Full text of The Northwestern Banker : February 1951, 56th Year, No. 763

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FEBRUARY

F r llS

1951

117 Safe Deposit
Rentals in 60
Days—Page 13

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Federal Reserve Bank of St. Louis

A DEPOSITOR RIDES FROM BEACH TO BANK— See Page 7

i

----------- O F F I C E R S ----------J a m e s E . H a m il t o n ,

Chairman Executive Committee
YOU ARE INVITED
to hear The Merchants
National Hour over
WMT, 9 to 10 each
Sunday evening . . .
an outstanding pro­
duction used to pro­
mote banking in Iowa.

S . E . C o q u il l e t t e ,

Chairman of the Board
John

T.

H a m il t o n

II,

President
R. D. B row n,

F red W . S m i t h ,

Vice P resident

A s s t. C ashier
O. A . K earneiy ,

G eorge F . M il l e r ,

A sst. C ashier

Vice P resident
and T r u st Officer

n l e y J. M o h r b a c h e r
A sst. C ashier

Sta

M a r v in R . S e ld en

E verett C. P r a t t ,

Vice P resident

A sst. C ashier
R. W . M a n a tt,

C. F . P e r e m s k y ,
A sst. Cashier

V ice P resident
L. W . B r o u l ik ,
Vice P resident

V ictor W . B r y a n t ,

P eter B a il e y ,

J

i

A sst. C ashier
am es

E . C o q u il l e t t e ,

A sst. C ashier

C ashier

f

4

LOCAL K N O W L E D G E

. . . the

F o u n d a t i o n o f E f f e c t i v e B a n k i n g S er vic e
r
H E local b a n k e r safeguards o u r system of in d iv id u a l o p p o rtu n ity . He
p ro m o tes th e in terests of his custom ers by p ro v id in g th e m w ith th e facilities
of h is b a n k , e n ric h e d by e x p erien ced business ju d g m e n t an d aw areness of local
business co nditions. T his in d e p e n d e n t b a n k in g system , w hich encourages in d i­
v iduals to u tilize th e ir skills an d am b itio n s fo r business progress, has m ade
A m erica th e stro n g est n a tio n on e a rth .

T

^

M ore th a n h a lf of Io w a’s b a n k s are co rresp o n d en ts of T h e M erchants N ational.
T hese b a n k e rs are able to com bine th e ir own vast know ledge of local conditions
w ith resources an d facilities fo r nation-w ide service fo r th e ir custom ers. T he
“ n e tw o rk ” of M erchants N a tio n a l c o rresp o n d en t ban k s lias grown constantly
th ro u g h th e years because u n ex celled facilities are com bined w ith d ep en d ab le,
frie n d ly counsel.

t h e

Merchants National
C

E

D

A

R

R

A

P

I

D

S

,

I

O

W

ba n k

A

M em ber Federal D ep osit Insurance Corporation
No. 763. N orthw estern Banker, published m onthly by the N orthw estern 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 of March 3, 1879.


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Federal Reserve Bank of St. Louis

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T

l HE royal governors of five colonies
met with General Edward Braddock in

the Blue Room of the Carlyle House, Alex­

andria, Virginia, in April 1755. The pur­
pose of the council was to discuss the col­
onists5 participation in the French and
Indian W ar and to plan Braddock’s Indian
campaign. George Washington, then only
twenty-three years of age, was also invited
to join the group on account of his knowl­
edge of Indian warfare. Though Washing­
ton was made a member of Braddock’s staff
with the rank of major, because of his
youth, the general was reluctant to follow
his advice.
A few days after the meeting Braddock’s
expedition set out from Alexandria only to

Ca r l y l e H o u s e
s c e n e

o f

f a t

gift to the Carlyle children

be overwhelmingly defeated in a disastrous
battle near Fort Duquesne in which the
general lost his fife and three-quarters of
his troops were killed, wounded or missing.
To prevent the enemy from knowing of
Braddock’s death his men secretly buried
him and concealed his grave by driving
heavy wagons across it. At the midnight

Early utensils to delight lovers o f antiques

Blue Room, scene o f councils and balls

burial Washington read the service after

Potomac to the site of Alexandria of which

This impressive old mansion is now open

which he led the thirty survivors of his

they became founders and trustees. Every

to the public through the courtesy of its

force back to Alexandria.

year on St. Andrew’s Day kilted bagpipers

owner. Though present-day buildings have

A tax on the colonists to finance the

and other members of the local St. An­

encroached on the surrounding area, aside

French and Indian W ar was proposed by

drew’s Society pay tribute to the Scots

from its historical interest it is architec­

the governors in their historic meeting in

who founded Alexandria.

turally important as one of the great houses
of Virginia.

the Blue Room. Preceding the Stamp Act

For many years Carlyle carried on a

by ten years, it was the first of the levies

prosperous trading business with Glasgow.

which were to incite rebellion against the

During the Revolution his ships succeeded

Jbe Jdome, through its agents and brokers, is

British government. As the first demand for

in running the British blockade, enabling

America's leading insurance protector o f Amer­

taxation originated in the Carlyle House,

him to supply Washington’s army.

ican homes and the homes o f American industry.

the home has often been referred to as “the

The Carlyle House was built

place where the Revolution was born.”

in 1752 on the site of an old fort

Owner of the house was Colonel John

known as the Hanging Fort be­

Carlyle, one of Alexandria’s wealthiest men

cause of the numerous execu­

and a prominent social and political figure.

tions that took place there. Still

Emigrating from his native Scotland to

visible in the foundations are

Dumfries, Virginia, in 1740, with two fel­

traces of gloomy dungeon cells

low countrymen he later moved up the

where Indians were imprisoned.


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Federal Reserve Bank of St. Louis

★

★

★

☆ THE H O M E ☆
Home Office: 59 Maiden Lane, New York 8, N. Y.
FI RE

AUTOMOBILE

MARINE

T h e H om e Indem nity C om pany, an affiliate, writes
C asualty Insurance, Fidelity and Surety Bonds
C o p y rig h t 1 9 5 1 , T h e H om e In s u r a n c e C om pany

4

H ea r

E

Uniquely Qualified
to m e e t y o n r
s p e c ia l n e e d s

The follow in g letters are from
N orth w estern Banker readers. Your
view s and opinions on any su bject are
tvelcom e in this colum n.

"New Dealer Citation"
“Y our ‘Colum nist-N ew D ealer’ C itatio n ,
S et out w h at is best fo r our n a tio n .
B anned P o litic a l G ra ft
P ro m our Ship, P o re a n d A ft,
A sked fo r S tatesm en fo r each G overnm ent
S ta tio n .
You recom m ended R obert T a ft, Superfine,
Showed V oters will still fa ll in L ine
R egardless of O rders
B y ra n k D iscorders,
The Voices of T h in k in g P eople still S hine.”

W . 0 . Heed, 498 K ensington
Place, Pasadena 3, Califor­
nia.
(E ditor’s N o te: This was prom pted by
the editorial, “Bear Eleanor Boosevelt,”
which *appeared in the December, 1950,
N o r t h w e s t e r n B a n k e r .)

Qualified by experience . . . since
1853. Qualified in size . . . largest bank in
W isconsin; long liigli on the list of the h u n d red
largest from coast to coast. Qualified by com plete
facilities and un p aralleled statewide contacts . . .
uniquely qualified fo r com plete and h elp fu l
service th at often goes far beyond the ordinary
lim its of m ere routine efficiency.

“You c e rta in ly w ent all out in your ed i­
to ria l on page 10 of th e D ecem ber issue of
the N o r t h w e s t e r n B a n k e r . I a p p rec ia te
very m uch the send-off you have given our
com m ittee.
“ T his question o f sound, adeq u ate and
f a ir ta x an d m o n etary and fiscal policy is
o f g re a t im portance to every citizen and
our com m ittee is go in g to keep on m aking
suggestions along these lines. W e hope th a t
some of them g et a sy m p ath etic re ce p tio n .”

George T. Campbell - Vice President
Robert A. Zentner - Vice President
Donald A. Harper . . . . .
- - - Assistant Vice President
Mark A. Rusch * Assistant Cashier

J. Cameron Thomson, P resi­
dent, N orthw est Bancorporation,
1215 N orthw estern
B a n k Building, Minneapolis
2, Minnesota.
Member of !hs Federal Deposit Insurance Corporation

Northwest ern Banker, February, 1951

Leo A . Nikolai, Cashier, The
K lein N ational B ank, M adi­
son, Minnesota.

"Of Great Importance"

BANKS AND BANKERS
DIVISION


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Federal Reserve Bank of St. Louis

"Successful Year"
“ O ur ban k h ad a n o th e r very successful
y e ar in 1950 an d we ended th e y e ar w ith a
g a in in b o th deposits an d to ta l resources.
“ B usiness in our te rrito ry seems to be
h olding up well. W e were fo rtu n a te to g e t
as good a crop as we did as th in g s looked
q uite d o u b tfu l fo r a tim e d u rin g the sum ­
m er due to lack o f m oisture. Those f a rm ­
ers who were ab le to hold onto th e ir g ra in
u n til a f te r th e end o f the y e a r a re now
re a p in g benefits fro m in creased prices. B u si­
ness a t our b a n k is good. D eposits are
holding up well an d we have h ad a nice
increase in tim e deposits d u rin g th e y e a r.”

(T u rn to page 7, please)


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Federal Reserve Bank of St. Louis

5

Think w h a t this c h e c k m e a n s . . •
T h e final pay m en t: th e check th a t m akes ow nership com plete —th e re ’s
a check w ith special m eaning. B ut all checks are im portant. Aside
from th eir trem endous value as a safe, convenient m eans of tran sferrin g
funds th ey are vital business docum ents. E ith er function w arrants
use of th e finest safety p ap er available. A nd th e enorm ous circulation
of B ank an d C orporation checks lith o g rap h ed on L a M onte Safety
P apers dem onstrates th a t ap p reciatio n of hig h quality in check p apers
is p ractically universal.
A C heck Paper All Your O wn
Thousands of banks and m any of the larger corporations use La M onte
Safety Papers w ith their own trade-mark or design m ade in the paper
itself. Such i n d i v i d u a l i z e d check paper provides m axim um protection
against both alteration and counterfeiting—makes identification positive.

THE W A V Y

LI NES ®

ARE A

L A M O N T E T RADE- MA RK

N orthw estern Banker, February, 1951

6

IT PAYS TO HAVE AN

effective connection

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tuition
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**** *•#*#*«##**;¡F
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W hen transm itting messages— or money— you need
an effective connection for best results.

From long

!«♦»»

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*«****#/

f ***%*%**||g

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experience, Iowa bankers have found the Hankers

y «*<»»«**MOP
*«*$ ***********
«**» MHIHH*.:

T rust is a highly effective connection in Des Moines.

11

i

Bankers Trust Company
6th & LOCUST

DES MOINES

Member Federal Reserve System

#

Member Federal Deposit Insurance Corporation

DIRECTORS
PAUL

BEER

THOS.

A.

F. W .
J. W .

BURCHAM.

M. D

H U B B E L L ....................
H U B B E L L ....................

G E R A L D A. J E W E T T

Co.

J. W .

HUBBELL.

........................................................................... R a d i o l o g is t

S. C.

PIDGEON .

. P r e s .,

L O C K W O O D ...............

D a ir y

In s ,

C h a ir m a n

Co. of
o f th e

Je w e tt L u m b er Co.
B y -P ro d u c ts,

................... V i c e

N a t io n a l
P r e s id e n t
Tangney

E. T. M E R E D I T H , J R ............

. . . . . .

V.

P .,

.P r e s .,

&

M e r e d it h

G reen

T ru st

M c G in n

C o lo n ia l

............................................................................
.................................. P r e s i d e n t ,

J.

F.

ROSEN F I E LD
D.

SHULER

Nort hw estern Banker, February , 1951

C h a ir m a n o f
. ................... ...

B o ard ,

O ff ic e r

F u rn a ce

RUSSELL

Y e llo w

S h u le r

Co.
Co.

............... C h a i r m a n

o f th e B o a rd

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

P r e s id e n t

F. S. L O C K W O O D

V ic e

C. W.

MESMER

..........................................V i c e

F.

ATKINS.

C.

L. N E V I N
VUVI.

LEE

ELLISON . .

. . . .

P r e s id e n t

V ic e

&

T ru st

P r e s id e n t

O f f ic e r

P r e s id e n t
& C a s h ie r

...................................... V i c e

P r e s id e n t

......................................V i c e

P r e s id e n t

G.

A. M O E C K L Y .

A.

F.

ERICKSON .

...................................A s s i s t a n t

C a s h ie r

J.

B.

MONAHAN

. ................................A s s i s t a n t

C a s h ie r

BARNARD

..........................................V i c e

P r e s id e n t

P r e s id e n t

S.

G.

In c .

M.

N. B A I R D

Co.

R.

K.

Cab Co.

Y o u n k e r B r o s .,

P r e s id e n t ,

In c .

H o t e ls C o .

P u b lis h in g

S. C. P I D G E O N

JOHN

B o a rd

P r e s .,

P .,

REEL

Io w a

....................... P r e s i d e n t ,

, , . . V.

PERCIVAL

F ly n n

L ife

S. F. M c G I N N ..........................

SHIRLEY


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Federal Reserve Bank of St. Louis

The

E q u it a b l e

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

E. J. L I N D H A R D T
F. S.

OFFICERS

................... P r e s i d e n t ,

Coal

POPPLE

A sst.

S e c y . & T r u s t O ff ic e r

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

A s s is t a n t C a s h ie r

........................A s s i s t a n t

C a s h ie r

I

DEAR EDITOR
(C ontiued from page 4)

"Fine Opportunity"
“ Y ou m ay recall v isitin g fo r a few m in ­
u tes w ith me an d m y fa th e r a t th e Iow a
B a n k ers convention a few m onths ago. We
m entioned th e n th a t we m ig h t be in the
m a rk e t fo r a sm all Io w a b a n k should one
become available. W e have been in W ellm an,
Iow a, only a few days an d have been quite
busy g ttin g the y ear-end re p o rts out and
try in g to g et a c q u a in te d a s well as helping
our wives g e t th e house in order. The whole
situ a tio n here a p p ea ls to us very m uch, and
we believe we have a line o p p o rtu n ity .”

S. B. Barber, Cashier, W ell­
man Savings Bank, W ell­
man, Iowa.

"$1,000,000 in Cash"
“ Come F e b ru a ry 12tli, L in co ln ’s B ir th ­
day, we are hav in g open house a t the
O m aha N a tio n a l, fro m 10 a.m. to 10 p.m.,
to celebrate the com pletion of 3% years of
rem odeling a n d e n la rg in g our b a n k in g q u a r­
ters. W e are going to give b a b y orchids
to all th e ladies, comic books to th e children,
an d a special e d itio n of Around the B a n I
will be d istrib u te d .
W e are p lan n in g to
have as our big display, a m illion dollars
in cold, h a rd cash. I t will be enclosed in
a plexiglass case and, I assure you, well
g uarded. W e’d like very m uch to have you
come down i f you could a n d tak e p a rt in the
fe stiv itie s— as well as cover it fo r the
N

o rth w estern

B a n k e r .”

Mrs. Jam es Gleason, A d ver­
tising Manager, The Omaha
N ational Bank, Omaha, N e­
braska.

O ldest Financial Journal West of the Mississippi

•

56th Year

•

No. 763

IN THIS FEBRUARY, 1951, ISSUE
EDITORIALS
A c ro s s th e D e sk fro m th e P u b l i s h e r ................................................................. 8, 9

FEATURE ARTICLES
D e a r E d it o r ....................................................................................................................
O n th e C o v e r ..................................................................................................................
F r o n t i s p a g e ........................................................... -......... -............... ................... -.......
O ne T r a n s a c ti o n P e r M in u te T h r o u g h A u to -T e lle r W in d o w s ...........
........................................... R . E . C onn
117 S a fe D e p o s it R e n ta ls in 60 D a y s ................................. J a c k A . D onis
P r o s p e r o u s P e rio d A h e a d f o r L iv e sto c k P r o d u c e rs a n d F e e d e r s ......
............................ ...............................................Iv a n E . B e n n e tt
H o w W e O b ta in e d N e w S a v in g s A c c o u n ts f o r O u r B a n k .....................
.......................... ...........R o b ert W . S p a r k s
N e w s a n d V ie w s o f th e B a n k in g W o r ld ................. ........ C liffo rd D e P u y
W h y O fficers’ C h a ir s A r e E m p ty in O u r B a n k ...... A r th u r J . H ow ell
W h y O u r B a n k Is C lo sed on S a t u r d a y A f te r n o o n s .. ..T . F . Jacobson
B a n k e r s Y o u K n o w — H o m e r J . L iv in g s to n .....................................................

4
7
H
12
13
14
15
16
17
18
20

BONDS AND INVESTMENTS
"Of Interest to Me"
“I

j u s t fin is h e d r e a d in g y o u r N o r t h ­
w e s t e r n B a n k e r . I f o u n d m a n y th in g s o f
i n t e r e s t to m e .”

F. Van Erdewylc, President,
Breda Sawings B ank, Breda,
Iowa.

"Good Issue"
“ J u s t w anted to tell you th a t I th o u g h t
th e J a n u a ry N o r t h w e s t e r n B a n k e r w as a
good one, b u t I w as not too m uch im pressed

(T u rn to page 30, please)

ON TH E COVER
W hen th e F irs t N ational B ank of
P alm Beach, Florida, opened its new
A uto-Teller W indow s and p a rk in g lot,
R. E. Conn, vice p resid en t of th e bank,
th o u g h t th e occasion called for som e­
thin g special in th e w ay of publicity.
So he a rran g ed to have a helicopter
land on a local beach to pick up th e
ch arm in g b an k custom er you see Mr.
Conn assistin g into th e ' cockpit.
Of course, th e public w as advised
of th e arran g em en t, and several h u n ­
dred people w ere on h and at th e b an k
p ark in g lot to w atch th e helicopter
com e in (see page 12).
W hen th e young lady had finished
h er business w ith the bank, she w as
re tu rn e d to the beach to continue h er
su n and su rf bathing.

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Federal Reserve Bank of St. Louis

B o n d P r ic e s A r e A ffe c te d b y I n t e r n a t i o n a l A f f a ir s .................................
....................................................... .............................................. R a y m o n d T rig g e r 31

INSURANCE
S e ll Y o u r C u s to m e r W h a t H e W a n ts to B u y ..............H . P. S te llw a g e n 35

STATE BANKING NEWS
M in n e s o ta N e w s ..............
T w in C ity N e w s ...................................................................................................
S o u th D a k o ta N e w s ...............................................................................
S io u x F a l ls N e w s .................................................................................................
N o r t h D a k o ta N e w s ......................................................................................................
N e b r a s k a N e w s .............................................................................................................
O m a h a N e w s .................. ................ ..................... -......................................... - L in c o ln N e w s ........................................................................................................
Io w a N e w s .......... .............................—.......... ...................-.................-------------------T h e G ro u p O n e P r o g r a m — ...............................................-............... .........
G ro u p 11 in B u r l in g t o n ....................
D es M o in e s N e w s ...............................................................................................
I n th e D ir e c to r s ’ R o o m .................................................................................................
C o n v e n tio n s ................................... -.......—.............-.......— ...........-............................
D oes a S p e c ia l D e p o s it A ffe c t a D e b t D u e a D e p o s ito r? —
L e g a l Q u e s tio n s a n d A n s w e r s ......................................................................

89
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47
47
49
51
52
54
59
59
60
67
69
69
70

NORTHWESTERN BANKER
527 Seventh St., Des Moines 9, Iowa, Telephone 4-8163
RALPH W. MOORHEAD
CLIFFORD DE PUY
Associate Publisher
Publisher
MALCOLM K. FREELAND
BEN J. HALLER, JR.
HENRY H. HAYNES
Associate Editor
Associate Editor
Editor
SADIE E. WAY
HAZEL C. STEPHENSON
ELIZABETH COLE
Circulation Department
Auditor
Advertising Assistant
JOSEPH W. FRANKS
PAUL W. SHOOLL
Field Representative
Field Representative
NEW YORK OFFICE
Frank P. Syms, Vice President, 505 Fifth Ave., Suite 1806
MUrray Hill 2-0326

DE PUY

PU BLICAT IO NS:
Northwestern Banker, Underwriters Review.
Iowa-Nebraska Bank Directory.
Northwestern Banker, February, 1951

8

<
of the national income w ent for employe com­
pensation versus 65 per cent in 1950.
This trend, you will also observe, was reversed
as fa r as the percentage of to tal dividends of the
national income was concerned, because in 1929
it was 6.6 per cent w hereas in 1950 it was only
4 per cent of the national income.
Thus, as one w riter expresses it, “In the d is tri­
bution of the national product, organized lab o r is
g ettin g a b etter deal th an unorganized investors.
'iF

(D&wc

lit ¿msfMp:

P re sid e n t, S m a ll B u sin e ss E co n o m ic F o u n d a tio n

Y our organization has been doing a v ery w o rth ­
while job in calling atten tio n to the ad v an tag es
of free enterprise and analyzing w hat is hap p en ­
ing to our ta x dollars in W ashington.
R ecently you said, “Y ears ago, You were free
to decide
“1. W hether or not to risk your money in a
business, and if so—-

A c r o s s t lie l l e § k
F r o m th e P u b lis h e r
(Ds¿We (philips vruwicup :
P resid en t, C ongress o f In d u s tr ia l O rg a n iza tio n s

On freq u en t occasions, you and some of your
other “labor ag ita to rs” have “yelled to high
heaven” about corporate profits, and used these
figures as a basis for your continued drive for
higher wages.
The N o r t h w e s t e r n B a n k e r is very glad and
proud of the fa c t th a t the laboring men of A m er­
ica are the highest paid in the w orld, but we do
believe, Mr. M urray, th a t in your fu tu re analysis
of the economic situation in this country, you
should note these follow ing fa cts:
1. The percentage of total dividends of the na­
tional income is as follows:
1950—4 per cent of national income
1939— 5.2 per cent of national income
1929—6.6 per cent of national income
2. Total percentage of employe compensation
of the national income is as follows:
1950—65 per cent of national income
1939— 66 per cent of national income
1929— 58 per cent of national income
You can see from this, Mr. M urray, th a t in 1950,
65 p er cent of the national income w ent for em­
ploye com pensation, w hereas only 4 p er cent w ent
fo r dividends.
You will also notice th a t in 1929, 58 per cent
N ort hwest ern Banker, February, 1951


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Federal Reserve Bank of St. Louis

“2. W here and on w h at term s you r money
would be risked.
“Today, Government Planners Decide For
You! They tak e your ta x m oney and decide
where it should be risked.
“Over 20 billion dollars of ta x money has
been risked, by governm ent, to finance h u n dreds
of business e n te rp rise s!
“Some of these businesses—
“1. P roduce and sell electric pow er and fe r­
tilizers
“2. O perate railw ays and ships
“3. B uy and sell farm products
“4. Sm elt and sell m etal
“5. E ngage in lending money
“6. G uarantee about 90 billion dollars of deposits and m ortgages
“ 7. W rite about 40 billion dollars of life in ­
surance.
“If a government financed business makes a
profit, your tax money is not returned to you.
When a government-financed business goes broke,
or loses money, you pay the b ill! For everybody
loses money and everybody must pay for the
losses with extra taxes!”

/

^

-*■

^

>

You realize, as Ave know m any people do, th a t
the U nited S tates is fu rth e r along the socialistic
road th a n we like to believe.
Unless a com plete W orld W a r II I engulfs o u r
economy, we m ust do an about-face if the managem ent of our go\Ternm ent fiscal policy is to be
p u t on a sound basis. W h at your organization is
doing, and others of a sim ilar character, is defi­
nitely in the rig h t direction.

r

4

9

(DsiaJi, CtAno

¿V.

QahnADfL:

V ice P re sid e n t, J. W a lte r T h o m p so n Co., N e w Y o r k

Y our recen t analysis of “What does the future
look like?” was certain ly a m ost th o u g h tfu l re ­
view of the fu tu re of the U nited States, based
larg ely on a peace-tim e economy, which you be­
lieve in five years could reach $300 billion of
production.
W h eth er we are a t w ar or peace, however,
your ch a rt of the savings bonds m atu rities in the
n ex t five years presents some v ery in terestin g
figures.
US.SAVINGS BONDS MATURITIES OF GROWING IMPORTANCE
SUSTAINING AND STABILIZING CONSUMER PURCHASING POWER
8.8

*
BILLION

M ATU RITIES AND AMOUNTS OUTSTANDING AS OF DECEM BER 31,1949

As you emphasized, these bonds rep resen t “u n ­
encum bered cash” and w hen they m ature will
provide additional purchasing money, or re-in­
vestm ent funds in other governm ent bonds.
“ Savings bonds m atu rities” as you point out,
“ will reach a peak of $7 billion a y ear in 1954
an d 1955. N early $30 billion of these savings
bonds m ature in the years 1950-1955 and betw een
$5 billion and $6 billion m ature each year from
1956-1959.
“These savings bonds are widely held in small
denominations by all income classes with approx­
im ately half of all consumer spending units havingsome bonds. They were not transferable and
were not to be used as a basis of loans, hence they
represent unencumbered cash when they mature
and will require a decision on the part of each
holder, as to whether to reinvest, or to spend for
something over and above what might have been
purchased out of current income. These funds
differ from other forms of savings such as savings
accounts, in that they do mature and do require
a decision.
“Even if am ounts of new savings bonds are
sold each y ear equalling the m aturities, the effect
is a revolving fu n d of over $5 billion annually in
the hands of consum ers adding to the tu rn o v er

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Federal Reserve Bank of St. Louis

of cu rre n t purchasing pow er— consider w h at ef­
fect this m ight have if over $5 billion had m atu red
in such depression years as 1933 when to tal re ta il
sales were about $24 billion.”
Come w h at may, Mr. Johnson, at least here is
a back-log which should be helpful to our n a ­
tional economy in the years im m ediately ahead
providing we produce more goods so th a t this
increased supply of m oney will not add fu rth e r
fuel to the inflation flames.

CDsucuv $ .

C °^ :

P re sid e n t, B a n k e rs T r u s t Co., N e w Y o r k

I t occurs to us, Mr. Colt, th a t bankers every­
w here could gain m uch from the policy which you
outlined in your annual re p o rt indicating th a t
your bank had made, and will continue to m ake
an increased effort to secure new loans.
B ankers have three m ain sources from which
they derive th eir incom e; (1) securities, (2) loans,
(3) service charges. E very one of these revenue
sources fo r a bank should be developed to the
fullest extent.
J u s t the other day the N o r t h w e s t e r n B a n k e r
learn ed of a bank in a large city which divides the
tow n into sections, and assigns certain officers to
each of these geographical divisions and m akes
re g u la r calls on both prospects and custom ers in
these areas, and as a re su lt has been securing a
large num ber of new accounts, as well as creating
a g reat deal of good will for the bank.
In your report, Mr. Colt, you said, “We are
making personal loans for a wide variety of pur­
poses, including the purchase of automobiles and
appliances, and for home modernization. We are
actively soliciting accounts of small business, and
are seeking opportunities to expand our lending
activities to a broad list of diversified local en­
terprises.
The fact th a t you are interested in sm all ac­
counts as well as large, shows a new tendency
w hich has been developed over the past num ber of
years by the so-called “W all S treet B an k s” such
as yours, and it is certainly a tendency in the rig h t
direction.
Likewise, other banks in the U nited States
w hether large or small, can in our opinion gain
m uch d uring 1951 by organizing th eir “selling
efforts” in order to secure new accounts and ad d i­
tional income for th eir institutions.

Northwestern Banker, February, Ì 9 S 1

10

O u r C o rre s p o n d e n t S e rv ic e


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Federal Reserve Bank of St. Louis

. . . is constantly alert to its opportunities
to re n d e r a com plete, friendly and
efficient service —
. . . and is constantly aware of its respon­
sibilities to those it is o u r pleasure
and privilege to serve.

I f y o u w o u ld lik e e x tra co p ies o f th is p ic tu r e w e w ill be g la d to s e n d th e m


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Federal Reserve Bank of St. Louis

to y ou w ith our c o m p lim e n ts.— T h e N o rth w e ste r n B a n k e r.

Northwestern Banker, February, 1951

D R IV E -IN A N D P A R K IN G LOT— C om ing in fo r a la n d in g on th e p a rk in g lot o f th e F ir st N ation al B ank o f P alm B each is th e
y o u n g la d y you saw p ic tu re d on th e cover, w h e re she w a s e n te rin g th e h e lic o p te r. H e r tra n s a c tio n a t th e b a n k concluded, th e h e li­
c o p te r re tu rn e d to th e beach. I n th e w h ite b u ild in g in th e b a c k g ro u n d a re tw o auto-teller window s.

One

T r a n s a e tin n

Through

P er

A n ln -T e lle r
By R. E. CONN
Vice President, First National Bank
Palm Beach, Florida
W r itte n E sp e c ia lly fo r T he N

UR new Auto T eller’s W indow s
definitely are brin g in g new
business to us. R ecently we
had a record day of 325 cars, w hich
is m ore th a n one a m inute, as we
are open from 9:30 to 2:00, or 270 b an k ­
ing m inutes.
The tw o o th er b anks in our com ­
m u n ity are in th e cen ter of tow n, w ith
p ark in g m eters all around them , w hich
m akes it v ery difficult for custom ers
to find a p ark in g place to do th e ir
b an k in g w ith those banks. W e know
of m any new accounts th a t have come
to us ju s t because of our c|uick te lle r’s

O

Northwest ern Banker, February, 1951


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Federal Reserve Bank of St. Louis

service th ro u g h th e Auto T eller's
W indows. And, too, every day it
seem s as though th ere are new faces
at th e window, w ith people statin g
th a t th ey ju st learned of this “m a r­
velous service.”
A few com plim entary com m ents
th a t we h eard are:
“Now I do m y b anking on the way
to th e beach.”
“I now send m y wife to do th e b an k ­
ing, as she can keep th e kids rig h t
in th e car w ith h e r.”
The chauffeurs now b rin g th e lady
of the house to th e w indow s instead

orthw estern

B anker

of driving around the bank several
tim es w aiting on them to tran sact
th e ir banking business.
We also find th a t m any of our cus­
tom ers can do th eir banking on th e ir
lunch h o u r w hich, of course, th e y like
v ery much, as th ey lose as little tim e
as possible from th e ir places of b u si­
ness.
The m ain attractio n of our opening
day w as th e helicopter picking up a
young lady on the beach and landing
her on our park in g lot to do h e r bank(Continued on opposite page)

13
C O N T E ST A N T S— T he p e rso n s p ic tu re d
a t th e r ig h t w e re th e first fo u r o f th e
em ployes of th e F ir st N a tio n a l Bank,
M adison, W isconsin, w ho co m p leted a sale
o f s a f e ty d e p o sit boxes in th e c o n te st.
F ro m le f t to r ig h t, th e y a re E d Lorenz,
M ary Duffey, June M arvin, a n d P a t
F iedler.

I I r Safe D eposit

Mien ta ts in HO ftai/s
How Employes Participated in
a Deposit Box Contest
By JACK A. DONIS
Assistant Cashier, First National Bank
Madison, Wisconsin
W r itte n E sp e c ia lly fo r T h e N

orthw estern

Banker

A

NUM BER of m onths ago we had a place for 20 nam es and addresses, led w ith th e question w hich had to be
a safe deposit contest for all of and a sufficient list of prospects.
answ ered in th e m ind of th e custom er.
th e officers and em ployes. In
7.
T h at a bulletin be d istrib u ted ev­Also, m any people asked w hy we w ere
conducting th e contest we decided on ery w eek announcing th e details as to w earing th e buttons, and th is gave a
th e follow ing plan:
th e progress of the num ber of ac­ perfect lead for a sales talk.
In th e w eekly b u lletin we gave:
1.
T he contest w ould last for two counts opened, and o th er inform ation
1. Individual standings of th e re ­
about the contest.
m onths.
sults
by weeks.
A
lthough
we
did
not
reach
our
goal,
2.
T h at our goal should be set a t
2. Tips for selling.
we did sell 117 new safe deposit boxes.
150 new safe deposit accounts.
The safe deposit b u tto n s w ere v ery
3. A necdotes about p articu lar sales
3.
T h at $1.00 for each safe deposit
helpful, because of th e fact th a t th ey th a t some of the people had made.
box account and $2.50 additional for
4. The record of sales by d e p a rt­
every fifth safe deposit account be
m ents.
m ade as cash aw ards.
In addition to having the w eekly
4.
T h at officers of th e b an k not be
bulletin, we also had a featu re story
en title d to sh are in cash aw ards.
in our m onthly publication, “The Tell­
5.
T h a t all officers and contact m en
er.” The resu lts of our contest w ere
w ear a safe deposit button, and also
not spectacular, b ut we did find th a t
th a t a safe deposit b u tto n be placed
the}^ did a g reat deal tow ard m aking
on th e fro n t of ev ery te lle r’s w indow.
our em ployes m ore safe deposit con­
These b u tto n s w ere green and w hite,
scious. Also, it sta rte d a lot of our
th re e inches in d iam eter and had th e
custom ers th in k in g about th e ir p a r­
question on th em “H ave You a Safe
ticular need for a safe deposit box.
D eposit Box?”
In th e m onths following th e contest
6.
Sales k its w ere m ade up for ev­
we also noted an increase in safe de­
ery p erso n in th e b an k w hich con­
posit rentals. W hile at th e tim e th e
A F A C S IM IL E o f th e sa fe d e ­
tain ed in tro d u ctio n cards, a folder
loss for banks in general th ro u g h th e
p o s it b u tto n w o rn b y em ployes of
about our safe deposit service, a m im ­
co u n try w as expected to be 4 per cent,
th e F i r s t N a tio n a l B a n k o f M adison.
eographed sh eet explain in g th e safe
a u r actual loss w as less th a n IV2 per
T he b u tto n s w e re g re e n a n d w h ite,
deposit service, a contact card w ith
cent.—The End.
a n d w e re th re e in ch e s in d ia m e te r.

HAVE
YOU g p tÛ K

SAFE 'DEPOSIT
BOX ?

(C ontinued from page 12)
ing b u siness and th e n re tu rn in g h e r
to th e beach to contin u e h e r su n bath.
In addition to this, w e also h ad on
display tw enty-five new cars, w hich
proved so successful th a t th e dealers

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Federal Reserve Bank of St. Louis

have req u ested th a t we m ake th e auto
show an an n u al affair, for th is received
a g re at deal of attention.
Our prom otion is th ro u g h local
new spapers. A b lo tter and pam phlet,
“Som ething New B ehind the Magic

Doors,” w ere used as statem en t stuffers. W e have a new s colum n in the
local p aper called “T hrough th e Magic
D oors” w hich, of course, w e used to
good advantage in publicizing th e new
auto te lle r’s w indow s.—The End.
Northwestern Banker, February, Ï 957

14
ME A T

ANIMAIS

SLAUGHTERED

IN

1950

TOTALED

$8,887,070,000

IN

VALUE;

AMERI CA' S

GREATEST

INDUSTRY

TREND Or BEEF CATTLE PRICES
A t C H IC A G O

Ship
to
Chicago

Exten ded to D ecem ber 31, 1950

Compliments

THE LIVE STOCK
NATIONAL BANK
OF CHICAGO , I_
Established 1868

World’s
G re a te s t

Market
And Homo of
International
Uve Stock
Exposition

David H. Reimers, President

Banking Headquarters

jto j

i ST

a t ***e

L p i

Chicago Union Stock Yards

»>

(^M
EANTIM
E

TH E A B O V E CHART covers th e p e rio d s ta r tin g w ith 1909
(b o tto m of c h a rt) a n d is e x te n d e d to D ecem b er 31, 1950. Top
lin e re fe rs to “ to p ste e r p ric e s a t C hicago” ; m id d le lin e re fe rs
to “ a v e ra g e s te e r p ric e s a t C hicago,” a n d b o tto m lin e re fe rs to

“ a v e ra g e sto e k e r a n d fe e d e r p ric e s.” A t rig h t side o f c h a rt is
p ric e ra n g e fro m $1.00 a t b o tto m to $45 a t top
H ig h e s t p o in t
re a c h e d is $43.50.

P ro sp e ro u s
P e r io d A h e a d tor
Lirestock P ro d u c e r s und Feeders
Above Chart, Prepared by Live Stock National Bank, Chicago,
Shows Price Trend on Cattle from 1909 to 1950
By IVAN E. BENNETT
Vice President
Live Stock National Bank
Chicago
H E business of producing m eat
anim als ap pears now and for th e
n ear fu tu re to be in an u n u su ally
stro n g position. T his applies to all
b ranches of th e in d u stry —cattle, sheep
and hogs—w ith em phasis p erh ap s on
th e first tw o only, because hog n u m ­
bers can be, and probably w ill be, in ­
creased m ore rap id ly th a n th e oth er
two. W e are facing a w ar econom y
and th e increasing dem and for m eat
inevitably re su ltin g therefrom , and
th e p re se n t and prospective supply of
m eat anim als does not suggest the
likelihood of an y burdensom e s u r­
pluses in th e early fu tu re. M eat on
th e table is as p opular as ever and
is likely to continue to be th e m ain ­
stay in our diet.
A ctually th e n u m b er of our m eat
anim als, although show ing som e in-

T

Northwest ern Banker, February, 1951


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Federal Reserve Bank of St. Louis

crease, has failed to keep pace w ith
th e co n stan tly grow ing h u m an popu­
lation, and it is doubtful if im ports
w ill show any m aterial increase for
some tim e to come. C attle im ports
from Canada have been substan tial
d u rin g the p ast th ree years, b u t have
been readily absorbed and no signifi­
can t early increase seem s probable
in view of the fact th a t cattle n u m ­
bers in th a t co u n try have steadily de­
clined since W orld W ar II.
The p resen t high cost of feeder cat­
tle in relatio n to th e selling price of
fat cattle, and th e d isp arity in th e
price levels of fat cattle and fat hogs,
has caused some apprehension on th e
p a rt of m any in th e in d u stry . Pos­
sible price control, w hich m ay be a
fact by th e tim e th is is printed, adds
fu rth e r u n certain ty as to ju st w h at is

likely to happen price-wise in th e in ­
d u stry and ju st how th e feeder w ill
fare w hen he comes to m ark et several
m onths hence w ith cattle or hogs or
sheep now going on feed.
No fu tu re m ark et being available in
which to hedge his operation, th e live­
stock feeder sim ply m ust accept the
risk of price fluctuation d u rin g the
tim e in terv al w hich w ill elapse before
he can get to m ark et w ith his fin­
ished product. It is not surprising,
therefore, th a t livestock feeders are
acutely price-conscious and a le rt con­
tinually for inform ation th a t m ay
guide them in appraising price pro s­
pects and in arran g in g th e ir program s
so as to m inim ize the price risk.
No infallible form ula is available
by w hich price tren d s can be accu rate­
ly forecast, and in th is era of w orld

d iso rd er and u n re s t sudden and u n ­
foreseen developm ents m ay w ith o u t
w arn in g u p se t th e m ost carefully
studied calculations. Positive know l­
edge is available to us, nevertheless,
on p ast p rice m ovem ents, and it is
n a tu ra l th a t w e should search th e rec­
ord of the p ast for som e clue or h in t
as to w h a t m ay be expected in the
fu tu re, since h isto ry has a w ay of re ­
peatin g itself.
The ch a rtin g of price m ovem ents
over a period of y ears for cattle and
hogs does rev eal c ertain long-term cy­
cles and a p a tte rn of seasonal tren d s.
F o r instance, th e average behav io r of
th e m a rk e t over m an y y ears indicates
th a t th e b e tte r grades of fat cattle
generally sell low est in F e b ru a ry and
h ig h est in S eptem ber or October, and
th a t th e low er grades of cattle sell
hig h est in th e spring, usu ally in th e
m onth of May, and low est in m idw in­
ter.
A dvanced farm in g m ethods and crop
ro ta tio n practices have resu lted in a
co n stan tly increasin g acreage in seed­
ed p a stu re grass w hich can be con­
verted into usable p r o d u c t s only
th ro u g h th e m edium of cattle or sheep.
T he ensiling of alfalfa and o th er
grasses for la te r feeding to cattle is
also definitely on th e increase. This
w ider use of forage w ill su rely in ­
crease th e dem and for stocker and
feeder cattle and w ill probably m odify
to some ex te n t o u r beef producing
m ethods in th e corn b elt in th e sense
th a t m ore of th e early gain w ill be
obtained on grass and roughage. T his
does not m ean, how ever, th a t corn w ill
n ot continue to be th e m ain stay of
o u r livestock fa tte n in g o perations and
o u r m ost im p o rta n t a g ric u ltu ra l p ro d ­
uct, especially for th e fa tte n in g of
hogs, w hich cannot utilize g rass or
roughage to an y considerable extent.
Long-term cycles, b o th in num b ers
and price tren d s, ap p ear to have been
o p eratin g over th e y ears as to both
cattle and hogs, b u t e x tra o rd in a ry de­
velopm ents, such as w ar or severe
drought, can deflect th ese m ovem ents
and it cannot be said th a t th e long­
term average is an infallible indication
of w h a t m ay hap p en in an y one p a r­
ticu la r y e a r or season. N evertheless,
th is p a st perfo rm an ce of th e m a rk e t
over a long p eriod of years is th e best
guide we have, and is th e source to
w hich we n a tu ra lly tu r n w h en try in g
to analyze th e fu tu re. F o r th a t reason
we are extending our price c h a rts cov­
erin g cattle and corn-hog prices at
Chicago, and it is hoped th a t th e y w ill
prove of in te re st and assistance at this
tim e w hen th e price level of essential
com m odities is being w atched so close­
ly by all business.
(T u rn to page 30, please)

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H o ir IV#* O b i tini v í !
Stiri nt/*
A
rrotin
i*f o r

Ittioli

By ROBERT W. SPARKS
First Vice President, The Bowery Savings Bank
New York City
W r itte n E sp e c ia lly fo r The N

NE idea we used to sell our servi­
ces is as old as advertising, and
too often forgotten. I t is this: pick
out o u tstan d in g talk in g points, dram a­
tize them , th en pound them hom e con­
sisten tly in th e different advertising
m edia available.
Being a m u tu al savings bank, our
m ain service is savings accounts. On
.July 1, 1949, we advanced our dividend
ra te to depositors to 2 per cent a n n u ­
ally. We w ere not alone in this ac­
tion in our area, how ever. In fact,
a n u m ber of com peting savings banks
had been paying 2 p er cent for some
tim e. We have four handy offices,

O

o rthw estern

Banker

w ent to our m ailing lists and to hom es
in our neighborhoods. In all, 218,000
w ere distributed. W e ra n ad v ertise­
m ents in th e m etropolitan dailies.
P osters for our office w indow s and
lobbies w ere displayed. Outdoor high
spots carried th e sam e them e on 24sheet posters. We purchased space
in all subw ay lines, Long Island sub­
u rb an tra in s and H udson Tubes. Sta­
tion posters on New York C entral and
New H aven R ailroad su b urban p lat­
form s w ere consistent.
W e sponsored a television program ,
C rusade in Europe. The sound on the
closing com m ercial read as follows:

N E W ACCOUNT E V E R Y TWO M IN U T E S — A bove is p ic tu re d th e su b w ay a n d
e a r c a rd used so e ffe c tiv e ly b y The B ow ery S avin gs Bank. A lo n g w ith o th e r
a d v e rtis in g m ed ia, th e b a n k g a in e d th o u sa n d s of new a cc o u n ts ru n n in g in to
m illio n s o f d o lla rs.

b u t o th er savings banks in New York
City have more, and some of th e com ­
m ercial banks w ith “th r if t” d e p a rt­
m ents have dozens of branches.
W e w anted a w ay to advertise our
new direct dividend ra te and our con­
v en ient offices dram atically. A little
digging developed the fact th a t a new
B ow ery savings account is opened ev­
ery tw o m inutes of the average bu si­
ness day. H ere w as som ething dis­
tinctive and different.
So our “2-2-4” cam paign w as born!
2% latest dividend.
E v ery 2 m inutes, a new depositor.
4 h andy offices.
The next step w as to coordinate
our advertising, stressin g th e sam e
them e in all the m edia we use. We
p rep ared a colorful “2-2-4” folder w hich

“E v ery tw o m inu tes an oth er B ow ery
savin gs account, paying 2 per cent,
is opened at one of B o w ery ’s four
offices. For free inform ation on open­
ing you r sa v in g s account by m ail, send
a postcard to The B ow ery, care of th is
station .’’

V ariations of the “2-2-4” idea have
now been ru n n in g since July, 1949.
R esults are pleasing. The n u m ber of
new savings accounts th a t w ere
opened in the first six m onths ex­
ceeded 43,000 and deposits increased
m ore th an $46 million.
So sim ple ideas having basic sound­
ness still produce business for banks.
“Pick out o u tstanding talk in g points,
dram atize them , th en pound them
home consistently in th e different ad­
vertisin g m edia available.”—The End.
Northwestern Banker, February, 1951

N ew s anti Views
OF THE BANKING WORLD
By CLIFFORD DE PUY, Publisher

FO R E IG N M IN IS T E R Oesten U ndeii
r told th e Sw edish p arliam en t th a t
th e y w ill “not su p p o rt any m ove to
im pose sanctions against C om m unist
China.” M inister U nden said, “The
Sw edish g o v ern m en t feared th a t sanc­
tions m ight u ltim ately involve the
U nited N ations in a g eneral w ar
against Red C hina.”
Does th e m in ister th in k th a t we
have not already been fighting Red
China and th a t th ey in tu rn have not
already been killing o u r boys? T his
is certain ly no tim e to have “an o th er
M unich.”
jJs H
4 *
L. N evin L ee, vice p resid en t of th e
B ankers T ru st C o m p a n y of Des

a recent survey th a t 49 per cent of
the people w anted to “stop R ussia in
E u ro p e” and 9 per cent w anted to
“stop R ussia in A sia” and 28 per cent
th o u g h t both w ere equally im p o rtan t
and 14 per cent had no opinion.
A p p arently K orea is not im p o rtan t
in th e m inds of m ost people, except
those w ho have th e ir sons fighting in
th a t cold and m iserable country.
*

*

*

Charles E. W ilson, form erly p resi­

d en t of th e G eneral E lectric Company,
and now “a ssistan t p resid en t” of th e
U nited States, in charge of w ar p ro ­
duction, in discussing his new job
said, “The job of m eeting the ‘needs
of defense and possibly w a r’ w ill bring
dislocations and severely cut civilian
consum ption in some lines. H ow ever,”
he em phasized, “th e A m erican sta n d ­
ard of living w ill still be the h ig h est
in th e w orld at th a t tim e.”
*

*

a bit of “figuring” w hen he published
his year-end b ank statem ent, as you
can see by the reproduction of his
“figures.”
P erh ap s in this age of bathing beau ­
ties and cover girls, “dim pled darlings
and deposits” m ay become m ore close­
ly related.
Bob had a nice statem en t on Decem­
ber 30, 1950, show ing deposits of
$3,896,000, w ith a capital of $62,500
and surplus, undivided profits and re ­
serves of $183,300.
*

*

*

Carl A. Birdsall, p resident of th e

C ontinental Illinois N ational B ank and
T ru st Com pany of Chicago, w as
elected presid en t of the Chicago C lear­
ing H ouse A ssociation at the annual
m eeting. He succeeds D avid H. Reim -

*

D avid L aw rence, pu b lish er of th e

U nited States News and W orld R eport,
doe3 not believe th a t R ussia w ill a t­
tack this year because he says Stalin
is n o t y et ready and th a t we w ill only
have th e beginning of W orld W ar I I I
“by b lu n d er” and he says th is applies
to both sides.
#
He sum s it up as follows:
T im etable o f U. S. rearm ing su g ­
gests th is for future:
“1951: D anger period. U. S. w eak
but grow in g stronger. F rien ds cool.
“1952: U. S. stron g and grow in g very
strong. L ess danger. More friends.
“1953: IT. S. pow erful. M any warm
friends. A year of sh ow d ow n.”
L. N E V IN L E E
H e ad s R ed C ross d riv e for 1951

Moines, w ill be ch airm an of th e 1951
Polk C ounty Red Cross cam paign fund
w hich w ill be conducted M arch 5th
to 10th.
Mr. Lee has been active in Red
Cross w o rk since 1941, w h en he w as
a ssista n t tre a s u re r of th e P olk county
chapter. He la ter becam e tre a su re r,
serv in g u n til 1948, and now is a m em ­
ber of th e board of directors.
In accepting th is ch airm an sh ip Mr.
Lee said, “I am certain th at the people
of D es M oines and P olk cou n ty w ill
continue to realize the im portant role
Red Cross p lays in our n ation ’s h is­
tory. It is a role th at becom es in ­
creasingly v ita l in th e shadow s of
w ar.”
*

*

*

*

*

*

R obert I. Stout, presid en t of the

F irs t N ational B ank of T ekam ah, N e­
braska, and a p ast presid en t of the
S tate B ankers A ssociation, did quite

There Are Figures
And Figures
HERE
ARE SOME
FIGURES

A n d Here A re Some
First N at iona I Bank
of Tekamah Figures
DEPOSITS Made in 1950 . . . .

$26,652,422.14

CHECKS Paid in 1950 ..................$26,189,860.51
NO. OF CHECKS Paid in 1950 . .
MONEY Loaned in 1950 . . . .

In stitu te of Public Opinion, found in

NO. OF LOANS Made in 1950 . .

Nort hwest ern Banker, February, Ï9 5 I

ers, chairm an and presid en t of the
Live Stock N ational Bank.
L aw ren ce F. Stern, p resid en t of the
A m erican N ational B ank & T ru st Com­
pany, w as elected vice p resid en t and
C harles H. A lbers, m anager and chief
exam iner of the association, w as re ­
elected.
*

George Gallup, d irecto r of A m erican


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

C A R L A. B IR D S A L L
N ew p re s id e n t C hicago
C le arin g H ouse

4,039,854
$ 5,355,039.58
5.265

*

*

P resid en t H arry S. Trum an spoke
at a testim onial d inner for Joshua
E van s, Jr., 73, re tirin g presid en t of th e

H am ilton N ational Bank, and told how
w hen he w as “a poor S enator” and
came to W ashington in 1935 th a t Mr.
E v an s “w as w illing to float a little
slow pap er for me.
“He w as kin d to me w hen I needed

17
it, I don’t forget m y frien d s and I
don’t fo rg et o th er th in g s.”
He also m entioned th a t “1 alm ost
becam e a banker once and w orked in
a bank until I w as 22 years old, start­
in g at a salary of $35 m onthly. I am
still out of jail as th ey h aven ’t caught
up w ith me y et.”

I I 7i#/

O f f i l e r s ’Chairs
A r e Cm pt 1/ ia O u r ttanh
From the President on Down to Assistant Cashiers,
the Staff of Our Bank Is Out Looking for New Business
By ARTHUR J. HOWELL

Some people a re n ’t so w o rried about
th e P re sid e n t being out of jail as th ey
are about his being in th e W hite
House.
*

*

Second Vice President
Manufacturers National Bank
Detroit
W ritten Especially for The

*

N orthw estern

Banker

F. Van E rdew yk, p resid en t of th e

B reda Savings Bank, Breda, Iow a, is
head of one of th e 15 b an k s in Iowa,
out of th e 556 sta te b an k s w hich pays
no in te re st on tim e and savings de­
posits.
In his a n n u al re p o rt to his stock­
holders and board of directors, Mr.
Van E rd ew y k said, “W e d o n ’t need
tim e m oney to tak e care of o u r cus­
tom ers. W e now still have $525,000
of g o v ern m en t bonds to fall back on
in case of need. W e are n o t tu rn in g
dow n any good loans. Our bonds pay
us an average of 1.54 p er cent, b u t we
m u st p ay Uncle Sam 23 p er cen t of
o u r n e t profits, w hich only leaves us
1.19 p e r cen t on o u r bonds.”
“The la st d ate o n w h ich Ave issued
tim e ce r tific a te s w as A pril 12, 1943.
A t th a t tim e Ave a d v ise d o u r c u s to m ­
ers th at w h e n th e ir tim e m oney cam e
due, th ey should in v e st th at m oney in
U. S. govern m en t bonds, b e c a u se o u r
P resid en t had ju st p ub licly a d d ressed
ou r en tire cou n try as folloAvs: ‘W e
drafted you r b oy s; th ey giAre th e ir
liA es; you should le n d you r m o n e y .’ ”
*

*

*

L ew is H . BroAvn, ch airm an of the

b o a r d, Johns-M anville C orporation,
New York, believes th a t to “defend
A m erica” we m u st avoid inflation and
points o u t th at:
“1. We m ust prepare at once for par­
tia l war.
2. W e m u st p reven t inflation in th is
partial Avar.
3. A t so m e p o in t Ave m ust r e c o g n iz e
and p rep are, in p a rt, fo r possib le
a ll-o u t Avar.

>

4. W e m u st get our F ederal debt in
proper shape so Ave could finance
all-out W orld W ar III, if and w hen
it com es.
5. W e m u s t g et w e s te r n E urope to
p rep a re to d efe n d h e r s e lf w ith o u r
h elp or, if sh e Avon’t, Ave m u st
m o v e o u r d e fe n s e to a lin e th a t can
an d A v i l l be h eld .

>

6. We m ust m ake up our m inds
w h eth er w e are goin g to perm it
Stalin to toss a series of K oreas at
u s or w h eth er Ave are goin g to u se
the atom ic bomb to destroy the
w ar-m aking p otential of R u ssia.”


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

lieve th ey have been effective.
Our m ost im p o rtan t idea, if you can
call it th at, has been to follow a p er­
siste n t ad v ertisin g policy. Recogniz­
ing th e fu n dam ental w isdom of th e
sales precept th at, all th ings being
equal, the “b ank th a t m akes th e m ost
calls w ill get th e m ost business,” we
have deliberately planned our ad v er­
tisin g to gain th e broadest possible
sales exposure. Our b an k m aintains
b an k ing offices in D etroit and in the
cities of H ighland P a rk and D earborn,
w hich are p a rt of th e G reater D etroit
area. Our ad v ertisin g p lanning calls
for the co n stan t use of new spapers
and o ther m edia in these cities p ri­
m arily to sell p o pular services to a
m ass audience: Savings, checking ac­
counts, personal loans, m ortgage loans,
etc. Our p rogram is planned care­
fully, in advance, and we do not p e r­
m it flash ideas to in terfere w ith the
steady, relentless selling of our basic
services to our logical m arket.
A nother idea w hich we have found
profitable is equally u n exciting and
m ight be called a corollary of the one
w e have ju st described. W ith in th e

b an k we have geared ourselves to do a
p ersisten t job of selling to our p res­
en t custom ers and to prospective cus­
tom ers th ro u g h th e m edium of p e r­
sonal calls, statem en t and passbook
enclosures and t i m e l y le tte r ap ­
proaches. The presid en t of our bank
is keenly sales-m inded and has set th e
pace for our b ank by m aking as m any
or m ore new business calls th a n any
o th er person in th e bank. Calls by
our b ank officers are system atized so
th a t th e re is c o n s t a n t exposure
th ro u g h the m edium of personal call­
ing. D uring banking ho u rs you’ll find
m any em pty officers’ chairs in our
ban k because we know “th e re ’s gold in
them th a r h ills” and we are out try in g
to find it. As p a rt of our in tern al sell­
ing schem e we try to m ake sure th a t
our p resen t custom er is n ot a “forgot­
ten m an.” T hrough a system of cross­
selling we are ever w atchful of w ays
in w hich we can broaden our services
to custom ers and we tak e pains to see
th a t our custom ers know about them .
One of th e philosophers once said,
“We live in an age in w hich su p er­
fluous ideas abound and essential ideas
are lacking.”
W e have found th a t th ere is good
sense in sticking w ith fundam entals.

H arry F. Manor, w ho w ill d irect the
T H R IFTSU R A N C E D ivision of B ank­
ers D evelopm ent C orporation from
th e la tte r’s new address a t 100 P a rk
A venue, N ew York, has served banks
all over the co u n try for th e p ast 20
y ears as a co n su ltan t in th e field of
new business developm ent, custom er,
em ploye and public relations.
He sta rte d his ban k in g career in
Toledo, Ohio, in 1919 and served as
secretary, president, in stru c to r and
educational d irector of Toledo C hapter
A.I.B.
“T H R IFT SU R A N C E ,” w hich h a s
had an enth u siastic response from
b an k ers to w hom it w as “sneak-pre­
view ed” is a “package p la n ” w h ereby
th e custom er t h r o u g h system atic
m o n th ly deposits tow ard a p re d e te r­
m ined goal has his or h er deposits
in su red against sickness, accident and

death, all at low cost and w ith o u t
physical exam ination.
Clair M. R oddew ig, p resid en t of the
Chicago & E a ste rn Illinois R ailroad,
w as elected a m em ber of the board of
directors of th e Chicago N ational, it
has been announced by L ester A r­
mour, board chairm an.
B orn a t New castle, N ebraska, Mr.
Roddew ig atten d ed school in H artington and at C reighton U n iversity in
Omaha. He w as adm itted to th e b ar
in 1926 and practiced law in Omaha
before m oving to W itten, South Da­
kota, in 1930. He served as m ayor of
th a t city before becom ing sta te ’s a t­
to rn ey of T ripp county, South Dakota,
in 1933 and assistan t a tto rn ey general
of the state th e follow ing year. He
m oved to W inner, South Dakota, in
1933, and his father, E. J. R oddew ig,
still resides th ere.—The End.

H E best ideas we have used to sell

T our b a n k ’s services have been ei­
th e r u nusual or dram atic. B ut we be­

Northwest ern Banker, February, 1951

IV lif/ O u r flank is 1 losad

On Saturday
To Obtain the Right Type of Employe, Working Conditions
and Hours Must Be Similar to Those of Comparable Work
By T. F. JACOBSON
Assistant Cashier
Story County State Bank
Story City, Iowa

A

F E W m onths ago th e Story
C ounty B ankers A ssociation, of
w hich o u r b ank is a m em ber,
called a special m eeting to consider
closing all h anks in th e county on
S atu rd ay afternoons. By action of
this association, S atu rd ay afternoon
closing w as adopted.
In banking, we usu ally classify
banks as to w h e th e r th e y are ru ra l
or city banks. Our ru ra l b an k is lo­
cated in a tow n of approxim ately
1,600 population, servicing th a t com ­
m u n ity and an o th e r of approxim ately
700 population w ith th e p a re n t bank
and office. Our em ployes and active
officers to tal 11, our footings are th re e
and one-half m illion; w e are located
50 m iles n o rth of Des Moines. Our
tow ns are th e larg est w ith in a radius
of 10 miles. Our business is serving
farm ers and those businesses g en er­
ally found in farm com m unities, w ith
th e exception of our seasonal canning
factory pay roll.
W hy did we choose S atu rd ay for
th e half day off, ra th e r th a n some m id­
w eek day? Probably on th e surface
we could say th a t we all enjoy th e
long w eek end th a t is fast becom ing
m ore and m ore p ro m in en t in all b u si­
nesses. W e m ay be a b it skeptical
about not being open for b u siness on
S aturdays, w hich is g enerally con­
cluded to be th e “big d ay ” for ru ra l
com m unities. W e m ight look back to
th e days w hen b ankers, a t least in
ru ra l com m unities, w ould be on th e
job about 6:30 a. m. to be su re to get
F a rm e r B row n’s business. He w ould
b rin g th e cream to tow n before s ta r t­
ing th e d ay ’s field w o rk and, if your
b an k w a sn ’t open, th e b an k across the
stre e t was. A t th a t sam e tim e it was
custom ary to stay open u n til ap p ro x i­
m ately 10 o’clock on S atu rd ay nig h ts
to m ake su re th a t everyone had am ­
ple tim e in w hich to get to th e bank.
In 1950 we can look badk and believe
in our ow n m inds th a t th a t practice
certain ly w as not practicable. Also,
a n u m b er of y ears ago service charges
N ort hwest ern Banker. February,


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

1951

w ere un h eard of. We are now con­
vinced th e service charge is a “m u st.”

bookkeepers, sten o g rap h ers and tell­
ers, th e fu tu re executive officers of
banks?
We, in th e small tow ns, look
Criticism
to our high school, business school
H ave we been criticized for not
and college graduates. If our banks
stay in g open on S aturday afternoons?
T hese days no change in policy are open for business six days a week,
and our com petitors for em ployes—
adopted by banks escapes the critical
tongue of all residents of the com m u­ the governm ental agencies, life in su r­
nity. W e have had a few com m ents ance com panies and o th er offices—are
about th e “b a n k e rs’ h o u rs” being open five days a week, we are quite
sh o rt enough as th ey w ere, 9:00 a. m. sure w hich position th ey w ill consider
to 3:00 p. m., b u t after a little explain­ first w hen given the o p p o rtu n ity to
m ake a choice. Our b an k has had this
ing to the business people and other
custom ers, I believe th ey are gen er­ experience. In in terview ing prospec­
tive em ployes th a t v ery th o u g h t has
ally sym pathetic w ith our p resen t
schedule. W e have also had com­ been expressed, “I ra th e r enjoy my
S aturday off: it gives me valuable
m ents such as “W hy d idn’t you sta rt
‘free tim e’ .”
S atu rd ay afternoon closing before?”
A lot of us m ay look back and th in k
Rural Problems
about the tim e we applied for a ban k
B anking is a stren u o u s profession.
job. N othing w as said about hours;
D octors w ill tell you th a t far too
w ork u n til th e w ork w as done. N oth­
m any ban k ers have nervous b re a k ­
downs. The percentage is high. We ing w as said about advancem ent;
things d id n ’t look too rosy for the
need m ore tim e to relax. Ray C un­
ningham , secretary of th e Y.M.C.A. at boss. I believe we m u st change our
th in k in g w ith the tim es. Today em ­
Iow a S tate College, stated in a speech
ploym ent is at an all tim e high. If
to an educational group th a t people
we are to secure th e rig h t type of an
are finding out th ere is a lot of fun
employe, in this m ad scram ble to get
to be had in life, and th ey w ant to
som eone who w ill w ork, I th in k we
become a p a rt of it. This has changed
m ust be in a position to m ake a com ­
th e en tire social set-up.
I
w ould like you to think, along petitive offer to th e prospective em ­
ploye. Our w orking conditions and
w ith me, about some of the things
hours m ust be sim ilar to those of com ­
th a t confront a ru ra l banker. E ven
parable w ork.
in a ru ra l bank I believe you will
Most banks w hich are closing for
agree th a t it is physically im possible
p a rt of a day d uring th e w eek have
for th e executive officer to ru n a bank
chosen Saturday, as well as in d u stry ,
alone. It is im p o rtan t th a t a bank
governm ent and o t h e r businesses.
be m anned w ith capable and efficient
personnel. W here do we go to get our This obviously gives a longer w eek­
end in w hich the em ploye can m ake
b etter use of tim e alloted him for
recreation, or w h atev er he m a y
B Because of the continuing interest by
choose. We know th a t the five and
bank executives in the m att er of Saturday
one-half day week is appealing to our
closing for banks, and its contingent pro b ­
employes. P rio r to this tim e, the
lems of hiring competent personnel, ar­
em ployes needed some tim e for th em ­
ranging working hours and satisfying the
selves. S atu rd ay afternoons are now
public, this subject was discussed at the
reserved for personal in terests, th u s
re ce n t meeting in Des Moines of officers of
avoiding the disturbances caused by
the Iowa County Bankers Associations by
em ploye’s absence du rin g the w eek.—
T. F. Ja cobson. His remarks are reprinted
The End.
here for the information of all bankers.

,

O fficers’ S e c tio n E ast B a n k L o b b y
T h e re ’s a stan d in g in v itatio n for you to inspect o u r recen tly en larg ed and
rem o d eled b a n k in g q u a rte rs th e n ex t tim e y o u ’re in O m aha.

M EM BER

F E D E R A L D EPO SIT IN S U R A N C E C O R P O R A T IO N

The Omaha National Bank

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

Northwest ern Banker, February, 1951

20

H ankers You tin o tv

H

m

n

v

r

• / .

Livittysioti
President
First National Bank
Chicago
With the Tirst National of Chicago for 29 years

OW p re sid e n t of th e o rg an izatio n
w ith w h ich h e sta rte d his b u si­
ness c a re e r as a cle rk in th e law de­
p a rtm e n t, h is rise in th e business
w orld, an d in th e h a n k in g field p a r ­
tic u la rly , m akes th e ach iev em en t of
H o m er J. L ivingston ty p ic a l of th e
rew a rd A m erica offers to those w ho
ta k e ad v antage of th e ir o p p o rtu n itie s.

N

A n ativ e of C hicago, h o rn th e re
A ugust 30, 1903, H o m er J. L ivingston
e n te re d th e em p lo y of th e F irs t N a­
tio n a l B an k of C hicago on D ecem ber
26, 1922, at th e age of n in eteen . C on­
tin u in g h is e d u c a tio n w h ile em ployed
by th e h a n k , lie received his law d e­
gree fro m Jo h n M a rsh a ll Law School
in 1924, an d was a d m itte d to th e I lli­
nois b a r in 1925.
On S ep tem b er 29, 1928, M r. L iving­
ston m a rrie d H elen H. H en d erso n ,

Nort hwest ern Banker, February, 1951


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

a n d th e couple have one ch ild , H om er
J. L ivingston, Jr., w ho is fifteen years
of age.
M r. L ivingston was elected a tto rn ey
fo r th e F irs t N atio n al B a n k in 1930,
h o ld in g th a t p o sitio n u n til 1944, w hen
lie was p ro m o te d to b a n k counsel.
T h e follow ing y ear h e was elected
a sen ior vice p re sid e n t of th e h an k ,
a n d th re e years la te r was n am ed to
th e b o a rd of directo rs, and subse­
q u e n tly becam e p re sid e n t, th e po si­
tio n h e now holds.
In his business activities outside of
th e F irs t N atio n al B ank, M r. L iving­
ston is c h a irm a n of th e stock trustees
a n d c h a irm a n of th e executive com ­
m itte e of th e M onon R ailw ay, and a
d ire c to r of th e C o n tin en tal C asualty
C om pany, a n d th e C o n tin en tal A ssur­
ance C om pany, b o th of Chicago.
A m ong civic p o sitions h e ld by M r.

L ivingston are his tru ste e sh ip and
governing life m em b ersh ip of th e A rt
In stitu te of C hicago, and h is p o sitio n
as a d ire c to r of th e C hicago c h a p te r
of th e A m erican R ed Cross.
M r. L ivingston is a m em b er of a
n u m b e r of social an d business clubs
in C hicago, b ein g a d ire c to r of th e
U nion League C lub, a tru ste e of th e
M id-D ay C lub, a m em b e r of th e exec­
utive com m ittee of th e C om m ercial
C lub of Chicago, an d also a m em b er
of th e Chicago, Law and L egal Clubs.
His hobbies, w hen h e can find tim e
to p u rsu e th em , are golf and fishing.
A sked w h at h e th o u g h t w ere th e
m ost im p o rta n t p r o b l e m s facing
b a n k e rs today, M r. L ivingston said,
“ T h e m an ag em en t of governm ent
deb t an d th e co n tro l of in flatio n ary
pressu res.”

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

N orthw estern Banker, February, 1951

C om m erce Trust i Mrom otes F o u r

Vice President
S tu art A. H eatley has been nam ed
vice president of A m erican T ru st
Company, San Francisco, according to
an announcem ent by Jam es K. Lochead, president.
Mr. H eatley started his ban k in g ca­
reer w ith A m erican T ru st Com pany

PROMOTION'S— Com m erce T ru s t C om pany, K a n sa s C ity, h a s p ro m o te d th e fo u r
officers p ic tu re d above, fro m a s s is ta n t c ash ie r to a s s is ta n t vice p re sid e n t. F ro m
le f t to rig h t th e y are O liver A. Ingram , Am brose S. Ruckner, Jr., E li P. W heat,
Jr., a n d W. L. Gibson.

Harris Trust
A t the m eeting of th e board of di­
recto rs of the H arris T ru st and Sav­
ings Bank, Chicago, these new officers
w ere elected:
In the b anking departm en t, N orville
A. A uB uchon, N orm an R. K arow and
V irion S. Rice w ere elected a ssistan t
cashiers. In th e tr u s t departm en t,
H orace M. M oderwell w as elected as­
sista n t secretary. In the in v estm en t
departm en t, Jam es M. R ansom of the
New York bond office of th e b an k w as

elected a ssistan t m anager, trad in g de­
p artm ent.

Curry Promoted
Leslie K. Curry, form erly vice p resi­
dent, w as elected vice p resid en t and
com ptroller of the M ercantile-Com ­
m erce B ank and T ru st Company. He
w as elected to the sam e positions in
th e b a n k ’s affiliate, the M ercantileCom m erce N ational B ank in St. Louis.
He w as presid en t of the M issouri
B ankers A ssociation last year.

in 1933, after g rad u atin g from th e
U niversity of California. He has been
closely identified w ith the b a n k ’s cred­
it and loan activities continuously
since th a t tim e and w as nam ed an
assistan t vice presid en t in 1941, w hich
position he has held u n til th is tim e.

MOVE OVER
Ju st four years ago we moved into
our nice new Chicago plant and, as
we viewed the sixty thousand feet
spread out on one floor, we felt con­
tent that at last we had acquired
com modious quarters. But now once
again we contemplate the task of
pushing out the walls or rearranging
the production flow because our
space needs have grown in no small
measure.
I t so happens that this change-over
is needed anyway, although we prob­
ably would not get at it for some
time were it not for the fact that we
are bum ping into each other. What
we thought four years ago repre­
sented the ideal arrangement is now
more or less outm oded. W hat we
called "streamlined production” is
now rated cumbersome in the light
of recent improvements.

T rue enough, our output in Chicago
is up 35 %, which naturally necessi­
tates the addition o f a lot o f new
equipment, and o f course new ma­
chines mean more people. Ju st the
same, it seems like a very short time
to develop growing pains, especially
since we have not been conscious of
any great influx o f new business.
W ell anyway, we like it even if it
does mean more work. It certainly is
more satisfying to make room for a
new press than it is to cover one with
a tarpaulin. Static is som ething we
tolerate in a radio, but thank go o d ­
ness it doesn’t exist in business. O f
all the things we strive to maintain,
status quo is not one o f them. This
growth, if we may be permitted to
commercialize our thinking, is prob­
ably due to our delivering a little
extrain thew ayofqualityand service.

Supervisor
|

■<

Northwest ern Banker, February, 1951


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Federal Reserve Bank of St. Louis

The Royal B ank of Canada has an ­
nounced the ap p ointm ent of D uncan
R obertson as supervisor of th e b a n k ’s
branches in Colombia and J. M. J o h n ­
son as m anager of Bogota B ranch.
Mr. R obertson joined T he R oyal
B ank of C anada in Toronto in 1920
and served the bank as a nu m b er of
branches in Canada, the W est Indies
and in South Am erica. In 1945 he
w as appointed inspector in th e su p er­
v iso r’s departm ent, Bogota, and since
1948 has been m anager of Bogota
B ranch.

W ar Loans

M anufacturing Plants at:
N E W Y O R K , P A O L I, C L E V E L A N D . C H IC A G O , K A N S A S C IT Y , S T . P A U L

S T U A R T A. H E A T L E Y
V ice p re s id e n t
A m erican T r u s t C om pany
San F ran c isco

I

R eopening of the w ar loan division
of th e S ecurity-F irst N ational B ank of
Los A ngeles has been announced by
George M. W allace, ch airm an of th e
board and chief executive officer of
the bank. The d ep artm ent, w hich
w ill handle loans for essential produc­
tion, w ill be headed by Ted Johnson,
vice president, w ho w as in charge of
the d ep artm en t in W orld W ar II.

23

A 6cf

(/eitwd^

^oeed'Z

H ow the C ontinental Illinois
collects cash item s — F A S T !
1 Mail is picked up as it reaches the post office just across Clark
street, whatever the time — day and night.
2 O ur seasoned proving staff processes cash items continuously
through the night as soon as they are received — often saving
a full day of collection time.
3 All out-of-town checks are microfilmed at the rate of thousands
an hour. If an occasional check is lost, a photographic copy
can be put through at once.

IN OTHER WORDS,
your own fa st and efficient sending
o f cash items is never wasted here—
we take up where you leave off, w ith
competent staff, modern facilities,
and advanced techniques.

TRY US!

4 A ir mail, air express, early trains and fast trains are used to con­
vert every item into usable funds at the earliest possible moment.

5 As for local checks—with the Clearing House j ust across La Salle
street—we have utm ost "leeway” for including last minute items.

Continental Illinois National Bank
and Trust Company of Chicago
LOCK BOX H, C H IC A G O 90, IL L IN O IS

>

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Federal Reserve Bank of St. Louis

Member federal Deposit Insurance Corporation

Northwestern Banker, February, 1951

i*roniotions at

l'/ io í'iii.v

Hants

equally betw een capital and su rp lu s,
raisin g capital from $13,500,000 to $16,000,000 and su rplus from $14,000,000 to
$16,500,000. The new capital s tru c tu re
is one of the largest in th e co untry,
ran k in g 24th am ong all banks.

Announces Promotion

H . E. H A R R IN G T O N
A. P. L O P E R
E. T . S C H A L L
V ice p re s id e n t
A ss is ta n t v ice p re s id e n t
A ss is ta n t vice p re sid e n t
A ll w ith th e V a lle y N a tio n a l B ank, P hoenix, A rizona

H E board of directors of th e Val­
ley N ational Bank, Phoenix, A ri­
zona, has approved th e prom otion of
H. E. H arrin g to n , a ssista n t vice p resi­
d en t of the Tucson office, to vice p resi­
dent. E lm er T. Schall, assista n t cash­
ier and a ssista n t m an ag er of th e in ­
stallm en t loan d e p a rtm e n t of th e
hom e office in Phoenix, w as advanced
to assista n t vice president. A nother
prom otion to a ssista n t vice p resid en t
w as A ndrew P. Loper, w ho w as p re ­
viously a ssista n t cashier and assist­
a n t m an ag er of the in v estm en t d e p a rt­
m en t in th e hom e office in Phoenix.

T

E a rl Bim son w as prom oted from the
the personnel d ep artm en t in charge
of salary adm inistration, to assistan t
auditor.

W illiam G. Rabe, vice p re sid e n t and
director of M anufacturers T ru st Com­
pany, New York, has been nam ed
ch airm an of the tru s t com m ittee, to
succeed the late E rn e st Stauffen, it
w as announced by H en ry C. Von Elm,
president.
Mr. R abe’s en tire b anking career,
extending over the p ast 35 years, w as
spent in close association w ith th e late
H arvey D. Gibson. He first becam e
associated w ith Mr. Gibson w hen the
la tte r w as presid en t of the L ib erty
N ational B ank in 1916. Mr. R abe

Republic National Bank
The increased capital and su rplus of
the R epublic N ational Bank, Dallas,
Texas, to $32,500,000 becam e effective
upon approval by the com ptroller of
the currency, F re d F. Florence, presi­
dent, announced.
T his increase of $5,000,000, the re ­
su lt of the sale of 125,000 shares of
additional stock, has been divided

Your Lawrence man
offers you this
Inventory Survey

W IL L IA M G. R A B E
V ice p re s id e n t and
c h airm a n , tru s t co m m ittee

Next time inventory figures in a loan application, call
in your Lawrence man. H e’s as near as your telephone.
From his experience with inventories in many lines,
he can determine for you if a given business lends
itself to field warehousing.
Why not call on his experience?

LA W R EN C E SYSTEM

now serves as a tru ste e of Mr G ibson’s
estate, of w hich Mrs. Gibson and M an­
u factu rers T ru st Com pany are co­
executors.
In 1931, w hen Mr. Gibson becam e
presid en t of M anufacturers T r u s t
Company, Mr. Rabe cam e to th e bank
w ith him as assistan t to the president.
He w as m ade a vice p resid en t in De­
cem ber of th a t year. In 1947 he w as
elected a director and in 1949 w as
nam ed to the b a n k ’s general adm inis­
tra tiv e board.

Nationwide Field Warehousing

FACILITATES LOANS AGAINST INVENTORY
SAN FRANCISCO

CHICAGO

NEW YORK

37 DRUMM ST.

100 N. LA SALLE ST.

72 WALL ST.

Offices In All Principal Cities

Nort hwest ern Banker, February, 795?


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

Life Company Director
S. M arcus Greer, M ercantile N ation­
al B ank at Dallas executive vice p resi­
d en t and director, has been elected a
director of the Jefferson S tan d ard Life
In su ran ce Com pany of G reensboro,
N orth Carolina.

25

A w o rld -w id e banking service

* * •

>

As y o u r C h i c a g o c o r r e s p o n d e n t

TheNorthern Trust Company provides you and
your customers with every foreign hanking service
You will find The N orthern T rust Company’s
long established facilities, wide experience
and relationships abroad of great help in all
of your foreign requirements. Special facil­
ities are provided for the speedy and accurate
handling of all export and import collections,

remittances and credit information. Trans­
actions are made direct with leading banks
everywhere. In The N orthern T rust Com­
pany’s Foreign Departm ent, as in all other
departments, you will find quick, personal­
ized attention to your needs.

THE NORTHERN TRUST COMPANY
50 SOUTH LASALLE STREET, CHICAGO 90
Member Federal Deposit Insurance Corporation
NEW YORK REPRESENTATIVE—15 BROAD STREET, NEW YORK 5
Northwest ern Banker, February, 1951


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

H I

nini

iiJ

26

C h icayo 9P ro m

C ity N a t io n a l

JA M E S J. N A N C E
W IL L IA M

H . M IL L E R

C. S. M A C F E R R A N

A T TH E A N N U A L M E E T IN G of th e sto c k h o ld e rs o f th e C ity N atio n a l B ank
and T rust Company o f Chicago, Jam es J. N ance, p re s id e n t, H o tp o in t, In c ., w as
e le cte d to th e b o a rd , to g e th e r w ith a ll o th e r d ire c to rs . M r. N a n ce is a le a d e r in
m a n y b u sin e ss a sso c ia tio n s, as w ell as c h a rita b le a n d e d u c a tio n a l o rg a n iz a tio n s
a n d se rv ed d u rin g W o rld W a r I I as a m em b er o f th e A d v iso ry C o m m ittee fo r
I n d u s tr y on th e W a r P ro d u c tio n B oard.
A t th e a n n u a l m e e tin g of th e b o a rd of d ire c to rs , C. S. M acferran a n d W illiam
H. M iller w e re e le c te d se n io r v ice p re sid e n ts. M rr. M a c fe rra n h a s b e e n id e n ­
tifie d w ith b a n k in g fo r o v er 49 y e a rs, a n d M r. M ille r fo r over 89 y e ars.
O th e r e le ctio n s w e re: P hilip E. Clarke, Jr., George I. D aniels, Curry B. Freem an
a n d A. H. Lindgren to vice p re sid e n t, Jam es B e ck ett to a s s is ta n t t r u s t officer a n d
V in cen t M. Lizzo, E o y L. Olsen a n d Clarence P each to a s s is ta n t cash ie r. A ll o th e r
officers w ere re elec ted .

A. H . L IN D G R E N

Elects Directors
T hree new directors w ere added to
the board of The Public N ational
B ank and T ru s t C om pany of New
Y ork at th e a n n u al m eeting. All of
the p resen t d irecto rs w ere re-elected.
The new m em bers are: Joseph V.
Santry, p re sid e n t of C om bustion E n g i­
neering-S uperheater Inc.; Clifford C.
Thom as, se cretary and directo r of
Jo h n so n & H iggins, and Sam uel J.
Silberm an, p resid en t of Consolidated
Cigar C orporation, all of New York
City.

FPRA Director
H arve H. Page, second vice p resi­
dent, The N o rth ern T ru s t Company,
Chicago, Illinois, has been appointed
to th e board of directo rs of th e F in a n ­
cial Public R elations A ssociation by
Northwest ern Banker, February, 1951


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

H ugh J. B ernard, F P R A president,
and vice president, Second N ational
Bank, H ouston, Texas. He w ill serve
u n til the association’s an n u al m eeting
in Hollywood, Florida, n ex t N ovem ­
ber, in place of Osmond T. Jam erson,
w ho has left th e b anking field. Mr.
Page w as tre a su re r of the F P R A from
1948 to 1950.

Federal Discount Corporation
T he to tal assets of $5,846,370 are
show n in the consolidated balance
sheet of the F ed eral D iscount Corpo­
ratio n and its subsidiaries in its an ­
nu al re p o rt to stockholders last m onth.
The F ed eral D iscount is located at
D ubuque and has 34 offices in the
states of Iowa, W isconsin, Illinois and
M innesota.
The corporation w as organized in
1921 w ith an original capital stock of
$150,000. It now has capital stock
p re fe rred of $1,122,000, com m on stock
of $212,500, w ith su rp lu s and u n d i­
vided profits of $468,269. T he com­
p any w as originally form ed to finance
autom obile purchases b u t since 1939
m ost of its business has been in direct
loans to borrow ers.

Officers are: Jo h n H. Jansen, p resi­
dent; R. L. Stotesbery, vice president;
W. F._ Saw yer, vice president; M. E.
P atrick, vice president; Carl R. Pohlad, vice president; George F. Jan sen ,
secretary; B. W. Nowlin, tre a su re r and
assistan t secretary, and E. H. S totes­
bery, a ssistan t treasu rer.

Mosler Announces
New Agency
The M osler Safe Com pany of H am ­
ilton, Ohio, and New Y ork City, has
appointed Stockton, W est, B u rk h art,
Inc., C incinnati, to handle all phases
of its ad vertising program , effective
M arch 1, 1951.
A t the sam e tim e M osler w ill shift
key personnel from New Y ork City to
the hom e office. Jo h n Mosler, vice
president, and L angdon R. L ittlehale,
director of advertising, w ill tra n sfe r
th e ir h ead q u arters from the com ­
p a n y ’s New Y ork office at 320 F ifth
A venue to its m ain office and factory
in H am ilton, Ohio. Miss M arie MacLellan, assistan t advertising m anager,
w ill rem ain in New Y ork to supervise
production of window displays and re ­
lated m aterial.

27

Sell the Travellers Cheques that
sell your bank to everyone who sees them!
THESE TRAVELLERS CHEQUES have the name of your bank

and increase your bank’s prestige —both at the same time

printed in the lower left hand corner —at no cost to you.

—when you sell these Travellers Cheques that sell your

It is an extra service of The First —typical of the many

bank to everyone who sees them.
Suggest them to your customers for both vacation and

extras enjoyed by our customers and correspondents.
You retain the entire commission when you sell Travellers

business use. They have provided protection for travel

Cheques of The First National Bank of Chicago; remitting

funds for more than 40 years, and can be spent anywhere

to us only the face value of the cheques you sell.
For these two reasons you increase your bank’s revenue

in the world —just like cash. For details write our


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

f o r e ig n

BANKING DEPARTM ENT.

The First N atio n a l B a n k of Chicago
D e a r b o r n , M o n ro e a n d C la r k Streets
B u ild in g w ith C h i c a g o since 1863
MEMBER

FEDERAL

D EPOSIT

INSU RA NCE

CO R PO R ATIO N

Northwestern Banker, February, I95J

28

"mm
'.r %

)
»
'1

A m e r i c a n A i r l i n e s s a y s : “The six N a­

!
,

È

A

tional Accounting Machines we recently pur­
chased from you have saved us about $2,500 a
month—or $30,000 a year.
“We find them as modern for today’s account­
ing as our latest planes are for today’s flying.
Our improved billing is much appreciated bv
our customers. Collection efficiency has been
increased.
“When first installed we figured this National

N orthwestern Banker, February, 1951


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

equipment would pay for itself in two years. But
at the present rate of saving, it will pay for itself
in less than a year.
“In these days getting more work done better
and faster . . . and at lower cost . . . is quite an
achievement. We thank you and your repre­
sentative for a fine job, splendidly done.”

Vice President and Treasurer

29

THE N E W “ C L A S S 3 1 ” M U L T IPL E -D U TY N A T I O N A L A C C O U N T I N G M A C H IN E

is the last word in mechanized accounting.
Never before has one accounting machine
combined so many time-and-money-saving
features. Among its many advantages are:
1. Automatic selection and control of
more than 70 functions by arrangement of
posting control bars. 2. Simultaneously
adds and subtracts, or transfers balances

into any combination of totals. 3 . Instant,
positive correction in one operation of
amounts entered in error in any combina­
tion o f totals. 4 . Electrified typewriter
keyboard permits description wherever
desired. 5 . Fluid-drive carriage travels in
either direction at uniform speed.

THE

REGISTER

NATIONAL


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

CASH

A sk your nearest National
representative to demon­
strate the amazing “ Class 31”
today. Or write us at
Dayton 9, Ohio.

r ~
CO M PAN Y
D AY TO K

9 , O H IO

”

..............1

ewciaonal
ACCOUNTING M ACH IN fS
CASH RfG ISTfttS• ADDING M ACHIN fS

Northwestern Banker, Februarx. 19ST

30

"Sein

O fficers in

C ity

chart at the beginning of this articler
w hich show s the trend of beef cattle
prices at Chicago, The L iv e Stock N a­
tional B ank of Chicago also has avail­
able a chart show ing the T ren d of
Hog and Corn Prices, extended to De­
cem ber 31, 1950, w hich w ill be m ailed
to those requesting it.)

DEAR ED8TOR
(C ontinued from page 7)
by th e answ ers fro m th e top b a n k in g b ra ss
on w h at to do a b o u t inflation. A recen t
speech by Lew is H . B row n, ch airm an of the
b o a rd of Johns-M anville C orporation, which
I am enclosing, has a good sound b lu ep rin t,
in m y opinion. T hought p rh a p s you m ig h t
n o t have seen it.”

Charles K. W atts, President,
Commercial State Bank, Po­
cahontas, Iowa.

"Another Heir"
“A gain, c o n g ra tu la tio n s on a n o th e r heir.
I hope the cover of the N o r t h w e s t e r n
B a n k e r w ill c a rry a d d itio n a l ones a t lea st
once a y e a r ! ”
J. D . A L L E N
P re s id e n t and D ire c to r

W IL L IA M L. M c K N IG H T
A s s is ta n t V ice P re s id e n t

P ic tu re d a b o v e a re J . D. A llen ( l e f t ) , p re s id e n t, S to c k Y a rd s N a tio n a l B a n k ,
K a n sa s C ity, a n d W illia m L. M c K n ig h t, a s s is ta n t v ice p re sid e n t, w hose e le ctio n
w a s an n o u n ce d la s t m o n th b y B o a rd C h a irm a n Ja m e s M. K e m p er, J r ., as re ­
po rted in the J a n u a ry N o r t h w e s t e r n B a n k e r .

PROSPEROUS LIVESTOCK PERIOD
(C ontinued from page 15)
C onsidering all of th e elem ents in
th e p re se n t situation, it ap pears re a ­

sonable to expect a prosperous period
ahead for livestock producers and
feeders.—The End.
( E ditor ’s N o t e : In addition to the

MUTUAL FUND SHADES

Ralph N . Larson, President,
The Morris P lan Company
o f California, 715 M arket
Street, San Francisco, Cali­
fornia.

"Held Conference"
“ W e h ere a t Com merce T ru s t Com pany
held a C orrespondents Conference la s t m onth.
T his w as th e th ird one fo r us. W e have
n o t a tte m p te d to m ake i t a n a n n u a l a ffa ir
b u t have h ad th e conferences w hen we b e ­
lieved conditions w a rra n te d our g e ttin g to ­
geth er w ith correspondents to discuss c u r­
re n t problem s.”

Bichard L. Dunlap, Vice
President, Commerce T rust
Company, Kansas City, M is­
souri.

For Your Bank Customers
W hen you r c u sto m e rs in q u ire a b o u t sto c k s and bonds, w e
s u g g e s t th a t you recom m en d th e ir in v e stig a tio n o f m u tu al
fun d sh a re s, so th a t th e y m ay ob tain ad eq u ate d iv e r sific a ­
tion . W e w ill g la d ly fu r n ish p r o sp e c tu se s on all M utual
F u n d s w h o se m a n a g e m en t w e can recom m en d, and w hich
m ay be sold in th e S ta te o f Iow a.
D iffer e n t fu n d s are su ita b le for d iffe re n t in v e stm e n t o b ­
je c tiv e s . W e have s ta tis tic a l in fo r m a tio n on a ll m utu al
fu n d s. W r ite or telep h o n e a t our ex p e n se .
Y our in q u iry w ill be re fe rre d only to one of the
m em bers of o u r firm w ho has been in th e in v e stm en t
business tw e n ty y e ars or m ore.

......... Graefe & Company
I N V E S T M E N T
415 E q u itab le B uilding, Des M oines, Iow a

*

B A N K E R S
Telephone 4-7297

T w enty-nine full-facility
offices strateg ically lo cated
in 24 A rizona co m m u n ities,
enable us to furnish accurate,
f irs t-h a n d in f o r m a tio n on
e v e r y p h a s e o f A r iz o n a ’s
economy. Y o u r inquiries are
cordially invited.
A R I Z O N A ' S S TATE W ID E B A N K

VALLEY NATDONAL BANK,
H o m e O ffice — Pho en ix , Arizona,

RESOURCES

$268

MILLION

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northwest ern Banker, February, 1951


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

31

IN V E S T M E N T S

;V , V ,v

'■ ; :. ;

H oad P r ic e s A r c A ffected
Ihf Internalionttl A ffa irs
With Taxes Definitely on the Upgrade,
Investors Will Continue to Look for a Tax Shelter
By RAYMOND TRIGGER
Investment Analyst
New York City

S

INCE th e w hole U. S. econom y
—federal budgets, federal taxes
and federal b orrow ing included—
w ill be decisively influenced by in te r­
natio n al affairs, no p ru d e n t observer
is going v e ry fa r out on w h a t 1951
holds for th e in v esto r in bonds. If
one th in g is m ore likely th a n anoth er,
though, it is h eav ier taxes. In tu rn ,
th is adds g reatly to th e value of tax
sh elter. T he c o u n try ’s com m ercial
b an k ers w ere not slow to read th e
h a n d w ritin g on th e w all last year.
T h ey b o u g h t tax-exem pt bonds on a
m ajor scale. Supplies of such obliga­
tions w ere a t record high levels, b u t
dem and o u tra n th e m and, as a con­
sequence, th e y ear ended w ith prices
of m unicipal bonds a t th e h ig h est
levels of 1950.
P robably typical of m an y h u n d red s
of sm aller b an k s w ere th e actions
ta k e n by som e of th e co u n try ’s larg est
as revealed by a com parison of yearend statem en ts. T hus, New Y ork’s
N ational C ity B ank added m ore th a n
$110,000,000 to its holdings of tax-ex­
em p t bonds in 1950, lifting th e to tal
to m ore th a n $425,000,000, or m ore
th a n an y o th er b an k in th e country.
Second place w as held by B an k of
A m erica, w hich added about $98,000,000 and w ound up th e y e a r w ith b e tte r
th a n $415,000,000 of exem pts in its
portfolio. I t could be argued, how ­
ever, th a t th e c o u n try ’s larg est bank,
ow ning 10 p e r cent of N ational City
Bank, really had an in te re st in m ore
exem pts th a n an y o th er in stitu tio n .

Other Banks
O ther large city b an k s added im ­
pressive am ounts of exem pts in 1950.
T h ey included Chase N ational B ank
(alm ost $65,000,000), C hem ical B ank &
T ru s t C om pany (som e $57,000,000),
J. P. M organ & Com pany (b e tte r th a n
$46,000,000), and a n u m b er of o th er
b an k s w ith sm aller totals, b u t w hich,
n ev erth eless, ro u g h ly doubled th e ir

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Federal Reserve Bank of St. Louis

several positions in exem pts. One of
these w as G u aranty T ru st Company,
w hich cut dow n its com m itm ents in
1949 to u n d er $55,000,000, b u t alm ost
doubled th em ($107,007,990) in 1950.
T here is n o thing in sight suggesting
a rev ersal in th e tre n d of com m ercial
b an k buying of m unicipal and state
tax-exem pt bonds. A brief sum m ary
of th e outlook for 1951 has been su p ­
plied by H alsey, S tu a rt & Company,
p erhaps th e c o u n try ’s m ost active in ­
v estm en t ban k in g house in th e field,
in th e ir Year-End B ond S u rvey. It
ru n s, “Some restrictio n s on th e vol­
um e of state and m unicipal bonds m ay
be expected in view of th e necessities
of th e arm am en t program . In addi­
tion, states and m unicipalities, faced
w ith h ig h er o perating expenses neces­
sitatin g h ig h er local taxes, m ay find
a public disinclined to approve p ro ­
posals for new debt. At th e sam e
tim e, continuing high taxes and the
prospect of still h ig h er federal incom e
taxes, enhance th e desirability of th e ir
tax-exem pt feature, and m unicipals

face an increased dem and in th e com­
ing y ear.”
Im p o rtan t and in terestin g as m u­
nicipals are, th ey do not b ulk large in
th e w hole field of bond financing.
M any extrem ely sm all blocks are sold
for some specific purpose, such as to
build an addition to th e local high
school. An issue of around $5,000,000
is considered fairly large and, fre­
quently, w hen a really out-size em is­
sion is offered—such as a sta te ’s bonds
w ith w hich to pay its v eteran s a bonus
—only one or tw o large groups of in ­
v estm en t ban k ers w ill bid. On the
o th er hand, corporate issues of $20,000,000 and m ore are com m onplace
and a great m any of th em are sold
direct to one or tw o insurance com­
panies by negotiation. To illu strate:
The figures earlier cited of th e hold­
ings of exem pts by th e co u n try ’s larg ­
est banks probably rep re se n t no m ore
th a n 10 per cent of th e individual
b an k ’s total investm ents. Thus, for
practical purposes, it m u st be allowed
th a t governm ents and corporates are
the real problem s of m ost com m ercial
b an k s’ lending officers.
J u s t as it m ay be assum ed w ith
safety th a t taxes w ill rise, so it seem s
inevitable th a t ex penditures w ill o ut­
ru n th em and th a t th e T reasu ry w ill
be forced into large-scale deficit fi­
nancing. The federal debt is, unhaphily, m ade up alm ost one-half due on
dem and or w ith in a year. I t cannot
be allow ed to follow its ow n course,
b ut m u st be m anaged and controlled.
On top of this, th e T reasu ry m ay well
be seeking quite large sum s of new
m oney by th e ad v en t of th e th ird
1951 q u a rte r and, n atu rally , w ill be
preparing, w ith th e aid of th e F ed eral
Reserve, to get th e m oney as p ain ­
lessly as possible. A stable govern­
m ent bond m ark et is a req u isite to
any such effort.
In o th er w ords, th e governm ent
Northwest ern Banker, February, 1951

32

Investments

IVe offer
for sale
the notes of
these
representative
finance
companies
A id I n v e s t m e n t & D is c o u n t , I n c .
A k ro n , Ohio

A u t o m o b ile B a n k in g C o r p o r a tio n
P hiladelphia

B ild e r b a c k I n v . T r u s t
C ham paign, III.

S. W . C oe & C om p any
S p rin g field , Illin o is

C o lo n ia l F in a n c e C o m p a n y
L im a , Ohio

C o m m e r c ia l D is c o u n t
C o r p o r a tio n
Chicago

C o n s o lid a te d F in a n c e C o rp .
In d ia n a p o lis, In d .

C o n tr a c t P u r c h a s e C o r p o r a tio n
D etro it

I n te r s ta te F in a n c e C o r p o r a tio n
D u b u q u e, Io w a

In te r s ta te S e c u r it ie s C o m p a n y
K a n sa s C ity, Mo.

M e r c a n tile A c c e p t a n c e
C o r p o r a tio n

San Francisco

M e r c a n tile D is c o u n t C o r p o r a tio n
Chicago

M e r c h a n ts A c c e p ta n c e C o.
Chicago

N a tio n a l D is c o u n t C o r p o r a tio n
S o u th B e n d

N o rth A m e r ic a n A c c e p ta n c e
C o r p o r a tio n
Chicago

N o r th e r n I llin o is C o r p o r a tio n
D e K alb , III.

S e c u r it ie s A c c e p t a n c e
C o r p o r a tio n

bond m ark et is probably as low as it
can safely be allow ed to drift. A ctu­
ally, of course, prices of governm ent
bonds are not low, judged by reaso n ­
able h istoric standards, b u t such con­
siderations are academ ic in view of
th e situ atio n as it exists. It is u n fo r­
tu n a te th a t n o thing w as done tow ard
co rrecting th e im balance of th e fed­
eral debt in all th e y ears betw een the
end of W orld W ar II and th e K orean
incident, b u t it is now too late to
indulge in nostalgia.

Definite Policies
A gainst th e assum ed background of
prolonged, how ever artificial, steadi­
ness in th e g overnm ent bond m arket,
in v estors—large and sm all—are ju s ti­
fied in fo rm ulating som ew hat m ore
definite inv estm en t policies th a n could
have been sensibly u n d e rta k e n in
1950. T he recen t m odest rises in com­
m ercial loan rates do not ju stify th e
expectation th a t th e w hole basic in ­
te re st ra te stru c tu re is due for an early
revision. P ractically all com m ercial
b an k ers knew th ey w ere lending too
cheaply and deplored it. Too, the
m ost practical and profitable w ay to
apply b rakes on m ounting com m ercial
loans w as to raise th e cost. M any
b a n k ers doubtless w ere an ticipating
h ig h er reserv e req u irem en ts or some
o th er p ressu re on th em to reduce
com m ercial lending and welcom ed the
o p p o rtu n ity to com prom ise by g etting
a little h ig h er re tu rn on a little sm aller
volum e.
T he fu n d am en tals w ith resp ect to
basic in te re st rates and, m ore p articu ­
larly, re tu rn s from governm ents and
top-grade corporates, are quite differ­
ent. In these sectors it w ould appear
safe to look for p re tty firm floors u n ­
d er th e p re se n t stru ctu re. T herefore,
both com m ercial b an k investors and
p riv a te individuals m ay, fairly cau­
tiously, tu rn back to norm al m a tu rity
schedules and sh ift som ew hat from
u n u su al concentration in sh o rt m a­
tu rities, u n d e rta k e n as a hedge against
h ig h er in te re st rates.
Both types of investors, likewise,
w hile re v e rtin g to old-style m a tu rity
schedules in a general way, m ay also
give some consideration to tak in g a

m ore lenient view of the ju st-u n d er­
top-grade obligations provided th e
yield provides a generous com pensa­
tion for th e “calculated” g re a te r risk
involved.

Supporting Factors
One of th e forces tending to su p p o rt
bond prices is th e likelihood of a con­
siderably dim inished supply of real
estate m ortgage inv estm en ts in 1951,
due, of course, to th e im position of
restrictio n s from on high and th e
practical im pact of prio rities designed
to d iv ert building m aterials of all
sorts t© th e im m ense rearm am en t ef­
fo rt ahead.
T here is also, as alw ays, th e de­
m and-supply factor to be considered.
If th e p a tte rn s of W orld W ar II are
re-established in th e p re se n t crisis,
practically everyone so inclined can
go to w ork at lush wages, unless othw ise engaged by th e m ilitary. A t th e
sam e tim e, how ever feeble th e efforts
to hold dow n prices m ay prove, th ere
ju s t w on’t be enough civilian goods
produced to mop up all th e increased
spending pow er of th e g eneral public
despite h igher taxes. C onsequently,
and perh ap s sem i-involuntarily, sav­
ings w ill rise to new h igh totals.
The savings of individuals app ear
to be largely channeled th ro u g h life
insurance com panies and these in sti­
tu tio n s count th e ir assets in th e m u lti­
billions. L aying aside th e funds the
l i f e insu ran ce com panies acquire
steadily from m atu rin g in v estm en ts
and reduction of loans, th e ir n et ex­
cess of prem ium s received over bene­
fits paid is probably p u shing $4 billion
a year. Still far behind, b u t grow ing
even faster, are th e great nu m b er of
pension plans. W h atev er the details
of these plans, th ey are all, in effect,
a device w hereby to d ay ’s earnings are
w ithheld from th e w o rk er and paid
to him or h er at some la te r date plus,
of course, th e earnings on these w ith ­
held wages. It am ounts to enforced
savings and, in th e in v estm en t m a r­
ket, it is ju st an o th er flood of m oney
seeking suitable investm ents. In 1951
it has been estim ated these pension
tru sts w ill be in th e m ark et for at
least $1 billion of prim e investm ents.

Chicago

ASHW ELL
& COMPANY
176 WEST ADAMS STREET
CHICAGO, ILL.
Commercial Paper

Collateral Loans

N ort hwest ern Banker, February, 1951


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

>

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A

A

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O m aha

W in te r & H ir s c h , I n c o r p o r a te d

j

WHEELOCK & CUMMINS, INC.
IOWA AND GENERAL MARKET MUNICIPALS
PUBLIC UTILITY, INDUSTRIAL AND RAILROAD SECURITIES
IOWA CORPORATE SECURITIES
UNDERWRITERS

DISTRIBUTORS

Members Midwest Stock Exchange
200 Equitable Bldg.
DES M O INES 9, IO W A

135 South LaSalle St.
C H IC A G O , ILLINOIS

Investments
On th e supply side, about all th a t
ca n be seen as helping to sw ell th e
to ta l are th e u tilities and, to a lesser
extent, th e railroads. The form er are,
generally, w ell along in th e ir m u lti­
m illion dollar reh ab ilitatio n and ex­
pansion p rogram s in itiated alm ost five
y ears ago. N orm ally, then, th e y w ould
not be looked upon as an expanding
sou rce of su p p ly of new in vestm ents.
H ow ever, w h a t’s left of those longran g e p ro g ram s m ay w ell be sh arp ly
accelerated in ord er to keep in step
w ith th e zoom ing needs of th e de­
fense and re a rm a m en t program .
The railroads, of course, w ill be
u rg ed to b u y all th e rolling stock
th e y can get and, to synchronize, th e
eq uipm ent m ak ers doubtless w ill be
supplied w ith m ore th a n enough m a­
te ria ls to supply th e dem ands of th e
carriers. T he roads, in th e m ain, w ill
bo rro w to finance new equipm ent, b u t
th e to tals involved do n o t ap p ear lik e­
ly to be of p a rtic u la rly large p ro p o r­
tions. Sim ilarly, th e im proved e a rn ­
ings of th e railro ad s th a t m ay logi­
cally be a p relu d e to im p o rta n t re ­
fu n d in g s of o u tsta n d in g bonds do not
signify an y n e t increase in th e am o u n t
of available obligations. Indeed, in
som e cases it m ay not be beyond th e
realm of p o ssibility th a t a few, espe­
cially favored roads, w ill effect a m od­
e st red u ctio n of debt w ith th e p ro ­
ceeds of equities.
On balance, then, dem and in 1951
looks as th o u g h it w ould tak e care
of su p p ly in th e corporate sector. As
e a rlie r observed, perform ance of gov­
ern m e n t bonds cannot conceivably be
expected to be o th er th a n a su stain in g
influence on th e general price stru c ­
tu re. Soon or late, th e w orld and th e
U. S. w ill p ay for th e m istakes of th e
20th c e n tu ry but, for 1951, it is th e
“soon” and n o t the “la te ” th a t m u st
be ta k e n into account.—T he End.

H ank Cives C o rre ct Tim e

CORRECT TIM E is being given in the above picture to B yron Dunn, president
of the National Bank of Commerce, Lincoln, Nebraska, by an Audichron machine
recently installed by the bank. A patented machine, it gives a message and the
time of day by a sweet voiced young lady. In its first days of operation the
Audichron was receiving 10,000 calls a day. Mr. Dunn said the machine was
installed to relieve several firms around Lincoln of the many calls they receive
for correct time. A model machine is installed in the bank lobby where patrons
can pick up a receiver and listen to the conversation. Completely automatic, the
Audichron’s message can be changed to suit the season of the year. Special “goto-church” messages on Saturdays, or special civic messages also can be made.

INVESTORS MUTUAL
INVESTORS SELECTIVE FUND
INVESTORS STOCK FUND

Opens New Office
The F ed eral D iscount Corporation,
D ubuque, Iowa, has p u rch ased th e
office and receivables of th e M uscatine
County F in an ce Com pany in M usca­
tine. The office w ill be o perated by
F ed eral D iscount u n d er th e sam e
nam e and Jo h n Devine, fo rm erly as­
sista n t m an ag er of th e F ed eral Dis­
co u n t’s D avenport office, has been ap ­
pointed m an ag er in M uscatine. T his
increases th e co rp o ratio n ’s n u m b er of
offices ow ned and o perated to 36 in
Iowa, M innesota, W isconsin and Illi­
nois, says C. R. Pohlad, vice president.

INVESTORS SYNDICATE OF AMERICA
Prospectus on request from Principal Underwriter

INVESTORS DIVERSIFIED SERVICES
ESTABLISHED 1894 AS INVESTORS SYNDICATE

M INNEAPOLIS, M INNESOTA

Did you know that your Banker’s Blanket Bond
does not protect your Cash Letter while it is in
transit by mail or express? Ask about our
Cash Letter Policy, which fills the gap.
F I R S T N A T IO N A L B A N K B U IL D IN G


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Federal Reserve Bank of St. Louis

33

C H IC A G O

Scarborough & Company
Insurance Counselors
3, I L L I N O I S

STA TE

to Banks

2 4325

Nort hwest ern Banker, February, 19SÎ

34

F I N A N C I A L

S T A T E M E N T
a s of

D E C E M B E R

i

31,

19 5 0

ASSETS
C ash ................................................................... ...$ 364,702.98
U. S. Bonds (am ortized v a lu e )..................... ... 2,824,422.56
O th er Bonds (am ortized v a lu e ).................. ... 283,746.94
First M o rtg ag es (none d e lin q u en t)............ ... 260,360.51
Due from A gents (current b a la n c e s )........ ... 299,590.03
20,000.00
Building a n d Loan S h a re s ...........................
R eal E state O w n e d ........................................ ... 108,338.35
9,255.91
Due from R ein su ran ce C o m p an ies............
24,329.58
A ccrued Interest on In v estm en ts..............
30,172.61
C ash V alue of Life In su ra n c e .....................

8.6%
66.9%
6.7%
6.2%
7.1%
.4%
2.6%
.2%
.6%
.7%

$4,224,919.47

100.0%

X

LIABILITIES
C urrent Bills .................................................... ...$ 12,911.67
257.50
E m ployees Bond A ccount.............................
37,970.85
C u rren t R ein su ran ce P rem ium s.................
93,374.80
Taxes A ccrued ................................................
U n earn ed Prem ium s, Pro R ata Basis........ ... 2,038,666.29
R eserve for U npaid Losses........................... ... 434,258.07
Equity in S ch ed u le "P "................................. ... 189,181.00
SURPLUS .......................................................... ... 1,418,299.29
$4,224,919.47

W estern M utual In su ran ce Co.
9th & Grand

Des M oines 8, iow a
j

Nort hwest ern Banker, February, 1951


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Federal Reserve Bank of St. Louis

Ü

-f.

A

35

IN SU R A N C E

Si>ll Y o u r f u sionier
W h a t Mie W ants to
The Underwriter of Today Is Facing
the Challenge of Changing Needs
By H. P. STELLWAGEN
Executive Vice President
Indemnity Insurance Company of North America
Philadelphia, Pennsylvania

A

GREA T deal has been said and
w ritte n about m u ltiple line u n ­
d e rw ritin g au th o rity , b u t th e re
seem s to be a g reat deal of illusion
and m isu n d erstan d in g about th e su b ­
ject. F o r exam ple, it seem s to me
to be of little or no in te re st to th e in ­
su rin g public th a t a com pany w hich
trad itio n ally has been a fire com pany
should new ly w rite w o rk m en ’s com ­
pensation insurance, nor is it of any
m om ent th a t a casu alty com pany
should now begin to w rite fire in s u r­
ance. I t is, of course, im p o rta n t to
an in su ran ce com pany th a t it d iversify
its business as far as it m ay u n d er
th e new a u th o rity because diversifica­
tion facilitates th e operation of th e in ­
su ran ce principle and should add to
th e stre n g th and stab ility of insurance
corporations. Then, too, th e general
public m ay not be too concerned w ith
the effect of m u ltiple line u n d e rw ritin g
au th o rity on th e senior m anagers and
u n d e rw ritin g officers of in su ran ce com ­
panies. T he hom e office chief execu­
tive and chief u n d e rw rite r will be re ­
quired to know alm ost as m uch about
th e business as does th e average local
agent. T h a t is asking a good deal and
I hope th a t local agents w ill be p a tie n t
w ith us. Seriously, though, v e ry few
of us w ill be req u ired to be experts
in everything. D ifferent b ran ch es of
th e business w ill still need th e ir spe­
cialists b u t th e ir activities w ill be m ore
closely coordinated.

Freedom vs. Regimentation
The success w ith w hich the u n d e r­
w rite r m eets th e challenge of changing
needs w ill depend to a large e x te n t on
his ab ility to act w ith reasonable in d i­
vidual freedom . The p ro p e rty and
liability b u siness is a reg u lated b u si­
ness. In som e states, fo rtu n a te ly few,
th e language of th e re g u la to ry sta tu te
or th e official in te rp re ta tio n of th a t
sta tu te has enforced un ifo rm proce­
du res on th e p a rt of all in su ran ce com ­

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Federal Reserve Bank of St. Louis

panies w hich are strict enough to p re ­
vent individual in itiative in th e m atter
of ra tin g system s and policy coverage.
In m ost states, how ever, u n ifo rm ity

fu tu re problem s can best be solved by
the trad itio n al organizational approach
and th a t individual action is not in
the public in terest. O thers believe
th a t th e public is best served by a
flexible organizational approach w hich
perm its and respects individual action.
T h at issue has been ably debated in
recen t m onths. Those w ho advocate
a reasonable m easure of individual
freedom contend th a t th e pace is too
sw ift to aw ait th e pleasure of a com­
placent m ajo rity or a lethargic m inor­
ity. On the o ther hand, those w ho are
skeptical of u n ilateral action m ake the
point th a t individualism carried to its
logical extrem e w ill create chaos in
th e business.

Multiple Line

H . P. S T E L L W A G E N
“ Im p o rta n t changes co m in g ”

has not been req u ired and pioneering
effort is p erm itted and even encour­
aged.
The fu tu re tre n d of the business u n ­
d er regulation is im p o rtan t to th e p u r­
chasers of insurance. If th e business
should move in th e direction of en­
forced u n ifo rm ity of action, it m ay
well be th a t th e changing needs of the
in su rin g public w ill be poorly set. If,
on th e o ther hand, th e business moves
in th e direction of freedom of action,
th e reb y p e rm ittin g th e force of com­
petition to operate, th e changing needs
of th e public w ill be w ell met.
T he direction in w hich th e business
m ay m ove w ill n o t be w holly d eter­
m ined by th e a ttitu d e of state su p er­
visory officials; it will be influenced
in large degree by th e a ttitu d e of the
com panies and th e ir agents. T here
are some w ho believe th a t c u rre n t and

T here is no th in g new in these op­
posing contentions, b u t the contro­
versy is intensified now th a t m ultiple
line u n d erw ritin g a u th o rity has en­
tered th e arena. It is not to dodge the
issue to say th a t th e public in terest
w ill be b est served by a point of view
som ew here betw een th e extrem es of
individual freedom and concerted op­
eration. N or is it to color th e issue to
say th a t th ere is little likelihood of
individualism ru n n in g ram p an t in a
business w hich realizes its depend­
ence upon th e law of averages. On
the o th er hand, th e re is ab u n d an t ju s ­
tification for th e observation th a t any
business devoid of com petitive effort
m akes little progress in a changing
era.
It has been suggested th a t th ere are
tw o d istin ct areas in the insurance
business to w hich individualism and
concerted action respectively apply.
T he one area consists of th e small,
run-of-the-mill individual u n it risk s
w hich m ay be m ore intelligently and
equitably rated on the com bined ex­
perience of all and p u rsu a n t to the
m ethods deem ed best by th e m ajority.
In th e area of the large risk w ith inNort hwest ern Banker, February, I95Ï

36

Insurance

dividual c h aracteristics and re q u ire ­
m ents, it is believed th a t th e equities
can b est be m et by individual action
and n o t by concerted action. C ertain
innovations, like th e new package
form s, should be allow ed to em erge as
th e resu lt of individual action if th e
m ajo rity has no ap p etite for them .
A fter a period of te stin g th ey m ight
be em braced by th e m any for applica­
tion w ith fair u n ifo rm ity to th e large
body of risk s for w hich th e y are de­
signed.
I hope th a t you w ill u n d e rsta n d th a t
th e observations and suggestions I
have offered are not critically in ten d ­
ed, b u t are designed to stim u late
th o u g h t and discussion and so co n trib ­
u te to the solution of problem s w hich
alw ays face a grow ing business. P ro p ­
e rty and liability in su ran ce is a good
business, a basic and an im p o rta n t ele­
m en t of our economy. I t has served
th e A m erican people since th e b irth
of our republic, first, w ith ocean m a­
rin e and fire insurance, and la te r w ith
accident and casu alty insurance, cor­
porate su rety sh ip, and inland m arine
insurance. L a st y e a r A m erican in d i­
viduals and business paid prem ium s
in th e am o u n t of $6,976,275,000' for
p ro p e rty and liability in su ran ce p ro ­
tection. P atro n ag e on so huge a scale
testifies to th e u sefulness and th e de­
sirab ility of th e p rotection th a t the
business offers and is a trib u te to its
vitality. W e have m et th e changing
needs of th e past; u n d e r freedom we
w ill m eet th e changing needs of th e
fu tu re.—The End.

Home Loan Bank Report
T otal resources of $73,849,018 are

MICH SPOTS IN H IS T O R Y

show n in th e D ecem ber 31, 1950, sta te ­
m en t of condition of th e F ederal Home
Loan B ank of Des Moines. N et in ­
come for the y ear 1950 w as $447,631
and since its organization the F ederal
H om e Loan B ank has declared divi­
dends of $2,820,718.
It serves 243 m em ber in stitu tio n s
in th e 8th district, w hich includes
Iowa, M issouri, M innesota, N orth and
South Dakota. Officers of th e Federal
H om e Loan B ank of Des M oines in ­
clude R obert J. R ichardson, p resi­
dent; W alter H. Lohm an, vice p resi­
d en t and treasu rer; Jam es M. M artin,
a ssistan t secretary, and A rth u r E.
M ueller, assistan t treasu rer.

Farmers Mutual Hail
A t th e ann u al m eeting last m onth
of th e F a rm e rs M utual H ail Insu ran ce
Com pany of Iowa, officers w ere re ­
elected as follows: P resident, C. P.
Rutledge; vice president, Max D. R u t­
ledge; secretary, F. O. R utledge, and
tre a su rer, W. S. Rutledge.
T his m arks th e fo u rteen th year th a t
C. P. R utledge has served as president.
W. S. R utledge, Jo h n W. R utledge and
F. W. Benson w ere re-elected to the
board for three-year term s.
O ther board m em bers include C. P.
R utledge, Max D. R utledge, F. O. R u t­
ledge and W. S. R utledge.
The F a rm e rs M utual H ail is now in
its 59th year. Its statem en t as of
D ecem ber 31, 1950, show s to tal ad­
m itted assets of $9,097,927, com pared
w ith $8,604,453 a y ear ago. Surplus
is $6,404,534, com pared w ith $5,845,740 a year ago, and total reserves are
$2,693,393.

3:ILLINOIS

STOCKYARDS OF C H IC A G O
A m ove th a t w as to m ake C hicago th e leading
m e a t-p a ck in g c en ter of th e w orld took place in
1865 w hen th e U n io n S tockyards w ere in co r­
porated.

ALSO A H I G H SPOT . . .
. . . in m a n y in su ra n c e a g e n ts ’ caree rs is w hen th e y jo in H aw keye-S ecurity
& In d u s tria l’s g re a t team .
H aw k ey e-S ecu rity & In d u s tria l a re w o rk in g c o n sta n tly to build m ore sales
fo r a g en ts ; p ro m p t eq u itab le settlem e n ts of claim s . . . an d skilled field re p ­
re se n ta tiv e s to w ork closely w ith a ll a g e n ts a re ju s t a few of th e reaso n s
w hy th e tre n d is to th ese com panies.

H A W K E Y E -S E C U R IT Y INSURANCE CO.
INDUSTRIAL INSURANCE CO.
Des M o in es, lo w s

Worth western Banker, February, 1951


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

The F arm ers M utual H ail w rite s
hail insurance on grow ing crops in
Iowa, N ebraska, W isconsin, Ohio, In ­
diana, Illinois and A rkansas, and to r­
nado in Iowa. It w rites autom obile

C. P. R U T L E D G E
P re s id e n t, F a rm e rs M u tu a l H a il

in Iowa, N ebraska, South D akota and
Colorado and fire in su ran ce on tow n
dw ellings in Iow a only. It also w rites
farm ers’ com prehensive, personal lia­
bility and does a rein su ran ce business
th ro u g h o u t th e U nited States.

Biggest Year
L ester T. Jones w as re-elected p resi­
dent of Tow n M utual D w elling In s u r­
ance Com pany at its 59th ann u al m eet­
ing in Des Moines.
F ra n k H. D irst, secretary m any
years, although inactive, resigned b u t
rem ains on th e board of directors.
C. L. H enschel, vice p resid en t and
a ssistan t secretary, w as elected vice
presid en t and secretary. W illiam J.
Goodwin w as nam ed treasu rer; Leslie
L. Greve, a ssistan t secretary, and Gus
Scurlock, su p erin ten d en t of agents.
Rex H. Fow ler, R. Lloyd Young
and Mr. D irst w ere elected m em bers
of the executive com m ittee. Re-elected
to th e board of directors w ere Mr.
Fow ler, Mr. Goodwin and Mr. H en ­
schel.
Mr. Jones rep o rted th e n et gain in
insurance in 1950 w as m ore th a n 91
m illion dollars, bringin g th e to tal in ­
surance to $1,067,394,305, and th a t th e
assets of $3,393,289 w ere th e larg est in
the com pany’s history.
H e said several o th er records w ere
established in 1950, th e larg est am ount
of prem ium s w ritte n and th e larg est
am ount paid out in lo sse s'in an y one
year.

Insurance

Annual Meeting
A t th e a n n u al m eeting of th e W est­
e rn M utual In su ran ce C om pany of
Des Moines, J. D. K ent w as re-elected
president.
O ther re-elections included G lenn S.

and A. A. Kane, a ssistan t secretary.
D irectors re-elected w ere C. F re d
M organ and E. F. Perdue. O ther di­
recto rs are Mr. W alther, Mr. Johns,
M erle D. M organ, Jo h n P. B eller and
Lon Osier of Griswold, Iowa.

First National, Chicago

J. D O L L IV E R K E N T
P re s id e n t, W e s te rn M u tu a l In su ra n c e

B lount, secretary; Floyd E. Yoast, as­
sista n t of th e president, and R. J.
K ent, a ssista n t secretary.
J. D. K ent, W illiam C. W alk er of
Ogden and H erm an Jen sen of E stherville w ere re-elected directo rs for
three-y ear term s.
O ther directors include G lenn S.
B lount, C harles S. Vance, R onald C.
Booth, H arold B. W est, Mont. S. Stokely and M ark G. T hornburg.
The W estern M u t u a l In su ran ce
Com pany, in its 44th a n n u al statem en t
D ecem ber 31, 1950, show ed to tal ad­
m itted assets of $4,224,919, as com ­
pared w ith $3,635,215 a y e a r ago. S u r­
plus is now $1,418,299, as com pared
w ith $1,154,723 one y e a r ago.

Substantial Gain
A fu rth e r su b sta n tia l gain d u rin g
1950 w as rep o rted by P re sid e n t C.
F re d M organ a t th e 30th a n n u al m eet­
ing of th e Square Deal In su ran ce
Com pany a t th e com pany’s hom e of­
fice in Des Moines.
P re sid e n t M organ rep o rted th a t as­
sets of th e com pany now exceed
$2,600,000, m aking th e com pany one
of th e larg est exclusive hail insu ran ce
firm s in A m erica. Square Deal con­
fines its o perations to th e w ritin g of
hail in su ran ce on grow ing crops in
Iow a and M issouri.
C om pany officers re-elected at th e
m eeting w ere C. F re d M organ, p resi­
dent; Otto W alth e r of W averly, Iowa,
vice p resident; M erle D. M organ, sec­
re ta ry ; E m m e tt E. Johns, tre a su re r,

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Federal Reserve Bank of St. Louis

At the ann u al m eeting of The F irs t
N ational B ank of Chicago, a num ber
of prom otions in the official staff and
th e election of new officers w ere an ­
nounced by E d w ard E. Brow n, ch air­
man.
Leslie H. D reyer, Jo h n E. Drick,
P aul E. F a rrie r, G lenn M. F o rg an and
Thom as G. Johnson, assistan t vice
p residents, w ere prom oted to vice
presidents. The following, w ho w ere
a ssistan t cashiers, w ere prom oted to
a ssista n t vice presidents: G uy A.
Crum, Jo h n S. Gleason, Jr., J. R ussell
H anson, Joseph J. K aberna, C harles
F. N ew hall, R. K enneth Newhall,
Clarence J. R u eth lin g and George F.
Sisler. K enneth G. M orton, assistan t
secretary, and R obert S. Swaim, tru s t
officer, w ere prom oted to assistan t
vice presidents.
Jam es P. B axter, C harles E. Brandriff and G ordon T. Shearer, assistan t
tr u s t officers, and H arold H. Hawes,
a ssistan t secretary, w ere prom oted to
tru s t officers. W alter E. Grau, assist­
a n t cashier, w as elected assistan t audi­
tor.
New officers elected w ere: Christopheç W. W ilson, Jr., attorney; E rn e st
J. H ultgren, H. S tanley Pickford,
F ra n k W. Goodhue, K enneth A. Willen, W illiam J. K orsvik, A. B urnham
C onverse and R ussell V. Carlson, as­
sistan t cashiers, and A ugust J. H urt,
Jr., a ssistan t secretary.

37

Branch Discontinued
The Chase Bank, overseas affiliate
of th e Chase N ational Bank, New
York, has decided to discontinue the
operations of its b ran ch in H ong Kong,
B ritish Crow n Colony in the F a r E ast,
and has inform ed the board of gov­
ern o rs of th e F ed eral R eserve System
of its decision.
W in th ro p W. A ldrich, th e b a n k ’s
chairm an, said th a t in order to avoid
financing t r a d e w ith C om m unist
China, the Chase B ank in stitu te d a
drastic cu rtailm en t of its b ran ch op­
erations in H ong Kong im m ediately
after C om m unist China in terv en ed in
Korea. He said th a t un d er this action
and in com pliance w ith the new reg u ­
lations of the U. S. T re a su ry D epart­
m en t p rohibiting paym ents and tra n s­
actions in w hich nationals of Com­
m u n ist C hina have a direct or indirect
in terest, th ere recen tly has been an
alm ost com plete cessation of business
in the b a n k ’s H ong Kong branch,
w hich w ill now be discontinued and
its affairs liquidated.

New A.LB. Chapters
Nine new ch ap ters of the A m erican
In stitu te of B anking w ere form ed d u r­
ing 1950, according to the ann u al re ­
p o rt of th e In s titu te ’s m em bership
and enrollm ent com m ittee.
The new ly organized ch ap ters are
B row ard C ounty C hapter, F o rt L aud­
erdale, Florida; D aytona Beach C hap­
ter, D aytona Beach, Florida; LakeS um ter Counties C hapter, Leesburg,
Florida; Steuben C o u n t y C hapter,
Bath, New York; C entral Piedm ont
C hapter, Concord, N orth Carolina;
Greenville, N orth Carolina C hapter,
Greenville, N orth Carolina; Montgom-

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Write us for the names of nearby agents

A L L IE D

M UTUAL

CASU ALTY COMPANY
Harold S. Evans, President
4th and Park Streets

Des Moines 9, Iowa
Nort hwest ern Banker, February, 1951

38

insurance

e ry C ounty C h a p t e r , N orristow n,
P ennsylvania; C orpus C hristi C hapter,
Corpus C hristi, Texas, and W ichita
F alls C hapter, W ichita Falls, Texas.
W itch ita F alls C hapter h ad fo rm erly
been an A.I.B. stu d y group.
The nine new ch ap ters b rin g the
total of A.I.B. ch ap ters th ro u g h o u t the
nation to 265, an all-tim e high. In
addition, th e In stitu te has 123 stu d y
groups.

New Directors
Two new directors w ere elected to
the board of the C ontinental Illinois
N ational B ank and T ru st Com pany of
Chicago a t th e an n u al stockholders’
m eeting. T hey are Theodore V. H ous­
er, vice presid en t and a d irecto r of

Sears, Roebuck and Company, and
R obert H. Morse, Jr., presid en t of
F airb anks, M orse & Company. The
oth er 20 directors w ere re-elected. At
the reg u lar m onthly board m eeting
the d irectors declared a sem i-annual
dividend of $2.00 per share, payable
F e b ru a ry 1st to stockholders of rec­
ord J a n u a ry 19th. The new ly elected
board m et after the shareh o ld ers’
m eeting and appointed officers for the
ensuing jmar, including th e follow ing
changes and new officers:
To Vice P resid en ts—H om er A. B ur­
nell, E dw ard M. Cum m ings, Carl I.
Johnson, Jo h n F. McGuire, Jr., W il­
helm R. M esenbrink and R obert C.
Suhr.
To Second Vice P resid en ts — Jo h n

Q. Adams, Jr., Jo h n J. Borland, Ches­
te r F. F itzgerald, Jr., A rth u r B. H en­
derson, Jam es P. Johnson, Selden T.
Swope and A lvan E. W ilson.
To A ssistant C ashiers—W illiam F.
Babcock, R obert W. Higgins, Jo h n
K. Jensen, R obert O’Boyle, Irv in g
Seaman, Jr., E ugene M. Stevens, Jr.,
and C harles G. W ilson.

Tom Ford Retires
T hom as F. Ford, v eteran bank re la ­
tions officer, has retire d from the staff
of A m erican N ational B ank and T ru st
Com pany of Chicago, it w as annpunced by L aw rence F. Stern, p resi­
dent.
Mr. Ford, w hose experience in the
Ü!

T h e y ’ ll be in
CHICAGO

by

D a y lig h t T o m o rro w
T h e s e m ay be y o u r c u s ­
tom er’s pigs. W ith in a few
hours after they are sold, a
D rovers “ Y ello w B o y ” ad­
v ic e w ill be s p e e d in g th e
proceeds to your bank. F o r
th e “ Y e llo w B o y ” is th e
sym bol of D rovers fast, e f­
ficient service. It is w idely
r e c o g n iz e d as su c h by
bankers w hose custom ers
ship livestock to C h icago

W e c o r d i a l ly in v it e
y o u r C H IC A G O
b u s in e s s . . .

DRDYERS NATIONAL BANK
DROVERS TRUST & SAVINGS BANK
U N I O N

S T O C K

__________________________
Members, Fe de ra l Deposit
Insurance Corporation ^
Nort hwest ern Banker, February, 1951


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

Y A R D S ,

. . ■■ J

C H I C A G O

'

. -'

T H O M A S F. F O R D
R etire m en t announced

banking and financial fields extends
over the p ast 40 years, w as a loop
b an k er from 1906 to 1926, w hen he
becam e associated w ith W hite, W eld
and Company, and later w ith an o th er
in v estm en t house.
In calling on co u n try banks th ro u g h ­
out th e m id-w est for A m erican N a­
tional, Tom estim ates th a t he has
traveled a q u a rte r of a m illion miles,
visited w ith m ore th a n 4,500 b an k ers
and attended an average of 50 b a n k ­
e rs’ conventions a year.
A lthough he w ill be officially in re ­
tirem en t, Tom plans to continue v isit­
ing his m any friends at b a n k e rs’ m eet­
ings and conferences as “re p re se n ta ­
tive em eritu s” for A m erican N ational.

To Assistant Vice President
Only change in officers a t an n u al
stockholders’ m eeting of F irs t St.
Joseph Stock Y ards Bank, St. Joseph,
M issouri, w as the prom otion of H a rry
H. Broadhead, Jr., from a ssistan t cash­
ier to a ssistan t vice president.
He prim arily is active in correspond­
en t relations.

M in n e so ta

NEW S
WILLIS A. PUTMAN
President
Duluth

Goodhue County Election

ROBERT E. PVE
Secretary
Minneapolis

Appleton

L.
L. O tterson of Red W ing, M inne­ The N orth w estern S tate B ank of
sota, a ssista n t cashier of th e Goodhue A ppleton, M innesota, w as host last
C ounty N ational B ank, w as elected m o nth at “open house” on its 71st
an n iv ersary , to m ark th e opening of
presid en t of th e Goodhue C ounty
th e new 25 x 75 foot banking q u a r­
B an k ers A ssociation a t th e an n u al
ters. C. M. K rebs is president, A. O.
m eeting in Z um brota.
O ther officers are E. L. P eters, Can­ K rebs is cashier, and R obert C. K rebs
non F alls, vice president, and W. M. is a ssistan t cashier.
Grim m , Z um brota, secretary -treasu rer.

Belgrade

Adrian

L. B. Eickhoff has been elected
cashier of th e A d rian S tate B ank, Ad­
rian, M innesota. He has been w ith
th e b an k since 1941 and has been as­
sista n t cashier in charge of th e in s u r­
ance d ep artm en t. All o th er officers
and directors w ere re-elected.

Aitkin

C apital of th e F irs t N ational B ank
of A itkin, M innesota, w as increased
from $60,000 to $100,000 by declaration
of a $40,000 stock dividend. T he usual
cash dividend of 15 per cen t w as also
paid to shareholders. C apital now ex­
ceeds $325,000. All officers and direc­
to rs w ere re-elected, re p o rts T. R.
H assm an, vice p re sid e n t and cashier.

Albert Lea

E lection of C larence E. H olm quist
an d Yngve H. H an so n as d irecto rs of
th e F re e b o rn C ounty N ational B ank
of A lbert Lea, M innesota, and th e re ­
tire m e n t of A lfred B erglund as a m em ­
b er of th e board of directors has been
announced by E. T. Sletten, president.
Mr. H olm quist and Mr. H anson are
p ro m in en t A lbert L ea business men.
Mr. B erglund serv ed th e b an k 29 y ears
as a director.

Alden
J. F. G reeley, p resid en t of th e F irs t
N ational B ank, Alden, M innesota, a n ­
nounces th e election of Lloyd R. G ree­
ley as a ssista n t cashier. The u n d i­
vided profits account w as increased
m ore th a n $8,000 d u rin g th e p ast year
and a double dividend paid to stock­
holders.

Alexandria
George E. B uscher, p resid en t of th e
A lexandria S tate B ank, A lexandria,
M innesota, re p o rts all officers and di­
recto rs re-elected and th e prom otion
of H erm an F e lt to a ssista n t cashier.

Altura

C asper G. K reiderm acher, 82. p re si­
d en t of th e A ltu ra S tate B ank, A ltura.
M innesota, died in a W inona hospital
last m onth. H e is surv iv ed by nine
child ren and one bro th er.

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Federal Reserve Bank of St. Louis

Surplus of the A m erican State B ank
at Belgrade, M innesota, w as increased
by $15,000 at the ann u al m eeting, boost­
ing su rp lu s now to $85,000, according
to H. G. B orgerding, president. Total
capital account now is $178,470.

Belview
C harles Olson w as advanced from
bookkeeper to a ssistan t cashier by di­
rectors of the Belview S tate Bank,
Belview, M innesota, last m onth. P re s­
id ent H. S. A am oth also announced
su rp lu s has been increased from $20,000 to $25,000. All o th er officers and
d irectors w ere re-elected.

Benson
G. D oring R adtke began his duties
as a ssistan t cashier of th e F irs t State
B ank in B e n s o n , M innesota, last
m onth. He succeeds E. C. Christop h erson w ho w as in ju red seriously in
an autom obile accident tw o m onths
ago and who w ill be unable to re tu rn
to w ork for several m onths. Mr.
R adtke had been a ssistan t cashier of
th e F irs t N ational B ank in Miller,
South Dakota, since 1946, p rio r to this
move.

Bird Island
F red Hodgdon, form erly vice p resi­
dent of th e S tate B ank of B ird Island,
M innesota, has been elected executive
vice p resid en t and cashier of th a t
bank, to succeed E dw ard A nderson.
P resid en t E. D. Collins states th is is
th e only change in th e b a n k ’s official
staff.

Blue Earth
S. B. Erickson, presid en t of th e F irst
and F a rm e rs N ational B ank in Blue
E arth , M innesota, and a v e te ra n of 46
years of banking service to M innesota
com m unities, re tire d last m onth. He
has b e e n w ith th e F irs t and F a rm e rs
since 1941 and re tire d u n d er F irs t
B ank Stock C orporation’s retirem en t
program .
He has since m oved to
nearby Jackson w here he w ill be asso­
ciated w ith th e F irs t N ational Bank.

Braham
Oscar A. Olson, Jr., cashier, F irs t
N ational Bank, B raham , M innesota.

w as elected presid en t of th e Six Coun­
ty D ivision of th e M innesota B ankers
A ssociation for th e com ing year at its
m eeting in Milaca. O ther officers
nam ed w ere F. J. G rahn, cashier, K an­
abec State Bank, Mora, vice president,
and B. Niedzielski, cashier, F irs t S tate
Bank, Gilman, secretary-treasurer.

Brainerd
The su rplus account of th e Citizens
State B ank of B rainerd, M innesota,
w as increased $25,000 at th e an n u al
.m eeting and an o th er addition w as
m ade to th e reserv e fund. C. H. Berge,
president, and all o ther officers and
directors w ere re-elected.

Browns Valley
S. A. Shulson, form erly assistan t
cashier at the F irs t N ational B ank in
Eden, South Dakota, has been elected
a ssistan t cashier of the U nion State
B ank in B row ns Valley, M innesota.
Stanford R onning continues as p resi­
dent and E lenora R onning as cashier.
This year w ill m ark th e U nion State
B ank’s 25th anniversary.

Chanhasseii
Stockholders of the S tate B ank of
C hanhassen, M innesota, voted last
m onth to increase th e board of direc­
tors to five m em bers and elected
Thom as Kelm, assistan t cashier, and
David H. Sm ith as the new m em bers.
All o ther officers and directors w ere
re-elected. A 10 per cent dividend
w as voted by directors.

Clarks Grove
Clifton C. Cavanaugh, form erly as­
sistan t cashier at th e Citizens State
Bank, Belle Plaine, Iowa, w as elected
assistan t cashier of th e State B ank of
C larks Grove, M innesota, at th e an ­
nual m eeting and he began his duties
th ere early th is m onth.

Courtland
More th a n $4,000 has been added to
su rplus and undivided profits of th e
C ourtland State Bank, C ourtland, Min­
nesota, d uring th e past year, accord­
ing to a rep o rt from W. W. Studtm ann, a ssistan t cashier. All directors
w ere re-elected, and H. H. Berg, p resi­
dent; H. H. Seeman, vice president;
Jo h n C. K ettner, cashier, and Mr.
S tu d tm an n w ere also re-elected.

Dawson
Miss E velyn A nderson, w ho joined
th e N o rthw estern S tate Bank. Daw­
son, M innesota, as a teller May 1,
1944, has been elected an assistan t
cashier, according to H en ry I. Globstad, cashier. B ern ard A. Thom pson,
bookkeeper, w as g ran ted a leave of
absence follow ing his call to federal
service w ith th e N ational G uard. All
o th er officers, directors and personnel
w ere re-elected.

Dorset
A ugust H. W edge, p resid en t of the
F a rm e rs State B ank at Dorset, M inne­
sota, for 19 years, w as elected to the
new ly created post of ch airm an of
th e board of directors last m onth.
C. R. H ew itt, cashier, w as advanced
to th e presidency, and L. C. A venson
w as prom oted from assistan t cashier
to succeed Mr. H ew itt as cashier. Oli­
ver Benson and H arvey P. L arson are
Nort hwest ern Banker, February, 1951

40

Minnesota News

vice p resid en ts and Gordon L. H ew itt
is assistan t cashier.

Duluth

$5,000,000. The b ank is en terin g its
72nd year and now has 165 em ployes
and over $75,000,000 in deposits.

Northern Minnesota National

City National
George L. Gross, president, N o rth ­
ern Cold Storage and W arehouse Com­
pany, w as elected a directo r of th e
City N ational B a n k , D uluth, last
m onth. H. C. M atzke, ch airm an of
the board; W illiam A. Gray, president,
and all o th er officers w ere re-elected.

First and American National
W illis D. W yard, p resident, and all
officers and d irecto rs of th e F irs t and
A m erican N ational B a n k , D uluth,
w ere re-elected last m onth. Mr. W y­
ard announced th a t d irectors have ap ­
proved an increase of $1,000,000 in th e
su rp lu s and th e to tal in th a t account
now is $3,000,000, w ith capital account
rem ain in g at $2,000,000, for a total of

George W. W elles, Jr., president,
K elley - How - Thom son Company, D u­
luth, w as nam ed a director of the
N o rth ern M innesota N ational B ank in
D uluth last m onth. Also, C arroll G.
F isher, a ssistan t secretary, and L ester
E. Shervy, a ssistan t tru s t officer, w ere
prom oted to tru s t officers, and B erk­
eley L eighton, form erly of Chicago,
w as nam ed in v estm en t consultant.
Lew is G. Castle, president; Stephen
R. K irby, chairm an of the executive
com m ittee, and all o ther officers and
d irectors w ere re-elected.

W edin, auditing d ep artm en t, to assist­
a n t cashier. All o th er officers w ere
re-elected.

East Grand Forks
At th e an n u al m eeting of directors
of th e M innesota N ational B ank in
E ast G rand F orks, M innesota, officers
w ere elected as follows: L. H. E v erett,
president; E. D. S ternitzke, vice p resi­
dent; C lara S. Bakke, cashier; Je a n E.
L arson, M. F. M anthey and T. M. Cav­
anaugh, a ssistan t cashiers, and Do­
lores B arnard, auditor. D irectors are
Mr. E v erett, H. G. Giese, O. A. Holkesvig, A dolph L und and A. 0. Rudh.

Elbow Lake

G. V. Sam pson, 51, a director of the
B ank of Elbow Lake, Elbow Lake,
Northwestern Bank of Commerce
M innesota, died suddenly at th e hom e
0.
A. Schultz, president, N o rth w est­of a siser recently. He w as also vice
ern B ank of Commerce in D uluth, an ­ presid en t of th e Citizens State B ank
nounces the prom otion of C hester of B randon.

Elk River

Progressive Farmers Build FUTURES

THEIRS and YOURS

Bank of Elk River
C harles H. Bade, p resid en t of th e
B ank of E lk River, E lk River, M inne­
sota, died in a M inneapolis hospital last
m onth after a two-day illness, due to
a h e a rt attack. He w as born in W ahpeton, N orth D akota. He served over­
seas in W orld W ar I, and joined th e
B ank of E lk R iver in 1920, and had
been p resid en t of th e bank for a n u m ­
ber of years.

First National Bank

A s a f a r m e r p r o s p e r s , so d o e s h is b r o t h e r in t h e city. A f a r m e r p r o s p e r s o n l y
if h is c r o p y i e l d s a r e l a r g e . . . if th e c r o p c a n b e t e n d e d a n d h a r v e s t e d e c o ­
n o m i c a l l y . T h a t ' s w h y f a r m e r s e v e r y w h e r e l o o k to M M . t o p r o v i d e t h e M o d ­
e r n M a c h i n e s , V i s i o n l i n e d T r a c t o r s a n d P o w e r U n i t s t h a t w i l l s o w , c u lti­
vate a n d h a r v e s t t h e i r c r o p s e c o n o m i c a l l y a n d d e p e n d a b l y . M M M oder n
M a c h i n e s m a k e it p o s s i b l e f o r t h e m to p r o d u c e a n d h a r v e s t l a r g e c r o p s a n d
a t th e s a m e t i m e c o n s e r v e th e s o i l ’s fe rti lity f o r p o s t e r i t y .
1

COUNSEUnd CREDIT HELPS EVERYONE

Ju st as MM helps a g ricu ltu re to be­
com e a stable m odern industry, so
d o b an k ers help by reco m m en d in g
th e use o f m odern m achinery as a
lo n g range investm ent for th e ir farm
clients. B ankers k now that MM M od­
e rn M achines and V isionlined T ra c ­
to rs are sound investm ents for the
farm er, for a g ricu ltu re and the nation.

/

D irectors of the F irs t N ational Bank,
E lk River, M innesota, elected th e fol­
low ing officers: S. R. H oulton, p resi­
dent: R. A. E llingson, executive vice
president; S. .R. W heaton, cashier, and
Donna Lefebvre, a ssistan t cashier.
The board of directors has been in ­
creased to seven, w ith th e following
m en as m em bers: Mr. H oulton, R. E.
Dare, L. D. Bailey, Mr. E llingson, W il­
liam H. H oulton, R oland K. W ilson
and O. A. Odegard.
Lew is H oulton, form er presid en t of
the F irs t N ational, died several m onths
ago. A t th e ir m eeting directors also
increased su rp lu s from $35,000 to $50,000.

Faribault
Jo h n C arlander, p resid en t of the
S tate B ank of F arib au lt, M innesota,
announces the re-election of all direc­
tors and officers. In addition, C yril
M ulliner and M erlin K nauss w ere
elected a ssistan t cashiers. Mr. M ulli­
n er w as g ran ted a leave of absence
d uring service in th e arm y w ith Com­
pany E, 135th In fa n try of th e M inne­
sota N ational Guard.

Goodhue
MM C ultivators K eep Fields C lean for
M axim um P ro d u ctio n

MM V isio n lin ed D esign Gives O p e ra to r
B etter V ision fo r C areful C rop T e n d in g

C apital stock of th e Goodhue S tate
Bank, Goodhue, M innesota, w as in ­
creased from $18,000 to $30,000 by
stockholders th ro u g h declaration of a
66% p er cent stock dividend. S u r­
plus also w as boosted from $18,000 to
$25,000.

Graceville
L. A. W eesner and Dr. I. L. Oliver,
pro m in en t Graceville, M innesota, resi­
dents, have been elected directors of
th e F irs t S tate B ank there, replacing
A ngus McRae and G. I. K ristensen,
resigned. Mr. McRae had been a di­
recto r 40 years. R. J. McRae continues
as president.

Nort hwest ern Banker, February,


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

1951

41

nO G E R B. SH E P A R D of St. P au l has
K been reap p oin ted a class C directo r
of th e F ed eral R eserve B ank of M inne­
apolis for a th ree-year term . He also
has been redesig n ated as ch airm an of
th e board and federal reserv e agent
for 1951. W. D. Cochran of Iro n M oun­
tain, M ichigan, w as reap p o in ted dep­
u ty ch airm an of th e b a n k ’s board.
John E. Corette, Jr., of B utte-M ontana,
vice p resid en t and a ssista n t g eneral
m an ag er of th e M ontana Pow er Com­
pany, w as reap p o in ted a directo r for
a tw o-year te rm of th e H elena, M on­
tana, branch.
^ ^ jj:
Clyde M. Jorgensen , p resid en t of th e
F o u rth N o rth w e ste rn N ational B ank
of M inneapolis, w as h o n o r e d last
m o n th by fellow directors and officers
on th e 40th a n n iv e rsa ry of his joining
the bank.
^ ^
E lection of th re e new officers of th e
F irs t N ational B ank of M inneapolis
w as announced recen tly by A rthur H.
Quay, president. A dvanced to official
sta tu s w ere R obert W. F ischer, a ssist­
a n t com ptroller; John K. E w in g, p e r­
sonnel officer, and A u stin L. K nutson,
a ssista n t cashier.
Mr. F isch er joined th e b an k in 1937
follow ing g rad u atio n from h igh school.
He w orked th e re w hile a tten d in g th e
U n iv ersity of M innesota and, a fte r five
y ears w ith a public acco u n tan t firm in
Rockford, Illinois, rejoined th e b an k in
1947 as a senior accountant.
Mr. E w in g sta rte d in th e personnel
d e p a rtm e n t in 1948, a fte r 14 y ears w ith
th e F ed eral R eserve B ank of M inne­
apolis.
Mr. K n u tso n began as a part-tim e
w o rk er in 1935 w hile atten d in g th e
U n iv ersity of M innesota. A fter his
discharge from th e n avy in 1946, he
rejo in ed th e bank, serv in g in th e b u si­
ness developm ent d e p a rtm e n t u n til a
y e a r ago, since w hich tim e he has been
in th e cred it d ep artm en t.
* * *
M elker J. W arn, w ho re tire d four
y e a rs ago as a ssista n t cashier of th e
F irs t N ational B ank of St. Paul, died
recently.
* * *
M onroe C. Setterberg, incom e tax
su p erv iso r of th e tru s t d e p a rtm e n t of
th e F ir s t N ational B ank of M inneap­
olis, discussed th e 1950 incom e ta x law
at a recen t m eeting of th e T w in Cities
g ro u p of th e A ssociation of B ank
W om en.
sjc
E. O. Jen k ins, p resid en t of th e F irs t
B an k Stock C orporation, h as been
elected a d irecto r of th e N o rth w estern
F ire and M arine In su ra n c e Com pany
o f M inneapolis, according to C. W.
H all, p resid en t of th e com pany. Mr.

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

Jen k in s also is presid en t of F irs t Serv­
ice Corporation, op eratin g affiliate of
th e stock corporation.
A rthur H. Quay, presid en t of the
F irs t N ational B ank of M inneapolis,
has been elected a d irector of th e
N o rth w estern N ational Life Insu ran ce
Company, according to R. G. Stagg,
p resid en t of the com pany.
* * *
Cyrus J. H oigaard, presid en t of the
C. J. H oigaard Com pany of M inneap­
olis, has been elected to th e board of
directors of the M arquette N ational

C Y R U S J. H O IG A A R D
N ew d ire c to r, M a rq u e tte N a tio n a l

B ank of M inneapolis. R ussell L. Stotesbery, presid en t of the bank, announced

following th e an n u al m eeting.
Mr. H oigaard succeeds his father,
C onrad J. H oigaard, founder of th e C.
J. H oigaard Company, w ho served 15
y ears as a d irector of th e bank.
* * *
R oy E. Ldndblom, form erly assistan t
tre a su re r of th e F irs t B ancredit Corpo­
ration, has joined th e budget loan de­
p a rtm e n t of th e F irs t N ational B ank
of St. Paul, to prom ote closer relations
betw een business firm s and th is de­
p a rtm e n t of th e bank. R. J. W ilh elm i
is m anager of th e departm ent.
* * ♦
Seventeen new m em bers w ere w el­
comed into th e F irs t Group of B anks
Q u arter-C entury Club of St. P aul at
th e gro u p ’s th ird an n u al din n er in
H otel S aint Paul. A m ong the new
m em bers w ere L ou is W. H ill, Jr., di­

recto r of th e F irst N ational B ank of
St. Paul. The organization now has
246 m em bers w ho have served th e
banks 25 or m ore years each.
* * *
P aul C. Schorr, a m em ber of the
board of directors of th e N o rth w estern
State B ank of St. P aul since 1917, w as
elected chairm an of th e board at its
an n u al m eeting. P re sid en t of the Com­
m onw ealth E lectric Com pany of St.
Paul, Mr. Schorr w as presid en t of
the board of St. Jo h n ’s H ospital of St.
P au l for 16 years, and still is a m em ­
ber. The announcem ent w as m ade by
W alter D orle, presid en t of th e bank.
* * *
E lection of four new directors w as
announced by A rn u lf U eland, p resi­
den t of th e M idland N ational B ank of
M inneapolis, follow ing t h e annual
m eeting of stockholders.
T hey are L eon C. W arner, p resid en t
of th e W arn er H ardw are Company;
Judson R em is, vice presid en t and m an ­
ager of th e M inneapolis b ran ch of
Bem is Bros. Bag Company; W illiam E.
B rockm an and W illiam R. Chapman,
vice p residents of the bank.
Mr. W arn er has headed th e h a rd ­
w are firm since 1942. Mr. Bem is is a
tru stee of F iske U n iversity and of
Sum m it school of St. Paul, a vice p res­
ident and d irector of A ssociated In ­
du stries of M inneapolis and a director
of the M inneapolis Cham ber of Com­
merce.
Mr. B rockm an joined th e b ank in
1939 as a vice president, after 10 y ears
of service as an officer of th e N o rth ­
w est B ancorporation. Mr. Chapm an
joined th e ban k in 1926 as a book­
keeper, w as elected a ssistan t cashier
in 1938 and vice presid en t in 1944. He
is a grad u ate of th e A m erican In stitu te
of B anking and of the School of B ank­
ing at R utgers U niversity.
Mr. U eland rep o rted th e b ank had
a year of sub stan tial progress in m ost
phases of its business. D eposits in ­
creased to $63,516,694 from $56,800,294,
a gain of n early 12 p er cent. Loans
increased m ore th a n 28 p er cent, to
$24,023,483 from $18,706,924.
* * *
W illiam R. W inter, secretary of the
W illiam s H ardw are Com pany of Min­
neapolis, has been elected a director
of the F irs t H ennepin S tate B ank of
M inneapolis, according to V ictor F.
R otering, president. Mr. R otering also
announced th a t C. R. W illiam s, vice
p resid en t and tre a su re r of th e h a rd ­
w are firm, has resigned from the
board.
All o th er officers and directors of
the b ank w ere re-elected.
* * *
F . A. A m undson, vice presid en t of
the M idway N ational B ank of St. P aul
Nort hwest ern Banker, February, 1951

42

Minnesota News

and form er M innesota state banking
com m issioner, has been chosen M inne­
sota state chairm an for th e 1951 c ru ­
sade of th e A m erican C ancer Society,
w hich w ill be conducted in April.
* * *
E lection of* R obert S. M acfarlane,
presid en t of th e N o rth ern Pacific R ail­
way, to the board of directo rs of the
F irs t N ational B ank of St. Paul, and
prom otions of six m em bers of the

Lloyd L. Leider, assistan t cashier,
w as elected an a ssistan t vice president.
He began his banking career w ith the
F irs t B ancredit C orporation in 1938.
Donald L. Sm ith, w ith the bank
since 1939, w as elected assistan t cash­
ier. L. S tan ley W illiam s w as nam ed
auditor, to succeed A lbert Johnson,
w ho retired Ja n u a ry 31st. Mr. W il­
liam s has been w ith th e b ank since
1916.
H arvard C. Ray, senior clerk in the
b a n k ’s credit d ep artm en t since 1945,
w as advanced to th e new ly-created
office of m anager of th e credit d ep art­
m ent. He has been w ith the b ank
since 1925. W alter A. Y ounghans, in
th e b a n k ’s em ploy since 1927, w as
m ade a ssistan t m anager of the credit
departm ent.
Mr. B aird also announced th a t net
earn in gs of the bank for 1950 w ere

E L M E R M. V O L K E N A N T
E le c te d v ice p re sid en t
F ir s t N a tio n a l B ank, St. P a u l

b a n k ’s staff, w ere anno u n ced recently
by Julian B. Baird, president of th e
bank, follow ing a m eeting of stockhold­
ers and directors.
Mr. M acfarlane, w ho a t 51 is one of
th e y oungest railw ay p resid en ts in the

D O N A L D L. S M IT H
E le c te d a s s is ta n t c ash ie r
F i r s t N a tio n a l B ank, St. P a u l

$1,718,031, an increase of $56,000 over
1949. The earnings rep resen t a re tu rn
of 7.78 per cent d uring th e y ear on
average stockholder in v estm en t of $22,089,000. S urplus w as increased by
$2,000,000 recently to $14,000,000, for to­
tal capital stru c tu re of $20,000,000.

L L O Y D L. L E ID E R
N ow a s s is ta n t v ice p re s id e n t
F ir s t N a tio n a l B ank, St. P a u l

country, succeeds Charles E. D en ney,
recen tly re tire d N o rth ern Pacific p resi­
dent.
E lm er M. V olkenant, a ssista n t vice
president, w as elected vice president.
W ith th e b an k since 1919, he w ill con­
tin u e in its corresp o n d en t bank de­
p artm en t.
Nort hwest ern Banker, February,


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

1951

Increase in th e su rpluses of the
M idway N ational B ank of St. Paul
and its affiliate banks, the Falcon
H eights and H ighland P a rk State
B anks, w as announced recently by A.
L. Ritt, president of the banks, after
th e ir annual m eetings.
The M idway bank increased its su r­
plus $200,000, to $700,000; the Falcon
H eights bank from $15,000 to $40,000,
and th e H ighland P a rk bank from
$10,000 to $35,000. All th ree rep resen t
increases in bank activity in St. P a u l’s
M idway area and its environs, Mr.
R itt said.
The M idway bank now has resources
of $24,982,000, the Falcon H eights bank
$1,636,000, and th e H ighland P a rk bank
$1,926,000.
The th ree banks re-elected th e ir of­
ficers. F . A. A m undson, form er M in­
nesota state b anking com m issioner,
w as elected a new vice presid en t of
th e H ighland P a rk bank.
* * *
An increase of $50,000 in the su rplus

account of the F irs t S tate B ank of St.
P aul w as voted by th e b a n k ’s directors
at a recen t m eeting, according to N.
P. Delander, presid en t of th e bank.
T his action increased the b a n k ’s capi­
tal and su rplus to $350,000.
* * *
T hree new a ssistan t cashiers have
been elected by th e board of directo rs
of the M idland N ational B ank of M in­
neapolis. All o ther officers w ere re ­
elected, according to A rn ulf U eland,
president. The new a ssistan t cashiers
are Carl A. N elson, w ho joined the
b ank in 1918; H arry C. B enson, Jr.,
w ho started w ith th e ban k in 1940, and
George C. M agnuson, w ith th e b an k
since 1930.
* * *
H erm an P. Meder, vice p resid en t of
the N o rth w estern N ational B ank of
M inneapolis, has been re-elected tre a s­
u re r of the steering com m ittee w hich
handled finances of th e M inneapolis
for C hrist Crusade, conducted last Sep­
tem ber and October by th e Rev. Billy
G raham , evangelist.
* * *
D eposits in th e F a rm e rs & M echan­
ics Savings B ank of M inneapolis in­
creased $8,829,000 last year, largest
gain since 1947, H enry S. K ingm an,
president, disclosed recently.
A fter p aym ent of in te re st to deposi­
tors at the ra te of 2 p er cent last year,
and after paying expenses of opera­
tion, $736,000 w as added to surplus.
The total su rp lu s now held by the
bank is $13,725,000. Total assets of th e
bank am ount to $180,917,000, Mr. Kingm an reported.
* * *
Two M inneapolis b an k ers have been
elected tru stees of th e M inneapolis
Foundation, n o n -p ro fit organization
w hich ad m inisters bequests for c h a rit­
able purposes. They are A rthur H.
Quay, presid en t of the F irs t N ational
B ank of M inneapolis, and M alcolm B.
McDonald, executive vice p resid en t of
th e bank. A th ird official of th e bank.
Lee A. Short, tru s t officer, w as elected
tre a su re r and re-elected tru stee. H enry
S. K ingm an, presid en t of th e F a rm e rs
& M echanics Savings B ank of M inne­
apolis, w as re-elected a vice president.
* * *
Goodrich L ow ry, vice p resid en t of
the N o rth w estern N ational B ank of
M inneapolis, has been nam ed co-chair­
m an of the special gifts division of
th e M arch of Dimes com m ittee in
H ennepin county.
* * *
F ran k D. H arrington w as elected as­
sista n t secretary of the F irs t Service
C orporation, operations affiliate of th e
F irs t B ank Stock C orporation, at the
an n u al m eeting of directors. He has
been associated w ith F irs t Service
since 1935, after sta rtin g his b an k in g
career in Calum et, M ichigan, in 1925,
All o ther officers w ere re-elected.
* * *
Guy W . LaL one, senior vice p resi­
dent of the F irst N ational B ank of
M inneapolis, has been elected p resi­
d en t of th e M inikahda Club of M inne­
apolis. Joseph F. R ingland, presid en t
of the N o rth w estern N ational B ank of
M inneapolis, w as nam ed vice p resi­
dent.
* *
G. R. M ilburn, m anager and p a rt
ow ner of N-Bar Ranch, G rass Range,
M ontana, has been appointed a direc­
to r of th e H elena b ranch of th e Fed(T u rn to page 44, please )

43

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Play a t your favorite sport, swim, sun bathe, boat, fish, ride,
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\

WRITE THE SORENO HOTEL FOR FURTHER INFORMATION AND LITERATURE
>


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Federal Reserve Bank of St. Louis

Nort hwest ern Banker, February, 1951

44:

Minnesota News

(C ontinued from page 42)
eral R eserve B ank of M inneapolis,
R oger B. Shepard, ch airm an of the
board, announced.
Also announced by Mr. S hepard
w ere prom otions at th e M inneapolis
bank of M aurice H. Strothm an, Jr., as­
sista n t vice president, to vice p re si­
dent; Clem V an Nice, assista n t cashier,
to vice president, and K yle F ossu m
to assistan t cashier. All o th er officers
w ere re-elected.
* * *
P rom otions of tw o officers of the
A m erican N ational B ank of St. P aul
w ere announced recen tly follow ing th e
an n u al m eeting of th e board of direc­
tors. All m em bers of th e board w ere
re-elected.
R ollin O. B ishop, p resid en t of th e
bank, said th a t M anuel H. Ruder, fo r­
m er a ssista n t vice president, has been
advanced to vice president, and T heo­
dore W. Sim on, fo rm er a ssista n t cash­
ier, has been prom oted to assistan t
vice president.
Mr. R uder began his ban k in g career
as a m essenger a t th e F irs t N ational
B ank of M inneapolis in 1931. He
joined A m erican N ational in 1948, and
is head of th e in v estm en t departm en t.
Mr. Sim on w en t to w o rk for the
b ank as a m essenger in 1924. He w as
appointed ad v ertisin g m anager and
public relatio n s directo r of th e b ank
last May.
'fc

'fc

N o rth w e ste rn N ational B a n k of
M inneapolis has increased its su rp lu s
account by $2,000,000, Joseph F. Ringlalid, p resident, said recently. T his
bring s th e b a n k ’s su rp lu s account up
to $15,000,000 and its com bined capi­
tal and su rp lu s up to $20,000,000, Mr.
R ingland said.

S t. P<uU TERM INAL
WAREHOUSE
425 E 8th STREET - ST. PAUL t. MINNESOTA

B

a n k

New York- • 64 Wall Street

550

of Pabst, Inc., St. P aul su p er m arket,
has been elected a director of the F irs t
M erchants S tate B ank of St. Paul, ac­
cording to an an n ouncem ent by H er­
bert P. B u etow , p resid en t of th e bank.
Mr. P ab st replaces John E n tenm ann,
Jr., w ho is retirin g . D irectors recen t­
ly increased su rp lu s by $50,000, for a
total capital and su rp lu s of $350,000.
* * *
A llen P. Goodin, presid en t of the
Goodin Com pany of M inneapolis, and
Ralph Stein, vice presid en t of the Cen­
tra l N o rth w estern N ational B ank of
M inneapolis, have been elected to the
b a n k ’s board of directors.
* * *
Clyde Jorgensen, p resid en t of the
F o u rth N o rth w estern N ational B ank
of M inneapolis, announced re-election
of all p resen t b ank officers and direc­
to rs and prom otion of A rnold H. Olson
to a ssistan t cashier. Mr. Olson has
been w ith the b ank since 1936.
* * *
E ouis S. H eadley, presid en t of the
F irs t T ru st Com pany of St. Paul, has
announced his re tire m e n t in conform ­
ity w ith th e com pany’s retirem en t
fund regulations, after n early 33 years
of service w ith the in stitution.
Charles J. Curley, form er executive
vice president, w as elected by th e
board of directors to succeed Mr. Headley. R obert S. M acfarlane, president
of th e N o rth ern Pacific Railw ay, and
R ussell M. Collins, vice presid en t of
th e tr u s t com pany, w ere elected to the
board. E dw ard W. Spring, O liver W.
H edeen and U lric Scott, tru s t officers,
w ere elected vice presid en ts and w ill
continue as tru s t officers.
* * *
T hree steps to avoid inflation w ere
suggested by J. M arvin P eterson , re ­
search director for th e F ed eral Re­
serve B ank of M inneapolis, at a m eet­
ing of th e St. P aul R o tary Club. He
advised p u ttin g th e defense program
on a pay-as-you-go basis as n early as
possible, stopping th e w age-price sp ir­
al in strategic industries, and stop­
ping increasing m oney supply th ro u g h
easy credit and by staging a vigorous
program of m oney saving by indi­
viduals.
* * *
Clarence P. D oherty, presid en t of
th e D ispatch Oven Com pany of M in­
neapolis, w as elected a director of the
T h ird N o rth w estern N ational B ank
of M inneapolis. D irectors elected Ar­
nold H. Olson an a ssistan t cashier.
* * *
N o rth w est business activ ity soared
last year, w ith th e biggest increase in

o f

M

o n t r e a l

ClllCIgO • • 27 S. La Salle Street

Sill Francisco • • 333 California Street

• Resources Exceed $2 Billion

••,***-***W-*».»**^»******»»**#-».»»»«^***«r • • *.*'■■*'*«
Nort hwest ern Banker, February,


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

1951

M innesota, th e F ederal R eserve B ank
of M inneapolis rep o rted recently. The
b ank said 1950 business activity, as
m easured by b an k debits, w as 11 p er
cent ahead of 1949 in M innesota. M in­
neapolis show ed a 13 p er cent gain and
St. P aul 11 per cent.
* * *
F o u r Tw in Cities b an k ers w ere
nam ed to top posts of th e M innesota
C om m unity R esearch Council, Inc., a t
th e ann u al m eeting of th e b o ard of
tru stees in M inneapolis.
Julian B. Baird, presid en t of the
F irs t N ational B ank of St. Paul, w as
elected ch airm an of th e council, and
A rn ulf U eland, p resid en t of th e Mid­
land N ational B ank of M inneapolis,
w as nam ed treasu rer. E lected to th e
executive com m ittee w ere Mr. Baird,
Mr. Ueland, H en ry S. K ingm an, p resi­
dent of th e F arm ers & M echanics
Savings B ank of M inneapolis, and
M alcolm B. M cDonald, executive vice
p resid en t of the F irs t N ational B ank
of M inneapolis.
One of th e prim e objectives of th e
council is to p rotect M innesotans
against charitable solicitations w hich
do n ot m eet high stan d ard s of ap­
proval.
* * *
L ym an E. W akefield, Jr., a ssistan t
vice p resid en t of th e F irs t N ational
B ank of M inneapolis and ch airm an of
th e traffic com m ittee of th e M inneap­
olis C ham ber of Commerce, has been
nam ed to head a special group w hich
w ill determ ine the best specific p ro ­
posal for a one-way stre e t system in
th e M inneapolis loop.
* >t= *
D irectors of th e F irs t B ank Stock
C orporation recen tly declared a q u a r­
te rly dividend of 25 cents p er sh a re
on the co rp oration’s capital stock, p ay­
able M arch 12, 1951, to stockholders
of record F e b ru a ry 16, 1951. Consoli­
dated n et o p erating earnings for 1950
w ere rep o rted to be equivalent to $2.47
p er share.
E. O. Jen k ins, president, said th a t
consolidated n et operating earnings
for 1950 of th e corporation and its
affiliates totaled $6,996,356, com pared
w ith $6,967,651 th e y ear before, and
w ere one cent p er sh are m ore th a n the
$2.46 per share earned in 1949.
Included in th e total are earn in g s of
75 b ank affiliates o perating 80 b an k in g
offices in M innesota, M ontana, N orth
and South D akota and of th re e n o n ­
b anking affiliates, F irs t B ancredit Cor­
poration, F irs t Service C orporation
and F irs t B uilding Corporation.
* * *
D eposits in the 14 national and 11
state banks and one savings ban k in
M inneapolis as of D ecem ber 30th to ­
taled $1,176,298,107, an all-tim e high.
T his rep resen ted a gain of n early $98,000,000 from th e D ecem ber 31, 1949,
to tal of $1,078,503,563. Loans also set
a new record for M inneapolis and sub­
u rb an banks w ith a to tal of $351,133,444 on Decem ber 30th. T his w as an
increase of m ore th a n $83,000,000 from
D ecem ber 31, 1949.
* * *
Clarence G. H aberland, a ssistan t
vice p resid en t and m anager of the
W est B roadw ay office of th e F irs t
N ational B ank of M inneapolis, re c e n t­
ly w as p resen ted a loving cup by th e
W est B roadw ay B usinessm en’s Asso­
ciation for activ ity in th e in te re st of
W est B roadw ay and the M inneapolis
N o rth Side.

Minnesota News
J. Cameron Thom son, p re sid e n t of
N o rth w e st B ancorporation, has a n ­
nounced th e election by th e board of
directors of one new officer and th e
prom otion of th re e others. Curtis A.
L ovre, w ho joined th e contact d e p a rt­
m e n t of N o rth w est B ancorporation a
y ea r ago, w as elected a ssista n t vice
president. H . R aym ond H orn, chief
exam iner, w as nam ed vice p resid en t
and chief exam iner. R ichard L. Federm an, com ptroller and secretary , w as
elected vice presid en t, com ptroller
and secretary , and W illiam H. Netland, a ssista n t vice president, w as p ro ­
m oted to vice president.
* * *
Clarence M. K ing, tre a s u re r of M in­
nesota M ining and M an u factu rin g
Com pany, w as elected to th e board of
th e F irs t G rand A venue S tate B ank
of St. P au l last m onth, to succeed F.
W eyerh aeu ser, w ho resigned. S u r­
plus w as increased by $25,000, to $100,000. C apital is $100,000 and undivided
profits are $30,487.
* * *
An increase in capital from $100,000
to $150,000 for th e Chicago-Lake S tate
B an k w as m ade by P re sid e n t L yle J.
S totesb ery, follow ing a recen t m eeting
of th e b an k board of directors.
A t th e m eeting R obert A. E rickson
w as elected assista n t cashier. Mr.
E rickson, w ho joined th e b an k in May
of 1947, is m an ag er of th e in stallm en t
loan d ep artm en t.
* * *
Clarence T. Olsen w as prom oted
from cashier to vice p resid en t and
cashier and one new d irecto r w as
elected a t th e •a n n u al m eeting of th e
Colum bia H eights S tate B ank, accord­
ing to H erbert S. W oodward, executive
vice p resid en t. T he new directo r is
H erbert S. W oodward, Jr., a 30 year
old v eteran , w ho w as in th e air corps
in W orld W ar II and is now m ajoring
in physics at th e U n iv ersity of M inne­
sota an d w o rk in g for M inneapolis
H oneyw ell as a research physicist.
* * *
J u liu s H. B rogm us, p resid en t of
M innesota S tate B ank of St. Paul, a n ­
nounces th a t A rthur A. W ib lish auser
has been elected cashier.—The E nd.

ings N ational Bank, H astings, M inne­
sota, w as elected a director last m onth
to succeed R. E. O rchard, executive
vice p resid en t of th e bank, w ho has
resigned to becom e vice p resid en t of
th e Stock Y ards N ational B ank of
South St. Paul. Mr. P eavey left the
Stock Y ards N ational as a ssistan t vice
p resid en t last October to succeed Mr.
O rchard in th e H astings N ational as
cashier. B oth banks are affiliated
w ith N o rthw est B ancorporation.
D irectors tra n sfe rre d $10,000 from
undivided profits to surplus. Capital
now stands at $50,000 and su rp lu s at
$80,000.

D irectors tra n sfe rre d $5,000 to su r­
plus and this, along w ith a previous
$5,000 su rp lu s increase, brings th a t ac­
count to $65,000.

Hibbing
First National Bank
C harles E. T aylor w as nam ed exec­
utive vice presid en t and a directo r of
th e F irs t N ational B ank in Hibbing,
M innesota, last m onth. He w as for
m erly assistan t vice p resid en t of th e
N o rth ern M innesota N ational B ank in
D uluth. S. R. K irby, chairm an, and
S. R. K irby, Jr., president, and all offi­
cers w ere re-elected.

Hawley
D.
G. Johnson, form erly executive
vice presid en t and m anaging officer of
th e F irs t N ational Bank, Hawley,
M innesota, has re tire d from active
duties. He w as elected vice p resid en t
and continues in th a t position as an
inactive officer and also as a m em ber
of th e board of directors. He has
served th e b an k 43 years. Officers
elected by th e board are: S. A. Torgerson, president; E. P. Johnson and
D. G. Johnson, vice presidents; C. H.
Nelson, secretary; G. B. Pederson,
cashier, and W. E. T urnblad, assistant
cashier.

45

Security State Bank
Officers elected by directors of th e
S ecurity S tate B ank of H ibbing, M in­
nesota,"last m onth are: B ert S. Adams,
president; A. G. A nderson, vice p resi­
dent; E m il Salm inen, executive vice
president; A. A. K oskinen, cashier,
and E. G. H oskins and C. W. Magnusson, a ssistan t cashiers.

Hutchinson
J. H. Julig, president, F irs t N ational
B ank of H utchinson, M innesota, an ­
nounces th a t stockholders added $10.000 to surplus, w hich is now $50,000.

New Ideal Hospital and Surgery Plan
Covers your wife, children a n d other dependents.
Choice of $4.00, $8.00 or $12.00 Per Day for Hospital.
Choice of $75, $100 or $125 Surgical Schedule.
Fee of $4.00 Pays for $8.00 a Day Hospital Policy to
June 15, 1951.

Minnesota Commercial Men's Association

Minneapolis 4, Minnesota

2550 Pillsbury Ave. So.

Grand Rapids
A t th e F ir s t N ational Bank, G rand
R apids, M innesota, H. I. B astien w as
elected vice p re sid e n t and cashier.
F o rm e rly he held th e position of cash­
ier. T he su rp lu s account w as in ­
creased from $100,000 to $150,000. F.
E. King, p resid en t, and all o th er offi­
cers and d irecto rs w ere re-elected.

Hallock
R uggles Clay, d ru g g ist in Hallock,
M innesota, w as elected to th e board
of d irecto rs last m onth, to succeed
A. L. W ickholm , w ho has resigned.

Hanska
H e n ry A nderson, fo rm erly cashier
of th e S tate B an k of H anska, M inne­
sota, w as elected executive vice p re si­
den t la st m onth. He is succeeded as
cashier by A. M. Paulson, fo rm erly as­
sista n t cashier. P re sid e n t H en ry A nd­
erson re p o rts no o th e r changes w ere
m ade and $5,000 w as added to su rp lu s
for a capital and su rp lu s to tal of
$105,000.

Completetac\Ut\estov
assure you of p ro m p t, efficient
handling of every ty p e of banking transaction.
O ur extensive services are a t th e disposal of
all banks.

C it y N a t io n a l Ha 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
208

SOUTH

LA

SALLE

STREET

(M EM BER FEDERAL D EP O SIT INSU RANCE

CORP. )

Hastings
R. W. Peavey, cashier of th e H a st­

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

Nort hwest ern Banker, February, 1951

46

Minnesota News

Jackson
Roy E. T ru n k , cashier of th e Jackson S tate B ank, Jackson, M innesota,
rep o rts undivided profits have been
increased to $30,000 and reserv e for
losses on loans has been increased to
$10,000. All officers and d irectors
w ere re-elected.

Lafayette
All d irectors and officers of th e C iti­
zens S tate B ank, L afayette, M inne­
sota, w ere re-elected last m onth and
directors increased th e su rp lu s ac­
count from $23,000 to $25,000. Capital
is $30,000 and undivided profits total
$9,100. A 4 p er cent dividend also
w as declared, according to V. F. Quist,
a ssista n t cashier.

Lake Benton

LeRoy

C apital stock of th e F a rm e rs State
B ank, Lake Benton, M innesota, w as
raised from $25,000 to $30,000 last
m o n th and th e su rp lu s fund w as also
increased from $25,000 to $30,000. No
changes in officers and personnel w ere
reported.

M. E. Lappin, president, F irs t N a­
tional B ank of LeRoy, M innesota, has
announced th e election of G. H. Sumnicht as a director, to replace Dr. A.
E. H enslin, deceased.

Lamberfon
A 200 p er cent dividend has boosted
com m on capital of th e F a rm e rs and
M erchants S tate B ank at Lam berton,
M innesota, from $25,000 to $75,000.
S urplus now stands at $100,000 and
undivided profits are $19,230. T. E.
K uehl, president, and all officers w ere
re-elected.

Litchfield
Andy Q uinn has been nam ed a di­
recto r of the F irs t S tate B ank in
Litchfield, M innesota, according to G.
A. H ollaar, "president. O ther officers
and directors w ere re-elected.

Madison
Only rep o rted change at th e K lein
N ational B ank in Madison, M innesota,
is th e recen t addition of B everly A.
Mosey, a form er em ploye of th e Mid­
land N ational B ank in M inneapolis,
to th e bookkeeping staff.

Mankato
E lm er Phillipson, vice p resid en t and
m anager of the personal loan d ep art­
m ent of th e N ational Citizens Bank,
M ankato, M innesota, re tire d recen tly
after 33 years of service w ith th e bank.
A fter an extensive vacation trip he
w ill continue to m ake his hom e in
N o rth M ankato.

BANK

Milan
N ealy 800 persons atten d ed th e 35th
an n iv ersary “open house” celebration
at th e Peoples S tate B ank of Milan,
M innesota, recently. I. M. Thom pson,
president, com pleted his 30th y e a r
w ith th e b ank last m onth.

•
CARL

L. F R E D R IC K S E N
P r e s id e n t

M A R K A . W IL S O N
S e n i o r V ic e P r e s i d e n t

Yes, it's G ro u p M eeting tim e a g a in
for G ro u p O n e — in Sioux City. A s
a lw a y s , w e a re h a p p y to join other
Sioux City b a n k s in e x ten d in g a
w a rm in v itatio n to com e a n d en jo y
Sioux C ity h osp itality , M o n d ay , F eb ­
ru a ry 12.

C L IF F O R D L. A D A M S
V ic e P r e s i d e n t
W IL L IA M C . S C H E N K
V ic e P r e s i d e n t
JO H N

S. H A V E R
C a s h ie r

We also hope you may stay
over and pay us a visit. If so,
welcome to the Live Stock Na­
tional Bank. Your wish will be
our command.

STA NLEY W . EV A N S
A s s t . V ic e P r e s i d e n t
JA M E S L. S M IT H
A s s t. C a s h ie r a n d A u d ito r
K IN L EY W . S M IT H
A s s t. C a s h ie r

©

Montevideo
Security National Bank
Oliver Rekow has been elected an
a ssistan t cashier of th e S ecurity Na­
tional Bank, M ontevideo, M innesota,
according to P resid en t C. H. Klein.

Union State Bank
C. O. B ennett, president, U nion S tate
Bank, M ontevideo, M innesota, an ­
nounces the prom otion of D ouglas
M. Johnson and V irginia Jo h n so n to
assistan t cashiers.

Moorhead
Several changes at th e A m erican
State Bank, M oorhead, M innesota, in ­
clude the follow ing elections: O. M.
W estlin, from vice president to vice
president and cashier: H. R. P eterson
as vice president, and E dm ond O. N el­
son as a ssistan t cashier.
W. H. G jerdingen had been cashier
of the b ank since Ju ly 1949, w hen he
left th e F irs t N ational B ank in Bot­
tineau, N orth Dakota, to assist in th e
bank tem p o rarily du rin g the illness of
O. M. Alme, executive vice president.
Mr. and Mrs. G jerdingen left last
m onth for a vacation in C learw ater,
Florida, and w ill m ake th e ir hom e in
M oorhead upon th e ir re tu rn .

MORE MINNESOTA NEWS
ON P A G E 54

BANK POSITIONS

4

SIO U X C ITY

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

I

For Q u a lified M en and W om en, Beginners to Top Execu*
fiv e s. No Charge to Ap p licants. A ll Correspondence
C o n fid en tial. W rite for A p p licatio n .
H EN R Y H B Y E R S , President

BANKERS SERVICE CO., INC
BOX 1435

Nort hwest ern Banker, February,


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

1951

•

DES MOINES 5. IOWA

•

TELEPHONE 2-7800

47
of checks in the m ails betw een P ie rre
and M inneapolis late in December.
The m issing checks include state
drafts totaling $55,000, checks totaling
$150,000 on depositors’ accounts in two
P ierre banks, and checks draw n on
banks at F t. P ierre, Onida, and pos­
sibly Philip, South Dakota.

S o n ili D a k o ta

NEW S

Salem
L. A. HOLLENBECK
President
Iroquois

Bowdle
H. C. Gross, p resid en t of th e Bowdle
State B ank, Bowdle, South Dakota,
has announced an increase in u ndi­
vided profits from $19,819 to $29,985.
C apital and su rp lu s rem ain the same.
All officers w ere re-elected.

Faith
F ran cy s M. N a s l u n d , president,
F a rm e rs S tate Bank, F aith , South Da­
kota, re p o rts all d irecto rs and officers
re-elected and th e prom otion of W ayne
F. L ang to a ssista n t cashier.

Flandreau
C apital stock of th e F a rm e rs State
B ank at F lan d reau , South Dakota, w as
doubled, from $50,000 to $100,000, by
action of th e stockholders. B. J. Tighe,
president, and all officers and direc­
tors w ere re-elected.

Hayti

H arm o n K opperud w as advanced
from p resid en t to ch airm an of th e
board by d irecto rs of th e C om m unity
State B ank in H ayti, South Dakota.
He is succeeded as p resid en t by Jam es
E rickson, w ho w as form erly vice p res­
ident and cashier, and is re tirin g from
active control of th e bank. Mr. E ric k ­
son is succeeded as vice p resid en t and
cashier by A1 H eggelund. Added to
th e board w ere Mr. H eggelund and
Jam es K opperud.

CARL E. BAHMEIER. JR.
Secretary
Huron

to $50,000 and su rp lu s increased from
$37,500 to $50,000, according to Oscar
C. B urke, president.

Marion

J. J. Sm ith, presid en t of th e F a rm ­
ers S tate Bank, M arion, South Dakota,
re p o rts all officers and directors re ­
elected and $10,000 added to th e con­
tin g e n t fund. D eposits in th e p ast six
m onths increased $146,000. D irectors
au th orized a 10 p er cent dividend.
George P. Cady, presid en t and cash­
ier of the F arm ers S tate Bank, Mel­
lette, South D akota, has again pub­
lished his unique annual statem ent.
It is a com bination of the b a n k ’s sta te ­
m en t and a ra in ch art for each m onth
of the p ast 20 years, w ith yearly, 20y ear and 59-year averages as com piled
by th e g overnm ent ra in gauge record.
T his is a valuable service to the m any
farm ers in th e area and is alw ays well
received.

Mitchell

Lennox
Capital of th e E xchange B ank of
L ennox has been doubled from $25,000

H.
P. Stedronsky, 43 year old cashier
of the Com m ercial State B ank in W ag­
ner, South Dakota, w as in ju red severe­
ly w hen his auto and a sem i-trailer
tru c k w ere involved in a collision n ear
Ravinia, South D akota, last m onth.
Mr. Stedronsky suffered a crushed left
hip, left leg fractures, rig h t shoulder
in jury, bruises and face lacerations.

Farmers aeid Merchants Bank
Jam es K opperud of Lake P reston,
South Dakota, w as elected a director
of the F arm ers and M erchants B ank
in W atertow n, South Dakota, last
m onth, succeeding his father, H arm on
K opperud. Jam es K opperud is cashish of th e C om m unity State B ank in
Lake P resto n and his fa th e r is p resi­
dent there. Jo h n H. H anten, board
chairm an; A ndrew K opperud, p resi­
dent, and all o ther officers of th e F a rm ­
ers and M erchants B ank w ere re ­
elected.

First Citizens National
Two new directors, Jo h n W. Ehrstrom and W. D. Gibson, w ere elected
to th e board of directors of the F irst
Citizens N ational Bank, W atertow n,
South Dakota, last m onth, according
to C arroll H. L ockhart, president. Mr.
E h rstro m is secretary of the M idland
N ational Life Insu ran ce Com pany and
Mr. Gibson is a p a rtn e r of th e South
D akota L ivestock Sales Company, both
of W atertow n.

S io u x

F a lls

N e w s

R

OSS E. H U N T w as advanced from

a ssistan t vice p resid en t to vice
p resid en t of th e N ational B ank of
E.
George O ttum w as prom oted from South Dakota. H e has been w ith the
assistan t cashier to vice president, and in stitu tio n for six years, having come
Mrs. M axine L apham w as elected as­ here in 1944 from F erg u s Falls, M in­
sista n t cashier at th e an n u al m eeting
nesota.
of directors of th e F irs t S tate Bank,
O ther prom otions announced by
P ierpont, South D akota, last m onth. P resid en t Toni S. H arkison w ere those
J. A. A nderson, president; F. M. Rob­ of L aw rence J. Larson from cashier
erts, vice president, and O. E. N eu­ to vice p resident and m anager of the
m an, cashier, w ere also re-elected by b an k ’s new south branch; S tan ley D.
M orrill to a ssistan t cashier, co n tin u ­
directors.
ing as farm service rep resen tativ e, and
R ussell K. Sm ith, assistan t m anager of
Pierre
S tate A uditor L a rry Mayes last the south branch.
R. P h il Raehel, w ho has served fo r
m o n th reported the loss of “h u n d re d s”

Pierpont

Iv an O. F erguson, acting au d ito r of
th e H u ro n b ran ch of th e N ational
B ank of South D akota in Sioux Falls,
has left th a t position to join th e ex­
am in atio n staff of F irs t Service Cor­
poration in M inneapolis. The N ational
B ank of South D akota is affiliated w ith
F irs t Service and F irs t B ank Stock
C orporation.

Wagner

Watertown

Mellette

S everal changes occurred in the of­
ficial staff of th e M itchell N ational
B ank of M itchell, South Dakota, ac­
cording to J. M. P atton, president.
H e rb ert E. H itchcock has re tire d as
chairm an of th e board and no succes­
sor w as elected at the an n u al m eeting.
O. E. F ristad , cashier, has resigned to
accept a position as executive vice
p resident and director of th e G ranite
F alls Bank, G ranite Falls, M innesota,
Hecla
G.
E. L ane, p resid en t of th e F irs t and J. N. Shelby w as elected cashier,
N ational B ank in Hecla, South D akota, in addition to his form er duties as vice
re p o rts no changes in officers or p e r­ president. George F red erick s w a s
sonnel of th e b an k follow ing th e a n ­ nam ed vice president, inactive, and
n u a l m eeting. Surplus, undivided p ro f­ V. E. B orm ann w as advanced to assist­
a n t cashier. C. J. Schiltz is also assist­
its and reserv es have been increased
du rin g th e p a st y e a r from $26,835 to a n t cashier.
$35,461.

Huron

H a rry E. E iehinger, form erly assist­
a n t cashier of the B ank of B ruce in
Bruce, South Dakota, has m oved to
Salem, South Dakota, w here he is now
assistan t cashier of th e McCook Coun­
ty N ational Bank.

THE NATIONAL BANK OF SOUTH DAKOTA
Huron
Member Federal Deposit Insurance Corporation

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Sioux Falls

Vermillion

Affiliated with F IR S T B A N K STOCK CORPORATION
Northwestern Banker, February, 1951

48

South Dakota News

th e last eight y ears w ith th e b a n k ’s
cred it d ep artm en t and as exam iner
for th e F irs t B ank Stock C orporation
of M inneapolis, is th e local b a n k ’s
new cashier.
A nativ e of W essington Springs,
South Dakota, Mr. Raebel has had
ban k in g experience at Clark, South
Dakota; Jam estow n, N o rth Dakota,
and W indom , M innesota, w ith th ree
and one-half y e a rs’ service in the
A rm y A ir Corps d u rin g W orld W ar
II.
* * *
O. A. B ray has re tire d from th e
N orth w est Security N ational B ank as
a ssista n t vice president, due to poor
health, and Car] Gray, III has re tire d
as board m em ber, due to his leaving
th e city.
* * *
W. E. Perrenoud w as advanced to
th e position of vice p resid en t and
cashier a t th e F irs t N ational B ank &
T ru s t Company.
* * *
The N ational B ank of South D akota,
of w hich Tom S. H arkison is p resi­
dent, has opened its new south b ran ch
in tem p o rary q u a rte rs at th e south
edge of th e city, on M innesota A ve­
nue. The b ra n c h ’s p e rm a n e n t hom e

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oH
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OVER 25 YEARS OF EFFICIENT
CONFIDENTIAL. PERSONAL SERVICE
ASK AN Y MID-WEST RESERVE CITY BANKER

■

H EN R Y H

BYER S . President

BANKERS SERVICE CO., INC.

BOX 1435

•

DES MOINES 5 IOWA

•

TELEPHONE 2-7800

I

is to be built th ere in th e spring. It
is in charge of Vice P resid en t L aw ­
rence J. Larson, form erly cashier of
th e N ational B ank of South Dakota.
Services now available include sav­
ings and checking accounts. V ault
facilities for re n ta l of safety deposit
boxes w ill be available after th e p er­
m an en t building is com pleted.
* * *
Tony W estra, an assistan t vice p res­
ident of N o rth w est S ecurity N ational
Bank, w as m ain speaker at th e an ­
nual m eeting of th e Lake County CropL ivestock Im provem ent A ssociation
at Madison.
* * *
Loans and d iscou nts by the five lo­
cal banks increased sh arp ly d u ring
1950 as com pared w ith 1949 figures.
T here was, how ever, a sm aller in ­
crease in deposits du rin g th e year.
E nd of the year statem en ts show ed
an increase of 26 p er cent in loans
and discounts and a 3.2 per cent in ­
crease in deposits. In 1949 loans and
discounts increased only 1.2 p er cent
over 1948 figures, w hile deposits in ­
creased 1.4 p er cent.
* * *
Dr. W. R. Laird, a director of the
N o rth w est S ecurity N ational Bank,
re tire d from active particip atio n in
affairs of the Sioux F alls Serum Com­
pany, w hich he helped organize 40
y ears ago. Dr. L aird w as a founder
of the firm w hich had a m odest begin­
ning here in Novem ber, 1913, as a pio­
neer in the A m erican serum industry,
specializing in serum for the tre a t­
m en t of hog cholera. He w as born
a t M arshalltow n, Iowa, and is a g rad u ­
ate of Iow a S tate College.

O. A. B ray, w ho has re tire d as as­
sistan t vice p resid en t of th e N o rth ­
w est Security N ational Bank, w as in ­
stalled as secretary of Sioux F alls
C hapter No. 2, Royal A rch Masons.
* * *
Carl E. Bahm eier, Jr., executive sec­
re ta ry of th e South D akota B ankers
A ssociation, now living a t H uron, ad­
dressed the a n n u a l D istinguished
Service A w ard d inner of th e Ju n io r
Cham ber of Commerce here.
* * *
W.
C. D uffy, presid en t of th e U nion
Savings Bank, w as elected to the
board of the Sioux F alls ch ap ter of
the Izaak W alton League.
* * *
C. A. C hristopherson, ch airm an of
the b a n k ’s board of directors, deliv­
ered th e principal address at th e an ­
nual m eeting of th e M innehaha Coun­
ty H istorical Society. H is subject w as
“The Crisis in C u rren t E v en ts.” He
w as recently elected to th e board of
deacons of th e F irs t C ongregational
C hurch.—The End.

Bank Schools
C. C. W attam , secretary of the N orth
D akota B a n k e r s A ssociation, an ­
nounces th e Ju n io r B ank School, spon­
sored by th e educational com m ittee of
th e association, w ill s ta rt F e b ru a ry
11th in Fargo. I t w ill again be u nder
the direction of th e A.I.B. ch ap ter in
Fargo.
R egistrations w ere also being ac­
cepted by th e S tate A ssociation office
for th e School of B anking at th e U ni­
v ersity of W isconsin. N orth D akota’s
quota for th e school w as being held
open for re g istra n ts u n til Feb. 1st.

X lIE in v estm en t requirem ents of your b an k
are given individual a tte n tio n by our In v e st­
m en t D ivision . . . by m en whose sound
experience and background qualify them to
render you this service.
Securities handled for y o u r account are
b o ught and sold in th e m ark et. T h a t m eans
p ro m p t, efficient service a t th e m ost a d v a n ­
tageous price.
O ur In v estm en t D ivision is prepared to con­
sult w ith you on p articu lar bond portfolio
problem s and to offer specific suggestions
based on your individual needs. Y our in ­
quiry is invited

AMERICAN

NATIONAL

BANK

AND TRU ST C O M P A N Y OF CH IC A G O
M EM BER F E D E R A L D E P O S IT IN SU R A N C E CO RPO RATIO N

LA S A L L E

Nort hwest ern Banker, February,


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1951

STREET

AT W A S H I N G T O N , C H I C A G O

90

49

N! c Vi Ile

T he McVille State Bank, McVille,
N o rth Dakota, w as authorized recen t­
ly to increase its capital stock from
$15,000 to $25,000.

Minnewaukan

Convention Committees
H. D. Crosby, p re sid e n t of th e F irs t
N ational B ank and T ru s t Company,
Fargo, N o rth D akota, and ch airm an of
th e general com m ittee for th e an n u al
convention of th e N o rth D akota B ank­
ers A ssociation, announces th e ap­
p o in tm en t of th e hotel reserv atio n s
and equip m en t exhibit com m ittees.
C hairm an of th e h otel reserv atio n s
com m ittee is W. R. B raseth, vice p re s­
iden t and cashier, F arg o N ational
Bank.
C hairm an of th e eq uipm ent exhibit
com m ittee is W. B. Pearson, a ssista n t
cashier, M erchants N ational.

Beach
A bout 1,200 p ersons atten d ed an
“open h o u se” recen tly a t th e F a rm e rs
and M erchants B ank in Beach, N o rth
D akota, according to P resid en t T. E.
H udson. A to tal of $210 in deposit
certificates, bonds and cash w as given
aw ay to those registering.

tin u es in his capacity as vice presi­
dent. A rth u r F leck ten is p resid en t and
B erniece F leck ten is vice president.

Dunseith
Carl Opheim, cashier of the Security
S tate B ank at D unseith, N o rth Da­
kota, rep o rts an increase of capital
stock from $20,000 to $25,000 w hich
took place at th e an n u al m eeting last
m onth. Shirley Olson w as elected as­
sista n t cashier and all o th er officers
w ere re-elected.

Fargo
First National B. and T.
M ax Goldberg w as elected a director
of th e F irst N ational B ank and T ru st
Company, Fargo, N orth Dakota, last
m onth. He succeeds O. B. Skadland,
w ho has moved to Omaha. F red A.
Irish, board chairm an; H. D. Crosby,
president, and all o ther officers and
directors w ere re-elected.

Merchants National B. and T.

R aym ond B. S trand and F o rre st E.
F.
B. H eath, p resid en t of th e Da­ H enderson w ere elected officers in the
ko ta N ational Bank, B ism arck, N o rth tru s t d ep artm ent, according to Clarke
D akota, recen tly announced th e addi­ B assett, president. Board C hairm an
F ra n k R. Scott and all o th er officers
tio n of $100,000 to capital, b rin g in g
w ere re-elected.
capital stock up to $200,000.

Bismarck

Carrington
C apital of th e F o ste r C ounty State
B ank in C arrington, N o rth Dakota,
has been doubled, according to J. C.
H offert, president, and now stan d s at
$100,000. S urplus also is $100,000. All
officers an d d irecto rs w ere re-elected.

Devils Lake
F red C. H oghaug w as elected p re si­
d e n t of th e R am sey C ounty N ational
B ank of Devils Lake, N o rth Dakota,
by d irecto rs la st m onth, to succeed
Clyde Duffy, w ho w as elected vice
president. Mr. Duffy w as elected to
th e presidency last y ear to fill th e v a­
cancy left by th e d eath of B landing
F ish er. Mr. Duffy is a state sen ato r
and a p a rtn e r of th e law firm of Sinness and Duffy.
A.
L. G arnaas w as elected a vice
presid en t. He is also vice p resid en t
and cashier of th e F a rm e rs and M er­
ch an ts B ank a t Sheyenne. W. G.
E lm slie and S. K. F ish e r re tire d from
th e board and A. L. H alvorson, P. E.
A braham son, W illiam Jerom e and E d ­
w in T ray n o r are new board m em bers.
Mr. E lm slie continues as cashier and
H ow ard Toso is a ssista n t cashier.

Hillsboro
J. I. Hegge has re tire d from the
presidency of th e N o rth w estern State
B ank in Hillsboro, N orth D akota, aft­
er 48 y ears in th e banking business,
all of them in N orth D akota and since
1933 serving in Hillsboro. He is suc­
ceeded by L eonard Beal w ho con­
tin u es also as cashier. Mr. Beal for­
m erly w as vice presid en t and cashier.
R. T. J a h r w as nam ed vice president.
Mr. Hegge w ill continue on th e board
of directors at N orth w estern State
B ank and also at the G rafton N ation­
al, G rafton. He plans to open a real
estate, farm loan and life insurance
agency in th e bank building.

Hope

P.
J. Canton, cashier of th e F a rm e rs
State Bank, M innew aukan, N o rth Da­
kota, since June, 1950, has been elected
a director of th e bank. M ason A.
H eiberg w as elected a ssistan t cashier,
to replace Hope H eiberg w ho resigned
to take g raduate w ork at the U niver­
sity of M ississippi for h er M aster de­
gree. Florence A braham also w as p ro ­
m oted from teller to a ssistan t cashier.
U ndivided profits increased from $35,306 to $50,074 d u ring 1950 and reserves
w ere increased about $5,000, rep o rts
Y. A. H eiberg, president.

Minot

T.
A. Solheim, executive vice p resi­
den t at the A m erican S tate B ank of
Minot, N orth Dakota, rep o rts 1950 w as
th e biggest year in th e b a n k ’s history,
w ith peak totals in deposits and loans.
C. H. P ark er, board chairm an, and
Roy A. Janz, president, and all officers
and directors, w ere re-elected a t th e
annual m eetings last m onth.

Neche

Surplus, undivided profits and re ­
serves of the Citizens S tate B ank at
Neche, N orth Dakota, have been in­
creased in the p ast year from $102,027
to $116,997, according to J. L. Sym ing­
ton, cashier.

Regent

Neil Robb has been elected cashier
of th e F irst State B ank in Regent,
N orth Dakota, to succeed Clifford J.
Bowers, w ho passed aw ay recently.
Mr. Robb rep o rts all o th er officers re­
elected, and th e ap p o in tm en t of Helen
M. E h lerin g er as assistan t cashier.

Southwest Fargo
The nam e of the B ank of Southw est
F argo has been changed to W est F a r ­
go State Bank, announces L ester E.
Sm ith, president.

Wahpeton
B.
P. M cCusker, form erly assistan t
cashier, w as elected cashier of th e Citi­
zens N ational B ank of W ahpeton,
N orth Dakota, last m onth. He suc­
ceeds th e late G ilbert Reeder. S. H.
M urray, president, also announced the
election of V ernon D. F orbes to re­
place Mr. Reeder on th e board of di­
rectors.

M.
G. Pederson, p resident of the
F irs t State B ank of Hope, N orth Da­ Watford City
kota, announces the election to a vice
O.
M. Stenehjem , presid en t of the
presidency of Jo h n H. Ihry, a director
F irs t In tern atio n al B ank of W atford
of the bank. In addition, E. M. Neisen
City, N orth Dakota, announces the
w as advanced from teller to assistan t
election of R obert D. Sundfor as an
cashier.
a ssistan t cashier.
S urplus w as in ­
creased from $50,000 to $75,000.
Lisbon
G.
H. W eber w as advanced from
Wilton
assistan t cashier to cashier at the
The nam e of the F irst N ational
F a rm ers State B ank of Lisbon, N orth
Dakota, last m onth, succeeding L. E. B ank of W ilton, N orth Dakota, has
Drayton
L ilyquist, w ho resigned to en ter a been changed to the F irs t S tate Bank.
P.
L. A rneson has been advanced general in su ran ce agency in Lisbon in No o th er changes w ere m ade and G.
H ochhalter, president; E. D. McGinnis,
from a ssista n t cashier to cashier of w hich he has purchased an in terest.
th e D rayton S tate B ank, D rayton, W. R. Sandager, president, and Jakob vice presid en t and cashier, and P e te r
N orth D akota. R. H. Johnson, w ho W olters, vice president, w ere re ­ P. Leif, vice president, will continue
as officers of the bank.
w as vice p resid en t and cashier, con­ elected.


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Nort hwest ern Banker, February, 1951

50

Nort hwest ern Banker, February, 1951


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Federal Reserve Bank of St. Louis

51
th ey spent th ree w eeks visiting th eir
son, Dr. G. G. H am pton and fam ily, at
H anford, and o th er relatives and
friends. Mr. H am pton is vice p resi­
d en t of th e G othenburg S tate Bank,
G othenburg, N ebraska. He has been
an officer in the bank since 1910.
•

Grand Island

Ainsworth
R ollin S. R ohw er and Kyle I. T u rn e r
w ere elected a ssista n t cashiers last
m o n th by d irecto rs of th e N ational
B ank of A insw orth in A insw orth, N e­
braska, H ans R ohw er, president, and
o th er officers w ere re-elected.
A lie n
M arvin R. Burgess, a ssista n t cash­
ier, S ecurity State B ank of Allen, Ne­
braska, w as elected to th e board of
directors last m onth, re p o rts M illard
M. M artin, cashier. Mr. B urgess has
been w ith th e b an k since his re tu rn
from arm y service in 1947.

Bancroft
A. G. Zuhlke w as advanced from
cashier to vice p resid en t at th e F irs t
N ational B ank, B ancroft, N ebraska,
and W. G. M underloh, fo rm erly assist­
a n t cashier, w as elected to succeed
him as cashier. Claus F. P eters, p re si­
dent, and o th er officers w ere re-elected.

Beatrice
H arold D ietem eyer has been elected
vice p resid en t and cashier of th e F irs t
N ational B ank of B eatrice, N ebraska.
He w as fo rm erly cashier. L aw rence
Boehm er, a teller, w as prom oted to as­
sis ta n t cashier.
The F irs t N ational B ank last m onth
began a P erso n al F in an ce F orum , con­
ducted in a series of four m eetings
held one each w eek over a period of
one m onth. Speakers w ere B u rn h am
Yates, p re sid e n t of th e F irs t N ational
Bank, Lincoln, and o th er officers of
th a t b an k and th e F irs t T ru s t Com­
pany, Lincoln, w ho conducted a sim ­
ilar forum in L incoln recently.

Beaver City
G. W. Shafer, Jr., w as elected p re si­
d e n t of the F irs t S tate B ank in B eaver
City, N ebraska, last m onth, to succeed
the late A. F. K eiser. Mr. Shafer w as
form erly vice p resident. M. C. Shafer
w as elected vice p re sid e n t and L. A.
B otrell continues as cashier D irectors
now are G. W. Shafer, Jr., M. C. Shafer
Mr. B otrell, Je a n S hafer and Clarke
Kelley.

Chambers
Leo T. Adams, p resid en t of the
C ham bers S tate B ank, Cham bers, N e­
braska, has retired . He is succeeded
by his b ro th er, Glen H. Adams, fo r­
m erly cashier. New cashier is K eith
J. Sexton of H addam , K ansas.

Columbus
M. H. V an Berg, ow ner of the Co­
lum bus Sales Pavilion, w as elected a
d irecto r of th e C entral N ational Bank,
Colum bus, N ebraska, last m onth, to
succeed th e late Dr. F ra n k H. M orrow,
w ho had been a directo r for 29 years.

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Federal Reserve Bank of St. Louis

C. E. P earse w as elected vice p resi­
dent, to fill th a t official position also
held by Dr. M orrow.
In addition, J. O. Peck w as elected
vice chairm an of the board, besides
being re-elected president, and How­
ard B urdick w as nam ed executive vice
p resid en t and cashier. He w as for­
m erly vice presid en t and cashier.

Crete
City National Bank
Jo h n R othm uller, p resid en t of the
City N ational B ank in Crete, N ebras­
ka, since 1932 and a director of the
h ank since 1926, re tire d last m onth.
He is succeeded by B. F ra n k lin Aron,
form erly vice presid en t and cashier.
Les P ark er, form erly a ssistan t cash­
ier, has been advanced to cashier and
H e rb ert G. Sm ith w as elected vice
president.

Crete State Bank
Thom as J. Aron, p resid en t of the
Crete S tate B ank in Crete, N ebraska,
rep o rts all officers and directors re ­
elected a t the m eeting last m onth.
D uring 1950 a 50 p er cent stock divi­
dend w as declared, increasing capital
from $50,000 to $75,000.

Elmwood
O rville W. Ju lian , vice president of
th e A m erican E xchange B ank of E lm ­
wood, N ebraska, has resigned to ac­
cept the position of a ssistan t vice p res­
ident at the Hom e S tate B ank in H um ­
boldt, N ebraska.

Ewing
S tockholders of the F a rm e rs State
Bank, Ew ing, N ebraska, elected the
follow ing directors last m onth: Maud
M. Brion, M. B. Huffm an, L. J. Spittler, M ary B. H uffm an and R ichard S.
Brion. Mrs. B rion w as elected p resi­
dent, to succeed S. W. Brion, w ho died
C hristm as Day, and D orothy Sojka
w as elected a ssistan t cashier. O ther
officers rem ain the same.

Fairbury
C apital of th e F a irb u ry S tate Bank,
F airb u ry , N ebraska, w as increased
from $50,000 to $75,000 by adding from
surplus, according to Irl Else, presi­
dent.

Gordon
B.
D. B erkheim er, p resid en t of the
F irs t N ational B ank of Gordon, Ne­
braska, announces capital has been in ­
creased from $50,000 to $100,000. S u r­
plus is $100,000 and undivided profits
are $20,000.

Gothenburg
Mr. and Mrs. Glen G. H am pton re ­
tu rn e d recently from California w here

T hree new directors w ere elected by
stockholders of the Com m ercial N a­
tional B ank in G rand Island, N ebras­
ka, last m onth. T hey are: W ebster
P. A ugustine, Jo h n D. Clayton and
L aw rence H. H uw aldt.

Grant
F W illard Jackm an, executive vice
p resid en t of the F a rm e rs N ational
B ank in G rant, N ebraska, inform ed
the city lib rary board recen tly th a t
office space in the b an k is being m ade
available free to the lib rary for its
new location.

Hastings •
City National Bank
D irectors of th e City N ational Bank,
H astings, N ebraska, increased capital
stock from $150,000 to $200,000 and
su rp lu s from $150,000 to $200,000. A.
J. Koelling, president, and all officers
w ere re-elected.

Hastings National Bank
Charles E. U erling w as elected to the
board of directors by stockholder of
the H astings N ational Bank, H astings,
N ebraska. No o ther changes took
place.

Hay Springs
D irectors of the F irs t N ational B ank
in H ay Springs, N ebraska, are: Carl
S. H orn, P aul C. M organ, T hom as C.
H orn, C. F. Coffee and O. D. Ellis.
Carl S. H orn w as re-elected president;
P aul C M organ w as elected vice p resi­
dent; Thom as C. H orn w as advanced
from assistan t cashier to cashier, suc­
ceeding F ra n k L. Tulloss; J. E. Reid
continues as assistan t cashier and Rex
C. Tulloss has joined the staff as as­
sista n t cashier. Max B. H orn, for­
m erly executive vice president, is now
w ith the California Bank, Los A nge­
les. C apital recen tly w as increased
from $25,000 to $50,000.

Hemingford
Y andall H. Seaton, 54, cashier of th e
B ank of H em ingford in H em ingford,
N ebraska, died last m onth in V eterans
H ospital a t D enver, Colorado, after a
lengthy illness. He w as cashier of
the b ank since its founding eight years
ago. P rio r to th a t tim e he w as asso­
ciated w ith the G uardian S tate Bank
at Alliance and had been w ith the Ab­
bo tt banks in w estern N ebraska for
the p ast 16 years. E arlier, he had con­
siderable banking experience in Iowa.

Kearney
A fter the ann u al m eeting of direc­
tors of the P latte V alley State Bank,
K earney, N ebraska, it w as announced
th a t su rp lu s is now $36,000, undivided
profits are $23,585 and capital rem ains
a t $60,000, according to Leo E. Ryan,
cashier. The bank rem odeling has
been com pleted a t a cost of $10,000.
All officers w ere re-elected.
Nort hwest ern Banker, February, 1951

52

A

N EW vice p resid en t of th e F irs t
All officers, including K enneth G.
N ational B ank of O m a h a is H arvey, w ere re-elected.
* * *
C harles H. Veber, w ho en tered b ank
service in 1911 as a m essenger boy. Fred D. B ello w s w as nam ed a ssist­
A year ago Mr. V eber had been nam ed a n t cashier and George T urley assist­
an assistan t vice president.
an t au ditor of th e Live Stock N ational
He has served in all d ep artm en ts of Bank. The announcem ent w as m ade
th e b ank except the tru s t and personal by P resid en t H enry C. Karpf follow-

C. H . V E B E R
A. L. W A L L IN
P ro m o te d a t F ir s t N a tio n a l, O m aha

loan dep artm en ts. He held th e posi­
tion of a ssistan t cashier for 23 y ears
before his election as a ssista n t vice
p resid en t last year.
F irs t N ational d irectors also selected
A. L. W allin, an o th er v e te ra n em ­
ploye, as an a ssista n t cashier. He has
been w ith th e b ank 30 years, m ost of
the tim e in th e loan departm en t. He,
too, began his ban k in g career as a
m essenger boy. F o r several years he
w orked in th e b an k a fte r school.
* * *
The Douglas C ounty B ank of Oma­
h a has a new vice president. He is
28 y ear old H ow ard AV. N ielsen , w ho
served as a fighter pilot d u rin g W orld
W a r II. He had p reviously been as­
sista n t cashier of the bank.
He joined th e b ank in 1942, ju s t be­
fore his w ar service. He is a g rad u ate
of B enson H igh School in Omaha.
B ank directors also nam ed tw o new
a ssista n t cashiers, Leonard J. H rnska
and W alter AAT. Clark.

brick and steel building.
Charles S. Reed, Omaha atto rn ey
w ho is presid en t of th e bank, said
th a t construction w as p ro gressing ra p ­
idly on the building follow ing long
delays in sh ip m en t of m aterials.
The bank also w as notified th a t it
w ill become a m em ber of th e F ed eral
Deposit Insu ran ce Corporation.
T here w ill be th ree te lle rs’ cages,
safety deposit boxes, and tw o vaults.
A separate personal loan d ep artm en t
w as planned.
H. A\T. Campbell, vice p resid en t and
cashier, said th a t th e cost of the build­
ing w ill be 50 thousand dollars.
* * *
Dale Clark, chairm an of the board
of the Omaha N ational Bank, w as
speaker at th e n in th an n u al b reak fast
w hich the N ebraska Clothing Com­
pany gave recently for its 300 em ­
ployes at the F ontenelle H otel in Oma­
ha. Bonus checks w ere distributed.
* * *
J. C. R ahel, vice president and tre a s­
u re r of th e W achob-Bender C orpora­
tion, Om aha in vestm ent firm, has been
re-elected p resid en t of th e Covered
W agon Council of Boy Scouts. The
council area includes 26 counties in
n o rth east N ebraska.
Stephen .J. AA7irtz, vice p resid en t of
the Omaha N ational Bank, w as nam ed
tre a su re r of th e council.
* * *
John F. D avis, senior vice p resid en t
of the F irs t N ational B ank of Omaha,
is th e new presid en t of His M ajesty’s
Council of the K nights of Ak-Sar-Ben.
He succeeds W. D. H osford, Jr., who
served d uring 1950.
>{c
Charles J. P eterson w as elected a
director of the South Omaha Savings
B ank at its 63rd an n u al m eeting. O th­
er directors, all re-elected, are Gerald
Collins, W. A. S aw tell, A. J. H allas
and C. F. Witt. Mr. W itt w as re ­

FRED BELLOW S
E le c te d a s s is ta n t c ash ie r
L ive Stock N a tio n a l, O m aha

elected president.
Mr. P eterson, head of P e te rso n ’s
Fam ily Store, is a m em ber of the Oma­
ha Im provem ent Commission.

ing th e reg u lar m onthly m eeting of
th e b a n k ’s directors.
Mr. Bellows form erly served in the
livestock loan departm ent.
All p resen t officers and directors of
th e b ank w ere re-elected.
=f= * *
The B ank of Bellevue in th a t sub­
u rb a n area of Omaha w as expected to
be ready to open for business by F eb ­
ru a ry 15th, about six m onths after
ground w as broken for the one-story

Omaha banks have followed a New
York and general increase in prim e
com m ercial loan rates.
The New York banks increased th e ir
loan rates to business concerns w ith
the highest credit ra tin g to 2% per
cent. T hey form erly w ere 214 per
cent.
The move w as forecast in December,
w hen the F ederal R eserve Board o r­
dered an increase in bank reserve
funds.

IN ST. JOSEPH

No Other Bank Gives You

MORE* for YOUR MONEY

TOOTLE-LACY
Than the

Nort hwest ern Banker, February, 1951


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

MILTON TOOTLE

FRED T. BURRI

R. E. W ALES

GRAHAM G. LACY

P R E S ID E N T

C A S H IE R

V IC E P R E S ID E N T

CH . O F THE B O A RD

Nebraska News
1947 and w as reappointed Ja n u a ry 1,
1950.
* * *
Mrs. F reda O. Cross, w ho took over
th e C entral Securities Com pany at
O m aha following the death of h er h u s­
band, Lym an G. Cross, w ho founded
th e com pany, w as m arried a t Omaha
d u rin g th e holidays to Jam es D. A us­
tin of Lincoln, N ebraska, head of an
ad v ertisin g concern there.
Mrs. Cross has closed th e securities
firm. The couple w ill live at Lincoln.
* * *
In stallatio n of new officers for th e
D ow ntow n K iw anis Club at Omaha
w as in charge of R ichard H. M allory,
vice presid en t of the U nited States
N ational B ank of Omaha, a p ast p resi­
d ent of th e dow ntow n K iw anis organi­
zation.—T he End.

D uring th e an n u al m eeting of the
Omaha C learing

H ou se

A ssociation,

held in th e association office in Omaha,
th e follow ing officers w ere elected to
serve for th e ensuing year: P resident,
W. A. S aw tell, president, Stock Y ards

W. W. Allen, cashier of the Security
S tate Bank, M adrid, N ebraska, re tire d
la st m onth. F. H. Scott, who has p u r­
chased Mr. A llen’s in terests in the
bank, w as elected cashier. P resid en t
F. H. W hitlake and o ther officers w ere
re-elected.

S urplus of th e S tockm en’s N ational
Bank, R ushville, N ebraska, has been
increased from $100,000 to $150,000 ac­
cording to H. A. Dale, president. Capi­
ta l rem ains at $35,000.

SeotfsbiuflF
W. J. Stafford, president, and all
o ther officers of the Scottsbluff N a­
tional Bank, Scottsbluff, N ebraska,
w ere re-elected last m onth, rep o rts
Vice P resid en t A. A. Hulse.

Scribner
A rth u r H. Schults, p resid en t of the
F a rm e rs S tate B ank in Scribner, N e­
braska, has been nam ed advisor to the
Dodge county d ra ft board.
C harles L. S cribner has been elected
a ssistan t cashier of th e N ebraska State
B ank of South Sioux City, N ebraska.

Sutton

Sam uel G. Carney, cashier of the
C ity S tate B ank of Sutton, N ebraska,
has purchased controlling in te re st in
th e b ank from J. M. W eber, president,
and R. M. Figi, vice president. Mr.
McCook
H.
E. Blum, form erly a ssistan t cash­W eber and Mr. F igi are brothers-inier, w as nam ed cashier of the McCook law and the la tte r had purchased stock
N ational B ank at McCook, N ebraska, in the b ank late in 1950. A new di­
to succeed M. O. Brow n, resigned. H. recto rate w as to be organized last
S. Sim m ons w as elected a ssistan t cash­ m onth by the new ow ners.
ier.

W . A. S A W T E L L
P re s id e n t, O m ah a C le arin g H o u se

N ational Bank; vice president, A. L.
N ational
Bank, and secretary -treasu rer, Carl

Coad, president, P a c k e r s

*

Rushvitle

South Sioux City

Madrid

G. Sw anson.

53

Tekamdh

Nebraska City

* *
A. W. Gordon, p resid en t of th e Oma­
ha Loan and B uilding A ssociation,
has been re-elected p resid en t of th e
Om aha C hildren’s H om e board of tr u s ­
tees. E. N. Van H orne, p resid en t of
th e F ed eral L and B ank of Omaha, has
been ren am ed a vice president. Also
re-elected w as R ichard H. M allory,
vice p re sid e n t of th e U nited S tates
N ational Bank, w ho is a ssista n t tre a s ­
u re r of th e hospital board. M anning
E. H andler, vice p re sid e n t of S tern
Bros., in v estm en t b an k in g firm, is
tre a su re r. W allace Spear, tr u s t offi­
cer of th e F irs t N ational B ank of
Omaha, is a m em ber of th e hospital
board.
*
*
L ester S. G illette of F ostoria, Iowa,
dem ocrat, w ho w as defeated for gov­
e rn o r of Iow a in N ovem ber, has been
reap p o in ted to th e board of th e F a rm
C redit A d m in istratio n at Omaha. He
w as first appointed to th e board in

M orton S tein h art w as elected vice
p resid en t of th e Otoe C ounty N ational
B ank in N ebraska City, N ebraska, last
m onth, succeeding th e late H en ry F.
M eyer. Cam pbell K ropp w as nam ed
to replace Mr. M eyer on th e board of
directors.

North Platte
K eith N eville w as advanced from
p resid en t to chairm an of th e board of
th e F irs t N ational B ank of N orth
P latte, N ebraska, last m onth. W. H.
M unger, form erly executive vice p resi­
dent, w as elected president; R obert
C raw ford w as prom oted from assist­
a n t cashier to cashier, and L. W. L ang­
ford continues as vice president. Mr.
L angford fo rm erly held the title of
vice p resid en t and cashier. A stock
dividend and sale of new stock in ­
creased capital recen tly and now is
$200,000, su rp lu s is $200,000 and u n d i­
vided profits and reserv es to tal $141,000.

H. J. W ragge has been elected exec­
u tiv e vice p resid en t of th e F irs t N a­
tional B ank of T ekam ah, N ebraska,
after serving as cashier for 33 years.
He had been vice p resid en t and cash­
ier, and on J a n u a ry 15th com pleted 41
y ears w ith the bank. L. L. Loerch,
assistan t cashier, has been prom oted
to cashier, according to R. I. Stout,
president.
The F irs t N ational B ank is sponsor­
ing a F a rm Clinic on M arch 8th for
all farm custom ers of th e bank, as
w ell as some o th er friends. A one-day
program w ith luncheon is planned.

BANKS

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BANK EMPLOYEES PLACED
46 Years Satisfactory Service

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OMAHA, NEBRASKA

‘MORE personal service — ‘MORE types of service — ‘MORE
friendliness — ‘MORE people who are interested in you.

NATIONAL BANK

st. Joseph, mo.

E. H. SCH O PP

E. L. CRUM E

MILTON TOOTLE, JR.

GILBERT TOOTLE

A . E. LA BOUFF

A S S T . V IC E P R E S .

A S S T . V IC E P R E S

A S S T . C A S H IE R

A S S T . C A S H IE R

A U D IT O R


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Federal Reserve Bank of St. Louis

M e m b e r F e d e ra l D e p o sit
In su ra n c e C orporation

Nort hwest ern Banker, February, 1951

54

r'

W HEATON BA T TEY w as elected

p resid en t of th e C ontinental N a­
tional B ank of L incoln last m onth, to
succeed T. B. Strain, w ho w as elected
ch a irm a n of th e board of directors.

Mr. B attey had been executive vice
p resid en t since 1944 and Mr. S train
had been presid en t since 1937. Mr.
B attey sta rte d his b an king career w ith
th e N ebraska S tate B ank of Lincoln

in 1917. W hen th is w as m erged w ith
C ontinental in 1929 he w en t w ith the
C ontinental. Mr. S train also came to
th e C ontinental in 1929, as executive
vice president.
No o th er changes in p ersonnel w ere
m ade by directors of the C ontinental
N ational.
=t= =f= *
B yron D unn, presid en t of th e N a­
tional B ank of Commerce, announces
th ree changes in titles for officers of
th e bank. G lenn Y aussi, fo rm erly vice
p resident and a ssistan t tru s t officer,
now is vice presid en t and tru s t officer.
H erm an B rockm eier has been ad­
vanced from a ssistan t cashier to as­
sista n t vice presid en t and operations
officer, and Carl R. A m os, assistan t
tru s t officer, has been nam ed a ssistan t
cashier and tru s t officer.
Mr. D unn told stockholders th a t as­
sets soared to $46,700,000 by the end
of 1950, an increase of n early $10,000,000 over 1949.
* * *
George W . H olm es, ch airm an of the
board of the F irs t N ational B ank of
Lincoln, rep o rted at th e an n u al stock­
h olders’ m eeting th a t deposits had in ­
creased approxim ately $6,000,000 in
1950 and a t the end of 1950 w ere $54,821,415. Capital rem ains a t $1,500,000,
su rp lu s at $1,300,000 and undivided
profits and reserves w ere increased by
$92,517 du rin g 1950, to $648,617. B urn­
ham Yates, president, and all o th er offi­
cers and directors w ere re-elected, ac­
cording to Mr. Holmes.
* * *
Ted Thom pson, a ssistan t cashier of
the N ational B ank of Commerce, has
been appointed Contact Club chairm an
of th e Lincoln C ham ber of Commerce.

Walthill
J. B. R ossiter, 60, p resid en t of the
F irs t N ational Bank' in W althill, N e­
braska, and a b an k er in n o rth east
N ebraska for 30 years, died unex p ect­
edly at his hom e last m o n th a fter a
two-day illness. An extrem ely active
m an in civic and social w elfare work,
Mr. R ossiter had served one term in
N eb rask a’s uni cam eral legislature.
E. W. R ossiter, p resid en t of th e B ank
of H artington, is a brother.

Wauneta

SIN C E 1 0 7 1 — Nebraska Banks and
B an k ers have come to know th a t
every correspondent service is handled
in a prompt and satisfactory manner.

Jo h n W. Green, p resid en t of the
W auneta F alls Bank, W auneta, Neb r a s k a , announces th e follow ing
changes in official personnel: W iley
Green, from cashier to vice president;
D w ight W. Egle, from a ssista n t cash­
ier to cashier, and E sth e r E. F anning,
from clerk to a ssistan t cashier. Total
capital stru c tu re is $157,000, w ith $35,000 in capital stock, $95,000 in su rplus
and $27,000 in undivided profits.

MORE MINNESOTA NEWS
New Ulm

THE FIRST NATIONAL BANK OF LINCOLN
LINCOLN, NEBRASKA

E d w ard M arti w as elected to the
board of directors at th e F a rm e rs and
M erchants S tate Bank, New Ulm, M in­
nesota, to replace the late T. O. Streissguth.

Park Rapids
M e m b e r F e d e ra l D e p o sit In su ra n c e C orporation

Nort hwest ern Banker, February,


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Federal Reserve Bank of St. Louis

1951

Jo h n E. F lynn, 76, w as re-elected
ch airm an of th e board and p resid en t
of th e S tate B ank of P a rk Rapids,
M innesota, last m onth, b u t announced

55
th a t he w as re tirin g from active d uty
in th e bank. He w ill continue in th e
tw o positions in an inactive vice
ity. V. R. Sm ythe, executive vice
p resid en t and cashier, w ill be m an ­
aging officer.

Pierz
R. M. Stoll w as elected p resid en t of
th e F a rm e rs and M erchants State
B an k a t Pierz, M innesota, to succeed
th e late A n th o n y P. Stoll. The new
p resid en t w as fo rm erly vice president.
C ashier W. T. Stoll rep o rts th e new
addition to th e b an k is progressin g
rapid ly and should be in use by early
spring. T his addition w ill house the
d ire c to rs’ room , safe deposit vault,
th re e offices, store room and lavatory.

Proctor

nold H illesheim , w ho resigned after
m any years of service. D irectors re ­
elected P resid en t E. H. Snow and all
o th er officers.

and undivided profits total $62,807, ac­
cording to A. A. Thom pson, vice presi­
dent.

St. Stephen

Spicer
T h ree changes w ere m ade at the
G reen Lake S tate Bank, Spicer, M in­
nesota, last m onth. N orm an C hristen
w as raised from p resid en t to board
chairm an, E. J. R ykken w as advanced
from executive vice presid en t and
cashier to th e presidency, and he is
succeeded as cashier by A lbert P ed er­
son, form er a ssistan t cashier.

Spring Grove

Stockholders of th e St. Stephen
S tate Bank, St. Stephen, M innesota,
voted to increase capital stock from
$10,000 to $25,000, th e increase effected
by a 150 per cent dividend. Officers
are F ra n k T. P eternell, president; W.
F. Vouk, vice president, and E. W.
W endt, cashier.

Thief River Falls
Northern State Bank

C apital of th e Onsgard State Bank,
S pring Grove, M innesota, has been in ­
creased from $30,000 to $50,000 by a
stock dividend.
S urplus is $35,000

George A. Beito, president, N o rth ­
ern State Bank, Thief R iver Falls,
M innesota, rep o rts th a t capital stock
has been doubled by stockholders and

A t th e F irs t N ational B ank in P roc­
tor, M innesota, George B em el has been
advanced from vice p resid en t to exec­
utiv e vice president. O ther officers
rem ain th e same.

Rochester
A.
R. C unningham w as advanced
from cashier to vice p resid en t of th e
Olm sted C ounty B ank and T ru st Com­
pany, R o c h e s t e r , M innesota, last
m onth. He is succeeded as cashier by
W. F. Sperling, fo rm erly assistan t
cashier. W illiam D. M itchell w as
added to th e staff as a ssista n t cashier
and m an ag er of the in stallm en t loan
dep artm en t. P re sid e n t C. F. Dabelstein and o th er officers and d irectors
w ere re-elected.

Sauk Centre
E dm und E. H a rt has been advanced
from vice p resid en t to executive vice
p resid en t at th e M erchants N ational
Bank, Sauk C entre, M innesota, to tak e
over d uties vacated by P resid en t D.
B. C aughren, w ho has announced his
sem i-retirem ent. W. J. K leinschm idt
w as prom oted from a ssista n t cashier
to cashier and W illiam E. Sisser was
elected a ssista n t cashier.

Slayton
C apital of th e M urray C ounty State
Bank, Slayton, M innesota, has been
raised from $50,000 to $75,000. S u r­
plus is $75,000 and undivided profits
are $116,705.

W e Meet All Trains
O ur Transit D epartm ent
picks up the m ail aro u n d
the clock . . . your transit
ite m s w ill r e c e iv e th e
speediest service at our
bank.

Sleepy Eye
First National Bank
H. W. Sm ith, executive vice p re si­
den t of th e F irs t N ational B ank in
Sleepy Eye, M innesota, died last
m onth in a M inneapolis hospital fol­
low ing a second m ajor operation w ith ­
in one m onth. Mr. Sm ith w as 52
y ears of age and had been w ith th e
bank as vice p resid en t since 1940. Mr.
Sm ith also w as a d irecto r of th e C iti­
zens S tate B ank at St. Jam es, M inne­
sota.

NATIONAL BANK of COMMERCE

State Bank of Sleepy Eye

LINCOLN, NEBRASKA

George W ooldrik w as elected a di­
recto r of th e S tate B ank of Sleepy
E ye by stockholders, to succeed A r­

49 Years at 13th and O St reet s

Y O U R STATE BAN KERS A S S O C IA T IO N
O F F IC IA L S A F E . V A U LT A N D
TIM ELOCK EXPERTS

F. E. DAVENPORT & CO.
OMAHA


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Federal Reserve Bank of St. Louis

Nort hwest ern Banker, February,

1951

56
is now $100,000. Surplus also is $100,000 and undivided profits are $24,396.
Miss E lean o r Sw anson w as advanced
from teller to a ssista n t cashier. No
o th er changes w ere made.

Jr., president, F irs t N ational Bank,
V irginia.

m odeling job has ju st been com pleted
at th e bank.

Warren

Windom

Union State Bank

C linton E. L un d g ren w as elected
vice presid en t of th e Peoples State
B ank of W arren, M innesota, to suc­
ceed T rygve T randum . Mr. T randum
w ill continue as a director. O ther of­
ficers and directors rem ain the same.

Peoples State Bank

Stockholders increased capital stock
of th e U nion S tate B ank, T hief R iver
Falls, M innesota, last m o n th from
$50,000 to $100,000, re p o rts E. O. P e te r­
son, president. The su rp lu s now is
$100,000 and undivided profits and re ­
serves are $81,003. No staff changes
w ere m ade by directors.

Ulen
The N o rth w estern S tate B ank, Ulen,
M innesota, observed its 10th a n n iv e r­
sary on J a n u a ry 26th w ith an “open
house” celebration. In those 10 years,
rep o rts P re sid e n t A. J. A ndersen, cap­
ital stru c tu re has n early doubled.
It w as rep o rted in th e Ja n u a ry
N o r t h w e s t e r n B a n k e r th a t A. J. A nder­
sen, Sr., w as elected p resid en t of the
Clay-W ilkin B an k ers A ssociation. T his
should have said A. J. A ndersen, Jr.,
who is cashier of th e N o rth w estern
S tate Bank.

Virginia
S. M. D evich has been advanced
from a ssista n t cashier to a ssista n t vice
president, according to S. R. K irby,

State Bank of Warren
S letten C. Olson, attorney, w as
elected a director of th e S tate B ank of
W arren, M innesota, last m onth, ac­
cording to D. H. A ustinson, cashier.
Mr. Olson succeeds W. O. B raggans,
resigned.

Wendell

H. E. W icklund, vice p resid en t and
director of th e W indom S tate B ank.
W indom, M innesota, died in a M inne­
apolis hospital early last m onth.

Winona
Dr. George L. Loom is w as elected a
director of th e F irs t N ational B ank of
W inona, M innesota, according to G.
M. R obertson, president. Dr. Loom is
is an eye, ear, nose and th ro a t special­
ist. Also, B. J. Snyder, m anager of
th e in stallm en t loan d ep artm ent, w as
elected an a ssistan t cashier. S urplus
also w as increased from $250,000 to
$300,000, according to P resid en t Rob­
ertson.

Worthington

H. J. Malm, presid en t and cashier
of th e State B ank of W endell, M inne­
sota, rep o rts capital stru c tu re of th e
b an k is now set up as follows: Capi­
tal, $10,000; surplus, $13,000, and u n d i­
vided profits, $8,000.

E. W. Kane, presid en t of th e W o rth ­
ington N ational Bank, W orthington.
M innesota, announces th e addition of
Roy O. Stensrud, Jr., of M adison, Min­
nesota, to th e staff as teller.

White Bear Lake

Zumbrota

H en ry A. W arner, presid en t and
cashier of th e F irs t S tate B ank at
W hite B ear Lake, M innesota, rep o rts
th e increase of su rp lu s from $35,000
to $50,000. A 15 p er cent dividend was
paid to stockholders. A $25,000 re-

>

George O. T horeson w as elected di­
rector of th e F arm ers S ecurity State
B ank of Zum brota, M innesota, last
m onth, to succeed th e late A. J.
Rockne. M. C. Rockne w as nam ed
chairm an, to succeed A. J. Rockne.

>■

Northern Tryst
At the an n u al m eeting of th e direc­
tors of The N o rth ern T ru st Com pany, ,
Chicago, the follow ing changes in offi­
cial positions w ere announced:
In the b an king d ep artm en t Sam uel
G. C reden and L aw rence A. Kem pf
w ere prom oted from second vice p resi­
dents to vice presidents. R obert A.
Gosling w as prom oted from a ssistan t
cashier to second vice president, and
Thom as A. B arr w as elected a ssistan t
cashier.

OFFICERS

Friendly and Complete

G. E . P o rte r
C hairm an o f th e Board
J . A. G reenfield
P resid en t

Out-of-town b a n k e rs w ho w a n t
sp e c ia liz e d serv ice on live stock
item s in St. Joseph, plu s friendly, alla ro u n d c o rre sp o n d e n t serv ice, a re
in v ited to co nsult w ith th e First St.
Jo sep h Stock Y ard s Bank.

T. J . M cCullough
Vice P resid en t
M. E . B lan ch ard
C ashier
H . H . B roadhead, J r .
A s s ista n t Vice P resid en t
L. J . K om er
A s s ista n t C ashier

New Catalog

¡F IR

T he M anagem ent Controls D ivision
of R em ington Rand, Inc., announces
a new 28-page catalog titled “SU IA P,”
w hich describes “The Simplified U nit
Invoice A ccounting Plan, th ro u g h th e
use of R em ington R and Kolect-AM atic equipm ent.
T his colorful, profusely illu strated
catalog show s in detail th e m an y oper­
ations in th e handling of accounts re ­
ceivable, th ro u g h “SU IA P,” for both
retail and non-retail businesses.
T he R em ington R and Kolect-A-Matic U nit Invoice A ccounting procedures
offers these specific advantages: (a)
handling of charges and credits is
from 40 to 60 p er cent faster; (2) ac­
counting m achines are elim inated; (3)

GññJ

S t. J o s e p h

STOCK Y A R D S
BANK
■V,
“ ONLY BANK IN THE YARDS’
M em ber F ed eral D eposit In su ra n c e C orporation

Did you know th a t adoption of our Cash Letter
insurance enables you to dispense with detailed
Cash L etter transcripts and keep only a duplicate
adding machine tape? Ask us for details.
F I R S T N A T IO N A L B A N K B U I L D I N G

Nort hwest ern Banker, February, 1951


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Federal Reserve Bank of St. Louis

A

C H IC A G O

A

-V

Scarborough & Company
Insurance Counselors
3, I L L I N O I S

STA TE

2 4325

to Banks

<

Nebraska News
ledger record is duplicate of invoice
t*> custom er; (4) ledger contains open
item s only; (5) cred it au th o rizatio n
is fact and accurate: (6) collection
follow-up is so fa st it is done often,
an d (7) all open and c u rre n t paid
invoice copies are available a t one
desk.
The new “S U IA P” catalog, KD 554,
w ill be sen t on req u est by w ritin g
R em ington R and Inc., 315 F o u rth A ve­
nue, New Y ork 10, New York.

New Director
The election of P h ilip H. B ohart, ac­
tive in T ulsa civic and oil affairs, to
the board of d irectors of N ational
B ank of T ulsa w as announced by

Mr. B radshaw also announced th e
follow ing prom otions in the bank:
W alter J. E yestone to be vice presi­
dent; E a rl Beard, E. R. L indsey and
W m. H. V augh to be a ssistan t cash­
iers, and F ran cis H aw kins to be assist­
an t tru s t officer.

Dividend
D irectors of N o rth w est Bancorporation declared a reg u lar q u a rte rly divi­
dend of 35 cents per share, payable on
F e b ru a ry 26, 1951, to stockholders of
record on F e b ru a ry 10, 1951.
D ividends in 1950 aggregated $1,857,320 and w ere paid in four q u arterly
dividends of 30 cents each.

0I

of $1,714,391,242, com pared w ith $1,593,278,135 a year ago. Cash on hand and
due from banks am ounted to $475,474,046, com pared w ith $432,295,401; U. S.
governm ent obligations to $433,228,132
against $598,546,438, and loans and
discounts to $611,027,408 against $436,846,232.
The indicated net earings on the ba­
sis of the b a n k ’s capitalization of
2,500,000 shares (par $10) am ounted to
$3.07 per sh are for 1950 as com pared
w ith $2.96 for the preceding year. The
reg u lar dividend of $1.80 p er share
w as paid.

B A N K S for SALE

Chemical Bank
In its statem en t of D ecem ber 31st,
th e Chemical B ank & T ru st Company,
New York, rep o rted deposits of $1,552.289,582, com pared w ith $1,449,655,700
on D ecem ber 31, 1949, and total assets

W rite for our Bonk Purchasers Ap p licatio n. H you
a re in the m arket to buy« M any fine opportunities,
now a va ila b le . A ll negotiations confidential.

■

H EN R Y H

B YER S, President

BANKERS SERVICE CO., INC.

BOX 1435

•

DES MOINES 5. IOWA

•

TELEPHONE 1-7800

Headquarters for
quick and efficient service
in Lincoln

P H IL IP H. B O H A R T
D ire c to r
N a tio n a l B an k of T u lsa

(ONTINENTAL RATIONAL

P re sid e n t A. E. B radshaw at th e con­
clusion of th e b a n k ’s an n u al m eeting.
Mr B ohart, vice p resid en t of Gulf
Oil C orporation, joins 16 o th er b an k
directors, each of w hom w as re-elected
at the an n u al m eeting. The d irectors
in tu rn re-elected E. I. H anlon as
ch airm an of th e board.

E>a/
f

k

L IN C/ O L N

Member Federal Deposit Insurance Corporation

P ir s t National
J .B a n k of Omaha

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Federal Reserve Bank of St. Louis

Oldcst National Bank. From Omaha West
M em b e r F e d e r a l

Dep os it I n s u r a n c e

C o r p o r a t io n

Nort hwest ern Banker, February, 1951

58

WE PUT WINGS ON TRANSITS!
Not literally, of course, but we do

are often able to save our growing

use every means at our command to

num ber of correspondents up to a

speed handling and delivery of tra n ­

day s time on clearance of collection

sit items. W orking night and day,

items. We d like to offer you a sup­

our

processes

ply of our Special 24-H our T ransit

transits so they may “ take to the air**

Service envelopes— to get your ship­

with the least possible delay.

ments to us on wings.

transit

departm ent

We

feel it’s a feather in our cap that we

yours to d a y !

Live stock^
O M A H A ,

T H E

B A N K
M em ber

Nort hwest ern Banker, February,


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Federal Reserve Bank of St. Louis

OF

of

Federal

1951

bank

N E B R A S K A

F R I E N D L Y
R eserve

W rite for

and

Federal

2 4 - H O U R
D e p o sit

Insurance

S E R V I C E

C orp oration

59

I «» w

»

N EW S
J. H. PULLMAN
President
Sidney

FRANK WARNER
Secretary
Des Moines

The G roup O u r
r " ROUP ONE of th e Iow a B ankers
N2 A ssociation w ill hold its an n u al
m eeting in Sioux City on Monday.
F e b ru a ry 12th, follow ing a custom of
long standing. H osts for th e occasion
w ill he th e m em ber b an k s of th e Sioux
City C learing H ouse Association.
Local chairm en of th e several com ­
m ittees are: R. R. B rubacher, p re si­
dent, Toy N ational B ank, executive;
W illiam R. Tem ple, vice president,
F irs t N ational B ank, registratio n ; C.
L. Adam s, vice president, Live Stock
N ational B ank, en te rta in m e n t, and
Mrs. R alph B rubacher, w ho is ch a ir­
m an of th e ladies’ com m ittee.
The p rogram reads as follows:

Forenoon

9:30
11:00

R egistration — M artin H otel
M ezzanine Floor.
G roup C onference of C ounty
A ssociation Officers.
12:00 Noon—L uncheon
M artin H otel Ballroom
P residing, H. J. H arm s, p re si­
dent, LeM ars Savings Bank;
president, F irs t S tate B ank,
M errill; president, F irs t S tate
B ank, B runsville.

Afternoon
1:15

M artin H otel Ballroom . M eet­
ing called to ord er and rem ark s,
H. J. H arm s, chairm an, G roup
One.
A ppointm ent of N om inating
Com m ittee.
R em arks—J. H. Pullm an, p re si­
dent, Iow a B an k ers A ssociation;
vice presid en t, F re m o n t C ounty
Savings B ank, Sidney, Iowa.
R em arks — N ew ton P. Black,
S tate S u p erin ten d en t of B ank­
ing.
"'Dirt F a rm e r D iscussions”:
C orn — H e rb e rt Pike, W hiting,
Iowa.
C attle—A lan E. Bogue, Beresford, South Dakota.
Hogs — R aym ond A nderson,
H inton, Iowa.
A nim al A g ricu ltu re — W illard
B urney, H artin g to n , N ebraska.
R eport of N om inating C om m it­
tee.
A ddress — “T his Is Our P ro b ­
lem ,” W. G. Sm ith, Sw ift &
C om pany.
R em ark s — F ra n k W arn er, ex­
ecutive secretary , Iow a B an k ­
ers A ssociation.
R em arks — C harles L. Tem ple,
rep resen tativ e, F ed eral R eserve
Bank, Chicago, Illinois.
A djournm ent.

Evening
‘5:00 to 6:00 Social H o u r — Council
Oak Room, W a rrio r Hotel.
*6:30 B anquet—Ballroom , M artin H o­

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Federal Reserve Bank of St. Louis

group of Boone citizens. M ax M iller
w as presid en t and M orris M iller w as
vice president. M orris M iller will go
to Omaha about M arch 1st, w here he
has been elected assistan t cashier of
the Omaha N ational Bank.
H. C.
Overbeck, cashier, announced th e an ­
nual stockholders’ m eeting w as to be
postponed from Ja n u a ry 10th until
late Ja n u a ry and new officers elected
then. F ra n k H ollingsw orth, inactive
vice president, died last m onth. The
M iller in terests w ere rep resen ted by
the C harles E. W alters Com pany of
Omaha.

Citizens National Bank
tel, presiding R. R. B rubacher,
president, Sioux City Clearing
House Association.
A ddress—“R ediscovering A m er­
ica,” Dr. Jo h n O. C hristenson,
su p erin ten d en t of th e School of
A griculture, U n iversity of M in­
nesota.

For the Ladies
Lounge and H ead q u arters—M artin
Hotel
12:00 L uncheon—W arrio r Hotel.
C om plim entary th e a tre tickets.
Music and style show d u ring
the luncheon, courtesy Younker-Davidson, Inc.
P. M.
6:30 B anquet—Ballroom , M artin H o­
tel.

Alton
E. S. K iernan, cashier of the Alton
Savings Bank, Alton, Iowa, for 15
years, has been elected executive vice
p resid en t and cashier and R obert L.
Gossarcl has been elected assistan t
cashier.

Andrew
H. H. Gibson, vice presid en t and
director of th e A ndrew Savings Bank,
A ndrew , Iowa, resigned last m onth
after service as a director since the
b a n k ’s organization in 1913. K. L.
Bowm an succeeds him as vice p resi­
dent and R. J. K urt, A ndrew farm er,
is th e new director, rep o rts Cashier
E b er V. F lint.

Bancroft
A. W. K ennedy w as elected p resi­
dent of th e F arm ers and T rad ers Sav­
ings B ank in Bancroft, Iowa. He re ­
places his father, th e late J. E. K en­
nedy. Mr. K ennedy w as executive
vice president.
J. C. K ennedy of
H utchinson, M innesota, is the new
vice president.

Baxter
A. F. Agena, cashier of the State
Bank, B axter, Iowa, since 1946, has
been elected executive vice p resid en t
th ere and H. F. Sturges, assistan t
cashier since 1948, succeeds him as
cashier.

Belle Plaine
Clifton C. C avanaugh, a ssistan t cash­
ier at the Citizens S tate B ank in Belle
Plaine, Iowa, has resigned to accept a
sim ilar position w ith th e State Bank
of C larks Grove, M innesota.

Boone
Boone State Bank and Trust
Max A. M iller and M orris F. M iller
have sold th e ir stock in th e Boone
State B ank and T ru st Com pany to a

H enry R. E aton, 65, assistan t cash­
ier of the Citizens N ational Bank,
Boone, Iowa, died last m onth after 49
y ears of service w ith the old F irst
N ational Bank, its successor, the Citi­
zens N ational.

Burlington
Burlington Bank and Trust
W alter A. K lein w as elected a direc­
tor of the B urlington B ank and T ru st
Com pany last m onth.

Farmers & Merchants Savings
Dale Kelley, vice presid en t and cash­
ier of the F arm ers and M erchants Sav­
ings B ank in B urlington, resigned last
m onth. His successor w as to be
nam ed at the annual m eeting sched­
uled for this m onth.

Cedar Falls
E arl M iller and Dr. George B airnson
w ere elected directors of the Cedar
Falls T ru st and Savings B ank last
m onth, to succeed Jo h n L eav itt and
Paul Seifert, recently deceased. Glen
E llis w as nam ed a ssistan t cashier, a
position also held by Mr. Seifert.

Cedar Rapids
Edw in C. E vans, m anager of the
A verill T rusts, and A. L. Smulekoff,
p a rtn e r in th e Smulekoff F u rn itu re
Company, are new directors of th e
Peoples B ank and T ru st Company,
Cedar Rapids. Stockholders also au ­
thorized an increase in capital stock
of th e b ank from $300,000 to $400,000.
D irectors advanced Ted W elch from
a ssistan t cashier to assistan t vice p res­
ident.

Chariton
First State Bank
George R. G arton, president, F irst
State Bank, C hariton, Iowa, rep o rts
stockholders last m onth tra n sfe rre d
$25,000 from undivided profits and
$25,000 from surplus, th u s increasing
capital to $100,000.

National Bank & Trust
Mrs. M arcia M. E ik en b erry , w idow
of th e late W. A. E ik enberry, w as
elected to the vacancy on the board
of the N ational B ank and T ru st Com­
pany, C hariton, Iowa, created by his
death.

Cherokee
Jo h n Keeline, presid en t of th e Cen­
tra l T ru st and Savings Bank, Chero­
kee, Iowa, announced th e opening last
m onth of a sidew alk te lle r’s window,
w ith convenient p arking area for pa­
trons.
Nort hwest ern Banker, February, 1951

60

Iowa News

lìronp E ieren in Itu rii ni// 0W
IT’S B u rlin g to n again th is y ear for
I m em bers of G roup E leven of the
Iow a B ankers A ssociation, w hen th ey
hold th e ir an n u al m eeting th e re on
T hursday, F e b ru a ry 22nd.
The social hour, roundup, pre-con­
vention p arty , or w h atev er you choose
to call it, will, as usual, take place on
W ednesday evening. T his affair, as
w ell as th e m eeting on T hursday, w ill
be held at H otel B urlington.
W ith the cu sto m ary reg istratio n
and v isiting th e m o rn in g of th e 22nd,
the m eeting w ill get its official s ta rt
w ith th e luncheon served in th e hotel
ballroom , im m ediately followed by th e
program . F ra n k K. Crone, chairm an
of G roup E leven, and p resid en t of the
N ational B ank of W ashington, w ill
preside.
Since oddnum bered Iow a groups
hold th e ir elections in odd-num bered
years, new officers w ill be selected for
Group E leven th is year.
The program reads as follows:
R. H. Plock, p resid en t of th e B u r­
lington C ham ber of Commerce, w ill
extend g reetings to th e v isitin g b a n k ­
ers.
J. H. Pullm an, presid en t of th e Iow a
B ankers A ssociation, w ill give the
p resid e n t’s m essage. N. P. Black, Iow a
su p e rin te n d e n t of banking, w ill com ­
m en t on th e condition of Iow a banks,
as seen from his office.
E. L. Butz, head of th e d ep artm en t
of ag ricu ltu re of P erd u e U niversity,
is th e guest speaker, on th e subject,
“P rince or P au p er.”

The session w ill close w ith sugges­
tions for th e good of the order from
F ra n k W arner, secretary of the Iowa
B ankers Association.

Clarinda
R. J. Swanson w as advanced from
cashier to p resid en t of the Citizens
State Bank, Clarinda, Iowa, by direc­
to rs last m onth. He succeeds Jo h n
Swanson, who w as nam ed board ch air­
m an. H ow ard S underm an w as pro­
m oted from a ssistan t cashier to cash­
ier and Mike M arley w as elected an
assistan t cashier. Otto H erzberg con­
tin u es as vice p resid en t and T heresa
S titt as a ssistan t cashier.

Clarion
R. L. Davidson, cashier of th e F irst
N ational Bank, Clarion, Iowa, w as
elected executive vice p resid en t and
cashier by directors last m onth. E. I.
Nagle, vice president, resigned, effec­
tive F e b ru a ry 1st, to engage in farm ­
ing.

Cleeghorn
F re d R. Ducemmun, cashier of the
Cleghorn S tate Bank, Cleghorn, Iowa,
rep o rts capital stru c tu re now is as
follows: Capital, $35,000; surplus, $45,000; undivided profits, $34,774, and re ­
serves, $2,500.

Columbus Junction
Surplus of the Louisa County N a­

REMEMBER!!

GROUP
11

tional Bank, C o l u m b u s Junction,
Iowa, has been increased from $29,000
to $40,000. Capital is $50,000 and u n ­
divided profits are $11,024.

Corwith
E. C. B artik, cashier of th e C orw ith
State Bank, Corw ith, Iowa, re p o rts an
increase in th e su rplus account of
$10,500 from 1950 earnings, b rin g in g
su rp lu s up to $33,000. C apital re ­
m ains at $40,000 and undivided profits
are $7,520. T his is an increase of
$20,520 in su rplus and profits since
the bank opened in July, 1948.

Council Bluffs
City National Bank
R obert W. T u rn er, Jr., and R obert
L. E m arin e w ere elected assistan t
cashiers of the City N ational Bank,
Council Bluffs, Iowa, last m onth, ac­
cording to P resid en t R obert W. T u rn ­
er. Capital w as doubled from $150,000
to $300,000 by $100,000 from undivided
profits and $50,000 from surplus.

State Savings Bank
Don I j. H arding, presid en t of G iant
M anufacturing Company, w as elected
a new board m em ber by stockholders
of th e S tate Savings Bank, Council
Bluffs, Iowa, last m onth.

Cromwell
A. Om ar Cannon w as elected p resi­
d en t of th e Crom well S tate Savings
B ank at Cromwell, Iowa, last m onth,
to succeed Jam es A. Looney, w ho re ­
tired.
Mr. Cannon had been vice
president and cashier. A lbert V icker

THURSDAY
FEBRUARY 22

QomsL iß
ßjuÄÜnqiüfL
W e are counting on your atten d an ce at the m eeting of G roup 11 of the Iowa
Bankers Association here in Burlington, Thursday, F ebruary 22. The bankers
of Burlington count it a privilege a n d honor to entertain you.
Remember to be with us at our W ed n esd ay evening Pre-convention party!

Burlington Bank and Trust Co.
Farmers & Merchants Savings Bank
National Bank of Burlington
Nort hwest ern Banker, February, 1951


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

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

61

Since

1

8

6

8

-

— w hen this bank was founded, we have handled the
accounts of practically every type of industry in the
Chicago area.
This long and varied experience has proved of value
to o u r m any c o rre sp o n d e n t b an k s th ro u g h o u t the
m iddle west.
We cordially invite you to write or call on us.
S T / ie

LIVE STOCK .
tjVafional BANK

llllilll

E ST A B L ISH E D 1 8 6 8

U N IO N S T O C K Y A RD S
Member Federal Deposit Insurance Corporation
Nort hwest ern Banker, February, 1951

*
Iowa News

62

continues as vice president; F e m e H.
Davis w as advanced from a ssista n t
cashier to cashier, and D ellah Cannon
w as elected a ssista n t cashier. Mrs.
Cannon succeeds Mr. Looney on the
board. C apital stock w as doubled
from $15,000 to $30,000 by a 100 per
cent stock dividend.

Bank, D anbury, Iowa. He is suc­
ceeded as cashier by P aul J. Gahan,
form erly a ssistan t cashier. A ssistant
cashiers now are Jam es F. Kem p and
C harles R. S. Anderson.

Davenport
First Trust & Savings

\

W. J. Altfilisch, p a rtn e r in th e law
firm of C hapm an & Cutler, Chicago,
has been elected a director of th e F irst
T ru st and Savings Bank, D avenport.

Danbury
F. W. K em p w as elected executive
vice p resid en t a t the F arm e rs Savings

★

★

★

"Permanent” Service

W. C. Siddle, assistan t vice president
and tru s t officer, w as nam ed vice p resi­
d en t and tru s t officer. He is a g rad u ­
ate of th e School of B anking at th e
U niversity of W isconsin. H en ry C.
Wolff, head teller at F irst T ru st and
Savings, died New Y ear’s Day on his
52nd birthday.

Northwest Bank and Trust
The following prom otions took place
last m onth at th e N o rthw est B ank and
T ru st Company, D avenport, Iowa:
B. F. McGee, from cashier to vice
p resident and cashier; C. U. Schaefer,
from assistan t cashier to a ssistan t
vice president, and O. R. Roehs, from
head teller to assistan t cashier. S u r­
plus w as increased by $50,000 and u n ­
divided profits and reserv es are up
$26,000.

Dike

C orrespondent service of the First N a­
tional Bank in Sioux City is not on a "one­
time"' basis. It is b ased on the principle of
perm anent helpfulness.

M arvin Graves, cashier, Iow a Sav­
ings Bank, Dike, Iowa, rep o rts an in­
crease of nearly $25,000 in surplus,
profits and reserves, w ith $25,000 in
surplus, $50,798 in undivided profits
and $7,500 in reserves.

Donahue

Sincere, too, is our desire to have you
profit from a connection with this bank in
Sioux City.

C apital stock of th e D onahue Sav­
ings Bank, Donahue, Iowa, w as in ­
creased last m onth from $30,000 to
$60,000 by a 100 per cent stock divi­
dend.

Let us help you with your Sioux City
items.

Donnellson
M. G. Addicks, presid en t of the C iti­
zens S tate Bank, D onnellson, Iowa,
announces th e election of T hom as
T hornton, assistan t cashier, to the
board of directors.

Eldridge
J. T. Grant, P resident
H. V . Bull, V ice P resident
H. H.
W . L. Temple, Vice P resident
K. J.
J. R. Graning, C a sh ier
E. E.
E. A . Johnson, A ssis ta n t C a sh ier
E. V .

Strifert, A ssis ta n t C ashier
Shannon, A ssis ta n t C ashier
Snell, A s s is ta n t C ashier
Hoffman, A s s is ta n t C ashier

Mrs. S hirley D eW ulf w as appointed
to the new position of a ssistan t cash­
ier at the C entral T ru st and Savings
Bank, Eldridge, Iowa, last m onth. Di­
rectors also doubled capital stock from
$50,000 to $100,000 by declaring a stock
dividend.

Elgin

?

O

i4

NATIONAL
BANK

t

in SIO UX C ITY

G. L. Mosby, cashier, E lgin State
Bank, Elgin, Iowa, rep o rts directors
have increased th e su rplus from $40,000 to $60,000. Capital is $30,000 and
undivided profits in excess of $30,000.
A pplication for a c h a rte r renew al also
w as made.

Farley
Capital of the F arley S tate Bank,
Farley, Iowa, w as increased to $50,000
by a 100 p er cent stock dividend th a t
tra n sfe rre d $25,000 from undivided
profits to capital stock account.

Fostoria
H. A. O’F a rre ll w as prom oted from
cashier to presid en t of th e F a rm e rs
Savings Bank, Fostoria, Iowa, to suc­
ceed D. E. Beving, w ho w ill coutinue
as a director. E lla Hoffm an w as ad­
vanced from a ssistan t cashier to cash­
ier.

MEMBER FEDERAL RESERVE SYSTEM
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

★

★

★

Garner

M A R Q U E T T E
OF
T H E

S T R O N G
M E M B E R

F R I E N D
F E D E R A L

MINNEAPOLIS
OF
D E P O S I T

Nort hwest ern Banker, February, 1951


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Federal Reserve Bank of St. Louis

B A N K
T H E

I N D E P E N D E N T

I N S U R A N C E

B A N K E R

C O R P O R A T I O N

H. L. O llenburg, president, H ancock
County N ational Bank, G arner, Iowa,
announces th e election of AVilliam
B oehnke as vice president, to succeed
J. A. Love. Both have been d irecto rs
and continue on th e board. Surplus
was increased from $75,000 to $100,000
by a tra n sfe r from undivided profits.

63

FOR ANY
SERVICE
IN DES MOINES

VALLEY BANK AND TRUST COMPANY
DE S M O I N E S

MEMBER FEDERAL DEPOSIT IN SU R A N CE CO RPO R ATIO N


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Federal Reserve Bank of St. Louis

Nort hwest ern Banker, February, 1951

64

Iowa News

The in te re st ra te on tim e deposits has
been increased from 1 to 2 p er cent
on am ounts up to $5,000.

Grinnell
Grinned State Bank
D. L. Ross, a ssista n t cashier, Qrinnell State B ank, G rinnell, Iowa, has
resigned from the bank.

Poweshiek County National

signed from th e board of directors of
th e F irst N ational B ank at H am pton,
Iowa. J. M. Boots, vice president, w as
elected to th e board. D. D. B ram w ell
continues as president.

Hedrick
A. G. M eyer, H edrick Savings Bank,
H edrick, Iowa, announces the prom o­
tion of L eland R. Capps from assist­
a n t cashier to cashier.

F re d A. W olfe has been advanced
from a ssista n t cashier to cashier at
the Pow eshiek C ounty N ational Bank.
R. S. K insey had been serv in g as exec­
utiv e vice p resid en t and cashier and
w ill continue in th e form er position.

J. H. H anan of F arm in g to n w as
elected second vice presid en t of the
S tate C entral Savings Bank, Keokuk,
Iowa, last m onth.

Hampton

Kiron

W. K. B ram w ell and G. C. Bramwell, both of E ldora, Iowa, have re-

Keokuk

C. E. Dahl, cashier, K iron State
B ank, K iron, Iowa, rep o rts surplus
1

has been increased from $25,000 to
$35,000.

Lake City
A ustin T. F arley, a Lake City, Iowa,
m erchant, and C ashier R. O. Moll have
been elected to the board of directors
of the Lake City State Bank, Lake
City, Iowa.

Livermore
W. F. Johnson, 76, presid en t of th e
L iverm ore S tate Bank, L iverm ore,
Iowa, died last m onth. He is suc­
ceeded as p resid en t of the bank by
J. F. H am m , w ho w as vice p resid en t
and cashier. H. L. Z igrang w as elected
vice president, B. J. H am m w as ad­
vanced from a ssistan t cashier to cash­
ier, and two new directors are R. W.
B eardsley and O. J. Cayou.
Em il
W elter resigned from th e board last
m onth before the an n u al m eeting, due
to ill health.

Lowden
A. F reund, original organizer of th e
A m erican T ru st & Savings B ank in
Lowden, Iowa, and p resid en t of th e
bank u n til his election as board ch air­
m an in 1947, retired last m o n th at th e
age of 90, due to poor health. E zra
K ruckenberg succeeds him as a direc­
tor. No o th er changes w ere made.

Manchester
R. E. Tool w as elected to th e board
of directors of the F a rm e rs and M er­
chants Savings Bank, M anchester,
Iowa, last m onth, w hen he took over
as president u n d er arran g em en ts con­
cluded late last fall. He succeeds the
late J. J. B urbridge in both positions.
C ashier W. W. M atthew s rep o rts a
tra n sfe r of $25,000 to surplus, m aking
th a t fund now $100,000.

FOR

N o Ri H t * s te * N . o * A

bankers
,e bankers
M o re and m o^

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Federal Reserve Bank of St. Louis

Manly
L. T. B osw orth w as elected ch air­
m an of the board of the M anly S tate
Bank, Manly, Iowa, last m onth, suc­
ceeding the late Dr. S. S. W estly.

Mapleton
The recen t death of N. W. Pike,
president, M apleton T ru st and Sav­
ings Bank, M apleton, Iowa, resulted
in a realignm ent of officers in the
bank as follows: C. G. W hiting, from
vice p resid en t to president; A. H.
B runing, from cashier to vice p resi­
dent, and J. G. W hiting, from a ssist­
a n t cashier to cashier. S urplus w as
increased from $70,000 to $80,000.

Marenqo
C apital of the Iow a County Savings
Bank, M arengo, Iowa, has been dou­
bled from $50,000 to $100,000.

Marion
Farmers State Bank
Surplus of th e F arm ers S tate Bank,
M arion, Iowa, has been increased from
$40,000 to $50,000, m aking total capital

Iowa News
stru c tu re now $138,188, re p o rts Jam es
F. G ruenw ald, cashier.

First National Bank
M. H. Biddick, m ayor of M arion,
Iowa, w as elected a d irecto r of th e
F irs t N ational B ank, to replace Dr.
J. J. Booth, w ho resigned because of
ill h ealth. R obert Jo h n so n w as elected
an assistan t cashier.

Marshalltown
Commercial State Bank
L. G. H ix has been advanced from
cash ier to vice p resid en t a t th e Com­
m ercial S tate B ank in M arshalltow n,
Iowa, and is succeeded as cashier by
R ussell W. Day, fo rm erly a ssista n t
cashier.
D w ight W illard w as p ro ­
m oted from teller to a ssista n t cashier.
Mr. H ix w as also added to th e board
of directors.

Fidelity Savings Bank
The b asem en t an d m ain floor lobby
of th e F id elity Savings B ank, M ar­
shalltow n, Iowa, w ere badly dam aged
by fire early last m onth. A large
section of th e m ain floor caved in, b u t
Vice P resid en t E. J. P au l rep o rted no
records, valuables or cu rren cy w ere
dam aged or lost. T em p o rary q u a rte rs
w ere offered for use of th e F id elity
Savings by W ill A. Lane, p resid en t of
th e S ecu rity Savings B ank. The F i­
d elity Savings w as able to re tu rn the
follow ing M onday to its ow n building
on a lim ited basis.

Iowa, announces th e follow ing resu lts
of th e an n u al m eeting of directors last
m onth: W illiam W. Boyd, from cash­
ier to vice p resid en t and cashier; Roy
B. Johnson, R aym ond C. K eister and
F ra n c is C. D arland, from assistan t
vice presid en ts to vice presidents; Al­
fred M. H alsor, from assista n t cashier
to vice president; R alph E. W iley,
from a ssistan t cashier to a ssistan t vice
president, and B ern ard Z. Miller, N or­
m an A. L ysne and E dw ard N. Nuddlem an, elected a ssistan t cashiers. Mr.
H enem an and Douglas G. Swale, exec­
u tiv e vice presidents, w ere re-elected.
Capital stock and su rp lu s w ere in ­
creased from $400,000 to $500,000 each.
T otal capital now is $1,550,000.

Maynard
L. H. B uenneke, p resid en t of the
M aynard S a v i n g s Bank, M aynard,
Iowa, announces th e election of P aul
B uenneke as a ssistan t cashier.

Newton
A. E. H indorff com pleted 50 y ears
of service w ith the Ja sp e r County Sav­
ings B ank last m onth and w as hon­
ored at a ban q u et in H otel Maytag.
Mr. H indorff, w ho is cashier of the
bank, w as presented w ith tickets for
an all-expense paid vacation in Florida
for Mrs. H indorff and him self by F red

Mason City

65

M aytag, II, one of the b ank directors,
on behalf of the directors and staff.

Osage

W alter E. Sheldon, presid en t of th e
Hom e T ru st and Savings Bank, Osage,
Iowa, announces the election of L. J.
A hrens as vice president and director.
Mr. A hrens succeeds Jam es G. Casey,
w ho died several m onths ago. Mr.
A hrens is in the lum ber business in
Osage, b ut previously w as one of th e
ban k officers and directors.

Oskaloosa
G rover S. K routh, p resid en t of the
Iow a T ru st and Savings Bank, Oska­
loosa, Iowa, rep o rts the addition of
$25,000 to su rp lu s from undivided
profits.

Ottumwa
Farmers & Merchants
Guy Blew, Jr., w as elected a ssistan t
cashier of the F a rm e rs and M erchants
Savings Bank, O ttum w a, Iowa, last
m onth. S urplus of th e b an k w as in ­
creased from $100,000 to $150,000.

Union Bank & Trust
F o u r new directors of th e U nion
B ank and T ru st Company, O ttum w a,
according to P resid en t Max von Schra­
der, are: F ra n k M. Pollard, vice presi-

A im o u n ciiig . . . th e N E U

F red C. H enem an, p resid en t of the
F irs t N ational B ank of Mason City,

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Federal Reserve Bank of St. Louis

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Nort hwest ern Banker, February, 1951

Iowa News

66

d e n t and cashier; J. C. Blackford, vice
president, and J. R ayner H a rp e r and
Lloyd W inger. B ax ter Sm ith w as
elected an a ssista n t cashier. Mr. H a rp ­
er is p resid en t of H arp er M cln tire
Company, and Mr. W inger is p resid en t
of W inger M anufacturing Company.

Rake

M orningside State Bank, to succeed
the late Jo h n Scott, Jr. He w as for­
m erly vice president. L. M. N issen
w as nam ed vice president.

First National Bank
J. T. G rant, president of th e F irst
N ational Bank in Sioux City, has an-

Security National
Charles R. Gossett, p resid en t of the
Security N ational Bank, Sioux City,
has announced the prom otion of R.
W. Lew is from assistan t vice p resi­
dent to vice presid en t and cashier,

H en ry Quam w as elected vice p resi­
den t to succeed A. J. H av n en a t the
State Savings B ank in Rake, Iowa.
Mr. H avnen also resigned as a d irector
because of illness and w as succeeded
on th e board by Sidney Jensvold.

Randall
J. H. B rekken, p resid en t of the R an ­
dall S tate B ank, R andall, Iowa, a n ­
nounces th e election of his son, J. C.
B rekken, a R andall atto rn ey , as assist­
a n t cashier, to tak e over some of the
p re sid e n t’s duties. Mr. and Mrs. J.
H. B rekken are spending th e m onth of
F e b ru a ry v isitin g th e ir d au g h ter and
son-in-law, Mr. and Mrs. C arroll B.
K inseth, in Oakland, California.

R. W . L E W I S
C. H . W A L C O T T
A d v a n ce d at S e c u r ity N a tio n a l B ank

and C harles H. W alcott from a ssistan t
cashier to a ssistan t vice president.
Mr. G ossett also announced th e recen t
addition of $100,000 to surplus. Mr.
Lew is has been w ith th e b ank since
1920. Mr. W olcott joined S ecurity N a­
tional in 1935 as a m essenger and is
a 1950 grad u ate of the School of B ank­
ing at the U niversity of W isconsin.

Red Oak
F ra n k S. H am ilton, cashier of the
M ontgom ery C ounty N ational B ank in
Red Oak, Iowa, has p u rchased the
stock of Donald A. Jessen and w as
nam ed last m onth to th e board of
directors in his place.

Toy National

Rock Rapids

C.
A rth u r Johnson, w ith th e Toy
N ational Bank in Sioux City since
1914 and cashier since 1945, has been
elected vice p resident and cashier and
a m em ber of the board of directors,
according to R alph R. B rubacher,
president. O ther officers rem ain th e
same.

W . L. T E M P L E
V ic e P r e s id e n t

Jo h n J. P o rter, executive vice p resi­
dent of th e Lyon C ounty State Bank,
Rock Rapids, Iowa, announces th a t
m ore th a n 1,000 p ersons atten d ed
“open h ouse” recen tly on the b a n k ’s
fifth an n iv ersary .

Spencer

Shenandoah

C harles P. Sexton has joined the
staff of the F arm ers T ru st and Sav­
ings B ank in Spencer, Iowa, to take
the place of G. K enneth Edge, assist­
an t cashier, who has been called back
to U. S. A rm y service w ith the In telli­
gence D epartm ent.

George L. W elch and R obert S. Ross
have been added to th e d irecto rate of
the City N ational B ank in S hen an ­
doah, Iowa.

Sigourney
Surplus of th e K eokuk C ounty State
Bank, Sigourney, Iowa, w as increased
last m onth from $75,000 to $90,000, re ­
po rts B. D. H elscher, president.

Stanwood
' C. H. H aesem eyer, vice presid en t of
the U nion T ru st and Savings B ank of
Stanwood, Iowa, rep o rts th a t stock­
holders voted last m onth to increase
capital from $50,000 to $75,000. All
officers and directors w ere re-elected.

Sioux City
Morningside Savings
F. J. Cosgrove has been elected a
vice p resid en t of th e M orningside Sav­
ings Bank. He is also on th e board.

Tabor
J. R. T aylor has replaced J. B. T ay­
lor as a d irector of th e F irs t State
Bank in Tabor, Iowa. C apital also
w as increased last m onth from $30,000
to $45,000.

Morningside State
Dr. J. E. DeW alt, Sioux City, Iowa,
dentist, w as elected p resid en t of the

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nounced the advancem ent of W. L.
Tem ple from a ssistan t vice p resid en t
to vice president, and the election of
E d w ard V. Hoffm an as a ssistan t cash­
ier. All o th er officers rem ain the
same.

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Paul Jam es, cashier of th e F irs t
S tate B ank at T hornton, Iowa, a n ­
nounces an increase in capital stock
of $25,000, m aking to tal capital now
as follows: Capital, $50,000; surplus,
$50,000, and undivided profits, $100,973.

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Nort hwest ern Banker, February, 1951


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Federal Reserve Bank of St. Louis

•

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

STATE

2 4325

to D a n ks

67

Tingley
Lee R ichards has joined the Tingley
S tate Savings B ank, Tingley, Iowa, as
cashier. He has been in th e ad v ertis­
ing business in Des Moines.

Urbana
Jo h n A. Suchom el w as advanced
from a ssista n t cashier to cashier, to
succeed R alph W. Rem er, w ho w as
prom oted to executive vice p resid en t
and tr u s t officer after serving 31 y ears
as cashier. T helm a D ripps w as elected
a ssista n t cashier.

Wapello
Stockholders of th e S tate B ank of
W apello, Iowa, last m o n th boosted cap­
ital from $25,000 to $50,000 and voted
to add tru s t pow ers to the a rticles of
incorporation.

Waukee
Dean D u b e n, form erly assistan t
cashier of th e D allas C ounty State
B ank a t Adel, Iowa, has been tra n s ­
ferred to th e B renton S tate B ank of
Dallas C enter as a ssista n t cashier and
m anager of th e W aukee office.

Waukon
E lm er A. Fogt, cashier of th e W au ­
kon State B ank, W aukon, Iowa, re ­
ports $25,000 tra n sfe rre d from u n d i­
vided profits to surplus. All officers
w ere re-elected.

Webster City
H arold L. H offm an w as elected a
d irecto r last m o n th of th e F a rm e rs
N ational B ank of W eb ster City, Iowa.
He succeeds Mrs. T eresa T re a t S tearns
w ho has m oved to F o rt Dodge.

OUR officers from tw o Des Moines
attendance at the
of the A m erican
B ankers A ssociation, held early this
m onth in New York City.
A ttending from the Iowa-Des Moines
N ational B ank w ere Calvin Aurand,
president; Clyde D oolittle, senior vice
president, and C. Ream D aughrity,
tru s t officer.
N oel R obinson, vice presid en t and
tr u s t officer of th e C entral N ational
B ank & T ru st Company, also attended.
* *
A Des Moines b an k er who escaped
th e below zero tem p eratu re th e latter
p a rt of Ja n u a ry w as Scott Pidgeon,
p resid en t of the B ankers T ru st Com­
pany, w ho spent about a m onth in
New Mexico for his w in ter vacation.

Fb anks w ere in
T ru st C onference

*

*

=1=

Capital City S tate Bank, announces an
addition of $100,000 to su rplus from
undivided profits account. Surplus
now is $250,000 and capital also is
$250,000.
*

*

*

Services w ere held in E vanston,
Illinois, last m onth for George C.
W illiam s, chairm an of the board of
the S tate Bank and T ru st Company
there, and a form er Des Moines bank
officer. He w as vice president of the
old Des Moines N ational B ank from
1917 to 1928 w hen he becam e vice
president of the Jo in t Stock Land
B ank in Chicago. In 1934 he becam e
executive vice presid en t of the E v an s­
ton bank. He w as a p ast presid en t
of the Illinois B ankers Association
and a m em ber of the A.B.A. execu­
tive council.

John M onahan, a ssistan t cashier of

Wellman
C. A. P erlenfein, p resid en t of th e
W ellm an Savings Bank, W ellm an,
Iowa, has sold his co ntrolling in te r­
est in th e b an k to R. H. B arb er of
Boone and his son, S tanley B arber, of
Sparta, W isconsin. T he B arbers will
take over m an ag em en t of th e bank.

the B ankers T ru st Company, has been
nam ed to the m em bership com m ittee
of the Des Moines C ham ber of Com­
m erce.
*

*

=t=

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE. VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.
OMAHA

R olfe O. W agner, president of the

West Des Moines
First National
Miss Leone B a rn e tt has been elected
assista n t cashier of th e F irs t N ational
Bank, W est Des Moines, Iowa.

THE IOWA GROUP

West Des Moines State

IOWA MUTUAL INSURANCE COMPANY

George R. Snider w as prom oted
from teller to a ssista n t cashier by
directo rs of th e W est Des M oines State
Bank, W est Des Moines, Iowa. D irec­
tors also increased capital from $25,000
to $50,000.

S in ce 1 9 0 0

Whittemore
F. B estenlehner, p r e s i d e n t , and
Jam es B. Geelan, vice p resident, have
becom e inactive officers of th e F a rm ­
ers S tate Bank, W hittem ore, Iowa,
and Vic B. P e rk in s has been elected
executive vice p resid en t and cashier.

Wyoming
E d w ard J. Jan sen , W yom ing, Iowa,
and Carl M. Levsen, Stanw ood, Iowa,
w ere elected directo rs of th e Citizens
S tate B ank in W yom ing, Iow a, last
m onth, to replace H. M. C arp en ter and
P e te r E ichhorn, both deceased. Offi­
cers are th e same.

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

IOWA MUTUAL CASUALTY COMPANY
D eW itt, Iowa
M u ltip le L in es — ¡Non-Assessable P o lic ie s
A gency C om p an ies

Nort hwest ern Banker, February, 1951

68

Iowa News

The officers, directors and staff of
the F irst F ederated State Bank w ere
hosts last m onth at an “open h ouse”
inspection of th e new ly m odernized
and enlarged ban k in g q u a rte rs a t 24th
and U niversity A venue.
*

*

*

Com pany last m onth. H er topic w as
“W hy W om en in B anking.” She is
secretary to th e ch airm an of the execu tiv e com m ittee of the F irst N ational
B ank at St. Paul, M innesota.
C. A lb in R o d in e , Iowa-Des Moines

Carl K. F rederickson, cashier of the

State B ank of Des Moines, w as added
to the board of directors last m onth,
according to W. H. B renton, p resi­
dent.
=t= *

D orothy M. Slater, ch airm an of the

w om en’s com m ittee of the A m erican
In stitu te of B anking, addressed m em ­
bers of the Des Moines A.l.B. at the
C entral N ational B ank and T ru st

Pierce, F en n er and Beane in v estm en t
brokers, on “Com m odity E xchange—
Its Effect on You.”
*

*

*

D. D. Staples, Des M oines atto rn ey ,
w as elected vice p resid en t and secre­
ta ry of Polk County F ed eral Savings
and Loan A ssociation at th e firm ’s a n ­
nual m eeting.
Mr. Staples w ill succeed L. D. Ross,
w ho w ill continue as a director. Mr.
Staples has been vice presid en t and
counsel for the association. He will
continue his law practice.
*

*

*

Ben F. E van s has been prom oted

from a ssistan t secretary to assistan t
vice p resid en t of th e Des Moines
Building-Loan and Savings Associa­
tion, according to E lm er E. M iller,
president.

Dates Changed
D O R O T H Y M. S L A T E R
A d d resse s D es M o in es A .l.B .

IOWA • LITHOGRAPHING • COMPANY
FOUNDED BY CEORCE H RACSDA1E

EDWIN C RAGS DALE • SECRETARY

5 1i> TWENTY EIGHTH STREET

PES ■MO I N E S

MERCHANTS
M U T U A L

BONDING
COMPANY
Incorporated 1933

N ational Bank, w ho is Des Moines
C hapter president, announces fu tu re
sp eakers w ill be P aul H intz, N o rth ­
w estern Bell Telephone, on “T elevi­
sion — Super H ighw ays of Com m uni­
catio n”; M. I). H uffm an, Iow a B ureau
of Investigation, on “D efalcations,”
and a rep resen tativ e of M errill L ynch,

DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION

Qnvsi&Jtlqajh

Addressojraph
S ovintfi,
Addressing by hand or type­
writer method costs 10 times as
much as the modern Addressograph method.

D es M oines, Iowa

•
This is Iow a’s oldest surety company.
A progressive company w ith experi­
enced , conservative m anagement.
We are proud of our two hundred and
fifty bank agents in Iowa.
To be the exclusive representative of
this company is an asset to your bank.

•
E. H. W AR NER
Secretary and M anager
A ssistant Secretary

Nort hwest ern Banker, February, 1951


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

Oldest in Des Moines
210 6th A v e.

Home Office
2100 GRAND A V E N U E

W. W. W AR NER

The dates for th e 1951 convention
of th e F in ancial Public R elations As­
sociation have been changed to No­
vem ber 12th, 13th, 14th and 15th. The
convention w ill be held at th e H olly­
wood Beach Hotel, Hollywood, F lo r­
ida, as previously announced, b u t the
dates have been advanced so th a t it
w ill take place before th e bu sy season
betw een T hanksgiving Day and C h rist­
mas.

DAVENPORT

E L M E R E . M IL L E R
P r es, and S ecy.

D ial 2-8303
H U B E R T E . JA M E S
S ecy .

FOR YOUR EN JOY M EN T . . .

Listen to the
“WORLD OF MUSIC”
K R N T , 1350 KC

1 to 1 :3 0 p .m ., S u n d a y s

69

v i

In the

.

DIRECTOR’S
ROOM
*

i

i

te i
Innocent

Take a Chance

The Sunday school su p e rin te n d e n t
w as review ing th e lesson. “W ho led
th e child ren of Israel out of E g y p t? ”
he asked.
T here w as no answ er.
P o in tin g to a little boy at th e back
of th e class, he dem anded, a little
crossly, “L ittle hoy, w ho led th e chil­
d ren out of E g y p t? ”
T he little boy w ho had been m ade
conspicuous said tim idly, “It w a sn ’t
me. W e ju s t m oved h ere last week.
W e’re from M issouri.”

Young M atron (to handsom e w est­
ern er, h er d in n er p a rtn e r): How old
do you th in k I am?
W esterner: Shucks, I don’t rig h tly
know , m a’am, b u t if I w as to see you
on th e stre e t I ’d w histle first, and es­
tim ate later!

A bandoned Pro p e tt y
“Tell th e co u rt how you cam e to
take th e car.”
“W ell, it w as stan d in g in fro n t of
th e cem etery so 1 th o u g h t th e ow ner
w as dead.”

Over Zealous
P assenger: Of course I got hom e all
rig h t last night. W hy?
C onductor (on local bus lin e ) : Well,
w hen you got up to give th a t lady
y o u r seat, you w ere the only tw o peo­
ple on th e bus!

Why Wait?
He: D arling, I ’m going to kiss you
w hen we get to the nex t corner.
She: Don’t you th in k th a t’s going
a bit too far?

T riple Courtesy
F a t Blonde: In th e bus th is m o rn ­
ing th re e m en jum ped up and offered
me th e ir seats.
Slender Blonde: Did you tak e them ,
dear?

Shoot Him in Par
H ubby Golfer: You’ll drive me out
of m y m ind.
W ife Golfer: T hat w ouldn’t be a
drive; it’d be a putt.

F irst
F irst
F irst
F irst
F irst
F irst

INDEX OF
ADVERTISERS

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

27
54
57
62
56
4

G

G r a e f e a n d C o m p a n y . . . . ? ..............................

FEBRUARY. 1951

30

H
H aw k ey e-S ecu rity In su ran ce C om pany.
H o m e I n s u r a n c e C o m p a n y ..............................

36
3

I
I n v e s t o r s D i v e r s i f i e d S e r v i c e s , I n c ..........
I o w a - D e s M o i n 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 ....................
I o w a M u t u a l C a s u a l t y C o m p a n y ...............

33
72
68
67

A

A c o r n P r i n t i n g C o m p a n y .................................
A d d r e s s o g r a p h S a l e s A g e n c y .......................
A l l i e d M u t u a l C a s u a l t y C o m p a n y .............
A m erican N atio n al B a n k and T ru st
C o m p a n y — C h i c a g o .........................................
A s h w e l l a n d C o m p a n y ........................................

G6
68
37
48
32

B
B a n k o f M o n t r e a l ................................................... 44
B a n k e r s S e r v ic e C o m p a n y , I n c . . 46-48-57-64
B a n k e r s T r u s t C o m p a n y .—D es M o in e s ..
6
B a n k e r s T r u s t C o m p a n y — N e w Y o r k . . . 71
B u r l i n g t o n B a n k s ................................................ 60
C

C en tra l N a tio n a l B a n k an d T ru st
C o m p a n y .................................................................
C h a s e N a t i o n a l B a n k ...........................................
C ity N a tio n a l B a n k a n d T r u s t C o m p a n y
— C h i c a g o ...............................................................
C o n tin e n tal-U lin o is N atio n al B a n k and
T r u s t C o m p a n y ....................
C o n tin e n tal N a tio n a l B an k — L in c o ln ...

10
21
45
23
57

K
K och B ro th ers


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Federal Reserve Bank of St. Louis

68

I.
L a M o n t e , G e o r g e a n d S o n ..............................
L a w r e n c e W a r e h o u s e C o m p a n y ..................
Live Stock N a tio n a l B a n k — C h icag o . .
Live Sto ck N a tio n a l B a n k — O m ah a . . .
L ive S to c k N a tio n a l B a n k — S ioux C ity

5
24
61
58
46

M
M a r q u e t t e N a t i o n a l B a n k .................................
M erch a n ts M u tu al B o n d in g C o m p an y . . .
M e r c h a n t s N a t i o n a l B a n k ..............................
M in n eap o lis-M o lin e P o w e r Im p le m e n t
C o m p a n y .................................................................
M 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 o c i a t i o n ............................................................

1)
D a l t o n P r e s s , T h e .................................................. 65
D a v e n p o r t , P . E ., a n d C o m p a n y .............5 5-6 7
D e L u x e C h e c k P r i n t e r s , I n c ......................... 22
D es M oines B u ild in g , L o a n a n d S a v in g s
A s s o c i a t i o n ............................................................. 68
D r o v e r s N a t i o n a l B a n k ...................................... 38

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

62
68
2
40
45

N
N a tio n al
N a tio n al
N atio n al
N a tio n al
N o rth ern

B a n k of C o m m erce
.................... 55
B a n k o f S o u t h D a k o t a ............... 47
B an k of W aterlo o
....................... 64
C a s h R e g i s t e r C o m p a n y . . . . 28-2 9
T r u s t C o m p a n y ................................. 25

C O N V E N T IO N S
January 18-19, Mid-winter M eeting,
W isconsin Bankers Assn., M il­
waukee.
January 24-26, Mid-Winter Meeting
A. I. B. Executive Council, The
Cloister, Sea Island, Georgia.
February 8, Mid-winter M eeting, Illi­
nois Bankers Assn., Chicago, Hotel
Sherman.
February 12, Group One Iowa Bankers
Association, Sioux City, Martin
Hotel.
February 22, Group Eleven Iowa Bank­
ers Association, Burlington, H otel
Burlington.
March 12-14, ABA Credit Conference.
La Salle H otel, Chicago.
March 22-23, Annual M eeting, ABA
Agricultural
Commission,
Des
M oines, Hotel Fort Des M oines.
April 22-24, Spring M eeting ABA
Executive Council, French Lick
Springs H otel, French Lick, Ind.
May 6-9, Assn. Reserve City Bankers,
‘ The Greenbrier, W hite Sulphur
Springs, W est Virginia.
May 7-9, Annual Convention Missouri
Bankers Assn., Kansas City, H otel
M uehlebach.
May 11-12, Annual Convention South
Dakota Bankers Assn., Sioux
Falls, Cataract Hotel.
May 25-26, Annual Convention North
Dakota Bankers Assn., Fargo.
June 4-8, American Institute of Bank­
ing, Pittsburgh.
June 12-14, Annual Convention Illinois
Bankers Assn., St. Louis, Hotel
Jefferson.
June 13-14, Annual Convention M inne­
sota Bankers Assn., M inneapolis,
H otel Radisson.
June 18-20, Annual Convention W is­
consin Bankers Assn., M ilwaukee,
H otel Schroeder.
September 30-October 3, Annual Con­
vention American Bankers Assn.,
Chicago, Stevens Hotel.
October 11-12, Annual Convention
Nebraska Bankers Assn., Omaha,
H otel Fontenelle.
October 21-24, Annual Convention
Iowa Bankers A ssociation, Des
M oines, H otel Fort Des M oines.
N ovem ber 12-15, Annual Convention
Financial Public Relations Assn.,
H ollyw ood Beach H otel, H olly­
wood, Florida.

o

O m a h a N a t i o n a l B a n k ........................................

19

P
P u b lic N a tio n a l B a n k a n d T ru s t
C o m p a n y ................................

65

S

S t. 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 . 44
S c a r b o r o u g h a n d C o m p a n y ................... 3 3 - 5 6 - 6 6
S o r e n o H o t e l ............................................................ 43
T
T o o t l e - L a c y N a t i o n a l B a n k ........................52-5 3
U
U n ited S ta te s C heck B ook C o m p a n y ...
U n ite d S t a t e s N a t i o n a l B ank-— O m a h a .

65
50

V
V a l l e y B a n k a n d T r u s t C o m p a n y ............. 63
V a l l e y N a t i o n a l B a n k — P h o e n i x ............... 30
\v

W a l t e r s , C h a r l e s E ., C o m p a n y ....................
W e s te rn M utu al In su ra n c e C o m p a n y ...
W h e e l o c k a n d C u m m i n s ...................................

53
34
32

Nort hwest ern Banker, February, 1951

70

LEGAL

Does

a

SpecialDeposit

fleet

A D e b t D u e a Depositor?
Q.

receive th e $4,000 p er year passed from
the fa th e r w ith th e quitclaim deed to
th e son and w as extinguished.

A C alifornia bank h avin g num er­
ous branches opened a special account
w ith a depositor at one of its branches.
The account w as covered by a w ritten
contract w hich ran to the effect that
the depositor w ould sell certain stu ­
dent n otes and contracts for air flight
in stru ctors to the bank and any net
am ounts realized by the bank from the
paper sold to it, less certain deduc­
tions, w ould be paid to the depositor
annually. The depositor cam e to have
$5,000 due him under the sp ecial ac­
count and to ow e another branch of
the bank a sim ilar am ount. Could
th is bank offset the two?

No. A b an k im pliedly binds itself,
by accepting a special deposit, n o t to
set off ag ain st such' deposit a debt due
it from th e depositor. Nor can a b an k
w hich accepts a deposit of m oney for
a special purpose, u n d e r an agreem en t
th a t it w ill pay th e am o u n t w hen
needed, for th a t p urpose legally ap ­
p ro p riate such deposit to discharge
th e d epositor’s indebtedness to it. A
California appeals co u rt has held in
accordance w ith th e an sw er here
given.

Q.

Clamp, a bank director, ow ned and
operated an industrial equipm ent con­
cern w hich, am ong various thin gs,
bought q uan tities of steel. H is gen er­
al m anager, a long-tim e trusted em ­
ploye, bought, at a tim e w h en it w as
in sh ort supply, certain steel in the
concern’s nam e w hich he could not
purchase on his ow n account. In turn,
he sold it in th e grey m arket at a
profit w hich he pocketed h im self. Such
action s w ere w ith o u t Clamp’s k n ow l­
edge or con sent. The em ploye w as
bonded under a fidelity bond in su rin g
his em p loyer again st fraudulent or d is­
h onest acts. Could Clamp recover un­
der the bond?

Yes, according to a recen t U nited
States C ourt of Appeals, F ifth Cir­
cuit, decision. W hen a co ncern’s gen­
eral m anager, a tru ste d em ploye, p u r­
chases steel in his com pany’s nam e,
w hich he cannot pro cu re on his ow n
account, and d iv erts th e steel to o th ­
ers on the open m ark et at a secret
personal profit, he breaches th e d u ty
Nort hwest ern Banker, February,


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

I95J

Q.

Croton, an ex-banker, w as charged
w ith crim inal federal incom e ta x ev a ­
sion and w as duly convicted after a
jury trial. He appealed and so u g h t a
rev ersa l so lely because a sister of one
of the jurors w as m arried to an uncle
of the A ssista n t U nited S tates A ttor­
ney w ho p resen ted the case. W as a
rev ersa l in order?

This and Other Timely Legal
Questions Are Answered

by the
LEGAL DEPARTMENT
of the
NORTHWESTERN BANKER
of good faith to his em ployer and,
w h ere a fidelity bond exists in su rin g
th e em ployer against frau d u len t or
dishonest acts of th e employe, the
bonding com pany is liable th ereo n for
such breach of d u ty by th e employe.

Q

. A N ebraska banker con veyed a
ranch w hich he ow ned in that state to
his son in 1929, in return for an agree­
m ent by the son to pay him $4,000 per
year for life. The son m ade the pay­
m en ts as agreed u n til 1933. A t that
tim e, for a valuable consideration, the
fath er execu ted in favor of the son a
quitclaim deed to the property. T here­
after, the son discon tinu ed the $4,000
per year p aym ents, but did contribute
varyin g am ounts to his fa th er’s sup­
port, as he had ceased to w ork and
th ey w ere needed by him . The fath er
died and his w id ow , w hom he had m ar­
ried sh ortly before his death, sought
to recover from the son the $4,000 per
year from 1933 to the tim e of h er h us­
band’s death. Could sh e do so?

No. The fa th e r’s quitclaim deed to
his son in 1933, being subsequent to
th e 1929 deed and agreem ent and con­
veying the sam e lands as w ere th ereto
involved, w as effective to release th e
son from his liability for ann u al pay­
m ents to his father. T he rig h t to

No. I t is well settled g enerally th a t
relationship to th e prosecuting a tto r­
ney does n ot disqualify a ju ro r, and
Croton w as not en titled to have the
g u ilty v erdict ru n n in g against him set
aside because a sister of one of the
ju ro rs w as m arried to an uncle of the
A ssistant U nited States A tto rn ey who
p resen ted th e case.

Q.

in Illin ois, g en erally speaking, 7
per cent per annum is the m axim um
am ount of in terest w hich m ay be
charged. This, how ever, does not ap­
p ly to corporations. A lim eston e com ­
pany in that state becam e in so lv en t
and a receiv er w as appointed for it by
a state court. In the conduct of the
receiversh ip affairs, the receiver w as
authorized by w ritten court order to
borrow certain funds and pay a com ­
m ission thereon, the effect of w hich
w as to provide for in terest o ver the 7
per cent figure. Later on, th e com ­
pany w as reorganized in the federal
bankruptcy court and in those pro­
ceed in gs it w as asserted th at the loan
w as u surious. Should such assertion
be sustained?

Yes. A sim ilar situ atio n w as before
the federal courts recen tly in Illinois
and th e holding th ere w as in accord­
ance w ith th e answ er here given. The
borrow er w as not the corporation b ut
an officer of th e co u rt and he, th e re ­
fore, did n o t come un d er th e exem p­
tion to the u su ry law w hich exists as
to corporations. I t is well established
th a t a court cannot pro p erly authorize
th e issuance of a receiv er’s certificate
a t an u su rious ra te of in terest, and
it follows th a t th e c o u rt o rder here
did n o t operate to m ake th e illegal
charge a legal one.

11The way we do it, La rry, is to ha\/e
our brokers de/iver the secu rities
to Barkers Trust in A/ew York Tor
o u r Custodian A cco u n t i t sai/es
tim e an d troub/e .......7/

H ere’s a sa fe , e a sy w a y to h an d le
As you know, the details involved in
properly handling securities—either
your bank’s or your customers’—can
be troublesome and time-consuming.
W hen you have a Custodian Ac­
count at Bankers Trust you free your­
self of the details in connection w ith
the technical servicing and physical
safeguarding of these securities.
In addition, our location in the
nation’s key securities market gives
you tw o important advantages when
se c u r itie s are p urchased or so ld —
m in im u m ex p o su re to risk and
speedy physical handling.
Servicing of securities in a Cus­
todian Account includes the collec­
tion and crediting of maturing or
called se c u r itie s and a ll in c o m e purchase and sale, receipt and de­

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

{

your b a n k ’s securities
your custom ers’ securities

livery of securities as you d ir e c tn o tice o f su b scrip tio n r ig h ts and
exchanges. U pon com pletion of all
transactions you receive detailed ad­
vices that contain the necessary data
for tax reports.
Your orders to buy or sell w ill be
handled by Bankers Trust if you de­
sire, or you may place them w ith
your ow n brokers or dealers.
Securities in a Custodian Account
are lodged in our modern vaults,
kept separate from those in other

accounts and are always under your
complete control.
Hundreds of out-of-town banks,
corp oration s, ed u ca tio n a l in stitu ­
tions, insurance companies and sim i­
lar organizations are using this safe,
tim e-sa v in g m eans of h a n d lin g
securities.
W ithout obligation, you are in­
vited to write for complete infor­
m ation . P lease address C ustodian
D ivision, 16 W all Street, N ew York
15, N . Y.

Bankers T rust Company
NEW YORK
M E M B E R FED ER A 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

ARE YOU
Making Full Use
Of These
CORRESPONDENT
SERVICES
?
Iowa Banks, regardless of size or
location, may insure complete,
modern service for customers
by making full use of the corre­
spondent facilities provided by
Iowa's Largest Bank.
Important factors which can help
you provide prompt, efficient
service are: adequate resources
. . . experienced personnel . . .
fast airline and rail connections,
east, west, north and south . . .
nation-wide Bank W ire service
. . . favorable business and bank­
ing connections in the State and
throughout the Nation.
Iowa Banks and Bankers are
invited to use the correspondent
facilities of this Bank.

iota! Resources Over One Hundred Million Dollars

IOW A-DES M OINES NATIONAL BANK

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

Member Federal Deposit Insurance Corporation