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FEBRUARY
1949

nkers Tell How
Increase Earnings
Survey— Pages 16, 17, 18, 19


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Federal Reserve Bank of St. Louis

— -— A

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

CONGRESSMEN C. A. HALLECK (Left), AND JOHN TABER— See Page 11

Your Local Bank Is the Foundation
of Our Economic System
Local banks in communities throughout the nation form
the foundation of the American economic system. In
Iowa more than half of the banks (58%) are corre­
spondents of The Merchants National. This connection
enables them to combine an intimate knowledge of
their communities with resources and facilities for
nation-wide service to their customers. This combina­
tion is enriched by the close relationship between The
Merchants National and its correspondent banks . . . a
business connection which provides dependable coun­
sel and friendly assistance.

/f
7& e 4 / ú á v e ¿ t

THE
MERCHANTS NATIONAL

1

= > B A I \ R[=
O F F I C E R S
IAMES E. HAMILTON, Chairman Executive
Committee
S. E. COQUILLETTE, Chairman of the Board
JOHN T. HAMILTON II, President
MARK J. MYERS, Vice President
FRED W. SMITH, Vice President
GEORGE F. MILLER, Vice President and
Trust Officer
MARVIN R. SELDEN, Vice President

.,jw
"

“ f e

R. W. MANATT, Vice President
L. W. BROULIK, Vice President
PETER BAILEY, Cashier
R. D. BROWN, Assistant Cashier
O. A. KEARNEY, Assistant Cashier
STANLEY J. MOHRBACHER, Asst. Cashier
EVERETT C. PRATT, Assistant Cashier
F. PEREMSKY, Assistant Cashier
VICTOR W. BRYANT, Assistant Cashier
JAMES E. COQUILLETTE, Assistant Cashier

c.

Cedar Rapids

Iowa

Member federal Deposit Insurance Corporation

N orthwestern Banker, published m onthly by the N orthwestern Banker Company, at 527 Seventh Street, Des Moines, Iowa. Subscription, 35c
per copy, $3.00 per year. Entered as Second Class M atter January 1, 1895, at the Post Office at Des Moines, Iowa, under A ct o f March 3, 1879.


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Federal Reserve Bank of St. Louis

“ The Widow Beekman s parlor"

products of the estate in exchange for goods
from far-off lands.
According to local legend when Philipse
was building the mill dam, it kept washing
away. Then a slave told of his dream that
Philipse would not be successful in his ef­
forts until he erected a church to the glory
of God. Thereupon he built the nearby
Sleepy Hollow Church and, as foretold,
work on the dam proceeded satisfactorily.
During the Revolution, because the
Philipse family, like many of their neigh­
bors, were loyalists, the estate was confis­
cated and the Lord of the Manor obliged
to flee to England. The house itself together
with 750 acres was purchased by Gerard G.
Beekman, husband of the famous Cornelia
Van Cortlandt, and in 1785 the wooden
wing, now known as the Beekman addition,

cattle could he quartered during a raid. A
secret room provided refuge from unwel­
come visitors.
Now known as Philipse Castle, the house
which is located in the Sleepy Hollow sec­
tion of Tarrytown, New York, was erected
in 1683 as country seat, manorial office and
trading post of a pioneer industrial settle­
ment. Philipse, who built the house, was one
of the earliest and greatest of
the patroons. On the estate
was produced virtually every­
thing needed to feed, clothe and
house the family and tenants.
There were facilities for dairy­
ing, spinning, carpentering,
coopering and smithing; there
was a mill where the farmers
brought their grain to be ground.
With typical Dutch thrift, Phil­
ipse utilized every asset. The
water which turned the m ill­
wheel was made to form a basin
where ships could be loaded with
business even to the sanded floor

O G U A R D against Indians, river
raiders and other marauders likely to
prey on a wealthy landowner, Frederick
Philipse made his house a sort of fortress.
Its stone walls were two feet thick and
seven-foot cannon were placed in a row
o f gun ports facing the Hudson. In the cel­
lar a year’s supply of food could be stored
and there was an emergency stable in which

T

M anorial office-, set up fo r


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Federal Reserve Bank of St. Louis

was built.
In the Beekman wing are relics dealing
with the capture of the British spy, Major
Andre, in which Cornelia Beekman played
a part. An American officer left a valise
containing his uniform in the house where
she was living, and though a Royalist at­
tempted to secure the valise, the patriotic
Cornelia was* able to foil him, thereby de­
priving Andre of a desired disguise.
Through the generosity of John D. Rocke­
feller, Jr., Philipse Castle has now been re­
stored and is maintained as a museum.
★

★

★

The Home, through its agents and
brokers, is America's leading insurance
protector of American Homes and the
Homes of American Industry.

a

TH E

H O M E

a

Home Office: 59 Maiden Lane, New York 8, N. Y.
FIRE

•

AUTOMOBILE

•

MARINE

The H om e Indemnity Com pany, an affiliate,
writes Casualty Insurance, Fidelity & Surety Bonds

4

BANKS

M UST

SAVE

M ONEY, T O O !

Here's how the Remington Rand

TYPING STATION ANALYSIS
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3. Evaluation o f E qu ipm en t — A thorough physical

1. Com parison o f Costs — Item by item, your typing

checkup of your typewriters to weed out inefficient, out­
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station costs are compared with the national average to
see if expenses are “ in line.’ ’

2 . Analysis o f Work —A check to determine whether
you have the correct model typewriter for the job to be
d o n e ... or if special attachments will improve efficiency.

Call your Remington Typewriter representative for a
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TH E

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

F IR S T

NAME

IN

TYP EW R IT ER S

X

5

A n i mpor t ant

It is b e c a u s e b a n k check s a re circulated a m o n g
custo m ers a nd p ro sp e ctive custo m ers in such
vas t n u m b e r s that they a re so im p o rta nt from
a

p u b lic

exp lain

re la tio n s

why

so

v ie w

many

p o in t.

This

o u tsta n d in g

m ay

banks

use the check p a p e r w h ic h is rec o g n iz e d a s
A m e r i c a ’s s t a n d a r d

L

for sa fe t y

and

q u a lity .

G EO R G E LAMONTE & SON, NUTLEY, NEW JERSEY

■ n o * "- 1

»H
tW
AV»Uttti® AitAU«DHIt»»«-MAM
A Check Paper A ll Your Owr,
Thousands o f banks and m any o f the larger corporations
use La M onte Safety Papers with their own trade-mark or
design made in the paper itself. Such INDIVIDUALIZED check
paper provides maximum protection against both altera­
tion and counterfeiting— m akes identification positive.


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Federal Reserve Bank of St. Louis

w

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 19 49

6

O v e r s e a s collection s e r v ic e through fo r e ig n b a n k s
— v ia Bankers Trust

T

H R O U G H an experienced For­

names —and furnish up-to-date in­

You are invited to write today for

eign Department and w orld­

formation on exchange regulations

specific information about the kind

in the various countries.

of transactions in which you are in­

wide banking connections, Bankers
T ru st C o m p a n y o ffe rs y ou h ig h ­

It may pay you to investigate these

terested. Please address B a n k in g

speed collection service on your for-

and other services we offer banks

Department, Bankers Trust C om ­

e ig n item s. Y o u can assure y ou r

which want to serve their customers

pany, 16 W a ll Street, N e w York 15,

customers of fast, efficient collec­

as efficiently in foreign transactions

N e w York. In the meantime, we so­

tion service when you send these

as they do in domestic matters.

licit your foreign collection items.

items to us.
In addition, we issue commercial
letters of credit—buy and sell foreign
e x c h a n g e —p ro v id e travel fu n d s—
supply credit information on foreign
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

b a n k er s

T rust
NEW

co m pan y

YORK

M E M B E R FEDERAL D E P O S IT IN S U R A N C E C O R P O R A T IO N

7

likes it most?

BURROUGHS
COMMERCIAL TELLER’S
MACHINE
Large banks report that it speeds teller
operations as much as 3 0 % , and sim pli­
fies teller balancing at the end o f the day.
T h ey feel, too, that registered deposit
receipts help maintain their reputation
as m odern, progressive institutions.


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Federal Reserve Bank of St. Louis

Small banks report that this Burroughs
machine helps to m odernize the banking
operation . . . makes it much easier for the
tellers to take care o f the cage operations.
It

provides

a

complete

and

orderly

printed record o f all transactions.

SQ &

Actually, it’s the customers o f both kinds o f banks
w ho like it most. T h ey appreciate the faster w indow

service — the neatness, accuracy and convenience o f registered deposit receipts.

Your local Burroughs representative will gladly give you complete in­
formation about this modern tool for tellers—its success in other banks
. . . its contribution to improved customer relations. Call him today!

Burroughs
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

8

STATEMENT

OF

CONDITION,

DECEMBER

31, 1 9 4 8

RESO U RC ES
Cash and Due from Banks . . . .
U . S. Governm ent O bligation s .
State and M unicipal Securities .
Other S e c u r i t i e s ........................................
Loans, Discounts and Bankers’
A c c e p t a n c e s .................................
Accrued Interest Receivable
M o r t g a g e s .....................................................
fSL"...

Custom ers’ Acceptance Liability .
.
Stock o f Federal Reserve B an k.
.
.
Banking H o u s e s ........................................
Other Assets
. . . . . . . .

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S v e s tis i s
cy

' juS

.

5
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s
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i:'-? t- y»»«.-»™««,-»»»™*»«*.*»,»»«:

l ü

M

¡ I I I *

i

D e p o s it s ............................................................
Dividend Payable February 1, 1 9 4 9 .
Reserve for Taxes, Interest, etc.
.
.
Other L i a b i l i t i e s ................................. ......
Acceptances
Outstanding .
. $ 2 6 ,4 0 4 ,4 8 8 .2 4
Less A m ount
in P ortfolio
.
2 ,9 2 7 ,7 0 9 .9 9

M M M

l*\I,' , -Vìi.' ■

Reserve for C ontingencies . . . .
Capital Funds:
Capital S to ck .
. $ 1 1 1 ,0 0 0 ,0 0 0 .0 0
Surplus.
.
.
.
1 5 4 ,0 0 0 ,0 0 0 .0 0
U ndivided
Profits .
.
.
6 2 ,7 6 3 ,5 8 0 .2 9

S
I ¡t il!

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

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

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

$ 4 ,6 3 1 ,4 7 1 ,5 8 1 .4 7
United States Government and other securities carried at $308,699,200.00 are pledged to
secure public and trust deposits and for other purposes as required or permitted by law.

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'

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

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

l i »

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1 ,4 8 2 ,8 3 4 ,2 9 3 .7 2

L IA B IL IT IE S

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

$ 4 ,6 3 1 ,4 7 1 ,5 8 1 .4 7

.

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iî.xU’k V J;

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

il l

THE C H A S E N A T IO N A L BANK

C |lliy

OF THE CITY OF NEW YORK

fe ¡IS S I I
g
t

M ember Federal Deposit Insurance Corporation

¡ I M S ! 11
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M a r t h w e s t e r n B a n k e r , F e b r u a r y , J 94 9

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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

9

in Chicago
Correspondent banks appreciate thoughtful
and helpful information, as this banker did
when he wrote:

“ . . . You fellows have your ears a
little closer to the ground than we do
out here and we appreciate your passing
these suggestions on to us.”
Your Bank is cordially invited to use The
First National Bank of Chicago as your
correspondent.

The First N ational B ank of Chicago
B u ild in g w it h C h ic a g o a n d the N atio n Since 1863

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

10

Wasteful peaks and bottlenecks eliminated

National provides a com plete line o f
accounting machines to meet every
need o f every department o f every
bank, large or small. They are all
described in this handsomely illus­
trated 64-page free booklet, which
your local National representative
will be glad to give you.

THE

NATIONAL

CASH

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

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Federal Reserve Bank of St. Louis

With the National Central Control and Proof Machine,
work flows evenly to all departments.
There is definite proof and control on all incoming and
outgoing items. The operator knows if an error is made,
because the machine automatically locks. Thus, items are
always in balance and ready for distribution to all depart­
ments at any time.
Many banks handling as few as 2,000 items a day find
their National Central Control and Proof Machine
highly profitable. One large bank keeps 65 of them
busy all day.
National Accounting Machines offer an effi­
cient, mechanized answer to every problem of
bank accounting. Out of the country’s 100 largest
banks. 94 use Nationals . . . as do thousands of
smaller ones.

REG ISTER

COMPANY,

DAYTON

9,

OHIO

A

11

W í'íir i i t U f o v

DES MOINES
Oldest Financial Journal West of the Mississippi

The following letters are from
Northwestern Banker readers. 1 our
views and opinions on any subject
are welcome in this column.

•

54th Year

«

No. 739

IN THIS FEBRUARY, 1949, ISSUE
EDITORIALS
A cross the Desk from the P ublisher................................. .................... 12, 13

FEATURE ARTICLES

"Sounds Authoritative"
“ I have just read with a great deal of
enjoyment the article by Paul Prenzel in
the December issue of the N orthw estern
B anker just received. The story certainly
sounds authoritative, and I hope it will help
to lay to rest the claims of many others for
the credit of field warehousing.
“ I have never met Mr. Prenzel. I f you
should be talking to him, please tell him he
has one admirer at least among his com­
petitors.
Stanley I). Hart, Vice Presi­
dent, Ho ibg l as Guardian
Warehouse Corporation, Neic
Orleans, Louisiana

D ear E ditor .......... ..............................................................................................
On the C over................................. ......................................................... ...... ......
Frontispage ............. -................. .............................. ........... .................. ..........
“ H ow W e Plan to Increase Our Bank E arnings in 1949” ...................
.................................. A N o r t h w e s t e r n B a n k e r Survey.... 16, 17, 18,
A D ifferent Slant on Public R elations........................................................
Single vs. Double P ostin g................................................................................
Bankers Y ou K now — Ralph M. W atson .................................... .................
H ow to Reduce T ypin g Costs..................... ....................................................

11
11
15
19
20
21
22
24

BONDS AND INVESTMENTS
Trend o f Governments in 1949 W ill A gain Chart M arket Course
....................... ............................. ........ ...... ........ ................Raym ond T H gg er 37
Investm ent Men Name Officers....................... .............................................. 39

INSURANCE
"Fine Publication"
“ You

have

a

fine

publication

in

the

L ife Insurance Industry Must H ave Inform ed Leadership............
.................................... ........................................................ Gerard S. N ollen 41

N orthw estern B anker and I know it will

continue to be a leader in its field.”
Edward E. Marshall, Asst.
Vice Pres., Mercantile-Com­
merce Hank $• Trust Co., St.
Louis, Missouri

"My Compliments"
“ May I rake this opportunity to again
compliment you upon your magazine, which
we here read with much interest.”
Louis Northrop, Asst. Vice
Pres., First National Bank,
Chicago

ON THE COYER
Representative Charles A. Halleck.
Republican from Indiana (left), and
Representative John Taber, Republi­
can from New York, and former chair­
man of the House appropriations com­
mittee, look over a copy of President
Truman’s budget message that went
to Congress recently.
Representative Hallack predicted the
government will be “billions of dol­
lars in the red” if Mr. Truman’s pro­
gram is enacted to any considerable
extent. Representative Taber’s only
comment was “Wow.”

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Federal Reserve Bank of St. Louis

STATE BANKING NEWS
M innesota News ............
Tw in City N ew s.........................................................................................
South D akota N ew s.......... ...........................................
Sioux Falls N ew s.......................................................................................
North D akota N ew s............................................................................................
F argo News ........................................................................... 1...................
Nebraska News ..................................................................................................
Omaha News ........
Lincoln Locals ..............
Iow a News ...........................................................................................................
Des M oines N ew s..................................................................... __...............
Sioux C ity N ew s.............................................
Coin C ollectors’ Colum n..............

45
47
53
54
55
55
57
60
62
65
70
71
73

IN THE DIRECTORS' ROOM
A F ew Short Stories to Make Y ou L au gh ...................................... .......... 74
Conventions .....
74
NORTHWESTERN BANKER
527 Seventh St,, Des Moines 9, Iowa, Telephone 4-8163
CLIFFORD DE PUY
Publisher
HENRY H. HAYNES
E di t or

ELIZABETH COLE
Advertising Assistant
PAUL W. SHOOLL
Field Representative

RALPH W. MOORHEAD
Associate Publisher
BEN J. HALLER. JR.
Associate Editor
HAZEL C. STEPHENSON
Auditor

MALCOLM K. FREELAND
Associate Editor
SADIE f WAY
Circulation Department
JOSEPH W. FRANKS
Field Representative

NEW YORK OFFICE
Frank P. Syms, Vice President, 505 Fifth Ave., Suite 1806

MUrray Hill 2-0326

DE PUY PUBLICATIONS: Northwestern Banker, Underwriters Review,
Des Moines Insurance Directory, Iowa-Nebraska Bank Directory.
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

12

try.

However, in times of peace there is not the

same patriotic motive with which to prod capital
into productive enterprises and, therefore, incen­
tives must be found.
“ Some of our biggest investors— such as trust
companies, banks and insurance companies— are
limited by law in their investments in order to
safeguard those whose money they are using.
“ Therefore, if we expect to develop new enter­
prises, to employ more people and to have more
buying power, there must always be available
capital from the individual investors.

This is

getting harder and harder to find today.”

Since Harry is not only following but exceed­
ing the .spending ideas of his former leader, we

A c r o s s

From

t il©

III©

are glad to have you advocating (after all these
years) a sound economic policy for individuals
and the U. S. A.
P. S. And do you know why individual in­
vestors may have less to invest?
Did you hear about the four billion in increased
taxes your friend in the White House wants?
Why don’t you suggest that he read the Hoover
Report and reduce expenses?
Thanks, Eleanor.

I)© *k

1*11 111i $

li© r
(D&jcuv fyoU iL

C bsjaJi ¿ I q jcu w a (R ooA S D sd t:
A t long last a propon en t o f capitalism .

Shades of the “Economic Royalists” !
Memories of “ Share the Wealth” !
Visions of F. D. R. driving the “money chang­
ers” from the temple of Wall Street.
All these “ pass in review” as we read your
praise of the “ incentive system” and that a high
level of employment can be maintained if capital
be invested in “ new and untried enterprises.”
Why Eleanor, you are absolutely correct.
Congratulations in realizing at last what makes
America tick and your million dollar estate “ pay
dividends.”
It is American initiative— American know how,
backed by American capital that has made our
country great.
It is wonderful to have you “ converted’’ even
though a little late.
Your testimony makes good reading.
“ It is essential to a high level of employment

0 . S h A sw sL :

P residen t U nited S ta tes Cham ber o f Com m erce

As paramount projects for 1949, the N orth ­
B anker would like to suggest two im­
portant programs :
western

1. Resell the advantages of the United States
to its own citizens.
2. Make the “ Voice of Am erica’ ’ a real influ­
ence for good in the world.

There are still many people in our own country
who do not know the “ economic facts of life.”
Information about the share which each group
of citizens receives of the total national income
should be made more clear.
Much future unrest in the IT. S. A. can be
avoided and averted by telling the story of the
“ American Way of L ife” more effectively and
more systematically to all our citizens.
For example recent surveys show :
1. Persons with total incomes of $5,000 and over
get only 10.2 per cent of our total W ages and

that it be profitable for capital to be invested not

Salaries, (and after paying federal income

just in safe enterprises, but in new and untried

taxes, it is only 5,5 per cent), while persons

enterprises.

under $5,000 get 89.8 per cent.

“ There must be incentive for this, particularly

2. Persons with incomes of $5,000 and over get

in times of peace. In times of war, when many men

only 30,6 per cent of the total Dividends and

are risking their lives at the battlefronts, many

Interest (and after federal income taxes, it

others are willing to risk their money to do what­

is only 17.3 per cent) while persons under
$5,000 get 69.4 per cent.

ever is necessary for the well being of the coun­
Northwestern B a n k e r , F e b r u a r y , 19 49


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Federal Reserve Bank of St. Louis

13
These are two “ economic facts of life” which
are little known to the vast majority of people in
the United States, so we suggest Mr. Shreve, that
these and many other similar statements be broad­
cast to our citizens so they will have a better un­
derstanding of who really “ shares the wealth” in
our own country.
Our second suggestion, to make the “ Voice of
America” more effective, should also have your
backing and all the members of your association.
Today we are losing our battle for democracy
around the world.
We are spending money by the billions and still
we lose on selling our “ way of life” while Russia
spends little and wins much.
There is something wrong with our methods.
No country on earth has so much to offer as
ours as an example of how people can live and
prosper, and yet Communism continues to influ­
ence more and more countries.
There are in the world about 20.000,000 Com­
munists in a total world population of 2 billion
150 million people. This represents only 2 Com­
munists for every 215 non-Communists.
Communist party members in a few of the coun­

China

6,000,000 Communists
.......... 2.000,000

France .......... 2,000,000
Italy
.......... 2,000,000
Brazil .............

F in an cier and P olitical A d v isor

Since you started as a $3 a Aveek clerk, and
became a multi-millionaire, we were very much
interested in reading your 9 rules for success
which you expressed in an address you made re­
cently. Your rules Avere these:
1. Be quick to praise.
who praise them.

People like to praise those
Be sincere in this.

2. Keep yourself tidy.
3. Interest yourself in politics.

200,000

United States

70,000

Great Britain

43,000

Cuba
Canada ..........

40,000
23,000

We have given the figures for only the more
important countries but on this side of the At­
lantic we have 141,000 Communists in North
America and 340,000 in South America.
These figures do not seem “ too impressive”
compared with our total populations in North
and South America, but over here, as elsewhere,
the Communists make their minority efforts very
effective.
Our job in this country and specifically your
job, Mr. Shreve, it seems to the N orthwestern
B an k e r , is. to help make the “ Voice of America”
a more powerful weapon for democracy and
peace.
So we say to you and the United States Cham­
ber of Commerce to use your influence on your
own members and the 81st Congress to—1. Resell our own citizens on the advantages of
our own country, and

If y o u ’re gov­

erned badly, it will usually be your fault.
4. Be polite.
you.

If you are, others will be polite to

That makes life a little easier.

5. Be helpful, that is the first definition of success.
6. Be cheerful.

There are enough crepe-hangers

around, without adding to the list.
7. D on ’t be envious.

By far the better way is to

assume that what the other fellow does, you
can do as well or better.
8. D o n ’t pity yourself.
9. Avoid prejudices.

tries are as follow s:
Russia

OswUp SoAnaAjcL WL. tBahudv:

That gets you nothing.
The other fellow, if he be

white or black, or Jew or Catholic or Protes­
tant, is as good as you are, so don’t think you
can knife him by back biting him.

While all of these “ rules for success” are most
excellent, we are especially impressed with your
suggestion in paragraph 3, in which you point out
that everyone should interest himself in politics
because “ if you are governed badly, it will usually
be your fault.”
We quite agree with you, Mr. Baruch, that any
community, large or small, can have good govern­
ment or bad government depending on the wishes
and desires of the majority of its citizens.
Today, more than eAmr before, Ave should keep
our “ oAvn house in order” from a political stand­
points and operate our local communities as ef­
ficiently and as economically as possible.
Your other rules of success are most stimulat­
ing, Mr. Baruch, and Avhat a changed world this
would be if they Avere adopted everywhere—
especially behind the iron curtain.

d \ '. /

2. Help make the “ Voice of Am erica” heard
around the world.

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Federal Reserve Bank of St. Louis

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

14

Giving W ings To Transit Items
One of the principal reasons for the

Illustrated above is the Sorting and

ever-growing popularity of the Cor­

Listing Room— where speed, coupled

respondent Service of the Central

with accuracy and efficiency, is the

National Bank and Trust Company

watch-word. Every operation in the

is the speed with which all transit

Friendly Central National’s Corre­

items are cleared — and started on

spondent Service is characterized by

their way.

Speed, Accuracy and Efficiency.

CENTRAL NATIONAL BANK
and Trust Company - Des Moines, Iowa
ME MBE R

FEDERAL

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

DEPOSIT

INSURANCE

CORPORATION


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Federal Reserve Bank of St. Louis

15

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

16

f*MMoir
WeM*taa M
iéerea.se
O ar Minali Mùirainijs ia I U H I9*
Northwestern Banker Readers Give Their Ideas on
Promotional Projects for the Coming Year
A NORTHWESTERN BANKER
Survey
INCE publishing the first few re­
plies in the January issue of the
N o r t h w e s t e r n B a n k e r there has
been a generous response to the re­
cent survey question “How we plan
to increase our bank earnings in
1949.”
Our first thought was to present the
results of this survey in several early
1949 issues. Then it occurred to us
that if banks expect to profit by the
ideas of other bankers, they want to
get their plans operating as soon as
possible. So we decided to publish
in this February number all the re­
plies we had received up to press time.
A few more may come in, and they
will appear in the March N o r t h ­

S

w estern

B anker.

The following is what bankers say
about increasing their earnings:
H. C. Overbeck, cashier, Boone State
Bank & Trust Company, Boone, Iowa:
“ First, I want to mention that we
want to give the best service we know
how to our customers and new cus­
tomers in 1949. In rendering this
service, we feel we need to educate
many of our present customers to help
themselves. Our lobby is small and is
congested on busy days. We believe
that some of this congestion can be
eliminated if customers make up their
own deposit tickets and endorse their
checks before approaching a teller’s
window. Many are not following this
practice at the present time, and we
are going to make a strong effort to
explain to them how they can help us
and all other customers by doing so.
“We also plan to keep a teller in
each cage during banking hours on
what we know will be our heavy busi­
ness days. Ordinarily, during lunch
hours, we do not follow this practice.
“We plan to continue to support
various boys’ and girls’ clubs. We feel
they are worthy organizations and do
much to eliminate possible juvenile
delinquency and help make better
citizens of our boys and girls who will
be our future customers.
“We do not plan to stiffen our in­
terest rates, except that we feel the
interest rates on Commodity Credit
Corporation Loans are too low and we
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

would support legislation to increase
net returns to the bank.
“We also plan to continue visiting
our customers to get better acquainted
with them and what they are doing in
a business way. We also plan to sup­
port the civic organizations of this
community by continuing member­
ships and taking an active part in
them. We will do all we can to sup­
port a boost for Boone and community
because, selfishly, what helps Boone
and community will help us.”
F. G. Grosz, executive vice president
and cashier, Bowdle State Bank,
Bowdle, South Dakota: “ One thing
that we did in 1948 was to sponsor a
corn show, and we believe that this
year we are going to do this again,
only on a bigger scale, and I do believe
that it will create a closer contact be­
tween the customers and the bank.
“One other idea that 1 had for years,
but we could not do it, on account of
shortage of help; I believe we should
at least once a year visit our farmer
customers, and I believe that consider­
able extra earnings could be picked up
and at the same time establish a better
relation with these people.”
Lee Chandler, Iowa Savings Bank,
Dike, Iowa: “ It is our good fortune
to be operating in a trade territory
that has always provided a fine de­
mand for loans. We opened for busi­
ness here nine years ago, and since
the very beginning have been able to
keep a large portion of our total as­
sets employed at a fair rate of interest.
“ The increased demand for loans
experienced by most banks today is
evident here, too, and, added to our
previous volume, it means that we

now have almost more applications
than we feel we should carry. Our
aim in 1949 will therefore be to use
greater care in selecting our borrow­
ers and risks, weeding out the lines
that show hazard, and so increase net
income by avoiding future losses.
“ I believe also that our net profits
can be increased by keeping in closer
touch with internal operations. The
day is rapidly approaching when com­
petent help can be found without offer­
ing the incentives or overlooking evi­
dent faults as was necessary during
war years. Careful selection of staff
members is just as essential as careful
selection of loans, for to the majority
of our customers the teller at the
window is the bank itself. The varied
duties of an officer of a country bank
make it impossible for him to per­
sonally greet and contact all custom­
ers, but every customer must be made
to realize that his business is impor­
tant and appreciated. Improved cus­
tomer relations will make possible
improved dividends.”
O. E. Jamtaas, assistant cashier,
Blackduck State Bank, Blackduck,
Minnesota: “ Our plans now are to
install a system of service charge on
commercial accounts, which we have
not been using before. We have also
received authorization to issue and
purchase F.H.A. loans, which we have
not done before.”
R. R. Aden, cashier, Gothenburg
State Bank, Gothenburg, Nebraska:
“ In order to expand and grow and be
of more service to our community, I
believe the thing for us to do is to get
out in the community and make per­
sonal contacts. We should take the

“ The cost o f our hank operation is increased, and will remain
high indefinitely. At the same time we have installed equip­
ment that gives customers better service than ever before. Our
service charges are the same as adopted nine years ago. W e are
seriously considering an increase o f about 2 5 per cent in activity
charges covering all accounts.”
O. E. FRIST AD, Cashier,
The Mitchell National Bank,
Mitchell, South Dakota.

>

17

time and effort to solicit new business,
try to promote and encourage worth­
while projects such as soil conserva­
tion, irrigation, feeding, 4-H club work,
etc., to help young farmers and busi­
ness men get firmly established in
these good years by helping to finance
the purchase of additional land and
property, wells for irrigation, appli­
ances for homes, and farm machinery
to improve living conditions and meth­
ods of farming. To help finance and
purchase more and better grades of
livestock. To promote and encourage
the growing of new commodities such
as beets, potatoes and beans; encour­
age the use of fertilizer and contour
farming to preserve our soil.
“All this adds up to a lot of plan­
ning, sacrifice and work, especially on
the part of the people who undertake
to accomplish these worth-while proj­
ects, but I have noticed that a man in
debt, who is conscientious about his
debts and wants to build up his credit,
is always a hard worker, good man­
ager, sacrifices a lot and usually has
the good will and moral support of
his friends and neighbors.
“ If we can be instrumental in get­
ting some of these things done, make
our loans on a conservative basis,
amply secured, properly amortized,
our bank is bound to grow, deposits
and loans will increase. Such a plan
of operation gives the bank a well
diversified line of paper and creates
a feeling of good will that brings forth
loyal support of the community served
and the community will be better pre­
pared to withstand the lean years
which are sure to come again.”

pork and beef production, availability of farm machinery and a
desire to completely modernize the farm are all factors which will
help to increase loan volume.”

in government and municipal bonds
should yield a good amount of income.
Other sources of bank earnings will
probably hold where they now are.
“Banking in 1949, it seems to me,
should not demand too aggressive an
attitude toward increased earnings.
Close supervision of the loan pouch
together with better service for the
customer will be our bank’s policy for
1949.”

feel that there are to be available a
great many loans desirable to banks.
Farmers have not required much bor­
rowed capital the last few years, but
as machinery is available, they are
going to need it and it will be neces­
sary to borrow some of the money.
“New business solicitation will be
stressed and we have always been
interested in the boys’ and girls’ club
work and will continue to keep in­
terested.”

R. P. Raplinger, cashier, White
State Bank, South English, Iowa:
“Our plans for making or possibly in­
creasing bank profits in 1949 are
rather modest. In the past we have
tried to make all loans necessary to
our customers, consistent with good
banking, and plan to do so in 1949. I
believe higher interest rates are in
order and we are having little trouble
raising them. We are after new busi­
ness at all times, providing it is GOOD
business, and try to contact all new­
comers to our territory.
“ It seems to us that now is the time
to check all loan applications very
closely, avoid all losses possible, and
in that manner possibly have a better
income for this year.”

M. T. Grana man, cashier, Burling­
ton Bank & Trust Company, Bur­
lington, Iowa: “ Declining prices are
evident at this time. If they continue
to decline indefinitely, deposits will
also decline, thus creating a greater
demand for loans. In that case, it
would be necessary to make a decided
change in our operational system to
maintain or increase our present earn­
ings. This could be done by cutting
Robert 1). Dixon, cashier, The
incidental expenses, increasing service
Farmers Savings Bank, Stratford,
charges and interest rates. The banks
Iowa: “Good local loan demand will
have had a gradual increase in deposits
bring largest percentage of increase
over the past several years, but while
in bank’s earnings for the year 1949.
deposits were increasing, interest
Apparent tendency of farmers to in­
rates were declining. In spite of this
crease their pork and beef production,
fact, they have met the rapid increase
availability of farm machinery and a
in operational costs and increased
desire to completely modernize the
J.
E. Henson, cashier, The Louisa their earnings. Obviously, excellent
farm are all factors which will help to County National Bank, Columbus management and efficiency played a
increase loan volume.
Junction, Iowa: “ Now that the de­ great part in this accomplishment.
“Assuming that deposits hold fairly mand for loans is showing an increase,
“ The uncertainty at the present
steady because of continued high level we plan to work toward the securing time as to just what Congress is going
of government spending, investments of more desirable loans for 1949. We to do in the way of passing laws and
amending existing laws is at the pres­
‘ *We expect to increase our earnings by strict application to ent time problematical. However, I
our customers’ needs. W e will endeavor to advise and assist all am inclined to believe that the Presi­
dent and Congress will be reluctant
our customers in their postwar activities, and especially our bor­ to rush into any legislative program
rowers in their expansion programs incident to postwar demands. materially affecting the economy of
By cooperative endeavor, it is our plan that we will participate our country. It is possible but not
to a greater extent in the industrial and commercial growth of probable that they may enact new
laws and amend existing laws to the
our community.”
extent whereby we would be com­
F. ,/. CLEARY , Vice I*res. and Cashier,
pelled to completely change our course
First National Bank ,
of procedure in order to operate on a
profitable basis.
Grand Island, Nebraska.


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Federal Reserve Bank of St. Louis

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 19 49

18

“ We will practice strict operative economy in 1949. Costs of
everything we buy are high, but we will watch the corners. Our
office force must earn its salary. W e have no ‘dead timber’ in
our hank— every officer down to the youngest employe works
continuously— no one in our hank draws a ‘ sitting’ salary. By
saving or not spending money, we hope to increase earnings.”
,/. 4 . KU CERA, Cashier,
Clarkson Bank,
Clarkson, Nebraska.
“For the past several years, we have
given our employes an annual bonus.
We hope that conditions will warrant
our continuance of this practice. Upon
presentation of this bonus, our presi­
dent calls the employes together and
expresses the bank’s appreciation to
them for their fine service, coopera­
tion, unselfishness, friendliness and
courtesy extended to our bank cus­
tomers throughout the past year
which have been important factors in
making it possible for us to present
them with this bonus. With this con­
tinued cooperation with the bank in
extending to our customers at all
times the very best of service, cour­
tesy and consideration, we hope to
do as well or even better in 1949. This
sort of practice has been a very im­
portant factor in the progress of our
bank.”

E. E. Weimer, cashier, The Citizens
National Bank, Boone, Iowa: “We
will continue very much along the
same line that we have always fol­
lowed in our bank. Of first impor­
tance, is the safety of our investments,
loans, bonds or securities. Next, we
watch our expenses very closely.
Usually the profits take care of them­
selves. Of course, we always have in.
mind a friendly, helpful attitude to­
ward our customers, for in reality,
they are the folks that make it pos­
sible for us to operate the bank.
“At all times it takes a lot of back­
bone to continue strictly in banking,
and banking along lines which will be
and are safe and sound, and overlook
practices or side lines which appear
would produce larger returns for the
bank or larger returns for employe
or officer. Safety should be first.”

Harlan Pye, vice president and cash­
ier, State Bank of Morristown, Mor­
ristown, Minnesota: “During the two
years just passed our bank has an­
nually selected a few young farmers
and paid the artificial breeding fee for
one of their cows as a project in im­
provement of dairy herds. Our new
plan as a follow up of this works along
long range lines and has to do with a
calf show which will be held some
time next year or the year following.
We have persuaded our local business­
men to underwrite a cattle artificial
insemination program in partnership
with boys and girls of the community.
Each businessman has subscribed the
fee for one cow belonging to the father
of the boy or girl whose name was
drawn by him, with the understand­
ing that, at the first show held after
the calf is born, the boy or girl will
enter and show it in our community
calf show.

I). H. Dingsley, cashier, Rowley
Savings Bank, Rowley, Iowa: “We
plan to substantially increase our
earnings in 1949 by the use of a serv­
ice charge schedule, mostly on check­
ing accounts, which banks in our
county adopted during the last half of
1948. We, like many other banks,
have been overlooking the fact that a
large portion of our operating expen­
ses were due to the cost of handling
checking accounts, and we had prac­
tically no service charge until the past
five months. We were very favorably
impressed with the income it brought
in each month. We had very little
objection or unfavorable comment
from customers and we lost practi­
cally no accounts.
“ Many small banks have, like our­
selves, had a so-called service charge,
which actually did not bring in enough
revenue to pay for the extra work of
figuring the charge each month. We
feel that any bank which does not
have an adequate service charge

“Our business people draw a new
child each year for sponsorship. We
believe the project is unique in that
it will nurture good will and close re­
lations affiliation between our busi­
nessmen, young people, and farmers; a
stimulation of the quality of cattle in
our community and their milk pro­
duction; with the show supplying com­
petitive spirit so necessary in per­
petuating interest in these things.”
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

should give serious consideration to
the matter right now while people are
accustomed to higher costs in every­
thing, and can thus see that we are
justified in increasing our charges for
such services.”
Ralph L. Orth, cashier, Citizens
State bank, Wyoming, Iowa: “ The
policy of our bank has always been
one of friendly and good customer
relations, built up by way of courteous
and prompt service in every respect.
We solicit the patronage of the citi­
zens in our banking area, through
personal contact and letter intro­
ducing ourselves to those who are
moving into this territory. Since this
is strictly a livestock feeding area,
and as we have no industrial plants,
our business is mostly with the farm­
ers and local town business men.
“ It is our intention to continue to
solicit sound loans as we have in the
past. Rates are commensurate with
the security offered and the financial
status of the borrower. Veterans’ loans
have been made on a conservative
basis. Our local demand has been
very good and we anticipate this con­
dition to continue.”
Millard M. Martin, cashier, Security
State Bank, Allen, Nebraska: “ In­
stead of worrying about increased in­
come, we have in mind to stress
special effort on establishing a better
understanding and confidence of the
farming public in banking—not in our
own bank especially but rather in
banking as a whole. We feel that the
time is coming when banks all over
the country will need the support of
a greater confidence in the banking
structure.
“We have in the columns of our
monthly bulletin, which we mail to
people of the community, tried during
the past year to explain various
phases of banking, to explain the why
and wherefore of some of the more
common things which banks do. I
intend to continue along this line in
the hope that a better understanding
will result in more confidence not only
in our bank, but other country banks.”
W. A. Kneeland, cashier, Postville
Savings Bank, Postville, Iowa: “ W e
offer a complete banking service,’ has
been our advertised motto for many

“ I don’ t believe banks will be justified or able to obtain higher
interest rates, but must concentrate on securing more good loans,
the increased revenue from which will mean higher earnings for
the bank.”
./. E. HENSEN, Cashier,
Louisa County National Bank,
Columbus Junction, Iowa.

19
years. We plan to make every effort
in 1949 to continue to live up to this
slogan and to sell the services of every
department of the bank to the people
of this community. Along with this
policy, the active support of all worthy
activities and organizations by the
personnel of the bank has proved
profitable in the past.”
O. E. Fristad, cashier, The Mitchell
National Bank, Mitchell, South Da­
kota: “ Since the peak of a prosperous
business and agriculture has likely
been reached, it seems logical to as­
sume that bank earnings have like­
wise reached a leveling off period.
“ The front and interior of our bank
was recently remodeled, this resulting
in greater efficiency in the handling
of an increased volume of business.
This added convenience, together with
our public relations program by way
of newspaper, radio, direct-by-mail ad­
vertising, and personal contacts, we
hope will result in sufficient new busi­
ness to offset a natural future deposit
decline.
“Our loans have reached an all-time
high and are constantly being an­
alyzed for possible rate revision. Due
to strengthening of rates ,by competi­
tors, such as the PCA and other
agencies, we are leaning to higher
rates where possible on certain busi­
ness, agricultural and installment
loans.”
A. A. Kruse, vice president, First

State Bank, Audubon, Iowa: “Begin­
ning January 1st we raised the rental
price of our safety deposit boxes $1.00
per box. We find that our customers
are using their boxes much more fre­
quently than formerly, and that this
service is costing us more.
“ Of course our interest rates are
getting a little stiffer as we do not
have to hunt for a place to stack the
money now. We are also planning to
increase our service charge rates, and
will follow the recommendations of
the A.B.A. rather closely on this.
“We plan to do some remodeling to
make our banking quarters more at­
tractive to our customers.”
J. A. Kucera, cashier, Clarkson
Bank, Clarkson, Nebraska: “We have

“ W E H A V E P E R S U A D E D our local businessmen to underwrite a cattle artifi­
cial insemination program in partnership with boys and girls of the community.
We believe the project is unique in that it w ill nurture good will and close
relations affiliation between our businessmen, young people and farmers.”

always been mindful of the fact that
our primary purpose of being in busi­
ness was to make good dividends for
our stockholders and to be able to pay
such salaries to the officers and em­
ployes which would be commensurate
with the responsibilities and hard
work which banking business entails
for everybody who works in a bank.
In order to accomplish that purpose
we have adhered strictly to the bank­
ing business alone and we aim to give
as good service to our patrons as is
humanly possible. Of course, we ex­
pect to get paid for that service and
the public is glad to pay for it when
it is good service with a smile. This
kind of service we intend to continue
in 1949.
“Our largest increase in bank earn­
ings in 1949 will, of course, be derived
from farm loans which are three times
as large as they were a year ago. Fifty
per cent of this increase in loans
comes from CCC loans on wheat and
corn and the other 50 per cent of the
increase was occasioned by a large
demand for loans on feeder cattle last
fall. Our corn crop was good and the
price of corn is only one half of the
price a year ago and hence the feeders
feel they can make a little profit out
of cattle feeding. However, the recent
decline in cattle prices has had some
adverse effect on the feeders’ desire
to feed as many cattle as they could
accommodate with their own feed.
We have taken care of every demand
for loans of this type with a hope that
some profit can be derived from this
operation.”

“ To encourage greater borrowing at this time we feel would
add to inflation— to increase interest rates would tend to drive
borrowers to government agencies. So we plan to increase our
earnings by more services on non-productive checking accounts,
and by trying to improve our service to the point where we can
charge more for it


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Federal Reserve Bank of St. Louis

, ,

MARIE BECHTEL Cashier,
The Bank of Cresbard
Cresbard, South Dakota.

Lyle J. Stotesbery, vice president,
Marquette National Bank, Minneap­
olis, Minnesota: “Here in the Mar­
quette we are going to continue and
endeavor to further increase the over­
all efficiency in our bank and also
continue to adjust the interest rate
on loans comparable to the risk in­
volved.
“ The demand for loans is increasing,
but as the demand increases the qual­
ity of the volume of the loan lessens,
meaning that this might not be the
means of increasing the bank’s earn­
ings unless the loans are carefully
selected.”
Forrest 1*. Galbraith, executive vice
president and cashier, West Des
Moines State Bank, West Des Moines,
Iowa: “ In our bank we stress ‘Friend­
ly, Courteous Service.’ Secondly, we
remodeled the interior of our quarters
and they are now neat and attractive.
We know that friendly, courteous serv­
ice pays off handsomely because since
the change of ownership of this bank
in June 1947 we have enjoyed opening
336 new checking accounts and 455
new savings accounts. This is a per­
centage increase of 64 per cent in
number of accounts.
“ One idea we have is to offer the use
of our front window to the business
people for advertising display. We
place a neatly lettered sign across
the front of the display suggesting
that people trade with their local
merchant. We also use the window
ourselves at certain periods for com­
munity affairs and to advertise our
own services.
“We will continue to advertise in ’49
that we are the ‘Friendly Corner
Bank’—that ‘Parking is easy in West
Des Moines’—that ‘We remain open
six days a week from 9 a. m. to 3 p. m.’
“When times become tougher and
business falls off people will remem­
ber that they were treated courteously
here and we will continue to enjoy
their good will.”—The End.
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

20

A I0iifi>r4tnt Shut I
On
OnblieiSv/ations
How an Iowa Bank Made Its Newspaper Advertising
Serve Several Purposes
OLLOWING much favorable com­
ment on a series of advertisements
used in their local newspaper early
last year, the Guaranty Bank & Trust
Company of Cedar Rapids, Iowa, de­
cided to publish the advertisements in
booklet form, and give more specific
distribution to the several messages
contained in the ads. By so doing,
the bank has developed a public rela­
tions project that should be of special
interest to all banks.
David Ruml, assistant cashier of the
Guaranty Bank & Trust Company,
tells about the booklet as follows:
“Last spring we ran a series of ads
in the Cedar Rapids Gazette which we
called ‘The History of Money.’ The
series generated so much interest that
we thought we were justified in re­
producing them in booklet form. We
have just recently sent them to some
of our customers and have had many
favorable and interesting comments.
“ It occurred to me that the Cedar
Rapids schools might be interested in
the booklet in some of their commer­
cial courses and with that in mind I
submitted it to one of the high school
administrators. They decided to use
it in their social studies. The other
high schools have followed the same
plan. Obviously, it is not a text, but
they seem to feel that it will be of
interest and some educational value
to their students. We are planning
to make them available to other
schools in the county.”
The booklet, which consists of 16
pages, including self-cover, is printed
on heavy buff book paper stock, in
contrasting brown and orange ink,
and carries the bank copyright. The
title page describes the purpose of
the booklet as follows:
“From the 'penny candy purchases
of our childhood to the automobiles of
our maturity, money makes its impact
on our daily lives. In fact, it is so
woven in the fabric of everyday living
that it is difficidt to imagine being
without it. W e are usually so occu­
pied with getting and using money
that we seldom stop to think that
money itself has little or no value—
except for what it will buy.
“As you read the stories that fol­
low, you will see how crude articles
of exchange evolved to our present

F

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

money and how some of the terms in
common usage today have come down
through history.
“ We originally published these stories as a series of newspaper adver­
tisements. They are reprinted here

enemy of his country.’ But even the
threat of treason failed to put the cur­
rency across, and its value continued
to drop until a single suit of clothes
cost as much as $75,000. It was dur­
ing this first inflationary period in our
history that some embittered citizen
coined the phrase ‘not worth a conti­
nental’—used to this day to describe
something of little or no value.’,’

Raiding the icebox— 200,000 B.C.

in booklet form to fulfill the requests
we have had for copies.
“ The s e r i e s reveals, sometimes
whimsically, a short history of money.
If you gain a little knowledge and get
a chuckle or two, our purposes have
been served.”
The several pages of the booklet are
illustrated with small sketches relat­
ing to the subjects covered on each
page. At the bottom of each page
appears the name and local address
of the Guaranty Bank & Trust Com­
pany.
The text of two of the pages fol­
low, in which is included the two
illustrations appearing on these pages
in the booklet:

“If prehistoric man had had an ice­
box, he might never have outgrown
the barter system. A man who ac­
cepted meat in exchange for his ar­
rowheads soon found that after being
‘laid away for a rainy day’ it ivas sel­
dom fit to eat when that rainy day
arrived. For that matter, when ev­
eryone had enough meat the hunter
no longer wanted arrowheads, either.
The problem was to find an article
that everyone needed, yet one that
could be stored away if it had no
immediate use. Skins were the an­
swer, and thus they became the ear­
liest form of money.
“ The use of skins as money lasted
a long time. The Bible mentions it,
and even today, in some European
languages, the same word means ei­
ther ‘fur’ or ‘money.’ In our own
country, skins were commonly used
as money following the Revolutionary

Not Worth a Continental
“Shortly after the outbreak of the
Revolutionary War, the Continental
Congress approved the first issue of
paper money in this country. It was
quite literally ‘paper* money, too, be­
cause there was neither gold, silver
nor credit to back it up. Between
1776 and 1779 $240,000,000 worth of
these ‘continentals’ were issued, but.
they had one serious shortcoming—
nobody ivanted them.
“ The Continental Congress made ev­
ery effort to force acceptance of the
new currency, even going so far as
to declare that ‘ . . . any person who
shall hereafter be so lost to all virtue
and regard for his country, as to re­
fuse said bills in payment, shall be
deemed, published and treated as an

War. One state, Tennessee, even used
them to pay official salaries, the gov­
ernor’s stipend being 100 deer skins
per annum, while a justice received
one mink skin for serving a warrant.
During this period, a beaver skin was
worth approximately fifty cents, and
a good gun could be purchased for a
pile of beaver skins as high as the
gun was long.”

21

Si iiffh*

vs.

lP
b
u
io
Mosting

Five Progressive Steps to Economical
Bookkeeping Operations
One of the most interesting, and at times debated, subjects in bank
operations today concerns the relative merits of single versus double
posting. Mr. Ellsworth believes the single operation is better than
the duo-system, and tells why.
By O. D. ELLSWORTH
Executive Vice President
Dallas County State Bank
Adel, Iowa
I As told to Robert L. Schuttl
T'S sort of like the old magician’s
trick, sawing a woman in half. At
least our experience with the single
posting operation has been similar to
that. W e’re able to “ saw a woman in
half.”
Not literally, of course. What we
do accomplish is this: Under the sin­
gle posting operation as we follow it
in our bank, we are able to use one
girl for two purposes. During the
busy hours she is able to help out at
the windows and on the main banking
floor. During the slack period (usu­
ally afternoons with us) she can work
in the bookkeeping department.
Thus, we’ve sawed her in half, us­
ing her half the time as a bookkeeper
and the balance of the time as a teller.
The redistribution of work accom­
plishes the same thing as an addi­
tional part-time girl and when our
new proof machine is installed (we
hope to have it this coming summer),
we anticipate that we shall be able
to accomplish the same volume of
work with one less employe. Looking
at it from another angle, it would
take the gross income from a $15,000
5 per cent loan to provide a return
equivalent to our annual operation’s
saving (assuming a part-time book­
keeper could be hired at 75c an hour).
Our operation is fundamentally the
same as the usual single posting oper­
ation. We began single posting in
January, 1945, using the carbon copy
system. In April, 1948, we switched
over from the conventional file to the
Tra-Dex operation which permits vis­
ibility of as many as 11 balances at
a single glance. Normally, however,
we have nine accounts to a section,
thus providing flexibility in adding ac­
counts.
To review our operation from the

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Federal Reserve Bank of St. Louis

time the tellers accept the deposit
from the customer to balancing:
Step 1: Teller verifies deposits for
accuracy and, periodically during the
day, a tape of deposits is run by the
tellers and checked by the bookkeep­
ers. This process will be simplified
and modernized with our new proof
machine.
Step 2: At the close of a day’s ac­
tivity, our bookkeeping department
runs a tape of all activity: checks and
deposits after they have been sorted
alphabetically. This, again, will be
consolidated on the proof machine
operation.
Step 3: The ledger is “stuffed,” sight
posted, and old balances listed. In
this operation the bookkeeper first
takes the checks and deposits which
have been alphabetized and files them
directly ahead of each respective ac­
count for that day. During this opera­
tion she is able to check the signature
card against stop payment orders, for
possible forgeries and to check bal-

ances against overdrafts because the
co m b in e d signature-stop payment
sheet is filed directly ahead of the
ledger sheet. This signature sheet
covers the entire ledger sheet, except
the old balances column and custom­
er’s name, thereby permitting com­
plete visibility of old balances.
Step 4: The ledger is posted. The
girl that handles Step 3 does not do
the posting. This procedure tends to
prevent posting to the wrong account.
In this posting operation, speed is
achieved over systems in several ways
which will be summarized later.
Step 5: The ledger is balanced. A
balance is obtained by using the to­
tals on checks and deposits (Step 2)
and old balances (Step 3) and check­
ing these figures against the control
tape obtained from the posting. Any
errors on wrong pick-ups, or incor­
rect posting are immediately noted
through the check of the tapes. Such
overdrafts as were permitted to ride
through are noted also by the book(Turn to page 35, please)

When a teller calls the bookkeeping de­
partment for a customer’ s balance, the
account can be located immediately (it’ s
always directly behind an alphabetical
guide). Many seconds and considerable
handling o f the sheets are saved with the
elimination o f “ thumbing” through the
sheets for the proper account.

“ Stuffing the ledger.” Checks and de­
posits are filed directly ahead o f their
respective accounts preparatory to listing
the old balances. “ Sight-posting,” check­
ing overdrafts, and stop payment orders
are combined in this operation.
N o r t h w e s t e r n B a n k e r . F e b r u a r y . 1949

22

Ê ta n h o r s Y o u A n o w

lla tp ti iff.
Watson
•‘A sound-thinking, considerate hanker with exceptional
organizing ability”

N E of the most experienced and
best-liked bankers in the upper
M iddlew est is R alp h M cK in ley W a t­
son, president of the Northwest Se­
curity National Bank of Sioux Falls,
South Dakota. H is reputation as a
sound-thinking, considerate banker
with exceptional organizing ability
has been established through a period
of 37 years spent in the banking busi­
ness in North Dakota, South Dakota
and M innesota. H is aggressive lead­
ership is am ply reflected in the
growth of the Northwest Security N a­
tional Bank since he assumed the
presidency in January, 1941. A t that
tim e the total capital structure was
slightly over $1,000,000, whereas to­
day it is nearly $1,900,000. Deposits
in the same period of tim e have
grown almost 400 per cent — from
$11,258,000 to $43,643,000 as re­
ported in the annual statement to
stockholders last m onth.

O

A progressive, yet scrutinous atti­
tude towards loans is expressed by
M r. W atson when he says, “ It seems
to m e the most im portant problem
bankers have to face today is to m ain­
tain a progressive yet conservative
attitude in the loaning of the ban k’s
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

funds, in order to take care of the
actual needs of the com m unity, yet
not to allow present inflationary tend, encies to carry us into difficulty. Our
problem in South Dakota is depend­
ent almost entirely on crop conditions
and we must rem em ber that the last
seven or eight years of bum per crops
and increasing prices are not guar­
anteed us in our state constitution.
A turn is sure to come and while we
m ay not have the same conditions
again that existed in the 1930’s, we
cannot expect the unusually good con­
ditions of the 1940’s to continue. The
laws of probability are sim ply against
us.”
R alph W atson went directly into
the banking field after his graduation
from college in 1912. H e was made
assistant cashier of the City National
Bank at Bismarck, North Dakota, in
that year, serving there until 1916
when he accepted the cashiership of
the First State Bank at L em m on ,Sou th
Dakota. H e continued in this capac­
ity until 1923 when he was elected
secretary of the Lem m on Agricultural
Credit Corporation, a position which
afforded him invaluable experience
in the handling and processing of

agricultural loans.
In 1930 he left
Lem m on for M inneapolis to becom e
assistant vice president of the N orth ­
west B ancorporation, about a year
after its founding. For six years he
assisted in the organization of banks
in North Dakota, South Dakota and
M ontana.
T h is led to his election as executive
vice president of the Northwest Se­
curity National Bank of Sioux Falls
in 1936.
Five years later he was
nam ed chief executive of this institu­
tion. His selection was a popular one
for he has a wide circle of acquaint­
ances in the banking field and he has
always made it a point to becom e ac­
quainted personally with as m any of
his hank customers as possible, as­
sisting them in their business affairs.
H e is extrem ely w ell-liked by his em ­
ployes and takes a personal interest
in arranging an annual picnic as well
as a Christmas party for them .
If M r. W atson should be asked to
nam e the one achievem ent by the
Northwest Security National Bank
which has given him the most e n jo y ­
ment and pride, it is cex-tain that high
on the list would be the banking
(T u rn to page 73, please)

y

23

7i/c Ofó&i
TO OUR CORRESPONDENTS,
"RECORDAK” PROTECTION
AGAINST
LOSS IN THE MAILS:
We now Recordak all items drawn on points outside of
Omaha.

THE WHIMS OF DEPOSITORS:
Oftentimes a depositor wants a description of a particular
item after it has been deposited. Recordak supplies this
information without delay.

THE HAZARDS OF FIRE:
In case of loss of an item which has been Recordak-ed,
we can supply a photostatic copy immediately. Usually
we can collect on this photostat without the necessity of
securing a duplicate check.

DISHONESTY AND FRAUD:
Recordak offers immediate proof in case of a forgery when
the item has been paid and destroyed.

The Omaha
National Bank
Member Federal Deposit Insurance Corporation


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

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

24

ff off* to itoti o vo Ti/fti il ff i 'osts
bank executives respon­
sible for efficient office procedure
within banks are faced with the al­
most universal problem of swiftly
rising office costs. They are inter­
ested in any equipment or procedure
that offers a solution to this problem,
and they are finding that one major
area of office operation that offers an
opportunity for saving is the typing
station, in which every bank has a
considerable investment. The “heart”
of a typing station, the typewriter,
is truly the basic office machine since
it is found in all offices, large and
small. As such, it merits the atten­
tion of bank executives who are re­
sponsible for efficient, economical
management of their organizations.
The average typing station, consist­
ing of a typist, typewriter, office
space, heat, light, office supplies and
taxes, represents an annual invest­
ment of about $2,500. Naturally, this
total varies in different sections of
the country, and $2,500 is actually
somewhat below the true national
average. The accompanying chart
illustrates the various elements mak­
ing up a typing station, broken down
on a percentage of annual cost basis.
ANY

M

It is interesting to note that the
cost of the typewriter (based on a
five year turnover) is only a small
percentage of the total. However, it
actually determines, to a great extent,
the efficiency of the typing station.
Even the most efficient operator is
hampered by worn, outdated equip­
ment. It can readily be seen that
this is the area that brings the great­
est opportunity for savings within
the typing station. Actual tests have
shown that an up-to-date typewriter,
equipped with every modern operat­
ing convenience, can increase typing
production by as much as 15 per cent.
In a series of advertisements cur­
rently appearing in leading regional
and national banking publications,
Remington Rand Inc., is emphasiz­
ing to bankers their considerable in­
vestment in typing stations. This
firm, the world’s largest manufactur­
er of business machines and office
equipment, has made an exhaustive
analysis of the typing station with
a view to finding out just where sav­
ings can best be effected. As part
of this program, Remington Rand has
established a unique typewriter utili­
zation service. Described as “a pro­
fessional service to management,”
this service is designed to assist
business firms of all classifications in
getting maximum production from
their typing stations in order to re­
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

duce office costs. It is available to
all typewriter users without charge.
Remington Rand’s advertising cam­
paign in banking publications was
undertaken only after a survey in a
representative number of banks had
revealed that the banking field was
an excellent one for cost-saving equip­
ment such as the Remington Noise­
less Typewriter, with its additional

appeal of quiet, a vital consideration
to most banks.
The current ad in this series in­
troduces another free service for type­
writer users, the Typing Station Anal­
ysis. This provides a firm with de­
tailed information on its typing costs
as compared to the national average,
with a complete analysis of work per­
formed at each typing station, and
with a thorough evaluation of the
ability of typewriter equipment in use
to perform this work efficiently and
economically. This data is then sum­
marized and a report made to the
proper officials. In this form, the
report serves these executives as a
complete reference record on the utili­
zation and condition of every type­
writer in their organization.
The Typing Station Analysis, and
other similar services, can be of great
value to the busy executive. Costly,
inefficient operations will be revealed
and, if none exist, the report still
serves as a reliable source of infor­
mation. Additional details can be ob­
tained by writing Remington Rand
Inc., Typewriter Division, 315 Fourth
Avenue, New York 10, New York, or <
by contacting a branch office.—The
End.

Mr. Hitchcock was formerly an as­
sistant vice president, to which office
he was elected in 1942. He was origi­
nally associated with the new busi­
ness department, but now heads the

H E N R Y H IT C H C O C K
V ic e President

trust department. Prior to his com­
ing to Mississippi Valley, he was an
assistant vice president of the Plaza
Bank of St. Louis. He has also been
associated with Crago-Hitchcock &
Company, now Newhard-Cook, and
with G. H. Walker & Company. Mr.
Hitchcock is a native St. Louisan, and
a graduate of Yale University and the
Harvard School of Business Admin­
istration.
Mr. Carpenter joined Mississippi
Valley as an assistant trust officer
assigned to probate matters in 1947.
He was formerly a clerk of the St.
Louis Probate Court.
Mr. Coerver has been at Mississippi
Valley since 1935, in the credit depart­
ment.
In 1943 he was appointed
assistant credit manager, and credit
manager in 1944.

Becomes a Director
J. M. Ford, II, assistant cashier of
the First National Bank of St. Jos­
eph, Missouri, has been elected a
director of the bank. He comes from
a well-known banking family, his fa­
ther, the late Frazer L. Ford, having
been president of the First National
for many years.

Promotions
At a recent meeting of the board of
directors of the Mississippi Valley
Trust Company, St. Louis, the follow­
ing elections were made:
Henry
Hitchcock, vice president; F. Leland
Carpenter, trust officer, and Harrison
F. Coerver, assistant vice president.

A. C. Allyn Elects
The board of directors of A. C.
Allyn and Company, Incorporated,
Chicago, announce the election of
Arthur C. Allyn as chairman, J. Doug­
las Casey as president, and John H.
Riley as executive vice president.

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

25

T

HIS B A N K has been closely identified with the live
stock industry in Chicago for more than three-quarters

o f a century. W e know the importance o f speedy transmis­
sion o f proceeds o f live stock sales and for years have had
these credits in the hands o f M idwest bankers the next day.
This is only one o f our many services used by bankers
throughout the M iddle West.

■
— ....Pj/e

.~

..

.—

LIVE STOCK
BANK

ir c fu je

t/ iff/ ffjiifr /

E S T A B L IS H E D

1868

Member Federal Deposit Insurance Corporation
U N IO N

STOCK

YARDS

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

26

Chase National Changes
The following changes in the man­
agement of the Chase National Bank
have been announced by Winthrop W.
Aldrich, chairman, after a meeting of
the board of directors.
Percy J. Ebbott, senior vice presi­
dent, has been appointed president of
the bank, and Arthur W. McCain, who
has been president, becomes vice

pointed senior vice presidents in 1947,
will continue in that capacity.
Mr. Black, formerly vice president
in charge of the bond department of
the Chase, has been United States
executive director of the Internation­
al Bank for Reconstruction and De­
velopment during the past two years.
At the request of the Secretary of the
Treasury, John W. Snyder, he has
consented to continue to serve tem­
porarily in that position, in addition
to his duties at the Chase, until his
successor in the International Bank
is appointed.
Mr. Champion, who has been a vice
president of the Chase since 1939, has
charge of the bank’s business in the
south.
:
Mr. Ebbott,. the new president of
the bank, has a background of broad
experience in commercial banking and
in trade and industry. For many
years he has been a director of the
Nash - Kelvinator Corporation, Allied

replace Harry E. Herrick, who has
reached the retirement age. The
other officers were all re-elected.

chairman of the hoard of directors.
Carl J. Schmidlapp, senior vice presi­
dent, has been named vice chairman
of the executive committee. The
chairman and president are the chief
executive officers of the bank.
Eugene R. Black and George Cham­
pion have been appointed senior vice
presidents. Edward L. Love and
Hugo E. Scheuermann, who were ap-

Audichron

G E O R G E C H A M P IO N
S enior V ic e President

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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

At the annual meeting of the stock­
holders of The Live Stock National
Bank of Chicago, Harold P. Johnston,
vice president and cashier, was added
to the board of directors. All other
directors were re-elected. Frank J.
Itzel was elected assistant cashier to

H A R O L D P. J O H N S T O N
Named a D irector

P E R C Y J. E B B O T T
President, Chase N ational

E U G E N E R. B L A C K
Senior V ic e President

Live Stock, Chicago

Stores Corporation, and Moore-McCormack Lines, Inc.
In the Chase organization Mr. Eb­
bott has been one of the senior lend­
ing officers and has had charge of the
bank’s business in middle western and
southwestern areas. He started his
banking career with the National
Park Bank in New York in 1913, but
left his desk in 1917 for 18 months
of military service in World War I,
serving as a captain in the Army Air
Forces. He returned after the war
as an assistant vice president of the
bank, and in 1923 was appointed vice
president of the Seaboard National
Bank. He came to Chase in 1930 as
a vice president, after mergers of the
Seaboard and the Equitable Trust
Company into the Chase.

The Audichron, “correct time” ma­
chine in the lobby of the First Na­
tional Bank in St. Louis, celebrated
its tenth year of service to the St.
Louis area last month. The Audichron
is a completely automatic invention
which gives a brief advertising mes­
sage and the time of day when you
dial its telephone number.
In ten years this machine has an­
swered more than 151 million calls.

Merger Planned
Minneapolis - Moline Power Imple­
ment Company has announced a plan
for merger of the company into a
wholly-owned Minnesota subsidiary.
Under the merger,, business will be
carried on in the future by a Minne­
sota corporation under the new name,
Minneapolis-Moline Company.
Outstanding common stock would
continue on a share-for-share basis.
Each share of the $6.50 preferred
stock, with accrued dividends of $29.50
a share under the merger plan, would
become one $5.50 cumulative first pre­
ferred share, par value $100.
Holders of the $6.50 preferred

*

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advantages:
1__ You build goodwill am ong the school's students,
alumni and friends;
2— Local publications will give valuable space to news
of your gift, and
3__ You will consistently reach the numerous fans who

M IN U T E S
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your brief, distinctive advertising message, each of these
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I MINUTES SÉCONDSl
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At right is shown the Fair Play 3-in-l Board for baseball,
football and basketball.
The Fair Play Timer-Scoreboards are electrically operated,
entirely automatic and foolproof. Most are constructed to cover
many sports; some are specially designed for a single sport.
Prices start at $250. They are built for years of satisfactory
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get complete information about the Fair Play Timer-Scoreboard
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N o r t h w e s t e r n B a n k e r . F e b r u a r y , 1949

shares also would receive, in addition
to each $5.50 issue, one $1.50 cumula­
tive second preferred share, par value
$25 and convertible without time limit
into one and one-third common shares,
plus one common share.
Stockholders will meet February
16th to vote on the plan.

Northern Trust
At the annual meeting of the board
of directors of The Northern Trust
Company, Chicago, t h e following
changes were made in the official staff
of the bank:
Solomon Byron Smith and Edward
Byron Smith, vice presidents and di-

new executive vice presidents are
fourth generation Chicago bankers
and will be active in the general
management of the bank with their
father, Solomon A. Smith, president.
Both have been associated with The
Northern Trust Company since gradu­
ation from college. Solomon Byron
Smith entered the bank in 1928 and
Edward Byron Smith in 1932.
Other official changes are:
Douglas R. Fuller, from second vice
president to vice president; Donald
McDougal, from assistant cashier to
second vice president; Harry M. Mc­
Leod, from assistant cashier to second
vice president; Herbert E. Altman,
from assistant cashier and operations
manager to second vice president and
operations manager, and John A.
Mattmiller, from assistant cashier to
assistant comptroller.
All other officers of the bank were
reappointed.

Mr. Foster suggests that banks are
ideally suited for this type of re­
minder advertising, because of the
universal appeal of high school and
college sports, and because of the com­
munity good will that such a donation
brings.
“ It’s always newsworthy when some
bank or other business makes such
a donation, and any sports fan knows
how much crowd-appeal scoreboard
advertising has,” Mr. Foster said.
Fair Play makes many sizes and
styles of electrically-operated scoreboards, including a combination board
for football, baseball and basketball.
Fair Play equipment is in use from
Alaska to Ecuador and from Hawaii
to Puerto Rico. Many of America’s
largest colleges and municipal audi­
toriums have installed Fair Play
equipment, including Kansas City Mu­
nicipal Auditorium. Butler University,
Purdue University and Boston Gar­
dens.

New Sales Division
Establishment of a new sales divi­
sion of The Todd Company, Roches­
ter, New York, leading manufacturers
of fraud-preventing checks and Protectograph Check Writers and Check
Signers, has been announced by Gil­
bert J. Owen, general sales manager.
The new division of the sales de­
partment will be concerned exclusive­
ly with the new Todd Imprinter and
will be managed by Richard C.
Browne, a member of the Todd or­
ganization for more than 18 years.
SOLOM ON

BYRON

S M IT H

rectors of The Northern Trust Com­
pany, have been appointed executive
vice presidents of the bank. The

BYRON

S M IT H

N o r t h w e s t e r n B a n k e r . F e b r u a r y , 1949


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

E.
Chester Gersten, who was elected
president of The Public National
Bank and Trust Company of New
York on January 9, 1929, was ten-

Chemical, New York
N. Baxter Jackson, chairman of the
Chemical Bank & Trust Company, has
announced the appointment as vice
presidents of George A. Peer, former­
ly treasurer, and of William G. DeWitt, Seymour Dribben and Eugene
W. Stetson, Jr., formerly assistant
vice presidents. Arthur P. Ringler,
formerly assistant vice president, was
appointed treasurer.
Appointed assistant vice presidents
were Charles E. Hayward, Jr., W il­
liam I. Spencer and G. Homer Wil­
liams, formerly assistant secretaries;
Walter M. Hawkins, formerly man­
ager, Times Square Office, and Samuel
H. Cropper, formerly assistant man­
ager, Madison Avenue and 46th Street
Office.

Banker Cooperation

EDW ARD

20th Anniversary

A rare combination of bank adver­
tising and public relations is afforded
by the donation of sports scoreboard
equipment to colleges and h i g h
schools, according to E. E. Foster,
president of the Fair Play Manufac­
turing Company. West Des Moines,
Iowa.

E. C H E S T E R G E R S T E N
Celebrates A nniversary

dered a dinner last month by the
board of directors of the bank at the
Ritz-Carlton Hotel in commemoration
of the anniversary. He also was a
guest of honor at a dinner given by
the senior officers of the bank at the
New York Athletic Club.
Mr. Gersten began his banking ca­
reer 40 years ago as a messenger for
the National Bank of Commerce in
New York. He worked in various
departments of the bank and was a
senior vice president when he re­
signed to become president of The
Public National Bank and Trust Com­
pany of New York.

29

C om m erce T ru st P ro m o tio n s

Meet
dicOwiiL

ELECTION S — Pictured above are a number o f those receiving promotions at
the Commerce Trust Company, Kansas City. Seated, left to right, are Bruce H.
Thomas, vice president; Ola M. Eubanks, assistant cashier, and Charles A . Truitt,
vice president. Standing are Leslie Bowman, Francis Boesche, Paul Rings, and
Nicholas J. Nero, all assistant cashiers.
A t its annual meeting this year, Commerce Trust transferred an additional
$3,000,000 to capital surplus. The capital structure of the bank now reads capital,
$9,000,000; surplus, $9,000,000; and undivided profits, $4,350,000.

Bank of America
At the annual meeting of share­
holders of Bank of America, all direc­
tors were re-elected, and at the di­
rectors’ meeting which followed, all
officers of the bank were reappointed.
President Giannini stated that Bank


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Federal Reserve Bank of St. Louis

of America maintained a high level
of activity throughout the year. “We
have striven,” the banker said, “and
I think successfully, to make Cali­
fornia self-sustaining when it comes
to financing trade and industrial ex­
pansion.”

J

NOW PRESIDENT
THE HOME BANK
SAVANNAH. MISSOURI
On January 3. Mr. James purchased
the controlling bank stock in The Home
Bank, Savannah, Mo., from J. D. McCaskey, now vice-president of the First
National Bank of St. Joseph, Mo.
Mr. James, a native of northwest Mis­
souri, born and reared on a farm near
Skidmore, was associated with the Gillman-Jackson Loan and Trust Company
of Maryville, Mo., before going to
Omaha in 1920 to become vice-president
of the Omaha Trust Company. In 1933
he became vice-president of the Federal
Land Bank of Omaha and in 1937 went
to Washington, D, C., where, until last
year he was vice-president and treas­
urer of the Federal Farm Mortgage Cor­
poration.
Mr. James was elected president of the
bank at the annual meeting, January
12, and has taken over active manage­
ment. The bank, according to its last
published statement, has $50,000 cap­
ital, $75,000 surplus, $46,761 in undi­
vided profits and reserves, and deposits
of $3,503,858. D. F. Turner will con­
tinue as vice-president and Benton Van
Horn as cashier. In commenting on
BANKERS SERVICE COMPANY'S han­
dling of the sale, J. D. McCaskey
writes:
"I assure you that the transaction is
most satisfactory in every respect. It
was certainly done quickly and quietly
and I feel that Mr. James is a first
class .man."
This sale like many others we have
handled was made to the first purchas­
er introduced. If you are planning to
buy or sell a bank, it will pay you to
consult us first.
All correspondence
and negotiations strictly confidential.

Bankers Service Co.
HENRY H. BYERS, President
HARRY B. GIPSON, Vice President

Register & Tribune Building
Des Moines 9, Iowa
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

30

A gain of $172,324,257 in total de­
posits was described as the principal
factor in raising Bank of America’s
total resources above the six billion
dollar mark, a new high level.

troller; Victor S. Dixon, from assistant
cashier to second vice president;
Lloyd B. Bachtell, newly elected as­
sistant cashier, and Leland C. Parkin,
newly elected assistant cashier.
In the trust department:
Cecil P. Bronston, from second vice
president to vice president, and Ed­
ward D. Benninghoven, from trust
officer to second vice president.

•

Continental Illinois, Chicago
Directors of the Continental Illinois
National Bank and Trust Company
of Chicago have made the following
changes in the official staff:
Reuben G. Danielson, from vice
president and cashier to vice presi­
dent; Paul E. Miller, from second vice
president to vice president; Wilfred
E. Resseguie, from second vice presi­
dent to vice president; Paul M. Carrick, from second vice president to
cashier; Frederic A. Curtis, from sec­
ond vice president to assistant comp­

California Bank
California Bank’s loans and dis­
counts increased $10,500,000 during
1948, to total $107,770,000 at year end,
according to the bank’s statement of
condition.
Deposits of $431,000,000 were $20,900,000 less than a year ago, demand
deposits accounting for approximately

$10,900,000 of this reduction and time
deposits for about $11,800,000. War
loan deposits and other public funds
increased $1,800,000.
Frank L. King, president, stated the
bank’s current operating earnings for
the year were $10,794,827, less current
operating expenses (including provi­
sion for taxes) of $8,860,584, resulting
in net current operating earnings of
$1,934,242. This compares with $1 ,510,443 in 1947.

Guaranty Trust
The annual meeting of stockholders
of Guaranty Trust Company of New
York was presided over by J. Luther
Cleveland, chairman of the board. The
following directors, whose terms had

A re Your
O p era tin g Costs

Increasing?
For many years we have
made intensive studies o f
costs o f banking
tions

opera­

in both large and

small
pleased

banks.
to

We

are

discuss with

our correspondent banks
their operating and cost problems and be
o f all possible assistance in serving them.

H a m s Trust an d Savings Bank
Organized as N. W . Harris & Co. 1882 • Incorporated 1907
115 W est Monroe Street, Chicago 90
M em ber F ed era l Deposit Insurance Corporation

H A R O L D M . S H E R M A N , JR.
N ow a V ic e President

expired, were re-elected for a term of
three years: William B. Bell, Charles
P. Cooper, Winthrop M. Crane, Jr.,
Stuart M. Crocker, Morris W. Kellogg,
William C. Potter and Thomas J. Wat­
son.
The board of directors of the com­
pany, at their annual meeting held
after the stockholders’ meeting, made
the following official appointments:
Alan C. Abeel and Harold M. Sher­
man, Jr., vice presidents, formerly
second vice presidents; Joseph Mc­
Donough, second vice president, for­
merly assistant secretary; Frederic
L. Simmons, economist; Ferdinand
H. Brewer, Laurence E. Darden, Jr.,
John M. Keyes and Frank R. Schaumberg, assistant treasurers; George J.
Jedlicka and Ellis A. Simmons, as­
sistant secretaries, and Douglas L.
Fairweather, assistant insurance man­
ager.

Bank of Manhattan
Following a meeting of the board of
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

01

ol

directors of the Bank of the Man­
hattan Company, New York, it was
announced that Lawrence C. Marshall
had been elected president, succeed­
ing F. Abbot Goodhue, who had
reached the retirement age. Graham
B. Blaine was elected vice chairman.

tors were re-elected with the excep­
tion of Holly Stover, who has moved
from Chicago, and the vacancy on the
board was filled by the election of
William G. F. Price.
At a meeting of the directors fol­
lowing the stockholders’ meeting,
Robert E. Straus was elected execu­
tive vice president and John H. Klug,
cashier, was elected vice president
and cashier. In the banking depart­
ment, George D. Bushnell, Paul C.
Raymond and Allen P. Stults, assist­
ant vice presidents, were elected vice
presidents, and Weymouth Kirkland,
Jr., and Frank J. O’Rourke were
elected assistant cashiers. In the
trust department, Clarence C. Mor­
gan, assistant vice president, was ad-

Find out now
about the
revolutionary
new TODD
CHECK
IMPRINTER

L A W R E N C E C. M A R S H A L L
Heads Bank o f M anhattan

Mr. Marshall, who is 44 years of age
and resides in New York City, came
to the Bank of the Manhattan Com­
pany two years ago from the United
States Trust Company of New York.

vanced to vice president, and Edward
A. Berndt, Jr., advanced from assist­
ant trust officer to assistant vice presi­
dent.

Central National, Chicago
J. Ross Humphreys, president of
Central National Bank in Chicago, has
announced the promotion of the fol­
lowing officers for the ensuing year:
Frank W. Pepe, from second vice
president to vice president; Samuel
L. Seltzer, from trust officer to vice
president and trust officer; Charles
C. Kaplan, from assistant cashier to
second vice president, and Gilbert A.
Smith, from assistant trust officer to
trust officer.

Bankers everywhere are asking about
the new Todd Imprinter that revolu­
tionizes on-the-premises pocket checkimprinting. You can get complete details
merely by mailing the handy coupon
below.
Fast, sharp imprinting of depositors’
checks with name and address, plus
quick binding, can now be done in a
matter of moments by any employee.
Check-sorting time is reduced. . .posting
errors cut to a minimum.Your customers
are served more quickly, your profits
increase with this new Todd Imprinter.
Find out more about it. Just clip and
mail the coupon for full information.

R. E. Straus Elected
At the annual stockholders’ meeting
of the American National Bank and
Trust Company of Chicago, ah direc-

i

Ë

odd

* COMPANY, IN C.

THE TODD COMPANY, Inc., Rochester 3, N .Y.

Please give me complete details about the new
Todd Imprinter—without obligation to me.
of course.
Bank—
Address-

ROCHESTER

SALES OFFICES IN
R. E. S T R A U S
E xecu tiv e V ic e President


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Federal Reserve Bank of St. Louis

N E W YORK

PRINCIPAL CITIES

DI STRI BUTORS T H R O U G H O U T THE WORLD

City— —

.

— ---------------------------—
—

.Zone___ States-

By------------------------------------------ -------------

XU—2 - 4 9

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

32

Chase National

investors Syndicate

The statement of condition of the
Chase National Bank for December
31, 1948, showed loans outstanding on
that date of $1,482,834,293, compared
with SI,449,812,200 on September 30,
1948, and $1,324,264,033 on December
31, 1947. Loans were up $158,570,260
in the past year and $33,022,093 in the
last three months.
Deposits amounted to $4,237,000,105,
compared with $4,206,943,483 on Sep­
tember 30th and $4,477,562,449 on De­
cember 31, 1947. Total resources were
$4,631,471,581, compared with $4,602,996,416 and $4,856,452,421 on the com­
parable dates.

The board of directors of Investors
Stock Fund, Inc., open-end invest­
ment company, has declared a quar­
terly dividend distribution of 14 cents
a share for the first quarter of the
current fiscal year, according to E. E.
Crabb, president and chairman of the
board.
The current distribution derived
exclusively from net interest and divi­
dend income is payable February
21, 1949, to shareholders of record as
of January 31, 1949.
Total assets for Investors Stock
Fund, Inc., as of January 6, 1949, were
$9,967,394.
Investors Syndicate of

Minneapolis is the principal distribu­
tor and investment manager of the
Fund.

National City Bank
At a meeting of the board
tors of The National City
New York, Leo N. Shaw,
vice president and manager,

LEO

For prompt, efficient service on
all items and collections, many midwestern bankers use the specialized
facilities of the D rovers N ational
B ank. T h ese b an k ers have found
that the highly trained staff of the
Drovers does speed collections.

N.

SHAW

division, was appointed senior vice
president and manager, overseas divi­
sion, and James S. Rockefeller, for­
merly a vice president, was appointed
senior vice president. With these ap­
pointments the bank now has three
senior vice presidents, including De-

They appreciate the immediate
personal attention that each out-ofthe-ordinary item receives from an
experienced executive.

Your Inquiry Will Receive Prompt Attention

DROVERS NATIONAL BANK
DROVERS TRUST 0 SAVINGS BANK
U N I O N

S T O C K

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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

Y A R D S ,

of direc­
Bank of
formerly
overseas

C H I C A G O

J A M E S S. R O C K E F E L L E R

33

.W ir

r ill/

National

The newly elected and advanced officers o f City National Bank and Trust
Company o f Kansas City, Missouri. Back row, left to right, John E. Hoffman,
vice president; Charles W . Koester, assistant vice president; Jack Black, vice
president; W . B. Waterhouse, assistant cashier; Carl Schupp, assistant cashier.
Front row, left to right, Clair E. Schroeder, assistant cashier; Edward T. Arnsberger, assistant cashier; Harry Filson, assistant comptroller.

Witt A. Forward, who was appointed
in 1945.
Mr. Shaw was appointed assistant
cashier in 1926, assistant vice presi­
dent in 1928. and vice president in
1931. In 1945 he became deputy man­
ager and in 1946 manager of the over­
seas division.

Mr. Rockefeller, son of the late Wil­
liam G. Rockefeller, came to National
City in 1930. He was appointed as­
sistant cashier in April, 1931, and
assistant vice president in June, 1933.
In January, 1940, he was made a vice
president, serving in the metropolitan
district.

IN V EN TO R Y LOANS

Should Be Secured By

WAREHOUSE RECEIPTS

*

Banks can convert unsecured inventory loans
into safe, profitable loans when secured by our
warehouse receipts. Inventories may be stored
on the borrower's own premises. Our trained
staff will welcome an opportunity to discuss
our field warehousing services.

T. C. CANNON
District Manager


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Federal Reserve Bank of St. Louis

OTHER

O FFIC ES

m
i'
TOAM
ILLIO
Ncmoim

°r

M o n t r e a l
Canada’s First Fatik
InCanada since i 8 i y . . . In U .S . since 1859

u. s.

HEAD OFFICE
MONTREAL
.
OMAHA

*

NEW YORK................. 64 Wall St.
CHICAGO...........27 S. La Salle St.
SAN FRANCISCO - 333 California St.

St. Paul, Minnesota
MINNEAPOLIS
MILWAUKEE
CHICAGO
DETROIT
NEW YORK
BOSTON
BUFFALO INDIANAPOLIS PHILADELPHIA
PITTSBURGH SYRACUSE DALLAS MEMPHIS
ATLANTA
ALBANY. GA.
CHARLOTTE
JACKSONVILLE
SHREVEPORT

*

CANADA TODAY, a fact-filled, 100-page
booklet, has been prepared to
give you an up-to-the-minute
picture of post-war Canada.
For your free copy, write
for Booklet C-52 to any of
our U. S. offices or to our
Foreign Department in
Montreal.

n f iii

ST. PAUL TERMINAL
W A R E H O U S E COMP A NY
DES M O I N E S O F F I C E
515 lowa-Des Moines
National Bank Building

Although a young country, Canada
has already proved herself capable of
becoming a world leader. And, with
the spirit of youth, Canada looks for­
ward to the wonderful opportunities
of the future.
The Bank of Montreal has helped
Canada grow . . . has grown with
her. Because we know Canada, we
can help an American businessman
find the answer to just about any
question he may have about the
country. In fact, we have been giving
information to American business
ever since our first American office
was established in New York in 1859.
So talk Canada with us. Call on us,
for yourself or your clients, through
our offices in New York, Chicago or
San Francisco, or through our Foreign
Department in Montreal.

LONDON

47 Threadneedle St., E. C. 2
9 Waterloo Place, S. W. 1

O FFIC E

1105 First National
Bank Building
ELMER J. OTTESON
District Manager
R E S O U R C E S OVER $ 1 , 9 0 0 , 0 0 0 , 0 0 0
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

34

Harris Trust, Chicago
Edwin C. Austin and Richard E.
Pritchard were elected directors of

Harper. He is a director of Brooks,
Scanlon & Company, Hoover and
Mason, Leath & Company, A. C. Niel-

Manned by officials with years of
experience, our Correspondent
Bank Division renders a complete
service, conducted in an intimate
and personalized manner.
Cooperation is our guiding policy.

u

Public National
BANK

AND

R IC H A R D
E D W I N C. A U S T IN
D irector

TRUST

COMPANY OF NEW YORK
Established 1908
N ew Y o rk C learing H ouse
Association, F ed eral D eposit
Insurance Corporation

M em ber:

the Harris Trust and Savings Bank
at the annual meeting.
Mr. Austin is a member of the law
firm of Sidley, Austin, Burgess and

NUMBERS

|

ALL Personalized Checks should be
consecutively numbered. All DeLuxe
Personalized Checks are consecutively
numbered. W e think a check with a
printed name but without a printed
number is only partly finished. We
think, in order to provide complete
distinctiveness for the individual, that
checks should be both imprinted and
numbered.
TRUE enough, the correct printing o f
numbers imposes some considerable

responsibility upon the printer. It
complicates the printing operation and
increases the factor o f error, but on the
other hand, it can be done with proper
equipment and trained workmen, and
it certainly does add to the value o f
the instrument. As a matter o f fact, any­
thing that is associated with the control
o f money should be numbered, and
usually is. Numbers insure better control
and, in the case o f checks, simplify re­
conciliation o f accounts.

SO give proper weight to the importance of printed
numbers when evaluating Personalized Checks. They
are part o f the check . . . a most important part. To
provide checks without them is to provide less value.

M anufacturing Plants at:
N E W Y O R K , C L E V E L A N D , C H I C A G O , K A N S A S C I T Y , ST. PA UL
CHECK

P R IN T ER S

cOne.


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Federal Reserve Bank of St. Louis

E. P R IT C H A R D
D irector

sen & Company, and G. D. Searle &
Company.
Mr. Pritchard is vice president of
the bank, in charge of banking de­
partment operations. He has been
associated with the bank since 1920,
having served as assistant cashier,
assistant vice president, cashier, and
since 1939, as vice president.
Retiring from the board in accord
with his request was William P.
Sidley of Sidley, Austin, Burgess and
Harper, who has served as a director
of the bank for thirty-two years.
With these changes the Harris
Trust Board is increased from nine­
teen to twenty members.

First Wisconsin
Promotions were announced last
month for staff members of the First
Wisconsin, National Bank and the
First Wisconsin Trust Company, Mil­
waukee, following meetings of their
boards of directors.
The bank advanced seven of its
members. William G. Brumder was
elected senior vice president, a new
position with the First Wisconsin,
involving general management re­
sponsibilities. D. Wesley Correll and
Robert A. Zentner were named vice
presidents. Joseph H. Koch was ad­
vanced to assistant vice president.
Herbert Erdman, Lowell E. Ivlug and
Mark A. Rusch were made assistant
cashiers.
Walter Fasten was re-elected presi­
dent and Wm. Taylor was re-elected
executive vice president. All other
officers were re-elected to their re­
spective positions.

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

R e v ie w in g ..

THE

3 BASIC

METHODS

OF MICROFILMING
\

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VERSATILITYTO MEET THE
REQUIREMENTS
OF YOUR BANK

Here is a quick-reference chart illustrating
the scope o f the current line of Recordak
equipment in relation to the three basic
methods of microfilming.
It describes the operating characteristics
o f the machines . . . lists the film units which
each accommodates . . . provides an over-all
picture which helps answer the question of
which Recordak Microfiin cr is best de­
signed to meet the needs of vour bank.

THE S T A N D A R D M ET H O D . . . documents
are recorded across the full width o f the film
. . . the method introduced by Recordak in
1928 . . . still the choice of thousands who
desire m axim um size enlargements in the
Recordak Reader. Up to 7500 check images
can be recorded on a 100-ft. roll o f film.

THE D U O M ET H O D . . . documents are re­
corded on half the width of the film — down
one side, up the other . . . the familiar homemovie technic introduced by K odak in 1932.
Film units with greater reduction ratios are
employed . . . record up to 21,000 check
images on a 100-ft. roll of film.

THE R ECO RD A K DUPLEX
. . . designed for large-volume
b a n k s h a n d lin g o v e r 6 0 0 0
checks per day. It is especially
recommended for operations
where the fronts and backs of
checks are microfilmed for a
complete record. Here, it not
only provides m axim um film
economy . . . but does the job
three times as fast as the other
Recordak machines. In addi­
tion, this versatile machine au­
tomatically face-stamps checks
— proof that they have passed irough the machine. A n d — when
the unique Recordak Endorser* is em ployed— automatically endorses or cancels them. Thus, 2 extra jobs can be performed inslantaneously— in the routine mi crofilming operation.

The Recordak Duplex Microfilmer records the fronts of docu­
ments (up to 93^2 in- wide) across the width of the film . . . em ploy­
ing a film unit with an 18 to 1 reduction ratio.

. . . it records the fronts of checks on half the width of the film . . .
employing a film unit with a 35 to 1 reduction ratio, which assures
maxim um film economy in all operations where only one side need
be recorded.

! 1d19S
S
Id^dldd ddd^Sdddd^Sdddddd IdidddddÜdddd®ddlddld1IddÜddÜ9191dSIdddddS
S
Idd!
THE D U P L E X M ET H O D . . . the fronts and
backs of documents are recorded simulta­
neously— side by side on the film . . . the'
revolutionary technic introduced by Recor­
dak in 1945. It brings maximum speed . . .
maximum film economy to all operations
where a complete check history is desired
. . . records the fronts and backs of 10,500
checks on a 100-ft. roll of film.


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Federal Reserve Bank of St. Louis

. . . it records the fronts and backs of checks simultaneously, side
by side on the film . . . employing a film unit with a 35 to 1 reduc­
tion ratio.

...........................................The Recordak Automatic Feeder*
can be used on the Recordak Duplex Microfilmer.

*

This amazingly dependable unit eliminates operator-handling
. . . more than triples productive capacity in the three basic
methods of microfilming . . . in many cases eliminates or reduces the need for additional equipment.

THE R ECO RD A K TRIPLEX MICROFILMER

THE R ECO RD A K JUNIOR MICROFILMER

— successor to the Recordak Commercial M icro­
filmer— designed for banks handling from 1500 to
6000 checks per day. A versatile machine that allows
you to photograph the fronts of documents . . . or the
fronts and backs at
will . . . on either
the full width or on
half the width of
the film. Thus, it
serves all operations
— is ideal in book­
keeping . . . and in
transit operations,
to o , w hen m a x i­
m um speed is not a
requirement.

. . . a combination
microfilmer - reader
d e sig n e d fo r th e
c o m m u n ity b a n k
handling less than
1 5 0 0 c h e c k s per
day. It provides a
complete, economi­
cal p h o to g ra p h ic
banking service . . .
records incom ing,
outgoing, or inter­
nal documents in
seconds . . . cuts
bookkeeping and transit costs as much as 5 0 % . . .
increases protection for bank, depositors, and em ­
ployees . . . saves 9 8 % in filing space.

¡lillBlllllUltllfllllllBlllUlliill
The Recordak Triplex Microfilmer records the fronts
. . . or the fronts and backs of documents (up to 14
in. wide) consecutively . . . across the width o f the
film . . . at a 24 to 1 reduction ratio.

llB f ll H llf llllf lH liR f lS l| l| l| ii

IlliHlüllllKÜHlHÜBHHHlI. . . it records the fronts . . . or the fronts and backs
of checks consecutively on half the film width . . .
using either a 28 to 1 film unit . . . or a 35 to 1 film
unit which provides maxim um film economy.

The Recordak Triplex Microfilmer accommodates
the Recordak Endorser . . . which automatically
endorses checks in the same continuous operation in
which they are microfilmed. The unique roving en­
dorser stam p staggers imprints, minimizing over­
lapping endorsements.

The Recordak Junior Microfilmer records the fronts
. . . or the fronts and backs of documents (up to
x 14 in.) across the full width of the film . . .
employing a film unit with a reduction ratio of 19 to 1.

To record documents— bound or unbound— you need
only place them on the copy board and touch the
exposure buttons. The fronts and backs o f checks
can be photographed in one operation— fast produc­
tion maintained. To read microfilm records, you
simply pull down the projection screen which is an
integral part o f the machine.

/
TO ALL USERS OF THE RECO RD A K
COM M ERCIAL MODEL
Your Present Microfilmer m ay well be the machine
best designed for your bank
. . . if your microfilming requirements do not
exceed the capacity of your present equipment.
. . . if you prefer the larger images obtained
with full-width microfilming.

M
■M i

. . . if the film savings offered by the newer
models do not offset the higher rental cost.

Recordak Automatic Feeder* can also be
used on the Recordak Triplex Microfilmer...
to realize maximum efficiency
in recording the fronts of docu­
ments with either the Standard
or D u o method.


"Optional equipment at extra rental cost.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

W e suggest that you check these points with your
local Recordak representative on his next call— or at
your convenience— for it is our desire that you have
the type of Recordak equipment best suited to your
requirements.

BACKED
BY KODAK

Recordak Microfilmers, Film Readers, and acces­
sories are designed and built by Kodak. The facilities
of the world’s foremost manufacturer of photo­
graphic apparatus and materials have been behind
Recordak from the start . . . since the first Recordak
Microfihner was created for a New York bank in
1928.

Y o u drop a ch eck into a R e co rd a k M icro film er . . .
a n d it’s reco rd ed a u to m a tic a lly — a tin y im a g e on
a film roll . . . p h o to g ra p h ic a lly a ccu ra te a n d co m ­
plete to the la st d e ta il.

Recordak Microfilm is made by Kodak . . . made for
the exacting job of recording checks and documents
with maximum sharpness— at tremendous reduc­
tions. It is specially sensitized . . . has a special fine­
grained emulsion . . . special backing . . . and com ­

One of the simplest business operations . . . vet one
that is critically dependent upon the perfection, the
synch ron ization o f m u ltiple elem en ts— cam eras,
lenses, lighting systems, film . . . all in a precision
machine. Therein, lies the storv of K o d a k ’s contri­
butions.

bines other distinctive photographic properties.

Recordak film processing utilizes Kodak-perfected
technics and equipment . . . another important con­
tribution that provides uniform film records . . . each
tiny image sharp and clear when you view it greatlx
enlarged in a Recordak Film Reader.

RECORDAK NATION-WIDE SERVICE ORGANIZATION
A T Y O U R C A L L — A nation-wide, fieldservice organization with headquarters in
20 conveniently located cities.
• Bank-trained specialists . . . who understand
banking routines and systems . . . who can
help in solving your operating problems . . .
who will instruct your staff in the operation of
Recordak equipment and correlated banking
functions.
• Skilled Service Representatives . . . who
service your equipment whenever needed . . .
who inspect it periodically to insure perfect
operation— a service that involves no charges
for labor or parts!
• Experienced Film Processors . . . who de­
velop your microfilm records promptly, using
Kodak technics and equipment . . . a bonded

LOS ANGELES

ATLANTA
231 Peachtree St., Atlanta 3, G a.

1 123 N. Bronson Ave., Los Angeles 38, Calif.

BOSTON

NEW ORLEANS

99 Bedford St., Boston 1 1, Mass.

1007 Camp St., New Orleans 10, La.

CHICAGO

NEW YORK

137 North Wabash Ave., Chicago 2, III.

350 Madison Ave., New York 17, N. Y.

CINCINNATI

PHILADELPHIA

27 West Fourth St., Cincinnati 2, Ohio

1541 Sansom St., Philadelphia 2, Pa.

CLEVELAND

PITTSBURGH

81 2 Huron Rd., Cleveland 1 5, Ohio

428 Penn Ave., Pittsburgh 22, Pa.

DALLAS

PORTLAND

1504 Young St., Dallas 1, Texas

1 15 S. W . Fourth Ave., Portland 4, Ore.

DENVER

ROCHESTER

1746 Champa St., Denver 1, Colo.

343 State St., Rochester 4, N. Y.

DETROIT

ST. LOUIS

51 W . Hancock Ave., Detroit 1, Mich.

3303 Washington Blvd., St. Louis 3, Mo.

HOUSTON

SAN FRANCISCO

745 Merch. & Mfrs. Bldg., Houston 14, Tex.

561 Clay St., San Francisco 1 1, Calif.

KANSAS CITY

WASHINGTON

416 East 10th St., Kansas City 13, Mo.

705 12th St., N. W ., Washington 5, D. C.

service which assures maximum protection of
confidential records.
• Free Facsimile Service . . . should transit
checks be lost or destroyed en route, Recordak
will produce facsimile prints from your micro­
film records—free of charge!

Thousands of banks know the value of
these dependable services . . . appreciate
the fact, too, that Recordak equipment
is obtained without capital investment
. . . that a more versatile Recordak microfilmer can be substituted for their present
unit, should their microfilming require­
ments change.
For complete information, contact the
nearest Recordak office. Recordak Cor­
poration (Subsidiary of Eastman Kodak
Company), 350 M adison Avenue, New
Y ork 17, N . Y .

“RECORDAK” IS A TRADE-MARK


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

=%

e c c r d m

(

(Subsidiary of Eastman Kodak Company)

Originator of modern microfilming— and its application to banking systems.

Í

35

SINGLE VS. DOUBLE
PO STIN G
(Continued from page 21)
keeper by writing the name of account
on the control tape at the time of
posting. This tape gives us an imme­
diate and accurate check on all over­
drafts of that day without having to
check the ledger.
Our actual posting operation is de­
ferred until the following day when
it is handled by a single girl. The
second girl, who ran the old balances,
is, as mentioned previously, free ei-

3. Another time saver is the elimi­
nation of flipping through the ledger
to find the right account. It’s imme­
diately visible. No posting is required
to accounts where checks are not
stuffed and every account is visible
to the operator. Parenthetically, Mrs.
Thelma Luther, head of our book­
keeping department, says there is no
comparison between the condition of
the sheets at the end of the month
under the former system and our
present set-up. Because there is no
need to “thumb” through the ledger
the number of times a single sheet
is touched is reduced manyfold.
4. A third very important time
saver is the ease with which old bal­
ances can be checked. Since our post­

ing is done in the lower level of our
bank, it is necessary for a teller to
call the bookkeeping department to
check a balance. Again, because the
operator automatically opens the ledg­
er to the correct account, there is no
flipping through the sheets to hunt
up the proper account. Mrs. Luther
reports that the girls lose virtually
no time and the customer obtains his
balance in seconds. It is my under­
standing that in banks where it is
possible to locate the Tra-Dex ledger
immediately behind the tellers, the
ease and speed of checking both sig­
natures and old balances at the same
time is really amazing.
5.
Mailing of statements at the end
of the month is simple. We only

co llectio n
se rv ic e
A t a glance the operator can see the
accounts to be posted and in a single
operation removes the account sheet,
checks and deposits from the tray. Signa­
tures can also be double-checks against the
signature card. As an account is w ith­
drawn from the tray all the sheets overlap­
ping it are flipped forward automatically.

ther to help work counter or, in our
particular case, post the checking
ledger for our three offices.
Based on our operation of the past
several months, we feel our single
posting operation has the following
primary advantages:
1. Time and work saver. Prior to
our present operation two girls had
to work at least one and three-fourths
hours longer each evening and their
morning activity was much more
crowded. And, as mentioned pre­
viously, we expect to save a girl when
we combine this saving with that
from our new proof machine.
2. One of the major time savers is
the method of posting. The operator
in a single operation picks up the
checks, deposits, ledger sheet and
checks the signature-stop payment
card. She picks up from the left, in­
serts the sheet into the machine (all
with the left hand) and is set to post.
No turning of the head or reaching
from left to right. When the account
is posted, checks and deposits are
filed in the tray to the left and the
next account pulled. You’d be amazed
at the number of operations, each tak­
ing a small amount of time, that are
eliminated. And the girls appreciate
the simplicity of the operation.

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

• •

g eared to
your need
for speed

Your Bank wants speed when it presents a check or note
for collection. The kind of speed that means

prompt presentation and earliest availability of funds.
A t American National we’re prepared to provide that
kind of action. Our staff is experienced, dependable,
skilled at operating the high speed machines that
make swift service possible.
W e ’d like to have you visit us to see this service in action;
Meanwhile, we welcome your inquiry with the view
to securing you the most advantageous mail and express
scheduling — both by rail and air.

A M ER IC A N N A TIO N A L B A N K
A N D T R U S T C O M P A N Y O F C H IC A G O
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

LASALLE

AT

WASHINGTON

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

36
issue a statement on an account that
has had more than five checks writ­
ten against it in a month. Again,
since the girls can see as many as 11
accounts in a glance, they can pull
the statements with satisfying ease.
Taking off the old balance on the
accounts pulled is part of this opera­
tion. Incidentally, we use an Addressograph for imprinting the ac­
count name on each sheet.
Now in contrast there are certain
objections that we had to satisfy our­
selves on before we made this in­
stallation.

In fact, during the first couple
weeks of operation we feared we had
erred. Mrs. Luther was rather skep­
tical before we made the change-over
and her fears appeared to be justified.
We found an increase in errors ini­
tially. One of the big troubles was
listing the wrong balance during the
sight posting and stuffing of the ledg­
er (Step 3).
Fortunately that problem was not
an intrinsic fault with the system.
In a short time the girls learned the
new technique, kept their thumb on
the account to be posted, and we find

that our errors have been eliminated.
A second problem was that of the
one-time carbon forms. This had
given us trouble during our previous
single-posting system. The sheets
would separate, the carbons smear,
and the corners bend, making them
difficult to feed into the machine.
We now find that wear on the forms
is decreased so much that we seldom
have any trouble with turned corners,
bad carbons, etc.

H. B. Jacobson, cashier, Dallas County
State Bank, and Mr. Schutt study the ar­
rangement of a section of accounts as they
would line up against an alphabetical
guide. Mr. Jacobson is pointing to the
signature card which can be noted directly
in front o f the ledger sheet. Nine different
balances are visible in this section.

^ /Im e-U esled S ecu rity
In the resurgence o f America’s railroads, a major roie is being played by
progressive improvements in operating equipment...as exemplified by
fast, modern passenger trains and advanced facilities for speeding the
movement o f freight.
Locomotives, freight and passenger cars— indispensable tools o f rail­
roading— are financed largely through equipment trust certificates
which, because o f their proved record o f safety through three-quarters
o f a century, occupy an enviable position among all investments. Their
serial maturities have special ad­
vantages for investors concerned
with well formulated maturity
portfolios.
For many years, Halsey, Stuart
& Co. Inc. has made railroad
equipment certificates available
to conservative investors. Write
without obligation for our latest
list o f investment opportunities
in this field.

During the past eight years, Halsey,
Stuart & Co. Inc. has purchased and
offered, either alone or with associates,
equipment trust certificates o f 55 sepa­
rate American railroads aggregating
close to $500 millions— almost 40%
o f all certificates publicly offered.
The benefits o f this experience are of­
fered to those interested in either buying
or selling equipment trust certificates.
We deal in and are prepared to provide
quotations for the certificates o f most o f
America s railroads.

H A L S E Y , S T U A R T & CO. I n c .
123

SOUTH

LA S AL LE

STREET, C H I C A G O

90

■ 35 W A L L

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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

S TRE ET, N E W Y O R K

5 • AND

OTHER

PRINCIPAL

CITIES

The problem of how to tab over­
drafts, since we don’t set out accounts,
has already been noted. All over­
drafts are indicated on the control
tape at the time of posting. Again,
by eliminating the “set out” of over­
drafts we’ve also eliminated the need
to “reshuffle” the ledger.
Another pair of allied questions we
have been asked about this system:
“ Don’t you have more posting to the
wrong account?” and “Doesn’t it take
a better trained girl to handle this
operation?”
I believe that there is no more post­
ing to the wrong account under the
single posting operation than a dou­
ble operation. And since we’ve elimi­
nated half of our posting operation,
we’ve also eliminated by that amount
the possibility of error.
In the matter of the calibre of the
operators, I’m inclined to think that
is a moot point. Personally, we con­
sider ourselves fortunate in the selec­
tion of our operators. However, we
also feel that, under any system, if
the operators are irresponsible it is
necessary to maintain close supervi­
sion over them. With proper super­
vision any system should work. And
with responsible operators any sys­
tem will work; its just that the more
efficient system permits better opera­
tion—and we like this system.—The
End.

37

IN V E S T M E N T S

Trend of
W ill
A ifn in

C o rem
renin
Chart M arket

Indications Arc That U. S. Issues Will Be Major
Factor in Market Behavior of Other Bonds
By RAYMOND TRIGGER
Investment Analyst
New York City

T HROUGH 1948, corporate bonds
and municipal obligations moved,
generally, in sympathy with gov­
ernments, but over wider arcs. This
is entirely logical and there is nothing
to suggest that the course of govern­
ments in 1949 will not again be the
major factor in the market behavior
of other bonds.
The principle just outlined needs
some modification, of course. The
highest grade corporates will be least
affected, either way, by the general
level of production and profits. On
the other hand, medium and lower
grade corporates will respond more
actively to changes in the business
outlook and will be less closely tied
to the government bond market.
Therefore, if one anticipates some­
what less active business and lower
corporate profits in 1949, one will re­
gard the medium and lower grade
corporates with considerably less en­
thusiasm than if one were expecting
no recession from the 1948 pace.
In the municipal field, the course
of business will have less effect on
market prices, but the level of taxa­
tion will continue a highly significant
factor. If taxes are raised, as may
be expected, the tax shelter provided
by exempt obligations will be even
more valuable than it is today. None­
theless, the prime influence on prices
of all bonds other than governments
will be the performance of the market
for Treasury obligations.
The cold war on the Treasury’s pol­
icy of pegging government bond
prices has subsided; the fiscal and
monetary authorities emerged victo­
rious in 1948. They not only stuck
to their guns during the summer and
early fall, they never so much as in­
dicated any doubt as to the wisdom
of their course. Thus, before election
day, the authorities had demonstrated
their intention and, even more impor­
tant, their ability to peg prices.

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

This 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.

Pegs to Continue
Since early November, a good many
have been converted to the theory
that pegs will be maintained. The
market in governments duly reflected
the change of heart. It rose a little.
At the same time, institutional own­
ers of governments evidently eased
up on their selling for reasons not
disclosed. It may have seemed to
them that the wishes of the authori­
ties were deserving of more respect
in the light of the outcome of the
elections. Or, they may have gone as
far as needed in providing themselves
with cash for other investments and
may have anticipated the future as
far as they deemed, prudent.
In any case, the market rose some­
what and, almost at once, encoun­

tered free selling at above-peg limits
by the Reserve. That served to damp­
en enthusiasm, of course, but it could
by no means be interpreted as a sign
of abandoning the pegging policy. In­
deed, the highest authorities made it
abundantly clear that the market for
governments would be protected. This
has generally been accepted at face
value. There is one aspect, though,
that deserves notice. There is no
obligation on the part of the mone­
tary and fiscal authorities to maintain
government bond prices at any level
-—par or otherwise. They may elect
to do so and, apparently, have the
power to carry out their self-imposed
mandate, but investors should not be
lulled into a false sense of security
based on the misconception that the
authorities are bound to do so.
The picture is that the authorities
almost certainly will support govern­
ments at fixed prices, but are not
finally committed to such a course,
and, that the Reserve will supply
bonds on any important rise above
the pegs. In fact, by mid-January, the
Federal Reserve Banks had sold long­
term bonds on balance for the sixth
consecutive week. The upshot is that
the government bond market may be
described as one having both a floor
and a .ceiling, and the two not so far
apart.

WHEELOCK & CUMMINS
In c o rp o ra te d

Members Chicago Stock Exchange
Underwriters and Distributors of Investment Securities
200 Equitable Building
Phone 4-7158
Teletype DM 184

135 South LaSalle Street
Phone Andover 6700
Teletype CG 245

DES MOINES, IO W A

CH ICAG O , ILLINOIS

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

38

investments

The prospective market in govern­
ments, consequently, may turn out to
be a dull affair in 1949. Based on the
premises just outlined, competent
counsellors have retreated from for­
mer positions and now suggest a com­
promise. They do not go so far as to
advise speculative purchases by com­
mercial banks of long term govern­
ments, but they do counsel a moderate
lenghtening of over-all maturities as
present holdings come due. The the­
ory is that the purchase of the longer
bonds provides a better return and
that, for all practical purposes, the
longer bonds are really short-term in­
vestments because the holder can al­
ways get out at a pre-fixed price. The
theory is probably acceptable over the
near term, say until mid-1949. But, if
adopted, the follower should most cer­
tainly review the position most earn­
estly and skeptically at frequent in­
tervals.
Among other things, international
relations may improve, at least super­
ficially, and the urge to rearm may
lessen over near months. If so, gov­
ernment outlays may fall short of
making up the drop anticipated in
business expenditures for new plant
and equipment, consumers’ outlays,
new real estate construction and the
like. All this would bring about the
mild recession so frequently forecast
for 1949. In turn, but on a magnified
scale, government revenues would
drop.
The Treasury has, since the end of
the war, steadily refunded maturing
obligations with one-year obligations.
The outlook is for a further concen­
tration of debt maturities in the short­
term category. At the same time, the

total debt has been reduced since the
end of war, in part by the use of the
Treasury’s cash surpluses. These, ap­
parently are running out and, to
that extent, will make management of
the whole 250-odd billions of debt
more difficult.
Thus, the authorities may, during
1949, come to the conclusion that
something of importance and of longrange significance should be done
about the twin problems of the “term
structure” of the debt and the “own­
ership distribution.” The only solu­
tion is to substitute longer debt for
short and to shift ownership from
commercial banks, business corpora­
tions and various state and municipal
bodies. Life insurance companies,
savings banks and individuals should
be almost the sole owners of the fed­
eral debt. They would be were the
return attractive. Thus, by refunding
maturing debt into long-term obliga­
tions carrying say 3 per cent, the au­
thorities should attain both objectives
—a better balanced term structure
and the most desirable ownership
distribution.
Thus, to summarize, commercial
banks may hold long-term govern­
ment debt because of the better yield,
if they are willing to forego any
chance of appreciable capital gain
and, at the same time, really consider
these investments as short-term hold­
ings. This is not orthodox invest­
ment policy and could not be justified
in any sector of the investment se­
curity market other than govern­
ments. Here, the world’s best credit
and the avowed intention of main­
taining minimum prices are perhaps
sufficient offsets.

FIELD WAREHOUSE RECEIPTS
By
WILLIAM H. BANKS WAREHOUSES. INC.
REDUCE ELEMENT OF RISK in connection with your INVENTORY
LOANS.
Our staff of experts available and shall be pleased to discuss
all questions in connection with this type of loan.
Write or telephone us today for complete details.
D I V IS IO N O F F I C E S

Des Moines, Iowa

if

St. Louis, Mo.

Grand Rapids, Mich.

*

if

Madison, Wis.

Fayetteville, Ark.

if

if

WILLIAM H.BANKS WAREHOUSES

Northwestern Banker, February, 1949

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

i I

kj

r.l

Angola, Indiana

Weslaco, Texas

Other Bonds
Marketwise, highest grade corpo­
rates likely will continue to tag right
along with governments, at least so
long as the general prospect of pro­
duction and profits is no worse than
at present.
As observed earlier, municipals as
well as highest grade corporates, gen­
erally move with governments. There
is, consequently, little cause for ap­
prehension as to the market for taxexempts in 1949, assuming that gov­
ernments are held rigidly within their
prescribed floors and ceilings.
“ Revenue” tax-exempt bonds likely
will continue to come on the market
in greater volume. For a variety of
reasons, these issues are frequently, if
not usually a “negotiated” deal, ar­
ranged after long exploratory discus­
sions and surveys between the issuing
body and the investment bankers.
Almost always, they include at least
a few novel aspects. That makes
them more interesting, of course, but
likewise makes them less salable to
buyers governed only by tradition.
The upshot is that the yields are fre­
quently decidedly attractive.
In 1948, more than $425,000,000 of
rail equipment issues were sold. The
total would doubtless have been great­
er, had materials to build rolling stock
been available in larger quantities.
At the close of 1948, more than 100,000
freight cars and more than 1,600 loco­
motives were “on order.” Thus, 1949
could see larger deliveries and more
rail equipment financing.
In the past, the country’s larger
commercial banks frequently bought
entire blocks of railroad equipment
trust certificates. The practice tended
to freeze out many of the medium
and smaller banks. It was notable,
though, that only $1,000,000 of rail
equipments went direct to commercial
banks in 1948. The remainder was
bought by various groups of invest­
ment banks and retailed at a slight
markup. At the some time, there is
little question that the great majority
of the ultimate investors were com­
mercial banks, as they have long been.
It would appear, then, that the larger
banks are now willing to invest as
retail buyers, presumably taking vary­
ing amounts in differing maturities
to round out their portfolios. Under
these conditions, of course, there are
more opportunities for the smaller
commercial banks to do likewise and
thereby acquire their share of these
premier investments.—The End.
Hard to Master
“What is poise?”
“The art of raising the eyebrows
instead of the roof!”

Investments

39

In v estm e n t M e n N a m e O fficers

W e o ffe r
f o r sale
the notes of
these
representative
SE V E R A L BOND M E N who got together to discuss mutual problems at the

annual meeting in Davenport last month o f the Iowa Investment Bankers Associ­
ation are (left to r ig h t): Lael Abbott, J. M. Dain and Company, St. Paul; Carleton
D. Beh, president o f Carleton D. Beh Company, Des Moines; Roland White. Harris
Trust and Savings Bank, Chicago, and Robert Alexander, vice president, The
White-Phillips Company, Inc., Davenport. "

THOMAS L. CRABBE
President
Iowa Investment Bankers Association

-rHOM AS L. CRABBE, owner and
I manager of Thomas L. Crabbe and
Company investment firm of Cedar
Rapids, was elected president of the
Iowa Investment Bankers Association
last month at the annual business
meeting in Davenport. He succeeds
Harry Graefe of Graefe and Company,
Des Moines.
Other officers elected at the meeting
for the coming year include: First
vice president, J. H. “ Mike” Ruhl, vice
president and manager of the munici­
pal department of Quail and Company,
Davenport; second vice president, L.
E. Gardner, Hanna-Kramer Company,
Burlington, and re-elected secretarytreasurer, Sherman W. Fowler, assist­
ant vice president of the Iowa-Des
Moines National Bank, Des Moines.
Directors elected for three-year
terms were Mr. Ruhl, re-elected; Mr.
Gardner and Harold Allen, Harold
L. Allen Investment Company, Des
Moines.

finance
companies
Aid Investment & Discount, Inc.
<

A kron, Ohio

Automobile Banking Corporation
Philadelphia

Colonial Finance Company
Lim a,

Ohio

Commercial Securities Company
Baton R ou ge, La .

Consolidated Finance Corp.
Indianapolis, In d .

Contact Purchase Corporation
Detroit

Interstate Finance Corporation
D ubuque, Iow a

Interstate Securities Company
Kansas City, M o.

Liberty Loan Corporation
Chicago

Mercantile Acceptance
Corporation
Sa n Francisco

Mercantile Discount Corporation
Chicago

Manufacturers & Jobbers
Finance Corp.
Shelby, N . C.

Mossier Acceptance Company
N ew

Orleans

National Discount Corporation
South B en d

North American Acceptance
Corporation
Chicago

Northern Illinois Corporation
D e Kalb, III.

O’Dea Finance Company
D es M oines

Securities Acceptance
Corporation
Omaha

^ % C KINC.

Southwestern Investment
Company
Amarillo, Tex.

IN V E S T O R S S T O C K
F U N D , IN C .

Winter & Hirseh, Incorporated
Chicago

Prospectus on request from P rin cip al U nderw riter

ASHWELL

INVESTORS SYNDICATE

176 W E S T A D A M S S T R E E T


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Federal Reserve Bank of St. Louis

MI NNE APOL I S , MINNESOTA

& COM PANY
C H IC A G O , I L L .
Commercial Paper

Collateral Loans

Northwestern Banker, February, 1949

40

FINANCIAL

STATEMENT

December 31, 1948
ASSETS
Cash .............................................................................................. $ 341,762.82
U. S. Bonds (amortized value)................................................ 2,036,230.00
First Mortgages (none delinquent).........................................
227,115.78
Due from Agents (current balances).......................................
258,521.06
Building and Loan Shares........................................................
20,000.00
Real Estate Owned .....................................................................
2,000.00
Due from Reinsurance Companies.........................................
4,735.99
Accrued Interest on Investments..............................................
16,518.67
Cash Value of Life Insurance..................................................
25,829.04

11.6%

69.4%
7.7%
8.8%

.7%
.1%
.2%
.6%

.9%

$2,932,713.36
LIABILITIES
Current Bills ..................................................................................$
7,872.32
Employees Bond Account..........................................................
86.00
Government Withholding Tax..................................................
2,051.20
Current Reinsurance Premiums..............................................
16,452.73
Reserve for Taxes.......................................................................
87,028.36
Reserve for Unearned Premiums........................................... 1,328,963.96
Reserve for Unpaid Losses........................................................
325,527.44
Reserve for Schedule "P"..........................................................
164,687.00
Surplus ............................
1,000,044.35
$2,932,713.36

WESTERN MUTUAL
FIRE INSURANCE CO.
9th and Grand

N o r t h w e s t e r n B a n k e r . F e b r u a r y . 1949


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Federal Reserve Bank of St. Louis

Des Moines, Iowa

4L

IN S U R A N C E

ÍAit* Mu.su ranee Industry 3 lust
Hure Inform ed Leadership
Program of Action to Inform Public
Requires Three Main Responsibilities
By GERARD S. NOLLEN
Chairman of the Board, Bankers Life
Company, Des Moines
sions with respect to the responsibili­
ties of the modern business leader:

IN HUMAN affairs, ignorance is a
primary cause of both social and
economic maladjustments. That fact
is of growing importance for two
reasons:
First.
Our social and economic
problems are increasing in complexity
and, accordingly, are becoming more
and more difficult to understand. Only
the objective student of modern eco­
nomic developments can gain an in­
telligent understanding of cause and
effect in the interplay of our economic
forces.
Second. The so-called common man
is now in the saddle of our national
social and economic procedures. In­
evitably his judgment is based on lim­
ited knowledge, and is influenced by
the emotional appeals of his political­
ly minded group leaders. Working
through pressure groups, he effective­
ly applies his collective power to the
promotion of social and regulatory
legislation deemed by him to be es­
sential to his welfare. Bear in mind
that modern social legislation in­
cludes a socialized tax structure
which, in effect, regulates private en­
terprise.
Unless effective action is taken dur­
ing the coming years to curb the drift
toward socialistic controls, our econ­
omy will deteriorate and private busi­
ness management is likely to find its
remaining freedom of action curtailed
to a serious degree.
If we are to influence men, they
must first believe us. Before men can
believe us, they must first believe in
us. Before men can rightfully believe
in us, we must justify such belief.

Building public confidence begins
. at home. Through personal study
and organization research, the busi­
ness leader must acquire the wisdom
to establish business procedures in
conformity w i t h modern require­
ments — procedures which harmonize
the divergent interests of owners, cus­
tomers, employes, and the national
economy. None of those interests
may be ignored—all must be given
due consideration and held in equita­
ble balance. Satisfied customers and
well-informed, loyal employes consti­
tute the first links in an effective
chain of good public relations.

G E R A R D S. N O L L E N
“ B u ildin g p u b lic confidence begins at hom e”

Before we can justify such belief, we
must develop the wisdom to teach
accurately and the willingness of
spirit to teach objectively, uninhibited
by blind self-interest.
A corollary of those basic funda­
mentals is that, in a program of public
education, the approach must always
be positive and friendly—never nega­
tive or hostile, and in every instance
the whole truth must be presented to
avoid misconceptions arising from the
presentation of half truths.
Translating those basic fundamen­
tals into a specific program of action,
we may draw the following conclu-

Did you know that this com pany pioneered in putting
Bank Insurance on a scientific basis and forcin g

Scarborough & ( Company

rate reductions? A sk us about our counseling service.
F IR S T

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


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Federal Reserve Bank of St. Louis

B U IL D IN G

•

C H IC A G O

Through personal study and or■ ganization research, the business
leader must acquire a clear under­
standing of current, national, social
and economic problems, and must be
active in promoting intelligent solu­
tions.
3 For self-education and to multi■ ply his power of effectiveness, the
business leader must give active and
adequate support to his industry-wide
research and public relations pro­
grams. Those activities provide a
highly essential means of informing
management about new developments
and informing the public about man­
agement practices and problems. They
are also essential as a means of build­
ing public confidence in the ability
and integrity of business manage­
ment. In fact, such an industry-wide
effort is the backbone of good indus­
trial public relations because there is

Insurance Counselors
3, I L L I N O I S

•

STATE

to Banks

2 4325

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

42

Insurance

no other means of producing a public
education program of sufficient scope
and potency.
Those three requirements constitute
the basic essentials of modern busi­
ness procedure, if private business
management is to preserve the lib­
erties of action requisite to economic
progress. The very soul of human
progress is individual initiative, and
individual initiative cannot thrive in
an atmosphere of excessive govern­
ment control.
We who are engaged in the business
of life insurance are unusually fortu­
nate in one respect; the very charac­
ter of life insurance is such that the
self-interest of management harmo­
nizes with the self-interest of the

20

y e a rs

industry’s clientele. While we as busi­
ness leaders enjoy the general confi­
dence of the life insurance policy­
holders of the country, it behooves us
to preserve that pleasant state of
affairs through energetic and resource­
ful action in harmony with the rapidly
changing economic and social needs
of our times.
In the field of public education, we
have made excellent progress, and
obviously that work must continue
unabated. Collectively we are doing
fairly well, but individually, as lead­
ers of public thought, our record is
not without blemish.
Now for a concluding word to the
skeptics. Is my approach in this dis­
cussion too idealistic? Am I demand­

o i* s i i i i i h I

s e r v ic e

a r e h a r k o f y o u r A l l i e t i >1 u l n a I P o l i r l e s
This Financial Statem ent marks an im portant m ilestone
in the sustained advance o f a casualty insurance com pany
organized and dedicated to the protection and service o f
its policyholders.

S T A T E M E N T O F A SS E T S AN D L IABILITIES
A s of December 31, 1948
ASSETS
Real Estate .................................................. ............. $ 199,283.94
Bonds (A m ortized Value)
Governm ent ......
$3,329,510.00
County .......
121,151.70
Railroad (G ovt. Guaranteed)
118,741.17
10,000.00
3,579,402.87
M iscellaneous ...........................
Federal Savings & Loan C ertificates...................
71,500.00
Deposits in Banks .............................. ....................
333,226.61
Cash in Office............................................................
500.00
A gen ts Balances (U nder 90 Days O ld )............
300,110.34
Interest Accrued
Bonds ...........................................
9,865.09
Federal Savings & L oan .... .
863.75
10,728.84
Total Adm itted A ssets..............................................$4,494,752.60

LIABILITIES

O v er 1500 a g en ts offer
D e p e n d a b le C asualty I n ­
su ra n ce p rotection.
AUTOMOBILE
COVERAGE
Property Damage
Liability
Medical Payments
Comprehensive
Collision
Fire, Theft and
Windstorm
Towing and
Labor Costs
LIABILITY OTHER
THAN AUTO
Owners’ , Landlords’, and
Tenants’
Manufacturers’ and
Contractors’
Owners’ or Contractors’
Protective
Elevator
Contractual Liability
Storekeepers’ Liability
Garage Liability
Comprehensive Personal
Liability

Reserve fo r Liability and W orkm en’s Claim s..$1,016,633.90
Reserve fo r A ll Other Claim s................................
374,840.67
Estim ated Expenses o f Investigating and
BURGLARY
A dju stin g Claims .....................................
58,100.30
Storekeepers’ Burglary
Reserve fo r Unearned Prem ium s....................... 1,931,019.65
and Robbery
Residence and Outside
Reserve fo r Taxes ............................................
134,480.44
Theft
Office Burglary and
Reserve fo r Current A ccou n t...............................
22,856.37
Robbery
Reserve fo r P ayroll D eductions..........................
3,130.19
AVORKMEN’ S
COMPENSATION
Reserve fo r D ividends.............................................
469.06
Funds Held Under Reinsurance T reaties................................... 3,066.74 COMPREHENSIVE
GLASS
Total Liabilities ........................................................ 3,544,597.32
^Surplus to Policyholders......................................
950,155.28
Balance ................................
4,494,752.60
*Includes 250,000.00 Guaranty Fund

Allied Mutual Pays

Allied Mutual Pays

Allied Mutual Casualty Co.
H A R O L D S. E V A N S , President

Hubbell Building
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

Des Moines 7, Iowa

ing impractical sainthood of business
leaders in a hard-boiled, competitive
business world? Is the average busi­
ness leader allergic to assuming the
relative merits of the life insurance
method as compared with other media
of accumulation? Can the ordinary
man intelligently seek financial inde­
pendence for himself if he lives, or for
his family if he dies, through invest­
ment channels such as were possible
for his grandfather?

Business Mortality
A study of business mortality made
by Dun and Bradstreet called “Vital
Statistics of Industry and Commerce”
reviews the number of businesses ac­
tive from 1900 to 1942. The study,
based on the total number of business
enterprises listed for the Continental
United States in each July issue of the
Dun and Bradstreet Reference Book,
which listings include all types of
business enterprises which are seek­
ers of commercial credit in the ac­
cepted sense of the term, shows that
the total number of businesses active
in any one year during this period
varied from about one and one-third
million to about two million. Of all
the businesses active in any one year
new ones accounted for from 10 to 25
per cent. Discontinued businesses
varied year by year from about 15 to
20 per cent. The study draws these
five conclusions:
(1) Of all businesses active at any
one time about 45 per cent will be out
of business at the end of five years.
(2) Of all new businesses active in
any one year about 65 per cent will
fail to reach a sixth birthday.
(3) Of all such new businesses
about 30 per cent will not survive a
first birthday.
(4) For each business active in 1942
two had gone out of business since
1930.
(5) For each business active in 1942
seven had gone out of business since
the turn of the century in 1900.

What to Do About It
First, could we not all individually
think it through, become conclusively
satisfied that the whole concept is incontrovertibly sound? We could get it
straight in our own minds: the Life
Insurance Contractual Arrangement is
the only way to provide financial se­
curity for one’s family if he should
not live and the only practical way to
seek financial security for one’s self
if he does. By taking the safe life
insurance road one receives as a
bonus with his purchase the right to
live today and the opportunity to con­
centrate on the job in hand today
with no more worries about the haz­
ards of tomorrow—a success bond for
the success bound, if you please!

Insurance
The job of leading individuals to
adopt the insurance formula may be
up to the salesman. But could we not
help him with it? For one thing the
companies could make intensified ef­
forts to learn firsthand and to compre­
hend the salesman’s problem right at
the point of sale. The institution
should know accurately and in detail
what a salesman should do to be suc­
cessful and how to do it. Most of our
field problems in agency management
spring from the fact that we have
never come to grips with that prob­
lem with all of the strength at our
command. Once we had resolved the
sales problem fully at the point of
sale could we not give the men in
the field more practical and persua­
sive eauipment to convince the indi­
vidual'? We are told that there are
about 150,000 agents—I prefer to call
them salesmen—who come into indi­
vidual contact with the public from
one-half a million to a million time«
a day. What a message they could
carry if we first broke down public
resistance and then provided the most
modern of tools for carrying so potent
a message.
A popular song says “ The World
Is Waiting for the Sunrise.” 1 would
change that to read “The World Is
Waiting for Security.” Indeed, all
history could be marshalled to prove
that security has been the never end­
ing quest of man since his expulsion
from the Garden of Eden. And who
would question that security is the
thing for which the world is crying
today. Well, is not that another way
of saying that an unlimited market
is hungry for our product? And is
not a good market the first requisite
for any successful sales program?
When the history of our day is
written will it be said that we meas­
ured up to our opportunity and our
obligation? Will it at least be said
that we tried so to do to the very
limit of all our abilities? Or will it
be written that we took some easy
business, thumped our chests and de­
luded ourselves into thinking that we
were good?
Ours is such an opportunity and
such a challenge as has seldom if ever
been laid in the lap of any one group.
That it may be said that I was given
such opportunity but was tried and
found wanting is a thought that of
late has mildly haunted me. And 1
would hope that you may leave with
the same challenge continuing to
worry you until you have done every
last thing that it is humanly possible
to do about it. individually and col­
lectively.—The End.

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Federal Reserve Bank of St. Louis

Western Mutual
Re-elects Kent
At the annual meeting of Western
Mutual Fire Insurance Company, held
at their home office in Des Moines last
month, J. Dolliver Kent was re-elected
president. Other officers re-elected
were Charles S. Vance, vice president:
M. S. Stokley, treasurer, and Glen S.
Blount, secretary.
Re-elected to three-year terms on
the board of directors were Glen S.
Blount and Charles S. Vance, both of
Des Moines, and Ronald C. Booth of
Cedar Rapids, Iowa.
The president, Mr. Kent, reported
a surplus in excess of one million dol­
lars as of December 31, 1948. Total
assets of the company were approxi­
mately three million dollars. He fur­
ther reported that the volume of busi­
ness done by Western Mutual during
the year 1948 was the largest in the
history of the company and this, cou­
pled with a favorable loss ratio for
the year, enabled the company to pre­
sent an excellent financial statement.

First National, Chicago
The stockholders of The First Na­
tional Bank of Chicago re-elected all
the present members of the board of
directors.
At a meeting of the directors, Har­
old J. Schluter, formerly assistant

43

vice president, was elected vice presi­
dent.
The other promotions in the official
staff were: Henry H. Benjamin, trust
officer, was elected assistant vice pres­
ident: Walter F. Clow. Walter G.
Kropp, and George B. Wendt, assist­
ant cashiers, were elected assistant
vice presidents; Leslie C. Gilbertson,
assistant trust officer, was elected
trust officer, and Lawrence J. Berry,
assistant manager, was elected assist­
ant cashier.
The following new officers were
elected: Richard B. Keck, assistant
auditor: Philip M. Hiss, James Thom­
son, Jr., and Maynard K. Hillstrom.
assistant cashiers, and Leroy J. Eichelman and Henry R. Richardson, assist­
ant secretaries.

Heads Advertisers
Louis W. Munro, vice president of
the advertising agency of Doremus and
Company, was elected president of the
New York Financial Advertisers at
the annual meeting. He succeeds in
this office Earl S. MacNeill, vice presi­
dent of Irving Trust Company.
Elected first vice president was
John J. Lawlor, of the advertising de­
partment of National City Bank. Clin­
ton L. Miller, assistant vice president
of Dime Savings Bank, Brooklyn, was
chosen second vice president.

Defalcations do happen in spite
of internal audits, controls and
bank examiners. As specialists in
bank insurance, we understand
your problems. Safeguard your
bank. Call us for the most
comprehensive insurance cover­
age obtainable.

B A N K E R ’S
BLANKET
BONDS

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 19 49

44

IN a ll

w a lk s of life a n d in e v e ry co m m u n ity in the United States h a v e a p e rso n a l

sta k e in A m e ric a n life in su ra n c e . N ^ N L

is proud

of its part in p erfo rm in g a

s e rv ic e of h ig h trust to them a n d th eir fa m ilie s .

6 4 th A n n u a l

FINANCIAL STATEMENT

D ecem ber 3 / , 1 9 4 8 ■

LI ABI LI TI ES
U. S. Government Securities........... . (39.6%)

$67,569,798

Other Bonds:
Canadian Government Guaranteed ( .9%)
U. S. State, County, and Municipal ( 7.0%)
Canadian Provincial..................... ■. ( .9%)
Railroad.......................................... ■ ( 5.9%)
Public Utility................................. . (78.5%)
Industrial........................................ ■ ( 3.2%)
Stocks................................................. . ( -9%)

1,480,793
1,709,831
1,519,661
10,143,840
31,606,597
5,399,361

First Mortgage Loans and Loans
Fully Guaranteed by A’ctcrans
Administration............................... ■ (20.6%)
Policy Loans....................................... ■ ( 3.8%)
Real Estate:
Home Office Building................... ■ ( -3%)
Sold Under Contract.................... ■ ( .7%)
Purchased for Income Purposes. . ■ ( -2%)
Premiums in Course of Collection. . ■ ( 2.0%)
Interest Due and Accrued and
Various Other Assets.................... ■ ( -5%)
Cash on Hand and in Banks........... ■ ( 7.6%)

1,619,489

35,089,729
6,457,984
459,193
183,034
302,064
3,424,177
822,067
2,734,417

T O T A L ....................................... . ( 700%) $170,522,035

Reserve on Insurance Policies.......................... $115,732,907
Reserve on Annuity Contracts.........................
10,935,297
Death Claims Due and Unpaid......................
None
Claims for which Proofs are notComplete. .
635,310
Present Value of Death, Disability, and
Other Claims Payable in Instalments........
12,264,033
Premiums and Interest Paid in Advance
and Premium Deposit Funds.......................
10,177,046
Reserve for Dividends Payable in 1949 and
for Dividends Left on Deposit......................
6,876,533
Reserve for Taxes Payable in 1949.................
459,682
Reserve for Employees’ and Agents’
Retirement......................................................
816,445
*Group Contingency Reserve..........................
281,239
Miscellaneous Liabilities...................................
1,696,403
Total Liabilities............................................ $159,874,895
Voluntary Contingency and Other Surplus Funds
for Further Protection of Policyholders:

Special Contingency Funds. . . .$3,572,737
General Contingency Fund. . . . 1,000,000
Additional Surplus Funds.......... 3,874,403
Paid-in Capital............................ 2,200,000

10,647,140

T O T A L ..........................................................$170,522,035
‘ Transferred from Special Contingency Funds.

------------------ Insurance in Force $817,103,367 ------------------N

o rth w estern

D V a U o n a l L if e I n s u r a n c e C o m p a n y
MINNEAPOLIS. MINNESOTA

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

45

. M i n i l «‘ s o l i l

m

:w

M, O. GRANGAARD

President
Minneapolis

Alexandria
One new director was added to the
board of directors of the Alexandria
State Bank, Alexandria, Minnesota,
by stockholders at their annual meet­
ing last month. The new member is
Ted Harris, president of Harris Sup­
ply Company and prominent farmer
near Osakia.
George E. Buscher, president, and
M. A. Lukken, chairman of the board,
and all other officers and directors
were re-elected. A 5 per cent dividend
was paid to stockholders and $10,000
was added to reserves.

Austin
Austin State Bank
P. D. Beaulieu was advanced from
president to chairman of the board of
the Austin State Bank, Austin, Min­
nesota, at the annual meeting last
month. A. H. Haakenson, formerly
vice president and cashier, was elected
to succeed Mr. Beaulieu as president.
The new board chairman had been
president 17 years.
Other advancements include the
election of E. L. Lindsley from as­
sistant cashier to cashier; and Melvin
Siegfreid as manager of the install­
ment loan department. Other officers
were re-elected and directors remain
the same.
The capital account was increased
by $25,000 and the surplus by $45,000.

s
ROBERT E. PYE
Secretary
Minneapolis

Blooming Prairie
At the annual meeting of directors
of the First National Bank of Bloom­
ing Prairie, Minnesota, the surplus
fund was increased from $52,000 to
$60,000. Capital and surplus now total
$120,000. Undivided profits were $13090, and deposits were reported in
excess of $2,156,000. A substantial
dividend was declared to stockholders.

Northwestern State Bank
Jay T. Baughan, president of the
Glass Block Store, was elected a di­
rector of the Northwestern State Bank
at the annual meeting by stockholders
who also re-elected all directors.

Two new directors, A. B. Alguire
and Fred C. Hodge, were added to the
board of directors of the First Na­
tional Bank of Chisholm, Minnesota,
by stockholders last month.

Herman Johnson, West Duluth busi­
nessman, was elected to the board of
the Pioneer National Bank of Duluth
last month.

Clara City

I.
S.. Sattre, 54, cashier of the Farm­
ers State Bank in Evansville, Minne­
sota, died at his home recently. He
had been associated with that bank
since 1918. He is survived by his wife
and a brother.

John L. Kroeger took over manage­
ment of the Citizens State Bank, Clara
City, Minnesota, as new president last
month.
He succeeds William D.
Grashius who died several weeks ago.
Mr. Kroeger has had wide experience
in the banking field and was con­
nected with the Treasury Department
for over 16 years in Wisconsin, South­
west Minnesota and was in the bank­
ing business at Bruce Wisconsin, for
a time.

Duluth
Duluth National Bank

Befview


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Federal Reserve Bank of St. Louis

$ 6 , 000, 000 .

Pioneer National Bank

Chisholm

The election of Royal D. Alworth,
Jr., as a director of the Duluth Na­
First National Bank
tional Bank, Duluth, was the only
N.
F. Banfield, Jr., retired last change taking place at the annual
month as an active officer of the First meeting of stockholders and directors
National Bank of Austin, but will con­ last month. Other officers and direc­
tinue as a director and chairman of tors were re-elected.
the board. Mr. Banfield’s plans were
made known at the annual meeting
First and American National Bank
last month, at which time it was an­
Eight promotions at the First and
nounced that Jay C. Hormel, chair­ American National Bank of Duluth
man of the board of George A. Hormel were announced by Willis D. Wyard,
and Company, asked to be relieved of president, following the annual direc­
duties as a director due to pressure of tors’ meeting last month. Promoted in
other business. Race F. Crane, man­ the banking department at the First
ager of F. I. Crane Lumber Company, and American National Bank were
was elected to the directorate and is Willard F. Ario, from assistant vice
the third member of his family to president to vice president; Walter L.
serve as a director.
Fredrickson, from assistant cashier
C. W. Wilkins, president, and all to assistant vice president; Joseph C.
other officers were re-elected. $50,000
was added to the bank’s surplus ac­
count which now totals $300,000, and
capital is $200,000.

Two new directors were elected at
the annual meeting of stockholders of
the Belview State Bank, Belview, Min­
nesota. They are Blanche Aamoth and
Richard Miller, the latter of Wanamingo. The other two directors are
H. S. Aamoth, president and cashier,
and L. O. Knutson. Blanche Aamoth
is vice president and Oscar Sjaastad
is assistant cashier.

Jorgensen, from chief clerk to assist­
ant cashier; and John L. Evans, from
auditor to comptroller.
In the mortgage and installment
loan department, Walter L. Grandy,
assistant vice president, was named
vice president, and F. Rudolph Jacob­
son, assistant auditor, was appointed
assistant cashier. Vernon K. Falgren,
former trust officer, was elected as­
sistant vice president, and Arthur M.
Oventile, assistant trust officer, was
elected vice president and assistant
trust officer. All other officers and
the 19 directors were re-elected. De­
posits of $71,332,000 were up about
$3,000,000 over the year-end figures of
1947 and total capital now is nearly

Evansville

Hallock
Stockholders of the Northwestern
State Bank of Hallock, Minnesota, met
last month and re-elected all directors,
who in turn re-elected all officers to
the positions they held during the past
year. The directors also increased the
surplus from $60,000 to $80,000. Capital
is $80,000 and undivided profits are
$17,153.

Heron Lake
Ending 36 years of service with the
First National Bank of Heron Lake,
Minnesota, John O. Bondhus has re­
tired from active duty as president.
He will continue as a member of
the bank’s board of directors, and, for
the time being, will retain his title as
president—although in the latter ca­
pacity he is to be inactive.
Active management of the bank is
to be taken over by Lester H. Gaugert,
who has been promoted from cashier
to vice president. A native of Bertha,
Minnesota, he has been on the staff of
the First National of Heron Lake
since 1939.
In addition, the directors elected
Jack Veltkamp of Minneapolis to the
position of cashier and named Sigurd
Ross Erickson as assistant cashier.
Miss Esther Nerge, assistant cash­
ier of the First National Bank and an
employe there since 1929, has resigned
her post and accepted a position with
the First National Bank of Windom.

Hibbing

W . F. A R IO
V ic e P resident

W . L. F R E D R IC K S O N
A sst. V ice President

Stephen R. Kirby, Sr., veteran Du­
luth and Iron Range banker, was
elected chairman of the Hibbing First
National Bank board of directors at
the annual meeting in Hibbing.
He was also elected chairman of the
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 19 49

46

Minnesota News

board of the Virginia First National
Bank. He has been president of both
banking houses.
His successor as president of the
Hibbing bank is Stephen R. Kirby, Jr.,
Duluth, who also has been named to
the same post in the Virginia institu­
tion. He had been vice president of
both banks.
Two new directors were chosen by
stockholders of the Hibbing bank.
They are Lee Spanner, president of
the Range Motor Service Company,
Hibbing, and J. R. Godfrey, the bank’s
cashier. All other officers and direc­
tors were re-elected.

sistant manager of the personal loan
department, was elected assistant
cashier.
Mr.. Bibbs graduated from Mankato
High School in 1938 and was employed
by the bank in June of that year as
messenger. His bank service was in­
terrupted in February, 1942, by 43
months’ service in the U. S. Navy, 19
months of which were spent overseas.
Mr. Bibbs has come up through the
ranks, having worked in all depart­
ments of the bank.
Present officers and directors of the
bank were re-elected, including P. R.
Ivenefick, president.

Isanti

Murd©ck

$50,000. Its deposits total $2,455,122.
All directors of the bank were re­
elected and they in turn re-elected all
officers. E. H. Snow is president.

Winona
Elected assistant cashiers of the
Merchants National Bank of Winona,
Minnesota, at the annual meeting of
the institution last month were Nor­
man AV. Schellhas and Harry M.
Kowalczyk. Both have been employes
of the bank for several years. Other
officers and directors were re-elected.

Wyoming

.James Hove is the new president of
the First National Bank of Isanti,
Minnesota. He purchased controlling
stock from Hilding A Erickson, retir­
ing president, recently. Mr. Erickson
was to continue as vice president and
manager until Mr. Hove could take
over active management of the bank.
Mr. Hove has been executive vice
president of the First National Bank
of Milaca and was waiting until a new
man could he appointed to take over
his duties there.

Litchfield

Patrick Reynolds, president of the
First State Bank of Murdock, Minne­
sota, since 1937. has resigned his posi­
tion because of ill health.
Mr.. Reynolds will be succeeded by
W. T. Estrem, cashier of the bank;
since 1931. Mr. Estrem was elected to
the new post by the board of directors.
Selby Kiesling, assistant cashier for
the past 10 years, will succeed Mr.
Estrem.
As a result of the move, Eugene
Kennedy becomes the new assistant
cashier and George L. Engh will con­
tinue as vice president of the bank.

D.
N. Tharalson retired last month
as vice president of the First State
New Ulm
Bank of Litchfield, Minnesota, thus
W. F. Heuvelmann was elected cash­
bringing to a close a career of 45 years
ier of the Citizens State Bank of New
in banking in that community.
Ulm, Minnesota, by directors at the
Mr. Tharalson, who is retiring
under provisions of the pension pro­ annual meeting last month. He suc­
gram of First Bank Stock Corporation, ceeded F. IT. Krook, who retired sevwith which the First State Bank of ral months ago. F. H. Retzlaff, presi­
Litchfield is affiliated, will continue dent, and other officers and directors
were re-elected.
living in that city.

Mankato
Two new members were elected to
the board of directors of the National
Citizens Bank. Mankato, Minnesota, at
the annual stockholders’ meeting.
They are Forrest Hedger, vice presi­
dent of the bank, and John Ford
Meagher, general manager of KYSM
and KYSM-FM. Edwin R. Bibbs, as-

Harold R. Ness, president of the
First State Bank of Carlos, Minnesota,
recently purchased the interests of
E. R. McClintick in the First State
Bank of Wyoming, Minnesota. Mr.
McClintick has been cashier at the
latter hank since 1914, the year of its
founding, and was one of the organ­
izers.

Named Assistant Cashier
Directors of the First National Bank
of Saint Raul at their annual meeting
elected Edward C. Chapin to the office
of assistant cashier. Mr. Chapin was
born in New York City and is a grad­
uate of the University of Minnesota.
He also did graduate work at the

St. Cloud
All officers of the St. Cloud State
Bank, St. Cloud, Minnesota, were re­
elected at the annual meeting last
month. D. ,1. Fouquette, president, an­
nounced that the bank’s stockholders
also approved the proposal to declare
a 50 per cent stock dividend to be
taken from the surplus account. Sale
of an additional 250 shares of stock
was approved, thus bringing the
bank’s capitalization to $100,000. The
St. Cloud State Bank is applying for
membership in the Federal Reserve
System and to change its charter to a
national banking institution. The lat­
ter change is expected to be made
within another month, Mr. Fouquette
said.

Spring Valley
Bringing to a close his career of 37
years in banking, George C. Gulliekson has announced his retirement
from active duty as president of the
First National Bank of Spring Valley,
Minnesota. He will continue as a
member of the board and for the time
being will retain his title as president,
although in the latter capacity he will
be inactive.

Sleepy Eye

E D W I N R. B IB B S
A ssistant Cashier

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

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Federal Reserve Bank of St. Louis

Directors of the State Bank of
Sleepy Eye, Minnesota, raised its sur­
plus from $65,000 to $70,000 at the an­
nual meeting last month.
The bank now has a capital stock of

E D W A R D C. C H A P IN
A ssistant Cashier

Wharton
School of Commerce and
Finance at the University of Bennsylvania.
After employment by the Federal
Reserve Bank in Bhiladelphia and the
First National Bank of Minneapolis
he was commissioned as Ensign in the
Naval Reserve and served in Europe
until December, 1945, when he was
released from active duty as a lieu­
tenant, senior grade.
Mr. Chapin
joined the First National in St. Paul
in 1946. He is married and has two
children, twin boys.

Minnesota News

P ROMOTION of five officers and

election of a new officer were an­
nounced recently by Russell L. Stotes-

L Y L E J. S T O T E S B E R Y
V ic e President

G E O R G E S, C O O N R O D
V ic e President


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

bery, president of the Marquette Na­

tional Bank of Minneapolis.
Lyle ,1. Ktotesbery, brother of the
president and cashier of Marquette
since .Iune. 1948, was promoted to
vice president.
George S. Coonrod, an assistant vice
president, was elected vice president.
He has been with the bank since 1937,
serving as manager of the proof and
transit department and assistant
cashier.

Paul Petterson, who joined the Mar­
quette staff in 1930, was promoted
from mortgage loan officer to vice
president. Ronald B. Harrison, as­
sistant vice president, was elected
cashier to succeed Lyle Stotesbery.
Mr. Harrison joined the bank as book­
keeper in the trust department in
1934. Signor R. Silverness, assistant
cashier, was named an assistant vice
president. He joined Marquette in
1929 and previously was associated
with the Camden Park State Bank of
Minneapolis.
Genevieve B. Howe, who joined the
staff in 1938 as a stenographer in the
loan department, was named an as­
sistant cashier.
President S t o t e s b e r y ’s report
showed total resources of the bank

PAUL PETTERSO N
V ice President

47

December 31st were $33,873,220, a gain
of about $1,200,000 over the previous
year. The bank’s capital was $500,000,
the surplus $500,000 and undivided
profits $217,000, a total of SI.217.000.
Net income before taxes in 1948 to­
taled $163,807.
Arnold Celami, president of the
Midland National Bank of Minne­
apolis, has been named to help repre­
sent Minneapolis on the executive
committee of the Macalester College
diamond jubilee celebration and ex­
pansion program. The celebration is
set for the week of April 25th.
Joseph F. Ringhimi, president of the
Northwestern National Bank of Min­
neapolis, spoke on “ Scouting and
Business” recently at the 38th annual
meeting and dinner of the Minnepolis Area Council, Boy Scouts of
America.

Three Minneapolis bankers have
been playing leading roles in activities
of the Retail Credit Association of
Minneapolis during the past year.
They are Merth E. Mortenson, vice
president of Marquette National Bank,
who is president of the association;
John J. Tarasar of Fifth Northwestern
National Bank, who is a director; and

R O N A L D B. H A R R IS O N
Cashier

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

48

Minnesota News

Newton H. Dashiell of Northwestern
National Bank’s main office, who is
chairman of the budget and finance
committee.

Five employes of the First National
Bank of Minneapolis, whose service
totaled more than 172 years, retired
recently. They are J. G. Byam, vice
president and member of the board of
directors; Lydia Hoffmeister, Lillian
Snoddy, Carl P. Johnson and Louis
Wagner. Mr. Byam will continue as
a member of the board. He had been
associated with the bank since 1902.

Frank T. Heffelfinger, one of four

original directors of the Northwest
Bancorporation who still are active
members, was honored recently by
fellow directors of Banco.
The “Banco Yearly Times,” annual
take-off publication, was dedicated to
him. Mr. Heffelfinger was guest of
honor at a luncheon for the directors
at the Minneapolis Club, given by J.
Cameron Thomson,
president of
Banco.

Earl A. Patch was promoted from
cashier to vice president and cashier,
B.
H. Bidder and F. J. Gode have and Lawrence R. Peterson was named
cashier at the annual meet­
been elected to the board of directors assistant
ing of the board of directors of the
of the American National Bank of St. Third
Northwestern National Bank of
Paul, according to an announcement Minneapolis.
M. Christoferby Otto Bremer, chairman of the son, president, George
and other officers were
board.
Mr. Bremer also announced election re-elected.
of M. A. Ahlberg, former comptroller
Promotion of Harry J. Jensen from
of the bank, as cashier, and T. W.
Simon, an employe, as assistant cash­ assistant cashier to cashier of the Sec­
ier. M. H. Ruder, formerly with the ond Northwestern National Bank of
was announced recently
Federal Deposit Insurance Corpora­ Minneapolis
Frank C. O’Brien, president, fol­
tion, was elected assistant vice presi­ by
dent, and S. W. Kane, formerly as­ lowing the annual meetings of stock­
sistant trust officer, was made as­ holders and directors.
sistant cashier.
Arthur H. Quay has been elected
Franklin L. Parsons was elected president and a director of the First
associate director of research of the Bloomington Lake National Bank of
Minneapolis Federal Reserve Bank at Minneapolis. He was chosen at the
the annual meeting of the bank’s di­ annual meetings of bank stockholders
rectors. All other officers were re­ and directors to succeed John G. Maclean, who retired from both the presi­
elected.
dency and the board. Mr. Quay will
Election of Wilfrid E. Rumble, St. continue as a vice president of the
Paul attorney, to the board of direc­ First National Bank of Minneapolis,
tors of Northwest Bancorporation was with which he has been associated
announced recently by J. Cameron since 1917.
Vincent H. Olson, a member of the
Thomson, president. Mr. Rumble re­
places Frederick K. Weyerhaeuser, bank’s staff since 1937, was elected an
who resigned because of the pressure assistant cashier at First Bloomington.
of other business.
Two Minneapolis bankers were
Charles M. Wenzel has been ap­ named to a five-man nominating com­
pointed as acting state banking com­ mittee to select candidates for six di­
missioner for Minnesota by Governor rectorships of the Minneapolis Cham­
Luther W. Youngdahl following the ber of Commerce. They are Joseph F.
resignation of F. A. Amundson, who Ringland, president of the Northwest­
left his post to become vice president ern National Bank of Minneapolis, and
and a director of the Midway National Armili- Ueland, president of the Mid­
Bank of St. Paul.
land National Bank of Minneapolis.
Mr. Wenzel entered the state bank­
ing department in December, 1924, as
Election of Robert F. Lange as as­
special deputy in the closed bank di­ sistant cashier of the Fifth North­
vision. Two years later he was ap­ western National Bank of Minneapolis
pointed an assistant examiner and in has been announced by Rustan O.
1928 was made a bank examiner. He Thayer, president. Mr. Thayer was
was named acting deputy commis­ re-elected president at the' annual
sioner of banks in 1939 and deputy meeting of the bank’s stockholders
commissioner in 1941. He began his and directors.
banking career at Wheaton. Minne­
sota, in 1921 and moved the following
A proposal that the federal gov­
year to Hope, North Dakota.
ernment mint 2y2-cent and 7%-cent

SPECIAL OFFER
Accident Insurance, $5000 Principal Sum lor
only $2.00 Paid Up in Full to the Middle of
next June.

MINNESOTA COMMERCIAL MEN'S ASSO CIATIO N
2550 Pillsbury Ave. So.
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

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

Minneapolis 4, Minnesota

coins has drawn criticism of six Min­
neapolis bankers. They point out
that more coin racks and other facili­
ties would be needed in banks to
handle such coins, and that additional
coins would create confusion in stores
and on streetcars. Also, they say, ad­
ditional coins would meet widespread
consumer resistance, and pieces in
such denominations would do nothing
to ease transactions and combinations
thereof involving two, three, four, six,
seven, eight and nine cents.
The bankers interviewed were
Henry E. Atwood, president of the
First National Bank of Minneapolis;
Joseph F. Ringland and Clarence Hill,
president and chairman of the board
of the Northwestern National Bank of
Minneapolis; Oliver S. Powell, vice
president of the Minneapolis Federal
Reserve Bank; M. E. Mortenson, vice
president of the Marquette National
Bank of Minneapolis, and Henry S.
Kingman, president of the Farmers
and Mechanics Savings Bank of Min­
neapolis.
The First Hennepin State Bank of
Minneapolis recently increased its
surplus from $60,000 to $100,000 by
transferring $40,000 from undivided
profits. The bank’s surplus now equals
the amount of its capital stock, which
also stands at $100,000.
Paul E. Miller, director of agricul­
tural extension at the University of
Minnesota, has been reappointed
class C director of the Minneapolis
Federal Reserve Bank. His appoint­
ment, for a three-year term, was made
by the board of governors of the fed­
eral reserve system.
James C. Otis, prominent St. Paul
attorney and civic leader and a direc­
tor of the Federal Home Loan Bank
of Des Moines, Iowa, died recently in
St. Paul following a long illness. 'Mr.
Otis had headed the Minnesota State
Bar Association and the Ramsey
County (St. Paul) Bar Association.
He was 69 years of age.

Promotions of four officers at the
First National Bank of Minneapolis
and election of a new officer were an­
nounced recently by Henry E. At­
wood, president, following a meeting
of the board of directors.
James A. Davis, cashier since 1946,
was advanced to vice president and
cashier, Floyd L. Dwight and Henry
Henretta were promoted from assist­
ant vice presidents to vice presidents
in the trust department. Charles E.
Corchran, assistant cashier in the de­
partment of banks and bankers, was
advanced to assistant vice president.
Donald S. Oren, a member of the bank
staff since 1930, was elected assistant
cashier.
Mr. Davis has been an officer of the
bank since 1929. Mr. Dwight for­
merly was associated with the Mer­
chants National Bank and Trust Com­
pany of Fargo, North Dakota, and Mr.
Henretta has been with the bank since
1928. Mr. Corchran, previous to his
Minneapolis employment, was on the
staff of the national bank examiner in
North Dakota.
Ronald B. Harrison, cashier of the
Marquette National Bank of Minne-

Minnesota News

49

apolis, spearheaded the first month’s
activities in a year-around “ Operation
Safety” drive to reduce traffic acci­
dents in Minneapolis. Mr. Harrison is
chairman of the safety committee of
the Minneapolis Council of PTA’s,
which took the lead in emphasizing
winter traffic hazards in January.
Election of G. R. Macomber as as­
sistant cashier of the Richfield State
Bank and Trust Company was an­
nounced recently by S. L. Jerpbak,
president. Richfield is a Minneapolis
suburb.
Mr. Macomber joined the bank last
May. Previously he had been associ-

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G. R. M A C O M B E R

ated with building contractor and real
estate firms.
Mr. Jerpbak reported that the
bank’s assets as of December 31st
totaled $3,500,709. Total deposits on
that date were $3,377,634.

Wisconsin, the First Wisconsin National Bank
of Milwaukee is not only “ the point of prompt

Re-elected by stockholders as di­
rectors of the Camden Park State
Bank- of Minneapolis were Carl E.

Regional Service keyed to the needs of national
corporations operating branches, sales divisions,

Johnson, Paul C. Johnson, R. R. Nel­
son, G. B. Sigurdson and O. W. Veth.

Surplus of the bank was increased to
$100,000, equaling its capital. Deposits
total $5,287,000.

Total 1948 operating revenues of the
First National Bank of St. Paul were
$5,445,687, an increase of $378,278 over
the previous year, Julian B. Baird,
president, reported recently at the
bank’s annual meeting. Net operating
earnings were $1,557,913.
Frederick D. Southall was elected
a director of the First Produce State
Bank of Minneapolis recently, accord­
ing to announcement by Guy W. LaLone, president. Mr. Southall is a
partner in Bend, Southall, Sleepack
Company, Minneapolis sugar broker
firm.

With unparalleled correspondent “ coverage” of

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FIRST WISCONSIN
NATIONAL BANK
o f M ilw au kee
M EM B ER

OF

TH E

FED ERA L

D E P O S IT

IN S U R A N C E

C O R P O R A T IO N

Election of Clifton J. Brisco to the
board of directors of the Central
Northwestern National Bank of Min(Turn to page 51, please)

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Federal Reserve Bank of St. Louis

N o r t h w e s t e r n B a n k e r , F e b r u a r y . 1949

50

Minnesota News

Promotion of twelve officers and
election of one new officer were an­
nounced last month by J. F. Ringland,
president, following the annual meet­
ing of stockholders and directors of
Northwestern National Bank of Min­
neapolis.
Promoted from assistant vice presi­
dents to vice presidents in the bank’s
commercial department are Goodrich
Lowry, John A. Moorhead, Henry T.
Rutledge. Charles E. Harmon and
Leonard P. Gisvold. Sophus T. Per­
seli and Burns W. Swenson were ad­
vanced from assistant vice presidents
to vice presidents in the trust depart­
ment.

Mr. Lowry was employed by the
trust department in 1937 and was
elected assistant trust officer in 1944.
He transferred to the commercial de­
partment of the bank with the title of
assistant cashier in 1945. He was pro­
moted to assistant vice president in
1946.
Mr. Moorhead joined the Minnesota
Loan and Trust Company in 1930.
Following consolidation of the Trust
Company with the bank, he was trans­
ferred to the bond department of the
bank in 1934. After being elected as­
sistant secretary in 1940 he entered
the navy in 1942, and returning from
service as a lieutenant commander he
was transferred to the commercial de­
partment of the bank and was elected
an assistant vice president in 1945.

G O O D R IC H L O W R Y
V ic e President

J O H N A. M O O R H E A D
V ice P resident

H E N R Y T. R U T L E D G E
V ic e President

C H A R L E S E. H A R M O N
V ic e P resident

Northwestern National
Promotes 12 Officers

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

Mr. Rutledge joined the Minnesota
Loan and Trust Company in 1929 and
after heading the tax division was
elected assistant trust officer in 1943
and assistant vice president in 1946.
In April of 1948 he transferred to the
commercial department where he
heads the customers’ service division.
Employed by the bank in the in­
stallment loan department in January.
1943. Charles E. Harmon was made
assistant cashier in January, 1944, and
assistant vice president in charge of
the installment loan department in
1945.
Starting as a messenger in 1923,
Leonard P. Gisvold worked in vari­
ous departments in the bank and was
elected as assistant cashier in the de­
partment of banks and bankers in
1939. In 1946 he was advanced to the
rank of assistant vice president.
Mr. Persen was originally employed
by the Minnesota Loan and Trust
Company in 1932 and was promoted
to assistant trust officer in 1944. He
was advanced to assistant vice presi­
dent in 1946.
After joining the Minnesota Loan
and Trust Company in 1929, Mr. Swen­
son was elected an assistant trust offi­
cer of the bank in 1938. After serving
for two years in the United States
Navy he was discharged as a lieuten­
ant. and returning to the trust depart­
ment he was advanced to assistant
vice president in 1946.
Promoted from assistant cashier to
assistant vice president in the com­
mercial department of the bank were
Fred L. Burgi. Leonard L. Berglund,
Melville A. R. Krogness and Wilhelm
Jason. Edward P. Wells was pro­
moted from trust officer to assistant
vice president in the trust department.
The newly elected officer of the
bank is Walter C. Briggs, who has
been promoted to the rank of trust
officer. Originally employed by the
bond department of the' Minnesota
Loan and Trust Company, Mr. Briggs
joined the trust department in 1934
and served two years in the United
States Army from 1942 to 1944.

L E O N A R D P. G IS V O L D
V ic e P resident

Minnesota News

TWIN CITY NEWS
(Continued from page 49)
neapolis was announced recently by
L. A. Egler, president. All other bank
directors and officers were re-elected.
Mr. Brisco is a partner in the BriscoJohnson Motor Company of Minne­
apolis.
Election of four businessmen in
Hopkins, Minneapolis suburb, as di­
rectors of the First National Bank of
Hopkins was announced recently by
W. A. Zastrow, president, following
the annual meetings of stockholders
and directors.
Named to the board were Stacy L.
Angle, treasurer of the MinneapolisMoline Power Implement Company;
Andrew N. Justus, secretary of the
Justus Lumber Company; Charles F.
Pierson, president of the Superior
Separator Company; and Henry C.
Stephenson, treasurer of Red Owl
Stores. Inc. Retiring as directors were
F. A. Kriz, who began his career with
the bank in 1910 and who served as
president from 1940 to 1946; George \Y.
Brum and Mrs. Angeline B. Souba.
Re-elected as directors were Dr. .1.
Bryant, dentist; O. G. Cermak, vice
president; S. H. Severson, cashier, and
Mr. Zastrow, president. Founded in
1905, the bank now is affiliated with
the First National Bank of Minne­
apolis and the First Bank Stock Cor­
poration.
C. T. JafVray, chairman of the board
of the First Bank Stock Corporation,
and Guy W. LaLone, vice president
of the First National Bank of Minne­
apolis, were elected directors of the
Title Insurance Company of Minne­
sota recently. Wendell T. Burns, vice
president of the Northwestern Na­
tional Bank of Minneapolis, was elec­
ted to the executive and finance com­
mittee. Other banker members of
this committee are Mr. .1affray, Mr.
LaLone and Henry S. Kingman, presi­
dent of the Farmers and Mechanics
Savings Bank of Minneapolis.
Election of three Robbinsdale busi­
nessmen as directors of the First
Robbinsdale State Bank was an­
nounced recently following annual
meetings of stockholders and direc­
tors. Robbinsdale is a Minneapolis
suburb. The three are Arop M. Berg,
a partner in the Purity Dairy; William
H. Cavanaugh, owner of Cavanaugh
Brothers, building contractors; and
Walter C. Sipe, a partner in Sipe and
Gray Oil Company.
Two hundred charter members of
the St. Paul First National Group’s
Quarter Century Club, who have a
total of 6,516 years of banking ex­
perience, were honored recently at a
meeting in St. Paul. Employes of the
First National Bank of St. Paul and its
four affiliated neighborhood banks in
St. Paul, the 200 received lapel pins
and gifts.
Julian B. Baird, president of the
bank, addressed the group. Nine di­
rectors also were honored at the din­
ner. All with more than 25 years
service each, they are Harold P. Bend,
E. T. Foley and William Hamm, Jr., of
the First National; Dr. Egil Boeekmann of First Trust Company; David
B. Evans and William C. Riedel of the
First Merchants State Bank of St.
Paul, and John I). Anderson, Philip

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Federal Reserve Bank of St. Louis

.1. Kormann and Dr. Edward W. Ostergren of the First State Bank of St.

Paul.

Promotion of Clifford C. Sommer
from assistant vice president to vice
president was announced recently by
Arnulf Ueland, president of the Mid­
land National Bank of Minneapolis,
following a meeting of the board of di­
rectors. Mr. Sommer is a son of Carl
H. Sommer, chairman of the board of
the State Bank of Rush City, Minne­
sota, and has been with Midland since
1926.
Directors elected were Glen Alien,
Clifford H. Anderson, Calvin W. Aurand, Walter R. Barry, N. C. Beim,
Frederic B. Carr, Charles W. Cole, G.
E. Heegaard, W. C. Helm, Dr. O. B.
.lesness, Ben C. McCabe, H. Clay Mc­
Cartney, Henry J. Neils, J. R. Randall,
Edward A. Selilampp, Maurice Schu­
macher, Mr. Ueland, Paul E. von
Kuster, James C. Wyman and Lewis

51

W. Yerk.

All officers were re-elected.
Mr. Ueland reported that the bank’s
operating earnings had reached the
highest point in history.
A bill has been introduced in the
Minnesota legislature to bring the fiveday week within reach of employes of
banks and other financial institutions
in Minneapolis, St. Paul and Duluth
and their metropolitan areas.
Net operating earnings of the First
National Bank of Minneapolis totaled
$1,827,638 for 1948, an increase of
$159,483 over the previous year, Henry
E. Atwood, president, said in his an­
nual report to stockholders. All di­
rectors and officers were re-elected at
the annual meetings of stockholders
and directors.
Henry S. Kingman, president of the
Farmers and Mechanics Savings Bank
of Minneapolis, and all other officers

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N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

52

Minnesota News

were re-elected at the annual meeting
of the bank’s board of trustees re­
cently. Mr. Kingman has been presi­
dent since January, 1939. Employes
of the bank gave a reception in his
honor in observance of his 10th anni­
versary as head of the institution.
William Rafferty of the First Na­
tional Bank of Minneapolis has been
appointed a director of the Minne­
apolis Home Building Association,
and has been re-elected a director of
the Minneapolis Society of Residential
Appraisers. :
J. Cameron Thomson, president of
the Northwest Bancorporation, fore­
sees “generally satisfactory business
conditions in 1949,” assuming confi­
dence is maintained. In a recent state­

OL B A N K

CARL

ment Mr. Thomson said that “ample
demand is indicated for our area’s 1949
agricultural production, with probably
lower prices.”

hoff, assistant cashier. Directors re­
elected are Jay W. Craig, Walter B.
Hobart, Joseph 1). Sullivan and F.
Wesley Weldon.

Chet M. Herringer, dirt moving con­
tractor, has been elected a member
of the board of directors of the Colum­
bia Heights State Bank, according to
a recent announcement by Arthur L.
Gluek, president. Columbia Heights is
a Minneapolis suburb.
The bank is a locally-owned inde­
pendent institution, with 45 stock­
holders, 95 per cent of whom live in
Columbia Heights and immediate
vicinity.
All officers were re-elected. Besides
Mr. Gluek, they are Herbert Wood­
ward, executive vice president; C. T.
Olsen, cashier, and Fabian W. Eick-

Election of Miss Gina Nilsen as as­
sistant cashier of the University Na­
tional Bank of Minneapolis was an­
nounced recently by Russell L. Stotesbery, president. Miss Nilsen joined
the bank 29 years ago and since has
served in various capacities, including
supervisor of the bank’s commercial
activities.
All officers and directors were re­
elected.

a t the

YARD S

Group Meeting

L. F R E D R IC K S E N
President

The annual meeting of Group One,
of the Iowa Bankers Association, held
February 12th each year in Sioux
City, is probably the largest Group
meeting held anywhere in the mid­
west. It attracts bankers not only
from all parts of Iowa, but from the
states of Nebraska,- South Dakota
and Minnesota, too.

M A R K A. W I L S O N
V ic e President
C L I F F O R D L. A D A M S
V ic e President
W I L L I A M C. S C H E N K
A sst. V . Pres, and Cashier
J O H N S. H A V E R
A sst. Cashier
J A M E S L. S M IT H
A sst. Cashier and A uditor

The Live Stock National Bank of
Sioux City serves as correspondent
for many banks in these four states.
We invite you to our Group One
meeting this month and we hope
you'll drop in and say ''Hello'' at
our Bank.

K I N L E Y W . S M IT H
A sst. Cashier
STAN LEY W . EVANS
A sst. Cashier

4

SIOUX CITY

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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

Eight persons retiring from the em­
ploy of the Northwestern National
Bank of Minneapolis were given a
farewell party recently by members of
the bank’s Covered Wagon Club. Their
years of service total 238.
They were presented with rings by
Joseph F. Ringland, president of the
bank. The club, comprised of bank
employes with more than 20 years of
service, initiated 62 new members,
largest single group ever received.
Henry E. Atwood, president of the
First National Bank of Minneapolis,
and Joseph 1). Husbands, vice presi­
dent and cashier of the Northwestern
National Bank of Minneapolis, have
been elected president and manager,
respectively,
of the
Minneapolis
Clearing House Association.
Both
were named to one-year terms. Mr.
Atwood succeeds Arnulf Ueland, presi­
dent of the Midland National Bank of
Minneapolis. Mr. Husbands replaces
J. G. By am, who was manager of the
Clearing House for four years prior
to his recent retirement as a vice presi­
dent of the First National Bank of
Minneapolis.
Malconi B. McDonald, vice presi­
dent of the First National Bank of
Minneapolis, has been elected a mem­
ber of the board of directors of the
Minneapolis Fire and Marine Insur­
ance Company.
B. W. Lohmar, manager of the
North Side branch of the First Na­
tional Bank of Minneapolis, has been
named president of the board of Unity
Settlement House of Minneapolis. Mr.
Lohmar has been on the board for
about five years.

Directors of the First Bank Stock
Corporation recently declared a divi­
dend of 50 cents per share payable
March 10th to stockholders of record
February 15th. This will be the fortyeighth consecutive dividend paid by
the corporation since its organization
and is 10 cents greater than dividends
paid at six month intervals since Sep­
tember, 1945.
Clive T. Jaffray, chairman of the
board, and Augustus H. Kennedy,
president, reported that in 1948 net
earnings of the 75 bank affiliates of
First Bank Stock Corporation totaled
$6,942,212. The First National Bank
of Minneapolis and seven affiliates in
Minneapolis, Edina, Hopkins and
Robbinsdale earned $2,063,345; the
First National Bank of St. Paul, the
First Trust Company and four affili­
ated St. Paul banks, $1,806,091, and
63 affiliated banks and branches out­
side the Twin Cities, $3,072,776.

53

S o u f li lla k o t a

NEWS
J. M, LLOYD
President
Yankton

Belle Fourche
DeWitt Malvin, vice president and
manager of the Belle Fourche, South
Dakota, office of the First National
Bank of the Black Hills of Rapid City,
has been elected a director of the
organization, it was announced last
month.
Mr. Malvin’s selection as a director
marks the first Belle Fourche repiesentation on the board since the late
W. B. Penfold was a director.
The Belle Fourche banker replaces
the late G. A. McGarraugh of Sturgis
on the board of directors.
Mr. Malvin’s selection took place at
the annual meeting of the organiza­
tion at Rapid City.

Canova
Peter Olson was elected president
of the Security State Bank of Canova,
South Dakota, at a special meeting of
directors recently. Mr. Olson pre­
viously had been vice president of
the bank. He succeeds Dean C. Trippier who, along with Mrs. Trippler
and Francis Trippler, assistant cash­
ier, sold their interest in the bank to
another group headed by F. O. Palmer,
cashier.

Kimball
At a special meeting of stockholders
of the Bank of Kimball, South Dakota,
it was voted to increase the common
stock from $25,000 to $50,000. In­
creased deposits led to the doubling
of capital stock. Surplus is $40,000
and undivided profits and reserves
total $18,384.

Lemmon
Fred L. Lewis has announced his
retirement from active duty as presi­
dent of the First National Bank at
Lemmon, South Dakota, thus bringing
to a close his career that included 18
years with the bank and a total of
46 years in banking in the Dakotas.
Mr. Lewis will continue as a mem­
ber of the board of directors and, for
the time being, will retain his title
as president, although in the latter
capacity he is to be inactive. His
responsibilities at the bank will be

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

CARL E. BAHMEiER, JR.
Secretary
Huron

.taken over by A. O. Rolien, vice presi­
dent and cashier. Stanley Temanson
of Bismarck took up his duties in the
bank last month as assistant cashier.
Born and reared in the Red River
Valley section of North Dakota, Mr.
Lewis attended the University of
North Dakota and in 1902 entered the
employ of a bank at Neche in that
state. He advanced through various
positions and became vice president,
resigning in 1930 to accept a similar
position with The First National Bank
of Lemmon. He has been president
of the Lemmon bank since 1933.
He has been a leader many years
in the Greater South Dakota Associa­
tion, of which he now is an honorary
director and member of the executive
committee.
He also was G.S.D.A.
president in 1947 and a director from
1944 to 1948.
In addition, Mr. Lewis has been ac­
tive on the agricultural committees of
the South Dakota Bankers Associa­
tion, and for 1948-49 was designated
the association’s key banker for Per­
kins county. From 1941 to 1945 he
was regional coordinator of the South
Dakota War Finance Committee. For
many years Mr. Lewis also has been
active in Masonic affairs.

Miller
Louis T. Jarmuth, for the past 42
years active in banking in Hand coun­
ty, South Dakota, has retired as presi­
dent of The First National Bank of
Miller. However, he will continue as
chairman of the board of directors
and will have an inactive role in the
bank’s affairs.
Elected by the directors to succeed
Mr. Jarmuth is Lloyd E. Weaver, who
was advanced from vice president to
president last month at the annual
meeting.
Mr. Jarmuth, who retired under the
pension plan of First Bank Stock Cor­
poration, with which The First Na­
tional of Miller is affiliated, has been
identified with banking in that section
of South Dakota since 1906.
In August of that year he opened
the First State Bank of St. Lawrence,
serving as cashier, and in 1920 he

was elected president of the bank.
Ten years later, in 1930, he was elected
vice president of the First National
Bank of Miller, and since January
1947, has served as its president.
His successor as president of the
bank, Mr. Weaver, is a native of Get­
tysburg, South Dakota. He began his
banking career there in 1924 with the
former First National Bank, which
subsequently was involved in a con­
solidation resulting in what is now
the Potter County National Bank at
Gettysburg. He advanced to the posi­
tion of assistant cashier, but left in
1933 to go to Miller as cashier with
the First National. Two years ago he
was elected vice president of the bank.

Watertown
Farmers & Merchants Bank
All officers and directors of the
Farmers and Merchants Bank of Wa­
tertown, South Dakota, were re­
elected at the annual meeting last
month. President Andrew Kopperud
said deposits had increased approxi­
mately $400,000 in 1948, for a total of
$6,942,852. Capital during the past
year was increased and now stands at
$100,000 in capital stock, $100,000 in
surplus, and $74,578 in undivided
profits and reserves.

First Citizens National Bank
F.
G. Tobin was elected a new
member of the board of directors at
the annual meeting of the stockhold­
ers of the First Citizens National
Bank of Watertown, South Dakota,
and all other members of the board
were re-elected.
All bank officers have also been re­
elected for the ensuing year, with
L. T. Morris continuing as chairman
of the board and C. H. Lockhart con­
tinuing as president.
The annual report for 1948 showed
loans and discounts for the year end­
ing December 31st to be $1,531,686.
Capital stock was listed at $150,000,
surplus fund $500,000, and undivided
profits and reserves $222,359.

Wessington Springs
The capital structure of the Farm­
ers and Merchants Bank of Wessing­
ton Springs, South Dakota, was dou­
bled, from $25,000 to $50,000, at the
close of the 1948 year’s business. Each
stockholder’s holdings were doubled.
The meeting was the tenth anniver­
sary of the bank. Deposits now are
over the two million dollar mark.
Directors of the bank are: N. J .
Thomson, H. N. Thomson, F. W. Bunday, E. R. Buck and Bruce Thomson.
N o r t h w e s t e r n B an ker, F e b r u a r y , J949

54

South Dakota News
S io u x F a il» N e w »

NNUAL meetings of local banks
resulted in several promotions
and changes.
At the National Bank of South Da­
kota 1-toss E. Hunt was advanced
from position of assistant cashier to
assistant vice president. Leonard E.
Martinek became an assistant cashier
and Arthur E. Friday was appointed
auditor.
State Senator Albert R.
Risty of Corson was named to the
board of directors. All other officers
were re-elected.
At the Northwest Security National
Bank President Ralph M. Watson an­
nounced the advancement of O. A.
Bray and G. Oliver Nordby from as­
sistant cashier positions to assistant
vice presidencies. John S. Hinman,
assistant cashier, was elevated to
cashier. Wilbur Heimerman, Ben F.
Borgers and David <4. Jewett became
assistant cashiers. C. Harlon Hight
was elected comptroller. Mr. Watson
said that all other officers remain the
same and all directors were re-elected.
At the Union Savings Bank Frank E.
Duffy was elected assistant cashier.
All other officers and directors were
tendered re-election.
At the First National Bank and

A

Trust Company, all officers and di­
rectors continued in their present ca­
pacities.
At the Sioux Valley Bank Jack Bork
and Stanley Lovro, tellers, were ad­
vanced to assistant cashiers. Glad­
win Hansen, teller, retained that posi­
tion but will also serve as auditor.
President Erling Haugo said all offi­
cers and directors of the bank were re­
elected.
Tom S. Harkison, president of the

National Bank of South Dakota, was
elected and installed as potentate of
El Riad Shrine. O. A. Bray, assistant
vice president of the Northwest Se­
curity National Bank, was elected
treasurer of the local temple.
Increased spending by consumers
and greater activity in business ven­
tures and home and commercial con­
struction during 1948 were reflected
in end-of-the-year statements by Sioux
Falls banks.
Deposits dropped 2.2 per cent dur­

ing the year, while loans and dis­
counts showed an increase of 29.5 per
cent. The deposits of $96,684,226 at
the end of 1947 were believed to be the
highest on record at the annual bank
call here. They had dropped by the
end of 1948 to $94,470,281.

Loans and discounts increased by
30 per cent in 1947. During the past

year totals climbed from $20,367,637 to
$26,329,894.
Bank clearings in the city were up
8 per cent in 1948 to an all-time high
of $297,441.077. They were 147 per
cent higher than in 1939. The 1947
bank clearings here amounted to
$273,405,111.
Tom S. Harkison, president of the
National Bank of South Dakota, was
installed as treasurer of the Kiwanis
Club recently.
W. C. Duffy, president of the Union
Savings Bank, was elected a director
of the Sioux Falls Chapter of the Izaak
Walton League. He retired recently
as president of the Sioux Council, Boy
Scouts of America, after three years of
service.
Edgar W. Munson, a former bank
officer here, died in Los Angeles at the
age of 74. Burial was made in Woodlawn cemetery here. Born in Warren,
Pennsylvania, Mr. Munson came to
Sioux Falls with his parents when a
small boy. He held bank positions in
Hills, Minnesota; Hartford, South
Dakota; and Watertown, South Da­
kota, after attending high school and
college. He was a national bank ex­
aminer for 10 years and was later vice
president of the former Minnehaha
National Bank in Sioux Falls.
Phil M. Rensvold, Jr., formerly an
assistant attorney general for South
Dakota, has become a trust officer at
the National Bank of South Dakota.
He is a native of Madison, South Da­
kota, and a law graduate from the
University of South Dakota.
He
served in the armed forces during
World War II, later engaging in law
practice at Flandreau, South Dakota.
The bank, with branches in Huron
and Vermillion, is affiliated with First
Bank Stock Corporation.
The Northwest Security National
Bank is expanding its working space

A IR C O N D IT IO N ED
F O R H EA LT H
AND
COM FORT
*
\

BAKER HOTEL
The ultim ate in fa cilitie s fo r recreation and
re ju v e n a tio n . O th e r o u ts ta n d in g f e a t u r e s
in clu d e the fin est in th e ra p e u tic b a th s w ith
com p lete m a ss a g e . Lu xu rio u s a c c o m m o d a ­
tions. Beautiful grounds w ith an eig hth-m ile
sun v e ra n d a . O utdoor activities at th eir best.

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l i l t e d by committee on American Health Resorts
o f the American M edical Association

MINERAL WELLS,
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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

by moving its installment loan depart­
ment into the building south of the
bank vacated by the Jamieson and
Company brokerage firm.

Approves Increases
The North Dakota State Banking
Board has approved applications of
the following banks to increase their
common stock:
First State Bank of Buxton, from
$15,000 to $35,000; Lincoln State Bank
of Hankinson, $25,000 to $50,000; Farm­
ers State Bank of Crosby, $50,000 to
$75,000, and the State Bank of Kenmare, $35,000 to $50,000.

oo

F argo N ew s

>

0 1*1

li l i a k o l a

N EW S
ARNE A. GREGOR
President
Leeds

Bismarck
Stockholders of the Dakota National
Bank of Bismarck, North Dakota,
elected Paul G. Brewer and Thomas
S. Kleppe to the bank’s board of
directors at the annual meeting last
month, raising the number of direc­
tors to nine.
Dr. A. M. Brandt, who spends much
time away from Bismarck at the
present time, asked not to be re­
elected a director at this time.

Carrington
John H. Spink, formerly of Ada,
Minnesota, has been employed as
cashier in the Foster County State
Bank, Carrington, North Dakota, suc­
ceeding Mark Atwood, who is in
Preston. South Dakota. 9

Hatton
Carl E. Johnson resigned as a di­
rector of the Farmers and Merchants
National Bank of Hatton, North Da­
kota, last month and was not up for
re-election at the annual meeting.

Jamestown
Stockholders of the National Bank
of Jamestown, North Dakota, voted to
increase the bank’s surplus account
from $100,000 to $150,000, making total
capital and surplus $250,000. Undi­
vided profits and reserves total $90,000.

Lidgerwood
Ending 25 years’ service with the
First National Bank at Lidgerwood,
North Dakota, Daniel S. Riley has
announced his retirement as a direc­
tor and president of the bank to
devote his full time to his personal
affairs.
Clarke Bassett, president of The
Merchants National Bank and Trust
Company of Fargo, has been elected
president to succeed Mr. Riley. Ac­
tive management of the bank is to
be taken over by Fred W. Riegger.
who was elected vice president. C.
C. Sherwood has been re-elected cash­
ier.
All of the aforementioned banks are
affiliated with First Bank Stock Cor­
poration.

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

C. C. WATTAM
Secretary
Fargo

Minot
At the annual meeting of the stock­
holders of the American State Bank
of Minot, North Dakota, directors an­
nounced that the capital stock of the
bank had been increased from $75,000
to $100.000.

Mott
On January 3, 1949, the Commercial
Bank of Mott, North Dakota, experi­
enced the largest deposits for any one
day in its history. The Commercial
Bank is only slightly in excess of
$3,000,000 in assets, yet deposits Janu­
ary 3rd were $407,373. President R.
V. Trousdale surmised that income
tax probably was the only reason as
sale of grain and livestock during
December was. held to a minimum.

New Leipzig
E. P. Daniels, cashier of the First
State Bank of New Leipzig. North
Dakota, and Ida Wolf Zeller were
married recently in Trinity Lutheran
Church in that town. They will re­
side in New Leipzig.

Towner
Curtis F. Cornelius has accepted the
position of assistant cashier in the
Pioneer State Bank at Towner, North
Dakota, and has taken up his duties
there. Since March, 1947, Mr. Cor­
nelius had been employed as teller
and assistant cashier in the Security
Bank of Hebron.

Williston
Dr. Carroll M. Lund, re-elected presi­
dent of the First National Bank of
Williston, North Dakota, announced
after the annual meeting of directors
last month that surplus had been in­
creased to $100,000.

Wilton

Charles W. Howe, 69, president of
the First National Bank of Wilton,
North Dakota, died recently at a Bis­
marck hospital. He had been ill for
several weeks after suffering a stroke.
He had been president of the bank the
past five years.

MONG important changes in offi­
cers and directors of Fargo banks
at annual meetings was the retirement
from active duty of Frank R. Scott,
chairman of the board and trust officer
of the Merchants National Bank and
Trust Company of Fargo. He has
been with the bank 43 of his 50 years
in the banking business.
Mr. Scott, however, will remain as
chairman of the board and through
that position will have an active in­
terest in the bank. He was honored
at a dinner given recently by directors,
officers and senior employes.
He is retiring under provisions of
the First Bank Stock Corporation’s
pension plan.
He has been president of the North
Dakota Bankers Association, state
vice president of the American Bank­
ers Association three years, and presi­
dent of the Fargo Clearing House As­
sociation.
Other changes at the Merchants Na­
tional included the election of Clar­
ence H. Olson to the board and pro­
motion of Adrian McLellan, vice presi­
dent, from assistant trust officer to
trust officer.

A

Changes at the First National Bank
and Trust Company of Fargo included
the appointment of a new trust officer,
Harold T. Uehling of Omaha, Nebras­
ka; promotion of M. AY. Loiter from as­
sistant cashier to cashier; and election
of George H. May, vice president, to
the board of directors.
Sain Stern, Fargo clothier, was
elected a director of the Dakota Na­
tional Bank of Fargo.

The Fargo National Bank named
two new directors and promoted A\7. R.
Braseth from assistant cashier to
cashier. The new directors are Lester
Rohde, president of the Congress
Candy Company, and Loren Oliver,
president of the Cook Sign Company.
Lester E. Smith, who has been vice
president of the Fargo National, goes
to the Bank of Southwest Fargo in a
similar capacity, succeeding S. F.
Murphy, who is retiring as vice presi­
dent and cashier.
The Bank of Southwest Fargo has
elected F. J. Carlisle, of Fargo, its
president, succeeding AATUiam H. Bur­
rell, who has been residing on the
west coast since early in 1948. Mr.
Carlisle also is chairman of the board
of the Fargo National Bank. The
Southwest Fargo bank promoted E. M.
\7ennerstrom from assistant cashier
to cashier.
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

56

SOUND BANKING SERF ICE
DIRECTORS

OFFICERS
E L L SW O R T H M OSER, P r e s i d e n t

SA M U E L L. C O OPER, P r e s i d e n t
O rch a rd

C A S P E R Y . O FFU TT, V i c e P r e s i d e n t , T r u s t O ffic e r
V IC TO R B. C A L D W E L L , V i c e P r e s i d e n t
EDW ARD W . LYM AN , V ic e P r e s id e n t

EDW ARD FLYN N
D ir e c to r an d M em b er E x e c u tiv e
m itte e , B u r lin g to n L in e s

N o rth w e s te r n B e ll T e le p h o n e C om p a n y

JOH N W . HUGHES,

TH OM AS F. M U R P H Y , V i c e P r e s i d e n t

GLE N N E. JEN N IN G S,

FRED PE TE R S, A s s t . V i c e P r e s i d e n t
H A R R Y E. ROGERS, A s s t . V i c e P r e s i d e n t
A R T H U R D. A N D ER SO N , C a s h ie r

P r e s id e n t
G u a ra n tee M u tu a l L ife C om p a n y

P r e s id e n t
W r i g h t di W i l h e l m y C o m p a n y

A R T H U R A . LO W M A N
JO H N F. M E R R IA M ,
E x e c u tiv e V ic e P r e s id e n t
N o r th e r n N a tu ra l G as C o m p a n y

EDGAR M. M O RSM AN , J R „ A t t o r n e y
C H A R L E S P E T E R SO N , P r e s i d e n t

JAM ES L. SH IE LD S, A s s i s t a n t C a s h ie r
N ELS L. SH O LIN , A s s i s t a n t C a s h ie r

B y r o n R eed , In c.

H E N R Y W . P IE R P O N T
H A R R Y F. REED,

H E N R Y B. P IE R P O N T , A s s t . T r u s t O ffic e r

P r e s id e n t
L . G. D ou p C om pany

GEORGE E. W IN S L A D E , Assf. T r u s t O ffic e r

C A S P E R Y. OFFU TT,

LEO M. B R O W N , C o m p t r o l le r

E L L SW O R T H M OSER,

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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

C om

R U S S E L L J. H O P L E Y , P r e s i d e n t

R IC H A R D H. M A L L O R Y , V i c e P r e s i d e n t

A U S T IN L. V IC K E R Y , V i c e P r e s i d e n t

■

<& W ilh e lm , C o m p a n y

V ic e P r e s id e n t, T ru st

O ffic e r
P r e s id e n t

57

X e l» i*a sk a

NEWS
J. R. KENNER
President
Hebron

Beatrice
Two new directors were elected by
stockholders of the Beatrice National
Bank at their annual meeting last
month. They are J. Stewart Elliott
and Norman W. Stevens. Mr. Elliott
is associated with Kilpatrick Brothers
Company, and Mr. Stevens is a part­
ner in the E. S. Stevens Wholesale
Grocery Company.
Harold Scheve was advanced from
teller to assistant cashier by directors.
D. W. Cook, president, and all other
officers and directors were re-elected.

Brady
At the regular board of directors’'
meeting last month of the Bank of
Brady, Nebraska, it was decided to
redeem RFC debentures in full with
a cash subscription and a like amount
of common stock will be issued, ac­
cording to Gordon Jones, president.
The amount of the debentures was
$9,000. Added to the surplus account
was $4,000, which was in the RFC
retirement account, making the sur­
plus account $12,000. Total additions
to the surplus account since the new
management took over the Bank of
Brady October 1, 1947, are $5,500.

CARL G. SWANSON
Secretary
Omaha

to succeed Mr. Brion as cashier, and
Dorothy Sojka was elected assistant
cashier.
Directors include Mr. Brion, Maud
M. Brion, Mr. Spittler and Mr. Huff­
man. Mr. Wegner had been president
21 years.

Fairbury
The Fairbury State Bank, Fairbury,
Nebraska, is sponsoring the soil con­
servation poster contest this year,
open to all 5th, 6th, 7th and 8th grade
pupils in Jefferson county outside of
Fairbury.
Prize money totaling $45 will be
awarded for the top six posters.
Last year’s contest was sponsored
by the Jefferson County Soil Conser­
vation District Board of Supervisors.
There were 62 posters entered last
year.

Genoa
At the annual meeting of the board
of directors of the Genoa National
Bank, Genoa, Nebraska, Leland Voorhees and Miss Edith Larson were
elected as assistant cashiers.
Mr. Voorhees and Miss Larson are
both veteran employes of the bank.
All other officers were re-elected.

Douglas
J.
C. Farrell, vice president of the
Farmers State Bank, Douglas, Ne­
braska, was elected to the presidency
to fill the vacancy caused by the re­
cent death of S. A. Walker.
G.
A. Dunlap, who is emuloyed in
the First National Bank of Lincoln,
was elected to the board of directors
and also elected vice president. M. W.
Dunlap will continue as cashier and
managing officer.

Ewing
Henry A. Wegner retired as presi­
dent of the Farmers State Bank of
Ewing Nebraska, at the annual meet­
ing last month, and S. W. Brion, for­
merly cashier, was elected to succeed
him. L. J. Spittler was re-elected vice
president; M. B. Huffman also was
named vice president; M. W. Rutledge
was advanced from assistant cashier

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Federal Reserve Bank of St. Louis

Grand Island
Stockholders of the First National
Bank, Grand Island, Nebraska, re­
elected all directors last month and
authorized an increase in capital from
$300,000 to $400,000. This move was
necessitated by greatly increased de­
posits and volume of business, I. R.
Alter, president, said.
At the directors’ meeting which fol­
lowed, all officers were re-elected and
S. N. (Bud) Wolbach was added to
the official family as assistant vice
president.

Floyd A. Hansen was advanced
from cashier to the new position of
executive vice president; W. J. Crock­
ett was promoted from assistant cash­
ier to assistant vice president, another
new position; Vern Manahan was
elected cashier after having served
as assistant cashier, and Donald A.
Hensen was promoted from teller to
assistant cashier. Mr. Koelling and
other officers and directors were re­
elected.

Hastings National Bank
W.
G. Nelson, who joined the Hast­
ings National Bank at Hastings, Ne­
braska, last August as vice president,
was elected to the bank’s board of
directors by stockholders at their re­
cent annual meeting. O. A. Riley was
re-elected president; Nr. Nelson con­
tinues as vice president; Charles E.
Deets was re-elected cashier; C. L. Van
Horne wras renamed assistant vice
president, and J. Leo Swigle, Joseph
Bauer and L. J. McCune were re­
elected assistant cashiers.

Kenesaw
S. H. Itzen, who has been cashier
and managing officer of the Adams
County Bank at Kenesaw, Nebraska,
was elected president last month by
the directors. He replaces C. K. Hart,
who retired from active service be­
cause of ill health. Mr. Hart was
elected chairman of the board. J. A.
Diez, a former employe in the bank,
was named cashier, succeeding Mr.
Itzen.

North Platte
Dr. T. Bruce Robb, research director
of the Federal Reserve Bank in Kan­
sas City, was to be guest speaker at a
meeting of the Midwest Nebraska
Clearinghouse Association in North
Platte, Nebraska, late last month.
Melvin Adams, president of the
Bank of Brule, is president of the
association; Charles L. Cooper, presi­
dent of the Farmers State Bank, Wal­
lace, is vice president, and George
Taylor, cashier of the McDonald State
Bank, North Platte, is secretary.

Scottsbluff
Scottsbluff National Bank

State Senator Henry D. Kosman of
Omaha resigned from the Nebraska
State Legislature last month to ac­
cept the position of vice president of
Hastings
the Scottsbluff National Bank at
City National Bank
Scottsbluff, Nebraska. Mr. Kosman
A.
J. Koelling, president of the City has been a director of the bank for
National Bank at Hastings, Nebraska, three years. He had been elected to
last month announced the promotion his second term in the legislature last
of four men after the annual stock­ fall without opposition.
holders’ and directors’ meeting.
W. J. Stafford was re-elected presiN o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

58

Nebraska News

dent. Three new directors elected by
the stockholders are: J. A. Emery;
J. G. Mothersead, former president of
the Nebraska Bar Association, and
H. J. Schwab.

First State Bank

D. P. Wetzel, cashier, were re-elected,
as were all directors of the bank.

Moser Named President
As reported in the January issue of
the N o r t h w e st e r n B a n k e r , Ellsworth
Moser has been elected president of

H. D. Wells, vice president and
managing officer of the First State
Bank at Scottsbluff, Nebraska, was
elected executive vice president last
month. Roy Percival, cashier, was
advanced to vice president, and Dale
M. Adams, who had been assistant
cashier, was named to succeed Mr.
Percival as cashier. Howard Berger
was promoted from teller to assistant
cashier. LeRos^ Abbott was re-elected
president. During the past year the
surplus account has been increased
from $50,000 to $75,000.

braska territory for some time, then
went with the United States National
Bank in 1928.
Mr. Ellsworth held various positions
in the United States National Bank,
until he was eventually made execu­
tive vice president in 1938, the position
he held until his elevation to the presi­
dency last month. He is a director of
the bank, and is prominent both in
Omaha business and civic circles, as
well as the activities of the Nebraska
Bankers Association. He is a Mason,
a Shriner, a member of the Omaha
Country Club and the Omaha Cham­
ber of Commerce.

Elected Director

Scribner
O.
W. Grose resigned as president
of the First National Bank of Scrib­
ner, Nebraska, last month because of
ill health. He is succeeded in the
presidency by Charles J. Kaup, for­
merly vice president. Grover Porter
was elected vice president to fill that
E L L SW O R T H M O SER
President, U. S. N ational o f Omaha
vacancy. A. R. Kuhlman remains as
cashier and Gesina Steil as assistant the United States National Bank of
cashier. A. G. Heyne was elected a Omaha, to succeed the late Herbert
new member of the board.
M. Bushnell.
Mr. Ellsworth came to Omaha from
Kansas, his native state, and attended
South Sioux City
William P. Bernard, an employe of Omaha schools. He is a graduate of
the Nebraska State Bank of South
the University of Nebraska, where he
Sioux City, Nebraska, the past two
played center on Nebraska’s great un­
and a half years, has been elected defeated football team of 1914-15,
assistant cashier, Vice President H. L. under the late Coach “Jumbo” Stiehm.
Prune announced last month. J. J. He represented the Continental and
Eimers, president, Mr. Prune, and Commercial Bank of Chicago in Ne­

Henry C. Karpf, president of the
Live Stock National Bank of Omaha,
has announced the election of a new
member to the board of directors.
V. J. Skutt will fill the vacancy created
by the death of W. P. Adkins. Mr.
Skutt is vice president of the Com­
panion Companies Insurance Group,
including the Mutual Benefit Health

v. j . S K U T T
D irector o f L iv e Stock

N ational

and Accident Association, United Ben­
efit Ifife Insurance Company and
United Benefit Fire Insurance Com­
pany. His appointment was made at
the annual stockholders’ meeting of
the Live Stock National Bank. All
other officers and directors were re­
elected.

Did you know that your B anker’s Blanket Bond
does not protect your Cash Letter w hile it is in
transit by mail or express? A sk about our
Cash Letter P olicy, which fills the gap.
F IR S T NATION AL B AN K BUILDING
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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Federal Reserve Bank of St. Louis

Scarborough & Company

CHICAGO 3, ILLINOIS

Insurance Counselors
STATE 2 4325

to Banks

59

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Center and Affiliated Industries . . .
• Paid to Farmers, Feeders, Ranchers for Livestock..... ....$549,000,000.00
(Over a Half Billion Dollars)
• Paid in wages to Employees of Packing and
Associated Industries ...................................................... $ 32,313,424.00
• Paid to Producers of feed and supplies . . . all kinds___$ 15,184,207.00

. . . Truly A Great Packing Center . . .
. . . An Essential and Growing Industry . . .

T he O n ly B ank in O m aha's Great U nion S tock Y ards

STOCK YARDS NATIONAL BANK


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Federal Reserve Bank of St. Louis

Omaha, Nebraska
Me mb e r

Feder a l

De p o s i t

I nsur ance

Cor por a t i on

N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949

60

Nebraska Ne ws
AV. Dale Clark, chairman of the
board of the Omaha National Bank,
has been elected a trustee of the Fontenelle Forest Association of Omaha, an
organization formed in 1912 to protect
1,500 acres of wooded land bordering
the Missouri River south of Omaha.

jOHN D. CAREW and Robert M.
J Gamble were promoted to assist­
ant cashiers at the Omaha National
Bank when directors held their annual
meeting last month. As reported in
the N o r t h w e st e r n B a n k e r last month,
W. Dale Clark was re-elected chairman
of the board and W. B. Millard, Jr.,
formerly senior vice president, was
elected president succeeding Mr.
Clark.

Mr. Carew joined the Omaha Na­
tional in 1926, having served before
that time with the Merchants National
Bank. He continued at the Omaha
National as a paying teller until 1947,
when he was assigned to the public re­
lations department. Mr. Gamble has
been with the bank since 1912, prin­
cipally as a teller.
J. Francis McDermott, J. T. Stew­
art, IIT, and John F. Davis were

named senior vice presidents of the
First National Bank of Omaha at the
annual meeting. President Fred W.
Thomas pointed out that the three
new senior vice presidents have a
direct connection with families which
for nearly a century have guided the
development of the bank. These are
the Creighton, Kountze and Davis
families.
Fred W. Thomas, president of the

First National Bank of Omaha, was

seated recently as a Democratic mem­
ber of the Board of Directors of the
Metropolitan Utilities District of
Omaha.
Mr. Thomas was selected a director
to fill the vacancy created by the
election of Eugene D. O’Sullivan to
Congress.
Mr. Thomas told the board: “My
estimate of the efficiency of operations
will in no way be related to my politi­
cal registration or to the presence or
absence of any personal considera­
tions.”
Mr. Thomas recalled that he had one
of the first gas furnaces installed in
Omaha. “ It was a real luxury in
those days,” he stated.
W. Dale Clark, chairman of the
board of the Omaha National Bank,
appeared before the board to urge a
contribution by MUD to the Omaha
Chamber of Commerce rental housing
fund drive.
Herbert H. Meile has been elected
senior vice president of the Douglas
County Bank of Omaha. The bank
is located in suburban Benson. Ken­
neth G. Harvey is president of the
bank. Mr. Meile has been with the
bank more than 15 years. He was
promoted from vice president. He is
a native Omahan and a graduate of
Creighton University.

Kenneth G. Harvey, president of the
Douglas County Bank of Omaha, was
one of those who signed agreements
recently for the $6,000,000 Omaha
rental housing project, for which land
was furnished by the Chamber of
Commerce.
Mr. Harvey is chairman
of the Chamber of Commerce Special
Housing Committee.
John B. Frazier, Jr., Omaha invest­
ment banker, is general chairman for
the Boy Scout Exposition to be held
May 13-14 at the Ak-Sar-Ben Coliseum
in Omaha, sponsored by the Down­
town Kiwanis Club and the Covered
Wagon Boy Scout Council.
John Eauritzen, recently made a
vice president of the First National
Bank of Omaha, was one of the 15
runner-ups for the Omaha Junior
Chamber of Commerce Distinguished
Service Award to the “ outstanding
Omaha young man of 1948.” Howard
Drew, 32, Byron Reed Company salesmanager, received the award.

Capitalization of the Northwestern
Bell Telephone Company, with gen­
eral headquarters in Omaha, was in­
creased recently by $50,000,000 to a
total of $175,000,000. Russell J. Hopley, president, said that the increase
was authorized at a special meeting
of stockholders in Des Moines. The
stock was to be sold to the American
Telephone and Telegraph Company
“as conditions warrant.”
Omaha bank clearings for the year
1948 totaled $6,285,234,000. This was
7.1 per cent more than 1947 clearings

IN ST. JOSEPH
No Other Bank Gives You

MORE* for YOUR MONEY
Than the

TOOTLE-LACY
N o r t h w e s t e r n B a n k e r , F e b r u a r y , 1949


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

MILTON TOOTLE

FRED T. BURR!

R. E. WALES

GRAHAM G. LACY

PRESIDENT

CASHIER

VICE PRESIDENT

CH. OF THE BOARD

Nebraska

an d 289 p e r ce n t m o r e th a n c le a rin g s
in 1940.
B a n k d eb its in O m aha w e r e $6,056,198,000 in 1948, an in cre a se o f 6.3 p er
ce n t o v e r 1947 an d 244.9 p e r ce n t o v e r
1940.
T h e o p e n in g o f th e 81st C on g ress
fo u n d O m a h a ’s H o w a r d B u ffet b a c k
at h is d esk at h is O m aha in v e s tm e n t
office.
D efea ted last fall b y D e m o cra t E u ­
g e n e O ’S u lliv a n , M r. B u ffe t w e n t rig h t
o n w ith h is in v e s tm e n t b a n k in g a c tiv i­
ties w h e r e h e “ le ft o ff” s ix y e a rs ago
w h e n h e w a s first e le cte d to C on g ress.
T h e r e w e r e n ’t m a n y lo o s e en d s to
p ic k u p, h o w e v e r . H is office staff had
k e p t th in g s r u n n in g s m o o th ly .
P e d e stria n s in d o w n to w n O m aha
h a v e b e e n e n jo y in g th e rad ia n t-h ea ted
s id e w a lk a lo n g th e Omaha National
Bank b u ild in g th is w in te r, p a rticu ­
la rly in th e s n o w y an d ic y p e r io d o f
D e c e m b e r a n d J a n u a ry .
W h e n th e
b a n k b u ild in g w a s r e m o d e le d e x te n ­
s iv e ly last su m m er, stea m p ip e s w e r e
laid u n d e r th e n e w sid ew a lk .
N o w , w h e n it sn o w s, th e p ip e s m elt
th e s n o w as fa st as it fa lls, d o in g a w a y
w ith s h o v e lin g an d scra p in g .
The
d a n g e r o f fa lls is a lm o st elim in a ted .

h ead o f th e O ccid en ta l B u ild in g and
L oan
A s s o c ia tio n .
M r.
R o b in s o n
d ied in an O m aha h osp ita l. W illiam
M. Jeffers o f L o s A n g e le s, fo r m e r
p r e s id e n t o f th e U n io n P acific, and
G. F . A sh by o f O m aha, U n io n P a cific
p resid en t n o w , a lso w e r e a m o n g th e
h o n o r a r y p a llb ea rers.
M ore th a n 20 b o g u s $20 b ills h a v e
b e e n p ic k e d u p r e c e n tly in th e O m aha
area, a c c o r d in g to th e S e cre t S erv ice.
T h e b ills, a u th o ritie s said, w e r e o f
“ e x c e lle n t q u a lity .”
A ll b a n k s had
re c e iv e d a w a r n in g to be on th e a lert
fo r th e b ills d u r in g th e C h ristm a s
rush.
L . E . Laird o f W o r la n d , W y o m in g ,
has b e e n a p p o in te d to h is fifth c o n ­
s e cu tiv e th ree-y ea r te rm o n th e F a r m
C redit A d m in is tr a tio n B o a rd o f O m a­
ha. Nelson G. Kraschel, fo r m e r g o v ­
e r n o r o f Io w a an d n o w g e n e ra l agen t
o f th e F C A at O m aha, said th a t the
r e a p p o in tm e n t w a s m a d e b y I. W .

H o n o r a r y p a llb e a re rs at fu n e ra l
s e r v ic e s fo r Frank W . Robinson o f
O m aha, 74, re tire d s e n io r v ic e p r e s i­
d en t o f th e U n io n P a cific R a ilroa d ,
w h o s e r v e d th e ra ilro a d 57 y e a rs, in ­
clu d e d W . Dale Clark, b o a r d ch a irm a n
o f th e O m aha N a tio n a l B a n k ; W illiam
B. Hughes, fo r m e r s e c r e ta r y o f th e
N eb ra sk a B a n k e rs A s s o c ia tio n
fo r
m a n y y e a rs ; and Ford E . H ovey, fo r ­
m er O m aha b a n k p re sid e n t an d n o w

BANKS

Duggan, F C A G o v e r n o r in W a s h in g ­
ton .
M r. L a ird has b e e n c h a irm a n o f th e
b o a r d sin ce 1943. A liv e s to c k feed er,
he a lso o p e ra te s a la rg e irrig a te d g ra in
an d su g a r b e e t tra ct n ea r W o rla n d .
M e tr o p o lita n U tilities D is trict d ir e c ­
tors o f O m aha r e c e n tly t o o k th e ir a n ­
n u a l p e e k in to a v a u lt at th e U n ited
S tates N a tion a l B a n k o f O m aha. T h e
y e a r ly a u d it o f se cu ritie s w a s s u p e r ­
v ised b y John Begley, re p re s e n ta tiv e
o f th e state a u d itor. In th e v a u lt w e r e
$3,147,500 in g o v e r n m e n t b o n d s, M U D
G en era l M a n a g er W alter S. Byrne
said.
B eca u se o f th e n eed fo r la rg e r q u a r­
ters, W alter V . Raynor a n n ou n ced
th at th e In v e s tm e n t S e cu ritie s C om ­
p a n y has m o v e d fr o m S u ite 1219 to
S u ite 1103 in th e F ir s t N a tio n a l B a n k
B u ild in g at O m aha.
The

w ith

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IN LINCOLN,
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LINCOLN

BANK E M P L O Y E E S P L A C E D
44 Y e ars Sa tis fa cto r y Se rvice

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OMAHA,

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NATIONAL BANK
E. H. SCHOPP
ASST. VICE PRES.

E. L. CRUME

MILTON TOOTLE. JR.

GILBERT TOOTLE

ASST. VICE PRES.

ASST. CASHIER

ASST. CASHIER


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Federal Reserve Bank of St. Louis

in you.

ST. JOSEPH, IVtO.

A. E. LA BOUFF
AUDITOR

M em b er F ed era l D e p o sit
In su ra n ce C orporation

62

Nebraska

News

O m aha C h a m b er o f C o m m e rce T rib e
o f Y e s s ir to R e d Oak, Io w a , w a s a sort
o f h o m e c o m in g fo r an O m aha b a n k e r,
W . Dean Vogel. T h e v ic e p re sid e n t o f
th e L iv e S tock N a tion a l B a n k o f
O m aha w a s b o r n in R ed Oak.
A t R ed Oak, th e g r o u p p la ce d a
w rea th on th e W o r ld W a r II M em oria l.
LaVerne J. Smith, tre a su re r o f the
O m aha B a n k fo r C o-O p eratives, r e ­
ce n tly w a s in sta lle d as c o m m a n d e r o f
th e M ou n t C a lv a ry C o m m a n d e ry , N o.
1, K n ig h ts T e m p la r o f O m aha.
M iss Gertrude Stewart, d a u g h te r o f
Mr. and Mrs. J. T. Stewart, III, spen t
th e C h ristm a s h o lid a y s w ith h er p a r ­
ents.
H er fa th er is v ic e p resid en tca sh ier o f th e F irs t N a tion a l B a n k o f
Om aha. M iss S tew a rt is a stu d en t at
D uke
U n iv e rs ity ,
D u rh a m ,
N o rth
C arolin a.

T

H E H a v e lo c k N a tion a l B a n k has
ch a n g ed
h an ds,
c o n tr o l
h a v in g
p a ssed to Victor E . Anderson, y o u n g
b u sin ess m an o f the L in c o ln su bu rb,
and m e m b e r o f the state leg isla tu re.
Bernard E . Clark, p re sid e n t o f the
b a n k fo r th e last s e v e ra l y ea rs, and
w h o w a s re tire d fr o m a c tiv ity w ith
th e b a n k w ith th e p u rch a se o f his

stock , has jo in e d th e U n io n F ir e In s u r ­
a n ce C o m p a n y o f L in c o ln , an d b e ca m e
tre a su re r o f th at firm on F e b r u a r y 1st.
M r. C lark w ill n o t b e c o m e a ctiv e in
th e m a n a g em en t o f th e b a n k u n til a ft­
er he has fin ish ed h is w o r k in th e le g ­
islatu re. M e a n w h ile Don R. Fawcett,
ca sh ier, w ill b e in ch a rg e.
H e has
b een w ith th e b a n k 18 yea rs.
T h e b a n k ’s D e c e m b e r 31st fin an cial
sta tem en t re v e a le d th a t th e H a v e lo c k
N a tion a l h ad y ea r-en d d e p o s i t s
a m o u n tin g to $1,646,105, an d loan s
an d d is co u n ts a g g r e g a tin g $503,349.
L in c o ln ’s th ree d o w n to w n n a tion a l
b a n k s, and th e th re e s u b u rb a n ban k s,
in th e ir r e p o r ts to th e c o m p tr o lle r o f
the c u r r e n c y , sh o w e d g a in s in all d e­
p a rtm en ts c o m p a r e d to th e r e p o r t fo r
the sam e date in 1947. T h is w a s es­
p e cia lly tru e o f d ep osits, an d loan s
an d d isco u n ts.
T h e y e a r w a s also
m a rk ed b y im p r o v e m e n ts in th e p h y s ­
ica l setu p o f tw o o f th e b a n k s, th e
F ir s t N a tion a l, an d th e N a tio n a l B a n k
o f C om m erce.
T h e N a tion a l B a n k o f C o m m e rce
en la rg e d its b a n k in g ro o m , fo r the
ben efit o f p a tron s, as w e ll as to p r o ­
v id e b e tte r fa cilitie s fo r th e b a n k ’ s
e m p lo y e s . T h e F ir s t N a tion a l w o u n d
up th e p a st y e a r b y a n n o u n c in g c o m ­
p le tio n o f re m o d e lin g that h ad b een
under
w ay
fo r
a p p r o x im a te ly
18
m on th s, at an e x p e n s e o f m u ltip lie d
th ou sa n d s o f dolla rs. T h e a m o u n t has
n ot y e t b e e n d eterm in ed .
A t th e a n n u a l m eetin g s o f th e six
b a n k s th ere w e r e n o ch a n g e s in the
officers e x c e p t at the H a v e lo c k N a­
tion al, o c c a s io n e d b y th e ch a n g e in
c o n tr o l.
A t th e N a tion a l B a n k o f
C o m m e rce , (). J. Shaw w a s e le cte d to
d ir e c to r to r e p la ce \V. T. Barstow w h o
p a ssed a w a y last y ea r. M r. S h a w is
head o f the L in c o ln Oil C om p a n y .
P re sid e n ts o f th e th re e d o w n to w n
n a tion a l b a n k s r e p o r te d to th e s to c k ­
h o ld e rs o f th eir in stitu tio n s th at 1948
h ad b een “ g o o d ” to th em .
A t the

sam e tim e th e y e x p r e s s e d co n fid e n ce
that 1949 w o u ld b e e v e n b etter. T h e y
a lso w a r n e d p e o p le o f the e n tire state
th at n o on e n eed b e fe a r fu l o f a d e­
p re ssio n d u r in g 1949.
L in c o ln b a n k officia ls c o n tin u e to
p la y an im p o rta n t p a rt in the c iv ic
affairs o f L in c o ln , th r o u g h the C h am ­
b e r o f C o m m e rce .
Wheaton Battey,
1948 c h a m b e r p resid en t, an d v ic e
p re s id e n t o f th e C on tin en ta l N a tion a l
B ank, has c o m p le te d h is ten u re in
th at p ost, b u t George Knight, p re s i­
d en t o f the C itizen s State B a n k in
U n iv e r s ity P la ce, L in c o ln su b u rb , has
been ele cte d to th e ch a m b e r b o a rd and
b e c o m e s trea su rer, s u c c e e d in g Byron
Dunn, p resid en t o f th e N a tion a l B a n k
o f C o m m e rce .
A s im m e d ia te past
p resid en t o f th e ch a m b e r, M r. B a ttey
co n tin u e s as a m e m b e r o f th e ch a m b e r
d ire cto ra te a n o th e r y ea r.

New Vice Presidents at
First National of Omaha
J o h n R. L a u ritz e n and E d w in N.
S o lo m o n h a v e b e e n ele cte d v ic e p r e s i­
d en ts o f T h e F ir s t N a tion a l B a n k o f

Edwin N. Solomon, left, and John
Lauritzen, newly elected vice presi­

dents of the First National Bank of
Omaha.

f i r s t National
J .B a n k

of

Omaha

Oldest National Bank From Omaha West
M e m b er F e d e ra l

N o rt h w e s te rn Banker, Febru ary ,


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Federal Reserve Bank of St. Louis

1949

Deposit

Insurance

Co rp or at io n

O m aha.
B o th m e n w e r e p r e v io u s ly
assista n t v ic e p resid en ts.
M r. L a u ritz e n is a lso p re s id e n t o f
th e E m e r s o n (I o w a ) State B a n k and
p r e s id e n t o f th e O m aha L io n s C lu b.
H e is a m e m b e r o f th e b o a rd o f d ir e c ­
to rs o f th e N o rth S ide B an k , O m aha;
W a s h in g to n C o u n ty B a n k .
B la ir;
D ou g la s C o u n ty C h a p ter A m e r ic a n
R ed C ross; H a ttie P>. M u n r o e H o m e
fo r C o n v a le s c in g C h ild ren , an d th e
Om aha L io n s C lub.
M r. S o lo m o n , a life -lo n g re s id e n t o f
O m aha, sta rted h is b a n k in g ca reer
w ith th e F ir s t N a tion a l in 1917 and
d u r in g th e p ast th ir ty -tw o y e a rs h as
h eld p r a c tic a lly e v e r y p o s itio n in th e
bank. H e w a s ele cte d a ssista n t c a s h ­
ier in 1936. H e has b e e n in c h a rg e
o f th e b a n k ’s p e rs o n a l loa n d e p a r t­
m en t fo r se v e ra l y e a rs and w a s
elected a ssista n t v ic e p resid en t ea rly
in 1948.
M r. S o lo m o n is a d ir e c to r
o f th e O m aha A s s o c ia tio n o f C redit
M en and a ctiv e in sev e ra l O m aha b u s i­
ness. c iv ic an d fra te rn a l o rg a n iz a ­
tions.

New Director
A. F. J a c o b s o n w a s e le cte d a m e m ­
b e r o f th e b oa rd o f d ir e c to r s o f S to ck
Y ards N a tion a l B a n k o f O m aha at its
annual
s to c k h o ld e r s ’ m e e tin g
last
m on th .
M r. J a co b s o n , v ic e p r e s id e n t and

c o u r s e in e n g in e e r in g an d b u sin ess
a d m in istra tio n at th e U n iv e r s ity o f
N eb ra sk a , h e b e ca m e a c le r k o n th e
te le p h o n e c o m p a n y ’s staff in 1922.
H e la ter h e ld sev e ra l re s p o n s ib le p o s i­
tions, in c lu d in g assista n t v ic e p r e s i­
den t an d a ssista n t to th e p re sid e n t
u ntil D e c e m b e r 6, 1948, w h e n h e w a s
a p p o in te d v ic e p re s id e n t and g en era l
m an a ger.
O th er m e m b e rs o f th e S to ck Y a rd s
N a tion a l B a n k ’s b o a rd o f d ir e c to r s
an d all officers, in c lu d in g W . A . Sawtell, p resid en t, w e r e re-elected .

BANKS
handle addressing of
Statements, Envelopes, and
other forms from 10 to 50 times
faster than typewriter or
hand methods and with
assurance of 100%

Sutton
R o b e r t F ig i has b e e n ele cte d a d i­
r e c to r o f th e C ity State B a n k o f S u t­
ton , N eb ra sk a , r e p la c in g th e late C.
E. P op e. M r. P o p e a lso w a s assista n t
ca sh ie r o f th e ban k .

AC CU R AC Y AND LEGIBILITY

Q jw s L A Jjjg ja Jjt

Trenton
A d d r e s s o q r a p h

A 40 p e r ce n t s to c k d iv id e n d w a s
d ecla red at th e recen t 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 State B a n k
o f T re n to n , N eb ra sk a .
T h e ca p ita l
a c co u n ts o f th e b a n k w e r e as fo llo w s
a fte r th e tra n sfe r w a s m a d e: C apital.
$35,000; su rp lu s, $30,000, an d u n d i­
v id e d p rofits, $32,250.
T h is a ctio n w a s tak en , a c c o r d in g to
A . T h u m a n , p re s id e n t o f th e ba n k ,
to k eep th e b a sic ca p ita l in p r o p e r
b a la n ce w ith th e in cre a se d b u sin e ss
e n jo y e d b y th e ban k .

TffAOf MARK QEG US PAT Q ( ‘

m m J

9

W ls rtJrw d A
Addressograph

Sales

Agency

OMAHA — DES MOINES
DAVENPORT

OFFICERS

Fast Handlinq

G. E . P orter
Chairman of the Board

J. A . Greenfield
President

T. J. McCullough
V ice President

M. E. Blanchard
Cashier

L. J. Kom er
Assistant Cashier

H . H . Broadhead, Jr.

Fast handling of transit items and
quick dependable information on live
stock markets makes the First St.
Joseph Stock Yards Bank's service
particularly valuable to agricultural
banks.

Assistant Cashier

A. F. J A C O B S O N
E lected d irector of Stock Yards N ational, Omaha

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 C o m p a n y , is a n a tiv e
o f O m aha.
F o llo w in g a th ree-y ea r

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F irs t St. .lo!M*|»li
STO C K Y A R D S K A A K
South St. Joseph, Mo.

“ O NLY

BAN K

IN

TH E

YA R D S”

F. E. D A VEN PO RT & CO.
OM AHA


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Federal Reserve Bank of St. Louis

Northwestern

Banker, F ebr ua ry ,

1949

64
jUT^vro^-TlTiì T-hi_n_ru
I_________________

r

u

i / i r

L

r

'

LIVIE STOCK NATIONAL’S INTERNAL OPERATIONS SURVEY
!

I

cz

-'I

1

L

IS YOUR BANK’S PRESSURE UP?
If it is . . . are you planning to take advantage
of the Live Stock National's cost-free survey of
your bank's internal operating problems? This
new service, offered to bank correspondents
and friends of the Live Stock National Bank of
Omaha, is receiving enthusiastic acceptance.
Trained personnel from Live Stock National
make a complete survey of your internal oper­
ations on request . . . follow up with recom­
mendations which enable you to gain greater
efficiency where possible. May we suggest an
early response on your part . . . requests are
being handled in the order received. Drop us
a note today!

STOCK^BANK
A H A ,
OF
Federal
N o r t h w e s t e r n Banker, F e b r u a r y ,


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Federal Reserve Bank of St. Louis

1949

N E B R A S K A

F R I E N D L Y
Reserve

and

Federal

2 4 - H O U R
D eposit

Insurance

S E R V I C E

Corporation

65
w ith th e b a n k sin ce it o p e n e d in 1934,
w a s p r o m o te d fr o m ca sh ie r to v ic e
p re s id e n t and ca sh ier.
D a v id R u m l, 45, w h o h as b e e n w ith
th e b a n k as a ssista n t ca sh ie r fo r th e
last th re e y ea rs, w a s p r o m o te d to v ic e
p resid en t.

1 1»w a

N EW S

Chariton
HARRY W . S C H A U E R
President
Storm Lake

r O L L O W IN G a c u s to m o f lo n g standT ing, th e e v e n in g o f F e b r u a r y 21st,
p r e c e d in g th e G r o u p
M e e tin g o f
G rou p E le v e n o n F e b r u a r y 22nd, w ill
h a v e th e s o cia l h o u r sta rt at 6:30.
T h is w ill b e fo llo w e d b y th e u su a l
b u ffe t d in n e r at 8 o ’c lo c k , a fte r w h ic h
th e re w ill b e a s h o r t p r o g r a m in
ch a rg e o f R a lp h E a stb u rn .
O n th e d a y o f th e m e e tin g , r e g is tr a ­
tio n w ill b e g in at 10 a. m .. w ith th e
m e e tin g ca lle d to o r d e r at n o o n fo r
th e a n n u a l lu n ch e o n .
T h e b u s in e s s s e s s io n w ill in c lu d e
r e a d in g o f th e m in u te s o f th e la st a n ­
n u a l m eetin g , r e p o r ts o f th e sev e ra l
c o m m itte e s , in c lu d in g th e n o m in a tin g
co m m itte e , an d th e e le c tio n o f officers.
L e a d in g o ff th e s p e a k e rs w ill be
H a r r y W . S ch a ller, 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 , an d p r e s i­
d en t o f th e C itizen s F ir s t N a tion a l
B a n k o f S to rm L a k e.
N. P. B lack ,
Io w a b a n k in g su p e rin te n d e n t, w ill
g iv e a sh o r t ta lk an d in tr o d u c e th e
e x a m in e r s p re se n t. F r a n k W a r n e r ,
s e c r e ta r y o f th e a ssocia tion , w ill b r in g
G ro u p E le v e n b a n k e r s u p to date o n
le g is la tiv e m a tters.
“ T h e F e d e r a l B u d g e t an d th e P u b lic
D e b t” is th e s u b je c t o f th e a d d ress
b y th e m a in sp e a k e r o f th e day, J o h n
K . L a n g u m , v ic e p r e s id e n t o f th e F e d ­
era l R e s e r v e B a n k , C h ica g o, w h ic h
w ill c o n c lu d e th e n rog ra m .

First State Bank

FRANK W ARNER
Secretary
Des Moines

m on th . C a pital is a lso $50,000. M. J.
K e tte n h o fe n , p resid en t, an d o th e r offi­
ce rs an d d ir e c to r s w e r e re-elected .

Bennett
C h a rles
P etersen ,
fo r m e r ly
v ic e
p resid en t, w a s e le cte d p r e s id e n t o f th e
B e n n e tt State B a n k o f B en n ett, Iow a ,
last m o n th . H e s u cce e d s H e n r y J u ch ter, 86, w h o h as s e r v e d as p re sid e n t
o f th e b a n k sin ce it w a s o rg a n iz e d in
1931.
W m . G ra ce w a s a p p o in te d to s erv e
o n th e b o a r d o f d ir e c to r s to fill th at
vacan cy.
O th er officers n a m ed w e r e : E. G.
D resselh a u s, v ic e p re sid e n t; H . J.
L a m o an d J. B. V a u g h a n , a c tiv e v ic e
p resid en ts, an d J. G. E n g e l, ca sh ier.

Boone
A ll officers an d d ir e c to r s o f th e C iti­
zen s N a tion a l B a n k at B o o n e , Io w a ,
w e r e re -e le cte d last m o n th a n d tw o
n e w d ir e c to r s w e r e n a m ed to th e
b oa rd , R . H . B a rb er, p resid en t, a n ­
n o u n ce s. T h e n e w d ir e c to r s are A r ­
th u r B. H e rm a n a n d F . M. K u rtz w e ll.

Burlington
Burlington Bank and Trust Co.

C h a rles J. K ra m e r an d J o h n L. F e r ­
g u s o n w e r e a d d ed to th e b o a r d o f d i­
r e c to r s b y s to c k h o ld e r s o f th e B u r ­
lin g to n B a n k a n d T ru s t C o m p a n y at
Akron
B u rlin g to n , Iow a . O th er d ir e c to r s and
H.
H . W e tz e le r , 48, ca sh ie r o f th e officers re m a in th e sam e.
A k r o n S a v in g s B a n k , A k r o n , Io w a ,
W e s le y H. S w iler, p resid en t, a n ­
d ied at h is h o m e r e c e n tly a fte r a
n o u n c e d ca p ita l s to c k h a d b e e n d o u ­
h e a rt attack. H e h a d b e e n co n n e c te d
b le d an d n o w is $200,000, an d su rp lu s
w ith s e v e ra l o th e r n o r th w e s t Io w a
w a s in c r e a s e d $50,000. R e s e r v e s n o w
b a n k s.
tota l $64,944.

Bancroft

National Bank of Burlington

S u rp lu s o f th e F a r m e r s an d T ra d e rs
S a v in g s B a n k o f B a n c r o ft, Io w a , w a s
in cre a s e d fr o m $20,000 to $40,000 b y
s to c k h o ld e r s at th e a n n u a l m eetin g .
C a pital a n d su rp lu s n o w tota l $80,000.
J. E. K e n n e d y w a s re-elected
p r e s id e n t a n d a ll o th e r officers and
d ir e c to r s w e r e ren a m ed .

E. B. G n a h n w a s ele cte d to th e d i­
re c to r a te o f th e N a tion a l B a n k o f B u r ­
lin g to n at th e a n n u a l m e e tin g o f th at
b a n k last m o n th . J o h n H . W itte , Jr.,
p re sid e n t, w a s re-elected , as w e r e
o th e r officers an d d ire cto rs .

Baxter

T w o p r o m o tio n s at th e G u a ra n ty
B a n k an d T ru s t C om p a n y , C eda r R a p ­
ids, Io w a , h a v e b e e n a n n o u n c e d b y
V a n V e c h t e n S h affer, p resid en t.
M ilo J. B la h n ik , 42, w h o has b e e n

S to c k h o ld e r s o f th e State S a v in g s
B a n k at B a x ter, Io w a , d o u b le d th e
su rp lu s fr o m $25,000 to $50,000 last

Cedar Rapids

Did you know that adoption of our Cash Letter
insurance enables you to dispense with detailed
Cash Letter transcripts and keep only a duplicate
adding machine tape? Ask us for details.
F IR S T N A TIO N AL B A N K BU ILD ING


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Federal Reserve Bank of St. Louis

•

M a rion C oon s, C h a riton , I o w a ,
w h o le s a le g r o c e r , w a s e le cte d to th e
b o a rd o f d ir e c to r s o f th e F ir s t State
B a n k o f C h a riton last m on th . G eo rg e
G a rton w a s re -e le cte d p re s id e n t and
o th e r p o s itio n s re m a in th e sam e.

National Bank and Trust Co.
A t th e a n n u a l m e e tin g o f d ir e c to r s
o f th e N a tion a l B a n k an d T ru s t C o m ­
p a n y in C h a riton , Io w a , last m o n th ,
A . R. H ass w a s n a m ed p re sid e n t, s u c ­
ce e d in g th e late L. H. B u sselle. M r.
H ass has b e e n a d ir e c to r in th e b a n k
an d h a d r e tir e d in 1941 a fte r m a n y
y e a rs in th e b a n k in g b u sin ess.
O th er ch a n g e s in c lu d e th e n a m in g
o f W illia m M. E ik e n b e r r y an d R o b e r t
C ro zie r as m e m b e rs o f th e b oa rd . M r.
E ik e n b e r r y s u cce e d s h is fa th er, W il­
lia m A . E ik e n b e r r y , w h o d ied in late
D e c e m b e r an d w h o h ad b e e n an in a c­
tiv e v ic e p re sid e n t o f th e b a n k . M. J .
G rog a n w a s re-elected e x e c u tiv e v ic e
p r e s id e n t an d ca s h ie r an d R a y m o n d
J. C isk e y w a s a d v a n ce d fr o m te lle r
to a ssista n t ca sh ier.

Charles City
E le c tio n o f th ree n e w d ir e c to r s and
a ch a n g e in officers w a s a n n o u n c e d b y
th e C o m m e r c ia l T r u s t an d S a v in g s
B a n k at C h a rles C ity, Io w a , a fte r th e
a n n u a l m eetin g .
C ly d e M. F r u d d e n
w a s ele cte d p resid en t, to s u cce e d C arl
C. M a g d sick , w h o retired . V ic e P r e s i­
d en t A . M. H a u ser a lso re tire d fr o m
h is p o sitio n . W . L o r e n P a rr a d v a n ce d
fr o m v ic e p re s id e n t an d ca sh ie r to
th e p o s t o f e x e c u tiv e v ic e p resid en t.
M a rv in P. M a rten s w a s re-elected a
v ic e p re s id e n t an d R o s c o e D. M arkle,
fo r m e r ly assista n t ca sh ier, w a s e lected
ca sh ier.
M r. M a g d sick an d M r. H a u ser r e ­
m a in o n th e b o a rd o f d ire cto rs .
E le c te d as n e w d ir e c to r s w e r e W il­
liam K. Carr. C. E. F r u d d e n and
M a rv in P. M arten s.

Colfax
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 F ir s t N a tion a l B a n k
o f C olfa x , Iow a , C h a rles S tin so n w a s
ele cte d a d ir e c to r o f th e ba n k , to su c­
ce e d J o h n W . D o y le , d ecea sed .
A t th e m e e tin g o f th e b o a r d o f d i­
r e c to r s fo llo w in g th e s to c k h o ld e r s ’
m e e tin g all officers o f th e b a n k w e r e
re -elected fo r th e c o m in g y ea r. P a u l
M o n ro e w a s re -elected p resid en t.

Council Bluffs
Council Bluffs Savings Bank
T w o n e w d ir e c to r s w e r e n a m ed to
th e b o a r d o f th e C o u n cil B lu ffs Sav-

Scarborough & Company

C H I C A G O 3, I L L I N O I S

Insurance Counselors
•

STATE

to Banks

2 4325
N o r t h w e s t e r n B anke r, F e b r u a r y ,

1949

66

Iow a

News

in g s B a n k at 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 , P re s id e n t B. A . G ron sta l
a n n ou n ced .
T h e y a re: Ja m es B. G ron sta l, as­
sista n t v ic e p r e s id e n t o f th e ban k ,
n a m ed to s u cce e d th e late W . M.
P y p e r, an d N. P. “ P h il” D od g e, Jr.,
O m aha, w h o w ill re p la c e h is fa th er,
N. P. D od g e.

Creston

Dike

O fficers and d ir e c to r s o f th e Io w a
State S a v in g s B a n k o f C reston , Iow a ,
w e r e re-elected at th e a n n u a l m eetin g .
J oe K n o ck , fo r m e r C reston m an w h o
r e c e n tly has b e e n o p e r a tin g h is o w n
fa r m m a n a g e m e n t c o m p a n y in D es
M oin es, w a s n a m ed loa n officer.
S.
R a y E m e r s o n c o n tin u e s as p resid en t.

First National Bank

DeWitt

D elm a r F . B u sse. e x e c u tiv e v ic e
p r e s id e n t o f th e C itizen s State B a n k
at O akland, Io w a , w a s ele cte d a m e m ­
b er o f th e b o a r d o f d ir e c to r s o f the
F ir s t N a tion a l B a n k at th e annual
s to c k h o ld e r s ’ m e e tin g h eld last m on th ,
L e w is R oss, p resid en t, a n n ou n ced .
M r. B u sse s u cce e d s G e o rg e W o o d s ,
w h o r e sig n e d in D e ce m b e r.

A t th e re g u la r m o n th ly m e e tin g o f
th e b o a rd o f d ir e c to r s o f th e D e W itt
B a n k & T ru s t C om n a n y . D eW itt, Iow a ,
H a ro ld A. S m ith w a s n a m ed to the
h oard.
H e s u cce e d s C h a rles H. A r ­
th u r. d ecea sed .
M r. S m ith is e x e c u ­
tiv e v ic e p re s id e n t o f th e Io w a M u tu al
In su ra n ce C o m p a n y o f D eW itt.

A t th e an n u a l s to c k h o ld e r s ’ m eetin g
o f th e Io w a S a v in g s B a n k o f D ike, all
p re s e n t d ir e c to r s w e r e re -elected fo r
a n o th e r term , an d E . P. H orslu n cl o f
W a te r lo o w a s e le cte d to r e p la ce th e
late C h a rles S. M c K in s try . L ee C h a n d ­
ler, w h o has b e e n ca sh ie r o f th e b a n k
sin ce th e d ate o f its o rg a n iz a tio n , w a s
e le v a te d to th e office o f p re sid e n t, and
M a rv in G ra v es w a s a d v a n ce d to s e r v e
as ca sh ier. M r. C h a n d ler is ch a irm a n
o f G rou p 7 o f th e Io w a B a n k e rs A s s o ­
cia tion .
T h e c a s h ie r ’s a n n u a l r e p o r t s h o w e d
$10,000 w a s ad d ed to su rp lu s d u r in g
th e p ast y ea r, m a k in g th e b a n k ’s c a p i­
tal s tru ctu re n o w stan d at cap ital,
$25,000; su rp lu s, $35,000; u n d iv id e d
p rofits, $26,000, an d $3,500 has b e e n
set aside as a r e s e r v e fo r taxes.

Donnellson

★

★

H e n r y A . T ru m p . 92, d ir e c to r and
v ic e p r e s id e n t o f th e C itizen s State
B an k , D o n n e lls o n , Iow a , d ied in a F o r t
M a d ison h o s p ita l last m o n th a fte r a
s h o r t illn ess. M r. T r u m p w a s a fo r ­
m er m a y o r o f that to w n and a re tire d
lu m b e rm a n .

★

Eldora
R o b e r t R. B r o w n w a s ele cte d a v ic e
p re sid e n t an d C lark D. B r a m w e ll a
d ir e c to r o f th e H a rd in C o u n ty S a v in g s
B a n k at E ld ora , Iow a , last m on th .
W . K . B r a m w e ll w a s re-elected c h a ir ­
m an o f th e b o a r d an d J a m es N u c k o lls
w a s re n a m e d p re sid e n t.
Mr. B ra m w ell a n n o u n c e d last m on th
th at h e h ad re q u e ste d th at h is n am e
be w ith d r a w n fr o m co n s id e r a tio n fo r
a p p o in tm e n t to th e b o a rd o f d ir e c to r s
o f th e R e c o n s t r u c t io n F in a n c e C o r p o ­
ra tion . H is a p p o in tm e n t w a s r e p o r te d
r e c e n tly as a lm ost a ssu red if he so
d e s ire d th e p o sitio n .

Your Group Meeting
The banks of Sioux City, your host banks, cordially
invite you to attend the annual meeting of Group
One, Iowa Bankers Association, here in Sioux City,
February 12. This is one of the largest meetings in
the middlewest and we have arranged what we think
is one of the best programs.
Whi l e

In

Sioux

City,

the

First

National

Ba n k

Eldridge

I n v i t e s y o u t o c o m e in a n d v i s i t us.

A. G. SAM, President
J. T. Grant, Vice President
E. A. Johnson, Assistant Cashier
J. R. Graning, Cashier
H. H. Strifert, Assistant Cashier
W. L. Temple, Assistant Vice President K. J. Shannon, Assistant Cashier
J. Ford Wheeler, Auditor

'P o n t

N

A

T
B

I O
A

N

N

A

K

in SIOUX CITY

L

J. P. M cD o w e ll, p re s id e n t o f th e
C en tral T ru s t an d S a v in g s B a n k o f
E ld rid g e, Iow a , a n n o u n c e d th at the
d ir e c to r s o f th e b a n k h ad e le cte d R o b ­
ert J. T a n k as e x e c u tiv e v ic e p r e s id e n t
o f th e ba n k .
M r. T a n k had b een
ca sh ie r sin ce 1934. E lm e r J. K u h l has
b een n a m ed th e n e w ca s h ie r o f the
ban k . H e had b e e n a ssista n t ca s h ie r
o f th e ban k .
A fu r th e r a n n o u n c e ­
m en t w as m ad e th at E a rl R. G ertz
had re s ig n e d as a ssista n t ca sh ie r b e ­
ca u se o f h is in te re s t in a m e rca n tile
b u sin ess. O th er re-elected officers are:
O tto E lm e g re e n , v ic e p re sid e n t, and
M iss E liz a b e th J a co b se n , a ssista n t
ca sh ier.

Farley
F.
S. F e r r in g w a s e le cte d to the
b o a rd o f d ir e c to r s o f th e F a r le y State
B ank. F a rle y , Io w a , s u c c e e d in g the
late A n t h o n y K o n ze n , a c c o r d in g to an
a n n o u n c e m e n t fr o m W illia m F. K lu esn er, p resid en t.

Forest City

MEMBER FEDERAL RESERVE SYSTEM
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

--------- ★
N or th we s te rn Banker, Fe bruary,


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

★
1949

★

A t th 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 F o r e s t C ity B a n k an d T ru s t
C om p a n y , F o r e s t C ity, Iow a , O. N.
G je lle fa ld w a s e lected to th e b o a rd o f
d ire cto rs , to s u cce e d H. N. R ye, w h o
has ta k en o v e r th e p r e s id e n c y o f the
F ir s t N a tion a l B an k at E m m o n s , M in ­
n esota.

67

(

MAY W E ASSIST
IN ARRANGING YOUR
APPOINTMENTS, MEETINGS
OR RESERVATIONS
IN DES MOINES

VALLEY BANK AND T R U ST COM PANY
DES M O I N E S

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION


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

N o r t h w e s t e r n Banker, F eb ru ar y ,

1949

68

Iow a

News

Gilman
J. L. W y lie , r e tir in g p re sid e n t, has
b e e n n a m ed ch a irm a n o f th e b o a r d o f
d ir e c to r s
o f th e C itizen s
S a v in g s
B an k , G ilm an , Iow a .
R. W . M illen , fo r m e r ca sh ier, w a s
e le c te d to th e b a n k ’s p r e s id e n c y , w ith
A m a sa P a tte rso n r e ta in in g th e office
o f v ic e p r e s id e n t an d A lb e r t E. W a rd ,
fo r m e r a ssista n t ca sh ier, a ssu m in g th e
p o s itio n o f ca sh ier.

Glidden

b a n k fr o m th ree o f th e p r e s e n t s to c k ­
h old ers.

Griswold
C apital s to c k o f th e G r is w o ld State
B an k , G risw o ld , Io w a , w a s in cre a se d
fr o m $15,000 to $30,000 b y d ir e c to r s at
th e a n n u a l m eetin g , th e $15,000 in ­
crea se b e in g ta k en fr o m th e r e s e r v e s
a ccou n t. S u rp lu s a lso is $30,000.

Grundy Center
Farmers Savings Bank

T h e b o a rd o f d ir e c to r s o f th e F irst
N a tion a l B a n k o f G lid d en , Io w a , has
a n n o u n c e d th e e le c tio n o f J. H . R e d ­
m a n as ca sh ier, an d h e h as n o w as­
su m e d h is d u ties as a c tiv e e x e c u tiv e
officer o f th e ban k . M r. R e d m a n and
h is fa th er, A . G. R ed m a n , h a v e p u r ­
ch a se d a su b sta n tia l in te re s t in th e

D ir e c to r s o f th e F a r m e r s S a v in g s
B an k , G r u n d y C enter, Io w a , re-elected
H . Ib lin g s, p resid en t, an d all o th e r
officers, a n d in c r e a s e d th e su rp lu s
fu n d b y $10,000.

Grundy National Bank
W . T. H eck t, p resid en t, a n n o u n c e d

Wclcume to Our Group Mooting
in

Burlington
Burlington banks extend a hearty invitation to
all members of Group Eleven and other bankers
to attend our annual Group meeting.

Tuesday, February 22
An entertaining and instructive program has
been prepared, one which you will enjoy, and
one from which you will take with you many
new thoughts and ideas. Be sure to attend!

REMEMBER TO BE WITH US AT OUR
M O N D A Y EVENING PRECONVENTION
PARTY!

Burlington Bank and Trust
Company
Farmers and Merchants
Savings Bank
National Bank of Burlington

last m o n th th a t d ir e c to r s o f th e
G ru n d y N a tio n a l B a n k , G ru n d y C en ­
ter, Iow a , h a d in cre a s e d su rp lu s fu n d s
b y $2,000 an d th e u n d iv id e d p rofits b y
$2800 an d h ad set u p an in su ra n ce
r e s e r v e o f $6,000 fo r fu tu r e p re m iu m s
o f F D IC . N o ch a n g e s in d ir e c to r s or
officers w e r e m ade.

Hampton
W . S. N o rto n , p r o m in e n t b a n k e r at
S to ck to n , Illin o is , h as p u r c h a s e d s to c k
in th e H a m p to n State B a n k , H a m p ­
ton , Io w a , an d has b e e n e le c te d a
d ir e c to r and v ic e p re sid e n t,
P. H.
B o r c h e r d in e c o n tin u e s as p re s id e n t
an d L. H . D a v is as ca sh ier.

Independence
D ir e c to r s o f th e F a r m e r s State S a v ­
in g s B an k , In d e p e n d e n ce , Iow a , last
m o n th tr a n s fe r r e d $50,000 fr o m u n d i­
v id e d p rofits to th e su rp lu s a cco u n t,
m a k in g th e latter fu n d $150,000. C a pi­
tal re m a in s at $100,000, a n d u n d iv id e d
p rofits are $79,277.
J o h n Y u n d t, son -in -la w o f th e late
C. V . R o s e n b e r g e r , w a s ele cte d to th e
b o a rd to fill th e v a c a n c y c re a te d b y
M r. R o s e n b e r g e r ’s death. E. F. S org
w a s re-elected p re sid e n t. E. E. E v e r e tt
a sk ed to b e re lie v e d o f h is d u ties as
v ic e p re s id e n t as o f A p r il 1st, b u t
w ill c o n tin u e o n th e b oa rd .

Indianola
W . N. G rant, v ic e p r e s id e n t o f th e
P e o p le s T ru s t an d S a v in g s B a n k , In ­
d ian ola, Iow a , an d th e sole r e m a in in g
officer o f th e g r o u p w h ic h fo u n d e d
th at b a n k 30 y e a rs ago, w a s p re se n te d
w ith a g o ld w a tc h “ in r e c o g n itio n o f
h is 30 y e a rs o f s e r v ic e ” b y fe llo w offi­
ce rs an d d ir e c to r s last m on th .
M y r o n S. O rr w a s ele cte d a d ir e c to r
to ta k e th e p la ce o f J. H. R ed m a n ,
w h o sold h is in te re s t in th e b a n k r e ­
ce n tly .
W illia m B u x to n , III, p r e s i­
den t, an d o th e r officers re m a in th e
sam e.

Kellogg
S to c k h o ld e r s o f th e K e llo g g S a v in g s
B an k , K e llo g g , Iow a , h a v e v o te d to
in cre a se its ca p ita liz a tio n fr o m $50,000
to $75,000.

Keokuk
A t a sp e cia l m e e tin g o f th e s to c k ­
h o ld e rs o f th e State C en tra l S a v in g s
B ank, K e o k u k , Io w a , th e ca p ita l s to c k
o f th e b a n k w a s in cre a s e d fr o m $200,000 to $300,000.
T h is in crea se. P re s id e n t W . A . L o ­
g a n d ecla red , w a s a c c o m p lis h e d b y
th e tr a n s fe r o f $100,000 fr o m th e u n d i­
v id e d p rofits a c c o u n t to th e ca p ita l
a cco u n t.
T h e State C en tra l S a v in g s B a n k r e ­
c e n tly to o k o v e r th e b u sin e ss o f th e
D es M oin es V a lle y State B a n k at
F a r m in g to n , an d an office o f th e State
C en tra l S a v in g s w ill b e m a in ta in e d at
F a r m in g to n fr o m n o w on.

Lansing
C a pital o f th e K e r n d t B r o th e r s S a v ­
in g s B a n k o f L a n s in g , Io w a , has b e e n

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DA VEN PO RT & CO.
OM AHA

N o r t h w e s t e r n B a n k e r , F e b r u a r y . 1949


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

Iowa News
Iow a , la st m o n th , a fte r 15 y e a rs o f
s e r v ic e in th a t post. C. A . E d m o n d s
w a s ele cte d p re sid e n t to s u cce e d h im .
H e h ad b e e n e x e c u tiv e v ic e p resid en t.
Liscomb
O ther officers r e m a in th e sam e.
L.
L. B ix b y , m a n a g e r o f th e L is ­
V e r le D. N ie tz e l w a s ele cte d to th e
co m b , Io w a , office o f th e U n ion -W h itb o a rd an d S. G. S tein w a s n a m ed
ten S tate S a v in g s B a n k o f U n io n sin ce
c h a irm a n o f th a t b o d y .
its o r g a n iz a tio n in 1934, retired last
m o n th . K . J. L y o n s o f U n io n re p la ce s
New Hampton
M r. B ix b y as m a n a g e r o f th e L is c o m b
R o b e r t R. R ig le r w a s e le cte d c a s h ­
office.
ier o f th e S e c u r ity State B a n k o f
N e w H a m p to n , Io w a , to s u c c e e d E . L.
Manchester
P re ssle r, w h o p u rch a s e d a b a n k in
Farmers and Merchants Savings
N eb ra sk a re c e n tly .
T h e F a r m e r s an d M erch a n ts S a v ­
in g s B an k , M a n ch ester, Io w a , in ­
Newton
cre a se d its ca p ita l fr o m $50,000 to
A t th e N e w to n N a tion a l B a n k , N e w ­
$100,000, b r in g in g th e tota l o f ca p ita l
ton , Io w a , m eetin g , D w ig h t E . P rall
stock , su rp lu s a n d u n d iv id e d p rofits
w a s ra ised to th e p o s itio n o f assista n t
to $275,000.
O fficers and e m p lo y e s
ca sh ier, P re s id e n t O. L. K a rs te n a n ­
w e r e v o te d a 10 p e r c e n t b o n u s , P r e s i­
n o u n ce d .
d en t J. J. B u r b r id g e said.
ra ised fr o m $30,000 to $60,000 b y iss u ­
a n ce o f a s to c k d iv id e n d .

69

Oelwein
T h e ca p ita l s to c k o f th e F ir s t N a­
tio n a l B a n k o f O elw ein , Io w a , h as
b e e n in cre a se d fr o m $50,000 to $100,000.
T h is w a s a c c o m p lis h e d b y d e ­
cla r in g a s to c k d iv id e n d fr o m u n d i­
v id e d p rofits o f o n e sh a re fo r each
on e o u tsta n d in g , a c c o r d in g to C. B.
C h a m b ers, p resid en t.
T h e b a n k is o b s e r v in g its fiftieth
a n n iv e rsa ry .

Onawa
A t th e tim e o f th e a n n u a l m e e tin g
last m o n th , C. R. N ix o n , v ic e p r e s i­
d en t o f th e O n aw a State B a n k o f
O naw a, Iow a , h ad ju s t p a ssed his
n in e tie th b irth d a y . M r. N ix o n re tire d
a b ou t th re e y e a rs a g o fr o m a ctiv e
d u ty in th e ba n k , b u t still a tten d s all
b o a rd m e e tin g s an d is on the street

First State Bank
C h a rles K e lle y h as b e e n n a m ed
p r e s id e n t o f th e F ir s t State B a n k o f
M a n ch ester, Io w a , s u c c e e d in g th e late
A le x W . S tearn s. H o w a r d W . D re w
su c c e e d s M r. K e lle y as v ic e p re sid e n t;
C la re n ce K la u s is s e c o n d v ic e p r e s i­
d en t, an d M r. K e lle y c o n tin u e s as
ca sh ier.

Mitchellville
W illia m M. C a rron , a D es M oin es
a tto rn e y , w a s e le cte d a d ir e c t o r o f
th e F a r m e r s S a v in g s B a n k o f M itch ­
e llv ille , Iow a .

Marion
N. F. S org , M a rion , Io w a , d ru g g ist,
w a s e le cte d to th e b o a rd o f d ir e c to r s
o f th e F a r m e r s S tate B a n k th e re last
m o n th , a c c o r d in g to a r e p o r t fr o m
M.
M. S trait, p re sid e n t.
N o o th e r
ch a n g e s in d ir e c to r s o r b a n k p e r s o n ­
n el t o o k p la ce.

Mt. Ayr
R o y c e D a v is w a s a d v a n ce d fr o m as­
sista n t ca s h ie r to v ic e p r e s id e n t o f
th e S e c u r ity State B a n k at Mt. A y r ,
Io w a , last m o n th .
H. M. R oss, r e ­
e le cte d
p resid en t,
an n ou n ced
th at
C a sh ier G ran t Shifflett, state r e p r e ­
se n ta tiv e fr o m R in g g o ld c o u n ty , w a s
g ra n te d a lea v e o f a b se n ce d u r in g th e
c u r r e n t s e ssio n o f th e Io w a le g is la ­
tu re.

f o r

„ „ t h e a s « * n ,o W A

“

b a n k e r s
I lier- « ye rehj«nJ
1 more bonkuo re«'ldtn
.
Í tllC Natío-

Mt. Pleasant
j . , y o \ i R advantag
.
J flu's hank,
tserv.ee of
n
fic
e

Henry County Savings Bank
J. P. B u d d e, p r e s id e n t o f th e H e n r y
C o u n ty S a v in g s B a n k at Mt. P leasan t,
Io w a , a n n o u n ce d a fte r th e an n u a l
m e e tin g last m o n th th e e le c tio n o f
O rv ille A lle n d e r as an a ssista n t c a s h ­
ier and E d w a r d W ilk in s o n as a d ir e c ­
tor. O th er p e r s o n n e l w e r e re-elected .

Mt. Pleasant Bank and Trust Co.
C. R. A tw e ll w a s ele cte d p re s id e n t
o f th e Mt. P lea sa n t B a n k an d T ru s t
C o m p a n y at Mt. P leasan t, Io w a , last
m on th , s u c c e e d in g W . B. H oa g lin , w h o
w a s n a m ed v ic e p resid en t.
M r. A t ­
w e ll had b e e n e x e c u tiv e v ic e p r e s i­
den t.
F. X . H e in r ic h s w a s e lected
ca s h ie r a n d A . E. R o m m e l, assista n t
ca sh ier.

r jY O l Y l fp b

T

f

.msuranc

E

NNs

CORPO RA^.

DNAL

Muscatine
F r e d B ea ch re s ig n e d as p re s id e n t o f
th e C en tral State B a n k o f M u sca tin e,


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

N o r t h w e s t e r n Banker, Fe br u ar y ,

19 4 9

TO

Iowa News

e v e r y day.
H e is e n jo y in g g o o d
h ea lth and e n jo y s m e e tin g h is frie n d s
fo r a visit.

d o n e th r o u g h th e iss u a n ce o f 400 n e w
sh a res o f s to c k to p resen t s to c k h o ld ­
ers.
R a y A. N old. v ic e n resid en t and
ca sh ier, said th at u n d e r th e n e w c a p i­
tal s to c k setu n th e b a n k w ill h a v e
ca p ita l o f $100,000, su rp lu s o f $100,000
an d at th is tim e a d d ition a l re s e rv e s
o f a b o u t $65,000.

Princeton
E m il K ro e g e r , re tire d S cott c o u n ty
fa rm er, w a s e lected p re s id e n t o f the
F a rm e rs S a v in g s B a n k at P rin ce to n ,
Iow a, s u c c e e d in g th e late Z ach G.
S u iter.

Rockwell City

Red Odk
Houghton State Bank
T h e H o u g h to n State B ank, R ed Oak,
Io w a , tr a n s fe r r e d $50,000 fr o m its r e ­
se rv e s to th e ca p ita l s to c k a ccou n t.
C apital n o w is $150,000, su rp lu s $100,000 and r e s e r v e s $50,000.

Montgomery County National Bank
W in fie ld S. M a y n e w a s e lected p r e s i­
d en t o f th e M o n tg o m e r y C o u n ty N a­
tion a l B ank, R ed Oak, Iow a , to s u c ­
ceed G eo rg e W . A rth e rh o lt last m on th .
M r. M a yn e r e c e n tly p u rch a se d c o n ­
tr o llin g in terest in th e b a n k w h e n Mr.
A r th e r h o lt w is h e d to re tire du e to ill
h ealth .
Mr. M a y n e had b e e n e x e c u ­
tiv e v ic e p re sid e n t sin ce he jo in e d the
b a n k last O ctob er.
C ash ier W e n d e ll
S trom r e sig n e d at th e annual m eetin g ,
b u t n o a p p o in tm e n t to that v a c a n c y
w a s m a d e at that tim e. O ther officers
and d ir e c to r s w e r e re-elected .

Reinbeck
C apital s to c k o f th e L in c o ln S a vin gs
B a n k at R e in b e ck , Io w a , w a s raised
fr o m $25,000 to $50,000 at th e annual
m e e tin g b y s to c k h o ld e r s .
D ire cto rs
re-elected all officers, in c lu d in g L. T.
B ick e t as p resid en t.

Rock Rapids
S to c k h o ld e r s o f th e R o c k R a pid s
State B ank, R o c k R a pid s, Iow a , v o te d
to in cre a se th e ca p ita l s to c k o f th e
in stitu tion to $100,000. T h is w ill be

S to ck h o ld e rs o f th e F a r m e r s S a v ­
in g s B ank, S h elb y , Iow a , v o te d last
m o n th to tr a n s fe r $25,000 fr o m u n d i­
v id e d p rofits to th e su rp lu s a ccou n t.
S u rp lu s n o w is $75,000 sin ce th e tra n s ­
fer, ca p ita l is $25,000, an d u n d iv id e d
p rofits are $25,000.

Shenandoah
T h e S e cu rity T ru s t and S a v in g s
B an k , S h en a n d oa h , Iow a , ce le b ra te d
th e c lo s e o f its 40th c o n tin u o u s y e a r
in b u sin ess. T h e state b a n k ch a rte r
w a s issu ed J a n u a ry 6, 1909, to the
b a n k ’s fo u n d e r. C. W . F ish b a u g h .
A c c o r d in g to E a rl F is h b a u g h , Sr.,
p resid en t, th e first c u s to m e r w a s C. F.
P e rk in s, w h o still d oes b u sin e ss th ere.

Tama
.1. H. N eil, p resid en t o f th e T am a
State B an k , T am a, Io w a , a n n o u n ce d
last m on th th at s to c k h o ld e r s v o te d to

BUSINESS EALENDAHS
12 Sheets
Memorandum

Apron
System

Advertising Specialties

•

Bank Supplies

Send for copy of Dalton s Chattel Mortgage

T he D altun P r e s s
Quality Printing Since 1891

MANSON, IO W A

OF
THE

STRONG
MEMBER

N o rt h w es te rn Banker,

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

February,

E

B A N K

M I N N E A P O L I S

FRIEND
FEDERAL

OF

DEPOSIT

1949

Washington
J o h n W in g a w a s e le cte d a d ir e c to r
o f th e W a s h in g to n State B ank, W a sh ­
in g ton . Iow a , last m o n th to fill the
v a c a n c y le ft b y th e death o f Dr. W .
L. A lc o r n . G e o rg e L. M cD a n iel, p re si­
den t, and o th e r officials w e r e r e ­
elected .

I.
E. R id g e, assista n t ca sh ier o f the
U n ion State B an k . R o c k w e ll C ity,
W e ils b u r g
Iow a, a n n o u n ce d last m o n th h is in te n ­
G e o rg e H. G eered es, n re sid e n t o f
tion to re tire fr o m th e b a n k M a rch
th e P e o p le s S a v in g s B a n k , W e lls b u r g ,
1st. H e has b e e n w ith th e b a n k sin ce
Iow a , fo r th e p a st s ix y e a rs and a sso ­
1918.
cia ted w ith th a t b a n k fo r th e past
39 y ea rs, re s ig n e d last m on th .
He
Sanborn
w a s s u cce e d e d b y H. C. H aack , w h o
has b een a d ire cto r. H. A . Ja sp ers, a
Ja m es W . C ra ven s, a ssista n t ca sh ier,
d ir e c to r a n u m b e r o f y ea rs, a lso ask ed
has b e e n e lected a d ir e c to r o f th e Santo b e re lie v e d o f h is d u ties du e to
h orn S a v in g s B ank, S a n b orn , Iow a ,
ill h ealth .
.1, L. F is c h e r an d Oho
to s u cce e d D. M. N orton , retired .
H a u p t w e r e a p p o in te d to fill the v a ­
ca n cies.
Shelby

Manufacturers of

M A R Q U E T T

in cre a se su rp lu s fr o m $40,000 to $60,000.

THE

INDEPENDENT

INSURANCE

BANKER’

CORPORATION

West Liberty
T h e W e s t L ib e r ty State B an k , W e s t
L ib e r ty , Io w a , is o b s e r v in g its 15th
a n n iv e r s a r y sin ce its fo u n d in g in 1934.
A ll officers and d ir e c to r s w e r e r e ­
e lected at th e a n n u al m e e tin g last
m on th , in c lu d in g R. S. K irk p a trick ,
p resid en t.

Moves to Chicago
R. O. “ T e d ” B y e r r u m , fo r m e r e x e c u ­
tiv e v ice p re sid e n t o f th e F irst T ru s t
& S a v in g s B an k o f D a v e n p o rt, Iow a ,
has b een elected e x e c u tiv e v ic e p re s i­
d en t and d ir e c to r o f th e U n iv e r s ity
N a tion a l B a n k o f C h ica g o.
P r io r to m o v in g to D a v e n p o r t to
a ssu m e d ir e c tio n o f th e o p e r a tio n s o f
th e F irst T ru s t B a n k in 1936, Mr.
B y e r r u m w a s a v ice p r e s id e n t o f th e
sa m e in s titu tio n in C h ica g o.
M r. B y e r r u m re sig n e d fr o m the
F irs t T ru s t B a n k in J u ly , 1947.
In h is n e w p o s itio n M r. B y e r ru m
su cce e d s M o rtim e r G o o d w in , fo r m e r
p r o m in e n t Io w a b a n k e r in B u r lin g to n
an d P ella. M r. G o o d w in re s ig n e d to
b e c o m e h ea d o f a J oliet, Illin o is , ban k .

§00»s M 0*1110».%
Laird M . Fryer, a ssista n t v ic e p re s i­
d en t o f th e Iow a -D es M oin es N a tio n a l
B ank, w a s ele cte d p r e s id e n t o f the
Io w a M o rtg a g e B a n k e rs A s s o cia tio n .
H e su cce e d s Milton S. Olon.
O th er officers c h o s e n w e r e Douglas
G. Swale, v ic e p re sid e n t, F ir s t N a ­
tion a l B an k , M a son C ity, v ic e p re s i­
den t, an d W illiam E . Hey, D a v e n p o rt,
s ecreta ry -trea su rer.
E le cte d to th e b o a rd o f g o v e r n o r s
w e r e Harvey Handford, W . H. W il­
liams and Orville Gore, a ssista n t ca sh ­
ier, Iow a-D es M o in e s N a tion a l B ank,
all o f D es M oin es, an d John Levitt,
C edar Falls.
R e g io n a l v ic e
p re sid e n ts
n am ed
w e r e Dan Severson, S io u x C ity: W a l­
ter Hall, C ou n cil Bluff's; L. T. Gallogly,
M a son
C ity; Harold Carlson, D es
M oin es; N. J. (¡retenían, D u b u q u e, and
I). L. W ells, D a v e n p o rt.
W illiam A. Broquist w as elected
ch a irm a n o f th e b o a rd o f th e Iow a
State B an k a n d Hugh N. Gallagher
w a s n a m ed to su cce e d h im as p r e s i­
dent.
M r. B ro q u is t w a s ele cte d p re sid e n t

Iow a

o f th e b a n k in 1946. H e w a s on e o f
its o rg a n iz e rs, and has b e e n o n the
b o a rd sin ce th e b a n k op en ed.
M r. G a lla g h er a lso has b e e n a d ir e c ­
to r o f th e b a n k sin ce its fo u n d in g .

News

71

Morningside State Bank

Security National Bank

John H. Scott, Jr., co n tin u e s as p r e s ­
id en t at th e M o rn in g s id e State B a n k
and all o th e r officers an d d ire cto rs
w e r e re-elected .

S ix ch a n g e s to o k p la ce at th e Se­
c u r ity N a tion a l B a n k in S io u x C ity
as a n n o u n c e d b y Charles R. Gossett,
w h o w a s re-elected p resid en t. D u an e

T w o n e w d ir e c to r s w e r e e le cte d to
th e b oa rd o f th e H o m e F e d e ra l S a v­
in gs and L o a n A s s o c ia tio n at the
a n n u al m eetin g .
T h e y a re Roswell Garst, C oon R a p ­
ids, p re s id e n t o f G arst an d T h om a s,
and John R. Buckley, Jr., v ic e p r e s i­
den t o f th e H o m e F ed era l.
O fficers re p o r te d assets at $12,249,660, a g a in o f $1,386,224 in 1948. N e w
loa n s tota led $2,273,378 fo r c o n s tr u c ­
tio n o r p u rch a se o f h o m e s. D iv id e n d s
tota led $239,498.
C igars w e r e th e o r d e r o f th e day
o n J a n u a ry 18th at th e C en tral N a ­
tion al B an k and T ru s t C o m p a n y w h en
George N e l s o n, a ssista n t ca sh ier,
b ro a d ca st th e n e w s th at h is w ife had
g iv e n b irth to a s ix and on e-h a lf
p ou n d b a b y g irl. T h e n e w d a u g h ter
w a s n a m ed Judith Dee Nelson.

^ i o i i . v C ity N e w s
A

N U M B E R o f p r o m o tio n s and
e le c tio n o f n e w officers t o o k p lace
at th e a n n u a l m e e tin g s o f S io u x C ity
.banks last m o n th .
R e su lts o f th ese
m e e tin g s are as fo llo w s :

First National Bank
W illiam L. Temple w a s a d v a n ce d
fr o m a ssista n t ca s h ie r to a ssista n t v ic e
p re sid e n t at th e F ir s t N a tion a l B an k

SU vneekb ¿ n O ft e c ta / f /e i/vire

C e n t r a l N a t io n a l B a n k
IN CH ICAGO
ROOSEVELT R O AD AT HALSTED STREET
Member Federal Deposit Insurance Corporation • Member Federal Reserve System

ENVELOPES
Geared to the
Banking Business

MERCHANTS
MUT UAL

BONDING
COMPANY
Incorporated 1933

Home Office
SAVINGS & LOAN BUILDING

Des M oines, Iowa

BANKERS FLAP
...s e a ls quickly and stays sealed .
Protect bulky m ail in these strong*
shou ldered, w id e seam ed, deeply
gum m ed en velopes.
W rite for
sam ples an d prices.

•
This is Iowa’ s oldest surety company.
A

progressive company with experi­

enced, conservative management.
W e are proud of our two hundred and

W I L L I A M L. T E M P L E
N ow assistant vice president

fifty bank agents in Iowa.
To be the exclusive representative of

in S io u x C ity. A . G. Sam, p resid en t,
a n d all o th e r d ir e c to r s an d officers
w e re re-elected .
M r. T e m p le w a s
elected a ssista n t ca s h ie r at th e F irst
N a tion a l last M arch .

Morningside Savings Bank
H. H. Epperson, p resid en t, an d o th e r
o ffice rs and d ir e c to r s w e r e re-elected .


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

this company is an asset to your bank.

Tension Envelope Corp.
N ew Y o rk 14, N. Y.
M in n e ap o lis 1, M inn.
St. Louis 10, Mo.
Des M oines 14, Io w a
K a n sa s C ity 8, Mo.

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

W . W. W ARNER
Assistant Secretary

N or t h w es te r n Banker, F eb ru ary ,

1949

72

Iowa

News

SPECIALIZED
SERVICE
TO
MIDWEST BANKS

fc o n k e A A . RUBBER STAMP, INC.

L

421 Ninth Steeet
DES MOINES

a

S. Kidder w a s e le cte d to th e b o a r d o f
d ir e c to r s b y s to c k h o ld e r s . Robert W .
Lewis w a s p r o m o te d fr o m a ssistan t
ca sh ie r to a ssista n t v ic e p resid en t.
T h r e e n e w assista n t ca sh ie rs w e r e
elected : Paul Snyder, g e n e r a l b a n k ­
in g ; 1). L. Middleton, rea l estate m o r t ­
g a g e d ep a rtm en t; an d Edward C.
Thompson, Jr., p e rs o n a l loa n d e p a rt­
m en t. In a d d ition , L . C. Jensen w a s
n a m ed assista n t tru st officer in th e
tru st d ep a rtm en t. O th er officers and
d ir e c to r s w e r e re-elected .

Live Stock National Bank
Clifford L. Adam s w a s p r o m o te d
fr o m a ssista n t v ic e p r e s id e n t to v ic e

DES MOINES BUILDING LOAN &

to rs o f th e L iv e S to ck N a tion a l B a n k
o f S io u x C ity. M r. A d a m s w ill m an age
the c o m m e r c ia l lo a n d e p a rtm e n t and
M r. E v a n s w ill c o n tin u e h is w o r k in
the L iv e S to c k ’s c o r r e s p o n d e n t b a n k
d iv is io n . A ll o th e r officers an d d ir e c ­
tors w e r e re-elected w ith Carl L.
Fredricksen c o n tin u in g as p resid en t.

Toy National Bank
R. R. Brubacher, p resid en t, an d th e
e n tire b o a r d o f d ir e c to r s an d a ll offi­
ce rs o f th e T o y N a tion a l B a n k w ill
c o n tin u e in th e ir p re s e n t p o s itio n s it
w as a n n o u n c e d a fte r th e an n u a l m e e t­
in g
T h e F a rm e rs L o a n a n d T ru s t
C om p a n y , o f w h ic h M r. B r u b a c h e r
a lso is p re sid e n t, h o ld s its a n n u al
m e e tin g in J u ly.

SAYINGS ASSOCIATION
Woodbury County Savings Bank

Oldest in Des Moines
210 6th A ve.

A ll officers an d d ir e c to r s o f th e
W o o d b u r y C o u n ty S a v in g s B a n k w e re
re-elected . M. C. Eidsmoe is p re sid e n t
o f th e ba n k .

Dial 4-7119

ELMER E. MILLER
Pres, and Sec.

HUBERT E. JAMES
Asst. Sec.

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

1 to 1 :30 p.m. Sundays

BANKING
OPPORTUNITIES
COUNTY

C L I F F O R D L. A D A M S
E lected vice president

IOW A •LITHOGRAPHING •COA\PANY

p r e s id e n t an d S ta n ley W . FIv a n s w a s
e le c te d an a ssista n t ca sh ie r b y d ir e c ­

515 TWENTY EIGHTH STREET

D E S •M O I N E S

QUALITY*

EXPERIENCE.

•SERVICE

SEAT

BANK

Exceptional opportunity to purchase the
controlling interest in a profitable bank
with resources of over $6,000,000.00 and
located in a county seat city of over
5,000 population in the Ninth Federal
Reserve District. Investment required of
around $165,000.00. File No. B70I.
RED R IV ER V A L L E Y

This fine bank with resources of about
$1,500,000.00 is located in a good small
town in one of the most prosperous sec­
tions of the famous Red River Valley of
eastern North Dakota. Practically all
of the stock is available. File No. 703.
M ONTANA CO UNTY

¡ W

*

BUYERS FOR BANKS

BOOKBINDERS
" 4

4

2

2

SEAT

A capable banker with good insurance
experience can purchase a minority in­
terest and assume the management of
a very profitable bank. Some stock is
available but no definite requirement
as to investment. File No. 704.

We have several clients who are inter­
ested in purchasing minority or con­
trolling interests in banks located in
Iowa, Minnesota, the Dakotas, Montana,
Wisconsin, and nearby states.

4

All correspondence and negotiations are
conducted in a strictly confidential
manner.

W . R. OLSON COMPANY
Fergus Falls, Minn.

FOURTH andCRAND
STAN LEY W . EVANS
Prom oted to assistant cashier

DES MOINES
N o rt h w es te rn Banker,

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

February,

1949

Phone: 591

Iow a

i i l e a o í I h i l i n t f f o i n s 11
A ff r o l l i m i Ê le e e to p m e n t
Adoption of Arabic Numerals and Decimal
Cause of Considerable Confusion
O O N E k n o w s w h e n o r w h e r e th e
idea o f d a tin g co in s o rig in a ted .
L ik e o th e r d e v e lo p m e n ts in th e c o in ­
age art, it w a s a gra d u a l on e. T o d a y
th e c o in a g e la w s o f e v e r y n a tio n p r o ­
v id e th at th e ir c o in s m u st b e a r th e
d ate o f issue.
In th e a n cie n t days, co in s fr e q u e n t­
ly in d ica ted th e date b y r e fe r e n c e to
th e y e a r o f th e e m p e r o r ’s reig n . In
th e e a r ly p a rt o f th e th ird c e n tu r y
B.C. th e E g y p tia n k in g s w o r k e d ou t
a sy ste m o f u s in g th e ir a lp h a b et to
r e p r e s e n t n u m e ra ls o n th e ir coin s.
L e tte rs fr o m a to i r e p r e s e n te d n u ­
m era ls fr o m 1 to 10: k to p fr o m 20
to 100 b y ten s and th e re m a in in g le t­
ters w e r e u sed to e x p r e s s v a lu e s in
th e h u n d red s.
T h e R o m a n s u sed R o m a n n u m e ra ls
an d th ere e x ists an in te re s tin g c o in
of
N e ro
b e a r in g
th e
a b b re v ia te d
w o r d s , T R , P. V I. COS. HIT. m e a n in g
th e fo u r th c o n s u ls h ip an d th e six th
tr ib u n e s h ip o f N ero, w h ic h o th e r r e c ­
o r d s tell u s w a s 59 to 60 A .D .
T h e M o h a m m e d a n c o in s w e r e first
d a ted in th e 7th c e n tu r y A .D .
The
first co in a ctu a lly d a ted in a y e a r o f
th e C h ristia n era w a s s tru ck b y th e
C ru sa d ers in 1251 A .D . B u t th e inscr in tio n an d dates w e r e b o th w r itte n
in A r a b ic, th e co in b e a r in g n o n u m e r ­
als. A b o u t th e 15th c e n tu r y th e c u s ­
to m o f d a tin g co in s b e c a m e q u ite
g en era l. T h e first co in s d ated in ou r
n u m e ra ls w e r e issu ed in 1412 at A ix
L a C hapelle.
T h e first d o lla r size s ilv e r c o in w a s
a th a ler o f A u stria , d ated 1486 in A r a ­
b ic n u m e ra ls.— B y S tu art M osh er, E d i­
to r o f T h e N u m i s m a t i s t .

BAN KERS YOU KNOW

N

Increase in Capital
A t th e an n u a l m e e tin g o f s to c k h o ld ­
ers o f M a n u fa ctu re rs T ru s t C om p a n y ,
N e w Y o r k , it w a s v o te d to in cre a se
th e a u th o riz e d ca p ita l s to c k o f th e
T r u s t C o m p a n y fr o m $41.250.000, r e p ­
r e se n te d b y 2,062,500 sh ares, to $45,000,000, r e p r e s e n t e d
b v 2.250,000
sh ares. T h e a d d itio n a l 187.500 sh ares
so a u th o riz e d w e r e issu ed to s to c k ­
h o ld e r s o f r e c o r d D e c e m b e r 22. 1948
as a s to c k d iv id e n d at th e rate o f
o n e sh a re fo r ea ch 11 sh a res h eld.
D is trib u tio n o f th is s to c k d iv id e n d
w a s m a d e on J a n u a ry 22nd.
S crip
c e rtifica te s issu ed can b e c o m b in e d on
o r b e fo r e A u g u s t 1, 1949, w ith o th e r
fr a c tio n s th e r e b y e n titlin g th e h o ld e r
to a fu ll sh are.


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

(Continued from page 22)
office which Northwest Security main­
tained at the Sioux Falls Army Air
Field during W orld War II for the
convenience of army and civilian per­
sonnel stationed there. Although
thousands of checks were cashed
there during its several years of op­
eration, not one ever bounced back,
and repayment of loans ran almost
100 per cent. The hank continued
this service to the air base after the
war until curtailment of activities
there ended the need for the office.
Ralph Watson was born July 14,
1889, in Minneapolis and was gradu­
ated from Kenyon College in Gambier, Ohio, with a Bachelor of Arts
degree in 1912. On June 23, 1941,
he was married to the charming Hope
S. Sawyer.

73

News

One of Mr. Watson’s principal out­
side activities is his interest in Ma­
sonic work. He is a Shriner and is
a Past Potentate of the El Riad
Shrine in Sioux Falls. He is also a
past president of the Sioux Falls
Chamber of Commerce, was chair­
man of that city’s Community Chest
Drive in 1946, has been vice chairman
for South Dakota of the Newcomen
Societv of England, is a member of
the Elks Club, Rotary Club, Alpha
Delta Phi, Phi Beta Kappa and at­
tends the Episcopalian Church. Mr.
Watson also is a registered Repub­
lican.

Crocker First National
T h e yea r-en d sta tem en t o f C ro ck e r
F ir s t N a tion a l B a n k o f San F r a n c is c o
s h o w s th at th e b a n k m a d e g a in s in
rea l estate loa n s an d u n d iv id e d p r o f­
its, w h ile d e p o sits sh o w e d a d e clin e
fr o m th e sta tem en t o f 1947.
F o r th e p e rio d e n d in g D e ce m b e r
31, 1948, loa n s an d d isco u n ts, in c lu d ­
in g first m o r tg a g e loa n s o n rea l es­
tate, in cre a se d $4,810,755 to $84,157,960, c o m p a r e d w ith $79,347,205 on
D e ce m b e r 31, 1947.

i

IN D E X OF
A D V E R T IS E R S
FEBRUARY,

1949

A

A d d r e s s o g r a p h S al es A g e n c y ...................... 63
A l l i e d M u t u a l C a s u a lt y C o m p a n y ........... 42
A m e rica n N ational B ank and Trust
C o m p a n y .......................................................... 35
A s h w e l l an d C o m p a n y ............................... 39
It

B a k e r H o t e l ........................................................ 54
B a n k o f M o n t r e a l ............................................. 33
B a n k e r s R u b b e r S t a m p ................................. 72
B a n k e r s S e r v ic e C o m p a n y , I n c .................. 29
B a n k e r s T r u s t C o m p a n y — D e s M o i n e s . . 75
B ankers Trust C om pan y— N ew Y o r k . . .
6
B a n k s , W i l l i a m H., I n c ............................ 39
B u r l i n g t o n B a n k s ........................................... 68
B u r r o u g h s A d d i n g M a c h in e C o m p a n y . . 7
C
C e n t r a l N a t i o n a l B a n k in C h i c a g o .... 71
C e n t r a l N a t i o n a l B a n k an d T r u s t
C o m p a n y .......................................................... 14
C ha se N a t io n a l B a n k .................................
8
C i t y N a t io n a l B a n k an d T r u s t C o m p a n y
— C h i c a g o ........................................................ 29
C o n t i n e n t a l N a t i o n a l B a n k — L i n c o l n . . . 61
It

D a l t o n P re s s, T h e ........................................ 70
D a v e n p o r t , F. E. & C o m p a n y ................63-68
D e L u x e C h e c k P r in t e r s , I n c ................. 34
D es M o in e s B u ild in g , L o a n a n d S a v i n g s
A s s o c i a t i o n ...................................................... 72
D r o v e r s N a t i o n a l B a n k ............................. 32
F

F air
First
First
Firs't
First
F irst

P l a y M a n u f a c t u r i n g C o m p a n y . . . . 27
N a t io n a l B a n k — C h i c a g o .............
9
N a t i o n a l B a n k — O m a h a ............... 62
N a t i o n a l B a n k — S io u x C i t y ......... 66
St. J o s e p h S t o c k Y a r d s B a n k .... 63
W i s c o n s i n N a t i o n a l B a n k ........... 49

II
H a ls e y , S tu a r t an d C o m p a n y , I n c .......... v . 36
H a r r i s T r u s t an d S a v i n g s B a n k ........... 30
H o m e I n s u r a n c e C o m p a n y ......................
3

I n v e s t o r s S y n d i c a t e ........................................
I o w a - D e s M o in e s N a t i o n a l B a n k .............
I o w a L i t h o g r a p h i n g C o m p a n y ....................

38
76
72

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

12

L
L a M o n t e , G e o r g e an d S o n .............................
5
L i v e S t o c k N a t io n a l B a n k — C h i c a g o . . . . 25
L i v e S t o c k N a t io n a l B a n k — O m a h a ......... 64
L i v e S t o c k N a t io n a l B a n k — S i o u x C i t y . . 52
M a r q u e t t e N a t i o n a l B a n k ............................. 70
M e r c h a n t s M u t u a l B o n d i n g C o m p a n y . . . 71
2
M e r c h a n t s N a t i o n a l B a n k .............................
M inneapolis-M oline P o w e r Im plem ent
C o m p a n y .......................................................... 51
M i n n e s o t a C o m m e r c i a l M e n ’ s A s s n ........... 48
N a t i o n a l B a n k o f W a t e r l o o ......................... 69
N a t i o n a l C ash R e g i s t e r C o m p a n y ........... 10
N e b r a s k a S ales B o o k C o m p a n y .................. 0 8
N o r t h w e s t e r n N a t io n a l L i f e I n s u r a n c e
C o m p a n y ..........................................................

O

72
23

Olson , W . R., C o m p a n y
Om aha National B an k .

P
P u b l i c N a t i o n a l B a n k an d T r u s t
C o m p a n y ...........

34

K
R ecord a k C orporation— B etw een
P a g e s ............................................................. 34-35
R e m i n g t o n R a n d , I n c ........................................
4
S

St. P a u l - M e r c u r y I n d e m n i t y C o m p a n y . . 43
St. P a u l T e r m i n a l W a r e h o u s e C o m p a n y . 33
S c a r b o r o u g h an d C o m p a n y .................41-58-65
S t o c k Y a r d s N a t i o n a l B a n k — O m a h a . . . 59
T

T e n s i o n E n v e l o p e C o r p o r a t i o n .................. 71
T o d d C o m p a n y ................................................... 31
T o o t l e - L a c y N a t i o n a l B a n k ......................60-61
9

V

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

56

V

V a l l e y B a n k an d T r u s t C o m p a n y ...........

67

W

W a l t e r s , C h a r le s E., C o m p a n y ..................
W estern M utual F ire Insurance
C o m p a n y ..........................................................
W h e e l o c k an d C u m m i n s ...............................
Northwestern

Banker, F e b r u a r y ,

61
40
37

1949

74

In the

DIRECTOR’S
ROOM
Question

Office

S o m e tim e s a s im p le q u e s tio n can
h a v e th e sam e p a ra ly z in g effect as a
p u n ch o n th e ja w o r a b u c k e t o f ice
w ater.
“ I re m e m b e r o n e ,” th e w o m a n said.
“ I w a s a b ou t 20, and v e r y ro m a n tic,
and w e w e r e w a lk in g h o m e o n a date.
He w a s n o t p r o p o s in g , b u t h e d id ask
m e w h a t 1 w o u ld e x p e c t to find in the
m an I w o u ld m a rry .
“ It w a s all th e p r o m p tin g I n eed ed.
D ou g la s F a irb a n k s w a s th en th e top
s creen R o m e o bu t m y sp e cifica tio n s
m ade e v e n D o u g seem lik e a d im e
sto re d ia m on d . H e m u st h a v e fa m ily ,
p oise, m o n e y , lo o k s, a m b itio n , a g o o d
jo b .
I w e n t on lik e th at fo r a b ou t
th ree b lo c k s .
S ir G alah ad h im s e lf
w ou ld h a v e flu n k ed th e sp ecifica tion s.
, “ T h e y o u n g m an n e v e r said a w o r d
all th at tim e. W h e n at last I finish ed,
he said ju s t o n e s h o rt sen ten ce, b u t it
flatten ed m e ou t lik e a stea m roller.
“ ‘A n d w h a t, m a y I ask, d o y o u h a v e
to o ffer in r e tu r n ? ’ ”

A d e lin q u e n t c u s to m e r ou t in A r k a n ­
sas cla im e d th at a s h ip m e n t h ad a r­
riv e d in p o o r co n d itio n , and re fu s e d
to p a y th e bill, a lth o u g h it w a s s e v ­
eral m o n th s o v e rd u e . T h e cre d it d e ­
p a rtm en t, a fte r h a v in g w r itte n sev era l
letters w ith o u t a n y re p ly , fin a lly
w r o te fo u r letters, as fo llo w s :
1. T o th e ra ilro a d ag en t at th e to w n
in q u e s tio n r e q u e s tin g in fo r m a tio n as
to th e sh ip m en t.
2. T o th e p re s id e n t o f th e lo ca l b a n k
c o n c e r n in g th e fin an cial c o n d itio n o f
the cu sto m e r.
3. T o th e m a y o r o f th e city , a sk in g
h im to r e c o m m e n d a g o o d la w y e r to
h a n d le th e case.
4. T o th e m e rch a n t h im se lf, th re a t­
e n in g su it, u n less he paid u p at on ce.
T o all o f w h ic h th e fo llo w in g re p ly
w a s r e c e iv e d :
“ D ear S irs:
“ I r e c e iv e d y o u r letter te llin g m e
that I had b e tte r p a y up. F o r y o u r
in fo r m a tio n I w o u ld state th at I am
th e ra ilro a d a g en t h ere, an d r e c e iv e d
y o u r letter a b o u t th e sh ip m e n t; I am
also p re s id e n t o f th e ba n k , and can
a ssu re y o u o f m y fin a n cia l stan din g.
“ A s m a y o r o f th is city , I ca n n o t r e c ­
o m m e n d a n y o th e r la w y e r th an m y ­
self, as I am th e o n ly m e m b e r o f th e
b a r in th is v ic in ity .
“ A n d fin ally, if I w e r e n o t th e p a s­
to r o f th e o n ly c h u r ch in to w n , I
w o u ld tell y o u to g o to h ell an d sue.
“ I. O. D o w .”

Time
W ith a s to r m y lo o k on h is fa ce the
m a ster o f the h o u s e h o ld w a y la id th e
se rv a n t in th e k itch en . “ L o o k h e r e .”
he b eg a n a n g rily , “ H o w d are y o u tell
m y w ife w h a t tim e I ca m e h o m e this
m o rn in g , a fte r 1 to ld y o u n o t t o ? ”
T h e Irish g irl e y ed h im stead ily.
“ S u re, a n ’ Oi d id n ’t,” sh e re p lie d c a lm ­
ly.
“ S he a sk ed m e w h a t to im e y e
ca m e in a n ’ Oi o n ly told h er th at Oi
w as to o b u s y g e ttin g th e b re a k fa st
rea d y to lo o k at th e c lo c k .”

Common A ilmen t
D o c to r : Y o u r h u sb a n d , M adam , is
s u ffe rin g fr o m v o lu n ta r y in ertia.
P a tie n t’s W ife : P o o r, d ear R o b e rt!
A n d all a lo n g I ’v e a ccu se d h im o f b e ­
in g lazy!

“ Y es s ir,” said the o ld m an , “ I ’ll be
90 to m o r r o w , and I h a v e n ’t an e n e m y
in the w o r ld .”
“ A b ea u tifu l th o u g h t,” said th e v is ­
itor.
“ Y es, sir,” w e n t o n th e old m an .
“ I ’ve o u tliv e d th em a ll.”
N or th w es te rn Banker, Febru ary ,

M oth er: N o w g o to sleep , W illie , a
b ig b o y like y o u m u st n ot be a fra id
o f th e d a rk and, b esid es, th e A n g e ls
are rig h t h e re w ith y ou .
W illie (a fte r m o th e r has tu rn ed ou t
th e lig h t and g o n e d o w n s ta irs ): M o th ­
er, d o A n g e ls b ite?
M o th e r (c a llin g fr o m d o w n s ta irs):
N o, o f c o u r s e not!

Tenacity


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

Spirits With a Bite

1949

W illie
(e x c it e d ly ):
T h e n th e r e ’s
som e darn th in g in th is bed b esid es
m e a n ’ th e A n g els!
“ W h a t c o lo r w a s h er b a th in g s u it? ”
“ D a rn e d if I k n o w , sh e had h er b a ck
tu rn ed .”

C O N V E N T MON S
January 24-25, Iowa Mortgage Bankers
Association, Des Moines. Hotel
Kirkwood.
February 7-9, A .B .A . Mid-Winter Trust
Conference, New Y ork City. W al­
dorf-Astoria.
February 11-12, 10th Annual Confer­
ence, Minnesota Bankers Associa­
tion, University of Minnesota.
February 12, Group One. Iowa Bank­
ers Association, Sioux City, Mar­
tin Hotel.
February 22, Group 11. Iowa Bankers
Association,
Burlington.
Hotel
Burlington.
March 20-22, Annual Convention, In­
dependent Bankers Association,
Biloxi, Mississippi, Buena Vista
Hotel.
April 27-28, Annual Meeting, Central
States Conference, French Lick,
Indiana,
French
Lick
Springs
Hotel.
May 6-7, Annual Convention. South
Dakota Bankers Association, A b ­
erdeen, Alonzo W ard Hotel.
May 9-11, Annual Meeting. Missouri
Bankers Association. Kansas City,
Hotel Muehlebach.
May

18-20, Annual Meeting. Kansas
Bankers Association, Kansas City,
Missouri.

June 8-9, Annual Convention. Minne­
sota Bankers Association, St. Paul,
Hotel St. Paul.
June 13-17, 47th Annual Convention,
American Institute of Banking,
Portland, Oregon.
June 17-18, Annual Convention. North
Dakota Bankers Association. M i­
not, Clarence Parker Hotel.
June 20-22, 53rd Annual Convention,
Wisconsin Bankers Association,
Milwaukee, Schroeder Hotel.
October 11-12, Annual Convention,
Nebraska
Bankers
Association,
Lincoln, Hotel Cornhusker.
October 17, 18, 19, 63rd Annual Con­
vention, Iowa Bankers Associa­
tion, Des Moines, Hotel Fort Des
Moines.
October 30-November 2, 75th Annual
Convention,
American Bankers
Association, San Francisco. ( Con­
vention headquarters to be an­
nounced later.)

MONEY
helps them
get to market
In the production of food, banking plays
an important part. A visit to his bank . . .
and the Iowa farmer has the credit needed
to improve his herd, or purchase additional
feeders.

Iowa Bankers who carry accounts with us,
know that our resources are always avail­
able to supplement theirs, in giving every
possible encouragement to farm customers
in meeting today’s world-wide demand for
food.

BANKERS TRU ST COMPANY
6th and Locust


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

Des Moines, Iowa
M em b er F ed era l D ep osit Insu rance C orporation

M em b er F ed era l R ese rv e S ystem

SINCE 1875 . . . A STRONG, DEPENDABLE
C O R R E S P O N D E N T C O N N E C T IO N
Iowa's Largest Bank offers corre­

and throughout the Nation . . . plus

s p o n d e n ts s e v e r a l im p o rta n t

a reputation for prompt, helpful

advantages, a strong, experienced

service.

o r g a n i z a t i o n .............a d e q u a t e
resources . . . fast airline and rail

W hen you select this bank for your
Des

Moines

correspondent

you

connection east, west, north and

assure prompt and efficient service

south . . . favorable business and

both to your Bank and to your

banking connections in the State

Bank's customers.

Total Resources Over One Hundred Million Dollars

IOWA-DES MOINES NATIONAL BANK

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Federal Reserve Bank of St. Louis

Member

Federal

Deposit

Insurance

Corporation