Full text of The Northwestern Banker : February 1944, Forty-Ninth Year, Number 679

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FEBRUARY

1944

VICTORY

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Federal Reserve Bank of St. Louis

Serving as a “ minute woman” in the Fourth Loan Drive, ACTR ESS H E L E N H A Y E S
sells a bond to W IN T H R O P W . A L D R IC H , Chairman of the Board of the Chase
National Bank

BUY
U N IT E D
STATES

WAR
BONDS
AND

STAMPS

When Deposits D ro p -W ill You Be Prepared?
Page 12

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A> > >

•> F

T od a y ...
The rare combination of favorable location/ years of experi
ence and an extensive network of correspondent banks in the
Middle West makes it possible for this bank to render an attrac
tive and advantageous service to banks in this area.
W e welcome the opportunity to demonstrate the value of our
services.

A CEDAR RAPIDS BANK

CEDAR
RAPIDS

SERVICING ALL IOWA

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

Cedar Rapids
Member Federal

Iowa

Deposit Insurance Corporation

ft
m
S t fiW

f f i a ï a * — . «•“ ~

•

Our fighting men are taught to identify aircraft by
silhouettes flashed on a screen for but a split second.
That's valuable training. For in battle, speed and
accuracy are of vital importance in spotting enemy
planes and in identifying friendly ones. II II Speed
and accuracy are also essential in passing on the
validity of checks — a problem of vast proportions,
with o ver 9 0 % of this n a tio n 's b u sin e ss b e in g
transacted by check and m any billions of checks
in circu lation a n n u a lly . 1» II La M o n te S a f e t y
Papers, which have been m ade since 1871, have

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lo n g b e en re c o g n iz e d a s A m e r ic a 's
standard in check protection. And today
th o u sa n d s of prom inent b an k s and
corporations use checks lithographed or
Is this poster in
printed on
of La Monte
YOUR window?
Safety Paper which em body their own
individual designs or trademarks in the paper itself.
II II Such checks possess unmatched "identifica
tion v a lu e " — offer the utmost in protection against
a lteration and coun terfeiting — and you can spot

them at a glance!

F o r S a m p le s of L a M o n te S a fe ty P a p e r s e e y o u r L ith o g ra p h e r or P rin te r — or w rite us d irect.
Note how the Individual Design appears
on the back of the check in perfect
register with the front. The endorse
ment is protected as well as the face.

GEORGE LA MONTE & SON, Nutley, N. J.

SfiOgj*tj

T h e w a v y lin e s a r e a
La M o n te tra d e - m a rk

Northwestern Banker

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February 1944

5
“ We feel quite elated over our record
and as likely you will not get to see our
local paper we are sending this reprint
on to you.
“ With all expectations for a continu
ation of success in our all-out effort to sell
War Bonds this year.”
E. S. Cook, Vice President,
Pella National Bank, Pella,
Iowa.

"Among Uninjured Survivors"

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

"Contacts Are Much More Human"

"Have Received Letters"

“ During the many years I ’ve taken the
N orthwestern B anker I ’ve found every
issue interesting and inspiring.
Your
comments in ‘ Across the Desk from the
Publisher’ are one of the highlights of
your magazine.
“ You recall that a year ago I inquired
about ‘ traveling by train.’ For years I ’ve
taken distant trips driving an automobile.
At first it seemed almost impossible to
make the change. But, with a definite
purpose in mind handicaps are soon over
looked, and I found myself traveling with
apparent ease.
“ Last year, while attending the Trust
Conference of the American Bankers Asso
ciation held at New York City, during
February, I decided to make a nation-wide
tour— the object being to study bank pub
lic relations in wartime, as well as to plan
advertising programs in tune with the
times. These trips, fourteen in all, brought
me into every state within a period of
eight months. I gathered many sound
opinions, practical suggestions and good
ideas helpful to Wessling Services and to
the institutions we serve.
“ The ‘ national tour’ had a timely and
inspiring end the middle of October in
Chicago where I attended the Mid-Conti
nent Trust Conference and, a few days
later, the 28th annual convention of the
Financial Advertisers Association. One
thing especially impressed me. That to
day, whether i t ’s a country bank having
resources of a few hundred thousand or
an institution in the nation’s largest city
with deposits over a billion dollars, con
tacts are much more human.
“ Maybe our unity in a common purpose
is bringing us all closer together. In any
event, bank public relations are fast be
coming ‘ Bank Human Relations.’ ”
D. R. W essling , President,
Wessling Services, JDes
Moines, Iowa.

‘ ‘ I have been thinking of writing you
practically every day since I received the
December issue of the N orthwestern
B anker , but have been putting it off for
things more pressing at the moment.
“ I do want you to know that I appre
ciate very much your publishing my article
‘ You Loan Today— Collect Tomorrow.’ I
received a letter from John Peyton, presi
dent of the Federal Reserve Bank of the
Ninth District, at Minneapolis, and a score
of other letters pertaining to this speech.”
E r l i n g H attgo, Superin
tendent o f Banks, State of
South Dakota, Pierre, South
Dakota.

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"Whistling in the Graveyard"
*‘ I would like to have a half dozen copies
of the picture of the boy whistling in the
graveyard which appeared in the January
issue of N orthwestern B anker . ”
M. E. H olderness, Vice
President, The First Na
tional Bank, Saint Louis,
Missouri.

"Our Customers Are Buying
Steadily"
“ Thinking that possibly the Pella Na
tional Bank’s activity in selling War
Bonds might be of interest to you we are
enclosing a reprint of an advertisement
we ran in this week’s local paper.
“ We also enclose a condensed statement
as of December 31, 1943, when our deposits
were $3,413,000 and on the bottom of
which you will notice our bond selling
record for 1943. These figures are the
cost price and not the maturity value
and are $1,200,000.
“ We have a full-time teller specially to
handle the bond business and our custom
ers are buying readily and steadily.

“ Friday, January 14th, we here at Nutley had a few hours of terrible anxiety
when we learned that the Destroyer
Brownson had been sunk by Japanese
planes at Cape Gloucester, New Britain,
on December 27th, because young George
V. La Monte, Jr., was on that ship. With
in an hour or so we were able to determine
that George was listed among the surviv
ors, and later in the day, through San
Francisco, his father was informed that
he was among the uninjured survivors.
“ You know young George. He is a fine
fellow, we all thought a lot of him, and I
was simply scared stiff until the better
news came through.”
Jas . T. A nderson, Adver
tising Manager, George La
Monte fy Son, Nutley, New
Jersey.

"Continue to Show Reasonable
Profit"
“ As we look around us, we see increased
taxes facing us, a decrease in our loans
and an increase in salaries. It would be
easy to paint a discouraged picture but I
see no reason to do so. Our increased de
posits will enable us to invest in more
short term government securities, also
give us an opportunity to increase our
municipal securities. I f we adjust our
service charges to the present schedule
recommended by the State and American
Bankers Associations, there is no Teason
why we can’t continue to show a reason
able profit.
“ A well managed bank is an asset to
any community and is entitled to a reason
able profit from that community.”
F rank M. F arr, Cashier,
First National Bank in Au
rora, Aurora, Nebraska.

"Going to Play for Next
100 Years"
“ I am enclosing a story from which
you will note that Gordon Nesbit and I
have been pushed up the line. I thought
you might find the enclosed good reading.
Anyhow, it is a mighty fine deal for
both of us. It is going to give me a little
more time to get out and do some hunting
and fishing. I have stuck on the job here
for nigh on to 48 years without very
much time for recreation, but I am going
to do a little playing for the next 109
years. I expect to live another 100 years
and I hope you will be on board with me.”
F. A. I rish , Chairman of
the Board, The First Na
tional Bank and Trust Com
pany, Fargo, North Dakota.
Northwestern Banker

February 19Ü

Thousands of Banks now use this Hammermill
folder in “ Know Your Endorser” drive!
=

Read what Bankers say
about “ 7 Cautions”

“ Certainly a constructive idea. A num
ber o f the larger stores came back and
asked for enough copies to give one to
each of the cashiers.” —S h rev ep ort, La.

•
“ Have placed these pamphlets in each of
our teller’s windows with instructions to
hand them personally to our merchants
as they come in to make their deposits.”
— Vinita, Okla.

•
“ Clear, concise . . . should serve purpose
o f calling attention of average merchant
to precautionary measures he should take
when cashing checks.” — R an kin , Pa.

•

This is another example of the helpful services
offered by our Safety Paper Division
Over one million copies of Hammermill’s “ 7 Cautions on
Cashing Checks” have been distributed by thousands of
banks among their business accounts. This folder has proved
a useful, practical safeguard for the clerks in retail stores who
are asked daily to cash payroll, government, and other kinds
of checks.
It is one of the most widely used aids in the current ‘ ‘ Know Your
Endorser” campaign, sponsored by the U. S. Secret Service.
If you have not used “ 7 Cautions” and would like a supply—
free—get in touch with your check supplier, or write direct to
Safety Paper Division, Hammermill Paper Company, Erie, Pa.

“ This information will be helpful in pre
venting check losses and in offering pro
tection to our customers. A fine contri
bution to this effort.” — P ontiac, M ich .

•
“ We know it will help our customers in
cashing checks. This is a city where we
have a number of transient people, owing
to great activity in war work.”
— T acom a, W ash.

•
“ You are helping to stamp out forgery.”
— Troy, N. Y.

©
“ They are exceptionally well gotten up
and will be of great value to our custom
ers as well as to us.” —D evil’ sL ake, N. D.

“ We feel there is a definite need for
public education in this matter.”
— Harrisburg, Pa.

MANUFACTURED
Northwestern Banker

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Federal Reserve Bank of St. Louis

BY H A M M E R M I L L

February

PAPER

COMPANY,

ERIE,

PA. , F O U N D E D

1898

FEBRUARY

1944

NORTHWESTERN
D ES

M O I N E S
N U M B ER 679

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

Oldest Financial Journal West of the Mississippi River

IN T H IS IS S U E
C L IF F O R D D E PU Y
Publisher
R A LP H W. M O O R H E A D
Associate Publisher
H EN R Y H. H A Y N E S
Editor
RUTH K IL L E N
Associate Editor
M A R G U E R IT E B R O W N
Office Supervisor
E L IZ A B E T H C O L E
Advertising Assistant
BETTY M IL L E R
Circulation Department

•
527 Seventh Street,
Des M oines 9, Iowa
Telephone 4-8163

Editorials
8

Across the Desk from the Publisher............................

Feature A rticles
.............................

Frontispage— “ Dixie Manor” ....... .................... -.........

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

When Bank Deposits Drop Will You Be Prepared?

...Frank Warner

Twenty-Five Years A go............ ......................... -........

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

News and Views of the Banking W orld......................

.■Clifford De Puy

Legal Department— Existence of Trust......... ...........

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

Bank Deposit Figures.............................................. .....

................... 16, 17, 18

Dear Editor— Letters from Our Readers...................

Insurance
A. R. Baturin

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

Twin City News.......................................................

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

South Dakota News.......................................................

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

Sioux Falls News............... :..................... -......-.....

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

North Dakota News.......................................... -............

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

Nebraska News ................................ -............................

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

Omaha Clearings ...................................................

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

Lincoln Locals

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

Iowa News ..... ................................ -................................

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

The Group One Program in Sioux C ity.-.........

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

The Group Eleven Program in Burlington......

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

Comparison of Iowa Chartered Bank Figures.

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

A Two-Call Selling Method.........................................

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

CONVENTIONS
Feb. 8-10, AB A M I D - W I N T E R
T R U S T Conference, Waldorf-Astoria,
New York City
Feb. 12, I O W A GROUP O NE Annual
Meeting, Martin Hotel, Sioux City
Feb. 22, IO W A GROUP E L E V E N
Annual Meeting, Hotel Burlington,
Burlington
April 16-19, AB A E X E C U T I V E
C O U N C IL Spring Meeting, Stevens
Hotel, Chicago
May 15-17, M IS S O U R I, Kansas City
M ay 24-26, IL L IN O IS , Palmer House,
Chicago

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Federal Reserve Bank of St. Louis

----------- ---------------------------------

The Directors* Room
A Few Short Stories to Make You Laugh

A c ro ss
From

3)ea b

east ^banald K . ^hcuUd:

Your discussion of ‘ ‘ The Challenge to American
Business” in the Harvard Business School Bul
letin, was most interesting and thought-provok
ing.
Your emphasis on the need for “ risk taking”
and that we in America should “ preserve the
chance to take a chance” is the foundation
philosophy on which this country was built.
Social security is desirable, but if we are simply
to sit idly by and expect a beneficent govern
ment at Washington to take care of us the rest
of our days, some day there will be no businesses
to furnish the necessary taxes with which to pay
for our “ so-called security” .

the Desk

the Publisher

a chance. Some have succeeded and some have
failed, but the total of our successes as a Nation
have been much greater than our failures or we
would not be where we are today.
So, we quite agree with you, Dean David, that
the spirit of America should not be based on the
Beveridge Report but based on the “ American
Report” of our past record of achievement and
our continued success in the future.

jbecin. GUa'ilei. /J . cJicdlecJz:
As a representative of the State of Indiana,
we were interested in your recent address in
Topeka when you expressed the opinion that the
great political issue of the day is not how to
make free enterprise work, but, “ whether we
shall abandon that system or retain it.”

You put it pointedly when you said, “ The
thinking back of and the publicity attending the
issuance of the Beveridge Report in England was,
for England’s sake, one of the most unfortunate
errors which, in my opinion, it could have com
mitted. England, above all nations, should be
thinking of its trade, its world position, its op
portunities— indeed world competition— and not
first only of security. We here in this country
may well make the same mistake unless we create
a climate which is conducive to venture and risk.
Of course we must care for the aged and infirm,
avoid large-scale unemployment and have broad
social objectives. This can be done only if we
preserve the pioneering spirit, the right to ven
ture— yes even to take daring risks.”

No greater evidence, Congressman Halleck, is
needed to prove that free enterprise is a suc
cess than to look at the marvelous production of
war material of tanks, planes and ships which
have been manufactured in the last two years.
To even think of abandoning such a system
seems idiotic, yet there are many who favor
doing just that, and to substitute some socialized
government control system where the politician
and his appointees have more power than the
president of any corporation.
We had to smile, Congressman Halleck, when
you gave the present method being used to cure
our nation’s ills, and said: “ Billions and bu

Columbus took a daring risk when he dis
covered the new world and every successful man
ager of business from that day to this has taken

reaus. This is the cure for all the nation’s ills.
Old Doc New Deal has only these two sovereign
remedies in his little black satchel. No matter

Northwestern Banker

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Federal Reserve Bank of St. Louis

February

what is the matter with you, he says ‘ If a billion
won’t cure it, a bureau will.’ ”

No, indeed, billions and bureaus are not the
answers to our economic problems, and the
quicker we get back to our system where we give
individual enterprise an opportunity to succeed,
the better off we will be.

jb e a l 2 a u ie l lAJ. B ell:
As the Under-Secretary of the Treasury, we
have been interested in your statements concern
ing the financing of the war and some of the
problems we will have to face Avhen the present
conflict is over.
As we understand it, the government has sold
to non-banking investors about $40,000,000,000
of government securities, as compared with about
$30,000,000,000 absorbed by the banks, while you
have tried, at' the same time, to make these
securities sold to the small investor as riskless as
possible, since they were confined to bonds which
are non-negotiable, payable on demand, and
hence guaranteed against fluctuations in market
values.
We are also interested, Mr. Bell, in your fur
ther statement when you said: “ While the Treas
ury should be properly concerned with redemp
tions, it should not be concerned with market
sales, since it must meet the redemptions out of
its own pocket; while the market sales will be
taken up by somebody else.
“ Our borrowing policy has been the mainte
nance of the liquidity of the banking system. W e
have laid down the policy that no securities will
be offered to commercial banks for the invest
ment of their demand deposits with a maturity
at time of issuance of over ten years.
“ W e have financed this war at an average
rate of slightly less than 1% per cent. This com
pares with an average rate of 4*4 per cent on the
securities issued to finance the last World W a r.”

While a low interest rate on government secur
ities is desirable from the standpoint of the cost
of financing the war, it also forces the interest
rate down on other forms of business financing,
which means that we will probably have low in
terest rates for some time to come.
On the other hand, we will undoubtedly have
high taxes for a good many years, as long as we
have to carry and service as big a national debt as
we now have and which ultimately may reach the
sum of $250,000,000,000 or more.

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The question, Mr. Bell, which must be decided
is how far can taxation go and still give in
centive to business enterprise so that it, in turn,
will be willing to risk its capital in order to make
profits, a part of which will be subject to tax
ation.

2 ) ea t (leypL^e¿^lcdloe> P a u l Bn&w+i:
The hearing before the House Banking Com
mittee on your bill to exempt from the Reserve
Board regulation on interest absorption of ex
change has been most interesting.
The objections to the interpretation of Regu
lation Q seem to come mostly from country
bankers in the South, who feel that Regulation
Q benefits the larger city banks.
As you perhaps know, Congressman Brown,
the Iowa Legislature, of 1943, passed a bill elim
inating all exchange charges on checks and,
therefore, making them collectible at par. As
far as we know, the Hawkeye State is the only
one in the Union with such a law.
You might be interested in knowing, also, that
the banks in Iowa, in 1943, had one of the best
years in their history and did not rely on ex
change charges in making this fine record.
It is our belief that every bank has the right
to, and should make service charges of a fair and
reasonable character on the business transac
tions for its customers. But the question of ex
change charges has been eliminated at least as
far as Iowa is concerned.
We notice that C. E. Lewis, president of the
Lewis State Bank of Tallahassee, Florida, told
the committee that, “ Without this revenue from
exchange charges and the service charges we are
compelled to make in order to stay in business,
we would be operating at a loss. If we are com
pelled to remit at par for checks on ourselves by
our depositors, we will most certainly have to up
considerably our service charges as we cannot
live without them.”

Our answer to Mr. Lewis is that if he has to
increase his service charges to cover the loss on
his exchange items, that is a proper way of cover
ing the cost of handling these checks.
The trend, it seems to us, Congressman Brown,
is towards the elimination of exchange charges,
but we shall await with interest further testi
mony on your bill before the House Banking
Committee.

Northwestern Banker

February 1944-

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Northwestern Banker

February

W hen Bank Deposits Drop
W ill YOU Be Prepared?
T IS going to be a very important
coming problem for every bank, no
matter how large or small, to meet
the coming shrink in deposit volume
whenever that shrink sets in. There
may be some bankers who feel that
their present deposit volume will never
shrink substantially and may even go
higher. There were some good people
who felt back in 1920 that the then
present land values were here to stay.
Earnings from local loans on the whole
still remain at an unprecedented low
level. The volume of local loans may
or may not have reached bottom in
the opinion of many bankers. Be that
as it may, a new source of earnings has
been opened up to all banks and is
being tapped to an ever increasing de
gree in the purchase of government
bonds. Therefore, the present and
future volume of government holdings
is an important factor in the mainte
nance of earnings.
So long as the deposit volume stays
where it is, or continues to increase,
investments in governments give an
earnings source so excellent that the
loss of earnings from local loans is less
and less felt, according to bank after
bank which has reported that this
year’s earnings represent the best earn
ing year in the history of the bank.
A readjustment period is inevitable
whenever the conflict closes. Getting
the country bank into peacetime living
again will be a gigantic task and will
reflect many, many dislocations, some
more severe than others, some more
lasting than others, but the machinery
that we have set up, both Federal and
state now, that was lacking at the close
of the First World War, should make
this stupendous job of readjustment
easier and should enable it to be done
speedier. However, in that reconstruc
tion period it would seem that time is
again the essence of the job.
Tied into that problem of readjust
ment it would appear that there is an
important job of meeting the shrinking
of deposit volumes in some orderly
way to preclude against any repetition
of the unfortunate and tragic happen
ings that took place in the 20’s. It
would seem it should be the job of
state associations to begin to quietly,
rationally, carefully, but firmly and
quite frankly discuss the problem of
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February 1944

By Frank Warner
Secretary
Iowa Bankers Association

FRANK W A R N E R

Mr. Warner, who is also vice presi
dent of the Central States Conference,
an organization comprising the presi
dents, vice presidents and secretaries
of Bankers Associations of 14 middlewestern states, recently expressed his
views on postwar planning as outlined
in this article, to members of the Iowa
Association. Recognition of the im
portance of this sub feet is so vital
The Northwestern Banker recom
mends the thoughtful consideration of
Mr. Warner’s views to its many read
ers everywhere.

meeting a shrink in the deposit volume
now within their own families, that is,
among the hundreds of member banks.
Should we and can we not fairly begin
to discuss this problem right now in
our board meetings; in a still more
careful way in our county, intercounty
and group meetings; discuss it now
when we are strong and able to meet
any economic onslaught, rather than
to wait until a time when it might be
too late for some? We know you will
not think that we are dismal and
gloomy in the discussion of this ques
tion. Every association should be able
to soundly and fairly and constructive
ly project its viewpoint into the future
with the combined talent of the mem
ber banks and as far as it is possible
to anticipate an objective and to set

about now to reach that objective in
an orderly and constructive way.
We believe that to the extent that
the American banker efficiently and
constructvely meets the anticipated
problem of deposit volume shrink, so
will he have lessened the chances for
future demagogues or reformers in
state legislatures and in Congress, and
particularly in the latter, asking the
government to take over banking or
set up branch banking as a substitute
for the rank and file of the rural banks
as we know them, which includes the
smallest to the largest banks. Such a
congressional program once incited in
Congress because of a poor job per
formed of meeting the coming shrink
in deposit volume by banks would, it
would seem, be especially devastating
against these grand but more rural
banks of the nation.
In reviewing the several hundred
statements of condition of the many
banks which have been sent in cov
ering the past recent several calls, we
have been interested in watching the
trend of the bank administration that
those statements reveal such as (a) the
rapidity with which deposits may have
increased, (b) how loans and discounts
may differ in amounts with respect to
banks of the same size or located in
the same community, (c) the amount
of U. S. securities, (d) the amount of
cash on hand, and (e) the amount mak
ing up the capital structure. We have
prepared the attached chart. The 12
banks referred to in the chart have
been chosen at random in your group.
(The situation would be no different
in the other groups.) They include
no city bank. In several instances
more than one bank in the same town
is included for comparison. The fig
ures are not intended to be wholly ac
curate and up-to-date. They are mere
ly substantially correct. The popula
tion of the different towns is also in
cluded. Referring to columns on de
posits, L. & D. and U. S. Bonds and
cash, one could point out the following
interesting aspects:
1. That the investment policy of
hanks located in smaller places
seemingly is as alert and as well
thought out as those of banks in
the larger centers.
2. That even some of the larger

u.s.

Pop. Deposits L & D

County

Bonds

C . S. &
Cash U. P.

800

$ 911,000

$424,000

$ 254,000

$ 305,000

$ 79,000

Cherokee

7,443

3,386,000

756,000

877,000

1,944,000

246,000

Cherokee

7,443

1,400,000

848,000

270,000

350,000

117,000

Crawford

4,500

2,218,000

322,000

1,375,000

463,000

150,000

Crawford

4,500

1,757,000

957,000

81,000

850,000

314,000

249

824,000

136,000

496,000

232,000

30,000

O’Brien

4,000

1,800,000

246,000

1,049,000

566,000

109,000

Osceola

....... 2,500

1,100,000

524,000

151,000

470,000

90,000

3,165

1,558,000

543,000

1,027,000

176,000

130,000

Sac

....... 3,165

1,414,000

426,000

680,000

331,000

96,000

Sac

400

560,000

210,000

222,000

164,000

37,000

1,500

2,400,000

580,000

1,074,000

828,000

116,000

Cherokee......... .......

Ida

Sac ...................

Sioux ...............

banks may not have caught on as
yet to a heavier and spaced invest
ment in governments from the
standpoint of the earnings results.
That maybe they have already
caught on but maybe they just feel
more cautious about making such
investments.
That if that should be the real in
vestment attitude of the bank it
would be interesting to know why.
That some banks have invested in
governments preponderantly over
other banks of the same size or
ratably of the same size.
What, if anything, have such
banks done to begin considering in
their board discussions a policy of
being able to handle these invest
ments in a way to meet or to take
care in an orderly Avay of any
measurable shrink in their depos
it volume and still as time goes on
maintain the maximum earnings
from their IT . S. securities invest
ments?

AVe cannot get away from the fact
that the tremendous “ballooning” of
bank deposits can carry with it a tre
mendous responsibility. The public
expects banks to continue to take on
their deposits. Banks as a matter of
policy possibly can’t, and shouldn’t, re
fuse except only in special cases. It
seems to be a state and national obser
vation that demand and time deposits
have continued to increase right along
even during the AVar Bond drives.
AVhat can be done or will be done to
stabilize the market on governments in
the future is a part of this whole in
vestment program. Staggering maturi
ties and going into low-yield short-term
government paper is vitally a part of
the job of being able to master and
control any necessary liquidating pe
riod on U. S. government securities in

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Federal Reserve Bank of St. Louis

order to orderly and constructively
meet any shrinking trend which in the
minds of many, it is believed, will even
tually come to deposit volumes.
Maybe some such series of questions
could be prepared as the fqllowing,
with any variation or change, to be
used as a basis for future discussion:
1. What is your present investment
policy on IT. S. government securi
ties with respect to (a) your ratio
of governments to your deposits;

(b) to cash on hand; (c) as to divi
dends on your capital structure?
Is your present IT. S. government
securities investment program dif
ferent today than it was a year
ago? Two years ago? Three years
ago? If so, in what manner and
why?
Have your earnings increased
each year for the past three years?
Do yon expect them to continue to
increase? If so, f r o m w h a t
sources?
AVhat has been your annual per
cent of increase in deposits for the
past three years over the amount
of your deposits of three years
ago?
A\7hat do you estimate may be the
per cent of shrink in your deposit
volume by the time we reach post
war reasonably normal peace
times say within one to two years
following the close of the conflict?

6. Should every bank board of direc
tors begin now to think about hoAV
to meet that coming shrink in de
posits volume or do you believe
our present-day deposit volume
Avill stay up to where it is now and
Avill perhaps go higher?

7. Tf your bank

iioaa" has a plan for
meeting any anticipated shrink in
deposit volume, Avliat is your plan?

Twenty-five Years Ago
Names in Northwestern Banker News From the
February, 19 ! 9, issue

E. MARKLE, vice president of the

Stockyards National Bank of
South St. Paul, believes that “the sud
den termination of the world war is
naturally causing some concern among
live stock producers. The trade, as a
whole, was speeded up for maximum
production with prospects that the war
would continue a year or two longer
at least. Now the unexpected has
happened and we are face to face
with after war readjustment prob
lems.”— Charles H. Sabin, president of
the Guaranty Trust Company of New
AMrk, has received the title of “ Cheva
lier of the Legion of Honor” conferred
by the French government.— Festus J.
Wade, president of the Mercantile
Trust Company of St. Louis, says,
“AVhen we hear of a man cutting
down on his advertising, we cut down
on his credit.”—Brigadier General
Charles G. Dawes, president of the

Central Trust Company of Illinois, is
being mentioned for a candidate for
president of the United States in case
General Pershing declines to run.—J.
P. Morgan & Company have entered
the Acceptance Field by offering “call
money” against eligible Trade & Bank
ers Acceptances.—Et. Col. H. M. Byllesby returned from overseas duties
with the American expeditionary
forces.— R. S. Hecht was elected presi
dent of the Hibernia Bank & Trust
Company of New Orleans.— S. T. Kiddo
was elected president, and G. F. Emery
vice president, of the Livestock Ex
change National Bank of Chicago.—
F. W. Fisher, president of the Fisher
Company, Charles City, says, “ From
my experience in building and equip
ping banks and coming in close contact
with bankers, I advocate that when
ever possible a bank should be so ar(Turn to page 43, please)
Northwestern Banker

February 1944

New s

and

B A N K IN G

THE

V ie w s
W O RLD

By Clifford DePuy

ARRINER S. ECCLES has been

reappointed for a new 14 year
term as a member of the board of
governors of the Federal Reserve Sys
tem. No doubt he will continue as
chairman of the board and probably
continue his fight against independent
banking in favor of branch banking.
While we have been collecting dimes
to help fight infantile paralysis, it is
rather interesting to know that there
are over (500,000 cases of cancer each
year in the United States, compared
with 1(5,000 cases of infantile paralysis,
and that the public contributes 50c per
cancer case against $340 per case of
infantile paralysis.
Joseph P. Kennedy, a former United
States Ambassador to England, and
well known financier and millionaire,
believes that the Federal income tax
forms are “so muddled that it makes
people lose faith in their leaders and
government.”
National income in 1943 was approx
imately $140,000,000,000 — more than

$60,000,000,000 above 1929, and $21,000,000,000 above 1942. It is expected to
exceed $150,000,000,000 during 1944.
Farm income in 1943, estimated at
$20,000,000,000, was well over double
the 1939 figure of $9,000,000,000.
Representative Clare Boothe Lnce of
Connecticut, in a recent speech on our
foreign policy, pointed out that “Wen
dell Willkie has spoken cogently and
eloquently of the vast reservoir of
good will which has been stored up
abroad, especially in Asia, for America.
“ It was not stored up there by Henry
Wallace’s kind of international hand
outs, nor Rooseveltian promises of impossible-to-fill freedoms. It was stored
up by realistic and idealistic Republi
can statesmen at the turn of the cen
tury.”

A prominent investment advisory
service in analyzing the business out
look has this to say:
“The greatest single factor likely to
affect investment values may he a
peace which will arrive sooner than
many investors expect. We forecast a
relatively early collapse of Germany—
then a decisive and not-too-long-deNorthwestern Ranker

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Federal Reserve Bank of St. Louis

February

layed defeat of Japan—an easing of
governmental controls and elimination
of the excess profits tax after this hap
pens, and finally, a three to five-year
postwar civilian goods boom accompa
nied by specialized prosperity.”

When the railroad strike was threat
ened, E. W. Rossiter, president of the
Bank of Flartington, Nebraska, wrote
one of his usual up-to-the-minute and
very effective advertisements entitled,
“A Stab in the Back.” And in a part
of that ad he said:
“Just how fat are those monthly pay
checks? Well, we know of one con
ductor operating a two-car train about
eight hours a day, working every other
day, who draws down $2(50 per month.
That is $3,120 per year—the equivalent
to an investment of $78,000 earning 4
per cent interest. That is a sample of
your ‘featherbedding.’
“H oav many farmers working every
day in the year with a substantial in
vestment in land, livestock and farm
equipment, and working 10, 12, 14 and
1(5 hours a day, every month— how
many have $2(50 per month to show for
the labor for the whole farm family?

“Why permit mutiny on the home
front— on the part of men who eat,
sleep and play sixteen hours a day—
for $250 to $500 a month?
“Why send other men away to fight,
suffer and die for such as these?
“Why should our country tolerate
such tyrrany from any segment of
society?”

The average maturity dates of sev
eral New York banks as it relates to
their government securities, is as fol
lows: The Manufacturers Trust Com
pany, at the end of 1943, had an aver
age maturity of three years, eight and
one-half months. The National City
Bank had an average maturity, for its
portfolio, of four years, and the Chase
National Bank had an average for its
government securities of three years to
maturity dates.
Dr. E. D. Edie, investment counselor,
believes that commercial loans in the
postwar period will reach $17,000,000,000, or 70 per cent above prewar levels,
and about 40 per cent above the pres
ent totals.

At the annual election of The Boat
mens National Bank, of St. Louis, W.
Gillespie Moore, Arthur F. Boettcher
and David H. Morey, formerly assistant
vice presidents, were elected vice pres
idents. Julius W. Schwaig, formerly
assistant cashier, was elected assistant
vice president. Kenneth A. Bell was
elected assistant vice president. Clif
ford H. Albers was elected assistant
trust officer, and Robert A. Niemann
was elected assistant cashier.
Under Secretary of State Daniel W.
Bell believes that the bankers of the
country have done a marvelous job in
helping with the sale of War Bonds,
and he recently paid tribute to the indispensible services given to the Treas
ury by the banks and by the men and
women in the banks throughout our
nation. “We in the Treasury appre
ciate these services.”
Marcus Nadler, professor of finance
at New York University, in speaking
before the mid-winter meeting of the
Wisconsin Bankers Association, said,
“At the end of hostilities a further
material increase in the volume of
bank deposits is to be expected. This
will be due to the fact that a consider
able number of business concerns will
not renew the short term government
obligations which accumulated during
the war, and a moderate redemption of
Series E Bonds may be expected. The
government will obtain the funds to
pay for these obligations by selling
additional short term obligations to the
banks.”

The net earnings of a few New York
banks indicate that the Irving Trust
had net earnings of $4,522,000; the
Chemical Bank and Trust Company
showed a net of $7,599,000, and the
Guaranty Trust Company had operat
ing earnings for 1943 of $16,617,000.
J. P. Morgan & Company, Inc., had net
earnings of $4,332,000, and New York
Trust Company, $3,905,000.
Ben DuBois, secretary of the Inde
pendent Bankers Association, has been
having a debate with the Federal Re
serve Board over Regulation Q, which
has to do with the absorption of ex
change charges. Mr. DuBois, in a part
of his letter, said: “In the enforcement
of Regulation Q, I am afraid the board
will do the system more harm than
good, excite suspicion rather than allay
it. The state banks cannot help but
harbor the suspicion that the ultimate
objective of the board of governors is
to force par-clearance and to bring all
banks into the system. Frankly, this
seems to me a centralization of power

(Turn to page 45, please)

C an E xistence of Trust Be
E stablished W it h o u t W r it t e n A g re e m e n t?
A Nebraska banking family con
sisted of two brothers, a lawyer and
a banker, and a sister. The sister and
her lawyer brother were quite close
in their business and family affairs
and a confidential relationship existed
between them. The sister transferred
to such brother certain real estate for
him to hold in trust for her. There
was no written agreement outlining
the provisions of the trust. Subse
quently the sister died, survived by
her two' brothers, and the banker
sought to claim an interest in the real
estate as his sister’s heir. Would it
be possible to establish the existence
of the trust since no written agree
ment regarding it existed?
Yes. Where the owner of land trans
fers it during his life time to another
in trust for the transferror but no
written agreement evidencing the in
tention to create a trust is made and
the transferee refuses to perform the
trust, the transferee holds the land
upon a constructive trust for the trans
feror if the transferee at the time of
the transfer was in a confidential re
lationship to the transferor.

Bradley, a Nebraska banker, died
leaving a will that provided that $25,000 should go to Shomer and that the
real estate owned by him would go
to Upton. Bradley had no debts but
the personal property owned by him
was not worth $25,000. The will did
not provide that the legacy would be
a charge against the real estate and
there were no indications that Bradley
intended it should be. Was the real
estate held by Upton subject to the
payment of the $25,000 legacy?
No. A legacy is payable primarily
out of the personal estate of the test
ator and his real estate will not be
charged with its payment unless the
intention to do so is expressly de
clared or clearly inferrable from the
provisions of the will. The Nebraska
Supreme Court so held in a recent
decision.

Wilson was engaged in farming and
dealing in livestock in Iowa. He did
not hold himself out as a real estate
broker but acted as such on a single
occasion. He had not procured a real
estate broker’s license as provided by
law. Would this preclude him from
recovering compensation for acting

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

These and Other Timely Legal
Questions Are Answered
By the

LEGAL DEPARTMENT

as a real estate
occasion?

broker on the one

No. A person engaged in farming
and dealing with livestock and not
holding himself out as a real estate
broker, but who acted as such on a
single occasion, is not precluded from
recovering compensation for such
service by reason of his failure to have
procured a broker’s license under
Iowa statute.

Hippie was obligated to Anderson
on a secured promissory note in Wis
consin. Hippie did not pay the note
when it fell due but instead renewed
it and gave as additional security a
promissory note previously executed
in his favor by Horton. There was no
specific agreement at the time of the
renewal that the original collateral
was to be affected as an incident to
such renewal. Would Anderson lose
his rights against such collateral by
reason of the renewal?
No. The giving of additional se
curity at the time of the renewal or
extension of the time of payment of
a promissory note by the giving of a
note of a third person does not alter
the obligee’s rights to continue to reap
all of the benefits of the pre-existing
obligation and does not relieve the
debtor from his original obligation.

By statute in Iowa separate actions
in the same county are prohibited on
promissory notes and mortgages se
curing them. Does this mean that
the holder of a promissory note and
mortgage cannot under any circum
stances file a suit on the note and,
after it is disposed of, file a second
suit on the mortgage?
No. The ToAva statute prohibiting
separate actions in the same county
on a note and on a mortgage securing
it applies only where actions on the
note and on the mortgage are pending
at the same time. A mortgage may

be foreclosed in ToAva after judgment
has been entered on the note.

A Michigan banker also owned an
automobile appliance manufacturing
concern in that state. One of his
trusted employes obtained, by con
spiring with others, certain royalties
from the manufacturing concern. This
was discovered and the employe was
required by the chancery court to re
turn the royalties paid to him on the
ground that he was a trustee ex maleficio. In requiring the return of the
royalty payments, could the court also
decree that he should pay interest
thereon from the date of the entry of
the judgment against him?
Yes. Where a company’s trusted
employe is liable as a trustee ex malefieio for royalties received under con
spiracy, such company may be permit
ted to recover interest from the date
of the entry of the decree in its faA or.

Situations often occur where one
of two parties to a contract dies. While
contractural obligations which termi
nate at death are exceptional and not
typical, is it possible that, in certain
situations, contractual obligations do
terminate on the death of one of two
parties to a contract, assuming, of
course, that no specific provision for
such contingency is made in the con
tract?
Yes. The general rule on these
matters is that a contractual duty
Avhich requires for its performance
action that can be rendered only by
the promisor or some other particular
person is discharged by his death.
The South Dakota Supreme Court so
stated in a recent decision.

Iowa, as is the case with other states,
does not permit the “ splitting of a
cause of action” . If such was per
mitted, persons might be unnecessa
rily harassed with multiplicity of
law suits. Snow and Schamest exe
cuted in favor of Engate a $1000
promissory note. All lived in Iowa
at the time. Subsequently Schamest
moved to another state. The note was
not paid. Could Engate sue Snow on
the note in Iowa and subsequently sue
Schamest, without violating the rule
prohibiting the splitting of a cause
of action?
Yes.

In loAva and, for that matter,

(Turn to page 52, please)
Northwestern Banker

February 19b 4

M IN N E S O T A

D E P O S IT S

D ECEM BER 31, 1943
The Northwestern Banker is pleased to publish Bank Statement figures 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 YO U did not
send in your statement. Please do so next time.
TOWN
BANK
CASHIER
DEPOSITS
Albert Lea.............First National ......................E. A. Campion........... $ 3,486,428
Albert Lea.............Freeborn County Nat’l. .G. S. W injum ...............
2,440,030
Arlington................Arlington S t a t e .................,N. A. W elle..................
1,127,045
Bemidji................... First National ......................It. H. W elle.................
2,308,215
Benson..................... First S ta te ...........................C. E. Gesme...............
995,235
Benson..................... Swift C o u n ty..................... C. A. Larson...............
1,813,835
Bird Island.............S t a t e ........................................Edward Anderson. . .
1,254,197
Braham................... First N a tio n a l....................Margaret Olson . . . .
1,085,317
Brainerd................. Citizens S ta t e ......................J. K. Tinkelpaugh. . .
2,800,495
Calumet................... Calumet State .................... W . C. Holt..................
627,118
Cannon Falls........ First National .................... E. L. Peters................
1,225,790
Cloquet.....................First National .................... L. S. Olson.................
4,220,865
Conger......................S t a t e .......................................H. C. Hanson.
535,066
Crookston...............First National .................... H. A . Wilson.
2,339,450
Detroit Lakes........ Becker County National. .Alden Pearson ..........
2,152,657
752,498
Dodge Center....... Dodge Center State...........A. C. Bell.....................
Duluth..................... City National .......................R. H. Magie.............
13,225,289
Duluth..................... First & Amer. Nat’l .......... S. T. Strain................... 51,382,889
Duluth..................... Minnesota National .......... J. E. Brown................ 14,255,825
22,925,149
Duluth...................... Northern National ........... L. O. Anderson..........
Dunnell.................... First National .................... G. E. Heyman............
410,583
E. Grand Forks. . . Minnesota N a tio n a l.........L. H. Everett............
2,321,003
Elk River...............Bank of Elk River................. L. H. Scherf.............
742,553
Elk River...............First National ......................R. A. Ellingson.........
996,050
1,684,334
E ly........................... First National ......................G. T. Somero.............
Eveleth.................... Miners National .................J. R. Schuknecht. . . .
1,045,380
Fairmont.................First National ..................... L. P. Peterson...........
1,821,020
Fairmont.................Martin County National..C. F. Holden................
2,438,022
Faribault.................Security Nat’l & Trust. . .C. MacKenzie, J r .. ..
4,304,983
Faribault.................S t a t e ................................... ..R ay M e y e r...................
1,427,045
Fergus Falls.......... First National .................... R. E. Lincoln.
2,951,263
Foley....................... S ta t e ....................................... S. H. W isniewski.. . .
1,202,426
Fulda........................Citizens S ta t e ..................... B. W . Lloyd..
1,817,380
Grand Rapids........ First National .....................G. P. Mitchell.............
2,902,657
Hopkins................... First N a tio n a l................... S. H. Severson...........
1,727,177
Hutchinson.............Citizens .............................. .H. R. Jensen...............
2,670,994
Isanti........................First S ta t e ........................... Geneva Peterson . . .
509,506
Jeffers...................... S t a t e ......................................C. R. Duroe..
976,014
Lamberton.............Farmers & Mer. State. . . .H. F. Jeske.....
1,211,096
Le Roy..................... First S ta te ........................... H. H a w kin s..
522,739
Lewiston..................Security S ta te .....................E. A . Highum.............
1,015,758
Lonsdale................. State ........................................ J. J. Jirik...................
724,552
Mankato.................First National ......................B. W . Rough.
5,351,361

IO W A

TOWN
BAN K
CASHIER
DEPOSITS
Mankato.................Nat’l Bank of Commerce.A. C. Stallman..
2,672,673
Mankato................. National Citizens ............... G.
A. Hudy.......
7.727.179
Marshall.................First N a tio n a l....................... K. E. Sheffield. . .
3,664,687
Minneapolis...........Chicago-Lake S ta te ...............D. W . P a lm e r ....
1,987,132
Minneapolis...........Farmers & Mech. Savings John De Laittre.
86,153,621
Minneapolis...........First National ..................... J. G. M acL ean...
288,871,677
Minneapolis...........Marquette National ........... M. E. Mortenson.
14,320,020
Minneapolis...........Midland Nat’l Bk. &T r .. .R. S. Stebbins.. . .
45,473,569
Minneapolis...........Northwestern Nat’l & Tr.G. E. M a s te r s ....
301,211,412
Minneapolis...........University N a tio n a l........... C. H. C o rn e ll....
2,900,666
Montevideo.............. Security National ..............L. E. Campbell
2,681,665
Montevideo............. Union State .
.C. O. Bennett,
1,497,526
Moorhead................First National
.Lawrence Mauritson
2,810,856
Mora........................ Kanabec State
V. W . Peterson. . . . ,
1,841,189
New U lm ................ S t a t e .............. ..
.E. A . Stoll.................
2,504,087
Nerthfield...............First National
.E. H. Watson............
1,614,386
Redwood Falls. . . Citizens State
,M. O. Hanson............
2.580.179
Ruthton...................Farmers & Mer. State.
.J. L. Ekse.................
785,707
Sanborn...................Sanborn State
........ W . D. Yaeger........... .
573,648
Sebeka..................... Security State
........ T. J. Tebben...............
306,471
St. Charles.............First National
........ George E c k le s.........
1,251,826
St. Paul..................American National
........ F. J. Gode...................
58,647,872
St. Paul..................Drovers Exch. State ........ H. G. Swanson......... .
4,652,502
St. Paul..................Empire Nat’l Bk. & T r.. .C. T. Dedon................
19,464,051
St. Paul................. First National . . . .
........ A. W . McNee.............. 257,400,947
St. Paul..................First S ta te ..............
........ W . E. Olson................
3,802,333
St. Paul................. Midway National .
........ H. M. Schwartz.........
11,920,972
St. Paul................. Produce Exchange
. . . . . A. R. Mickelson........
869,096
St. Paul................. Security State
Clarence Gieske
1,683,003
St. Paul................. Stock Yards National. . . . J. G. McGarraugh..
12,851,631
St. Paul.................. Western State
........ A. T. Meyer.
2,342,698
Thief River Falls. .Union State .
........ A. W . Hensrud. .
2,426,336
Truman................... Peoples State
........ B. J. Dallman. . .
737,214
Tyler....................... Citizens State
........ J. P. Langmack.
906,281
Vernon Center.. . .S t a t e ...............
........ C. M. Banks. . ..
376,772
Virginia.................. S t a t e ................
.........J. E. Takkinen. .
1,916,475
W ells........................Peoples State
........ G. A. Uggen. . . .
929,535
Wheaton.................. First State . . .
.........G. E. Rued...........
818,399
White Bear Lake. .First State . . . .
.........F. J. T a y lo r ....
877,115
W illm ar.................. Security National
........ G. W . Odell.........
2,134,903
Wilmont..................First National . . . .........E. L. M e y e r ....
595,613
Windom................. Windom National.
........ J. J. Rupp.
1,805,301
Winona....................Winona Nat’l & Savings.John Ambrosen
6,915,786

D E P O S IT S

DECEM BER 31. 1943
The Northwestern Banker is pleased to publish Bank Statement figures 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 YO U did not
send in your statement. Please do so next time.
CASHIER
TOWN
BANK
DEPOSITS
Algona.............Iowa State .....................
H. L. Gilmore............ . .8 3,470,825
Algona.............Security S ta t e .....................
E. A. Scheme! . . , . . . . . 1,648,019
Am es................. Ames Trust & Savings..
G. R. Alley................. . 3,501,953
Am es.................Union Story Tr. & Sav.
H. R. Martin............. . 2,891,015
Anamosa..........Citizens Savings .........
L. D. Murfield.......... . 2,281,408
Boone ............ Boone State Bk. & T r.. .
T. L. Ashford, pres,.. . 4,480,914
Boone ...........Citizens N ation al..........
E. E. Wiemer............ . . 3,938,189
Breda................ Breda S a v in g s.............
F. Van Erdewyk. . . .
864,085
Burlington. . . .Burlington Savings . . .
W . H. Swiler............ . . 7,457,707
Burlington. . . .Farmers & Merchants Sav. H. E. Simon............. . . 5,266,222
Burlington. . . .N a tion al.........................
T. L. Dyer..................., . 7,455,881
Burlington. . . . West Burlington Savings.
B. O. Ball. .................. . 1,231,777
Burnside...........Burnside S a v in g s.............
O. B. Lundgren. . . .
785,958
Cedar Falls. . . Cedar Falls Trust & Sav.
H. ('. Smith . ........... . . 1,996,292
Cedar Falls. .. First National .................
W . E. Brown............ . . 2,468,743
Cedar Rapids. Peoples S a v in g s...............
E. F. Stepanek..........
9,456,948
Cedar Rapids. Guaranty Bank & Trust.
R. B. Figge.................. . 6,047,377
Cedar Rapids. Merchants National ..
M. .1. Myers............... . . 64,472,462
Centerville. . . . First National ............
R. E. Oughton........ . . 1,900,448
Chariton...........National Bank & Trust. .
M. J. Grogan........... . . 2,253,203
Chariton.......... First S ta t e ......................
L. F. Smith............... . . 1,713,249
Charles C ity.. First. Sec. Bank & Trust.. W . A. Herbrechtsmeyer ................... . . 3,520,298
Charter Oak. . Farmers State . . .
F. T. Thomsen.........
948,561
Clarence........... Clarence Savings .
Arnold Ruther . . . . . . 1,048,278
Clarinda........... Page County State
C. E. Bradley............ .. 2,645,587
.1. H. Nissen................ . 9.571,933
Clinton............. City National . . . .
Clinton............. Clinton National .
L. J. Derflinger........ . . 3,399,591
Clinton............. Clinton Savings . .
L. J. Derflinger........ . . 1,870,253
Colfax............... First National . . .
H. E. Bell.................... . 1,607,682
Coon Rapids. . Iowa Savings . . . .
J. F. Schafer............ . . 1,689,811
Council Bluffs. Council Bluffs Savings
E. H. Spetman.......... . . 9,757,064
Council Bluffs State S av in g s...............
C. A. Blanchard... . . 3,873,364

Northwestern Banker

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

February 194b

TOWN
BANK
CASHIER
DEPOSITS
Crawfordsville. Peoples S a v in g s..................... , K. A. Coates.................
809,151
Davenport. . . . Davenport Bank & Trust. . . . Herman Staak ........... 54,479,220
Davenport. . . . First Trust & Savings........... F. A . Johnson............... 6,257,657
Denison.............First National ......................... T. C. Aarestad............. 2,155,102
Des M oines.. . .Bankers T r u s t ....................... F. C. Atkins................. 41,366,924
Des M oines.. . .Capital City State................... J. N. Coffey.................
5,674,124
Des Moines.. . .Central Nat’l Bank & Trust C. R. Capps................... 56,850,985
Des M oines.. . .Iowa^Des Moines Nat’l . . .
Bank & Trust..................... H. G. W ilson............... 81,854,701
Des M oines.. . .Valley S a v in g s....................... J. R. Astley................... 10,269,894
D eW itt...............DeWitt Bank & Trust............ J. Y. Floerchinger. . . .
1,958,770
Diagonal.......... First S ta t e ................................ H. O. Sanderson.........
863,861
Donnellson.. . .Citizens S ta t e ......................... R. L. Schmitt...............
1,301,751
Dubuque........... American Trust & Savings. C. J. Kleinschmidt. . . 11,690,125
Dubuque........... First N a tio n a l................
J. V . Keppler............... 14,658,131
Dunlap.............Dunlap S a v in g s....................... G. H. Millard...............
1,087,850
Eldon............... First National ......................... . Robert Weidenbach. . .
867,232
Eldora............. Hardin County Savings........... Howard C a lfe e ........... 3,240,554
Emmetsburg. . Iowa Trust & Savings............ K. A . Reeves................. 2,346,703
Estherville.. . . Emmet County State............. H. B. Sidles...................
3,884,334
Estherville.. . .Iowa Trust & Savings........... C. E. Miller...................
1,826,522
Fairfield........... First National ........................ L. N. Frescoln............. 2,952,201
Farnhamville. Security S a v in g s................... . O. W . Madson...............
757,536
Fontanelle. . . . State S a v in g s......................... R. H. Bower.................
1,077,051
Fort Dodge. . . . State Bank .............................. H. T. Huff.....................
6,073,957
Fort Madison. Fort Madison Savings........... H. H. Mohrfeld........... 5,504,099
Fort Madison. Lee County Savings............... A. R. Benbow............... 3,230,268
Fostoria............Farmers S a v in g s............
H. A. O’Farrell...........
646,162
Garner..............Hancock CountyNational..
H. L. Ollenburg........... 1,751,262
Gladbrook........ S t a t e ...................................
L. M. Boll.....................
1,321,603
Grinnell............Grinnell S ta t e ..................
, L . M. Lanning............. 2,276,581
Grundy Center Farmers S a v in g s................... A . V . Dieken.................
1,244,925
1,215,016
Grundy Center Grundy Center National. . . . T. J. Neessen...............

17
Hawarden........Farmers State ...........................C. A. Slife..............
Hawarden........First National ...........................H. Visser ..............
Hayesville. . . . Hayesville Savings................... C. J. Mertz............
Humboldt.........Humboldt Trust &Savings. . H. L. Strong..........
Independence. Farmers State Savings...........C. L. Fiester.........
Iowa City........ Iowa State Bank & Trust. . . . M. B. Guthrie. .. .
Iowa Falls. . . . Citizens S ta t e ...............................................................
Ireton............... Security Savings ....................... G. T. Juffer...........
Jefferson.......... Home State .................................Warren Garst . . .
Jefferson.......... Jefferson S ta t e .......................... R. H. M aloney...
Jesup.................Farmers State .......................... C. E. Stew art.. . .
Kiron.................Kiron S ta t e .................................C. E. Dahl..............
Kellogg............. Kellogg S a v in g s........................J. D. Roth.............
Knoxville.........Community Nat’l Bk. & Tr.. E. M. Butterfield.
Laurel...............Peoples S a v in g s........................ H. C. McCleery. .
Le Mars...........First National ........................... C. L. Eastman. . .
Lisbon...............Lisbon Bank & Trust..............G. L. H ill...............
Lu Verne.........Farmers State ........................... J. A. Nelson.........
Madrid.............City State .................................... J. H. W hite......... .
Manson.............Manson State .............................G. L. Scoles......... .
Marshalltown. Fidelity S a v in g s....................... E. H. Nyce............
Martelle...........Farmers S a v in g s....................... G. C. Martin.........
Mason City. . . . First National ......................... W . W . B o y d ....,
Mason City. . . . United Home Bank & T r ... . R. A. P otter.. . .
Mo. Valley. . . . First National ..........................F. C. Burke..........
Monona.............Union State ............................... K. W . Rash............
Monticello. . . . Monticello State ..................... H. M. Carpenter.
Morning Sun. .Iowa S ta t e ..................................M. H. McDonald.
Mount A y r. . . Security S ta t e ........................... Carson Williams
Mount Vernon Mount Vernon Bk.& Tr..........D. U . Van Metre
..................... Glen Downing . .
Muscatine........ Central State
Muscatine........ Muscatine Bank & T r u s t .... B. F. Jordon.........
Nevada.............Nevada N a tio n a l....................... L. R. B a sse tt...,
Nevada.............State Bank & Trust...................H. T. Faw cett.. . .
Newton.............Jasper County Savings............. A . E. Hindorff. .
Newton.............Newton N ation a l...................... M. L. Hickman.,
Northwood. . . . Northwood S t a t e ..................... O. A. Olson.......... .
Oakland............ Citizens S ta t e .............................D. F. Busse..........
Oakland............Oakland S a v in g s...................... J. J. Evans..........
Oelwein............. First National
......................M. C. H a n so n ...,
Ogden............... City State .................................... Arnold Boehm . . .

1,018,550
811,302
1,497,183
3,081,858
3,980,567
5,830,878
2,423,991
681,872
1,687,128
3,361,777
1,206,557
773,301
1,641,854
2,847,505
536,600
1.506.411
851,198
596,909
1,198,650
1,483,083
6,205,333
438,658
14,677,858
4,934,141
1,467,981
1,066,798
7,480,598
1,614,046
1,615,063
1.342.013
4,376,133
8,694,298
2,278,241
1,350,125
6,305,922
2,659,197
809,877
1,604,108
1,520,017
3.134.013
2.211.412

N EBRASKA

Onslow.............. Onslow S a v in g s..........................G. H. Paulsen...............
Orange C ity.. Northwestern State ...............H. C. Moret.....................
Osage.................Osage Farmers National. . . . E. A. Heiden..................
Osceola.............Clarke County State....................Don Hickman ..............
Ottumwa..........Union Bank & Trust................. Max Von Schrader...
Perry.................First National ...........................W . B. Crist.....................
Randall.............Randall S t a t e ..............................J. H. Brekken...............
Randolph........ Randolph State .......................... J. S. Zdychnec..............
Red Oak............Houghton State .........................Oscar H elgerson..........
Red Oak............Montgomery County Nat’l . . . W . W . Artherholt.. . .
Riverton.......... Nishna Valley State....................W . P. Cowden.............
Rock Valley. . .Valley State ..............................J. H. Dye.........................
Schleswig........ Farmers State ........................... H. A. Klotz.....................
Sheldon.............Security S ta t e ............................. R. A. Schneider...........
Shenandoah. . . Security Trust & Savings.. . . W . H. Longman...........
Sidney............... Fremont County Savings. . . . J. H. Pullman, J r .* ..
Sioux City........First N a tio n a l...........................Fritz F ritzson .............
Sioux City....... Security National .....................R. E. Brown...................
Sioux City....... Toy National ............................. E. E. Erickson..............
Sioux City. . . . Woodbury County Savings. . . C. T. McClintock.........
Spencer.............Clay County National............... A. E. Anderson...........
Spencer.............Farmers Trust & S av in g s... K. R. Tuttle...................
Storm Lake. . . Citizens First National...........W . A. Myers...................
Storm L a k e ... Commercial Trust & S a v ....E . J. Knebel.................
Storm L a k e ... Security Trust & S av in g s... G. B. Eginton...............
Stratford..........Farmers S av in g s........................E. J. Johnson................
Stuart............... First National ...........................Charles Kelley ............
Titonka.............Titonka S av in g s......................... Edward B o y k e n .........
Vinton.............. S t a t e ...............................................C. B. Barron.................
Wapello............ S t a t e ...............................................H. B. Hammer.............
Washington. .. N ation a l...................................... C. P. Weldin..................
Washington. . . Washington S t a t e ................... F. L. K os.........................
Waterloo.......... National ..................................... R. L. Penne...................
Waterloo.......... Waterloo Savings .....................J. J. Miller.....................
Wellman...........Wellman Savings .....................Ross S e v e r t..................
Wellsburg........Peoples S a v in g s........................ G. H. Ballard................
W . Des Moines First National ......................... A. L. Messerschmidt. .
Wheatland. . . . First Trust & Savings.............Albert E g g e r t..............
Williamsburg. .Farmers Trust & Savings. . . . O. E. Jones...................

746,391
2,274,084
2,255,179
2,305,652
12,160,255
2,921,546
759,999
662,613
4,645,014
2,529,896
285,483
2,158,343
1,917,688
1,703,369
2,796,901
1,057,172
12,817,390
16,576,013
18,301,570
5,047,770
3,856,934
3,836.967
4,637,418
1,427,454
2,157,980
711,531
811,543
1,343,526
2,850,665
1,036,486
2,600,732
2,822,268
15,397,105
12,523,787
1,310,766
976,358
795,888
788,558
1,681,855

*In the service.

D E P O S IT S

DEPOSITS
$ 5,722,521
6,180,908
951,156
196,190
5,796,861
6,103,468
607,640
333,665
5,205,237
591,809
1,077,799
1,842,539
4,748,866
9,339,716
5,308,950
7,514,752
1,278,479
4,481,466
665,587
. 24,293,915
43,858,635

DEPOSITS
TOW N
BANK
CASHIER
1,354,407
Morrill............... First N a tio n a l..........................R. T. Covington..........
2,981,982
Nebraska
City Farmers ..........................J. R. Stevenson..........
1,853,204
Nebraska City Otoe Co. National..................H. H. Teten...................
2,805,771
Norfolk............National ..................................... L. W . Ross...................
4,551,603
North Platte. . First National ....................... W . H. Munger............
2,631,679
North Platte . . McDonald S ta t e ....................... J. Y . Castle..................
60,426,922
Omaha............. First National ...........................J. T. Stewart, I I I ...
Omaha.........Live Stock National ...................Paul H a n se n ............... 53,770,049
Omaha.............Omaha National ....................... C. O. Darner................ 122,182,869
18,731,257
Omaha............. Stock Yards Nat’l ...................... John McCumber
Omaha...............U . S. National......................... A . L. Vickery............... 59,486,029
697,244
Palisade........ Frenchman Valley ..................... A. J. Baxter................
2,025,719
Plattsmouth. . Plattsmouth State ................. F. A . Cloidt................
1,547,516
Scottsbluff. . . . First State ................................John Broadhurst . . . .
6,707,768
Scottsbluff. . . .Scottsbluff Nat’l ....................... J. L. W itters...............
Sidney..............American National ................ Marius Christensen. .
3,807,555
Talmage............Farmers State ......................... E. G. Spencer...............
262,635
2,532,925
Tekamah........... First N ation a l..........................H. J. W ragge...............
2,362,916
Wahoo............. First National ............................. J. L. Kudrna.............
873,099
W isner.............First N ation a l............................N. D. Saville.................
4,698,714
York................. First N ation a l............................H. E. Nordlund..........

W H A T T H E IR D E P O S I T S S H O W
Figures Reported by Banks in Larger Financial Centers According to Their Statements
D ECEM BER 31, 1943
TOW N
BANK
CASHIER
Chicago........... Am. Nat’l Bank & T r u s t .... J. C. W right........... !
Chicago........... City Nat’l Bank and Trust. . F. R. Curda..............
Chicago........... Cont’I 111. Nat’l Bk. & Tr.. . . R. G. Danielson.. .
Chicago........... Drovers N ational........................ G. A. Malcolm.........
Chicago...........Drovers Trust & Savings. . . . M. M. Otstott...........
Chicago........... First N ational.............................. R. F. Newhall..........
Chicago........... Live Stock National.................... H. P. Johnston. . . .
Chicago........... Northern Trust.............................C. M. Nelson............
Detroit.............N a tio n a l......................................... E. S. Burns..............
Kansas City. . City Nat’l Bank & T ru st.. . . J. F. McPherson.. .
Kansas City. . Commerce T r u s t ...................... E. P. W heat.............
Milwaukee. . . . First Wisconsin Nat’l .............A. G. Casper............
New Y o r k .. . . Bankers Trust ..........................S. Sloan Colt,
president.............
New York. . . .Central Hanover Bk. & T r ... W . S. Gray, Jr.,
president.............

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

DEPOSITS
I 140,538,092
287,791,806
2,173,955,738
60,721,688
13,832,515
1,803,685,869
43,876,368
519,682,491
1,140,243,059
80,893,529
335,487,705
474,011,184
1,594,694,072
1,477,218,628

TOW N
BANK
CASHIER
New York. . . . Chase National ....................... W . H. Moorhead...
New York. . . . Chemical Bank & Trust.........F. K. Houston.........
New York. . . . Guaranty T r u s t ........................E. W . Stetson,
president ...........
New York. . . .Irving T r u s t..............................W . N. Enstrom,
president.............
New York. . . . Manufacturers T r u s t .............H. D. Gibson, pres.
New Y o r k ....N e w York Trust....................... J. E. Bierwirth,
president.............
Philadelphia .. Philadelphia N ational............. M. D. R ein h old ....
St. Louis..........Boatmen’s National ............... H. A. Bridges..........
St. Louis.........First National ........................... C. B. Schmidt..........
St. Louis.........Mercantile-Corn. Bk. &T r ... F.
W . Heuermann.
St. Louis.........Mississippi Valley Trust.......... Sidney Maestre,
president . . . . . . . .

Northwestern Banker

DEPOSITS
4,375,581,740
1,153,998,165
2,903,794,036
964,148,274
1,580,909,261
689.208.446
710,665,227
131,766,313
363,895,021
278.220.447
182,018,606

February

SOUTH

DAKOTA

D E P O S IT S

NORTH

TOWN
BANK
CASHIER
DEPOSITS
Pierre...............First National .........................L. L. Branch................
1,140,673
Rapid C ity ... First Nat’l Black H ills.......... Noel W . K lar................ 17,718,883
Sioux F a lls ... First Nat’l & Trust................ W . E. Perrenoud.......... 13,430,197
Sioux Falls. . . Northwest Security Nat’l. . . .
J.V.
Lowe. 26,144,929
Vermillion . . . . Citizens ...................................... R. B. Stevens...............
1,195,892
B. Crothers.............
2,603,649
Watertown . . . Farmers & Merchants......... S.
W atertow n ... First Citizens National.......... Bert Morgan ................ 5,409,300
Yankton.......... First Dakota National........... H. C. Danforth.............. 2,609,498

DAKOTA

D E P O S IT S

CASHIER
DEPOSITS
B. F. Lawyer . . . . ___ S 7,160,255
J. W . Chapman.. ___
397,983
Guy Cook ............. ___
1,879,240
T. A. Tollefson. . . ___
3,185,741
H. M. Rossebo. . . ___
1,558,790
G. W . Jenson. . . . ___ 14,276,131
C. H. Olson........... ___
7,197,066
I). M. Upham. . . . ___
3,248,544
___
2,419,283
M. G. Pederson . . . ___
876,796
E. W . Hauser. . . . ___
3,688,572
___
3,599,612

Chairman of Guaranty
Trust Board
Eugene W. Stetson was elected
chairman of the board of Guaranty
Trust Company of New York at meet
ing of the board of directors. Mr.
Stetson has been associated with the

TOWN
BANK
CASHIER
Langdon........ . Northwestern .................
Larimore........ Elk Valley State.............
Linton ............. .First National ...............
Mayville.......... Goose R iv e r ..................... ........ N. C. Klabo..............
Minnewaukan . Farmers State ............... ........ H. S. Herman..........
Minot............... Union National ............. ..........I. S. Westlake___
Northwood. . . . Northwood S t a t e ........... ........ T. H. Tufte..............
Page................. First State ....................... ........ E. G. Clapp .............
Rugby............. . Citizens S ta t e .................
Valley City. . . American National . . . .
Valley Citv. . . First National ...............
Watford City. First International........

Guaranty Trust Company 27 years,
during the last three of which he has
been president. He succeeds W. Palen
Conway, as chairman. Mr. Conway
was elected vice chairman of the ex
ecutive committee. J. Luther Cleve
land, who has been associated with the
Guaranty since 1923, and as vice presi
dent for last 16 years, was elected
president. William C. Potter was re
elected chairman of the executive
committee.

president of the parent company’s
affiliated firms.
He has been very active in warehous
ing circles, both in his state and na
tionally, serving as president of the

Warehouse Official
A Bank Director

E U G E N E W . ST E T S O N
Named Board Chairman

Northwestern Banker

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

February 1944

Paul W. Frenzel, vice president of
the St. Paul Terminal Warehouse Com
pany of St. Paul, Minnesota, has been
elected a director of the Empire Na
tional Bank and Trust Comany of St.
Paul.
Mr. Frenzel graduated from the Uni
versity of Minnesota in 1917, then
served 26 months in World War I,
spending eleven months in the A.E.F.
In June, 1919, he entered the ware
house business with the St. Paul Ter
minal Warehouse Company, and in
1923 when it was incorporated he be
came its vice president and also vice

DEPOSITS
. . . 1,316,084
. ..
1,393,614
. . . 2,027,957
. . . 2,074,957
. ..
1,201,947
. . . 3,812,400
. . . 1,497,892
402,152
. . . 1,663,726
. . . 2,015,666
. . . 2,135,061
. . . 1,397,916

PAUL W . FRENZEL
Made Bank Director

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

20
Minnesota Warehousemen’s Associa
tion in 1926 and 1927, and at present,
he is president of the American Ware
housemen’s Association Merchandise
Division after serving several terms on
its executive committee.
He has been especially interested in
f u r t h e r i n g the acceptability and
growth of warehouse receipt loan busi
ness by banks, and launched his com
pany’s first field warehousing venture
in 1926. Now the inherent soundness
of loans collateralized by the receipts
of a responsible, bona fide warehouse
man giving first security on any type
of inventory, is widely recognized by
the nation’s banks. To serve this grow
ing need, offices of St. Paul Terminal

Warehouse Company and its eastern
subsidiary, New York Terminal Ware
house Company, are now established
in 16 important cities,

William R. Chapman was advanced
from assistant cashier to vice presi
dent and Robert S. Stebbins, from
cashier to vice president and cashier.
Melvin D. Burt, manager of the in-

Changes at Midland National
Four changes in the official staff and
two additions to the Board of Directors
of the Midland National Bank and
Trust Company, Minneapolis, were an
nounced by President Arnulf Ueland
following the annual meeting of the
stockholders and directors. The two
directors are Henry J. Neils, secretary
and treasurer of the Flour City Orna
mental Iron Company, and Dr. O. B.
Jesness, chief, division of agricultural
economics, University of Minnesota.

W IL L IA M
Vice

Nation-wide
Contacts

R. CH APM AN
President

stalment loan department, and Ken
neth D. Morlan, chief clerk were made
assistant cashiers.
Mr. Chapman, a native of New York,
came to Midland in 1926 as bookkeeper
and worked up through the Credit De
partment, later becoming manager of

Built up over a period of 80 years
of service to correspondent banks,
the nation-wide contacts o f The
First N ational o f Chicago assure
prom pt efficient handling o f all
bank-to-bank services.
Your account is invited.

The First National Bank
o f Chicago
R O B E R T S. ST E B B IN S
Vice President and Cashier

Building with Chicago since 1863

Northwestern Banker

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

MEMBER

FEDERAL

D EPO SIT

February 1944

IN SU R A N C E

CO RPOR ATION

the installment loan department. He
was elected assistant cashier in 1938.
Robert S. Stebbins, a former assist
ant cashier of the old Union State
Bank, entered the employ of the Mid
land Bank in 1926 when the two banks

“ J Gioo you,
mein fuehrer,
$350,000,000 in
American property!’’
It makes Hitler happy, this destruction in America

by Americans— over $350,000,000 worth in 1943!
War-precious American property-— vital factories
and equally essential homes, wiped out by fire, the
sabotage of carelessness, reducing our invasion
power and slowing the drive to victory.
But that was 1943. N o w it’s up to you to help
defeat fire this crucial year, 1944. For, while lire
prevention is always important, it is extra impor
tant now, for conscientious fire prevention this
year will help shorten the war. And there is this
final reason to make fire prevention your concern
— over a period o f time the smaller the losses the
less the property owner will pay for his insurance
protection.

This year, let’s not give aid and comfort to the
enemy—
Let’s be extra careful about fires!

* TH E

H O M E ☆

N E W
FI RE

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Federal Reserve Bank of St. Louis

♦

AUTOMOBI LE

Y O R K
•

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

22
merged. He was made assistant cash
ier in 1936 and advanced to the posi
tion of cashier in 1942. As vice presi
dent and cashier he will continue his
duties as cashier and serve in other
executive capacities.

New Officials at
New York Trust
Ralph Damon, vice president and
general manager of American Airlines,
Inc., and identified prominently with
the airplane industry for more than
twenty years, was elected a trustee of
The New York Trust Company, it was
announced by John E. Bierwirth,
president. Mr. Bierwirth also an-

nounced that Donald C. O’Brien, assist
ant vice president in charge of the
Fortieth Street Office of the Bank, was
elected a vice president.
Mr. Damon served in the United
States Army Air Corps in the first
World War following his graduation
from Harvard, and in 1921 joined the
Curtiss Aeroplane & Motor Corpora
tion. He was elected president of the
Curtiss-Wright Airplane Company in
1932 and two years later was chosen
to head the Curtiss Aeroplane & Motor
Company, producing military aircraft.
In 1936 Mr. Damon entered the air
transport field as vice president in
charge of operations of American Air
lines, Inc. He was granted a leave of

absence in 1941 to become president of
Republic Aviation Corporation. On
September 1, 1943 Mr. Damon returned
to American Airlines, Inc., in his pres
ent position.
Mr. O’Brien, identified with The

R ALPH D A M O N
Trustee
,

i
'

I«

ig
'

¿mW

and

have been

tury— in w a r and p e a c e — in

w ith both agriculture and
industry

ban k

farm ers,

T h is ex p erien ce, w h ich our

bu sin ess m e n and ban kers

h u n d red s o f c o r r e sp o n d e n t

throu gh ou t the m id d le w est.

ban ks have fo u n d o f value,

D u r in g

three w ars

and

five m a jo r d e p r e ssio n s w e

is offered

First National, Chicago,
Elections

in clo se touch

g o o d tim es and b a d — this
served

New York Trust Company since 1926,
has been in charge of the bank’s
Fortieth Street office at Madison Ave
nue and Fortieth Street since March
1941. He continues in charge of that
office.

At the annual meeting of the stock
holders of The First National Bank
of Chicago, all present directors were
re-elected. New directors elected were
John D. Farrington, chief executive of-

Í/L

For th ree-qu arters o f a ce n

has

D O N A L D C. O ’ B R IE N
Vice President

this

territory.

to you w ith ou t

o b lig a tio n .

y/ e

LIVE STOCK
e A fa / to tta / BAN K.
E S T A B L IS H E D

1868
Vice

U N IO N

STOCK

YARDS

M em ber Federal Deposit Insurance Corporation

Northwestern Banker

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

February

E M IL A. S T AK E
President and Cashier

ficer of the Rock Island Lines, and
Louis Ware, president of International
Minerals & Chemical Corporation.
Following the subsequent meeting
of the board, a number of promotions

X T '
' j£J*'*mmtM

........

Are Good Loans?
Perhaps they are right there at home, Mr.

ventory; they furnish you absolute control

Banker.

Check your files . . . canvass your

over the proceeds of sale of that inventory.

local business situation . . . and you m ay

W h y not use St. Paul Field W arehousing

develop several likely prospects.

Service to safeguard loans . . .
profits . . .

Remember,

St.

Paul

Field

to increase

as so m any other Banks are

W arehousing
doing?

Service today m akes it possible for you to
extend larger credit lines on a safe, profitable
basis to almost any business . . . manu
facturing, processing or wholesaling

. . .

which has inventory on hand.

Ask our nearest office for complete infor
mation

about

our

Service

covering

Field

any

W arehousing

kind

inventory.

Free consultation service obligates you in
For St. Paul W arehouse

Receipts,

issued

no w a y whatever.

against inventory, no matter where stored,
They

W e are the only com pany engaged in Field

give you first security on a borrower's in

W arehousing maintaining an office in Iowa.

are prime collateral for Bank loans.

St. Paul T erminal W arehouse Co
ST. PAUL, MINN.
— Other Offices —

— Iowa Office —
510 Iowa-Des Moines National Bank Building

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

MILWAUKEE

DES MOINES

PHILADELPHIA
T. C. CANNON. DISTRICT MANAGER
TELEPHONE 4-2353

CHICAGO

NEW YORK
MEMPHIS

DETROIT

BOSTON

PITTSBURGH
ATLANTA

SYRACUSE
ALBANY, GA.

CHARLOTTE

Northwestern Banker

February 1944

24
in the official staff and the election of
new officers were announced by Ed
ward E. Brown, president of the bank.
Emil A. Stake, vice president, was
also made cashier, succeeding R.
Frank Newhall, who retires after serv
ing the bank for more than fifty years.
John H. Grier, assistant vice president
in the bond department, and C. Edgar
Johnson, assistant vice president in
the personnel department, were pro
moted to vice presidents. The titles
of Homer J. Livingston and John W.
Kearns, attorneys, were changed to
counsel. Paul E. Farrier, assistant
trust officer, John J. Feeley, manager
of the discount department, Martin O.

McKevitt, assistant manager of the
real estate loan department, and Al
bert G. Keck, assistant cashier in the
personnel department, was promoted
to assistant vice presidents.
New officers elected were Lester W.
Miner, assistant vice president, Lawr
ence J. Berry and Elmer A. Tittle, as
sistant managers in the real estate
loan department, John E. Drick, John
M. Ducar, and Harry G. Duntemann,
assistant cashiers, Charles E. Troughear, assistant trust officer, Harold H.
Hawes and Elmer M. Rettig, assistant
secretaries in the trust department,
and Frank L. Paul and Robert P. Perkaus, assistant attorneys.

Named Assistant
Vice President
S.
Sloan Colt, president of Bankers
Trust Company, has announced the
election of Harold J. Marshall, as an
assistant vice president.
Since 1939, Mr. Marshall has been
secretary of the New York State Bank
ers Association, and has been active in
the American Institute of Banking
and in the American Bankers Asso
ciation, of which he is currently a

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H A R O L D J. M A R S H A L L
Now Assistant Vice President

member of the executive committee of
the State Secretaries Section. He is
also a member of the A.B.A. Research
Council.
Since 1940, Mr. Marshall has been
vice president and a director of the
First National Bank of Canajoharie,
N. Y., prior to which he was cashier
and a director of the National Spraker
Bank, of Canajoharie, 1933-39; cashier
of the Washington County National
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and associated with the Council Bluffs
Bank, Council Bluffs, Iowa, 1923-29.

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CHARLES

31 N

assau

Northwestern Banker

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

R . D U N N , Fiscal A g e n t

Street

February Í944

ork

5, N . Y .

At the annual meeting of stockhold
ers and directors of the City National
Bank & Trust Company of Kansas
City, Missouri, R. B. Caywood, presi
dent of the H. D. Lee Mercantile Com
pany and Paul D. Bartlett, president
of the Hart, Bartlett, Sturtevant Grain
Company, were elected directors.
Louis G. Loschke, former assistant
cashier, was made assistant vice presi
dent and Robert L. Greene, formerly
in the discount department, was made
assistant cashier and assistant trust
officer.

Investors Syndicate
C a se Dismissed
Upon motion of Edward H. Cashion,
counsel for the Securities and Ex
change Commission, Judge Gunnar H.
Nordbye, of the District Court of the
United States for the District of Min
nesota, has dismissed the two remain
ing counts in the action of the Se
curities and Exchange Commission
against Investors Syndicate and its
affiliated companies, Investors Syndi
cate of America, Inc., and Investors
Mutual, Inc.
The other fourteen counts were dis
posed of on October 18, 1943, by a con
sent decree enjoining the companies
from engaging in certain sales prac
tices—practices which Investors Syn
dicate denied it or its affiliated com
panies had or intended to engage in.
Judge Nordbye’s order thus brings
to a termination the action brought
against the Snydicate group of com
panies by the Securities and Exchange
Commission last July.
W. H. Oppenheimer, counsel for the
corporations, stated to the court,
“This settlement in no way involves
any admission on the part of the de
fendants or any of them of any wrong
doing, but has been actuated by a de
sire to avoid protracted litigation
which it was felt would, regardless
of the outcome, be harmful to all con
cerned; and of assuring the Securities
and Exchange Commission of the de
sire of the defendants to comply with
all applicable statutes and the rules,
regulations, and orders.”
Earl E. Crabb, chairman of the
board of directors of Investors Syndi
cate, said, “We believe that, in the
interest of the companies and their
many security holders residing in all
parts of the United States, that the
thing to do was to arrive at a settle
ment of this case on a fair and con
structive basis, rather than to proceed
with a lawsuit which at best would
have been prolonged, expensive to the
companies and disturbing to the se
curity holders.
“We have entered into a voting trust
agreement which names three inde
pendent trustees of Investors Syndi
cate, men of the highest standing in
this community. These trustees who
have been elected directors of In
vestors Syndicate are Henry M. Gal
lagher, until January 1 Chief Justice
of the Supreme Court of the state of
Minnesota; John M. Harrison, execu
tive vice president of Marsh & Mc
Lennan of Minneapolis; and Paul E.
von Kuster, president of the David C.
Bell Investment Company of Minne
apolis.
“ The solvency of our companies was
not questioned in this action.”

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

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T h is long-term advertising media is available at a cost
of o nly l c to 2c per envelope in lots of one thousand.

WRITE FOR SAMPLES AND PRICES TODAY

ENVELOPE COMPANY
Chicago

Saint Paul
Northwestern Banker

February 19bb

"ADVANCE
A Kin R F

RECOGNIZED"
The familiar challenge is ringing out today in every corner of the globe where
our American boys are fighting for the mutual benefit of all men.
The same familiar words are a challenge to every business man in the world
today, for it is only by achievement and advancement that business can recog
nize success.
W e are proud to present our record of advancement for the year 1943 which
shows Western Mutual Insurance is recognized by an ever-increasing number
of satisfied policyholders as the answer to their insurance needs.

OUR RECORD
DECEMBER 31, 1943
a ssets

l ia b il it ie s

Cash (in guaranteed banks)......................... ........... $116,211.03
U. S. Bonds (amortized value)...................... ........... 452,440.00
Building and Loan Shares..........................................
19,500.00
Real Estate O w ned.......................................... ...........
3,000.00
First Mortgages (none delinquent)............. ........... 106,689.60
Due from Agents (current balances)......... ...........
67,455.72
Due from Reinsuring Companies................ ...........
74.48
Accrued Interest on Investments...............................
3,668.46
Cash Value of Life Insurance........................ .........
13,484.49

Current Bills .......................................................
Employees Bond Acct.......................................
Govt. Withholding T ax......................................
Current Reins. Premiums................................. .........
5,336.45
Reserve for Taxes...............................................
Reserve for Unearned Premiums.................. ___ _ 380,649.17
Reserve for Unpaid Losses.............................
Additional Reserve Acct. Schedule P ......... .........
39,377.00
Surplus ...................................................

$782,523.78

All policies issued b y the Western Mutual Fire Insurance Company are non-assessable

L _ - WESTERN MUTUAL- FIRE INSURANCE CO.
Des Moines, Iowa

“

Over a Third of a Century of Safety and Service with Savings

Northwestern Banker

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

February 1944

A TWO-Call Selling Method
First Determine the Facts of a Man's Estate— Then It's
Easier to Sell
NDER the careful supervision
and tutelage of my general agent,
I have been taught to sell life in
surance by the case method—that is,
by first determining the facts of a
man’s estate—definitely a two call
method of selling. It was known long
ago that one cannot go out and slap
a man on his back, become friendly,
and then expect him to buy insurance
from you. If after a preliminary inter
view with your prospect, you are un
able to obtain what data you need,
such as his family income require
ments, his birthdate, his other family
needs, obligations, etc., and items of
his present estate, then you might just
as well drop that person, and go on to
the next one on your list. You will be
wasting his time and your own. How
ever, if he is sufficiently interested in
answering confidential questions like
the above, and realizes it is done for a
definite purpose and for his own good,
then you may expect eventually to
discuss important problems and their
probable solution with your man.
From then on, you are “on your own” .
By this method of selling, you do a
much finer job, you know in advance
what you are talking about, obtain a
better than average amount of sales
per interview, and ultimately a larger
volume on such sales.
This is truly
a professional approach in this special
ized field of life insurance.
On June 8, 1942, the writer visited a
friend, Billy Bronson, who operated a
tobacco store with luncheonette. He
was married and had one daughter,
age 13. From my observations of his
store, his business was flourishing. I
told him of writing life insurance and
the name of my company. I asked him
for about a half hour to discuss some
personal questions about his wife and
daughter and self, which he readily
gave me. At that discussion, I learned

By Arthur R. Baturin
Bankers Life of Nebraska
Harrisburg, Pa.

A R T H U R R. B A T U R IN
“ Makes at Least Two Calls”

that his family needed close to $200
every month for bare necessities if he
were out of the picture, that he wanted
his daughter to have a good education
costing around $3,000, that his busi
ness was worth nearly $10,000, and
that he had $11,000 of life insurance
(divided among five companies—the
last insurance bought ten years ago).
He admitted being too busy making
money and getting his affairs in order
so that more insurance now was farth
er from his thoughts. At that visit,
no mention was made by me to in
crease his insurance estate, but rather
to allow me to think over his case
and see him near the close of the year.

In November 1942, I called again and
had a short conversation, at which
time he told me of some heavy ex
penditures he had to make for a new
fountain, other fixtures, etc., but also
mentioning his cash register was al
most paid for. (He had been paying
the National Cash Register Company
$25 per month for the past few years,
but was rapidly getting that item paid
off which would permit him to rest
easier.) He suggested I call after he
took his inventory in January and he’d
give me more time to talk with him
about his affairs. On January 20, 1943,
I stopped at his place of business
again. This interview was made by
appointment, so he was expecting me.
In less than half an hour, I had his
application and check for a $10,000 life
policy, with a monthly premium ar
rangement of $27 (hardly any more
than he had already been paying for
his register) and setting up the pro
ceeds for $64.20 per month spread over
180 months. This fit in nicely with his
other insurance contracts to guarantee
his family a substantial monthly in
come in the event he passed on.
There are several lessons which
were gathered from this sale. In the
first place, I didn’t attempt to sell him
before I thought the time was ripe.
Actually, I didn’t talk $10,000 of in
surance to him (for fear of frightening
him). His largest policy previously
was for $3,000, in fact, he had three
$3,000 policies. What I did sell him
was the idea of using the same amount
of monthly disbursement for his cash
register to place on his own life and
the future happiness or security of his
wife and daughter. Since he was 42
years of age, he could use $27 for this
purpose every month, and thus in
crease his estate accordingly. This
outlay of $27 bought the $10,000 life
policy very easily and everyone was

S carborough ^ C ompany

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

¿5 7 7 Í H
First National Bank Building, Chicago

Í4 '/ Cv^nnit/ci »./<■rf3anfc/í .
Horace A. Smith, Iowa Representative
Des Moines, Iowa

Northwestern Banker

Februar y 19 44

28
happy. In the second place, this man
apparently hadn’t been contacted by
anyone in our business since 1933,
which is too long a span of years to
pass up anybody, and certainly no
one as well off as this particular indi
vidual. I believe his former agents
just forgot about him or didn’t care,
and so it was I came into the picture.
At the present time, I am his insur
ance adviser and he respects me as
such. He is going ahead in his busi
ness and when his present policy is a
year old, I shall see him again and
ask for another increase of insurance.
(Have since sold other members of
this man’s family—several brothers
and a sister and their family, a

respectable amount of insurance,
through the medium of good service
and an introduction.)
Met a gentleman, Henry Kirkland,
about a year and a half ago, on some
business transaction in a city 40 miles
from here. This man was 45 years of
age, the general manager of several
silk plants. After asking him for an
interview under favorable circum
stances, he suggested I see him at his
home. I did visit him and his family
but this visit was hardly what was
desired. Kirkland wanted to talk
about everything except what I came
for, and I arranged to see him at his
office alone. This was accomplished
several days later. I took the usual

GROWING IN SIZE, STRENGTH
AND ABILITY TO SERVE
STATEMENT OF ASSETS AND LIABILITIES
As of December 31, 1943
ASSETS

Bonds (Amortized Value)
Government .... ................ ................................................... $1,029,984.10
Iowa County.......................................................................
38,796.76
Government— Dominion of Canada.............................
125,183.97
Federal Savings and Loan Certificates.....................
Bank Certificates of Deposit (on interest)..............
Deposits (not on interest)
Central National Bank and Trust Company,
Des Moines...........................................................
Iowa-Des Moines National Bank & Trust Co.,
Des Moines........ ..................... ............................
Grinnell State Bank, Grinnell, Iowa...............
Cash in Office............................................................
Agents’ Balances (Under 90 Days O ld)......... ..........
Interest Accrued
Bonds .........................................................................
Federal Savings & Loan (Dividends Declared)
Certificates of Deposit.............................................

$1,193,964.83
80,000.00
38,500.00

95,257.84
10 , 000.00

5,000.00
285.00
110,542.84
70,304.62
7,343.51
1,102.50
126.83

8,572.84

Total Admitted Assets............ ........................ ........................................

$1,501,885.13

LIABILITIES

Reserve fo r Liability and Workmen’s Compensation
Claims
....................................... .............................. ...........$ 308,601.99
Reserve for All Other Claims ................................................
62,406.88
Estimated Expenses of Investigating and Adjusting
Claims .....................................................................................
7,301.60
378,310.47
446,946.18
28,074.63
82.43
1,069.19

Reserve for Unearned Premiums..................
Reserve for Taxes and Miscellaneous Items.
Reserve fo r Dividends......... ...........................
Funds Held Under Reinsurance Treaties__
Reserve fo r Contingencies........ ......................

100, 000.00

Total Liabilities
Surplus ------- ----

954,482.90
547,402.23

Balance

,501,885.13

ALLIED MUTUAL CASUALTY COMPANY ¿ U S
Harold S. Evans, President
Hubbell Building

Northwestern Banker

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

Des Moines, Iowa

Februarij

dope sheet, learning that he needed
close to $500 per month to maintain
his family (he had two children and
his wife), that he had a large mortgage
on his home, that among his present
estate, he had already $76,000 of in
surance, the last contract being six
years old. After being with him about
fifteen minutes, I thanked him and
left, with the understanding I would
call again in two weeks for a heart to
heart talk with him. I could see that
he needed plenty of guidance and felt
I should be the one to help him. After
examining his own history, I felt he
needed nearly $100,000 of insurance to
place his estate in proper shape. In
exactly two weeks, I drove down again
to see him, the second time I ever
spoke business of such nature to him.
I was determined to make a sale and
one of healthy size. (Before leaving
my office, I mentioned to my general
agent that either this man would kick,
me out of his office, or else he would
kiss me for servicing his estate in the
manner I was to suggest.) After sitting
down at his desk, I told Kirkland that
what he told me of his family and his
estate in its present form, was very
interesting, but that it was woefully
weak in doing the kind of job he in
tended. He asked me what I would
suggest, and I promptly indicated he
couldn’t begin to satisfy all his re
quirements under $100,000, and that
he buy that amount of insurance now.
Kirkland looked at me in a whimsical
way, and asked what that would cost.
I replied that it wouldn’t cost him any
thing but that he could set up that
amount with our company on the basis
of an annual deposit of slightly more
than 2 per cent and our company pay
ing the principal in the event he didn’t
survive the next few years. On his
desk pad I figured the annual pre
mium deposit of $2181 and showed it
to him. After thinking over the mat
ter for just one or two minutes (and
what to me seemed like a lifetime),
Kirkland felt that for the present time
about all he could handle was half the
amount suggested. I was satisfied to
compromise with him but did say that
as soon as possible, he should do all he
could to add the suggested balance.
Kirkland told me that he would con
sider it when things were favorable.
After completing the application,
which I divided into two contracts,
obtained his note in full settlement, to
be paid upon delivery of these con
tracts. Kirkland was examined by
our two doctors, passed and some
weeks later, I delivered his policies to
him and was given his check of
$1128.25 in full payment. These con
tracts are in full force today. The
actual time in this sale of $50,000 of
insurance was less than one hour.

29
This was a lovely transaction and fine
remuneration for me.)
The above sale is a perfect example
of the manner in which I have been
instructed to sell life insurance. The
first part of the transaction was to se
cure the “dope sheet” , to determine if
I had a chance. Here was a man
hardly known to me prior to the sev
eral visits, but from what could be
observed, he was apparently friendly
and willing to hear my story. I felt
he had an excellent income, perhaps
$15,000 annually or more, so he
couldn’t very well say he didn’t have
the money to buy. He was already 45
years of age, had a sizeable estate, and
would probably not buy insurance
many more times, if at all. I felt he
needed lots of additional insurance
and since he gave me the desired in
formation as to his needs, thought I

was on the inside track, if anyone was.
The rest of the story is self evident.
Kirkland saw that I knew I was right
and that I wouldn’t take no for an
answer.
I felt I was sincere in my belief and
was not mistaken in him. It was sug
gested that he coordinate these con
tracts with his older ones, so much
set up into monthly income for his
wife and children, his mortgage ac
count, and to substitute one of his
newer policies for his older one as
collateral for the mortgage (due to
the smaller monthly income). These
suggestions are being carried out. I
see this client occasionally and hope
to transact more business with him or
his family when the right time ar
rives. He regards me very highly.
From this sale, I also learned that
it is much easier to do business with

a big man, one earning large income,
than one earning considerably less. It
is possible to talk larger figures, with
out fear of being embarrassed or with
out frightening them, because they are
talking figures in large sums all the
time. At the same time, men of this
caliber like to come to decisions faster
and thus it doesn’t consume too much
time to come down to business.

Farmers Mutual Hail
Re-elects Officers
C.
P. Rutledge was re-elected presi
dent of the Farmers Mutual Hail
Insurance Company, and W. A. Rut
ledge re-elected secretary, at the
company’s annual meeting held in Des
Moines.
The re-election of W. A. Rutledge
to the secretaryship was for the fifty-

THE MINNESOTA COMMERCIAL MEN'S ASSOCIATION had a successful year
with a net increase of over 400 policies in force in spite of the large number of mem
bers who went into the armed forces.
The statement of assets below indicates its strong financial position. In addition
to the liberal accident and sickness policies paying from $25.00 to $75.00 a week, there
is a very popular hospital and surgical reimbursement policy paying $4.00 a day up
to eight weeks with numerous other expenses, including surgery, also covered. This
policy has been reduced in price to $10.00 a year and it has proven extremely popular.

Statement, December 31, 1943
RESOURCES

LIABILITIES

Cash .............................................. 3a40
U. S. Government Bonds.......... 23.10
Municipal Bonds ...................... 20.20
Public Utility Bonds..................
1.50
Railroad Bonds........................... 5.40
Stocks............................................ 2.90
Endowments, Cash Value.......
5.40
Other Secured Deposits............ 2.70
First Mortgage Loans................
1.80
Real Estate (Office Bldg.).......... 4.90
Advance Pymts. by Members 1.20
Interest Receivable ..................
.50

$104,324.87
79,193.13
69,020.00
5,100.00
18,468.75
9,943.75
18,525.57
9,437.37
5,870.00
16,800.00
3,832.00
1,775.01

DISABILITY Claims Pending.............. ..... $ 18,800.00
5,000.00
Death Claim Awaiting Proof.............. .....
3,832.00
Unearned Assessm ents...................... .....
4,900.29
Reserve for Taxes, Bills, etc............... .....
Reserve for Contingent Losses......... .....
1,470.00
RESERVE FOR PROTECTION OF
MEMBERS ......................................... ..... 308,288.16

100.00

$342,290.45

W rite for Applications and Literature

MINNESOTA COMMERCIAL MEN’S ASSOCIATION

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

PAUL CLEMENT, Secretary
2550 Pillsbury Avenue

Minneapolis 4, Minnesota

Northwestern Banker

February

3 WORDS

second consecutive term. He was one
of the founders of the company.
The company had a 25 per cent in
crease in premium income during
1943, according to the annual report
presented by President C. P. Rutledge.

that stop losses:

/ (k / s z c s

in losses during 1943. Due to high
prices for all crops, we expect this
year’s volume of hail insurance to be
even greater than last year. Farmers
realize the great financial damage a
hailstorm could do, when all kinds of
crops are so valuable. During the
past year ledger assets increased to
$1,945,000, a new high figure for the
company.”
R.
T. Rutledge of Storm Lake was
re-elected to the company’s board and
other officers re-elected were R. T.
Rutledge, vice president; W. S. Rut
ledge, treasurer; F. O. Rutledge, assist
ant secretary; and Perry Rutledge,
chairman of the board.
Attending the meeting were repre
sentatives from Iowa, Colorado, Wis
consin, Ohio, and Nebraska.
The
company is admitted in eleven states.

fó c e te .

National Surety Appointment

— U. S. Secret Service
Having reduced counterfeiting losses
to a negligible figure, the Secret Serv
ice is waging a national campaign to
prevent check frauds. Banks, check
manufacturers and employers who
cooperate by spreading this doctrine
help prevent losses due to check
cashing frauds.
H o w hanks can help:

(1) See that the cam paign slogan,
“ KNOW

yo u r endorser

C. P. R U T L E D G E
Re-elected President

—r e q u ir e

appears on your
bank’s checks —in all advertising.
i d e n t i f i c a t i o n ,”

(2) Suggest to business customers that
they provide a means of positive
identification for their employees’ use
in cashing payroll checks.
The ABC System provides this pos
itive identification through a special
card, bearing the em p loyee’s sig
nature, made on registered, water
marked ABC paper, which is never
sold in blank —the same paper used
in manufacturing ABC checks.
Merchants who cash ABC checks
as directed on each check are insured
again loss. Store-cashed checks help
to shorten bank lobby lines.
For m ore details, mail this coupon

“Hail losses were exceptionally
heavy in Iowa last year, and our com
pany paid to Iowa policyholders an
average of $21 for every thousand
dollars of hail insurance we had in
force in the state,” President Rutledge
reported. “ In other states, hail losses
were about average. In all depart
ments, the company paid out $1,550,000

Vincent Cullen, president of the Na
tional Surety Corporation, has an
nounced the retirement of Howard
Abrahams, vice president and chief
underwriter, in accordance with the
retirement plan of the Corporation
and also the appointment of Arthur
M. Clark, vice president, as the Cor
poration’s chief underwriter.
. Howard Abrahams retired at the
close of 1943 after thirty-five years of
active service with the National
Surety.
Arthur M. Clark who succeeded Mr.
Abrahams as National Surety Cor
poration’s chief underwriter has been
continuously in National Surety’s
service since January, 1922. He en
tered the surety field with the Title
Guarantee and Surety Company of

Resources of

O VER

TW O

M IL L IO N

D O LLA R S

Experience of
THE TODD CO., INC., ROCHESTER 3, N .Y.
Gentlemen : Please send information show
ing how the ABC System o f wage payment
makes identification easy and positive and
lessens banks’ pay check cashing burden.
Bank Name_________________________________
City_________________________ State__________
By-----------------------------------------------------------------N B -2 -4 4

f W

O VER

T W E N T Y - F IV E

YEA RS

Now dedicated to the Surety
and Fidelity Bond needs of
the Middle W est.

Surety division

J
U

MPANY,

The State Automobile Insurance Association
DES

ROCHESTER \ ^ W
N
N E W YORK
O F F I C E S IN A L i y j j r P R I N C I P A L CI TI ES

Northwestern Banker

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

February 19't't

M O I N E S ,

I O W A

Scranton, Pennslyvania during the
year 1909. Prior to joining National’s
organization, Mr. Clark had enjoyed
wide experience in the field as special
agent, agency supervisor and branch
manager and this was rounded out by
several years work at the home office
of the Globe Indemnity Company. He
joined the National organization as
assistant to chairman of the under
writing board and during 1923 was ap
pointed vice president and chairman
of the underwriting board, while at the
same time assigned to supervision and
management of contract bond depart
ment in which capacity he continued
until he was made Corporation’s as
sistant chief underwriter during 1934.

Successful Year
The Minnesota Commercial Men’s
Association of Minneapolis enjoyed a
very successful year in 1943. They
showed a net increase of more than 400
policies in force, in spite of the large
number of members who entered the
armed forces. Resources of the associ
ation are now $342,290 as of December
31, 1943. The association maintains
cash assets of $104,324.

No Line
“We stand in line to get a pass
We stand in line to wash
We stand in line to find a place
To stand in line, by gosh
We stand in line to draw our pay
We stand in line to spend it
But fellowmen, we never have
To stand in line to lend it.”

In Common
A West Texas apprentice-seaman
was spellbinding a group of shipmates
with the glories and opportunities of
that part of his home state.
“All West Texas needs to become
the garden spot of the world is good
people and water,” he enthused.
“Yeah,” piped a voice from the rear,
“that’s all Hell needs too.”

Financial Statement of

A M ER IC A ’S

eoccluiive

la>U2e¿Í

d we ll in g

INSURANCE C O M PA N Y
December 31, 1943

ADMITTED

ASSETS

Cash in Banks and Office — ---------- ----------------- — — $ 263,710.90
Federal Savings and Building and Loan Associations
290,500.00
U. S. Government Bonds —
— -------------- --------- —
1,040,145.76
State, County and Municipal Bonds -— -------------------288,846.33
Canadian B o n d s -------------------------------- — -------------- - —
119,109.40
106,483.91
Canadian National Railway B o n d s -------------- — —
( G u a r a n te ed b y C a n ad ian G o v e r n m e n t )

Public Utility and Other B o n d s ------- - -— --------------Accrued In te r e s t-------------------------------- — ■—- — — —
Agents’ Balances (N ot over 90 days d u e ) -------------Other A s s e t s ---------— ------------------------------------------------*T O T A L A D M IT T E D

A S S E T S -------------- -

150,890.35
14,926.37
37,457.12
245.57
$2,312,315.71

*A11 bonds are amortized. If valued at market,
assets would be increased $47,304.13.

LIABILITIES
Reserve for Losses and Adjusting E x p e n s e s -------- - $

36,399.79

( L o s s e s in c u r r e d and in p r o c e s s o í a d ju s t m e n t)

PAUL CLEM ENT
Secretary

The Minnesota Commercial Men’s
Association issues very liberal accident
and sickness policies, paying from $25
to $75 a week. In addition, according
to Secretary Paul Clement, the Associ
ation’s hospital and surgical reimburse
ment policy paying $4 a day up to eight
weeks, with numerous other expenses
including surgery also covered is
proving very popular. This policy has
been reduced to a price of only $10
per year.
The Minnesota Commercial Men’s
Association is very popular among
bankers who form perhaps the largest
group of its membership.

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

Reserve for Unearned Premiums — ---------—------------Reserve for Taxes and Expenses — -------------- — —
Other L ia b ilitie s--------------------------_ _ _ _ _ ----------------

861,054.70
18,649.01
1,315.21

Total Liabilities and R e se r v e s------------------------- $
Guaranty F u n d -------------- --—----------------- $ 200,000.00
S u r p l u s ---------— ----------------------— —
1,194,897.00
S U R P L U S T O P O L I C Y H O L D E R S --------------------

917,418.71

TOTAL

(

1,394,897.00

— — -------------- ---------------------------- — $ 2,312,315.71

Insurance in Force, December 31, 1943

$591,270,685.00

)

tfowntAiulual
Dwelling Insurance Company
B.

REES JONES, President

Hubbell Building, Des Moines 3
Northwestern Banker

February 19Ü

Fiity-first A n nual Meeting
B.
Rees Jones was re-elected presi report showed a gain of $19,000,000 in
dent of the Town Mutual Dwelling surance in force, representing a 58 per
Insurance Company at the company’s cent increase over the gain made last
fifty-first annual meeting held at its year. Total business in force at the
home office.
close of the year was $591,000,000.
Grant McPherrin, who has served
“The company also increased its
as treasurer of the company for 26 assets $138,000 during the past twelve
years, announced his retirement from months, bringing total assets to $2,310,the treasureship, and William J. Good 000 and policyholders’ surplus to
win was elected to succeed him.
$1,450,000,” President Jones reported.
Town Mutual has just closed a “Both assets and policyholders’ sur
year which brought substantial gains plus are the highest in the company’s
in every department, President Jones history. With the present volume of
indicated in his annual report. The insurance well over the half billion

U N IQ U E statewide coverage: This bank maintains cor
respondent contacts with more than
the banks in Wisconsin!

per cent of all

Result: Prompt, efficient, economical

collection of Wisconsin checks and drafts — an important service
to other banks throughout neighboring states.
B A N K S and B A N K E R S D IV IS IO N : George T . C a m p b e ll. . . Vice-President
R ic h a r d J. L a w le s s , D o n a ld A . H a r p e r . . . Assistant Vice-Presidents

Member of the
Federal Deposit
Insurance Corporation'

FIRST WISCONSIN
NATIONAL BANK

Northwestern Banker

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

OF MILWAUKEE
Februai'y 1944-

mark, Town Mutual is the largest
exclusive dwelling insurance company
of its kind in the nation, and is now
insuring one out of every five city and
town dwellings in Iowa.”
Other officers re-elected were Lester
T. Jones, Des Moines, vice president,
and Frank H. Dirst, Hampton, secre
tary. Directors re-elected to the board
were C. L. Herring, Lester T. Jones,
and Frank H. Dirst.
General agents and cashiers from
the company’s branch offices in Minne
sota and South Dakota also attended.

Fire Prevention Vital
National Effort
Pointing to the 20 per cent increase
in the nation’s fire loss in 1943, Presi
dent H. B. Carson of the Mill Owners
Mutual Fire Insurance Co. of Iowa
stresses the need for increased fire
prevention efforts, in his annual re
port to policyholders. The company’s
seventieth annual meeting was held
January 19 at the home office in Des
Moines.
“Though the increase in our own
losses was substantially less than the
national average,” Carson states, “we
must continue our efforts to encourage
conservation of buildings and ma
terials, as well as practice careful risk
selection. Let us not hesitate to make
suggestions for the removal of fire
hazards. Any loss by fire is a direct
loss to the war effort.
At the annual meeting, all officers
of the company were re-elected. They
include H. B. Carson, president; C. M.
Reed, vice president; L. K. Sharp,
secretary; John Wise, treasurer; J. E.
Robb and L. McKibban, assistant sec
retaries; Clarence Letz, assistant treas
urer and I. E. Sams, manager of the
Canadian department. All, except
Reed, of Guthrie Center, Iowa, and
Sams, of Hamilton, Ontario, are resi
dents of Des Moines.
Directors re-elected were I. W.
Shambaugh, Clarinda, and L. K. Sharp
and Oral S. Swift, Des Moines. Swift,
an attorney and former assistant at
torney general of the state of Iowa,
first was elected to the Mill Owners
board April 21, 1943 to fill the vacancy
created by the death of R. L. Wood
of Des Moines, a director for twentyeight years. Other directors are:
President Carson, Vice President Reed,
A. J. Huglin, Pittsburgh, Pa., and Paul
A. Ketels of Sioux City.

Western Mutual Fire
In Annual Meeting
J. Dolliver Kent was re-elected presi
dent of Western Mutual Fire Insur
ance Company at its recent annual
meeting.

33
Other officers reelected were Charles
S. Vance, vice president; Glenn S.
Blount, secretary, and John F. Muel
ler, treasurer.
Directors re-appointed for three

Coming Events
Cast Their Shadows
Before Them
The pattern of the Post W ar World
begins to appear in the d ay-to-d ay
news from

W ashington,

London

and Moscow — a world with new
borders, new national and inter
national responsibilities and new
J. D O L L I V E R K E N T
A gain H eads W estern M utual

concepts of life, liberty, and the
pursuit of happiness.

years are Harold B. West, M. S. Stokley, and Walter C. Berger. A current
report stated the company’s assets as
$782,523, an increase of $146,000 over
the previous year’s statement.

For American business there will
be larger opportunities, wider h o
rizons, and m any new problems.

Central Headquarters
In Des Moines
Because its test studies point to
Iowa as one of its best postwar mar
kets, Northwestern National Life is
launching a program to intensify its
agency development in that state and
as a first step will open a central head
quarters at Des Moines to service all
its Iowa offices, President O. J. Arnold
announced. The company considers
this program so important, both as an
immediate project and as a practical
application of its current market
studies looking to postwar develop
ment, that Carl A. Peterson, super
visor of agencies, has been assigned
to direct it, Mr. Arnold said.
A. L. Dallager becomes manager of
Northwestern National’s Sioux City
office. Mr. Dallager, who has had
three years life insurance experience,
was formerly athletic coach at Buena
Vista college at Storm Lake and at
Denison high school.
Other Iowa managers are E. W.
DeNio, Cedar Rapids; A. G. Carper,
Waterloo; C. I. Snyder, Mason City;
George G. Stevenson, Perry; Frank W.
Markley, Ottumwa; P. E. Myers, Fort
Dodge; and V. A. Helfenstein, Council
Bluffs.

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

The Philadelphia N ational is linked
with great financial institutions at
hom e and abroad, and when Peace
returns will be able to offer to its
custom ers efficient and experienced
world-wide service.

...T H E ...

P H ILA D E LP H IA
NATIONAL

BANK

O R G A N IZ E D 1803

PHILADELPHIA, PA.
Resources over $750,000,000
MEMBER OF FEDERAL DEPOSIT ilN SU RAN CE

CORPORATION

Northwestern Banker

February

M ID L A N D N A T IO N A L B A N K
A ND

TRUST

COMPANY

MINNEAPOLIS

Condensed Statement of Condition December 31, 1943
RESOURCES

Year of 1942

Cash and Due from Banks.
U. S. Government Securities
Other Bonds and Securities.

Year of 1943

$12,310,923.47
$18,269,049.80
1,777,742.28

$12,151,381.56

$24,483,285.83
20,046,792.08

Loans and Discounts.......................................
Income Earned but not Collected............
Customers’ Liability on Letters of Credit. .
Other Resources..............................................

2,542,685.43

27,025,971.26

8,920,139.62
63,603.92
None
69,201.69

8,646,630.18
101,631.79
134,823.64
56,747.18

$41,410,660.78

$48,117,185.61

LIABILITIES
Demand and Time Deposits......................
U. S. War Loan Deposit Account.................
Reserves for Interest,Expenses and Taxes.
Income Collected but not Earned............
Letters of Credit..............................................
Capital Stock.....................................................
Undivided P rofits............................................
Reserve for Contingencies...........................

$36,773,887.76
2,416,3 d0. <2

39,190,238.48

$40,092,528.34
5,381,041.50

$45,473,569.84

90,700.52
76,349.24
None
$ 1,000,000.00
700,000.00
89,432.71
263,939.83

138,710.65
53,132.98
134,823.64

1,000,000.00
2,053,372.54

800,000.00
174,284.01
342,664.49

$41,410,660.78

2,316,948.50
$48,117,185.61

U . S. Government and Other Securities carried at $9,506,697.77 for 1942 and $12,983,808.26 for 1943 pledged
to secure public deposits and trust funds and for other purposes, as required by law.

DIRECTORS*
N. C. B e i m , C h a ir m a n o f t h e
W . H. Barber Company

B oa rd ,

F rederic B. C arr , P r e s i d e n t
Hallet & Carey
Company

and T r e a s u r e r ,

G. L. H eegaard, P r e s i d e n t ,
Mandan Mercantile Company
W . C. H e l m ,
Russell-Miller
pany

V ic e P r e sid e n t,

Milling

Com

D r . O. B. J esness, C h i e f , D ivi
sion Agricultural Economics,
U niversity of Minnesota
C harles B. J ordan , P r e s i d e n t
a n d M a n a g e r , Jordan Stevens
Company
E dgar L. M attson , C h a ir m a n
o f th e B o a rd

B en C.
McCabe

M cC abe, P r e s i d e n t ,
Brothers Company;
P r e s i d e n t , International Eleva
tor Company

H. C lay M cCartney , P r e s i
T o r o M a n u fa c tu r in g
Company

d en t,

H en ry J. N eils , S e c r e t a r y T r e a s u r e r , Flour City Orna
mental Iron Company
J. R. R andall , P r e s i d e n t , R e
serve Supply Company
Edw. A. S chlampp, P r e s id e n t
P. Schlampp &

and T r e a su r e r ,

Son, Inc.

M aurice S c h u m ac h er ,

B u ild

in g C o n tra c to r .

S am uel S ew all , T r e a s u r e r ,
Minneapolis Iron Store
A rnulf U eland , P r e s i d e n t
P aul E. von K üster , P r e s i
d e n t , David C. Bell Investment
Company
J ames C. W y m a n , M a n a g e r ,
St. Anthony & Dakota Ele
vator Company

OFFICERS
E D G A R L . M A T T S O N ............... C h a ir m a n o f th e B o a r d
ARNULF

J A M E S A . G A L B R A I T H .............................A s s is ta n t C a s h ie r

U E L A N D ........................................................ P r e s i d e n t

V I C T O R W . M A S E R ..................................... A s s is ta n t C a s h ie r
W . E V E R E T T B R O C K M A N ................................................ V i c e P r e s id e n t
K E N N E T H D . M O R L A N .............................A s s is ta n t C a s h ie r
W I L L I A M R . C H A P M A N ...................................................... V i c e P r e s id e n t
f C L I F F O R D C . S O M M E R ..........................A s s is ta n t C a s h ie r
L A W R E N C E O . O L S O N .........................................................V i c e P r e s id e n t
E V E R E T T L . T H O M P S O N . . . .A s s is t a n t T r u s t O ffic e r
R O B E R T S. S T E B B I N S . . . V i c e P r e s i d e n t a n d C a s h ie r
M E L V IN

D . B U R T .......................................................... A s s is ta n t C a s hHieAr R R Y M . W I L L M E R T .............................A s s is ta n t C a s h ie r

E . W A L T E R E N G S T R O M ............................................A s s is ta n t C a s hFieRrA N K W . P E T E R S O N .......................................C o m p t r o ll e r

* A s o f Jan uary 1 1 , 1 9 4 4 .

MEMBER

Northwestern Banker

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

F E D E R A L

February 1944

f On

l e a v e o f a b s e n c e w it h

D E P O S I T

U n ite d S ta te s A r m e d

I N S U R A N C E

F orces.

C O R P O R A T I O N

Red Wing
O.
G. Jones was re-elected president
of the Goodhue County Bank of Red
Wing, Minnesota, for the coming year
at the annual meeting. Other officers
named are first vice president, E. H.
Foot; promoted from assistant cashier
to active vice president, O. G. Jones,
Jr.; promoted from assistant cashier
to cashier, E. A. Nordly; assistant
cashiers, R. M. Bird and L. L. Otterson.

M IN N E S O T A
NEWS

Little Falls
H. R. K U R TH
President
Hutchinson

International Falls
Directors of International State
Bank, International Falls, Minnesota,
at their annual meeting approved the
promotion of B. B. Kotilinek from the
office of cashier to that of executive
vice president.
Other officer personnel changes in
clude the advancement of O. E. Olson
from assistant cashier to cashier, and
the promotion of A. L. Olson from tell
er to assistant cashier.

Eveleth
Only one change was noted at the
annual meetings of both the First Na
tional and Miners National Bank,
Eveleth, Minnesota, held last month.
John Hendrickson was elected as a di
rector at the First National, the other
directors and officers will be the same.

Fa ri bault
The following directors were named
by the stockholders of the State Bank
of Faribault, Minnesota, at the annual
meeting held at the Hotel Faribault;
John Carlander, Robert E. Gallagher,
to succeed his father, the late P. J.
Gallagher; Lucius A. Smith, John
Greenvile, Cannon City and Elmer
Westerman of Montgomery.
The directors then met and elected
the following officers: John Carlander,
president; Lucius A. Smith, vice
president: Ray Meyer, cashier, and
William F. Hopke, assistant cashier.
Catherine Cook was also elected as
sistant cashier from the post of the
secretary to the president. She, how
ever, will also continue to hold this
position.
All directors were re-elected at the
annual meeting of the stockholders of
Security National Bank and Trust
Company held in the directors’ room
at the bank.

New Ulm
Willibald Eibner, 81 years old, busi
ness man for more than 50 years who
had served as mayor and member of
the city council and was active in the
state and national Catholic organiza
tions, died at New Ulm, Minnesota,
last month.
He was a former president of the
National Catholic Central Verein and
also had headed the State Federation
of Catholic Societies. Pope Pius XI
made him a Knight of the Order of St.
Gregory the Great.
A native of Bavaria, Mr. Eibner
came to the United States in 1880' and
had operated a bakery and restaurant
business in the same building since

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Federal Reserve Bank of St. Louis

W IL L IA M DU N CAN , Jr.
Secretary
Minneapolis

1883. He was a director of the New
Ulm Bank and of the Savings & Loan
Association.
At the annual meetings of the stock
holders of the Farmers & Merchants
State Bank and the Citizens State
Bank all officers and directors were
re-elected.

Brainerd
C.
W. Boteler, E. T. Sletten and R.
LaCourse were re-elected to head the
First National Bank at Brainerd, Min
nesota, as president, vice president
and cashier; and assistant cashier, re
spectively, at the annual meeting of
the board of directors and stockhold
ers. Zane Smith was elected assistant
cashier to serve with the three officers.

Pillager
Stockholders of the Security State
bank of Pillager, Minnesota, held their
annual meeting last month and heard
reports from the officers and elected
a board of directors.
Those named on the board included
one new member, Harry Swanson, to
fill the vacancy left by the death of
James E. Rearick.
The directors later held their organ
ization meeting and elected the follow
ing officers: President, Frank Swan
son; Vice President, J. Albin Ander
son: Cashier, G. E. Parsons; Assistant
Cashier, Grace DeVine.
J. Albin Anderson, as vice president,
assumes the position left vacant by the
death of Mr. Rearick.
The report of Cashier Parsons indi
cates a continued steady growth of
the banking institution. Deposits at
the close of the year total nearly $300,000 with assets of over $325,000.

Frank Kircher Dies
Frank J. Kircher, president of the
Citizens State Bank, Olivia, Minnesota,
and well known banker and business
man, passed away suddenly at North
western hospital in Minneapolis last
month.
He was first located in St. Paul, but
was moved to Olivia in 1918, where he
continued in the contracting business
until 1927, when they established a
new bank known then as the Citizens
National Bank. In later years the
bank was incorporated as the Citizens
State Bank of Olivia.
When the bank was started, Frank
Kircher was elected as its president, a
position he held until his death. When
the State Bank of Danube was opened
in Danube in 1935, he was elected as
vice president of that institution.

Officers and directors of the First
National Bank, Little Falls, Minnesota,
for the ensuing year were elected at
the annual meeting. H. A. Siewert,
as president, heads the list of 1944
officers. H. E. Hultkrans is executive
vice president, A. J. Falk, cashier, and
Al. Swintek and M. Kerich, assistant
cashiers.
On the board of directors are H. A.
Siewert, F. W. Siewert, A. G. Siewert,
A. F. Koslosky, L. W. Vasaly, Jos.
Masog, Frank A. Eich and H. E. Hult
krans.
R. D. Musser was elected president
J.of the American National Bank, Little
Falls, at the annual meeting and the
other officers are: F. L. Hartmann, ex
ecutive vice president and cashier; Al
bert A. Barton, J. C. Patience, A. Simonet, and M. V. Wetzel, vice presidents;
Charles Jensen, R. Rhode Gendron and
J. Holowicz, assistant cashiers.
Directors for 1944 are R. D. Musser,
J. C. Patience, Dr. J. B. Holst, F. L.
Hartmann, A. Simonet, Albert A. Bar
ton and M. V. Wetzel.

Dawson
The annual meeting of the North
western State Bank, Dawson, Minne
sota, was held last month with direc
tors J. L. Mahlum, Henry Goldstein,
Dr. C. M. Johnson, H. G. Bolstad and
O. S. Knudsen all re-elected. After
the stockholders meeting was ad
journed election of officers was held,
with the following results: Dr. C. M.
Johnson, president; Henry Goldstein,
vice president; O. S. Knudsen, execu
tive vice president; Glenn E. Blomquist, cashier; Henry Globstad, assist
ant cashier; Phyllis Hullstrom, teller;
Millicent Christianson, stenographer,
and Alfreda Hanson, bookkeeper.

Bemidji
The Security State Bank, Bemidji,
Minnesota, elected officers for the year
at their annual meeting. Homer C.
Baer was elected president; E. N.
Ebert, vice president, and Geo. Wahler, cashier.

Dassel
The annual meting of the stockhold
ers of the Dassel State Bank, Dassel,
Minnesota, was held last month. The
annual report to the stockholders
showed the largest increase in busi
ness in the bank’s history, total foot
ings having risen to over $900,000, and
every department showing a substan
tial gain over the previous year. All
directors and officers were re-elected.

Columbia Heights
Arthur L. Gluek, vice president of
the Gluek Brewing Co., was re-elected
president of the Columbia Heights
Northwestern Banker

February

• M I N N
State Bank, Columbia Heights, Minne
sota, at the annual stockholders’ meet
ing held last month.
H.
W. Mogg was re-elected vice
president, Herbert S. Woodward, cash
ier, and Fritz D. Thuftedal, assistant
cashier.
Re-elected as directors were Sher
man W. Child, Alfred C. Dahleen, Har
old C. Larson, and George S. Wilson.
Cashier Woodward reported to the
stockholders that the bank earned
$11.50 per share in 1943 after making
provision for depreciation and federal
taxes. Total resources of the bank
are now over $850,000.

G rey Eagle
The annual meeting of directors of
the State Bank of Grey Eagle, Minne

E S O T A

N E W S

sota, was held at the director’s room
of the bank and the following officers
were elected for the ensuing year:
Raymond Lee, St. Paul, president;
Peter P. Klick, Long Prairie, vice
president; August N. Anderson, cash
ier, and W. W. Lindquist, assistant
cashier.

Worthington
Ned Jones, for 45 years associated
with the State Bank of Worthington,
Minnesota, announced his resignation
as president and the sale of his bank
stock to a group of business and pro
fessional men.
Announced at the same time was
the transfer of the bank stock of Ned
R. Jones and F. Z. Jones to the same
group.

•
Purchasers of the stock are E. F.
Habicht, Arnold Brecht, Roy Martin,
Theodore Nelson and W. Craigen
Thom. Worthington and A. W. Hoodecheck, Slayton.
Other stockholders are Mrs. L. O.
Patterson, Mrs. J. F. Florentine and
N. N, Langseth, all of Worthington.
There will be no immediate change
in the office force of the bank with
the exception that Ned Jones has re
tired as president and member of the
board of directors and Ned R. Jones
has resigned as assistant cashier and
member of the board.
At a meeting of the board of direc
tors of the bank, Hoodecheck was
elected president and Nelson, vice pres
ident. Both men were also elected to
the board.

*■

Spicer
The annual meeting of the Green
Lake State Bank was held in the bank
at Spicer with 84 of the 100 shares of
stock represented at the meeting.
Directors elected are Norman Chris
tensen, S. M. Dahl, F. O. Hillman, Fredolf Hultgren and E. J. Rykken.
Officers are S. M. Dahl, president;
Norman Christensen, vice president;
E. J. Rykken, cashier, and Dorothy
E. Nelson, bookkeeper.

Sauk Rapids

'll EE P”

innca polis Moline
Current national publicity has obscured the fact that
the first war machine named “ JE E P ” was born at
Minneapolis-Moline and christened at Camp Ripley,
Minn, (with apologies to Ripley—“ Believe it or not” ).
Back in 1938 Minneapolis-Moline engineers were
already experimenting with the conversion of a farm
tractor to an artillery prime mover; and in 1940, col
laborating with Adjutant General E . A. Walsh, Com
mander of Minnesota National Guard, models were
tested in maneuvers at Camp Ripley.
This new M M army vehicle was not a crawler trac
tor, truck nor tank, and yet it could do almost any
thing and it knew all the answers. Because of this, it
brought to mind the Popeye cartoon figure called
“ JEEP” which was neither fowl nor beast, but knew
all the answers and could do most anything. The N a
tional Guardsmen therefore named the M M vehicle
the “ JEEP” . The “ Jeep” name therefore is not a con
traction of the term General Purpose (GR), and if it
really had been, no doubt “ Jeep” would have been
spelled “ Geep” .
Since the original M M Jeep, Minneapolis-Moline
has designed several additional models of Military
tractors in cooperation with Army and Navy officials.
Several models of M M Jeeps are now being produced
in quantity for the Armed Forces of the United N a
tions, and in use throughout the world.
Minneapolis-Moline is manufacturing all the farm
machinery and tractors allowed under Government
Limitation Orders for which materials can be ob
tained, and many quality products for our Armed
Forces so that Victory will be ours sooner.

M inneapolis-M oline Power Implement Company
Northwestern Banker

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

MINNEAPOLIS 1, MINNESOTA, U. S. A .

-February Í.944

Officers were elected at the annual
meeting of the Union State Bank, Sauk
Rapids, Minnesota, in addition to other
business matters transacted.
August Rogosheske was elected
president to take the place of M. A.
Bauman, who resigned that office due
to taking employment out of the vil
lage.
Other present officers were re
elected. They are R. P. Howe, vice
president and cashier, Viola Wittkowski and Marie Thorton, assistant cash
iers. The following directors were also
re-elected; Frederic Agather, August
Rogosheske, Wm. McGee, Dr. Cullen
and Robt. Howe.
The bank enjoyed a very successful
year, Mr. Howe stated.

Goodhue
The stockholders of the Goodhue
State Bank held their annual meet
ing in the offices of the bank.
Ballots were cast for five directors
for the ensuing year with the follow
ing elected: M. S. Kindseth, F. G.
Sjoblom, John H. Diercks, C. W. Goodsell and W. R. Sawyer.
Immediately after the stockholders’
meeting, the newly elected directors
met and the following officers were
elected for the ensuing year: W. R.
Sawyer, president; John H. Diercks,
vice president; C. W. Goodsell, cash
ier and Elinor L. Sawyer and Blanche
B. Barry, assistant cashiers.

W abasha
At the directors’ meeting, following
the annual stockholders’ meeting of
the First State Bank, Wabasha, Minne
sota, officers were elected as follows:
Linn Whitmore, president; A. J.
Doffing, vice president; Wm. H. Witte,
cashier; E. G. Koopman, assistant cash
ier; G. B. Hirschy, assistant cashier.

T w in

B ANK elections produced their usual
quota of changes and promotions
in Twin Cities institutions.
At Northwestern National Bank,
Minneapolis, five new officers were
elected and four others advanced,
while a new director was named.
Thomas L. Daniels, vice president
of Archer-Daniels-Midland Company,
who resigned from the board in 1942
to devote full time to War Production
Board work in Washington, was re
turned as a director.
Elected assistant trust officers were
Goodrich Dowry, grandson of Thomas
Lowry, founder of the Twin City Rapid
Transit Lines and connected with the
bank since 1937, and Sophus T. Per
son, with the bank since 1932.
Carl F. Wieseke, employe since 1917,
and Charles E. Harmon, who joined
the bank a year ago from Universal
Finance Company, were made assist
ant cashiers. J. B. Mulcahey, with the
bank since 1922, was made assistant
manager of the Lake Street office.
Ganns V. Fait and Samuel H. Rogers
were promoted from assistant vice
president to vice president, trust de
partment, and Donovan E. Grouley
and Floyd E. Simons from assistant
cashiers to assistant vice presidents.
President Shirley S. Ford reported
operations at the highest level in the
bank’s history. Directors increased
the bank’s surplus $2,000,000 by trans
ferring that amount from undivided
profits. This raised the surplus to
$7,000,000, with the capital at $5,000,000.
Two officers of First National Bank,
Minneapolis, were promoted, four
added to the official staff and a new
director elected. New director is John
Cowles, president of the Minneapolis
Star Journal and Tribune Company.
He was formerly a director of the bank
and resigned in 1942 when he was
named special assistant to Edward R.

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

C it y

N e w s

By James M. Sutherland
Special Correspondent

At First National Bank, St. Paul,
Arthur L. Peters, staff member since

1920 and assistant cashier since 1937,
was elected vice president. Rodney F.
Stnrley, assistant cashier since 1929,
was advanced to cashier. Arthur W.
McNee, former vice president and
Stettinius, Jr., lend-lease adminis
cashier, continues as vice president
trator.
with special departmental supervisory
George J. Scliaust, associated with
duties.
the investment department since 1921
William A. Smith, with the bank
and its present manager, was advanced
since 1932, was promoted to assistant
to assistant vice president. Ludwig
cashier. His new duties will be in
C. Vobayda, with the bank since 1923
the business development department.
and in the investment department
President Richard C. Lilly reported
since 1936, was made assistant cashier.
that net operating earnings in 1943
Both continue in that department.
were $1,124,626, against $1,055,255 in
Four men in First National’s trust
1942. This is equivalent to 6.33 per
department were advanced. A. W. L.
cent on $17,759,575 of invested capital.
Wallgren, assistant secretary and
Directors transferred $2,000,000 to
assistant trust officer, was made trust
surplus from undivided profits, bring
officer. Leonard A. Von Eschen and
ing total surplus to $9,000,000. Capital
Harold H. Peterson were elected as
is $6,000,000 and undivided profits $1,sistant secretaries. Von Eschen joined
550,787, with $1,208,788 more in unthe bank in 1937 and headed the ag
ency division of the trust department
for the past year. Peterson started
with First Minneapolis Trust Com
pany in 1922 and has been in charge
of the department’s accounting di
J a m ie s o n
vision for ten years.
Myron H. Powell, employed there
&
since 1929 and senior administrative
assistant in the trust department since
C o m p a n y
1936, was made assistant trust officer.
Members

Henry J. Neils, secretary and treas

urer of Flour City Ornamental Iron
Company, and Dr. O. B. Jesness, chief,
division of agricultural economics,
University of Minnesota, were elected
directors of Midland National Bank
and Trust Company.
Melvin D. Burt, manager of the in
stallment loan department since 1941,
was elected assistant cashier, as was
Kenneth D. Morlan, chief clerk. In
his new capacity Morlan will have
charge of personnel and purchasing.

New York Stock Exchange
and

Other Principal Exchanges

★

STOCKS
BONDS
COMMODITIES
★
MINNEAPOLIS
FARGO
ST. PAUL
GRAND FORKS
DULUTH
SIOUX FALLS
PRIVATE WIRES

Northwestern Banker

February 194-b

• M I N N
allocated reserve for losses and con
tingencies.
Two new directors were elected at
the annual meeting of Empire Na
tional Bank & Trust Company. They
are Paul W. Frenzel, vice president of
St. Paul Terminal Warehouse Com
pany, and James E. Kelley, attorney.
There were no changes in the official
staff.
S. E. Peterson, vice president and
director of Bloomington-Lake National
Bank, Minneapolis, retired after 20
years active service.
A. S. Newcomb, executive officer
since 1923, retired from active service
but was re-elected vice president and
director and will continue in an ad
visory capacity. Leonard R. Oberg,
cashier, succeeded him as executive
officer.
State Senator Raymond J. Julkowski

was elected a director of Second North
western State Bank, Minneapolis, at
the annual meeting. Other officers
and directors were re-elected.
At Fourth Northwestern National
Bank, Minneapolis, Leighton A.

E S O T A

N E W S *

Wilkie, chairman of the board of Con

tinental Machines, Inc., was made a
director. He is also chairman of Sav
age Tool Company, Savage, Minnesota,
and of Contour Saws, Inc., and File
Bands, Inc., Chicago.
Two new directors were elected at
Third Northwestern National Bank,
Minneapolis. They are W. L. Kullberg, president of Kullberg Manu
facturing Company, and H. L. Solie,
treasurer and general manager of
General Dairy Equipment Company.
Appointed to the advisory board of
the Lincoln Office, First National
Bank of Minneapolis, were William
MacPhail, president and founder of
the MacPhail School of Music, and
Justin Smith, secretary of Red River
Lumber Company and grandson of the
late T. B. Walker, pioneer lumber
man.
Directors of Columbia Heights State
Bank transferred $3,000 from undi
vided profits to reserve for conting
encies, raising it to $5,000. Cashier
Herbert S. Woodward reported at the
annual meeting that earnings last year
were $11.50 per share after deprecia
tion and federal taxes. Book value
of the stock is $153.

The
N ew Y ork Trust
Company

Arnulf Ueland, president of Mid

land National Bank & Trust Company,
was elected a director of Northwest
ern Mortgage Company at the annual
meeting.

J. J. Fehr, vice president of North
western Mortgage Company and active
in Minneapolis banking circles for
years, has been elected president of
the Minneapolis Real Estate Board.
H. C. Timberlake, member of the
Minneapolis Federal Reserve Bank
staff for 21 years and statistician since
1936, has resigned to become economist
for Northwest Airlines. He was man
ager of the industrial co-ordination de
partment of the bank in 1940 and or
ganized the first War Production
Board office in Minneapolis in 1941.
He was assistant executive manager
of the Ninth District Victory Fund
Committee for the U. S. treasury de
partment from March, 1942, until July,
1943.

After more than a year’s illness,
Karl F. Dreher, 66, trust officer of First

Trust Company, St. Paul, died at Miller
Hospital there. He became associated
with Northwestern Trust Company in
1920, and when that concern was con
solidated with First Trust in 1930, he
became trust officer.
Clarence E. Hill, vice president of
Northwestern National Bank, Minne
apolis, was elected president of the
Minikahda Club at the annual meeting.
Other bankers taking office were Don
ald W. Green, vice president of Invest
ors Syndicate, secretary, and Guy W.
LaLone, vice president of First Nation
al Bank, treasurer.
J. Cameron Thomson, president of
Northwest Bancorporation, has been

Capital Funds . $45,000,000

IO O B R O A D W A Y
M A D IS O N
AND

Out-of-Town Banks

AVENUE

40TH

STREET

O u t-of-tow n banks and bankers will find here
TEN

com plete banking facilities for prom pt and

R O CK EFELLE R

economical handling of accounts in Chicago. W e

PLAZA

would appreciate the opportunity o f serving you.

★
BUY
W AR
BONDS

★

mmm

it y

a t io n a l

A NII

TR U ST

2 0 8

S O U T H

C O M P A N Y

L A S A L L E

( Member Federal Deposit Insurance Corporation)

February 19'h'f

a n k

o f Chi cago

M em ber of the Federal Deposit Insurance Corporation

Northwestern Banker

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

S T R E E T

• M I N N
promoted from vice chairman to chair
man of the committee on economic
policy of the United States Chamber of
Commerce. Appointment was by Eric
Johnston, U. S. Chamber president, fol
lowing death of the committee’s former
chairman, Edgar V. O’Daniel, New
York.
The committee on economic policy
was created two years ago to study
broad economic policies, particularly
with respect to planning for the post
war period.

E S O T A

N E W S

•

Reserves for contingencies in Banco
and its affiliates, which are not in
cluded in figuring the book value of
the corporation stock, increased from
$6,946,991 to $8,851,786 during 1943.
Farmers & Mechanics Savings Bank,
Minneapolis, has sold to the public
more than 370,000 separate War Bonds
of a face value exceeding $22,000,000,
Henry S. Kingman, president, reported
at the annual meeting of trustees.
It has 30,000 accounts for purchase

of War Bonds through payroll deduc
tions of employes in 196 Minneapolis
firms.
The $12,000,000 net growth of depos
its in 1943 far exceeded anything in
the history of the bank. It now has
over 100,000 deposits accounts, in addi
tion to War Bond accounts at school
savings accounts. Assets exceed $93,000,000.
All officers, headed by Mr. Kingman
and Thomas F. Wallace, chairman of
the board, were re-elected by trustees.

M. M. Cohen of J. M. Dain & Com
pany, Minneapolis, has been elected
president of the Minneapolis-St. Paul
Stock Exchange for the coming year.
Other officers named were R. L. John
of Woodard-Elwood & Company, Min
neapolis, first vice president; Edwin
White of Kalman & Company, St. Paul,
second vice president, and R. M. Rice,
of R. M. Rice & Company, Minneapolis,
secretary-treasurer.

Elected governors for two-year terms
were Mr. John, A . A . G reen m ail of
Greenman & Cook, Inc., St. Paul; W.
A. Williams of Williams-McNaghten
Company, Minneapolis, and R. C.
Mees of Paine, Webber, Jackson &
Curtis, Minneapolis. Governors elected
for one-year terms are Mr. Rice; C. S.
Ashman of C. S. Ashmun Company,
Minneapolis; C. D. Mahoney of C. D.
Mahoney Company, Minneapolis, and
1. D. Owen of Allison-Williams Com
pany, Minneapolis.

TOWARD UNCONDITIONAL
SURRENDER

Northwest Ban corporation and affili

ates had a consolidated net income of
$3,432,226, or $2.21 per share, according
to the annual report released by J.
Cameron Thomson, president. This
was not only higher than in 1942, when
it was $1.61 a share, but is the highest
for any year since 1931.
As a result of retention of a larger
aggregate amount of earnings by affili
ated banks, the income of the holding
company decreased from $1,113,280, or
72 cents a share in 1942, to $962,333, or
62 cents a share in 1943.
Two dividends of 25 cents each were
paid in 1943, the same as in 1942. Total
capital and surplus of Banco increased
from $41,593,011 at the end of 1942 to
$44,261,090 at the end of 1943. This
was equivalent to $26.80 per share at
the close of 1942 and $28.52 a share a
year later.
Combined deposits of affiliated banks
as of December 31, 1943, was $912,808,532, higher than for any previous yearend.

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

E ACH day the powerful machine that is America turns more
swiftly. The giant factories and manifold skills o f the most
highly industrialized nation in the world are now concentrated on
bringing defeat to our enemies.
The necessity of maintaining this tremendous activity at peak
has brought a multiplicity of new problems to many local indus
tries and to the banks which serve them. The experience we our
selves have gained in dealing with similar problems here in the
heart of one of the nation’s greatest industrial areas is available to
any bank that cares to make use o f it. This is but part o f our fullrounded correspondent service.

AMERICAN NATIONAL BANK
AND TRUST COMPANY
OF CH ICAGO

LA SALLE STREET j l AT WASHINGTON
M em ber F ed eral D ep osit 'B m

lllsS E

Insurance Corporation

w
O U R

B U S I N E S S

I S

T O

H E L P

B U S I N E S S

Northwestern Banker

February 19 74

'40

• M I N N E S O T A

N E W S

William Vollrath, former county
commissioner, was named vice presi
dent. C. E. Champine was re-elected
cashier, and Ed Vollrath will continue
as assistant cashier.
The four officers will compose the
board of directors for 1944.

Winthrop
The annual meeting of the Winthrop
State Bank, Winthrop, Minnesota, was
held recently. It was reported that
the bank has deposits of $685,867, as
of the end of the year. The following
directors were elected for the year,
H. C. Stresemann, A. L. Olson, Helmer
Lind and R. E. Johnson.

First National, W adena
Resources of the First National
Bank in Wadena, Minnesota, were $2,123,203, according to the bank’s yearend statement of condition. Capital
ized at $50,000, the First National has
$75,000 Surplus, and $68,241 in Un
divided Profits.
Officers include T. C. Davis, presi

Fairmont
Senator Frank E. Dougherty was
elected president of the Ceylon State
Bank, Fairmont, Minnesota, at a meet
ing of the board of directors of that
institution.

•
dent, Joseph Mettel, vice president,
H. E. Parker, cashier, and M. F. Ehlen,
assistant cashier.

Underwood
The Farmers State Bank of Under
wood, Minnesota, held its annual
meeting at the bank last month. The
officers elected were: M. J. Moen, presi
dent; C. J. Moen, vice president; H. M.
Gronner, cashier; Ole B. Torvik, assist
ant cashier. Directors, C. K. Pederson,
John A. Gronner, Sr. Bookkeepers,
Harriet Mortensen and Sadie Borgos.

Twin C ity Federal
Total assets of the Twin City Fed
eral Savings and Loan Association of
Minneapolis reached the record figure
$25,545,585, according to its year end
financial statement. This is a gain of
approximately $7,000,000 during the
preceding 12 months, according to
President Roy W. Larsen.
The Twin City Federal recently paid
its 1942 consecutive semi-annual divi
dend, thus completing the most suc
cessful year in its history.

The aim of the Live Stock National Bank
C. L. F R E D R IC K SE N
President

is to help its correspondent banks in all
branches of banking and livestock financ

M . A. W IL S O N
Vice President

ing.

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

Therefore we offer a complete banking

W . C. SCH EN K
Cashier

service, especially adapted to the needs
of the great farming and livestock territory

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

served by the Sioux City market.

C. L. A D A M S
Assistant Cashier
J. S. H A V E R
Assistant Cashier

(BE SURE TO ATTEND THE ANNUAL

JAM ES L. S M IT H
Auditor

MEETING OF GROUP NO. 1 THIS
M ONTH IN SIOUX CITY)

★

if ★

Northwestern Ranker

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Federal Reserve Bank of St. Louis

t
o f

ç # o t/ x c#

MOW /*

BanJc u é t/te Tfci

Member Federal Deposit Insurance Corporation

February 7,944

Daniel J. Fouquette, president of the
St. Cloud State Bank, St. Cloud, Minne
sota, announced the appointment of
Joseph A. Kozel as cashier of the bank
as successor to Donald N. Parent who
is being inducted into military service.
It has also been announced that Mr.
Parent was elected to the office of vice
president of the bank.
Mr. Kozel is well known within the
banking circles having been associated
with the American National Bank
since 1921.
Officers for the year at the Zapp
State Bank in St. Cloud were elected
at a meeting of the board of directors.
Walter Zapp was reelected president
to serve his second year.
Other officials chosen include: Otto
Zapp, vice president; John Buettner,
vice president and cashier; Anna B.
Doerner, assistant cashier and Francis
R. Gregory, assistant cashier.

Slayton

LIV E STOCK
..■MC-

St. Cloud

Dr. H. C. Dorns, who for some years
held the position of president of the
Murray County State Bank, Slayton,
Minnesota, was again placed on the
board of directors of that institution.
Dr. Dorns had resigned as president
some years ago. At the same time C.
J. Lieser, cashier, was also added to
the board, thus raising the directorate
from three to five members.
A. W. Hoodecheck, president of the
Murray County State Bank has re
signed his position and moved to
Worthington, where he has acquired
controlling stock of the Worthington
State Bank and will take active charge
of the bank’s business in the capacity
of president.
Time Savei'
“ Can you mention a great timesaver?”
“Yep—love at first sight.”

had quarters in the basement of the
American State Bank Building since
its disastrous fire three and a half
months ago. The bank building has
been entirely renovated, and has a
new floor, ceiling, furniture and fix
tures.

SOUTH
DAKOTA

Parker

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

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

G E O R G E M. S T A R R IN G
Secretary-Treasurer
H uron
( I n the S ervice)

Vermillion
W. H. Jarmuth was renamed vice
president and manager of the Vermil
lion branch at an annual meeting of
the National Bank of South Dakota
in Sioux Falls.
T. S. Harkinson, former vice presi
dent, was advanced to the position of
president, to succeed W. E. Stevens,
who took a leave of absence in July.
He went to Heron Lake, Minnesota,
for a directors’ meeting of the First
National Bank of Heron Lake of which
he is a former president and still is a
director.

Rapid City
Elevation of two officers featured an
annual meeting of the First National
Bank of the Black Hills at Rapid City
last month.
Promotions included the election of
Harold Browning, Rapid City office, to
a vice presidency and the naming of
G. R. Brown, Hot Springs office, as an
assistant cashier.
R. E. Driscoll, president of the insti
tution, made the following statement:
“Sixty-four years ago the bank of
which the First National Bank of the
Black Hills, Rapid City, is the success
or, started business in the Black Hills.
Since that date we have conducted
without interruption or without any
impairment of our customers’ interest,
a constructive banking business. Our
growth to become western South Da
kota’s largest financial institution has
been continuous.”

Winner
Edgar M. Hoar, cashier of the Bank
of Hartington, Nebraska, since the
bank was organized in 1934, has re
signed to accept a position as cashier
of the Farmers State Bank at Winner,
South Dakota. He took over his new
position last month.
As cashier of the Winner bank,
which has deposits of approximately
$3,000,000, Mr. Hoar will assume active
management of the institution, which

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Federal Reserve Bank of St. Louis

serves a large territory in the south
central section of South Dakota.

Centerville
At an organization meeting of offi
cers and directors of the Bank of Cen
terville, all officers of the bank were
re-elected. They are: J. S. Thomson,
president; John N. Thomson, cashier;
Elmore L. Johnson and Altrude Nel
son, assistant cashiers. Directors are:
Maurice Dwyer, Chas. H. Gunderson,
A. O. N. Johnson, Donald McMurchie
and Malcolm McMurchie.

Lennox
At the annual stockholders meeting
of the Lennox Exchange Bank the
annual report presented to the group
showed another year of successful
operation.
As revealed in the report of the bank
at close of business, the total deposits
had increased from $762,764 to $1,083,364, a gain of $320,600.
All the former members of the board
of directors were re-elected. They are:
O. C. Burke, S. A. Jacobs, George Bultena, Harold Bogue and O. D. Hanson.
The present officers of the institution
will continue to serve in their respec
tive capacities as follows: O. C. Burke,
president; George Bultena, vice presi
dent, and S. A. Jacobs, cashier.

Madison Record
Madison’s increase in volume of busi
ness during the past year, measured in
bank debits by the Federal Reserve
Bank System, was the highest on rec
ord, the Minneapolis office revealed.
With every month showing a gain
over the corresponding month of 1942,
the year closed with an annual average
of 56 per cent above that of the pre
vious year. In terms of actual money,
1942 had $17,792,000, while 1943 posted
$27,725,000.

Parkston
The First National Bank of Parkston,
Parkston, South Dakota, has moved
back into its own quarters after having

The annual meeting of the Parker
State Bank was held last month, at
which time officers were elected for the
year as follows:
President, Ray G. Stevens; vice pres
idents, V. B. Clikeman and K. I. Shager;
cashier, V. L. Gotthelf, and assistant
cashier, Grace Gunderson.,
The directors are: Ray G. Stevens,
Alan Bogue, C. C. Benning, R. B. Stev
ens, A. H. Winter, K. I. Shager and
V. B. Clikeman.

Belle Fourche
The Bank of Belle Fourche held its
annual meeting of stockholders and
directors at its banking offices recently.
The present board of directors. and
officers were re-elected.
According to a resume by Cashier
Runkel the banking institution has had
a most satisfactory year, serving ap
proximately 2,500 depositing custom
ers, representing a total of $2,024,610
in deposits. The bank has loans of
$1,437,011, of which $708,164 are in live
stock, farm and commercial loans, and
$728,846 in commodity wool and grain
loans, to agricultural and business in
terests of the tri-state area.

Watertown
The stockholders of the First Citi
zens National Bank of Watertown,
South Dakota, met last month to re
name the board of directors and hear
the annual report. Officers are to be
named by the board of directors at a
later meeting, according to the chair
man of the board, L. T. Morris.
The annual report showed that loans
and discounts fell from $987,000 in
1942 to $714,445 during the past year,
while the bank deposits have increased
to $5,409,300 this year from $4,643,000
during 1942.

Sioux Falls News
P ROMOTION of T. S. Harkison to

the position of president of the Na
tional Bank of South Dakota was an
nounced following the annual meeting
of shareholders of that institution.
Harkison had served as vice presi
dent of the bank since he came to
Sioux Falls from Minneapolis on July
1, 1937. As president, he succeeds W.
E. Stevens, founder of the institution
Northwestern Banker

February

•

SOUTH

DAKOTA

NEWS

•

Three new directors of the institu
tion were also named at the meeting
of shareholders. They are W . C. Bu
chanan, president of the Buchanan
Lumber Company in Sioux Falls; Dr.
S. A. Donahoe, Sioux Falis physician,
and E. H. Sexauer of Brookings, head
of the Sexauer Milling Company.
All other officers, including those of
branch banks at Vermillion and Hu
ron, were reelected to their present
positions.
No vice president was
named to succeed Harkison.

Hxpenence
Service
Cooperation
Manned by officials with years
of experience, our Correspon

dent Bank Division renders a
complete service, conducted in
an intimate and personalized
manner.
The guiding policy is one of
cooperation in all matters of
mutual interest.
T. S. H A R K IS O N
Heads Sioux Falls Bank

BA.NK A.NJD TRUST
C O M P A N Y OF N E W Y O R K
E S T A B LI S H E D 19 0 8

louse
M em
e ber: N ew York Clearing House
rance
Association, Federal Deposit Insurance
' Corporation/

II
II

as the Citizens’ National Bank in 1926,
who took a leave of absence last July
with his retirement effective Decem
ber 31st.
Prior to coming to Sioux Falls,
Harkison was associated with the
First Bank Stock Corporation of Min
neapolis, and previous to that was
cashier of the First National Bank at
Cando, N. D.

EXCELSIORSPRINGS
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Northwestern Banker

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Federal Reserve Bank of St. Louis

I EW Y E A R ’S RATES
JA N . 2 to M AR. 15—AM ERICAN PLAN

$ o c

A W EE K

SINGLE
I A W EE K

FRO M ^ ^
DOUBLE
INCLUDING ALL MEALS
DAILY FROM S5.25 SINGLE

WRITE FOR

February 1944

LITERATURE

Following the annual meeting of
shareholders of the Northwest Secur
ity National Bank, President Ralph
AVatson announced the promotion of
John S. Hinman to the position of
assistant cashier in the Sioux Falls
bank. All directors and officers here
and at branches at Gregory, Brook
ings, Chamberlain, Dell Rapids, Hu
ron, Madison and the Sioux Falls
Army Air Field were reelected.
No changes were made at the annual
meeting of shareholders of the Union
Savings Bank, President C. A. Christopherson said.

■ B O B X C Q B H H i

Enjoy every resort activity while you breathe
deeply of the fresh exhilarating air.
Health
on the home front means VICTORY on the
fighting fron t. . Arrange to spend a few resting
and relaxing days in the valley of Vitality,
where you may fortify yourself with invincile health. Drink the waters. Take the baths.
, All four kinds of the world’s most efficacious
Mineral Waters. Scientific baths and miracle
massages.

Three new members of the board
of directors of the First National Bank
and Trust Company were elected at the
annual meeting of shareholders, Presi
dent W. AV. Baker announced.
They are Glen W. England, vice
president and general manager of the
Sioux Falls Stockyards; Howard E.
Shipley, secretary-treasurer of Fenn
Brothers, Inc., and H. G. Fenn, presi
dent of Fenn Brothers, Inc.
Two promotions within the bank
staff were also authorized, with Loren
T. Shoop becoming assistant trust of
ficer and Elmer T. Edwards advancing
to the position of assistant cashier.
All officers of the bank, as well as
directors, were reelected to present
positions.

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The annual report of the Sioux
Falls Clearinghouse Association, re
leased by Ralph Watson, manager,
placed total consolidated deposits of
the four local banks and their branches
at $51,886,624 on December 31, 1943,
a gain of $8,145,672 over deposits on
December 31, 1942, placed at $43,740,952.
At the Sioux Falls offices only, the
one-year gain in deposits was tabu
lated at $5,037,967.
U. S. Government deposits during
the same period rose from $1,894,163
to $5,613,093, and the war loan account
increased from $1,727,515 to $4,778,525.
Hence the net consolidated gain
without U. S. deposits was $6,154,257;

•

S O U T H

the net Sioux Falls gain without U. S.
deposits was $3,046,505, and the net
Sioux Falls gain without war loan de
posits was $3,881,123.
A high honor came to C. A. Christopherson, president of the Union
Savings Bank and former congress
man, when he received the annual
distinguished service award of the
Sioux Falls Cosmopolitan club.
Making the formal presentation,
Dr. John B. Aschoff, a past president
of the club, gave a synopsis of Christopherson’s public-spirited activities
from his arrival in Sioux Falls in 1890
and his opening of a successful law
practice in 1894.
After serving on the local board of
education for ten years beginning in
1908, three of them as president,
Christopherson was elected to the
South Dakota legislature in 1912. Re
elected to the house of representatives
in 1914, he served a term as speaker.
He served in the national house of
representatives from 1919 to 1933.

cago, announce the engagement of
their daughter, Grace, to John H.
Hogan, cashier of the Des Moines
National Bank.— C. A. Barr, vice presi
dent of the Des Moines National Bank,
has been elected vice president of the
Continental and Commercial National
Bank of Chicago.— Ira Rodamar was
elected president of the Leavitt and

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Federal Reserve Bank of St. Louis

•
Johnson National Bank of Waterloo,
succeeding the late J. E. Sedwick.—J.
D. Rising, vice president of the Live
stock National Bank of Omaha, has
been elected assistant cashier of the
National Park Bank of New York.—J.
H. Carson, president of the Nebraska
State Bank of Ord, says the business
of the bank has increased $127,000
during the past year.

[•
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Ç fih
£ tl\ m t p - ON

SI t v ER

jLfoVV

INDICATES QUALITY ENVELOPES

T e n s io n En v e l o p e Co rR pM,

BERKOWITZ ENVELOPE CO
1912 GRAND AVE. - PHONE 4 -4 1 2 6 - DES MOINES 14 , IOWA

$ 1 . 2 5

TW EN TY-FIVE Y EA R S A G O
(Continued from page 13)
ranged that the management be placed
where the public may have access to
them, and by so doing the banker
gets in personal touch with his cus
tomers.” —Wm. L. McKee has been
promoted from assistant cashier to
vice president of the Ft. Dearborn
National Bank of Chicago.—R. H. Col
lins has been in the continuous serv
ice of the Des Moines National Bank
since its organization in 1881 as pay
ing teller.—Herbert L. Horton, who
has been appointed assistant cashier
of the Des Moines National Bank, came
from the German Savings Bank of Des
Moines at the time of the consolidation
with the Des Moines National. He was
in charge of the collection department
for a time and before entering the
army he was associated with Andrew
J. Hnglin in the discount department.
Mr. Horton is expected home shortly
from Camp Pike, Arkansas.—J. M. Dinwiddie was elected president of the
Cedar Rapids Savings Bank and the
Merchants National Bank. Mr. Dinwiddie succeeds John T. Hamilton as
president of the Merchants and Mr.
Hamilton was elected as head of the
board of directors of both institutions.

N E W S

—Mr. and Mrs. John A. Power, of Chi

Ned Jones, for 45 years associated

with the State Bank at Worthington,
Minnesota, has announced sale of his
stock to E. F. Habicht, Arnold Brecht,
Roy Martin, Theodore Nelson and W.
C. Thom, Worthington, and A. W.
Hoodecheck, Slayton.

D A K O T A

One dollar and twenty-five cents isn’t
much money but it still will buy the
popular DeLuxe Personalized Pocket
Check package consisting o f 200
checks on National Safety Paper im
printed with your customer’s name
and numbered for his convenience.
A n d on initial orders we supply,
w ithout extra charge, a genuine
leather cover with his name stamped
in gold.

W e ll, one dollar and fifty cents isn’t
much money either, but it’s better to
get it than spend it. And, when multi
plied by several hundred, it goes a long
way towards reducing your normal
check expense. Best o f all, perhaps, is
the benefit resulting from faster and
more accurate sorting and filing. That’s
a saving in time that really means
something these days when there are
so many new employees in banks.

Banks who actively sell these checks
to their customers usually send the
orders to us in exact multiples o f
six, thereby g e ttin g the benefit
o f the $1.00 price. O n each group
o f six, therefore, these banks
not on ly save the cost
o f the checks, pass
books and covers that
they w ou ld ordinarily
furnish free, but, in
addition, they pick up a
profit o f $1.50.

So why not make the effort this year
to cut your check cost down to zero?
It can be done if you ask all your
customers to buy imprinted checks.
W e ’ll be glad to furnish sales helps
in the form o f statement
enclosures and lobb y
display signs and, if you
would like, we will send
you a list o f banks in
your area who have done
a bang-up job o f selling
personalized checks.

M
anufacturing Plants at
NEW

YORK

C LE V E L A N D

K A N S A S C IT Y

J
Northwestern Banker

February Ì94-4-

NORTH
DAKOTA
H . A. FISCHER
President
Washburn

NEWS

0 . C. W ATTAM
Secretary
Fargo

in individual savings accounts and
cash operating reserves.
North Dakota’s state owned bank
and its farm loan collections and farm
buildings fire and tornado insurance
departments showed a total operating
profit of $439,042 and a total net profit
of $889,352 for the fiscal year ending
June 30, 1943, according to the annual
fiscal year audit approved by the state
board of auditors.
The $889,352 net profit includes the
operating profit and additional income,
largely recoveries on securities and
loans.

Merchants National Bank and Trust
Company of Fargo were: Frank R. Grand Forks
Top personnel promotions in the Scott, who has served as president
Business in Grand Forks as meas
First National Bank of Fargo, North since he succeeded the late H. W. ured by bank debits was 37 per cent
Dakota, were announced simultaneous Gearey in 1935, is advanced to the posi above the point reached at the same
ly with the holding of an annual meet tion of chairman of the board of direc time in 1942, while totals for the cal
ing of the stockholders and directors.
tors and trust officer, retaining his endar year of 1943 were the highest on
F.
A. Irish, who has been president position as chief executive officer in record. Compared with 1942, the 1943
since 1937, becomes chairman of the the bank.
total showed an increase of 32 per cent.
board and will continue actively in the
Clark Bassett, vice president since
bank.
1935, is the new president.
Larimore
Gordon H. Nesbit, vice president
Clarence H. Olson, cashier, is named
A. N. Johnson, cashier of the Elk
since 1920, succeeds to the presidency. vice president.
Valley State Bank, Larimore, North
Ryan
C.
Harrington,
who
from
1934
H. D. Crosby, who has been vice pres
Dakota, has been elected president of
ident in charge of the trust depart to 1941 was the cashier of the National the Larimore Commercial Club. He
Metals
Bank
at
Hancock,
Michigan,
ment, becomes senior vice president
has reported that in his bank surplus
and also becomes active in the com and since 1941 has been with the credit now stands at $35,000, an increase of
department of the First Stock Corpo
mercial banking department.
$5,000; capital, $25,000, and deposits,
Officers re-elected include George W. ration at Minneapolis, succeeds Mr. $1,393,614 as against figures of 1933
Olson
as
cashier.
Jenson, vice president and cashier, and
W.
W. Wallwork was elected a direcwhich were deposits, $118,882; capital,
G. H. May, R. J. Schmallen and M. W.
$20,000, and surplus, $5,000. Mr. John
Loffler as assistant cashiers, with Mar tor of the Dakota National Bank of son expresses the belief that the tend
tin C. Fremstad being also elected an Fargo at the annual meeting. This is ency toward inflation will increase, but
assistant cashier. Mr. Jensen, who has the only change. William Stern was effort should be made to “hold the
been active in both the commercial and renamed president. Other officers and
line.”
trust departments, hereafter will de directors whose terms expire were re
vote most of his attention to the trust elected.
Valley City
department.
The American National Bank of Val
The stockholders also elected two
Bismarck
new directors, E. E. Simonson and O.
Deposits in Bismarck banks showed ley City, North Dakota, re-elected A. C.
B. Skadland. The other directors are almost a 50 per cent gain during the Thorkelson, president, and R. M. HouAlbert Birch, C. O. Follett, Roy John year 1943, according to statements pub gen, vice president and cashier, at the
annual meeting last month. President
son, W. F. Kurke, R. S. Lewis, H. D. lished by the three institutions.
Thorkelson is the county chairman of
Crosby, F. A. Irish, G. W. Jenson and
They jumped from $12,569,121 at the the bond drive.
G. H. Nesbit.
close of business, 1942, to $18,132,821
Mr. Irish came into banking opera
at the close of business, 1943.
tions in Fargo in 1896, when he entered
That is an increase of $5,563,700 and Williston
the employ of the old Red River Valley
Ronald Crighton was elected presi
underscores
other financial indices
National Bank as assistant cashier.
dent
of the First National Bank of
which
point
to
the
unprecedented
pros
He had served with the First National
Williston, North Dakota, at the annual
Bank of Moorhead four years before perity of the region.
The totals are for the Bank of North meeting of that institution.
that time.
Other officers elected by the bank
When the Red River Valley National Dakota, the Dakota National Bank and
was consolidated with the First Na Trust Company and the First National include: R. K. Rasmusson, executive
tional in 1906, Mr. Irish was elected Bank. They do not include deposits of vice president; Marvin Thorson, cash
assistant cashier, subsequently became the United States government, state ier; Ben R. Bartz and O. A. Bjella, di
department or political subdivisions rectors.
cashier, vice president and president.
Mr. Nesbit has been in the First but only deposits by banks, savings
The American State Bank of Wil
National Bank since 1903, entering the accounts, individual checking accounts liston re-elected all its officers. They
bank’s employ as a messenger. He and certificates of deposit.
are: W. S. Davidson, president; O. W.
was elected assistant cashier in 1909,
Bankers note that the biggest in Bell, first vice president; M. M. Millcashier in 1913 and vice president in crease in deposits has been in individ house, second vice president; F. E.
1920.
ual checking accounts. However, sub Stewart, cashier; and J. C. Canning,
Changes in the top officials at the stantial increases also have been made director.

Changes at Fargo

Northwestern Banker

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Federal Reserve Bank of St. Louis

February 19i'i

•

NORTH

Minot
Membership on the board of direc
tors of the Union National Bank, Mi
not, was increased from five to seven
members with the election of two addi
tional directors to serve for the coming
year at the annual meeting of bank
stockholders.
The two new directors are A. M.
Christensen, Minot, and Robert D.
Becker, Des Lacs. Other directors,
who were re-elected are: Harry M.
Grant, C. H. Zehringer, Andrew Balerud, G. D. Volcord and J. N. Ellison.
The officers also were re-elected.
They are: Mr. Grant, president; C. H.
Zehringer, vice president, and J. S.
Westlake, cashier.
During the last year the Union Na
tional Bank recorded an all-time high
in deposits, due to the increase in farm
income, said President Grant.
Final figures for 1943 showed that
Minot’s bank debits during the last
year amounted to $89,262,000, a gain of
23 per cent over the preceding year.
The 1942 total was $72,304,000.
The Federal Reserve Bank said
North Dakota bank debits were up 22
per cent and the 12-month gain was
18 per cent.
Comparative 1943 figures for North
Dakota cities follow:

Bismarck .......
Devils Lake
Dickinson
Fargo ............
G ra fton ..........
Grand Forks
Jamestown
Lisbon
Mandan .........
Minot ..........
Valley City
Wahpeton
Williston

12 Months
1942
1943
(000 omitted)
. $188,469
$ 214,141
23,199
29,330
. . 26,432
30,864
. 339,872
374,441
22,662
30,781
82,032
107,964
28,091
36,507
5,432
7,445
. . . 15,714
18,821
72,304
89,262
19,831
23,228
17,491
19,397
36,538
51,045
$878,067

NEWS

Haynes McFadden, publisher of the
Southern Banker of Atlanta, Georgia,
has announced the appointment of
Rudolph J. Rudder as associate pub
lisher. Mr. Rudder commenced work
ing for the Southern Banker in 1923,
where he remained until 1937, when he
became associated with Rand McNally
& Company, and for the past two years
has been connected with their head
quarters in Atlanta. Both the South
ern Banker and the N orthwestern
B anker were originally established by
the late George G. Hunter of Des
Moines.

•

C ity National Promotions
At the annual meeting of the stock
holders of the City National Bank and
Trust Company of Chicago, all of the
directors were re-elected.
At the annual meeting of the direc
tors, John L. Chapman and R. Emmett
Hanley were promoted from assistant
trust officers to trust officers. All other
officers were re-elected.
“ So this is a picture of your fiancee?”
“Yes.”
“ She must be very wealthy.”

ASSISTIN G CORRESPONDENTS
IN BROADENING
THEIR SERVICE

HE growing complexity o f doing business
in these times is reflected in the number o f
new problems bankers must solve for their
customers.

Out-of-town banks find The Northern Trust
Company provides a ready source in helping
them to interpret new developments and en
courages discussions whenever they seek to ren
der a modern and more efficient service.
Information is available regarding V and VT
loans, United States Government securities, and
ration banking. Also there is always an open
invitation to discuss improvements in all phases
o f banking techniques.

$1,033,226

N EW S A N D VIEW S
(Continued from page 14)
that might easily be detrimental to our
national economy. I am afraid the
hoard may have the English system too
much in mind. If we are to continue
our democracy we must not centralize
too much either in government or in
private hands. Bureaucracy can be
come a Frankenstein monster.”

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Federal Reserve Bank of St. Louis

DAKOTA

TH E N O RTH ERN
T R U ST CO M PANY
50 S O U T H LA SALLE STREET, C H IC A G O 90

M em ber Federal Deposit Insurance Corporation

N orthw estern Banker

F ebruary 19b't

SOUND
BANKING SERVICE

Eighty

eight years

o f experience in
“Bank to Bank" relationships

U N ITE D STATES
yiatlonaf BAN K o/C9maAa
N orthw estern Banker

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Federal Reserve Bank of St. Louis

m e m b e r

F ebruary Í944

f d i c

Bruning
Katherine Jones who resigned her
position in the First National Bank,
Bruning, a few weeks ago, departed
for Los Angeles, California.

NEBRASKA

Minatare

NEWS
R. I. STOUT
President
Tekamah

WM. B. HUGH ES
Secretary
Omaha

W aco

W ayne

A change in the Farmers & Traders
Bank of Waco, Nebraska, has been the
promotion of Mrs. Axie Bouslough
from bookkeeper to assistant cashier.
Cashier W. R. Pettee’s son, Cpl.
Richard A. Pettee, was home recently
on a 10-day pass. He just graduated
from flexible gunnery school at Ft.
Meyers, Florida, and will be trans
ferred to Shreveport, Louisiana, for
further training.

Directors of Carroll Cooperative
association met last month and elected
J. M. Petersen, president; Geo. Linn,
vice president and W. B. Scribner,
secretary-treasurer.

Hartington
The Bank of Hartington, Harting
ton, Nebraska, announced the resigna
tion of Edgar M. Hoar as cashier. Mr.
Hoar has accepted a position as
cashier of the Farmers State Bank of
Winner. South Dakota. The Bank
of Hartington officers are: E. W. Rossiter, president, Lawrence Rossiter,
vice president, Vincent E. Rossiter,
cashier.

Clarks
F. E. Slusser, cashier of the Bank of
Clarks, Clarks, Nebraska, announced
the promotion of Harriette E. Gates
from bookkeeper to assistant cashier,
and also the election of Joseph Kiolbas as a director to fill the vacancy
left by the death of J. C. Inbody.

Holdredge
Taking L. J. Titus’ place as vice
president and cashier of the First Na
tional Bank at Holdrege because of
his induction into military service, W.
Lindstrom was appointed cashier and
B. V. Hanson was appointed second
vice president for the duration. Both
of these gentlemen have been with the
bank for over 30 years. A. I. Rauch,
formerly district manager of the Pro
duction Credit Corporation, is taking
Mr. Titus’ duties handling farm cred
its and the finance department. Mr.
Rauch has had wide experience in
Phelns county since he has been lo
cated with the Farm Security Ad
ministration in Holdrege.

Wauneta Falls
At the annual meeting of the Wau
neta Falls Bank held last month, John
W. Green was elected president; R.
E. Cocklin, executive vice president;
Wiley Green, cashier; Virgil Robert
son and Maxine Carpenter assistant
cashiers. Directors are: R. E. Cocklin,
John W. Green, A. W. Hoff and Wiley
Green.

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Federal Reserve Bank of St. Louis

Geneva
At the annual meeting of the stock
holders and directors of the Geneva
State Bank it was voted to increase
the bank’s surplus $5,000, bringing
the total of capital and surplus to
$135,000. The present directors were
re-elected for the ensuing year.

Cozad
Violet Stapp has accepted a position
at the Cozad State Bank. Dorothy
Barth is also a new employe of the
bank.

H.
A. Sage, who has served as
assistant cashier of the First National
Bank of Minatare since December 1,
1935, was chosen as cashier at the an
nual meeting of the board of direc
tors. Mr. Sage has served as cashier
for the past several months or since
the resignation of S. H. Megown, who
moved to Alliance to become associ
ated with an Alliance bank.
The only other change made was the
promotion of Mrs. Lena Golden to
assistant cashier, the position for
merly held by Mr. Sage.

W ahoo
The directors of the First National
Bank, Wahoo, Nebraska, were re
elected as well as the officers. Louis
J. Kudrna, veteran banker, retires
from active duty at the bank. He still
retains his title as vice president.

Sargent
John C. Green gave up his duties as
vice president for the Farmers State
Bank, Sargent, Nebraska. Mr. Green
has been in the employ of the bank
ever since the spring of 1933.

Stromsburg

Stockholders and directors of the
First National Bank and First Trust
Company at York, Nebraska, held their
annual meetings.
The directors, who were all re
elected, retained all the officers of the
past year and added two assistant
cashiers. The personnel now includes
J. R. McCloud, president: Geo. H.
Holdeman, vice president; H. E. Nordlund vice president and cashier,
August Zimmerer, Mamie Wood. F.
E. Crawford, W. L. Kupke, E. A. Marquardt and C. T. Moline assistant
cashiers.

At the annual meeting of the stock
holders of The First National Bank,
Stromsburg, Nebraska, the same direc
tors were re-elected for the coming
year.
Following this meeting, the direc
tors met, electing the following offi
cers: A. V. Kjelson, president; J. W.
Anderson, vice president; and H. J.
Fusby, assistant cashier. During the
past year many changes have taken
place, with Clarence Rudeen, cashier,
now somewhere in the Southwest Pa
cific, with Ira Banta, Dean of Polk
County Bankers, back again in bank
ing and with Harlan Fusby returning
after nearly three years with the Bank
of America at Los Angeles.

North Platte

W ausa

At the annual meeting of stock
holders of the First National Bank at
North Platte, directors were named as
follows: Keith Neville, Ray C. Lang
ford, W. R. Maloney, E. H. Evans and
W. H. Munger.
Officers for 1944 are Keith Neville,
president: Ray C. Langford, executive
vice president; W. R. Maloney, vice
president: W. H. Munger, cashier:
Anna C. Kramph, L. W. Langford and
Robert Crawford, assistant cashiers.

E. R. Poole, who last spring was
forced to resign from the Commercial
State Bank, Wausa, Nebraska, because
of failing health, died at Eureka
Springs, Arkansas, where he had
moved.
He was employed for fifteen years
by the bank, moving from Crofton to
accept the bank position.

York

Dodge
R. H. Holsten, cashier of Farmers
State Bank of Dodge, Nebraska, an
nounced this week that the bank had
been admitted to membership with the
Federal Deposit Insurance Corpora
tion, through which act all depositors’
deposits will be insured for a maxi
mum of $5,000.

Beatrice
At the annual meeting of the Bea
trice National Bank, Ed. C. Austin,
who has been cashier for 10 years be
came vice president, and W. W. Cook
succeeds him as cashier. George B.
Cook was elected a director. Officers re
elected are Wallace Robertson, presi
dent; D. W. Cook, H. T. Weston, vice
presidents; J. H. Doll, R. D. Mudge,
R. H. Grupe and W. W. Decker are as
sistant cashiers.
N orthw estern Banker

F ebruary

NEBRASKA

N E WS

The new Butte State Bank opened
for business last month.
The new bank, which succeeds The
First National Bank of Butte, was
started with a capital and surplus of
$40,000 and undivided profits of $2,500
besides the building and fixtures which
are carried on the books at $1.
The officers are A. P. Andersen
president, R. W. Dickerson vice presi
dent, and E. J. Statsmann cashier. Mr.
Statsmann will be assisted in the op
eration of the bank by Vivian Wilson,
who has been employed in the First
National for some time.

port increases in deposits and de
creases in loans. Both banks show a
great increase in United States gov
ernment bonds held.
The officers of the First National
Bank were the same as have been serv
ing except that Mrs. Ruth Skidmore,
Miss Olive Halek and John R. Rada
were made assistant cashiers.
Officers of the Fairbury State Bank
are W. A. Rose, chairman of the board;
Irl Else, president; H. R. Dressier, vice
president and cashier; Charles H. Mc
Gee, second vice president; Leland S.
Johnson and Harry Zweifel, assistant
cashiers. Zweifel was advanced to as
sistant cashier at the meeting.

Manley

Kearney

Butte

The stockholders of the Manley
State Bank held their annual meeting
and the officers elected were: Mrs. Ce
celia Rau, president; August Pautsch,
vice president and W. J. Rau, cashier.

Fairbury
Annual meetings of Fairbury’s two
banks, the First National Bank and
the Fairbury State Bank, were held,
at which reports were made and of
ficers for 1944 elected. Both banks re-

Cashier Leo Ryan reported the new
Platte Valley State Bank, Kearney,
Nebraska, was open for business. The
bank formerly was the Kearney Co-op
Credit Association.
The bookkeeper will be Theresa
Howard, formerly with the Bank of
America, San Rafael, Calif. Mrs. Ryan
also is assisting.
C. L. Gaston is president of the bank,
Dr. R. S. Johnson vice president, Mar
tin Baumgartner, Ira Anderson, Bill

REPORT OF THE CONDITION OF THE

N E B R A SK A STATE BANK
ORD, NEBRASKA
December 31, 1943

6 08 ,2 8 8. 98

LIA B ILITIE S
Common Capital
3 5, 0 00 .0 0
Stock ............. $
Preferred Capital
Stock Owned by
Reconstruction
1 7,50 0. 00
Finance Corp.
3 0, 0 00 .0 0
Surplus
4 ,0 6 7. 82
Undivided Profits
Preferred Stock
Retirement
1 ,0 5 0. 00
8 7, 6 17 .8 2
Fund . . . . .
Deposits ............. 1 ,017,1 93 .97
U. S. Govt. De
posits (W a r
Loan and W i t h
held Tax
5 5, 2 71 .4 7 1 ,0 7 2, 46 5. 4 4
Accounts) . . .

$ 1 ,1 6 0 ,0 8 3 .2 6

$ 1, 1 6 0 ,0 8 3 .2 6

RESOURCES
Loans and Discounts (including
S 1 ,2 13 .4 3 overdrafts) . . . , $
Bank B u i l d i n g ...................................
Furniture and Fixtures...................
U. S. Govt. Bonds . $2 8 2 ,8 0 0 .0 0
(Note: $1 5 4, 0 00
of these pledged
for U. S. Govern
ment Deposits and
$ 9 5 ,0 0 0 pledged for
Valley County and
Ord City Deposits)
3 21 .10
Warrants ................
Market Bonds. . . .
5,0 0 0. 00
Cash Reserve . . . . 3 2 0 ,1 6 7. 88

5 4 4 ,1 4 6. 28
6,7 6 0. 00

888.00

Member of the Federal Deposit Insurance C orporation
O FFIC E RS A N D DIR E CTO RS
C. J. M ortensen, President
L. D. M illiken, D irector

N orthw estern Banker

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Federal Reserve Bank of St. Louis

E. R. F afeita, Cashier

Peterson, Kenneth Dryden additional
directors.

Scottsbluff
W. J. Stafford was named president
of the Scottsbluff National Bank,
Scottsbluff, Nebraska, at the annual
stockholders meeting, succeeding the
late H. H. Ostenberg, whose widow
was named to the board of directors.
Stafford is a native of Norfolk.

Benedict Bank
Benedict State Bank, with a capital
of $25,000, was opened. Benedict has
been without a bank since September
25, 1943, when the First National trans
ferred its business to the First Na
tional at York. Dean Sack, president
of the York State and Henderson State
Banks, is president of the Benedict
Bank.

Ogallala
The First National Bank of Ogallala,
Nebraska, announced the results of its
annual reorganization meeting and the
resignation of H. J. Geisert as cashier.
Mr. Geisert remains as a bank director,
however.
Galen Keller takes Mr. Geisert’s
place as cashier. M. D. Keller is presi
dent, Mrs. M. D. Keller vice president,
and C. G. Schwentker assistant cash
ier. Mrs. Schwentker becomes a di
rector.

Gordon
At the annual meeting of the First
National Bank of Gordon, Lee Fritz,
who has been president of the bank
since 1928, retired and B. D. Berkheimer, executive vice president, and
managing officer of the bank since 1928
was elected president. Dwight Gris
wold is chairman of the board. Mr.
Fritz will continue on the board of
directors of which he has been a mem
ber for thirty years. Anna Sorensen
was elected cashier and G. B. Comer,
assistant cashier.
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.
OM AHA

//^TOOTLE-LACY
THE KIND OF SERVICE TH A T MEETS C H A N G IN G CO N DITIO N S

F ebru a ry 19b'i

49
ing interest. This situation was made
possible by a law passed by the state
legislature last spring, permitting the
county to rotate funds. When one
account is depleted, the county treas
urer can borrow from another.
Alvin E. Johnson, president of the
Live Stock National Bank of Omaha,
was elected a director of the Union
Stock Yards Company of Omaha at
the annual meeting. He succeeds W.
H. Schellberg, former president and
general manager.
R. .1. Regan, former assistant secre
tary-treasurer, was elected secretarytreasurer succeeding M. L. Shawcross,
who has been ill, but will remain with
the company.
All other officers and directors were
re-elected, according to President

E LECTION of Samuel L. Cooper to
the board of directors of the United
States National Bank of Omaha was
announced at the annual meeting.
A resident of Omaha since 1926 and
president since 1938 of Orchard & Wil
helm Company, pioneer Omaha re
tail and wholesale concern. Mr. Cooper
has been closely identified with busi
ness and civic enterprises in Omaha.
He is co-chairman of the finance com
mittee and a member of the executive
committee of the Children’s Memorial
hospital.
Allan Mactier, cattle feeder, farmer
and member of Roberts Brothers &
Rose, livestock commission firm, was
elected a director of the Douglas
County Bank of Omaha at the annual
meeting.
He was born on a farm in Douglas
county, Nebraska, near Elkhorn,
where his parents still live. He has
spent his entire business career in
livestock and farming.
W. J. Coad, Sr., and James P. Lee
were elected directors of the Omaha
National Bank at the annual meeting.
Mr. Coad is president of Omar, Inc.,

and chairman of the Creighton Uni
versity board of trustees.
Mr. Lee is first vice president of the
Omaha & Council Bluffs Street Rail
way Company and was cashier of the
Omaha National Bank before he re
signed in 1937 to join the street car
company.
Whenever the First National Bank
of Omaha paints its boiler room, mem
bers of the Omaha Building Owners’
and Managers’ association are enter
tained by the bank at a luncheon in
the room, which is 42 feet below the
street level.
Association members were guests
recently at such an event. President
Ray Kilgore of the association is man
ager of the First National Bank build
ing.
Last June, the Douglas county board
entered into a contract with Omaha
banks to borrow money at l l/2 per
cent to pay current obligations.
But the county closed its books at
the end of the year without borrow
ing any money under that contract.
It also ended the year without any out
standing warrants on which it is pay

Harry B. Coffee.
Ak-Sar-Ben Bridge association paid
off $250,000 in bonds during 1943, mak
ing the Douglas Street bridge, con
necting Omaha and Council Bluffs,
nearly 60 per cent paid for, the associ
ation’s annual report disclosed.
Indebtedness now stands at an even
million dollars, officials stated.

In addition, $50,000 was accumulated
during the year in the emergency re
serve trust fund, which, with interest,
now totals $201,869.67. The fund is
invested in war bonds and other gov
ernment securities. Receipts of the
bridge were about $60,000 under the
previous year because of gas rationing.
Edwin N. Van Horne, president of
the Federal Land Bank of Omaha,
was named chairman of an Omaha
civic committee to sponsor Omaha and
Douglas county’s part in the nation’s
1944 March of Dimes to celebrate
President Roosevelt’s birthday, Janu
ary 30th. Others named on the com
mittee included Robert H. Hall, North
Side Bank; William A. Sawtell, presi
dent, Stock Yards National bank.

NATIONAL BANK ST. JOSEPH, MO.
MILTON TOOTLE, JR.

E. H. ZIMMERMAN

P R E SID E N T

VIC E PR ESID EN T

GRAHAM G. LACY

MILTON TOOTLE, III

VICE P R E SID E N T

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Federal Reserve Bank of St. Louis

V IC E PR E SID E N T

R. E. WALES
CASHIER

E. H. SCHOPP
ASST. CASH IER

FRED T. BURRI

E. L. CRUME

ASST. CASHIER

M em ber Federal Deposit
Insurance Corporation

Northwestern Banker

February lObb

• N E B R A S K A
The Omaha investment banking firm
of Kirkpatrick-Pettis Company was in
cluded in the underwriting group
which offered to the public recently
450,000 shares of Firestone Tire and
Rubber Company 4% per cent pre
ferred stock at $100 a share.
The company also was included in
the group which recently underwrote
United Air Lines 4 per cent cumu
lative preferred stock.
has been
elected president of Burns, Potter &
Co., Omaha investment banking firm,
succeeding A. C. “Cub” Potter, now
associated with an eastern firm.
Purdham joined Burns-Potter in
1919 as a salesman. For the past sev
eral years, he has served as vice-presi
dent.
He is a past president of the Ne
braska Investment Bankers’ Associa
tion and of the Omaha Executives’
Association, and now is a member of
the executive committee of the In
vestment Bankers’ Association of
America’s central states group.
Cecil W. Slocum was elected vicepresident of Burns-Potter, Victor P.
Button was elected secretary, John L.
Shugart, treasurer.
The four officers and John H. Patton
were re-elected directors of the com
pany.
Plummer P. Purdham

Lloyd H. Earhart, who has been

managing director of the Omaha
branch, Federal Reserve Bank of
Kansas City, has been appointed a
vice-president of the bank. He will
remain in charge of the Omaha branch.
The appointment is in line with a
new policy, adopted by the bank, of
having a vice-president in charge of
each branch due to greatly enlarged
functions of the branches and greatly
increased volume of transactions
handled.

The
Of

N E W S -

Speaking at a breakfast given at
Washington by Alvin E. Johnson,
Omaha banker, in the senate dining
room at the capitol, George Johnson,
president of the Farm Crops Pro
cessing Corporation of Omaha, warned
of future crop surpluses, in a talk be
fore midwest senators and congress
men.
South Omaha Savings Bank, at its
annual meeting, elected C. F. Witt as
president, Frank J. Kocarnik cashier,
Ray F. Slizewski assistant cashier. Di
rectors are Mr. Witt, Gerald Collins,
A. J. Hallas, W. J. Rath, W. A. Sawtell.
A. G. Black, governor of the farm
credit administration, has named Jess
Alton of Mondamin, Iowa, and Frank
L. Robinson, Kearney, Nebraska, as
directors of the Omaha FCA district.
Alton succeeded Luther Bonham,
Fairbury, Nebraska, as director-atlarge. Robinson was appointed fol
lowing a nominating poll of national
farm loan associations in the four
states in the district. He succeeded
Ray J. Baschnagel, Iowa City, Iowa,
who resigned last August. Both terms
are for three years, beginning January
1st.

Fremont
At a board of directors meeting, the
Stephens National Bank of Fremont,
Nebraska, transferred $25,000 from
their undivided profits account to their
surplus account. This brings their
surplus account to $100',000 which is
the same amount as their capital.
J. M. Sorensen, executive vice presi
dent of the bank, has been named City
Chairman of the 4th War Loan Drive.

Syracuse
Officers of First National Bank of
Syracuse, whose assets now are $1,248,000, were elected as follows: E. A.

Duff, president; J. R. Mueller, vice
president; E. A. Pratt, cashier, and
Charles Andrews, assistant cashier, Ed
Metzger was elected director.

Madison
An increase in the bank’s surplus,
from $12,500 to $15,000, was voted at
the annual meeting of the Bank of
Madison last month.
All officers of the bank were re
elected.

Grand Island
The First National Bank of Grand
Island, Nebraska, for the first time in
its history crossed the $10,000,000 mark
in total resources with a deposit total
of $9,339,716.
George Winters and H. G. Wellensiek have been added to the board. Mr.
Winters has had many years of bank
ing experience in Kansas and Missouri,
and for some time has been identified
with the Stauffer Publications and also
business manager of the “ Grand, Island
Daily Independent” . Mr. Wellensiek
has practiced law in Grand Island for
over 20 years and has had banking ex
perience in Lincoln and Harvard. W.
E. Siebert who has been in the bank
for 18 years has been promoted to as
sistant cashier. The bank is contem
plating an increase in capital stock and
surplus accounts by the declaration
of a stock dividend.
Two officers of the Overland Na
tional Bank, Grand Island, were ad
vanced at a directors’ meeting follow
ing the annual meeting of the bank’s
shareholders.
George Armstrong, who has been
cashier of the bank, was named execu
tive vice president, and George Monson was promoted from assistant cash
ier to cashier.
Monson also was named to the board
of directors.

Crazy
Visitor (at institution): My good
man, why don’t you turn that wheel
barrow right side up?
Inmate: Think I’m nuts? If I do,
they’ll fill it full of bricks.

i r s t N a tio n a l
Bank ot O m a h a
Crossroads
Omaha

N orthw estern B anker

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Federal Reserve Bank of St. Louis

F ebruary

Oldest National Bank
From Omaha West

was re-elected president at the meet
ing of the board of directors.
Besides President Weil, the other
officers of the bank are Byron Dunn,
executive vice president and trust of
ficer; Albert A. Held, Ernest C. Fol
som, and Julius Weil, vice presidents;
Paul Bogott, cashier, and Glenn
Yaussi, assistant cashier and assistant
trust officer.
In addition to Mr. Weil, Mr. Dunn,
Mr. Folsom, Mr. Held, and Julius Weil,
the directors are Dr. Everett E. Angle,
W. T. Barstow, C. N. Cadwallader,
Leonard Flansburg, F. W. Miskel, P. O.
Southwick, M. L. Springer.
Lancaster county commissioners at
a recent regular session designated the
same banks as legal depositories for
county funds as last year and ap
proved the same newspapers as legal
carriers of county proceedings. The
banks approved are the six in Lincoln,
Continental National, First National,
National Bank of Commerce, Union
National, Citizens’ National and Have
lock National and the banks at Hick
man, Panama and Martell.

Fred S. Aldrich, vice presidents; How
of Lincoln banks, made at the an ard Hadley, vice president and trust
nual meetings, were few. Those that officer; Elmer DeKay, assistant cash
were made, were in the nature of ier, and comptroller; H. E. Leinberger,
advancements, and rearrangements assistant cashier; and A. W. Griffin,
made necessary through men having assistant trust officer. In addition G.
A. Basel was elected assistant cashier.
gone to the defense of their country.
The First Trust Company raised its
At the meeting of the First National
Directors re-elected are H. J. Amen, capital from $300,000 to $400,000, at
stockholders, two new members were M. V. Beghtol, H. K. Grainger, W. W. the year’s end, after providing ample
elected to the board of directors. They Putney, T. B. Strain, E. A. Becker, reserves, it was reported at the annual
are E. U. Guenzel, vice president; and and C. W. Battey.
meeting of the stockholders. President
Thomas H. Wake, jr., vice president
George W. Holmes said that the opera
Forty-one
years
an
officer
of
the
of the Jones National Bank at Seward.
tions showed satisfactory results for
The board as now constituted in National Bank of Commerce, M. Weil the past year.
cludes Dr. B. F. Bailey, L. C. Chapin,
Lt. Col. A. A. Dobson, P. R. Easterday,
Capt. E. J Faulkner, M. B. Holland,
Paul H. Holm. George W. Holmes,
Stanley Maly, Carl W. Olson, Charles
T. Stuart, C. B. Towle, Frank D. Wil
liams, Thomas C. Woods, E. U. Guen
zel. and Thomas H. Wake, jr.
Following the stockholders meeting,
This bank is ready and equipped
the board met and besides re-electing
George W. Holmes, president, and a
number of other officials, changed the
to handle your Lincoln business
titles of some.
P.
R. Easterday, who has been ex
in a way that will please you!
ecutive vice president, was elevated
to chairman of the board, but retain
ing his duties as an officer of the bank.
Howard Freeman, who also has been
a vice president, becomes executive
vice president.
A. C. Glandt, assistant cashier, was
advanced to cashier with leave of ab
sence for the duration. He is in the
(ONTIMENTAL RATIONAL
armed forces. Clifford G. Weston, and
Ray J. Becker, both assistant cashiers
now are assistant vice presidents.
Henry Crane, a long time employe
of the bank has been added to the of
LIN CO LN
ficial staff of the bank with the title
of assistant cashier.
Member Federet! Deposit Insurance Corporation
Officers and directors of the Conti
nental were re-elected as follows:
T. B. Strain, president; C. W. Battey,
cashier; E. A. Becker, W. S. Battey,

C HANGES in the official personnel

*
s~ \

S carborough ël£ o•MPANY

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Federal Reserve Bank of St. Louis

•

C s f J /à

First National Bank Building, Chicago

g fr

/ V JMf jT> €> / / . . . 2 . / . t
t
a
L

/ . ' /A .

ftH W tX V X

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

Northwestern Banker

February 1944

• NEBRASKA
Roseland
In the annual meeting of the di
rectors of the Roseland State Bank,
at Roseland, Mrs. Melba Hesseltine,
daughter of Mr. and Mrs. Art Morey
of Bladen, was elected assistant cash
ier.
Other officers and directors include
Leland R. Hall, president; John Klein,
vice president; and Edward Hall,
cashier.

N E WS

dent, Bank of New York, assisted Mr.
Monen with the discussion.
“ It is a high honor for Omaha to
have a western banker chosen as a

Nebraska bankers are seriously con
sidering resuming their annual spring
group meetings, omitted last year be
cause of transportation difficulties. It
is the opinion of President Bob Stout
and Vice President Edgar McBride
that members of the Nebraska Asso
ciation would like the group meetings
to be held if at all possible, and a con
ference was called of the several group
presidents to see what could be ar
ranged. If the meetings are to be
held, announcement will be made
shortly.

D A N IE L J. M O N E N
Trust Conference Speaker

leader for the nationwide conference,”
says W. Dale Clark, president of The
Omaha National Bank. “ It indicates
the national importance the west is
gaining in financial circles.”

W orms
First Wife: Is your husband a book
worm?
Second: No, just an ordinary one.

Favorably Known in All Directions
City National Bank & Trust Company
enjoys a national reputation as an out
standing, fast-growing bank, exception
ally capable, through experienced per
sonnel, to handle all your banking
needs.
This enviable reputation has been
earned through serving as correspond
ent to an ever increasing number of
banks in the great Southwest.

Built Bank

CITYMTIOMl BANK GTRUST CO.
18th &Grand ^ ¡S S J X S S T
Northwestern Banker

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Federal Reserve Bank of St. Louis

February

(Continued from page 15)

A Nebraska banker was the executor
of the estate of Gray. The will in
volved provided that one of Gray’s
farms in the state should go to Max
well. The decedent had no debts. The
farm was rented and the tenant was
paying a cash monthly rental thereon.
Was Maxwell entitled to such rents
from the time of the death of the de
cedent?

Discussion Leader

*llte Cuitóme*-

L E G A L DEPARTMENT
at com moil law a joint obligor living
beyond the jurisdiction of the court,
who could not be subjected to per
sonal service, is not a necessary party
to a suit. Because of this, the prose
cution of the claim against an obligor
subject to the court’s jurisdiction does
not bar a subsequent action against
the other joint obligor.

Group Meetings

Daniel J. Monen, vice president and
trust officer of The Omaha National
Bank, led the new business and estate
planning discussion of the American
Bankers association mid-winter trust
conference at the Waldorf-Astoria,
New York City, February 8th, 9th and
10th. He was the only man from west
of the Mississippi to take a leading
part in the conference.
Thoburn Mills, vice president, The
National City Bank of Cleveland, A.
Key Foster, vice president, First Na
tional Bank, Montgomery, Alabama,
and R. McAllister Lloyd, vice presi

•

Kansas City, Mo.

Yes. Title to real estate under a
devise in a will is vested in the de
visee at the instant of the testator’s
death and rents accruing after the
death of such testator on realty owned
by him vested in such devises by
reason of such passing of title.

The liquidator of a Wisconsin bank
embezzled funds belonging to the bank
coming into his hands and the surety
on the bond furnished by him pursu
ant to law was required to make good
thereon. Was such surety liable for
interest on the embezzled funds as
well as the funds themselves? The
liquidator had no power or duty to
invest funds coming into his hands.
The surety on a public officer’s bond
is liable for interest earned or which
should have been earned by the legal
use of public funds only where the
public officer furnishing the bond is
authorized to invest funds coming to
him. Since the liquidator had no
power or duty to invest the funds col
lected by him, the liability of the
surety on his bond was only for the
principal sum and not for interest.

A Mistake
When a department clerk found a
tax return wherein a bachelor listed
one dependent son, he turned it over
to the examiner, who returned it to
the bachelor with the penciled nota
tion: “ This must be a stenographic
error.”
The bachelor returned the form,
unchanged, with a similar note:
“You’re telling me.”

...Y O U R

H WAR

HETHER your plant meets its quota, or fails, lies
largely in your hands. Your leadership can put
it over— but if you haven't already got a smooth run
ning, hard hitting War Loan Organization at work in
your plant, there's not a minute to lose.

Take over the active direction of this drive to meet

—and break— your plant's quota. And see to it that
every one of your associates, from plant superintend
ent to foreman, goes all-out for Victory!
To meet your plant's quota means that you'll have
to hold your present Pay-Roll Deduction Plan pay
ments at their all-time high— plus such additional
amounts as your local W ar Finance Committee has
assigned to you. In most cases this will mean the sale
of at least one $100 bond per worker. It means hav
ing a fast-cracking sales organization, geared to reach
personally and effectively every individual in your
plant. And it means hammering right along until
you've reached a 1 00 % record in those extra $100
— or better— bonds!

QUOTA

And while you're at it, now's a good time to check
those special cases—growing more numerous every
day — where increased family incomes make pos
sible, and imperative, far greater than usual invest
ment through your plant's Pay-Roll Deduction Plan.
Indeed, so common are the cases of two, three, or
even more, wage-earners in a single family, that you'll
do well to forget having ever heard of T 0 % ' as a rea
sonable investment. Why, for thousands of these
'multiple-income' families 1 0 % or 1 5 % represents but
a paltry fraction of an investment which should be
running at 2 5 % , 5 0 % , or more!
After the way you've gone at your wartime pro
duction quotas— and topped them every time— you're
certainly not going to let anything stand in the way of
your plant's breaking its quota for the 4th War Loan!
Particularly since all you are being asked to do is to
sell your own people the finest investment in the
world—their own share in Victory!'

This space contributed to Victory by

LET’S A LL
SA C K

LOAN

TH € A TTA C K .

NORTHWESTERN BANKER

T h is is an officia l U. S. T rea su ry a d v e r t i s e m e n t — p r e p a r e d u n d er a u sp ices o f T rea su ry D e p a r t m e n t a n d W a r A d v e r tis in g C o u n cil.

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

Northwestern Banker

February 1944

T h

F r i e n

l y

LIVE STOCK N A T IO N A L BAN K
OMAHA
Not only do we offer the regular banking
services but in addition specialized ser
vice in connection with latest develop
ments of interest to banks.

W e Invite Y our C o r r esp o n d e n ce

OFFICERS

AND

DIRECTORS

ALVIN E. JOHNSON
President
HENRY C. KARPF
V ice President

R. H. KROEGER
V ice President
PAUL HANSEN
V ice President an d C ashier

W . DEAN VOGEL
V ice President

H. H. ECHTERMEYER
V ice President
L. V. PULLIAM
A sst. C ashier

C. G. PEARSON
A sst. C ashier

EARL R. CHERRY
Asst. C ashier
TOM J. PRICE, JR.
Asst. Cashier

W . P. ADKINS
O m aha

H. B. BERGQUIST
C oal and Grain

L. S. BURK
C h ica go

JAS. J. FITZGERALD
Pres. C om m ercial Sav. & Loan Assn.

T. E. GLEDHILL
Farm er

LEO T. MURPHY
Mgr. A llied Mills, Inc.

JAMES L. PAXTON, JR.
Pres. Paxton-M itchell Co.

HERMAN K. SCHAFER
Pres. M o n e y M illing Co.

CARL A . SWANSON
Pres. Jerpe Com. & C old Storage Co.

J. L. WELSH
Butler-W elsh Grain Co.

This Bank Has No Affiliated Companies
Mem ber of Federal Reserve System and Federal Deposit Insurance Corporation

Northwestern Banker

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Federal Reserve Bank of St. Louis

February 1944

IO W A

V . W . JO H N SO N
President
Cedar Palls

FRANK W ARN ER
Secretary
Des Moines

Eldora

C e d ar Rapids

T. L. Greenleaf, vice president of the
Hardin County Savings Bank of El
dora, has been elected president of
the Hardin County Bankers Associa
tion and held his first meeting at
Eldora last month with state superin
tendent Mel Ellis as guest speaker.

Roy E. Choate, president of the La
Plant-Choate Manufacturing Company,
and John M. Ely of John M. Ely and
Company were elected to the board of
directors of the Merchants National
Bank at the annual meeting. They
fill vacancies on the board due to the
deaths last year of Col. C. B. Robbins
and E. B. Cameron. No other changes
were made either in officers or on the
board.
At the Peoples Savings Bank’s an
nual meeting, R. S. Gates, vice presi
dent of the Collins Radio Company,
and William J. Barron of the Barron
Motor Company were elected to the
board of directors to fill vacancies that
have existed since the death of A. J.
Murray about two years ago and the
death of Arthur E. Chase a year ago.
No other changes were made.
Charles Kriz, with the United State
Bank since its organization 22 years
ago, was elected cashier, succeeding
the late F. G. Kanak, at the annual
meeting. A successor to Mr. Kirz has
not been appointed. The board of di
rectors continues with seven members,
no one having been elected to succeed
Mr. Kanak in that capacity.
Annual meetings of the Guaranty
Bank and Trust Company and of the
First Trust and Savings Bank also
were held. No changes in officers or
directors were made.

C lear Lake
M. A. Arneson, president of the
Clear Lake Bank and Trust Company,
has been named head of the 4th War
Loan drive in Clear Lake by C. A.
Knutson, also of Clear Lake, county
chairman of the drive.

Templeton
John Heithoff who has served as
president of the Templeton Savings
Bank, Templeton, Iowa, retired from
that position and has been succeeded
by Dr. Otis P. Morganthaler, physician
and surgeon, and a long time stock
holder and director of the bank.
At the same time Joyce Rushenberg,
who has served the bank as teller and
general assistant since August 1, 1940,
was advanced to the position of an
assistant cashier of the bank.

Primghar Banker Dies
O. H. Montzheimer, prominent attor
ney and for more than forty years a
director and vice president of the First
National Bank of Primghar, Iowa,
passed away at his home in Primghar,
Iowa, last month.

Council Bluffs
With one exception, Council Bluffs’
four banks, at annual meetings last
month, re-elected their officers and
directors.
Only change among the banks was
the naming of Clyde A. Blanchard,
cashier of the State Savings Bank, to
the post of executive vice president.
James C. Jenson, vice president, was
named cashier and vice president.

Dike
More than 80 per cent of the out
standing stock was represented either
in person or by proxy at the annual
meeting of the stockholders of the
Iowa Savings Bank, Dike, Iowa.
Cashier Lee Chandler presented a
detailed report of the past year’s op
eration which reflected the following
facts: deposits now total $802,657, a
gain of $270,000 or more than 50 per
cent in the past twelve months. Loans
and discounts remain higher than a
year ago although the trend of loans

in the majority of banks over the state
has been downward.
The entire board of directors con
sisting of Herman Nielsen, president,
Glen J. Stewart, vice president, Lee
Chandler, cashier, A. J. Burk, Chas. S.
McKinstry, Jens G. Thuesen and Gus
tav Treimer, were re-elected for the
current year. Chas. S. McKinstry and
A. J. Burk are also executive officers
of the National Bank of Waterloo.
The board voted to again transfer
$5,000 from undivided profits to the
surplus fund, and ordered a cash divi
dend of $6 per share paid to stock
holders.
Mr. Chandler, executive officer of
the bank, was an examiner with the
Iowa State Banking Department for
eleven years prior to joining this new
Dike organization in 1939.

Elma
At the annual meeting of the Peo
ples Savings Bank, Elma, stockhold
ers last month elected Reed Elwood
president; Bennie Basteson, vice presi
dent and C. J. Garmen, cashier. The
directors are: A. J. Hart, C. J. Garmen,
Reed Elwood, Wm. Jinderlee, John
Knippling, and Bennie Basteson.
Mr. Elwood takes the place held by
the late Louis Diekmann.

W est Burlington
The West Burlington Savings Bank
of West Burlington, Iowa, completed
final payment in full of 100 per cent
on all outstanding certificates of par
ticipation issued to depositors in 1933
representing 20 per cent waivers ob
tained that year. One dividend of 10
per cent was paid in the year 1937
leaving approximately $66,300 balance
of the face amount remaining unpaid
until full and final payment was made.
In addition the bank declared a
stock dividend of 100 per cent on the
outstanding capital stock of $25,000
increasing the capital stock to $50,000. The surplus of the bank is $10,000'
and undivided profits and reserves
total $13,200. Total deposits of the
bank were $1,231,700.
L. Roy Trout formerly with the
closed bank division of the State Bank
ing Department of Iowa has been ex
ecutive vice president of the West Bur
lington Savings Bank since April 1941.
Officers are: J. L. B. Graham, presi
dent; L. Roy Trout, executive vice
president; Frank J. Skeva, vice presi
dent; B. O. Ball, cashier and H. G.
Pierson, assistant cashier.

Alta Vista
At the election of officers of the
Alta Vista State Bank, Alta Vista, Inez
M. Daly, who has been teller for a
number of years, was elected assistant
cashier. All other officers were re
elected.

S carborough ^(Company

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

First National Bank Building, Chicago

Horace A. Smith, Iowa Representative
Des Moines, Iowa

Northwestern Banker

February Î944-

•
Sioux City
Seven Sioux City banks held elec
tion of officers. In each case all of
ficers and directors were re-elected.
First National Bank officials for 1944
are A. G. Sam, president; J. P. Hainer,
vice president; Fritz Fritzson, vice
president and cashier; J. T. Grant, J.
R. Graning and E. A. Johnson, assist
ant cashiers and W. F. Cook, auditor.
Officers of the Toy National Bank
are R. R. Brubacher, president; E. E.
Erickson, vice president and cashier;
John W. Van Dyke, E. A. Hoffman
and E. H. Spiecker, vice presidents;
Maj. J. William Van Dyke (absent on
military leave), C. A. Johnson, J. D.

IO W A

NEWS

•

Shinkle, jr., and Carleton C. Van Dyke,
assistant cashiers.
H. A. Eprterson was re-elected presi
dent of the Morningside Savings Bank.
R. E. Siman was re-elected vice presi
dent, A. J. Bertelsen, cashier and K. A.
Scheibe, assistant cashier.
The Morningside State Bank chose
John Scott, jr., to continue as presi
dent; W. L. Ayers, vice president and
cashier, and C. D. Nissen, assistant
cashier.
Officers of the Livestock National
Bank are Carl L. Fredericksen, presi
dent; Mark A. Wilson, vice president;
William G. Nelson, assistant vice
president; and William C. Schenk,
cashier. Assistant cashiers named are

Henry C. Linduski, Clifford L. Adams,
and John S. Haver. James L. Smith
is auditor.
Re-elected officers of the Woodbury
County Savings Bank are M. C. Eidsmoe, president; C. T. McClintock, vice
president and cashier; L. R. Manley,
vice president; and A. L. Chesebro and
A. R. Miller, assistant cashiers.
Charles R. Gossett was re-elected
president of Security National Bank;
B. M. Wheelock and Albert C. Eckert,
vice presidents; R. Earl Brown, cash
ier, and Daniel B. Severson, Frank H.
Abel, Alvin G. Nelson, and Robert W.
Lewis, assistant cashiers.

Heads Clearing House
Sioux Citians are saving their
money and paying their debts, accord
ing to members of the Sioux City
Clearing House Association at an an
nual meeting. C. R. Gossett of the
Security National Bank, Sioux City,
was elected president.
Mr. Gossett succeeds Carl T. Fredricksen, president of the Live Stock
National Bank. A. G. Sam, president

arters

★

tfe d d Q u

for

★

lo v v d
N o rth e a ste rn

★

d a n k e rS
★
★
★

Quick, efficient
service . . .

★
C. R. G O S S E T T
Clearing House Head

Complete facilities . . .
★

★
★

Make this bank your
lo g i c a l c h o i c e for
y o u r N o rth e a s te rn
Iowa business.

★

W ebster C ity
★

NATIONAL BANK
OF WATERLOO

THE

Member— Federal Reserve System
Member— Federal Deposit Insurance Corporation

Northwestern Banker

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Federal Reserve Bank of St. Louis

February íOí'i

of the First National Bank, was elected
vice president, while R. E. Brown,
cashier of the Security National Bank,
was re-elected secretary and treasurer.

At the annual meeting of the newly
elected board of directors of the Farm
ers National Bank, Webster City, after
a stockholders’ meeting, George E.
Alexander was elected president fol
lowing the resignation of R. E. Jones.
Mrs. Jones succeeds her husband on
the board of directors.
Robert E. Jones, 71, who was for 35
years president of the Farmers Na
tional Bank and active in its manage
ment, died last month.
The board re-elected J. E. Burnstedt
vice president, advanced George B.
Aden to cashier and elected W. F.
Vance, Fern K. Kent and A. F. Jacobs,
assistant cashiers. The board of di
rectors is composed of George B.

-•

IOWA

NEWS

•

E. Breckner, cashier (on military
leave); Opal A. Luce, acting cashier;
W. H. Fobes, assistant cashier; Evelyn
Toutsch, teller, and Avis Rowell,
stenographer.

Sheldon
Margaret Buren, who has been em
ployed at the Security State Bank of
Sheldon, for the past few years, has
been elected an assistant cashier.

Union
The regular annual meeting of the
Union-Whitten State Savings Bank of
Union, elected the following officers:
Ralph Kauffman, president; W. K.
Bramwell, chairman of the board; K.

HAROLD

J. Lyon, La Mont Moore and H. E.
Long, vice presidents; C. F. Long,
cashier; Lois Martin and Flelen Long,
assistant cashiers; directors, W. K.
Bramwell, Ralph Kauffman, C. F.
Long, Ray Long, H. E. Long, J. H.
Lyon, K. J. Lyon, La Mont Moore and
A. R. Nordquist.

Alton
During 1943 the Alton Savings Bank
paid its Trust Certificates, represent
ing waived deposits, in full. Reor
ganized in 1934, the bank has grown
steadily, and 1943 showed the largest
profit in many years. A dividend of
$6 per share was paid. W. S. Slagle
is president and E. S. Kiernan cashier.

P. K L E IN

— a vice president of the Iowa-Des

^ T o WHERE is the hand clasp stronger

Moines National Bank & Trust Com
pany,

was

recently

elected

a vice

president of the Des Moines Chamber
of Commerce. Mr. Klein was treasurer
of the organization last year.

Aden, George E. Alexander, J. E.
Burnstedt, Grace B. Jones and Teresa
T. Stearns.

Creston
At the annual stockholders meeting
of the Iowa State Savings Bank, at
Creston, Iowa, all directors were re
elected to serve for the coming year
and H. Max Cochran was elected to
fill the vacancy caused by the death
of W. C. Tramp. The other directors
are J. E. Deitrick, C. S. Rex, Faye
Rawls Davenport, Dr. F. E. Sampson
and S. Ray Emerson.
At a meeting of the directors im
mediately following all officers and
employes were re-elected.

or the welcome warmer than in Sioux City
at our annual February Group Meeting.
We're looking for you here this month at
our Group One annual meeting.
Remember, too, that our correspondent
service is just as friendly as our convention
welcome.

MEMBER

FEDERAL

D EPO SIT

IN SU R A N C E

C O R PO R ATIO N

Arlington
The annual meeting of the stock
holders of the American National
Bank, at Arlington, was held last
month.
The stockholders elected the follow
ing directors for the year 1944: James
J. Carnall, John U. Downer, Charles
F. Eckheart, Fred P. Gernand, O. C.
Miehe and H. R. Young.
At the directors’ meeting, the fol
lowing officers and employes were
elected: Charles F. Eckheart, presi
dent; O. C. Miehe, vice president; Fred
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

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

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Federal Reserve Bank of St. Louis

OM AHA

Northwestern Banker

February 1944

The Group One Program
E. WILSON, vice president of the
. Cherokee State Bank, and chair
man of Group One of the Iowa Bank
ers Association, has announced the
program to be presented at the annual
meeting of the group in Sioux City
on Saturday, February 12. Headquar
ters are at the Martin Hotel, and all
meals and meeting sessions will be
held there.
Registration will start at nine o’clock
Saturday morning, and the annual

Group One meeting of the Junior
Bankers Association will convene at
10 a. m. The Junior meeting will be
called to order by Robert W. Lewis,
assistant cashier of the Security Na
tional Bank, Sioux City, and the audi
ence will receive greetings from Vivian
Johnson, president of the Iowa Bank
ers Association. This will be fol
lowed by the usual adding machine
contest, with awarding of prizes by
D. C. Kent, assistant cashier of the

Bankers of
Iowa, Nebraska and South Dakota—
You are invited to attend the Iowa Group
One Bankers Meeting, February 12th, at
Martin Hotel, Sioux City, Iowa.
A s usual, our officers and directors are
looping forward to meeting and visiting
with you.
R. R. Brubacher, President
J. W . Van Dyke, Vice President
E. A. Hoffman, Vice President

Cherokee State Bank and chairman
of Group One Junior Bankers.
A luncheon at noon in the Martin
Hotel ballroom, will lead off the senior
sessions, at which George AVilson will
preside. C. R. Gossett, president of
the Security National Bank, Sioux
City, and president of the Sioux City
Clearing House Association will give
the address of welcome; V. W. Johnson,
president of the First National Bank,
Cedar Falls, will speak as president of
the Iowa Bankers Association, and M.
W. Ellis, Iowa superintendent of bank
ing, will address the members. This
will be followed by a round table dis
cussion, led by R. R. Brubacher, presi
dent of the Toy National Bank, Sioux
City, on “ Investments in Government
Bonds in Relation to Inflated Deposits” .
Other speakers on the afternoon pro
gram are K. J. McDonald, president of
the Iowa Trust & Savings Bank,
Estherville, and chairman of the ABA
committee on Bank Operations; P. B.
Mouw and James A. Cummins, who
will talk on the current war bond
campaign, and Frank AVarner, secre
tary of the Iowa Bankers Association.
Adjournment will follow the report of
the resolutions committee.
Following a social hour in the Cava
lier room of the hotel at five p. m., the
annual dinner will take place in the
ballroom at 6:30. Speaker for the
occasion is AV. Earl Hall, Mason City,
publisher of the Mason City GlobeGazette, and a member of the Iowa
board of education.
Sioux City bankers making up the
executive committee on arrangements
for the Group One meeting are Mr.
Gossett; A. G. Sam, president of the
First National Bank; C. L. Fredricksen,
president Live Stock National Bank;
Mr. Brubacher; M. C. Eidsmoe, presi
dent AVoodbury County Savings Bank;
John Scott, Jr., president Morningside
State Bank; and A. J. Bertelsen, cashier
Morningside Savings Bank.

E. H. Spiecker, Vice President
E. E. Erickson, Vice President and Cashier
C. A . Johnson, Assistant Cashier
‘ Major J. W m. Van Dyke, Assistant Cashier
J. D. Shinkle, Jr., Assistant Cashier
Carleton C. Van Dyke, Assistant Cashier
*On Leave of Absence with the Armed Forces.

THE TOY NATIONAL BANK
'■WE ENJOY BEING A BANKER'S BANK"

Northwestern Banker

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Federal Reserve Bank of St. Louis

February

Mitchellville
At the annual meeting of the Farm
ers Savings Bank at Mitchellville,
Iowa, held last month, Russell P.
Blake was elected president; Lawrence
F. Stoll, vice president; Mrs. lone V.
Blake, cashier; Mrs. Margaret A.
AVhite, assistant cashier, and Eleanor
AValter and Velma Efnor bookkeepers.
AVill J. Herbold, former president re
mains as a director and member of
examining and loan committees. The
other directors remain the same.
The bank paid a 5 per cent dividend
and increased its surplus $4,000 dur
ing the year.

Blue Grass
At the annual shareholders meeting
of the Blue Grass Savings Bank all
the directors were re-elected and the
following officers were re-elected: D. O.

•

IOW A

NEWS

•

Farley, president; Ed. Wathan, Sr.,
vice president, and I. E. Hoffbauer,
cashier. Deposit growth during 1943
was $108,000 and net earnings were
$41.60 per share.

him to resign as cashier of the bank
sometime prior to March 1, 1944 and
that the board of directors had agreed
on Orrin H. Johnson of Ames to fill
the vacancy.

Allerton

Montezuma

The board of the Security State
Bank, Allerton, Iowa, have elected W.
F. Kesterson, cashier, to take the place
of the late H. J. Richards, cashier, and
J. Ray Shriver of Clio, Iowa, as as
sistant cashier.
At the annual meeting two new
directors were elected, J. H. Duncan
and Perry Sears, to fill vacancies
caused by the retiring of Mrs. Edna
M. Richards and B. C. Kelley.

Directors for the Montezuma State
Bank were elected last month by the
stockholders, with the following being
named: J. W. H. Vest, Cliff Smith,
Lois Wiltse, K. E. Cox, Jim McCor
mick and Glenn L. Eichhorn.
At the meeting of the directors, J.
W. H. Vest was again elected president
and cashier, with Lois Wiltse, vice
president. Eva Murphy and Millie
Zorn were elected assistant cashiers.

Enlarge Bank
Improvements have been started by
the managers of the Dallas County
State Bank at Adel, and are expected
to be completed within a short time.
Arrangements have been made to
use the basement room, that the
crowded conditions in the bank work
room may be relieved. The bookkeep
ing department will be maintained in
the basement. A lounge for the wom
en employes will also be among the
improvements.
The bank, according to Cashier O.
D. Ellsworth, has outgrown the pres
ent quarters. The cage and internal
proof system used in banks in larger
places will be adopted.

Randa!!
G.
A. Aasland, who for the past two
years has held the position of assist
ant cashier at the Randall State Bank,
has gone into the insurance business
and resigned from the bank. Margaret
Peterson has been with the bank for
three years and has been promoted to
assistant cashier to take his place.
Dale M. Thompson, for the past 13
months in charge of the Ellsworth
office, has accepted a position with the
bank as assistant cashier also.
Avonelle Hodnefield has been em
ployed as bookkeeper.

Is Married
Wilma Hein, who has been book
keeper at the Security State Bank,
Hubbard, Iowa, for the past two years,
was married to Ensign Paul M. Ad
kins, USNR, who was recently com
missioned at the Naval Academy at
Annapolis, Maryland. After a two
week wedding trip, Ensign Adkins re
ported for duty at Miami, Florida, and
Mrs. Adkins returns to her work at
the bank.

Dysart
The Dysart National Bank held its
annual stockholders’ meeting when of
ficers were elected as follows: Dan
Lally, president; F. H. Schmidt, vice
president; J. C. Marsau, cashier. Di
rectors are Dan Lally, F. H. Schmidt,
E. J. Schmidt, A. R. McElhinney, J. C.
Marsau, John Drews and W. D. Brandt.

Oelwein
At the regular annual meeting held
in the bank last month all directors
of the First National Bank of Oelwein,
Iowa, were re-elected. All the present
officers were re-elected. Evelyn Eck
was elected as assistant cashier to re
place Don C. Witt who resigned. Miss
Eck has been employed by the bank
for the last ten years.

Crawfordsville
The stockholders of the Peoples Sav
ings Bank at Crawfordsville, held their
annual meeting and elected the follow
ing directors for the year 1944: K. A.
Coates, A. E. Davis, E. G. Davis, J. K.
Dunn, J. D. Hamil, Orrin H. Johnson,
N. J. Lease, S. Turkington and Sam
Wittrig.
K.
A. Coates informed the stock
holders that it would be necessary for

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Federal Reserve Bank of St. Louis

PROCEEDS TRANSMITTED QUICKLY
B eca u se

w a r tim e

record

p ro p o r tio n s.

“ ru n s”

b e in g

n eed s,

liv e s to c k

E very

fa c ility

e m p lo y e d

peak

sh ip m e n ts

a v a ila b le

h ave

rea ch ed

h a n d le

th ese

c a p a c ity .

The Drovers National Bank maintains continuous contact
with livestock commission firms, which helps speed the
transmission of proceeds after the sale is made here in
the Union Stock Yards. Many bankers find that this
particular Drovers Service is helpful to them in making
proceeds quickly available to their livestock shipping
customers.
Your inquiry concerning the benefits of
Drovers Service, for your Bank, is invited.

Northwestern Banker

February Í944

Group Eleven Program
for the program
to be presented for the pleasure
and profit of members of Group
Eleven and their guests when they
come to Burlington on February 21
and 22, are now completed. Details
of this annual affair as outlined here
may read a little dry as compared to
a copy of the officiai release, which we
understand is now being prepared by
Ed Ebersole—we say prepared, but
perhaps concocted would be a better

rrangem ents

word. Anyway, here are the facts—we will let Ed hang on the popcorn
and tinsel.
Festivities will start Monday eve
ning, February 21, with a reception
on the mezzanine floor of the Hotel
Burlington, starting at 6:30, with a
buffet lunch at 8:30. So far no men
tion has been made of the usual “tea
party”—without doubt tea is scarce
now, due to the war and so forth, so if
group meeting visitors happen to have

a package of Oolong on their pantry
shelf, perhaps they had better bring it
with them.
Registration will start at 10:00 a. m.
on February 22, in the lobby of the
hotel, with the annual dinner at twelve
noon.
Following the usual invocation, wel
coming address, and committee re
ports and appointments, M. W. Ellis,
Iowa banking superintendent, will ad
dress the meeting.
Vivian W. Johnson, president of the
Iowa Bankers Association, will report
on progress and accomplishments
made during the past few months.
“ The War Situation and Its Outlook”
will be the subject discussed by Dr.
Melchior Palyi, Chicago, economic and
financial student of world affairs. In
his early career as economist for the
Deutsche Bank of Berlin, Dr. Palyi
came to America in 1933, is now an
American citizen, and is noted for his
thoughtful analysis of world political
and financial affairs.
Frank Warner, secretary of the
Iowa Bankers Association, will close
the meeting with information on
numerous items of interest to Associa
tion members.

Wyoming

W ELC O M E

ytaju

BURLINGTON!
It is our privilege to entertain bankers of
Group 11 at our annual group meeting on Tues
day, February 22nd.

The key to the city is

yours. Make this holiday a day of profit and
pleasure by coming to Burlington.

Burlington Savings Bank
Farmers & Merchants Savings Bank
National Bank of Burlington

Northwestern Banker

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

February 1944

Chris A. Hansen was elected presi
dent of the Citizens State Bank,
Wyoming, at the annual meeting.
Other officers elected were Peter C.
Levsen, vice president; H. T. Schnittjer, cashier; Ralph Orth, assistant
cashier and Geraldine Mader, book
keeper. Board of directors are the
president, vice president and J. B. Lorenzen, Peter Eichhorn, H. T. Schnittger, H. M. Carpenter, B. J. Hansen,
F. L. Harrington and Thomas Eich
horn. Harrington was named to fill
the vacancy caused by the death of
S. H. Brainard and Eichhorn to fill
the other vacancy. V. E. Nordstrom
was named manager of the branch
bank at Oxford Junction.

Lake C ity
Mrs. Mary Peebles was named to
the board of directors of the Lake City
State Bank to fill the vacancy left by
the death of Murry Peebles. Mrs.
Edna M. Evans was re-elected as a
director.
Others named to bank posts were
L. W. Sievert, president; Walter
Jacobs, vice president; and Ward Ash
ford, cashier.

W averly
A succesful business year was re
flected in reports made at annual
meetings of Waverly’s three banks
last month.
E. L. Johnson was named president
of the First National Bank, with W.
H. Wehrmacher as vice president, and
H. C. Nolting, George Stephenson and
Henry Thies on the board of directors.
F. P. Hagemann is president of the
State Bank of Waverly and other of
ficers are Nat P. Ellis, vice president;
G. O. Van Derveer, cashier; C. E.

61
•

Moehling, R. R. Downing, Otto Bredow, assistant cashiers; Clarence Iserman, Theresa Donovan, Virginia Ford,
Mary Barber, bank staff; Otto Walthers, J. J. Gallagher, F. W. Osincup,
H. A. Fritschel, directors. The di
rectors, president, vice president and
cashier form the board.
E. H. Meyer is president of Waverly
Savings Bank, with Dr. J. D. Heming
way as vice president, and H. C. Buhr,
Fred Arns and Arthur Zelle, directors.
E. G. Engelbrecht is cashier; W. D.
Babcock and F. V. Culbertson, assist
ant cashiers, Hulda Luesenhop, teller.

Elected a Vice President
At the annual meeting last month
of the board of directors of the Bank
ers Trust Company, Des Moines, L.
Nevin Lee was advanced from assist
ant vice president to vice president of
the bank. He joined the staff of the
Bankers Trust Company in 1929.
In his new position as vice presi-

I O W A

N E W S

•

The election of directors resulted in
the same seven directors holding over
for the ensuing year.
At the organization meeting held
immediately following the stockhold
ers’ meeting the following officers
were elected for 1944: William F.
Kluesner, president; John J. Ramm,
vice president; F. S. Ferring, cashier;
J. L. Mahoney, assistant cashier; L.
M. Sanner, assistant cashier and Mar
garet Lawler was hired as bookkeeper.

Victor
The office of vice president of the
Victor State Bank, Victor, Iowa, form
erly held by the late Hugh Mcllrath,
has been filled by the election at the

first regular meeting of the directors
of P. J. DeMeulenaere. Mr. Mcllrath
had been a member of the board of
directors and the vice president since
the bank’s organization in 1928. A. C.
Timmerman was elected director.
Other directors are: E. P. Conley, who
is also president of the bank, Mr. De
Meulenaere, H. F. Stevenhagen and
John Geis.

Des Moines Board
Officers of the Des Moines regional
home loan bank board of directors
for 1944 were announced by James
Twohy, governor of the Federal Home
Loan " Bank System at Washington,
D. C.

Photo U. S. Army Signal Corps

Officers and employes of the FISHER COMPANY, Charles
City, Iowa, are proud of the new white star in the Army and
L. N E V IN L E E
Now Vice President

dent, Mr. Lee will continue his close
contact with correspondent banks of
the institution, and will direct the
bank’s advertising, as well as main
tain his usual contact with the com
mercial departments. He is an ex
perienced real estate man, and two
years ago served as president of the
Des Moines Real Estate Board.

Farley

Navy "E ” Pennant, which waves over this 73-year-old bank
fixture factory. The Army and Navy "E " was awarded in 1943
for high achievement in War Production, and the new white star
is another "E " awarded just last month for the second year of
efficient war work.
The FISHER COMPANY extends warm greetings to
its many friends who have known and respected
Fisher Fixtures for almost three-fourths of a century.

The stockholders of the Farley State
Bank met for their annual meeting.

THE

YES! We Have Safe Deposit Boxes
All makes, all sizes, 100 per cent recon
ditioned. Complete with customer boxes,
guard key and customers’ key. If you
need safe deposit boxes check your needs
with us. Over 6,000 boxes to choose from.
We have sold boxes to banks in nearly
one-third of the states in the entire coun
try and we will gladly give you the names
of these banks as references. Phone, wire
or write J. E. Murphey, 1800 Dyer, St.
Louis County, Missouri. Phone CHestnut
9000.

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

FISHER COMPANY
Established 1870

C H A R L E S CITY, IO W A
Bank Fixture Specialists

Northwestern Banker

February 1944

•
E. J. Russell, St. Louis, Missouri,
vice president of the Des Moines
bank’s board, was named president of
the board, filling the vacancy caused
by the death of Col. C. B. Robbins of
Cedar Rapids, Iowa. E. A. Purdy, Min
neapolis, Minnesota, a director, was
named vice chairman of the board.

Des Moines
The Iowa-Des Moines National Bank
& Trust Company, advanced James F.
Hart, assistant cashier, to assistant vice
president, and re-elected all other of
ficers and directors. Hart, head of the
safe deposit vault and savings depart
ments, has been with the bank and two
of its predecessors since 1897.
The Central National Bank & Trust
Company elected two new assistant
cashiers, Clifford M. Larson and Gurdon R. Parker; and re-elected all of
ficers and directors except Grover C.

IOWA

NEWS

•

Hubbell, who retired as a director.
Larson and Parker have been clerks
at the bank.
All officers and directors of the Val
ley Savings Bank were re-elected at
the bank’s annual meeting.
The Capital City State Bank pro
moted two employes and named two
new directors at the annual meeting.
Frank Tamse, Jr., was elected as
sistant cashier and auditor, and Walter
L. Hawley was named assistant cash
ier.
John W. Bloem, director, owns and
operates the Morgan Clothing Com
pany and Donovan Shoe Company.
Iver Erickson, director, is now presi
dent of Anderson-Erickson Dairy cor
poration.

Mason City

tion Bank, Mason City, at the annual
meeting of stockholders.
They were F. W. Osmundson, and
Carl O. Klath.
Capt. Douglas Swale, on duty with
the armed services in Italy, auto
matically gives up his place on the
board by virtue of being outside the
territorial limits of the United States.
Another board member in the serv
ice, Capt. E. H. Wagner, retains his
directorship as he is still within the
borders of the United States.
Mr. Osmundson is a director of the
People’s State Bank of Thompson.
The annual meeting also brought a
change in the list of officers, Roy B.
Johnson being advanced from assist
ant cashier to assistant vice president,
while R. C. Keister was named assist
ant cashier.

Two new members were^ placed on
the board of directors of the First Na-

Shaw Heads I. B. A.

Our Goal lor
Victory in 1944
Let us all hope that 1944 will bring us the Vic
tory that we so richly deserve. If we all work
together eventual victory will be ours so that
freedom may be preserved. Do your part by
keeping your business on a high level— your
publicity reflected through your own high
prestige.

At the annual meeting in Des
Moines last month, James C. Shaw,
Shaw, McDermott & Company, Des
Moines, was elected president of the
Iowa Investment Bankers Association.
He succeeds Robert Alexander of
White-Phillips Company, Davenport.
New members of the board of gov
ernors named at the meeting were
Robert McCrary, Murduoch, Dearth &

NEWHOUSE PAPER COMPANY
"ß ette si ßrUntisuj, P a p esii."
Minneapolis

Dubuque

Des Moines

Moline

St. Paul

EXCHANG E STATE BANK
EXIRA, IOWA
Statement of Condition December 31, 1943
Heads

RESOURCES
Loans and Discounts...........................................................................
U . S. Government Securities..........................................................
State. County and Municipal Bonds.............................................
Overdrafts .............................................................................................
Bank P re m is e s .....................................................................
C A S H O N H A N D A N D D U E F R O M B A N K S ........................

LIABILITIES
Capital S t o c k ........................................................................................
S u r p lu s .....................................................................................................
Reserve ..................................................................................................
Undivided Profits .....................................................................
D E P O S I T S ..........................................................................................

OFFICERS

3 4 6 , 4 2 3 .0 7
6 3 5 , 0 8 2 .0 0
1 9 , 5 0 0 .0 0
8 3 .7 0
3 , 0 0 0 .0 0
3 2 4 , 737.61

8 1 , 3 2 8 , 8 2 6 .3 8
$

2 5 , 0 0 0 .0 0
25.000.
00
10.000.
00
1 , 1 3 8 .7 0
1 , 2 6 7 , 6 8 7 .6 8

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

John Delahoyde, President
R. M. Andersen, Cashier
C. K. Cullings, Executive Vice President
Alvah Jorgensen, Assistant Cashier
Alice Jean Masching, Assistant Cashier
Member Federal Deposit Insurance Corporation

Northwestern Banker

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

February 19bb

j. c. S H A W
Investment Bankers

White, Des Moines; John Vavra, Ern
est Kosek & Company, Cedar Rapids;
A1 Kramer, Hanna-Kramer Company,
Burlington; and Wilbur Britton, C. W.
Britton & Company, Sioux City.
The meeting was held as a luncheon,
with about thirty members of the
association present. Other officers
named were Roy Leriche, Wheelock
& Cummins, and Carleton D. Beh, Beh
& Company, vice presidents, and Sher
man Fowler, Iowa-Des Moines Na
tional Bank & Trust Company, secre
tary and treasurer.

63
the U. S. Navy. All other directors
were re-elected.
The same officers and directors were
elected at the Farmers Savings Bank’s
annual meeting.

elected: G. N. Meyer, president; G. H.
Dahmen, vice president; E. L. Langlie
and F. C. Becker, directors; J. J. Goheen, cashier; Marie Becker and Mrs.
Gertrude Nicholson, assistant cashiers,
and Mrs. W. G. Meyer, bookkeeper.

Ames
Orrin H. Johnson, assistant cashier
of the Ames Trust & Savings Bank,
Ames, Iowa, has resigned his present
position and purchased an interest in
the Peoples Savings Bank, Crawfordsville, Iowa, where he has accepted the
position of Executive Cashier. Mr.
Johnson has been in the banking pro
fession with the Ames Trust & Sav
ings Bank for the past twenty years.
At the present time he is a director
of the Iowa Association of Bank
Auditors and Comptrollers.

M cG regor
The First State Savings Bank, Mc
Gregor, held its annual stockholders
meeting. The following officers were

FOR SALE : One Burroughs electric
proof and remittance machine, equipped
with steel stand and Wilson-Jones steel
racks. This machine is approximately
three years old and has been under serv
ice to date. Write Iowa State Bank &
Trust Company, Fairfield, Iowa.
Wanted. A competent man as Cashier
or Assistant Cashier. Position perma
nent with or without investment. Write
RW M : care Northwestern Banker, 527
7th St., Des Moines, Iowa.

Rather
Marine: So you’re looking for girls?
Shall I dig up a few?
Sailor: Naw, I want live ones.

First Trust and Savings Bank

CAR L L. F R E D R IC K SE N

N o r t h w e s t C o r n e r T h i r d a n d B r a d y S treets
D A V E N P O R T , IO W A

— who is president of the Live Stock

C o n d itio n

National Bank, Sioux City, was re
cently elected president of the Sioux
City Chamber of Commerce.

Shenandoah
Three new officers were elected at
the annual meeting of the City Nation
al Bank, Shenandoah, of which H. E.
Ross is president. F. M. Schneider,
cashier, was elected vice president suc
ceeding J. F. Christiansen who has
accepted a position at a bank at Boone.
Fay Racine and Raymond Lagerquist
were named assistant cashiers. Other
officers and all the directors remain
the same.

Herbert G. Morrison, cashier of the
Peterson State Bank, at Peterson, was
elected president of the Clay County
Bankers Association at its annual
business meeting and dinner, at the
Tangney hotel, Spencer, Iowa. Karl
Tuttle of the Farmers Trust & Savings
Bank of Spencer was elected vice
president and George Setzler, also of
the Peterson bank, was named secre
tary and treasurer.

Garden Grove
At Garden Grove, E. O. Lovett has
resigned as manager of the branch
there of the Decatur County State
Bank and is succeeded by Violet Chan
ey, who has been employed in the
bank the past three years.

Grundy Center
At the annual meeting of the
Grundy National Bank held recently,
Harold B. Brown was chosen as a
member of the board of directors. He
takes the place of LeRoy Vanderwicken, who left four months ago to join

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

D e c e m b e r 31, 1943

RESOU RCES
L oans and D is co u n ts ...............
B anking H ouse ...................
Furniture and F ix tu re s ...................
U. S. G overnm ent B o n d s .........
M u nicip al B onds ...................
Other B o n d s .......................
Cash and D ue from B an k s.........
O ther A ssets .....................
O verdrafts ...................

•

/ TjP u la Jj
t , vJ uu, j Oo,ZZ

5,849.82
757.16
_
$0,6/2,771.43

T o t a l...........................
L IA B IL IT IE S
Capital ......................................................... ..
Surplus .................................................................
U ndivided Profits and R e se rv e s ............................
D ep osits .........................................................
Unearned D i s c o u n t ...............................................

24,387.66

T o t a l.....................................................
f M

Bankers Association

J S g &

g &

g l t &

President

H . R . B echtel. V ic e P resid en t

V i " P resident. C ashier
L ou is M artin. A ssistant Cashier
W . C. Siddle. A ssistant T rust Officer

M e m b e r o f th e F e d e r a l 'D e p o s it In s u r a n c e C o r p o r a tio n

Farmers State Savings Bank
INDEPENDENCE, IO W A

Statement of Condition December 31, 1943
Resources
Cash and Due from B anks.............................................................
Loans and Discounts.....................................................................
First Real Estate Mortgages.....................................................
U . S. Government Bonds...................................................
.
Municipal Securities .............................................................
Other Marketable Securities................................................
Furniture and Fix tures.............................................................
O v e rd ra fts ...........................................................................

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

Liabilities
Capital Stock (Com m on)
Surplus .............................
Undivided P r o f i t s ...........
Deposits ..............................

1 0 0 , 0 0 0 .0 0
1 0 0 , 0 00 .0 0
2 0 ,8 4 3 .6 5
3 ,9 8 0 ,5 6 7 .2 3

$ 4 ,2 0 1 ,4 1 0 .8 8

E. F. SORG, President
E. E. EVERETT, Vice President

C. L. FIESTER, Cashier
P. E. SORG, Asst. Cashier

Member Federal Deposit Insurance Corporation
2 2 Years of Continuous Service

Northwestern Banker

February 1944

Comparison of Iowa Chartered Banks in

M ERCHANTS

Units of $100,000 of Reserves

MUTUAL

BONDING
COMPANY

As prepared by M. W. Ellis, Iowa Superintendent of Banking
December 31st
1942
1943

. $

United States Bonds
Other Bonds ...........
Loans .......................

Incorporated 1933

Home Office

Des Moines, Iowa

25,790
5,770
32,390

Deposits—Demand
T im e .........
Capital Funds ..........

A progressive company with experi
enced, conservative management. We
are proud of our hundred and fifty
bank agents in Iowa.

100,000

. $

67,180
25,600
7,220

71,600
22,270
6,130

100,000
7,542
542

$
Units ..................
Number of Banks
Total Deposits,

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

$699,793,431
Write to

E. H. WARNER
Secretary and Manager

I0W ASLARGEST
n j^ n AND MOST
r |V
COMPLETE
KOCH STATIONERY
STORE!

EVERYTHING
FORtheOFFICE!
’

STATIO N ERS
S BOOK BINDERS
OFFICE OUTFITTERSX '" - ^ ^ ^ ^ B U S I N E S S MACHINES

De s M o in e s , I a .

$ 4,420

$
3,330
1,090

100,000
9,660
543

2,116

$906,805,543

Hawarden

A. C. Thornburg was re-elected
president of the Iowa Falls State Bank
and W. A. Roberts vice president and
cashier at the group’s annual meeting.
W. L. Cousins was named manager
of the bank’s Alden branch.
All members of the board of direc
tors were re-elected. They are Mr.
Thornburg, Mr. Roberts, R. W. Welden, J. W. Capwell and R. Thornburg.
Edward H. Klisart, 53, died suddenly
at his home in Iowa Falls last month.
He lived in Ossian where he was asso
ciated with the Citizens’ Bank. He
later moved to West Bend where he
was in the banking business for sev
eral years and then moved to Iowa
Falls where he was in the banking
business until the time of his death.
He was cashier of the Citizens’ State
Bank there.

At the annual meeting held last
month, the First National Bank of
Hawarden elected York Johnson as a
director to fill the vacancy left by the
death of Director and President G. F.
Burket. E. T. Dunlap, formerly vice
president, was appointed president
and Mr. Johnson will take his place
as vice president. Henry Visser, cash
ier, and G. A. Oelrich, assistant cashier,
were re-elected.

DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION

Oldest andLargest inDes Moines
Dial 4-7119

411 6th Ave.
ELMER E. MILLER
Pres, and Sec.

HUBERT E. JAMES
Asst. Sec.

FOR YOUR ENJOYMENT . . .

The stockholders of the Aredale
State Bank held their annual meeting
and R. S. Stoddard, cashier, gave an
itemized statement of the past year’s
business and the present status of the
bank.
Directors of the bank for the coming
year were elected as follows: John
McWilliams, Henry Fassler, George
Kruckenberg, Charles Baldock and
William Hawe.

G rand Av e . at Fourth

8,450
8,215
235

Iowa Falls

Aredale

K och B ro th ers
NT 1889

1,026
11,551

72,400
27,045
555

$21,027

CAPITAL FUNDS AND
DEPOSIT LIABILITIES

This is Iowa’s oldest surety company.

H ESTABLISHED

46,817
4,744
20,839

63,950
35,260
790

Invested A ssets.......
Cash .........................
Fixed and Other . .

V A L L E Y BANK BUILDING

e_____^ p r i n t e r s

Decrease Increase

RESOURCES

Listen to the
“ WORLD OF MUSIC”
KSO, 1460 KC

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

P la n to u s e an a d v e r t is in g p r o g r a m o f
w e ll
w orded
m essa ges
c rea ted
by
W e s s lin g S er v ic es, D e s M o in e s, Io w a

U
C

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

ü o iv a

DES
R . J . F L Y N N , P R E S.

Northwestern Banker

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

M OINES
D. L. D U N G A N i SECY
D

February Í944
%

• IOWA
G ets Second "E" Award
The Army and Navy “ E” Pennant,
which was last year awarded to the
Fisher Company, bank pioneer fixture
manufacturers of Charles City, Iowa,
now bears a new white star. The white
star was awarded the Fisher Company
last month for a second year of high
efficiency in the production of war
materials.
The company last year manufactured
kitchen and other supplies for the
Army and Navy, and it is now provid
ing both branches of the service with
mechanical refrigeration coolers.which
are shipped overseas in sections and
assembled there.
This was the first wood-working firm
in the United States to receive an “E”
award last year and is the only one of
its type to receive an award the second
time. Less than 2 per cent of all plants
engaged in war production have re
ceived the “ E” award.
President B. F. Fisher reports that
although his company is engaged ex
clusively in war production, he con
stantly is approached by his many
banker friends, asking when they will
be able to rebuild or remodel. The
firm, of course, plans to re-enter the
bank building field just as soon as pos
sible after the war ends.

NEWS

•

in Iowa; A. T. Donhowe of Des Moines,
vice president of the Central National
Bank and Trust Company of that city;
and R. N. Hoerner of Keokuk, presi
dent of the Iowa Fiber and Associated
Box companies.
Other directors are A. D. Ayres,
C. R. Joy, Thomas H. Joyce, J. A. Dun
lap and E. R. Cochrane.

G. J. Robinson, H. A. Trump and V. M.
Schmitt. In addition R. L. Schmitt
was named as director on the Board.
The officers for the year are: Walter
T. Robinson, president; M. G. Addicks,
vice president; H. A. Trump, vice
president; R. L. Schmitt, cashier; M.
Catharine Downey, assistant cashier,
and Mary Ellen Driscoll, teller.

Donnellson

Humboldt

At the annual meeting of the Cit
izens State Bank of Donnellson, Iowa,
the following directors were re-elected.
Walter T. Robinson, M. G. Addicks,

P.
S. Lund of Thor resigned his posi
tion as assistant cashier at the First
National Bank in Humboldt last
month.

ENJOY 3

Federally Insured Savings and Loan Certificates
FINANCIAL D E V E L O P M E N T COMPANY

W rite for lists
of Selected Associations,
with com plete service— Gratis

(N o t Incorporated)

The Security State Bank of Keokuk,
Iowa, paid a dividend of $1.50 a share
on all outstanding common stock as
of January 1, 1944. They also paid a
ten per cent bonus to all employees on
their annual salary. The bank shows
an increase of deposits of $500,000 dur
ing the past year.
George E. Smith was re-elected to
the office of president, with R. J. McCleary re-elected as vice president and
cashier and G. P. Smith appointed as
sistant cashier succeeding Harold F.
Martin who resigned to enter business
for himself.
Directors of the bank are George
E. Smith, J. W. Winger, L. A. Rovane,
C. B. Hinkley, R. B. Smith, Hubert
Schouten. J. L. Wedel, William Ran
kin and R. J. McCleary.
Three new directors were elected
when the stockholders of the Keokuk
National Bank held their annual meet
ing.
Newcomers elected to the board in
clude B. A. Gronstal of Council Bluffs,
president of the Council Bluffs Sav
ings Bank, the oldest banking house

Í7ndex Ç7o ¿Advertisers
L

A llie d M u tu a l C a s u a lty C o m p a n y .......... 28
A m e r ic a n N a tio n a l B a n k a n d T r u s t Co. 39

B
B a n k e r s T r u s t C om pan y-— D es M o in e s .. 67
B u r lin g t o n B a n k s .......................................... 60

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

10
4
38
52
51

D
D a v e n p o r t, F . E., an d C o m p a n y ........... 48-57
D e L u x e C h e c k P r in te r s , I n c ...................... 43
D e s M o in e s B u ild in g , L o a n a n d S a v in g s
A s s o c ia t io n .................................................... 64
D r o v e r s N a tio n a l B a n k ............................... 59

2
64
34
36
29
61

N
N a tio n a l B a n k o f W a t e r l o o .........................
N e b r a s k a S ta te B a n k — Ord, N e b r a s k a . .
N e w h o u s e P a p e r C o m p a n y ...........................
N ew Y o r k T r u s t C o m p a n y ...........................
N o r th e rn S ta te s E n v e lo p e C o m p a n y . . . .

56
48
62
38
45

O
42
62

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

.................................. 19

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

Banks Sold or Bought!

63
24
65
20
50
57
63
32
61

J
J a m ie s o n

a n d C o m p a n y ...............................

K o c h B r o th e r s

Iv
....................

P h ila d e lp h ia N a tio n a l B a n k .................... 33
P u b lic N a tio n a l B a n k .................................... 42
S

St. P a u l T e r m in a l W a r e h o u s e C o r p ......... 23
S c a r b o r o u g h a n d C o m p a n y ...............27-51-55
S ta te A u t o m o b ile I n s u r a n c e C o m p a n y . 30

T e n s io n E n v e lo p e C o r p o r a t io n ................ 43
T o d d C o m p a n y ................................................. 30
T o o t le - L a c y N a tio n a l B a n k ..................... 48-49
T o w n M u tu a l D w e llin g I n s u r a n c e C o ... 31
T o y N a tio n a l B a n k ........................................ 58
U

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

“35 Years Practical Banking Experience”

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

3
64
22
54
40

M e rc h a n ts N a tio n a l B a n k ...........................
M e rc h a n ts M u tu a l B o n d in g C o m p a n y . .
M id la n d N a tio n a l B a n k a n d T r u s t C o ...
M in n e a p o lis -M o lin e P o w e r Im p le m e n t
C o m p a n y ..........................................................
M in n e s o ta C o m m e r c ia l M en ’ s A s s n ...........
M u rp h y , J. E .......................................................

E lm s H o t e l ..........................................................
E x c h a n g e S ta te B a n k — E x i r a ....................

BANK BROKER
Haddam, Kansas

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

H a m m e r m ill P a p e r C o m p a n y ....................
6
H o m e I n s u r a n c e C o m p a n y ......................... 21

quietly, quickly and in a personal manner
JAY A. WELCH

Chicago 3

105 S. LaSalle

Keokuk

Trusts, State Bank Investm ents, State
Building and Loan, Public Funds, Insur
ance. L egal in Iowa and Other States.

T O 4%!

U n ite d S ta te s N a tio n a l B a n k ..................
U. S. T r e a s u r y D e p a r t m e n t .........................
W a n t A d ...............................................................
W a lt e r s , C h a rle s E ..........................................
W e lc h , J. A ............................................................
W e s s lin g S e r v ic e s ...........................................
W e s t e r n M u tu a l F ir e I n s u r a n c e C o .........

Northwestern Banker

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February 1944

IN THE DIRECTORS' ROOM
Have No Fear
Private Flinch was late for parade.
“Well, it’s nice to see you, soldier,”
said the Sergeant in a well-modulated
snarl. “We had so feared you had
signed a separate peace.”
$64 Question
They were seated in the shade of
the moonlight, and he says to her:
“Honey, I will give you a quarter if
you will kiss me.”
“ OK,” says she, “go ahead.”
“ I will give you a dollar if you will
let me put my arms around you.’
“OK,” she says.
(Lapse of time.)
“Are you ready for the $64.00 ques
tion?”
Tattooed Man
A doctor examined a man in a hos
pital. As the man bared his chest he
revealed tattooed portraits of Church
ill, Stalin and Roosevelt.
“Want to proclaim your patriotism
eh?” said the doctor.
“Right,” was the reply. “And you
should see where I’ve got Hitler.”
Particular
The Big Swede walked into the
ticket station of an eastern railway
company and asked for a ticket to
Chicago.
“Do you want to go by Buffalo?”
asked the agent.
“My gudeness, no,” said the Swede.
“ If I can’t go by train, geeve me rein
deer.”
Beat the Gong
Lady: “ I wish to exchange this din
ner gong for something else.”
Salesgirl: “Don’t you find it useful?”
Lady: “ Not in my house. My hus
band and the boys are sitting at the
table before I have a chance to strike
it.”
Doc
Cpl.: “ I’m going to see the medico
about my wife. I don’t like the way
she looks.”
Pvt.: “ I’ll go along. I don’t like the
looks of mine either.”
The Rule
Hubby: It’s queer, but the biggest
idiots seem to marry the prettiest wo
men.
Wife: Oh now you’re trying to flat
ter me.
Northwestern Banker

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

February

Respectability
The corporal was going home on a
furlough and was lucky enough to
have a Pullman reservation. When
he got ready to retire and pulled back
the curtains to climb in his berth,
he was astonished to find two luscious
blondes reposing there. He carefully
checked his ticket, reservation and
berth number to make sure he wasn’t
wrong, then said: “ I’m deeply sorry,
ladies, I’m a married man—a man of
respect and standing in my commu
nity. I cannot afford to have a breath
of scandal touch me. I’m sorry—one
of you girls will have to leave.”
Horses
A buck private and his girl were
riding out in the country on horse
back. As they stopped for a rest, the
two horses rubbed necks affection
ately.
“Ah, me,” sighed the private, “that’s
what I’d like to do.”
“Well, go ahead,” answered the girl,
“it’s your horse.”
Strict
“Pardon me, Miss, “said the sentry,
“but it’s against regulations to swim
in this lake.”
“Well, for heaven’s sake,” exclaimed
the maiden, “why didn’t you tell me
before I undressed?”
“ It ain’t against regulations to un
dress, lady.”
A Carryover
Colonel (after reviewing troops):
“Hang it all. What’s the idea of
parading all the big men in front of
the little men?”
Lieut.: “ It’s the sergeant’s fault.
He used to run a fruit store.”
Lucky
GI (sampling the cook’s soup): “ So
you served in the AEF back in 1918?”
Cook: “Yep. I cooked for two years
and was wounded twice.”
GI: “You’re a lucky guy. It’s a
wonder they didn’t kill you.”

What a Man!
Patrick O’Brien came staggering
home one night with his left eye black,
his right eye cut and bleeding, his nose
broken and in short, looking quite a
mess.
“Glory be!” cried his wife at sight
of him. “What happened to ye, Pat?”
“ I got in a fight with Clancy, begorra,” muttered Pat.
“For shame! You coward,! shouted
his wife. “ Clancy’s naught but a
skinny little runt, a weasel, a weakkneed nincompoop! You should have
knocked his block off!”
“Hold on, Bridget,” said Pat, holding
up his hand. “Don’t speak so disre
spectful of the dead.”
Y ou’re Nuts
“ If you can smile when things go
wrong
And say it doesn’t matter,
If you can laugh off cares and woe
And trouble makes you fatter,
If you can keep a cheerful face,
When all around are blue,
Then have your head examined,
Bud
There’s something wrong with
you.
For one thing I’ve arrived at,
There are no ands and buts,
A guy that’s grinning all the time
Must be completely nuts.”
Ribs
Home on furlough the soldier was
surveying his sweetie whom he hadn’t
seen in months: “ Slimmer, aren’t
you?” he asked.
“Yes,” she replied, “ I’ve lost so much
weight you can count my ribs.”
“Where,” asked the GI with a gleam
in his eye, “ do I start?”
Somewhere
The old colored couple had a letter
from their boy in the Armed Service,
and the father was reading it, and
telling his wife what it said.
“Mose say he is o.k. but dat he can’t
tell whar he is at,” he said.
“Das jes lak dat triflin’ scoun’el,”
said Mandy. “ I knowed he go and get
hisse’f lost.”
Mosquitoes j
1st Mosquito: Hurry! Here’s a new
arrival.
I 2nd same: Good. Let’s stick him for
the drinks.

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

For the 4 'k WAR LOAN
Iowa’s $177,000,000 4th War Loan campaign, now
in progress, unites Banks and Bankers in every com
munity for the close teamwork and the sustained
effort to carry out successfully such an undertaking.
B en efits to be o b tain ed in putting Io w a "o v e r the top”
a g a in

a re w o rth much

effort in v o lv e d .

more than the tim e

and

For Io w a o b jectives in clu de:

Winning the War as quickly as possible.
Protecting the financial structure of the Nation
through sound Government financing.
Promoting thrift and diverting excess spending
money into U. 5. securities.
Getting money out of hoarding;

converting

"hidden dollars” into " fighting dollars”.
Facilitating post-War security.

A g a in m ob ilized a s "S o ld ie rs of V ic to ry ” , Io w a B an ks
and B a n k e rs can be counted on to do their full sh are
to w a rd a tta in in g these im po rtant o b jectives of the
4th W a r Loan c a m p a ig n .

owa -D es

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

M oines N ational B ank
& TRUST COMPANY

M e m b e r F e d e ra l D e p osit Insura n ce C orpora tion

Full text of The Northwestern Banker : February 1944, Forty-Ninth Year, Number 679

FRASER