n V. Reilly, presid en t of th a t in stitution. Mr. F itz p atrick w as form erly a ssistan t cashier Statement of Condition at Close of Business December 31 , 1941 ASSETS Cash and Due from B a n k s ....................................... $ 4 6 5 , 9 9 5 , 6 5 8 . 5 6 U . S. Government S e c u ritie s.......................................... 6 2 8 , 7 3 0 , 6 1 7 . 4 8 State and Municipal S e c u r i t i e s ........................... 5 9 , 6 7 4 ,4 0 1 .8 7 O ther S e c u r i t i e s ...................................................... 2 1 ,9 1 5 ,48 1.38 Stock in Federal Reserve B a n k ........................... 2,4 3 0 ,000.00 Loans and Bills P u r c h a s e d .......................................... 2 2 7 , 2 8 8 , 8 0 8 . 2 8 Real Estate M ortg ag es............................................... 6 ,4 8 8 , 2 2 2 .1 1 Banking H o u s e s ...................................................... 1 4 , 5 5 0 ,0 1 1 . 0 0 O ther Real E s t a t e ...................................................... 958,9 18 .77 Interest A c c r u e d ...................................................... 1,6 7 5 , 872.08 Customers’ Liability Account of Acceptances . 2, 1 2 0 ,4 3 4 .4 5 T otal $ 1 , 4 3 1 , 8 2 8 , 4 2 5 . 9 8 L IA B IL IT IE S C a p i t a l ....................................... $ 2 1 , 0 0 0 , 0 0 0 . 0 0 S u r p l u s .......................................... 6 0 , 0 0 0 , 0 0 0 . 0 0 Undivided Profits . . . 1 7 , 530,408.85 $98, 530,408.85 Reserve for T axes, Interest Accrued, etc................. 3,4 7 9 , 8 9 5 .17 Dividend Payable January 2 , 1 9 4 2 ............................................... 1 ,0 5 0 ,000.00 A cceptances........................................... 2, 190,662.97 D eposits.................................................... 1 , 3 2 6 , 5 7 7 , 4 5 8 . 9 9 Total $ 1 , 4 3 1 , 8 2 8 , 4 2 5 . 9 8 There are pledged to secure public monies and to qualify for fiduciary powers JO SEPH R. F IT Z P A T R IC K in charge of th e S eventh S treet B ranch. H e is a p ast presid en t of th e W ashington C hapter of th e A. I. B. and is w ell know n and quite active in in stitu te affairs. Jo h n V. R eilly is th e first vice p resid en t of th e D istrict of Columbia B ankers A ssociation. U. S. Government S e c u r i t i e s .............................................. $ 82 , 0 3 2 , 846. 86 YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS Member Federal Deposit Insurance Corporation F. E. DAVENPORT & CO. OM AHA N o r th w e ste r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a ry 1942 67 Des Moines Bank Elections F. BUCKLEY, vce p re sd e n t of ing p lan t a t Redfield, Iowa. . th e C entral N ational B ank & T ru st T he o th er new d irector is B. Rees E Jones, p resid en t of th e Tow n M utual Com pany, w as nam ed president. W. J. Goodwin, w ho has been p re si den t and ch airm an of th e board at th e D w elling In su ran ce Company. A t th e Iowa-Des Moines N ational B ank & T ru st Com pany th re e prom o tions w ere announced by H erb ert L. H orton, president. Clyde H. D oolittle w as elevated from tr u s t officer to vice p resid en t and tru s t officer. Orville M. G arrett w as p ro m oted from a ssistan t vice p resident to vice p resid en t and V erne T. B onnett from a ssistan t cashier to a ssistan t vice president. All o th er officers and directors w ere reelected. All officers of th e B ankers T ru st Company, except C. H. Stephenson, a vice president, w ho resigned recently, w ere reelected at th e an n u al m eeting. In addition to B. F. Kauffm an, p resi dent, th ey are: R. R. Rollins, S. C. Pidgeon and C. W. M esmer, vice p resi dents; F. C. A tkins, cashier; F . S. Lockwood, secretary and tru s t officer; G. A. Moeckly, a ssistan t cashier and m anager of th e personal loan d ep art m ent; K. L. DeBolt, a ssistan t cashier and m anager of th e m ortgage d ep art m ent; L. N evin Lee, a ssistan t vice president; and W illiam E llison and A. F. E rickson, a ssistan t cashiers. E. F. B U C K L E Y Surrounded by flowers received upon his election to the presidency of the C entral N atio n al B ank C entral N ational, w ill continue as board chairm an. Two C entral N ational a ssista n t vice presid en ts w ere m ade vice presidents. T hey are E m m ett E. Jo h n s and F red H. Quiner. A Bankfor Middle West Bankers For nearly three-quarters of a century this bank has handled the accounts of bankers through out the middle west. May we explain how this long experience can be made of value to you? • LIVE STOCK BANK O F C H I C A G O n a t i o n a l Established 1868 UNION CLYDE H. STOCK YARDS D O O L IT T L E Two new m em bers w ere elected to th e C entral N ational board of d irect ors. One is R obert K. Goodwin, w ho op erates a clay prod u cts m a n u fa c tu r M e m b e r F e d e r a l D e p o s it In s u ra n c e C o r p o r a tio n i N o r th w e ste r n B a n k e r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e b ru a ry 1942 68 W h at Their Statements Show Figures Reported by Banks in Larger Financial Centers According to Their Statements of December 31, 1941 BANK ...A m e r ic a n N atl- B an k & T ru st Co.. . . . . C ity N a tio n a l B an k and T ru st C o. . . . . . C o n tin e n ta l-Illin o is N a t io n a l.. . . . . . . . . D ro v ers N a tio n a l . . . . . . . . . . . . . . . . . . . . . F i r s t N a tio n a l B a n k ................................. . . . L a S a lle N a tio n a l B a n k .......................... . . .L iv e S tock N a tio n a l B a n k ..................... . , . N o rth ern T ru st C o m p a n y ....................... D e t r o it ................ . . .N a tio n a l B an k o f . ...................................... K a n sa s C it y . . . . . .C om m erce T ru st C o m p a n y .............. .... . , . . .C en tral H an over B an k & T r u s t ......... . . .C hase N a tio n a l B a n k ................................ . . .C hem ical B a n k & T ru st Co..................... C o n tin e n ta l B an k & T ru st Co.............. . . . . G u aran ty T ru st Co..................................... . . .M an u fa ctu rers T ru st .............................. . . .N ew Y ork T ru st C o m p a n y ..................... P u b lic N a tio n a l B an k & T ru st C o .. . P h ila d e lp h ia . . . ...P h ila d e lp h ia N a tio n a l B a n k ................ ...B o a t m e n ’s N a tio n a l B a n k ..................... . . . F i r s t N a tio n a l B a n k ................................. S t. L o u is ............ . . .M iss is s ip p i V a lle y T ru st C om p an y. . . TOW N C h ic a g o .............. C h ica g o .............. C h ic a g o .............. C h ic a g o .............. C h ic a g o .............. C h ic a g o .............. C h ic a g o .............. D irectors are P aul Beer, J. G. Gam ble, F. W. H ubbell, E. T. M eredith, Jr., R ussell Reel, K auffm an, Dr. 0. J. Fay, J. W. Howell, J. W. H ubbell, Shirley Percival, Jo h n D. Shuler, Pidgeon and Rollins. Roy E. H uber, a form er exam iner of closed b anks for th e sta te b an k in g de p artm en t, w as elected a ssista n t vice presid en t of th e V alley Savings bank. At th e b a n k ’s a n n u al m eeting, R ay Thom pson, m an ag er of th e in stallm en t loan d ep artm en t, w as prom oted to as C apital $ 1,600,000 4,000,000 50,000,000 1,000,000 30,000,000 700,000 1,000,000 3,000,000 18,750,000 6,000,000 21,000.000 100,270,000 20,000,000 4.000,000 90,000,000 41,891,220 12,500,000 7,000,000 14,000,000 2,500,000 10,200,000 6,000,000 S u rp lu s and P ro fits 2,765,142 4,011,685 64,394,693 1,087,821 48,008,173 215,405 1,671,620 11,278,745 16,026,923 7,330,607 77,530,408 140,639,834 59,161,723 4,574,943 189,470,856 42,233,744 28,383,772 11,059,987 32,295,271 2,202,886 9,795,982 3,788,906 $ L o a n s and D isco u n ts $ 28,196,798 54,144,140 284,763,260 4,697,736 408,518,033 4,178,077 7,055,628 52,200,376 101,158,070 67,876,542 233,777,030 802,221,308 156,455,076 20,728,045 550,865,729 260,309,534 134,157,857 73,437,026 91,630,773 26,073,345 81,768,771 52,399,430 sista n t cashier. He w ill rem ain as head of th e in stallm en t loan d e p a rt m ent. O ther officials w ere reelected. The Capital City S tate B ank in E ast Des Moines reelected all officers and directors and tra n sfe rre d $25,000 from reserv es and undivided profits to su r plus. T his addition m akes th e b ank su rp lu s $100,000, th e reserv es and u n divided profits, $64,000. Officers reelected are Rolfe O. W ag ner, p resident; R aym ond G. M iller and 7? B on d s and S ecu rities $ 28,968,793 52,291,993 793,185,553 17,599,947 510,595,242 4,750,043 5,260,152 244,277,254 332,253,752 72,549,104 710,320,499 1,489,892,334 555,970,687 20,979,560 1,067,813,216 373,569,763 217,898,480 55,689,708 281,995,507 36,448,001 112,666,529 40,786,303 C ash and D ue From B a n k s $ 39,786,988 95,223,436 656,448,462 29,008,351 452,572,271 5,510,199 22,948,905 148,576,351 235,807,326 90,505,255 465,995,658 1,248,516,343 377,335,459 39,730,223 883,795,875 365,609,706 168,368,326 77,275,924 304,524,666 26,886,849 143,870,756 51,110,813 $ D ep o sits 91,393,557 192,902,188 1,616,430,112 48,803,518 1,298,895,060 13,621,177 33,141,093 421,261,993 636,875,853 220,056,739 1,326,577,458 3,534,966,617 1,014,109,864 88,237,901 2,259,895,401 984,004,718 537,081,903 187,299,297 629,732,560 84,716,003 320,704,647 135,176,796 George W. R ichter, vice presidents; J. N. Coffey, cashier, and George Radcliffe, F re d C. S utton and C. Allen Evans, a ssistan t cashiers. G. B. Jen sen w as reelected presi den t of th e Des Moines B ank & T ru st Company. O ther officers reelected w ere A. W. C rossan and T. P. Fairw eather, vice presidents; and H. F. Gall, cashier. H erm an A. U m frid, a director, w as elected a vice president. U m frid, w ho has operated th e Ames W holesale G rocery and T h riftw ay food stores chain th e last 15 years, sold th e firms recen tly b u t w ill continue as m anager of them . All officers of th e Iow a State Bank, E ast Des Moines in stitu tio n , w ere re elected. T hey are G. A. F ram p to n , presid en t and cashier; George O’Dea, vice p resi dent; Lew is A. Rodenbaugh, a ssistan t cashier; and George H. Borg, a ssistan t cashier. D irectors are O’Dea, w ho is ch airm an of th e board; F ram p to n , H ugh N. G allagher, W illiam A. Broq u ist and A. E. Sargent. En|oy re la xa tio n and build up healtt in the rejuven ating m in eral w aters found here at A m erica’s greatest spo Every thrilling outdoor activity is wait ng to be enioyed now by Elms Hote k guests W rite tod av ■or descriptive [1.4 literature TT FAR M ORE TO OFFER BUT FAR FROM ^EING EXPENSIVE Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 February 1942 \ Roy M. M esserschm idt w as reelected p resid en t of th e F irs t N ational B ank of W est Des Moines, and his wife, Mabel, w as reelected vice president. O ther directors are A lbert L. M esser schm idt, B. L. S tew art and Chelious V andenburg. Fleeced The v isitor paid his bill at th e fash ionable hotel, and as he w en t out, he noticed a sign n ear th e door, “H ave you left an y th in g ?” So he w en t back and spoke to th e m anager. “T h at sign’s w rong,” he said. “It should read, ‘H ave you a n y th in g left?’ ” 69 —• Muscatine All officers and directors of th e M us catin e B ank an d T ru s t C om pany w ere re-elected at th e a n n u al m eetings of th e stockholders and d irecto rs held last m o n th in th e d ire c to rs’ room a t th e bank. Officers w ho w ill hold office again d u rin g th e com ing y e a r are C. R. Musser, ch airm an of th e board: W. E. D ow ner, president; B. L. McKee, vice p resid en t an d cashier; F. W. Allen, as sista n t cashier; W. F. Siem ers, assis ta n t cashier; E. C. R osenm und, as sista n t cashier, and B. P. Olsen, au d i tor. IOWA NEWS •- p resid en t of th e A m erican B ankers A ssociation sen t us his statem en t as of th e end of th e y ear w hich show ed th a t th e b ank had total deposits of over $18,553,000 w ith a capital stock of $500,000 and su rp lu s and undivided profits of $906,000, all of w hich is a m ighty fine showing. Donald H. Clark, p u b lisher of the M id-Continent B anker of St. Louis, w as in California recently and in w ritin g to us about the situation out th ere had this to say: “C alifornians aren ’t g ettin g too e x cited or w orried about the w ar, but it w ould be a m istake to say th a t ‘b u si n ess is as u sual.’ The Los A ngeles Tim es cam e out w ith a big front page story that ‘all w as w ell,’ b u sin ess w as fine, and th at the tou rist b u sin ess w as ‘p ractically’ as good as last year. N O N SE N SE. The big h otels are alm ost em pty, even the B iltm ore w hich is prim arily com m ercial is h a v in g a tim e N EW S A N D V IEW S (C ontinued from page 14) ciated w ith th e Com m erce T ru s t Com p an y of K ansas City. Joe studied law, b u t got sidetracked into th e ban k in g b u siness w hich he says he enjoys v ery m uch. Joe re p re se n ts his b a n k in Iowa, N ebraska, M issouri, and K ansas, and does a m ig h ty fine job of it too. Orval W . A dam s, executive vice p resid en t of th e U tah S tate N ational B ank of Salt L ake City and form er A Salute— B oth the in terio r and exterior of the First N ation al B ank of Sioux C ity have undergone som e rem o d eling. The o u tside of th e bu ildin g, w h ich is of a v e ry unusual ty p e of architecture, has been cleaned b y sand blast. P resid en t A . G. Sam rep o rts th at th e inside has been rep a ired and th ere has been ex ten sive rem o d elin g w ith som e new w o rk booths. T he bank also has a new system of ou tdoor ligh tin g be tw een the beau tifu l p illa rs and the fro n t of the bank as show n in the p h o to g ra p h above. to STEEL! H E sto ry o f steel in C hicago begins w ith th e c o n stru ctio n of a sm all b la st fu rn ace an d rolling m ill in 1857. T h e first m a jo r jo b o f th e in fa n t in d u stry w as pro d u cin g steel rails for th e w estw ard extension o f th e railroads. N e x t, it p ro v id ed m e ta l to help m ech a T nize th e n a tio n ’s steadily expanding farm s. N ow , of course, th e in d u s try is v itally concerned w ith A m erica’s w ar effort. T h e ste e l in d u s tr y m e a n s m u ch to Chicago, as it does to th e n atio n . H ence th is salu te — to steel! Continental Illinois National Bank and Trust Company OF C H IC A G O M em ber Federal D eposit In su ra n c e Corporation Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19^2 70 • LAY SAY LILIE N A TIO N A L B A N ML CHICAGO, ILLINOIS ir e c to r i 2 LAURANCE ARMOUR Chairman of the Board D irecto r , A rmour & Co. HARRY L. DRAKE R eal E state JOHN V. FARWELL, III, President S an ita ry S cale C o . WADE FETZER, President W. A. A lexander & Co. GEORGE W. GRIFFITHS, Vice Pres. J o h n G r if f it h s & S on C o n st r u c t io n C o . NATHANIEL LEVERONE Chairman of the Board A u tom atic C a n teen C o . JOHN R. NICHOLSON N ic h o l s o n , S n y der , C h adw ell & F acerburg GEORGE W. OVERTON, President R eu ben H. D o n n e l l e y C o r f . C. RAY PHILLIPS, President L a S alle N a t io n a l B a n k IOWA NEWS • stayin g h alf filled. T ow n H ou se and A m bassador, etc., are dam ned near EM PTY. Trains are crow ded goin g E A ST but not goin g w est. The City of Santa F e, on w h ich w e cam e, w as on ly tw o-thirds fu ll. It u su ally has a ‘w aitin g lis t’. Trains are all OFF schedu le.” D ale E. C ham berlain, vice p resid en t of th e D rovers N ational B ank of Chi cago, has sen t out to th e ir friends a sm all U nited States flag m ounted on a D rovers N ational B ank pedestal. On one side is th e b a n k ’s ad v ertise m en t statin g th a t th ey have been re n d ering “D ependable B anking Service since 1882” and on th e o th er side is th e Pledge to th e F lag w hich is, “I pledge allegian ce to th e flag of U nited States of A m erica and to republic for w h ich it stands, one tion in d ivisib le, w ith lib erty and tice for all.” the the n a ju s GEORGE E. ROSE, Vice President I n t e r n a t io n a l H arvester Co. CARL J. WEITZEI. E state of M arsha ll F ield LO CATED IN CHICAGO'S THE FINANCIAL HE AR T OF DISTRICT F ay In galls, p resid en t of The H om e stead ” of H ot Springs, V irginia, is now acting as host to th e Japanese and Germ an diplom ats in A m erica w ho are being held by th e State D epart m en t u n til th ey can be exchanged for A m erican diplom ats in those tw o countries. H e has recen tly sent out to all of his form er guests a t his hotel, a le tte r on th is situ atio n and soliciting th e ir fu tu re patronage. In th e letter, Mr. Ingalls says: , “The State D ep artm ent requested, as a m a tte r of p atriotic d uty and as a m easure of natio n al defense, th a t T he H om estead tak e care of th e Japanese, and th e Greenbrier th e G erm an diplo m atic forces pending th e ir exchange. The H om estead m anagem ent felt th a t such a req u est could n ot and should not be questioned. “A lthough th e full H om estead p e r sonnel is on d u ty and we are fu rn ish ing to th e Jap anese reg u lar H om estead service w e are precluded from tak in g o th er guests w hile th ese aliens are w ith us. “E veryone in th e go v ern m en t is m ost anxious to re tu rn these foreign diplom ats to th e ir ow n countries. T he plans are th a t th e y w ill leave The H om estead and th is co u n try early in F e b ru a ry .” M any b an k ers th ro u g h o u t th e N orthwestern B anker te rrito ry w ere saddened to h ear of th e death of M. J. (M ike) Isler at his hom e in St. Louis, M issouri. Mr. Isler w as p resi d en t of th e Isler-T oom sett L ith o g rap h ing Com pany of St. Louis and w as w ell know n am ong ban k ers th ro u g h out th is te rrito ry w here he h ad a t tended conventions, for m any years. F ig u res recen tly com piled on th e n et earnings of 12 of the largest banks in th e U nited States show th e follow ing figures for 1941: T he Fontenelle today establishes the standard o f hotel excellence for 1951. T he new guest rooms, smart lobbies and beautiful din ing room s reflect th is m odern trend. Hotel F o n ten elle is th e address o f satisfaction. N et E arnings TH REE 1. 2. 3. 4. 5. RESTAURANTS 6. ★ ★ ★ R O M RAY-REA C K M IR R O R R O O M 7. A M R E R ROOM M A O CO LE R O O M JfaSFONTENELLE OM AHA S Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 19b2 W E L C O M E TO TH E W ORLD y N/ V/ V/ V V/ V/ V N/ N/ V/ T y 8. 9. 10. 11. 12. C ontinental Illinois. . . $15,172,830 Chase N ational .............. 14,517,635 B ank of A m erica ........ 13,429,029 G u aran ty T ru st . . . . . . 13,324,356 N ational City and City B ank F a rm e rs T ru st Co. 12,020,868 F irs t N ational, New Y ork ................................ 10,057,764 B ankers T rust, New Y ork . 7,790,220 C entral H a n o v e r ............ 6,626,719 F irs t N ational, Chicago 6,522,532 S ecurity F irst, Los A ngeles ............................ 6,120,000 P hiladelphia N ational . . 5,483,363 F irs t N ational, B oston 5,125,029 P hilip H ew itt-M yring, of London, an E n glish lite ra ry critic and re g u la r con trib u to r to th e Spectator visited N ew Y ork and in a recen t issue of “B u lle tin s From B rita in ” gave his im pres sions afte r com ing from London B lackouts to N ew Y ork L igh ts w h en he said: “The lig h ts of N ew York— and 71 • IOWA NEWS • early th is year. The new stru c tu re from its form er site, and people of is located directly across th e stre e t W estside and com m unity can con g ratu late them selves on having such a m odern and conveniently arran g ed b anking building in th e ir city. T he H. C. B uell, cashier of the Lone Tree ex terio r of th e building is of hollow tile, w ith the in terio r w all covering of Savings Bank, L one Tree, Iowa: plaster. An oil b u rn e r w ith overhead “Our new building is now completed. units, provides th e heat, and th e b an k W e opened up b anking th e n ex t day ing room s have fluorescent th ro u g h a fte r th e fire in an o th er building, b u t out. th e inconvenience of being about a block from our v au lt w as too great. Our v au lts came th ro u g h th e fire w ith no dam age to an y th in g on th e inside, so we erected a tem p o rary building over and around th e v au lts and we m oved into it Decem ber 31, 1940. Since th a t tim e the new building has been erected aro u n d us. W e are thoroughly acquainted w ith how building is done, as we have been on th e inside all d u r ing construction. You can im agine th a t the changing of th e roof over our N EW BUILDIN GS heads and th e erecting of th e w alls (C ontinued from page 21) aro u n d us, th e plasterin g of th e room H erbert W oodward, cashier of the in w hich we w ere conducting th e Colum bia H eigh ts State Bank, A noka banking, w as quite an experience. C ounty, M innesota: “The b ank is 50x36, th e brick are “On account of increased business ta n color. W e have the m ain banking o u r b an k enlarged its lobby by m ov room, and we also have a consultation ing th e fixtures 10 feet fu rth e r back room and a directors room, an d a from th e en tran ce, and th e n m oving custom ers room. W e are heated w ith th e ledger posting d ep artm en t into a hot air forced feed furnace. Our th e d irecto rs room. The officers q u a r fixtures are m ahogany and of the low te rs are on th e rig h t side of th e lobby, ty pe.” S e r v i c e — M a in ta in in g an and w ere enlarged and an additional intim ate, personalized corre desk installed. A p riv ate consultation The new hom e of th e W estside State room for custom ers w as b u ilt on th e S avin gs Bank, W estside, Iow a, w as spondent bank service. com pleted recently, and officially left h an d side of th e lobby w here custom ers, com m ittees, etc. can m eet opened for business in its new location Experience — Officials with years of service in this field, wmmmmmmmmwmwmmmmimmmmmmmmmmmmMmmwmwmMMmmmmii assuring a know ledge o f re quirem ents and valuable as sistance. the food! E v en after lie has been for a w eek on A m erican soil, the E n g lish man w ho has com e straigh t from wartorn B ritain can scarcely b elieve in them . H e m ust, he feels, be liv in g in a dream land th at w ill at any m om ent he sn atched aw ay from him by a bleak and desolate aw akening. I w alk over to the pane of glass and stand for a m inute entranced as rank upon rank, tow erin g to the sky, the lig h ts of N ew York d isplay th e m selv es in one of the lo v eliest panoram as th at th is w orld can show . “W here food is concerned, it is only after several days th at the fee lin g of gu ilt w ith w h ich one starts every m eal b egin s to w ear off. One’s friend s and relatives in E n glan d are not really starving: th ey have enough to keep body and sou l together—b u t w h at w ou ld n ’t th ey g ive to be able to sit dow n to a spread lik e this!” for conference and w here officers can also hold p riv ate conferences w ith custom ers.” T he business of the b ank has increased 33% in th e p ast year and total resources are now in the neighborhood of $400,000. THE P u b l ic \ A t io \ a l Bank AND TRUST COMPANY OF NEW YORK Out-of-TownRanks O u t-o f-to w n banks and bankers w ill find h ere c o m p le t e b a n k in g f a c ilit ie s fo r p r o m p t a n d Policy — To cooperate with out-of-town hanks rather than compete for business which is rightfully theirs. e c o n o m ic a l h a n d lin g o f accou n ts in C h icago. W e w o u ld ap p reciate th e op p o rtu n ity o f serv in g you. C it y N a t io n a l B a n k A N » T R U S T 2 0 8 S O U T H C O M P A N Y of Chicago L A S A L L E S T R E E T ESTABLISHED 1908 MEMBER NEW YORK CLEARING HOUSE ASSOCIATION EDERAL DEPOSIT INSURANCE CORPORATION ( Member Federal Deposit Insurance Corporation) Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1942 72 The building of the H artw ick State Bank, H artw ick, Iow a, is one of those pictu red w ith th is article, and the new stru c tu re takes the place of the form er building w hich w as badly dam aged by fire m ore th an a year ago. The building m easures 30 by 36 feet and is m odern in every respect. E x te rio r construction is of tile brick, the in terio r finish is of plaster, the ceilings being covered w ith acoustical board. Floors are of asp h alt tile, an oil b u rn e r supplies th e heat, and fix tu re s are fashioned from Iow a w alnut. A t th e reg u lar stockholders m eeting of th e H ayesville Savings Bank, its board of directors w as re-elected. T his w ill be th e eig h teen th year th a t its board of directors have served to gether. B ert F isch er w as re-elected president; E lm er H. M ertz, executive vice president; J. E. Ray, cashier. The b an k has enjoyed its b est y ear since its organization in 1912. R esources of th e b an k have reached m ore th a n $750,000. Write for Free Estimates MUTUAL BONDING COMPANY Incorporated 1933 H om e Office V A L L E Y B A N K B U IL D IN G Des Moines, Iowa Hayesville FOR BANKS MERCHANTS • © This is Iowa’s oldest surety company. A progressive company with experienced, conservative management. We are proud of our hundred and fifty hank agents in Iowa. To be the exclusive representative of this company is an asset to your bank. • Brief News CO M PAN Y DES M O I N E S F R S I E E N R D L Y I C E V H H ^ Come to the Bismarck for luxurious comfort . . . good food . . . and th a t e l u s i v e so m e thing called “friendly se rvice ’’ that makes you feel right at home. Every modern hotel convenience is here at your beck and call . . . and the location is a t i m e - s a v i n g convenience. Write for booklet with map of downtown Chicago O T T O K . E IT E L , M N G . DIR. W rite to It isn ’t v ery often th a t a young m an 29 y ears of age is th e recipient of a P a st M aster’s jew el given to a re tir ing w orshipful m aster in a Masonic lodge, b u t such is th e case w ith D ale C. Sm ith, m anager of th e T ra n sit D epart m en t of the C entral N ational B ank & T ru st Co., Des Moines, w ho recently a t a public in stallatio n w as presented w ith a b eautiful gold P ast M aster’s jew el as re tirin g m aster of G nem eth lodge at W est Des Moines. Stockholders of th e N orth w ood State B ank have approved an increase in capital stock from $15,000 to $30,000, and su rp lu s in th e new capital stru c tu re w ill be $10,000. A t th e recen t an nual m eeting, all directors and officers of th e b an k w ere re-elected. D https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Secretary and M anager OFFICE MACHINES Addressing Machines . . . Adding Machines Duplicating Machines . . . Electro Copyist Equipment. . . O zalid Whiteprint Process . . . T yp e w riters. . . Ediphone Voice Writing. FRIDEN C A L C U L A T O R S C o u n s e l February Í 9 fi2 E. H. WARNER An in terestin g com parison of b ank statem en ts can be m ade in those of th e C om m ercial State Bank, M arshall tow n —one dated Ju n e 29, 1935, and th e m ost recen t statem en t of Decem ber 31, 1941. The b ank opened in May, 1835, and a t th a t tim e show ed total re sources of $263,963. The recent sta te m en t of Com m ercial S tate gives re sources of $1,298,127, m ore th a n a m il lion increase. PRI NT ER S — BOOKBINDERS OF F I C E O U T F I T T E R S S T AT I ONE R S — B U S I N E S S MACHI NES G R f U lD R V E Í 1U E R T F O U R T H 20th y ea r plann ing a d v e r tis in g program s for banks and tru st com panies. M em ber F inancial A d v e r tis e r s A ssociation . ^ W z a tin c j Northwestern Banker • on B a n k R. W ESSLIN G , PRESID ENT P u b l i c R e l a t i o n s ezA/[oLn.£,±, o v e r CL 73 • P aul S iegm und has becom e associat ed w ith th e D eW itt B ank and T ru st C om pany as tr u s t officer. He has been active in Clinton county b an k in g circles for th e p ast fo rty years. L ee Chandler, cash ier of th e Iow a Savings B ank, Dike, re p o rts an o th er successful y e a r for th e in stitu tio n , w ith th e b an k m ak in g in excess of 19 p er cent on th e p ar value of its stock. AAT. H. B ak ker h as resigned as a di recto r of th e bank, and Mr. C handler w as nam ed to th e board. J. J. D eLay, fo rm erly a ssista n t cash ier of th e B ank of M adison, M adison, N ebraska, has assum ed a like position w ith th e F a rm e rs Savings B ank of Rem sen, Iowa. IOWA Guy M. B u tts, fo rm erly cash ier of th e E xchange S tate B ank, W esley, has been elected p resid en t of th a t in s titu tion. John H u tch in son is th e new cashier of th e bank, and C. J. S herm an has been nam ed vice president. E a rly last m onth th e D enver Savings B ank celebrated its fo rtie th a n n iv e r sary. F o rty y ears ago w h en th e b ank sta rte d its sta te m e n t on opening day show ed resources of only $17,271. T w en ty y ears la te r th is figure stood a t $527,730, and now resources are $660,617. D eposits fo rty y ears ago w ere only a little m ore th a n $2,000— now th ey are m ore th a n $600,000. S. C. Kim in is cash ier and a d irecto r of th e D enver Savings Bank. W. AV. M cRory, p resid en t of th e Citi zens S tate B ank, Oakland, re p o rts th e conclusion of a satisfacto ry y e a r for his in stitu tio n . D eposits have increased m ore th a n $200,000 d u rin g th e p ast y ear, and loan volum e and earn in g s show a nice increase. A t th e recen t an n u al m eeting of th e bank, all d irec to rs and officers w ere re-elected. • Index to Advertisers A A l l e n W a l e s A d d i n g M a c h i n e C o r p .......... A l l i e d M u t u a l C a s u a l t y C o m p a n y .......... A. C. A l l y n a n d C o m p a n y .............................. A m e r i c a n I n s t i t u t e o f B u s i n e s s .................. A m e r i c a n N a t i o n a l B a n k a n d T r u s t C o .. 75 25 32 73 62 B a n k o f A m e r i c a ..................................................... 36 B a n k e r s T r u s t C o m p a n y ................................56-5 7 B i s m a r c k H o t e l ..................................................... 72 H . B. B u c k h a m a n d C o m p a n y , I n c .......... 72 B u r l i n g t o n B a n k s ................................................ 61 B u r r o u g h s A d d i n g M a c h i n e C o m p a n y . . 52 C entral H a n o v e r B a n k and T ru st Co. . . . C entral N a tio n a l B a n k and T ru st C o ... C h a s e N a t i o n a l B a n k ........................................ C i t y N a t i o n a l B a n k a n d T r u s t C o .......... C ontinental Illin ois N a tio n a l B a n k and T r u s t C o m p a n y ................................................ C ontinental N ation al B a n k — L in c o ln ... H. E. M eyers has been nam ed a m em b er of th e board of directors of the M anning T ru s t & Savings B ank, suc ceeding his fath er, w ho died last fall. A. H. H an sen has been elected as book keeper of th e bank. NEWS 66 10 4 71 American Institute of Business DES MOINES 10th and Grand Tel. 4-4221 69 53 I) D a v e n p o r t , F . E . a n d C o m p a n y ..........53 -6 6 D e L u x e C h e c k P r i n t e r s , I n c ................ 34 D es M oines B u ild in g , L oan an d S a v in g s A s s o c i a t i o n ............................................................ 73 D r o v e r s N a t i o n a l B a n k ................................ 65 E E l m s H o t e l ................................................................. 68 E m p l o y e r s M u t u a l C a s u a l t y C o m p a n y . 29 E p p l e y H o t e l s C o ............................................ 70 F F e d e r a l I n t e r m e d i a t e C r e d i t B a n k s . . . . 33 F i r s t N a t i o n a l B a n k — O m a h a .................... 50 F i r s t N a t i o n a l B a n k — S i o u x C i t y ............. 63 F i s h e r C o m p a n y .................... 5 G G eneral M otors G uaranty T rust A c c e p t a n c e C o r p .......... 35 C o m p a n y .............................. 44 II H a w k e y e M utual H a il In su ra n ce A ssn .. H o m e I n s u r a n c e C o m p a n y .............................. Jlaw eA t GoU Our p o lic y p ro v id es a m axim u m assessm en t o f 2 */2 % in Z ones O ne and T w o— and 3 !/2 % in Z on e T h ree (W estern Io w a ). HawkeyeMutual Hail Insurance Association Carver Bldg. Fort Dodge, Iowa 73 3 I I o w a - D e s M oines T rust C om pany N a tio n a l B a n k and ................................................ 76 J J a m i e s o n a n d C o m p a n y ................................... 41 Tv K o c h B r o t h e r s ........................................................ 72 I, L a M o n t e , G e o r g e a n d S o n .............................. L a S a l l e N a t i o n a l B a n k ...................................... L e s s i n g A d v e r t i s i n g C o m p a n y .................... L iv e S tock N a tio n a l B a n k — C h ic a g o .. L ive S to ck N a tio n a l B a n k — O m a h a .. .. L iv e sto c k N a tio n a l B a n k — S iou x C ity . . M M a n u f a c t u r e r s T r u s t C o m p a n y .................. M erchants M utual B o n d in g C o m p a n y . . M e r c h a n t s N a t i o n a l B a n k .............................. M i d l a n d N a t i o n a l B a n k a n d T r u s t C o .. . M i n n e a p o l i s M o l i n e P o w e r I m p l e . C o .. M i n n e s o t a C o m m e r c i a l M e n ’s A s s n .......... N 6 70 73 67 54 42 47 72 2 39 40 27 Lessing AdvertisingCo. DES M OIN ES R . J . FL Y N N , PRES. N a t i o n a l B a n k o f W a t e r l o o ......................... N e w h o u s e P a p e r C o m p a n y .............................. N i e m a n , W . K ............................................................ N o r th w e st Secu rity N a tion al B a n k . . . . D. L . D U N G A N , SECY. 64 35 28 45 DES MOINES BUILDING-LOAN & O O l s o n , W . R. C o m p a n y ...................................... 40 O m a h a N a t i o n a l B a n k ................................... 19 P P h i l a d e l p h i a N a t i o n a l B a n k ....................... 58 P u b l i c N a t i o n a l B a n k ........................................... 71 S E. L. Job, p resid en t of th e Com m u n ity N ational B ank & T ru st Com pany, K noxville, announces th e addition of S. L. W alker to th e b an k official staff, assu m in g th e position of a ssista n t cashier. O ther officers w ere all nam ed to serve again. I o w a ’s L a r g e s t B u s in e s s T r a in in g S ch o o l Many banks, bond-houses, insurance companies and other financial insti tutions employ A. I. B. graduates. Write or telephone when you need efficient office employes. E. O. FENTON, Director S e c u r i t y N a t i o n a l B a n k ................................... 60 S q u a r e D e a l I n s u r a n c e C o m p a n y ............. 30 SAVINGS ASSOCIATION O ldest and L argest in Des M oines T Town M utual D w ellin g Ins. C o ............... 24 411 6th Ave. Dial 4-7119 IT U n i t e d S t a t e s N a t i o n a l B a n k ......................... 48 W W a l t e r s , C h a r l e s E . C o m p a n y .................. W e l c h , J a y E .............................................................. W e s s l i n g S e r v i c e s ................................................ W e ste r n M utual F ire In su ra n ce C o .... 50 65 72 22 ELMER E. M ILLER Pres, and Sec. HUBERT E. JAM ES A sst. Sec. M em ber Federal Hom e Loan Bank System Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February 1942 74 In the DIRECTORS’ ROOM say, m adam . P erh ap s Mr. B row n has tak en a fancy to you. H e’s a w idow er, and you are v ery beautiful, and—yes, m a’am, one dollar. T h an k you,” said th e clerk, rin g in g up th e sale. Gas-tly Jack: “Darling, I ’m b u rn in g up w ith love for you.” Jill: “D on’t m ake a fuel of yourself!” No Admittance The G reat Lover B usy B usiness Man: “Can’t you read? The sign on th a t door m eans p riv ate.” Salesm an: “I know —and I ’m glad it’s th ere. If th e re ’s a n y th in g I hate, it’s being in te rru p te d w h en I ’m ta lk ing to a prospective custom er.” In d ig n an t F a th e r: “Young m an, w h at do you m ean by b rin g in g m y d au g h ter hom e at six in th e m orning?” E n th u siastic Suitor: “W ell, I have to be at w ork by seven.” You're Right, Brother And Retire A m otor car, d riv en by a girl, in tr y ing to avoid a collision, ra n over a m an. T he girl ru sh e d to his side. “You poor m an!” she said, stooping over th e victim . “H ave you a w ife?” “No,” he groaned, “th is is th e w o rst th in g th a t has h appened to m e!” Window Dressing C ustom er: “I w a n t to tr y on th a t dress in th e w indow .” Clerk: “Sorry, lady, b u t y o u ’ll have to use th e fitting room .” She G o t Fleeced Joe: “The boss acted like a lam b w hen I asked for a raise.” Tom : “Is th a t so? W h at did he say?” Joe: “Baa!” C . O . D. T ourist: “Do m an y stra n g e rs settle arou n d h ere?” T o u rist H om e P ro p rieto r: “T hey all settle. A n’ th em w ith o u t no m ore bag gage th a n you have got have to settle in advance.” Only Now and Then W ife (d riv in g c a r): “I guess w e’re out in th e c o u n try now. W e’re not h ittin g as m an y people.” “W h a t’s th e m a tte r w ith Jones? Is he w o rry in g about his debts?” “No—h e’s w o rry in g because th e new defense in stallm en t curbs p re v e n t him from co n tractin g m ore.” Going Down! M ountain Guide: “Be careful not to fall here. I t ’s dangerous. B ut if you do fall, rem em b er to look to th e left. You get a w onderful view .” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Book Salesm an: “T his book w ill do half of yo u r w ork.” T ired B usiness Man: “Good, I ’ll take tw o.” Pointless, W hat? She: “W henever a b oring m an asks m e w h ere I live, I alw ays say I live in th e su burbs.” H e: “A nd w here do you live?” She: “In th e su b u rb s.” G o Right Ahead “If you try to kiss me, I ’ll call m o th er.” “W h at’s th e m a tte r w ith your fa th e r? ” “Oh, h e’s n ot as deaf as m other is.” Hand It Over February 1942 G reeting C ard Salesgirl: “H ere’s a lovely sentim ent: “To th e only girl I ever loved.’ ” Sailor: “Fine! Give me a dozen of th em .” The Cupboard W as Bare M acGregor and M acPherson decided to sw ear off w hiskey, b u t M acGregor th o u g h t it w ould be best if th ey had one bottle to p u t in th e cupboard in case of illness. A fter th ree days Mac P h erson could bear it no longer and said: “MacGregor, a h ’m not v e rra weel today.” “Too late, M acPherson, ah w as v e rra sick m yself all day y e ste r day.” And She G ets It Ageless W hy Men Diet “W illie,” said his m other, “I w ish you w ould ru n across th e stre e t and see how old Mrs. B row n is th is m o rn ing.” A few m inutes later W illie re tu rn e d and reported, “Mrs. B row n says it’s none of yo u r business how old she is.” W ife (reading from an in surance p a m p h le t): “A large percentage of th e accidents occur in th e k itch en .” H usband: “Yes, and w h a t’s worse, we m en have to eat th em and p reten d we enjoy th em .” Salesman “W hat!” exclaim ed th e wom an. “You’d charge me a dollar for this loose-leaf scrapbook?” “Yes. m a’am. W e can ’t go any low er,” replied th e clerk. “H ow is it th a t I can get one ju s t like it at B row n’s for 75c?” in d ig n an tly asked th e lady. “I can ’t i “Are you th e girl w ho took m y order?” asked th e im p atien t g entle m an in th e cafe. “Yes, sir,” replied th e w aitress politely. “Well, I ’ll be darned,” he rem arked, “you don’t look a day older!” She (dream ily): “W hat does th e av erage w om an w an t from life?” He (practically): “J u s t a little m ore th a n th e average m an has got.” “My w ife has been n u rsin g a grouch all w eek.” “B een laid up, have you?” i Time W as Kind T eacher: “Tommy, give me w h at y o u ’ve got in yo u r m outh.” Tom m y: “I w ish I could. I t ’s th e toothache.” 'Taint Funny Charge It, Please Northwestern Banker He Has to Eat, Too 7 Tough Nut Mose Lightfoot, one of th e b est hod carriers on th e job, lost his footing and fell to th e street, four stories below. Mose h it on his head, stru c k th e cem ent pavem ent and w ent th ro u g h to th e basem ent. W hen th e forem an w en t to th e basem ent, expect ing to find Mose cold and stiff, he m et Mose com ing up th e steps. “G reat Scott, m an, I th o u g h t you w ere killed!” he cried. “No,” Mose replied, d u stin g off his clothes. “I guess th a t concrete pavem ent broke m y fall.” .i g»— THERE IS SAFETY IN NUMBERS ...Only if they ar n /• ALLEN # WALES Adding Machines are world famous for accuracy, speed and durability ALLEN WALES ADDING MACHINE CORPORATION W. J. PICKERING, President 4 4 4 M adison A venue I I New York, N. Y. SALES AND SERVICE IN 4 0 0 AMERICAN CITIES AND IN 4 0 FOREIGN COUNTRIES ‘ ‘C■ VV. - 'J •i V* >-* - f * ; lI■■i https://fraser.stlouisfed.org -, ; Federal Reserve Bank of St. Louis C H E D IT E 0 - Ü P E M T ID 1 V Tn Speed Victory With W ar production in full swing, unusual credit demands may be encountered by Iowa Banks serving manufacturing plants in their communities. As opportunities are presented we shall be pleased to co-operate with Iowa Banks to meet the credit require ments of their customers. Ill® This co-operation is offered as a helpful, constructive service to our correspondent Banks. In no way do we wish to compete for the business belonging to local Banks. This Bank has extended substantial financial aid to concerns engaged in defense work and we shall be glad to discuss with you the needs of your customers who require larger credit lines than you can extend. . iouih- des moines mmonm. Bonn & trust compflnv Member Federal Deposit https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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