View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEBRUARY
1947

Country Bank
Conference


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

JOHN J. McCLOy
Now Heads World Bank— S<

W e P ro vid e the Best!
Our bank, located in Cedar Rapids, the market center
of the middlewest, especially grain, offers unexcelled
correspondent service to banks in this area. Our
strategic location, our large network of correspondent
banks and sixty-six years of experience, are definite
reasons why a connection with us provides you with
the best in correspondent bank operation.

A Cedasi damd¿- ßank
CeAM&Uta A il Doma

THE
MERCHANTS NATIONAL
1IAVK
OFFICERS
JAMES E. HAMILTON, Chairm an Executive
Committee
S. E. COQUILLETTE, Chairm an of the Board
JOHN T. HAMILTON II, President
R N. BOYSON, V ice President
ROY C. FOLSOM, V ice President
MARK J. MYERS, V ice President and Cashier
GEORGE F. MILLER, V ice President and
Trust Officer

i&mt. .Jr
h*oo}

MARVIN R. SELDEN, V ice President
FRED W . SMITH, V ice President
R W . MANATT, Assistant Cashier
L. W . BROULIK, Assistant Cashier
PETER BAILEY, Assistant Cashier
R. D. BROWN, Assistant Cashier
O. A. KEARNEY, Assistant Cashier
STANLEY J. MOHRBACHER, Asst. Cashier
WALLACE S. HAMILTON, Building M anager

Cedar Rapids

Iowa

Member Federal Deposit Insurance Corporation

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


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

O NTPELIER, the plantation home

M

of James and Dolly Madison in

Orange County, Virginia is an outstand­

ing example

of a Southern

Colonial

home designed for gracious living. The
central portion of the mansion was built
by Colonel Madison, father of James,
about 1760, but the wings and the great
portico with its four Roman Doric col­
umns were added by our fourth presi­
dent in 1793. It was a house conceived
for lavish entertainment and no more
fitting host and hostess could have graced
it than the Madisons. Certainly Dolly
Madison had had enough experience as

The stately portico o f the plantation home

the official hostess of Washington society
to make any social affair she undertook

Council; a delegate to the Continental

positions as master and mistress of an

at Montpelier a glittering success.

Congress; a member of the House of

important plantation. Except for a few

James Madison was born in Port Con-

James an d D olly M aditon

Delegates; a delegate to the Philadelphia

minor public services, the Father of the

Convention; Secretary of State

Constitution lived a quiet life devoted to

and chief advisor to Thomas

gentleman farming. The year after his

Jefferson; and President of the

death in 1836, Dolly returned to W a sh ­

United States for two terms.

ington where as “ the venerable Mrs.

Perhaps no other statesman

Madison” she resumed the same envi­

contributed any more construc­

able position in society which she had

tive work to the building of our

held while there during her husband’ s

democracy than did Madison,

and Jefferson’ s terms as President. A s the

for he was responsible for call­

official queen of Washington society, her

ing together and presiding at

reign has been unparalleled in our his­

the convention which framed

tory for both popularity and length.

our precious Constitution. Had
he done nothing more, his life

4

way, Virginia and received his early

would have been a full one for that fact

education under the tutelage of the Rev­

alone, but his many other important

erend Thomas Martin. A t the age o f 18

contributions during the Colonial period

he entered Princeton where he was grad­

helped to cement the founda­

uated in 1771. A long and stormy politi­

tions of our democracy.

cal career followed, during which he

Upon retirement from pub­

served his state and country in many

lic life Madison returned to

offices : as a member of the Virginia Con­

Montpelier where he and his

vention; a member o f the Governor’ s

wife assumed their rightful

r

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

7he Home, through its agents and
brokers, is America's leading insurance
protector o f American Homes and the
Homes o f American Industry.

ft THE HOME ft
t^?z<iusttZTZ&es
NEW
fire

A U T O M O B IL E

YORK
•

MARINE

INSURANCE

Q a le n d a r f o r 1Q 47

IRVING

Trust Company;
NEW YORK

1

I

T A X IN F O R M A T IO N

f

eguards

iP f C .A lC H I C K .M O A CCO U N TS

Have you read these current
"BEST S E L L E R S ”?
• They are "best sellers”— even though they have never been placed
on sale. Distributed to numerous friends of the Irving in banking and
industry, their acceptance has been so favorable that they top the
Irving list of "What America is Reading".
If you feel that any one— or all of these booklets — may be of
interest to you or to someone else in your organization, drop us a line
and we will send you a copy promptly.

* Similar reports on many
other foreign countries
are also available.

I


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

r v in g

T

r u s t

C

o m p a n y

ONE WALL STREET * NEW YORK 15, N. Y.
Member Federal Deposit Insurance Corporation

P a g e a f t e r p a g e in th e

Th is p r o d u c t , firs t in -

sto ry o f th e d e v e lo p ­

t r o d u c e d in 1 8 7 1 , h a s

m ent

o f c h e c k s —s a f e

e n o u g h to w i n t h e c o n ■

fid e n ce

o f th e

been

b ro u g h t

to

its

p r e s e n t state of effici­

p u b lic

e n c y th ro u g h se v e n ty -

a n d satisfy the req ui re -

fiv e y e a r s of u n fla g g in g

■■.■■■.

m ents
has

”■ .

of

been

bankers —
w ritten

on

La M o n t e Sa fety Paper.

e f f o r t to p r o d u c e t h e
fin e s t c h e c k

paper

in

th e w o r l d .

JULY 8..
m i 0 t o w n , u .s . a

t Bank anoJ w“nst

S A F E T Y P A P E R FOR C H EC K S


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

.......— —

GEORGE LAMONTE & SON, NUTLEY, NEW JERSEY

to THEa«oEHoF„ SEVENHUN0«I2A Check Paper All Your Own
W hy not follow the lead of America's out­
standing banks and corporations? Let us
reproduce your trade-mark in the paper
itself. Such i n d i v i d u a l i z e d check paper pro­
vides maximum protection against altera­
tion and co u n terfeitin g —sa v es banks
sorting time—helps prevent errors.

mTY EIGH
TV

^ 0--^ --- ——'

THE W AVY LINES ARE
A LAM ONTE TRADE-MARK

Northwestern Banker, February, 1947

6

FROM REYKJAVIK TO RANGOON
Leading banks are familiar with
C. N. B. Traveler's Letters o f Credit
I f you do not now sell C. N. B. Traveler’s Letters o f
Credit, we invite you to communicate with our Foreign
Department and find out how you can issue them with
your bank’ s own imprint — profitably, efficiently, and
without materially increasing the work o f your staff.
C. /V. B. Traveler’s Letters of Credit provide a safe and con­
venient way of carrying funds and also introduce holders to our
overseas branches and to other banks throughout the world.

THE CH A SE N A T IO N A L B A N K
O F T HE C I T Y O F

NEW YORK

HEAD OFFICE: Pine Street corner o f Nassau

LON DON:
Havana

6 Lombard Street
*

San Juan

*

•

*

Colon

Offices of Representatives: Mexico City
T H E CHASE BA N K :

Paris • Shanghai • Hong Koiif

Northwestern Banker, February, 1947

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

Hush House, Aldwych

51 Berkeley Square

Panama

Cristobal
Cairo

•

• Tientsin

•

Bombay

Balboa
M

:

patent;.?C,

m$f\

7

OUR
METHOD
OF
OPERATION
OF
PLUS OUR I N S U R A N C E C O V E R A G E

FIELD
WAREHOUSES
SECURES YOUR LOAN

PRIMARY

com m erci
bond

BLANKET

7n

WAft£HOUSE

Have

you

received

your

copies?

of our em plo yees F ID E L IT Y B O N D an d W A R E H O U S E M E N 'S
LIA B ILIT Y P O L IC Y by H a r t f o r d A c c i d e n t a n d I n d e m n i t y Co.

THE ST. LOUIS TERMINAL W AREHOUSE COMPANY, due to its careful operation of Field W are­
houses for commodities of every description, enjoys the very best obtainable Warehousemen's
Liability and Fidelity coverage, written by one of the country's leaders in this
field, the Hartford Accident and Indemnity Company of Hartford, Connecticut.


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

WRITE U S - F O R M INIATURE C O PIES OF OUR PO LIC Y AND BOND

ST. L O U IS 2 , M O .
)
826 C la rk
D A L L A S 1, T E X A S
Construction Bldg.

C H I C A G O 3/ ILL.
First N a tl. B an k Bldg.

C I N C IN N A T I 2 , O H I O
Chamber of Commerce Bldg.

K A N S A S CITY 6, M O .
B.M .A . Bldg.

M E M P H IS 3, T E N N .
F a rn sw o rth Bldg.
Northwestern Banker, February, 1947

8

Collection of Coupons and Bonds
—

A S P E C IA L IZ E D SE R V IC E

\

Collection Department o f Bankers Trust Company
receives millions o f coupons and bonds for collection
every year. Out o f long experience we have developed a
system which gives assurance to banks and others that
collections will be handled promptly and efficiently.
No matter how great our collection volume may be
we give particular attention to items which require special
handling. Each coupon or bond received for collection is
carefully examined to expedite presentation and minimize
"returns.”
Additional information about
this collection service will be sent
to you upon request . . . Your in­
quiry is invited.

Ba n k e r s T rust
Co m p a n y
NEW YORK

MEMBER

FEDERAL

DEPOSIT

Northwestern Banker, February, 1947


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

INSURANCE

CORPORATION

9

Wr'íir E d ito r

DES MOINES
O ld est Financial Journal West of the Mississippi

T h e fo llo w in g letters are fro m
N o rth w estern B a n k er read ers. Y o u r
view s and op in io n s on an y sub je c t w ill
b e gla d ly p u b lish e d in this colu m n .

•

52nd Year

•

N o. 715

IN THIS FEBRUARY, 1947 ISSUE
EDITORIALS
A cross the Desk from the Publisher........................................................... 10

"Business Conditions Good"
“ In December we declared a 100 per cent
stock dividend and paid a cash dividend of
4 per cent on our new capital. We paid a
10 per cent bonus to employees based on
their earnings for the year.
“ Business conditions here look very good
as our farmers are prosperous and ®ur local
deposits are the highest in our history. We
look forward to a very good year in 1947.”
B. A. Gronstal, President,
Council Bluffs Savings Bank,
Council Bluffs, Iowa.
Editor's Note-—When business conditions
are good, hank earnings are usually in the
higher brackets also, but we think satisfac­
tory bank earnings are likewise a reflection
o f good bank management.

FEATURE ARTICLES
D ear E ditor ..................................................................................................
F rontispage .......................................
A .B .A . Country Bank C onference to Be Held in Omaha.....................
B rin gin g the Loan Guarantee P rogram Up to D ate.........................
................................................................................. W alter T. Robinson
Regulation W Should Be A bolished........ ....................................................
Country Banks Still F ig h tin g P C A and CCC C om petition.................
A b ou t Bankers Y ou K now — Paul S. Russell...........................................
News and View s o f the B anking W orld ..................... Clifford D e P u y
Can a Bonus Be Paid W ithou t Consent o f Stockholders— L egal

9
13
14
15
16
16
17
18
20

BONDS AND INVESTMENTS
T reasu ry Feels D ebt Structure Is Adapted to Investors Needs....
............................................................................................R aym ond T rig g e r

29

INSURANCE
"Figures Worthy of Emphasis"
“ On returning to the bank after having
been away for several weeks, I was very
much pleased and flattered to read the
open letter which you addressed to me
‘Across the Desk from the Publisher’ ap­
pearing in the January issue o f the N orth­
western

B anker .

“ To be entirely honest, I had already
heard about the article from several of
your other readers with whom I had been
associated at several recent bank meetings.
I had not, however, seen a copy o f your
January issue until last Friday.
“ It is, o f course, gratifying that you
should have found these figures to be
worthy o f the emphasis which you saw fit
to give them.”
W. D. Meacham, Asst. Vice
President, First National
Bank, St. Louis, Missouri.

ON OUR COVER PAGE
John J. McCloy, New York City, for­
mer assistant secretary of war, has
been elected to the office of president
of the $10,000,000,000 World Bank.
Mr. McCloy was offered the post last
December, after the resignation of
Eugene Meyer, but at that time re­
fused. Later he was prevailed upon
to reconsider, which culminated with
his election on January 27.

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

W hat “ Full C overage” Means in D ollars and Cents.......................
.......................................................................... .......... ......R. F o s te r Noland

33

STATE BANKING NEWS
............................. 39
E . W . K ie ck h e fer 41
............................. 45
...............
46
............................. 47
....................
47
............................... 49
................... .........! 50
. ..Fred L. F a ssett 52
............................. 55
............................. 62
............................. 64

M innesota News ...................
Tw in City N ew s............
South D akota N ew s............
Sioux Falls N ew s.......
N orth Dakota N ew s............
F a rg o New s ...................
Nebraska News .....................
Omaha News .................
Lincoln Locals ...............
Iow a News .............................
Sioux City N ew s............
Des M oines N ew s..........

IN THE DIRECTORS’ ROOM
A F ew Short Stories to Make Y ou Laugh. ............... .......... .................... 66
Conventions .......................................................... ............................... .............. 66
NORTHWESTERN BANKER
527 Seventh S t., Des Moines 9, Iow a, Telephone 4-8163
RALPH W . M OORHEAD
Associate Publisher

CLIFFO RD DE PUY
Publisher
HENRY H. H AYN ES
Editor

BEN J. H A LLER, JR.
Associate Editor

M ALCOLM K. FREELAND
Associate Editor

ELIZABETH C O LE
Advertising Assistant

H A ZEL C. H ADLEY
Auditor

SADIE E. W AY
Circulation Department

NEW YORK O FFIC E
Frank P. Syms, Vice President, 505 Fifth A v e ., Suite 1806

MUrray Hill 2-0326

Northwestern Banker, February, 1947

10
5 Billion Dollars and le t’s hope that these gentle­
men are correct in their estimates.
Of one thing we can be sure, we will have to
first reduce expenses before we can reduce taxes
and therefore one of the main problems which
faces you as President and the members of Con­
gress is to reduce every unnecessary item

of

expense so that as rapidly as possible the citizens
may be relieved of the heavy burden of taxation
under which we are now operating.
Anyw ay, Mr. President, it is a relief not to
have an executive in the W hite House who be­
lieves that we can “ spend ourselves rich and
drink ourselves sober.”

It never has been done

and never can be done.

l b eon , Q e a s ife G .

M o n ^ U o L l:

W hen you go to Moscow on March 15th for a
meeting of the Big Four Foreign Ministers, and
Joseph Stalin, the hard-boiled dictator of Russia,
asks you if the United States will lend Russia

A c r o s s t h e l)e § k
F ro m th e P u b lis h e r
S h e a * cM -aV uf, *7 *144,4*1 0 *1 :
Some of the interesting points mentioned in
your budget message to Congress were these :

1. Total national debt is 259 Billion Dollars.
2. Annual interest charge is 5 Billion Dollars.
3. Yearly National defense costs are 11.2 Bil­
lion Dollars.
4. Veterans’ benefits and services are 7.3 Billion
Dollars.
5. Social welfare and security costs are 1.6
Billion Dollars.
6. Agriculture, research and support 1.3 Bil­
lion Dollars.
7. Total Federal employees 2,300,000 compared
with 900.000 in 1939.
8. Extend R. F. C. beyond June 30, 1947.
9. Repeal authority of Federal Reserve Banks
to make loans direct to industry.
10. Have Federal Deposit Insurance Corporation
retire its capital stock of 39 Million Dollars
borrowed from the Federal Reserve System.
Your

estimated receipts for 1948, President

Truman, amount to 37.7 Billions of Dollars with

from 1 to 6 billion dollars, what will you say?
W e realize that the March 15th meeting is to
discuss the terms of peace for Germany and A u s­
tria, but we also know that many other questions
will be in the limelight.
One of the paradoxes in our relationship with
Russia

is

that

she

denounces

our

capitalistic

form of government, denounces any senator, con­
gressman or any other individual who tells the
truth about Russia, and at the same time she con­
tinues to make every effort to undermine our
system of government, and yet has the nerve to
suggest that she might like to borrow from 1 to
6 billion dollars from the United States.
Personally, we do not think that Congress will
loan Russia a dime.
Judging from what you said recently, Secretary
Marshall, we don’t think you favor such a loan
either.
W hen you were leaving China recently, you

“ Dyed-in-the-wool Communists have not
hesitated at the most drastic measures to gain
their end as, for instance, the destruction of com­
munications in order to wreck the economy of
China and produce a situation that would facil­
itate the overthrow or collapse of the govern­
ment.”

said:

It is our belief, Secretary Marshall, that Joseph
Stalin and his communistic cohorts have constant­
ly before them one ultimate goal, namely, to over­
throw capitalism and destroy democracy in every

expenditures at 37.5 Billions leaving a surplus of

country in the world.

200 Million Dollars to be applied to the National

should be constantly on our guard.

Debt of 259 Billion Dollars.
There are many members of Congress who be­

ernment where everyone spies on everyone else,

lieve that expenditures can be reduced another

then we say let them have it, but it is not the

N e rtk w e ste rn I anker, February, 1947


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

I f that is true, then we

I f the Russians want a dictatorial gestapo gov­

11
kind of government we want in this country, and
we should fight any group or organization or

peoples of other countries want Communism, let
them have it, but it has no place in America.’ ’

association in the United States which endeavors

Elliott Roosevelt in his recent interview with

to carry out the dictates of Moscow and perpe­

Stalin emphasizes the conciliatory attitude which

trate on us a communistic form of government.

the Generalissimo is now taking about their rela­

W e think you will agree, Secretary Marshall,
that J. Edgar Hoover, director of the Federal
Bureau of Investigation, has done a marvelous
piece of work with his organization, and in his
speech before the American Legion at San Fran­
cisco, he said, “ During the past five years, Am er­
ican Communists have made their deepest inroads
upon our national life. In our vaunted tolerance
for all peoples the Communist has found

our

‘ A ch illes’ heel.’ The American Legion represents
a force which holds within its power the ability
to expose the hypocrisy and ruthlessness of this
foreign ‘ ism ’ which has crept into our national
life— an ‘ ism’ built and supported by dishonor,

deceit, tyranny and a deliberate policy of false­
hood.

tions with the United States but we don’t think
it means a thing in the long run.
According to a Congressional Committee re­
port there are 1,200 Russian agents in the United
States and only 200 Americans in the U.S.S.R.
and the committee recommends that visas issued
for Russians to enter this country be limited to
the number Moscow issues to Americans.
So, Secretary Marshall, we think you agree
with what we believe is also the opinion of most
of the people of the United States, that not one
single American dollar should be loaned to Russia
so long as she continues with her propaganda of
Communism and sabotage to undermine the last
great capitalistic nation in the world built on the
individual initiative of every one of its loyal
citizens.

“ W e are rapidly reaching the time when loyal
Americans must be willing to stand up and be
counted. The American Communist Party, despite
its claim, is not truly a political party. The Com­
munist Party in this country is not working for
the general welfare of all our people— it is work­
ing against our people.

It is not interested in

producing for the common defense.

It has for

its purpose the shackling of America and its con­
version to the Godless, Communist way of life.
If it were a political party its adherents could
be appealed to by reason. Instead, it is a system
of intrigue, actuated by fanaticism. It knows no
rules of decency. Its ■unprincipled converts would

sell America short if it would help their cause of
furthering an alien way of life conceived in dark­
ness and motivated by greed for power whose
ultimate aim is the destruction of our cherished
freedom. Let us no longer be misled by their sly
propaganda and false preachments on civil lib­
erty. They want civil license to do as they please
and, if they get control, liberty for Americans
will be but a haunted memory. For those who
seek to provoke prejudice and stir up the public
mind to angry resentment against our form of
government are a menace to the very powers of
law and order which guarantee and safeguard
popular rights.

“ We, of this generation, have faced two great
menaces in America— Fascism and Communism.
Both are materialistic; both are totalitarian; both
are anti-religious; both are degrading and in­
human. In fact, they differ little except in name.
Communism has bred Fascism and Fascism
spawns Communism. Both are the antithesis of
American belief in liberty and freedom. If the

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

The reading of your diary which you are now
making public is most revealing.
Your discussion of how the price of gold was
fixed

illustrates

what

most

everyone

already

knew, that the late lamented and departed Frank­
lin D. Roosevelt had more crazy unsound eco­
nomic ideas than any president who has ever been
in the W hite House.
The statements in your diary simply prove these
facts. W hen you and Mr. Roosevelt were trying
to arrive at the price of gold, you said that Mr.
Roosevelt laughed gleefully as he contemplated,

“ the hairs on the heads of foreign bankers stand­
ing on end’ ’ at our government’s foreign ex­
change operations, based on fixing the price of
gold at 21 which was done by merely picking
that figure out of the air as a lucky one because
three times seven makes 21.
Y ou said that Mr. Roosevelt thought this was
all “ just good clean fun,’ ’ but you say, “ If any­

body ever knew how we set the gold price through
a combination of lucky numbers, I think they
would really have been frightened.”
W ell, we were frightened,

Mr.

Morgenthau,

and while we are not as frightened as we were,
we are still paying for, and will continue paying
for, during many years to come the wildeyed, un­
sound monetary and fiscal policies inaugurated
by you and your presidential spendthrift.

Hartkwestern Banker, February, 1947

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

Iowa’s Friendly Bank
CENTRAL NATIONAL BANK
8. TRUST CO. Des Maines, Iowa
Member F.D.I.C.

Northwestern Bankert ■Fçbfaery, 1947


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

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

13

Northwestern Banker, February, 1947

14

A . IS. . 1.
Cot*miry
To lie H eld in Omaha
Five Sessions of Mid-Continent Meeting at
Hotel Fontenelle on February 20 and 21
AY R. RIDGE, senior vice presi­
dent of the Omaha National
Bank, Omaha, is chairman of the
committee on arrangements; and H.
M. Bushnell, president of the United
States National Bank, Omaha, is chair­
man of the general conference com­
mittee for the Mid-Continent Country

R

ance. A.B.A. President C. W. Bailey
will be the keynote speaker.
G. H. Nesbit, president of the First
National Bank & Trust Company,
Fargo, North Dakota, a member of
the A.B.A. Small Business Credit
Commission, will preside at another
of the sessions.
The program covers a wide range
of subjects of interest to country
banks, and emphasizes the close re­
lationship between small business and
the various phases of agriculture in­
cluding the processing and distribu­
tion of farm and ranch products. Both
the inside operating and management
problems and the outside service ac­
tivities of banks are reflected in the
program. The Omaha Conference will
be held at the Hotel Fontenelle.

H. M. B U SH N ELL
Chairman General Committee

Bank Conference of the American
Bankers Association which will be
held in Omaha, February 20-21.
The conference is one of three held
this month in different sections of
the nation under the sponsorship of
the A.B.A. Small Business Credit
Commission in cooperation with the
Association’s Agricultural Commission
and its Commission on Country Bank
Operations.
A well rounded program has been
prepared related to the varied inter­
ests of the banks in the eleven states
in the area which have been invited
to attend. These states are Indiana,
Iowa, Kansas, Michigan, Minnesota,
Missouri, Nebraska, North Dakota,
Oklahoma, South Dakota, and Wiscon­
sin. The meeting is open, however,
to any bankers outside this area who
may wish to attend.
All of the officers of the American
Bankers Association will be in attend­
Northwestern Banker, February, 1947


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

Serving with Mr. Ridge on the com­
mittee on arrangements are: Carl G.
Swanson, secretary and treasurer.
Omaha Clearing House, and secretary,
Nebraska Bankers Association, Oma­
ha; Wade R. Martin, vice president,
Live Stock National Bank, Omaha;
Norman Haried, convention manager,
Omaha Chamber of Commerce, Omaha;
J. R. Lauritzen, assistant cashier, First
National Bank of Omaha, Omaha;
John McCumber, vice president, Stock
Yards National Bank of South Omaha,
Omaha; R. E. Stanley, cashier, Packers
National Bank, Omaha; and A. L. Vick­
ery, assistant vice president, The
United States National Bank, Omaha.
Among those serving with Mr. Bush­
nell on the general conference com­
mittee are: T. L. Davis, president,
First National Bank, Omaha; W. A.
Sawtell, president, Stock Yards Na­
tional Bank of South Omaha, Omaha;
K. G. Harvey, president, Douglas
County Bank, Omaha; Robert H. Hall,
president, North Side Bank, Omaha;
A. L. Coad, president, Packers Na­
tional Bank, Omaha; C. F. Witt, presi­
dent, South Omaha Savings Bank,
Omaha; W. D. Clark, president, The
Omaha National Bank, Omaha; W. H.
Brenton, president, Iowa Bankers As­
sociation, and president, Brenton State
Bank, Dallas Center; Arthur W. Sands,
president, Minnesota Bankers Associa­
tion, and president, Western State
Bank, St. Paul; Glen T. Gibson, presi­

dent, Nebraska Bankers Association,
and president, Exchange Bank, Gib­
bon; C. W. Burges, president, North
Dakota Bankers Association, and
cashier, Security National Bank, Edgeley; L. C. Foreman, president, South
Dakota Bankers Association, and
president, Corn Exchange Bank, Elkton.
The program is as follows:

Thursday, February 20, 1947
Morning— 10:00 a.m.

Presiding
Joseph M. Dodge, Vice President
American B a n k e r s Association;
President The Detroit Bank, Detroit,
Michigan
The Challenge to Country Banking
C. W. Bailey, President American
Bankers Association; P re s id e n t
First National Bank, Clarksville,
Tennessee
Instalment Lending for Small Banks
Richard W. Trefz, Member of Coun­
try Bank Operations Commission
A.B.A.; President Beatrice S tate
Bank, Beatrice, Nebraska

R A Y R. RIDGE
Chairman on Arrangements

Small Business Is Bank Business
Robert M. Hanes, Past President
American Ba nk e r s Association;
Chairman of Small Business Credit
Commission A.B.A.; President Wa(Turn to page 34, please)

15

b r i n g i n g th e L o a n tm uarantee
P r o g r a m i p to D a te
Is the G. I. Loan Program Practical, and Do
Veterans Find It Satisfactory? Answered This Month
In Your G. I. Loan Question Box
By WALTER T. ROBINSON
Iowa Loan Guarantee Officer, who
answers the things you want to
know about the Servicemen's
Readjustment Act

Q . To what extent has the Loan
Guarantee Program in its practical
application to date accomplished the
purpose for which it was intended?
Before answering the question, it is
necessary to clarify the following
points still misunderstood by some vet­
erans and lenders: (1) The act does
not provide for loans. The Govern­
ment does not make what are com ­
monly called “ G. I. Loans.” (2) The
act provides a guaranty to lenders,
such as banks, savings and loan as­
sociations, mortgage companies and
insurance companies, on loans they
make in compliance with the act to
eligible veterans. (3) Loans, to qual­
ify for guaranty, must provide the
veteran with liberal terms— such as
rate of interest, maturity and down
payment.
(4) The veteran’s present
and anticipated income must be such
that he can repay the loan. (5) The
cost of the property must be within
what is determined to be reasonable
value,under existing conditions, by a
Veteran’s Administration designated
appraiser.
In short, it provides the lender with
an ample guaranty, provided he will
make eligible loans with liberal terms
to eligible veterans. Such a plan is in
accordance with free enterprise and
the American way of doing business;
but obviously the success of the pro­
gram is dependent upon the full coop­
eration of the lender.

loans, totaling $55,226,494.43, made to
veterans in Iowa during the first 18
months of the program.
Few of these loans would have been
made without the guaranty, which in­
dicates that the program is receiving

A. Lenders welcome a sound ap­
praisal as the basis for a sound loan.
While at first some veterans thought
the appraisal was too restrictive, they
have generally come to regard it as a
necessary safeguard and for their pro­
tection.

Q

. W h at effect did the removal of
priorities and price controls have on
the cost of new construction?

A. The sharpest advance we have
experienced in the past year came in
December as a result of the removal
of controls. Cost of construction of
the average small home of approxi­
mately 15,000 cubic feet advanced $750
to $1,000.

Q.

W ill appraisers follow this ad­
vance in the cost of new construction?

W A L T E R T. ROBIN SON
Answers Your Questions

splendid cooperation from lenders and
that it is serving the purpose for which
it was intended by providing veterans
with loans, on liberal terms, for the
A.
In light of the above, the best purchase of homes, farms, or business.
answer to the question is to look at Q . W h a t is the attitude of veterans
the record. Up to December 25, 1946, toward the program?
A.
Generally good. We have passed
in Iowa, 10,258 veterans have made
GI loans totaling $47,226,742.72 for the through a period of misunderstand­
purchase of homes. These loans aver­ ing, based largely on incorrect infor­
age $4,698 in size, and the average cash mation from various sources. Now vet­
or down payment has been $356, or erans generally understand that the
7 per cent. In addition to the above, act provides for loans that must be
1,430 veterans have made farm loans repaid. They appreciate the sound
totaling $3,982,474.59, and 1,421 have counsel and guidance of lenders and
made business loans totaling $4,019,- the liberality of terms provided under
277.12, the grand total being 13,109 the guaranteed loan.


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

o . W hat is the attitude of the lender
and the veteran on the requirement
that the cost of the property m ust be
within what is determined to be rea­
sonable value by a designated ap­
praiser?

A. We are now in a period of tran­
sition from a control to a free econ­
omy. The sky is the limit. Supply and
demand will have to take over and
govern just as it has with food and
clothing. Appraisers will be provided
with as sound a breakdown on new
construction costs as there is avail­
able. They will go slowly until the
present spurt in costs, caused by re­
moval of controls, stabilizes and there
is a leveling-off period.

Q.

Can the average veteran afford
a new home at present cost?

A. No. His present or anticipated
income is not in proper proportion to
the cost of a plain, but soundly con­
structed, small home. The income of
the average veteran is such that a
home costing from $5,000 to $7,000 is
about as high as he should go.
(Turn to page 37, please)
Northwestern Banker, February, 1947

16

Hvtjululiou 11'
Should lit* A bolish ed
"NOW THAT All Other Controls Governing the Purchase
of Consumer Durable Goods Have Been Removed, We Feel
That the Time Has Come for the Complete Abandonment
of This Restriction," says C. W. Bailey, President of the
American Bankers Association
ESTRICTIONS imposed on con­
sumers under Regulation W must
be eliminated if the distribution
of goods is to be on a fair and equitable
basis, C. W. Bailey, president of the
American Bankers Association, and
president of the First National Bank,
Clarksville, Tennessee, told the Na­
tional Consumer and Instalment Cred­
it Conference of the American Bank­
ers Association.

R

“We recognize that some consumer
durable goods including automobiles,
refrigerators, washing machines, fur­
niture, etc., are still in scarce supply,”
Mr. Bailey said. “ The only way these
goods can be made available to all
groups of our citizens is to permit
sound credit terms which are within
reach of the vast majority of the
people.
“You will remember that at the an­
nual convention in Chicago last Sep­
tember the American Bankers Asso­
ciation called attention to the unwise,
unnecessary, and expensive wartime
controls that add to the consumer cost
of the whole nation, and recommended
that Congress give immediate consid­
eration to the proper timing for the
elimination of all war controls and
activities that hamper the functioning
of the private enterprise system, and
among those controls it included the
control on consumer credit known as
Regulation W.
“On November 16 the Board of Gov­
ernors of the Federal Reserve System
announced the streamlining of Regu­
lation W. This was widely publicized
as an important step in the Board’s
program of modifying Regulation W,
whereas in fact the principal relief it
granted to consumers was in the mat­
ter of charge accounts. The limitation
on the use of charge accounts was
lifted; however, rigid controls were
continued on the use of consumer in­
stalment credit. Now that all other
controls governing the purchase of
consumer goods have been removed,
we feel that the time has come for the
Northwestern Banker, February, 1947


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

complete abandonment of Regulation
W.
“The American Bankers Association
is aware of its responsibility to help
combat inflation. It recognizes the fact
that it would be a mistake to do any­
thing that would contribute to in­
flationary pressures. However, the
Association believes that the arbitrary
control of consumer credit is inflation­
ary because if the terms imposed are
too severe for most people to buy
needed consumer goods out of income,
they will be forced to cash war bonds
to purchase such goods.
“A free yet sound flow of consumer
credit can be maintained only if bank­
ers and business men are free to use
their own best judgment, based on
their intimate knowledge of the bor­
rower and local conditions.
“While the stand we are taking on
Regulation W might indicate a more
aggressive lending attitude, its main
object is to do a better and more equi­
table job. As a matter of fact, loose
lending, dangerous at all times, is now
particularly dangerous. We can never,
as bankers, permit ourselves to be ac­
cused of overextending the consumer
or keeping him in a state of perpetual
debt. Consumer borrowing, guided
properly, is a constructive operation

and one of immense benefit to the
consumer. This type of borrower in
many cases needs counsel as much or
more than he needs credit. It is our
responsibility to see that he gets the
right kind of advice always.
“Our Consumer Credit Department
in the Association recently s p o t checked twenty-five banks to find out
why people were currently borrowing
money. The reason for this inquiry
was due to the fact that personal loan
outstandings in September, 1946, were
higher than September, 1941, which
was the previous all-time high. In
September, 1941, any amount of con­
sumer durable goods was available,
from automobiles on down the list.
On the other hand, in September, 1946,
consumer goods were scarce; and yet
the outstandings in personal loans ex­
ceed those of five years ago. What is
the reason? Why are people borrow­
ing? To begin with, we have about
half the number of loans we had in
1941, and the average loan today is
twice the average of 1941. The dollar
won’t go as far as it did five years
ago, so people are required to borrow
in larger amounts. The reason for
borrowing, in the majority of cases, is
(Turn to page 35, please)

I'auntri/ H anks Still Fif/htinf/
U FA an d CCC Cam petitian
Government Agencies Continue to Grab Farm Loans
QUEEZED between the operations
of the Production Credit Associa­
S
tion and the Commodity Credit Cor­
poration, country banks are finding it
difficult to make agricultural loans,
according to E. E. Placek, president
of the First National Bank, Wahoo,
Nebraska, and a former president of
the Nebraska Bankers Association.
Mr. Placek states his views on the

subject in a recent letter to Robert
M. Hanes, president of the Wachovia
Bank & Trust Company, WinstonSalem, North Carolina, and a past
president of the American Bankers
Association. Mr. Placek writes:
“At the A.B.A. Convention in Chi­
cago you delivered a ‘powerful’ speech
on the subject of participation loans by
banks with the R.F.C. and since that

17

time you have again spoken on the
same subject before other organiza­
tions.
“You advance the theory that such
R.F.C. participation loans may result in
government socialized credit, and you
suggest that we country bankers make
such loans with our city correspond­
ent banks. Your theory is sound, but
you did not go far enough. Our city
correspondent banks ask us to let
them carry our excess loans, thereby
eliminating the socialized aspect, and
on the other hand we find the city
correspondent banks are the worst
offenders in promoting socialized cred­
it, by using the country banks’ reserve
to purchase debentures of the Federal
Intermediate Credit Banks, who in
turn furnish the funds to the produc­
tion Credit Associations to compete
with country banks.
“Bob, let me recall to your mind
some recent history about socialized
credit. In 1933 the Commodity Credit
Corporation was created to make loans
on corn and other farm products and
the loan papers were made out by the
country banks for a fee and note bear­
ing 4 per cent interest, all going to the
bank. Shortly thereafter the city cor­
respondent banks asked for some of
the commodity loans and because they
did not get all they wanted they in­
vestigated the law and found that the
C.C.C. could issue debentures for five
hundred million dollars, which they
offered to buy and did buy, using the
country banks’ reserve to do so.
“Both the Federal Intermediate
Credit Banks and Commodity Credit
Corporation debentures were pur­
chased by the city correspondent
banks, at an interest rate of seveneighths of one per cent, and the C.C.C.
promptly informed the country banks
that it would carry its own loans.
After much correspondence and many
conferences, the C.C.C. finally agreed
to let the country banks carry the
loans at IV2 per cent collectible at any
time.
“ The Production Credit Associations
make loans on livestock and growing
crops and the Commodity Credit Cor­
poration makes loans on harvested
crops and as a result the country
banks have no loans.
“There is no question but that there
should be closer cooperation between
the country banks and their city cor­
respondents, but such cooperation is
impossible as long as city correspond­
ent banks continue supporting social­
ized government agencies to the det­
riment of country banks. Unless the
city correspondent banks change their
methods and show a spirit of reciproc­
ity, your speeches and words of wis­
dom will be of no avail.”—The End.

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

A b o u t H a n k ers Yon K n o w

P A U L S. RUSSELL
President, Harris Trust and Savings Bank, Chicago
“ Now observing his thirty-first year with the same bank’ ’

A U L S. RUSSELL will observe his thirty-first year of association with the
Harris Trust and Savings Bank in Chicago this year. He joined the bank
staff in 1916 immediately after his graduation from the University of Chicago
where he received his Bachelor of Arts degree. Mr. Russell was reelected
president of the Harris Trust and Savings Bank at the annual meeting last
month and is now.'serving his second year in that position.

P

Born in Oak Park, Illinois, on May 10, 1893, Paul Russell received his
elementary and high school education in the public schools of that city before
entering the University of Chicago. It was in the University that he was known
to fellow students as “ Pete” and received prominence as an outstanding foot­
ball player on one of the famous teams coached by Alonzo Stagg. He is a
member of Delta Kappa Epsilon fraternity.
Mr. Russell was married to Carroll A . Mason on April 7, 1922. They will
celebrate their silver wedding anniversary on that date this year.
The
Russells have five children and they are Carroll Russell Sherer, Paul S. Rus­
sell, Jr., Adelyn Mayo Rtissell, Ann Mason Russell and Harold S. Russell.
During the first World W ar, Mr. Russell served as a Captain with the 5th
Infantry Division.
After working at various positions on the staff, he was elected vice presi­
dent of the, bank in 1930, a director in 1942 and president in January, 1946.
In its recent year-end statement of condition, the Harris Trust and Sav-

(Turn to page 37, please)
Northwestern Banker, February, 1947

18

Nein* anil Views
OF THE BANKING WORLD
By Clifford De Puy

HILE we have made no at­
tempt to analyze the bank earn­
ings for 1946 of all of the larger
banks of the country, a few of the net
earnings for 1946 are as follows:
BANK EARN INGS 1946
Chase National Bank, New Y ork. .$19,148,000
Guaranty Trust Co., New Y o r k ... 18,073,000
National City Bank, New York. . 17,600,000
Central Hanover Bank & Trust,
New York ..................................... 10,044,576
First National Bank, New York. . 9,418,000
First National Bank, Chicago. . . . 8,728,736
Irving Trust Company, New York. 6,764,000
Bank of Manhattan Co., New York 5,112,000
New York Trust Co., New Y o rk .. 4,441,929
National Bank of D etroit.............. 4,408,832
Corn Exchange Bank and Trust
Co., New Y ork............................... 4,129,728
J. P. Morgan & Co., New Y ork .. 3,299,000
National Shawmut, B oston............ 3,008,984
First National Bank, St. L o u is .... 2,083,247
Harris Trust & Savings Bank,
Chicago ........................................... 1,912,683
Commercial National Bank &
Trust Co., New York.................. 1,412,000
Continental Bank & Trust Co.,
New York .....................................
942,366
City National Bank & Trust Co.,
Chicago ...........................................
811,844

Harold T. Jolley has been elected
president of the Boatmen’s National
Bank of St. Louis and Tom K . Smith
has been elevated to the chairman of
the board while Albert W agenfuehr
was elected chairman of the executive
committee at a recent meeting of the
board of directors.
Harold T. Jolley, who becomes the
seventh president of the bank in its
99-year career, is a native St. Louisan
and entered the employ of the bank
in 1929 as vice president in charge of
public relations. He has always been
active in civic and charitable affairs.
Mark A. Brown, executive vice presi-

dent of the Harris Trust and Savings
Bank, has been elected president of
the Chicago Clearing House Associa­
tion.
He succeeds Adolph Floreen, vice
president of the City National Bank
and Trust Company.
David H. Reimers, president of the
Live Stock National Bank of Chicago,
was elected vice president of the asso­
ciation, and Philip R. Clarke, president
of the City National Bank and Trust
Company, was appointed chairman of
the clearing house committee.
The new vice chairman is Paul S.
Russell, president of the Harris Trust
and Savings Bank.
Other members of the committee
are Edward E . Brown, chairman of the
First National Bank of Chicago; W a l­
ter J. Cummings, chairman of the Con­
tinental Illinois National Bank and
Trust Company, and Solomon A .
Smith, president of the Northern
Trust Company.
E . Chester Gersten, president of the
Public National Bank and Trust Com­
pany of New York, has reported that
1946 was one of the best in the history
of the bank and they ended the year
with the highest amount of assets
since the bank was established.
The Public National now has de­
posits of over 552 million dollars, with
a capital of $9,625,000 and surplus and
undivided profits of $18,979,000.

C om m erce T ru st /P rom otions

A . L . M. W iggins has been appointed
under-secretary of the Treasury and
this is an excellent choice by President
Truman.
Mr. Wiggins is a former president of
the American Bankers Association and
is president of the Bank of Hartsville,
South Carolina.
Mr. Wiggins was born in Durham,
North Carolina. He is now 55 years
of age. He holds degrees of A.B.,
LL.D., was an advertising manager,
sales manager and general manager
of J. L. Coker & Company, was vice
president of Trust Company, of South
Carolina and later president of the
Bank of Hartsville, South Carolina, a
position he has held since 1932. Direc­
tor of Atlantic Coast Railroad and
publisher of a weekly newspaper.
Served on the RFC advisory council
and is now a member of the Federal
Advisory Council. Has been president
of the South Carolina Bankers Asso­
ciation, lecturer at Rutgers Graduate
School of Banking, is married, has 2
sons and 2 daughters.
Taylor S. Abernathy is the third
member of his family to be president
of the First National Bank of Kansas
City.
Colonel James L . Abernathy, fur­
niture manufacturer and Leavenworth
capitalist, was president in the 1890’s
while E . F. Swinney, who died last
October, was executive officer with
the title of cashier.
Harry T. Abernathy considered a
law career, but instead entered the
family wholesale business in Kansas
City but later on entered the bank and
became an assistant cashier. Mr. Ab­
ernathy is now chairman of the exec­
utive committee and Carl W . Allendoerfer was recently elected chairman
of the board.
W in. W . Crocker, president, has an­
nounced that on March 1st, 1947, the
Crocker First National Bank of San
Francisco and the Farmers and Mer­

PROMOTIONS and new titles for eleven o f the younger officers
merce Trust Company, Kansas City, were announced recently. In
above, seated left to right, are new assistant vice presidents o f the
H. Thomas, E. G-. McMonigle, E. O. Peed. F. L. Church, Harry L.
Roy Woodward.
The assistant cashiers, standing left to right, are: J. A. Cisper,
James M. Kemper, Jr., B. M. I.amberson, and Eli P. Wheat, Jr.
Morfhwestern tanker, February, 1947


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

o f the Com­
the first row
bank— Bruce
Wuerth, and
C. A. Truitt,

chants Savings Bank of Oakland, will
be consolidated.
The Farmers and Merchants Sav­
ings Bank will be continued under the
name of the Crocker First National
Bank.
On December 31, 1946, the Crocker
First National had deposits of $300,882,774.
(Turn to page 36, please)

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

19

THE
OM AHA
NATIONAL
BANK
Northwestern Banker, February, 1947

20

#u n a ¡Bonus ¡Be Haiti
W ith ou t Consent o f Stockholders?
Q

. Baker was president of a corpora­
tion having several stockholders. He
was given a substantial bonus by the
corporation for his services.
Such
services had been previously rendered
for a prescribed compensation. One
of the stockholders protested the pay­
ment. There had been no implied con­
tract to give him the bonus and no
standard existed which could be used
to establish that the bonus was rea­
sonable. W a s the payment legal?

No. By the clear weight of authority
bonuses cannot be granted to officers
and directors, at least as against the
protest of any stockholder, by way of
compensation for services already ren­
dered for a prescribed compensation.
Decisions to this effect may be found
in Arkansas, Illinois, Indiana, Iowa,
Kansas, Michigan, Louisiana, Minne­
sota, Missouri, Ohio, Oklahoma, Texas,
West Virginia, Wisconsin, and other
jurisdictions.

Q.

A bank employed a real estate
broker to sell a farm belonging to it
and shortly thereafter gave him an
option to purchase it. Both the em­
ployment to sell and the option were
in effect at the same time. Subsequent­
ly the broker sought to exercise his
purchase option without making a full
disclosure to the bank regarding other
prospective sales. Could he do so?

No. The rule is well settled that a
real estate broker may be given an
option to purchase the property him­
self and at the same time also have the
right to sell it to others. He cannot
enforce the option, however, without
making a full disclosure to his prin­
cipal of any information which he has
relating to other prospective sales or
the value of the property.

Q.

Maybelle, a banker, Avas selected
to serve on a jury hearing a damage
action. A fter both sides rested the
jury retired and subsequently brought
in its Aerdict. The trial judge sought
to question the jury regarding the
grounds on Avhicli the verdict Avas
based. There was no statute forbidding
such action on his part. W a s he legally
entitled to do so?

Yes. It is well settled that a trial
court, in the absence of statute, has
the power, in its discretion, to inquire
Northwestern Banker, February, 1947

v» •i , •' •


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

■"»■; . a •••' •

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

of the jury upon its return of the
verdict, as to the grounds or principle
upon which the verdict is based, and
that no exception iies to the exercise
of such discretion. Cases so holding
may be found in Georgia, Illinois,
Michigan and other jurisdictions.

Q.

Mortenson sold to a b a n k e r
certain machinery in circumstances
wherein an implied warranty of fitness
arose. H e also made certain express
warranties regarding v a r i o u s features
of the machinery but such AAarranties
AAere not inconsistent Avith or related
to the implied warranty of fitness.
Would the existence of the express
AAarranties, generally speaking, operate
to nullify the implied warranty of fit­
ness?

No. According to the better rule,
which is supported by the great ma­
jority of cases, the existence of an
express warranty in a contract of sale
does not exclude ipso facto an implied
warranty of fitness. However, where
an express warranty exists w h i c h
would be inconsistent with an implied
warranty of fitness, the latter is ex­
cluded and the same thing is true
where an express warranty exists
which is related to an implied war­
ranty of fitness.

Q.

Johnson advanced $5,000 to his
at-that-time friend, Blackwell, and the
latter executed in his favor a mort­
gage covering eertain real estate owned
by him. The statute of limitations ran
on the mortgage. BlackAvell, without
paying the mortgage, sued in equity
to have it cancelled as a cloud on his
title. There Avas no statute authorizing
such an action. Could BlackAvell, as a
general rule, prevail?

No. In the absence of a statute de­
claring a different rule, the majority
of the courts hold that a court of
equity will not, at the suit of a mort­
gagor or his successor in interest, can­
cel a real estate mortgage or other

security given for a debt, for the pur­
pose of removing a cloud or quieting
title, where the only ground urged for
such relief is that the statute of
limitations has run against the right
to enforce the encumbrance, while the
debt secured remains unpaid. In such
cases equity will require the plaintiff
to do equity or offer to do equity by
paying or offering to pay the lien. De­
cisions to this effect may be found in
Arkansas, Florida, Indiana, Kansas,
Kentucky, Mississippi, Missouri, Ne­
braska, North Dakota, Texas, Wiscon­
sin and other states.

Q.

Bolian obtained a $4,000 paid up
stock certificate in a building and loan
association in Nebraska in 19,43. The
certificate Avas made payable to him
or Bill Burke, or either or survivor.
Burke Avas Bolian’s step-son. Bolian
Avas a AvidoAArer at the time but subse­
quently remarried. Bolian died and
his AvidoAV claimed the stock. Should
she prevail?

No. In a recent decision involving
analogous facts the Nebraska Supreme
Court pointed out that matters similar
to the case here presented are gov­
erned by the special statute in that
state which provides that, when such
certificates are made to the joint ac­
count of two or more persons, the
account represented by the stock shall
be payable to the survivor. In view
of this Burke was entitled to payment
on the certificates. Incidentally, the
court, in its decision, mentioned that
the statute had been passed in 1919
but had not previously been before
it for interpretation.

Q.

Morton, a Minnesota banker, be­
came involved in a dispute with Jor­
dan which led to a damage suit. Before
the legal action Avas commenced Mor­
ton, in the presence of his lawyer, had
certain conversations Avith Jordan.
Later Morton sought to testify regard­
ing them in the damage suit. Jordan’s
laAvyer objected to the receipt of such
testim ony in evidence on the ground
that it Avas privileged. Should he be
sustained in his objection?

No. The Minnesota Supreme Court
so held in a recent decision, paying
that communications between two per­
sons, who afterwards become opposing

21

HE IS TESTING

Hammermill Safety
FOR ITS PEN­
WRITING QUALITIES

SA FETY
IS M A D E

COMPLETE

IN O N E M I L L . . .
PULP, PAPER

AND

Typical of the m any exacting laboratory tests w hich all Ham m erm ill Safety must
pass is the one show n above, w hich tells w hen this fine check paper is properly

SENSITIZING


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

“ size d " to meet Ham m erm ill standards of w ritability. {T In this one mill Hamm erm ill’s ow n technicians control and test every m anufacturing step. This is w h y
Hamm erm ill Safety is uniform — in smooth writing surface, protective qualities,
color and strength. A note on your bank letterhead w ill bring sam p les. Address
Hamm erm ill Paper C om p an y, 1513 East Lake Road, Erie, Penn sylvan ia.

‘DifiriAw*'

Horihwestern Banker, February, 194h

22
parties in litigation, made in the
presence of an attorney for one of
them, as well as communications made
or advice given by such attorney to
his client in the presence of the oppos­
ing party, are not subject to a claim
of privilege by such opposing party.

Named President
At the annual meeting, directors of
the Tootle-Lacy National Bank, St.
Joseph, made the following changes:
Vice President Milton Tootle was
named president, succeeding his late
father. The new president, the third

in his family to bear the name, is drop­
ping the suffix of “ III.” Cashier R. E.
Wales was elected vice president. As­
sistant Cashier Fred T. Burri was
named cashier. Vice President Graham
G. Lacy was named to the newly
created position of chairman of the
board. E. D. Plummer, president of
the Tootle Dry Goods Company, was
named director to fill the vacancy
created by the death of Mr. Tootle.

the Harris Trust and Savings Bank
in the tri-cities and the state of Iowa,
was promoted from assistant vice
president to vice president at the

To Vice President
Charles “Chuck” Carey, who repre­
sented the investment department of

CHARLES CAREY
Elected V ice President

"First” for Banks

annual meeting of the board of direc­
tors.
Mr. Carey graduated from the Uni­
versity of Wisconsin in 1924 and came
directly to the Harris Trust. In 1937,
following his duties in Iowa and the
surrounding area, he was recalled to
Chicago to become an officer in the
commercial department of the bank.

Advisory Capacity
F O R m ore than 8 0 years prom ptness, efficiency,
and friendly contacts have characterized T h e
First N ation al Bank o f Chicago relationship w ith
correspondent Banks.
T hese qualities have been developed by an
intim ate knowledge and appreciation o f the
problem s and the needs o f ou t-of-tow n banks.
H o w successfully T h e First o f Chicago has m et
th e r e q u ir e m e n ts o f c o r r e s p o n d e n t b a n k s is
attested to by the ever increasing n um ber o f
banks that take advantage o f the com plete facili­
ties available to them at T h e First.
Y ou r bank is cordially invited to m ake this bank
your Chicago correspondent.

T h e First N a t io n a l B a n k
o f C h ic a g o

H. Donald Campbell, who has been
active in the New York banking com­
munity for the past thirty years, re­
tired as vice chairman of the Chase
National Bank under the bank’s re­
tirement plan after the annual meet­
ing of shareholders on January 28th.
Mr. Campbell will continue, however,
as a director of the bank and as a
member of the executive committee,
and will serve as chairman of the trust
committee of the board.

Increase Surplus
W. L. Hemingway, president of the
Mercantile-Commerce Bank and Trust
Company, St. Louis, announced that
the bank’s board of directors have
authorized the transfer of $2,500,000
from undivided profits to surplus,
which results in a surplus of $7,500,000.
With present capital of $12,500,000, the
combined capital and surplus of
Mercantile-Commerce now totals $20,000,000, the largest of any St. Louis
banking institution.

G row ing w ith Chicago and the N a tio n Since 1 8 6 3
MEMBER

FEDERAL

DEPO SIT

IN SU R AN C E

CO R PO R ATIO N

Declares 12c Dividend
The board of directors of Investors
Stock Fund, Inc., open-end investment

Northwestern Banker, February, 1947


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

*******

will handle these sevenjobs!
Ir
Whatever the size of your bank, you will find the

---------------------------- ----------- — — ------------------------------

National M ultiple-D uty Accounting Machine is
kept busy all the time. In a small bank a single

Posting depositors' accounts

National M ultiple-D uty Machine handles all

Posting loan and discount records

these seven jobs, changing from one to another

Posting trust ledgers

quickly and easily by means of its removable
form bars. Or, in a larger bank, separate machines

Writing checks and posting related payroll records

may be assigned to handle any one, or more,

Posting the general ledger

of them.

Posting daily statement of condition
A National M ultiple-D uty Accounting Machine
Posting any type of mortgage records


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

will prove a big help in your bank. As will
any of the many other National Machines
and systems designed to save time and money
while reducing errors and improving the
efficiency of banking methods. Have your local
National representative study your own situation
and work out the best way to solve it. Or
write to The National Cash Register Company,
Dayton 9, Ohio. Offices in principal cities.
Northwestern Banker, February, 1947

24

company, declared a dividend distribu­
tion of 12 cents per share for the first
quarter of the current fiscal year,
according to E. E. Crabb, chairman
of the board. This compares with a
10 per cent share dividend for the
corresponding quarter of the last fiscal
year. The current distribution, derived
exclusively from interest and dividend
income, is payable on February 20,
1947, to shareholders of record as of
January 31, 1947.

and Merchants Savings Bank of Oak­
land have voted favorably on the pro­
posed consolidation of the two insti­
tutions to become effective March 1,
1947. A special stockholders’ meeting
of both banks has been called for
February 14, 1947, to ratify the action
of the directors.

Joseph M. Herrmann, well-known
nationally in the personnel and office
management fields, has become as­
sociated with the American National
Bank and Trust Company of Chicago,
as director of personnel, according to

Upon approval of the consolidation
by the stockholders, the banking busi­
ness now conducted by Farmers and
Merchants Savings Bank of Oakland
will be continued under the name of
Crocker First National Bank.

To Consolidate
Directors of Crocker First National
Bank of San Francisco and Farmers

STATEMENT

Joins American National

OF

CONDITION

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

DECEMBER

31,

19 4 6

☆
THE

J. H. H ERRM ANN
Director of Personnel

RESOURCES

Cash and Due from Banks__________
$89,618,312.43
United States G overnm ent O bligations, di­
rect and guaranteed (incl. $29,484,913.62
pledged*)-------------------------------------------------- 149,341,532.17
Other Bonds and Securities________________ 22,518,893.27
Demand and Tim e Loans__________________ 90,066,418.89
Stock in Federal Reserve Bank in St. Louis.
525,000.00
Real Estate (Com pany’s Building)__________ 2,790,536.40
Other Real Estate and Claim against U. S.
G overnm ent-------------------------------------------1,500,000.00
O verdrafts--------------------------------------------------9,407.60
C u stom ers’ L ia b ility on Acceptances and
Letters o f C red it-------------------------------------3,606,245.94
Other R esou rces___________________________
145,360.79
$360,121, 707^49

THE

LIABILITIES

Capital S to ck -----------------------------------------------$12,500,000.00
Surplus-------------------------------------------------------5,000,000.00
Undivided P rofits__________________________ 6,509,704.78
Reserve for D ividend D e c la r e d ___________
250,000.00
Reserve for Interest, Taxes, e t c ._________
2,128,763.70
Unpaid D iv id e n d s_________________________
3,611.30
Bank’s Liability on Acceptances and Letters
o f Credit . . . --------------------------------------------- 3,606,245.94
Other Liabilities___________________________
223,522.09
Deposits, Secured:
U .S . W ar Loan $ 10,357,568.36
Other Public
Fu n ds________
9,074,353.02 $

19,431,921.38

Other Deposits:
D e m a n d ________ $254,931,203.83
S a v in g s ______________________________55,427,932.92
T i m e ----------126,801.55 $310,467,938.30

$ 3 2 9 ,899,859.68
$360,121,707.49

* 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.
ME MBER

FEDERAL

DEPOSIT

Northwestern Banker, February, 1947


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

INSURANCE

CORPORATION

an announcement by Lawrence F.
Stern, president.
Until recently he was vice president
and general manager of Workman
Service, Inc. in Chicago, and prior to
that was in charge of the personnel
department of the Peoples Gas Light
and Coke Company of Chicago.
Mr. Herrmann was formerly presi­
dent of the Office Management Asso­
ciation of Chicago and was director of
the National Office Management As­
sociation and has spoken often at
conventions and regional meetings
of these organizations.

First National, Chicago
The stockholders of The First Na­
tional Bank of Chicago re-elected all
the present members of the board,
and elected Walter M. Heymann, a
vice president of the bank since 1926,
an additional director.
At a meeting of the directors, pres­
ent officers were re-elected. Hugo A.
Anderson, Walter M. Heymann, and
Herbert P. Snyder were made vice
presidents with general duties, in ad­
dition to Harold V. Amberg, Homer J.
Livingston, and Irvin L. Porter, who
have been so serving.
Thomas J. Butler, vice president,
Clarence R. Eichenberger, formerly
assistant vice president, now elected
vice president, Guy C. Kiddoo, vice
president, and James L. Buchanan,
vice president, were promoted to head

25

io :

TH E N A TIO N A L C IT Y BANK
OF N E W Y O R K
Head Office

•

55 W A L L STR EE T

•

New York

Condensed Statement o f Condition as o f December 31,1946
Including Domestic and Foreign Branches But Not Including The Affiliated City Bank Farmers 1 rust Company
( In D o lía n Only— Cents O m itted)

♦
ASSETS
Cash and Due from Banks and Bankers..............
United States Government Obligations (Direct
or Fully Guaranteed)..............................................
Obligations of Other Federal Agencies.................
State and Municipal Securities................................
Other Securities..............................................................
Loans, Discounts, and Bankers’ Acceptances...
Real Estate Loans and Securities...........................
Customers’ Liability for Acceptances...................
Stock in Federal Reserve B a n k ...............................
Ownership of International Banking Corpora­
tion .................................................................................
Bank Prem ises................................................................
Items in Transit with Branches..............................
Other A ssets....................................................................

$1,296,000,976
2,188,205,130
35,353,712
186,734,856
101,029,479
1,093,944,555
3,346,134
12,759,386
6,900,000
7,000,000
29,280,431
15,021,205
2,159,803
$4,977,735,667

T otal

$4,664,102,604

13,781,383

W. RANDOLPH BURGESS
Vice-Chairman of the Board
WM. GAGE BRADY. JR.
President

SOSTHENES BEHN
President, International Tele­
phone and Telegraph Corporation
CURTIS E. CALDER
Chairman of the Board, Electric
Bond and Share Company
GUY CARY
Shearman & Sterling & Wright

CLEVELAND E. DODGE
Vice-President, Phelps Dodge
Corporation
A. P. GIANNINI
Founder-Chairman, Bank
of America National Trust
and Savings Association
JOSEPH P. GRACE, JR.
President, W. R. Grace & Co.

Reserves for:
Unearned Discount and Other Unearned
Incom e........................................ ........................ ■.
Interest, Taxes, Other Accrued Expenses, etc.
D ivid en d ..........................................................
, •••
C a p ita l........................................................ $77,500,000
Surplus.........................................................152,500,000
Undivided Profits.................................... 29,534,614

259,534,614

T o t a l................................................................

$4,977,735,667

4,147,064
31,520,002
4,650,000

Figures o f Foreign Branches are included as o f December 23, 1946, except
those o f the Dairen Branch which are prior to the outbreak o f the War,
but less reserves.
$376,317,672 o f United States Government Obligations and $1,712,449 of
other assets are deposited to secure $318,115,058 of Public and Trust Deposits
and for other purposes required or permitted by law.


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

GORDON S. RENTSCHLER
Chairman of the Board

EDWARD A. DEEDS
Chairman of the Board, The
National Cash Register
Company

L IA B IL IT IE S
D ep osits............................................................................
(Includes United States W ar
Loan Deposit $98,257,569)
Liability on Acceptances and Bills. .$15,975,382
Less: Own Acceptances in Portfolio............................................ ..
2,193,999

DIRECTORS

JAMES R. HOBBINS
President, Anaconda Copper
Mining Company
AMORY HOUGHTON
Chairman of the Board,
Corning Glass Works
GERRISH H. MILLIKEN
President, Deering, Milliken &
Co. Incorporated
GERARD SWOPE
Honorary President, General
Electric Company
REGINALD B,. TAYLOR
Williamsville, New York
ROBERT WINTHROP
Robert Winthrop & Co.

(M em b er Federal D eposit Insurance Corporation)

Northwestern Banker, .February, 1947

26
the divisions in the commercial de­
partment in which they have been
serving. Austin Jenner, vice presi­
dent, was promoted to head the bond
department.
The other.promotions in the bank
staff were: R. J. Crossley and R. H.
Matson, assistant vice presidents,
elected vice presidents; J. E. Drick,
B. G. McCloud, Jr., and Harold J.
Schluter, assistant cashiers, elected
assistant vice presidents.

Railroad Loans
Two large loans on conditional sales
contracts of railroad companies have
recently been placed by City National
Bank & Trust Company of Kansas City.

As agent bank one loan of $5,000,000
has been arranged on conditional sales
contracts of the Union Pacific Rail­
road on diesel engines and box cars
with a maturity of eight years, pay­
able in monthly instalments at an
interest rate of IV2 per cent. This loan
was placed with a group of midwestern and western banks.

District Manager
J.
Kay Simpson has become district
manager of the St. Louis Terminal
Warehouse Company’s Chicago area
territory. He will handle the field
warehousing activities. Prior to Mr.

A second loan on diesel engines
purchased by the Kansas City South­
ern Railway Compay in the amount
of approximately $2,800,000 was ar­
ranged with a group of midwestern
and southern banks. This loan is for
ten years at IV2 per cent and is pay­
able in annual instalments.

FARM INCOME
affects the PROFITS
of your BANK
J. KAY SIM PSON
To Chicago Territory

Study the economic forces affecting farm income. . . . Advise
your farm clients wisely on which enterprises are the safest and
most profitable. . . . Make sound farm loans by keeping in touch
with prices, markets, shortages and surpluses ahead, guided by
the

DOANE
A G R IC U LT U R A L D IG EST

Simpson’s military service, in which
he held the rank of captain, he was
identified with the field warehousing
industry for a number of years.

Promotions
Harold F. Koenig was promoted to
the office of assistant vice president,
and Leonard O. Kunow was appointed

Edited by the oldest and largest farm management and ap­
praisal organization, it was prepared originally for our own
farm managers— to give concise advice on markets, changes,
trends and new developments in agriculture. Demands from
business executives and farm owners caused us to accept our first
public subscriptions eight years ago.
The Digest service consists of a 400-page cumulative refer­
ence volume, in strong loose-leaf binder, kept up to date by
twice-monthly releases interpreting current trends. . . . The cost
of the service is only $15 the first six months (or $20 the first
year), and $10 per year thereafter.

Write for Free Sample Releases
Mor e than
1,000 BANKS
are now subscribers,
In the arming state
of Iowa, for example,
over 26% of the banks
use the Digest regularly.

DOANE
Agricultural Service, Inc.
Box 603, 206 Plymouth Building
DES MOINES 9, IOWA
(Home Office: S t. Louis, Mo. 1

II

_________________

Northwestern tanker, February, 1947

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

H A R O LD F. KOENIG
To Assistant V ice President

assistant cashier of the American
National Bank and Trust Company of
Chicago at the annual meeting of the
bank’s board of directors.

27

Mr. Koenig, who entered the bank’s
employ in 1933 as a trust teller, has
served in the Trust Department in
various capacities, having been elected
assistant trust officer in 1943. In his
new capacity, he will have charge of
Trust Department operations.

Elected President
At the annual meeting of the board
of directors of Guaranty Trust Com­
pany of New York, J. Luther Cleve­
land, formerly president, was elected
chairman of the board, and William L.
Kleitz, formerly vice-president, was
elected president. Mr. Cleveland suc­
ceeds Eugene W. Stetson, who retires
after 30 years of service but continues
as a director and member of the
executive committee.
Mr. Kleitz, who succeeds Mr. Cleve-

-

with

duties, facts, contacts
te Fir*1 W isconsin
.

with

•th c o m p i l e , m odern

«’51"

fac.l-ue •

,
f Wisconsin bust, knowledge of * >5C

n-tbe-ground

„.-respondent
•

I m r e — p 'u sc o

P

ness, industry, a g n cu ^ ^ ^ ^ ^ t h r o u g h -

ont this state. M

,

-

beyond

to serve in many «ays that g
f mere routine efficiency
lim ,W ° bunkers
BANKS

k ic e

a n d

G eorge T. C a« « * “
R I C H » » » J- L » WLES

President

A , . Vice P r e s e t
. sst

Rice President

W IL L IA M L. K L E IT Z
Heads Guaranty Trust

land as president, joined the Guaranty
in 1919, became an officer of the Com­
pany the following year, and was
appointed a vice-president in 1928. A
year ago he was promoted to become
associated with the general manage­
ment of the bank, and on November
6, 1946, he was elected to the board
of directors.

Promotions

Carl A. Birdsall, vice president of
the Continental Illinois National Bank
and Trust Company of Chicago and
officer in charge of the bank’s commer­
cial department, was elected a director
of the bank at the annual meeting of
shareholders.
Mr. Birdsall has been connected with
the Continental Illinois and predeces­
sor banks since 1919, and became a
vice president in 1930.
At the meeting of the bank’s direc
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

FIRST WISCONSIN NATIONAL BANK
OF MILWAUKEE

• W isco n sin ’s B a n k f o r B a n k s

Northwest ern Banker, February. 1947

28
tors, following the shareholders’ meet­
ing, promotions in the official staff of
the bank were made as follows:
From second vice president to vice
president — Tilden Cummings and
Boyd J. Simmons.
From assistant cashier to second
vice president—Berford Brittain, Jr.,

H. Prentice Browning, Arthur J. Frey,
John P. Hoffman, John F. McGuire,
Jr., Wilhelm R. Mesenbrink, Clifford
S. Nelson, Magnus I. Ronning, and
Robert C. Suhr.
Newly elected assistant cashiers are
Homer A. Burnell, Vincent M. Flynn,
Lee H. Ray, and Selden T. Swope.

W ith

To Vice President
Irving Trust Company, New York,
has announced the promotion of
Charles G. Gambrell from assistant

an E
on the

Interests o f Banks
a n d other Institutions
W

E have had long and varied ex­
perience in assisting institutions in

CHARLES G. G A M BRELL
Promoted to V ice President

solving their investment problems.

vice president to vice president of
the company.
Mr. Gambrell is currently associated
with the company’s business in New
York City, as well as in states outside
of New York.
In November, 1945, Mr. Gambrell, a
lieutenant colonel in the Army of the
United States, returned to Irving’s offi­
cial staff after over three years of
service in the Air Corps.
As an officer of the Irving before the
war, Mr. Gambrell traveled extensive­
ly for the company and has wide
acquaintance with the bank’s custom­
ers throughout the country.

Our nationwide facilities for assembling
the latest information concerning markets
and securities enable us to render an espe­
cially effective service.
T o all institutions we offer prompt and
efficient cooperation. M ay we suggest you
ascertain exactly what our Institutional
Department can do for you.

Heads Trust Activities
Advancement of H. M. Bardt, vice
president and trust officer at Los An­
geles headquarters of the Bank of
America, to the post of vice president
and senior trust officer with headquar­
ters in San Francisco, is announced
by A. J. Gock, chairman of the board
of directors.
Bardt, who has been in charge of
the bank’s trust department in South­
ern California since 1934, will now
head such activities throughout the
state.

M errill L ynch , P ierce, F enner & B eane
Underwriters and Distributors of Investment Securities
Brokers in Securities and Commodities

70 PINE STREET

NEW YORK 5, N. Y.
Offices in 91 Cities

Did you know that adoption o f our Cash Letter
insurance enables you to dispense with detailed
Cash Letter transcripts and keep only a duplicate
adibrig piachine tape? Ask us fo r details.
P l R g ^ ' j ?& T J Q NjS,L B A N K

B U I L D IN G

Northwestern Banker, -February, 1947


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

•

C H IC A G O

Scarborough & Company
Insurance Coimselors
3,

IL L IN O IS

•

STATE

4325

29

IN V E S T M E N T S

T rea su ry F eels Êlebt Structure
Ms A d a pted to in vestor N eeds
Mr. Snyder Sees No Reason to Change Type of
Securities, Nor Their Maturities
By RAYMOND TRIGGER
Investment Analyst
New York City
HE Treasury, and its running
mate, the Federal Reserve, con­
tinue dominant in the money mar­
ket in this country. The elections last
November changed the character of
the House and the Senate, but the ad­
ministrative branch of the govern­
ment was, and is, untouched. Such
being the case, the views of the Sec­
retary of the Treasury are of para­
mount importance.
Mr. Snyder took the opportunity
when releasing the annual report of
the Treasury for the year ended on
June 30, 1946, to make public his pres­
ent ideas on the structure of the na­
tional debt and on interest rates. Al­
though the electorate left the Treas­
ury unscathed last November, there
are factors in the over-all financial
problem which are outside the control
of the Treasury and the Reserve. The
budget is within the province of the
Republican Congress. If there is a
surplus, the Treasury may use it to
reduce total federal debt. But, if there
is a deficit, the Treasury must borrow.
Thus, the size of the debt is outside
the control of the authorities. But
they still have the last word as to
the composition of that total and,
with the cooperation of the Federal
Reserve, as to the general level of
interest rates.

T

Snyder Is Satisfied
At least one man in the United
States is entirely satisfied with the
present state of its financial affairs.
Mr. Snyder finds that “ the present
structure of the debt is well adapted
to the needs of the various investor
classes with respect to both type of
securities and maturities. There is no
occasion to change.” In those few,
well-chosen words are disposed of all
the suggestions so politely listened to
over the past four months. In one
pontifical announcement all the argu­
ments of the investments bankers, the
commercial bankers and the repre
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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

sentatives of that large group of in­
vestors speaking for 75 million policy­
holders, the insurance companies, are
swept into the waste basket.
Consequently, there will be no move
on the part of the present administra­
tive fiscal officers to bring a degree of
balance into the debt structure. More
concretely, this means that no long
term issue of, say, 2%’s is contem­
plated. Rather, the steadily recurring
maturity of short term, low-rate debt
will be met with the proceeds of new,
short-term, low-rate obligations.
Mr. Snyder, at the moment at any
rate, discerns no anti-flationary good
in higher interest rates. So, imple­
menting that conviction, he will con­
tinue the low over-all interest burden
on that large federal debt by concen­
trating on short-term issues. He ex­
presses the pious hope that the debt
will be reduced. That, of course, is a
matter beyond his control because the
Congress, by its decisions on income
and outgo, will determine whether or
not the Treasury has surplus funds
with which to retire debt.
Nonetheless, the T r e a s u r y has
ample means to enforce its pleasure as
to the composition of the debt and the
general interest level. The conclusion
to be drawn from these conditions, and

the expressed philosophy of the Sec­
retary, is that prices for governments
will not recede much for many months.
The dimming of hopes for a long-term,
relatively high-rate, issue has been
reflected in a mild recovery in govern­
ments. If there should be a surplus
in the 1947-48 fiscal year, some debt
reduction should be possible and this,
too, would tend to sustain prices.

Little Reaction in Corporates
The market action of governments
has always been a potent factor in
fixing the level of highest grade cor­
porate issues. Thus, investors are
warranted in anticipating no impor­
tant reaction in the prices of the best
quality corporates.
There is much less justification for
complacency when it comes to medium
and lower-grade corporates. It may be
argued that the prices of governments
and of top-flight corporates are too
high, are not only too high also, abso­
lutely, but too high relatively.
If, on the other hand, one is con­
vinced that governments and top
grade corporates are not too high in
the light of all the facts, the lower
grade issues still remain too high, rel­
atively. Since there are no riskless
investments, the prudent investor will
aim at holding his risks at a minimum,
but lower grade corporates carry with
them a double risk; that of a general
market decline and that of a further
decline in order that relative yields
may be restored to the historic pat­
terns. Risks there always are, as ob­
served; but there are times when the
discernible risks are amply compen­
sated for by generous yields. This is
not the case at present.
The market for high grades prob­
ably will be sustained by artificial
means for many months to come, but,
at least, since they are quality obliga­
tions, nothing like disaster will ensue
when the time comes for a general
realignment of interest rates.
Northwestern Banker, February. 1947

30

Investments
The next feature most often empha­
sized is the enormous spate of postwar
offerings scheduled to come onto a
market that can hardly be described as
receptive. The conclusions usually
voiced are that lower prices are in­
evitable. There is something to be
said for that point of view, although
it too often forgets or ignores the
very substantial reduction of out­
standing municipals during the war
years. These reductions were effected
over a long span of years and, conse­
quently, appear less dramatic than the
total to be dumped on the market “all
in a bunch” so often cited by the
gloomier forecasters. Actually, if only
supply and demand were weighed and
the two considered over a decade, say
from 1940 through 1949, a fairly neu­
tral conclusion could logically be sus­
tained. A flood may be at hand, but
it was preceded by a long drought.

Future of Municipals
A great many private investors have
a very likely interest in the probable
future of municipal bonds. This is
mainly because of the tax shelter.
Some private incomes are so high and
are taxed so heavily that shelter from
taxation is worth almost any price.
Fortunately, commercial banks as a
whole are not obliged to buy tax shel­
ter at exorbitant prices, but many
have some interest in probable market
action of municipal bonds.
When it is pointed out that taxable
governments and high-grade corpo­
rate bonds are maintained at artifi­
cially high levels, the major problem
then it to try to estimate how long
those supports will exist. Once some
idea of the plans of the Treasury is
gained, an estimate is possible. The
problem is somewhat more compli­
cated in the case of municipals.
The municipal picture, viewed over
the long term, has one feature that
overshadows everything else. The
level of prices is extremely high, de­
spite a shake-down and partial recov­
ery in the past nine or ten months.

Protection From Taxes
The municipal market, however, has
to contend with other factors than
supply and demand. The extent to
which tax shelter is valuable is a
potent factor. Obviously, protection

We are pleased to announce that

MR. GEORGE A. BELL
is opening salesman's headquarters for us at
504 Securities Building, Phone 4-7191
DES MOINES, IOWA

PAINE, WEBBER, JACKSON & CURTIS
(Established 18791
Members New York Stock Exchange and Other Principal
Stock and Commodity Exchanges
NEW YORK
BOSTON
C H IC A G O

Ja m i e s o n

S p e c i a / i x i n g in C / n / i s f e c / S e c u r i t i e s

Bank

from taxes is dependent upon the se­
verity of the levy. This, of course, is
unpredictable. In general, though,
most observers look for lower, rather
than higher taxes. To the extent that
they are right, the tax shelter afforded
by municipals becomes less valuable.
Finally, moribund but not dead, is the
notion that some day the federal gov­
ernment will succeed in taking from
municipals the tax exemption feature
that has served to elevate and sustain
prices for so long.
In any case, then, the general longer
term view of municipals must be on
the gloomy side. Commercial banks
normally do not require much tax
protection and normally would not in­
clude any considerable amounts of
municipals in the bond portfolio. Cer­
tainly this is hardly the time to de­
liberately depart from normal prac­
tices. There are, of course, frequently
local considerations that impel a bank
to buy local obligations, but even here
the general effort should be to place
such obligations with heavily taxed
private investors.
To the extent that tax considera­
tions affect investment policy, most
commercial banks have reconciled
themselves to the general prospect
their total assets will remain at high
levels, that their gross operating in­
comes will be good and tending up­
wards, but that net operating incomes
will continue adversely affected for
some time to come by reason of higher
costs—largely salaries and wages. It’s
a negative satisfaction, of course, but
the significance is that earnings sub­
ject to taxation likely won’t tend to
run away for some time to come. In
other words, though, this means that
there is little reason for the average

&

Insurance

Pu blic Utility — Industrial — Real Estate

Co m pan y
Members

N ew York Stock Exchange

Lumber Sc Tim ber

and

Bonds, Prelerred and ( ommon Stocks

other

Principal

Exchanges

★

STOCKS
BONDS

BO UGHT — SOLD — QUOTED

COMMODITIES
REM ER,

M ITC H ELL

& REITZEL,

IN C .

2 0 8 SO U T H LA S A L L E S T ., C H IC A G O 4 • P H O N E R A N D O L P H 3 7 3 6
WESTERN U N IO N

TELEPRINTER " W U X "

Northwestern Banker, February, 1947

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

BELL SYSTEM TELETYPE CG-989

MINNEAPOLIS
FARGO
ST. PAUL
GRAND FORKS
DULUTH
SIOUX FALLS
EAU CLAIRE
Private

W ire

to All Principal Markets

Investments
commercial bank to maintain a lively
interest in municipals.

Bond "Drive"
The Treasury put on a “drive” from
Armistice Day through Pearl Harbor
Day for the purchase of Savings Bonds
on the payroll deduction plan. Judg­
ing by the almost complete silence
following the end of the effort, it
wasn’t conspicuously successful. Here
and there reasonably cheerful reports,
or “ estimates,” were released, but
complete and detailed figures appear
to have been withheld.
This is in line with what might have
been expected, once the conditions
that made the wartime drives so spec­
tacularly successful were radically
changed. After World War I, the out­
standing War and Victory bonds
tended to drift rapidly into the hands
of large investors. Much the same
thing is going on with respect to the
War and Savings bonds sold to mil­
lions of small investors since 1935.
Taking into account the “F” and
“ G” bonds which appeal to large in­
vestors as well as the “ E” bonds and
further crediting the outstanding total
with accruals on bonds sold at a dis­
count, there has been an increase
since the end of the war and there was
a net rise in 1946.

Redemptions
Redemptions, though, are a growing
factor. Large and well-informed in­
vestors bought “ F” and “G” bonds
and have turned back only 7 per cent,
whereas “E” bonds have been sur­
rendered to the extent of 33 per cent.
Breaking down redemptions of the
bonds sold widely to smaller investors
is equally illuminating. Thus, at the
end of five years, 33 per cent of the
$25 bonds had been redeemed, 29 per
cent of the $50 bonds, 27 per cent of
the $100 bonds, 24 per cent of the $500
bonds and only 17 per cent of the $1000
bonds.
The trend is accelerating and at a
time when sales are falling. Thus,
there have been months recently when
redemptions of “ E” bonds exceeded
sales. There is nothing particularly
deplorable in this. There are a num­
ber of reasons which involve no lack
of patriotism. It is worth the notice
of the commercial banker, though, as
a sign of the times. To the extent that
it presages a heavier demand for loans,
it is a factor that must be taken into
consideration by the investment man­
ager who will find more than ever that
prudence will pay big dividends over
nearby months and years. The End.

vestment firm. Mr. McDowell was
graduated from Drake University last
month. He was an outstanding foot­
ball player there and captained the
1946 Bulldog team. In 1945 he was
named to the second team of the Mis­
souri Valley conference. He served as
president of the commerce fraternity
and was elected to the National Col­
legiate Who’s Who.

New Connection
George A. Bell, associated with in­
vestment banking in Iowa for a num­

31

ber of years, has recently become con­
nected with Paine, Webber, Jackson
and Curtis, with his Des Moines office
at 504 Securities Building. Paine, Web­
ber, Jackson and Curtis are members
of the New York Stock Exchange and
other principal stock and commodity
exchanges throughout the country.
Before his recent change, Mr. Bell
represented John Nuveen and Com­
pany, well-known municipal house, for
nine years. He began his investment
banking career in Iowa in 1921, with
George M. Bechtel & Company of Dav­
enport.

mrwrwrrr^

FICB
Consolidated Debentures
( issued under provisions o f the
Federal Farm Loan A ct, as am ended)

deserve discrim inating atten tio n
They enjoy such advantages as being: joint and sev­
eral obligations o f the twelve Federal intermediate
credit banks; elig ib le for purchase by Federal
reserve banks and acceptable by them as collateral
security for loans to system member banks; legal
investment in various states for savings banks,
insurance companies, fiduciaries and trust funds.
These desirable short term issues are available for
monthly subscription upon favorable interest bases.

THE FEDERAL INTERMEDIATE CREDIT BANKS
S P R IN G F IE L D , M A S S .
B A L T IM O R E , M D .

L O U IS V IL L E , K Y .
NEW

C O L U M B I A , S. C .

ORLEAN S, LA.

ST. L O U IS , M O .

ST. P A U L ,

M IN N .

HOU STON , TEX.

OM AH A, NEB.

BER KE LE Y, CAL.

W IC H IT A , K A N .

SPOKANE, W ASH .

Inquiries should be addressed to recognized
security dealers, dealer banks or
C H A R L E S R . D U N N , Fiscal A g en t
31 N assau Street

N e w Y o r k 5, N . Y .

Joins Shaw-McDermott
Charles McDowell has joined the
firm of Shaw-McDermott and Com­
pany, Des Moines, municipal bond in­

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

...»

Northwestern Banker, February, 1947

32

THE RECORD SPEAKS
40th ANNUAL STATEMENT
as of December 31, 1946
ASSETS

LIABILITIES

C a s h ................................................................ $
U. S. Bonds (Amortized Value)...............

288,208.23
902,830.00

First Mortgages (None Delinquent)......
Due from Agents (Current Balances)....
Building and Loan Shares........................

140,184.37
174,889.35
20,000.00

Current Bills................................................... $

4,181.11
151.00

Employees Bond Account.........................
Government Withholding Tax............ .

1,488.60

Current Reinsurance Premiums.............

20,871.70

Real Estate O w ned...................................

2,900.00

Reserve for Taxes........................................

48,729.16

Due from Reinsurance Com panies......

3,960.43

Reserve for Unearned Premiums..........

777,043.10

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

5,817.05
21,575.16

Reserve for Unpaid Losses......................

181,799.58

Surplus ..........................................................

525,830.34

$1,560,094.59

$1,560,094.59

We are proud to present the record of our FORTY YEARS
of service in the insurance field. We take this opportunity to
thank our banker agents who have served us so faithfully
and efficiently in the past. Our statement is evidence of
their efforts in our behalf.
We invite still other bankers who are interested in secur­
ing for their patrons the finest insurance protection available
to investigate our agency contract proposal.

FIRE

We offer a complete up-to-the-minute line of
WINDSTORM
PLATE GLASS and AUTOMOBILE
INSURANCE

WESTERN MUTUAL
F IR E IN S U R A N C E CO.
Des Moines, Iowa

Northwestern Banker, February, 1947


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

33

IN SU R A N C E

W h a t “Full C o v era g e" M ea n s
in H ollars and Cents
A n A c t u a l C a s e Illu s t r a t in g H o w an In s u re d
G o t M u ch M o re T h a n H e P a id F o r

By R. FOSTER NOLAND, Manager
Insurance Department, Mel Foster Company
Davenport, Iowa
H A V E lo n g b e lie v e d th a t th e o n ly
p r o p e r w a y to w r ite in s u ra n ce is to
h a n d le it o n a s u r v e y , o r “ p e r c u s ­
to m e r ” ba sis, ra th e r th a n a “ p er
p o lic y ” basis. A lth o u g h c o m m e r c ia l
s u r v e y s are m o re a ttra ctiv e , b e ca u se
o f th e o b v io u s ly la r g e r p r e m iu m s o b ­
ta in a b le, th e sa m e lin e o f th o u g h t can
b e a p p lie d to p e r s o n a l c o v e r a g e s . T h e
fo llo w in g in c id e n t is re la te d m o re to
p ic tu r e th e “ p e r fe c t c la im ,” b u t it w a s
o n ly th r o u g h th e u se o f a p e rs o n a l
s u r v e y , an d th e w illin g n e s s o f th e
a ssu re d to a llo w th e w r ite r to p r o p e r ly
c o v e r h im , th a t th is c la im o c c u r r e d in
th e w a y th a t it did.

I

p a ce. H o w e v e r , h e m a d e th e v e r y
s e rio u s m ista k e o f a tte m p tin g to pass
a n o th e r ca r o n a h ill an d in d o in g so
c o llid e d h ea d -on w ith a tra cto r-tra ile r
u n it o n th e cre s t o f th e hill.
T h e im m e d ia te co n s e q u e n c e s o f th is
a ccid e n t w e r e th at th e ir a u to m o b ile

Total Claim

M r. B r o w n , a b o u t 55 y e a r s old, liv es
in an a p a rtm e n t in o n e o f o u r lo ca l
h o te ls. H e is m a rried , b u t ch ild less,
a n d d u e to th e fa c t th a t M rs. B r o w n
h as c o n s id e r a b le tim e o n h e r h an ds,
sh e fr e q u e n tly a c c o m p a n ie s h im o n h is
tr a v e ls in th e m id d le w e s t in h is
c a p a c ity as a sa lesm a n fo r on e o f th e
la rg e steel co m p a n ie s.

Needed Certain Coverages
S e v e ra l y e a r s a g o th e B r o w n s told
th e w r ite r th a t it w a s u p to h im to see
th a t th e y w e r e p r o p e r ly in su red , as
th e y k n e w n o th in g a b o u t in su ra n ce
a n d w e r e at h o m e so in fr e q u e n tly th e y
w o u ld n ’t h a v e tim e to g o in to th e
d eta ils.
T h e y a re in th e so-ca lled
“ u p p e r m id d le cla s s ” g ro u p , an d c e r ­
ta in c o v e r a g e s w e r e im m e d ia te ly in d i­
ca ted .
O n a T u e s d a y m o r n in g last s p r in g
M r. a n d M rs. B r o w n sta rted e a r ly to
d r iv e
fr o m
M a rs h a llto w n
to
D es
M oin es, Io w a . It w a s fo g g y , an d M r.
B r o w n w a s d r iv in g at a s lo w e n o u g h

R. FOSTER NOLAND
“ Handle Insurance on Survey Basis”

w a s a tota l loss, th e y w e r e b o th h o s ­
p ita lized (M rs. B r o w n b e in g u n c o n ­
scio u s fo r 18 h o u r s ) an d th e ir b e lo n g ­
in g s S trew n all o v e r th e road. A s soon
as h e w a s able, th e a ssu red p h o n e d
th e w r ite r , an d I w a s ab le to tell h im
n o t to w o r r y a b ou t th e cost, as e v e r y ­
th in g w a s co v e r e d .
F o r tu n a te ly , w h e n last r e n e w in g th e
a ssu re d ’s a u to m o b ile in su ra n ce I h ad
in clu d e d m e d ica l r e im b u r s e m e n t c o v ­

Did you know that your Banker’s Blanket Bond
does not protect your Cash Letter while it is in
transit by mail or express ? Ask about our
Cash Letter Policy, which fills the gap.
FIRST

N A T IO N A L


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

BANK

B U I L D IN G

•

era g e. A ls o , I h ad sp e c ific a lly e n ­
d o r s e d h is p e rs o n a l p r o p e r ty floa ter
to in c lu d e c o v e r a g e on su ch item s as
h is t y p e w r ite r an d o th e r b u sin e ss
a rticles. H e n ce , w h e n all th e cla im
w a s fin a lly settled, it sta ck e d u p s o m e ­
th in g lik e this:

C H IC A G O

F o r d a m a g e to th e tru ck , $800. P aid
u n d e r p r o p e r ty d am age.
F o r in ju r ie s to its d r iv e r, $3,000.
P a id u n d e r $20M /40, p u b lic lia b ility .
F o r d a m a g e to a ssu re d ’s a u to m o b ile
(a tota l lo ss ) $1,050; th is w a s b a sed on
a c e ilin g p r ic e o f $1,100 an d an 80/20
c o llis io n p o lic y , w h ic h p r o v id e d fo r a
m a x im u m d e d u c tib le o f $50.
F o r loss o f an d d a m a g e to p e rs o n a l
p o sse ssio n s, p a id u n d e r a p e rs o n a l
p r o p e r ty floater, $835.
F o r h o s p ita l ex p e n se s, p a id u n d e r
m e d ica l
r e im b u rse m e n t,
a ssu re d ’s
w ife , $460; assu red , $80.
F o r a ssu re d ’s loss o f tim e, $100, p aid
u n d e r an a ccid e n t p o lic y .
A s y o u ca n see, th is to ta le d u p to
$6,325. T h e a ssu red w a s ou t o n ly $50
o n h is c o llis io n in su ra n ce, b u t h is p e r ­
son a l a ccid e n t p o lic y a lso in c lu d e d fu ll
m e d ica l r e im b u rs e m e n t, so h e a lso c o l­
le cte d $80 o n it. T h e n e t resu lt, h e
w a s $30 ah ead on th e a ccid en t.
O f c o u rse , h e w a s n ’t, as a ll th e
m o n e y w e ca n p a y an in s u re d w ill
n e v e r c o v e r h is p a in an d w o r r y , b u t
as fa r as m o n e y o u t o f th e p o ck e t,
h e w a s co v e re d ! I t ’ s on e o f th o s e all
to o fe w ca ses w h e n w e w e r e ab le to
say, “ D o n ’t w o r r y a b o u t' ex p en ses,
y o u ’re c o v e r e d ,” an d k n e w th a t w e h ad
d o n e w h a t a g o o d in su ra n ce m an
s h o u ld d o.— T h e E n d .

Scarborough & Company
.
Insurance Counselors 1 E g r

3, IL L IN O IS

•

STATE

4325

to Banks

I

Northwestern Banker, February, 1947

34

Insurance

L e s te r T. J on es r e p o r te d th at th e
n et g a in in in s u ra n ce fo r 1946 o f $81,B.
R e e s J o n e s w a s re -e le cte d p r e s i­
320,802.00 w a s 2% tim es g re a te r th an
d en t o f th e T o w n M u tu al D w e llin g
th e la rg e st g a in o f a n y p r e v io u s y ea r,
In s u r a n c e C o m p a n y at th e fifty -fifth
b r in g in g th e tota l in su ra n ce in fo r c e
a n n u a l m e e tin g in D es M oin es.
to $726,663,604.00. H e a lso re p o r te d an
D ir e c to r s re -elected w e re : F r a n k H .
in cre a se in assets o f $113,853.48, m a k ­
D irst, L e s te r T. J o n e s an d W illia m
in g th e tota l a ssets $2,527,586.08.
K och .
M r. J o n e s sa id th a t th e tre n d o f fire
O th er officers re -e le cte d w e r e : L e ste r
losses th r o u g h o u t th e c o u n t r y r e ­
T. J on es, v ic e p re sid e n t; F r a n k H.
m a in e d h ig h in 1946 an d th a t th e c o m ­
D irst, s e c r e ta r y ; W illia m J. G o o d w in ,
p a n y p a id o v e r 8,000 cla im s d u r in g
tre a su re r; C. L. H e n sch e l, assista n t
th e y ea r.
se c r e ta r y ; L e s lie L. G rev e, assista n t
A . B. A . P R O G R A M
se c r e ta r y ; G us S c u rlo ck , s u p e rin te n d ­
(C o n tin u e d fr o m p a g e 14)
en t o f agen ts. R. L lo y d Y o u n g a n d
R e x H . F o w le r w e r e ele cte d m e m b e rs
c h o v ia B a n k & T r u s t C om p a n y ,
o f th e e x e c u tiv e c o m m itte e .
W in sto n -S a le m , N o r th C a rolin a

F if t y - f if t h M e e t in g

YEAR OF ACCOMPLISHMENT
In 1946 General American Life, St. Louis, passed an important
milestone. . . its full mutualization program, begun 10 years ago,
was completed. Also came other record achievements . . . greatest
production year in the company’s history, bringing General Ameri­
can Life insurance in force to this imposing figure: $844,946,872.
The company’s areas of operation were extended . . . the increase in
new agents and field representatives exceeding that of any other year.
FINANCIAL

STATEMENT— DECEMBER

31,

1946

ASSETS

CASH ON HAND AND IN BANKS................$ 7,967,756.68
BONDS , n 1 U. S. Government.................................... 64,472,783.87
i Other Bonds............................................... 2,741,016.84
CASH AND BONDS....................................................................... $ 75,181,557.39
FIRST MORTGAGE LOANS ON REAL ESTATE......................
57,171,703-90
F. H. A. Loans Insured by U. S. Government $18,066,556.83
Other First Mortgage Loans........................... 39,105,147.07
800,000.00
HOME OFFICE BUILDING............................................................
497,970.72
OTHER REAL ESTATE...................................................................
92,069.54
REAL ESTATE SALES CONTRACTS.............................................
918,004.75
STOCKS ...........................................................................................
INTEREST AND RENTS ON INVESTMENTS ACCRUED
BUT NOT YET DUE...................................................................
654,603.65
INTEREST AND RENTS DUE ON INVESTMENTS
112,524.50
(None of which is past due more than 90 days)....................
OTHER ASSETS, PRINCIPALLY NET PREMIUMS IN
COURSE OF COLLECTION
2,206,715.19
LOANS TO POLICYHOLDERS......................................................
15,290,441.75
(2) TOTAL ASSETS......................................................................$152,925,591.39
LIABILITIES

POLICY RESERVES.......................................................................... $138,071,233.34
1,400,000.00
POLICY REVALUATION RESERVE.
1,237,269.00
MASS HAZARD RESERVE FOR GROUP INSURANCE.
937,076.42
PREMIUMS AND INTEREST PAID IN ADVANCE-----1,015,541.12
RESERVE FOR TAXES..........................................................
ESCROW FUNDS ( Deposited by mortgagors for
262,644,88
payment of taxes and expenses)........................................
RESERVE FOR ACCOUNTS NOT YET DUE....................
600,415.21
POLICYHOLDERS' DIVIDENDS........................................
1,950,364.83
TOTAL ............................................................................................. $145,474,544.80
PORTION OF CURRENT YEAR’S EARNINGS AVAILABLE
FOR FUTURE DIVIDEND DECLARATION TO PARTICI­
837,632.00
PATING POLICYHOLDERS.....................................................
CONTINGENCY RESERVE..........................................................
4,613,414.59
Under Purchase Agreement................................$3,950,292.44
Other .................................................................
663,122.15
2,000,000.00
SURPLUS .........................................................................................
(2 ) TOTAL LIABILITIES...............................................................$152,925.591.39
(1 ) Actual Market Value of Bonds is more than $ 1,806,000 in excess of the
amounts shown above.
(2 ) Includes assets in "Old Company Account” established under Purchase Agree­
ment dated September 7, 1933, on file with the Superintendent of the Insurance
Department of the State of Missouri.

GeneralA merican Life Insurance Company
W A L T E I Wc

S a in

N»rthw»t9rn t a n k e r , F e b ru a r y , 1947

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

t

L o u is

Afternoon— 2:00 p.m.
P r e s id in g
G. H . N esb it, M e m b e r o f S m a ll B u si­
n ess
C redit
C o m m is sio n
A .B .A .;
P re s id e n t F ir s t N a tio n a l B a n k &
T ru s t C om p a n y , F a rg o , N o r th D a­
k ota
A g r ic u ltu r a l O u tlook fo r 1947
Dr. E a rl L. B u tz, H e a d D e p a rtm e n t
o f A g r ic u ltu r a l E c o n o m ic s , P u rd u e
U n iv e rs ity , L a fa y e tte , In d ia n a
P e r s o n n e l R e la tio n s
W illia m P o w e r s , D e p u ty M a n a g er
A m e r ic a n B a n k e rs A s s o c ia tio n ; D i­
r e c to r o f C u sto m e r a n d P e r s o n n e l
R e la tio n s; R e g is tr a r T h e G ra d u a te
S c h o o l o f B a n k in g ; S e c r e ta r y o f
C om m itte e o n S e r v ic e fo r W a r V e t­
era n s
P u b lic R e la tio n s
C. W . G reen , D ir e c to r o f P u b lic
R e la tio n s C o u n cil A m e r ic a n B a n k ­
ers A s s o c ia tio n
A d v e r t is in g fo r C o u n try B a n k s
J o h n B. M ack, Jr., D e p u ty M a n a g er
A m e r ic a n B a n k e rs A s s o c ia tio n ; M a n ­
a g er o f A d v e r t is in g D ep a rtm en t
Evening— 8:00 p.m.
P r e s id in g
R. B. P a tton , M e m b e r o f A g r ic u l­
tu ra l C o m m is s io n A .B .A .; P re s id e n t
A m e r ic a n E x c h a n g e B a n k , H e n ry etta, O k la h om a
A n O u tsid e A g r ic u ltu r a l P r o g r a m fo r
C o u n try B a n k s
M. C. T o w n s e n d , C h a irm a n o f A g r i­
cu ltu ra l C o m m ittee N e b ra sk a B a n k ­
ers A s s o c ia tio n ; V ic e P r e s id e n t F r e ­
m o n t N a tion a l B an k , F r e m o n t, N e ­
b ra sk a
B ill B a ile y an d th e F o u r P illa rs
A m o tio n p ic tu r e d e p ic tin g th e a g r i­
cu ltu ra l p r o g r a m o f th e F ir s t N a­
tio n a l B a n k at C la rk sv ille, T e n n e s ­
see

Friday, February 21, 1947
M o rn in g — 9 :3 0 o.m.

P r e s id in g
D r. H a ro ld S ton ier, E x e c u t iv e M an a­
g e r A m e r ic a n B a n k e rs A s s o c ia tio n
A .B .A . S e r v ic e s A v a ila b le to C o u n try
B anks
P a n el D iscu ssio n
A m e r ic a n In stitu te o f B a n k in g
D r. W illia m A . Ir w in , E c o n o m is t
A m e r ic a n
B a n k e rs
A s s o c ia tio n ;
E d u ca tio n a l D ir e c to r A m e r ic a n In ­
stitu te o f B a n k in g ; A s s o c ia te D i­
r e c to r T h e G ra d u a te S c h o o l o f
B a n k in g , P a n el L e a d e r
In su ra n ce an d P r o te c tio n
J a m es E . B au m , D e p u ty M a n a g er
A m e r ic a n
B a n k e rs
A s s o c ia tio n ;
S e c r e ta r y o f In s u r a n c e an d P r o ­
te c tiv e C om m ittee
P u b licity
L e s te r G ib son , D ir e c to r o f N e w s
B u re a u A m e r ic a n B a n k e rs A s s o ­
c ia tio n

Insurance

35

H o h ls A n n u a l

B a n k M a n a g e m e n t C o m m is s io n
M e lv in C. M iller, D e p u ty M a n a g er
A m e r ic a n
B a n k e rs
A s s o c ia tio n ;
S e c r e ta r y o f B a n k M a n a g em en t
C o m m is sio n ; S e c r e ta r y o f State
B a n k D iv is io n
W h a t Is A d e q u a te F a r m C redit In ­
fo r m a tio n ?
W a r r e n G arst, M e m b e r o f A g r ic u l­
tu ra l C o m m is s io n A .B .A .; C ash ier
H o m e S tate B a n k , J e ffe rso n , Io w a
O u r P a rt in F in a n c in g S oil C o n s e rv a ­
tio n
D arryl
R.
F r a n c is ,
A g r ic u ltu r a l
E c o n o m is t F e d e r a l R e s e r v e B an k ,
S ain t L o u is , M iss ou ri
Afternoon— 2:00 p.m.
P r e s id in g
C. W . B a iley , P r e s id e n t A m e r ic a n
B a n k e rs A s s o c ia tio n ; P r e s id e n t F irs t
N a tio n a l B a n k , C la rk sv ille , T e n n e s ­
see
S e r v in g th e S m a ll C u stom er
T h e o d o r e R e in in g a , M e m b e r C ou n ­
tr y B a n k O p era tion s C o m m is s io n
A .B .A .; P r e s id e n t P e o p le s N a tio n a l
B a n k & T ru s t C o m p a n y , W a s h in g ­
ton , In d ia n a
S m a ll B a n k s a n d L a r g e B a n k s W o r k ­
in g T o g e th e r
W illia m A . M cD o n n e ll, M e m b e r o f
B ank M anagem ent C o m m is s io n
A .B .A .; V ic e P r e s id e n t M erca n tileC o m m e r c e B a n k an d T r u s t C om ­
p a n y , S a in t L o u is , M iss o u ri
T h e W a s h in g to n S cen e
D. J. N eed h a m , G en era l C ou n sel
A m e r ic a n
Bankers
A s s o c ia tio n ,
W a s h in g to n , D. C.— T h e E n d .

R E G U L A T IO N W
(C o n tin u e d fr o m p a g e 16)

AB O VE, left to right, sitting, W . A. Rutledge, secretary, and C. P. Rutledge,
president. Standing, M ax D. Rutledge, member of the board; F. O. Rutledge,
assistant secretary, and W . S. Rutledge, treasurer. This picture was taken in the
attractive new office of President C. P. Rutledge.

L L officers o f th e F a r m e r s M u tu al
H a il In s u r a n c e C o m p a n y w e r e
re -elected a n d o n e n e w officer w a s
n a m ed at th e a n n u a l m e e tin g in th e
c o m p a n y ’s n e w h o m e office b u ild in g ,
1019 H ig h St., D es M oin es, last m on th .
R e -e le cte d w e r e C. P. R u tle d g e , p r e s ­
id e n t; R. T. R u tle d g e , v ic e p re sid e n t;
W . A . R u tle d g e , se c r e ta r y ; W . S. R u t­
led g e, trea su rer, an d F . O. R u tled g e,
a ssista n t s e cre ta ry . J. D. M iller, fo r ­
m e r ly a u to d iv is io n field s u p e r v is o r
fo r ea stern Iow a , w a s e le cte d as an
a d d ition a l a ssista n t se cre ta ry , a tta ch ed
to th e a u to m o b ile d iv is io n . A ll are
D es M oin es re sid e n ts e x c e p t R. T.
R u tle d g e , w h o liv e s in S to rm L a k e,
Iow a .

A

O ne n e w d ire cto r, F. W . B e n s o n o f
S h eld on , Io w a , w a s e le cte d to th e
b oa rd , s u c c e e d in g th e late P e r r y R u t­
le d g e o f S to rm L a k e. R e -elected to th e
b o a r d fo r th ree-y ea r te rm s w e r e R.
T. R u tle d g e a n d M a x D. R u tle d g e o f
L im a , O h io. H o ld o v e r d ir e c to r s are
C. P., W . S. a n d F . O. R u tle d g e , an d
J o h n W . R u tle d g e o f E a rly , Iow a .
P r e s id e n t C. P. R u tle d g e re p o r te d
th e c o m p a n y ’s in c o m e in 1946 to ta le d
$4,201,000, an in cre a se o f 35 p e r ce n t
o v e r 1945. In cre a s e s o f a p p r o x im a te ly
35 p e r c e n t w e r e r e p o r te d a lso in ad­
m itte d assets, w h ic h n o w e x c e e d 4
m illio n d olla rs, a n d in th e c o m p a n y ’s
su rp lu s, n o w o v e r 3 m illion .

fo r n e ce s s itie s — p a y in g o ff b ills, b o r ­
r o w in g to liv e , if y o u p lease.
“ M a y b e th e tim e h as c o m e , g e n tle ­
m en , fo r u s to d o so m e rea l th in k in g
r e g a r d in g th is f o r m o f le n d in g . I
d o n ’t h o ld m y s e lf u p as a co n s u m e r
c r e d it e x p e r t o r an e c o n o m is t, a l­
th o u g h m y b a n k is a c tiv e in th is field
o f c r e d it a n d h as b e e n fo r fifteen
y e a r s ; b u t I s u g g e s t th a t i f a lo t o f
p e o p le n o w find it n e c e s s a r y to b o r r o w
fo r r o u tin e liv in g e x p e n se s, th e y w o n ’t
h a v e e ith e r m o n e y o r c r e d it w h e n th e
s u p p ly o f d u ra b le g o o d s c o m e s a lon g.
“ P e rh a p s o n e o f th e re a s o n s fo r th e
c o n d itio n w e h a v e ju s t d e s c r ib e d is
th a t w a g e a n d s a la ry in cre a se s are a f­
fe c t in g o n ly o n e se g m e n t o f o u r c o n ­
su m e r g ro u p , re s u ltin g in in cre a s e d
p r ic e s to all. A m o r e p la u sib le p r o ­
g ra m , an d o n e th a t w o u ld b en efit
e v e r y on e, is less strik e s a n d m o r e
p r o d u c tio n . E ffic ie n c y in p r o d u c tio n
w o u ld r e s u lt in lo w e r p r ic e s ; lo w e r
p r ic e s o f g o o d s a n d s e r v ic e s w o u ld
b en efit e v e r y o n e .— T h e E n d .


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

Resources of
O V E R J 2 ,9 0 0 ,0 0 0 D O LLA RS

Experience of
O VER TW ENTY-SEVEN YEARS
Now dedicated to the Surety
and Fidelity Bond needs of
the Middle W est.

S urety Division
The State Automobile Insurance Association
DES

M O I N E S ,

IO W A

Northwestern Banker, February, 1947

36

Insurance
ban k in g w orld and y o u r fine pu blica­
tion is a lw a y s h ig h ly in terestin g and

N E W S A N D V IE W S
(C o n tin u e d fr o m p a g e 18)

in stru ctive.”
A. B. C ahalan, ch a irm a n o f th e F irst

T h a n k s v e r y m u ch .
R o y B. Joh n son , assista n t v ic e p r e s i­
d en t o f th e F ir s t N a tion a l B a n k o f
M a son C ity, is state tre a s u re r o f th e
A m e rica n L e g io n o f Io w a an d a tten d ed
th e e x e c u tiv e c o m m itte e m e e tin g an d
th e co m m a n d e rs an d a d ju ta n ts c o n ­
fe r e n c e th is m o n th in D es M oin es. A s
R o y p u ts it, “ it is a lw ay s a good idea

N a tion a l B a n k o f M iller, S ou th D akota,
is ta k in g a tw o m o n th s ’ v a c a tio n in
s o u th e r n C a lifo rn ia a n d is s ta y in g at
th e B la ck s to n e H o te l in L o n g B each .
In a le tte r to th e N orthwestern
B anker h e said: “ B e sure and send me
the N orthwestern B anker as I m u st
keep up w ith w h a t is g oin g on in the

54th Annual Statement of

A

lanoeii

’s

m e r i c a

exclusive

DW ELLING

INSURANCE

COMPANY

“ F a rm e rs as u su al con stitu te the larg ­
est grou p in the leg islatu re— 69 of
th em , 15 in the Senate and 54 in the
H ou se. A tto r n e y s, also cu sto m a rily ,
com e n ex t w ith a total o f 35, o f w h o m
18 are sen ators and 17 are rep resen ta ­
tiv es.
T h ere are 14 Sen ate and 30
H ou se occupation classifications, in ­
clu d in g b a n k ers, m a n u fa ctu rers, m er­
ch an ts, real estate and insu rance m en,
pu blish ers, m in isters, teach ers, an u n ­
dertaker — and
three
w om en,
tw o
h ou sew iv es and a teach er.”

ASSETS

Cash in Banks and O ffic e ------------------------------------ $ 329,767.88
Federal Savings and Building and Loan Assns. —
306,000.00
United States Government B o n d s -------------1,335,300.00
State, County and Municipal B o n d s ---------------------125,905.70
Canadian B o n d s ---------------------------------------------------------106,316.04
Canadian National Railway B o n d s ---------------------104,622.68
( Guaranteed by Canadian Government)

Public Utility B o n d s -----------------------51,905.16
Miscellaneous B onds---------------------------------------------10,000.00
Stocks — — — — — — — — — — — — — —
93,300.00
Accrued Interest and D ividends--------------------------13,054.96
Agents’ Balances (Not over 90 days d u e ) -----------55,138.02
Other A s s e t s -------------------------------------------------------1,093.86
*T O T A L A D M IT T E D A S S E T S ------------------- $2,532,404.30
*A ll Bonds are amortized. I f valued at market,
assets would be increased $45,261.63

John D . D u d ley has b e e n ele cte d
s e c o n d v ic e p re s id e n t o f th e C en tral
N a tion a l B a n k in C h ica g o in th e c o m ­
m e rcia l lo a n in g d iv is io n . M r. D u d le y
w a s a ssista n t N a tion a l B a n k e x a m in e r
fo r th e N a tion a l B a n k in g D ep a rtm en t.
H e se rv e d fo r a n u m b e r o f y e a r s in
th is c a p a c ity in th e S ou th B en d , In d i­
ana, d istrict.

L I A B I L I T I E S

Reserve for Losses and Adjusting E xp en ses------- $

47,981.15

(Losses incurred and in process of adjustment)

Reserve for Unearned P rem ium s--------------------------- 1,194,603.00
Reserve for Taxes and E xp en ses--------------------------41,098.17
Other L ia b ilities--------------------------------------------------1,290.53
Total Liabilities and R e s e r v e s ---------------------- $1,284,972.85
Guaranty F u n d --------------------------------$ 200,000.00
Surplus
----------------------------------------- 1,047,431.45
SURPLU S TO P O L IC Y H O L D E R S ----------------1,247,431.45
T O T A L ----------------- -------------------------------------- $2,532,404.30

R ich ard H . W a y n e has b e e n p r o ­
m o te d fr o m a ssista n t ca s h ie r to a ssist­
an t v ic e p re s id e n t o f th e H a rris T ru s t
an d S a v in g s B a n k o f C h ica g o.
M r. W a y n e is a sp e cia list in g o v e r n ­
m en t b o n d s fo r b a n k s a n d h as b e e n
tr a v e lin g th r o u g h th e N orthwestern
B anker t e r r ito r y r e c e n tly c a llin g on
b a n k s a n d d is cu s s in g th e ir g o v e r n ­
m e n t b o n d p o r tfo lio s w ith th em .

f Insurance in Force December 31, 1946

C $ 7 2 6 ,6 6 3 ,6 0 4 .0 0

c

/

o

w

n

r

A

t u

f u

a

Dwelling Insurance Company
B. REES JO NES, President
Hubbell Building, Des Moines

Northwestern Banker, February, 1947


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

th e b o a rd o f th e N a tion a l C ity B ank,
d iscu sse d th e to p ic o f b a n k o ffice rs ’
salaries at a r e c e n t s to c k h o ld e r s m e e t­
in g w h e n th is q u e s tio n w a s b r o u g h t
u p b y on e o f th e sh a re h o ld e rs.
M r. R e n ts c h le r p o in te d o u t th at h is
sa la ry o f $150,000 w a s r e d u c e d to
$43,000 a fte r ta x e s an d th at th e sa la ry
o f $125,000 p a id to W illia m G age B rad y
as p re sid e n t w a s re d u ce d b y ta x es to
$40,000 an d th at W . R an dolph B u rg ess,
v ic e ch a irm a n , r e c e iv e d a sa la ry o f
$105,000 b u t n etted o n ly $37,000 a fte r
taxes.
W . J. G oodw in , c h a irm a n o f th e
b o a rd o f th e C en tral N a tion a l B a n k
an d T ru s t C o m p a n y o f D es M oin es,
has re s u m e d th e “ W e e k ly N e w s L e t­
te r ” g iv in g th e p r o c e e d in g s o f th e 52nd
G en era l A s s e m b ly o f Iow a.
T h is is a v e r y m u c h a p p re cia te d an d
u p-to-date s e r v ic e fu r n is h e d b y th e
b a n k to its cu s to m e r s at e a ch p e r io d
w h e n th e G en era l A s s e m b ly m eets.
A c c o r d in g
to
th e b a n k ’s letter,

December 31. 1946

ADMITTED

to have the fe llo w arou n d w h o sign s
the ch eck s.”
G ordon S. R en tsch ler, ch a irm a n o f

l

P re sid e n t A . P . Im a h o rn o f th e H i­
b e rn ia N a tion a l B a n k in N e w O rlean s
a n n o u n ce s th a t u n d e r th e b a n k ’s r e ­
tir e m e n t plan , V ic e P re s id e n t F red W .
E llsw o r th re tir e d at th e e n d o f 1946,
h a v in g se r v e d as an e x e c u tiv e officer
o f th e b a n k sin ce its fo u n d in g .

Insurance
BA N KERS YO U

KNOW

(C o n tin u e d fr o m p a g e 17)

ings Bank lists its deposits at $459.006,255.
Mr. Russell is a registered Repub­
lican. His principal hobby is golf
and he is a member of the Glen View
Club and Chickaming Country Club.
He is a trustee of the University of
Chicago, the Chicago Orphan Asylum,
the Chicago Memorial Hospital; Gov­
ernor of the International House in
Chicago; member Reserve City Bank­
ers ; director and treasurer of the Chi­
cago Community Fund, and a member
of the Chicago Association of Com­
merce, National Institute of Social
Sciences and the American Bankers
Association.

a b u y e r s ’ strik e, w h ic h w o u ld so o n
p u t co s ts b a c k w ith in th e re a ch o f
v e te ra n s. I f la b o re rs, p r o d u c e r s , p r o c ­
essors, an d m a n u fa c tu r e r s w o u ld p u t
th e ir p r ic e s d o w n to a p o in t w h e r e
th ou sa n d s o f v e te r a n s c o u ld “ p la y b a ll
w ith th e m ,” th e re w o u ld b e p le n ty o f

A LLIED

37

o rd e rs fo r n e w h o m e s, an d w e w o u ld
all be b e tte r off. W e d o n ’t c la im to
k n o w th e a n sw er, b u t b a sed o n a lo t
o f in fo r m a tio n a n d c o n tra cts , it is o u r
o p in io n th a t m a teria ls a n d su p p lies are
b e c o m in g a v a ila b le, an d th a t w ith th is
in cre a se th e re is d e v e lo p in g a resist-

MUTUAL A G EN TS

Paid for an EXTRA Million in Net
Premiums in 1946

as com pared to 1 9 4 5 .

W e thank all o f you very much fo r this splendid evidence

G. I. Q U E S T I O N B O X

Q.

o f cooperation.

(C o n tin u e d fr o m p a g e 15)

D o v etera n s g en era lly recognize
th is fa ct?

A . Y es. T h e r e is a g r o w in g te n d ­
e n c y to re sis t h ig h e r p rice s . T h is m a y
resu lt te m p o r a r ily in m o r e n e w h ou s es
g o in g to n o n -v e te ra n s w h ic h , o f cou rse,
w ill relea se e x is tin g c o n s tr u c tio n fo r
sale to th em . T h e v e te ra n s a re c r it i­
ca l o f h ig h c o s t h o u s in g . T h e y sp ea k
o f a $5,000 h o u s e c o s tin g $10,000. T h e y
u n d ersta n d , h o w e v e r , th at in fla tion is
a g e n e ra l e c o n o m ic c o n d itio n a n d th at
len d ers, a p p ra isers, an d th e A d m in is ­
tra to r o f th e p r o g r a m are d o in g th e ir
b e s t to m a k e re a s o n a b le loa n s, d e te r ­
m in e r e a so n a b le v a lu e, an d issu e a
g u a r a n ty u n d e r c o n d itio n s as th e y
ex ist, w h ic h a re q u ite u n re a s o n a b le .
C ) . W h a t r elief is th ere in sigh t fo r
the h ou sin g sh ortage and h igh prices?

A . J u st at th e m o m e n t, w e are in a
tw o -w a y m a rk et, w ith d e c lin in g p r ic e s
o n e x is tin g c o n s tr u c tio n an d a d v a n c ­
in g p r ic e s o n n e w c o n s tr u c tio n . O b v i­
ou sly , su ch a c o n d itio n ca n n o t c o n ­
tin u e lo n g an d th e q u e s tio n is— w h ic h
tre n d w ill w in o u t? F a cts a n d fig u res
to d ate in d ica te th a t w e r e a ch e d a p ea k
on e x is tin g c o n s tr u c tio n last M ay.
S in ce th a t tim e tra n s fe rs h a v e d e ­
c lin e d fr o m 10 p e r c e n t to 15 p e r cen t,
a n d p r ic e s in a b ou t th e sam e p r o p o r ­
tion . On th e c o n tr a r y , th e m o n th o f
M a y w a s th e sta rtin g o f an a d v a n ce
in th e c o s t o f n e w c o n s tr u c tio n , w ith
ea ch s u c c e e d in g m o n th s h o w in g a
sm a ll a d v a n c e u n til N o v e m b e r and
D e c e m b e r w h e n , w ith th e r e m o v a l o f
co n tr o ls , co sts a d v a n ce d an a d d ition a l
10 p e r ce n t to 15 p e r cen t. S u ch co sts
m a y a d v a n ce an a d d itio n a l 5 p e r cen t
b e fo r e c o n tr o llin g fa c to r s b e g in to o p ­
erate. H o u se s ca n be p r ic e d ou t o f th e
m a rk et. H o u s in g can p r ic e its e lf in to


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

ALLIED M UTUAL
C A SU A L T Y C O M PAN Y
Harold S. Evans, President
Hubbell Building

Des Moines 7, Iowa

ARITHM ETIC
T h e arithmetical story o f Personalized
Checks would not stump the experts
because it presents no great mathe­

your offer, one hundred and ninty-five
would continue to use the checks but

matical challenge. O n the other hand,

after the first free fifty they would pay
for them. That means, o f course, that in

it charms and holds the fundamen­
talist, who deals in simple formulas

future years you would not have to give
them any checks at all...o r passbooks

and translates them into impressive
accomplishments.

. . . or covers . . . and you would save
40 or 50 cents a year on each customer.

T o wit, suppose you asked one thou­
sand checking account customers if
they would like fifty free checks im­
printed with their names. About three

Following this same procedure thru
all your checking accounts would give

hundred would say yes, and the cost
to you o f furnishing such complimen­

everyone likes Personalized Checks.
N o t only that, but your operating
people would like them too.

tary packages would be $180.00, or

you a big saving and you would get
closer to a lot o f friends because

60 cents per customer, which includes
postage.

Shall we tell you more about the

O f these three hundred who accepted

"Free Fifty” ? Write us or discuss it
with any of our representatives.

Northwestern Banker, February, 1947

38

Insurance

a n ce to a d v a n c in g co s ts a n d th a t we
w ill s o o n re a ch a le v e lin g -o ff p lace,
fr o m w h ic h a b e tte r flo w o f m a teria ls
s h o u ld re su lt in lo w e r co sts d u r in g th e
s u m m e r a n d fa ll o f 1947.

N o rth e rn T r u s t , C h ic a g o
E le c tio n s w e r e h e ld la st m o n th b y
th e d ir e c to r s o f T h e N o r th e r n T ru s t
C om p a n y , C h ica g o. W illia m M. H add o w w a s p r o m o te d fr o m assista n t ca sh ­
ier to s e c o n d v ic e p r e s id e n t a n d c a s h ­
ier. A s ca sh ie r h e s u cce e d s C. M. N e l­
son w h o is re lin q u is h in g th e a d m in is­
tra tiv e d u ties o f th a t p ost, w h ic h h e
h as h e ld s in ce 1924, to d e v o te h is
e n tire tim e to h is g e n e ra l d u ties as
v ic e p r e s id e n t o f th e b a n k in g d e p a rt­
m e n t w ith s p e cia l r e s p o n s ib ilit y fo r
correspon dent bank
re la tion s. M r.
H a d d o w , w ith T h e N o r th e r n T ru s t
C o m p a n y sin c e 1926, has c o m e u p
th r o u g h th e b a n k h a v in g fo r m e r ly
w o r k e d in th e tran sit, cle a rin g s , fo r-

T h e d e clin e in th e c o s t o f e x is tin g
c o n s tr u c tio n m a y b e t e m p o r a r i l y
c h e c k e d th is w in te r, b u t w ill a g a in b e ­
c o m e o p e r a tiv e w ith th e b u ild in g o f
n e w h om es, an d th is d e clin e in e x is t­
in g c o n s tr u c tio n w ill b e e v e n m o r e
p r o n o u n c e d d u rin g th e last h a lf o f
1947 th a n it w a s d u r in g th e la st h a lf
o f 1946. T r e m e n d o u s strid es w ill b e
m a d e to re lie v e th e h o u s in g sh o rta g e
in 1947.
So le t’s k e e p o u r fe e t o n th e g r o u n d
fo r th e n e x t s ix m o n th s.— T h e E n d .

c. M. NELSON
Correspondent Bank Duties
eign , a u d itin g a n d o th e r d e p a rtm e n ts
u n til h is e le c tio n as a ssista n t ca sh ie r
in 1941. F o r th e p a st five y e a r s h e
has a ssisted th e v ic e p r e s id e n t in
ch a r g e o f th e o p e r a tin g d ep a rtm en t.

T h e R e a l T est
o f the value o f a correspondent relationship

H e a d s A s s o c ia t io n

occurs when a bank is asked to render

P a u l W . F r e n z e l, v ic e p r e s id e n t o f
th e St. P a u l T e r m in a l W a r e h o u s e
C o m p a n y , w a s e le cte d p r e s id e n t o f th e
A m e r ic a n W a r e h o u s e m e n ’s A s s o c ia ­
tio n at th e a n n u a l m e e tin g o f th a t
o r g a n iz a tio n h eld last m o n th in C le v e ­
land.

some type o f uausual assistance to its
correspondent.
At the American National, we welcome
such opportunities to prove the broad
scope o f our service.
Regardless o f whether your bank is large
or small, with a city or a rural clientele, you
will find us equipped and eager to extend
to you the type o f cooperation best adapted
to your particular requirements. We invite
your inquiries regarding any phase of
this service.
A M E R IC A N N A T IO N A L BANK
AND TRUST COMPANY
OF CHICAGO
LA SAL LE STREET J l

•
--------------------------------------------

Member Federal Deposit

PAUL W. F R E N ZE L
Heads National Association

AT WASHINGTON

¿Sf aSal-.

Insurance Corporation

w

O U R

B

U

S

I

N

E

S

S

I S

Northwestern Banker, February, 1947


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

T O

H E L P

B

U

S

I

N

E

S

S

M r. F r e n z e l is an a u th o r ity o n field
w a r e h o u s in g , h a v in g w r itte n s e v e r a l
b o o k s o n th e s u b je ct, a n d fo r a n u m ­
b e r o f y e a r s h as b e e n a c tiv e in h is
N a tion a l A s s o c ia tio n . H e is a d ir e c to r
o f th e E m p ir e N a tion a l B a n k o f St.
P aul.

39

D u lu th

M in n esota

NEWS
A. W. SANDS
President
St. Paul

P u r c h a s e E ly B a n k
T h e p u r c h a s e o f th e c o n t r o llin g in ­
te re s t o f th e F ir s t N a tion a l B a n k o f
E ly , M in n esota , fr o m D r. J. R. M a n ley
a n d s o n o f D u lu th b y a g r o u p o f E ly
b u s in e s s m e n h as b e e n a n n o u n c e d b y
G e o r g e T. S om ero, ca s h ie r o f th e b a n k
s in c e 1934.
T h e n e w o w n e r s are h ea d ed b y M r.
S o m e r o w h o w a s n a m ed p r e s id e n t at
a r e c e n t d ir e c t o r s ’ m eetin g , an d in ­
clu d e J a m es I. L a in g , c h a irm a n o f th e
b o a rd ; E . C. J on es, v ic e p re sid e n t;
J o h n L o za r, v ic e p re s id e n t; A . W . C arl­
son , ca sh ier, an d M a ry E . M u h v ich ,
a ssista n t ca sh ier.
T h e la tter tw o,
a lo n g w ith M r. S om ero, h a v e b e e n
m e m b e r s o f th e b a n k p e r s o n n e l fo r
th e p a st s e v e r a l y ea rs.

W it h J a s p e r B a n k
L e s te r H. R o lfs a ssu m ed h is d u ties
as a ssista n t ca sh ie r at th e J a sp e r State
B a n k o f J a sp er, M in n esota , fillin g th e
v a c a n c y le ft b y th e r e c e n t r e s ig n a tio n
o f J a m es W ils o n .
M r. R o lfs w a s e m p lo y e d at th e H a rd ­
w ic k State B a n k fr o m 1938 to 1943,
le a v in g h is d u ties as a ssista n t ca sh ie r
to e n te r th e A r m y , s e r v in g at C am p
J o s e p h T. R o b in s o n , L ittle R o c k , A r ­
k an sas, as a ssista n t in s tr u c to r u n til
h is d is c h a r g e in J u n e, 1946. H e b e ­
c a m e a sso cia te d w ith th e B a n k o f
A m e r ic a as te lle r in th e s a v in g s d iv i­
s io n o f th e S a cra m en to, C a liforn ia ,
m a in office, w h ic h p o s itio n h e h e ld
u n til h is r e s ig n a tio n to a c c e p t th e p o s i­
tio n w ith th e J a sp e r B ank.

N e w A .I.B . C h a p t e r
O rg a n iza tion o f a sou th ce n tra l c h a p ­
te r o f th e A m e r ic a n In stitu te o f B a n k ­
in g w a s a n n o u n c e d b y W ilb u r R.
M iller o f th e N a tion a l C itizen s B a n k
o f M a n k a to, M in n esota , n e w ly ele cte d
s e c r e ta r y o f th e ch a p ter.
O fficers an d e m p lo y e s o f 12 b a n k s
a re re p r e s e n te d in th e n e w ch a p ter.
O fficers a re: B. W . K o u g h o f th e
F ir s t N a tion a l B a n k o f M an k ato, p r e s ­
id en t; G e o rg e V o lz o f th e N a tion a l
B a n k o f C o m m e r c e in M a n k a to, v ic e
p re s id e n t; B ern ita O lson o f th e N a­
tio n a l C itizen s B a n k o f M a n k a to, s e c ­
o n d v ic e p re s id e n t; M r. M iller, s e c r e ­
ta ry ; Ir e n e B a x ter, o f th e N a tion a l
C itizen s B an k , a ssista n t se cre ta ry , and
H a ro ld K le in s c h m id t o f th e A m e r ic a n
S tate B a n k o f M an k ato, trea su rer.
C. J. M u e h r in g o f th e F a r m e r s an d
M erch a n ts State B a n k o f N e w U lm ,
S h e ld o n A b r a h a m s o n o f th e F ir s t N a­
tio n a l B a n k o f St. P e te r a n d J e r r y
K ig in o f th e N a tion a l C itizen s B a n k
are m e m b e r s o f th e b o a r d o f d ir e c to r s
fo r o n e y e a r term s; D ic k L u n d e o f th e
L a k e C ry sta l N a tion a l B a n k , E a rl P e ­
te rs o n o f th e S e c u r ity N a tion a l B a n k
o f A m b o y an d D ic k J u d e o f th e F ir s t


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

W ILLIAM DUNCAN, Jr.
Secretary
Minneapolis

N a tion a l B a n k o f M an k ato, m e m b e rs
fo r tw o y e a r term s.
B a n k s r e p r e s e n te d in th e ch a p te r
a re:
N a tion a l C itizen s B a n k , F irs t
N a tion a l B an k , N a tion a l B a n k o f C o m ­
m e r c e an d A m e r ic a n State B an k , all
o f M a n k a to; F a r m e r s a n d M erch a n ts
State B a n k o f N e w U lm , F ir s t N a tio n ­
al B a n k o f M a p leton , S e c u r ity N a tion a l
B a n k o f A m b o y , F ir s t N a tion a l B a n k
o f G o o d T h u n d er, F a r m e r s S tate B a n k
o f R a p id a n , L a k e C ry sta l N a tion a l
B a n k , F ir s t N a tion a l B a n k o f St.
P eter, an d F a r m e r s N a tion a l B a n k o f
W a seca .

Duluth National
D ir e c to r s o f th e D u lu th N a tion a l
B a n k at th e ir a n n u a l m e e tin g r e ­
e le cte d J u lia n V . H a g b e r g p re s id e n t
an d p r o m o te d tw o staff m e m b e r s to
a ssista n t ca sh iers.
P r o m o te d w e r e E a rl E. O lson , a
m e m b e r o f th e b a n k ’s b u d g e t loa n
d ep a rtm en t, an d M iss C ecilia F . Sik ora , m a n a g e r o f th e sa v in g s d ep a rt­
m en t.
P re se n t officers w e r e ren a m ed . T h e y
a re: P. N. H e g v o ld , v ic e p re sid e n t;
R. S. C a rlson , ca sh ier, an d C. E . M ela n d er an d R. W . O lson, assista n t
ca sh iers.

First and American National
W illis D. W y a r d w a s re-elected p r e s i­
d en t an d W illia m K . A lfo r d an d W il­
la rd F . A rio , fo r m e r assista n t ca sh iers,
w e r e p r o m o te d to a ssista n t v ic e p r e s i­
d en ts.
N e w m e m b e r s o n th e b o a r d o f d ir e c ­
to rs in c lu d e C ecil C. B lair, N o rris

A d r ia n
T h e la test sta te m e n t o f th e A d ria n
State B a n k o f A d ria n , M in n esota , a
to w n o f 1,100 p o p u la tio n , n o w s h o w s
$100,000 cap ital, su rp lu s a n d u n d iv id e d
p rofits, a n d $1,500,000 in d ep osits.
P re s id e n t E d w in B r ic k s o n h as le ft
fo r F lo r id a fo r a fe w m o n th s ’ v a c a ­
tion , h a v in g ju s t r o u n d e d o u t fo r t y
y e a r s o f s e r v ic e w ith th e sa m e ban k .
H . G. K n ip s, ca sh ier, w ill b e in
ch a rg e.

M . E. U ggen
M. E. U g g en , 65, p resid en t, P e o p le s
State B an k , W e lls , M in n esota , d ied o f
a h e a rt a ilm e n t at h is h o m e last
m on th . M r. U g g e n h a d b e e n in p o o r
h ea lth fo r s o m e tim e. M r. U g g e n w a s
a m e m b e r o f th e o r ig in a l staff th at
o p e n e d th e P e o p le s State B a n k in
1924, s e r v in g as a ssista n t ca sh ier. In
e n su in g y e a rs h e w a s p r o m o te d to
ca sh ier, e x e c u tiv e v ic e p r e s id e n t and
p resid en t.
M r. U g g e n esta b lish e d th e to w n o f
E p p in g , N o rth D ak ota, in 1912, o r g a n ­
iz in g th e C itizen s S tate B a n k th e re
an d s e r v in g as p r e s d e n t u n til 1923.

W . K. ALFO R D
W . F. ARIO
Named Assistant Vice Presidents

G ra in C o m p a n y , v ic e p r e s id e n t a n d
g e n e ra l m a n a g e r; A le x D. C h ish olm ,
m e m b e r o f P ick a n d s-M a th er & C o m ­
p a n y ; H ira m A . E llio tt, E llio tt & C o m ­
p a n y , v ic e p re s id e n t an d g e n e ra l m a n ­
a g er; E d w a r d L. P a lm er, b a n k v ic e
p r e s id e n t a n d tru st officer, a n d H a r r y
B. S tok er, D u lu th B o a rd o f T ra d e,
p resid en t, an d F. H . P e a v e y & C o m ­
p a n y , v ic e p resid en t.
B a n k staff p r o m o tio n s w e r e : E a rle
J. A n d r e e to a ssista n t ca sh ier; J o se p h
C. J o r g e n s e n to c h ie f cle rk , a n d R u ­
d o lp h F . J a c o b s o n to a ssista n t a u d itor.
W a lte r F. F r e d e r ic k s o n w a s ad d ed as
assista n t ca sh ier.

Northern Minnesota National Bank
P a u ! M. O d e g a a r d
P a u l M. O degaard, ca sh ier, N orth field N a tion a l B a n k , N orth field , M in ­
n esota , d ie d last m o n th .
M r. O de­
g a a rd w a s a d ir e c t o r o f th e b a n k also.
H e h a d se r v e d in a p r o m in e n t ca p a city
o n m a n y c iv ic c o m m itte e s . H e is su r­
v iv e d b y h is w ife an d o n e son , M y ron ,
an d h is m oth er.
J o h n J. W a lz h as b e e n e le cte d as­
sista n t ca s h ie r fr o m h is fo r m e r p o s i­
tio n as a u d itor.

S e lls L a k e W ils o n In t e r e s t s
H. R. L e x v o ld o f W h ittie r , C ali­
fo rn ia , has p u rch a s e d th e in te re st o f
G. A . S w e n s o n in th e F ir s t N a tion a l
B a n k o f L a k e W ils o n , M in n esota .
M r. S w e n s o n w ill re m a in in L a k e
W ils o n fo r s e v e ra l w e e k s to a ssist M r.
L e x v o ld in g e ttin g a cq u a in te d w ith
co n d itio n s a n d th e p e o p le in th a t v ic in ­
ity.

D ir e c to r s o f th e N o r th e r n M in n esota
N a tion a l B a n k re -elected all p re s e n t
officers an d p ro m o te d fo u r m e m b e r s o f
th e staff.
O fficers re-n a m ed are R ic h a r d L.
G rig g s, ch a irm a n o f th e b o a rd ; S tep h en
R. K irb y , ch a irm a n o f th e e x e c u tiv e
c o m m itte e ; L e w is G. C astle, p resid en t,
an d W ilb u r F. M cL ea n , first v ic e p r e s i­
den t.
H a rry L. O lson w a s p r o m o te d to
a ssista n t ca s h ie r in th e b a n k in g d e ­
p a rtm en t, C a rro ll G. F is h e r to a ssist­
an t se cre ta ry , an d L e s te r E. S h e r v y to
a ssista n t tru st officer in th e tru st d e­
p a rtm en t, a n d F o lk e V . Y o u n g to as­
sista n t s e c r e ta r y in th e in v e s tm e n t
d ep a rtm en t.

Northwestern State Bank
S to c k h o ld e r s o f th e N o r th w e s te r n
State B a n k e le cte d L lo y d H. M c D o u g ­
all, a D u lu th in d u stria l e x e c u tiv e , as
a n e w d ir e c to r o f th e ban k .
Northwestern Banker, February, 1947

40

Minnesota News

A lb e r t C. A r m s tr o n g w a s re-n a m ed
p re s id e n t o f th e b a n k an d a ll o th e r
officers w e r e re-elected .
T h e y a re:
G era ld J. M aier an d F. R o d n e y P ain e,
v ic e p re s id e n ts ; P e te r C. P ich etti, v ic e
p re s id e n t an d ca sh ie r; R o b e r t R. B a rt­
lett, a ssista n t v ic e p re sid e n t; D on a ld
E. S n yd er, a ssista n t ca sh ier, and I. M.
C a m p b ell, a ssista n t ca sh ier.

E lk to n
A t th e a n n u a l m e e tin g o f s to c k h o ld ­
ers o f th e F a r m e r s State B a n k o f
E lk to n , M in n esota , a s to c k d iv id e n d o f
100 sh ares, tw o sh a res fo r ea ch th ree
h eld as o f th a t d ate w a s d ecla red .
A fte r d e cla ra tio n th e b a n k w ill h a v e
a ca p ita l o f $25,000, su rp lu s $17,000,
and u n d iv id e d p rofits an d re s e r v e s
$12,862.
J. F . S ch n e id e r w a s ele v a te d to th e
p r e s id e n c y , G. S. H a n son to th e cash-

M

o d e Ir n

M

iersh ip , an d M iss M. J. H a g e n to b e
a ssista n t ca sh ier.
S am u el S w en son , fo r m e r p resid en t,
m o v e s to th e c h a irm a n s h ip o f th e
b o a rd o f d ir e c to r s , c o n s is tin g o f S. T.
B oh n , M r. S ch n eid er, L e R o y E. C or­
b itt a n d M r. H a n son .

V. C. J en sen , H . G. D a h l an d F r a n k
S h ay, v ic e p re s id e n ts ; E. C. B e im e r,
ca sh ie r; A r t M iller, T h e o . F o sse n , M in ­
n ie G oese an d S ea rle Z im m e rm a n , as­
sista n t ca sh ie rs; E. M. A n d e r s o n , tru st
officer.

F e r g u s F a lls

G r a n d M a r a is

L o u is P e a v e y , p re s id e n t o f th e State
B a n k o f N orth field , M in n esota , w a s
e lected to th e p r e s id e n c y o f th e F e r g u s
F a lls N a tion a l B a n k o f F e r g u s F a lls
at th e a n n u al m e e tin g o f th e d ire cto rs .
H e w ill ta k e th e p la ce o f O. U. H abbersta d , w h o has re s ig n e d to a cce p t
th e p r e s id e n c y o f th e U n io n N a tion a l
B a n k at R o ch e ste r.
O th er officers o f th e F e r g u s F a lls
N a tion a l B a n k & T r u s t C o m p a n y w e r e
all re-elected . T h e y a re: J. S. U llan d,
ch a irm a n o f th e b o a rd ; N. F. F ield ,

T h e G ra n d M arais State B a n k o f
G ra n d M arais, M in n esota , h e ld its a n ­
n u a l s to c k h o ld e r s ’ m e e tin g last m o n th
an d e le cte d five d ir e c to r s fo r th e e n ­
s u in g y e a r an d its s ix officers. T h e
fo llo w in g d ir e c to r s w e r e e le c te d : M.
F en sta d , L. P. H irm e r, A . M. A n d e r ­
son an d R ic h a r d I. A n d e rs o n .

a c h in e s

T h e fo llo w in g officers w e r e e le cte d :
L. P. H irm e r, v ic e p re s id e n t; A . M.
A n d e r s o n , v ic e p r e s id e n t an d ca sh ie r;
A lfr e d M. F en sta d , v ic e p re s id e n t;
R ich a rd I. A n d e r s o n , a ssista n t ca sh ie r;
and C a rrie E. A n d e r s o n , a ssista n t
ca sh ier.
R ich a rd I. A n d e r s o n is th e o n ly n e w
m e m b e r as d ir e c to r a n d a ssista n t ca sh ­
ier.
J a m es G. S cott, 66 y e a rs old , p r e s i­
d en t o f th e G ran d M arais State ban k ,
d ied a w e e k a fte r h is re -e le ctio n as
p re sid e n t an d d ire cto r.
H e h a d b e e n a d ir e c to r o f th e b a n k
sin ce 1916 an d its p re s id e n t sin ce 1920.

i 7 v a i * i n # / 1# o n s v

The farmer like any other businessman
hires help, buys machinery, makes plans,
schedules his work, processes and markets
his produce. In addition he coordinates
all the intricate details for running the
farm so he is the executive manager o f
his business as well. This is a large and
comprehensive jo b by anybody’s stan­
dards.
In years past many a farm lad has for­
saken the farm in search o f a less arduous
means of earning a livelihood. Lately
modern farm machinery has progressed a
long way toward the elimination o f time
consuming and “ back breaking’ ’ jobs
that all farmers considered out and out
drudgery. T o get the jo b done in a hurry
with a minimum o f hard work M inne apolis -M oline has designed and pro­
duced a well rounded line o f modern
machinery . There is still plenty o f hard
work on most farms and therefore Minneapolis-Moline is doing its utmost to pro­
duce more and more modern machinery
so that the farmer may overcom e most o f
the adversities and hardship o f his
mission in supplying the ever increasing
demand for food and fibre.
Bankers are cooperating with M M
Dealers in the extension o f counsel and
credit to progressive farmers for the pur­
chase o f M M M odern M achines —de­
pendable, economical “ machine tools” o f
the industry that is basic to our present
and future econom ic well being.

Northwestern Banker, February, 1947


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

H v u d

Russell L. Stotesbery, president o f the
M arquette N a tion a l Bank, is the new 1947
P resident o f the M inneapolis C learin g­
house A ssocia tion . A rn u lf Ueland, presi­
dent o f the M idland N ational Bank, is
v ice president, and J. G. Byam , v ice p resi­
dent o f the F irst N ation al Bank, is secre­
tary-m anager.

F ir s t M in n e h a h a E le c t io n
E le c tio n o f A r v id A . L u n d as v ic e
p re s id e n t an d ca sh ie r o f F ir s t M in n e ­
h ah a N a tion a l B an k , M in n ea p olis, w a s
a n n o u n c e d fo llo w in g th e a n n u a l m e e t­
in g s o f s to c k h o ld e r s an d d ir e c to r s last
m on th .

Minnesota News

T

H E F ir s t N a tion a l B a n k o f St. P au l
h as a n n o u n c e d e le ctio n o f tw o n e w
officers an d p r o m o tio n o f tw o o th ­

ers.
M ile s J. C on w a y , a ssista n t v ic e p r e s i­

d en t, h as b e e n a d v a n c e d to v ic e p r e s i­
d en t an d E lm e r M . V o lk e n a n t, a ssist­
ant ca sh ier, has b e e n p r o m o te d to as-

MILES J. CONW AY E. M. VOLK EN AN T
Vice President
Assistant Vice President

sista n t v ic e p re sid e n t. C o n w a y has
b e e n w ith th e b a n k sin ce 1906 w h e n
h e w a s e m p lo y e d as a m esse n g e r.
V o lk e n a n t h as b e e n e m p lo y e d b y the
b a n k s in ce 1919.
C h ristop h er H e r se th , w h o has b e e n
in th e n e w a c c o u n t s e ctio n a n d has
b e e n w ith th e b a n k sin ce 1916, w a s
e le cte d a ssista n t ca sh ier. Carl M . P eter­
son, w h o has b e e n m a n a g e r o f th e
fo r e ig n d ep a rtm en t, a lso w a s ele cte d
a ssista n t ca s h ie r a n d h as jo in e d th e
n e w a c c o u n t d ep a rtm en t. T h e tw o n e w
o fficers su c c e e d R o b ert C. L illib rid ge
a n d M elk er J. W a r n , w h o re tire d r e ­
c e n tly .
F ir s t N a tion a l o f M in n e a p o lis has
a n n o u n c e d th e e le c tio n o f e ig h t n e w
officers an d p r o m o tio n o f e ig h t m ore.
A . W . E . W a llg r e n , tru st officer sin ce
1944, has b e e n n a m e d v ic e p re s id e n t
an d tru st officer. A r th u r C. R eg a n ,
s e c r e ta r y sin ce 1943, has b e e n n a m ed
v ic e p re s id e n t an d se cre ta ry .
Carl W . H illb e rg , a ssista n t ca sh ie r
in th e b u s in e s s e x te n s io n d iv is io n ;
K e n n e th T . M a rtin , a ssista n t ca sh ie r
in th e d e p a rtm e n t o f b a n k s a n d b a n k ­
ers, a n d Laid C. V o b a y d a , assista n t
c a s h ie r in th e in v e s tm e n t d ep a rtm en t,


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

By E. W . K I E C K H E F E R
Special Correspondent
Northwestern Banker

all w e r e p ro m o te d to a ssista n t v ic e
p resid en t.
E le c te d assista n t ca sh ie rs w e r e A r ­
th u r C. B uffington, m a n a g e r v e te ra n s
d ep a rtm en t; F red H . W a te r h o u se , m a n ­
a g er o p e ra tio n s d e p a rtm e n t; C larence
E . Skoglu n d, a ssista n t m a n a g e r te lle r s ’
d iv is io n ; T h o m a s M . K u lp , m a n a g er
sales fin a n ce d iv isio n , a n d Gordon O l­
son, cre d it d ep a rtm en t.
E le c tio n o f G lenn A lle n , v ic e p r e s i­
d en t and g e n e ra l m a n a g e r o f N o r th ­
w e s te r n B ell T e le p h o n e Co., an d W a l­
ter R . B a rry , v ic e p re s id e n t an d d ir e c ­
to r o f G en era l M ills, In c., as d ir e c to r s
h as b e e n a n n o u n c e d b y M id la n d N a­
tion a l B a n k o f M in n ea p olis.
T h e M id w a y N a tion a l B a n k o f St.
P a u l h as a n n o u n c e d th at C harles J.
R itt, v ic e p resid en t, has b e e n ele cte d
e x e c u tiv e v ic e p resid en t. H e jo in e d
th e b a n k tw o y e a rs a g o a fte r b e in g
v ic e p re s id e n t o f C itizen s N a tion a l
T ru s t & S a v in g s B a n k o f L o s A n g eles.
S tock Y a rd s N a tion a l B a n k o f S ou th
St. P a u l has a n n o u n c e d th e e le c tio n o f

41

s e cre ta ry o f S m ead M a n u fa ctu rin g Co.,
H a stin g s; a n d W illia m H . S w e n ey , Jr.,
assista n t to th e p re sid e n t o f W . H.
S w e n e y Co., St. P aul, as d ire cto rs.
R o b ert K o ch en d o rfer an d R ichard
W . P ea v ey w e r e e lected assista n t ca sh ­
iers.
S w e n O. H u so , a ssista n t ca sh ie r o f
th e F ir s t P r o d u c e State b a n k o f M in n e ­
a p o lis sin ce 1934, has b e e n e lected
ca sh ie r b y th e d ire cto rs. G erhard O.
L ee , w h o w a s v ic e p re sid e n t an d c a s h ­
ier, w ill c o n tin u e as v ic e p resid en t.
D r. A n d re w H . B oss, an org a n ize r,
s to c k h o ld e r , d ir e c to r and p re s id e n t o f
th e St. A n t h o n y P a rk State b a n k o f
St. P aul, d ied re c e n tly . H e w a s n a ­
tio n a lly k n o w n as an a g r ic u ltu r a l
leader, n o te d p a r tic u la r ly fo r h is in ­
a u g u ra tio n o f th e fa rm m a n a g e m e n t
stu d ies. H e w a s 79. H is son , W a lla c e
L . B oss, is v ic e p re sid e n t o f th e F irst
N a tion a l o f St. Paul.

C. F . Codere, p re s id e n t o f th e St.
P a u l F ir e an d M a rin e In s u ra n ce Co.,
has b e e n ele cte d to th e b o a rd o f d ir e c ­
tors o f F ir s t B a n k S to ck Co., to fill
th e v a c a n c y r e s u ltin g fr o m th e death
o f F red eric R . B ig elow , ch a irm a n o f
St. P a u l F ir e an d M arin e, last S ep tem ­
ber.
W a r d D . D w ig h t, assista n t ca sh ier
o f th e F a r g o N a tion a l ba n k , h as jo in e d
th e F ir s t S e r v ic e C orp. o f M in n ea p olis.
R . L . D avid son , assista n t tre a su re r
and h ea d o f th e m o rtg a g e d ep a rtm en t
o f th e F a rm e rs an d M e ch a n ics S a v in g s
B a n k s o f M in n ea p olis, has b e e n e lected
p re s id e n t o f th e M o rtg a g e B a n k ers
A s s o c ia tio n o f M in n ea p olis.

R. KOCHENDORFER
R. W . PEAVEY
Named Assistant Cashiers

p re sid e n t and
s e c r e ta r y o f W e b b P u b lis h in g Co., St.
P aul; H aro ld J. H offm a n , m a n a g er and

E . O. J en k in s, p re s id e n t o f th e F irst
N a tion a l B a n k o f G reat F a lls a n d a
d ir e c to r o f F ir s t B a n k S to ck C orp.,
has b e e n e le cte d e x e c u tiv e v ic e p re s i­
d en t o f F ir s t S e rv ice C orp., an d a m e m ­
b e r o f th e b oa rd .

H orace D . K le in , v ic e

N o r th w e s te r n N a tion a l B a n k o f M in ­
n e a p o lis has o p e n e d a n e w office in its
Northwestern Banker, February, 1947

42

Minnesota News

In stitu te. It is th e office o f
M a rio n E . M a ttson , assista n t
ca sh ier, w h o is in ch a r g e o f th e b a n k ’ s
b u d g e t c o u n s e lin g se rv ice .
In th e in fo r m a l a tm o s p h e r e o f th e
in stitu te, th e c o u n s e lo r o ffe rs c o n s u lta ­
tio n s o n th e d is p o s itio n o f a n y in co m e .
I f e x te n s iv e a n a ly sis o f a d is o rg a n iz e d
s p e n d in g p la n is n eed ed, a n o m in a l fe e
w ill b e ch a rg ed .
T h e s e r v ic e is b a sed o n th e w o r k o f
M rs. E lsie S ta p leton , N e w Y o r k b u d g e t
c o u n s e lo r , w h o a p p ea red in M in n e ­
a p olis u n d e r s p o n s o r s h ip o f th e b a n k
to sp ea k to b u sin e ss an d c iv ic g r o u p s
a n d to c o u n s e l stu d en t v e te ra n s at
th e U n iv e r s ity o f M in n e so ta b e fo r e th e
n e w s e r v ic e w a s in a u g u ra ted .
R o b ert B. S h e p a rd o f St. P a u l has
b e e n n a m e d a g a in to b e c h a irm a n o f
th e b o a r d o f th e F e d e ra l R e s e r v e B a n k
o f M in n ea p olis. W . D . C ochran o f Ir o n
M ou n ta in , M ich ., w a s a p p o in te d a ga in
as a C lass C d ir e c to r a n d d e p u ty c h a ir ­
m a n o f th e b o a rd .— T h e E n d .

M a n k a to

H om e

31 i s s

W it h a ll th e fa lse g a d g ets o n th e
m a rk et, m o s t g irls ca n p u t u p a g o o d
fr o n t.

National Citizens Bank

P. R. R e n e fic k , p re sid e n t, a n n o u n ce d
American State Bank
th e e le c tio n o f th re e n e w m e m b e rs,
F.
W . D a rs o w , p r e s id e n t o f th e y o u n g e r b u sin e ss m e n o f M an kato,
M in n esota , to th e b o a r d o f d ir e c to r s
A m e r ic a n State b a n k , w a s re -elected
o f th e N a tion a l C itizen s B a n k at th e
a n d tw o o th e r officers w e r e e le cte d to
a n n u a l s to c k h o ld e r s ’ m eetin g .
h ig h e r offices last m on th .
T h e y are R o la n d S. P a tterson , p re s i­
E d L a n g es, ca sh ier, w a s c h o s e n to
d en t o f th e L . P a tte rs o n M erca n tile
s u c c e e d th e late D r. J. A . H ie ls c h e r
as v ic e p re sid e n t, an d H . N. K lein sch m id t, a ssista n t ca sh ier, b e ca m e
ca sh ier. R . O. S c h w e im w a s re -elected
an a ssista n t ca sh ier.
M.
J. D e m p s e y w a s e le cte d to su c­
ce e d D r. H ie ls c h e r as a d ir e c to r o f th e
b a n k . M r. D a rs o w , M r. L a n g e s, J o h n
B u tzer, Sr., H . C. H e n lin e , F . J. Mah o w a ld and C h a rles O. S tein er w e r e all
re -elected d ire cto rs .

First National Bank
H . M. M a ck en zie, v ic e p r e s id e n t o f
th e F ir s t N a tion a l b a n k o f M an k ato,
w a s n a m ed p r e s id e n t o f th e b a n k at a
m e e tin g o f th e b o a r d o f d ire cto rs.
W illia m B u r k h a r t an d B. W . R o u g h ,
ca sh ier, w e r e e le cte d v ic e p resid en ts.
M r. R o u g h w a s a lso re -elected ca sh ier.
F r e d G. W a ls e r, A . L. R a lle s ta d an d
E ld o n Z a ch m a n w e r e re -e le cte d a ssist­
an t ca sh iers.
R e -e le cte d to th e b o a r d o f d ir e c to r s
w e r e : M r. M a ck en zie, M r. B u rk h a rt,
P. L. R im b le , J. A . M cG ran , M. H .
M ick e ls o n a n d W . D. W illa rd .
ELMER PHILIPSON
Elected Vice President

SPECIAL OFFER
Accident Insurance, $5000 Principal Sum lor
only $2,00 Paid Up in Full to the Middle of
next March.

C o m p a n y ; W illia m C. B leth en , a tto r ­
n e y o f th e firm o f W ils o n , B le th e n a n d
O gle an d R ic h a r d L. M y ers, o w n e r o f
th e Office S p ecia lties C om p a n y .
T h is a d d itio n o f th re e n e w m e m b e r s
e n la rg es th e size o f th e N a tion a l Citi-

MINNESOTA COMMERCIAL MEN'S ASSOCIATION
2550 Pillsbury Ave. So.

Minneapolis 4, Minnesota

H anks and H an kers

will find this

institution especially well equipped to handle
their Chicago accounts. Our complete facilities
are at the disposal of all in need of this service.

C it y

N a tio n a l

IIa v k

AND T R U S T C O M P A N Y o f C hicago
208

SOUTH

( M EM B ER FEDERAL

L A S A L L E
DEPOSIT

Northwestern Banker, February, 1947


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

ST R E E T

INSURANCE

CORP.)

GLEN KNUTSON
Promoted to Cashier

zen s B a n k b o a rd fr o m s ix to n in e m e m ­
b ers.
O ld d ir e c to r s w h o w e r e r e ­
e le cte d at th e m e e tin g w e r e S. A .
E r ic k s o n , P. M. F e r g u s o n , G. A . H u d y ,
P. R. R e n e fick , F . G. T h o m a s a n d S.
B. W ils o n . T h e d e p o s its o f th e N a­
tio n a l C itizen s B a n k e x c e e d e d $11,000,000 as o f D e c e m b e r 31, 1946, an all
tim e h ig h fo r a M a n k a to fin a n cia l in ­
stitu tion .

Minnesota News
E lm e r P h ilip s o n , fo r m e r ly a ssista n t
v ic e p re sid e n t, w a s p r o m o te d to v ic e
p re sid e n t. G len K n u ts o n , p r e v io u s ly
a ssista n t ca s h ie r o f th e b a n k , w a s p r o ­
m o te d to ca sh ier, a p o s it io n fo r m e r ly
h e ld in a d u a l c a p a c ity b y v ic e p r e s i­
d e n t G. A . H u d y . O fficers o f th e b a n k
r e -e le cte d fo r th e c o m in g y e a r a re:
M r. K e n e fick , M r. H u d y an d W . R.
M iller, a ssista n t ca sh ier.

M in n e o t a
H . J. T ille m a n s, p r e s id e n t o f th e
F a r m e r s an d M erch a n ts B a n k o f M in ­
n eota, M in n esota , sin c e 1918, r e s ig n e d
last m o n th a fte r b e in g a sso cia te d w ith
th e b a n k fo r 43 y ea rs.
A . E. D eS u tter, w h o h as b e e n a m e m ­
b e r o f th e staff o f th e F a r m e r s a n d
M e rch a n ts State B a n k s in ce 1927, s u c ­
c e e d s M r. T ille m a n s as p re sid e n t.
M r. T ille m a n s w ill re m a in as d ir e c ­
to r an d c h a irm a n o f th e b o a r d o f th e
lo c a l ba n k .

d ir e c t o r s : W . C. K r o g , C. E. N elson ,
K . M. L a v in e , R. M. H a d ra th a n d J.
A . G og g in .
T h e d ir e c to r s e le cte d th e fo llo w in g
as o fficers: W . C. K ro g , p re s id e n t; C.
C. C a you , v ic e p re s id e n t; H . E . K ro g ,
v ic e p re s id e n t; A . A . D a h lke, ca sh ie r;
H. A . S w a n son , a ssista n t ca sh ier.

First National
T h r e e n e w d ir e c to r s w e r e ad d ed an d
th re e p r o m o tio n s m a d e at th e a n n u a l
m e e tin g o f th e F ir s t N a tion a l B ank.
R e u b e n W . A n d e r s o n , W illia m D.
K la p p an d G ra n t T. W a ld r e f w e r e
a d d ed to th e b o a r d o f d ir e c to r s an d M r.
K la p p w a s p r o m o te d to v ic e p resid en t,
M r. A n d e r s o n to ca sh ie r a n d W a lte r
A . K le in to a ssista n t ca sh ier.
T h e s to c k h o ld e r s m e t first an d
ele cte d th e fo llo w in g d ir e c to r s : F r e d
C. A n d e rs e n , R e u b e n W . A n d e r s o n ,

43

D a v id E . B ro n s o n , W illia m D. K la p p ,
L lo y d B. K o llin e r , R . D. M a cD on a ld,
J a m es S. M u lv e y , K a rl G. N eu m eier,
H . C. R o b e r ts o n , H u g o S ch len k , J o ­
sep h S. S im on et, R. E. S la u g h ter, an d
G ra n t T. W a ld r e f.
T h e d ir e c to r s e le cte d are R . D. M a c­
D on a ld , p re sid e n t; H. C. R o b e rts o n ,
v ic e p re s id e n t; W illia m D. K la p p , v ic e
p re s id e n t; R e u b e n W . A n d e r s o n , ca sh ­
ier; F . P. G reen , a ssista n t ca sh ie r; W a l­
te r A . K le in , a ssista n t ca sh ier.

N a m e d V ic e P r e s id e n t
E le c tio n o f J. L e o C lin e as a v ic e
p r e s id e n t o f F ir s t M in n e a p o lis C om ­
p a n y w a s a n n o u n c e d last m o n th b y O.
M. C o rw in , e x e c u tiv e v ic e p re sid e n t.
M r. C lin e h as b e e n a sso cia te d w ith th e
D a k ota N a tion a l B a n k at F a rg o .

M o o rh e a d
H e n r y R. P e te rs o n w a s n a m e d a
d ir e c t o r o f th e A m e r ic a n State b a n k
o f M oorh ea d , M in n esota , at its a n n u a l
m eetin g .
O th er officers w e r e re-elected . T h e y
are L e o J o h n s o n , c h a irm a n o f th e
b o a r d o f d ir e c to r s ; F . M. S ch eel, p r e s i­
d en t; M e m fr e d N elson , v ic e p re sid e n t;
O. M. A lm e , e x e c u tiv e v ic e p resid en t.
O. M. W e s tlin c o n tin u e s as ca sh ie r
w ith C. R. E u r e n a n d P e te r W . D w y e r
as a ssista n t ca sh iers.

St. C lo u d
D.
J. F o u q u e tt e w a s e le cte d p r e s i­
d e n t o f th e St. C lo u d State B a n k at its
a n n u a l m e e tin g last m on th .
H e s u c c e e d e d M iss Ir e n e W ils o n ,
w h o w a s n a m ed to a v ic e p r e s id e n c y ,
to g e th e r w ith D o n a ld P a re n t a n d Ire n e
G oed ert. A u g u s t B. In d e r r ie d e n w a s
e le cte d ca s h ie r a n d M iss M y rtle L e y k ,
a ssista n t ca sh ier.
M r. F o u q u e tte re tu rn s to h is fo r m e r
p o s itio n as p r e s id e n t o f th e b a n k a fte r
a ctin g , d u r in g th e w a r y ea rs, as d ir e c ­
to r o f th e fe d e r a l h o u s in g a d m in istra ­
tio n fo r th e state o f M in n esota .

St. J a m e s
V. L . R e d d ic liffe w a s e le cte d a n e w
d ir e c t o r o f th e C itizen s S tate B a n k o f
St. J a m es at th e s to c k h o ld e r s a n n u a l
m e e tin g .
D ir e c to r s re -e le cte d w e r e A . W . A n ­
d erson , H u b e r t R a n som , C arl G. O lson,
H . W . S m ith , W a lte r B u g g e an d L e o n ­
ard P e te rso n .
P r e s id e n t A . W . A n d e r s o n , v ic e p r e s ­
id e n t W a lte r B u g g e , ca s h ie r L e o n a r d
P e te r s o n an d a ssista n t ca s h ie r M a y o
E b e lin g w e r e a ll re-elected .

YOUR

B A N K ’S

INVESTMENT

POLICY

Many bankers come to us for assistance in the
m anagem ent o f their in stitu tio n s’ b on d
accounts. In many situations, changes in in­
vestment policy produce material benefits,
particularly in respect to conservation of
principal and to net earnings available to
stockholders. Officers of our Bond Depart­
ment would be glad to discuss your bank’ s
investment policy with you.

THE

NORTHERN

TRUST

COMPANY

S tillw a te r
Farmers & Merchants State Bank
A t th e a n n u a l m e e tin g o f th e F a r m ­
ers & M e rch a n ts State b a n k in S till­
w a te r, M in n esota , fo u r n e w d ir e c to r s
w e r e e le cte d an d tw o n e w v ic e p r e s i­
d en ts n a m ed .
H a r o ld K r o g a n d C. C. C a y ou w e r e
m a d e v ic e p re s id e n ts an d th e y w ith
M att H o o le y an d A . A . D a h lk e w e r e
a d d ed to th e b o a r d o f d ire cto rs .
T h e s to c k h o ld e r s at th e ir a n n u a l
m e e tin g a lso e le cte d th e fo llo w in g


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

50 SOUTH LA SALLE STREET, CHICAGO 90, ILLINOIS
M e m b e r F ed era l D e p o s it I n s u r a n c e C o r p o ra tio n

Telephone Franklin 7070

Bell System Teletype— CG. 368

Northwestern Banker, February, 1947

44

Minnesota News

F e d e r a l R e s e r v e E le c t s T w o
H e n r y E. A tw o o d , p resid en t, F irs t
N a tion a l B a n k o f M in n ea p olis, has
b e e n a p p o in te d a m e m b e r o f th e F e d ­
era l A d v is o r y C o u n cil b y d ir e c to r s o f
th e F e d e ra l R e s e r v e B a n k o f M in n e ­
a p olis, th e b a n k a n n o u n c e d re c e n tly .
D ir e c to r s a lso e le cte d A lb e r t W .
M ills, fo r m e r ly ca sh ier, v ic e p re s id e n t
an d ca sh ie r o f th e F e d e ra l R e s e r v e
B ank.

135 Y e a r s S e r v ic e
T h e r e tire m e n t o f fo u r officers o f
th e F ir s t N a tion a l B a n k o f S ain t P au l
on D e c e m b e r 31st, u n d e r p r o v is io n s

o f th e b a n k ’s r e tir e m e n t p e n s io n p lan
w a s a n n o u n c e d b y J u lia n B. B aird,
p r e s id e n t o f th e ba n k . T h e re tir in g
b a n k e rs a re: A ld e n B. L a th r o p an d
E llio t J. G ifford , v ic e p re sid e n ts, an d
R o b e r t C. L illib r id g e an d M elk er J.
W a rn , a ssista n t ca sh iers. T h e s e fo u r
b a n k e rs h a v e a c o m b in e d s e r v ic e r e c ­
o rd o f m o r e th a n o n e h u n d re d and
th irty -fiv e y ea rs.

A ll o th e r officers o f th e b a n k w e r e
re n a m e d to th e ir p osts. T h e y a re:
J o h n G. M aclean , p re sid e n t; A . S. N e w ­
co m b , v ic e p re s id e n t; an d C arl D.
S trom an d L o n d e ll W . J o h n s to n , as­
sista n t ca sh iers.
F ir s t B lo o m in g t o n L a k e N a tion a l
B a n k is affiliated w ith F ir s t N a tion a l
B a n k o f M in n ea p olis.

B a n c o r p o r a t io n R e p o r ts
S e r v e s T w o P o s it io n s
L e o n a r d R. O b erg w a s ele cte d v ic e
p re s id e n t a n d ca s h ie r o f th e F ir s t
B lo o m in g to n Lr.ke N a tion a l B an k ,
M in n ea p olis, at th e a n n u a l m e e tin g o f
th e b o a rd o f d ire cto rs .

J. C. T h o m s o n , p re s id e n t o f N o r th ­
w e s t B a n c o r p o r a tio n , M in n ea p olis, a n ­
n o u n c e s th at th e co n s o lid a te d n et in ­
c o m e o f th e c o r p o r a tio n a n d affiliated
in s titu tio n s fo r 1946, a fte r p r o v is io n
fo r ch a rg e-offs an d w r i t e-d o w n s ,
a m o u n te d to $4,495,528, o r $2.90 p e r
sh are, c o m p a r e d w ith $4,774,480, o r
$3.08 p e r sh a re in 1945.
D iv id e n d s p a id d u r in g 1946 a m o u n t­
ed to $1,238,614, o r 80 ce n ts p e r sh are,
as c o m p a r e d w ith $1,086,237, o r 70
cen ts p e r sh are, in 1945.
C o n so lid a te d d e p o s its o f affiliated
b a n k s, e x c lu s iv e o f W a r L o a n a c ­
cou n ts, in c r e a s e d $121,783,926 d u r in g
th e y ea r.

P ro m o te d
CARL L. FRED RICKSEN
President
M ARK A. W IL SO N
Vice President
W IL L IA M G. NELSON
V ice President
W IL L IA M C. SCHENK
Asst. V ice Pres, and Cashier
CLIFFO R D L. ADAMS
Asst. Vice President

from a distance.

S ÌA O F

/

Dakota,

Iowa,

Nebraska

St

o n a l

S IO U X

o c k
B

F O STE R M. H AM PTON
Now Assistant Vice President

a

C I T Y , IO W A

iiliP MHEK R D.I.C.
..... ......................................................... ......................................

¿ o f

Northwestern Banker, February, 1947


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

and

Minnesota— have accounts here.

iv e
t

W e , therefore, handle

That is why banks in four states—
South

K IN L E Y W. SM ITH
Asst. Cashier

a

bility when your business comes to us

tion.

JAMES L. SM ITH
Asst. Cashier and Auditor

N

This bank feels an added responsi­

it with the utmost care and considera­

JOHN S. H A V E R
Asst. Cashier

L

FROM FOUR STATES

F o s te r M. H a m p to n , w h o re p re s e n ts
C en tra l H a n o v e r B a n k an d T r u s t C o m ­
p a n y in th e m id -w e ste rn te r r ito r y , h as
b e e n p r o m o te d to a ssista n t v ic e p r e s i­
den t.
M r. H a m p to n w a s b o r n in

t f t e

.......

A rk a n sa s an d g ra d u a ted fr o m Y a le
U n iv e r s ity in 1916. H e s e r v e d as an
officer in th e U n ited S tates N a v y d u r ­
in g W o r ld W a r I. H e jo in e d th e staff
o f C en tra l H a n o v e r in 1940, p r io r to
w h ic h tim e h e w a s w ith th e b r o k e r a g e
firm o f M cC la v e an d C o m p a n y .

45

S o u th D a k o ta

NEWS
L. C. FOREMAN
President
Elkton

E le c t O f f ic e r s , D ir e c t o r s
A t th e a n n u a l m e e tin g last m o n th
o f th e s to c k h o ld e r s o f th e B o w d le
S tate B a n k o f B o w d le , S ou th D ak ota,
H . C. G ros s w a s e le c te d p resid en t;
F . G. G rosz, e x e c u tiv e v ic e p re s id e n t
a n d ca sh ier; C. C. G ross, v ic e p resid en t,
a n d C. K ra u se and L . G. G rosz, a ssist­
an t ca sh iers.
J o h n C. G ross, w h o h as b e e n a d ir e c ­
to r sin c e 1907, a sk ed to b e re lie v e d
a n d th a t h is son , R. G. G ross, states
a tt o r n e y o f E d m u n d s c o u n ty , b e a p ­
p o in te d in h is p la ce. T h e y o u n g e r M r.
G ros s w a s th e n e le c te d to th e b o a rd
to s e r v e w ith J. K . K u rle , ch a irm a n ,
H . C. G ross, C. C. G ros s a n d F . G.
G rosz.
A 100 p e r c e n t s to c k d iv id e n d w a s
d e cla re d to b e p a id o u t o f su rp lu s,
m a k in g ca p ita l s to c k $30,000. A tra n s ­
fe r o f $5,000 to s u rp lu s m a d e th a t figu re
ju m p to $15,000. A 25 p e r c e n t d iv i­
d e n d a lso w a s p a id o n o ld stock .

GEORGE M. STARRING
Secretary
Huron

L a k e. H e w ill co n tin u e to s e rv e on th e
b o a rd o f d ir e c to r s o f th e N a tion a l B a n k
o f S ou th D ak ota, a n d w ill a lso s e r v e on
th e a d v is o r y c o m m itte e o f th e V e r m il­
lio n b ra n ch .

O n S t a t e B a n k B o a rd
G ov. M. Q. S h a rpe has a p p o in te d H.
N. T h o m s o n , P re sh o , S ou th D a k ota , to
th e State B a n k in g C o m m is sio n to s u c ­
ce e d C h arles W . C h risten , R o s c o e , re-

K im b a ll A n n u a l M e e tin g

B a n k D e b it s U p A g a in
S o u th D a k ota b a n k d e b its fo r 1946
w e r e 129 p e r c e n t o f th o s e in 1945,
fig u res co m p ile d b y th e n in th fe d e ra l
re s e r v e d is tr ic t h a v e rev ea led .
T h e 17 c itie s u sed in th e co m p ila tio n
s h o w e d d eb its o f $1,638,458,000 in 1946,
c o m p a r e d w ith $1,266,728,000 th e y e a r
b e fo r e . C h a m b erla in s h o w e d th e g r e a t­
est g a in , h a v in g 159 p e r ce n t o f th e
y e a r b e fo r e .
T h e a v e ra g e fo r 132 c itie s in th e
n in th fe d e r a l r e s e r v e d is tr ic t s h o w e d
120 p e r ce n t o f 1945.

V e r m illio n B a n k e r R e t ir e s
W . H . J a rm u th , v ic e -p r e s id e n t and
m a n a g e r o f th e N a tion a l B a n k o f S ou th
D a k ota , V e r m illio n , a n n o u n c e d h is r e ­
tire m e n t fr o m th e b a n k in g b u sin e ss
last m o n th a fte r 45 y e a r s as a b a n k
e x e c u tiv e .
J o h n T. S a n ger, a ssista n t m a n a g e r
o f th e b a n k , h as a ssu m ed th e d u ties
as m a n a g e r o f th e b a n k . M r. S a n ger
has b e e n a sso cia te d w ith th e b a n k as
a ssista n t m a n a g e r sin ce 1941.
M r. J a rm u th h as b e e n m a n a g e r o f
th e b a n k sin ce 1931 w h e n h e ca m e to
V e r m illio n fr o m H e r o n L a k e, M in n e ­
sota, w h e r e h e h a d b e e n p r e s id e n t o f
th e F ir s t N a tio n a l B a n k o f H e r o n


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

o f th e C o m m e r c ia l S a v in g s B a n k on
J a n u a ry 6, 1897.
D e p o s i t s h a v e in c r e a s e d stea d ily
sin ce th e b a n k first o p e n e d its d oors.
O n A u g u s t 6, $65,356 w e r e o n d ep osit.
O n O cto b e r 31, 1946, to ta l d e p o sits h ad
r e a ch e d $8,025,610.
P re se n t officers o f th e ba n k , b e sid e s
H . R . K ib b e e , th e p re sid e n t, are H . R.
K ib b e e , Jr., v ic e p re sid e n t; J. W . B r y ­
ant, v ic e p re sid e n t; E. A . L o o m e r ,
ca sh ier; an d H . W . F r e d in e an d G. W .
T o ft, assista n t ca sh iers. D ir e c to r s o f
th e b a n k are H . R . K ib b e e , H . R . K ib ­
bee, Jr., B ry a n t, L o o m e r , M a ry K ib b e e
K e lle y , D r. W . R . B all, a n d C ora B.
W ilt.
P re s id e n t K ib b e e h as b e e n in th e
b a n k in g b u sin e ss c o n tin u o u s ly fo r 63
y ea rs, h a v in g h a d 13 y e a r s e x p e r ie n c e
b e fo r e th e fo u n d in g o f th e C o m m e rcia l
S a v in g s B an k . H e is th e o n ly o n e o f
th e o rig in a l fo u n d e r s o f th e b a n k w h o
is still a sso cia te d w ith th e ban k .

H. N. THOMSON
On State Banking Commission

sig n ed . T h e a p p o in tm e n t is e ffe ctiv e
at o n c e a n d co n tin u e s u n til J u ly 1,
1949. M r. T h o m s o n is v ic e p re sid e n t
o f th e F a rm e rs an d M e rch a n ts B a n k
at P resh o.
M r. T h o m s o n n o w is s e r v in g on th e
p u b lic re la tio n s c o m m itte e o f th e S ou th
Dakota
B a n k e rs A s s o c ia tio n a n d
se r v e d as p re s id e n t o f th e a s s o cia tio n
in 1943. H e is im m e d ia te p ast p r e s i­
d en t o f th e state b a n k d iv is io n o f th e
A m e r ic a n B a n k e rs A s s o c ia tio n .

O b s e r v e s 50 th Y e a r
T h e C o m m e rcia l T ru s t a n d S a v in g s
B a n k o f M itch e ll a c h ie v e d 50 y e a r s o f
co n tin u o u s s e r v ic e to th e p e o p le o f
M itch e ll an d th e s u r r o u n d in g te r r ito r y .
H . R . K ib b e e , p r e s id e n t o f th e ba n k ,
h as b e e n a sso cia te d w ith th e o rg a n iz a ­
tio n sin ce its fo u n d in g .
F o u r m en , K ib b e e , J. T. M o rro w ,
G. H . R e w , an d S am u el W e b b e r , w ith
a ca p ita l o f $10,000, o p e n e d th e d o o rs

T h e a n n u a l m e e tin g o f th e s to c k ­
h o ld e r s an d d ir e c to r s o f th e B a n k o f
K im b a ll w a s h e ld at K im b a ll, S ou th
D ak ota, last m o n th .
T h e s to c k h o ld e r s m e e tin g w a s ca lled
to o r d e r b y P re s id e n t L lo y d C ro n h o lm
a n d t h e fo llo w in g d ir e c to r s w e r e
ele cte d fo r th e c o m in g y ea r: L lo y d
C r o n h o lm o f N orth field , M in n esota ;
M rs. M. P lin B e e b e o f Ip s w ic h ; A1
N e w m a n o f C h a m b erla in ; M rs. J. H .
D rip s o f G a n n V a lle y , a n d R . A . J o h n ­
s o n o f K im b a ll.
A t th e m e e tin g o f th e d ire cto rs , th e
fo llo w in g officers w e r e e le c te d fo r th e
c o m in g y ea r: R. A . J o h n s o n , p resid en t;
L lo y d C ron h olm , v ic e p re sid e n t; F r e d
H on d a , ca sh ier, a n d L y le F o ltz , a ssist­
an t ca sh ier.

R e - e le c t M itc h e ll O ff ic e r s
T h e a n n u a l m e e tin g o f th e M itch ell
N a tion a l B an k , M itch ell, S ou th D a­
kota , to o k p la ce last m o n th w ith all
officials b e in g re-electëd .
M. F . P a tto n w a s re -e le cte d p r e s i­
d en t; J. M. P a tto n an d H e r b e r t E.
H itc h c o c k , v ic e p re sid e n ts; J. N . S h el­
b y , ca sh ier; C arl S ch ü tz, a ssista n t c a s h ­
ier. R e -elected on th e b o a r d o f d ir e c ­
tors w e r e G e o rg e F r e d e r ic k s , F . J. H e r ­
rick , H e r b e r t H itc h c o c k , B r a d le y
Y o u n g , M. F. P a tton a n d J. M. P a tton .

C o lo m e B a n k E le c t io n s
T h e a n n u a l s to c k h o ld e r s m e e tin g o f
th e C itizen s B a n k o f C olom e, S ou th
D a k ota , w a s h e ld last m o n th w ith th e
b e st a tten d a n ce at su ch a m e e tin g
sin ce th e b a n k w a s org a n ized .
A ft e r a r e v ie w o f th e y e a r ’s b u s i­
n ess, e le c tio n o f d ir e c to r s w a s h eld .
A ll o f last y e a r ’s d ir e c to r s w e r e re^
Northwestern Banker, February, 1947

46

South Dakota News

e le cte d to th e b oa rd . T h e y are R . E.
W o o lh is e r , p resid en t, H e c to r D em ers,
J o h n Z im m e rm a n , E d M u silek an d A.
C. S ten son .
In th e d ir e c to r s m e e tin g fo llo w in g
th e s to c k h o ld e r s m eetin g , R . E . W o o l­
h ise r w a s re-elected b a n k p resid en t,
A . C. S ten son v ic e p resid en t-ca sh ier,
a n d G ae D ea h n a ssista n t ca sh ier. O ther
officers ele cte d w e re : M rs. L a V o n n e
M e y e r a n d J a ck P eters, tellers, an d
M iss D e E tte S ten son , b o o k k e e p e r .

S io u x F u lls N e w s
I L L I A M C. D u ffy , p re s id e n t o f
th e U n io n S a v in g s b a n k , S io u x
F a lls, a n d W . H . F re i, p r e s id e n t o f
th e C o m m e rcia l State b a n k , W a g n e r,
w e r e re-elected p r e s id e n t an d v ic e
p re sid e n t, r e s p e c tiv e ly , o f th e S io u x
co u n c il, B o y S co u ts o f A m e rica , at th e
c o u n c il’s a n n u a l c o n v e n t io n in S io u x
F a lls.

W

F ra n k J. C in kle, v ic e p re s id e n t o f
th e N a tio n a l B a n k o f S ou th D ak ota,
S io u x F a lls, w a s ca lled to M a son C ity,
Io w a , b y th e d ea th o f h is m o th e r, M rs.
A n n a C in kle.

T h r e e S io u x F a lls b a n k e rs w e r e
e le cte d to p o s itio n s in E l R ia d S h rin e
fo r th e c o m in g y e a r. T o m S. H a rk iso n ,
p r e s id e n t o f th e N a tion a l B a n k o f
S ou th D a k ota , w a s in sta lle d as a ssist­
a n t ra b b a n ; O liver A . B ra y , assista n t
ca s h ie r o f th e N o r th w e s t S e cu rity
b a n k , as trea su rer, an d R a lp h M . W a t ­
son, p re s id e n t o f th e la tter b a n k , as
tru stee.
T o n y W e s tr a , a g r icu ltu ra l a n d liv e ­
s to c k re p re s e n ta tiv e o f th e N o r th w e s t
S e c u r ity N a tion a l b a n k , S io u x F a lls,

a d d ressed th e F a r m e r s ’ C o o p e ra tiv e
a sso cia tio n at D allas a n d th e G r e g o r y
R o ta r y c lu b last m on th .
S ev era l d ir e c to r s o f th e N o r th w e s t
S e c u r ity N a tion a l b a n k are e n jo y in g
w in te r v a ca tio n s. F red H o lliste r, S io u x
F a lls, h as g o n e to P o m p a n o , F lorid a ,
a n d H . F . V e e n k e r, S io u x F a lls, is in
M iam i. C. A . G olden o f th e D ell R a p id s
b r a n c h is a lso in M iam i. S p e n d in g p a rt
o f th e w in te r in C a lifo rn ia a re H ira m
R o ss, W . R. L a ird an d H . A . H u rd ,
S io u x F a lls; H . F . M c K e e , G r e g o ry , and
M . A . B ro w n , C h a m b erla in .
In S io u x F a lls th e N o rth w e st Se­
cu rity N a tio n a l ban k, th e N ational
B an k o f S outh D akota, the U n io n S a v ­
ings hank and th e F irst N ation al B an k
and T r u st Co., h eld th e ir a n n u a l d i­
r e c to r s ’ m eetin g s, r e v ie w e d a re co rd b r e a k in g y e a r a n d re -e le cte d all th e ir
officers. T h e S io u x V a lle y b a n k p o s t­
p o n e d its m e e tin g , on e o f th e d ir e c to r s
b e in g ou t o f to w n .
A sse ts o f th e fiv e b a n k s to ta le d $88,120,107 in th e a n n u a l y ea r-en d re p o rts.
D e p o sits w e r e listed as $83,827,667.
T h e fo u r c le a r in g h o u s e b a n k s set
a n e w r e c o r d o n c le a rin g s w ith a total
o f $208,857,767, o r $43,394,930 m o r e th a n
th e 1945 figure.
M a rtin K u e h n re s ig n e d as ch a irm a n
o f th e b o a r d o f th e F ir s t N a tion a l B a n k
a n d T ru s t Co. H is s u c c e s s o r w a s n ot
n am ed.

T h e N a tion a l B a n k o f S ou th D ak ota
a n n o u n c e d th e a p p o in tm e n t o f John
T . S a n g er as v ic e p r e s id e n t a n d m a n ­
a g e r o f th e V e r m illio n b r a n c h as s u c ­
c e s s o r to W . H . Ja rm u th , w h o re tire d
J a n u a ry 1st.
H o w a rd O ’K e e fe h as b e c o m e an as­

sista n t m a n a g e r o f th e V e r m illio n
b r a n c h a n d G len n H o w e s is a n e w
a ssista n t b r a n c h m a n a g e r of th e H u r o n
b r a n c h o f th e N a tion a l B a n k o f S ou th
D akota.
T h e N o r th w e s t S e c u r ity N a tion a l
B a n k h a d a n n o u n c e d a p p o in tm e n t o f
t w o a ssista n t b r a n c h m a n a g e rs — V . F .
D u b a at C h a m b erla in a n d I). A . Scheinost at G r e g o r y .— T h e E n d .

C e n t r a l N a t io n a l, C h ic a g o
C en tra l N a tion a l B an k , 12th la rg e st
b a n k in C h ica g o, ea rn ed s lig h tly o v e r
$400,000 in o p e r a tin g in c o m e in 1946
a fte r all ch a rg e s, sta ted C. F. K u e h n le ,
p resid en t, in h is a n n u a l r e p o r t. T h is
in c o m e re p re s e n ts $5.00 p e r sh a re o n
80.000 sh a res o f $10 p a r v a lu e s to c k as
a g a in st $4.24 p e r sh a re on 60,000 sh a res
in 1945.
D u r in g 1946 C en tra l N a tion a l B a n k ’s
tota l ca p ita l s tru ctu re w a s in cre a se d
b y m o r e th a n $700,000.
F r o m 1946
ea rn in g s o f $400,000, $100,000 w a s
tr a n s fe r r e d to th is ca p ita l a cco u n t,
$100,000 to th e su rp lu s a cco u n t, a n d
th e b a la n ce to r e s e r v e s . C a pital a n d
su rp lu s w e r e in cre a s e d b y th e sale o f
10.000 n e w sh a res o f c o m m o n s to c k
iss u e d D e c e m b e r 27, 1946, at $30 p e r
sh are. T h e p a r v a lu e o f th e s to c k sold,
a m o u n tin g to $100,000, w a s c r e d ite d to
cap ital, a n d th e p r e m iu m o f $200,000
w a s cr e d ite d to su rp lu s. T o ta l ca p ita l
fu n d s n o w e x c e e d $2,300,000 c o m p a r e d
w ith $300,000 ten y e a rs ago.

Habit Forming
T e a c h e r (ta lk in g a b o u t th e d o lp h in
a n d its h a b it s ) : “ J u st th in k ! A s in g le
d o lp h in w ill h a v e tw o th o u sa n d b a b y
d o lp h in s .”
L ittle G irl: “ G o o d n e ss! A n d h o w
m a n y d o th e m a rrie d o n es h a v e ? ”

Our Warehouse Receipts Provide the Soundest
Security for All Inventory Loans
Consultation service is free.

Address inquiries to our nearest office.

ST. PAUL TERM INAL W AREHOUSE CO.
E x p e r ie n c e d an d R e s p o n s ib le O p e ra to r s o f F ie ld W a re h o u s e s

515 Iowa Des Moines Nat’l Bank Bldg., Des Moines, Iowa
$t. Paul

Minneapolis

Northwestern Banker, February, 1947


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

Milwaukee

Chicago

Indianapolis

Detroit

47

\orlli lia kola

NEWS
C . W . BURGES
President
Edgeley

J o in s E n d e r lin B a n k
C. R . P e tte rso n , ca s h ie r o f th e F ir s t
N a tion a l B a n k o f W a lk e r , M in n esota ,
re s ig n e d h is p o s itio n w ith th a t in s ti­
tu tio n last m o n th an d is n o w in b a n k ­
in g b u sin e ss w ith T h e P e o p le s an d
E n d e r lin State B a n k , E n d e r lin , N o rth
D akota.
M r. P e tte r s o n jo in e d th e F ir s t N a ­
tio n a l B a n k in A u g u s t, 1934, as a ssist­
an t ca sh ier. P r e v io u s to h is p o s itio n
in W a lk e r , h e h a d b a n k in g e x p e r ie n c e
at P a rk R a p id s a n d la ter at C on rad,
M on ta n a .
On J a n u a ry 1, 1936, M r. P e tte r s o n
w a s p r o m o te d to ca s h ie r o f th e F ir s t
N a tio n a l B a n k w h e n C. J. E ls e n p e te r
w a s ra ise d to th e p r e s id e n c y o f th a t
in stitu tion .

as a lieu ten a n t. H e s e r v e d 4V2 y ea rs,
tw o y e a r s in co m b a t s e r v ic e in E u r o p e ,
re tu r n in g in 1945 to b e c o m e an a u d ito r
fo r F a r g o N a tion a l.
F a r g o N a tio n a l a d v a n ce d L . E . Sm ith

C. C. W ATTAM
Secretary
Fargo

is w id e ly k n o w n , as p re s id e n t o f th e
F a r m e r s T ru s t c o m p a n y o f F e s s e n d e n
a n d p r e s id e n t o f th e B e is e k e r L a n d
c o m p a n y th ere, as a d ir e c to r o f th e
G r e a t e r N o r th D a k ota a ssocia tion ,
p re s id e n t o f th e N o rth D a k ota B a n k ers
a sso cia tio n , fo r m e r c h a irm a n o f th e

E. M. VENNERSTROM
Assistant Cashier, Fargo National

fr o m th e ca s h ie rs h ip to v ic e p re s id e n t
a n d ca sh ier.
T h e M e rch a n ts N a tion a l B a n k an d
T r u s t c o m p a n y a n n o u n ce d tw o p r o m o ­
tion s. A d ria n O. M c L e lla n , assista n t
tru st o fficer sin ce 1939, b e c a m e v ic e
p r e s id e n t a n d a ssista n t tru st officer,
a n d W e s le y B . P earson , fo r m e r ly an
a u d itor, b e c a m e an a ssista n t ca sh ier.
M r. M cL e lla n , a n a tiv e o f L a rim o re ,
N o rth D ak ota, jo in e d th e M e rch a n ts
a fte r g ra d u a tio n fr o m N o r th D ak ota
U n iv e r s ity la w s c h o o l a n d a d m itta n ce

R e s ig n s a t R o lla
A ft e r 43 y e a r s o f co n tin u o u s s e r v ic e
w ith th e R o le tte C o u n ty B a n k o f R olla ,
F . A . F o le y , p re sid e n t, re tir e d fr o m
th a t office la st m o n th , a n d M a lv in L.
L in d e b la d w a s e le c te d to s u c c e e d h im .
M r. F o le y re m a in s o n th e b o a r d o f
d ir e c to r s , s e r v in g as v ic e p resid en t.
H e h a d p la n n e d to re tire fr o m th e
p r e s id e n c y s e v e ra l y e a r s ago, b u t h ad
p o s tp o n e d it u n til a fte r th e w a r.
H e w ill le a v e s h o r tly fo r a s e v e n
m o n th s v a c a tio n in th e w e s t, a fter
w h ic h h e w ill r e tu rn to R olla .

B u ffa lo B a n k E le c t io n s
D ir e c to r s e le cte d fo r th e F ir s t State
B a n k o f B u ffa lo, N o rth D a k ota , in c lu d e
A . L . B a y le y , H . R. E d lu n d , a n d J. W .
C h a p m a n . T h e officers in c lu d e M r.
C h a p m a n , p re sid e n t; E d ith M. C ono lly , v ic e p re sid e n t; M r. B a y le y , v ic e
p re s id e n t; J. M. P e te r s o n a n d M au d
E . R e d m a n , a ssista n t ca sh iers, a n d H .
R. E d lu n d , ca sh ier.

Vnrifo N ew s
S

E V E R A L n e w d ir e c to r s w ill b e
presen t w h en boa rd s o f F a rgo
b a n k s a sse m b le in 1947 an d a n u m b e r
o f n e w e x e c u tiv e s a lre a d y h a v e ta k en
o v e r th e ir d u ties fo llo w in g a n n u a l
m eetin g s.
T h e D a k ota N a tio n a l b a n k h as a d d ed
A . L. N e tch e r to its b oa rd . M r. N e tc h e r


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

A. L. NETCHER
On Board of Dakota National

state b a n k in g co d e co m m is s io n a n d as
a la w y e r in F a r g o a n d in W e lls c o u n ty .
L eo n a rd H . V an H o rn e w a s n a m ed

an a ssista n t d ir e c to r o f D a k ota N a ­
tion a l. H e co m e s fr o m an o ld b a n k in g
fa m ily in N eb ra sk a , w h e r e h is g r a n d ­
fa th e r is still c h a irm a n o f th e b o a r d o f
th e o ld fa m ily b a n k in P a w n e e C ity
an d h is fa th e r p re s id e n t o f th e F e d e ra l
L a n d b a n k in O m aha.
T h e F ir s t N a tio n a l B a n k a n d T ru s t
c o m p a n y m a d e o n ly on e ch a n g e , a d ­
v a n c in g G eorge H . M a y , a ssista n t v ic e
p re sid e n t, to fu ll p re sid e n t. A n a tiv e
F a rg o a n , h e w a s p r o m in e n t as a to u r ­
n a m e n t g o lfe r a d e ca d e ago.
T h e F a r g o N a tion a l n a m e d E . M .
V e n n e rstro m as a ssista n t ca sh ier. B o rn
in B a ttle L a k e, M in n esota , h e c o m ­
p le te d h is tr a in in g in D a k ota B u sin es s
c o lle g e in F a r g o a n d h a d fo u r y e a r s
o f b a n k in g b e fo r e g o in g in to th e a rm y ,

A d r i a n o. M cC l e l l a n
Vice President, Merchants National

to th e state b a r in 1939. M r. P ea rson
h as b e e n w ith th e b a n k sin ce 1939.
N o r th D a k ota b a n k d e p o sits p assed
th e h a lf b illio n d o lla r m a rk in 1946,
a c c o r d in g to fig u res o b ta in e d fr o m th e
sta te’s 150 b a n k s b y th e F argo F orum ,
th e sta te ’s la rg e st d a ily . T h e tota l
d e p o sits o f 532 m illio n s as o f D e c e m b e r
15th r e p r e s e n t a sta te w id e g a in o f
a b o u t 19 p e r c e n t o v e r th e 446 m illio n s
o f o n e y e a r ea rlier.
T h a t p e r c e n ta g e o f g a in c o r r e s p o n d s
e x a c tly w ith th e 1946 cash in c o m e fo r
N o r th D a k ota fa rm e rs estim a ted b y
th e F argo F orum . T h e in cre a s e w a s
fr o m $6,560 in 1945 to $7,808 in 1946—
19 p e r cen t.
In F a r g o b a n k s, d e p o s its h a d in ­
c re a s e d m o r e th a n 29 p e r c e n t o v e r
D e c e m b e r 15, 1945. T h e n e t g a in o f
m o r e th a n 13 m illio n s b r o u g h t to ta l
d e p o sits in th e c it y ’s fo u r b a n k s to
m o r e th a n 58 m illio n s.
Northwestern Banker, February, 194T

48

1

8

5

9 1

6

1

1

f y e a t o .

9

1

C o m p lete
C orresp on d en t Facilities

O F F IC E R S
HERBERT M. BUSHNELL
President

ELLSWORTH MOSER
Executive Vice President

V IC T O R B. C A L D W E L L ........... Vice President
RICH ARD

H. M A L L O R Y ...........Vice President

TH O M A S F. M U R P H Y .,.............V ice President
CASPER

Y. O F F U T T .......................................Vice President

E D W A R D W . L Y M A N ___ Asst. Vice President
HARRY E. R O G E R S ........Asst. Vice President
A U STIN L. V IC K E R Y . . Asst. Vice President
H A R O LD T. U E H L IN G ................. Trust Officer
ARTH U R
JAMES

L.

D.

A N D E R S O N ....................... Cashier

S H IE L D S ...............Assistant Cashier

NELS L. S H O L IN .....................................AssistantCashier
E L D R ID G E C. M cE L H A N E Y . Asst. Tr. Officer
H E N R Y B. P IE R P O N T . .. .Asst. Trust Officer
LEO M. B R O W N ................................Comptroller

u n i t e d ^s t a t e s
J \ fa H on a l B A L T I C
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker, February, 1947


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

4

7

49

N

e b r a s k a

NEW S
G LEN
-:
> - .'.^ B k

T.

G IB SO N

Pr es i dent
LM\

Gibbon

D o u b le s C a p it a l S t o c k
T h e G u a rd ia n State B a n k o f A lli­
a n ce, N eb ra sk a , h as d o u b le d its ca p ita l
stock .
D ir e c to r s o f th e in s titu tio n h a v e a p ­
p r o v e d a s to c k d iv id e n d , fr o m su rp lu s
o f 100 p e r ce n t o r $125,000. T h is, w ith
th e o u tsta n d in g s t o c k o f $125,000
m a k es a tota l o f $250,000.
A t th e sa m e tim e, T h e G u a rd ia n
State is in c r e a s in g its su rp lu s a c c o u n t
$25,000. T h e in s titu tio n n o w h as tota l
ca p ita l a s s e t s o f $450,514, th e la rg esta g g re g a te o f a n y fin a n cia l in s titu tio n
in W e s te r n N e b ra sk a a n d th e la rg est
o f a n y state b a n k in N eb ra sk a .
O fficers o f T h e G u a rd ia n S tate B a n k
are C. J. A b b o tt, p re sid e n t; L e R o y A b ­
b ott, e x e c u tiv e v ic e p re sid e n t; C. H .
S u dm a n , v ic e p re sid e n t; H . E . L ic h ty ,
v ic e p r e s id e n t an d ca sh ier; D on a ld
L ic h ty , a ssista n t ca sh ier; P. M. H efti,
a ssista n t ca sh ier.
D ir e c to r s a re C. J. A b b o tt, O. E .
B la ck , H a n n a h E . A b b o tt, C. H . S u d­
m a n a n d L e R o y A b b o tt.

I n c r e a s e C a p it a l
T h e C o m m e rcia l S tate B a n k o f H o s ­
k in s, N eb ra sk a , w h ic h w a s o rg a n iz e d
in J u ly , 1943, a n n o u n c e s it h a s in ­
c re a s e d its ca p ita l s to c k fr o m $13,600
to $25,000 on an a ctio n ta k e n b y th e
s to c k h o ld e r s .
T h e b a n k a lso is m a k in g a p p lic a ­
tio n fo r fe d e r a l d e p o sit in su ra n ce , it
w a s a n n o u n ce d .
E r ic H . M e ie r h e n r y is p re sid e n t;
G e o rg e L a n g e n b u r g , v ic e p resid en t,
a n d E d K o lla th , ca sh ier. T h e s e th re e
m e n to g e th e r w ith E z ra J o c h e n s and
W a lt e r G u tzm a n are d ire cto rs .

H e a d s S o u th O m a h a G r o u p
A t a r e c e n t m e e tin g o f th e S ou th
O m aha M e rch a n ts A s s o c ia tio n , C lar­
e n ce F . W itt, p r e s id e n t o f T h e S ou th
O m aha S a v in g s B a n k , w a s u n a n im o u s ­
ly e le c te d p r e s id e n t o f th e M erch a n ts
A s s o c ia tio n fo r 1947. M r. W it t h as
b e e n v e r y a c tiv e in c iv ic affairs.

L e o n M a r k h a m R e s ig n s
L e o n M a rk h a m h as r e s ig n e d as
State D ir e c to r fo r N e b ra sk a o f th e
U n ited S tates sa v in g s b o n d s d iv isio n .


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

CARL G. SW ANSON
Secretary
Omaha

H e has b e e n m a d e d ir e c to r o f th e p a y ­
r o ll sa v in g s d iv is io n o f th e en tire
U n ited States.
L e la n d R. H all, p r e s id e n t o f th e
R o s e la n d State B a n k , R ose la n d , N e ­
bra sk a , is th e n e w state d ire cto r. H e
has b e e n c o n n e c te d w ith th e state sa v ­
in g s b o n d c o m m itte e sin ce its in c e p ­
tio n in th e e a r ly y e a rs o f th e w a r. H e
k n o w s e v e r y p h a se o f th e w o r k .

Cozad
W . T. T h o m p s o n , w h o has s e r v e d as
m a n a g in g officer o f th e F ir s t N ation al
B a n k o f C ozad, N eb ra sk a , fo r th e p ast
se v e n te e n y e a rs an d fo r th e p a st tw o
y e a rs as p re sid e n t, h as te n d e re d h is
re s ig n a tio n to b e c o m e e ffe c tiv e o n or
b e fo r e A p r il 1st. F o r so m e tim e it has
b e e n th e d esire o f M r. T h o m p s o n to
b e r e lie v e d o f h is d u ties at th e b a n k
o n a c c o u n t o f h is h ealth .
D ale W . R e y n o ld s o f C ozad h as p u r ­
ch a se d an in te re s t in th e b a n k and
w ill su c c e e d M r. T h o m p s o n as th e
p resid en t. M r. R e y n o ld s h as h a d a
n u m b e r o f y e a r s e x p e r ie n c e in n a tio n ­
al b a n k in g , h a v in g s e r v e d as an e x e c ­
u tiv e officer o f th e A m e r ic a n N a tion a l
B a n k o f C reig h ton , N eb ra sk a , a n d also
th e A m e r ic a n N a tion a l B a n k o f S id ­
n ey, an d is w e ll q u a lified fo r th e d u ties
o f h is n e w p o sitio n .
T h o m a s J. B ro w n fie ld , w h o h as b e e n
an e x e c u tiv e officer o f th e b a n k fo r
m a n y y ea rs, w ill co n tin u e to s e r v e as
ca sh ier.

F a ir b u r y
A ll d ir e c to r s o f th e F ir s t N a tion a l
B a n k o f F a ir b u r y , N eb ra sk a , w e r e r e ­
ele cte d at th e a n n u a l m e e tin g o f th e
sto c k h o ld e r s . T h e s e in c lu d e L u th e r
B on h a m , C. J. B a ch o ritch , Iv a n C.
R ile y , F . A . H o u sto n , J ess L ee, C h arles
R. M o o n an d G len n R. L e R o y .
A t th e a n n u a l m e e tin g o f th e d ir e c ­
tors im m e d ia te ly fo llo w in g L u th e r
B o n h a m w a s re -e le cte d ch a irm a n o f
th e b o a rd ; C. J. B a c h o r itc h , v ic e c h a ir ­
m a n an d e x e c u tiv e v ic e p re sid e n t;
Iv a n C. R ile y , p re s id e n t; H a ro ld L iv ­
in g s to n w a s a d v a n ce d fr o m ca s h ie r to
v ic e p re sid e n t; E d g a r S ch e ip s w a s ad­
v a n c e d fr o m a ssista n t ca s h ie r to ca sh ­

ier; C h ester B o n s a ll an d R u th S k id ­
m o r e w e r e a d v a n ce d fr o m a ssista n t
ca sh ie rs to assista n t v ic e p re s id e n ts ;
J. S. P ic k e r in g , O liv e H a le k an d J o h n
R a da w e r e re -elected a ssista n t ca sh ­
iers.
T o ta l re s o u r c e s o f th e b a n k in ­
cre a se d fr o m $9,332,546 at th e en d o f
1945 to $9,541,251 o n D e c e m b e r 31, 1946.

Frem o n t
E r n e s t C. G aeth, p r o m in e n t F r e ­
m on t, N eb ra sk a , c iv ic lea d er, w a s e le ­
v a te d fr o m a ssista n t ca sh ie r to th e
p o s itio n o f ca sh ie r o f th e S tep h en s
N a tion a l B a n k at a m e e tin g o f th e
in s titu tio n ’s n e w b o a r d o f d ire cto rs .
A ll m e m b e r s o f th e r e tir in g b o a r d
w e r e re -elected an d M r. G aeth w a s
n a m ed d ir e c to r to fill a v a c a n c y c r e ­
a ted b y th e d eath d u r in g th e p ast y e a r
o f th e late J. A . Y a ger.
T h e p o s t o f ca s h ie r has b e e n o c ­
c u p ie d b y J. G u y E d lo ff in c o n ju n c ­
tio n w ith h is o th e r p o s itio n as v ic e
p re sid e n t. H e w a s r e n a m e d v ic e p re s ­
id e n t b y th e b oa rd .
T h r e e v e te r a n e m p lo y e s o f th e b a n k
w e r e n a m e d a ssista n t ca sh ie rs at th e
d ir e c to r s m eetin g s. T h e y a re: J o h n
T h ielen , B e rn a rd M iles a n d H e n r y
H e n d rik se n .
O fficers re-elected in clu d e W m . M it­
ten , p re s id e n t; J. M. S o re n so n , e x e c ­
u tiv e v ic e p re sid e n t; an d R o b e r t L .
V o ss, v ic e p re sid e n t. B esid e M r. G aeth,
d ir e c to r s are M r. S o re n so n , M r. M it­
ten , M r. E d lo ff, R . A . J o h n s to n an d A .
C. S idn er.

G r a n d Is la n d
S to c k h o ld e r s o f th e F ir s t N a tion a l
B a n k , G ra n d Isla n d , N eb ra sk a , r e ­
e le cte d a ll d ire cto rs , w h o in tu rn r e ­
ele cte d th e b a n k ’s officers fo r a n o th e r
yea r.
T h e d ir e c to r s are I. R . A lte r, E . J.
W o lb a c h , F . J. C lea ry, V . E. E v a n s,
O scar R e im e rs, W illia m S u hr, G. A .
W in te rs , an d H . G. W e lle n s ie k .
T h e b a n k ’s officers are E. J. W o l­
b a ch , ch a irm a n o f th e b o a rd ; I. R.
A lte r, p re s id e n t; F . J. C lea ry, v ic e
p re s id e n t an d ca sh ier; W . T. G reen ,
v ic e p re sid e n t; T. B. M u rra y an d W .
E . S ieb ert, a ssista n t ca sh iers; W illia m
S uhr, c o u n s e lo r ; V . E. E v a n s, c h a ir ­
m an o f th e d is c o u n t a n d e x a m in in g
c o m m itte e s ; F . J. C leary, tru st officer;
W . T. G reen , a ssista n t tru st officer.
R e p o r ts to th e s to c k h o ld e r s d is ­
clo s e d s a tis fa c to r y p r o g r e s s m a d e b y
th e b a n k d u rin g th e p a st y ea r. Its
g a in in d e p o sits w a s $195,774.51, d e ­
sp ite loss es o f $419,999.82 in w a r loa n s
a n d $330,000 in o th e r U n ited States
d ep osits, m a k in g a n et g a in in p riv a te
d e p o s its a m o u n tin g to $945,774.33.
Northwestern Banker. February, 1947

50

Nebraska News
c e m b e r b a n k calls. T h e c lim b in loan s
fo r th e J u n e -S e p te m b e r p e r io d w a s
$10,550,128. T h e D e c e m b e r lo a n fig u res
w e r e $16,825,922 a b o v e th e J u n e m a rk .
T h e fu n d s th a t th e F e d e ra l G o v e r n ­
m e n t h as b e e n d r a w in g fr o m b a n k s
th r o u g h o u t th e c o u n t r y is m o n e y o b ­
ta in ed fr o m th e sale o f w a r a n d s a v ­
in g s b o n d s, O m aha b a n k e rs said.

R O B E R T C A I N has re tire d as a
s J . v ic e p r e s id e n t o f th e O m aha N a ­
tio n a l B an k . H e h e ld th e p o s t 17 y ea rs.
M r. C ain ’s r e tir e m e n t w a s a n n o u n c e d
at a m e e tin g o f th e b a n k ’s d ire cto rs ,
said D ale C lark, w h o w a s re n a m e d
p resid en t. N o ch a n g e s in officers o r
d ir e c to r s w e r e m ade.
A n a tiv e o f F a lls C ity, M r. Cain
sta rted at Stella, N eb ra sk a . H e m o v e d
to O m aha in 1914 to jo in th e P e te rs
N a tio n a l B an k . H e jo in e d th e O m aha
N a tion a l w h e n it w a s co n s o lid a te d w ith
P e te rs N a tion a l in 1929.

A n e w v ic e p r e s id e n t w a s e le cte d at
th e m e e tin g o f d ir e c to r s o f th e P a ck e rs
N a tion a l B an k , said A . L . Coad, w h o
w a s re -e le cte d p resid en t.
C. A . Jeffrey, w h o h as b e e n in th e
in s u ra n ce b u sin ess, w a s n a m e d v ice p re sid e n t. H e h a d b e e n a d ire cto r.
O th er n e w b a n k officials n a m e d are
C addie J. K o ze n y , a ssista n t to th e v ic e
p re sid e n t, a n d R o b ert J. T a y lo r, a ssist­
a n t ca sh ier. M r. K o z e n y w a s assista n t
ca s h ie r an d M r. T a y lo r , a u d itor. A ll
o th e r officers a n d d ir e c to r s w e r e r e ­
n am ed.
A ll d ir e c to r s a n d o fficers o f th e
U n ited S tates N a tio n a l B a n k o f O m aha
w e r e re-elected , a c c o r d in g to H . M .
B u sh n ell, p resid en t.
T h e first p o s tw a r y e a r w a s o n e o f
in c r e a s in g v o lu m e , d ir e c to r s o f th e
F ir s t N a tion a l B a n k o f O m aha w e r e
told . F re d W . T h o m a s, v ic e p resid en t,
sa id th e g a in w a s n o te d p r in c ip a lly

in in d iv id u a l a cco u n ts. A ll officers and
d ir e c to r s w e r e re -elected at th e a n n u a l
m eetin g .
T h e p r o m o tio n o f C harles A . M a silk o
fr o m a ssista n t ca sh ie r to ca sh ie r o f
th e S to ck Y a rd s N a tio n a l B a n k o f
O m aha w a s a n n o u n c e d b y President,
W . A . Saw tell.
Joh n M cC u m b er, v ic e p re sid e n t, has

b e e n n a m ed to m e m b e r s h ip o n th e
b o a rd o f d ire cto rs.
W it h M r. M a s ilk o ’s p r o m o tio n , v ic e
p re s id e n t M cC u m b er, w h o h as a lso
b e e n ca sh ier, r e lin q u is h e s th e latter
p ost.
W ith d r a w a l o f F e d e ra l fu n d s fr o m
O m aha b a n k s h as b r o u g h t a co n tin u e d
d e clin e in d e p o s it fu n d s, a n a tion a l
b a n k ca ll re v e a le d , b u t p r iv a te d e­
p o sits h a v e g a in ed .
D ep osits in O m aha b a n k s tota led
$423,971,520 as o f D e c e m b e r 31st. T h is
is a d e c lin e o f $4,903,331 fr o m th e
$428,874,851 r e p o r te d in th e la st b a n k
ca ll on S e p te m b e r 30th.
T h e D e c e m b e r 31st d e p o s it tota l w a s
$6,863,330 b e lo w th e $430,834,850 o n
J u n e 29th.
L o a n s c lim b e d m o r e th a n d e p o sits
d ro p p e d . T h e n in e O m aha b a n k s r e ­
p o r te d loa n s to ta lin g $75,055,353 as o f
D e c e m b e r 31st. T h a t is a g a in o f $6,275,794 o v e r th e S e p te m b e r 30th tota l
o f $68,779,559.
T h e g a in in b a n k loa n s w a s g re a te r
b e tw e e n J u n e 29th a n d S e p te m b e r 30th
th a n b e tw e e n th e S e p te m b e r a n d D e­

Joh n M . D o u g las & Co., O m aha in ­
v e s tm e n t b a n k in g co n c e r n , has filed
a rticle s o f in c o r p o r a tio n , listin g ca p ita l
o f $25,000. In c o r p o r a to r s a re M r. D o u g ­
las an d W illia m A . S a w tell, Jr. M r.
S a w tell is a s o n o f th e p r e s id e n t o f th e
S to ck Y a rd s N a tio n a l B a n k o f O m aha.
F a y C. H ill, b a n k e r a n d s to c k m a n of
G ord on , N eb ra sk a , w a s a p p o in te d to
h is fifth th re e -y e a r te rm on th e F a r m
C red it B o a rd o f O m aha r e c e n tly .
H e w a s a p p o in te d fo llo w in g a n o m i­
n a tin g p o ll in N eb ra sk a , Io w a , S ou th
D a k ota a n d W y o m in g .

T h e S ou th O m aha S a v in g s B a n k has
in cre a s e d its ca p ita l s tru ctu re b y $50,000, a c c o r d in g to C larence F . W itt,
p resid en t, w h o said th e tota l ca p ita liza ­
tio n is n o w $2,312,000. In c r e a s e d b u s i­
n ess th e p a st fo u r y e a r s w a s g iv e n
as th e re a s o n fo r th e in c r e a s e in
capital.
T h e b a n k ’s assets h a v e in cre a s e d
m o r e th a n th re e a n d o n e -h a lf tim es.
M r. W it t sa id loa n s tota l $1,220,437,
o r a b o u t 60 p e r c e n t o f d e p o sits o f
$2,069,000.
M r. W it t w a s re -e le cte d p r e s id e n t of
th e b a n k at th e a n n u a l m e e tin g . R ay
F . S lizew sk i, a v ic e p re sid e n t, w a s
n a m ed to th e d u a l p o s t o f v ic e p r e s i­
d en t a n d ca sh ier. M iss W a n d a V o sik ,
v e te r a n e m p lo y e , w a s m a d e a ssista n t
ca sh ier. S h e b e g a n as a m e s s e n g e r
w ith th e ba n k .
T h e O m aha C ity C o u n cil h as a p ­
p r o v e d M a y o r C h a rles L e e m a n ’s s e le c ­
tio n o f 43 citiz e n s to c a r r y o n w ith
O m a h a ’s C ity -W id e P lan . T h e ir jo b
b e g a n in 1947. E le v e n o f th e citiz e n s

TfeTOOTLE-LACY
Promptness and efficiency have alw ays been the watchword in our m any
friendly dealings with our correspondents . . . but in addition to these
important factors we have long tried to add a sincerity of purpose and
personal interest which increases the mutual value of our pleasant
association.
Northwestern Banker, February, 1947


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

Nebraska News
are se a so n e d in C ity -W id e P la n w o r k .
T h e y h e lp e d d r a w th e p la n . T h e rest
a lso are k n o w n fo r c o m m u n ity s e r v ic e
a n d in terest. T h e 43 w ill w o r k u n d e r
th e fr a m e w o r k o f fiv e n e w C ity C o m ­
m issio n s.
C o m m is s io n m e m b e r s in ­
clu d e E lls w o r th M o ser, e x e c u tiv e v ic e
p re s id e n t o f th e U n ited S tates N a tion a l
B a n k o f O m aha, a n d D a le C lark, p r e s i­
d en t o f th e O m aha N a tion a l B an k .
A h ig h e r ta x le v y a p p a r e n tly is th e
o n ly im m e d ia te a n s w e r to O m aha P u b ­
lic s c h o o ls ’ fin a n cia l p r o b le m s . T h e
C itizen s S c h o o l C om m itte e r e p o r te d
r e c e n t ly th a t it h a d r e a c h e d th a t c o n ­
clu s io n “ r e lu c ta n tly .” T h e c o m m itte e ,
a p p o in te d b y S c h o o l B o a rd P re sid e n t
W illia m K u n o ld la st M a y, m a d e its
r e p o r t at a m e e tin g o f lo c a l g o v e r n ­
m e n t officia ls a n d c iv ic g r o u p s at th e
F o n te n e lle H otel.
W . D ean V o g e l, v ic e -p r e s id e n t o f th e
L iv e S to ck N a tio n a l B a n k o f O m aha,
w a s c h a ir m a n o f th e 12-m em ber c o m ­
m ittee.
F r a n k H . S ch m id t, fo r m e r O m ahan ,
h as b e e n e le cte d e x e c u tiv e v ic e p r e s i­
d en t o f th e C a lifo rn ia T r u s t C o m p a n y
in L o s A n g e le s .
M r. S ch m id t b e g a n h is b a n k in g c a ­
r e e r at th e F ir s t N a tion a l B a n k o f
O m aha. H e s e r v e d th e re fr o m 1915 to
1920.

H a s t in g s
A ll officers o f th e H a stin g s N a tion a l
B a n k w e r e re -e le cte d to th e ir p o s i­
tio n s fo llo w in g a r e c e n t m e e tin g o f
th e officers a n d b o a r d o f d ir e c to r s . T h e
officers are H o w a r d P ra tt, p resid en t;
O. A . R ile y , v ic e p re sid e n t; an d C h arles
D eets, ca sh ier.
N a m ed as an a d d itio n a l m e m b e r o f
th e b o a rd o f d ir e c to r s is D r. O. A . K ostal. O th er m e m b e r s o f th e b o a r d r e ­
e le cte d are M r. P ratt, C. E . B y ers,
S tep h en S w ig le, R . R . V a n c e an d O. A .
R ile y .
R e -e le cte d as a ssista n t c a sh ie rs are
J. L e o S w ig le, J o s e p h B a u er a n d L . J.
M cC u n e.

Kearney
A ll officers an d d ir e c to r s w e r e r e ­
e le cte d at th e a n n u a l m e e tin g o f th e
P la tte V a lle y State B a n k s to c k h o ld e r s
in K e a rn e y , N eb ra sk a , last m on th . A
d in n e r fo r s to c k h o ld e r s w a s h e ld p r io r
to th e b u s in e s s m eetin g .
R e -e le cte d w e r e C. L . G aston , p r e s i­
d en t; D r. R. S. J o h n s to n , v ic e p r e s i­
d en t; L e o R . R y a n , ca sh ier; F . J.
S tu ch lik , a ssista n t ca sh ie r; M r. G aston ,
D r. J o h n s to n , M r. R y a n , H . H. H aeb e rle , M a rtin B a u m g a rtn e r, K e n n e th
D ry d e n an d B ill P e te rso n , d ire cto rs.

N o r fo lk
D e L a y N a tion a l B a n k d ir e c to r s at
th e ir a n n u a l m e e tin g in N o r fo lk , N e ­
b ra sk a , re -elected a ll officers, h ea d ed
b y J. J. D e L a y as p re s id e n t an d c h a ir ­
m a n o f th e b oa rd .
O th er officers a re: W . G. F lin t, W .
O. E ic h e lb e r g e r , A . R. O lson a n d H.
F . T h en h a u s, v ic e p re sid e n ts; P a u l
Z utz, ca s h ie r; H . W . A tk in s o n , B e r ­
n a rd M. D eL a y , O. W . G ladem , F r e d
M u ller, A . A . S ö d e rs trö m an d A . H.
S teffen , a ssista n t ca sh iers.

N a t io n a l B a n k o f N o r fo lk
S to c k h o ld e r s o f th e N a tion a l B a n k
o f N o r fo lk at th e ir a n n u a l m e e tin g r e ­
e le cte d a ll d ire cto rs , w h o th e n r e ­
ele cte d a ll officers a n d p r o m o te d E d
P e r r y to a ssista n t ca sh ier, it w a s a n ­
n o u n c e d b y L. R . G illett, p resid en t.
O fficers in a d d itio n to P re s id e n t G il­

NATIONAL BANK
FRE D T. BU RR I

R. E. W A L E S

P R E S ID E N T

CASHIER

V IC E P R E S ID E N T

G R A H A M G. L A C Y

E. H. SCH O PP

E. L. CRUM E

CH. OF T H E B O ARD

ASST. CASHIER

ASST. CASHIER

M IL T O N

TOOTLE


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

51

lett a re: L e o n a r d R o ss, v ic e p r e s id e n t
an d ca sh ie r; W illia m M a ch m u ller, H.
F . B ra se an d M r. P e rry , a ssista n t
ca sh iers.
D ir e c to r s are M r. G illett, M r. R oss,
J o h n A . B a lla n ty n e a n d D o n a ld D.
M apes, all o f N o r fo lk , a n d C arl F red rick s e n , S io u x C ity.

Scribner
A t th e a n n u a l m e e tin g o f s to c k h o ld ­
ers in th e F ir s t N a tion a l B a n k , S crib ­
n er, N eb ra sk a , C lau s E h le rs, o n e o f
th e fo u n d e r s o f th e in s titu tio n an d its
p r e s id e n t fo r 37 y ea rs, v o lu n ta r ily r e ­
s ig n e d fr o m th e b o a r d o f d ir e c to r s b e ­
ca u se o f h is a d v a n c in g age. M r. E h le r s
w a s o n e o f th e o rg a n iz e rs o f th e b a n k
b a c k in 1903, w a s its first v ic e p re s i­
d en t an d s e r v e d in th a t c a p a c ity fo r
s e v e n y e a rs b e fo r e b e c o m in g p r e s i­
d en t. A ls o re tir in g fr o m th e d ir e c tin g
b o a r d is H . S. S path , w h o h as a lso
s e r v e d in th at c a p a c ity sin ce o rg a n iz a ­
tio n o f th e in stitu tio n .
N e w m e m b e rs o f th e b o a r d e lected
b y th e s to c k h o ld e r s a re C h a rles K a u p
a n d A lfr e d R is to w . In th e r e o r g a n iz a ­
tio n o f th e b oa rd , O tto G rose w a s
n a m ed p r e s id e n t a n d M r. K a u p 'w a s
c h o s e n to su c c e e d h im as v ic e p r e s i­
d en t. T h e r e w ill b e n o ch a n g e in th e
o p e r a tin g p e r s o n n e l o f th e ba n k . H e r ­
b e r t B o se c o n tin u e s as ca sh ier, M rs.
C h a rles M. S tell as a ssista n t ca sh ie r
a n d M iss J o y c e S tu eh m er as b o o k ­
k eep er.

ST. JOSEPH, MO.
Mem ber Federal Deposit
Insurance Corporation

Northwestern Banker, February, 7947

52

Nebraska News

N o rth P la t t e
L.
B. D ick w a s re-elected p re sid e n t
o f th e M cD on a ld State B a n k at th e
a n n u al m e e tin g in N o rth P latte, N e­
braska.
J. Y. C astle, v ic e p re sid e n t and
ca sh ie r last y ea r, w a s ele cte d e x e c ­
u tiv e v ic e p r e s id e n t fo r th e c o m in g
y e a r, an d G. H . L a rk in , v ic e p resid en t.
G e o rg e W . T a y lo r, assista n t ca sh ier,
w a s e lected ca sh ier.
A ssista n t ca sh ie rs are M iss M attie
F. R a lston , J o h n B a rton , V ir g il G ra­
h am an d M rs. G la d y s B u ck .
W . H . M cD o n a ld w a s re-elected
ch a irm a n o f th e b o a rd o f d ir e c to r s

BANKS

Bought and Sold

O

Confidentially and with becoming dignity

BANK EMPLOYEES PLACED.
40 Years Satisfactory Service

THE CHARLES E. WALTERS CO.
OMAHA,

NEBRASKA

P T IM IS M th at c o m p le te ly ig n o r e d
th e p o s s ib ility o f a re c e s s io n in
b u sin ess in 1947, h ig h lig h te d th e a n ­
n u al m e e tin g s o f L in c o ln ’s s ix b a n k in g
in stitu tio n s, e a r ly in J a n u a ry .

9 * t J li* t c & L t ------ *7h e

C o n t ¿ + ie ,* i ía l -

JL OU are certain to notice the prompt and cour­
teous service that you receive from the "Continental,"
the friendly bank, located at Nebraskas' capitol city.
Our many

departments,

staffed

by

Continental National
C. W . B attey , e x e c u tiv e v ic e p r e s i­
d en t; E d w a rd A . B eck er, s e n io r v ic e
p resid en t, an d W a lk e r B attey an d F red
G. A ld rich , v ic e p re sid e n ts; H o w a rd
H a d ley , v ic e p re s id e n t an d tru st officer;
E lm e r D e K a y , ca sh ier; d ire cto rs , H . J.
A m e n , M . V . B egh tol an d W . W . P u t­
n ey, a lo n g w ith M r. Strain, C. W . B a t­
tey , an d M r. B eck er. John J. G rain ger
a lso w a s e le cte d a d ir e c t o r to fill th e
v a c a n c y cre a te d b y th e re s ig n a tio n o f
h is b ro th e r, H a r r y K . G rain ger.

First National

well-qualified

officers, stand ready to assist our correspondents at
all times.

V o ic in g th e b r ig h t h o p e s fo r 1947
w e r e P re sid e n ts T . B . Strain , C on ti­
n en ta l N a tion a l; G eorge W . H o lm e s,
F irs t N a tion a l; B yro n D u n n , N a tion a l
B a n k o f C o m m e rce ; B ern ard G. C lark,
H a v e lo c k N a tion a l; G eorge A . K n ig h t,
C itizen s State; an d C. C. C artn ey,
U n io n ban k . T h e last th re e are lo ca te d
in th e su b u rb s. A ll w e r e re-elected .
E a ch o f th e s u b u rb a n b a n k s re p o r te d
slig h t g a in s in d ep osits.
On th e sam e d ate loa n s w e r e $3,124,903 h ig h e r, at $13,960,259 c o m p a r e d
to th e last d a y o f th e y e a r in 1945.
T h e s e fig u res d o n o t in clu d e th e s u b ­
u rb a n b a n k s, w h e r e lo a n s k e p t p a ce
w ith d ep osits.
T h e re -e le ctio n o f th e p re sid e n ts o f
th e c it y ’s s ix b a n k s w a s a p re lu d e to
w h a t w a s to fo llo w w ith r e fe r e n c e to
th e o th e r e x e c u tiv e s , all o f th em b e in g
reta in ed fo r a n o th e r y e a r, as fo llo w s :

It will be a pleasure for us to serve you.

(O N T IN E N T A L R A T IO N A L
B

a /f
k
LIN C O LN

P. R . E a sterd a y , b o a rd ch a irm a n ;
H o w a rd F reem a n , e x e c u tiv e v ic e p r e s i­
d en t; A . C. G lan dt, v ic e p r e s id e n t and
ca sh ier; B u rn h am Y a tes, B . O. C am p ­
bell, E . U . G u en zel, R . J. B eck er, v ic e
p resid en ts. G eorge P. A b e l w a s ele cte d

a d ir e c t o r to fill th e v a c a n c y crea ted
b y th e d eath o f L . C. C hapin. O ther
d ir e c to r s are A . A . D obson , E . J. F a u lk ­
ner, M . B . H ollan d , S tan ley M a ly , Carl
W . O lson, C harles T . Stuart, C. B.
T o w le , T . H . W a k e , ,jr., F ra n k D.
W o o d s, E a rl T . L u ff a n d th e e x e c u tiv e

Member Federal Deposit Insurance Corporation

officers.

B a n k ot O m a h a
Oldest National Bank. From Omaha West
M em ber F ederal

Northwestern Banker, February, 1947


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

D eposit

In su ran ce

C o rp o ra tio n

Nebraska News
National Bank of Commerce
A lb e r t A . H e ld , e x e c u tiv e v ic e p r e s i­
den t; E . C. F o lso m an d Ju liu s W e il,
v ic e p re sid e n ts; Carl D . G anz, v ic e
p r e s id e n t a n d tru st officer; P aul B og ott, ca sh ier; d ire cto rs , D r. E . E . A n g le ,
W . T . B a rsto w , C. N . C adw allader,
L eo n a rd A . F la n sb u rg , H e n r y M aser,
E . W . M isk e ll, G ard n er M o ore, P . O.
South w ick , M . L . S prin ger, W illia m
Stoner, an d th e e x e c u tiv e officers.

n e w 10-point p r o g r a m th a t has b e e n
o u tlin e d b y th e A .B .A .
B yro n

D u n n , p re s id e n t o f th e N a ­

tio n a l B a n k o f C o m m e rce , w a s o n e o f
th e p r in c ip a l sp e a k e rs at th e r e c e n t
27th a n n iv e r s a r y d in n e r o f th e L in c o ln
ch a m b e r o f c o m m e r c e ju n io r d iv isio n .
A n a n n u a l affair, th e d in n e r a lw a y s

53

m a rk s th e p re s e n ta tio n o f an a w a rd
to s o m e y o u n g m a n fo r ou tsta n d in g
d is tin g u is h e d s e r v ic e to th e city .
Dunn

m a d e th e

p re s e n ta tio n

M r.

w h ic h

w e n t to J o h n M iller C a m p b ell, w h o
w a s la r g e ly r e s p o n s ib le fo r L in c o ln
b e in g a u th o riz e d to esta b lish an a ir
s e r v ic e n a tio n a l g u a rd u n it.

Citizens State
M a y s,
v ic e
p re s id e n t an d
ca sh ier; M r. K n ig h t, Sam C. W a u g h ,
a n d E . Jj. S m ith , d ire cto rs .

NATIONAL BANK «1 COMMERCE

Havelock National

LINCOLN

John

P . B. K a rn e s a n d C. A . Spader, v ic e
p re sid e n ts; D . R . F a w c ett, ca sh ier. J.
M . H itch c o c k a n d th e e x e c u tiv e officers

m a k e u p th e b o a r d o f d ire cto rs .

Union Bank
Jose H . B rad ley , v ic e p re sid e n t; C.
H . W e a r , ca sh ie r. M r. C artn ey, M r.
B rad ley a n d M r. W e a r are th e b o a r d

m em b ers.

BYRON D U N N .................................................................... President
ALBERT A . HELD.................................. Executive Vice President
ERNEST C. FOLSOM..............................................Vice President
JULIUS W EIL............................................................. Vice President
CARL D. G A N Z ...........................Vice President & Trust Officer
GLENN YAUSSI............. Vice President & Asst. Trust Officer
MARSHALL HEWITT.................................... Asst. Vice President
PAUL BOGOTT................................................................... Cashier

P la n s a re in th e m a k in g fo r a m id ­
y e a r b a n k in g c lin ic to b e h eld in L in ­
c o ln , at a d ate to be set fo r som e
tim e n e x t su m m e r. T h e c lin ic w ill b e
h e ld u n d e r th e a u sp ice s o f th e N e ­
b ra sk a B a n k e rs a s so cia tio n . A c o m ­
m itte e h e a d e d b y E d w a rd H u w a ld t o f
G ra n d Isla n d , is m a k in g th e a rra n g e ­
m en ts.
D is cu s s io n s at th e m e e tin g w ill c e n ­
te r la r g e ly a ro u n d a g ricu ltu re . In ­
clu d e d w ill b e loa n s, fa r m m a ch in e ry ,
liv e s to c k , g r a in p r o d u c tio n fin a n ces
a n d v e te r a n s ’ loa n p ro b le m s.
T h e r o le o f th e b a n k e r in N eb ra sk a
a g r ic u ltu r e w a s d iscu sse d at le n g th at
a c o n fe r e n c e o f th e a g r icu ltu ra l c o m ­
m itte e o f th e N eb ra sk a B a n k e rs a sso ­
c ia tio n in L in c o ln . M . C. T o w n sen d
o f F r e m o n t, ch a irm a n o f th e c o m ­
m ittee, p resid ed .
H ig h lig h tin g th e d is cu s s io n s w a s a
sta te m e n t b y Carl G. S w a n son , a sso ­
c ia tio n s e c r e ta r y o f O m aha, th a t th e re
h a s b e e n a d e clin e in th e n u m b e r o f
fa r m lo a n s in N eb ra sk a . “ H ig h p r ic e s
a n d g o o d c r o p s h a v e ca u se d loa n s to
d e clin e to a n e w lo w ,” h e d ecla red .
O th er s p e a k e rs w e r e T . B ruce R obb,
r e p r e s e n tin g th e K a n sa s C ity F e d e ra l
R e s e r v e b a n k , a n d H . E . G ould o f th e
U n iv e r s ity
of
N eb ra sk a
e x te n s io n
s e r v ic e . T h e y d iscu sse d n e w b a n k in g
tre n d s as th e y a p p ly to m id w e s te r n
a g ricu ltu re .
D iscu sse d at so m e le n g th w a s th e
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.

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

OFFICERS

OM AHA

WILLIAM STRATEMAN..............................Assf. Vice President
R. E. MILLER............................................................. Asst. Cashier
TED THOMPSON..................................................... Asst. Cashier

We Welcome Correspondent Accounts
M em ber Federal D eposit Insurance Corporation

W e solicit the handling o f your livestock rem it­
tances and the clearance o f your com m ission firm
checks.

Because o f our location here in the Live­

stock Exchange Building and our direct contact
with the industry, we can give you the very best
o f service on these items.
W e specialize in servicing the livestock industry.

“ ONLY BANK IN THE YARDS9

First S i. .I onc|»Ii
STO CK Y A R D S B A N K
South St. Joseph, Mo*
OFFICERS
Frazer L. Ford, President
J. A. Greenfield, Vice President
M. E. Blanchard, Asst. Cashier
Thos. J. McCullough, Vice Pres, and Cashier
Louis J. Komer, Asst. Cashier

Member Federal Deposit Insurance Corporation

Northwest ern Banker, February, 1947

54

O U R

24 hour transit Service

SERVES

THE

GREAT

M I D W E S T

Our central location is an important advantage to
every correspondent in the great midwest. Location
PLUS our continuous 24-hour Transit Service keeps
collection items on the move without delay.
The next time speed is essential in the clearing of
transit items, use our round the clock service . . .
used by more and more correspondents every day.

★

LIVE STOCK N A T IO N A L B A N K
OMAHA, NEBRASKA
A®***

THE

BANK

Of

f R I E N D L Y y j

Member Federal Deposit Insurance Corporation

Nort hwest ern Banker, February, 1947


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

S E R V I C E

55
M t. P lea sa n t B a n k & T ru s t C o m ­
p a n y , M t. P leasan t, Io w a , in cre a se
fr o m $50,000 to $60,000.

In Io w a F a lls
G e o rg e L. N issly , fo r m e r ly an officer
o f th e C en tra l N a tion a l B an k , D es
M oin es, in th e tru st a n d fa r m m a n ­
a g e m e n t d ep a rtm en ts, is n o w lo ca te d
in Io w a F a lls as a m e m b e r o f th e firm
o f O sgood , N is s ly & G anfield. T h e firm
sp e cia lize s in ta x r e p o r ts an d fa rm
s u p e rv is io n .

L y n n A . R u s s e ll

G rou ps One an d E leven
M e e t This M o n th
S io u x C it y Is H o s t on F e b r u a r y 12, a n d
B u rlin g to n w ill E n t e r t a in on F e b r u a r y 2 2
G r o u p s O n e a n d E le v e n
I T ’S G ro u p M e e tin g m o n th a g a in in
I Io w a , w h e n G ro u p O ne h o ld s its
a n n u a l s e ssio n in S io u x C ity o n F e b r u ­
a ry 12, at th e M a rtin H otel, an d G rou p
E le v e n w ill a sse m b le at th e H o te l B u r ­
lin g to n , in B u r lin g to n , on W a s h in g ­
to n ’s B irth d a y , F e b r u a r y 22.
H e n r y V isse r, ca sh ie r o f th e F ir s t
N a tio n a l B a n k , H a w a rd e n , w ill p r e ­
sid e as c h a ir m a n o f G ro u p One, and
L e o n a r d F r e s c o ln , p r e s id e n t o f th e
F ir s t N a tio n a l B a n k in F a irfield , w ill
b e in th e c h a ir at B u rlin g to n . T h is
b e in g an o d d n u m b e r e d y ea r, b o th
G ro u p s w ill e le c t n e w officers, said
n e w o fficers to ta k e office im m e d ia te ly
fo llo w in g th e S tate c o n v e n t io n n e x t
O ctob er.
On th e p r o g r a m in S io u x C ity w ill
b e H a r o ld B re n to n , p r e s id e n t o f th e
Io w a
B a n k e rs A s s o c ia tio n ; N. P.
B la ck , Io w a s u p e r in te n d e n t o f b a n k ­
in g ; a n d K e n n e th E v a n s , lie u te n a n t
g o v e r n o r o f Io w a . It is e x p e c te d th at
th e u su a l s o cia l h o u r an d d in n e r w ill
b e h e ld th e e v e n in g o f th e 12th at th e
M a rtin H otel.
A t B u r lin g to n th e fe s tiv itie s w ill
sta rt th e e v e n in g o f F e r u a r y 21 w ith
a n in fo r m a l p a r ty at th e H o te l B u r ­
lin g to n .
M ain s p e a k e r fo r th e m e e tin g fo l­
lo w in g th e lu n c h e o n o n th e 22nd w ill
b e A . D. K r o p p u c h , m a y o r o f D a v e n ­
p o rt, Io w a . O th ers o n th e B u r lin g to n
p r o g r a m w ill b e H a r o ld B r e n to n an d
N. P. B la ck ; L in to n H a in er, d ir e c t o r o f

v e te ra n s e d u c a tio n o f th e Io w a d e p a rt­
m en t o f p u b lic in s tr u c tio n , w h o w ill
ta lk o n th e s u b je c t o f on -th e-job tra in ­
in g fo r b a n k s; F r a n k W a r n e r , s e c r e ­
ta ry o f th e Io w a B a n k e rs A s s o c ia tio n ;
an d E . L . J en k in s, s u p e r v is o r fo r th e
Io w a b a n k e rs in s u ra n ce p r o g r a m an d
r e tir e m e n t p la n fo r Io w a b a n k staff
p e rso n n e l.
In d ic a tio n s a re th a t m e e tin g s o f
b o th G rou p O ne an d G rou p E le v e n
w ill b e w e ll a tten d ed .

O r g a n iz e V o lg a B a n k
A r tic le s o f in c o r p o r a tio n h a v e b e e n
filed fo r th e V o lg a S tate B a n k , V o lg a ,
Io w a , w ith tr u s t p o w e r s in c lu d e d u n ­
d e r th e se a rticle s o f in c o r p o r a tio n .
A . J. J o h n s o n o f E lk a d er, Io w a , has
b e e n n a m ed p re sid e n t, C. J. O rr o f
V o lg a h as b e e n n a m e d v ic e p r e s id e n t
a n d ca sh ier. H e r e c e n tly re s ig n e d as
ca sh ie r in th e State T r e a s u r e r ’s office.
T o ta l ca p ita l s tr u c tu r e o f $45,000 w ill
b e a llo ca te d as fo llo w s : ca p ita l stock ,
$30,000; su rp lu s, $10,000, an d u n d iv id e d
p rofits, $5,000.
T h e o p e n in g d ate has n o t b e e n d e f­
in ite ly e sta b lish e d b u t it is a n ticip a te d
th a t it w ill b e a p p r o x im a t e ly M a rch 1.
T h is c o m m u n it y has b e e n w ith o u t
b a n k in g s e r v ic e sin c e 1932.

L y n n A . R u ssell, 60, e x e c u tiv e v ic e
p re s id e n t o f th e L e e C o u n ty S a v in g s
B an k , F o r t M a d ison , Io w a , d ie d su d ­
d e n ly at h is h o m e last m on th .
L o n g p r o m in e n t in Io w a b a n k in g
an d fin a n cia l circle s, h e w a s a ssocia ted
w ith W . R. C o o p e r in th e a b stra ctin g
b u sin e ss at N e w to n an d s e r v e d as p r e s ­
id en t o f th e F ir s t N a tion a l A b s tr a c t
C o m p a n y o f th a t city . H e w a s a sso­
cia ted w ith th e F ir s t N a tion a l B a n k
o f N e w to n fo r o v e r 20 y ea rs, b e c o m in g
e x e c u tiv e v ic e p re s id e n t o f th a t o r ­
g a n iza tion .

S p o n s o r S o il C o n t e s t
A so il im p r o v e m e n t c o n te s t fo r S cott
c o u n t y fa r m y o u th s c lu b s w ill b e s p o n ­
s o re d b y th e S co tt C o u n ty B a n k e rs
a sso cia tio n , it w a s d e cid e d at a m e e t­
in g at H o te l B la ck h a w k , D a v e n p o rt,
Iow a , la st m o n th . T h e b a n k in g g r o u p
w ill fu r n is h p rize s to th e b o y s s h o w ­
in g th e g re a te st im p r o v e m e n t o n s p o n ­
s o r e d p r o je c ts .
T h e p r o p o s itio n w a s o u tlin e d to th e
g r o u p b y E r r e tt C a ld e rw o o d , ch a irm a n
o f th e S co tt C o u n ty S oil C o n s e rv a tio n
c o m m itte e .

T w o C a p it a l I n c r e a s e s
A n a n n o u n c e m e n t fr o m J. H . R e d ­
m an , a ssista n t to th e s u p e rin te n d e n t
in th e State o f Io w a D e p a rtm e n t o f
B a n k in g , a d v ises th a t a m e n d m e n ts
h a v e b e e n filed w h ic h p r o v id e fo r ca p ­
ital s to c k in cre a s e s fo r th e fo llo w in g
banks *
U n ited H o m e B a n k & T r u s t C o m ­
p a n y , M a son C ity, Io w a , in cre a s e fr o m
$100,000 to $200,000.

M itc h e ll C o u n ty M e e tin g
T h e r e g u la r q u a r te r ly m e e tin g o f th e
M itch e ll C o u n ty B a n k e rs A s s o c ia tio n
w a s h e ld in O sage, Io w a , last m o n th
w ith th e C a rp e n te r S a v in g s B a n k as
h ost.
F o llo w in g d in n er, th e g r o u p as­
s e m b le d in th e d ir e c t o r s ’ r o o m o f th e
H o m e T r u s t an d S a v in g s B a n k fo r th e
re g u la r b u sin e ss m e e tin g w ith P r e s i­
d e n t A . B y r o n G olb erg , v ic e p re sid e n t
o f th e St. A n s g a r C itizen s State B a n k ,
p resid in g .
A n n u a l e le c tio n o f officers w a s h eld
w ith A . J. H e im e rm a n , ca s h ie r o f th e
S ta c y v ille S a v in g s B an k , b e in g e lected
p r e s id e n t a n d C liffo rd M oss, assistan t
ca sh ie r o f th e O sage F a r m e r s N a tion a l
B a n k , b e in g c h o s e n secre ta ry -tre a s­
u r e r fo r 1947.
T h e n e x t q u a r te r ly m e e tin g o f th e
a s s o cia tio n w ill b e h e ld A p r il 9th o f
th is y e a r w ith th e tw o O sage b a n k s
as h osts.

Scarborough & Company

Did you know that this company pioneered in putting
Bank Insurance on a scientific basis and forcing
rate reductions? A sk us about our counseling service.

Insurance Counselors
F IR S T

N A T IO N A L . B A N K


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

B U I L D IN G

•

C H IC A G O

3,

IL L IN O IS

•

STATE

4325

Northwestern Banker. February, 1947

56

Iowa News

H e a d s Io w a C it y C . o f C .
P re sid e n t o f th e Io w a C ity C h a m b er
o f C o m m e rce fo r th e c o m in g y e a r is
W illia m W . S u m m e rw ill, v ic e p r e s i­
d en t o f th e Io w a State B a n k an d T ru s t
C o m p a n y o f Io w a C ity.
M r. S u m m e r w ill s u cce e d s A tto r n e y
D. C. N olan .
O ther officers u n a n im o u s ly e lected
w e r e : J. W . K irw a n , first v ic e p r e s i­
d en t: R u s s e ll M ann, se c o n d v ic e p r e s i­
d en t; an d H a r r y D ean, trea su rer.
T h e s e officers s u c c e e d V e r n B ales, A .
A. W e lt an d G e o rg e D a v is, r e s p e c ­
tiv e ly .

P r e s id e n t o f B a n k
A n n o u n c e m e n t is m a d e th at W ilfr e d
B. H o a g lin h as b e e n n a m ed p re s id e n t

o f th e n e w M t. P le a sa n t b a n k , th e Mt.
P lea sa n t B a n k an d T r u s t C om p a n y .
H e w ill b e a c tiv e ly in ch a rg e.
C h a rles R . A tw e ll, w h o has b e e n a c­
tiv e in th e o r g a n iz a tio n o f th e n e w
ba n k , w ill b e v ic e p re s id e n t an d c a s h ­
ier u n d e r th e n e w a rra n g em en t.

ant ca sh ier. G. L. A r m s tr o n g , a d ir e c ­
to r o f th e b a n k sin ce its o r g a n iz a tio n
in 1925, has so ld h is s to c k an d r e sig n e d
fr o m th e b oa rd . A n e w d ir e c t o r w a s
to b e e le cte d at th e a n n u a l m e e tin g
F e b r u a r y 11th.

A m es
A lle r t o n
W . F . K e s te r s o n r e s ig n e d h is p o s i­
tio n as ca sh ie r o f th e S e cu rity State
B an k , A lle r to n , Io w a , la st m o n th to
a cce p t a p o s itio n as a ssista n t m a n a g er
o f th e Y a k im a V a lle y B ra n ch o f th e
Seattle F ir s t N a tion a l B a n k in Y a k im a ,
W a s h in g to n . J. R a y S h riv e r, assista n t
ca sh ie r th e p ast th re e y ea rs, h as b e e n
ele cte d ca s h ie r o f th e S e c u r ity State
B an k . G len G re e n le e has jo in e d th e
b a n k to re p la c e M r. S h r iv e r as a ssist­

W it h o n e e x c e p tio n , all officers an d
m e m b e rs o f th e b o a rd s o f d ir e c to r s o f
th e th re e A m e s b a n k s w e r e re -elected
at th e a n n u a l m e e tin g s last m on th .
C.
F. C u rtiss, d ea n e m e ritu s o f th e
d iv is io n o f a g r ic u ltu r e at Io w a State
C olleg e, r e s ig n e d as v ic e p r e s id e n t and
a m e m b e r o f th e b o a r d o f th e C o lle g e
S a v in g s B an k .
C h e v V . A d a m s, p re s id e n t o f th e
C o lle g ia te M a n u fa ctu rin g C o m p a n y ,
w h o w a s e le cte d a m e m b e r o f th e
b o a rd tw o y e a rs ago, w a s n a m e d v ic e
p re s id e n t to su c c e e d D ea n C u rtiss.

Ames Trust and Savings

Group II M eeting
BURLINGTON
S atu rday, Feb. 2 2

C la y W . S ta fford, p re s id e n t; L . B.
S p in n ey , v ic e p re sid e n t; G. R . A lle y ,
ca sh ier, an d H. P. M cN eil, a ssista n t
ca sh ier. D ir e c to r s : M r. A lle y , C ly d e
B la ck , J. B. D a v id so n , R. D. F e ld m a n ,
C h a rles R e y n o ld s , M r. S p in n e y , M r.
S tafford, K . W . S to u d e r an d F . R.
W h ite .

BURLINGTON
Welcomes You/

C. A . K n u d so n , p re s id e n t; C. V .
A d a m s, v ic e p re s id e n t; T . E . L a V e lle ,
ca s h ie r; C. H . B u d o lfs o n an d L . J.
S ifrit, a ssista n t c a sh ie rs; M. S. H eggen , m a n a g e r o f S la ter office. D ir e c ­
to r s : M r. A d a m s, D a v id E d w a rd s, M r.
L a V e lle , E. C. H u tc h in s o n , C. A . I v e r ­
son , M r. K n u d s o n a n d W . G. M u rra y .

College Savings

Burlington banks extend a hearty invita­
tion to all members of Group Eleven and
other bankers to attend our annual Group
meeting here Saturday, February 22.
We have arranged a fine program and
we have also prepared some excellent
entertainment for your enjoyment on Friday
evening. Be sure and attend our Group
Meeting and enjoy our well-known Burling­
ton hospitality.
REMEMBER TO BE WITH US AT OUR
FRIDAY EVENING BUFFET!

Burlington Savings Bank
Farmers & Merchants Savings
Bank
National Bank ol Burlington
Northwestern Banker, February, 1947


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

Union Story Trust and Savings
G e o rg e J u d isch , ch a irm a n o f b o a rd ;
C. F . C a dw ell, p re s id e n t; N. L . N elson ,
v ic e p re sid e n t; H. R. M artin , ca sh ie r;
G e o rg e R ich a rd s o n , R. B. H o lm e s an d
C h a rlotte E . B o w m a n , a ssista n t c a s h ­
iers; J. H . R e y n o ld s , m a n a g e r o f G il­
b e r t office. D ir e c to r s : W . T. B arr,
L o u is H . J u d isch , C. G. L e e , M r. C ad­
w ell, M r. M artin , C. F . C u rtiss, G e o rg e
J u d isch , L. W . M cE ly e a , M r. N e lso n
an d A d o lp h Shane.

Boone
R e -e le ctio n o f all officers an d d ir e c ­
to rs o f th e C itizen s N a tion a l B an k ,
B o o n e , Io w a , w a s v o te d b y s to c k h o ld ­
ers at th e a n n u a l m e e tin g o f th e g r o u p
last m o n th in B o o n e . J o h n H . G oepp in g e r a g a in w a s e le cte d c h a irm a n o f
th e b oa rd . T h e b a n k e n jo y e d a p r o fit­
a b le y e a r w ith in cre a se s in a ll d e p a rt­
m en ts an d p a id an e ig h t p e r c e n t d iv i­
d e n d to s to ck h o ld e rs .
O fficers a re R. H . B a rb er, p re s id e n t;
J. H . A b b o tt, v ic e p re s id e n t; E . E.
W ie m e r , ca s h ie r a n d tru st officer; H .
R. E a ton , A r th u r C. H e rm a n , C. D.
C lau sen , a ssista n t ca sh iers, an d H . N.
B ean, a u d itor. D ir e c to r s are M r. G oepp in g er, M r. A b b o tt, M r. B a rb e r, R . T.
D u c k w o r th , F . L . M a ck ey , C. C. Q u in n
a n d M r. W ie m e r .

B u rlin g to n
The
B u r lin g to n
S a v in g s
Bank
s h o w e d an in cre a se in d e p osits, sa tis­
fa c t o r y ea rn in g s an d in cre a s e s in u n ­
d iv id e d p rofits an d su rp lu s in 1946, it
w a s re p o r te d at th e a n n u a l m e e tin g .
A ll officers a n d m e m b e r s o f th e
b o a r d o f d ir e c to r s w e r e re -e le cte d an d
3 n e w p o s itio n s crea ted .

57

The money your depositors re­

the day o f receipt.

ceive from the sale of live stock

All you have to do is ask your

in Chicago is speedily trans­

shippers to instruct their com­

ferred to their credit in your

mission firms to route the pro­

Bank if routed through us. The

ceeds o f their live stock sales

Stock Yards post office is just

through this Bank. We shall be

across the street and the advice

glad to supply you with instruc­

of credit is mailed to you on

tion cards for this purpose.


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

'J
j f v

L IV E S T O C K
B A N K

c ^ K (o / it c a ffo

ESTABLISHED

1868

U N I O N S T O C K YARDS

M em ber Federal Deposit Insurance Corporation

Northwestern Banker, February, 1947

58

Iowa News

G e o rg e C. S w ile r w a s a g a in n a m ed
p r e s id e n t a n d tru st officer, C h a rles L.
B o sie r, v ic e p r e s id e n t; W . H . S w iler,
ca sh ie r; M. T. G ra n a m a n , assista n t
ca sh ier, a n d R. L . W a lte rs , a ssista n t
ca sh ier.
T h e n e w p osts a re filled b y H u d s o n
S w ile r as a ssista n t ca s h ie r; R o b e r t C.
A n d e r s o n , a ssista n t ca sh ier, a n d R o y
H. H en sel, a u d itor. J u a n ita B in d o n
an d W . H. S w ile r w e r e n a m e c a ssist­
a n t tru st officers.
M. E. F in c k h ea d s th e b o a r d o f d ir e c ­
tors as ch a irm a n . O th ers re n a m e d to
th e b o a rd a re R. E. P e ttig re w , A . J.
K lein , P . J. D ela n ey , J. W . M cE lr o y ,
E. G. D isq u e, G e o rg e C. S w ile r an d Mr.
B osier.

p r e s id e n t o f th e State S a v in g s B an k ,
C o u n cil B lu ffs, Io w a , last m o n th . T h is
p la ce s M r. B la n ch a rd a m o n g th e
y o u n g e s t p re sid e n ts o f b a n k s th is size.
M r. B la n ch a rd h as b e e n e x e c u tiv e
v ic e p r e s id e n t tw o y e a rs a n d h as b e e n
a sso cia te d w ith th e b a n k m o r e th an
10 y ea rs. H e su c c e e d s h is fa th er. A .
C. B la n ch a rd , w h o w a s e le c te d c h a ir ­
m a n o f th e b oa rd .

C r e s to n

b e r o f th e state h ig h w a y c o m m is s io n ,
an d a fo r m e r state se n a to r fr o m th is
d istrict.
N e w d ir e c to r s n a m e d w e r e D r. Carl
E. S a m p so n a n d T h o m a s L . D o u g h e rty .
D ir e c to r s re -e le cte d w e r e F a y e R a w ls
D a v e n p o rt, J. E. D eitrick , S. R a y E m ­
e rso n a n d W . G. R o y c e . M r. R o y c e
w as e le v a te d to v ic e p r e s id e n c y to
re p la c e C. S h erm a n R ex , w h o died
last fall. R. K. M e a d o w s w a s re-elected
ca sh ie r a n d E r n e s t P o rte r, assista n t
ca sh ier.

S.
R a y E m e r s o n , C reston , Io w a , c o n ­
tr a c to r a n d fo r m e r m a y o r, w a s elected
D a ve n p o rt
p re s id e n t o f th e Io w a S tate S a v in g s
T h r e e officers o f th e F ir s t T r u s t &
B a n k th e re last m o n th . H e s u cce e d s
S a v in g s B a n k r e c e iv e d p r o m o tio n s as
J. E . D ie trick , w h o h a d s e r v e d as
a re su lt o f th e r e c e n t re tir e m e n t o f
p r e s id e n t sin ce 1943. M r. D ie tr ic k w ill
G e o rg e M. B e c h te l as p r e s id e n t an d
co n tin u e as a m e m b e r o f th e b o a r d o f
C o u n c il B lu ffs
R. O. B y e r r u m as e x e c u tiv e v ic e p r e s i­
d ire cto rs .
d en t, a n d th e e le c tio n o f H a ro ld R.
C ly d e B la n ch a rd , 34, w a s ele cte d
T h e n e w b a n k p r e s id e n t is a m e m ­
B e c h te l as p r e s id e n t o f th e in stitu tion .
L o u is M a rtin w a s a d v a n ce d fr o m as­
sista n t ca s h ie r to ca s h ie r a n d W . C.
S id d le fr o m a ssista n t tru st officer to
tru st officer. F r a n k J o h n s o n , w h o is
a v ic e p re s id e n t o f th e b a n k , p r e v io u s ­
ly h eld a lso th e titles o f ca s h ie r an d
tru st officer. T. L . V in y a r d , m an ager
o f th e in sta llm e n t loa n d e p a rtm e n t,
w a s g iv e n th e title o f a ssista n t v ic e
p resid en t.
G e o rg e M. B e ch te l, w h o h as b e e n
---------------------------------------------------------- ★ ---------------------------------------------------------p r e s id e n t o f th e b a n k sin ce it w a s o r ­
g a n ized as th e B e c h te l T r u s t C o m p a n y
in 1927, r e tire s as an a c tiv e official o f
th e b a n k , b u t w ill co n tin u e in an ad­
v is o r y ca p a city .
H e is a lso r e tir in g
fr o m th e b o a rd o f d ir e c to r s .
As of December 31, 1946
D ir e c to r s e le cte d b y th e s tock h old ers w e r e H a ro ld R. B e ch te l, L. C. Collig n o n , F r a n k A . J o h n s o n , H e n r y
L is c h e r , A lle n E. L u s k , F r a n k E. M oren cy , I. W e ir Sears, D r. A . L . S y v e r u d
RESOURCES
an d A1 F . U ch to rff. T h e s e are th e sam e
d ir e c to r s w h o h a v e b e e n s e r v in g w ith
Cash and due from banks___________________________ $ 5 ,8 4 1 ,5 5 5 .8 8
M r. B y e r r u m an d G e o rg e M. B e ch te l
Loans and Discounts_________________________________
5 ,0 8 2 ,9 8 4 .7 7
as a d d itio n a l m e m b e rs p r io r to th e
U. S. Government Securities_________________________ 1 0 ,6 9 8 ,1 2 7 .1 8
m eetin g .
T h e n e w officers a re: H a r o ld R.
State, County and Municipal Securities___________
3 ,2 9 6 ,9 1 7 .4 4
B e ch te l, p re s id e n t; R. O. B y e r ru m .
3 2 3 ,3 0 0 .3 7
Other B o n d s --------------------------------------------------------------v ic e p r e s id e n t u n til J u ly 1; F r a n k A
Stock in Federal Reserve B ank______________________
2 1 ,0 0 0 .0 0
J o h n s o n , v ic e p re s id e n t; L o u is M artin ,
Overdrafts ___________________________________________
1,0 0 5 .6 1
ca sh ie r; W . C. S iddle, tru st officer; T.
Furniture and Fixtures______________________________
7 ,3 0 5 .0 2
L. V in y a rd , a ssista n t v ic e p re sid e n t,
an d G. W . T h o m p s o n , a ssista n t ca sh ier.
Accrued Interest Receivable________________________
8 1 .6 3 5 .6 4

THE NATIONAL BANK
OF WATERLOO

STATEMENT O F CONDITION

$ 2 5 ,3 5 3 ,8 3 1 .9 1

LIABILITIES
Capital Stock — C o m m o n __________________________$
2 5 0 ,0 0 0 .0 0
Surplus -------------------------------------------------------4 5 0 ,0 0 0 .0 0
Undivided Profits __________________________________
2 2 8 ,8 0 8 .5 4
Reserve for Taxes, Interest, etc_____________________
1 9 8 .0 9 3 .5 0
Interest Collected but not Earned___________________
1 6 ,0 8 6 .4 1
D e p o s its -------------------------------------------------------2 4 ,2 1 0 ,8 4 3 .4 6
$ 2 5 ,3 5 3 ,8 3 1 .9 1

D o n n e lfso n
T h e a n n u a l m e e tin g o f s to c k h o ld e r s
fo r th e C itizen s State B a n k o f D on n ellson , Iow a , w a s h eld r e c e n t ly an d the
fo llo w in g officers an d b o a r d m em bers:
w e r e e le c te d : W a lte r T. R o b in s o n ,
p re s id e n t; M. G. A d d ick s , v ic e p re s i­
d en t an d ca sh ie r; H . A . T r u m p an d
C arl B e n tz in g e r, v i c e
p resid en ts;
H elen P a isley , a ssista n t ca sh ier.
N a m ed to th e b o a r d o f d ir e c to r s
w e r e W a lt e r T. R o b in s o n , M. G. A d ­
d ick s, G ra ce J. R o b in s o n , H . A . T r u m p
a n d C arl B e n tzin g e r.

D e n iso n

OFFICERS
James M. Graham ....... Chairman
Chas . S. M cK instky ----- President
R. L. Penne .....................Vice Pres.

A. J. Bu r k ................... ........Cashier
H. F. H offer. . . .Assistant Cashier
R. L. K iegore. . .Assistant Cashier

M e m b er F ederal R eserve S ystem
M e m b er F ederal D eposit Insurance C orporation

Northwestern Banker, February , 1947


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

T h u r m a n C. A a re sta d w a s n a m ed
p re sid e n t, R o b e r t T . K n a p p , ca sh ier,
an d W illia m A d a m s, ch a ir m a n o f th e
b o a rd o f d ir e c to r s o f th e F ir s t N a­
tio n a l B an k , D en ison , Io w a , at a m e e t­
in g o f s to c k h o ld e r s la st m o n th .
T h e fo llo w in g d ir e c to r s w e r e a lso
n a m e d : F lo y d E . P age, W . D. M u n dt,
J. R . S m ith o f D o w C ity, M r. A d a m s
a n d M r. A a resta d .
M r. A a resta d , w h o su c c e e d s M r. A d ­
am s as p r e s id e n t o f th e b a n k , w a s ad-

Iowa News
L e o n a r d N. F r e s c o ln a n d R a y m o n d
Z e ig le r w e r e a d d ed to th e b o a r d o f
d ir e c to r s a n d th e fo llo w in g m e m b e rs
w e r e re -e le cte d : A . G. J ord a n , W . H.
B a n g s, L e R o y W illia m s , J. H . M o n t­
g o m e r y , D. A . N elson , F . A . S p ielm a n
a n d O. A . C lark.

Fonda
W a lte r W . S teg e o f S ib ley, Io w a , has
b e e n e m p lo y e d as a ssista n t ca s h ie r o f
th e F ir s t N a tion a l B a n k , F o n d a , Iow a .
A t th e a n n u a l e le c tio n o f officers an d
d ir e c to r s , d ir e c to r s e le c te d w e r e : G u y
F . W ild e , G. H . S tra igh t, R. W . Bask e r v ille , A . L. A n d e r s o n , W . F . N eavin, J a m es M u r p h y an d A . M. K u h l.
O fficers e le cte d w e r e : G u y F . W ild e ,
p re s id e n t; G. H . S tra igh t, v ic e p r e s i­

d en t; A . M. K u h l, ca sh ier, a n d W a lte r
W . S tege, W a y n e B. R o w la n d a n d A .
A . N ah n sen , a ssista n t ca sh iers.

H a w a rd e n
A t th e s to c k h o ld e r s m e e tin g o f th e
F ir s t N a tion a l B a n k o f H a w a rd en ,
Io w a , E. T. D u n la p w a s re -elected
p r e s id e n t a n d D. C. M cC o w n w a s
e le cte d v ic e p re s id e n t to s u c c e e d Y o r k
J o h n s o n . H . V is s e r w ill co n tin u e as
ca sh ie r an d W . H . T a u sz w a s a p ­
p o in te d to s e r v e as a ssista n t ca sh ier.
D ir e c to r s e le cte d w e r e E . T . D u n la p ,
D. C. M cC o w n , H . V isse r, F . B. S ch oen em a n an d J. A . A r m s tr o n g .
N in e te e n fo r t y -s ix w a s an e x c e lle n t
y ea r. S u rp lu s in cre a s e d to $50,000 an d
eq u a ls th e ca p ita l. T h e b a n k ca rrie s

“COME IN!”

T. C. A A R E ST A D
President, First National, Denison

v a n c e d to th e p o s t fr o m ca sh ier. H e
ca m e to D e n is o n in A p r il, 1941, fr o m
G ra fton , N o rth D a k ota , a n d h as h a d 21
y e a r s o f b a n k in g e x p e r ie n c e in A da,
M in n esota , F a rg o , N o rth D ak ota, G ra f­
to n an d D en ison .

59

When you are in Sioux City, we invite you
to drop in and say "Hello." When you have
business here, we invite you to use our cor­
respondent service.

Dubuque
T h e A m e r ic a n T r u s t a n d S a v in g s
B a n k o f D u b u q u e , Io w a , h e ld its an ­
n u a l m e e tin g o f s to c k h o ld e r s last
m on th .
T h e d ir e c to r s fo r th e n e w y e a r, all
o f w h o m a re re-elected , a re : C. J.
S ch ru p , D. W . E rn st, D. B. C assat, W .
N. G lab, R. F . G lab a n d O tto F . H en k er.
C. J. S ch ru p w a s r e -e le cte d c h a irm a n
o f th e b o a rd , an d o th e r officers r e ­
e le cte d w e r e : D. W . E rn st, p re sid e n t;
R . F . G lab, first v ic e p re sid e n t, a n d C.
J. K le in s c h m id t, v ic e p re sid e n t. A . L .
V o g e l, fo r m e r ly ca sh ier, w a s e le cte d
v ic e p r e s id e n t an d ca sh ier, an d N. J.
G retem a n , fo r m e r ly a ssista n t ca sh ier,
w a s e le c te d v ic e p resid en t.
M. J. B a u m h o v e r a n d M. B . K u r t
w e r e r e a p p o in te d as a ssista n t ca sh iers.
J. L . R ile y , I. L . K ie le r an d H . G.
M e lch io r, Jr., w e r e n e w ly a p p o in te d
as a ssista n t ca sh iers.

Also, we hope to see you this month at our
annual Group One Meeting. Come and en­
joy Sioux City hospitality!

A . G. Scan, President
Fritz Fritzson, Vice Pres, and Cashier
E. A . Johnson, Assistant Cashier
J. T. Grant, Vice President

H. H. Strifert, Assistant Cashier

J. R. Graning, Assistant Cashier
R. E. Gleeson, Assistant Cashier
J. Ford Wheeler, Auditor
MEMBER FEDERAL RESERVE SYSTEM
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

F a ir f ie ld
L e o n a r d N. F r e s c o ln w a s e le cte d
p r e s id e n t o f th e F ir s t N a tion a l B a n k
in F a irfie ld at th e a n n u a l s to c k h o ld e r s
m e e tin g . H e w a s fo r m e r ly e x e c u tiv e
v ic e p re sid e n t.
A . G. J o r d a n w a s
e le c te d c h a ir m a n o f th e b o a r d o f d i­
r e cto rs .
T h e fo llo w in g officers a lso w e r e
e le c te d : L e R o y W illia m s , v ic e p r e s i­
d en t; G len n A . S h erm a n , ca sh ier, an d
E. H . K y le , a ssista n t ca sh ier.
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.

* * * ★

/i f S /O U Y C /flf * * *

OM AHA


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

Northwestern Banker, February, 1947

60

Iowa News

D avenport Dank D em odels

BANKING OFFICES o f T H E N O R T H W E S T B A N K
A N D T R U S T C O M P A N Y , D avenport, Iow a, w ere rem odeled
during the past y ea r to p rovid e up-to-date counter space
more suitable fo r tellers and custom ers. A m odern night
d ep ository vau lt has been in stalled as w ell as several sec­
tions o f new sa fe deposit boxes.
A t the annual m eeting o f stockholders and directors last
an u n u su a l so u n d ra tio o f ca p ita l in ­
v e s te d to a m o u n t o f d ep osits, th is fig­
u re b e in g tw e lv e to on e.

H ills
D ire cto rs, officers a n d e m p lo y e s o f
th e H ills B a n k an d T ru s t C o m p a n y at
H ills, Iow a , w e r e re -elected at th e a n ­
n u a l m e e tin g o f th e ban k .

month, all directors and officers w ere re-elected, w ith Henry
H. Jebens, p resid en t; W. F. Meiburg, v ic e p resid en t; L. W.
Fromme, cashier and trust officer, and B. F. McGee and
C. U. Schaefer, assistant cashiers. D irectors include Mr.

Jebens, Mr. Meiburg, Fritz Keppy, Dr. A. B. Kuhl, Sr.,
Clarence Heeter, G. H. Ruehmann, Martin Thomsen, Martin
Runge and Ben Kelling.

T h e an n u a l five p e r c e n t d iv id e n d
a lso w a s v o te d b y th e b a n k officials.
T h e officers an d e m p lo y e s a re: J. E.
P ech m a n , p re s id e n t; S en a tor L e R o y
S. M ercer, v ic e p re s id e n t; A . F . D roll,
ca sh ie r; T. R. Jam es, a ssista n t ca sh ier,
and A lic e C la u sen S m ith , b o o k k e e p e r .
D ire cto rs in clu d e S en a tor L. S. M e r­
cer, J. E. P ech m a n , A . F . D roll, R o y
L a ck e n d e r, Iv a n H. M aas, C. P. D e g ­
en h art, a n d W illia m J. P ech m a n .

Io w a

y e a r term , w ith th o s e re -e le cte d b e in g
F. A . R u m m e ll, H . M. B en n ett, J. W .
C a pw ell, R . W . W e ld e n a n d I. W .
B raga.
O fficers o f th e b a n k are n o w F . A .
R u m m e ll, p re s id e n t; H. M. B en n ett,
J a m es L. R u m m e ll a n d I. W . B raga,
vice
p re s id e n ts ; H e n r y O v e rb e ck ,
ca sh ier, a n d H a r r y W h ite h o r n , a ssist­
ant ca sh ier. E x p e c te d to ta k e u p h is
d u ties h ere s h o rtly , J a m es R u m m e ll
w ill a lso a ct as a ssista n t ca sh ier.

F a lls

Ja m es L. R u m m e ll an d H e n r y C.
O v e r b e c k w e r e ad d ed to th e b o a rd o f
d ir e c to r s o f th e Io w a F a lls State B a n k
o f Io w a F a lls, at th e a n n u a l b o a r d
m eetin g , b r in g in g th e n u m b e r o f d ir e c ­
tors o f th at in stitu tio n to sev en .
A ll d ir e c to r s w e r e ele cte d fo r a one-

Low den
A t th e a n n u a l m e e tin g o f th e s to c k ­
h o ld e r s o f th e A m e r ic a n T r u s t and
S a v in g s B a n k , L o w d e n , Io w a , W . H.
W itte w a s n a m ed p re s id e n t; C. E.
K r o e m e r , v ic e p re s id e n t; A r n o ld K o c h ,
ca sh ier; M rs. O lga K o h n e r t, assista n t

G ~ rfxe

P A R T IC IP A T IO N IN

p u b l ic
n a t io n a l

Ban k
ancfTrust^Company
ofJ/ewXjork.
3 7 B r o a d S t ., N e w Y o r k C i t y
26 Offices
Throughout Greater New York

UUUUIIII111IIIUIIIIIIIIIIIIIIIIIIIIII11IIIUIIIIIIIIIIIIIIIIIIIUII1JUIII
Northwestern Banker. February, 1947


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

LA R G E

OR

E XCESS

LO A N S

adequate loaning limit . . . experience . . .
ability to see a picture through the other fel­
low’s eyes . . . these form the basis on which
Central National has teamed up with hanks
throughout the Midwest in arranging large or excess loans. Let us help you
expand your loan opportunities. Your relationship with the borrower wili
be carefully protected.

Ce n t r a l N a t io n a l B a n k
IN

C H I C A G O

C. F. KUEH NLE, P resid en t
S en ior V ic e P resid en ts

J. Ross Humphreys
Gus L. Nelson
C O R R E SPO N D E N T B A N KERS’

Harold H. Stout
D IV IS IO N

V ic e P resid en ts

Alfred O. Clave
Arthur A. Ellerd
Member Federal Deposit Insurance Corporation.

Earl H. Sollenbarger
Member Federal Reserve System.

Iowa News
ca sh ier, an d M iss H ild e g a rd K r o e m e r ,
teller.
A u g u s t F re u n d , w h o h as h e ld th e
p o s itio n as p re s id e n t o f th e b a n k fo r
m a n y y ea rs, w a s n a m ed ch a ir m a n o f
th e b o a r d o f d ir e c to r s .

T h e b o a r d o f d ir e c to r s n o w c o n sists
o f s ix m e m b e rs.
M. O. R u e w a s h ir e d as ca s h ie r an d
g iv e n e x e c u tiv e a u th o rity . R. M. M c­
Q u een w a s h ir e d as a ssista n t ca sh ier.

R ip p e y
M a n n in g
A t th e a n n u a l m e e tin g o f th e M a n ­
n in g T r u s t an d S a v in g s B a n k , M a n ­
n in g , Io w a , all d ir e c to r s a n d officers
w e r e re -e le cte d fo r th e c o m in g y ea r,
as fo llo w s : R . B. M u ld er, p re s id e n t;
J. J. Sin n , v ic e p re s id e n t; H . E . M e y ­
ers, ca s h ie r; H . L. R o b e rts , te lle r; an d
P e te r F . H a n se n a n d H e n r y J. M.
H a n sen , d ire cto rs .
D u r in g th e p a st y e a r $3,000 has b e e n
a d d ed to th e su rp lu s a cco u n t. D e p o s ­
its h a v e in c r e a s e d o v e r $250,000 d u r ­
in g th e last h a lf o f 1946.
E x te n s iv e i n t e r i o r r e m o d e lin g is
b e in g c o m p le te d , w h ic h w ill p r o v id e
e n la rg e d w o r k in g q u a rters. A ll fix ­
tu res h a v e b e e n r e m o d e le d b y r e m o v ­
in g g r ill w o r k an d a d d in g a solid
w a ln u t le d g e fo r n e w stre a m lin e effect.
F lu o r e s c e n t lig h tin g fix tu re s w e r e in ­
sta lled an d all o f th e in te r io r is b e in g
re d e co ra te d , in c lu d in g an in sid e set
o f sto n e steps.

T h e fo llo w in g d ir e c to r s an d officers
w e r e e le cte d at th e a n n u a l m e e tin g o f
th e R ip p e y S a v in g s B a n k , R ip p e y ,
Iow a .
D ir e c to r s a re: E. E. K u p fe r , J o h n
F o u c h , C. A . L o fs te d t, T o m P. G an ­
n on , D. M. C ru m ley .
O fficers a re: E. E. K u p fe r , p re sid e n t;
J o h n F o u c h , v ic e p re sid e n t; D. M.
C ru m le y , ca sh ie r; H . A . N o rg re n , as­
sista n t ca sh ier, an d W a lte r A n d e rs o n ,
teller.

61

R o lfe
A t th e a n n u a l m e e tin g o f th e s to c k ­
h o ld e r s o f th e R o lfe State B an k , R o lfe ,
Iow a , N. A . (J im ) W ils o n w a s ch o s e n
as d ir e c t o r to fill th e v a c a n c y in th e
b o a r d o f d ir e c to r s ca u sed b y th e d ea th
o f C. L. G u n d erson . O th er d ir e c to r s
w h o w e r e re -elected w e r e G. G. B u tler,
E. P. L o m e n , R. L. H u d s o n an d M. W .
W ebb.
A t a m e e tin g o f th e d ir e c to r s o f th e
b a n k h e ld at th e h o m e o f G. G. B u tle r
o n th e sam e d a y th e fo llo w in g officers
w e r e e le cte d : G. G. B u tler, p resid en t;
M. W . W e b b , v ic e p re sid e n t; an d E.
P. L o m e n , ca sh ier.
M. W . W e b b , th e n e w v ic e p resid en t,
has sp en t h is e n tire life in R o lfe w ith
th e e x c e p tio n o f a s h o r t tim e s p e n t in
C h ica g o an d D a v e n p o rt.

O naw â
A t th e a n n u a l m e e tin g o f th e O n aw a
S tate B an k , O naw a, Iow a , all fo r m e r
officers w e r e re-elected , an d W . G.
Ir w in w a s p r o m o te d to th e office o f
a ssista n t ca sh ier. C. E d w in H olm e s,
p r e s id e n t o f th e Io w a M aster B r e e d ­
ers, In c o r p o r a te d , w a s ele cte d to th e
b o a r d o f d ir e c to r s .

R a d c lif f e
C la u d e E. D ra k e, w h o has b e e n v ic e
p r e s id e n t w ith th e S e c u r ity S tate B a n k
o f R a d cliffe , Io w a , fo r th e p a st y ea r,
has re s ig n e d an d a c c e p te d a p o s itio n
w ith th e C ity B a n k at W a s h in g to n ,
D. C., w h e r e h e w a s fo r m e r ly e m ­
p lo y e d , b e fo r e g o in g w ith th e State
B a n k in g D e p a rtm e n t in 1941.
J o h n L. E rb e s, a ssista n t ca sh ier,
w a s u n ite d in m a rria g e w ith D o lo r e s
B u llo c k o f G len n s F e r r y , Id a h o, o n
J a n u a ry 14th.

Red O a k
A t th e a n n u a l m e e tin g o f th e M o n t­
g o m e r y C o u n ty N a tion a l B a n k , R e d
Oak, Io w a , h e ld la st m o n th , J e r r y S p i­
c e r w a s e le v a te d to an a ssista n t ca sh ­
ie r ’s p ost.
O th er officers are G e o rg e W . A rth e rh olt, p re s id e n t; W e n d e ll E. S trom ,
ca sh ier, an d M rs. E d ith J on es, a ssist­
a n t ca sh ier.

MANY MIDWESTERN BANKERS,
W H O SE C U S T O M E R S SH IP
L IV E S T O C K T O C H IC A G O ,
R E C O G N IZ E THE G E N U IN E
UTILITY OF DROVERS FRIENDLY
SERVICE HERE IN THE ‘YARDS’
AT THE CENTER OF THINGS.

R id g e w a y
T h e d ir e c to r s o f th e F a r m e r s State
B a n k in R id g e w a y , Io w a , h e ld th e ir
first m e e tin g last m on th .
A s th e fo r m e r b a n k p r e s id e n t R o llin
G. B a k e r has sold h is sto re b u s in e s s
in R id g e w a y an d m o v e d a w a y , h e w a s
u n a b le to c o n tin u e as p r e s id e n t and
ta k e an a c tiv e p a rt in th e m a n a g e m e n t
o f th e ban k .
T h e b o a r d o f d ir e c to r s ele cte d W .
F . S ou k u p , a m e m b e r o f th e b o a r d fo r
s e v e ra l y ea rs, to th e p r e s id e n c y o f th e
b a n k fo r th e e n s u in g y ea r.
C. T. T r y tte n , a re tire d b u sin e ssm a n
a n d a ch a r te r m e m b e r o f th e b oa rd ,
w a s e le cte d v ic e p re sid e n t.


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

Members, Federal Deposit Insurance Corporation

Northwestern Banker, February, 1947

62

Iowa News

T r ip o li
A u g u s t K r u e g e r w a s e le cte d p r e s i­
d e n t a n d W illia m A m b r o s e n a m ed to
th e b o a rd o f d ir e c to r s o f th e A m e r ic a n
S a v in g s B an k . T h e s e w e r e th e o n ly
ch a n g e s in p e r s o n n e l o f th e o r g a n iz a ­
tion . T h e tw o m e n s u c c e e d e d W illia m
H. M eier, w h o resig n ed .
O th er officers n a m ed at th e m e e tin g
w e r e : v ic e p re sid e n t, E. H . S teh n ;
ca sh ier, L. H . F in k ; a ssista n t ca sh ier,
H. J. F re se , an d teller, C. C. E ich m a n n .
R e -elected to th e b o a r d o f d ir e c to r s
w e r e A u g u s t K ru e g e r , E. H . Stehn,
H . J. F r e s e a n d H e n r y B oh le, Sr.

W a p e lio
A t th e a n n u a l m e e tin g o f sh a r e h o ld ­
ers o f th e State B a n k o f W a p e llo ,
Io w a , th e fo llo w in g d ir e c to r s w e r e
e le cte d : R o b e r t E r w in , H . B. H a m m er,
W . A . H a v e n h ill, O ran H a y es, R a lp h
G. L o w e , W . P. M cN eil, an d E d w a r d
C. W ittie r.
O fficers w e r e ele cte d as fo llo w s : W .
P. M cN eil, p re sid e n t; O ran H a y e s, v ic e
p re sid e n t; H. B. H a m m e r, e x e c u tiv e
v ic e p r e s id e n t a n d ca sh ie r; B ern a rd
P a rson s, A . T. W o lle n h a u p t, M ild red
L. W ittie r , a ssista n t c a sh ie rs; H elen
S h e lla b a rg e r a n d J a n et J oy , tellers.
R e tir in g d ir e c to r s a re: F r e d M ey erh olz, E lm e r S h ip m a n , D ea n H . P a r­
son s, G u y J a m ison , W illia m S illick
an d G u y H a rd m a n .

W e s t B ra n c h
F ir s t State B a n k o f W e s t B ra n ch ,
Iow a , h e ld its a n n u a l m e e tin g w ith th e
fo llo w in g d ir e c to r s b e in g re -elected :

F r e d W . H in k h o u se , J. C u rtis B a rn ­
h art, F lo y d T. F a w ce tt, W illia m W .
W e r tz b a u g h e r , N. P. O lsen, H . G ran t
H e m in g w a y a n d L a w r e n c e C. R u m m ells.
T h e officers e le cte d b y th e b o a r d o f
d ir e c to r s w e r e : F r e d W . H in k h o u se ,
p re sid e n t; J. C u rtis B a rn h a rt, v ic e
p re s id e n t; L a w r e n c e C. R u m m e lls,
ca s h ie r; W . S. M a x son an d E. L. G regg,
a ssista n t c a sh ie rs; B y r d e tta J. W e h rm an , s e cre ta ry , an d H a ro ld A . P e d e r­
sen a n d M a ry E d ith J effries, b o o k ­
k eep ers.
T h e b a n k is sta rtin g its se v e n ty se c o n d y e a r o f s e r v ic e in th e c o m ­
m u n ity a n d r e p o r ts th a t th e g a in in
b u sin e ss in 1946 w a s la rg e r th a n a n y
p re v io u s y e a r o f its h is to ry . It p aid
a d iv id e n d o f 12 p e r ce n t a n d tra n s­
fe r r e d $20,000 to th e su rp lu s a cco u n t,
m a k in g its ca p ita l str u c tu r e $25,000
c o m m o n s to ck , $60,000 su rp lu s and
$40,000 u n d iv id e d p rofits.

24%OFTIME

In Machine Filling!
S T E

e ì

^

I I

t r

O N G

TUBULAR

CO IN W R A P P E R S

C. R . G ossett, p r e s id e n t o f th e S e cu r­
ity N a tion a l B a n k , r e c e n tly a d d re sse d
a g r o u p o f 75 4-H officers a n d lea d ers
fr o m a ll to w n s h ip s in W o o d b u r y c o u n ­
ty . M r. G ossett a d v ise d th e b o y s and

W h e a t la n d
H e n r y G u en th er, 88, p r e s id e n t and
c h a irm a n o f th e e x e c u tiv e b o a r d o f
th e F ir s t T r u s t & S a v in g s B a n k o f
W h e a tla n d , Iow a , fo r 60 y e a rs, b e fo r e
a n d a fte r it w a s m a d e a state ba n k ,
r e s ig n e d at th e a n n u a l m e e tin g o f th e
ba n k .
T h e p re s e n t officers o f th e F ir s t
T r u s t & S a v in g s B a n k n o w are N o r ­
m a n G u en th er, p re s id e n t; H a r r y R u g g e b e rg , n e w c h a irm a n o f th e b o a r d
ta k in g H e n r y G u e n th e r's p la ce ; L e o n ­
ard P e d e rse n , n e w ly e le cte d v ic e p r e s ­
id en t; M. T. J en sen , n e w ly ele cte d
ca s h ie r; a n d L e r o y M oh r, a ssista n t
ca sh ie r; w ith M essrs. G u en th er, P e d e r ­
sen an d J en sen , M rs. Ida G u en th er
an d E m il K o c h o th e r m e m b e rs o f th e
b oa rd .

N a m e d V ic e P r e s id e n t

SAVE

T h e tota l d e p o sits in s a v in g s a c ­
c o u n ts at th e e n d o f 1946 w a s $18,412,971 a n d d u r in g th e y e a r th e b a n k s
p a id ou t a tota l o f $145,000 in in terest
to d e p o sito rs .
L o a n s o f $22,449,521 w e r e m ade,
p r in c ip a lly to m a n u fa c tu r in g c o n c e r n s ,
in d u stry , b u sin e ss an d fa r m in g o r g a n i­
za tion s.
T h e b a n k s in v e s te d $3,700,000 in rea l
estate loa n s in S io u x C ity d u r in g 1946,
in c lu d in g h u n d re d s o f loa n s to v e t­
era n s w h o p u r c h a s e d h o m e s u n d e r th e
G. I. b ill o f rig h ts.

A t th e a n n u a l m e e tin g o f s to c k ­
h o ld e r s a n d th e d ir e c t o r s ’ m e e tin g
fo llo w in g , o f th e C ity N a tion a l B a n k
& T r u s t C o m p a n y , K a n sa s C ity, J a m es
F . M cP h e r so n , ca sh ier, w a s ele cte d
v ic e p re s id e n t a n d L o u is G. L o s c h k e ,
a ssista n t v ic e p re sid e n t, w a s ele cte d
ca sh ier.
T h e su rp lu s a c c o u n t w a s in cre a se d
$500,000 o u t o f u n d iv id e d p rofits, m a k ­
in g it $3,500,000.

K. W . SM ITH
J. L. SM ITH
Named Assistant Cashiers of Live Stock
National Bank, Sioux City

MERCHANTS
MUT UAL

BONDING
COMPANY
Incorporated 1933

Home Office
SOUTHERN SURETY BUILDING

Des M oines, Iowa

S io u x C ity Neves
This is Iow a’s oldest surety com pany.

I 1SED for years by thousands of
banks, here indeed is the per­
fect tubular coin wrapper. Packs flat,
to save storage space, but pops
open instantly and perfectly when
pressed between thumb and finger.
Six colors for six different coins,
each fitting perfectly. One trial will
convince.

F re e S a m p l e s
W rite t o d a y , to Dept. 6

c. L. DOWNEY Compaq
H AN NIB AL, MI SS OURI
'il/ o 'U d í

M J/U . a/ C o in W lo fX fiW iA .

Nort hwest ern Banker, February, 7947


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

C. E ID S M O E , p r e s id e n t o f th e
^W o o d b u r y C o u n ty S a v in g s B an k ,
w a s ele cte d p r e s id e n t o f th e Siou x C ity
C learing H o u se A sso c ia tio n at th e an ­
n u a l m e e tin g la st m o n th .

A progressive com pany with experi­
enced, conservative management.

C arl L . F red rick sen , p re s id e n t o f th e
L iv e S to ck N a tio n a l B a n k , w a s e le cte d
v ic e p r e s id e n t an d R . E . B r o w n , c a s h ­
ie r o f th e S e c u r ity N a tion a l B a n k , w a s
re -e le cte d se cre ta ry .

T o be the exclusive representative of
this com pany is an asset to your bank.

M

T h e fo u r n a tio n a l a n d th re e state
b a n k s in S io u x C ity s h o w r e s o u r c e s o f
m o r e th a n $113,723,000 a n d c o m b in e d
d e p o sits o f $108,004,446.

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

©
Write to

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

63
C. L . K e im , w h o r e tu rn e d fr o m m ili­
ta ry s e r v ic e a y e a r ago, w a s a d v a n ce d
to a ssista n t ca s h ie r and d ir e c to r at
M o rn in g s id e S a v in g s B an k , r e p la cin g

c. L. KEIM
Promoted at Morningside Bank

A D V AN C E S IN E X E C U T IV E POSITIONS at the L iv e S tock N ational
B ank o f Sioux C ity w ere announced last month. W . G. Nelson, le ft,
fo rm e rly assistant v ice president, was elected v ice president.
W . C.
Schenk, righ t, has been nam ed assistant v ice president in a ddition to
his duties as cashier.

g ir ls to sta y on th e fa rm , te llin g th em
th e re a re m o r e a d v a n ta g e s in liv in g
o n a fa rm , a n d th a t th e o p p o r tu n itie s
th e re are g rea ter.

sista n t v ic e p resid en t; Jam es L . S m ith ,
fo r m e r ly a u d itor, w a s n a m ed a ssista n t
ca s h ie r a n d a u d itor; K in le y W . Sm ith
w a s n a m ed a ssista n t ca sh ier.
At

O fficers an d d ir e c to r s o f th e se v e n
b a n k s in S io u x C ity w e r e fo r th e m o st
p a rt r e n a m e d in a n n u a l ele ctio n s; fo u r
b a n k s a n n o u n c e d s e v e r a l p r o m o tio n s
an d ch a n g es.
A t th e L iv e S to ck N a tion a l B ank,
W . G. N elso n w a s a d v a n ce d fr o m as­
sista n t v ic e p r e s id e n t to v ic e p r e s i­
d en t; W . C. S ch en k , fo r m e r ly ca sh ier,
w a s n a m ed a ssista n t v ic e p re s id e n t
a n d ca sh ier; C. L . A d a m s, fo r m e r ly
a ssista n t ca sh ier, w a s p r o m o te d to as-

S e c u r it y

National

th e

S e c u r ity

N a tio n a l

B an k ,

D . B . S ev erson w a s p r o m o te d to v ic e

p re sid e n t;

C harles

H.

W a lc o tt

and

O rville B oe to a ssista n t ca sh iers, and
D onald

W.

J u rg e m ey er

to

assistan t

tru st officer.

frf

Prom otions

B. E . H o ltd o rf w h o h as r e s ig n e d to
a cce p t a p o s itio n as ca s h ie r at A d r ia n
State B a n k , A d ria n , M in n esota .
N e w d ir e c to r s at M o rn in g s id e State
B a n k are I). B. H a rrin g to n an d D . E .
G riff en.

A . C. E ck ert, o f th e S e c u r ity N a ­
tio n a l B a n k , w a s e le cte d c h a irm a n o f
th e b a n k ’s loa n s an d in v e s tm e n ts b u ­
rea u o f th e C h a m b er o f C o m m e rce at
th e a n n u a l m e e tin g at w h ic h M . C.
E id sm o e , P re s id e n t o f th e W o o d b u r y
C o u n ty S a v in g s B an k , p resid ed .

BULLS...
nd BEARS!
of

The course of the securities markets these days offers one more
reason why you must have a New York correspondent who will
give close personal attention to your problems and serve your
interests faithfully . . . and why The Continental should be
among your Metropolitan contacts.

T

heCONTINENTAL
BANK

CHAS. W A L C O T T

&

TRUST

COMPANY

o f NEW YORK

D. W . JU R G E M E YE R

30 Broad Street, New Y ork 15, N. Y .
M em b er F ed era l D e p o s it In su ra n ce C orporation
M em b er F ed era l R e s e r v e S ystem

M A R Q U E T T E ¿fla tto n a C B A N K
OF
' T HE

STRONG
MEMBER

D. B. SE V E RSO N


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

O R V IL L E

MINNEAPOLIS

FRI END
FEDERAL

OF

DEPOSIT

T HE

I NDEPENDENT

INSURANCE

BANKER”

CORPORATION

BOE

Northwest ern Banker, February, 1947

Iowa News

64

iPes M o i n e s Neves
O ne p r o m o tio n an d th e a d d itio n o f
th re e officers to th e staff o f th e Iow a D es M oin es N a tion a l B a n k & T ru s t
C om pany w ere an n ou n ced b y H er­
bert L . H o rto n , p resid en t, fo llo w in g
th e b a n k ’s a n n u a l m eetin g .

M r. D a u g h rity , w h o jo in e d th e p r o ­
b a te d iv is io n o f th e b a n k ’ s tru st d e ­
p a rtm e n t in 1942, h as b e e n assista n t
tru st o fficer sin ce J a n u a ry , 1943.
M r. C lift h as b e e n w ith th e b a n k
17 y e a rs. H e h as b e e n a m e m b e r o f
th e staff o f th e in sta llm e n t loa n d e­
p a rtm en t.
M r. G ore jo in e d th e b a n k in 1924
a n d h as b e e n a m e m b e r o f th e m o r t­
g a g e lo a n d e p a rtm e n t fo r th e past
11 y ea rs.
M r. M ick elson , w h o ca m e to th e
b a n k w h e n th e Io w a T ru s t an d S a v ­
in g s B a n k b e c a m e p a rt o f th e Iow a D es M oin es N a tion a l B a n k & T ru st
C om p a n y , has b e e n p a y in g an d re-

F r a n k R. W a rd e n , v ic e p re s id e n t in
ch a rg e o f th e b o n d d e p a rtm e n t; N o e l
T. R o b in s o n , v ic e p re s id e n t an d tru st

C. R. C L IFT
O. GORE
C. M ICKELSON
Assistant Cashiers, Iowa-Des Moines

C. R eam D a u g h rity w a s a d v a n ce d
fr o m assista n t tru st officer to tru st
officer. C harles R . C lift, O rville Gore
a n d C larence M ick elso n w e r e n a m ed
a ssista n t ca sh iers.
A. T. D O N H O W E
On Board of Directors

officer; I. L. W r ig h t, A lb e r t C. R o b ­
erts an d R a y m o n d W . J on es, tru st
officers.

DES M O IN E S B U IL D IN G -L O A N &
S A V IN G S A S S O C IA TIO N

Oldest in Des Moines
210 6th Ave.

P r o m o tio n o f fiv e m en at th e Io w a
S tate B a n k w a s a n n o u n c e d
by

Dial 4-7119

ELMER E. MILLER
Pres, and Sec.

HUBERT E. JAMES
Asst. Sec.

ÊM

« J . F L Y N N . O re *
O .L D U N G A N . S e c y .

ÊM

f
*# *_

•

FOR YOUR ENJOYMENT . . .
Listen to the
“ WORLD OF MUSIC”
KRNT, 1350 KC
1 to 1 :30 p.m. Sundays

c e iv in g te lle r an d d is c o u n t d e p a rt­
m e n t m a n a g er.
A ll o th e r officers an d d ir e c to r s
w e r e re-elected .

Bankers:
We

specialize

C. REAM D A U G H R IT Y
Trust Officer, Iowa-Des Moines

in

automobile and

writing

fire insur­

ance.
Special bank

service

attractive p r o p o s it io n

and
for

banker agents.

★

CENTRAL STATES MUTUAL
INSURANCE ASSOCIATION

A t th e C entral N a tion a l B a n k an d
T ru s t C om p a n y , A r th u r T . D o n h o w e,
w h o h as b e e n v ic e p resid en t, w a s
n a m ed to th e b o a rd o f d ir e c to r s . W i l ­
liam J. G ood w in w a s re-elected b o a rd
ch a irm a n an d E . F . B u c k ley as p r e s i­
den t.
O th er officers re-elected in clu d ed :
M r.
D onhow e,
L ehm an
P lu m m er,
F r e d H . Q u in er, E m m e tt E. J oh n s,
J. R . C apps, Ir w in A b ra m , an d W .
G. K a n e, v ic e p resid en ts; H . C. W in ­
d er, ca sh ier; G. W . B a rtm ess, jr., J.
E . Q u in er, D. R. W ith in g to n , C. M.
L a rso n , G e o rg e N elson , E . R . B o w lin ,
a n d D ale C. S m ith , assista n t ca sh iers;

Mt. Pleasant, Iowa
E. A. HAYES, President
O. T. WILSON, Secretary
established 1929

Northwestern Banker, February, 1947


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

KLIPTO
MASON CITY, IOWA
Bank Supplies

Des M oines

W
P
B O O K B IN D ER S
" 4

4

2

2

4

65
chairman of the board,
following the annual meeting. Louis
A . Rodenbaugh, jr., was elected cash­
ier; Carl Moody succeeds him as
cashier, and W . L . W ilder, Forest
Lew is and Harold J. Grimes were
named assistant cashiers. Mr. Moody
was an assistant cashier four years
before this promotion.
The re-elected officers and direc­
tors include George O’Dea, chairman
of the board; William A. Broquist,
president; George H. Borg, executive
vice president; and J. Hamilton Daw­
son, vice president; Mr. O’Dea, Mr.
Broquist, Hugh Gallagher, A. E. (Bert)
Sargent and Mr. Borg, directors.

George O’Dea,

All directors and officers of the
Valley Bank and Trust Company
were re-elected.
Officers include: Frederick M. Mor­
rison, president; Winfield W . Scott,
senior vice president; J. R. Astley,
Edward P. Kautzky and Roy E.
Huber, vice presidents; Frank M.
Thom pson, cashier; Ray L . Thom p­
son, assistant vice president; Carl W .
A ltm an and George W . Gill, assistant

cashiers.
Directors are Robert A. Brown,
Walter P. Davis, Lucius W. Fitch,
Harold J. Howe, Arthur S. Kirk,
George Mahnke, Mr. Morrison, Mr.
Scott, J. E. Tone and Allen Whitfield.
B. F . Kauffm an, president, and all
other officers of the Bankers Trust
Company were re-elected at the an­
nual meeting.
The other officers are: James W .
Hubbell, Scott Pidgeon, C. W . Mesmer, and L . Nevin Lee, vice presi­
dents; F . C. A tkins, vice president and
cashier; F . S. Lockwood, secretary and
trust officer; S. G. Barnard, assistant
secretary; W illiam Ellison, assistant
vice president; G. A . Moeckly, assistant

vice president and manager of per­
sonal loan department; A . F. Erickson
and J. B. Monahan, assistant cashiers.
Directors are: Mr. Kauffman, Mr.
Hubbell, Mr. Pidgeon, Paul Beer, S. F.
McGinn, F. W. Hubbell, E. T. Mere­
dith, jr., Russell Reel, R. R. Rollins,
Dr. Thomas Burcham, Joseph A. Rosenfield, E. J. Lindhardt, Shirley Percival and John D. Shuler.
vice president
of the Iowa-Des Moines National Bank
& Trust Company, has been named
Polk county chairman of the Greek
War Relief special campaign, Feb­
ruary 15-25.
A quota of $21,700 has been set
for Polk county during the special
campaign. One-third of this amount
will be given by Greek-Americans in

IN D E X OF
A D V E R T IS E R S
FEBRUARY 1947
A
A llie d M u tu a l C a s u a lty C o m p a n y ............. 37
A m e r ic a n N a tio n a l B a n k an d T r u s t C o .. .38
B

B a n k e r s T r u s t C o m p a n y — D es M o in e s . . .67
B a n k e r s T r u s t C o m p a n y — N ew Y o r k . . . . 8
B u r lin g t o n B a n k s .............................................. 56
C
C e n tr a l N a tio n a l B a n k — C h i c a g o ................. 60
C e n tr a l N a tio n a l B a n k an d T r u s t C o m ­
p a n y — D es M o in e s .......................................... 12
C e n tr a l S ta te s M u tu a l I n s u r a n c e A s s n ... 64
C h a se N a tio n a l B a n k ........................................ 6
C ity N a tio n a l B a n k an d T r u s t C o m p a n y
— C h ic a g o ........................................................... 42
C o n tin e n ta l B a n k a n d T r u s t C o m p a n y .. 63
C o n tin e n ta l N a tio n a l B a n k — L i n c o l n . . . 52
D

A L B E R T J. R O B ERTSON
Heads Greek War Relief Drive

Des Moines. The remainder will come
from other donors.
Former President Herbert Hoover
is national director of the drive.
M rs. Gertrude Getchel Rollins, 75,

died at her home in Des Moines last
month. Mrs. Rollins was a member
of a pioneer Des Moines family and
widow of Richard R. Rollins, promi­
nent financier and real estate operator
who died in 1922.
She is survived by one son, Richard
R. Rollins, who is a director of the
Bankers Trust Company, and two
granddaughters, Mary Scott Rollins
and Gertrude Getchel Rollins, all of
Des Moines.
Richard H enry Collins, 85, an as­
sistant vice president of the Iowa-Des
Moines National Bank & Trust Com­
pany before his retirement in 1930,
died at his home after a brief illness.
Mr. Collins came to Des Moines in
1881 when the Des Moines National
Bank was organized. When the bank
was merged with the Iowa National
Bank in 1929, Mr. Collins had been
associated with the institution 48
years.
Surviving are his widow, Cora, and
a daughter, Margaret Collins, Des
Moines.

Albert J. Robertson,


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

Old Story in Reverse
Man (in department store to forlorn
looking youngster): “What’s the mat­
ter, sonny?”
Little boy: “ Please, sir, have you
seen a lady without a little boy who
looks like me?”

D a v e n p o r t, F. E. an d C o m p a n y ........... 53-59
D e L u x e C h e c k P r in te r s , I n c ............................37
D e s M o in es B u ild in g , L o a n a n d S a v in g s
A s s o c i a t i o n ......................................................... 64
D o a n e A g r ic u lt u r a l S e r v ic e s ..........................26
D o w n e y , C. L. C o m p a n y ...................................62
D r o v e r s N a tio n a l B a n k ..................................... 61

F
F e d e r a l I n t e r m e d ia t e C r e d it B a n k s ......... 31
F ir s t N a tio n a l B a n k — .C h ic a g o ................... 22
F ir s t N a tio n a l B a n k — O m a h a ........................52:
F ir s t N a tio n a l B a n k — S io u x C i t y ...............59
F ir s t St. J o s e p h S to c k Y a r d s B a n k ......... 53
F ir s t T r u s t C o m p a n y o f L i n c o l n ................. 51
F ir s t W is c o n s in N a tio n a l B a n k ................... 27
G
G e n e ra l A m e r ic a n L ife I s u r a n c e C o...........34
H

H a m m e r m ill P a p e r C o m p a n y ........................21
H o m e I n s u r a n c e C o m p a n y ............................. 3
I

I o w a - D e s M o in es N a tio n a l B a n k an d
T r u s t C o m p a n y .............................................. 68
I r v in g T r u s t C o m p a n y ...................................... 4
J

J a m ie s o n an d C o m p a n y ...................................30

K
K lip t o L o o s e L e a f C o m p a n y ..........................64
K o c h B r o th e r s .................................................... 64
L.

L a M o n te , G e o r g e a n d S o n ............................... 5
L e s s in g A d v e r t is in g C o m p a n y ..................... 64
L iv e S to c k N a tio n a l B a n k — C h ic a g o . . . . 57
L iv e S to c k N a tio n a l B a n k — O m a h a ......... 54
L iv e S to c k N a tio n a l B a n k — S io u x C i t y .. 44
M

M a r q u e tte N a tio n a l B a n k .............................. 63
M e r c a n tile C o m m e r ce B a n k a n d T ru s t
C o m p a n y .........................................................
24
M e rc h a n ts M u tu a l B o n d in g C o m p a n y ... 62
M e rc h a n ts N a tio n a l B a n k ............................. 2
M e r r ill L y n c h . P ie r c e . F e n n e r & B e a n e . .28
M in n e a p o lis M o lin e P o w e r Im p le m e n t
C o m p a n y ..............................................................40
M in n e s o ta C o m m e r c ia l M en ’ s A s s n ...........42
N
N a tio n a l B a n k o f C o m m e r c e ..........................53
N a tio n a l B a n k o f W a t e r l o o ............................ 58
N a tio n a l C ash R e g is t e r C o m p a n y ...............23
N a tio n a l C ity B a n k — N ew Y o r k .................25
N o r th e rn T ru s t C o m p a n y ................................ 43
O

O m aha N a tio n a l B a n k ....................................... 19
I»

P a in e, W e b b e r , J a c k s o n and C u r t is . . . . . 30
P u b lic N a tio n a l B a n k a n d T r u s t C o .........60

R
R ö m e r , M itc h e ll & R e itz e l, I n c .....................30
S
St. L o u is T e rm in a l W a r e h o u s e C o ............. 7
St. P a u l T e r m in a l W a r e h o u s e C o .............. 46
S c a r b o r o u g h an d C o m p a n y ................ 28-33-55
S ta te A u t o m o b ile I n s u r a n c e A s s o c ia t io n . 35
T
T o o t le L a c y N a tio n a l B a n k ....................... 50-51
T o w n M u tu a l D w e llin g I n s u r a n c e C o .. . .36
U
U n ited S ta te s N a tio n a l B a n k — O m a h a ..48
\Y

W a lte r s , C h a rle s E. C o m p a n y ..................... 52
W e s te r n M u tu a l F ir e I n s u r a n c e C o.........32

Northwestern Banker, February, 1947

66

Iowa News

Preferered to Pay
“Gee!” exclaimed the sick man as
the nurse let him sit up for the first
time. “ I wouldn’t let them operate on
me again for a million dollars!”
Just then the doctor came along, a
worried look on his face.
“ I’m sorry,” he said to the patient,
“but I shall have to open you again.”
The convalescent let out a roar.
“Nothing doing,” he cried. “ I won’t
stand for it.”
“But,” argued the doctor, “it’s some­
thing that just has to be done. You
see, a terrible mistake was made.
When I sewed you up I left one of
my rubber gloves inside you.”
The patient was incredulous.
“ Is that why you want to open me
again?”
“Yes,” said the doctor.
The sick man smiled.
“Don’t be silly,” he said. “Here’s a
dollar—go out and get yourself an­
other rubber glove.”

Could Be
Teacher: “Where is the capital of
the United States?”
Johnny: “ In loans all over the
world.”

In the Doghouse
A woman went to buy a drinking
bowl for her dog and the shopkeeper
asked her if she would like one with
the inscription “For the dog.”
“ It doesn’t really matter,” she re­
plied, “My husband never drinks
water and the dog can’t read.”

Lit Up!
Last night, when all the stars were lit,
Pa went out to stroll a bit.
When Pa came home, Ma had a fit;
The stars were out but Pa was lit.

Supply and Demand
“Now gentlemen,” said the president
of the Sugar Baby Bottle Co., “we
have 25,000 of these feeding bottles
in stock, and the company expects
you salesmen to go out and create the
demand.”
Northwestern Banker, F e b ru a ry , 1947


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

Modern Version
Myrtle has a little swing—
It isn’t hard to find—
And everywhere that Myrtle goes,
The swing is right behind.

C O N V E N T IO N S
February 3-4-5, 28th Mid-Winter Trust
Conference of A.B.A., New York
City, Waldorf-Astoria.
February 12, Annual Meeting, Group
One, Iowa Bankers Association,
Sioux City, Hotel Martin.
February 20-21, A.B.A. Country Bank
Conference, Omaha, Hotel Fontenelle.
February 21, Mid-winter Meeting, Illi­
nois Bankers Association, Chi­
cago, Palmer House.
February 22, Annual Meeting, Group
Eleven, Iowa Bankers Association,
Burlington, Hotel Burlington.
April 13-15, A.B.A. Spring Council
Meeting, French Lick, Indiana,
French Lick Springs Hotel.
April 14-19, Annual Group Meetings,
South Dakota Bankers Associa­
tion.
May 19-21, 56th Annual Convention,
Illinois State Association, Chicago,
Palmer House.
June 2-6, A.I.B. Annual Convention,
Detroit, Hotels Statler and BookCadillac.
June 2-14, Central States School of
Banking, University of Wiscon­
sin, Madison.
June 11-12, Annual Convention, Min­
nesota Bankers Assn., St. Paul,
Hotel St. Paul.
June 16-17, Annual Convention, North
Dakota State Association, Bis­
marck.
June 16-28, Agricultural Credit School,
Ames, Iowa State College.
June 20-21, Annual Convention, South
Dakota State Association, Sioux
Falls.
June 23-25, Annual Convention, Wis­
consin State Association, Milwau­
kee, Hotel Schroeder.
July 7-19, Agricultural Credit School,
Ames, Iowa State College.
September 29-October 1, A.B.A., 73rd
Annual Convention, Atlantic City,
New Jersey.
October 6-8, 61st Annual Convention,
Iowa State Association, Des
Moines, Hotel Fort Des Moines.
October 6-9, Annual Convention, Fi­
nancial Advertisers Assn., New
York City, Hotel Waldorf.

The Politician
“A good politician must also be an
acrobat.”
“How do you figure that?”
“Ever try straddling a fence, keep­
ing your finger on the pulse of the
nation, pointing with pride, and look­
ing to the future while keeping both
ears to the ground?”

Come On
“Jake, for five hundred dollars I’ll
make you mine Senior Partner.”
“All I got is three hundred dollars.”
“ Come in, JUNIOR.”

Nothing Worse
If there’s anything worse than a waf­
fle that’s cold,
Or mashed potatoes five days old,
It’s suddenly meeting an old fat hen
Whom you loved in school in 1910.

Strictly Business
It would be interesting to compute
the number of men who go to the office
Saturday to escape arduous household
chores.

Opportunity Knocks
“Please, doctor,” the man cried into
the phone, “my mother-in-law is lying
at death’s door; won’t you please come
and pull her through?”

Right
“ I wish you would help me with
this problem, Dad,” said a small boy
struggling with his homework.
“ Can’t, son,” said Dad from behind
his paper, “it wouldn’t be right.”
“ I don’t suppose it would,” said the
boy sadly, “but you might have tried.”

Why Worry!
The wife, awakened by a fire siren,
poked her hubby and said, “Wake up,
darling. I think the whole town is
on fire. The sky is all lit up. Wake up,
wake up!”
Hubby came to slowly, indolently
arose, sleepily yawned and stretched
and murmured to his spouse: “ The
walls are still cool,” and returned to
bed.

to You

20

mailplanes take-off from D es M oines daily,
giving wings to your out-of-state items

To few lines of business does Des Moines’
excellent airmail schedule mean so much as
it does to the banking business.
For now, with increased post-war service,
twenty mail planes take-off from Des Moines
each day, providing next-day delivery at
points on either coast.


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

Here at the Bankers Trust, we have long
followed the rule of using air mail whenever
air schedules meant a saving of valuable
time. Knowledge that the handling of your
items will be expedited in every practical
way, is just one of many considerations that
make it an advantage to carry an account
with this progressive Des Moines bank.

Member Federal Reserve System . . . Member Federal Deposit Insurance Corporation

BANKERS TRUST
COMPANY t t r DES MOINES

SERVICES INCLUDE:
• Depository for r e ­
serves.
• Co-ope r a t i o n i n
meeting the credit
needs of your custo­
mers.
• Fast transit service
for the collection of
checks and drafts.
• The transfer of funds.
• Safe-keeping of se­
curities.
• Credit information.
• Investment service
on government and
municipal bonds.
• Complete Trust Department services.


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

A Strong, Dependable
Correspondent Connection
We invite Iowa Banks and Bankers to make
full use of the personnel, facilities, resources
and experience of this Bank to meet your
correspondent requirements in Des Moines.
Iowa's Largest Bank offers a flexible, person­
alized service, based on a background of 71
years' experience and a sincere desire to be
helpful at all times.