Full text of The Northwestern Banker : February 1946, 51st Year, No. 703

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FEBRUARY
1946

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Federal Reserve Bank of St. Louis

PHOTO H. ARMSTRONG ROBERTS

A B R A H A M LINCOLN
Sculpture in the Lincoln Memorial, Washington, D. C.

W hat GPs Say A s They Leave for U S A
Page 16

< r < - <■ <

< ' <e

A » »

Our Pledge
The will to think, and the will to act, which were the
principal factors in winning the war for the American
people, will likewise open up vast peacetime opportunities
in the future.
As an important part of our participation in this peaceful
future, we are ready to assist our correspondent banks in
lending financial support to all sound business activities.

A CEDAR RAPIDS BANK

CEDAR
RAPIDS

SERVICING ALL IOWA.
THE
-1

MERCHANTS
sia !
Wifi

NATIONAL BANK
O F F IC E R S
James E. H am ilton , Chairm an o f Executive Committee
S. E. Coquillette, Chairman of the Board
John T. H amilton II, President
H. N. B oyson , Vice President
Roy C. F olsom, V ice President
M ark J. M yers, V. Pres, and Cashier
George F. M iller, V. Pres, and T rust Officer
M arvin R. Selden , V ice President
F red W . S m it h , V ice President
R. W . M an att , A sst. Cashier
L. W . Broulik , Asst. Cashier
P eter B ailey , Asst. Cashier
R. D. B rown , A sst. Cashier
O. A. K earney , Asst. Cashier
Stanley J. M ohrbacher, Asst. Cashier
W allace S. H am ilton , Building Mgr.

«r OL
i...B0“
‘T T "

Cedar Rapids

Iowa

Member Federal Deposit Insurance Corporation

N orthw estern Banker, published m onthly by the De Puy Publishing Com pany, at 527 Seventh Street, Des Moines, Iow a. Subscription, 35c
per copy, |3.00 per year. Entered as Second Class M atter January 1, 1895, at the Post office at Des Moines, Iowa, under A ct o f M arch 3, 1879.

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Federal Reserve Bank of St. Louis

Safety is Paramo
with America's Ba
America's Banks are known the world over
for stability . . . strength . . . safety. And
with typical American thoroughness, our
banking institutions have car
ried the basic idea of sa fety
through every phase of bank
ing service.» » Am erica's bank
b u ild in g s are d e s ig n e d and
built for security. Armed guards
police the premises during bank
ing hours. Armored trucks trans
port the large amounts of cash
banks receive and deliver. » »
M a s s iv e ,

tim e -lo c k e d ,

steel

vaults not only safeguard the
bank's own funds but are avail
able, as well, to the public for
the safe deposit of securities and
other

v a lu a b le

d ocu m en ts

objects.» » Further, most leading
American Banks protect funds in
transit b y furnishing their cus
tomers with checks on protective
paper. And it is significant that
the majority of these checks are
on La Monte Safety Paper—recog
nized for generations as offering
maximum protection against fraud
ulent alteration and counterfeiting.
For Sam ples of La M onte Saf e ty Paper s e e your Lithographer or Printer—or write us direct.

LA MONTE
GEORGE L A M O N TE & SO N

The W avy Linas ara a La Monta Trade Mark

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Federal Reserve Bank of St. Louis

PAPER
NUTLEY, N E W JERSEY

W e supply many banks and business organizations
with their own in d ivid u a l ly identified Safety Paper.
The issuing organization's Trade-Mark is in the paper
itself and appears on both the front and back of the
check. Such in dividualized paper not only protects
against fraudulent alteration but provides maximum
protection against counterfeiting—saves Banks sort
ing time—helps prevent errors.

Northwestern Banker

February lV'iG

The Story of a Home...

P ic tu r e this home— built in 1939 for $10,000, and

That’s unfortunate— bad for the insured and the

fully insured against fire. The owner paid his pre

insurance agent.

miums promptly, his insurance agent faithfully

Alert Home Insurance producers, therefore, are

kept the policy in force. Y et som ebody failed, for

awakening policyholders to the situation, urging

the owner suffered a 5 0 % loss when this home was

re-appraisal o f values.

destroyed by fire recently!

Home Insurance Company is doing everything

W hy?

Backing them up, The

possible to show the need for added insurance to
cover today’s increased values.

Under soaring property values, many an owner
has outgrown insurance coverage that hasn’t kept
pace with increasing replacement costs. W h en fire
strikes, his insurance offers only partial protection.

* THE H O M E *

The same loss pattern is intensified when a co-in

NEW

surance clause is in effect and valuation is set too
low— the actual loss increases as values increase.

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Federal Reserve Bank of St. Louis

FIRE

Y O R K

A U T O M O B ILE

M A RIN E

W ith full appreciation of the importance of your
problem in new construction (or rehabilitation), we
frankly believe you will find at Herring-Hall-Marvin
today the new world-standard of improvements in
Vaults, Vault Doors, Safe Deposit Boxes, Deposi
and other Protective Equipment.
These improvements— embracing revolutionary advances
in Design, Construction, Protection and Service— are
of such extreme importance that you owe it to yourself
and to your institution immediately to consult with
your nearest
Herring-Hall-Marvin representative—
or write us direct today! W e shall give your inquiry
the Dreferred attention you appreciate!

General Offices

HERRING-HALL-MARVIN

HAMILTON,

BRANCH OFFICES
In New Y o rk , C h ic a g o , Boston,
Washington, St. Louis, Atlanta, Houston,
Philadelphia, Los Angeles

MANUFACTURERS OF BANK VAULT EQUIPMENT - BANK
COUNTERS-TELLERS' BUSES AND LOCKERS - SAFE DEPOSIT
BOXES - NIGHT DEPOSITORIES - BANK AND OFFICE SAFES

BUILDERS

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Federal Reserve Bank of St. Louis

TH E UNITED STATES SILVER STORAGE
WEST POINT M ILIT A R Y RESERVATION

OHIO

VAULTS

OTHER

AGENCIES

ALL

OVER

Northwestern Banker

THE

WORLD

February 1946

C O O P E R A T IO N IN T H E G R O W T H O F A M E R IC A
Since its founding in 1803, The Philadelphia

The Philadelphia National is proud to have

National Bank has seen the Nation grow to

played a leading role in this development—

economic supremacy . . . expanding westward

for not a few of these banks turned to it for

across rivers, mountains and wide plains.

experienced and dependable cooperation.

As new industrial centers developed behind

Today, the total number of Philadelphia

the tide of the steadily advancing frontier, the

National’s correspondent

smaller, newly established

thousand — many of these relationships dating

banks

naturally

back

the loans which helped build the factories and

cooperation is available to you. W e shall be

productive farms of the strong America we

pleased to discuss with you in detail the

know today.

benefits of forming such a relationship.

PHILADELPHIA
Organized

Northwestern Ranker

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Federal Reserve Bank of St. Louis

F E D E R A L

February 19^6

D E P O S I T

days.

This

NATION AL

same quality

BANK

1803

PHILADELPHIA
M E M B E R

pioneer

exceeds a

looked to the East for assistance in financing

THE

banks

PA.

I N S U R A N C E

C O R P O R A T I O N

Explore Your Customers’ Export Collection Business Now!

HE E X P E C T E D

expansion o f foreign trade should

the w o r ld . T h e s e tra n saction s thereby receive the

create

opportunities for

careful attention o f banking personnel thoroughly

many

correspondent

banks to improve customer relationships. T he han

familiar with local conditions and customs.

dling o f export collection items offers a particularly
fertile

field.

T hou gh

few

o f our

correspondent

Our "Exporters H a n d b o o k ” contains the essence
of

pertinent

exchange

regulations

countries

banks maintain com plete Foreign Departments o f

throughout the w orld and contains other valuable

their ow n, they are not handicapped. They initiate

information highly regarded by those actively en

these transactions; we furnish the facilities.

gaged in international trade. W e shall be glad to

W e send foreign collection items direct to our
several thousand bank correspondents th ro u g h o u t

forward a copy to banks to w hom it w ill be helpful
in answering customers’ inquiries.

**■

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Federal Reserve Bank of St. Louis

Manufacturers T rust Company
55 Broad Street, N ew Y ork 15, N . Y .
M em ber Federal Deposit Insurance Corporation

Northwestern Banker

February 1946

tailor-made for the s

.'Northwestern Banker

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Federal Reserve Bank of St. Louis

The

National

Multiple-Duty

Accounting

5. It writes and posts the payroll ledger

Machine is the machine that solves the prob

6 . It posts the general ledger

lems of the small bank.

7. It posts the daily statement of business

It handles seven basic banking jobs.

The

National

Multiple-Duty

Accounting

It can be changed from one job to another

Machine is just one of the many National

in a matter of thirty seconds merely by ad

Machines designed to speed service and re

justing the easily removable form bar.

duce errors in banking systems.

It can be kept busy every hour of the day.

There’s a National for every bank and every banking job!

3. It posts any type of m ortgage record

W h y not have the National representative
make a complete survey of your bank? H e’ll
be glad to discuss your problems with you.
There is no obligation. Call your local repre
sentative, or write the National Cash Register

4 . It posts the trust ledger

Company, Dayton 9, Ohio.

These are the jobs it handles:

1. It handles the depositors' accounts
2 . It posts the loan and discount record

e/fccZttojial
CASH REGISTERS . A D D IN G M A C H IN ES
A C C O U N T IN G - B O O K K E E P IN G M AC H IN ES

February 19'i6

N o rfm W E j& T E R N
The following letters were received
from Northwestern Banker readers.
Your views and opinions on any sub
ject will be gladly published in this
column.

"America the Promised Land"
‘ ‘ Atta b o y ! for stepping on birds like
Harold Laski in the editorial in your Janu
ary N orthw estern B an ker . We in America
pull some boners in our various vocations
but they are only growing pains which will
become fewer and further between as time
goes on.
‘ ‘ Beware of that foreign specie of pol
itician or titled royalty. They are by nature
mongrels and radicals. I t ’ s too bad we rob
our land to nourish those breeds. L e t’ s stay
at home— put our house in order, and quit
fraternizing with those off-breeds. ‘ Do not
cast your pearls before swine.’ America is
the promised land, only the desirable should
be allowed to enter. The trash should be
permitted to die in the wilderness. ’ ’
D r . E. C. J unger , President,
Soldier Valley Savings Bank,
Soldier, Iowa.

FIFTY-FIRST Y E A R

N U M B ER 703

Oldest Financial Journal West of the Mississippi River

IN THIS FEBRUARY, 1946, ISSUE
Editorials
A cross the Desk from the Publisher..........................................................................

Feature Articles
Dear E ditor ......................................................................................
9
F rontispage ......................................................................................................................... 13
A round the Clock W ith a Busy B anker.....................................................................
14
W hat G I’s Say A s They Leave fo r U S A .................................... E v elyn De P a y 16
News and View s o f the Banking W orld ..................................... Clifford De P u y 18
Inventory Loans .............................................................................. R obert L. Gordon 21
About Bankers Y ou K now — John T. Ham ilton, I I .................................................
22
Bank Elections and P rom otions______ ___ __________ ________________________ 24

Bonds and Investments
Certificates and Corporates fo r Investm ent......................... Raym ond T rig g er
W hat Do Y ou T h in k?......................................................

33
36

"Song of the Queen Bee"
“ I know that Fred Irish, treasurer of the
Greater North Dakota Association, has told
you much about the North Dakota honey
bees and I thought you would be interested
in the scientific information contained in
the ‘ Song of the Queen Bee,’ recently pub
lished in the New Yorker. ”
M. J. Conn olly , Assistant
Secretary, Greater North Da
kota Association, Fargo.
E ditor’s Note: Here is a paragraph from
the New Yorker.
“ The breeding of the bee,” says a United
States Department of Agriculture bulletin on
artificial insemination, ‘ ‘ has always been
handicapped by the fact that the queen
mates in the air with whatever drone she
encounters. ’ ’
When the air is wine and the wind is free
And the morning sits on the lovely lea
And sunlight ripples on every tree,
Then love-in-air is the thing for me—
I ’m a bee, I ’m a ravishing, rollicking, young
queen bee,
That’s me.

Insurance Help
W hat W e Like Our Companies to Do fo r U s..........................................................

State Banking News
M innesota News _____________ _____________ ________ __ ___ ________ ___________
Twin City N ew s........................................................................E. W . K ie ck h e fer
South Dakota N ew s...........................................................................................................
Sioux Falls N ew s....................... .................................................... D avid Smith
North Dakota N ew s.............. ........ ...... .......... .................... .......... ..... ......... ..............
Nebraska News _____ ____ __________________ _____ _____ _______________ _______
Omaha Clearings .......................................................................................................
Lincoln Locals .......... .................... .................. ....... ....... ....... ...... ........... ...... ........
Iow a News ............................. ...... ........ ..................... .......... ....... ....................................
Iowa Group M eetings This M onth............................................ .........................
Des Moines N ew s......................................................................................................

43
45

49
49
52

55
57
59
61
61
69

The Directors' Room
A Few Short Stories to Make You Laugh.................................................................
Conventions ________

74
74

N O R T H W E S T E R N B A N K E R , 527 Seventh St., Des Moines 9, Iowa, Telephone 4-8163

I wish to state that I think i t ’ s great,
Oh, i t ’s simply rare in the upper air,
I t ’s the place to pair with a bee.

"How Our Earnings Are Distributed"
‘ ‘ Enclosed you will find our comparative
statements showing deposits at the end of
(T u r n

to page 51, please)

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Federal Reserve Bank of St. Louis

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

H EN R Y H. H A Y N E S
Editor

BEN J. H A L L E R , Jr.
Associate Editor

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

S A D IE E. W A Y
Circulation Department

N EW Y O R K O F F IC E
Frank P. Syms, V ic e President, 505 Fifth A v e ., Suite 1806

Telephone MUrray H ill 2-0326

Northwestern Banker

February 1916

Across the Desk
to have taxpayers believe that the federal gov
ernment will grow financially stronger during
the next 18 months of his administration. It will
in fact become dangerously weaker.
“ The budget presentation is a blueprint for
continued waste of the taxpayers’ and bond
buyers’ funds.
“ No budgetary manipulation can substitute for
thrift and efficient management. Real federal
debt reduction can come only by government liv
ing within its means.’ ’
So, Mr. President, please don’t tell us you are
balancing the budget when you have an over
draft of $4,300 Billion.
Neither the government nor John Brown can
long continue on a sound financial basis by fol
lowing such an unsound financial policy.

jbea^ tf-ellx Q ouin:
If it costs John Brown $3,000 a year to pay
his living expenses and his income is $2,000 a
year he is $1,000 short of a balanced budget,
isn’t he?
Yet according to your philosophy of govern
ment financing if John Brown takes $1,000 out
of his savings account to pay his living expenses
he has “ balanced his budget.”
We don’t think so.
In your budget message to Congress, you gave
these figures:
Expenses next fiscal year ............. $35,800 Billion
Net receipts fiscal year.................. 31,500 Billion
Increase of expenses over receipts 4,300 Billion
Now you propose to pay this “ overdraft” of
$4,300 Billion by taking it out of the present bal
ance in the Treasury of $26 Billion.
We don’t think this is the way to balance the
national budget, Mr. President, by dissipating our
cash balance.
Have you thought of trying to reduce govern
ment expenses?
Have you tried to get rid of useless bureaus?
Have you made an effort to take needless em
ployes off of the government payroll?
Paying overdrafts in the checking account from
money in the savings account is not balancing
the budget.
As Senator Styles Bridges of New Hampshire
said:
“ President Truman’s budget is a masterpiece
of deception. The President made every effort

Northwestern Banker

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Federal Reserve Bank of St. Louis

February 19i6

As the new President of Prance, we understand
that you told your Socialist party, “ that only a
$2,500,000,000 loan from the United States could
save France from chaos.”
First Russia wants 4 Billion—then England 4 ^
Billion, and now France wants a 2% Billion dol
lar loan.
Thank you, President Gouin, for the compli
ment your Socialist party pays to our Capitalistic
form of government (at least what is left of it).
And as far as preventing “ chaos in France7’
we have some chaos of our own going on over
here with our labor, our prices, and our inflation
problems.
Furthermore if your finances are in such a bad
condition that “ chaos” is just around the corner,
how good a “ credit risk” does that make France,
assuming we have some money to lend, which we
don’t with our own budget far from balanced.
No, Mr. Gouin, our “ credit line” is very busy.

jb e a b M a itU n e si <B. Zccle A :
AVe have disagreed with many of your state
ments but you were correct when you said :
“ Far too much of the cost of the war was
financed, through the use of commercial bank
credit and not enough was financed out of taxes
and the savings of the people.”
So now the government faces inflation and as
one measure to try and stop it, the Federal Re
serve Board puts the purchase of stocks on a
100 per cent cash basis and eliminates margins.

F r o m the Publisher
Yet the rising stock market is a consequence the negative, then labor strife and strikes will
continue.
and not a cause of inflation.
This procedure is the worst possible course for
Isn’t it time for the government to set an ex
labor
itself, because if factories are forced to
ample in “ how to prevent inflation” ?
close because of continuous strikes or because
When the federal government continues to
they cannot make a fair profit due to increased
pledge the taxpayers’ money to insure loans to
labor costs, men and women will be permanently
people who want to buy houses on margins of
out of work because a closed or bankrupt factory
TO per cent to 20 per cent isn’t that inflationary?
can neither pay wages to employes nor taxes to
When the administration encourages higher
the government.
wages and then higher prices of manufactured
articles, isn’t that inflationary?
Certainly, it is.
The stock market is therefore not a cause of
^hea*i
J i. M cQ ee:
inflation— but many other government monetary
policies surely are.
A few weeks ago, you discussed, “ Lending
So today, Mr. Eccles, we would be in a better
Methods in a Postwar Era” based on your ex
financial position if more people “ owned the na
perience as vice president of the Bankers Trust
tional debt” than to have so much of it “ owned”
Company, New York.
by the commercial banks.
Among other things, you believe that the guar
antee of bank loans by the government is a had
policy to pursue because it puts the banks in a
position of being dependent upon the government
jb e a b % a lte i Re.uthe>i:
for the final payment of these loans—whereas this
should have been a banking function entirely.
The greatest problem facing America today is
You mention that, “ As to the guaranteed or soto work out a satisfactory agreement between
called V loans, which, in my opinion, constituted
management and labor and as Vice President of
the greatest opiate ever administered— and the
the United Auto Workers of the C. I. 0. you should
figures are available to anyone who will read the
agree to that. Aside from our problems in the
monthly bulletins of the Federal Reserve Board—
field of foreign affairs, there is nothing which so
while the cumulative dollar amount of guaranteed
"v ita lly affects the well being of every American
loans rose to $2,064,000,000, the interesting fact is
citizen as does our relation between capital and
that the total number of such loans was relatively
labor.
small (8,651). On the other hand, and based
Certainly, there must be some point at which
upon
the reports of only 500 of the 15,000 (l/30th)
a fair adjustment of wages can be established so
banks
themselves, a substantially equal dollar
that the men and women of America, who are now
amount of actual unguaranteed loans was made to
on strike, can go back to work on a satisfactory
three times as many borrowers over this country,
basis.
who, you may be sure, were smaller in prestige and
The one point in the entire negotiations, Mr.
financial substance than the guaranteed loans.”
Reuther, which indicates that labor organizations
Taking reasonable banking risks has always
will not be satisfied, no matter what happens, was
been the function of the financial institutions of
the report by Mark Sullivan in which he said,
America and, in our postwar economy, Mr. McGee,
“ The labor leaders do not have in mind any
we believe, as we know you do, that banks will
terminus for increasing demands by labor. An
continue to do their share of “ risk banking”
earnest newsman addressed a careful question to
without
the “ government opiate” of guaranteed
a top leader in one of the big national labor organ
loans.
izations. He asked if there was any point at which
If banks are to continue as independent insti
labor leaders would not ask for more—any point
tutions,
with less and less control from Washing
at which labor relations could be stabilized, how
ton,
they
must, as time goes along, depend less
ever favorably to labor, so that industry could go
and
less
on
guaranteed loans by the government.
forward on a reliable basis. The leader’s answer
was no.”
Certainly, Mr. Reuther, there must be a change
in labor’s attitude so that the answer will not
always be no, because if the answer is always in

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Federal Reserve Bank of St. Louis

Northwestern Banker

February 1946

rJ a

/ / e rra

ever alert to the financial
needs of Iowa agriculture
and industry.

Iowa's Friendly Bank

C EN T RAL N A T I O N A L B A N K
K TRUST CO. Des Moines, Iowa
Member F.D.I.C.

Northwestern Banker

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Federal Reserve Bank of St. Louis

February 19^6

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Federal Reserve Bank of St. Louis

Around
W ith A
Pictures Tell How C lay W .
Stafford,

President

the

Ames Trust & Savings Bank,
Ames, Iowa, Spends a Day
of Service to His Customers
and His Community.

AST month two staff members of
T he N o r t h w e st e r n B a n k e r had a
very enjoyable one-day visit with
Clay W. Stafford, president of the Ames
Trust and Savings Bank of Ames,
Iowa, to learn how the average hanker
spends his day. The illustrations on
these pages are typical of the direct
and personal service given customers
by midwest bankers.
Mr. Stafford planned a farming
career as a youth; in fact he worked a
year on a farm after graduating from
Iowa State College Animal Husbandry
school in 1914. He joined the Ames
Trust and Savings Bank in 1915 as a
bookkeeper when his father was presi
dent. He was elected assistant cashier
in 1917, was advanced to cashier in

C LA Y W . STAFFORD, PRESIDENT of the Ames Trust and Savings Bank o f Ames,
Iowa, pauses to greet one of his many friends as he enters the modern, one story brick
and glass brick bank built in spring o f 1942, the most streamlined building in Ames.

M I D -M O R N I N G
THE END OF A PERFECT D A Y comes in this beautiful home where Banker Stafford

enjoys supper and a quiet evening with Mrs. Stafford and son Bob, World War II veteran,
who led 30 missions over Europe as a Flying Fortress pilot with the Eighth Air Force.

Northwestern Banker

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Federal Reserve Bank of St. Louis

February Í9Í6

CONFERENCES

with G. R. Alley, cashier, (left) and
II. P. McNeil, assistant cashier, keep
Mr. Stafford informed o f the many
business transactions carried on in
the bank. Not shown is L. B. Spin
ney, vice president and director, who
is inactive in daily bank affairs.

the Clock
Busy Banker
1921 and elected president in January
1942.
As in many other midwest banks,
Ames Trust and Savings employes
had to plug the gap when service calls
took four full time male employes,
and one girl joined the Waves. Com
pletely modern banking offices in the
new, well-organized bank building
which was finished in the spring of
1942 facilitate service to the customer
which is the bank’s foremost aim.
Several times when T he N o r t h w e s t
ern B a n k e r photographer was getting
set to take a picture, President Stafford
stepped over to the counter, greeted
the persons there by their first names
and saw to it that their business was
handled promptly and satisfactorily.
As the pictures on these pages show,
a banker certainly spends a full day
in the bank. In addition to his own
work he is kept busy attending meet
ings of the Rotary Club, Chamber of
Commerce and participating in various
civic enterprises which many times
mean night work.
The long range program of service
is reflected by the Ames Trust and
Savings’ year end statement which
shows deposits of $5,314,970.

PERSONAL AT T E N T IO N TO CUS
TOMERS is one of the main reasons

for the great number o f friends and
customers o f long years standing en
joyed by Mr. Stafford and Ames
Trust and Savings Bank.

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Federal Reserve Bank of St. Louis

DIRECTORS M EET with President Stafford to pass on a proposed loan. J. B. David
son (le ft), head of the Agricultural Engineering department of Iow a State College at
Ames, leaves soon for a y ea r’s study in China. Charles Reynolds (right) operates the
student supply store at Iowa State.

•••

SERVICIN G FARM N EED S for men like Kenneth Frankhouser, big livestock feeder
a few miles southwest from Ames, is an enjoyable task for Mr. Stafford who likes to
get outside and visit with rural customers.

V ET ER AN S A P P L Y IN G FOR GI LOANS receive the direct service o f Banker
Stafford who feels that returning servicemen must be given every possible assistance.
Here he explains loan guaranty provisions to two veterans and their father.

Northwestern Banker

February 19'f6

¿¿vM
t"
y et#

W h a t G l ’s Say A s

Embarkation
Le Havre, Franc#

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Federal Reserve Bank of St. Louis

They Leave for U S A
By Evelyn De Puy
Le Havre, France

E D ITO R S N O T E : Evelyn De Puy,
daughter of Clifford De Puy, pub
lisher of the NO R TH W E STERN
B A NK E R , and Mrs. De Pay, is a StaffAssistant with the American Red
Cross in Le Havre, France, and ive
asked her to write us her impressions
oj conditions in France and especially
of how the American soldiers felt as
they left to resume their civilian ac
tivities in “ the states.”
Before joining the Red Cross Miss
De Puy had graduated from Con
necticut College for Women at New
London and, just before leaving for
Europe, was editor of the “Spotlight”
published for the em ployes of “L ook”
magazine.

LL the donuts you can eat, fel
lows . . . up to three,” the
Red Cross donut girl bellows
in a First Sergeant mimicry. To the
thousands of GI Joes standing in line,
this means the end of many months of
waiting . . . waiting in inadequate
staging areas, waiting in open trucks
on the way to the docks, waiting on
floating piers to board the ship, wait
ing in line for their last donut in ETO,
and just waiting to go home.
GI Joe is in high spirits as he wise
cracks his way through the donut line.
He has been battling the elements of
foggy, rainy, Le Havre, France, weath
er in that open truck for three hours.
But nothing can dampen his spirit,
for he is from Brooklyn—and all in
habitants of the “tree city” are the life
of the party in the donut queue. He
reaches for a pack of cards, full of
confidence (no one thinks they will
ever lose) . . . spears three or more
donuts with his finger . . . stuffs his
pockets with candy and cigarettes . . .
and turns his charm on the Red Cross
coffee and donut disher-outer—much
to the delight of his companions. He
proudly shows her his cuddly puppy,
peeping out of his coat pocket. Gen
erously he offers it to her, along with
a jeep, car, Nazi helmet, German luger,
jackets, and souvenir jewelry. He
can’t give her enough.

E V E L Y N DE PUY
“ L e H avre is a bedlam o f people and id eas’’

But deep inside, Joe is discouraged,
disillusioned, and disgusted with the
army and with Europe. The long
waits, idleness, broken promises, un
fairness of the point system, cancella
tion of shipping dates, have dampened
his morale to a breaking point. Often
you hear him say, “I’d rather be in
combat than just sitting around wait
ing to go home.”

Joe in combat is a different Joe in
France. He has learned through bitter
experience to think only of himself
and a few of his friends. He has lost
his brotherly love towards his Allies.
He doesn't like the “Frogs.” He doesn’t
trust them. He is disgusted with their
slow methods and lack of ingenuity,
their morals and uncleanliness, and
their begging and scrounging. And the
French don’t like him. He has been
leading a reckless, carefree life, mis
treating their women, acting more like
a conqueror than a liberator and
friend, and making their streets “un
safe for the inhabitants.” (Le Havre
Editorial.) He realizes he is not acting
the way he would back in Spencer,
Iowa, or New York City, but the
French don’t know that. “ France
would be better without us and we
would be better without them,” he
often says.
Le Havre, like any other seaport,
is a conglomeration and a bedlam of
people and ideas. The attitudes and
conditions are, therefore, not neces

sarily representative of the behavior
of all GI Joes, or the way all of France
feels. The nice French girls, in Le
Havre at least, will not he seen with
GI Joe. He is an American, ancl they
are the ones whom the French hold re
sponsible for the bombing of Le Havre
in September 1944 (See picture of
R.A.F. bombing), killing over 3.000
civilians and damaging about 75 per
cent of the city. Most of the Germans
had already left the area so the French
felt it was a great injustice.
When the Germans were in Le
Havre they used it as a leave center
and were always on their best be
havior. They treated the French well,
kept them clothed and fed. Now that
France is “ liberated,” many are with
out homes, food, or clothing. These
facts together with the American “am
bassadors of ill will” have made many
Frenchmen pro-German.
Joe likewise has more respect for
the Germans. He trusts them. He likes
their country better. “ It is cleaner,
and more like America,’ h’e says. Joe
judges everything by America. If it
doesn’t come up to his American stand
ards, it is no good. He is like a brand
new, redfaced baby in comparison to
the old Frenchman, steeped in centu
ries of history and culture. Their sense
of values is different and they find it
hard to understand one another.
He is muddled and confused about
the future. The strikes and discourag
ing news from the home front have
made him think about re-enlisting. He
hardly knows what he wants, except
to get home, and to have a job, “I’ll go

RAF BLASTS LE H AVRE, FRAN CE — The railway station at Le Havre is a mass of

wrecked sheds and uprgqted tracks after RA F bombs blasted the port city as a prelude
to the infantry invasion o f September 11, 1944. From September 4 to September 21, when
the city was captured by the British, 9,500 tons of bo^'bs were drormed.
(British Official Photo from Acme)

AWOL before T come over here for
the next war,” and he is sure there will

be another war.
Joe is not wholly to blame for his
had actions here. Much of the blame
rests squarely on the shoulders of the
American people. He has been over
sold on his country, his government,
and his educators. They are crying to
get their hoys home, when the war is
not won or over. It is true there are
many men, especially combat men,
who are mentally and physically tired.
They have done more than their share
and deserve to he home. AVe should
send troops over here who have been
trained for the job of occupation, just
as the others were trained for combat.

The same mistakes that were made
in 1918 should not be made again. Joe
is becoming more like an ostrich in
his thinking than ever before, and iso
lationism is out of place and anti
quated. We need strong, clear thinkers
to guide us and educate us. Let us
humbly show France that we are as
good as they thought we were, before
we “liberated” them. # #

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Federal Reserve Bank of St. Louis

DOUGHNUTS FOR H U N G RY Y A N K S — American soldiers line up for doughnuts and

a smile from Red Cross Worker in France, who serves them from her clubinobile.
(Acme photo)

Ne w s

and

V iew s

OF THE BANKING W O RLD
By Clifford De Puy, Publisher
HE latest Washington slogan: “To

err is Truman.”

In Canada all of the men who have
been in service and are now back in
civilian life wear their ribbons and
other military decorations on their
civilian clothes. Whether they are of
ficers of banks, clerks in stores, wait
ers, bellhops or taxi-cab drivers, you
can tell in what branch of service they
have been and what recognition they
have received.
When we were in Montreal recently,

we had the pleasure of visiting with
Sydney G. Dobson, executive vice
president, and James Muir, general
manager, of the Royal Bank of Can
ada.
These two distinguished gentlemen,
together with President Morris W.
AVilson, Vice Presidents AA7. F. Angus
and Burnham L. Mitchell, operate the
largest bank in Canada with 630
branches and 8,000 employes. The
total assets are over $2,000',000,000.
The bank does no trust business and
is the only bank in Canada with SouthAmerican branches. It makes no loans
on real estate nor chattel mortgage
loans.

easily sold if he realized the true value
of ‘free enterprise’ to him. Unfortun
ately, he does not know that this sys
tem makes the public the real boss by
right of free choice in the market
place, nor does he know that years of
private enterprise competing for public
favor have given us the highest stand
ard of living in the world.”
Richard R. Rollins has returned
from the service to the Bankers Trust
Company of Des Moines to resume his
duties as director and vice president,
and among other activities will con
tinue to be in charge of the correspond
ent bank business.

explain private enterprise and free
competition to the public, big business
has financed various publicity cam
paigns and lecture tours but the re
sults to date are not good enough. The
job of selling ‘free enterprise’ to the
common man and his wife is apparent
ly too big a job for big business. This
is a job for small business, for the in
dependent retailers whose very exist
ence is a daily expression of free enter
prise in the neighborhoods of the na
tion.
“ If the common man has a dim view
of what the American way of business
has meant to him personally, there is
grave danger that he could be sold on
some new and untried economic sys
tem. Of course, he would not be so
Northwestern Banker

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Federal Reserve Bank of St. Louis

February 19'i6

In Montreal, Canada, the population
of which is two-thirds French, all signs
and posters are printed in English and
French. For example, your railroad
tickets read like this: “Parlor Car Seat”
— “Fauteuil de AVagon— Salon.”
“On date stamped on back”—“Pour
la date estampee au verso.”
At the Mount Royal Hotel in Mont
real, your room number does not indi
cate on what floor you may be. For
example, our room number was 4098
and we thought we were on the 40th
floor, but as a matter of fact, we were
on the 4th floor. May be inflation in
hotel room numbers has already hit
Canada.
On a tablet in the Hotel Kimball,

“Too big a job for big business,” is
the subject of an editorial which John
AA7. McPherrin, editor of the American

Druggist, showed us one night when
we were having dinner with him in
New York.
Mr. McPherrin put it this way: “To

tary of the Treasury, dated December
28, 1945, for distinguished services ren
dered.
The Bankers Trust Company has
shown an excellent growth in its cap
ital structure during the past five
years. At the end of 1940 the total
capital structure amounted to $1,602,000, which included $250,000 of pre
ferred stock and deposits were $22,700,000. As of December 31, 1945, the
total capital structure was $3,632,000
after retirement of all preferred stock
and the deposits were $56,600,000.

Springfield, Massachusetts, is this in
teresting statement:

R. R. R O L L IN S
Returns from the N avy

Mr. Rollins entered the service in
May 1943 at Lt. (jg) in the Navy and
was assigned to duty in Washington,
D. C., and in June of that year was
transferred to New York to the 3rd
Naval District Headquarters at 90
Church Street.
He was District War Bond Officer
for New York, Connecticut and New
Jersey, handling civilian employes on
the Navy payroll and all naval per
sonnel.
In August 1944, he was promoted to
a full Lieutenant. He was discharged
in December 1945. He received a cita
tion from Hon. Fred M. Vinson, Secre

“Springfield is the birthplace of auto
mobile industry. America’s first gaso
line buggy had its pulling test on April
19, 1892 at 4th and Taylor Streets.
Springfield,
Massachusetts
honors
Charles E. Duryea— Father of the
Automobile.”
Amos E. Taylor, director of the Bu
reau of Foreign and Domestic Com
merce of the United States Department
of Commerce, discusses “The 10 per
cent fallacy” in a recent pamphlet in
which he says, “Despite the fact that
the United States exports less than 10
per cent of its movable goods and im
ports only from (i to 7 per cent of its
domestic consumption, our foreign
trade is of prime importance to our
home economy, to full employment
and to world peace, without which no
country can prosper.”

(Turn to page 50, please)

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Federal Reserve Bank of St. Louis

TH E
OM AHA
N A T IO N A L
BANK
Northwestern Banker

February 19^6

GOOD

N E IG H B O R S

ARE

/it&a ¿faxd @u&tame%&
The great buying power o f Latin America, repre
sented by a vast accumulation o f available dollar
exchange, is engaging the attention o f American
exporters as the United States again prepares to
send goods in volume to her neighbor republics.
As our exports grow, the farmer in Chile will
eventually get his new tractor; the Brazilian in
dustrialist, new factory equipment; and our new
household appliances will put a twinkle in the eyes
of many a Colombian housewife. Our “ good
neighbors” are also “ good customers.”
The Chase Foreign Department can be of in
valuable assistance to American exporters and

importers. For the Chase Foreign Department has
long maintained close relationships with corre
spondent banks throughout Latin America, chosen
for their efficiency in transacting foreign business
as well as their intimalte knowledge and under
standing o f local business conditions.
Through these correspondents, the Chase is able
to offer aid, in the form o f accurate information
and complete facilities, to the American business
men who will share in the coming great volume
o f trade. These Chase facilities which are always at
the disposal o f our domestic correspondent banks
provide a valuable service for their own customers.

THE CHASE NATIONAL BANK
OF THE CITY OF NEW YORK
HEAD OFFICE: Pine Street corner of Nassau
Havana

LONDON — 6 Lombard Street •
San Juan • Panama • Colon •

51 Berkeley Square • Bush House, Aldwych
Cristobal • Balboa
• Office of Representative: Mexico City

M em ber F ed e ra l D ep osit Insurance C orp ora tion

Northwestern Banker

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Federal Reserve Bank of St. Louis

February 19^6

INVENTORY
LOANS
1. They are well secured.
2. They are self-liquidating.
3. They are profitable.

By Robert L. Gordon
S THE term “inventory financ
ing” is used in this article it is
intended to include every type
of loan, the proceeds of which are used
to assist in the production, acquisition,
fabrication or distribution of goods of
every sort. Reference is made par
ticularly, however, to credits secured
by the pledge of inventories. It seems
likely that financing of this nature will
be required on a much broader basis
than has thus far been anticipated.
The term “inventory” as used here
is intended to include every legitimate
item of inventory regardless of wheth
er it may be a standard item or what
has been called a specialty item. There
was a time when the financing of in
ventories was restricted to merchan
dise of a strictly standard nature, such
as canned goods and other purely
staple food products or commodities
listed on commodity exchanges. Some
lenders throughout the country still
follow this old practice, and their in
ventory loans are confined to purely
staple merchandise. As the result of
favorable experience in the handling
of inventory collateral, however, many
lenders have come to feel that loans
secured by inventories need not be re
stricted to staples but may include spe
cialty goods or fancy goods, as long as
such goods are held by the borrower
either for use by himself in legitimate
manufacturing or for sale in the nor
mal course of his legitimate trade.
“ Legitimate” as used here means not
only “ legal” but also “established” and
“normal” business. Lenders generally
agree that speculative merchandise
has no place in a bank’s collateral port
folio.
There are three desirable advantages
held by the lender in the financing of
inventory. In the first place, he has
a loan secured by collateral in which

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Federal Reserve Bank of St. Louis

Entrance to a field warehouse showing
the warehouseman’ s lock and signs, the
warehouse manager’s nameplate.
Inside
may be seen stack cards and weighing
scales-. Meticulous housekeeping and rec
ord keeping are important factors in any
field warehouse operation.

his borrower has a satisfactory interest
or “stake.” If an inventory loan is
made properly, the pledgor of the col
lateral will have borrowed against it
not more than 80 to 90 per cent of his
investment in the goods, having him
self an actual investment of 10i or 20
per cent of its value. This, generally,
has been found to be sufficiently large
to maintain the borrower’s interest in
seeing the merchandise liquidated.
The second advantage to the lender
is that the loan, by reason of the na
ture of the collateral, is self-liquidating.
In the normal course of the borrower’s
business, it becomes necessary for him
to withdraw p le d g e d merchandise
from the warehouse. As he withdraws
such merchandise, that portion of the
loan which it is pledged to secure is
paid off. This may be illustrated as

V ic e

R O B E R T L. G O R D O N
President, L aw rence W arehouse
Com pany, N ew York

follows: A borrower pledges 100,000
units of merchandise worth $100,000
to secure a loan of $80,000, which
means that he is borrowing 80c on a
unit worth $1.00. His inventory has
a normal turnover of four times a year,
which means that, on the average,
within a period of ninety days, 100,000
units of merchandise will have been
withdrawn from the warehouse and
paid for at the rate of 80c per unit.
Whether this payment is made from
funds borrowed on new merchandise,
or with trust receipts for the with
drawn goods later converted into as(Turn to page 52, please)
Northwestern Banker

February 1946

22
October 10, 1940, to Consuelo V. L.
Vi l l a, d a u g h t e r o f C o u n t and
Countess P. Villa of New York City.
They have one son, John T. Hamilton
III, who is three years old.
Mr. Hamilton joined the Merchants
National Bank in 1934 as a clerk in
the trust department and later trans
ferred to the credit department. He
teas elected a director and assistant
cashier in 1936, then was elected vice
president in 1941.
He entered military service in
August, 1942, taking officer training
at Miami Beach, Florida. In Janu
ary, 1943, he reported in England for
duty as an intelligence officer with the
Eighth Air Force.
A fter a course
with the Royal Air Force to acquaint
him with the problems of terrain, tar
gets and battle zones, Lt. Hamilton
was attached to the Second Air Divi
sion in England. He was promoted
to Captain, then Major, for his work
in mission planning, target study and
preparation of photos and battle
plans which went out from Division
Headquarters to the many bomber
groups under that command. For his
outstanding work in helping the
Second Air Division become one of
the strong arms of General “Jimmy”
Doolittle’s Eighth Air Force, he was
decorated with the bronze star which
decoration read, “H e has maintained
a high and rigid standard of accuracy
and workmanship.”

JOHN T. H A M IL T O N II

“ In the footsteps o f father and grandfather’ ’

ROM a family with more than a half-century of banking experience has
come a young man enriched with a heritage of American ideals and imbued
with a firm determination to see that these ideals are further fostered and
developed. The same fine principles of democratic living and sound business
management which made his grandfather and father outstanding citizens and
bankers have guided John T. Hamilton II through 12 years of successful
banking and through three years as an A rm y Air Force officer. In recogni
tion of his splendid record, he was elected president of the Merchants Na
tional Bank of Cedar Rapids, Iowa, last month, the third member of his
family to serve as chief executive of that bank.

A native of Cedar Rapids, John T. Hamilton II was born M ay 26, 1909. H e
was named after his grandfather, John T. Hamilton, ivho had been elected
president of the Merchants National Bank in 1899 and continued in that
capacity until 1918. His father, James E. Hamilton, who became president of
the bank in 1923 and served until 1934 when he was named chairman of the
board of directors, now becomes chairman of the Executive Committee.
After receiving elementary education, John T. Hamilton II attended
Pomfret School, Pomfret, Connecticut, and Princeton University from which
school he was graduated with a Bachelor of Arts degree. He ivas married on
Northwestern Banker

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Federal Reserve Bank of St. Louis

February 1946

After shedding his oak leaves in
November, 1945, in favor of civilian
clothes, Mr. Hamilton returned to his
desk at the Merchants National Bank.
Less than two months later he was
elected president by the board of di
rectors.
In addition to his bank
duties he is a director of the Cedar
Rapids Y. M. C. A., a member of the
Chamber of Commerce Aviation
Committee and a member of the R e
serve City Bankers Association.
His interest in flying did not cease
with his separation from the service
for it is one of his favorite hobbies
along with golf and tennis. In order
to fashion such a successful career in
just 36 years, John T. Hamilton II
has followed the same principles so
consistently adhered to by his grand
father and father. He has developed
a fine personality, a tenacity of pur
pose, which is so helpful in solving
the most difficult problems, and a
democratic approach in dealing with
people which has assured him a host
of friends.
The Merchants National Bank, over
which the handsome and popular
new president now presides, is the
second largest in the Hawkeye State
with deposits of over $90,000,000 and
capital of $500,000 and surplus and
undivided profits of $3,377,239.

Safety adds protection to checks

p aper it s e lf— put there by the same
process as the Hammermill S a fe ty sur

and helps "identify“ your bank

face design.

A special surface design on Hammermill

Complete the
“ Identification” of your
bank with

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Federal Reserve Bank of St. Louis

checks

to the public
To feature you r bank's trad e mark co n
sistently on you r letterh ead, deposit
slips, new spaper advertisem ents, and
other literatu re is a simple but effective
measure o f public relations.
Hammermill is prepared to supply you
with special design safety p aper with
you r bank's trad e mark a part o f the

Y o u r own sp ecial design on Ham m er
mill S a fe ty can be supplied in a w ide
range o f c o lo r and background patterns.
Consult yo u r check supplier fo r sugges
tions, o r w rite on y o u r bank letterhead
to S a fe ty Pap er Division, Hammermill
Paper C om pany, 1513 East Lake Road,
Erie, Pennsylvania, fo r samples o f “ indi
v id u a lize d ” checks and sample book of
background designs.

JO H N V. H AAS
A ssistant Cashier
N orthern Trust Co., C hicago

Bank Elections and Promotions
CONTINENTAL I L L I N O I S NA
TIONAL BANK & TRUST COMPANY,
CHICAGO—John F. Cuneo elected a
director—Henry V. Dyke and J. R.
Knight from assistant cashier to assist
ant vice presidents— Darwin A. Holway
and Fred Remmert elected assistant
cashiers— Melville A. Powell from as

sistant cashier to second vice president
—Arthur C. Suhrbier elected assistant

auditor.

L E O N A R D P. G IS V O L D
A ssistant V ic e President
Northwestern N ational Bank, M inn eapolis

Northwestern Banker

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Federal Reserve Bank of St. Louis

February 1946

FIRST AND AMERICAN NATION
AL BANK, DULUTH— Joseph F. Par
ker a new director— L. Rex Hatten from

assistant vice president to vice presi
dent— Walter L. Grandy from assistant
cashier to assistant, vice president—
Vernon K. Falgren from assistant trust
officer to trust officer— Thomas A. Paul
son and W. K. Alford became assistant
vice president and assistant cashier re
spectively.

J O H N J. M A L O N E Y
A ssistant V ice President
First N ational Bank, M inn eapolis

IRVING TRUST COMPANY, NEW
YORK— William E. Petersen returns

to bank as assistant vice president.
LIVE STOCK NATIONAL BANK,
CHICAGO— Ivan E. Bennett, vice presi

dent, added to board of directors—all
other directors and officers re-elected.
BANK OF AMERICA, SAN FRAN
CISCO— Alfred J. Lundberg elected to

G E O R G E T. N E L S O N
A ssistant Cashier
Central N ational Bank, Des M oines

New Business Contacts

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Federal Reserve Bank of St. Louis

Abroad ?
In co-operation with yon, the Irving
will help locate New Representatives and
Prospective Buyers and Sellers Abroad

I T H un paralleled o p p o rtu nities in foreign trade ahead,

Assist importers in making connections
with f o r e i g n shippers and locating sources

m any companies need new relation
This Department is also prepared

ships in foreign countries.
T o meet this need, the Irving’ s
Foreign Division organized its For
eign Trade
ment to:
. .

Information

D ep art

to obtain inform ation about e x
change and other regulations affect
ing import and export business.
W e shall welcome the opportu -

il-,-

i *•

Assist exporters in establishing relations
with suitable foreign representatives and

nity of assisting you and your eus
-

. *

tomers in carrying out their foreign
trade programs.

prospective buyers.

Ir v in g T r u s t Co m p a n y
ONE WALL STREET

• NEW YO RK 15, N. Y.

Member Federal Deposit Insurance Corporation

Northwestern Banker

February 19)6

with
facilities* facts , contacts
TUe First Wisconsin is at your

c0nsin with complete’ modern i A«e of W isconsin busi

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• „lm re...p'«scorresp
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BUNKERS DIVISION
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Au*.

LESTER ARM OUR
Senior V ic e P resident
C ity N ational Bank, C hicago

combined board of directors and ad
visory council— Eric A. Johnston attends
first directors meeting.
FIRST NATIONAL BANK, CHI
CAGO— Robert E. Wilson elected a
director— Clarence E. Cross, Edward J.
Jennett, Coll Gillies, and Herbert V.
Prochnow advanced to vice presidents
— Vernon C. Bartels, Robert J. Crossley,
Ellerton A. Lodge and Julius 0. Sorg

promoted to assistant vice presidents—
F. G. Paddock to assistant comptroller
—P. Alden Bergquist, Warren Smetters,
and George W. Wills became new as
sistant cashiers-—Otto F. Hass to assist

ant trust officer.
CHASE NATIONAL BANK, NEW
YORK—Louis C. Hall, Frank M. Totton,

FIRST WISCONSIN NATIONAL BANK
OF M I L W A U K E E

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Federal Reserve Bank of St. Louis

•

Wi s c ons i n’s Bank for Banks

HI
A. G. N E L S O N
V ic e President
S ecurity N ational Bank, S iou x C ity

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Florida •

Dallas •

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Buffalo •

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PAPER

AGAINST

SAN FRAN CISCO: 37 Drumm Street

IN VEN TORY
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LOS AN GELES:

Kansas City, Missouri • St. Louis • New Orleans • Jacksonville,

Denver • Fresno • Stockton • Portland, Oregon • Atlanta • Cincinnati • Washington, D. C.

Northwestern Banker

February 19h6

28
and Fred C. Witte promoted to vice
presidents— Oscar F. Armbruster, Carl

Walter L. Kaltwasser becomes assistant
cashier—Peter W. Schmidt made assist

B. Brunner, Herman J. Ihnefeld, William
Rapp, James P. Roach, Walter E. Ruther
ford, Benjamin E. Shepardson, Edwin
A. Stephenson, Walter E. Sullivan and
Joseph M. Walsh advanced to second

ant comptroller.

vice presidents.

ier.

TWIN CITIES — MINNEAPOLIS
AND ST. PAUL— new officers and pro
motions are announced in Twin City
news section, page 45.
MERCANTILE - COMMERCE N A TIONAL BANK, ST. LOUIS—William
F. Impey to assistant vice president—

CENTRAL NATIONAL BANK &
TRUST COMPANY, DES MOINES—
George T. Nelson elected assistant cash

BANKERS TRUST C O M P A N Y ,
NEW YORK—Roy L. Reierson returns
as an assistant vice president— Chester
Baylis, Jr., elected trust officer— Gordon
D. Brown becomes a vice president—
Charles W. Farnum returns as assistant

trust officer.

A. F. JU N G E
A ssistant Cashier
N orthwestern N ational Bank, M inn eapolis

NORTHERN T R U S T COMPANY,
CHICAGO— Robert C. Barker promoted

to vice president and general attorney
—Robert H. Garrett and Charles B.
Weaver from second vice presidents to
vice presidents— R. G. Olderr from as

sistant cashier to second vice president
—James W. Karraker and Douglas R.
Fuller elected second vice presidents—
John A. Adair to assistant cashier—
William S. Turner, Nathaniel M. Symonds, John C. Smith, Frederick S. Booth,

financial service for
correspondent banks, developed
through more than eighty years of
conservative banking is offered by
The First National Bank of Chicago*
A

COM PLETE

from second vice presidents to vice
presidents— Frank M. Wallace elected
vice president and secretary—Gordon
Arey, Thomas L. McDermand, Laul A.
Dice, Hedges McDonald, James D. Green,
and Thomas H. Jolls from assistant sec
retary to second vice president— John

Inquiries relative to any phase of
this service are invited and will
receive prompt attention*

The First N ational Bank
o f Chicago
MEM BER FED ER A L DEPO SIT IN S U R A N C E CO R PO R ATIO N

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Federal Reserve Bank of St. Louis

February 19'i6

A. R. F L O R E E N
Senior V ic e P resident
C ity N ational Bank, C hicago

United States Government Securities
A Service for Portfolio Managers
For more than 25 years we have been dealers
in United States Government Securities. T he
facilities o f our Bond Trading Department are
available to p o rtfo lio managers and we are
prepared to offer suggestions regarding the
com position o f Government Bond portfolios.

A Partial List oj Bankers Trust Company Services tc Banks
Collection o f Par and Non-Par
Checks

Servicing Loans to Brokers and
Dealers

Collection o f N otes, Drafts,
C oupons, Matured Bonds and
Other Items

Participation with Correspondent
Banks in Loans to Local
Enterprises

Transfer o f Funds, Remittances
and D om estic M oney Orders

Dealers in United States G overn
ment, State and M unicipal
Securities

Credit Information

Investment Information

Commercial Paper Purchases

Receipt and Delivery o f Securities

Safekeeping o f Securities
Consultation on Pension and
Profit-Sharing Plans
Co-Paying or Exchange Agent,
Co-Transfer Agent or Registrar,
and Co-Depositary
Trust and Reserve Accounts
International Trade and Foreign
Banking Facilities

BANKERS TRUST COMPANY

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Federal Reserve Bank of St. Louis

N EW

MEMBER

FEDERAL

DEPOSIT

YORK

INSURANCE

CORPORATION

Northwestern Banker

February 19'f6

30
S. Parker, John McNeil, Norman McClave, Jr., and Joseph J. Regan, new
assistant secretaries — Walter Byron
Smith becomes a director—John V. Haas
and Robert E. Hunt, assistant cashiers.

S. Smyth, Hampton C. Randolph, and
Shaler Stidham are made assistant vice
presidents— Louis F. Gabriel and E.
Wallace Miller become cashiers.

MANUFACTURERS TRUST COM
PANY, NEW YORK— Eugene S. North
rop promoted from assistant secretary

AMERICAN NATIONAL BANK &
TRUST COMPANY, CHICAGO— Holly
Stover elected a director— E. A. Berndt,
Jr., returns as assistant trust officer.

to assistant vice president.
P H I L A D E L P H I A NATIONAL
BANK, PHILADELPHIA — Louis W.
Bishop, Arthur MacNicholl, J. Bickley
Jackson, John Y. Bunn, and Morris R.
Brownell, Jr., become new vice presi
dents; Archibald DeB. Johnson, Gordon

CENTRAL HANOVER BANK &
TRUST COMPANY, NEW YORK—
George W. Provost appointed an assist

ant vice president.
CITY NATIONAL BANK & TRUST
COMPANY, CHICAGO— A. R. Floreen

Guaranty Trust Company o f New York
Fifth Ave. at 4 4 th St.
LONDON

1 1 0 B roadw a)
PARIS

M adison Ave. at 6 0th St.
BRUSSELS

R O B E R T E. H U N T
A ssistant Cashier
N orthern Trust Co., C hicago

C o n d e n s e d S ta te m e n t o f C o n d itio n , D e c e m b e r 3 1 , 1 9 4 5
R E SO U R C E S
Cash on H a n d , in Federal Reserve B a n k , and
D u e fro m B anks and B a n k e r s ...................................$
U. S. Governm ent O b l i g a t i o n s .........................................
Loans and Bills P u r c h a s e d ................................................
Public Securities . . . . . . $
8 3 ,7 5 4 ,4 5 1 .2 0
Stock o f the Federal Reserve B ank
7 ,8 0 0 ,0 0 0 .0 0
Other Securities and O bligations .
1 9 ,0 5 6 ,9 9 5 .3 4
Credits Granted on Acceptances .
2 ,7 0 2 ,6 7 9 .8 5
Accrued interest and Accounts
R e c e iv a b le .........................................
1 1 ,9 6 0 ,8 2 6 .8 6
R eal Estate B onds and M ortgages ._____ 1 ,5 9 2 ,6 3 3 .5 0
Bank B u ild in g s ............................................................................
O lher Real E s t a t e .....................................................................

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

GUARANTY T R U S T COMPANY,
NEW YORK— W. Palen Conway elected
1 2 6 ,8 6 7 ,5 8 6 .7 5
9 ,5 2 6 ,3 3 1 .1 9
............1 4 5 ,4 6 8 .8 6

Total R e s o u r c e s ................................... $ 3 , 8 1 3 , 5 0 7 , 0 4 1 . 6 2
L IA B IL IT IE S

chairman of the executive committee—
Edward K. Brass advanced to vice presi
dent— R. Alton Atkinson and Robert W.
Stephens to second vice presidents—
Robert H. Blake, new assistant secretary
Wesley L. Baker, Robert Benjamin

C a p i t a l ....................................................... $ 9 0 ,0 0 0 ,0 0 0 .0 0
Surplus F u n d ......................................... 1 7 0 ,0 0 0 ,0 0 0 .0 0
Undivided Profits
. . . .
.
5 2 .6 7 6 .2 5 4 .6 4
Total Capital F u n d s ......................................... $
General Contingency R e s e r v e .........................................
D e p o s i t s .....$ 3 ,2 6 1 ,5 3 9 ,2 5 1 .6 3
T reasurer’ s Cheeks Outstanding
4 7 ,9 1 3 ,2 5 5 .5 2
Total D e p o s i t s .......................................................
Bills P a y a b l e ...........................................................................
Accept n c e s .................................... $
7 ,7 7 4 ,4 7 3 .0 1
L ess: Own Acceptances
Held for Investm ent .
.
. _____ 5 ,0 7 1 ,7 9 3 .1 6
$
2 ,7 0 2 ,6 7 9 .8 5
Liability as Endorser on A ccept
ances and Foreign Bills .
.
1 7 0 .8 5 9 .0 0
Dividend Payable January 2 ,
1 9 4 6 ................................................
2 ,7 0 0 ,0 0 0 .0 0
Item s in Transit with Foreign
Branches and Net D ifference
in Balances between Offices
D u e to D ifferen t Statem ent
Date o f Foreign Branches
.
2 ,1 1 5 ,2 4 3 .8 8
Accounts Payable, Reserve for
E xpen ses, T ax es, etc. .
.
.
2 7 .9 7 1 ,4 7 6 .4 8

and Arthur T. Leonard were elected to
the board of directors — Harlow W.
Brown and Arnold M. Johnson, ad
vanced from assistant vice presidents to
vice presidents. Messrs. Floreen and
Leonard, together Avith Lester Armour,
were named senior vice presidents.

and Edith Halfpenny,
trust officers.

neAv assistant

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

3 ,3 0 9 ,4 5 2 ,5 0 7 .1 5
1 2 0 ,0 0 0 ,0 0 0 .0 0

3 5 ,6 6 0 ,2 5 9 .2 1
T otal L i a b i l i t i e s .................................. $ 3 , 8 1 3 , 5 0 7 , 0 4 1 . 6 2
Securities carried at *1,094,870.040.30 in the above Statement are pledged to qualify
for fiduciary powers, to secure public moneys as required by law, to secure Rills Pay
able, and for other purposes.
This Statement includes the resources and liabilities of the English, French, and
Belgian Branches as of December 26, 1945.
Member Federal Deposit Insurance Corporation

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Federal Reserve Bank of St. Louis

February 19b6

A R T H U R T. L E O N A R D
Senior V ic e President
C ity N ational Bank. C hicago

31
CITY NATIONAL BANK & TRUST
COMPANY, KANSAS CITY— Herbert
H. Wilson, Lester Hutchings, Herman
Sutherland, and Elmer C. Rhoden are
new directors— Richard T. Pendleton is

over the divisions including general
operations, banks and bankers, and
savings. He is also widely known for
his activity in the American Bankers
Association.

election of Kenton R. Cravens and Wil
liam A. McDonnell, both vice presi
dents of the bank, as members of the
board of directors.
Mr. Cravens is with the Commercial
Banking Department of the bank and
is widely known as an authority on
consumer credit, as well as having
held many important positions in the
field with the A.B.A.
Mr. McDonnell came to MercantileCommerce in 1944, having formerly
been executive vice president of the
Commercial National Bank in Little
Rock, Arkansas. At Mercantile-Com
merce, Mr. McDonnell has supervision

STATEMENT

Truth W ill Out

The three-year-old boy had taken his
mother’s powder puff and was fixing
his face as he had seen her do, when
his five-year-old sister grabbed it from
him. “You mustn’t do that,” she said,
“only ladies use powder. Gentlemen
wash themselves.”

CONDITION

MERCANTILE-COMMERCE
B A N K AND TRU ST C O M P A N Y
Locust-Eighth-St. Charles
ST. L O U I S , M I S S O U R I

DEC.

G E R A L D O. N E L S O N
A ssistant V ic e President
Iow a -D es M oines N ational Bank, Des M oines

elected trust officer— K. H. Armstrong
returns as assistant trust officer— Robert
L. Greene and Cyril J. Jedlicka promoted
from assistant cashiers to vice presi
dents.

First National, St. Louis
The First National Bank in St. Louis
has announced the following promo
tions: Fred J. Sudekum, auditor; Paul
P. Turpin, assistant auditor; George F.
Engel, from manager, industrial serv
ice department, to assistant vice presi
dent; and Walter L. Schnepel, man
ager, industrial service department.

Elected Vice President
Major Frank E. Conant, Jr., recently
discharged from the United States
Army Air Forces, has been elected
vice president of the Lawrence Ware
house Company, nationwide operators
of field warehouses, according to an
announcement made by D. E. Matthey,
vice president in charge of the com
pany’s eastern division. Major Conant’s many banker friends will be
pleased to learn that he will handle
customer contacts in the lower Con
necticut valley and eastern New York
state and will be available for consul
tation in connection with the firm’s
extensive New York City business.

Named to Board

31, 1945
☆

THE

RESOURCES

Cash and Due from Banks------- -----------------.$ 9 0,21 9,85 3.82
United States Government Obligations di
rect and guaranteed (incl. $104,568,343.25
p le d g e d *)_____________________________ 2 2 4 ,6 3 3 ,0 0 0 .7 9

Other Bonds and Securities--------------- 28,093,057.21
Demand and'Time Loans------------------ 60,643,427.52
Stock in Federal Reserve Bank in St. Louis.
525,000.00
2,790,536.40
Real Estate (Company’s Building)---Other Real Estate (Former Bank o f Commerce
Buildings)_________________________
1,500,000.00
Overdrafts___________________________
23,149-92
C u stom ers’ Liability on Acceptances and
Letters o f C redit__________________
1,240,118.53
44,719-66
Other Resources____________________
$409,712,863.85
THE

LIABILITIES

Capital S to ck ___________________________
$12,500,000.00
Surplus_______________________________________
5,000,000.00
Undivided Profits____________________________ 4,735,929.58
Reserve for Dividend D ec la re d -------------------250,000.00
Reserve for Interest, Taxes, e t c .------------------1,728,983.26
Unpaid D ividend s----------------------------------------3,856.30
Bank’s Liability on Acceptances and Letters
o f C r e d it__________________________________
1,240,118.53
Other Liabilities-------------------------------------------98,051.73
Deposits, Secured:
U. S. War Loan $ 86,792,908.38
Other Public
Funds_______
5,768,712.21 $ 92,561,620.59
Other Deposits:
Demand_______ $240,424,732.54
S a v in g s___________________________ 51,038,186.98
T im e __________
131,384.34

$291,594,303.86 $384,155,924.45
$409,712,863.85

* A ll securities pledged are to the U. S. Government or its Agents, State o f
Missouri and the City o f St. Louis, to secure deposit and fiduciary obligations.
MEMBER

FEDERAL

DEPOSIT

INSURANCE

CORPORATION

W. L. Hemingway, president of the
Mercantile-Commerce Bank and Trust
Company, St. Louis, announced the

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Federal Reserve Bank of St. Louis

Northwestern Banker

February 19't6

u b l ic

a t io n a l

ank

A N D T R U S T C O M P A N Y OF N E W Y O R K
37 Broad Street

CONDENSED STATEMENT OF CONDITION
December 31, 1945
RESOURCES

Cash and Due from B a n k s ............................................................. $102,852,117.41
324,192,673.58
U. S. Government Securities.........................................................
State and Municipal S ecurities.....................................................
7,603,250.31
Other S ecu rities............................................................................
2,407,076.] 7
Loans and D isco u n ts...................................................................
136,793,239.93
Customers’ Liability for A cceptances......................................
1,522,040.72
Stock of the Federal Reserve B a n k ...........................................
660,000.00
Banking H o u s e s ............................................................................
1,915,786.70
Other Real E s t a t e ........................................................................
25,143.66
Accrued Interest R e c e iv a b le .....................................................
1,241,454.18
Other A s s e t s .................................................................................
232,234.90
$579,536,017.56
LIABILITIES

C a p it a l...................................................................$ 9,625,000.00
S u rp lu s...................................................................
12,375,000.00
22,000,000.00

Undivided P r o f i t s ................................................

4,892,178.13 $26,892,178.13

Dividend Payable January 2
Unearned Discount........................................................................
Reserved for Interest, Taxes, Contingencies.............................
A c ce p ta n ce s ......................................................... $ 3,195,332.68
Less: Own in P o r t f o l i o ................... ....
1,120,409.71
Other L ia b ilit ie s ........................................................................
D e p o s i t s ......................................................................................

165,000.00
360,979.86
4,304,692.24
2,074,922.97
240,264.29
545,497,980.0 ¿

$579,536,017.56
Securities carried at $ 8 6 ,0 1 0 ,3 6 4 .2 8 are pledged to secure V. S. Government W ar Loan
Deposits o f $ 8 3 ,4 4 9 ,4 2 4 .2 0 and other public and trust deposits, and fo r other purposes
as required or permitted by law.
M EM BER:

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Federal Reserve Bank of St. Louis

N. Y. C LE A R IN G HOUSE A SSO C IA T IO N • F E D E R A L R E S E R V E
F E D E R A L DE PO SIT IN SU R A N C E C O R P O R A T IO N

February 1946

SYSTEM

Certificates and Corporates
Suggested for New M oney Investment
With Six-Month Certificates and Long-Term,

High-Grade

Corporates,

Proportions for Each Bank Will Be Indicated by
Particular Banking Requirements
B Y ALL odds the feature of the bond
market since the turn of the year
particularly, but also for some
days before that, has been the per
formance of the “tap” 214 s—the re
stricted long Treasurys. For instance,
from December 10th, when trading in
the new 214 s began, to January 14th,
this issue has risen a total of three
points and this premium of three
points was shared by the 2 V
2 Sof June,
1972-67, with the earlier tap issues
showing similar gains. This was not
matched or scarcely approached any
where else in the market.
Taking the earlier issue, the June
2V
2 S of 1972-67, for example, in order
to eliminate the underpricing of the
new 2 V
2 Sat the issue price of par, the
decline in yield in the period in ques
tion was from 2.44 to 2.30 per cent.
In the same length of time, the yield
of the Standard & Poors A1 plus com
posite corporate average declined only
about a fourth as much, or 0.034 per
cent, while the yield on the “bank”
2V
2 S of 1972-67 was pared by 0.06 per
cent.
The significance of the strength in
non-bank bonds is that high grade
corporates still appear relatively un
derpriced despite the strength that
they have shown, and that they may
now attract increasing demand from
non-bank investors. Between par and
101 the flow of non-bank institutional
funds into the tap issues has been
more natural, but at the present level
and narrowed differential of yield, the
corporates should be in line for great
er demand from non-bank sources.
Banks may thus find keener competi
tion for the only eligible issues that
will give them better than a 2 per
cent yield before taxes.

income Problem More Pressing
The stampede of the bond market
for the past month is traced to a broad
ening awareness of the comfortable
position of the Treasury and the im
plication that not only will there be
no need for new money offering for

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Federal Reserve Bank of St. Louis

By Raymond Trigger
I n v e s t me n t A n a l y s t
N e w Yo r k C i t y

This is a discussion of fac
tors affecting your invest
ment portfolio. If you have
any questions, or if you
find yourself in disagree
ment with comments here
in, your letters, addressed
to the N ORTHW ESTERN
B A N K E R , will be wel
come and will be answered
here if the subject matter is
of general interest. Under
no circumstances will the
editor of this column dis
cuss specific securities.

six to nine months at least, but also
that the $2,750,000,000 callables, half of
the maturities falling in the first six
months of this year, might be met
without refunding. This is deduced
from the fact that the Treasury bal
ance at the year end was about $27,500,000,000, including $1,250,000,000 of
deferred subscriptions. De d u c t i n g
from this the revised estimate of $6,000,000,000 budgetary deficit to June
30th and a “safe” working balance of
$5,000,000,000, the difference of $16,500-,
000,000 might be considered available
for debt retirement.
The prospect of a shrinkage of $15,000,000,000 or more in the outstanding

amount of government issues is less
important, however, than the fact that
there will be no need to offer an at
tractive issue for new money for some
time. The pattern of refundings and
offerings for most of the past year has
been confined to 12 and 13 month is
sues which do not solve the income
problem anyway.
In any case, it all adds up to an
almost appalling prospect for income
unless a move is made in one or more
directions to stop the stampede. There
is some talk that there will be a meet
ing of the open market committee in
the near future to consider a course
of action and at least four proposals
may come up for consideration. One
or more of these may then be recom
mended to the proper authorities.

Four Proposals for Solution
One is to take up the question again
of removing the preferential redis
count rate which has provided such a
convenient method for banks to antici
pate future cash and go into the long
er term market. Another is to take
the edge off the long term market by
continuing offer of tap issues. A third
is to remove some of the threat of a
shrinkage in the supply of issues by
the regulation of the rate of the run
off of the Treasury balance. Finally
will be the question of how best to
apply the Treasury’s cash to bond re
tirement— i.e., whether to buy the
holdings of reserve and member banks
and reduce reserves directly or to buy
the holdings of privately owned bonds
and reduce excess reserves by thus
adding to deposits. The net of all
this is that there are deflationary
moves in the making and this should
be borne in mind.
This explains the mixed feelings of
investors regarding the further ad
vance of the long bank 214 s to the 109
level and the 2 per cent yield basis
which had been forecast for this issue.
They are happy with their book profit,
but are less confident of the future
which now looks more and more like
Northwestern Banker

February 19^6

34
a one-way street. This puts it mildly,
and one commentator has described
the situation as being “filled with dy
namite.”

Inconsistencies
In making this observation, we are
not forgetful of the more reassuring
tone of the previous letter which men
tioned the abhorrence of Secretary Vin
son of the thought of “even a little
more” interest cost to the government.
We do not, on the other hand, lose
sight of the fact that the interest cost
on long term 236 s, for instance, is
based on the price of 100 and not 109
and the Secretary’s comments need
not be construed as calling for a re
duction in the interest cost below

what has prevailed. Finally, things
have happened so fast that it is well
to stop and look around.
A near-rival of the top issues in vig
orous price action have been the “tax
frees.” With gains up to two points,
these issues have recovered complete
ly from the sell-off that accompanied
the new tax law and the end of E.P.T.
The current rise is merely in sym
pathy with the strength of the tax
able issues but have not fully caught
up yield-wise. After tax yields on the
“tax frees” are still 0.03 to 0.07 great
er than on taxable issues of similar
term up to 10 years with the spread
widening to 0.10 in the longer terms.
This extra yield probably reflects a
disinclination toward the greater pre-

W K ÈÊ

INSTITUTIONAL
BOND

oftROUP SE

mium on the tax frees although this
difference is now much smaller.
As might be expected in the stam
pede for the longer maturities, glaring
inconsistencies have developed. As a
result of the flight from “one-year and
less” group in favor of the longer hold
ings and also because of so much talk
of doing away with the preferential
short rediscount rate the yield rela
tionship in the shortest term section
remains askew. One does not have to
go beyond July, 1946, to obtain almost
the same rate as on the December,
1946, or January, 1947, maturities, and
within 0.02 of being as good as on the
March, 1947, notes.

Suggested Policy
For the time being, this suggests the
policy for new money investment of
combining six month certificates with
long term high grade corporates for
the maximum in yield and price pro
tection. Actual proportions for each
bank will have to be indicated by par
ticular banking requirements includ
ing the legal limit on corporate pur
chases. Unfortunately, the latter is
an inhibiting factor on fullest utili
zations of opportunities in the long
term high grade corporate yield. In
our opinion 2A and 3A bonds should
be exempted.
Among the most attractive issues in
the long term high grade corporate
group are Atlantic Refining 2%s, Dayton Power & Light 2%s, Northern
States Power 2%s, Buffalo Niagara
Electric 2s, Cincinnati G & E 21s, Chi
cago Union Station 3y8s and Kansas
City Terminal 2%s of 1974. The latter
two, bearing multiple guarantee of ten
ant roads may present a particular
problem for banks with small legal lim
its and holdings in the direct obliga
tions of the guarantor roads. That is
probably one reason for the relative
underpricing of such issues.
An interesting study of the corpo-

A PROSPECTUS O N R E Q U E ST F R O M
Y O U R IN V E S T M E N T D E A L E R O R
D ist r ib u to r s G roup, In c o r po r at ed
63 W a ll Street

•

N ew York 5, N . Y .

Is this your idea of a gentle hint?

Northwestern Banker

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

February 19'ifì

35
rate market has been made by Mr.
Charles Cole of the Trading and Ex
change Division of the SEC. Among
the things pointed out by his study is
that there was a net decline of about
$900,000,000 in the total supply of bank
eligible corporates in the period from
May, 1941, to August, 1945, but that
there was twice as great a decline in
what he terms the “most profitable”
group. The latter is explained as con
sisting of non-callables or issues sell
ing below call price. The $1.8 billion
shrinkage in the most profitable group
in this period is represented to the
extent of 97% per cent by transition
of issues from discount to premium
prices and from below call to over
call price. A particularly interesting
finding of this study was that the total
of issues selling below call price de
clined by only 2% per cent in the pe
riod in question because of refundings
at lower rates and lower prices. # #

credits and debits to profit and loss
account, the net profits for the past
year were $5,985,472, compared with
$5,777,017 in 1944.
Total resources at the 1945 year end
were $868,517,977 compared with $774,126,070' a year earlier.

Statement Reflects Gain
Increasing approximately $78,000,000
during 1945,- deposits of California
Bank, Los Angeles, at year-end were
$486,625,009, according to the bank’s
December 31st statement of condition.
The statement reflects an increase

in surplus incident to the retirement
of $800,000 in preferred stock which
resulted in a capital of $5,000,000, all
common, and a surplus of $5,000,000.
Undivided profits as of December
31st were $2,941,876, bringing the total
capital structure of the bank to $13,321,876. Dividends of $1.50 per com
mon share, or a total of $300,000, were
paid during the year and net earnings
after all charges amounted to $1,069,760, or $5.35 per share.
Total resources of the bank are now
$502,233,914, as compared with $422,440,243 at the end of 1944.

iyiiiiiiiiiiilliiillllllllllllllllilliiiiiiiilllliliiiiillM

Guaranty Trust, New York
The statement of condition of Guar
anty Trust Company of New York as
of December 31, 1945, shows total re
sources of $3,813,507,041.62, as com
pared with $3,826,161,881.54 on Decem
ber 31, 1944. Deposits are $3,309,452,507.15, as compared with $3,441,036,640.75 a year ago; U. S. government
obligations total $2,059,320,457.25, as
compared with $2,362,481,367.07, and
loans and bills purchased total $960,041,680'.13, as compared with $826,356,970.19.
Capital and surplus remain un
changed as $90,000,000 and $170,000,000,
respectively, and undivided profits of
$52,676,254.64 compare with $42,222,570.91 on December 31, 1944.

UNDERWRITERS
and

DISTRIBUTORS ’ 4U--.

Federal Reserve, Chicago
C.
S. Young, president of the Federal
Reserve Bank of Chicago, announced
that the board of directors made the
following changes in the official staff
of the bank:
Mark A. Lies, from assistant cashier
to assistant vice president; Louis G.
Meyer, from assistant cashier to as
sistant vice president; John W. Garvy,
from assistant counsel to assistant gen
eral counsel; Orville C. Barton, from
assistant to counsel to assistant coun
sel; E. A. Heath, from assistant cash
ier to assistant cashier and assistant
secretary.

CORPORATE
SECURITIES
M errill L y n c h , P ierce , F enner & B ean e
Underwriters and Distributors of Investment Securities
Brokers in Securities and Commodities
70 PINE STREET

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

Philadelphia National
Gross earnings of the Philadelphia
National Bank for the year 1945 aggre
gated $11,957,511 against $11,888,516 in
1944, while operating charges were
$6,366,724 against $5,968,269. After giv
ing consideration to the transfer of

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

Offices in 88 Cities

illllllllllllllllllllllilllllllllllllllllllllllllllllllllllllllllllllllllinillllllllllllllllHIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIilllllllllllillllllllllllllllllllllllllllllllllllllllllllllllllllllllllllHIIIHIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIINIIIIIIIIIIIIte

Northwestern Banker

February 19b6

American Express
Three new vice presidents and four
assistant vice presidents of the Ameri
can Express Company were elected at
the annual meeting of the board of
directors, according to Ralph T. Reed,
president of the company.
Elevated to the vice presidency were
Thomas R. Clark and Clyde R. Merrill,
formerly assistant vice presidents, and
George F. Doherty, Jr., who recently
joined the company to direct the en
larged foreign traffic department.
Thomas J. Connolly, William F. Fox,
Sidney E. Sweet and George C. Finehout were appointed to serve as as
sistant vice presidents.

Chase Broadens Services
To broaden its services to the pub
lic, the Chase National Bank an
nounced that a consumer credit depart
ment is being organized for the bank’s
head office and 27 branches in New
York City and will be in operation
within a few weeks.
These new lending facilities, it was
announced, will make credit available
at reasonable rates to individuals to
meet various personal requirements
and also will accommodate small busi
nesses which prefer to utilize bank
credit on an instalment payment basis.
The new department will be estab
lished in the midtown district.

Federal Intermediate Credit Bank
Consolidated Debentures Offer. . .

P u rc h a se a n d C o lla t e ra l

HESE O B L I G A T I O N S , in maturities not

exceeding six m onths, are eligible for
purchase by Federal Reserve Banks and as
collateral for their 15-day loans to m em ber
banks. T h e debentures also provide security

Question: W hat do you think
of the proposed 4.4 billion
dollar loan to G reat Brit
ain?
Charles J. Koss, cashier, Swisher
Trust and Savings Bank, Swisher,
Iowa: “While I do not favor the loan,
I do believe since this country is in
the position of playing a dominant
role in world affairs, it is to our in
terest as well as that of Great Britain
that the loan be granted.
“During the dark days of Dunkirk, if
Great Britain had not held out and
the burden of fighting the battles
against the Axis had been left to us,
the additional cost to this country in
winning the war might have been far
greater than the amount of the pro
posed loan.”
Louis Schreck, cashier, Templeton
Savings Bank, Templeton, Iowa: “ In
my opinion the proposed loan of 4.4
billion dollars to Great Britain, if con
summated, will be a gift. The terms

for various fiduciary, trust and public funds.
Issued under authority o f the Federal Farm
Loan A ct, as amended, they may

be pur

D enom inations from $ 5 ,0 0 0 to $ 1 0 0,00 0 are

THOMSON &
McK in n o n

offered for subscription at regular intervals.

STOCKS • BONDS
COMMODITIES

chased, without limitation, by national banks
as well as by many state chartered banks.

216-218 Empire Bidg.
DES MOINES

THE FEDERAL INTERMEDIATE CREDIT BANKS

11 W a ll S treet, N ew Y o r k
231 S. L a S a lle St., C h ic a g o
B r a n c h e s in 34 C itie s

Further particulars respecting these desirable
investments will be supplied by

Write for our weekly Stock Survey
D IR E C T P R IV A T E

C H A R L E S R. D U N N , Fiscal A g e n t
31

a s s a u

Northwestern Banker

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Federal Reserve Bank of St. Louis

t r e e t

February Í9Í6

e w

o r k

Phone 4-2127

W IR E

Laverne M. Barlow
M anager
M em b ers N ew Y o r k S to c k E x c h a n g e
an d o t h e r p r in c ip a l e x c h a n g e s

37
of the loan are too “iffy” and if we have
learned to know the British, we ought
to know by now that they will use
every escape clause in the terms of
this proposed loan for their own ad
vantage. If their intentions are honest,
why not have an unconditional prom
ise to pay.
“We know that the British need
foreign currencies to pay for their
normal imports, but in asking for this
loan, they have the impudence to
threaten us with a resort to all kinds
of restrictive schemes in order to com
pete with us for world trade, if the
loan is not granted. I think that after
this money is turned over to them
they will still use every trick in the
hag to beat us out of world markets.
“ If we in these United States are
ever to become realistic about finances,
we better quit pouring money into
foreign rat holes and get our own
economic and financial affairs in order.
God knows we need to pretty soon, if
it isn’t already too late. Uncle Sam
has been ‘Uncle Sap’ long enough.
In this international game of give-andtake, this country should NOW stop
doing all the giving.”

American National Report
Net earnings of $600,590 for 1945
were reported for the American Na
tional Bank and Trust Company of
Chicago by President Lawrence F.
Stern in his annual report to stock
holders.
The per share comparison on the

• 1945 Review of •

UNITED STATES GOVERNMENT
FINANCING OPERATIONS
The new edition of our annual review of financing operations
and price records is now ready for distribution. It supple
ments previous editions which were found of much value by
banks and other institutional investors.
In addition to outlining the Government's financing steps taken
from 1 9 4 1 to the conclusion of the war, this publication lists
price and yield indices as well as other pertinent data for
various tax types and maturity groups of U. S. Treasury
obligations.
Copies available to banks and other
institutional investors upon request.

Frank Krejci, president, The Schuy

ler State Bank, Schuyler, Nebraska:
“ I think it should not be loaned. Why
should a country expect a country on
a capitalistic basis to finance socialism
for itself?”
president, North
western State Bank, Ortonville. Minne
sota: “ I am not in favor of this loan
to England for $4.4 billion. I believe
the Administration was afraid to make
it an outright gift so proposed it in
the form of a loan. It is about time
we quit playing Santa Claus. Let Eng
land solve her own problems. I be
lieve some of the war torn countries
are more in need of assistance.”
P.

Schneck,

president, Dakota
State Bank, Milbank, North Dakota:
“ I feel as one Congressman recently
suggested, that this matter be put be
fore the voters of this country. Rumor
is that England owns considerable in
vestments in this country, in General
Motors and other large corporations
and why do t^ey not <pjlateralize like
any other lehding agency, would re
quire. We should keep in mind that
the appeal was made in the last bond
drive to buy $18.75 bonds to bring the
boys home; why now loan this money
to foreign countries. There is also a
limit of national debt and amount of
income taxes our people can stand.
Why continue to be a Santa Claus?”
E.

C. J. D E V I N E & C O .
IN C .

The Field Building, C hicag o 3, III.
New York

•

Boston

•

Cincinnati

Philadelphia
•

St. Louis

•
•

Pittsburgh

•

Cleveland

San Francisco

Direct W ires to oil Offices

☆ -------------------------------------------— -----------------------------------------------------*

Specializing in Unlisted Securities

BANK — INSURANCE

Stengel,

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

20,000 shares of capital stock outstand
ing is $30.02 earned in 1945, compared
with $25.37 in 1944. Dividends at the
regular rate of 6 per cent annually
were paid in 1945, totaling $120,000.
Total resources of the American
National B a n k on December 31st
amounted to $236,975,713, double the
bank’s resources of three years ago.

PUBLIC UTILITY —

INDUSTRIAL —

REAL ESTATE

LUMBER & TIMBER
BONDS, PREFERRED AND COMMON STOCKS
BOUGHT

—

SOLD — QU OTED

REMER, MITCHELL & REITZEL, IRC.
208 So. La Salle St., Chicago 4
RANdolph 3736
WESTERN UNION
TELEPRINTER
“ W UX”

BELL SYSTEM TELETYPE
CG-989

Northwestern Banker

Februarij 19^6

WHAT LIES
AHEAD
W e are not magicians.
in detail.

W e don't have the answer

But we do have the same confidence in

the future of America that prompted a great patriot
to say, "I can but judge the future by the past."
W e are proud of our past record.

Our achievements

of the past year speak well for our Company and the
men who represent us. To our agents and friends in
the Banking Field the clearest picture we can present
is our
39TH

ANNUAL

STA TEM EN T

as of DECEMBER 31, 1945

LIABILITIES

ASSETS
Cash ......................................................... $

93,478.15

7.8%

U. S. Bonds (am ortized v a l u e ) . . . .

810,730.00

68.0%
1.7%

Building and Loan Shares...............

20,000.00

Real Estate Ow ned...............................

2,900.00

First Mortgages (none d elinqu ent). .

128,822.78

10.8%

Due from Agents (current b a la n ces)

108,257.30

9.1%

Due from Reinsuring Companies; . .

3,954.14

.3%

Accrued Interest on Investments. . .
Cash Value of Life Insurance.........

5,308.91
18,963.14

.2%

.5%
1.6%

Current B ills...........................$
Employees Bond Account.
Govt. Withholding T a x ...
Current Reins. Premiums..
Reserve for Taxes................
Reserve for Unearned
Premiums ......................
Reserve for Unpaid Losses
Additional Reserve Acct.
Schedule P ..................

Surplus

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

$1,192,414.42 100.0%

988.89
399.90
1,616.90
13,974.54
31,681.97
547,606.18
109,871.44
16,340.00

469,934.60
$1,192,414.42

A ll p o licies issu ed b y the W estern Mutual Fire Insurance C om pany a re n o n -a ssessa b le

WESTERN MUTUAL
FIRE INSURANCE CO.
9th & Grand

Northwestern Banker

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

February Hl'ill

Des Moines: Iowa

W h a t W e Like o ur

C o m p ames
for Us

From His Experience of Forty Years in the Business, a Local Agent Tells
W hat He Considers Desirable Company-Agent Cooperation
E
’
N
: In response to a re
cent De Puy Publications survey,
“How the Agent Chooses His Com
pany,” many local agents reported at
greater length than the brief checking
of the several items on the question
naires. Among those who went into
greater detail in their replies was a lo
cal agent in Illinois, who prefers that
his name be omitted in any reference
to the comments he made. The follow
ing is what this local agent says.
d it o r s

ote

HE kind of service a company
gives to its agents is to me the
most important item of company
representation. Companies should as
sume a human attitude toward their
agents, and not continue in the agentbe-damned system that some years ago
used to be about all the agent could
expect. Fortunately most companies
have discarded this undesirable qual
ity, and are more human than they
were formerly.

Here is an agency that be
lieves in advertising— pays
its balances promptly, and
wants its losses paid the
same way— would like to
see an increase in its com
missions— and tries to keep
the respect of the compa
nies it represents.

Sales Promotion

offices depends in great part upon how
much of a live-wire organization the
agency receiving such promotion is.
Many agencies could receive the most
outstanding sales promotion hel ps
available, and be either too dumb to
recognize them as such, or too slip
shod in their selling methods to take
advantage of the offer. In our agency
we use considerable advertising pre
pared by the companies, and in addi
tion much copy produced in our own
office. For the past 25 years we have
spent around $3,000 annually on adver
tising and sales promotion of various
kinds.

I think the effectiveness of sales pro
motion helps sent out by the home

Naturally we do business only with
companies which we consider finan

Our agency writes all lines of cover
age, and does very little brokerage.
There are ten persons on our staff.
Over 85 per cent of our business is
owned by the agency and is renewed
by us.

Scarborough

cially responsible, and we do our part
in keeping up our balances so our com
panies have from us the cash to which
they are entitled. So far as the public
is concerned, however, financial stabil
ity seems to have little interest—all
the public cares about is how quickly
the claims are paid.
In the main, the fieldmen who call
on us are fine fellows, and know most
of the answers. But they do waste lots
of our time—unintentionally, of course.
Occasionally three or four fieldmen call
on the same day, with the result we
get little done in the agency—I have
had to put in many an evening catch
ing up on work that hours of conver
sation had prevented my doing in the
daytime.

Representation
Our favorite company to represent is
one that pays its losses promptly, with
no quibbling. We realize that differ
ences of opinion on loss payments are
not always the fault of the company—
in many such cases the risk should not
have been written in the first place.
This agency has been in business many
years, and I can truthfully say that we
have never placed a risk that we con
sidered questionable, nor have we ever
asked a company to pay a claim that
was not justified.

Com pany

Insurance Counselors to Banks

D id yon know that this company pioneered in putting
Bank Insurance on a scientific basis and forcing
rate reductions? Ask us about our counseling service.

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

F I R S T N A T I O N A L B A N K B U I L D I N G • C H IC A G O
STATE

IL L .

4325

Northwestern Banker

February I!)'it!

40
I suppose there are some factors that
influence what companies our business
is placed with, but we try to be fair to
all of those in our agency. Of course,
we are not in business for our health,
and that means that the commission
angle makes some difference where our
business is placed. All we ask is a
reasonable commission, not influenced
by a long story about home office costs.
We know nothing about operating a
home office, but it is the local agent
who makes the home office possible,
including all the salaries, small and
large, that are paid there, so the local
agent, we think, should receive first

consideration whe n reimbursements
for labor performed are allocated.
I think, in some cases, the company
could have a little more respect for
the agent that represents it—and that
works both ways — the agent should
respect his company, too. The official
who these days feels he is doing the
local agent a favor by allowing the lat
ter to represent his company is still
working in the Dark Ages—those days
are gone. A good company, fairly and
squarely operated, should have no
trouble in finding good agency repre
sentation.

improved Service
To fully tell how companies could

1945 -ANOTHER GOOD YEAR FOR
ALLIED MUTUAL andFOROUR AGENTS
S T A T E M E N T O F A S S E T S AND LIA BILITIES
A s o f D e c e m b e r 3 1 , 7945
ASSETS
Bonds (Am ortized Value)
Government ...............................................................$1,697,767.10
Iow a County ............................................................
27,450.94
Railroad (G overnm ent G uaranteed)...................
122,606.85
Federal Savings and Loan Certificates...........................
Deposits (not on interest)
Central National Bank and Trust Company,
Des M oines ..........................................................$
Iow a-D es M oines National Bank & Trust Co.,
Des M oines ..........................................................
The Grundy National Bank, Grundy Center,
I o w a ........................................................................
Earlham Savings Bank, Earlham, Io w a ..........
Farmers State Bank, Luverne, Io w a ..................
Cash in O f f i c e .....................................
A gents’ Balances (U nder 90 Days O l d ) ....................
Interest Accrued
Bonds .......................................................................... j
Federal Savings & Loan (Dividends Declared)

Always First
$1,847,824.89
71,500.00

133,374.71
25,000.00
5.000. 00
5.000. 00
5.000. 00
400.00

173,774.71
144,749.26

10,064.36
863.75

Total Adm itted Assets ..................................................................

10,928.11
$2,248,776.97

L IA B IL IT IE S
Reserve for Liability and W orkm en ’s Compensation Claims. . . .
Reserve for All Other C laim s..............................................................
Estimated Expenses of Investigating and Adjusting ciaim s. . . .
Reserve for Unearned Prem ium s........................................................
Reserve for Taxes and Miscellaneous Item s...................................
Reserve for Dividends ..................................................................
Funds Held Under Reinsurance Treaties.........................................
Reserve for Contingencies ..............................................................
Total L ia b ilities................................................................................
^Surplus to P o licy h o ld e rs ................................................................
Balance ...............................

$ 416,648.82
174,730.31
18,346.68
736,133.62
56,088.40
837.77
1,953.09

100,000.00

$1,504,738.69
744,038.28
$2,248,776.97

''Includes $250,000 Guaranty Fund.

ALLIED MUTUAL
CASUALTY COMPANY
Harold S. Evans,
Hubbell Building

Northwestern Banker

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

February 19'ib

improve their service to local agents
would make a long story, but I think it
is a great credit to the companies that
most of them are now giving the best
service they know how to give. There
is one thing, however, that has me puz
zled. The world is constantly progress
ing—almost every day there are new
inventions and new ways offered to
apply the improvements we already
have, but insurance companies and the
coverage they offer seem to always
lag a bit behind progress—they are
seldom on hand with the answer when
some new coverage problem is pro
posed. They say experience on new
risks must be built up before proper
rates can be established. This is true,
for the long range view, but the alert
local agent wants to take advantage
when opportunity knocks, and make a
sale. Why not set an arbitrary rate to
start with, make it high enough to
cover all contingencies, and then ad
just it later on? The customer wants
protection and, in most cases, is per
fectly willing to pay for it. Let him
have what he wants. # #

P re sid e n t

Des Moines 7, Iowa

Because each year so many letters
are received from business contempo
raries commenting on Northwestern
National Life’s ability to issue its com
plete and final annual statement on the
first day of the new year, NwNL’s
president, O. J. Arnold, undertook to
describe the statement procedure in a
letter to members of the company’s
agency organization. He revealed that
over a period of 20' years, during which
Northwestern National has been the
first life insurance company in the
country to publish its annual state
ment, the compiling of necessary data
has been so streamlined and systema
tized that the whole operation now
moves like clockwork.
In paying tribute to the man on
whom much of the statement respon
sibility is centered, Mr. Arnold de
clared: “Although he is quick to in
sist that teamwork, rather than the
efforts of a single individual, is respon
sible for this annual achievement,
much of the credit for it is due E. D.
Lacy, assistant actuary and manager
of NwNL’s division of research and
audit, who over the years has devel
oped and refined the techniques in
volved in compiling the statement.”

Re-elect Officers
B.
Rees Jones was re-elected presi
dent of the Town Mutual Dwelling
Insurance Company of Des Moines at
the fifty-third annual meeting held in
Des Moines.
Mr. Jones has been general manager
for 30 years, and is entering his for-

41
tieth year of service with Town Mu
tual.
Directors re-elected were: H. F.
Gross, Des Moines; R. Lloyd Young,
Oelwein; R. J. Sullivan, New Hampton;
Harold S. Evans, Des Moines, and Wil
liam Koch, Des Moines.
Other officers re-elected were: Les
ter T. Jones, Des Moines, vice presi
dent; Frank H. Dirst, Hampton, sec
retary; William J. Goodwin, Des
Moines, treasurer; C. L. Henschel, Des
Moines, assistant secretary; Leslie L.
Greve, Des Moines, assistant secretary;
Gus Scurlock, Des Moines, superin
tendent of agents.
A gain of $29,466,006 insurance in
force was made during the past year
—the second largest gain in Town Mu
tual’s fifty-three years of operation—
bringing the total insurance in force
to $645,342,802, and assets were in
creased to $2,412,000, according to
President Jones’ annual report.

Employers Mutual
J.
W. Gunn was re-elected president
and treasurer of Employers Mutual
Casualty Company, and two new mem
bers were elected to the board of di
rectors at the recent annual meeting.
Lifting of gasoline rationing has re
sulted in a sharp increase in automomile accidents. President Gunn said in
his annual report. He announced that
since gas rationing was eliminated the
company’s automobile accident claims
have increased more than 50 per cent.
He also reported substantial gains in
assets and in new business!
Assets of the company on Decem
ber 31, 1945, totaled 89,154,193, Presi
dent Gunn reported. Surplus and con
tingency reserves increased to $2,123,835. Written premiums of the com
pany gained more than 30 per cent
over the previous year, totaling $6,400,000 in 1945.
The annual report also showed that
the company is now doing business

Wilkinson, superintendent of agents,
and H. A. Watson, assistant secretarytreasurer. Other directors re-elected
included J. W. Gunn, Dr. Lawrence E.
Kelley and W. Z. Proctor.

in 23 states with more than 3,000
agents. It now has over 200 employes
on its staff.
Newly elected to the board of direc
tors were Amos C. Pearsall, general
manager of the Pittsburgh-Des Moines
Steel Company, and Carl Muelhaupt,
secretary of the Des Moines Ice and
Fuel Company.
Other officers re-elected were: John
F. Hynes, vice president and secretary;
W. Z. Proctor, general counsel; M. J.

Training Programs
State bankers associations in the 48
states and the District of Columbia
are urged by the American Bankers
Association to work closely with their
state departments of education to set

Financial Statement of

A M E R IC A ' S
e

i£

d w e l l i n g

IN S U R A N C E

C O M P A N Y

December 31, 1945

ADMITTED

ASSETS

Cash in Banks and O ffic e --------------------------------------- $ 389,440.92
Federal Savings and Building and Loan Associations
284,000.00
United States Government B o n d s -------- -------------------- 1,259,610.39
154,594.45
State, County and Municipal B o n d s -----------------------Canadian B o n d s ------------------------------------------------------86,555.85
Canadian National Railway B o n d s -----------------------105,243.09
(Guaranteed, by Canadian G ov ern m en t)

Public Utility B o n d s -------------------------------------------------Federal Land Bank B o n d s --------------------------------------Accrued I n t e r e s t ------------------------------------------------------A gents’ Balances (N ot over 90 days due) — -------Other A s s e t s -----------------------------------------------------------*T O T A L

A D M IT T E D

51,978.44
19,917.50
12,555.94
49,346.61
489.41

A S S E T S ------------------ $2,413,732.60

*A11 B onds are am ortized. I f valued at m arket,
a ssets would be in crea sed $57,836.34

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

33,589.00

(L o s s e s incurred and in p ro ce ss o f a d ju stm en t)

Reserve for Unearned P r e m iu m s----------------------------Reserve for Taxes and E x p e n s e s ----------------------------Other L ia b il it ie s -------------------------------------------------------

1,024,876.55
30,366.41
2,296.13

Total Liabilities and R e s e r v e s --------------------------$1,091,128.09
Guaranty F u n d ---------------------------------- $ 200,000.00
S u r p lu s ------------------------------------------------- 1,122,604.51
S U R P L U S T O P O L I C Y H O L D E R S ------------------- 1,322,604.51
T O T A L --------------------------------------------------------------$2,413,732.60

# Insurance in Force December 31, 1945^

( $ 6 4 5 ,3 4 2 ,8 0 2 .0 0 /

L r o w fu A liitu a l
D w e llin g In s u ra n c e C o m p a n y
B. REES JONES, President
N ever m ind, s ir ; y ou ’ ll get your order in
first tom orrow .

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Federal Reserve Bank of St. Louis

Hubbell Building, Des Moines
Northwestern Banker

February 1946

up adequate requirements for “on the
job” training programs for veterans
who will return to their employment
in banks or who desire to enter bank
ing. The national association, through
its Committee on Service for War Vet
erans, of which Chester R. Davis, vice
president and trust officer, Chicago Ti
tle & Trust Company, Chicago, Illinois,
is chairman, recently mailed a bulletin
to all state bankers association secre
taries, which discusses in detail the
educational provisions of the Service
men’s Readjustment Act of 1944, deal
ing with “on the job” training pro
grams as they apply to banking.

The bulletin says, “We have found
that there is widespread interest
among our member banks in the ap
prentice on-the-job training program
available to veterans under the educa
tional features of the Servicemen’s
Readjustment Act.
“ Our committee recognizes that
there are many advantages available
to veterans and to banks through op
eration of the on-the-job training fea
tures of the G. I. Act, the most impor
tant of which is the possibility of co
operating more fully with the vet
eran.”

Issues Warning
The entire economic future of Can
ada would be threatened by any at
tempt to make the Dominion a selfsufficient nation, Morris W. Wilson,
president of the Royal Bank of Can
ada, warned in attacking proposals
that the country concentrate on pro
ducing only for its own use.
Speaking at the bank’s 77th annual
meeting in Toronto, Mr. Wilson as
serted that the growth of Canada as
a great nation over the past 45 years
has been directly associated with its
expanding export market.
“ Suppose we cut down our produc
tion of food and manufactured articles
to the quantity it would be physically
possible for our population to con
sume, it would obviously reduce em
ployment, diminish income, and lower
our standard of living,” he declared.
“ It was tiot by cutting off markets
that our manufacturers increased their
payrolls by more than 900,000 persons,
their payments of salaries and wages
by 1651 per cent, and the gross value
of their products by 1712 per cent in
the past 45 years.”

Geared to Serve

THE TEMPO OF BUSINESS TODAY
^ p H E Midwest’s future beckons invitingly. Here business and
J- industry, strategically placed in the center o f America, move
forward to new achievements with the aid o f modern technological
progress — and move at an increasing tempo.
As a business-minded bank, it is our function to aid in the main
tenance o f this stepped-up tempo. Frequently it is our privilege
to cooperate with correspondent banks in assisting their cus
tomers to solve efficiently the problems o f finance which arise in
an expanding industry. Possibly we can be similarly helpful to you.

The kind of a job banks do in supply
ing the credit needs of all worthy en
terprises will decide the kind of a
banking system, private or govern
ment directed, we shall have in this
country in the future, Walter B.
French, deputy manager of the Ameri
can Bankers Association, told the Sev
enth Annual Conference of the Louisi
ana Bankers Association.
Mr. French, who is in charge of ac
tivities of the A.B.A. Postwar Small
Business Credit Commission and the
Consumer Credit Committee, said:
“ Our banks must do an outstanding
job in supplying the credit needs of all
worthy enterprises, with special at
tention paid to the needs of the small
business man. Largely through the
efforts of the Postwar Small Business
Credit Commission, private banking
has convinced Congress that banks
have been supplying and will continue
to supply the credit needs of our peo
ple and, further, that government aid,
either direct or through guarantees,
is not necessary.”

A M E R IC A N NATIONAL BAN K
Optimistic

AND TRUST C O M P AN Y
OF

C H IC A G O

LA S A L L E S T R E E T

AT W A S H I N G T O N

Member Federal Deposit

Insurance Corporation

w
O U R

B U S I N E S S

Northwestern Banker

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Federal Reserve Bank of St. Louis

I S

February 19^6

T O

H E L P

B U S I N E S S

Little Tommy came from Sunday
School with the distressing news that
he had lost the penny given him for
the collection.
“But that is three Sundays running
you have lost your penny,” his mother
complained.
“Well,” replied Tommy, “ I must win
sooner or later.”

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

GE OR GE A. B E IT O
President
Gonvick

Rejoins Bank Staff
Adrian C. Tinderholt has returned
to his position as teller at the Free
born County National Bank of Albert
Lea, Minnesota. Mr. Tinderholt served
in the 394th infantry during the war,
and was decorated with the bronze star
medal after participation in the Arden
nes, Rhineland and central European
operations. He started with the bank
in 1939, serving successively as book
keeper and teller till called to army
service in 1942. In the army he served
as personnel sergeant major, with rank
of technical sergeant.

Sponsor 4-H Banquet
The Nobles County Bankers Asso
ciation will sponsor a 4-H Club ban
quet February 22nd at Adrian, Minne
sota, for all 4-H Club members in that
county.

G oes to Lakefield
L. P. Peterson, former cashier of the
First National Bank in Fairmont, Min
nesota, assumed his duties January
first as vice president of the Farmers
State Bank of Lakefield, Minnesota.
Mr. Peterson succeeds H. L. Smith
who went to Luverne, Minnesota, as
vice president and managing officer
of the town’s Farmers State Bank.

Albert J. Lehmicke
Albert J. Lehmicke, 81, president of
the First National Bank of Stillwater,
Minnesota, died last month. Mr. Leh
micke was a Stillwater resident for 65
years, an officer of the old Lumber
mens National Bank, which consoli
dated with the First National in 1919,
and president of the First National
since 1933.
Surviving are three sons, Eugene A.,
of Stillwater; Rudolph of White Bear
Lake, Minnesota; and David of Wil
mington. Delaware, and a daughter,
Mrs. William Hurley of Stillwater.

stad saw considerable action in the
European theater and received several
major decorations.

Touring Texas
Edwin Erickson, president of the
Adrian State Bank of Adrian, Minne
sota, is on an extensive trip to Hous
ton, Texas, and other southwestern
points. He will return to Adrian about
April 1st.

Richfield
Patrick W. Colbert has been pro
moted to assistant cashier of the First
National Bank of Richfield, Minnesota,
according to announcement by the
board of directors.
He was president of the Minneapolis
chapter, American Institution of Bank
ing, in 1936-37 and for three years pre
vious was on the board of governors.

DULUTH
Duluth National Bank
Julian V. Hagberg, vice president of
the Duluth National Bank of Duluth,
Minnesota, since 1940, was elected
president at the annual meeting of the
board of directors. Mr. Hagberg suc
ceeds Lt. Col. William J. Eklund, who
has been in active army service for five
years and is at present with the Vet
erans Bureau at Boston.
Officers of the bank re-named by the
board of directors are: P. N. Hegvold,
vice president; R. S. Carlson, cashier;
C. E. Melander, assistant cashier, and
R. W. Olson, assistant cashier.
Directors re-elected by the stockhold
ers are Mr. Hegvold, R. V. Eckman,
Mr. Hagberg, Oscar Peterson, Matt W.
Koneczny and E. J. Gottschalk.

First and American National

Joseph F. Parker, president of RustParker Grocery Company, was named
to the board of directors by stockhold
ers of the First and American National
Bank of Duluth, Minnesota.
Returns from Navy
Re-elected to the board were: W. B.
All of the officers and directors of Castle, Robert Congdon, Stuart B .
the Citizens State Bank of Walnut Copeland, A. H. Crassweller, James W.
Grove, Minnesota, were re-elected at Galvin, Henry LaLiberte, Charles F.
Liscomb, J. Daniel Mahoney, Robert
the annual meeting.
J.
M. Donahue, who left the employ S. Mars, E. J. Maney, Walter R. Mc
of the bank to enter the Navy, has re Carthy, George H. Spencer, Adam G.
Thomson, George P. Tweed, chairman
turned as assistant cashier.
of the bank board; Willis D. Wyard,
bank president, and Harry W. ZinsCivilian Again
master.
Kent Rogstad has resumed his asso
At the meeting of the board follow
ciations with the Becker County Na ing the stockholders’ meeting, three
tional Bank of Detroit Lakes, Minne bank officials were promoted. They
sota, of which he is a director. Rog- are L. Rex Hatten from assistant vice

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Federal Reserve Bank of St. Louis

president to vice president, Walter L.
Grandy from assistant cashier to as
sistant vice president, both in the mort
gage and installment loan department,
and Vernon K. Falgren from assistant
trust officer to trust officer.
Mr. Tweed was re-elected chairman
of the board and Mr. Wyard was re
named president of the bank. Other
officials re-elected were:
Banking Department—Willis A. Put
man, Mr. Mahoney, Robert W. Hotch
kiss, Emmons W. Collins and Hubert
U. Moore, vice presidents; Sylvester T.
Strain, cashier; Harry W. Gooch, Wil
lard F. Ario and Ray W. Campbell,
assistant cashiers.
Trust Department—Edward L. Palm
er, vice president; Stanley K. Platt,
assistant vice president; John C. Dwan
and Morris S. Knudsen, assistant trust
officers, and John L. Evans, auditor.
In addition, Thomas A. Paulson and
William K. Alford, both of whom have
been lieutenant commanders in the
U. S. Navy, were re-elected to their
positions as vice president and assist
ant cashier, respectively.

Northern National
Two officials of the Northern Nation
al Bank of Duluth, Minnesota, were
promoted by directors at the annual
meeting.
Stephen R. Kirby, Jr., who spent
three years in the U. S. Naval Reserve,
was promoted from assistant vice pres
ident to vice president, and R. E.
Chabot was promoted from secretary
and assistant trust officer to secretary
and trust officer.
Associated with the bank since 1930,
he also is vice president and director
of the First National Banks in Hibbing
and Virginia.
Officers re-elected are: R. L. Griggs,
bank president; S. R. Kirby, chairman
of the executive committee; Lewis G.
Castle, executive vice president; W. W.
Spring, vice president; L. O. Anderson,
vice president and cashier; J. W.
Lyder, vice president; A. B. Miller,
vice president and trust officer; G. E.
Ostrom, vice president; P. R. Pascoe,
vice president; A. L. Horak, E. J. Peter
son, W. A. Chabot and S. J. Nelson,
assistant cashiers, and C. E. Taylor,
auditor.
Directors renamed are Royal D. Alworth, E. E. Hunner, S. E. Atkins, S.
R. Kirby, Chester L. Bridgeman, Otto
G. Lachmund, Fred W. Buck, A. W.
Leraan, J. C. Campbell, Mr. Lyder and
Mr. Castle, Dr. W. A. Coventry, D. C.
McDonald, C. E. Fuller, Jr., Mr. Miller,
A. C. Gillette, Dr. D. C. Rood, Mr.
Griggs and Mr. Spring.

Western National
Alfred Hoel was re-elected president
of the Western National Bank of Du
luth, Minnesota, at a meeting of stock
holders. Elected to the bank’s board
of directors were Thomas J. Doyle,
Duluth attorney, and Elmer S. Olson,
insurance agency owner, both new
members.
Other officials re-elected by the stock
holders were: M. J. Solberg, vice presi
dent; D. C. Wakeman, vice president;
Hilding J. Olson, cashier, and Mrs.
Belle Riddle, assistant cashier.
Re-elected to the board of directors
were Clarence A. Erickson, Mr. Hoel,
John E. Hoff, Harry W. Banners, Dr.
Northwestern Banker

February 19'f6

♦MINN ESOT A NEWS
S. N. Litman, Mr. Olson, Dr. Roy H.
Pfeiffer, Mr. Solberg, Dr. A. J. Spang,
F. H. Wade, Albert E. Waelen and Mr.
Wakeman.

City National
Three new directors and an assistant
cashier were named at the City Na
tional Bank of Duluth, Minnesota.
Stockholders elected John E. Hoff,
vice president and treasurer of the F.
I. Salter Company, Inc.; Joseph L.
Kelly, secretary of the F. S. Kelly Fur
niture Company, and Herbert L. Nordal, president-general manager of the
Bridgeman-Russell Company, as new
directors.
Richard S. Mershon, recently dis
charged from the U. S. Army after
overseas service with Patton’s Third

Army, was named assistant cashier by
the directors.
Officers re-elected are: H. C. Matzke,
president; William A. Gray and Joseph
G. Sellwood, vice presidents; Robert H.
Magie, cashier; Thomas Johnson, trust
officer, and P. H. Peterson and G. R.
Macaskill, assistant cashiers.
All directors were re-elected. They
are Frank E. Parker, H. Y. Josephs,
Mr. Matzke, Joseph G. Sellwood, F. E.
Fregeau, George C. Martin, A. E.
Wheeler, R. M. Sellwood, Jr., C. M.
Heimbach, H. Ely Salyards, Mr. Gray
and Dr. Olin W. Rowe.

Northwestern State
G. J. Maier, assistant vice president
at Northwestern State Bank of Duluth,
Minnesota, was elected vice president

and Peter C. Pichetti, cashier, was ad
vanced to vice president and cashier
at the bank.
Officers re-elected at the Northwest
ern State Bank are: Albert C. Arm
strong, president; F. Rodney Paine,
vice president; D. E. Snyder and I. M.
Campbell, assistant cashiers.
Directors renamed at the bank are
Mr. Armstrong, W. F. Arndt, Gerald
Howze, R. L. Mayall, Richard W.
Northup, Mr. Paine and Herbert War
ren.

Minnesota National
B.
Murray Peyton was re-elected
president of the Minnesota National
Bank of Duluth, Minnesota, at the an
nual meeting of directors.
Other officers re-elected are: Cavour
Hartley and Wilbur F. McLean, vice
presidents; John R. Colbeck, vice pres
ident and trust officer; Jorice E.
Brown, cashier; John C. Buckley and
Russell M. Walters, assistant cash
iers, and John 0. Baker, assistant trust
officer.
Alfred B. Stevens, a teller at the
bank, was promoted to assistant cash
ier.

Mankato
New officers of the National Citizens
Bank of Mankato, Minnesota, are: P.
R. Kenefick, president, replacing H. V.
Bull; G. A. Hudy, vice president and
cashier, formerly cashier; Elmer Philipson, assistant vice president; Glen
Knutson and Wilbur R. Miller, assist
ant cashiers, re-elected.
Directors are S. A. Erickson, P. M.
Ferguson, F. G. Thomas, S. B. Wilson,
G. A. Hudy and P. R. Kenefick.
Moline-Monitor drills are offered in types
and sizes for all territories and sow all crops
as they should be sown for uniform stands
and bigger yields.
BA N KERS PLEASE READ! — Because
agriculture is our basic industry, bank
ers know the extension of counsel and
credit to farmer business men for the
purchase of dependable MM equip
ment is a sound business proposition.
Getting seed in on time, accurately and
at uniform depth is one of your farmer
customers’ first and most important
jobs. The friendly MM dealer will offer
assistance on any agricultural problem.

Famous MM Single or Double Discs

Northwestern Banker

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Federal Reserve Bank of St. Louis

They have many patented features to do
a better seeding job. MM fluted and double
run feeds assure a positive, even feed and
elimination of danger of cracking seed.
Both types of feed have wider range and
more accurate control of amount of seed
sown. Choice of single disc, double disc,
hoe, lister and deep furrow openers. MM
disc bearings are famous for long life and
light running. Famous MM fr o n t delivery
of seed ahead of disc bearing assures uni
form and better covering of seed. Reversible
hopper allows feed cup openings to face
toward operator whether operating with
horses or tractor. Rigid all-steel frame helps
assure long life accuracy. Keystone-shaped,
all-steel hopper is easy to fill. Bushel per
foot capacity. Outer ends of axles where
load is carried are supported by extra large
Hyatt roller bearings enclosed in self
aligning, dust-proof housings. Single chain
drive. High quality pressure springs. Tubu
lar steel pressure rods. Simple, efficient
power lift available. See your MM dealer.

February 19^6

Pipestone
W. R. Lange, who for several years
has been manager of the Pipestone Na
tional Bank of Pipestone, Minnesota,
has been elected president of the bank
by the stockholders. He succeeds Max
Menzel who is retiring from active
duty as an official and director of the
bank.

Glenviile
B. A. Miller, former installment loan
officer at the First National Bank of
Albert Lea, Minnesota, is succeeding
his father, B. R. Miller, as cashier of
the Citizens State Bank of Glenviile,
Minnesota.
The elder Miller, who is 57, resigned
his post at the annual meeting of the
bank.
B. A. Miller, the son, is just back
from almost three years of service in
the Navy Air Corps. He volunteered
for service early in 1943, and his termi
nal leave expired last December 24th.
He emerged a lieutenant, senior grade.
He became associated with the First
National as a teller in 1937, and in
1940 he was appointed installment loan
officer. He held that post until he en
tered the service.

T w i n C ity N e w s

ALL OFFICERS and directors of
the Marquette National Bank of Min
neapolis were re-elected at the annual
meeting, according to the announce
ment by Russell L. Stotesbury, presi
dent.

At University National Bank, Owen
Harris was elected auditor and Fred
AAT. Carlson, president of Paramount
and Silver Crest Baking Companies,
was elected a director. All present di
rectors and officers were re-elected.
Edmund S. Jones, president of Chicago-Lake State Bank, announced elec
tion of Mathew J. Levitt, attorney, to
be a director. All other officers and
directors were re-elected.

By E. W . Kieckhefer
Special Corr e sp o nd en t
Northwest ern

Ban ke r

iers. In the trust department, John B.
Ross, Willard M. Henjuin and Joseph
E. Siennes became trust officers and
Winston L. Molander of the bond de
partment was named assistant secre
tary.
Albert J. Anderegg was elected as
sistant manager of the Lincoln office
and Adolph G. Gilbert was named as
sistant manager of the Lake Street
office. Ralph M. Stein was promoted
from assistant cashier to vice presi
dent of Central Northwestern Nation
al. Leighton A. Black was elected as
sistant cashier of the Fifth Northwest
ern.

JOHN deLAITTRE, who for the
past four years has been treasurer of
Farmers & Mechanics Savings Bank
of Minneapolis, was elected vice presi
dent and treasurer at the annual meet
ing. He joined the bank six years ago
ATHERTON BEAN, EXECUTIVE
after practicing law seven years.
Henry S. Kingman, president, and VICE PRESIDENT of the Internation
Thomas F. Wallace, chairman of the al Milling Company of Minneapolis,
board, and all other officers were re was elected a director of the First
National Bank, Minneapolis, and three
elected.
The bank reported an increase of new officers were named at the annual
10,000 in number of depositors and an meeting.
New officers named were Maxwell
increase in deposits of $23,000,000.
B. Hight and Stuart A4T. Rider, elected
PROMOTION OF SEVEN OFFI assistant secretaries of the trust de
CERS and election of nine new officers partment, and Arthur E. Nettum,
was announced by the Northwestern elected assistant manager of the bank's
National Bank of Minneapolis after North Side office.
the annual meeting.
Emmett Salisbury, vice president in
Leonard P. Grisvold and Goodrich
Lowry were promoted from assistant charge of sales of Salisbury & Satcashiers to assistant vice presidents. terlee Company, and president of the
Roy N. Gesme was promoted from as Minneapolis Civic & Commerce Asso
sistant vice president to vice president ciation, was elected to serve on an
in the trust department and Willard advisory committee of St. Anthony
W. Holmes, Henry T. Rutledge, So Falls office of the First of Minneapolis.
ph us T. Persen and Burns AV. Swen
James A. Davis, assistant cashier,
son, formerly trust officers, were was chosen to succeed John G. Macelected vice presidents.
lean as cashier. Maclean will continue
A.
F. .lunge, \\T. Jason and Roy C. as vice president. James A. Murphy
Sorenson were elected assistant cash- was promoted from assistant vice pres

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Federal Reserve Bank of St. Louis

ident to vice president and John J.
Maloney from assistant cashier to as
sistant vice president in the depart
ment of banks and bankers.
In the trust department Oliver S.
Aas, Robert M. Bell, Floyd L. Dwight,
Henry Henretta and Leonard A. Aron
Eschen were elected assistant vice
presidents. Myron H. Powell, Lee A.
Short, Lew Wallace and Frank B.
Week were named trust officers.
TWO NEW D I R E C T O R S were
elected, two officers promoted and four
employes were advanced to officers of
the First National Bank of St. Paul
at the annual meeting.
New directors are Edwin MV. Davis,
vice president, general manager and
director of the Wood Conversion Com
pany, and director of a number of
firms affiliated with the Weyerhauser
interests, and Harold J. Cummings,
who is vice president and a trustee of
the Minnesota Mutual Life Insurance
Company.
Wallace L. Boss, assistant cashier,
was promoted to vice president and
Thomas J. Davies, assistant cashier,
was elected an assistant vice president.
Frederick AAr. Manke, chief tax ac
countant, was elected an assistant
cashier. Also elected assistant cash
iers were James I). Lewis, assistant
manager of the savings department;
Herbert A. Johnson, chief clerk, and
Elmer T). Dufva of the new account
section.
CLIFFORD H. ANDERSON, vice
president and general manager of the
Crown Iron Works Company, was
elected a director of the- Midland Na
tional Bank & Trust Company of Min
neapolis at the annual meeting. All
present directors and officers were re
elected.
THREE NEAV DIRECTORS were
elected by stockholders of the First
Northwestern Banker

February 19b6

• MINNESOTA
Trust Company of St. Paul at the an
nual meeting. They are Frank J.
Anderson, chairman of the board of
Foley Brothers, Inc., and a director of
National Battery Company; William H.
Lang, vice president and general man
ager, Theo. Hamm Brewing Company,
vice president of W. A. Lang, Inc., and
a director of St. Paul Fire and Marine
Insurance Company, and Charles W.
Briggs, head of the law firm of Briggs,
Gilbert, Morton, Kyle & McCartney.
All other directors were re-elected.
THE FEDERAL RESERVE BANK

of Minneapolis has announced appoint
ment of Roger B. Shepard, president
of Finch, Van Slyck & McConville of
St. Paul, as chairman of the board of
directors of the bank and Federal Re
serve agent for 1946. W. 1). Cochran
of Cochran Freight Lines, Iron Moun
tain, Michigan, was designated deputy
chairman of the board.
Paul E. Miller, director of agricul

tural extension division of the Univer
sity of Minnesota, was appointed a
Class C director for a three-year term
and Malcolm E. Holtz, Great Falls,
Montana, agriculturist, was appointed

NEWS

a director of the Helena branch for a
two-year term.
VILAS J. NYRE was promoted to
assistant cashier of the Columbia
Heights State Bank at the annual
meeting. Arthur L. Gluek, vice presi
dent of Gluek Brewing Company, was
re-elected president for his ninth suc
cessive term. Other officers elected
were Herbert AV. Mogg, vice president;
Clarence Olsen, cashier; Sherman XV.
Child, Walter B. Hobart, Harold C.
Larson and Joseph D. Sullivan, direc

tors.
LYMAN E. WAKEFIELD, JR., son
of the late Lyman E. Wakefield, who
was president of the First National of
Minneapolis, and Patrick AAT. Colbert
have been promoted to assistant cash
iers of the First National.

ALL OFFICERS and directors of the
Camden Park State Bank of Minne
apolis were re-elected at the annual
meeting.
LLOYD L. LEI DER has been named
representative and consumer finance

•
specialist of the department of banks
and bankers of the First National
Bank of St. Paul.
FARMERS AND M E C H A N IC S
SAVINGS Bank of Minneapolis has

changed its Monday banking hours
from 9 a. m. to 6 p. m., instead of
8 p. m. John deLaittre, vice president
and treasurer, said the longer Monday
hours were instituted as a service to
war workers. Most department stores
of Minneapolis were open for business
Monday evenings. The bank found,
however, that most of the Monday
evening business came between 4:30
and 5:30 p. m.

ALBERT LEA
Freeborn County National
James C. Nelson announced his re
tirement as chairman of the board of
directors of the Freeborn County Na
tional Bank of Albert Lea, Minnesota,
recently.
To replace him as a member of the
board, the stockholders chose John W.
Baillie, president and general man
ager of the American Gas Machine
Company. The board now consists of
E. T. Sletten, president; L. H. Peter
son, vice president; G. S. Winjum,
cashier; and Alfred Berglund and Mr.
Baillie, directors.

First National

"SOURCE OF SUPPLY"
During the past four years ''source ot
supply” was an all-important term.
Some buyers were fortunate enough
to have dependable sources o f supply
and they, within reasonable limits,
were able to relax a little bit. Others,
not so fortunate, sweated out the war
never knowing just what they were
going to get in the way o f service or
materials.
Prior to the war we folks at De Luxe
used to think we represented a good
source o f supply, but as we look back
we realize that this claim was rather
empty because it was based upon ren
dering good service under peacetime
conditions. Only now, having been
tested, does the claim have any sig
nificance.
Therefore, when we state at this time
—as we do—that we represent a good
source o f supply, we’ve got something

Northwestern Banker

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Federal Reserve Bank of St. Louis

to back it up. W e may not hold all
the business o f the banks who called
upon us for service during wartime,
but we believe that we have earned
the right to fight for it and we propose
to hold it if good service can do it.
W e still are not satisfied with some
o f the materials we are getting and
are doing everything possible to
get back to what we consider highgrade, quality merchandise. It may
take longer than we thought. We
hope you will be patient with us just
as we are trying to be patient with our
sources o f supply. W e are very con
scious o f the fact that materials must
be improved in quality and we are
conscious also that the service we
rendered during the war, which was
relatively good, is not going to be
good enough when we get back to
normal.

Verner O. Henry was named an as
sistant cashier of the First National
Bank of Albert Lea, Minnesota, at the
annual meeting.
Officers of the bank are: Alfred
Christopherson, chairman of the board;
Roy W. Delaney, president; J. F. D.
Meighen, vice president; E. A. Camp
ion, cashier; C. O. Wangen, J. B. John
son and Verner O. Henry, assistant
cashiers.

Security State
Stockholders of the new Security
State Bank of Albert Lea, Minnesota,
at their first meeting chose as direc
tors Oscar Dahl, M. K. Hartz, A. S.
Lund, E. O. Lund, F. V. Nichols, E. H.
Weber and A. O. Torgerson.
At their meeting later in the banking
house the directors chose E. O. Lund,
president; A. S. Lund, executive vice
president, and E. H. Weber, cashier.
E. O. Lund is president also of the
State Bank of Bricelyn, Minnesota,
and is associated with the Bricelyn Co
operative Canning Company. He has
had more than 30 years experience in
the banking business.

Winona
Lieutenant Commander Robert L.
Banks, native of Superior. Wisconsin,
where he began his career as a banker,
was elected vice president and director
of the Merchants National Bank of
Winona, Minnesota, at the annual
meeting of the bank’s directors.
Re-elected officers of the bank were:
J. R. Chappell, president; C. D. Tearse,
February 1946

•
vice president; R. M. Tolleson, vice
president and trust officer; H. A. Tornow, cashier; V. H. Kahl, assistant
cashier, and R. H. Bublitz, assistant
cashier.

Winona
S. J. Kryzsko was elected executive
vice president of the Winona National
& Savings Bank of Winona, Minnesota,
succeeding W. F. Queisser, who has
resigned, at the annual meeting of the
bank’s directors.
Three other changes in officers and
directors were anounced. Willard M.
Lambert, recently returned from naval
service, was advanced from teller to
assistant cashier. William P. Theurer
was advanced from savings teller to
assistant trust officer and E. J. Sievers
was elected a director.
E. L. King was renamed president;
E. L. King, Jr., vice president; John
Ambrosen, cashier, and E. W. Miller
and A. H. Jackson, assistant cashiers.
Renamed directors were E. L. King,
E. L. King, Jr., Mrs. G. W. King, (Mrs.
E. L. King, Sr.), M. K. Thoenen, (Mrs.
E. R. Thoenen), Mr. Kryzsko and Mr.
Ambrosen.

Owatonna
At the annual meeting of the stock
holders of the First National Bank of
Owatonna, Minnesota, all directors
were re-elected and J. H. Meyer ap
pointed president.
Re-elected were H. E. Hanna, F. H.
Joesting, James E. Kidd, H. B. Theimer, Albert Wilker and J. H. Meyer, all
directors.
Following the stockholders’ meeting
the following officers were elected: J.
H. Meyer, president; H. E. Hanna, vice
president; H. E. Cotter, cashier; M. E.
Brewster, assistant cashier, and C. J.
LaRoue, assistant cashier.

Rochester
E. A. Cegal, assistant cashier of the
First National Bank of Rochester, Min
nesota, for 26 years, was elected cash
ier of the bank at the annual meeting.
First National officers renamed are:
M. M. Hayden, president; L. J. Fiegel
and R. A. Bezoier, vice president, and
K. W. Hagaman, assistant cashier.
Directors are the president, vice presi
dents and C. M. Judd and Roy Watson.

Rochester
Union National Bank of Rochester,
Minnesota, officers renamed are: Dr.
Christopher Graham, chairman of the
board; H. R. Hommedal, president;
George B. Werdel, G. S. Withers and
R. W. Chadwick, vice presidents, and
Elmer C. Weinhold, cashier, who also
are members of the board of directors.
L.
O. Ness, who returned recently
from service in the Navy, was elected
an assistant cashier. Other assistant
cashiers are Mona M. Carson, H. G.
Halvorson, Melda Johnson and Marie
Fairley.

Austin
G. E. McLaughlin was elected to the
board of the Austin State Bank of Aus
tin, Minnesota, to succeed his father,
W. L. McLaughlin, deceased.

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Federal Reserve Bank of St. Louis

MINN E S O T A

NEWS

Other members of the board re
elected were Dr. W. H. Albertson, P.
D. Beaulieu, Dr. O. H. Hegge, H. F.
Garbisch, H. E. Rasmussen and L. H.
Williams.
Officers chosen for the forthcoming
year were: President, P. D. Beaulieu;
vice president, L. H. Williams; cashier,
A. H. Haakenson; assistant cashiers,
E. L. Linsley and Ben Lageson.

Fairmont
Harlan M. Erickson, who prior to
entering the armed forces was cashier
of the First National Bank at Valley
City, North Dakota, has been elected
cashier of the First National Bank of
Fairmont, Minnesota. He was elected
at a meeting of the board of directors
last month.

•
Directors for the coming year are
C. H. G. Hazel, George Sharp, E. C.
Wingen, Ruth Dredge and Herbert
Dredge.

Cannon Falls
Walter L. Eiler was named cashier
at the annual meeting of the Security
State Bank of Cannon Falls, Minne
sota.
Other officers of the bank are: D.
Fay Case, president; J. A. Anderson,
vice president; R. O. Underdahl, vice
president; Kathleen Carnel, teller, and
Beulah Skaro, bookkeeper.

Alexandria

A. C. Schneiderhan was elected pres
ident of the Farmers National Bank of
Alexandria, Minnesota, last month.
G.
M. Grabow was elected cashier.
Hopkins
Mr. Schneiderhan succeeds R. W. Put
F.
F. Sefcik was elected president of nam, whose retirement has just be
the Security National Bank of Hop come effective.
kins, Minnesota, at the institution’s an
nual meeting. For the last five years Windom
he has held the offices of vice presi
At the annual meeting of stockhold
dent and cashier.
Mr. Sefcik succeeds A. J. Bisbee of ers and directors of the First National
Excelsior, director and president since Bank of Windom, Minnesota, Lloyd A.
1927, who was made chairman of the Johnson was elected assistant cashier.
Mr. Johnson left the bank in February,
board of directors.
Other officers are: Herman Hovander, vice president; E. J. Schmitz, cash
ier, and Robert H. Gardner, assistant
cashier. Other directors are Sefcik,
Hovander and Dr. James Blake.

Little Falls
At a meeting of the board of direc
tors of the American National Bank of
Little Falls, Minnesota, R. D. Musser
was re-elected chairman of the board
and Frank L. Hartmann was elected
president.
Other officers elected are: J. C. Pa
tience, A. Simonet and M. V. Wetzel,
vice presidents; Albert A. Barton, vice
president and cashier, and Charles Jen
sen, R. Rhode Gendron and J. Holowicz, assistant cashiers.
Musser previously was president
and chairman of the board.

Amboy
In the election of officers of the
Security National Bank of Amboy,
Minnesota, George Sharp was elected
to serve as vice president, replacing
J. H. Dredge, while C. H. G. Hazel con
tinues as president, E. C. Wingen as
cashier, and Herbert Dredge as assist
ant cashier.

a m ie s o n
&

o m p a n y
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COMMODITIES
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SPECIAL OFFER TO BANKERS
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application and literature to

MINNESOTA COMMERCIAL MEN'S ASSOCIATION
2 5 5 0 P illsb u ry A ve. So.

M inneap olis 4 , M innesota

Northwestern Banker

February 19^6

MINN E S O T A

NEWS

Officers and employes appointed are:
A. J. Doffing, president; W. B. Webb,
vice president; William H. Witte, cash
ier; E. G. Koopman and Louis Meyer,
assistant cashiers.

1941, and rose to the rank of captain
in the army finance department. All
other officers and directors were re
elected. They are: 0. J. Nelson, presi
dent; William L. Palm, vice president
and cashier; Mrs. Anna Holm, assist
ant cashier, and R. G. Anonsen, H. J.
Granum, Ray L. Hanson, O. J. Nelson
and William L. Palm, directors.

Cold Springs
Fred V. Stein, who formerly was
cashier was named president of the
First National Bank of Cold Springs,
Minnesota. Other officers named at
the annual meeting are: Agnes M.
Stein, vice president; F. E. Stein, cash
ier; Ida Muggli and Victor Stein, as
sistant cashiers. Directors are Fred V.
Stein, F. E. Stein, Louise Muggli,
Agnes M. Stein and S. J. Muggli.

W abasha
At the annual meeting of the share
holders of the First State Bank of
Wabasha, Minnesota, the board of di
rectors was increased to five members
with the election of Dr. C. G. Ochsner.
The other members re-elected were
A. J. Doffing, A. R. Evans, G. B. Hirschy and W. B. Webb.

Morgan
At the annual meeting of the State
Bank of Morgan, Minnesota, the board
of directors elected the following offi
cers: G. M. Davis, president; Jos.
Kraus, vice president; M. L. Kuhn,
cashier, and W. P. Netzke, assistant
cashier. Mr. Kuhn replaces N. J. Han
sen, who has resigned.

Osseo
Donald Murphy, recently appointed
cashier of the Farmers State Bank of
Osseo, Minnesota, was elected to the
board.
Peter Iten was elected to fill the
remaining vacancy on the directing
board.
Bank officers now are: President,
W. M. Neumann; vice president, John
D. Bleecker; cashier, Donald J. Mur
phy; assistant cashier, Joseph Chouinard.
Board of directors includes John D.
Bleecker, Peter Iten, J. M. Evans, Don
ald Murphy and W. M. Neumann.

Farmington

The board of directors of the First
National Bank of Farmington, Minne
sota, elected George R. Taylor, former
president, to serve as chairman. C. E.
Cadwell moved from the vice presi
dency to the presidency and he was
succeeded by R. G. Shirley who was
cashier. Harlowe M. Johnson, just re
leased as a U. S. Naval officer, has been
appointed cashier. Joyce Hysell is
assistant cashier.
Directors of the bank are Mr. Tay
lor, Mr. Cadwell, Mr. Shirley, T. M.
Tollefsen, Clara Edna Cadwell and Mr.
Johnson.

COMPLETE SERVICE
In Sioux City

F R E D R IC K S E N
President

M. A. W I L S O N
V ic e President
W . G. N E L S O N
A ssistant V ic e President

On live stock, hay and grain

W . C. S C H E N K
Cashier
H. C. L IN D U S K I
A ssistant Cashier

items, this bank is your logical

Faribault

Sioux City correspondent. Our

Following their re-election at the an
nual meeting of the stockholders of the
State Bank of Faribault, Minnesota,
the bank directors elected John Carlander president; Lucius A. Smith, vice
president; promoted Ray Meyer from
cashier to vice president, and ap
pointed William Hopke as cashier.
Robert W. Beaupre, coast guard vet
eran, was then elected assistant cash
ier. Members of the board are Mr.
Carlander, Robert Gallagher, John
Greenville, Mr. Smith and Elmer E.
Westerman.

location in the stock yards en

C. L. A D A M S
A ssistant Cashier

ables us to serve you best.

J. S. H A V E R
A ssistant Cashier

On all your downtown items,

J A M E S L. S M IT H
A ud itor

too, we are equipped to serve
you promptly and accurately.

Rushmore

" T H E
r

S t o c k

v e
N

i o

SIOUX
M

CITY.
E

" J / tB

Northwestern Banker

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Federal Reserve Bank of St. Louis

St. Paul

IOW A

F, D .I .C .

t/ c e

February 19b6

'7 / a >tW

S. T. Wood has been elected presi
dent of the First State Bank of Rushmore, Minnesota, to succeed F. J. John
son, deceased. E. C. Johnson succeeds
W. R. McLeod as vice president. D. C.
Shore has replaced Leo Hartfiel, also
deceased, as cashier. H. L. Mowrey is
assistant cashier.

A. L. Olson, secretary-treasurer of
the St. Paul Union Stockyards Com
pany, was elected president of the com
pany at a meeting of the board of di
rectors. His election fills the vacancy
caused by the death several months
ago of C. F. Topping.
At the same meeting J. F. Ringland, president Northwestern Nation
al Bank, Minneapolis, was elected a
director to fill the vacancy caused by
Mr. Topping’s death.

49
Curtis B. Mateer, J. R. McKnight and
E. W. Stephens.
Officers and employes appointed for
the year by the directors include J. R.
McKnight, president; Karl Goldsmith,
vice president; E. W. Stephens, vice
president; Walter H. Burke, cashier;
Curtis B. Mateer and Royal Van Camp,
assistant cashiers, and Alma Pulles,
Mrs. Fred Heck and Mrs. Richard
Lindbloom, clerks.

SOUTH
DAKOTA
NEWS
C. O. G O R D E R
President
Deadwood

A cting Secretary
L O IS J. H A L V O R S E N

GE OR GE M. S T A R R IN G
Secretary-Treasurer

Huron

( I n the Service)

Custer
At a recent meeting of the stockhold
ers and directors of the Custer County
Bank, Custer, South Dakota, E. R.
Arneson, Yankton, was elected presi
dent of the bank.
Martin Kothe was named vice presi
dent and cashier; T. W. Delicate, chair
man of the board of directors; Bessie
E. Burns, assistant cashier; Leona
Gundlach, assistant cashier; and Leota
Markel, bookkeeper.

Rapid City
G. A. McGarraugh, Sturgis, was the
only new member elected to the board
of directors of the First National Bank
of the Black Hills at their annual meet
ing in Rapid City, South Dakota.
George W. Milne is assistant cashier
and new manager of the Sturgis office;
McGarraugh vice president, and L. C.
Donaldson, assistant cashier.

Bridgewater
At the annual meeting of the stock
holders of the First State Bank of
Bridgewater, South Dakota, H. J.
Smith announced that he had sold his
interests in the bank to Francis A.
Schroeder.
In the election of officers for the
coming year I. T. Kehn was chosen
president of the bank; Francis A.
Schroeder, cashier; Ben Kehn, vice
president. The three officers and F. J.
Koehn and P. C. Guenther will com
prise the board of directors.

Tyndall
Mr. and Mrs. Donald Laird and small
child arrived in Tyndall recently from
Corvalis, Oregon, and plan to make
their home there. Mr. Laird has ac
cepted a position in the Security State
Bank, Tyndall, South Dakota, and has
already begun his new duties.

Gregory
H. G. Kincaid has taken a position
in the Gregory Branch of Northwest
Security National Bank of Sioux Falls.

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Federal Reserve Bank of St. Louis

Mr. and Mrs. Kincaid have taken up
residence in the C. W. Webster home.

Woonsocket
At the annual meting of the board of
directors of the Sanborn County Bank,
Woonsocket, South Dakota, A. R.
Bratsberg was re-elected president, T.
M. Brisbine was named vice president
to succeed James Hall and Tom R.
Brisbine, cashier to succeed T. M. Bris
bine. T. R. Brisbine was also elected
to the board of directors.

Tripp
Directors of the Dakota State Bank
at Tripp, South Dakota, elected L. Roy
Klatt to succeed Mrs. Emma Mae Klatt
as president. Oscar Brosz was named
vice president; Kenneth G. Klatt, cash
ier and Maurice Klatt, assistant cash
ier.

Rapid City
At the annual meeting of the Rapid
City National Bank, Rapid City, South
Dakota, Roy Dean was named as chair
man of the board of directors for 1946.
Other members are A. E. Dahl, H. G.
Devereaux, W. E. Shoberg and Earl
Keller.
Officers elected are Dean, board
chairman; Dahl, president; Devereaux
and Shoberg, vice presidents; Keller,
cashier, and Frances Vincent and Fred
Barth, assistant cashiers.
Changes noted are the promotion of
Shoberg from cashier to vice president
and Keller promoted from assistant
cashier to cashier.
Barth takes over his new post after
recently returning from military serv
ice.

Pierre
Shareholders of the Pierre National
Bank, Pierre, South Dakota, re-elected
the following businessmen of Pierre
as directors for 1946: Ran Y. Bagby,
Walter H. Burke, Karl Goldsmith,
Frank R. Harbaugh, Harry R. Horner,

Charles Blanke
Charles Blanke, 75, president of the
Presho, South Dakota, Farmers and
Merchants Bank, was found dead in
Little Rock, Arkansas, recently. He
was enroute to Hot Springs, Arkansas.
A coroner’s report said Blanke’s
death was due to natural causes. He
was a former Lyman county commis
sioner.

Lake Preston
Alvin Heggelund who was dis
charged from the army has resumed
his former duties in the Community
State Bank of Lake Preston, South Da
kota.
A1 was in the service for three and
one-half years of which three years
were spent across, he seeing action in
Africa.

Sioux Falls News
f a c i l i t i e s maintained
by the Northwest Security Na
tional Bank at the Sioux Fails
Army Air Field were terminated with
the field’s inactivation. The bank
opened the service at the field in Maj^,
1943, with Oliver Nordby in charge.
Floyd Falck relieved Nordby after his
discharge from military service. The
branch’s staff varied from two to six
persons.

B ANKING

ANNUAL MEETINGS held in four
Sioux Falls banks resulted in major
promotions for Delmar C. L oavc, M. I.
Onus and R. E. Armstrong. Armstrong
was elected cashier of Union Savings
Bank, with which he has been asso
ciated since 1927. In 1943 he entered
the armed forces, spending 25 months
in the South Pacific. He attended
Sioux Falls College and the Univer
sity of South Dakota. Lowe became a
vice president of the Northwest Se
curity National Bank, with which he
has been connected for 33 years. In
that bank Orms was promoted to
comptroller, Adolph Lodmell to assist
ant vice president and Eugene Hobbs
to assistant cashier. Orms has been
associated with the bank for 33 years,
Lodmell for 20 years, and Hobbs for
Northwestern Banker

February 1946

•

SOUTH

13 years. All officers at the National
Bank of South Dakota and the First
National Bank & Trust Company were
re-elected.
BANK CLEARINGS of four Sioux
Falls banks increased more than 11

per cent in 1945 over those of the
previous year. Total clearings for the
past year, reflecting money exchanged
and business transacted b e t we e n
banks, were $165,462,837.03, as com
pared with the 1944 total of $148,590,274.30. Bank officials saw the gain as
result of heightened business activity,
government spending and inflationary
conditions. The 1945 figure was re
ported to be more than two and onehalf times total clearings of 10 years
ago, and more than double the amount
shown five years ago. Bank clearings
in the city in 1935 amounted to $63,744,375.67. Five years later they rose
to $78,404,463.78. William C. Duffy,
president of the Union Savings Bank,
commented: “The increase of bank
clearings reflects the increase of busi
ness in Sioux Falls and the growth of
the city. Other signs of growth of the
city, such as developments of new
businesses and the shortage of hous
ing, are substantiated by these fig
ures.” T. S. Harkison, president of the
National Bank of South Dakota, said,
“ The increased velocity of business in
the city is reflected in these figures.
The total may drop some with the
inactivation of the Sioux Falls Army
Air Field.” William W. Baker, presi
dent of the First National Bank &
Trust Company, observed, “The in

E fife c iic e

DAKOTA

NEWS

creased prosperity of South Dakota as
a whole, and Sioux Falls in particular,
is reflected in the increase in bank
clearings.” The increase was attrib
uted by Ralph M. Watson, president
of the Northwest Security National
Bank, to “the tremendous army pay
roll here during the year, the bumper
crop and increased farm prices and
government spending.”
TOM S. HARKISON, president of
the National Bank of South Dakota,
Sioux Falls, was among recipients of
distinguished s e r v i c e c ert i f i cat es
awarded at a termination banquet for
USO volunteers.

•
N EW S A N D VIEW S
(Continued from page 18)
E. Chester Gersten, president of The
Public National Bank and Trust Com
pany of New York, has announced that
the directors have elected Earl R. Gafford vice president. Mr. Gafford was
reared in Kansas and attended the
State University at Lawrence, later en
gaging in business at San Antonio,
Texas. After moving to New York he

MELVIN S. SIVERTSON, a re
turnee from military service, has re
sumed his duties at the National Bank
of South Dakota in Sioux Falls. Leav
ing for the army in April, 1941, he was
a major in the finance department.
NORTHWEST BAN CORPORATION

banks in South Dakota held their
annual spring meetings at Rapid City
February 6th and 7th.
H. E. McKEE, vice president of the
Gregory branch of the Northwest Se
curity National Bank, is spending a
month’s vacation in Glendale, Cali
fornia.
Just T oo Long

Nit: The first act was good, but you
didn’t stay for the second. Why?
Wit: Couldn’t wait that long—the
program said it takes place two years
later.

c o -o r d in a tio a

o f all departm ents assures rapid, efficient h an

E A R L R. G A F F O R D
N ow with P u b lic N ational

became a member of the staff of Equi
table Trust Company, representing
that institution in the south and south
west. For the past several years he
has been a second vice president of
The Chase National Bank. In his new
connection Mr. Gafford will be identi
fied with Public National’s out-of-town
business activities.
At the December 31, 1945, bank call
the deposits of the Public National
Bank and Trust Company were $545,497,000 with a capital of $9,625,000 and
surplus and undivided profits of over
$17,267,000.

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

C it y N

a t io n a l

ank

A N D H U N T C O M P A N Y o f C h ic a g o

2 08

SOUTH

LA S ALLE

February 1946

ing the leading roles, opened in Mont
real while we were there and if you
have a chance to see it in Chicago or
New York, you will have a pleasant
and delightful evening’s entertain-

STREET

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

Northwestern Banker

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

“St. Lazare’s Pharmacy” with Miri
am Hopkins and Gratien Gelinas tak

Y ou Heai'd M e

Dean: Are you writing that letter
to a man?
Coed: It’s to a former roommate of
mine.
Dean: Answer my question.

Bancorporation Earnings

(Continued from page 9)
1933 of $137,000 and at the end of 1945,
o f $1,152,000.
“ We read the article in the January
N orthw estern B anker about ‘ How Banks
Should Resell Themselves to the Nation.’
“ With this folder we have tried to get
it over to our local people how our bank
is tied in with the community and show our
patrons how the earnings of the bank are
distributed.
“ We want to congratulate you on
the January issue of the N orthw estern

J. C. Thomson, president of North
west Bancorporation, of Minneapolis,
Minnesota, announced that the con
solidated net income of the corporation
and affiliated institutions for 1945, aft
er provision for charge-offs and write
downs, amounted to $4,774,480, or $3.08
per share on 1,548,767 shares outstand
ing, compared with $3,680,098, or $2.37
per share in 1944 on 1,551,767 shares
outstanding.
Dividends paid during 1945 amounted
to $1,086,237, or 70c per share, as com
pared with $931,060, or 60c per share,
for the year 1944.
The book value per share of stock
outstanding as of December 31, 1945,

was $32.95, compared with $30.35 on
December 31, 1944.

Election
All directors of the First National
Bank in St. Louis were re-elected at
the annual meeting of stockholders.
At a meeting of the directors all offi
cers of the bank were re-elected.

Fill Er U p !

Englishman (eating corn on the cob
for the first time): “ Boy! Boy!”
Waiter: “Sir?”
Englishman: “ I say, old thing, fill
it up again.”

B anker. ’ ’

T. F. Green , Cashier, Bank
o f Valley, Nebraska.

"Congratulate You"
“ Your interesting January issue of the
N orthw estern B an k e r with its article on
F.A.A., illustrated by the pictures you took
at Hot Springs, has been read with interest.
I congratulate you upon your story. ’ ’
Louis H. N orthrop , Assist
ant Vice President, First
National Bank, Chicago, Illi
nois.

A P R I MA R Y MARKET FOR
G

overnment

S ecurities

Withholding Tax Chart
Manufacturers Trust Company, New
York, is distributing in limited quan
tity copies of their new 1946 Income
Tax Withholding Chart Book.
This book contains a series of charts
covering standard payroll periods and
shows the amount of Federal income
tax to be withheld from salaries paid
during 1946. All figures shown repre
sent an exact calculation and are iden
tical with the results produced by
using the “percentage method” of com
putation.
The book points out that the Inter
nal Revenue Code authorizes employ
ers to compute withholdings by either
of two systems—the “wage bracket
method” or the “percentage method.”
The latter procedure is admittedly the
more accurate. Moreover, the amounts
to be withheld under it are frequently
less than the withholdings indicated
by the Treasury’s “Wage bracket ta
bles.” Under the statute relating to
Federal income tax withholding, an
employer may change at will from one
method to the other in respect to any
or all employes. Moreover, it is per
missible to use the two systems simul
taneously for the salaries of different
persons.

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Federal Reserve Bank of St. Louis

As one of Chicago’ s principal dealers in U. S.
Government Securities, lire
Company

Northern

Trust

has immediate information on all

issues. Orders are quickly executed and investors
are invited to call at all times to discuss market
conditions.

Correspondent hanks find that the

complete facilities offered by our bond depart
ment is one of the many helpful services of this
56 year old bank.

BO ND D E P A R T M E N T

THE N O R T H ER N
TRUST COMPANY
50 S O U TH LA S A L L E S T R E E T , C H IC A G O 90, IL L IN O IS
Member Federal Deposit Insurance Corporation

Telephone Franklin 7070

Bell System Teletype—CG. 368

Northwestern Banker

February 1946

NORTH
DAKOTA
A. C. ID S Y O O G
President
Grafton

NEWS

Buffalo
J. W. Chapman was elected president
of the First State Bank of Buffalo,
North Dakota, at the annual meeting.
Mr. Chapman formerly was cashier.
E. M. Connolly, former president,
was named vice president and other
officers are A. L. Bayley, re-elected a
vice president; H. R. Edlund, cashier;
Elizabeth L. Kringler, assistant cash
ier, and Maud E. Redman, bookkeeper.
Directors are Mr. Bayley, Mr. Chap
man and Mr. Edlund.

Mayvilie

C. C. W A T T A M
Secretary
Fargo

of Carrington, North Dakota. They
are John B. McWethey, Jr., who was
in the bank five and one-half years be
fore entering the service, and Louis
E. Johnston, who was employed by
the bank at Cavalier, North Dakota,
prior to his entry into service. The
latter’s father is president of the
Walsh County State Bank of Grafton,
North Dakota.

Deposits Hit Peak
Bank deposits in North Dakota at
the end of the year totalled nearly
$450,000,000, with a total gain over 1944
of 65 million dollars. In the ’30’s dur
ing the depression the state’s total de
posits only amounted to 65 millions.

All directors were re-elected at the
annual meeting of the Goose River
Bank of Mayvilie, North Dakota, last
month.
N.
C. Klabo has resigned as cashier. John J. Doyle
Alvin Tollefsrud, a World War II vet
John J. Doyle, 77, president of the
eran, has been added to the staff of Security State Bank of Wishek, North
employes and will work in a general Dakota, died recently at his home. Mr.
capacity. Mr. Tollefsrud served in the Doyle had been a resident of McIntosh
Southwest Pacific.
county since 1885, during which time
Officers are O. C. Stusrud, president; he served three successive terms in
Gilbert Brudvik, vice president; Flor the legislature. He was born in Blue
ence L. Rygg and Solvig D. Langager, Earth, Minnesota, in 1868.
assistant cashiers.
Directors are Guy L. Elken, C. N.
IN VEN TO RY LO A N S
Brunsdale, J. G. Kjos, K. S. Groth, C. G.
(Continued from page 21)
Hanson, Mr. Stusrud, and Mr. Brudvik.
signed accounts receivable, or other
wise, is not important. The important
Minot
fact is that the turning of the mer
A1 Fischer, new assistant cashier of
chandise liquidates the credit, and a
the Union National Bank was elected
completely new loan is had on new
by the board of directors, at a meeting
merchandise every ninety days. This
last month.
is an extremely healthy condition.
He was a paying teller at the Union
The third advantage to the lender in
National until he entered navy service
inventory lending is the profit possi
3 years ago. He recently rejoined the
bility. The taking of inventory collat
bank staff after being discharged from
eral frequently marks the difference
service.
between making a loan and not mak
All other officers of the bank were ing it. Credits which cannot be made
re-elected. They are: president, Harry
on an open or unsecured basis can, in
M. Grant; vice president, Charles H.
a great many cases, be made on a se
Zehringer; cashier, J. S. Westlake. The
cured basis through the pledge of in
directors are: Grant, Zehringer, R. D.
ventory. Banks can lend more to a
Becker, A. M. Christensen, G. D. Colgiven borrower on staple merchandise
cord, J. N. Ellison and Iver E. Orheim.
covered by warehouse receipts than
they can on an unsecured basis, thus
Veterans at Work
increasing their profit potential. Where
Two former servicemen have begun it becomes necessary or desirable to
work in the Foster County State Bank take inventory collateral, a loan fre
Northwestern Banker

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Federal Reserve Bank of St. Louis

February 1946

quently commands a slightly higher
rate of interest than would an unse
cured loan to the same borrower. The
profit possibilities of inventory finarncing may be summed up in the state
ment that income is possible through
inventory financing where it might not
be possible otherwise and, in some in
stances, is greater than it would be
were the loan on an unsecured basis.
Banks with experience in inventory
lending uniformly attest to the satis
factory earning capacity of this type
of financing.
Since banks and finance companies
have begun the financing of assigned
accounts receivable, a form of financ
ing known as “package financing” has
been developed which contemplates
first, the pledge of inventory, and sec
ond, the pledge of accounts receivable
flowing from the movement into dis
tribution of such inventory. The lend
er advances the funds to purchase
and/or fabricate the inventory, begin
ning in many cases at the raw material
stage. The pledge of the inventory
usually is accomplished through the
instrumentality of warehouse receipts.
In those cases where it is economically
advantageous not to move the mer
chandise to terminal storage, field
warehouse receipts are used effective
ly. During the transition stage, while
the merchandise is being processed or
packaged, and shipped, the lender pro
tects itself through the use of short
term trust receipts, converting these
to assigned accounts receivable if the
merchandise is shipped on open ac
count or to documentary transit items
if the merchandise is shipped on a bill
of lading draft basis.
Summed up, it can be concluded that
inventory financing presents an ex
cellent outlet for bank funds for three
very good reasons. Properly made
loans secured by inventories are wellsecured loans. They are loans that by
reason of their very nature take upon
themselves the aspect of self-liquidat
ing loans. They are profitable loans
because they command a satisfactory
rate of interest in relation to other
types of credits, and the opportunity
for making them is greater at this time
than ever before. # #

Deposits Gain Near Billion
Bank of America’s year end state
ment of condition reveals that on De
cember 31, 1945, deposits totalled $5,339,307,000, an increase of $988,765,000
during the year. U. S. War Loan de
posits, included in this total, amounted
to $439,404,000.
Total resources were $5,626,063,000,
a gain of $1,016,939,000 over a year ago.
At December 31st, capital funds
amounted to $229,594,000 after payment

of $13,608,556 in dividends, as com
pared with $219,000,000 at the previous
year end after dividends of $10,408,570. Dividends were paid in 1945 at
the rate of $1.60 a share on the com
mon stock and $2 a share on the pre
ferred stock.
Earnings for the year were $45,591,000. From this total, $10,648,000 was
reserved for depreciation of bank
premises and other real estate and
amortization of bond premiums, and
$450,000 was set up in reserves and
applied to the revaluation of assets and
absorption of losses other than loans.
A profit-sharing bonus of $1,520,000
was provided for employes.

Resources Over Six Billion
The statement of the Chase National
Bank for December 31, 1945, shows
total resources of the bank were $6,092,601,000, a figure higher than on any
previous reporting date. This figure
compares with $5,160,004,000 on De
cember 30, 1944.
Deposits, also at a new high figure
for any reporting date, amounted to
$5,742,180,000 compared with $4,835,219,000 on December 30, 1944. Cash in
the bank’s vault and on deposit with
the Federal Reserve Bank and other
banks amounted to $1,366,233,000, com
pared with $900,689,000 a year ago; in
vestments in United States Govern
ment securities, $3,078,103,000, com
pared with $2,899,834,000; loans and
discounts, $1,271,694,000', compared with
$1,041,046,000.
Net earnings of the bank for the
year 1945 were $3.59 per share com
pared with $3.01 in 1944.

on how well people remember the bit
ter lessons of 25 years ago.
“ Shortly after the close of World
War II, in November, 1945, the average
price of farm land in the United States
was 58 per cent higher than when the
war broke out in 1939. This compared
with a rise of 36 per cent during World
War I. While average farm land
prices the country over are still below
those existing right after the first war,
the advance started from a lower level
this time,” Mr. Bailey continued.
The A.B.A. index, based on average
farm land prices of the 1912-14 period
as 100, shows that on November 1,
1945, average prices the country over
had risen to 133. On March 1, 1919,
which is a comparable time at the
close of World War I, average prices
were 140 per cent of the prewar aver
age. However, when World War II
started in 1939 the average price of
farm land in the United States was 84
on the index. Therefore the vertical
rise to the present level of 133 is great
er than it was in the first war period.
Mr. Bailey points out that the cur
rent trend in farm land prices has so
far paralleled the advance in the
World War I period. In the year fol
lowing March 1, 1919, farm land prices
continued to advance another 30 points
to the high point of 170 in the 1920
boom. In the collapse that followed,
many farmers who had over extended
themselves to buy high priced land
lost their farms.
The ten states in which average
farm land prices are now above the
previous peak levels of 1920 are Rhode
Island, Connecticut, New Jersey, Ken
tucky, North Carolina, Alabama, Flor

ida, Washington, Oregon and Cali
fornia. In New Mexico the present
average price level is equal to the
peak prices of 1920.
Effectiveness of the A.B.A. national
program to hold farm land prices at
levels that peacetime farm incomes
can support, is shown by the fact that
in 22 states average prices have not
yet advanced to levels which existed
on March 1, 1919. These states are:
Nevada, Utah, Wyoming, Montana,
North Dakota, South Dakota, Nebras
ka, Kansas, Oklahoma, Minnesota,
Iowa, Missouri, Wisconsin, Illinois,
Indiana, Ohio, West Virginia, Georgia,
Delaware, New York, Vermont and
Maine.

District Manager
Harry C. Jones, Jr., for the last three
years attached to the New York office
of the Lawrence Warehouse Company,
nationwide operators of field ware
houses, has been appointed district
manager with headquarters at 1500
Walnut Street, Philadelphia, according
to an announcement made by D. E.
Matthey, vice president in charge of
the company’s eastern division.
Mr. Jones will direct the firm’s field
warehouse business in eastern Penn
sylvania, southern New Jersey, east
ern West Virginia, the District of Co
lumbia and the states of Delaware,
Virginia and Maryland.
Just M y Shirt

Judge: “Have you anything to offer
the court before sentence is passed on
to you?”
Defendant: “No, Your Honor. I
gave my last dollar to my lawyer.”

Farm Land Prices
Farm land prices in the United
States are currently following the in
flationary trend of the World War I
period, according to the Agricultural
Commission of the American Bankers
Association. The commission reported
to banks of the nation that farm land
prices in 36 states have increased more
since the start of the war in 1939 than
they did in the corresponding period
of World War I, and average prices in
ten states are now above levels exist
ing at the boom peak which was
reached in 1920.
In the semi-annual farm land price
bulletin published for the use of all
banks, C. W. Bailey, chairman of the
commission and A.B.A. vice president,
who is also president, First National
Bank, Clarksville, Tennessee, says:
“The dangers of the present situation
are apparent. Whether or not the
boom following World War I will hap
pen again depends on the continued
effectiveness of inflation controls and

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Federal Reserve Bank of St. Louis

New PROBLEMS
New SOLUTIONS
As reconversion and expansion bring new
correspondent banking problems, The Con
tinental, a moderate-sized New York bank,
will continue to offer services readily
adaptable to your individual needs.

The CONTINENTAL
B A N K

T R U S T

C O M P A N Y

o f NEW YORK
30 Broad Street, New York
Member Federal Deposit Insurance Corporation

Northwestern Banker

February 19^6

r-------------I N V I T A T I O N
COMPLETE

CORRESPONDENT

FACILITIES

W henever y o u ’ re in
Omaha, drop in for a
visit.

U n ite d

States

National Bank, north
west corner, 16th and
Farnam.
OFFI CERS
HERBERT M. BUSHNELL
President

ELLSWORTH MOSER
Executive Vice President

VICTOR B. CALDWELL
Vice President

RICHARD H. MALLORY
Vice President

THOMAS F. MURPHY
Vice President

CASPER Y. OFFUTT
Vice President

EDWARD W. LYMAN
Assistant Vice President

HARRY E. ROGERS
Assistant. Vice President

AUSTIN L. VICKERY
Assistant Vice President

HAROLD T. UEHLING
Trust Officer

ARTHUR D. ANDERSON
Cashier

JAMES L. SHIELDS
Assistant Cashier

NELS L. SHOLIN
Assistant Cashier

ELDRIDGE C. McELHANEY
As sisant Trust Officer

HENRY B. PIERPONT
Assisant Trust Officer

LEO M. BROWN
Comptroller

j/ ie

SOUND

BANKI NG

SERVI CE

________________J

Northwestern Banker February 1946

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Federal Reserve Bank of St. Louis

UNITED STATES
BANK

i \ a h o n a l

o f O m

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

a h a

P. T. Pogue, former Liberty banker,
who, with Mrs. Pogue, is going to
Burchard until permanent arrange
ments are made for a successor to
Mr. Obermann.

NEBRASKA
NEWS
Y . E. D O L P H E R
President
D avid City

Sargent

C A R L G. SW AN SO N
Secretary
Omaha

will be the new cashier when he re
turns from military service.
D.
L. Jouvenat and O. M. Hays, hav
ing recently disposed of their interests
in the Petersburg State Bank, are re Clarks
The Bank of Clarks, Nebraska, held
tiring from the bank.
Ray Hall will continue his interests its annual stockholders meeting when
and has been advanced to president. directors were re-elected. Gordon
A. Emsley Chittenden is the vice Bush was elected assistant cashier.
president and in charge of the bank.
Delbert Schafer will continue in the
Loomis
bank and is advanced to cashier.
J. P. Allen was re-elected president
The above officers together with A. J. of the First State Bank of Loomis,
Friese and Joseph Leifeld, Petersburg Nebraska.
business men, will constitute the board
W. B. Abrahamson was elected to
of directors.
the post as executive vice president,
C. E. Allen was elected vice president,
and J. P. Allen, Jr., was elected cashier.
Beatrice
At the annual meeting of stockhold
ers of the First National Bank of
Kimball
Beatrice, Nebraska, H. L. Dempster,
Controlling interest in the American
Beatrice, and Melvin Bekins, Omaha, National Bank of Kimball, Nebraska,
were elected to the board of directors. was purchased by J. I. Christiansen
This is an addition to the board and C. E. Nelson from the Rodman
membership, the entire board being family, operators of the bank for more
re-elected. The officers also were re than 25 years.
elected.
Mr. Christiansen said he would be
come president and Mr. Nelson would
take the cashier’s post. Mr. Christian
Battle Creek
John J. Adkins, son of B. E. Adkins, sen has been connected with the Seven
has been elected assistant cashier of Valleys State Bank at Callaway for 20
the Battle Creek, Nebraska, State years. Mr. Nelson has 25 years’ bank
Bank. Mr. and Mrs. Adkins, now liv ing experience at Axtell and Keene.
ing in Norfolk, will move to Battle
Creek.
Beatrice
Wallace Robertson, who has served
as
president of the Beatrice National
Holdrege
Bank for 30 years, was named chair
L. J. Titus, recently discharged from
man of the board of directors. D. W.
the navy after serving as a lieutenant
Cook succeeded him as president.
(jg) aboard an LST in the Pacific
theater of war more than two years,
Ord
has been named president of the First
The First National Bank of Ord,
National Bank of Holdrege.
Nebraska, has announced election of a
new director in the person of Carl
Carroll
Weckbach, who also will serve as vice
The following directors were elected president in direct charge of personal
at the annual meeting of the stock loans, a new department which will be
holders of the Farmers State Bank, stressed by the bank in future.
Carroll, Nebraska: George Owens, G. E.
Jones, J. M. Petersen, W. R. Scribner
Burchard
and Perry Johnson. W. R. Scribner
Cashiership of the State Bank of
was re-elected as president and cashier;
Perry Johnson, vice president, and J. Burchard, vacated by sudden death of
M. Peterson, secretary. Norman Clark Fred H. Obermann, is to be filled by

Petersburg

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Federal Reserve Bank of St. Louis

At a meeting of the board of direc
tors of the Farmers State Bank, Sarg
ent, Nebraska, W. D. Bingham was
elected cashier to take the place of
E. T. Larson, resigned. The plans of
Mr. Larson are indefinite.

Broken Bow
T. T. Varney was elected to the new
ly created position of chairman of the
board of directors and executive vice
president of the Broken Bow State
Bank, Broken Bow, Nebraska, at the
bank’s meeting. Thomas T. Varney,
Jr., was elected as president of the
bank to succeed his father. Other of
ficers and directors were re-elected.

Ogalalla
R. A. Goodall, recent purchaser of
the Henry Geisert stock in the First
National Bank, Ogalalla, Nebraska, was
elected to the board of directors, suc
ceeding Geisert, at the bank’s annual
meeting.
All other officers of the bank were
re-elected.

Nebraska City
Carroll Lewis became cashier and
trust officer of the Nebraska City Na
tional Bank, succeeding Otto Schneid
er, who has retired from active duty
in the bank. Mr. Schneider was
elected vice president.
Leland C. Thomas became cashier
of the Otoe County National Bank, suc
ceeding H. H. Teten, who now is a
vice president.
J. R. Stevenson became a vice presi
dent of the Farmers Bank; Edwin
Gardner became a vice president; Mark
Fullriede became cashier, and Earl
Seyfer became assistant cashier.

Haskins
W. A. Gutzman of Norfolk, who
served as cashier of the Commercial
State Bank of Hoskins since it was
opened on July 6, 1943, and before that
was cashier of the Hoskins Cooperative
Credit association from 1938 until it
was converted into the state bank,
submitted his resignation at the annual
meeting.
His successor as cashier of the Hos
kins bank is Ed Kollath, who was
formerly president. Eric Meierhenry
was elected president, succeeding Kol
lath, George Langenberg was named
vice president, and Miss Shirley Lang-

Northwestern Banker February 1946

-•
enberg was advanced from bookkeeper
to assistant cashier.

NEBRASKA

N E WS

Nebraska, where he was employed be
fore entering military service. He re
turned home recently following his
discharge from the army.

Fremont
Robert L. Voss, former Dodge coun
ty agent, has been elected vice presi
dent of the Stephens National Bank,
Fremont, Nebraska, in charge of agri
cultural activities, President William
N. Mitten announced.

New Assistant Cashier
The Live Stock National Bank of
Omaha, Nebraska, announces the elec-

Grand Island

•Tekamah
Gene Youell, who has been honor
ably discharged after three and onehalf years in the service, has accepted
a position with the First National Bank
of Tekamah, Nebraska.
Youell is a graduate of the University
of Nebraska, and before entering the
service he held a position with the
Federal Land Bank in Omaha.
Ed Perry, who recently was dis
charged from the army has resumed
his job at the National Bank of Nor
folk which he held before going into
the armed forces.

I.
R. Alter, who started work at the
First National Bank 45 years ago as
janitor and errand boy, was elected
president by the board of directors.
E. J. Wolbach, president for years, was
elected chairman of the board. Alter
has been executive vice president.
W. T. Green, formerly assistant to the
vice president, was elected vice presi
dent of the bank, and F. J. Clear re
elected vice president and cashier.

Osceola
Warren Johnson has returned to his
position as assistant cashier of the
First National Bank, Osceola, Ne
braska, following his discharge from
over four years in the service.

Chadron
The Bank of Chadron, Chadron, Ne
braska, has elected William Ormesher
as £ldirector. The bank’s annual state
ment showed an increase of $819,709
in deposits during 1945 as compared
with 1944.

Group Meetings

F R A N K E. C H E R R Y
A ssistant Cashier

Sidney
In its twenty years as one of western
Nebraska’s leading financial institu
tions, The American National Bank
of Sidney, Nebraska, has become the
largest bank in Cheyenne county’s his
tory, with deposits exceeding six mil
lion dollars. The bank marked its
twentieth anniversary last November,
at which time officers and directors
could look back on a program of con
tinuous growth and expansion, reflect
ing the stability of the territory served
by the institution.

Hastings
Don Hansen has resumed his duties
at the City National Bank, Hastings,

tion of Frank E. Cherry as assistant
cashier.
Mr. Cherry has recently been re
leased from the Army after three and
one-half years of service. Before en
tering the Army he was employed by
the Live Stock National Bank for five
years, devoting the greater portion of
his time to cattle loans and inspection,
and he will again become active in this
department of the bank. He has had
a great deal of experience, both in rais
ing and feeding of cattle, having spent
his childhood and youth on a cattle
ranch in Sioux county, Nebraska, oper
ated by his father, E. R. Cherry, Sr.,
who has been a very successful cattle
man.

The way seems cleared for resump
tion of Group meetings in Nebraska.
The usual time for these meetings is
in late April. Arrangements for trans
portation are now in the preliminary
stage.

Give Publisher Award
C. D. Saunders, vice president of the
First National Bank of Omaha and
president of the Omaha Chamber of
Commerce presented Henry Doorly,
publisher of the Omaha World-Herald,
an award for the leadership demon
strated by the Omaha World-Herald
in promotion of the soil saving con
servation work promoted by this news
paper. The resolution presented to
Mr. Doorly declared that the contest
was an “outstanding example of the
interest of business and the welfare of
agriculture and of the cooperation that
exists between these two elements of
our national economy.”

TfeTOOTLE-LACY
WE ARE PREPARED TO ASSIST OUR CORRESPONDENT BANKS IN
FURNISHING ADEQUATE FUNDS TO LOCAL ENTERPRISES
WHERE THE VOLUME REQUIRED IS GREATER THAN
LOCAL FACILITIES ARE EQUIPPED TO HANDLE
Northwestern Ranker

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Federal Reserve Bank of St. Louis

Febrnara 19\6

ka’s War Bond drives, AY. Dale Clark,
president of the Omaha National Bank
and civic leader, was the recipient of a
message of commendation from Ne
braska’s governor, Dwight Griswold.
“Not a single Nebraska war finance
drive has fallen short of its goal,” said
Governor Griswold.” By directing the
war finance effort and giving it the
necessary leadership, Mr. Clark has,
I feel, made a war contribution second
to that of no other Nebraskan.”
Mr. Clark accepted active leadership
of the second drive and has been at
the helm of each of the following
drives.

dent of the United States National
Bank of Omaha.
Arthur L. Goad, president of the
Packers National Bank, was elected
clearing house vice president. Carl G.
Swanson, new secretary of the Nebras
ka Bankers Association, was elected
secretary-treasurer.

GEORGE F. ASHBY of Omaha, new
ly-elected president of the Union Pa
cific Railroad, has been elected a mem
ber of the board of directors of the
Omaha National Bank. All other offi
cers and directors were re-elected.
(). H. EEEIOTT, associated with the
First National Bank of Omaha many
years, has been elected a vice president
of the institution. He had been as
sistant vice president. President T. L.
Davis made the announcement after
the annual board meeting.

J. F. McDERMOTT, vice president
of the First National Bank of Omaha,
is head of a special gifts committee
for Omaha’s “ March of Dimes” drive
for the National Foundation for In
fantile Paralysis.
W. B. Millard, Jr., vice president of
the Omaha National Bank, is Douglas
county chairman for the campaign.

C. A. BUSCHER, member of the firm
of the John Rath Packing Company of
Waterloo, Iowa, was elected a member
of the board of directors of the Pack
ers National Bank of Omaha, President
Arthur E. Goad announced.
Timothy J. Spencer was promoted
to assistant cashier. He is a World
War II veteran with 18 years of serv
ice with the Packers National.

AMONG OMAHA B U S I N E S S
GAINS during 1945, bank loans and de

posits were among the largest.
The increase in loans was 27.9 per
cent, in deposits 24.5 per cent.
Omaha bank clearings were listed at
$3,968,187,455, a gain of 6.2 per cent
over 1944.
Bank debits aggregated $4,157,870,225, a gain of 5.5 per cent.

W. A. SAWTELL, president of the

Stock Yards National Bank of Omaha,
is the new president of the Omaha
Clearing House Association. In the
post he succeeds H. M. Bushnell, presi

FOR HIS LEADERSHIP in Nebras

NATIONAL BANK
M ILTO N TO OTLE, JR.
P R E S ID E N T

M ILTO N TOOTLE, III
V IC E P R E S ID E N T

MRS. J. T. STEWART, III, wife of
the vice president-cashier of the First
National Bank of Omaha, has been
elected president of the Orthopedic
Association of Omaha. Mrs. Louis
Metz is retiring president. Casper Y.
Offutt is a vice president.
AT THE HOME OF J. G. RAH EL,

Omaha investment banker, an infor
mal evening honored Admiral and Mrs.
Frank Lowry, who were paying a 24hour visit to Omaha. Brig. Gen. and
Mrs. Garrison H. Davidson also were
among the guests. The admiral and
general met for the first time since the
war ended. The last previous time
their paths had crossed was on the
Western Front when Admiral Lowry
was on a special mission there. Ad
miral Lowry served in both the Atlan
tic and Pacific and recently returned
from Germany. He and Mrs. Lowry
visited their old home in Cresco, Iowa.
Mrs. Lowry’s son, Allan Shackleton of
San Antonio, Texas, is a son-in-law of
Mr. and Mrs. Rahel.
W. B. MILLARD, JR., vice president
of the Omaha National Bank, was one
of the three Omahans who represented
the Omaha Chamber of Commerce and
Omaha Post No. 1, American Legion,
on a trip to Washington recently in

ST. JOSEPH, MO.

R. E. WALES
C A S H IE R

G RAH A M G. LACY

E . H. SCHOPP

F R E D T. BU RRI

E . L. CRU M E

V IC E P R E S ID E N T

ASST. C A S H IE R

A SST . C A S H IE R

ASST. C A S H IE R

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Federal Reserve Bank of St. Louis

M em ber Federal Deposit
Insurance Corporation

Nortnwestern Banker

February 19't6

•N EB R A S K A
the interest of the proposed new vet
erans’ hospital to be built in Omaha.
They were assured that the hospital
would be built, with the Omaha Field
Club site favored. A controversy had
developed over the Field Club site be
cause the land is county owned. A
civic fund was being raised to provide
money for the site.
Mr. Millard is chairman of the Civic
Hospital Site Commitee.
THE OMAHA SOCIAL SETTLE
MENT Association has re-elected six

members of its board for three-year
terms, including Alvin E. Johnson,
president of the Live Stock National
Bank of Omaha.
TWENTY-SIX GIRLS at the Omaha
National Bank were wearing gardenia
corsages and pleased looks the morn
ing after the Omaha and Council Bluffs
Bank Auditors’ party at the Elks Club.

The corsages had been intended for
the wives of the bank auditors, but
there was a slip-up.

Our Policy

O F F IC E R S
FRAZER L. FORD
President
J. A. GREENFIELD
Vice President
th os. j.

N E WS

A N IN T IM A T E PE R SO N A LIZE D
C O R R E SP O N D E N T BA N K SERVICE

McCu l l o u g h

Based on Co-operation—
Not Com petition.

V ice President and Cashier
M. E. BLANCHARD
Assistant Cashier

Livestock loans our specialty.

LOUIS J. KOMER
Assistant Cashier

Consult us on your excess loans.

First St. Joseph
STOCK YAR D S RANK
Sou th S t. J osep h , M o.

•
T. A. Spanstat, assistant auditor at
the Omaha National, arranged to have
the gardenias delivered at the desk at
the Elks Club. They were. But Mr.
Spanstat had a cold and didn’t go to
the party. So the flowers remained on
the desk until the next morning. The
girls at the bank got them instead.
MR. AND MRS. HAROLD T. LANI)ERYOU and their daughter, Miss Lor

raine Landeryou, spent the holidays in
Los Angeles. When Miss Landeryou
returned to the University of Nebras
ka, her parents went to Palm Springs,
California, for a two month stay. Mr.
Landeryou is an Omaha investment
banker.
OMAHA RANKS had total deposits
of $491,372,438 at the close of business
December 31, 1945.
Total loans were $65,132,199.
Deposits showed a gain of $111,996,706 over March 20, 1935.
Loans were up $18,587,688 over
March 20th.

Resources at New High
The statement of condition of Manu
facturers Trust Company, New York,
as of December 31, 1945, shows deposits
of $2,555,885,573, which include .United
States Government War Loan deposits
of $477,891,759. On December 31, 1944,
deposits were $1,991,382,142, which in
cluded United States Government War
Loan deposits of $300,866,524. Re
sources on December 31, 1945, were
$2,693,184,469, as compared with $2,100,298,087 a year ago.

BANKS

Bought and Sold

Confidentially and with becoming dignity

‘ 'O n ly B ank in the Y ards”
Member Federal Deposit Insurance Corporation

BANK EMPLOYEES PLACED.
40 Years Satisfactory Service

THE CHARLES E. WALTERS CO.
O M AHA, N EB R ASKA

Northwestern Banker

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Federal Reserve Bank of St. Louis

February 19^6

NC
N banks reported
greatly increased deposits at di
A
rectors’ meetings, at which present
LL IjI

officers were received for another year.
Presidents of the banks and reported
deposits are:
George W. Holmes, First National,
$58,110,000; Byron Dunn, National
Bank of Commerce, $49,000,000; T. B.
Strain, Continental National, $37,182,000; B. G. Clark, Havelock National,
$1,723,000.
All officers and directors of the Con
tinental National Bank of Lincoln
were re-elected at the annual meeting.
The officers are:
T. B. Strain, president; C. W. Battey,
executive vice president; Edward A.
Becker, vice president; W. S. Battey,
vice president-cashier; Fred S. Aldrich,
vice president; Howard Hadley, vice
president-trust officer; Elmar DeKay,
assistant cashier-comptroller; H. E.
Leinberger, assistant cashier, and A.
W. Griffin, assistant trust officer.
Directors of the Continental Nation
al are:
H. J. Amen, Maxwell V. Beghtol, H.
K. Grainger, W. W. Putney, T. B.
Strain, Edward A. Becker and C. W.
Battey.
Four new names were added to the
board of directors of the National Bank
of Commerce. They were Carl D.
Ganz, Henry Maser, Gardner Moore
and William Stoner.
Old directors re-elected were: Dr.
Everett E. Angle, W. T. Barstow,
Charles N. Cadwallader, Byron Dunn,
Leonard A. Flansburg, Ernest C. Fol
som, Albert A. Held, E. W. Miskell,
P. O. Southwick, M. L. Springer and
Julius Weil.

The First National Bank added one
name, that of George Abel, Jr., to its
board of directors for 1946. Other di
rectors re-elected were:
A. A. Dobson, P. R. Easterday, E. J.
Faulkner, Howard Freeman, Ernest E.
Guenzel, M. B. Holland, George W.
Holmes, Earl T. Luff, Stanley Maly,
Carl W. Olson, Charles T. Stuart, C. B.
Towle, T. H. Wake, Jr., Frank D. Wil
liams and Thomas C. Woods.
All officers of the Havelock National
were re-elected, as was the board of
directors. Two assistant cashiers were
added to the roster of employes. Per
sonnel now stands as follows:
President, B. G. Clark; vice presi
dent, C. A. Spader; vice president, Paul
B. Karnes; cashier, D. R. Fawcett; as
sistant cashier, Mary C. Clark; assist
ant cashier, Bonnie Spader.
The board of directors comprises the
president, vice presidents and cashier
and J. M. Hitchcock.
All officers and members of the
board of directors were re-elected at
the Union Bank.
Officers are: C. C. Cartney, president;
Jose A. Bradley, vice president; C. H.
Wear, cashier; John J. Brew, assistant
cashier, and Isabel A. Clark, assistant
cashier. Messrs. Cartney, Bradley and
Wear comprise the board of directors.
h. C. CHAPIN, 76, vice president and
director of the First National Bank,
and for many years prominent in state
horticultural circles, died recently fol
lowing a week’s illness. His death
was caused by acute nephritis, aggra
vated by a chronic heart condition.
Beginning his business life as a
florist in partnership with his brother,

Howard, in 1890, Chapin founded and
for 38 years operated the Chapin
Brothers Floral Company, which be
came one of the largest establishments
in the state and was sold to the Dan
ielson Floral Company in 1928.
A vice president of the Central Na
tional Bank when it merged with the
First National Bank, he became vice
president and one of the directors of
First National, and was president and
director of the Citizens State Bank in
University Place, and director of the
First Trust Company until his death.
# #

Department Addition
City National Bank & Trust Com
pany, of Kansas City, Missouri, has
added Lieut. Comm. Jack Kitchen to
its correspondent banking department
to work with Kearney Wornall, vice
president in Texas, Louisiana and New
Mexico.
Commander Kitchen is 29 years old
and attended the University of Mis
souri. His home was in Glasgow, Mis
souri, where he had banking experi
ence, previous to four years’ service
with Kansas City banks. He spent a
year and a half in Corpus Christi,
Texas, as an instructor before his com
bat service. Few Naval airmen have
seen the extensive service or have
taken part in as many battle engage
ments as has Commander Kitchen.

Here and There
A doctor says one million women
are overweight. These, of course, are
round figures. -

The Continental National Bank
of Lincoln invites the accounts
of banks and bankers who de
sire an efficient and depend
able correspondent relationship.

C o n t in e n t a l R a t io n a l
°f~

Y O U R STATE B A N K ER S A S S O C IA T IO N
O F F IC IA L S A F E , V A U L T A N D
T IM ELO C K EXPERTS

F. E. DAVENPORT & CO.

LIN C O LN
M ember

Federal

Deposit

Insurance

Corporation

OM AHA

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Federal Reserve Bank of St. Louis

Northwestern Banker

February Í946

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LIVE STOCK NATIONAL BANK
OMAHA, NEBRASKA
M e m b e r F. D. I. C.

2# M “ *

T H E

B A N K

Northwestern Banker February 1946

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Federal Reserve Bank of St. Louis

0 F

F R I E N D L Y ^

S E R V I C E

IO W A

month. Although he had not been
well for several years, it was only
about a year ago that he was forced to
discontinue many of his activities. One
of his last services to the community
was as county war finance chairman.
One of the organizers of the Farm
ers Savings Bank in 1913, he was on
that institution’s board of directors
until 1928, when he succeeded to its
presidency on the death of his father.

N EW S

Join Perry Bank Staff
F.

L. S A W Y E R S
President
Centerville

FRANK W AR N ER
Secretary
Des Moines

Iowa Group Meetings in February
Sioux City and Burlington Again Hosts to Groups
One and Eleven

GROUPS
Iowa

One and Eleven of the
Bankers Association are
holding their usual meetings this
month—Group One on Lincoln’s Birth
day, Tuesday, February 12th in Sioux
City, and Group Eleven on Washing
ton’s Birthday, Friday, February 22d
in Burlington.
Henry Visser, cashier of the First
National Bank, Hawarden, presides
over the Group One meeting, which
holds its sessions at the Hotel Martin.
Mr. Visser is chairman of Group One.
A committee of the Sioux City Clear
inghouse Association cooperated with
Mr. Visser on the program details.
R. J. McCleary, executive vice presi
dent of the Security State Bank, Keo
kuk, as chairman of Group Eleven will
preside over the meeting to be held at
the Hotel Burlington. On the evening
of Thursday, February 21st, a buffet
lunch will be served at the Hotel Bur
lington, and the usual luncheon will
be served the next day to start off the
business session.
Speakers at Burlington will include
Mel Ellis, Iowa superintendent of
banking; F. L. Sawyers, president of
the Iowa Bankers Association, and
Frank Warner, Association secretary.
Program plans also include one or
more special speakers for the occasion.
A committee of officers of Burling
ton banks is cooperating with Mr. Mc
Cleary to make this meeting of Group
Eleven the usual successful one.
Announcement comes from Secre
tary Warner’s office that the other
eight groups of the Iowa Bankers As
sociation will hold their meetings in
May. Four will be held from Tuesday
to Friday, May 7th to 10th, and the
next four from Tuesday to Friday,
May 14th to 17th, dates in both weeks
inclusive. Meeting places will be an
nounced as soon as selection of cities
has been made.

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Federal Reserve Bank of St. Louis

Handles Farm Business
Dale K. DeKoster, recently dis
charged as a major from the marine
corps, has taken up his duties as farm
representative of the Waterloo Savings
Bank of Waterloo, Iowa. J. J. Miller,
president, said Mr. DeKoster was
added to the bank staff to handle their
farm business because of the increas
ing demand for farm representatives.
Mr. DeKoster received a B.S. degree
in agricultural economics at Iowa State
College, having majored in farm credit
and land appraisals.

Returns to Lansing
Lt. James M. Kerndt has returned
from four years service with the Navy
to his position as assistant cashier
with the Kerndt Brothers Savings
Bank at Lansing, Iowa.

George L. Armstrong has assumed
duties as assistant cashier at the Perry
State Bank of Perry, Iowa. He is also
handling various types of veterans’
loans, according to an announcement
made by Cashier N. P. Black.
Armstrong, a native of Nevada,
Iowa, where he was formerly cashier
of a bank, was recently discharged
from the Navy with rank of lieutenant
commander. He spent three and onehalf years in the Navy, 17 months of
which were served in the South Pa
cific.
Richard Monthie, discharged army
veteran, is now employed as teller at
the Perry State Bank.
Monthie, who served over two years
in the South Pacific theater, went into
the service February 17, 1941, and was
inducted at Fort Des Moines, Iowa.

10 Per Cent Dividends
James A. Looney, president of the
Cromwell State Savings Bank of Crom
well, Iowa, announced that 10 per cent
dividends were paid to stockholders
for 1945. The bank’s quarters have
been completely remodeled with new
flooring and oil heat installed.

Meet in Harlan

At the second annual Bro-falfa Club
dinner at Harlan, Iowa, this month
Dean Kildee of Iowa State College was
main speaker of the evening. Agrono
mist H. T. Hughes, also of the State
O . W . Parker
College, discussed brome and its com
O.
W. Parker, 65. died in Des Moinespanion legume crops. Julius Rohwers,
recently. Mr. Parker had been in the president of the Farmers State Bank
banking business for many years in of Schleswig, Iowa, pioneer in the field
Maxwell, Iowa, where he lived until of financing of “feeding livestock on
moving to Des Moines a few years ago. grass,” presented the grass livestock
He is survived by two daughters, Viv economy side of the picture.
ian and Mrs. Joseph Ray.

Change Bank Name
Stockholders of the Central Savings
Bank and Trust Company of Emmetsburg. Iowa, voted to change the name
of the bank to Palo Alto County State
Bank. All officers and directors were
re-elected. Names of branch offices in
Ayrshire and Mallard, Iowa, will be
changed to the new name also.

Veteran Banker Retires
William F. Baker, assistant cashier
of the Decorah State Bank of Decorah,
Iowa, has resigned his position and
plans to devote his time to gardening
and a trip to Florida. Mr. Baker, who
was 74 years old recently, was with the
bank forty-eight and one-half years.

John F. Miller
John F. Miller, for the last 18 years
president of the Farmers Savings IBank
of Oelwein, Iowa, died at his home last

Elect Assistant Cashier
Guy Risinger of Milo, Iowa, recently
discharged from the service, has been
elected assistant cashier of the Peoples
Trust and Savings Bank of Indianola,
Iowa, it was announced last month by
William Buxton, III, president.
Mr. Risinger served five years as
manager of the Milo branch of the
Peoples Trust and Savings Bank, and
held the title of assistant cashier. He
began his banking career at Milo in
1938.

Bank Manager Retires
J.
W. Beggs, for many years man
ager of the First National Bank of
Whiting, Iowa, and for the last few
years manager of the branch bank of
the Onawa State Bank, has retired
from active business. Mr. Beggs went
to Whiting in 1916 when the First Na
tional Bank was organized with Ly
man Whittier as president and Mr.
Beggs cashier. Prior to that time he

Northwestern Banker February 19^6

*
had been in the banking business in
Broadwater, Nebraska.

Roy C . McKinney
Roy C. McKinney died at his home
in Cleghorn, Iowa, last month after a
short illness. He had been associated
in the banking business for many
years, and at the time of his death was
president of the Cleghorn State Bank.
He is survived by his wife and two
daughters, Mrs. Robert Otto of Dayton,
Ohio, and Maxine McKinney, who is
attending the University of Minnesota.

County Bankers Meet
The quarterly meeting of the Mitch
ell County Bankers Association was
held in Osage, Iowa, recently.
The speaker of the evening was Lyn
don Hansen, director of instrumental
music in the Osage schools, who gave
a very interesting talk on Mexico.
Following Mr. Hansen’s talk a short
business session was held, which in
cluded the annual election of officers.
A. Byron Golberg, vice president of
the St. Ansgar Citizens Bank of St.
Ansgar, Iowa, was elected president to
succeed E. R. Nicholson, cashier of the
Carpenter Savings Bank of Carpenter,
Iowa. Arnold J. Warren, cashier of
The Home Trust and Savings Bank,
Osage, was re-elected secretary-treas
urer.

Montezuma Bank Opens
The Peoples Savings Bank of Monte
zuma, Iowa, opened for business Janu
ary 21st.
Ray Hutchinson is president, M. L.
Arendt is vice president and cashier
and Keith Moore of Gibson, Iowa, is
assistant cashier.

IOWA

NEWS

gan McDonald of Smithland, Iowa, and
Capt. John Mansir Langdon, son of
Mr. and Mrs. Clarence W. Langdon,
Pittsfield, Massachusetts, were married
in Smithland recently. Mr. McDonald
is president and cashier of the Sioux
Valley Savings Bank of Smithland.

Norwalk
The directors of the Norwalk-Cumming State Bank, Norwalk, Iowa, in
their annual meeting elected the fol
lowing officers: Chairman of the board,
W. R. Thomas; president, Geo. T. Desenberg; vice president, L. M. Lanning;
cashier and New Virginia office man
ager, F. A. Felton; assistant cashiers,
Mrs. Kathryn B. Lanning, Zora Felton
and Roy Harris.
Mr. Thomas has been president and
Mr. Desenberg cashier of the Norwalk
Bank since 1917.
The board of directors are Mr. Thom
as, Mrs. Kathryn B. Lanning, Mr. Fel
ton, Mr. Lanning and Mr. Desenberg.

Hawardcn
Stockholders of the First National
Bank of Hawarden, Iowa, increased
the number of directors by one at their
annual meeting. All old directors
were re-elected and F. B. Schoeneman
elected as the new member. Bank
officers are: E. T. Dunlap, president;
York Johnson, vice president; H. Visser, cashier; and George A. Oelrich,
assistant cashier.

Washington
All members of the board of direc
tors of the National Bank of Washing
ton, Iowa, were re-elected at a stock
holders’ meeting last month. They
are: Carlton C. Wilson, George j.
Breitenbach, Robert Wiley, Fred L.
Stewart and Frank C. Crone.
The directors elected the following
officers: Frank C. Crone, president;
Fred L. Stewart, chairman of the
board and vice president; C. P. Weldin,
cashier; Marion S. George, assistant
cashier; and Jack McFadden, Lucy F.
Dempsey and Wilma R. Kleese, tellers.

Elect Clearing House Head
R. R. Brubacher, president of the
Toy National Bank of Sioux City,
Iowa, was elected president of the
Sioux City Clearing House Association
at the annual meeting.
Other officers elected were: M. C.
Eidsmoe, president of the Woodbury
County Savings Bank, vice president,
and R. E. Brown, cashier of the Se
curity National Bank, secretary-treas
urer.
The association discussed plans for
the annual meeting of Group 1, Iowa
Bankers Association, which will be
held February 12th in Sioux City.

Hartwick
Directors of the Hartwick State
Bank of Hartwick, Iowa, elected Ken
neth J. Benda to the position of assist
ant cashier at their meeting last
month. All other officers were re
elected as follows:
Ben Roubedush, president; Clarence
Possehl, vice president; W. N. Shellenbarger, cashier, and Lucille Shellenbarger, assistant cashier. W. B. Ryan
was elected a director by stockholders
and the following were re-elected to
the bank’s directorate. Ben Roubadush, Clarence Possehl, W. N. Shellenbarger, P. A. Martens, C. C. Gay and
Godfrey Veit.

Elkader
The Central State Bank and Trust
Company of Elkader, Iowa, elected the
following directors at the annual stock
holders’ meeting: W. J. McGrath, Geo.
Gifford, Chas. Meder, A. J. Johnson,
Geo. H. Schmidt, H. L. Meyer and Phil
Miller. Dr. W. J. McGrath was named
president and Geo. Gifford vice presi
dent at the board’s organization meet
ing. Active officers named for the
bank are: R. L. Jipson, vice president;
J. E. Shaffer, cashier, and Kathryne
Humphrey and Dolores Niemeyer,’ as
sistant cashiers.

W est Branch
The First State Bank of West
Branch, Iowa, held its annual meeting
last month, with the following direc
tors being re-elected: Fred W. Hinkhouse, J. Curtis Barnhart, Floyd T.
Fawcett, William W. Wertzbaugher
and Lawrence C. Rummells. N. P.
Olsen and H. G. Hemingway were
elected to fill two vacancies existing on
the board.
The officers elected by the board
were: F. W. Hinkhouse, president; J.
C. Barnhart, vice president; L. C. Rum
mells, cashier; W. S. Maxson and E.
L. Gregg, assistant cashiers.

Stanwood

At the annual meeting of sharehold
ers of the Union Trust & Savings Bank
K.
L. Bowman was elected a directorof Stanwood, Iowa, all directors were
of the Andrew Savings Bank, Andrew, re-elected, who in turn elected C. H.
Iowa, last month. Other directors Haesemeyer, president; Otto Evers,
are: F. H. Daudel, H. H. Gibson, J. L. vice president, and Lt. Carl H. Haese
Ripple, J. M. Gleason, William T. meyer, just returned from Guam after
Burke, and J. H. Mohlenhoff. Officers four years in the Navy, cashier, a posi
are: Mr. Daudel, president; Mr. Gib tion he held prior to entering the
son, vice president; Eber V. Flint, cash Navy. The bank paid a dividend of 5
ier, and E. R. Flint and Donna M. per cent. Total assets are now $2,300,Gieseman, assistant cashiers.
000.

Andrew

President's Daughter W eds
Miss Margot Halcyon McDonald,
daughter of Mr. and Mrs. William Mor

D id you know that adoption of our Cash Letter

Scarborough
& Company

insurance enables you to dispense with detailed
Cash Letter transcripts and keep only a duplicate
adding machine tape? Ask us for details.
Insuran ce Counselors to Banks

FIRST

NATIONAL

BANK

BUILDING

Northwestern Banker February 19'i6

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Federal Reserve Bank of St. Louis

• CHICAGO

ILLINOIS

• STATE

4325

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ESTABLISHED

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18 6 8

D A V I D H. REIM ERS, Pres.

M em ber Federal Deposit Insurance Corporation

Northwestern Banker February 19^6

• IOWA
Kiron
Chester F. Ogren was elected assist
ant cashier of the Kiron State Bank of
Kiron, Iowa, by directors at their an
nual meeting. He had just returned
from military service. Other officers
are: G. A. Norelius, president, and
C. E. Dahl, cashier. Directors are J.
E. Baker, Mr. Dahl, L. A. Larson, C.
R. Lundell and Mr. Norelius.

SIO U X C ITY
Toy National
J. William Van Dyke, a former mem
ber of the board of directors of the
Toy National Bank of Sioux City, who
has been in the armed services, was
named to serve again as a director.
Conrad E. Aronson was elected assist
ant cashier by the directors.
All other officers re-elected were:
Ralph R. Brubacher, president; J. W.
Van Dyke, Earl A. Hoffman, E. E.
Erickson and E. H. Speicher, vice
presidents; C. A. Johnson, cashier; J.
D. Shinkle, Carlton Van Dyke and J.
William Van Dyke, assistant cashiers.
Directors are J. W. Van Dyke, Mr.
Hoffman, Mr. Erickson, Florence H.
Toy, J. W. Kindig, Eugene Kelly,
George R. Call, Carlton Van Dyke, Mr.
Brubacher and J. William Van Dyke.

Security National
Alvin G. Nelson was elected vice
president of the Security National

NEWS

Bank of Sioux City at a directors’ meet
ing last month. Mr. Nelson, who has
been with the Security National for
15 years, has been assistant cashier.
His appointment as vice president was
announced by C. R. Gossett, president.

First National
Following the a n n u a l directors’
meeting, A. G. Sam, president of the
First National Bank of Sioux City, an
nounced three changes. Adolph J.
Toller was elected to the board of di
rectors, and Harold H. Strifert and
Robert E. Gleeson were named assist
ant cashiers. In addition to those
named, other officers are: J. P. Hainer,
vice president; Fritz Fritzson, vice
president and cashier, and J. T. Grant,
J. R. Graning and E. A. Johnson,
assistant cashiers.

Woodbury County Savings
A. R. Miller was promoted to cashier
of the Woodbury County Savings Bank
of Sioux City last month after 19 years
of service. A. D. Blenderman, who
has been with the bank for six years,
took Mr. Miller’s position as assistant
cashier.
t

Pomeroy
Guy F. Wilde and A. M. Kuhl of
Fonda have acquired an interest in the
Pomeroy State Bank, Pomeroy, Iowa.
W. K. Wiewel has been elected cashier
of the bank. Mr. Wiewel has been
associated with the First National
Bank of Fonda for the past sixteen
years, with the exception of eighteen
months of service in the U. S. Navy.
At the organization meeting of the
stockholders the following directors
were named: John F. Gutz, R. C.
Berry and W. H. Albrecht of Pomeroy
and Guy F. Wilde and A. M. Kuhl of
Fonda. Officers named were: John F.
Gutz, president; R. C. Berry, vice presi
dent; W. K. Wiewel, cashier, and Law
rence G. Schmidt, assistant cashier.

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Northwestern Banker February 19't6

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

At the annual meeting of the Grundy
National Bank of Grundy Center,
Iowa, the board of directors was in
creased from five to seven members.
The two new members are W. L.
Mooty and Le Roy Vanderwicken, who
resigned from the bank’s board of di
rectors when they entered the armed
service. Other five directors of the
bank are W. T. Heckt, Wm. Groote,
H. A. Willoughby, Ferd Henze and
Harold B. Brown.
Officers of the bank who were re
elected at the meeting of the board of
directors are: W. T. Heckt, president;
Wm. Groote, vice president; Dale Bee,
cashier; Marcella Wanitschke and Vernice Smit, assistant cashiers.

lett, Raymond Pilgrim and Hugh C.
McCleery.
D.
L. Ross and Helen Hargrave were
chosen assistant cashiers. The other
officers, all re-elected, include the fol
lowing: President, C. A. Frasier; vice
president, A. J. Blakely; assistant cash
ier and manager of the Malcolm office,
L. L. Fry.

Columbus Junction
Two new directors elected to the
board of directors of the Louisa County
National Bank of Columbus Junction,
Iowa, are H. W. Eliason and Max Vannice. Present directors re-elected were:
J. D. Buser, F. W. Coffin, C. B. Dough
erty, J. E. Henson and J. C. Richie.
The directors elected the following
officers:
President, J. D. Buser; vice presi
dent, J. C. Richie; cashier, J. E. Hen
son.

Clarinda
J. H. Peterman, for 18 years presi
dent of the Page County State Bank of
Clarinda, Iowa, was promoted to the
post of chairman of the board at the
annual meeting of the directors of the
bank.
C. E. Bradley, who has been asso
ciated with the bank for 29 years, and
who has been cashier and vice presi
dent since 1924, was elected president,
and Darrel C. Davison, one of the
directors, was named vice president.
Herman G. Meyer, Palmer, Kansas, a

T
N

e w

h e

o r k

r u s t

o m p a n y

Capital Funds Over $50,000,000

I OO BROADWAY
M A D I S O N AVENUE
A N D 4 0 T H STREET
TEN
ROCKEFELLER
PLAZA

Grinnell
At the annual election of directors of
the Grinnell State Bank of Grinnell,
Iowa, D. L. Ross was chosen to succeed
L. M. Fanning, former cashier, who
became connected with a bank at Mad
rid, Iowa, during the year. The other
directors remain the same. They are
C. A. Frasier, A. J. Blakely, J. G. Shiff

Member of Federal Deposit Insurance Corporation

•
man with 18 years of banking experi
ence, has been elected cashier. Mr.
Meyer has purchased a substantial
interest in the bank.

W est Union
C. H. Howard, for many years a
member of the board of directors of
the First National Bank of West
Union, Iowa, was elected vice presi
dent at the annual meeting to succeed
D. R. Lynch, who has resigned.
Two new directors were named by
the stockholders, E. C. Johnson taking
Mr. Lynch’s place on the hoard, and
Carl B. Schori being named a new
member. He was also re-elected as
sistant cashier.
Other officers were re-elected as fol
lows: Frank Camp, chairman of the
hoard; W. H. Antes, president; C. W.
Grimes, cashier, and Mr. Camp, Mr.
Antes, H. H. Paulson, Mr. Howard and
Mr. Grimes, directors.

Clinton
One new director was chosen by the
City National Bank of Clinton, Iowa,
to succeed a retiring member.
The City National chose G. E. Wil
son, Jr., to succeed his father, G. E.
Wilson, Sr., who retired in his son’s
favor. Re-elected to the bank’s board
were C. A. Armstrong, G. L. Curtis,
W. R. Huston, E. L. Miller, Bruce
Townsend, F. H. Van Allen and F. J.
Ward.

IOWA

NEWS

•

Lisbon

Spirit Lake

Howard A. Rieger, for five years a
member of the board of directors of
the Lisbon Bank & Trust Company of
Lisbon, Iowa, was elected president at
the annual meeting of stockholders
last month. He succeeds Mrs. Eloise
Stuckslager of Fort Dodge, Iowa, who
resigned because her home is now too
far from Lisbon to devote full time
to the bank.
Officers re-elected are: D. U. Van
Metre, vice president, and Harry W.
Sizer, cashier. Directors are Mrs.
Stuckslager, Mr. Rieger, Dr. J. R. Gard
ner, Mr. Van Metre, John E. McHugh.
R. P. Andreas and S. W. Wilder-

At the annual meeting and election
of the First National Bank of Spirit
Lake, Iowa, Wayne C. Currell was
elected president and Robert Knight
was elected vice president.
Robert Cornell, who has been in
charge of the First National, will re
main in charge as vice president and
cashier.

Indianola
Five new directors were elected at
the annual meeting of stockholders of
the Peoples Trust and Savings Bank of
Indianola, Iowa.

T H E N A T IO N A L B A N K
OF W A TER LO O
STATEMENT OF CONDITION
A s of December 31, 1945

i
n
RESO U R CES

Donnellson
At the annual meeting of the Citi
zens State Bank of Donnellson, Iowa,
all directors were re-elected as follows:
Walter T. Robinson, M. G. Addicks,
Grace J. Robinson, R. L. Schmitt, H.
A. Trump and Carl Bentzinger.
The officers elected for the bank are:
Walter T. Robinson, president; M. G.
Addicks, vice president; H. A. Trump,
vice president; R. L. Schmitt, cashier;
Helen Paisley, assistant cashier (new
ly elected); Mrs. Dorothy Wagner, tell
er, and Betty Bentzinger, bookkeeper.

Cash and due from banks----------------------------------- _ _ $ 7 ,3 7 2 ,4 7 3 .2 0
2 ,9 2 0 .9 2 3 .1 !
Loans and Discounts-------------------------------------------- __
U. S. Government Securities------------------------------- __ 1 1 ,6 7 0 ,9 1 9 .3 8
3 ,0 6 7 ,0 6 6 .3 5
State, County and Municipal Securities------------ __
3 4 2 ,1 6 6 .6 0
Other bonds --------------------------------------------------------2 1 ,0 0 0 .0 0
Stock in Federal Reserve Bank
2 ,3 5 5 .7 9
O v e r d r a fts ________________________________________
8 ,5 8 6 .9 4
Furniture and Fixtures-----------------------------------------7 0 ,0 7 1 .7 9
Accrued Interest receivable--------------------------------$ 2 5 ,4 7 5 ,5 6 5 .1 6

L IA B IL IT IE S

Newton
Two new members were named to
the board of directors of the Newton
National Bank of Newton, Iowa, and
two officers were given promotions at
the annual meeting of stockholders.
New members named to the board
were E. A. McCardell and Dwight L.
Smith, vice president of the bank. Mr.
Smith was named to the board to suc
ceed Walter T. Robinson, who is loan
guarantee officer for the Veterans Ad
ministration of Iowa in Des Moines.
Other members of the board, all re
elected, are John P. Buchanan, O. L.
Karsten, Harold F. Marshall, C. A.
Peck, John Schumann, J. H. Warburton and Dr. R. W. Wood.
Mr. Peck was re-named chairman of
the board of the bank and Mr. Karsten
was re-elected president. Mr. Smith
was promoted from cashier to vice
president, Max Kreager from assistant
cashier to cashier, and Veva Childs
was named assistant cashier.

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Federal Reserve Bank of St. Louis

2 5 0 ,0 0 0 .0 0
Capital stock — c o m m o n ----------------------------------- _ _ $
4 5 0 .0 0 0 .0 0
Surplus ------------------------------------------------ ---------------1 3 1 .6 2 3 .7 3
Undivided profits -----------------------------------------------1 6 4 ,0 7 8 .9 4
Reserve for taxes, interest, etc.--------------------------7 ,7 0 2 .4 8
Interest collected but not earned-----------------------2 4 ,4 7 2 .1 6 0 .0 1
D e p o s its ----------------------------------------------------------------$ 2 5 ,4 7 5 .5 6 5 .1 6

★

O FFICERS
JAM ES M. GRAHAM , Chmn. of Board
CH AS. S. M cKINSTRy, President
R. L. PENNE, Vice President

A. J. BURK, Cashier
R. L. KILGORE, Assistant Cashier
H. F. H OFFER, Assistant Cashier

Member Federal Reserve Syste m
Member Federal Deposit Insurance Corporation

Northwestern Banker

February 1946

•

IOWA

NEWS

N O W ! • • An Old Line
MUTUAL Legal Reserve Company
In June 1936, the G eneral A m erican L ife Insurance C om p any set m utualiza
tion —the t r a n s f e r o f o w n e r s h i p f r o m s t o c k h o l d e r s t o p o l i c y h o l d e r s —as its
goal. . . . O n January 15, 1946,—less than 10 years later—the com plete ow n er
ship o f the C om pany by its policyh olders becam e an accom plished fact. T his
w holesom e transition was m ade possible by d evotin g three m illion fo u r hu n
dred and n inety-fou r thousand dollars from earnings fo r the retirem ent o f
stock, dollars w h ich otherwise w ou ld have been available fo r dividends to
stockholders. . . . From this day on , our p olicyh old ers will not on ly receive
the financial p rotection o f their insurance; b u t they w ill also b e the sole
owners o f the C om pany, sole beneficiaries o f its assets and earnings, and
sole arbiters o f its destiny.
TTT r
ttt tt
i

Walter W . Head
PRESIDENT

Financial S tatem en t — D ecem ber 3 1 , 1 9 4 5
ASSETS
Cash and B o n d s ........................................ ' ....................... $ 72,799,542.60
First M ortgage L oans on R eal E sta te.......................... 43,925,575.79
830,000.00
H om e O ffice B u ild in g .......... .................
O ther R eal Estate and Sales C on tra cts......................
6,134,551.30
S to c k s . . . . . . . . ........
797,014.00
845,074.28
Interest and R ents D u e and A c c r u e d ..........................
O ther A ssets, P rin cip a lly N et Prem ium s
in C ourse o f C o lle c tio n ............................................
1,881,371.23
(1) B ala n ce o f Initial P o lic y L ie n s ............................
2,561,125 00
L oans to P o licy h o ld e r s ....................................................
17,392,362.67

They are Charles E. Burkey, Will H.
Eddy, E. H. Felton, Benjamin R.
Leitch and J. H. Redman.
Old directors re-elected were: Wil
liam Buxton, III, W. N. Grant. W. T.
Hamilton, Carl H. Hirsch. Ravmoncl
Sayre and V. C. Watson.
The board elected the following offi
cers for the year:
Mr. Buxton, president; Mr. Grant,
vice president and cashier: Mr. Leitch,
vice^ president and loan officer, and
L. V. Syoc, J. K. Browne, Guy Risinger
and Gerald Beymer, assistant cashiers.

A M ES
Ames Trust and Savings
Clyde Black has been elected to the
board of directors of the Ames Trust
and Savings Bank of Ames, Iowa.
Its re-elected officers are: Clay W.
Stafford, president; L. B. Spinney" vice
president; G. R. Alley, cashier, and
H. P. McNeil, assistant cashier. Re
elected directors are Mr. Alley, J. B.
Davidson, R. D. Feldman, Charies Rey
nolds, Mr. Spinney, Mr. Stafford, K.
W. Stouder and F. R. White.

College Savings
William G. Murray was elected to
the board of directors of the College
Savings Bank of Ames, Iowa, at the
annual meeting, at which time all offi
cers and directors were re-elected. Of
ficers are: C. A. Knudson, president;
T. E. LaVelle, cashier; C. H. Budolfson
and L. J. Sifrit, assistant cashiers, and
M. S. Heggen, manager of the.bank’s
Slater office.
Re-elected directors include C. V.
Adams, E. D. Buchanan, C. F. Curtiss,
David Edwards, E. C. Hutchison, C.
A. Iverson, Mr. Knudson and Mrs.
LaVelle.

(2) T otal A ssets...................................................................$147,166,616.87

LIABILITIES
P o licy R e s e r v e s ...................................................................$132,727,433.47
R eserves fo r P o licy h o ld e r s ’ D iv id e n d s ......................
2,374,254.07
O ther L iabilities and R e se rv e s ....................................
2,534,180.82
T o ta l.........................................................................................$137,635,868.36
C on tin gen cy R e s e rv e ........................................................
7,530,748.51
U nder P urchase A g r e e m e n t..........$5,333,627.04
F or G rou p In su ra n ce........................ 1,080,969.00
F or S tock R e tire m e n t......................
570,799.14
O th e r........................................................
545,353.33
C apital S tock and G u aran ty F u n d ..............................
500,000 00
S u rp lu s...................................................................................
1,500,000,00
T otal L ia b ilitie s ............ ..................................................... $147,166,616.87
(1) D oes n ot in clu d e liens tota lin g $659,109.00 w h ich h a ve been
d ischarged b y paym ents in cash or credit b y p o licy h o ld e rs nor
$73,236.56 liens on d ivid en d s on deposit, b o th o f w h ic h item s w ill
share in fu tu re lien red uction s.
(2) In clu des assets in “ O ld C om p a n y A c c o u n t ” established
un der P u rch a se A g reem en t dated S eptem ber 7, 1933, o n file w ith
the S uperintendent o f Insurance D epartm ent o f the State o f
M issouri.
N ote: T he C om p a n y in D ecem b er, 1945, su b scrib ed fo r $3,000,000
o f U nited States G ov ern m en t B ond s to b e settled fo r in 1946,
w h ich b on d s w ere tak en u p b y ban ks and are b e in g h e ld b y
them fo r th e a ccou n t o f th e C om pany.

Davenport

(¡ENERAL AMERICAN LIFE
INSURANCE

C O M P A N Y - ST. L O U S

Allen E. Lusk was elected an addi
tional director of the First Trust &
Savings Bank of Davenport, Iowa, at
the annual meeting, at which all pres
ent officers and directors were re
elected.
Directors re-elected were George M„
Bechtel, Harold R. Bechtel, R. O. Byerrum, L. F. Collignon, Frank A. John
son, I. Weir Sears, Dr. A. L. Syverud
and A. F. Uchtorff.
Officers selected by the board were:

Our Warehouse Receipts Provide the Soundest
Basis for All Inventory Loans
Consultation service is free to banks.

Address inquiries to our nearest office.

ST. PAUL TERMINAL WAREHOUSE CO.
Experienced and Responsible Operators of Field W arehouses
515 Iowa Des Moines Nat' 1 Bank Bldg., Des Moines, Iowa
St. Paul
Northwestern Banker

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Federal Reserve Bank of St. Louis

Minneapolis

February 19^6

Milwaukee

Chicago

Indianapolis

Detroit

• IOWA
George M. Bechtel, president; Mr.
Byerrum, executive vice president;
Harold R. Bechtel, vice president;
Frank A. Johnson, vice president, trust
officer and cashier; Louis Martin, as
sistant cashier and W. C. Siddle, assist
ant trust officer.

W aterloo
After serving twelve and a half
years as president of the National
Bank of Waterloo, Iowa, James M. Gra
ham asked to be relieved of his posi
tion at the meeting of the board of
directors recently. He was succeeded
by Charles S. McKinstry, vice presi
dent.
The directors accepted Graham’s res-

NEWS

•

Senior, cashier. Directors are Mr.
Young, Mr. Jennings, Mr. Oughton, Mr.
Senior, Mrs. Frances Young and Mrs.
Florence Brorby.
Officers of the Iowa Trust and Sav
ings are: D. E. Bishop, vice president,
and F. C. Orr, assistant cashier. Di
rectors are Mr. Young, Mr. Bishop,
Mrs. Young, Mrs. Brorby and John K.
Valentine.

Decorah
R. W. Raster was elected president
and cashier, to succeed H. O. Rotvold,
at the annual stockholders’ meeting of
the Security Trust and Savings Bank
of Decorah, Iowa. J. R. Pearson was

elected vice president and R. C. Hjerleid and Olaf J. Hanson assistant cash
iers. Directors are H. Erickson, T. M.
Halvorson, E. F. Hagen, Mr. Raster,
William Linnevold and Mr. Pearson.

Northwood
E.
O. Bottolfson was made cashier
of the Northwood State Bank of Northwood, Iowa, at the annual meeting,
succeeding Oscar A. Olson, who was
elected president of the bank. Mr.
Bottolfson was formerly assisant cash
ier. John S. Veenker, president since
the bank was organized in 1933, was
elected chairman of the board.
All directors were re-elected. They

W e take pride here at the "F irst/' not so much
in the volume of items handled for correspon
dents, but on the careful treatment each trans
action receives.
Accuracy and promptness form our yardstick
of service.

Mixed with a liberal portion of

friendliness, it adds up to the kind of coopera

C H A S. S. M c K I N S T R Y
N ow President o f his bank

tion every one of our correspondents receives
in liberal portions, at the "First" in Sioux City.

ignation, naming him as the chairman
of the board, a position which had been
previously combined with the presi
dency.
R. L. Penne, former cashier, took McKinstry’s place. The new cashier is
A. J. "Burk, who has been assistant
cashier.
Mr. Penne was also elected to the
board of directors at the stockholders’
meeting which preceded the directors’
meeting.

J. P.
Fritz
J. T.
J. R.

A. G. Sain,
Hainer, Vice President
Fritzson, Vice Pres, and Cashier
Grant, Assistant Cashier
Graning, Assistant Cashier

President
E. A. Johnson, Assistant Cashier
R. E. Gleeson, Assistant Cashier
Harold H. Strifert, Assistant Cashier
W. F. Cook, Auditor

Battle Creek
All directors, including H. M. Baxter,
W. F. Burow, Fred S. Christensen, Wil
liam Marshall and E. D. Mickelson,
were re-elected at the stockholders’
meeting of the First State Bank of
Battle Creek, Iowa.
Directors then named Mr. Marshall
chairman of the board, elected Mr.
Mickelson president, Miss Muriel Goslin cashier, and Miss LaVaughn
Wilcke, assistant cashier.

Centerville
The election of John Young as presi
dent of the First National Bank of
Centerville, Iowa, gives him the honor
of heading two banks in that city, as
he is also president of the Iowa Trust
and Savings Bank. Other officers of
the First National are: Harry Jen
nings, vice president; Roy Oughton,
executive vice president, and Colin

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Federal Reserve Bank of St. Louis

★

* * ★

///

S / o u x C / fif * * ★
Northwestern Banker

February 1946

08
are: Oscar A. Olson, John S. Veenkerr
E. E. Breen, O. J. Wardwell and Leon
S. Barnes.

WELCOME TO
BURLINGTON
★

★

It is our privilege to entertain
bankers of Group 11 at our an

Keokuk
B. A. Gronstal of Council Bluffs,
president of the Council Bluffs Savings
Bank, also became president of the
Security State Bank of Keokuk, Iowa,
with his election to that office by the
board of directors in its annual meet
ing.
Shareholders elected two new direc
tors, George E. Smith and Glenn I.
Conner.
All other directors were re-elected
and include Albert D. Ayres, E. R.
Cochrane, B. A. Gronstal, R. N. Hoerner, C. R. Joy, R. J. McClearv and
L. A. Rovane.
With the exception of the president,
all officers were also re-elected by the
directors, including R. J. McCieary,
executive vice president; E. R. Coch
rane, vice president and cashier; Joe
H. Gronstal, vice president and audi
tor; L. A. Whetstone, G. P. Smith, Miss
Elizabeth Laurinson, C. H. Carlson and
C. A. Vollers, assistant cashier.

Nevada

nual group meeting on Friday,

a day of profit and pleasure by

Samuel M. McHose, president of the
Nevada National Bank of Nevada,
Iowa, since its organization in 1934,
has retired and Col. H. E. Hadley has
been elected as president for the" com
ing year.
Dr. H. W. Bowers was re-elected vice
president, L. R. Bassett, cashier and
director, and Gilbert L. Henry and
Mrs. Doris McConnell were elected
assistant cashiers.

coming to Burlington.

Wellman

February 22nd. The key to the
city is yours. Make this holiday

S. P. Sandy of Des Moines, Iowa,
has purchased the controlling interest
in the Wellman Savings Bank of AVellman, Iowa, from Roy Durian and was
elected director, vice president and
cashier at the annual meeting of the
stockholders.

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

Marengo
Ay. R. Hatter was promoted from
assistant cashier to cashier and V. E.
James was named assistant cashier by
stockholders and directors of the Iowa
County Savings Bank of Marengo,
Iowa. R. R. Schroeder, who has been
cashier and executive vice president, is
now vice president of the bank. T. H.
Malcolm was re-elected as president.

M r, Banker:
Do you know that EVERY MONTH

MORE BANKS become subscribers to

D . A . S . A G R IC U L T U R A L D IG EST
There is no other agricultural inform ation service just like it.
For sample releases and further inform ation write to

Doanc Agricultural Service, Inc.

You Should Have It!
Northwestern Banker

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Federal Reserve Bank of St. Louis

February 19'i6

Box 603, 306 Plymouth Bldg.
Des M oines 9 , Iowa
Home Office— St. Louis

• IOWA
The board of directors, all re-elected,
includes T. H. Malcolm, R. R. Schroeder, W. R. Hatter, Charles Langlas,
Oscar Schroeder and H. W. Burgy.

Montezuma
J. W. H. Vest has been elected presi
dent of the Montezuma State Bank of
Montezuma, Iowa, by the directors in
their annual meeting. K. E. Cox, just
discharged from the Navy, is the new
vice president and cashier.
The stockholders elected the follow
ing directors: Edward Ammann, K. E.
Cox, Cliff D. Smith, Glenn L. Eichhorn,
James McCormick, V. L. Lundeen and
J. W. H. Vest.
At the directors’ meeting other offi
cers were elected as follows: C. E.
Kercheval, Lois Wiltse and Eva Mur
phy, assistant cashiers.

NEWS

•

named president, to succeed Coquil
lette.
Fred W. Smith, vice president, was
made a director, to succeed the late
Frank A. Beals.

Muscatine
All officers and directors were re
appointed with but one change in per
sonnel when the Central State Bank
of Muscatine, Iowa, held its annual
meeting last month.
Directors reappointed were Fred
Beach, Robert Shield, Robert K. Barry,
Simon G. Stein, R. S. Jackson, R. E.
Reuling, William Cashman, and C. A.
Edmonds. The officers re-elected are:

Mr. Beach, president; Mr. Edmonds,
executive vice president; Glen Down
ing, vice president; L. D. Krueger, vice
president and trust officer; L. J. Horst,
cashier; Lenora Eitman, assistant cash
ier; Ann Havemann, assistant cashier,
and Erwin Petersen was made an as
sistant cashier instead of auditor.

So Solly, So True
1950 definition of Japan: A rather
unimportant group of Pacific islands
completely surrounded by the United
States Navy.

Oskaloosa
C. A. Williams, Sr., R. S. Howard,
H. H. Williams, R. E. Redman, C. M.
Porter. Carl Johnson and A. K. Walling
were re-elected directors, and J. R. Mc
Gregor, Jr., and Dr. E. B. Wilcox were
elected members of the board for the
first time at the annual meeting of
stockholders of the Mahaska State
Bank. Oskaloosa, Iowa. Officers were
re-elected with C. A. Williams, Sr.,
chairman of the board; R. S. Howard,
president; H. H. Williams, vice presi
dent, and F. G. Dusenberry, cashier.
Ralph Hoar, who returned from serv
ice last year, was elected first assistant
cashier and Miss Nelle Dulin, assistant
cashier.

Pocahontas
Loren Oleson was appointed assist
ant cashier of the Pocahontas State
Bank of Pocahontas, Iowa, at a recent
meeting of the board of directors of
the bank.

Mason C ity
The United Home Bank and Trust
Company of Mason City, Iowa, at its
annual meeting elected W. Howard
Stewart note teller, and Claude Sinnett,
in charge of personal loans, as assist
ant cashiers.
The re-elected officers are: E. W.
Clark, president; F. F. Potter, vice
president; W. E. Gildner, vice presi
dent; J. A. Van Ness, vice president;
R. A. Potter, cashier, and C. F. Weaver,
assistant cashier.
The members of the board of direc
tors are H. J. Bryant, Rob Roy Cerney,
E. W. Clark, F. F. Potter, R. A. Potter,
John Gallagher, W. E. Gildner, A. J.
Marshall, O. A. Satter and J. A. Van
Ness.

C ed ar Rapids
James E. Hamilton, chairman of the
board of directors of the Merchants
National Bank of Cedar Rapids, Iowa,
for 12 years, was named chairman of
the executive committee, a newly cre
ated position.
S. E. Coquillette, president of the
bank for 12 years, was named chair
man of the board to succeed Hamilton,
and John T. Hamilton II, recently dis
charged from the armed service, was

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Federal Reserve Bank of St. Louis

T h e “ Y E L L O W B O Y ” A d v ic e
I s D istin c tiv e W ith the D r o v e r s
The “ Y ellow B o y " is w e ll know n to b an kers w h ose custom ers ship livestock to the
C h ica go market. Its fam iliar a p p e a ra n ce d a ily assures hundreds of correspondent
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....DROVERS NATIONAL BANK
DROVERS TRU5T 0 SAVINGS BARIC
U N I O N

S T O C K

Y A R D S ,

C H I C A G O

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

Northwestern Banker

February 1946

•

Des Moines News
vice president and
of the Capital City State
RBank,director
celebrated his 30th anniversary
AY G. MILLER,

with the bank last month, then was
elected executive vice president the
following day at the annual meeting
of the bank. Other promotions were
.1. N. Coffey, cashier and trust officer
to vice president and trust officer;
George Radcliffe, assistant cashier to

MERCHANTS
MUTUAL

BONDING
COMPANY

IO WA

NEWS

•

cashier, and C. Allen Evans, assistant
cashier to vice president. Officers re
elected were Rolfe Wagner, president;
Fred C. Sutton, assistant cashier, and
Frank J. Tamse, assistant cashier.

sponsored by the First Wisconsin Na
tional Bank of Milwaukee, Wisconsin,
last month. There were 260 bank of
ficials in attendance from the midwest.

Orville M. Garrett, vice president of

At the annual meeting of stockhold
ers and directors last month, the name
of the Valley Savings Bank of Des
Moines was officially changed to Valley
Bank and Trust Company. The Val
ley Bank building has been sold to the
Veterans Administration with the
Valley Bank and Trust Company re
taining a lease on its present quarters
and another portion of the main floor.

the Iowa-Des Moines National Bank &
Trust Company, was a member of the
panel for the forum speaking before
the annual convention of the Iowa
chapter of the American Institute of
Architecture recently.
Lehman Plummer, vice president of
the Central National Bank & Trust
Company, discussed “Profit Participa
tion Title I Plan” at the Conference on
Installment and Small Business Credit

No Market Losses

Incorporated 1933

IF
YOU INVEST

Home Office
SOUTHERN SURETY BUILDING

YOUR MONEY

Des Moines, Iowa

•

— in our 3 %

Fed

erally insured cer

This is Iowa’s oldest surety company.

tificates,

A progressive company with experi
enced, conservative management.

have

W e are proud o f our hundred and
fifty bank agents in Iowa.

w h ic h

safety,

quidity and free
dom from market

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

George E. Virden, Secretary

E. H. WARNER

The Russell County Building & Loan Association
RU S S ELL,

KANSAS

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Northwestern Banker

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

Phone 4-4126

February 1946

Four veterans have been added to
the staff of the Iowa State Bank. They
are Leland Keith, Robert Dotson and
Wayne Archer, tellers, and Claude
Reams, bookkeeper. At the bank’s
annual meeting Carl Moody, assistant
cashier, was also elected trust officer
and will carry on duties of both offices.
He was also named to head the depart
ment devoted to servicing G. I. loans
and veterans affairs. Other officers are
G. A. Frampton, president; George
O’Dea, George H. Borg and J. Hamilton
Dawson, vice presidents, and L. A.
Rodenbaugh, Jr., cashier.

losses.

Write to
Secretary and Manager

E.
B. Dunn was elected to the board
of directors of the Des Moines Bank &
Trust Co., at the bank’s annual meeting
last month. Stockholders were voted
a dividend of $2.50 a share and $25,000
was added to the surplus, making a
total of $125,000.

Des Moines 14. Iowa

E. F. Buckley, president of the Cen
tral National Bank & Trust Co., an
nounced recently the election of two
new vice presidents, and a new cashier
and assistant cashier. Irwin Abram
and AY. G. Kane were promoted from
assistant cashiers to vice presidents;
H. C. Winder became cashier and
George Nelson was named assistant
cashier. All other officers were re
elected including William J. Goodwin,
chairman of the board; Frank R. War
den, Noel T. Robinson, A. T. Donhowe,
Lehman Plummer, Fred H. Quiner,
Emmett E. Johns and J. R. Capps, vice
presidents; and G. \AT. Bartmess, Jr.,
J. E. Quiner, D. R. Withington, C. M.
Larson and G. R. Parker, assistant

cashiers.
Noel T. Robinson, Ira I j . AYright and
Frank R. AVarden of the Central Na

tional Bank & Trust Co. of Des Moines,
attended the Trust Conference of the
American Bankers Association in New
York this month.

Mulder Buys Manning Bank
Raymond B. Mulder has purchased
the controlling interest of the Manning
Trust and Savings Bank at Manning,
Iowa, from H. A. Boysen, retiring
president of the institution.
Mr. Mulder’s first banking experi
ence was with the Sioux County Sav
ings Bank at Maurice, Iowa. He then
became cashier of a bank at Rutland,
Iowa, and later became associated with
the Regional Credit Corporation in
Omaha. From 1933 to 1943 he repre
sented the Northwestern Mutual Life
Insurance Company in their mortgage
loan department with his office in Des
Moines. In 1943 he went into busi
ness for himself, operating a mortgage
loan brokerage and insurance office in
the Insurance Exchange Building, Des
Moines.
Mr. Mulder will take over his duties
as president of the Manning Trust and
Savings Bank on March 1st, although
his plans for moving to Manning are
still somewhat indefinite. J. J. Sinn
will remain as vice president and H. E.
Meyers will continue as cashier of the
bank.

The changes of names are consistent
with action taken by stockholders of
the banks at annual meetings early in
January and subsequently approved,
in the case of the state banks, by the
commissioner of banks for the state of
Minnesota, and in the case of the na
tional banks, by the comptroller of
the currency.
Each of the banks has announced
that until new stationery and supplies
can be issued checks and other forms
bearing the earlier names will be hon
ored.

Common Stock Offered
Sixty thousand shares of common
stock will be offered to California bank

shareholders of record January 21st,
at $40 per share in proportion to their
holdings at that time, according to an
announcement by Arch A\. Anderson,
chairman, following the January or
ganization meeting of the bank’s board
of directors. As previously announced,
no fractional shares of the new stock
will be issued. Rights to subscribe to
the new stock will expire February
20th.
The board also voted the regular
dividend of 37% cents a share, payable
February 1st to shareholders of rec
ord January 21st.
Issuance of the new common stock
will increase the bank’s capital from
$5,000,000 to $6,500,000, surplus from

Resources of

OVER 2 /9 0 0 ,0 0 0 DOLLARS
Experience of

OVER TWENTY-SEVEN YEARS
Ten Questions
City National Bank and Trust Com
pany, Kansas City, Missouri, is enclos
ing an interesting questionnaire in its
statements and cancelled check return
to its customers. The questionnaire
asks ten questions, the answers to
which are intended to guide the bank
in its policy and equipment in its new
building at Tenth and Grand Avenue,
which it expects to occupy late this
year. The questionnaire frankly asks
the bank’s patrons for advice and
hopes to receive a good percentage of
replies in the stamped reply envelope
also enclosed.

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

Surety division
The State Automobile Insurance Association
n F‘ s

M O I N E S .

I O W A

Banks Change Names
Effective this month four Minneap
olis banks and one in Robbinsdale, all
affiliated with First National Bank of
Minneapolis and First Bank Stock Cor
poration, changed their names.
Minneapolis banks involved are Hen
nepin State Bank, which becomes First
Hennepin State Bank; Produce State
Bank, which becomes First Produce
State Bank; Minnehaha National Bank,
which becomes First Minnehaha Na
tional Bank, and Bloomington-Lake
National Bank, which becomes First
Bloomington Lake National Bank.
The Robbinsdale bank involved is
the former Security State Bank of Rob
binsdale, which will hereafter be
known as First Robbinsdale State
Bank.

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

IN C .

INVESTORS STOCK
FUND, INC.
Prospectus on request from Principal Underwriter

INVESTORS SYNDICATE
MINNEAPOLIS, MINNESOTA

Northwestern Banker

February 1946

72
$5,380,000 to $6,280,000, with undivided
profits, as reported at year-end, of $2,941,876.25. Net earnings for the year
were $1,069,000, or $5.35 per share on
the common stock outstanding. Book
value at the year-end was $66.61.

DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION
Oldest In Des Moines
210 6th Ave.

Dial 4-7119

ELM ER E. M IL L E R
Pres, and Sec.

To Head Campaign

H U BE R T E. JAM ES
A sst. Sec.

Harvey D. Gibson, nationally known
financier and philanthropist, has ac
cepted the chairmanship of the 1946
Red Cross fund campaign. The an
nouncement was made by Red Cross
Chairman Basil O’Connor, who said
the $100,000,000 campaign will be held
from March 1st to 31st, inclusive.
As American Red Cross commission
er to Great Britain and western Eu
rope from August, 1942, to May, 1945,
Mr. Gibson organized and directed the
extensive Red Cross participation in
the invasion of Europe in 1944. One
of his outstanding achievements was
the founding of Clubmobile Service,
which became a major Red Cross proj
ect throughout the world. In recogni
tion of Mr. Gibson’s activities the na
tion’s award for merit was conferred
on him by President Truman in June,
1945.
A native of North Conway, New
Hampshire, Mr. Gibson has been presi
dent of the Manufacturers Trust Com
pany in New York since 1931 and is
a director of many corporations. For
his outstanding public service, he has
received honorary decorations from
the governments of France, Belgium
and Sweden.

FO R Y O U R E N JO YM E N T . . .
Listen to the
“ W O R LD OF M U SIC ”
K R N T , 1350 KC

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CENTRAL STATES MUTUAL
INSURANCE ASSOCIATION
M t. P le a s a n t, Io w a
E. A . H AVES,

President
O . T. W ILSO N . Secretary

Established

Annual Report

1929

The seventeenth annual report of
First Bank Stock Corporation by C. T.
Jaffray, chairman of the board of di
rectors, and A. H. Kennedy, president,
mailed to 14,247 stockholders, discloses
combined net operating earnings of its
seventy-three affiliated banks for 1945
amounting to $5,907,589, an increase of
$675,555 over 1944. The portion appli
cable to the corporation, together with
the results of operations of the cor
poration and other active affiliates, was
$5,613,187, equivalent to $1.98 per share
on the 2,831,188 shares of stock out
standing at the year end. This com
pares with $1.74 per share earned in
1944. During 1945 the corporation paid

Des M o in es
D id

to stockholders dividends amounting
to $2,123,391, or 75 cents per share.
Value of the corporation’s capital
stock, computed on the basis of the
underlying book values of affiliates on
December 31, 1945, is reported at $60,905,322.

Assistant Vice President
Philip Livingston Butler, former
banker and warehousing specialist,
has joined the American Express Field
Warehousing Corporation as assistant
vice president.
A native of Morristown, New Jersey,
and a graduate of the University of
Alabama School of Commerce, Mr.
Butler recently was discharged from
the United States Army after three
years service as instructor in toxic gas
handling, flame-throwing and mortar
gunnery in the Chemical Warfare
Service. His previous business connec
tions were with the Bankers Indem
nity Insurance Company, in Newark,
New Jersey; financial statement ana
lyst, Chemical Bank and Trust Com
pany, New York; assistant to the vice
president in charge of loans, First Na
tional Bank, Tampa, Florida; and ware
house examiner, Lawrence Warehouse
Company, New York.

Industrial Lectures
A new series of lectures covering the
field of industrial management is be
ing inaugurated by the Philadelphia
Chapter of Robert Morris Associates,
according to E. Lawrence Worstall,
president of the Associates. Emphasis
will be placed upon present industrial
problems and the relation of the com
mercial banker to these problems and
their solution.
Ten lectures, to be followed by dis
cussion periods, will be given by Dr.
Robert P. Brecht, professor of indus
try at the University of Pennsylvania,
who is also a well known industrial
consultant.
This program is under the direction
of E. Lawrence Worstall of The Phila
delphia National Bank, president of
the Robert Morris Associates, and the
research committee of the Associates,
consisting of Charles F. Nagel of the
Provident Trust Company, chairman;
David W. Measuroll of the Pennsyl-

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Insurance Counselors

Northwestern Banker

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

Banks

February 1916

Scarborough
FIRST

NATIONAL

BANK

BUILDING

• CHI CAGO

Company

ILLINOIS

• STATE

4325

73
vania Company, sub-chairman; John
McDowell of The Philadelphia Nation
al Bank, and Herbert Herzog of the
Land Title Bank & Trust Company.

Iowa Meeting
Financial condition of Iowa today
as it moves into the postwar era was
discussed by executive officers of Iowa
banks affiliated with Northwest Bancorporation when they met at Sioux
City February 8 and 9.
J. Cameron Thomson, Minneapolis,
president of Northwest Bancorporation, presided, reviewing 1945 opera
tions of the holding company and its
affiliated banks and companies and
discussing 1946 objectives.
Speakers included Dr. Arthur R.
Upgren, associate editor, Minneapolis
Star-Journal, on “What Is Going to Be
the Shape of Business?” ; Carl E. Voigt,
assistant vice president Northwest
Bancorporation, on “Consumer Cred
it”; William G. Nelson, assistant vice
president, Live Stock National Bank,
Sioux City, on “ Consumer CreditBusiness
Development” ; Von
E.
Luscher on “ Consumer-Credit—Insur
ance”; W. S. Given, contact officer,
Northwest Bancorporation on “ Con
sumer Credit-Advertising and Mer
chandising.”

Street entrance to the arcade of the
bank building, the new facilities will
be convenient to all departments of the
bank, and directly connected with the
main banking floor by escalators, soon
to be in operation.
Immediately adjoining the Home
Institute, whose services on home
planning have been well patronized by
prospective builders, the Mortgage
Department will offer supplemental
counsel and arrangements on financial
planning. All popular types of home
construction and purchase loans will
be handled, as well as those for com
mercial real estate.
Contemplating the need for in
creased special home services as build
ing materials become available, the
additional facilities will make it pos
sible for the bank to serve the home
builder through every stage of plan
ning, construction, and purchase.

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

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E S TA B LIS H ED K

Fourth

Des Moin es , Ia .

New Department
Announcement has been made by
Joseph F. Ringland, president of the
Northwestern National Bank, Minne
apolis, of the opening of that organiza
tion’s new mortgage department. Lo
cated on the street floor by the Sixth

'VJeáóf'lnff
C

Plan to use an advertisin g program o f
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W es slin g S er v ices , D e s M oin es, Iow a

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l

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9 , S -o w a

Index to Advertisers
G

N
N a t i o n a l B a n k o f W a t e r l o o ......................... 65
8
N a t i o n a l C ash R e g i s t e r C o m p a n y ...........
N e w Y o r k T r u s t C o m p a n y ........................... 64
N o r t h e r n T r u s t C o m p a n y ............................. 51

B a n k e r s T r u s t C o m p a n y , D es M o i n e s . . 75
B a n k e r s T r u s t C o m p a n y , N e w Y o r k . . . . 29
B u r l i n g t o n B a n k s ..............................................68

H a m m e r m i l l P a p e r C o m p a n y ...................... 23
H e r r i n g - H a l l - M a r v i n S a fe C o m p a n y . . .
5
H o m e I n s u r a n c e C o m p a n y ...........................
4

O m a h a N a t io n a l B a n k .................................... 19

A l l i e d M u t u a l C a s u a l t y C o m p a n y ...........
A m e r i c a n N a t i o n a l B a n k a n d Tr. C o . . .

40
42

12
72
20
50
53
59

D a v e n p o r t , P. E. an d C o m p a n y ...............59-73
D e L u x e C h e c k P r in t e r s , I n c ........................ 46
D e s M o in e s B u ild in g , L o a n an d S a v in g s
A s s o c i a t i o n ................................................. .. . 72
D e v in e , C. J. an d C o m p a n y ......................... 37
D i s t r i b u t o r s G r ou p , I n c ................................. 34
D o a n e A g r i c u l t u r a l S er vic e, I n c ............... 68
D o w n e y , C. L. C o m p a n y .................................. 64
D r o v e r s N a t i o n a l B a n k .................................. 69
F

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Federal Reserve Bank of St. Louis

I n v e s t o r s S y n d i c a t e ........................................ 71
I o w a - D e s M o in e s N a t io n a l B a n k a n d
T r u s t C o m p a n y ............................................. 76
I r v i n g T r u s t C o m p a n y .................................... 25
J

J a m i e s o n an d C o m p a n y .................................

36
28
58
67
58
26

K
K o c h B r o t h e r s ...................................................

F e d e r a l I n t e r m e d i a t e C r e d it B a n k s . . . .
F i r s t N a t i o n a l B a n k , C h i c a g o ....................
F i r s t N a t i o n a l B a n k , O m a h a .......................
F i r s t N a t io n a l B a n k , S i o u x C i t y ...........
F i r s t St. J o s e p h S t o c k Y a r d s B a n k .........
F i r s t W i s c o n s i n N a t i o n a l B a n k ................

66
30

C e n t r a l N a t i o n a l B a n k an d T r u s t C o .. . .
C en tr al. S ta te s M u t u a l I n s u r a n c e A s s o
c i a t i o n ...............................................................
C h a se N a t io n a l B a n k ....................................
C it y 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 ,
C h i c a g o ............................................................
C o n t i n e n t a l B a n k an d T r u s t C o m p a n y . .
Continental N ational Bank, L i n c o l n . . .

G e n e ra l A m e r i c a n L i f e I n s u r a n c e C o . . .
G u a r a n t y T r u s t C o m p a n y .............................

3
27
72
63
60
48

M
M a n u f a c t u r e r s T r u s t C o m p a n y . .............
M e r c a n t i l e C o m m e r c e B a n k an d Tr. Co.
M erchants M utual B o n d in g C om p an y. .
M e r c h a n t s N a t i o n a l B a n k .............................
M e r r ill L y n c h , P ie rc e , F e n n e r & B e a n e .
M innea polis-M olin e P o w e r Im plem ent
C o m p a n y ..........................................................
M i n n e s o t a C o m m e r c i a l M e n ’ s A s s n ........

1*
P h i l a d e l p h i a N a t i o n a l B a n k .........................
6
P u b l i c N a t io n a l B a n k an d T r u s t C o . . . . 32
It

R e m e r , M it c h e ll & R e itz e l, I n c .................
R u s s e l l C o u n t y B u i l d i n g & L o a n A s s n ..

37
70

Ì,
L a M o n t e , G e o r g e an d S o n .............................
L a w r e n c e W a r e h o u s e C o m p a n y ................
L e s s i n g A d v e r t i s i n g C o m p a n y ..................
L i v e S t o c k N a t io n a l B a n k , C h i c a g o . . .
L i v e S t o c k N a t io n a l B a n k , O m a h a ...........
Live S tock N ational Bank, Sioux City. .

7
31
70
2
35
44
47

St. P a u l T e r m i n a l W a r e h o u s e C o m p a n y 66
S c a r b o r o u g h an d C o m p a n y .................39-62-72
S ta te A u t o m o b i l e I n s u r a n c e A s s o c i a t i o n 71
T

T e n s i o n E n v e l o p e C o r p o r a t i o n .................. 70
T h o m s o n & M c K i n n o n .................................... 36
T o o t l e - L a c y N a t io n a l B a n k ..................... 56-57
T o w n M u t u a l D w e l l i n g I n s u r a n c e C o . . . 41
1

U n it e d S ta te s N a t i o n a l B a n k ....................

W a l t e r s , C h a r le s E., C o m p a n y .................. 58
W e lc h , J a y A ....................................................... 73
W e s s l i n g S e r v i c e s .......................................... 73
W e s t e r n M u t u a l F i r e I n s u r a n c e C o ........ 38

Northwestern Banker

February 1946

In the Directors' Room

Only Right
An undertaker found a donkey lying
dead in front of his premises and went
to inform the police.
“What am I to do with it?” he asked
the officer in charge.
The officer had a sense of humor.
“Do with it?” he asked with a grin.
“ Bury it, of course. You’re an under
taker, aren’t you?”
“That’s true,” replied the under
taker, “but I thought it only right to
come round and inform the relatives
first.”

Keeping Pace
Two men were flying East in a pas
senger plane, making the first air trips
of their lives. The plane touched down
at St. Louis, and a little red truck sped
out to its side to refuel it. The plane
landed again at Cleveland, and again
a little red truck dashed up to it. The
third stop was Albany, and the same
thing happened. The first of the two
men looked at his watch then turned
to his companion and said: “ This
plane makes wonderful time.”
“Yep,” said the other, “and that little
red truck ain’t doin’ bad, either.”

Try This One
Sheriff, preparing to fingerprint a
suspect: “Wash your hands.”
Suspect: “ Both of them?”
Sheriff, after a moment of thought:
“ No, just one. I want to see how you
do it.”

Listen, Judge
Judge: I’m sorry, but I can’t issue a
marriage license until you’ve properly
filled out your form.
Gal: Listen, if my boy friend doesn’t
care, what business is it of yours?

Surprise!
Housewife: How did you break that
plate, Hilda?
Hilda: Well, ma’am, I threw down
the dish towel and then found it was
in my other hand.
Northwestern Banker

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

February 19^6

Think t hese Over
It may sound paradoxical, but suc
cess usually comes to those who are
too busy to look for it.
Double Trouble
Will power is what makes you do
Mrs. Newlywed: “ Darling, I know
something is troubling you and I want what you know you should do when
you to tell me what it is. Your wor you don’t want to do it.
The way to procure insults is to sub
ries are our worries now.”
mit
to them. A man meets with no
Mr. Newlywed: “Well, dear, we’ve
just had a letter from a girl in Chi more respect than he exacts.
Few nests are feathered in wild
cago; and she’s suing us for breach of
goose chases.
promise.”
If a girl doesn’t look after her figure,
the men won’t.
What some of us need is more horse
power and not so much exhaust.
Gossip has been defined as the art
of saying nothing in a way that leaves
practically nothing unsaid.
Iowa Group One Meeting— Feb.
A bank is a large building with mar
12, Sioux City, Hotel Martin.
ble columns and high desks where
Scotchmen fill their pens.
Iowa Group Eleven Meeting—
Over in China, we read, a man
Feb. 22, Burlington, Hotel
doesn’t know his wife until after
Burlington.
they’re married. But why limit it to
China?
Central States Conference, A n
nual Meeting — March 25-26,
The world is a looking glass and
Chicago.
gives back to every man the reflection
of his own face. Frown at it, and it
A. B. A . Executive Council—in turn will look sourly upon you;
April 14-16, French Lick, In
laugh at it and with it, and it is a
diana, French Lick Springs
jolly, kind companion.

CONVENTIONS

Hotel.

Illinois Annual Convention —
May 1-3, St. Louis, Jefferson
Hotel.
Iowa Group Meetings— May 717.
American Institute of Banking
— June 11-14, Cincinnati.
Iowa Junior Bankers— June 12,
Des Moines, Hotel Fort Des
Moines.
Minnesota— June 12-13, Minne
apolis, Hotel Nicollet.
Wisconsin Annual Convention—
June 19-20, Milwaukee, Hotel
Schroeder.
Iowa— Sept. 9-11, Des Moines,
Hotel Fort Des Moines.

If ho Are You Telling
Billy Sunday said that once he was
to conduct a service in a town in which
he had never been before. On alight
ing from the train he found a letter
in his pocket he had forgotten to mail.
He hailed a newsboy and asked, “ Son,
can you tell me the way to the post
office?”
“ Sure,” said the boy, and he gave the
preacher directions for reaching the
office.
Sunday thanked him, and asked, “ Do
you know who I am?”
“ No,” answered the lad.
“Well, I’m Billy Sunday, and I’m
going to preach here tonight. You
come up to the service and I’ll show
you the way to heaven.”
“Ah, gwan!” said the kid. “You don’t
even know the way to the post office!”

This page would not be com plete w ith
out reverent recognition to Lt. Charles
Glenn Shafar, the Gold Star in our
service flag. P ilot o f a P-38, he gave
his life to help w in the A llied victory
in the Mediterranean.

BLUE STARS RETURN— America is having an enjoyable experi
ence—welcoming men back from the armed services. Here at
Bankers Trust, before long we hope to say: All our blue stars
have returned. Those already back are pictured here. Front

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

row, 1. to r.: Mel Marsh, Joe Barnes, Don Hammer, Malcolm
Bacon, Hugh Van Hosen, Paul Huelsbeck. Back row: Dick
Rollins, Bud Baird, John Monahan, Gene Escher, Bill Marks,
Bub Siberz, Paul Perkins.

YEAR ago, thirty-four members of our staff were in
uniform. Today, thirteen of these men are already
back with Bankers Trust, bringing to the performance of their
civilian responsibilities, the benefits of their training and ex
perience in the armed services.
The simple words— “We’re glad they’re back”— hardly begin
to express our genuine pleasure in welcoming members of our
staff as they return.
But since you’ve undoubtedly had the same happy experience
in your own bank, you can understand our deep satisfaction
in seeing these men resume their banking duties with energy
and enthusiasm.
Because of his long contact with correspondent accounts,
the return of Dick Rollins to active duty as a vice-president
is of special interest to Iowa banks and bankers. As soon as
possible, he will join with Nevin Lee for a swing around the
Iowa circuit. Both men will continue to direct our service to
banks throughout the state.

M em ber Federal D eposit In s. Oorp.
M em ber

Federal

R eserve

System

■ BANKERS T R U ST
f COMPANY
mttff

6th and
Locust

COLLECTION ITEMS
Through This Centrally Located Bank
For fast collection service on

This bank has close contacts in

drafts, checks, bills of lading

financial centers throughout the

and other items, clear through

Nation, most of which can be

this centrally located bank.

reached over-night as a result

The Iowa-Des Moines National

of speedy mail service by air

occupies a central key position

and rail.

in the financial affairs of the
State and Nation, and provides

Your business is cordially in

every type of banking and trust
service.

vited and will be given prompt,
careful attention in every detail.

Capital fu n d s— Over five M illion D ollars

IOWA-DES MOINES NATIONAL BANK

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

& T r u s t C o mp a n y
M em ber of the Federal Deposit Insurance Corporation

Full text of The Northwestern Banker : February 1946, 51st Year, No. 703

FRASER