Full text of The Northwestern Banker : January 1924, Twenty-Ninth Year, Number 437

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O im iW E S p R N
D S A A T V 'J ^ D

B

a n k e r

INES

JAN U ARY, 1924
L et the C redit B u re a u L ock the Stable
B e fo re the H orse is Stolen
T h e School at the C orn er o f M a in and
W a ll Streets

T H E PH O T O

BELOW

President Calvin Coolidge is the center of
interest in the com ing presidential campaign
and hankers are inclined to look upon his
financial program with favor. H e is shown
below in one o f his first photos taken at the
desk from which he directs the great busi­
ness of the United States government.
P. & A. Photos, C-14032


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Federal Reserve Bank of St. Louis

THE

2

NO R T H W E S T E R N

Northwestern National
Life Insurance Company

January, 1924

BANKER

D IR E C T O R S
F . A . C H A M B E R L A I N , C h a irm a n F ir s t N a tio n a l
Bank
E.

W . DECKER,
Bank

P re s.

V o rth w e ste rn

N a tio n a l

C. T . J A F F R A Y , P re s . F ir s t N a tio n a l B a n k
T . B . J A N N E Y , P re s. J a n n e y , S em p le, H ill & Co.

M IN N E A P O L IS , M IN N E S O T A

E.

L. C A R P E N T E R ,
C la rk e Co.

P re s .

S h e v lin -C a r p e n te r -

B . F . N E L S O N , P re s . H e n n e p in P ap e r Co.

JOHN T . B A X T E R , P resid e n t

A. A . C R A N E , V ic e -P r e s . B a n k e rs In v e s tm e n t Co.
J. A . L A T T A , V ic e -P r e s . N o r th w e ste r n N a tio n a l
Bank
A

PURELY

FOUNDED

MUTUAL,

OLD-LINE,

W E S T E R N

C O M PAN Y

JOH N T . B A X T E R ,
L ife In s . Co.

P re s .

N o r th w e s te r n

N a t’l

1857

O F F IC E R S
F R E D E R IC K

H . D A V I S , P re sid e n t

C. T . K O U N T Z E , V ic e P re s id e n t and
C h airm an

Ask the Man Who
Knows

T . L . D A V I S , V ic e P re sid e n t
F . W . T H O M A S , V ic e P re sid e n t
E . L . D R O S T E , V ic e P re sid e n t
J. H . B E X T E N , C a sh ier
G. T . Z IM M E R M A N , A s s t . C a sh ier
A . H . C H IS H O L M , A s s t . C a sh ier
E . F . J E P S E N , A s s t. C a sh ier

Does advertising- pay?
When you ask the man who
KNOWS, the one who has used
advertising intelligently, you will
get the real facts.

J. F . M c D E R M O T T , A s s t . C ash ier

Resources $25,000,000.00

National

iBankofOmaha
has efficie n tly served W e s t e r n B a n k s
fo r (»0 y e a r s. Y o u r b u sin e ss is in vite d .

He will tell you that advertising
placed in the right medium is a
wonderful business builder.
When you want to reach bankers
use the publication that is really
dominant in this territory.

The

Northwestern Banker

FIRST

4- NATIONAL
BANK V I»
IN T H E U N IT ED S T A T E S

Use Our Knowledge of Iowa
What is more reasonable than that this old and
progressive Iowa bank should be able to serve you
intelligently in anything that is banking?
Send us your Iowa items—only when we have
demonstrated our ability to serve you satisfac­
torily do we ask for your account.

Your Sioux City Account
will be as satisfactory to you as it is important if
you carry it with the First National Bank—
Sioux City s largest bank. W e invite corres­
pondence regarding our facilities which have
been developed with a view to handling collec­
tions and other business for banks and bankers.

FIRST NATIONAL BANK

The First National Bank

DAVENPORT, IOWA

of Sioux C ity

A.

F.

DAWSON, President


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Federal Reserve Bank of St. Louis

IRVIN J .

GREEN, Cashier

Resources exceeding Thirteen Million Dollars

THE

January, 1924

NORTHWESTERN

3

BANKER

.3 1
<3
0 0 0

1RI7EBANNE
□Q

PURE
BREd(
jxrrit
FIRST

PRIZE

n o r t h w e s t

iJHEAXl

kNA

V IT A L N E E D S
O F THE

AWARDEO/nCDMPtrm«
SCORE95‘.

:

PREMIUM C R O P S !B Y
INTELLIGENT DIVERSIFICATION
S
IDEWALK farmers, newspaper writers and
many others who suggest the means for relief
of our northwest farmers give majority support
to diversified farming.

Diversification alone is not the solution. Even
now 90 per cent o f our northwest farmers believe
in and practice diversified farming to a greater or
less degree. W e know the necessity of crop rota­
tion. W e believe in cattle because they consume
our rough feeds, because they give us necessary
fertilization material, and the cows produce a
valuable product in the form o f milk.
To raise ten or a dozen farm products at a loss is
obviously no greater advantage than to raise one
product at a loss, and no human being has either
the time or ability to be an expert in all lines of
farming.
Our objective is prices that will return a fair profit.
Co-operative marketing is a vital need, if it will
help our farmers to this objective. And when the
northwest farmer can sell what he raises at a
profit he can easily outdistance his brother farmer
in the south and west where co-operative mar­
keting has proved so successful.

dairying and not trying to do too many things in
a haphazard way. It is possible for a farmer to
produce cream that will bring a premium up to
six cents. In California there are poultry special­
ists who produce eggs that bring a premium of
from five to eight cents a dozen on the New York
market. A number of the best hotels and restau­
rants in our large cities buy potatoes at a pre­
mium from a grower who makes a specialty o f
marketing potatoes o f uniform size.

If we could be instrumental in having our com­
munity raise a dairy cow that was so good, and
if we could produce a grade o f butter that was
so fine, so that when people thought o f a dairy
cow, or of dairy butter, they would instinctively
think o f this community—then, truly, we would
have accomplished something.
Lower taxes, more sane and economical living
among the many pleasure mad people — these,
too, are vital needs. W e need to turn to our
forefather’s ideals of strict honesty, thrift and
hard work.
I

In my mind, however, one o f our most vital
needs is that we learn to do some one or two
things in the farming game in the most expert
way possible. The success of the dairy farmer in
Wisconsin has eome through specialization in

A. KOPPERUD
President, Security Bank and Trust Co.,
Webster, S. Dak.

ADDRESSED TO THE BANKERS OF THE NORTHWEST
WRITTEN AT THE REQUEST OF THE

NORTHWESTERN
NATIONAL BANK
MINNEAPOLIS, MINNESOTA
Resources: $80, 000, 000


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Federal Reserve Bank of St. Louis

4

THE

NORTHWESTERN

January, 1924

BANKER

Over 42 Years o f National Banking on If 'a!nut Street

O F F IC E R S
L O U I S C. K U R T Z
Chairman of the Board
H.

R. H O W E LL
President

On the Threshold
o f a New Year

JO H N H. H O G AN
Vice President
W . J. M U R R A Y
Vice President
H. E. R U M SE Y
Vice President
G E O R G E C. W I L L I A M S
Assistant Vice President
H E R B E R T L. H O R T O N
Assistant Vice President
C L A R E N C E A. D IE H L
Assistant Vice President

A S W E enter u p o n the N e w Y ear, w e
^ pause to th in k o f o u r frien ds — to
w ish them h a p p in ess, su cce ss and p ro s­
perity th r o u g h o u t 1924.

W A L T E R J. R O B E R T S
Assistant Vice President
A N D R E W J. H U G L I N
Cashier
R . H . C O L L IN S
Assistant Cashier
E D W IN F. B U C K L E Y
Assistant Cashier
CAR L H UM M ELL
Assistant Cashier

Des Moines National Bank
Southeast Corner

G E O R G E D. TH OM PSO N
Assistant Cashier

6th

Walnut Sts.

Des Moines, Iowa

Capital One Million Dollars—Total Assets More than Sixteen Million Dollars
.................... .


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Federal Reserve Bank of St. Louis

THE

January, 1924

NORTHWESTERN

BANKER

5

Gordon -Van Tine
Home No. 612
Convenience
Features

6 Rooms

Built-in

kitchen cases,
linen closets,
large clothes
closets, and
m any oth er
features.

MATERIALS

$2788

“ I want to say that yo u certainly have sent me high quality throughout; and if
you ever care to refer anyone to m e, I will say a good word for yo u .”— S H E R M A N
T A B E R , P A W L IN G , N . Y .

Credentials!

M IS S O U R I:
“ C o n s id e r e d o n e
of
th e
n i c e s t
h o m e s in t h e c o u n ­
try.
We s a v e d
several
h u n d red
d o lla r s b y o r d e r ­
in g fr o m y o u .”
D . L e w is.

The home above is a typical Gordon-Van Tine Home— typical
in its beauty, its sound quality, its convenience. The quotation
beneath it is from the letter of a satisfied man in far off New
York who could buy better from Gordon-Van Tine than he
could at home.

SOUTH D A K O T A :
“ O ak flo o r in g 1
b o u g h t fr o m you
a s h o r t t im e a g o ,
c e r t a i n l y w a s fin e.
I s a v e d $38.95 o n
1,000 f e e t o f f l o o r ­
i n g .”
E . J o h n so n .

That letter, together with
thousands of others, some of
which are quoted here, are our
credentials to your considera­
tion.
They bear testimony to the
worth of our service— to our
ability to render a real, eco­
nomic saving to the home­
builders of this country—to the
home-builders of your com­
munity.
W e claim that we furnish
the highest quality homes,

NEBRASKA:
“ B o th
ca rp en ­
ters
and
m y s e lf
h ig h ly p l e a s e d
w it h q u a lit y a n d
s p l e n d i d fit o f a l l
s a w e d s t u ff. I h a v e
saved
m y s e lf
a
fe w h u n d red d o l­
l a r s o n b i ll , b e ­
s id e s
s a tis fa c tio n
o f o w n in g so s u b ­
s t a n t i a l a b a r n .”
E . U. M cD o n a ld .

G ordon-VanTine Co.
E S T A B LIS H E D

farm buildings and building
materials at prices so low as to
represent pre-war values. The
letters quoted bear proof to
that claim. W e believe they
justify your investigation in
the interests of your clients, as
they offer higher grade invest­
ments at lower capitalizations.
W e would appreciate your
interest and your comments.
Write today for our FREE
BOOKS.

321 Case Street

Gordon-Van Tine Co.,
321 Case St.,
Davenport, Iowa.

I

Please send me your free books on H om es, Barns
and Building Material.

Name

___________________________________________________

Davenport, Iowa
I


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Federal Reserve Bank of St. Louis

N E W JERSEY!
“ I a m c e r ta in ly
a n d h o n e s t l y w e ll
p le a s e d w it h m a ­
te r ia l a n d w o r k ­
m a n s h ip . . . .
I
h a v e o n t h i s s m a ll
ord er saved abou t
$25. W h y i t is j u s t
l i k e f i n d i n g I t .”
E . W . S ch u ler.

M A IL C O U PON FOR FREE BO O KS

Satisfaction Guaranteed or Money Back

REFERENCES:
Any Bank In Davenport; Continental and
Commercial National Bank, Chicago, III .; National City Bank,
New York City

M I C H IG A N !
“I h a v e s a v e d a t
l e a s t $2,000 o n m y
hom e
by
b u y in g
f r o m y o u .”
H . S. W k id d e n .

I

1865

Resources Over $1,000,000.00

IL L I N O I S !
“ I s a v e d $1,200
t o $1,500 b y b u y ­
in g
fro m
y o u r
firm .
I b u ilt th e
h o u s e m y s e lf an d
h a d a fr ie n d
to
h e l p a n d w a s in it
th re e w e e k s an d
tw o days a fte r I
r e c e iv e d m y m a ­
t e r i a l .”
S. E . A d c o c k .

Address

_________________________________________________

6

THE

NORTHWESTERN

BANKER

January, 1924

First National Bank, Sioux Center, Iowa— Courtesy A. Moorman & Co., St. Paul.

The 1st or thwe stern Banker
Published at 555 Seventh Street, Des M oines, Iowa

Tw enty-ninth Year

CONTENTS FOR JANUARY

Page
Across from the Publisher........ By Clifford Depuy
8
Frontispage............................................H. E. Otte 10
Prosperity in 1924.................. ............ .................... 11
What the Credit Bur.eau Means............................
................................... By Geo. T. McCandless 12
Christmas Savings Clubs.......................... ............ 13
Putting Over a Dairy Stunt................ ...............
15
Personal Paragraphs............................
Bond Section...............
Iowa Farm Mortgage Section...............
Bankers and Their Wants.....................
Insurance Section............ ............................

Number 437

Page
Chart of Foreign Exchange___ _________ __ ___ 16
New Business Department....... ............................

17

The Adchequer................................... ........ ............
Chicago Bank Merger.............. ..............................

18
19

Backing Up the Iowa Dairy......... ............... ........

20

Special A. I. B. Section..... ......... ............................

21

South Dakota Section..............................
Nebraska .......................................................
Minnesota Bank News..................................
North Dakota Bank News............................
Iowa Bank News..... .......................

32
39
43
47
49

61
67
73
79
81

The contents of this magazine are fully protected by copyright
im iiiiiH iiu im m iiiiiiiH m iiim iiiu iiiim iiiiM iiiiiim iiiiiiin m iiiiiM iiin iiiiiiin iH iiiiiH u iiiin in iiiiiiiim iiiiiiiiiu u iiiiiiiH H iiiiiin iiiii

T H E N O R T H W E S T E R N B A N K E R , P u b l is h e d

by

D eP

uy

P u b l is h in g

C l i f f o r d D e P u y , P ub lish er; G. A. S n i d e r , Associate P ub lish er; R . W .

C o ..

I n c .,

C a p it a l

Stock,

$100,000.00

M o o r h e a d , E d ito r; J. J. W e n g e r t , Associate E d itor.

S p e c ia l R e p r e s e n t a t i v e : R ex V . Lentz, Care N orthwestern Banker, Phon e W aln ut 1844.
M in n e a p o l is O f f i c e :
Frank S. Lewis, 840
Lum ber Exchange B ldg., Phone M ain 3865. C h ica g o O f f i c e : W m . H . Maas, 1148 First Natl. B an k B ldg., Phone D earborn 6063. N e w Y ork
O f f i c e : Philip J. Syms, 150 Nassau St., P hone 4836 Beekman.
S t . L oots O f f i c e : Donald H . Clark, 408 Olive Street, P hone M ain 1342.
K a n sa s Ci t y O f f i c e : Glen D. Mathews, 405 R idge B ldg., P hone H a rrison 5857. E u r o p e a n R e p r e s e n t a t i v e s : The D orland A gency, Ltd.,
16 Regent St., London, England, 24 B oulevard des Capucines, P aris, France.
Entered as second class m atter at the Des Moines postofflce


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Federal Reserve Bank of St. Louis

Subscription Rates, $ 3 .0 0

per year; 5 0 cents per copy

January, 1924

THE

NORTHWESTERN

BANKER

Let’s
Count
Our
Blessings!
A

I;

in America in—
Per capita wealth.
Number of banks.
Value of farm lands and
buildings.
Corn, hogs, oats, eggs.
Live stock and poultry.
Percentage of literacy.
Percentage of tillable land.
Farm-owned automobiles.
Farms equipped with tele­
phones.

Make 1924 Our Banner
Swat the Pessimisti

I o w a L o a n & T r u s t C o m r a jn t
MEMBER FEDERAL RESERVE SYSTEM
Capital, Surplus a n d Profits $ 1,000,000,00
HIPPEE BLDG.,' DES MOINES


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Federal Reserve Bank of St. Louis

7

8

THE

NORTHWESTERN

BANKER

January, 1924

ACROSS THE DESK FROM THE PUBLISHER

TN STARTING the new year
•L we frequently compare it to
the turning of a new page in
the history of our life. This is
true, but I think we can also
compare it to the starting of a
new garden— a garden which
is free from thistles and thorns,
weeds and worms—a new gar­
den wherein for twelve months
we can plant whatsoever we
will— a garden which at the
end of the year will bring forth
a crop or a harvest of just the
things that have been planted
in it during the year. A new year means start­
ing anew; starting all over again with higher re­
solves, and a greater ambition to accomplish the
worthwhile things of life.
In this garden of yours and mine— in this new
garden which the new year brings us, let us keep
out the weeds of selfishness, malice, disobedience
and anger, and let us see that we plant nothing in
our gardens but love and kindness, thoughtfulness
and good deeds. If we do this each day and each
month then at the end of the year we will not have
to worry about our garden being filled with weeds
because we have planted in it only the flowers that
bring joy, happiness and beauty to those who see
them and those who pluck them.
After all, we are not here simply to make a living,
but also to make a life. The product of our fac­
tories, and of our banks, is not alone the goods that
are manufactured or the credits that are extended,
but the product is a betterment of conditions for
human beings; for those who live in life’s garden.

The costliest home in the
world, with the finest architec­
ture, the most beautiful fur­
nishings, may have the least
contentment in it if the weeds
of selfishness and unhappi­
ness have grown up in the
lives of those who live in the
house. The weeds of selfishness
may have strangled out the
flowers of love and kindness.
Many people are not making
the most of developing their
garden of life because they do
not possess their possessions—they are allowing their possessions to possess
them.
And so in wishing you a really Happy New Year
and hoping that 1924 will be the best year that you
ever lived I am hoping that nothing but flowers of
good fortune, good fellowship and good deeds will
grow in your garden and that it may be said of you
as it was of a business executive I know who re­
cently celebrated the thirty-fifth anniversary with
his company: “ Friend, comrade of our working
hours, counselor, we give greeting to you on this,
the thirty-fifth anniversary of your association with
us. A dispenser of kindliness, exponent of the creed
that ‘ We are making a life while we are making a
living, ’ we certify ourselves the richer and our hori­
zons the wider because of you. We take your hand
with thankfulness that He planted understanding
so deeply in your heart, and as our hands grip
yours happiness tightens our throats because we
feel the warmth of your lamp of light as it touches
and kindles ours.”

Producing Profits
A

SURVEY was made recently by one of our
leading agricultural colleges covering 207
farms in one county and 70 farms in another
county in a middle western state to see how much
money these farms were producing.
Inasmuch as the soil on these farms was prac­
tically the same and conditions in other respects
being similar, the net results per acre could be


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Federal Reserve Bank of St. Louis

fairly measured. The profits therefore represented
the degree of efficiency and managerial ability
which each farmer had applied to his land.
As we have pointed out heretofore, the minute a
particular group of farmers loses money they has­
ten to Washington to have the Government pass
laws and regulations which they think or hope will
remedy their conditions.

January, 1924

THE

NORTHWESTERN

As one writer said in referring to this survey: “ In one county 30 farmers made $2,000.00
or more each; another 30 made $500 or less, while
more than 100 were between these high and
,
..
..
™ j
low groups. They all sell their products m the
, ,
,
■
J
.
same markets and at practically the same prices.
....
.
J
■ . x.
,
Those who have the lowest costs make the most
.. ,
^
„
money and the difference is a matter of manage, TJ, .
.
mi
ment. It is the same m any other business, lhe
low cost producer leads the procession. They introduce and demonstrate new methods which are
gradually adopted by others until they affect production costs generally; then selling prices are lowered and consumers benefit. Eventually the low
cost methods prevail; but the people who are slow
to adopt them are under pressure. The fact is
that the people who are above the average in what
they do, set the pace for the others and show the
way. There is probably not much difference in the

BANKER

farms covered by this survey, but if there is a
difference the farmers who are above the average
have the best. They have the first pick.”
.
These same principles apply to the manufactur. . .
..
. ,, „
, .
mg business as well as to the farming business, some
.
,
,
manufacturers make money and some lose money,
..
. .
.
,
.. .
,
although the conditions under which they operate
.
. ..
may be very similar,
A greater study of marketing conditions, of
financing and of the fundamental laws of economics
must be studied by our farmers if they are to make
the greatest success of their enterprises. Farmers
who raise only one crop must make arrangements
to diversify their products so that if one crop
demands a low market price, such as wheat has been
doing, they will not suffer. The ills of our farmers
will not be solved by legislation nearly as quickly
as by practical economics.

One-fifth National Wealth Tax-exempt
'-p H E tremendous increase in the burden of taxa-L tion in the United States was revealed recently
in a report by the National Industrial Conference
Board whose research staff has been putting in a
year’s work on the whole problem of the cost of
Government to the people.
This report indicates that there is a constantly
rising amount of property becoming by various
means exempt from taxation, the value of which
in round figures is given as $54,000,000,000 in 1922.
This stupendous sum represents slightly less than
one-fifth of our national wealth and is equal,
roughly, to one-third of all property assessed
under the general property tax which forms the
bulwark of state and local government finance.
The Nation’s tax bill, according to this report,
was $7,061,000,000 in 1922 as compared with
$8,363,000,000 in 1921 and $2,194,000,00 in 1913.
The reduction of taxes in 1922 is ascribed to the
low ebb of business, thus causing a reduction of
income taxes.

Taxes of state and local governments, however,
continue to mount. State taxes increased from
$37,000,000 in 1913 to $846,000,000 in 1922. Likewise, local taxes rose from $1,219,000,000 in 1913
to $3,301,000,000 in 1922.
The total tax bill in 1922 was $64.63 per capita
as compared with $17.17 per capita in 1913. This
represents, as gaged by income, the result of six
and one-fourth weeks’ work in 1923 for taxes as
compared with three and one-third weeks’ work
before the war. In other words, all taxes stated
in dollars were in 1922 about three and one-half
times as high as they were in 1923.
Secretary Mellon’s suggestion for a reduction in
income taxes for this year is being received with
hearty approval by bankers and business men. If
some legislation along this line can be accomplished
together with a law which will eliminate taxexempt securities the country as a whole will be
on a much better basis than it has ever been before from the taxation standpoint.

“ A C A S H IE R ’S C H E C K ” for $3.00 is all that is required to secure the
the banking fraternity and submit same for publication.
You do not h&vt
monthly visits of the Northwestern Banker for an entire year.
Each issue
\ to agree with us, or with anyone else. We learn things by an interchange
contains from 108 to 200 pages of mighty interesting matter pertaining to
\ of ideas, and people with whom we disagree often prove valuable teachers,
banks and banking interests in the territory covered by the magazine.
We shall be glad to hear from you.
“ O U R C O R R E S P O N D E N T S .”
Every bank in the Northwest is in“ NO P R O T E S T ” has ever been offered to the statement that the
vited to a place on this list. Send us items of local interest, tell us
field covered by the Northwestern Banker is the money-producing
about your bank and its growth, prospects, etc., also any other
section of the American continent, rich in hogs, cattle, com , etc.,
nancial news of interest to bankers in your section.
We are /
B M p t e j f c r o and dotted with thousands of prosperous banks, all doing a good
always glad to hear from our friends.
/ f e j i Ü l l ■ business» an(^ the majority of them are readers of “ The North“ S IG H T D R A F T S .” We always carry a large “ Reserve” of good
western.”
^1l “ Lad^ti0nal T Ti,Ce’ aUd
P ^ P f f y honor drafts made
“ S U R P L U S A N D U N D IV ID E D P R O F IT S ” increase very raphenefit
Tet y aU
U • Thls department is for your special \ f S J S T r O / idly with those banks, whose advertisements appear regularly in
not f£ l to a
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t0 y0Ur bank' V
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nms of this magazine. Full information as to rates
val1 yourself °1
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our special service will be promptly furnished on appli“ A C L E A R IN G H O U S E .” Our columns are a clearing house • 1
cation. Your business solicited and appreciated. The "Bankfor all our readers. Express your views on any topic of interest to
er” has been twenty-seven years in its present field.

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/

9

HUGO E. OTTE
I resident, National Bank of the Republic, Chicago

Hugo E. Otte, who becomes president of the National Bank of the Republic,
Chicago, when that institution merges with the National City Bank of Chicago
under the name of the former bank, began his banking career forty-five years
ago as a twenty dollar per month office boy with the old Union National. He
later went with the First National and still later formed the Lake View Trust
& Savings on the North S'de.
When the National City Bank was formed in 1903, Mr. Otte was chosen
cashier. He was soon made third vice president, then second, and now, at the
merger of the two banks, is senior vice president of the National City Bank.
The merger has been approved by stockholders and will take effect soon.


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Leading Bankers Say 1924 W ill Be Year
of Prosperity
Return o f agricultural normalcy points to healthful credit conditions
for the new year
George M. Reynolds, chairman of
board, Continental and Commercial Na­
tional Bank, Chicago: “ The increased
value of farm products in the aggregate
this year over last is estimated at one
billion dollars. This added debt paying
and purchasing power will help industry
very greatly. Employment is general at
high wages. Production continues satis­
factory for this season of the year. The
banks are abundantly able to finance
any increase that may occur in business
and the credit structure is so sound as to
afford a hopeful outlook for the imme­
diate future.”
—$—
John W. Wadden, president, Sioux
Palls National Bank, Sioux Palls, South
Dakota: “ Following the marketing of
corn and pig crop in January and Febru­
ary there should be in the northwest a
great deal of substantial liquidation and
increase in deposits followed by improve­
ment in the banking situation, having a
favorable effect upon general condi­
tions.”
—

$—

M. A. Traylor, president, First Trust
and Savings, Chicago:
“ We should
with confidence anticipate a substantial
volume of business during 1924. The
ordinary requirements o f one hundred
ten million people call for large
quantities of most everything produced
and consumed in the United States.
That there are no large stocks of goods
furnished a basis for our belief that the
volume of business next year must be
substantial in order to meet the require­
ments of our people.”
Charles B. Mills, president, Midland
National Bank, Minneapolis: “ In com­
munities where wheat growing predomi­
nates the situation is very unsatisfac­
tory, the number of failures of small
banks is very large, because of the fact
of their funds being tied up in frozen


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Federal Reserve Bank of St. Louis

i in 11h it i h 1111•i ti il it il 1111 intuii ttmi nt in in 11lim ili 11111h h 11ni 111in min 1111min 11mi i h 11111111 ti 111tu 111ti 11 h it i il ■>

Telegrams sent out to a half dozen
leading bankers of the northwest, re­
questing each to wire to the Northwest­
ern Banker his view of the 1924 business
outlook, are responsible for the comment
given on this page. The concensus of
opinion is that the new year will wit­
ness a steady return to greater business
activity.— Editor’s Note.

loans, wherein the basis of security is
land, which is not now salable.
‘ 11 look for an improvement during the
coming year, and with a couple of crops
and a continuation of education along
the lines of diversified farming the coun­
try, now in difficulty, will be restored to
a successful basis.
“ Times are not bad in sections where
people are raising hogs, cattle, sheep and
are milking cows.”
— $—
B. F. Kauffman, president, Bankers
Trust Co., Des Moines: “ 1923 is clos­
ing with a fairly well balanced produc­
tion; a large and wide distribution, with
one of the best retail months we have
ever seen; with high wages, and but
little unemployment.
“ We will open the New Year with an
abundance of credit for existing, as well
as for new enterprises; with moderate
stocks of goods in the hands of the
distributors, and with an unsupplied
shortage of building, both public and
private.
“ With such a condition as of January
1st, there can be but one long-range out­
come, and that is probably one of in­
creased activity and higher prices dur­
ing the year. While there appears to
me to be little argument as to the longrange outcome, it may be, and in fact,
it seems quite probable, that there will
be a temporary lull in business activity
with stationary prices. As to when we
will experience this period, and as to

its duration, one can only hazard a
guess, but there is nothing in sight that
would indicate that such a period would
be at all prolonged.
“ In any event, I believe we can
safely anticipate that when the year is
in full swing we shall have recovered
from any such possible temporary con­
dition, and shall have entered upon a
period of greater activity than we have
seen since the war.”
John H. Gibson, president, United
State Bank, Des Moines: “ The out­
look for 1924 is decidedly promising.
The farmers of Iowa, who are the basis
of our prosperity, are in a better frame
of mind now than at any time during
the past three years and that feeling
will be felt most decidedly in the busi­
ness of 1924.”
— $—
D. H. McKee, president, Iowa Loan
and Trust Co. Bank, Des Moines:
“ Indications point to a prosperous busi­
ness year in 1924 in practically all lines
of business coming under our observa­
tion in this territory.
“ The steady recovery agriculturally,
is to my mind the best indication, and
is always the safest basis upon which to
venture a prophecy. The recovery in
agriculture has been gradual, taken as
a whole, and a spirit of encouragement
prevails throughout the coitntry.
“ There is no reason why business in
general should not continue to improve
during the year 1924, and rates for
money on the highest grade of paper
will be lower.”
Walter W. Head, Omaha, president
American Bankers Association: “ We
have no reason to fear an interruption
of the normal processes of production
nor of the normal consumption of our
various products within our own coun­
try. The real problem which impels
(Continued on page 42)

THE

12

NORTHWESTERN

BANKER

January, 1924

Let the Credit Bureau Lock the Stable
Before the Horse Is Stolen
ITY banks have some methods
which might well be adopted by
their country brethren. For in­
stance, the cities have their Clearing
House Associations. The country banks
might avail themselves of the benefits
of such organizations by forming county
clearing houses and adopting some rules.
Most of the clearing houses now have
and maintain what is known as a bu­
reau of credits. This is really a lia­
bility ledger of all the members com­
bined in one, there being a card for
every borrower.
Each week the dis­
count tellers notify the clearing house
manager of all new loans made and all
loans paid during the preceding week.
The manager then revises his cards, re­
moving from the files the cards showing
notes paid in full and making new cards
for all new loans, filing them alphabeti­
cally.
The value of this system lies in the
pi’ompt detection of duplicating bor­
rowers. Suppose John Doe owes bank
No. 1 a thousand dollars. He may be
entitled to this loan on his own name.
But let us presume he wants another
thousand and bank No. 1 does not feel
justified in loaning it to him. He goes
to bank No. 2 and borrows from it.
When the clearing house manager makes
up the second card and files it in its
proper order, he sees that this borrower
is getting money from two different
members. He immediately notifies each
interested member of this fact. It may
be all right for Friend Doe to be do­
ing this— he may have told No. 1 of
his intention to borrow from No. 2 and
he may have told No. 2 when he made
his loan that he already owed No. 1 and
then again maybe he neglected to men­
tion this little detail to either.
Is there a banker reading this who
would not like to be in possession of
absolute information as to the obligations
of all his borrowers?
A prominent banker states the case
as follows:
“ During the past three or four years
a great many bankers had it impressed
upon them very forcibly the absolute
necessity of having as exact informa­
tion as possible regarding the financial
condition of those who borrowed from
them and it is not saying too much to
make the statement that those in attend­
ance upon creditors’ meetings probably
realized that if they had had informa­
tion of a reliable character at the time
that they made the loans which cause
their attendance upon such meetings,
they would have been conspicuous be-

C


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B y Geo. T. McCandless
“ The Man Behind the Counter”

“ Bankers cannot have too much infor­
mation regarding the men who borrow
from them. No banker would make a
fool loan if he could know in advance
that it was a fool loan.
Conditions
change from day to day. As the song
goes, ‘The rich get richer and the poor
get children.’ The banker must be upto-date all the time in watching condi­
tions affecting loans.”
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cause of their absence. To use a homely
expression, there are too many stables
locked after the horses are stolen.”
Bankers cannot have too much in­
formation regarding the men who bor­
row from them. No banker would make
a fool loan if he could know in advance
that it was a fool loan. Conditions
change from day to day. As the song
goes “ The rich get richer and the poor
get children.” The banker must be up
to date all the time in watching con­
ditions affecting loans.
The expense of a bureau of credits
such as described above, is nominal and
as a preventive of unwise loans is
extremely valuable. The establishment
of county clearing house associations

might result in several other advantages.
I presume there is no business on the
face of the earth that renders so much
gratuitous service as a bank. Free ex­
change on drafts, writing up legal pa­
pers, contracts, mortgages, deeds, etc.
The customer says, when you hand him
the papers all neatly executed, “ W hat’s
the damage?” and you say, “ Oh, that’s
all right— we never charge our custom­
ers anything” and he thinks, down in
his heart, that you are a darned easy
mutt instead of an intelligent human
being.
Take the matter of escrows for in­
stance. In a certain town the members
of the clearing house association were
discussing the free service evil and
learned that none of them were making
any charge for handling escrows. Dis­
cussion of this practice resulted in the
establishment of a rule to make a charge
of $1.00 at time escrow was placed in
the bank; payments made to be credited
to the owner, less a charge of 25 cents
up to $50 and 50 cents for payments
over $50. As a direct result one of
the banks, which maintained a depart­
ment exclusively for escrows, employing
a high-grade clerk therein, turned an
expense into a profit, a profit to which
it was certainly entitled.
Such a step as this would have been
impossible without unanimous action on
the part of the members of the asso­
ciation, it being a well-known fact that
if one bank cuts, all must cut and it is
easier to lop off a charge than to lop
one on.
Soon after the adoption o f this es­
crow charge, a customer of one of the
members objected and said, “ I never
had to pay before— would you mind my
looking around a little?” The banker
of course was willing and the customer
went to several other banks. They
quoted him the same schedule of charges
and he bowed to the inevitable.
Under the old system Bank No. 2
would probably have jumped at the
chance to get this man’s business, figur­
ing it could get an account from another
bank by offering free service.
Other reforms would suggest them­
selves to the county associations but
the bureau of credits system to locate
duplicated loans is worthy of general
adoption and will be worth many times
its cost.
No receipt openeth the heart, but a
true friend; to whom you may impart
griefs, joys, fears, hopes, suspicions,
counsels, and whatsoever lieth upon the
heart to oppress it.—Bacon,

January, 1924

THE

NORTHWESTERN

BANKER

13

How Western Bankers Look Upon
Christmas Savings Clubs
Leading banks favor this method o f thrift and report comfortable
total for past year
OMPARATIVELY new in the an­ the club are prepared in our bank and us in the form of deposits. The other
nals of banking history, is the printed by our local printer and we own 40 per cent is used as Christmas gifts,
Christmas Savings Club idea. the plates from which the printing is done etc. Probably of the 60 per cent rede­
which are preserved by us for use from posited 35 per cent will remain as per­
Many banks have tried it with great suc­
year to year. Our supplies are of a manent deposits with the bank.
cess, some have had oxdy mediocre results,
style which may be used for special sav­
while others have not found it a practical
“ We find that most of our Christmas
ings purposes in addition to Christmas
thrift measure.
Club
members form a habit of regular
Savings, such as vacation, taxes, insur­
With the aim of obtaining a cross sec­
depositing and are apt to keep a savings
tion of opinion as to the practical value ance premium, mortgages, interest pay­
account as well.
of the Christmas Savings Club, the North­ ments due on mortgages on amortization
western Banker, in December, wrote to plan, payments on a home or any other
“ To my mind the Christmas Savings
one hundred representative banks of the of the almost unlimited purposes of sav­
Club idea is of great value to the public
ing for which the plan is well adapted. We in that it makes them form the very valu­
northwest, asking them thefollowing
believe the plan may continue profitable able habit of regular savings. It con­
questions:
(1) What was the total of your 1923 to this bank with the added feature and sequently is of value to the banks not
with the economical measures we have in­ only from the standpoint of increased
Christmas Savings Club?
stalled for the handling of the accounts.”
(2) How much increaseover
1922?
deposits, but also because it necessitates
(3) How did you carry
the individual becoming
out your 1923 campaign?
better acquainted with the
(4) How do you plan
various o t h e r services
to carry out your 1924
offered.”
campaign ?
“ We have run a club
(5) W h a t do y o u r
under the name of the
Christmas Savings Club
Cedar
Rapids Thrift
depositors do with their
Club for several years,”
money saved?
says Walter Allison, as­
(6) How much of the
sistant cashier, Security
total (approximate per­
Savings B a n k ,
Cedar
centage) is redeposited in
Rapids, “ and are beginning
permanent savings?
to value it as a very fiine
(7) What effect has your
way to increase the savings
Christmas Savings Club
habit.
work had on your regular
“ We have never adver­
business ?
tised our club as extensively
(8) What do you think
as some of the banks in
of the practical value of
our city have done and
Banks of the middle west are friendly but none the less enthusiastic every bank in our city is
the Christmas Club idea?
competitors in advertising their Christmas Savings Clubs. The photo operating a Christmas or
J a m e s E. M o r t o n ,
above shows the signs and posters used by the Des Moines National
cashier, the Iowa Loan and Bank to tell the public about their club.
Thrift Club.
Trust Co. Bank of Des
“ Our club this year paid
Frank B. Perkins, manager, Commercial out about $19,000.00, being an increase
Moines, relates the experience of his bank
as follows:
Service Department, First Iowa State of $2,000.00 over last year’s club. We
“ The value to the bank operating a Trust and Savings Bank, Burlington, have never done any personal solicitation
Christmas Savings Club lies largely in Iowa, describes the experience of his bank nor mailed any letters, but have confined
our advertising to newspapers.
its use as an advertising medium as has as follows:
been done by this bank for many years,
“ We have found at first that a great
“ The total of our 1923 Christmas Club
starting nearly ten years ago and having was $60,000.00, giving us an increase of many children started these acocunts, but
a steady growth with a distribution reach­ $10,000.00 over 1922. Our 1923 campaign did not carry them throughout the year,
ing nearly one-half million dollars to a differed from that of 1922 mainly in that but later years we have very few chil­
membership of over ten thousand people. we concentrated for about six weeks with dren’s accounts, but find the club is used
“ During the past year, the plan has large newspaper advertisements and at the more by wage earners. A very small per­
been adopted generally in the city among same time sent to about two thousand centage of our people do not keep their
banks and its use as an advertising homes a Christmas Club pass book with a accounts paid up in full, and we find that
medium has been reduced to a minimum letter setting forth the various possibilities a nice percentage of the people "deposit a
to any one bank and believing this to be as to size. Our 1924 campaign differs part of the fund in their regular savings
the ease locally, we have this year ex­ only in that we have added some window account and it proves to be quite a nice
tended the systematic savings idea in­ displays as tie-ups with our newspaper builder along the savings line.”
The Sioux Falls National Bank, Sioux
advertisements and direct by mail cir­
corporating the “ Save for a Purpose”
culars. This year, 1923, about 60 per cent Falls, South Dakota, will discontinue its
idea into our club.
(Continued on page 40)
“ The supplies necessary for handling of our Christmas Club has returned to

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THE

14
C o n d it io n s

in

N in th

R eserve

D i s t r ic t

B y Charles B. Mills
President Midland National Bank,
Minneapolis, Minn.
SIDE from that area devoted
solely to the raising of wheat,
conditions in the Ninth Federal
Reserve District are better than a year
ago.
When this country entered the war
the farmer was urged to greatly increase
the production of wheat. Every agency
was used to appeal to his patroitic duty
and he responded nobly. While he was
urged from all sides during the war to
plant more wheat there was but little
organized effort to urge him to decrease
production after the emergency had
passed.
During 1918 in states comprising the
Ninth Federal Reserve District wheat
acreage totaled approximately 17,000,000
acres. This figure increased until the
peak in 1919 when approximately
20,000,000 acres were planted. In 1920
the acreage dropped, likewise in 1921,
but not until 1923 wrns it down to the
pre-war level. The wheat production of
the entire country is not along similar
lines. In 1913 the crop consisted of
approximately 760,000,000 bushels and
in 1919 approximately 970,000,000 bush­
els. From this figure there was a de­
crease in 1920 of about 130,000,000 bush­
els; a further decrease from that figure
in 1921; an increase in 1922 to
866,000,000 bushels and a drop this year
to approximately 780,000,000 bushels—
just 20,000,000 bushels over the 1913
crop. It should be noted that last year’s
crop was the first year since the war
that wheat acreage was reduced to a fig­
ure approximating pre-war acreage. The
average farm price per bushel on De­
cember 1, 1919, was $2.15; in 1920 it
had dropped to $1.43; in 1921 a further
drop to 92 cents; a slight increase to
$1.00 in 1922, and a drop to 93 cents in
1923. The price has dropped consider­
ably but the excessive war time expense
has declined but little. The farmer has
been compelled to compete with city
labor and has been confronted with the
eight-hour working day. Even now the
cost of living, the cost of material,
equipment and supplies are still dispro­
portionately high when compared with
farm revenues. Compared with the 100cent dollar of 1913 the value of the
farmer’s dollar of today is but 75 cents.
Added to high operating expenses are
the heavy tax and transportation bur­
dens that must be carried. In line with
the general tendency throughout the
country and after the war, states in this
reserve district found it necessary to in­
crease tax levies. Taxes increased con­
stantly from 1917 until 1921. However,

A


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Federal Reserve Bank of St. Louis

NORTHWESTERN

January, 1924

BANKER

it is encouraging to note that there has
been a slight decrease in tax levies for
the year 1922. Tax-exempt securities
were issued in large amounts during and
subsequent to the war. When it is con­
sidered that the average interest rate
of these securities approximates 54£ per
cent the heavy burden that must be car­
ried by agriculture for years to come
can be readily appreciated.
The movement for diversified farm­
ing is operating constantly throughout this
district. The farmers are realizing the
wisdom of eliminating dependence upon
a single large crop. Some farmers have
made a good profit on growing common
white beans; others by raising sugar

beets; some have raised garden peas for
eastern seed houses, and still others have
found turkey raising profitable. Many
farmers have realized profit on the large
corn crop by shipping it to market in
the form of hogs.
Farmers are showing renewed interest
in crop statistics. In the past wheat
raising tended to be more or less of a
hit or miss proposition. The average
farmer gave little, if any, concern to the
size of crops in other wheat raising
countries. When the price was finally
determined at Liverpool, the farmer fre­
quently found that his crop only added
to an over-production in a then un­
profitable commodity.

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Ten Years A g o Today
B rief bits of news from The Northwestern Banker, January, 1914

John P. O’Malley, president of the
Peoples National Bank of Perry, Iowa,
was in Mexico recently, and in telling
of the conditions which take place when
the rebels capture a village said: ‘ ‘ When
a rebel army capture a town, the first
things done is to pillage it. The offi­
cers then visit the banks and the bank­
ers are forced to turn all their funds
over to the rebel cause. Federal sympa­
thizers are robbed of all their property
and if the officials of the city and those
who have aided the government in any
way can be captured they are killed.
There are no prisoners taken. The fed­
eral soldiers captured are given a chance
to join the rebel army, and if they
don’t they are lined up with the officers
captured with them and are shot.”
1914
C. J. Wohlenberg, cashier of the Hol­
stein Savings Bank, Holstein, Iowa,
now has a son-in-law in his family since
his elder daughter, Erma Louise, was
married recently to Mr. Edwin Gordon
Fox, of Cleveland, Ohio. Mr. and Mrs.
Pox are both graduates of the Univer­
sity of Wisconsin, and it was there that
they first became acquainted. Everyone
will wish them a long life and a haprjy
one.
1914
Senator Cummins, in talking on the
Currency Bill, before the final vote was
taken, said: “ It is proposed to create a
condition of banking monopoly so wholly
indefensible that my democratic friends
will be driven from the support of it
the moment the great body of the Ama.-ican people appreciate what it is.”

1914
Lucius Teter, president of the Chicago
Savings Bank & Trust Company, an-

nounced recently the appointment of
Mr. William T. Bacon as manager of
their bond department to fill the vacancy
occasioned by the resignation of Mr.
Harold T. Sibley. Mr. Bacon has been
with their institution for several years,
and for the past three years assistant
manager of the bond department.

1914

#
C. B. Mills, of The Charles B. Mills
Company, Minneapolis, was in Des
Moines recently with Mr. Geo. F. Orde,
vice president of The First National
Bank, Minneapolis. While here they
were entertained by Mr. Homer Miller
and Mr. Simon Cassady, who took them
to the Golf and Country Club at noon
and after lunch they all enjoyed a game
of golf. “ C. B .” said: “ It seemed like
a partial reunion of ex-presidents of
the Iowa Bankers’ Association.”

1914
D. P. Hogan, president of the Farmers
Savings Bank, Massena, Iowa, gave a
very interesting address before the Des
Moines Bankers’ Club recently on “ The
European System of Farm Credits.”
In a recent letter Mr. Hogan said :
“ President Wilson, in his recent mes­
sage, calls attention to the need of bet­
ter methods of financing the farmer.
The subject is right before us now. It
is important that the right information
be laid down before the people. There
will be all sorts of visionary methods
proposed. No national law is necessary
in my opinion. Iowa’s reputation as
an agricultural state and the uniform
high quality of her farm lands will sell
her farm bonds at the best rates if they
are issued under good laws.”

THE

January, 1924

NORTHWESTERN

BANKER

15

How an Iowa Bank Put Over a Real
Dairy Stunt
T en thousand people inspect prize c o w installed for a day in the
office o f the bank president
B y Dave E. Darrah
Charles City, Iowa
HE sight of a “ bull in a china
shop” is common these clays of
Bolshevik politicians, but a cow
in the marble and mahogany office of a
bank president is a rare occurrence.
When it does occur, it certainly is an
indication of a new day in the banking
business.
The Security Trust & Savings Bank
of Charles City, Iowa, in an effort to
stimulate the movement towards diver­
sified farming and for better dairy herds,
installed a champion Jersey cow in the
president’s office for two days. During
those* two days over 10,000 people paid
homage to Brown Lady’s Little Jewel,
of the famous Sherman Jersey Stock
Farm at Charles City, and Champion
Jersey of Iowa and the middlewest.
During the 1923 season, this champion
Jersey cow produced 1,019 pounds of
butterfat, as compared with the produc­
tion of 150 pounds of butterfat by the
average scrub cow. To drive home this
fact, as shown in the accompanying pic­
ture, the bank arranged in the back­
ground of their display twenty 60-pound
butter tubs which were necessary to
hold the butter produced by this cham­
pion Jersey cow, as compared with two
60-pound butter tubs on the top of the
pile, which held the butter produced by
the average scrub cow.
A dairy expert was in charge of the
dairy exhibit. He was kept busy ex­
plaining the merits of purebred stock
and answering questions. Several teach­
ers from the public schools brought their
classes to the bank and had the expert
lecture to them on the food value of
dairy products. This created wide in­
terest in the homes of the community.
At the same time that the champion
Jersey cow, Brown Lady’s Little Jewel,
held court in the bank, the Sherman
Jersey Farm brought a $10,000 cham­
pion bull from Oregon, to head the Sher­
man Jersey Herd. The Rotary Club of
Charles City seized this opportunity to
put on a big dairy demonstration, which
would drive home to the community and
the farmers in Floyd county the value
of purebred dairy cattle.
One hundred business men met the
train on which the $10,000 champion
bull, Vive la France’s Darling Boy, ar­
rived in his private car. The business
men lined up a parade headed by the

T


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Federal Reserve Bank of St. Louis

"S H »

The parade of full blooded dairy animals held at Charles City, Iowa, attracted
great crowds, in connection with the exhibition of the prize cow in the rooms of the
Security Trust & Savings Bank.

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Thousands of people flocked in to see the prize dairy cow, “ Brown Lady’s Little
Jewel,” enthroned in the office of the president of the Security Trust & Savings Bank,
Charles City, Iowa.

16

THE

local band. Behind the band came the
champion bull, followed by the cham­
pion cow, and sixteen other prize-win­
ning Jerseys, flanked on either side by
business ■men marching single file. The
parade marched down the main street
of the town and was viewed by fully
10,000 people, many of whom had come
in from over one hundred miles to see
this demonstration of champion cattle.
The parade ended up in front of the
Security Trust & Savings Bank, where
Brown Lady’s Little Jewel again took
her place in the president’s office.
After the parade a mass meeting was
held which was attended by over 300
interested farmers. The place of dairy­
ing in a program of diversified farming
was emphasized. Speakers from Iowa
State College and from both state and
national dairy associations addressed
the meetings. A Jersey Club was o r ­
ganized, two Cow Testing Associations
started, and plans laid for the promo­
tion of a Cooperative Creamery later
on. Several farmers pledged themselves
to start building up herds of good cat­
tle this year. Permanent plans were
laid to make Charles City and Floyd
county the Jersey center of Iowa.
One notable feature of this demonstra­
tion was the fact that all belt and

NORTHWESTERN

BANKER

draw-bar work on this famous Sherman
Jersey Farm is handled by electric mo­
tors and Hart-Parr tractors. Mr. Sher­
man insisted that this fact be emphasized
in the parade. He maintains he can do
his work more cheaply, in a shorter time,
and within the seasonal limits, through
the use of mechanical power. He main­
tains that he cannot afford to keep
horses, as the returns from his land per
acre are much greater through dairy
cattle.
This dairy demonstration attracted
attention all over the middle west.
Many well known dairymen came from
surrounding states, and the Iowa State
College sent three of its faculty to help
make the event successful. This simple
form of publicity is unique and can be
used by any bank to promote the in­
terests of better dairying and diversified
farming. The Security Trust & Savings
Bank of Charles City is keeping a care­
ful check on the influence of this demon­
stration and will be glad to furnish in­
formation as to its lasting effects.
I once knew a very covetous, sordid
fellow, who used to say, “ Take care of
the pence; for the pounds will take care
of themselves.”— Chesterfield.

January, 1924

Above is a reproduction of the cup to
be given by the Northwestern Banker to
the member of the Des Moines Chapter
of the American Institute of Banking for
the best essay submitted on the subject,
/ ‘ What Is Banking Service?” The con­
test is to close February first, and the
winning essay, together with several of
the best ones, will be published in future
issues of the Northwestern Banker.

ThrecYear Chart of Foreign Exchange
This chart shows in detail what has been happening to the chief foreign currencies of the world during the years of 1921 and
1922 and the ten months of 1923. It was prepared by H. E. Toson, manager of the Foreign Department of the Iowa Loan &
Trust Company Bank, Des Moines. It particularly emphasizes the contrast between the Br tish pound sterling and the German
mark. The pound during that time has practically held its own while the mark has precipitately declined to a point today nearly
10 trillion to the dollar. When currencies are at par foreign exchange rates are governed by fluctuations in international trade
balances, but when currencies have been depreciated by inflation trade balances affect the position only in a minor degree, the
predominating influence being the extent of the control or the lack of control exercised over flat money emissions.
France has
suffered by contrast a loss of credit in the United States owing to its inability to balance its budget and its apparent unwillingness
to pay the American debt. Foreign exchange experts are agreed that the only solution for the German problem is devaluation and
stabilization.


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January, 1924

THE

HE subject of solicitation and the
sources of new business are so
interwoven that there is consid­
erable difficulty in dividing the two.
An effort will be made, however, to con­
sider solicitation from the point of view
of the solicitor in the organization only,
without any reference to the manner of
obtaining new business.
The sine quo non of any good
salesman is the knowledge of what he
has to sell. This is as true in soliciting
new business for a bank as in selling a
patented article. The difficulty, how­
ever, exists in the fact that few men
who have been brought up in the banking profession, and have had their early
training in bank routine, retain the opti­
mism to become successful salesmen.
This criticism would make it appear that
perhaps it is not worth while to go
after new business at all, if that which
is already on hand would cloud an in­
dividual’s otherwise sunny disposition;
and perhaps, if any bank feels that so­
licitation adds to the ordinary business
risks, it would be best for it not to
engage men to go out and seek new
accounts. On the other hand, if it is
decided to solicit business, the men to
be chosen to nose if out and keep after
it must have, added to their knowledge
of the profession, the salesman’s opti­
mistic character. It is therefore per­
haps best to engage men similar to the
better type of insurance or freight
traffic solicitors, put them through a
comprehensive course in the bank for
a period of six or nine months, and
then have them start their solicitation
under the careful guidance of the vicepresident in charge of the department
and the credit manager.
There are several plans of organizing
bank salesmen. The most usual one is
to keep them together in a group, pro­
vide them with leads, or have them work

T


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Federal Reserve Bank of St. Louis

NORTHWESTERN

BANKER

B y Charles S. Dewey
Vice President, Northern Trust Go.,
Chicago
iiiiiiiiiiiiimiiitnmiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiimimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiitmiiiiiiiiiiiiiiiiiin

W hile on his vacation this summer,
Charles S. Dewey, author of this article,
wrote a very comprehensive article on
the “ New Business Department,” of
which this is the third and last install­
ment.
The Northwestern Banker invites dis­
cussion from its readers on the work of
the New Business Department in any
bank and w ill make this a permanent
feature if its readers will send in their
contributions.— Editor’s Note.

out leads for themselves, and, upon ap­
proval of the credit department, make
their calls. The more modern method,
however, is to assign the salesmen to
different departments of the bank, with
the understanding that each will famil­
iarize himself with all of the operations
of that department, the names and con­
nections of its customers, and serve as
a scout for the new business department
in obtaining information, and suggesting
the best means of approach to prospec­
tive accounts.
With one solicitor in each department
scouting for new business for that or
other departments, it will be found that
he can most frequently suggest the name
of some officer or director of the bank
who can make an approach, with a far
greater chance of obtaining the business
than if an ordinary solicitor made it.
It thus resolves itself into having very
few but very energetic and enterprising
solicitors, and turning all of the di­
rectors and officers into salesmen for
the bank when it can be shown that
they are the proper ones to do the sell­
ing.
Let us suppose, for the sake of the

17

argument, that in accordance with the
pan as outlined above, we engage solici­
tors for our bank who are both capable
of performing and well trained in the
duties expected of them. The customers’
prospect file has been installed and con­
tains accurate information as to who
our best customers are, and the balance
of the organization is present and ready
to lend a helping hand. How then are
we to proceed to obtain new business'?
New business prospects may be
divided into two groups: those who are
already customers of some department
of the bank, and those whose contact
with the bank consists merely of an ac­
quaintance with some officer or em­
ployee. Business that does not fall un­
der one of these two groups will not be
considered for the reason, that as a mat­
ter o f fact, it does not exist. In every
case either a contact with some depart­
ment of the bank is formed or an ac­
quaintance springs up before any new
business would be solicited or accepted.
The most fertile new business field
that any bank has is among its cus­
tomers. Service is one of the hardest
things possible to sell, and under the
keen competitive methods of today, al­
most every wide-awake bank is doing
more and more to serve its customers
and keep them satisfied, so the solicitor
has little to offer which is not already
given. Fortunately this also holds true
for his own bank and he should receive
a courteous reception and have an at­
tentive listener whenever he calls on
any who does business with it.
The system of calling is a necessary
but rather expensive way of obtaining
new business, and anything that can be
done to minimize it will cause a con­
siderable saving. Two plans may be
called the selective and the educational
methods. As an example of the former,
(Continued on page 45)

18

THE

NORTHWESTERN

BANKER

January, 1924

ADCHEQIJER^I
B ein g som e O b s e rv a tio n s a n d
Suggestions b y C R A D D 1 C F , H im s e lf
Good Will or Good Night?
ITH the turn of the New Year
many bankers find themselves
in a quandary on the subject
of advertising. Unfavorable business
conditions in many parts of the country
during 1923 resulted in the disruption
of many bank advertising programs in
the name of economy. Frequently well
laid plans were thrown aside. All sys­
tem was forgotten and the bank resorted
to hand-to-mouth methods, doing as little
as seemed practicable without discon­
tinuing advertising altogether.
One of the results of this situation is
a confusion of opinions and ideas on the
part of bankers as to the real merits
and value of advertising. Another re­
sult, and this applies to certain sections
of the country, is that confidence in
banks today is at the lowest ebb we
have known since 1907.
Another result in certain localities is
that bankers are no longer business
heroes to the men behind the counter,
the plow, the machine or the spade. He
is too often the hard-boiled, heartless
villain that put this or that man or busi­
ness on the rocks. It is a strange com­
mentary upon the business of banking
that people have in some localities de­
liberately circulated false rumors re­
garding the stability of the local banks.
Some misguided individuals have seemed
to actually glory in seeing banks close
their doors and especially so when their
own money was not involved.
It would seem that there are two
outstanding conditions to which bankers
must give serious thought and considera­
tion. The first and the most important
is the necessity for carrying on a pro­
gram of publicity and advertising that
will build and regain public confidence
in our banks. I f the bank’s advertising
fails first of all to create and establish
good will toward the bank and banker,
then it fails altogether. Unless banks
can build good will under present condi­
tions and those which confront us dur­
ing the next few years, they stand an
excellent chance of ringing down the cur­
tain with a “ good-night.”
The second condition to which bank­
ers must give serious thought is to the
subject of advertising which is to build
and create good will. Bankers are find­
ing it difficult to discriminate between
what is really constructive advertising
and what is useless and a waste of both
time and money. A prominent advertis-

W


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Federal Reserve Bank of St. Louis

illumini...... .

T E LL US, PLEASE.
W hat particular advertising have you
done in the past three months which
proved successful and profitable in re­
sults, or quite the contrary?
T ell it in three hundred words. Stress
the objective, medium used, feature or
inducement, results, cost.
Add your
own comment, opinions and advice to
your brother bankers. Communications
will be held confidential unless permis­
sion is granted to use the bank’ s name.
Speak freely. Y ou may help a brother
banker to either make money— or to
save money.
Address
all communications to
“ A D C H E Q U E R ” in care of The North­
western Banker.
•iiiHiiiHiiiiiHiimiiiHimiiiiiiiiiiiiiiiiiiiiiiiiiiMiiiiiitiiiimiiiiimiiiiimmiiiiiimimmiiiiiiiiiimiiiiiiimiiiiiit

ing man, well known nationally, recently
made this statement to me :
“ There are a bewildering number of
advertising schemes being offered to
bankers. Many of them are bought un­
der the pressure of strong-arm sales­
manship. There is a horde of aspirants
for a share of bank advertising appro­
priations who have never attended the
school of fundamentals. These tyros
know little or nothing of the psychology
of the whole proposition. They ensnare
bankers with false promises. Some of
them try to appropriate the theories and
the plans of their better trained com­
petitors and bungle the job because of
their utter lack of experience and knowl­
edge. Until at last the banker in his
despair, under the curse of fantastic
schemes, cries out ‘ All men are liars
and because we don’t know whom to
trust, we won’t trust anybody and we
will get along with little or no adver­
tising.’ ”
This comment strikes the nail on the
head. It is time that bankers gave se­
rious thought to this side of their busi­
ness. Advertising represents first of all,
a money out-go to the bank. The re­
turns from advertising can be made
profitable, but the returns almost in­
variably depend upon the care, thought,
plan and program which has been worked
out in advance.
Brushing aside advertising may, for
for the time being, seem the easiest and
most economical way. It may prove a
costly decision.
But let the banker bear in mind that
there is such a thing as profitable adver­
tising for his bank. With this knowl­
edge, let him investigate thoroughly any
advertising connections he may make

during the year at hand. Follow the
same procedure that the banker would
advise any of his customers in buying
securities as an investment— “ Investi­
gate before you invest ! ’ ’
An Inquiry and an Opinion
A banker recently wrote as follows:
“ One of our competitors has recently
made arrangements with the board of
education in our city to install a sav­
ings in our city schools. It is our un­
derstanding that some sort of a threeyear arrangement has been made be­
tween the school board and the bank.
“ How can our bank proceed to off­
set and counteract this undertaking"?”
The reply:
“ Frankly, you cannot and should not
proceed in any undertaking to offset the
arrangement for a school savings plan
in your city schools. On the contrary,
you should give encouragement to the
general idea and indicate to the public
that you believe the school savings plan
to be of great value in the building of
good citizens for your community for
the future.
‘ ‘ Why concern yourself about the sav­
ings of school children under the cir­
cumstances? Why not divert your sav­
ings advertising efforts to other than
school children?
“ There are many opportunities for
increased business for your savings de­
partment other than through these same
school children. Consider what you
might accomplish if you direct your ef­
forts toward building and increasing the
savings accounts already on your books.
Consider the field which lies almost un­
touched in going to housewives and
mothers, seeking savings accounts from
them and for the little tots who have
not yet reached school age.
‘ ‘ Consider the opportunities which are
yours in promoting and developing thrift
among wage earners, salaried people,
school teachers. After all, the immediate
possibilities for increasing savings de­
posits are greater through contact with
people who are earning money than with
children in school.
“ The other bank has taken the initia­
tive in developing thrift in your schools.
Give them credit for doing the commu­
nity a good turn. But do not let that
deter you from also doing the commu­
nity a service by encouraging others to
save money and to bank it.”

January, 1924

THE

NORTHWESTERN

19

BANKER

Chicago Banks Merge Under Name of
National Bank of Republic
National Bank o f Republic and National C ity Bank vote to consolidate
NE of the largest mergers of re­
cent years, bringing together two
of Chicago’s largest banking insti­
tutions, will take place about July first,
when the National Bank of the Repub­
lic and the National City Bank of Chi­
cago will consolidate under the name of
the National Bank of the Republic. They
will move into the Corn Exchange Na­
tional Bank building at the northwest
corner of La Salle and Adams streets.

O

When the merger is accomplished the
new bank will have capital stock of
$4,000,000, total deposits of $70,000,000,
surplus and undivided profits of $2,000,000 and total assets of approximately
$85,000,000.
John A. Lynch, president of the pres­
ent National Bank of the Republic, will
be the chairman of the board of direc­
tors, while David R. Porgan, president
of the National City, and George Wood­
ruff, vice president of the present Na­
tional Bank of the Republic, will be the
vice chairmen. Hugo Otte, vice presi­
dent of the National City, will be the
president of the merged institution. The
rank and duties of the other officers will
be determined by a committee to be
appointed by both banks. All of the
directors of both institutions will be
retained.
After the appraisers shall have de-

DAVID R. FORGAN


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Federal Reserve Bank of St. Louis

New Home of the Merged Institutions
termined the value of the assets the
excess over the amount necessary for
each institution to contribute to the
capital, surplus and undivided profits,
and the various usual reserve funds, will
be paid as a special cash dividend to the
stockholders of each respective bank.
The bank will pursue a broad and

GEORGE WOODRUFF

generous policy. Among other things
liberal provisions will be made for the
pension fund in order that officers and
employes may enjoy the advantages of
liberal pensions upon their retirement
from service.
The deposits of the National Bank of
the Republic on the occasion of the re­
cent call, September 14, were $35,166,412,
and the savings deposits, $2,503,351. The
loans and discounts were $25,527,690.
The deposits of the National City were
$30,944,430; savings deposits, $3,057,245;
loans and discounts, $25,282,264.
The National Bank of the Republic
was organized in 1891 just prior to the
panic of 1893. It was founded on gen­
uine banking principles and has never
deviated from its original policy. It is
a commercial bank of the old fashioned
type; organized for the purpose of tak­
ing deposits and lending money to its
customers-—functioning as a bank should
function— and has a large following.
The bank has been very helpful to young
business men, merchants, etc., and its
slogan is, (iWe prosper through the men
we have helped.” John A. Lynch, the
president, is an old resident of Chicago.
He is a quiet, modest man, whose man­
ner and helpful attitude gives one a
very agreeable impression and lingers
long with people who come in contact
with him.

JOHN A. LYNCH

THE

20

The National City Bank was organized
in 1907. It is known as one of the sub­
stantial, commercial banking institutions
of that city. David R. Forgan is a
brother of James B. Forgan, chairman
of the board of directors of the First
National and the First Trust and Sav­
ings Bank of Chicago. He was for a
long time associated with his brother in
the First National as a vice president.
It is said that it had been reported that
David R. Forgan would like to have a
bank of his own whereupon a group of
his admirers organized the National City
and asked him to accept the presidency,
which he did. The first information the
public had of it was when the announce­
ment was made that the entire capital
stock had been subscribed.
The officers of the National Bank of
the Republic are as follows : President,

NORTHWESTERN

BANKER

John A. Lynch; vice presidents, George
Woodruff, Robert M. McKinney, Samuel
W. White; vice president and cashier,
Oscar H. Swan; vice president, Wm. C.
Freeman; assistant vice presidents,
Chas. S. MacFerran, Leland L. Hobbs;
controller, Gordon Wilson; assistant
cashiers, Thos. D. Allin, Walter L. John­
son, Thos. H. O ’Connor; manager collec­
tion department, O. T. Hendriksen; man­
ager transit department, C. C. H all;
trust officer, Frank H. Gay; manager
savings department, Charles W. Fritz;
manager foreign exchange department,
S. Ross; directors, John A. Lynch, A.
Bauer, Benjamin Y. Becker, Leonard A.
Busby, John Y. Farwell, Allan Jackson,
Rollin A. Keyes, Robert W. Leatherbee,
Silas J. Llewellyn, John R. Morron, Rob­
ert M. McKinney, Louis F. Swift,
Charles Ware, Charles C. West, George

January, 1924

Woodruff, Charles F. Glore, F. W. Wood­
ruff.
The officers and directors of the Na­
tional City Bank of Chicago are as fol­
lows : President, David R. Forgan; vice
presidents, H. E. Otte, Fred A. Crandall,
Walker G. McLaury, R. B. Fuessle; cash­
ier, Edward P. Vollertsen; assistant
cashiers, T. R. Thorsen, S. P. Johnson,
R. Y. Kelley, Albert E. Bassett, W. P.
Tatge; auditor, William Edgar; assistant
manager bond department, J. B. Christerson; manager savings department, Jassamine G. Hoaglund; trust officer, Ar­
thur J. Baer; directors, D. W. Buchanan,
Ambrose Cramer, Albert B. Dick, Jacob
M. Dickinson, Stanley Field, David R.
Forgan, Richard C. Hall, W. J. Jackson,
Theodore C. Keller, Clayton Mark,
Walker G. McLaury, H. E. Otte, C. I.
Pierce, John E. Wilder.

Backing Up the Iowa Dairy
H O W T H E D A IR Y
C O W HELPS Y O U

W h e n the Cow
Offers You Money

------------------- Self-Interest--------------------

---------- Literally puts it in your pocket-------------1

W hether you are engaged in farm ing or not, you are interested
in the movement to increase and im prove the dairy c o w o n farm s in
Southeastern Iowa and W estern Illinois.
It is 'o f so much im portance to you that you can well afford to
use your influence in spreading the dairy gospel—

FOR— THAT WHICH IN C R E A S E S ’,
THE PURCHASING POWER OF THE
FARMER, IN C R E A S E S THE PUR­
CHASING POWER OF EVERY MAN
AND WOMAN IN THE COMMUNITY.
No hand can forg e a stronger chain than the chain o f self-inter­
est, and you can do nothing that w\|l bring more permanent prosperity
and happiness to this community than the boosting o f the dairy cow.
In the days which followed the world war, when the farm ers'
market had hit the lowest point, the value o f the dairy co,w on the Des
Moines county farm was demonstrated. A t the Burlington cream
stations the farm ers who brought in cream those days, were not care­
less as to when paym ent was to be made. Instead, they waited
anxiously fo r their check, as e n d b a t check depended the buying o f
needed groceries, and shoes, and other necessities.

Wouldn't you like to have a cow walk up and put a roll o f bills In
your pocket?
That’s what she is capable o f doing, if you give her the chance.
For the cow is the most unselfish, most willing revenue producer
on the farm. She does not complain o f long hours, or work on Sunday
and Holidays, and she never goes on strike fo r higher wages. A ll she
wants is good food and good clean shelter.

Milking cows and taking care of dairy cattle is
hard work.
BUT ALL FARM WORK IS HARD.
MILKING PAYS B E T T E R FOR THE
TIME D E V O T E D TO IT THAN ANY
OTHER FARM ACTIVITY.

Cows, Advertising
and Prosperity
-Greater Demands for MilkThat the dairy cow on the farm will be the best revenue producer
of any farm item in the future is conceded by even those whose finan­
cial interests are not represented in forming.
O f the hundreds o f agricultural products, milk and <lairy products
are decidedly the ones which have made the most progress, both from
the standpoint o f an increase in consumption and increase in money
value
It is significant that milk and dairy products are am ong the most
extensively advertised o f all agricultural products. This advertising
Is bringing about a greater consumption o f milk, and as soon as ad­
vertising thoroughly awakens the public to the fact that milk is the
one complete food, the consumption o f that product will be doubled
and redoubled.

Every farm er knows he must keep up the fertility o f his farm,
if he expects to keep on producing a grain crop that will pay expenses.
Sometimes he does not realise that by adding a few cows to his
string— good big producing cows, he can keep up the fertility and sell
his cream crop as almost pure profit.
IT DOES NOT T A K E MUCH M ORE TIM E TO M IL K F IV E
COWS T H A N IT DOES TO M IL K TW O.

T H E C R E AM C H E C K W A S A L IF E SA V E R . IT W A S PR AC ­
T IC AL L X THE O N L Y R E V E N U E SOME FA R M E R S H A D COM­
ING IN FO R MONTHS.

Y et the profit from those additional cows will take «are" o f your
table expenses and leave something besides fo r other household ex­
penses.
Then when you figure up the increased fe r tility the larger herd
means fo r the farm , you are paid in the richest coin the world can
produce.

Thcro la nothing so dependable as"the cream crop. Encourage the farmers
to add dairy cows to their farm activities—as many as they can conveniently milk.
Encourage the farmers already milking to make a record of their cows, so os to

Do not ftgur« you have to go out and buy up a lot of bl* producing cows

First National Bank

First National Bank

First National Bank

Iowa State Savings Bank

Iowa State Savings Bank

Iowa State Savings Bank

The First Iowa State Trust & Savings Bank of Burlington, is a firm believer in advertising.
used in their dairy advertising.
HAT leading Iowa bankers are
backing the expansion of the daily
movement throughout the state, is
evidenced by the dairy advertisements
depicted above. These were used in
Burlington newspapers by the First
Iowa^jState Trust and Savings Bank of
Burlington, formerly the combined First
National and Iowa State Savings.
Describing the effort made by his bank
to promote Iowa dairying, Frank B.
Perkins, manager Commercial Savings
Department, says :
“ First of two things is our dairy ad-

T


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Federal Reserve Bank of St. Louis

vertising. It has been a very advan­
tageous method with which to arouse the
farmers surrounding Burlington. We
are not offering any prizes at the pres­
ent time nor are we making any special
effort to have farmers come here for
loans, but we have been able to obtain
close cooperation of the local county
agent and are to have a dairy week, to
be held in Burlington in the near future.
“ During this week we will give lec­
tures, demonstrations, etc., on proper
feeding and care and breeding of dairy
animals, as well as the advantages to

The ads reproduced above were

the housewife of using fresh milk rather
than canned milk. In onr particular
county we are laying special stress on
having dairy herds tested for tubercu­
losis, and in order to do this we are en­
deavoring to get permission from our
State Board of Health to slaughter, be­
fore an audience, one cow that re­
acted to the tuberculin tests, and by so
doing stimulate the interest of the con­
sumer, also make the farmer realize the
necessity of having his cows tested for
tuberculosis. ’ ’

January, 1924

THE

NORTHWESTERN

BANKER

21

SPECIAL SECTION AM ER ICAN
IN STITU TE OF BAN K IN G

W hat the A . I. B. Is Doing in Towns o f
the Northwest
Marked achievements o f the Institute stamp it as one o f the greatest educational
forces in the banking profession
D ES M O IN E S , IO W A

the banks in sending each year a full
alloted quota of delegates to the national
convention.

D U L U T H , M IN N .

O FF IC E R S

O F F IC E R S

Arthur Oppedahl, President.
Raymond Miller, Capital City State Bank,
Vice President.
Max VanScoy, Drake Park Bank, Sec’y.
Alva Cass, United State Bank, Treasurer.

R. H. Magie, City National Bank, Pres.
Madeline McGee, American Exchange
National Bank, Vice Pres.
Ruth Little, First National Bank, Sec’y.

The reorganized Des Moines Chapter of
the American Institute of Banking had
its beginning with a get-together meet­
ing held late in November, 1915, at the
Grant Club. “ Uncle George” Allen ex­
plained the plan to two hundred enthu­
siastic bank clerks and officials who were
gathered for a pep meeting. The follow­
ing week a general meeting" was held and
officers elected. C. H. Stephenson, of the
Iowa National Bank, was the first presi­
dent. Will Luge, of the Capital City
State Bank, vice president, L. J. O’Flah­
erty, of the Mechanics Savings Bank,
secretary. Scott C. Pidgeon, of the Drake
Park Bank, treasurer. The membership
the first year was 165. Since that time
the Des Moines chapter has enjoyed a
steady growth, the membership for 1923
being 360. The Des Moines chapter has
lived up to its purpose and every year
conducted classes as required by the na­
tional office. Graduates at the present
time number 58. In more recent years
public speaking and debating has been a
part of the regular educational program.
Last year a triangular debate with Kan­
sas City and Omaha was held.
Each month a social meeting of some
kind has been held by either a banquet
or a dance. Every spring an adding ma­
chine contest is held by the Burroughs
Adding Machine company, offering a sil­
ver loving cup, besides cash prizes to the
winners. Through the generosity of the
clearing house association a free trip to
the national convention is given every year
to the one turning in the most perfect ex­
amination paper in any of the standard
subjects. A good share of the success of
the Des Moines chapter can be attributed
to the whole-hearted support given by

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Federal Reserve Bank of St. Louis

FARGO, NORTH D AKOTA
O F F IC E R S

E. J. Baier, The Northern National
Pres.
E. J. Simonson, Merchants National
Vice Pres.
Frank Archibold, Security National
Treas.
Anna B. Solum, First National
Sec’y.

Bank,
Bank,
Bank,
Bank,

The Fargo chapter was organized late
last year and a course in elementary bank­
ing was conducted for about three months.
The chapter had an enrollment of about
forty members. The organization work
was done last year by Mr. Chaney, of
Minneapolis, and B. P. Schmallen, of
the First National Bank, headed the chap­
ter as president.
Owing to the difficulty in procuring an
instructor this year the class work has
not yet begun but the Fargo chapter
hopes to take up this work right after
the holidays under the instruction of Mr.
Anderson, of the Bishop-Brissman Audit­
ing company, and a larger enrollment is
expected.

M em bers of Executive Council

Harry Landahl, American Exchange Na­
tional Bank, Treas.
Gordon Hegardt, American Exchange
National Bank.
Geo. Jacobson, First National Bank.
Arthur A. Borgeson, First National Bank.
J. E. Brown, Minnesota National Bank.
W. P. Mahoney, Citizens State Bank.
P. R. Pascoe, Northern National Bank.

Duluth chapter has on its membership
roll about 75 active women members, or
in other words one-third of our member­
ship are women.
The educational class at this time has
an enrollment of 80 members, the largest
ever; the women holding the same propor­
tion there also.
Social activities have just begun. What
have been had in that line up until now
have been for both sexes together, but a
party exclusively for the girls will prob­
ably be a reality in the near future.
Most of the girls of the chapter are
very interested in all o f its activities.
Thursday evening, October 4th, saw the
opening of the educational class with an
enrollment of eighty members, the largest
L IN C O L N , N E B R A S K A
in its history. Mr. George Glick, an at­
torney, formerly connected with the ex­
O FF IC E R S
tension department of the University of
Edward A. Becker, Jr., Continental State Minnesota, is the instructor. Plans are
Bank, Pres.
B. G. Clark, National Bank of Commerce, for a two-year course, two semesters each
Vice Pres.
taking up the institute courses, a semes­
Howard Freeman, First National Bank, ter for each in this order: Economics,
See’y-Treas.
standard banking, commercial law and
Board of Governors
negotiable instruments.
Edward A. Becker, Jr., Continental State
The entertainment committee is looking
Bank.
B. G. Clark, National Bank of Commerce. after social activities in good shape. They
Howard Freeman, First National Bank. plan on something in the way of a social
W. A. Gray, City National Bank.
affair for each month during the coming
Harriett Russell, Lincoln State National
winter.
Bank.
Duluth chapter has a total membership
Floyd Pope, Central National Bank.
A. A. Dye, Nebraska State Bank.
of 194.

THE

22
M IN N E A P O L IS , M IN N .
O F F IC E R S A N D
E X E C U T IV E
C O M M IT T E E

L. A. Dyregrov, First National Bank,
Pres.
A. H. Johannsen, Northwestern National
Bank, 1st Vice Pres.
S. P. Martin, Farmers and Mechanics
Savings Bank, 2nd Vice Pres.
Clarence Gadqey, First National Bank,
Sec’y.
W. S. Lee, Wells-Dickey Trust Company,
Treas.
S. L. Allen, Federal Reserve Bank.
Paul Brick, Northwestern National Bank.
Theo. J. Haas, Metropolitan National
Bank.
C. M. Jorgensen, Northwestern National
Bank.
F. E. King, First National Bank.
Wm. A. Kramer, Farmers and Mechanics
Savings Bank.
Joseph H. Person, Federal Reserve Bank.
Harry H. Sivright, Northwestern National
Bank.
L. D. Stark, Midland National Bank.
R. S. Stebbins, Union State Bank.
Minneapolis has the honor of having
originated the American Institute of
Banking. Mr. Joseph Chapman, who
was at that time vice president of the
Northwestern National Bank of Minne­
apolis, was the founder and first presi­
dent of the national association. The in­
stitute was originated to further the edu­
cation and advancement of bank em­
ployees by affording them an opportunity
to conduct their studies along banking
lines at the same time that they were earn­
ing a living in bank work.
Minneapolis chapter has about one
thousand members and has been incor­
porated recently in order to facilitate the
expansion of its facilities. Of these thou­
sand members, one hundred and eighty
are enrolled in the bank clerks’ evening
school conducted by the American In­
stitute of Banking.
There are three sections, numbering in
all eighty men and women taking an
elementary course which is intended pri­
marily for the “ Printers’ Devils” and
“ Apprentices” of the banking trade. They
are taught in the elementary course the
first principles of banking practice and
law and are given a thorough course in
the operation of the mechanical equip­
ment used in the large modern bank. The
standard course consists of four subjects
—standard banking, standard economics,
commercial law and negotiable instru­
ments. Men and women who have had
some bank experience or who have com­
pleted the elementary course, are eligible
for this course of study. At the present
time there are eighty students in standard
banking and commercial law. Standard
economics and negotiable instruments are
to be offered the second semester.
For students of an advanced grade who
have completed the standard course or
other work of equal value, Minneapolis

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Federal Reserve Bank of St. Louis

NORTHWESTERN

BANKER

chapter is planning a comprehensive
group of advanced courses. Public speak­
ing is being given during the first semes­
ter of this year with an enrollment of
about twenty men. Other courses sug­
gested for coming semesters are credits,
bank accounting, foreign exchange, bank
advertising, deposit building, and trust

Hats Off to the A. I. B.
B y Walter W . Head

President American Bankers Association

H E American Bankers Association
recognizes the American Institute of
Banking as the agency which purposes
to train, encourage and inspire the men
and wom en w ho comprise the hone and
sinew of the banking struructure of today
— and to develop the brain power to
direct its future years. -N o organization
succeeds b y virtue of leadership alone,
important though leadership is. Leader­
ship triumphs and progresses only when
it has loyal, efficient and effective sup­
port. The American Bankers Association,
representing the executive leadership of
American banking, depends upon the
American Institute of Banking to build,
out of the great bod y of bank em ployes,
a com petent, alert and unified organiza­
tion for the advancement of banking and,
through better banking service, the ad­
vancement o f the nation. The American
Bankers Association realizes also, that the
dreams o f today becom e the realties of
tomorrow by the carrying out, in the next
generation, of the aspirations and ambi­
tions of the present generation. It looks
to the American Institute of Banking to
develop the leadership which will take
all that is good of present practice and
purpose, add to it new methods and new
ideals which the coming generation may
provide, and build therefrom a better and
finer banking service.

T

WALTER W. HEAD

January, 1924

functions. These courses will be offered
as demand for them appears.
There are about one hundred active
graduates of the standard course given by
the American Institute of Banking in
Minneapolis.
Minneapolis chapter furnishes some so­
cial event every month during the winter
social season. These entertainments take
the form of dinners with speakers of na­
tional reputation to furnish a serious note;
speed contests to test the ability of Minne­
apolis A. I. B. members in the use of ma­
chinery of the bank and in the various
computing work that is necessary; smok­
ers, dances, including the annual Cheerofete, and other forms of entertainment
to fit in with special occasions.

OM AHA, NEBRASKA
O F F IC E R S

Clarence L. Owen, Stock Yards National
Bank, Pres.
F. H. Eyler, Omaha National Bank, Vice
Pres.
Oscar H. Holquist, First National Bank,
Sec’y.
A. L. Coad, Packers National Bank, Treas.
Board of Governors

J. Kessler Jones, Packers National Bank.
Ralph R. Rainey, U. S. National Bank.
A. L. Coad, Packers National Bank.
Clarence L. Owen, Stock Yards National
Bank.
Fred E. Eyler, Omaha National Bank.
Oscar H. Holquist, First National Bank.
Oliver P. Cordill, Federal Reserve Vank.
Thos. G. Boggs, Stock Yards National
Bank.
Austin L. Vickey, U. S. National Bank.
The Omaha chapter of the American In­
stitute of Banking was first organized
about eighteen years ago. Unfortunately,
no record was kept of those early meet­
ings.
The first meeting of record was held on
October 21, 1908, when Mr. Geo. E. Allen,
who was at that time national educational
director of the A. I. B., addressed a gath­
ering of employees representing each bank
in Omaha and South Omaha, and out­
lined the purpose and plans of the in­
stitute.
The chapter had a hard struggle for
the first few years, to keep its members
interested. At the beginning of each
term, attendance would be splendid, but
before the term was half over, it had
diminished to a discourgaing degree. Fi­
nally, by persistent effort on the part of
the officers of the chapter, the bank em­
ployees began to realize the importance
of a course of study in their chosen line,
and the membership gradually began to
increase, from year to year, reaching at
the present time, 380.
The classes this year are very well at­
tended, and include the following: Prin( Continued on page 35)

January, 1924

THE

NORTHWESTERN

BANKER

T h ree D a ys R eg u la r ly S aved
O n C o l l e c t io n s
O n e of our correspondent banks several h undred m iles from Chicago found
the drafts of a custom er running into excessive amounts. T h e y referred
the problem to us.
W e found that collection tim e w as averaging six to nine days, in connec­
tion w ith this custom er’s regular shipm ents of dairy products from his
o w n tow n to N e w Y o r k City.
U tilizin g Chicago’s pivotal position, w e had this correspondent m ail us the
docum ents b y afternoon train.
T h e se w e relayed the next day by
T w e n tie th C en tu ry L im ited reaching N e w Y o rk on the follow ing m orn­
ing.
O n e of our N e w Y o rk correspondents im m ediately presented the
drafts; and the advice of paym ent, sent us over private w ire, w as at once
relayed to the original correspondent.
T h e tim e w as thus reduced to three or four days’ average, the turnover
doubled, the am ount of the customer’s drafts outstanding reduced by half.
T H E IM P O R T A N C E O F T IM E as a factor in your bank’s profits can
scarcely be over-estimated. The services o f this Bank, with its network o f
selected correspondents and private wire facilities built up over a period o f
h alf a century, are concentrated upon the saving o f time in financial matters.

UNION TRUST
COMPANY
CHICAGO

THE BILL OF LADING BANK IN AMERICA’S FREIGHT CENTER


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Federal Reserve Bank of St. Louis

24

THE

NORTHWESTERN

BANKER

January, 1924

Building for the Future
C ity Institutions as W ell as Rural
Banks to Share in W ressling Services

Greetings
iiiiiiiiiiiiitiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiMiiiiiiiiiiiiiiiiimniiiiiiiiiiiMiiitm

The

Wessling organiza­

tion extends greetings to
the hundreds of banks now
being served throughout
Iowa
and surrounding
states, and also to the many
other new friends made by
our representatives.

T

HE R U R A L B A N K E R who has never used a Service for
obvious reasons, yet who feels the need of a program to

keep in closer touch with his people and the community, can
soon have that desire gratified.
For the city banks a Service is being created bearing dignity,
prestige, and conservatism. Built for Results— and different when
compared with others.
The same basic principles, personal touch and personal contact,
that made “ The Modern Country Bank Service” a leader and an
outstanding Service among the country banks, are in a way being
incorporated in the new Services soon to be announced.
Start in 1924, to be one who will accomplish in the next few
years what others require a lifetime to do.
W hat has been done, can often be multiplied.

Wessling Services
are

effective

easy to

and

carry out.

Let us assist you in
selecting your next
program.

Address

D. R. W E S S L I N G
D . R. W E SSLIN G

LYTTON , IOWA

Planners and Builders of Original Bank Services


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Federal Reserve Bank of St. Louis

A . R. W O L F

January, 1924

THE

NORTHWESTERN

BANKER

The School at the Corner of W all Street
and Main Street
T

HE decade which closed with nine­
teen twenty was one of organiza­
tion. Many new associations were
formed in every line of business and old
ones added machinery— much of it of
little real value. Then we entered a
period of retrenchment. Executives be­
gan to scrutinize expenses. Each activ­
ity was put to the test. Those which
did not show results commensurate to
their cost were eliminated. The ones
which remained are more appreciated
today because of the analysis.
The banking business was not unlike
others in this matter. It scrutinized.
It analyzed. It eliminated. And when
the test had been made, it increased its
moral and financial support of its edu­
cational agency— The American Insti­
tute of Banking. Dividends of trained
men and women to fill responsible posi­
tions were deemed even more than a fair
return on the cost, in money and effort,
of Institute work. In the analysis many
institute benefits were emphasized which
had theretofore been given little thought ;
many reasons were discovered for the
wonderful success of the organization.
Among them was the fact that, of all
the associations within the banking pro­
fession, it is the only one which has to
do with people. The others have as
their objects the consideration of con­
ditions, laws, policies, things.
The Institute works with men and
women. Through them its influence is
brought to bear on all matters of im­
portance in the banking world. The
pioneers who guided the organization
through the first few years of its exist­
ence have, in most cases, become execu­
tive officers of their banks. They have
carried Institute ideals into the policies
of these institutions. There is no gauge
by which we can accurately measure
the extent of A. I. B. influence.
I f this influence is great today, through
the efforts of the few hundred men who
earned the right to be called institute
pioneers, how much greater it will be
tomorrow when the fifty-two thousand
members of today’s Institute have taken
their places at the heads of the coun­
try ’s banks ! Prom the handful of men
then in the educational work of the or­
ganization, the enrollment has grown to
almost thirty thousand. These students
make up the classes of the Institute’s
one hundred and fifty-five chapters.
A prominent man said recently, in
seeking to explain the popularity of the
radio, that it had become an institution
of permanent importance because it
draws into one audience vast numbers
of people, over a wide area, and makes


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Federal Reserve Bank of St. Louis

B y Clarence R. Chaney

President American Institute of Banking

CLARENCE R. CHANEY
of them a community. He held that
all movements and organizations, which
have become nationally successful, have
achieved success because they have, in
some way, created such a community.
The Institute has fully met this re­
quirement. Perhaps its greatest achieve­
ment has been the drawing together of
bank people into a great family. City
bankers and country bankers have sat
down together about the Institute table.
They have exchanged ideas which have
helped them not only to understand one
another’s problems, but to form friend­
ships which have added mightily to the
good will existing between their banks.
A state of dividedness will never con­
tribute toward banking progress. The
Institute is adding daily to the country­
wide community of bank men and women
which has grown up within its work.
In its effect upon the lives of bank
people, it has drawn Main Street and
Wall Street into an intersection and, at
the point where they meet, has built a
great school. This institution is dis­
tinguished from all other organizations
of learning by many unusual character­
istics. Its class enrollment is larger
than the combined registration of Har­
vard, Yale, Princeton, Cornell, the Uni­
versity of Chicago and the Naval and
Military Academies at Annapolis and

25

West Point. It offers instruction in
banking practice, economics, commercial
law, negotiable instruments, credits, ac­
counting, bonds and investments, public
speaking, and kindred subjects designed
to fit the banker for his work and en­
able him to fill well his place in his com­
munity. Because of the nature of his
business, that place is necessarily one
of prominence.
He is a business man but, at the same
time, he is a public servant. He man­
ages his institution in such a way as to
earn dividends for its stockholders but
it has been his privilege, and has now
come to be regarded as his duty, to give
sound advice and perform many services
which result in no direct addition to his
earnings account. He accepts the de­
posits of the parents for the account
of the baby when it is born. He keeps
the funds and invests them as the child
grows. He advises the young man when
in leaving school he enters business.
His counsel is given with financial as­
sistance as the business develops. When
his client retires from its management
he acts as trustee in handling his invest­
ments and, finally, upon the client’s
death, he is called upon to administer
the estate and act as an advisor to the
heirs. The scope of his duties is so
wide that it demands a many-sided, bigcaliber man. His place in our business
life is most desirable, but to fill it well
requires the training of a lifetime. A
knowledge gained from books is a neces­
sary part of his preparation but he needs
many things which he cannot learn in
that way—greatest among them, an un­
derstanding of human nature.
Are you wondering how the Institute
school meets this demand for a broad
training?
It affords the banker a practical edu­
cation. The college man often emerges
from a course in money and banking
with the feeling that he is ready for
an executive chair in the bank. A few
weeks back of the counter usually con­
vinces him that, although his education
is of great value, much of his knowledge
must be classified as theoretical and
used only in its proper relation to prac­
tical methods. The A. I. B. graduate
avoids this handicap. His instruction
is administered in small doses, inter­
spersed with his work. Questions aris­
ing each day can be discussed and an­
swered in the evening class. He spends
no time accumulating useless informa­
tion. His certificate does not mean that
he has nothing left to learn, but it does
indicate that what he has absorbed is
well balanced and of practical value.

26

THE

Coupled with industry, it serves him as
a basis for advancement.
It affords him executive training.
Each committee appointment or office
not only fits him for more important
duties in the organization, but helps to
prepare him for the day when he will
be called upon to exercise his judgment
as a department manager or officer of
his bank. To preside at Institute gath­
erings and direct the activities of others,
instills in him the self-confidence neces­
sary to his success.
It affords him an opportunity to par­
ticipate in public affairs. In the days
of the liberty bond campaign, the bank
man little realized the benefit to him­
self of his work as a chapter member.
The experience developed his sales ability
and that ability helps him today in
selling the service of his bank. In this
age of keen competition, bank service
must be sold. The man who can make
friends for his bank advances. Another
outstanding opportunity in public work
lies in the American Bankers’ Associa­
tion Campaign of Public Education
which is at this time being carried into
every school of the country. The In­
stitute man, in the role of lecturer, is
rendering a real service to his commu­
nity and, at the same time, being trained,
in public speaking. No more pathetic
picture can be painted than that of a
man, well informed regarding his own
business, who cannot talk to others
about it. The bank man need not find
himself in that embarrassing position.
Chapter work always provides the pre­
ventive. As the organization gains in
size and importance, its place in public
affairs will offer increasing benefits to
the individual.
It affords him a broad acquaintance
with bank men. The value of exchang­
ing ideas regarding financial conditions
and office methods has made the depart­

NORTHWESTERN

BANKER

ment conference one of the most valu­
able features of the annual conventions.
An acquaintance with bankers through­
out the country enables the Institute
member to supplement the conference by
continuing this exchange, by correspond­
ence, during the entire year. Perhaps
the best example of the advantage to be

IN S T IT U T E P L A T F O R M
“ Ours is an educational association
organized for the benefit of the bank­
ing fraternity of the country and within
our membership may be found on an
equal basis both employees and employ­
ers; and in full appreciation of the op­
portunities which our country and its
established institutions afford, and espe­
cially in appreciation of the fact that the
profession of banking affords to its
diligent and loyal members especial op­
portunities for promotion to official and
managerial positions, and that as a re­
sult of the establishment and mainte­
nance of the merit system in most banks
a large number of Institute members
have, through individual application,
achieved marked professional success,
we at all times and under all circum­
stances stand for the merit system and
for the paying of salaries according to
the value of the service rendered.
“ W e believe in the equitable coopera­
tion of employees and employers and are
opposed to all attempts to limit indi­
vidual initiative and curtail production,
and, insofar as our profession is con­
cerned, are unalterably opposed to any
plan purporting to promote the material
welfare of our members, individually or
collectively, on any other basis than that
of efficiency, loyalty and unadulterated
Americanism.”
R e s o lu t i o n a d o p te d a t th e N e w O r lea n s
C o n v e n tio n
o f th e A m e r i c a n I n s t i t u t e
o f B a n k in g , O c t o b e r 9, 1919.

gained is that of the credit man. He
must continually check names by cor­
respondence and rely in many cases
wholly upon the reports received. In
writing to Mr. John Smith, a distant

January, 1924

banker who is unknown to him, he usu­
ally employes a stereotyped form of in­
quiry. It brings him, in most instances,
quite as stereotyped a reply. If, on the
other hand, he can address Mr. Smith as
“ Dear Jack,” and ask his question in
an intimate way, his correspondent will
spare no pains to get full particulars and
report them in the most satisfactory
manner. This translates Institute ac­
quaintance into terms of dollars and
cents. Another interpretation is possible
for the individual, which translates it
into terms of friendship.
But more unusual than any of these
things is the fact that, in this school
at the corner of Main and Wall, the
employer and employee sit down to­
gether to learn the things which they
must know in common about the busi­
ness in which they are engaged. While
they study, a closer friendship springs
up between them— a friendship, the ef­
fect of which extends far out beyond the
marble counter and makes the banking
business truly a profession.
We wonder how Senator Brookhart
stands on the matter of the drainage of
the Winneshiek, whether he has told his
constituents the truth and tried to dis­
suade them from this crime against
Nature, or has encouraged them because
anything a farmer seems to think he
wants, the demagog must promise him.
It would be more profitable to raise musk­
rats on Senator Brookhart’s farm than
corn or wheat. However, if Senator
Brookhart, and other farmers equally
practical, want to raise bumblebees on
Pennsylvania avenue, let’s detour the old
street and give them a chance.— Chicago
Journal o f Commerce.
Go often to the house of thy friend,
for weeds choke up the unused path.—
Scandinavian Edda.

How the A . I. B. Gets Results

I

T WAS with a great deal of pleasure
that I observed the organization a
year ago of a chapter of the Ameri­
can Institute of Banking by the em­
ployees of the Sioux Falls banks, and
I have watched their progress with much
interest.
Banking, with its wide ramifications,
is fast growing into a profession like
medicine and the law and, as such, de­
mands intensive study. There are two
roads by which one may climb to suc­
cess in our profession. The first is by
experience and the second is by ex­
perience plus study—in other words,
theory plus practice. The first road may
lead to success but it is a painfully slow
process and often very costly. The sec-


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Federal Reserve Bank of St. Louis

B y Thomas A. Wadden
Vice Pres. Sioux Falls National Bank,
Sioux Falls, S. Dak.
ond plan embodies all the advantages of
the first, plus the knowledge gained by
study.
By devoting only a few hours each
week to textbooks, it is now possible in
a comparatively short time to gain the
benefits of the accumulative knowledge
and experiences of men who have been
eminently successful in their line of
work. The progressive banker today
must have his daily
experiences,
grounded in a working knowledge of
economics, commercial law, accounting
and financial history. With the splen­

did courses offered by the institute, it
is no longer necessary for one to go to
college to obtain this knowledge.
Contact with the institute broadens
its members, gives them a larger concep­
tion of their daily tasks, stimulates their
interest in their work, thus making them
more valuable to the institutions with
which they are affiliated.
The Sioux Falls Clearing House Asso­
ciation, appreciating this fact, has lent
the local chapter moral and financial
support. Three Sioux Falls banks, at
their own expense, sent delegates to the
last convention at Cleveland.
I wish it were possible to impress upon
every bank employee the necessity of en­
rolling in the institute.

January, 1924

THE

NORTHWESTERN

BANKER

27

Federal Bank and Trust Opens Fine, New
Banking Home
Ten-story bank and office building is crowning achievement o f fast growing
Iowa financial institution
HE new thirteen story building of
the Federal Bank & Trust Com­
pany at Dubuque, Iowa, of which
the bank occupies the entire first floor
and part of the second, was opened with
a great number of novel features, at­
tracting thousands of visitors.
The
opening of the new home revealed to
the people, who thronged the new struc­
ture, one of the finest banking homes
and office buildings in the state of Iowa.
Formal opening of the new home took
place in the evening preceding the open
house. At the evening occasion, officers,
directors, stockholders, and a number of
guests, including a great number of
prominent out-of-town bankers, were en­
tertained, first at dinner at the Julien
Dubuque Hotel. A program of short
talks followed, in which congratulatory
telegrams were read from various bank­
ing notables.
At eight o ’clock, talks and music were
put on, and a luncheon served until
eleven p. m. to all the guests and em­
ployees.
At the opening, proper, the following
morning, literally thousands of folks
from in and near Dubuque passed
through the reception line, where flow­
ers and cigars were passed out as favors.
The new building is a magnificent
structure, from an architectural stand­
point. The entrance is through a great
ornamental keystone weighing six tons.
Passing into the main lobby on the right
are the officers desks, separated only by
a low marble counter. Adjoining this is
a beautifully designed conference room.
On either side are the tellers’ counters,
and at the rear is the massive gateway
to the vaults. This is wonderfully exe­
cuted in walnut and wrought iron.
The main banking room may be re­
garded as one of the most distinctive
bank interiors in America. By a bold
departure from the usual the barrier be­
tween customer and teller has been
broken down, and a feeling of intimacy
and friendliness results. An original
treatment of counter-screen eliminates
all plate glass, grill work, cages and
other separation. This screen, of regula­
tion counter height, is composed of
blocks of imported Travertine marble of
unusual texture and shading, with a pol­
ished slab of domestic marble of rare
color and markings.
Above the marble slab are cabinets
of native walnut richly carved and polychromed with antique effect. These ex-

T


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Federal Reserve Bank of St. Louis

As a fitting souvenir for the opening
of its beautiful new banking home, the
Federal Bank and Trust Company of
Dubuque sent out to patrons and friends
several thousand artistic booklets tell­
ing of the growth of the institution.
On the last page of the booklet appeared
the photograph reproduced above, with
the following poetic conclusion:
“ As the pioneer with labor great
Blazed the new trail that crossed the
state
And led the vanguard to the west,
So, with the leader’s earnest zest,
The Federal Bank will light the way
Where Industry and Thrift hold sway
And for the hewing vast
A sword of beauty cast.”
tend but thirteen inches above the deal
plate with a fourteen-inch overhanging
ledge or shelf which gives protection and
prevents reaching over on to the work
counter.
The room is flooded with light from
six large windows on the north. This is
softened by amber light from two sky­
lights set in the richly coffered and
beautifully decorated ceiling. The treat­
ment of this ceiling ties in and embel­
lishes the general Florentine effect of the
interior. The effect is further enhanced
by three great electroliers hung over the
public lobby.
At the end of this lobby an ornamental
gateway of beautiful design, executed in

carved walnut and wrought iron, forms
a division between the public space and
the safety deposit department. Plainly
visible through this gateway is the mas­
sive circular vault door, while imme­
diately over the entrance to the vault is
a balcony with a grilled window sugges­
tive of Renaissance Florentine.
The Federal Bank & Trust Company,
while a comparatively young financial
institution, organized in May, 1914, has
had a remarkable growth. It has at
present more than two million in de­
posits, with capital stock of $150,000 and
surplus of $75,000.
Early in 1921 the substantial growth
of the bank and the large volume of
customers’ deposits made it necessary
to increase the capital stock from $55,500
to $150,000 with a surplus of $75,000.
At the time of increasing the capital a
subsidiary company of $150,000 capital,
called the Federal Corporation, was
formed. The new company, doing a gen­
eral securities, investment and finance
business, has added greatly to the broad
scope of service available to customers
of the Federal. The combined capital
and surplus of the two institutions gives
a working fund of four hundred thou­
sand dollars.
The Federal Building
Company, with a capital of $300,000, has
now been added to the two successful
financial corporations and brings five
hundred more stockholders into the
Federal Family.
The bank has had strong leadership
from its inception, when A. C. and John
R. Waller, together with Hoel Nelson
and John Rider Wallis, undertook its
organization.
The untiring efforts of President
James R. Guthrie, Vice President A. A.
Loetscher, and Cashier John Rider Wallis,
have carried it on to a sturdy growth.
Present officers and directors of the
bank include: James R. Guthrie, presi­
dent and director; A. A. Loetscher, vice
president and director; O. C. Waller,
vice president and director; William T.
Brown, vice president and director;
George D. Wybrant, treasurer and direc­
tor; John Rider Wallis, cashier; George
F. Jansen, assistant cashier; John H.
Jansen, assistant cashier; John Alderson, director; Jos. A. Clark, director;
J. V. Conzett, director; Jonas B. Grant,
director; Henry G. Langworthy, direc­
tor; Peter Stillmunkes, director; John
R. Waller, director.

January 1924

Beautiful Ne
Increased Fa|
Iowa
This W as the
Ideal
From its very inception
the founders of the Fed­
eral Bank and Trust]
Company determined toi
make of it a service insti­
tution for all the people.|
That W a s Less Than
Ten Years
Ago

FEDERAL BAN
A BAN K FOR ALL TH


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

January, 1924

lur
Home Affords
ilities to Serve
ankers
T H A T F A I R L Y S P E A K S IT S W E L C O M E

This, the Result
A magnificent, new, thirteen-story build­
ing stands as evidence of the realization
of an ideal.
Service faithfully and efficiently ren­
dered has made possible this progressive
institution housed in one of the most dis­
tinctive banking rooms in America.
Today the Federal Bank and Trust Com­
pany is favorably known by hundreds of
Iowa bankers.
Its ever-willing desire to serve, together
with its strong Directorate, has gained for
it a large and loyal list of customers.

The dignified, inviting entrance of the
building forms one of the most attrac­
tive features. This great stone arch­
way, rising to the height of thirty-five
feet above the pavement has for its key­
stone a skillfully carved cartooche com­
posed of the shield of the bank with an
American eagle above. It harmonizes
perfectly with the height of the build­
ing and with the spacious, open effect of
the interior.
The Main Banking Room may be re­
garded as one of the most distinctive
bank interiors in America. By a bold
departure from the usual the barrier be­
tween customer and teller has been
broken down, and a feeling of intimacy
and friendliness results. An original
treatment of counter-screen eliminates
all plate glass, grill work, cages and
other separations, resulting in a most

The progress made during ten years is
but an incentive to greater effort.

This policy o f the Com­
pany will be continued

TRUST GO.
PEOPLE

O F F IC E R S

J. R. Guthrie, President
A, A. Loetscher, Vice President
A. O. Waller, Vice President
Wm. T. Brown, Vice President
Geo. D. Wybrant, Treasurer
John Bider Wallis, Cashier
Geo. F. Jansen, Asst. Cashier
John H. Jansen, Asst. Cashier
D IR E C T O R S

D u b u q u e , Iow a

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

J. It. Guthrie
John Alderson
Wm. T. Brown A. A. Loetscher
A. C. Waller
Jos. A. Clark
John R. Waller
J. V. Conzett
Geo. D . Wybrant
J. B. Grant
Henry G. Langworthy
Peter Stillmunkes

30

THE

NORTHWESTERN

BANKER

January, 1924

A Com petent D irectorate
Is a Bank’s Asset
Standing squarely back o f the F ed eral B a n k & T ru st Co. is a strong, com peten t
directorate, com p osed o f fifteen w ell k now n , successful business m en o f D u b u q u e and
surrou n ding com m u n ity.

Its affairs are naturally m anaged ca refu lly . T h e new h om e o f

the F ed eral B a n k & T rust affords to Iow a banks and bankers the finest k in d o f service.

A A. L o e t s c h e r
Vice-President and Director

J V CoNZETT

J ohn A lderson
Director

G eorge D W ybr an t
Treasurer and Director

H enry G

L angw orthy

J a m e s R . G u t h r ie
President and Director

J ohn R . W a l l e r

P eter

Director

S t il l m u n k e s
Director

Jonas
B. G rant
Director

J ohn R id er W a llis
Cashier
G e o r g e F. J a n s e n
Assistant Cashier

“A

John H . Jansen
Assistant Cashier

B A N K FOR ALL TH E PEO PLE”

Federal Bank & Trust Company
Dubuque, Iowa


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Federal Reserve Bank of St. Louis

THE

January, 1924

NORTHWESTERN

BANKER

A N N O U N C IN G

*7he
T en Per -Cent C lub

HE most complete, practical and definite idea,
plan and program for bank deposit building yet
developed in the history o f financial advertising.
It is the perfected result o f the ideals and service o f
the W illiam Elliott Graves organisation. Available
to but one bank in any community.

T

T he T en PenCent Club plan is fully protected by
copyright and trademark.

Write us for particulars before signing
any contract for 1924

G

raves
W

m

. E l l io t t G r a v e s ,
G rand


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Federal Reserve Bank of St. Louis

S e r v ic e
Financial Publicity

R a p id s

31

32

THE

NORTHWESTERN

BANKER

January, 1924

Personal Paragraphs

Upon the foundation of sixty
years’ experience and growth
is based the present organiza­
tion of

TH E F IR S T
N A T IO N A L
B A N K OF
CHICAGO
and the

F IR S T T R U S T
A N D S A V IN G S
B AN K : Ch ic a g o
This

experience

has

de­

veloped a highly specialized
service in hoth banks, applic­
able to the needs of banks
and bankers.

Calls

and

correspondence

are invited relative to the
facilities afforded for the
transaction of domestic and
international financial busi­
ness of every conservative
character.

Combined Resources exceed

$350,000,000.00

JAMES B. FORGAN, Chairman
Board of Directors of both banks
PRANK O. WETMORE. President
First National Bank of Chicago
MELVIN A. TRAYLOR. President
First Trust and Savings Bank


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Federal Reserve Bank of St. Louis

Harry T. Blackburn, vice president of
the Iowa National, Des Moines, has re­
ceived thirty-two views of the ruins left
by the Japanese earthquake from S.
Inudzuka, a guide whose acquaintance
Mr. Blackburn made in Japan some
years ago. The pictures, a particularly
striking collection, were hung in the
Iowa National Bank for several days.
■—

$ —

F. H. Johnson, president of the Sioux
Falls Trust & Savings Bank of Sioux
Falls, South Dakota, was a speaker at
the December meeting of the South Da­
kota Life Underwriters Association in
Sioux Falls. The meeting was devoted
to a discussion of bank credit and life
insurance. A number of Sioux Falls
bankers were guests at the banquet.
—

$—

James F. Hart, assistant cashier of the
Iowa National Bank of Des Moines, was
the speaker at a recent meeting of the
banking men and women of Mason City
at the Chamber of Commerce rooms in
that place. The purpose of the meeting
was to organize a chapter of the Amer­
ican Institute of Banking in Mason City.
Mr. Hart has been identified with the
institute in Des Moines for the past
twenty years.
— $—
Nils A. Olsen, formerly in charge of
the Government seed grain loan work
in the northwest, has been appointed by
Secretary of Agriculture Wallace to fill
the vacancy as head of the Division of
Agricultural Finance caused by the re­
cent resignation of V. N. Valgren to
enter commercial business. The appoint­
ment took effect November 30th.
Mr. Olsen has been connected with the
Department of Agriculture since 1919,
when he entered the service to do re­
search work in agricultural history. In
1922 he was assigned to the Advisory
Seed Loan Committee in connection with
farmers’ seed grain loans in the north­
west, and was placed in charge of seed
loan office at Grand Forks, North Da­
kota, to direct the making and collecting
of loans. This fall he was executive
secretary of the committee appointed
by Secretary Wallace in connection with
the preparation of the secretary’s re­
port to the president on the wheat sit­
uation.
Mr. Olsen is a native of Illinois. He
was graduated from Luther College,
Iowa, in 1907, and received an A. B. de­
gree. He took a year’s graduate work
at Johns Hopkins, in 1909, received an
A. M. degree in history and economics
after a year’s study at the University

of Wisconsin, and then spent two years
at Harvard University, receiving an
A. M. degree in 1912.
—

$—

K. B. Cressey, vice president of the
First State Bank of Sioux Falls, South
Dakota, was the principal speaker at
a recent meeting of Charnock’s School
of Salesmanship in Sioux Falls.
Mr.
Cressey talked on ‘ ‘ Salesmanship in
Banking,” setting forth the various
ways in which a bank must sell its cus­
tomers. At the conclusion of his speech
Mr. Cressey answered a number of ques­
tions from the floor and the discussion
became quite intense.
— $—

Percy H. Johnston, president of the
Chemical National Bank of New York,
has authorized the following statement:
“ The Chemical National Bank of New
York, known as ‘ Old Bullion,’ will open
a Madison Avenue office in the early part
of 1924 at the corner of Madison Ave­
nue and 46th Street in the Webb &
Knapp Building. This was the building
that was awarded the gold medal at the
recent meeting of the Fifth Avenue As­
sociation as the best new building in
the Fifth Avenue district.
1‘ The main office of the Chemical Bank
is at 270 Broadway, facing City Hall,
where it has been for 73 years. The
Chemical opened as the first bank on
Broadway just 99 years ago at 216
Broadway, facing St. Paul’s Church.
“ The Madison Avenue office will be
the second office to be opened by the
Chemical Bank. Announcement regard­
ing the first office, which will be in the
Burton Building at Fifth Avenue and
29th Street, was made some weeks ago.
The Fifth Avenue office will be opened
shortly after the first of the year.
“ The opening of these offices will be
a fitting part of the bank’s celebration
next year o f its one hundredth anniver­
sary. ’ ’
E. L. Johnson, of Waterloo, Iowa, has
been re-elected by banks in Group 3 to
serve as a Class A director, and Mr.
Robert Mueller, of Decatur, Illinois, by
banks in Group 2 to serve as a Class
B director.
Each of these directors
will serve for a term of three years,
beginning January 1, 1924.
—

$—

James L. Parson, assistant vice presi­
dent of the Chemical Bank, died, bring­
ing to a close a very eventful career
covering a period of nearly fifty years’
activity in the Chemical Bank. Starting
as a runner February 16, 1874, Mr.

January, 1924

THE

N O R T H W E S T E R N

33

B A N K E R

AT T H E R E P U B L IC
w e render but one brand o f service.
The National Bank o f the>
R E P U B L IC

It is a broad, efficient and dependable serv­
ice— a friendly, man-to-man service.
It covers every branch o f finance and is
the result o f more than thirty years o f
active banking experience.
Y ou are invited
to m a k e u se o f it

The National Bank o f the
R . E
• •

P

OR

U

B

L

I C

C H IC A G O

• •

“ THE BA N K E R S' SE R V IC E S T A T IO N ”
O F F I C E R S
JOHN A. LYN CH ............................................................................. President
GEORGE W OODRUFF............................................................ Vice President
ROBERT M. M'-KINNEY. , ................................................... Vice President
SAMUEL W. W H IT E ...............................................................Vice President
OSCAR H. SW A N ..............................................Vice President and Cashier
WM. C. FREEMAN. ................................................................Vice President
CHAS. S. M ACFERRAN.......................................Assistant Vice President

LELAND L. HOBBS........................................... Assistant Vice President
ORTON W. B AR T L E T T...................................... Assistant Vice President
GORDON W ILSON ........................................................................ Controller
THOS. D. A L L IN ................................................................ Assistant Cashier
W ALTER L. JOHNSON.................................................... Assistant Cashier
THOMAS H. O’CONNOR.......................................
.AssistantCashier
FRANK H. G A Y ........................................................................ Trust Officer

A BANK w ith a record for h av­
ing served its correspondents
f a it h f u l ly a n d

in t e llig e n t ly

since its organization in 1856,

THE

N A T IO N A L P A R K
BANK
OF N E W YORK.

S

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

U

THE

34

No
Loss

NORTHWESTERN

Q

L

BANKER

N°

(J W orry

First Mortgage Gold Bonds
BONDS U N D E R W R IT T E N by us are the highest
type of closed First Mortgages not only on the land,
building and equipment of newly improved city real
estate, but on the earnings as well.
Generations of time have proven that there is no
safer investment than a first mortgage on a highly
improved piece of property, well located.
Coupon Bonds— $100— $500— $1,000
Maturities— i y 2 to 7 years.
If you will write for our literature you will find it
to be the greatest contribution to your investment
information that you have ever received in the form
of a piece of literature of this kind.

Robert S. Strauss & Co.
Incorporated

Kalil Building
D A V E N P O R T , IO W A
Phone Davenport 3967

r

R o b t. S. S tra u ss
D a v e n p o r t, la .

G e n tle m e n :— w it h o u t o b lig a t io n on m y
p a rt, p le a s e se n d m e lite r a t u r e d e s c r ib ­
in g y o u r s a fe b on d s.
N am e

108 South La Salle Street
CH ICA G O , ILL.

Co.,

S tr e e t

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

C ity ..........................................................................
S ta te ........................................................................
________________


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Federal Reserve Bank of St. Louis

R2

January, 1924

Parson moved upward through the vari­
ous departments of the bank, becoming
assistant cashier in 1898. He had looked
forward to the Centennial Celebration
of the Chemical Bank in 1924, at which
time he would celebrate his semi-cen­
tennial.
J. C. Bassett, president of the Aber­
deen National Bank, Aberdeen, South
Dakota, has been re-elected a member
of the board of the Ninth Federal Re­
serve district.
—$—
President Walter W. Head of the
American Bankers Association was
given a luncheon recently at the MidDay Club in Chicago by Craig B. Hazlewood of the Union Trust. Among those
present were Oscar G. Foreman, John
F. Hagey, John R. Washburn, “ D ick’ ’
Smith of Omaha and Mr. Head. In the
evening Mr. Head addressed the bank­
ers at the same place.
Charles H. McNider, prominent Ma­
son City, Iowa, banker, has returned
from an extended eastern trip. He re­
ports business conditions good in the
East. He says:
“ Federal reserve bank reports show
the conditions good in every district.
Bankers of the East are optimistic over
the general condition of the country.
Loans are easily floated and money is
easy in all the eastern money markets.
The realization of the eastern bankers
that conditions in Iowa are not so bad
as they have been pictured by some west­
ern politicians, has made it easier to
bring money into Iowa. The farmers
of the state are not bankrupt as has
been pictured.”
Paul W. Loudon, of Lane, Piper &
Jaffray, was elected president of the
Twin City Bond Club at the club’s an­
nual meeting and smoker at the St. Paul
University Club, and Ross W. Davis was
unanimously made secretary-treasurer
for a term of one year.
H. E. Wood, of Wood, Magraw, Kerfoot & Co., present president; G. J.
Caldwell of the Northwestern Trust
Company, St. Paul, and H. E. Abernathy
of Kalman, Gates, White & Co., were
elected governors for a two-year term.
Lawrence Woodward of the Northwest­
ern Trust Company, was elected vice
president. The other members of the
board of governors whose terms will ex­
pire at the end of 1924 are Howard T.
Booth of the National City Company;
H. E. Atwood, Northland Securities
Company and V. W. Brewer of Ballard
& Co.
-—$—
William R. Dawes, vice president of
the Central Trust Company of Chicago,
has been nominated for the presidency

January, 1924

THE

N O R T H W E S T E R N

B A N K E R

35

of the Chicago Association of Commerce;
Eugene M. Stevens, vice president of the
Illinois Merchants Trust, for general
treasurer, and Harold E. Foreman and
Joseph R. Noel for directors.
— $—
James B. McDougal, governor of the
Chicago Federal Reserve Bank, has re­
turned to Chicago, from Boston, where
he was the guest of W. G. P. Harding,
governor of the New England district.
WHAT A. I. B. IS DOING IN NORTH
WEST TOWNS
(Continued from page 22)
ciples of banking, standard banking, ne­
gotiable instruments,
credits,
public
speaking and business English.
The Forum, which is particularly
adapted for advanced members, is held
once each month and is creating a great
amount of interest.
The chapter has, at the present time,
64 graduates or standard certificate hold­
ers, which means that these members
have successfully passed the examina­
tions in the four requisite subjects :
Standard banking, negotiable instru­
ments, commercial law and standard
economics.

R O C H E S T E R , M IN N .
O F F IC E R S

E. A. Cegal, Assistant Cashier First Na­
tional Bank, Rochester, Pres.
Dewey Holtorf, Assistant Cashier First
State Bank and Trust Co., Rochester,
Vice Pres.
Catherine Connor, stenographer, First
National Bank, Rochester, Sec’y.
C. E. Southwick, Assistant Cashier Union
National Bank, Rochester, Treas.
Board of Governors

Alfred Holtan, teller, First National
Bank, Rochester.
S. L. Seaman, Cashier Union National
Bank, Rochester.
The Olmsted County Chapter o f the
American Institute of Banking was or­
ganized at the Zumbro Hotel, Rochester,
October 26, 1922, with 48 officers and
employees of eleven banks of Olmsted
county present. Chapter officers consist­
ing of president, vice president, secre­
tary, treasurer and a board of governors
of eleven members were elected. On May
1, 1923, the first annual meeting of the
chapter was held at the Zumbro Hotel.
The chapter as originally organized con­
sisted of 60 members and now has an
active membership of 49 members.
Two study classes are being conducted
at present: a class in elementary banking
consisting of eleven members and a second
year class in commercial law consisting
of 38 members. These classes are being
instructed by Grover Tock.


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Federal Reserve Bank of St. Louis

T H E S T A T E C E N T R A L S A V IN G S B A N K
K E O K U K , IO W A
Capital ........................................................................................................$ 200,000.00
Surplus and Undivided Profits ............................................................. 329,574.16
Deposits .................................................................................... ... ............ 2,803,196.77
W I L L I A M L O G A N , P re s id e n t
U. J . M O N T G O M E R Y , V ic e P r e s id e n t
A S A P H B U C K , V ic e P re s id e n t
C. J. B O D E , C a sh ie r
H . T . G R A H A M , A s s is t a n t C a sh ie r
H . B O Y D E N B L O O D , A s s is t a n t C a sh ie r

::

ACCOUNTS

OF

BA N KS

AND

BANKERS

INVITED

Advertise in the Northwestern Banker

::

36

THE

MEETING

THE

NORTHWESTERN

GROWING

NEEDS

OF

BANKER

THE

GREAT

January, 1924

MIDDLE

WEST

n r HE Illinois Merchants Banks,
^ with their national and inter­
national affiliations and their
ability to handle transactions
of a size unimagined in the
Middle West even twenty-five
years ago, furnish the latest and
perhaps the most striking evi­
dence of the continued growth
of Chicago as a financial center.
C onference with our officers concerning
your C h ica g o req u irem en ts is invited .

CAPITAL AND SURPLUS • FORTY-FIVE MILLION DOLLARS

Illinois M erchants
Ba n k s

ILLINOIS MERCHANTS TRUST COMPANY
qA

THE CORN EXCHANGE NATIONAL BANK

consolidation o f the Illinois TruSt & Savings cBank
and The ¿Merchants Loan & TruSl Company

Until completion o f weil half o f Illinois £Merchants
cBank Huilding remains at its present location

Clark and Jackson Streets

La Salle and Adams Streets
CHICAGO


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Federal Reserve Bank of St. Louis

THE

January, 1924

Last year 35 members received certifi­
cates from the head office.
During the course last year several
outside speakers gave talks to the class
and a paper on money and its origin was
read. In the course of the summer, the
Winona chapter and the Olmsted county
chapter held a joint picnic at Elba and
a river excursion at Winona.
ST. P A U L , M IN N .

NORTHWESTERN

BANKER

37

M ERCHANTS
N A T IO N A L B A N K

O FF IC E R S

Harry E. Kern, Manager Foreign Depart­
ment, First National Bank, Pres.
Edw. A. Gehrke, Manager Collection De­
partment, Merchants National Bank,
Vice Pres.
Ludwig N. Ackerson, Manager Proof De­
partment, Capital National Bank, Sec’y.
Wm. E. Thoele, Manager Proof Depart­
ment, Merchants National Bank, Treas.

C

E

D

A

R

R A P I D S ,

I O W A

w y ear

Board of Governors

Eugene L. Skok, discount teller, First
National Bank.
Stanley J. Smith, teller, Merchants Na­
tional Bank.
A. W. Anderson, discount teller, Central
Metropolitan Bank.
Jun ior

St.

Paul

W h a t does the N e w Y e a r m ean to y o u ?
T o us the N e w Y e a r m eans a higher resolve
to do everything w ithin our pow er to better
serve those w ho have placed confidence in

Ch ap ter

Miss Marion Wise, Capital Trust and
Savings Bank, Pres.
Miss Laura Atkins, First National Bank,
First Vice Pres.
Mrs. E. M. Stevens, Capital National
Bank, Second Vice Pres.
Miss Mary Looby, First National Bank,
Treas.
Miss Myrtle Cunio, Federal Land Bank,
Sec’y.

us—

The St. Paul Chapter of the American
Institute of Banking was organized in
St. Paul, October 28, 1901, in the Y. M.
C. A. rooms. There were about twentyfive charter members. The first officers
elected were: O. M. Nelson, president;
H. Van Vleck, vice president; W. B. Clow,
secretary; H. Yon der Weyer, treasurer.
Club rooms were maintained during the
earlier years, but later abandoned. The
chapter has grown steadily in propor­
tion, and now has a membership of ap­
proximately seven hundred.
Last year there was organized in con­
junction with the chapter, what is known
as the Junior St. Paul Chapter, made
up of the lady bank employes. While
the two organizations operate in perfect
harmony with one another and are per­
haps looked upon as one St. Paul Chap-

T o m ak e m ore frien d s b y being ourselves

Reed Mass Plan
EMPHATICALLY
BETTER
ADVERTISING

P.

M .

R

Banker
111 W e s t

E

E

D

A ssociates

W ashington

ST A TE 2 4 8 1


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

Street

C H IC A G O

T o fu rth er h elp those w ho com e to us fo r
advice—
T o assist in every way possible in the d evel­
o p m en t o f our c o m m u n ity , our State, our
N ation —

m ore frien d ly —
T o dethrone selfishness and in its place to
put unselfishness.
T h e N e w Y ea r m eans all o f these things and
m an y m ore to us.
and

renew ed

m ore

It m eans a strengthened

desire

com p letely

to

every

serve

better

and

custom er we now

have or we m ay have during the com ing
year.

R E S O U R C E S
$ 1 3 ,0 0 0 ,0 0 0 .0 0

James T . Hamilton, Chairman
James
P. C.
E. E.
Edwin
H. N.

E. Hamilton, President
Frick, Vice President
Pinney, Vice President
H. Furrow, Vice Pres.
Boyson, Vice President

Roy C. Folsom, Vice President
IVIark J. IVIyers, V.Pres. & Cash.
Fred A. Groeltz, Vice President
S. E. Coquillette, Asst. Cashier
E. B. Zbanek, Asst. Cashier

38

THE

NORTHWESTERN

BANKER

Iowa Guarantee Mortgage
Corporation

6 lA %
CO LLATERAL
G O L D lB O N D S
Short Time Purchased by the largest
Commercial Iowa Banks. These Bonds
Paper
bear the unqualified endorsement and guarantee
of this Company. In addition to $120.00
worth o f security for every $100.00
Bond issued all o f the Company’ s as­
sets are behind these Bonds. The Com­
pany’s entire indebtedness is repre­
sented by its Collateral Gold Bonds.
Collateral Gold Bonds of this Com­
pany are payable at the Iowa National
Bank, Des Moines.
TRUSTEE
Des Moines Savings Bank
& Trust Company.

O FF IC E R S

M o r t g a g e C o r p o r a t io n

Bm i Stern, Secretary

Shops B u ild in g


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Federal Reserve Bank of St. Louis

O W NERS' A N O V O P E R A T O R P
S H O P S' B U IL D IN G

ter, insofar as the major purposes of
the institute are concerned, the Junior
Chapter has its own officers who direct its
administrative affairs. They hold their
own meetings, joining with the men’s
chapter only at special meetings and
social functions.
Up to this year the educational work
was carried on mostly under the direction
of the extension division of the Univer­
sity of Minnesota. This year it operates
as a separate educational institution con­
ducting its own courses, handling en­
tirely the administrative work of this de­
partment. The instructors are hired from
the ranks of professional business men as
well as from the university. This under­
taking has thus far met with gratifying
success. The curriculum includes those
subjects covered by the A. I. B. standard
certificate with a special course in busi­
ness English (secretarial course.) The
enrollment in these classes, all of which
are conducted in class rooms furnished
through the courtesy of the First National
Bank, has broken all previous records.
Last October an eight team bowling
league was organized. These teams bowl
every Friday evening. They are made
up from the various banks furnished
with necessary equipment and will at the
end of the season share in cash prizes.
Arrangements were also made at the
beginning of the season with one o f the
local high schools for the use of their
splendid gymnasium. The chapter now
has a gym class of one hundred members,
under the direction of a capable instruc­
tor, which also meets one night every
week. Material is being prepard for a
crack basketball team. In the spring,
the chapter contemplates staging a golf
tournament.
Two years ago the chapter started a
series of tours through commercial indus­
trial plants. These visits have proven
to be a huge success both from an edu­
cational and social standpoint.

S IO U X C IT Y , IO W A

lorn Guarantee
J. D. Adelman, President

January , 1924

D es M o in es

D. B. Severson, Security National Bank,
Pres.
Ralph Tritz, Sioux National Bank, Vice
Pres.
E. A. Johnson, First National Bank, Sec’y.
W. G. Nelson, Live Stock National Bank,
Treas.
Executive C o m m ittee

R. E. Brown, Security National Bank.
L. M. Ashley, First National Bank.
J. L. Smith, Live Stock National Bank.
The Sioux City Chapter of the Ameri­
can Institute of Banking was organized
in 1915, and continued for a year or two
and then suspended operation during the
war. It was reorganized again in 1919
with a membership of 28. Since that
(Continued on page 6.5)

January, 1924

THE

NORTHWESTERN

BOND

BANKER

39

SECTION

Playing the Good Samaritan to the Banker
W ho Buys Bonds
OST any banker knows that a
connection with a real compe­
tent bond house means the serv­
ice of what is practically a financial
secretary, except that the bank has
placed at its disposal a complete or­
ganization instead of just one person.
The proper education of a single indi­
vidual to act as a financial adviser takes
years of experience, and men of such
training are rarely in the employ of any
but the largest banks, and then only
rarely, for the larger renumeration and
opportunity is usually to be had only
with some bond organization.
To develop proper relationship with
a bond house, do not “ shop,” that is,
bixy five bonds here and another five
there, scattering your business among a
dozen or more houses. Do your princi­
pal business with one house, after be­
ing satisfied from investigation that the
house is a good one. Then instead of
receiving scant attention on the part of
any house, you will get the competent
and well considered advice of at least
one.
After selecting the house with which
you prefer to do your business, make it
a point to meet the heads of the busi­
ness. Explain the relationship you wish
to develop, so that you will be able to
get not only the advice of the salesman
who will keep in close touch with you,
but you will also have at your disposal
the services of some individual who has
had many years experience and who
will always see that your account is well
taken care of by attending to your needs
personally.
Buying and selling bonds is only part
of the business of a bond house. The
processes of syndication are pretty gen­
erally understood. The bond issue house
that buys an issue may divide its pur­
chase liability with one or more other
houses, particularly if the issue is a
large one, thus forming a buying syndi­
cate. In retailing the issue, the services
of a large number of associate houses
may be necessary, and these will foi’m
the selling syndicate.
In buying an issue, many elements
have to be taken into consideration be­
sides making a profit by handling the
bonds. The company must get a fair
price and at the same time the interest
rate must be attractive. The properties
pledged should always, under any con-

M


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

B y David O. True
President, True-Webber d Co.,
Chicago
eeivable conditions, assure the prompt
payment of principal when due and earn­
ings must be sufficient to meet interest
charges in time of depression as well as
of prosperity. All legal matters should
be approved by competent authorities
and the trust deed so drawn as to pro­
tect the investor and yet not be so
stringent as to seriously hamper the

DAVID 0. TRUE
company in the normal operation of its
affairs. Earnings and balance sheet
should reflect the true position of the
company, and if high grade accountants
make these reports, there will be no
deceptive set-ups used. If all these fac­
tors are favorable, and the management
is both capable and honest, the house
may still refuse to purchase the issue.
No matter how good some securities
look in paper, many years will develop
for the experienced bond buyer something
besides judgment, an intuitive sense that
warns him that there is trouble ahead
for a particular company. This is where
the services of the more competent bond
man is of especial value.

In addition to sending circulars to
customers and prospects, our house for
example, sends out each month a folder
giving special information of general
educational value relative to our busi­
ness. As we are specialists in packer
securities, we also send out each month
a special bulletin relative to this indus­
try, Avhich, together with a weekly quo­
tation sheet, is widely used by banks
and other dealers all over the country.
When a bank sends in a list of its
holdings, a comprehensive record book
is made up for the bank and a dupli­
cate kept in the office in a confidential
file for the purposes of a periodical re­
view. From this record one can tell at
a glance the amount of any particular
issue one holds, rate, maturity date, and
date of purchase, price at which bought
and sold, with accumulated interest kept
separately, tax paid and exempt fea­
tures, name of dealer through whom
the transaction was made, etc. From
this we are able to advise our clients
of any bonds which may have been
called, or of changing conditions which
may affect the safety of their holdings.
The best known bond houses take ex­
tensive services which would constitute
too large an expense for any but the
largest banks. From these we are able
to submit a comprehensive report on al­
most any known company or its securi­
ties and these services are at the dis­
posal of anyone who may wish them.
If, for instance, the bank owns some
Swift 5s due in 1944, the name of the
bank is placed on a separate card with
a list of all the other holders of this
particular issue, and if any item of
particular interest to the holder of this
bond becomes known, every one of the
holders is immediately advised of the
information.
It must be taken for granted that
any house which has a business princi­
pally with banks, must handle bonds
that meet bank standards for safety,
yield and marketability.
It sounds
simple, but handling investments for
banks requires real ability. The banker
has more than ordinary knowledge of
securities and is particular about get­
ting bonds that measure up to a high
standard. Each bank has need for a
different class of bonds than another,
and cannot afford to buy its bonds hit
and miss and yet many banks do not

40

THE

receive this kind of service. Market­
ability must be a strong factor where
the bank has widely fluctuating local
demands and where no large part of his

Government
Municipal

Railroad
Corporation

BONDS
FO RG AN, G RAY & COM PANY
Incorporated

Investment Bankers
1 0 5 S. LaSalle Street
Chicago
Telephone Dearborn 7 3 6 3

NORTHWESTERN

funds are frozen in his vaults. But
where a bank is in a continuously pros­
perous section, where rates are fairly
constant and a large part of his funds
can be invested in a relatively perma­
nent manner, income will be more of a
factor than marketability for the major
part of his investment, so that the bank
will be able to show as substantial profit
as possible. It is almost criminal to
see what type of bonds are purchased by
some of the inexperienced— they buy
with an utter disregard for their needs
and the bond house is satisfied merely
to make a profit in the sale. But as
soon as both the bond houses and banks
come to realize that every bank has its

Sell B o n d s -B u y G ood W ill
I 'H U S may be summarised the
■*" first principle o f this organize
tion. By recommending to each
investor the bond he really needs,
placing his welfare above every other
consideration, w e are building for
permanence instead o f a mere tern"
porary gain. This sincerity o f counsel is the investor’s right. Also, it is
the explanation o f our constantly in­
creasing clientele, interested and help­
ful in the further expansion o f our
business. W e offer the bond-buying
public an unusual investment serv­
ice, above all else sincere.
*

4

BROKAW

AND
105

South

COMPANY

La Salle S t r e e t , C h i c a g o

Iowa Representatives
EDWARD J. KELLY and MAURICE F. LEAHY


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

BANKER

<rv

January, 1924

own investment problems, and if the
banker will explain his situation to an
intelligent dealer, real service will be
given which will enable the banker to
meet his seasonable demands without
sacrificing profits and without undue
anxiety, his investments will yield him
a better return, and he will have a re­
serve sufficient to enable him to meet
any extraordinary demands that may
reasonably be expected. The good o f­
fices of some bond house have frequently
proved invaluable in the time of a run
or in the face of some other unfore­
seen demand.
One tells his lawyer or his doctor
all the facts that may be useful because
it is to the patient’s own benefit. Notone
bank out of a hundred ever states its
cash to the dealer, and it is probably
as much the dealer’s fault as it is the
banker’s. But without knowing the
facts no adequate service can be given.
Carrying out the suggestions made,
will, I am sure, be of great value to any
banker who does not now take any
dealer into his confidence.
HOW WESTERN BANKERS LOOK
UPON CHRISTMAS SAVINGS CLUBS
(Continued from page 13)
Christmas Savings Club, according to Vice
President Thomas A. Wadden, who says:
“ For several years this bank has oper­
ated a Christmas Club. In spite of ad­
vertising and personal solicitation we
could not build up a sufficient volume of
business, or retain a sufficient proportion
of these funds after distribution in sav­
ings accounts, so that we have decided to
discontinue our operations at the end of
this year. We do not feel that the bene­
fits that have accrued from our Christmas
Club in the amount of money that has
been deposited in the accounts, the amount
that has been transferred to savings ac­
counts, or the number of additional peo­
ple that it has brought into our bank, have
been commensurate with the expense and
detailed work involved.”
Fred H. Wray, cashier of the Leavitt
and Johnson National, Waterloo, Iowa,
writes that his bank had a total of $16,000
for its 1923 Christmas Savings Club, an
increase of $6,000 over 1922. He esti­
mates that club members spend 75 per
cent of their savings and redeposit about
25 per cent.
“ We believe that the
Christmas Savings Club helps a few peo­
ple to save, who would not otherwise do
so,” he says.
The Cedar Rapids Savings Bank, Cedar
Rapids, Iowa, had a total of $65,000 in
its Christmas Savings Club, according to
J. M. Dinwiddie, president. This is a
nine thousand dollar increase over the pre­
ceding year. “ We carried out our cam­
paign for 1923 by newspaper advertising,
window display, posters and by personal
solicitation,” says Mr. Dinwiddie.
In

January, 1924

THE

answer to the question of what the de­
positors do with their money he says:
“ Some of them pay debts, some of them
improve or redecorate their homes, some
of them buy coal and supplies and some
use it for adding a little pleasure to
life in general at Christmas time, by
spending it for gifts.” Mr. Dinwiddie
estimates that 45 per cent of the total is
redeposited in permanent savings ac­
counts.
“ As to the effect of our Christmas Sav­
ings Club on our regular business,” con­
tinues Mr. Dinwiddie, “ it simply reflects
the effect.
“ Any of the Christmas Savings Club
members might make depositors other­
wise. A Christmas Savings Club to them
is a good deal like setting aside a definite
part of their earnings for a definite
pleasure or for a definite purpose. It
would be hard to say what effect it had
on regular business. Aside from the de­
sire to bring people to your office and to
encourage them to save a little for per­
sonal pleasure, payment of debts or other
things, the cold-blooded idea is to get
business. The Christmas Savings Club
is of the same value as any other effort
to save. It is of the same worth to the
persons so far as our service is concerned
as any other action would be that would
prevail upon them to become thrifty. It
is a value too, because it accentuates the
Christmas Season when good cheer should
be the prevalent thing.”

N O R T H W E ST E R N

P erhaps fo r som e very good reason y o u w ish to sell
you r bank. A d v ertisin g it in the colu m ns o f the new s­
p ap er, p u b lic ly , w ou ld in d eed be out o f the question.
S om eon e m igh t receive the w rong im p ression and in
the end this p la n w ou ld be detrim en tal to y o u and to
the bank.
T h e C. W . B ritton C o m p a n y , w ith its long experience
and trained staff in selling banks confiden tially, is com ­
petent to sell you r b an k q u ick ly and easily w ith no e m ­
barrassm ent or the least b it o f trou ble to you.

C. W . Britton Company
F r a n c e s B ld g .

SIOUX CITY, IOWA
BONDS

C O M M E R C IA L P A P E R

New Y ear
Investments
Y o u r custom ers w ill be shifting som e o f
their

Constructive power is in calmness.
The raging tempest shows only destruc­
tive power; the quiet persistence of sun­
shine and rain manifests a wonderful
constructive force which covers the
earth with millions of living plants and
trees in spite of all destroying elements.
—Lowell Fillmore.

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

investm ents

this

m o n th — seeking

larger returns or better security.

Chariton Bankers in South
W. A. Eikenberry, vice president of
the Chariton & Lucas County National
Bank o f Chariton, Iowa, is spending the
winter, in company with his family, at
Miami, Florida. E. H. Perry, vice
president of the same bank, will winter
at Baton Rouge and Miami.
New Banking Book
“ Commercial Banking,” in two vol­
umes, by Wiliam H. Kniffin, author of
‘ ‘ The Business Man and his Bank,
American Banking Practice,” etc., has
written a new book on “ Commercial
Banking,” that is being published by
McGraw, Hill Book Company, New York.
The new book deals with the practical
operation of a commercial bank, the
theory of money and banking and the
development of banking in the United
States. The text includes enough bank­
ing law to make it a most valuable book
for practical reference work.

41

BANKER

Y o u w ill find us especially ready to h elp
y ou at such tim es.
gest

certain

offerings

fo r

tendencies.

Possibly we can sug­

desirable
you,

or

b on d s,

or

analyze

report

on

m arket

N o obligation.

Your letter will be welcomed and promptly
answered.

'Ik ( (M F V d O .
DES MOINERIA.

»

D U B U Q U E . IO W A
B. & I. Building
G EO. W H IT E , President

^\\ tVO t E " ^ H í L U p iS r
IN VE STM ENT
I > l M W 17 O «
BANKERS . --------------D E S M O IN E S . IO W A
2 1 9 Securities Bldg.
D A V E N P O R T , IO W A
Putnam Bldg.

o

OMAHA, NEBRASKA
First National Bank Bldg.
B. A. P H IL L IP S , Vice President

THE

42

NORTHWE

STERN

BANKER

January, 1924

LEADING BANKERS SAY 1924 WILL
BE YEAR OF PROSPERITY
(Continued from page 11)
caution in making a forecast of the com­
ing year is the restoration of a normal
foreign market. I believe that America
is about to use her powers of world
leadership to bring about such a restora­
tion and thereby bring greater pros­
perity to all of us.”

Domestic Draft Collections
B

Y

sending their N e w Y o r k collections to
this

C o m p a n y , banks are often

able to

expedite their custom ers’ transactions.
Guaranty service in the collection o f arrival
drafts goes further than m erely h olding the docu­
ments against paym ent.

W e assist both shipper

and consignee in tracing and locating cars, and
attend to other details.
to

O ften our notification

the consignee is in advance o f his advice

from the railroad.
We

invite you to send your items to our

Collection D epartm ent.

Guaranty Trust Company
of New York
JO H N H. B R E N N A N & CO.
INVESTMENT BANKERS
30 North La Salle Street
CHICAGO, ILL.

This house affords its clients the utmost service of a modern and com­
pletely equipped Investment Banking Organization.
The bonds offered by us combine the highest possible
yield commensurate with safety. An opportunity for
wide diversity of investment. Prompt payment of prin­
cipal and interest. Protection against depreciation in
price.
We specialize in underwriting and marketing First Mortgage Bond Issues
—secured by income producing Real Estate, in the larger cities through­
out the United States; and the First Mortgage Bonds of industrial cor­
porations having established dividend records and ample tangible assets.
Our bonds are recognized as a Standard of Safe investment by Banking
Institutions, Insurance Companies, Trustees and Executors of Estates.

Your Correspondence Is Invited

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

A. F. Dawson, president, First Na­
tional, Davenport, Iow a: 1‘ The steady
and substantial improvement in business
conditions which has been made dur­
ing the past two years should continue
during 1924. We expect next year to
be a better one than the year just closed.
Underlying conditions are sound. Opti­
mism is well grounded, general recovery
is proceeding with such momentum that
neither a presidential campaign nor
European damphoolishness can hold it
back.”
Grant McPherrin, president, Central
State Bank, Des Moines: ‘ ‘ Returning
from Washington, D. C., where I was
called in the interest of my work with
the War Finance, I am of the opinion
that business is sound and 1924 will be
prosperous. All of the eastern business
men with whom I came in contact were
optimistic for 1924. Heard very favor­
able comment on President Coolidge as
a sane and economical president.”
— $—
George Woodruff, vice president, Na­
tional Bank of the Republic, Chicago:
“ Conditions of Federal Reserve System
and Bank indicate ample credit for the
financing of any prosperity that may
come in 1924. Cotton growers, labor,
building, industry and railroads all satis­
factory. This assures considerable pur­
chasing power for 1924, but cost prices
have not generally been liquidated since
inflation period several years ago, making
it necessary to get down to ‘brass tacks.’
Nineteen twenty-four should be used by
the average business man as period during
which he must endeavor to get away en­
tirely from boom ideas and methods and
convert business into an efficient, thrifty
and cautiously conducted organization
based on reasonable volume of trade that
will make possible earning of good, fair
returns. ’ ’
A 10-cent pound loaf of bread is justi­
fied only when wheat is $2 a bushel. At
$1 a bushel for wheat a 6-cent pound
loaf is on an economic par with what the
farmer gets for his wheat. The spread
between the producer and the consumer
is sufficiently large at present retail
prices. Such are the conclusions of a
farm bureau speaker in Indiana on
Labor Day.— Chicago Journal of Commeree.
_
j , ¡¥,|

January, 1924

THE

NORTHWESTERN

BANKER

43

IO W A FA R M M O R T G A G E S E C T I O N
The Northwestern Banker is the official publication of the
Iowa Farm Mortgage Association

O F F IC E R S

P r e s i d e n t .........
V ic e P r e s id e n t
T r e a s u r e r .........
S e c r e t a r y .........

..................F r a n k C. W a p le s , C ed a r R a p id s
.........................F r a n k B. M ille r, C ed a r F a lls
............................... F r a n k S ag e, W a s h in g to n
.............................F . C. F is h e r , C ed a r R a p id s
E X E C U T IV E

C O M M IT T E E

V a rick . C. C r o s le y , e x - o f f i c i o .........................................................................W e b s t e r C ity
D e s M o in es
G eo. W . W i l l i a m s .....................................................................
D a n ie l R h o d e s ...............................................................................................................F o r t D o d g e
V a r ic k C. C r o s l e y ...............................................................................................W e b s t e r C ity
E. H . L o u g e e ........................................................................................................... C o u n c il B lu ffs
I. C. S t a n le y ................................................................................................................ C ed ar R a p id s
F . C. W a p l e s ............................................................................................................... C ed a r R a p id s

W h y Farm Mortgages A re Not a Lien,
but a Support
ENERALLY speaking, a debt is not
an asset, and just now when many
farmers are struggling under a
mountain of debt piled high by judicious
over-extension and accentuated by low
prices for their products, it might seem
at first a rash assertion indeed that farm
mortgages are not a lien but a support.
The popular impression, too, may be
that a farm mortgage is an unmixed
evil. The playwright and the cartoonist
have used it as the symbol of capitalis­
tic oppression. Public sentiment has
classed it with the drought, the blight,
the flood, the cyclone— and with the
pestilential horde of crop-destroying in­
sects, that are the farmers’ constant
foes. But considering the subject from
all angles, one finds so many anvantages
to be derived through constructive bor­
rowing that he must conclude those des­
ignating the title for my discussion to
have had these benefits in mind.
In all the business world, few, if
any, prosperous concerns have been
builded or operated without the use of
borrowed capital, evidenced by bank
loans, bond issues, preferred stocks or
mortgages. It is sound business experi­
ence that, with sufficient capital, the
man with adequate brains and industry
has a vastly better chance of success.
He is thus enabled to enlarge his busi­
ness, to provide most modern machinery
and equipment and to grasp every favor­
able opportunity, while without the
necessary capital he could do none of
these.
To mortgage of necessity to cover
former losses is quite different from
pledging what one has, to gain added
opportunity. Only those with a proper

G


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

B y Lee A. Phillips
Vice President, Pacific Mutual Life,
California
tiiiMmitmuHiMimiitiiiiiiiiiiiiiiimniiiiiiiiiiiiiiiiiiiiiiimiiiiiMiuiiiimtiiiiuiiutijiiiiiiiiiiiiiiiiiiimiiitiiiHiii

This able discussion on “ Farm M ort­
gages Not a Lien But a Support,” was
presented at the annual meeting of the
Association of Life Insurance Presi­
dents in New Y ork City in December.
The address is given here in part, to
show the remarkable aid rendered agri­
cultural
interests
of
the
northwest
through farm loans made by life in­
surance companies.— Editor’s Note.
liilMiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiMiiiiiiiiiiiimiiiiiiiiiitiiiiiiiiiiiimiiiiiiiiiiwiiiiim

vision can do this; and then this vision
must be coupled with good judgment,
untiring energy and a courage that will
not give up to ordinary obstacles, and
a salf-restraint in the matter of taking
too great risks.
Does the prudent business man look
upon his banker, or the holder of his
securities as inimical to his business in­
terests? Not so. Rather, he considers
him as a “ silent partner,” assisting him
to a larger field of usefulness and af­
fording opportunity to develop his
capacity for management.
Not only has the increased capital,
made available by means of farm mort­
gages, resulted in increased production
because of safer and better financing;
but it has also improved methods of
farming through modern machinery and
appliances, thus effecting great savings
in cost of labor; and has given to the
family and the home of the farmer many
of the conveniences of life. Taking the
average for the whole country, 7 per
cent of all farms are now equipped with

gas or electricity for heating, lighting
and power purposes; 38 per cent with
telephones ; 30 per cent with automo­
biles; 2 per cent with motor trucks, and
3.6 per cent with farm tractors. Thus
through the judicious application of
capital, efficiency of operation is as­
sured as well as the comfort and con­
venience of the family who share in the
labor and the toil. The enormous ex­
penditures represented by these im­
provements have been financed in the
first instance in great part by borrow­
ings. Millions of dolars have been
loaned to our farmers by banking in­
stitutions, mortgage companies, and by
individuals. All have done their part,
but they have all been subject to the
vicissitudes of financial depression, too
often making it imperative for them
to demand repayment at times when the
farmers would experience the most
difficulty in repaying or replacing their
loans.
Naturally, the farmer has felt the
need of a more stable method of financ­
ing his operations. Fortunately for
him, the life insurance companies of the
country are peculiarly suited to his re­
quirements. To them the allurements of
speculative business are denied; and
they are not subject to any of the ex­
igencies peculiar to banks and like in­
stitutions in times of financial stress.
They do not need to call in their loans
to meet the demands of depositors.
Their principal object is to keep their
funds invested. They are uniformly
able and willing to renew and extend the
accommodation, provided only the bor­
rower has shown a proper appreciation
of his “ silent partner” by prompt pay-

THE

44

BANKER

the close of the year 1922, the amount
of life insurance farm loans had grown
to more than a billion and a half. In
substantiation of my assertion as to
relative importance, compare this con­
tribution with the total of $858,000,000
reported as of the same date for the
Federal Farm Loan Banks and Joint
Stock Land Banks combined, which have
been organized under special statutes
and encouraged by the grant of special
privileges for the express purpose of
making such loans.
In the eight-year period between 1914
and 1922, the life insurance companies
increased their investments in farm
mortgage loans by more than $800,000,000. This is at the rate on the average
of more than $100,000,000 a year. In
order to give this meeting the very latest
developments in the farm mortgage field
of the life insurance companies, the
same companies that contributed the

ment of interest, and by proper main­
tenance of his farm at least to the stand­
ard of condition and value existing at
the time of the mortgage. The business
men of our cities long since realized the
desirability of permanent loans from
life insurance companies, and in recent
years the farmer has awakened to their
advantages.
The statistics of these companies
prove that life insurance funds consti­
tute the greatest single factor in financ­
ing the agriculture of the United States.
For fifty years these funds had been an
important resource of the farmer seek­
ing financial assistance. Absence of
separate statistics, however, precludes
any detailed consideration of the extent
of the service they had rendered in this
field prior to 1914. With that year
(1914) however, the total of life insur­
ance farm loans outstanding amounted
to two-thirds of a billion dollars. At

F A R M
FOR

N O R T H W E ST E R N

L O A N S
M ARCH

F IR S T C L O S IN G

5-7-10 Y E A R S T R A IG H T LO A N S

figures previously referred to have now
transmitted the amount of their farm
mortgage loans, as of October 31, 1923.
This amount is $1,636,500,000. This
shows an increase of more than $182,000,000 during the first ten months of
1923, as compared with an increase in
such investments of $147,000,000 during
the entire year 1922. A most conserva­
tive estimate of the increase for Novem­
ber and December of this year will bring
the total increase for the year to well
beyond $200,000,000— double the aver­
age annual increase of the last eight
years. This shows the present trend of
life insurance’s contribution to the agri­
cultural sections of the country.
Today we find most of the 280 life
insurance companies domiciled in the
United States sending a portion of their
reserve funds to the agricultural sec­
tions. The smaller companies naturally
loan on farms in their home states and
in continguous territory, while the larger
companies despatch these funds to many
states— sometimes completely across the
country. To show the diffusion of these
funds I have segregated the operations
of a few of the larger companies. This
is the picture which they present, in
making part of their contribution to
that national security which is empha­
sized in the general theme of this meet­
ing:

20 A N D 34 Y E A R A M O R T IZ E D L O A N S
O V E R $15,000,000.00 A C T IV E L O A N S

M id la n d M o r t g a g e C o m pa n y
W ESTERN

IO W A O F F IC E

809 F R A N C IS B U IL D IN G
S I O U X C I T Y , IO W A

220 T H IR D A V E .
_________________ ______

C ED A R

_

„

. _

_

R A P I D S , IO W A

CENTRAL

IO W A O F F IC E

CARROLL
IO W A

F . C . W A P L E S , P r e s id e n t
C L I F F O R D D E P U Y , V ice P r e s id e n t
R . J . S O E N E R S e c r e t a r y - T r e a su r e r
R . S . S I N C L A I R ,, V ice P r e s id e n t
C L A I R H . P O S T , A s s is t a n t S e c r e t a r y
I N G R A M B I X L E R , V ice P r e s id e n t
P . T . W A P L E S , M g r . W e s t e r n O f f ic e

Farm Loans
Five Reasons W h y You W ill
Appreciate Our Service

FTYW TW

TTTTT T

„President
..

1. We offer liberal rates.
2. Our Inspection Service is prompt.
3. We loan up to $100 an acre on Iowa land.
4. We use our own funds—closing promptly.
^
5. Service to applicants is our first thought.
Send us your applications if you want genuine service.

FARMERS B O N D & M O R T G A G E CO.
Fifth Floor Hippee Bldg.
T w en ty-five Years in th e M ortga g e Bu sin ess


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

DES MOINES

January, 1924

Company
No. 1
*‘
2
“
3
“
4
“
5
6
“
7
“
8
“
9
“ 10
“
11
“ 12
“
13
“ 14
“ 15

No. States in
Amt. Farm Which Loans
Mortgages Are Placed
$164,624,117.15
17
156,632,670.41
31
130,078,119.89
21
123,763,078.99
15
121,130,910.80
33
107,251,832.78
24
82,154,318.00
14
63,012,180.00
13
57,592,277.53
26
48,329,110.59
11
35,177,216.93
13
34,984,152.87
6
33,579,808.96
19
24,931,550.52
20
21,670,237.14
14

Total . .$1,218,395,282.56
With two exceptions the above companies have their home offices in states
on the Atlantic seaboard, while all of
them come from states east of the Mis­
sissippi and north of the Potomac and
Ohio. Eight of the fifteen companies
have no farm loans in their home states
and the total in the home states o f all
the fifteen is only $12,160,000, or less
than 1 per cent of the total. This gives
an illuminating answer to the charge
sometimes made that insurance funds
are kept at home—particularly in the
East—for investment purposes.
A lifelong friendship cast thou not
aside!— Saadi.

January, 1924

THE

NORTHWESTERN

BANKER

45

SOLICITING NEW ACCOUNTS

t

(Continued from page 17)
we will decide to start a campaign for
renting safe deposit boxes. The file
clerk will be instructed to prepare a list
of names, using the customers’ prospect
file as source of information, of bank
customers who do not rent a box. To
this list will be sent a letter prepared
by the advertising manager, with the
assistance of the manager of the safety
deposit department, explaining the serv­
ices offered and enclosing a return postal
so worded that it would have no mean­
ing to the general public, yet would
advise the bank officials who the indi­
vidual was who showed sufficient inter­
est to return the card. Persons return­
ing the cards should be at once called
upon. After a two weeks’ interval, a
second letter should be sent out to those
who did not respond at all. Responses
to the second letter should be treated
in the same manner as the first, and
about three weeks later a third and last
letter may be sent, after which this
campaign should be dropped for a period
of about six or nine months, and then
recontinued, using the same list.
Thus calls are made only on those
interested, and much time and money is
saved. The same plan is of course used
in soliciting new business for other de­
partments except that the manner of
endeavoring to force an expression of
interest on the part of the prospect is
changed to suit conditions. The advice
of the advertising manager can be pretty
safely followed as to the most appeal­
ing form for the letters to take.
The so-called selective method, if per­
sistently followed, will be found to de­
velop many new leads, but persistence
must be the watchword of the plan.
Unfortunately there is little of interest
that can be said of a personal checking
account or safe deposit box. The ap­
peal for the business must be based
rather upon friendliness or the conven­
ience of combining all of the customer’s
banking transactions under one r o o f;
and the letters will after all serve only
as a reminder to consolidate the busi­
ness at some convenient time.
The Trust, Bond and Foreign Ex­
change Departments offer opportunities
to the clever new business head of stimu­
lating a desire for information regard­
ing their services among the customers
of the bank, by what may be called the
educational method. Take for instance
the trust department. With all the in­
tricacies of federal income and estate
taxes and the state inheritance taxes
almost any person of means will be in­
terested in subjects relating to tax econ­
omies, and a letter written to a select
list of persons already doing business
with the bank, but not with the trust
department, outlining these services and

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

FARM LO A N S
FOR MARCH FIRST CLOSING

5 / 4

%

5 - 7 YEARS ANNUAL INTEREST

Stanley-Henderson Company
209 H ig le y B u ild in g

A

C edar R a p id s, Iow a

Bigger and Better
Year
F YOUR 1924 operations
require a more resource­
ful banking relation, or
one where a greater personal
interest will be felt in your
transactions, we extend to you
a cordial invitation to confer
with our officers about it.

THE N O R T H E R N
TRUST C O M P A N Y
Capital and Surplus, $5,000,000

THE

46

N O R TH W E ST E R N

BANKER

\

B

a

n

A

m

o

f

V

o

m

o

w

o

<1 W it h th e a d v a n c e m e n t o f scien ce, th e d e v e lo p m e n t
o f th e n a t io n ’ s reso u rces, a n d th e g ro w th o f in d u s tr y
a n d c o m m e r c e , b a n k e rs o f to m o r r o w w ill fa ce even
b igger a n d h ard er p r o b le m s th a n y o u face to d a y .
M e n develop ed b y fo r ty years o f p lo d d in g w ill n o t
fill th e n e e d . T h e b a n k e r o f to m o r r o w m u s t lea rn in
h is y o u th th e b road er p rin cip les o f fin a n c e , cre d it,
e c o n o m ic s , la w , a n d in te r n a tio n a l tra d e . U p o n th is
fu n d a m e n t a l k n o w le d g e , experien ce w ill b u ild m in d s
a b le to m e e t th e d e m a n d s o f th e ir d ay .
<1 O n e h u n d r e d a n d fifty -s e v e n c h a p te rs o f th e A m e r ­
ica n I n s t it u t e o f B a n k in g are te a c h in g th ir ty th o u s a n d
b a n k m e n a n d w o m e n E le m e n ta r y B a n k in g , C o m m e r ­
cial L aw , S ta n d a r d B a n k in g , N e g o tia b le I n s t r u m e n t s ,
E c o n o m ic s a n d o th e r k in d re d s u b je c t s . T h e se co u rses
are also a v a ila tle to co rre sp o n d e n ce s tu d e n ts .
<| Y o u r b a n k e rs o f to m o r r o w s h o u ld ta k e a d v a n tag e
o f th is w o n d e rfu l road

to

su ccess.

The American Institute of Banking is
the world’s greatest trainer o f bank
men and w om en.
A re you actively
supporting it ?

C H A PTE R S

IN

P R IN C IP A L

COURSES

BY

C IT IE S

M A IL

N a tio n a l O ff ic e : 1 1 0 E a s t F o r t y -S e c o n d S treet, N e w Y ork

Space Donated, l o
National Publicity Committee


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Federal Reserve Bank of St. Louis

w

January, 1924

offering to provide interesting booklets
on the subject, will bring a surprising
number of responses. Persons showing
an interest will be followed up with
calls, and those not responding will be
sent second and third letters until an
interest is stimulated or the campaign is
temporarily dropped. It should be said
at this point, however, that when calls
are made on prospects for this kind of
business, only solicitors well informed
on the subject should be used, as the
first call is frequently the most impor­
tant and the prospect will then decide,
at least in his own mind, if there is
anything to be gained by considering
the business further.
The letters that are to be sent out
on any campaign for new business
should be gotten up with the greatest
of care, so that they not only truth­
fully describe the service offered, but
carry an attractive sales appeal and look
like individual letters rather than one
of many sent to a list of persons. This
latter effect can be strengthened by sub­
mitting the list of names to the officers
of the bank, and having them place their
initials opposite any one they may know
personally, so that each may sign the
letters going to those with whom he is
acquainted. If this is done, there is a
much greater liklihood of awakening an
interest in the subject covered by the
letter and receiving an answer.
The above will outline in a general
way, plans for extending departmental
business among the bank’s customers.
The system can be carried to any de­
gree desired, but it is thought to be the
better plan not to work on too large
a list of names at any one time, unless
a very broad support on the part of all
officers of the bank can be depended
upon in following up leads with calls.
Otherwise the prospects will become cold
before being followed up, necessitating a
reawakening of their interest, which is
not the province of the person ordi­
narily making the call.
It has been suggested that possibly
the best arrangement of the solicitors
is to assign one or more to each depart­
ment, where they will serve in the capac­
ity of new business scouts. Most bank
officers are only too glad to lend a hand
in stimulating the growth of the bank
as a whole, and their departments in
particular, only they are generally un­
der such a pressure of work that they
have little time to give to the planning
of business extension details. To close
this gap is the new business solicitor’s
particular job. Working as he does in
the department he will soon become
familiar with all of the leading custom­
ers, and should root out such informa­
tion regarding them and their business
associations as might be of interest to
the other departments of the bank.
(Continued on page 48)

January, 1924

THE

NORTHWESTERN

BANKER

47

F o r B an k ers and T h e ir W a n ts
This department of T H E NORTHW ESTERN BANKER Is
to assist SUBSCRIBER'S in obtaining goods or service hard
to find. It is free. Use it. ASK US, as we can tell you
where to buy anything you need in your bank or for your
bank. T E L L US, as your “want” will be published under
the above heading free of charge. In answering classified
advertisements which have key numbers please enclose a
two-cent stamp. This is used to forward your letter.
Position W a n te d by young man now
employed as assistant cashier in Illinois
bank. Northern Missouri or southeastern
Iowa territory preferred. Good references
furnished by present employer. Address
No. 2719, The Northwestern Banker.—1.
For Sale. One No. 5 Herring, Hall,
Marvin Safe Co. Tisco-Manganese Steel
Safe in excellent condition. Price very
reasonable. Address Union Trust & Sav­
ings Bank, Dubuque, Iowa.—1.
W a n te d :
Nest of small size safety de­
posit boxes, used but in first class con­
dition. Address The Citizens State Bank
of Oakland, Oakland, Iowa.—1.
W a n te d to Buy safe cabinet and other
metal filing equipment. Business Service
Company, 1108 S. 11th St., Tacoma,
Washington.—1.
W a n te d : A position as assistant cash­
ier in country bank. College trained and
experienced in routine banking. Invest­
ment desired. Available at a month’s
notice. Address No. 2720, The North­
western Banker.—1.
W anted:
Young married man with
four years’ banking experience desires
position in country bank. Can speak Ger­
man. Address No. 2722, The North­
western Banker.—1.


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Federal Reserve Bank of St. Louis

Position W a n te d : Young married man,
twenty-nine years of age, desires posi­
tion with city or live country bank.
Seven years’ experience in banking.
Capable of handling position of respon­
sibility. Best of references. Address
No. 2721, The Northwestern Banker.—1.

never been used. One Ely-Norris solid
door Special Manard Manganese Steel
Bank Safe, new. The above is offered
for sale on account of consolidation.
Write to the First National Bank of
Montevideo, Minn.—11-12-1.

W a n te d :
A banker with fourteen
years’ experience, college and university
graduate admitted to practice of law de­
sires to get in touch with parties having
opening in their trust departments or
where a trust company or trust depart­
ment is being contemplated in connection
with a bank. Prefer a good county seat
town. Address No. 2723, The Northwest­
ern Banker.—1-2.

Friendship is to he valued for what
there is in it, not for what can be got­
ten out of it.— Trumbull.

W a n te d :
Position as assistant cashier
of Iowa country bank. One year’s gen­
eral banking experience. Attended busi­
ness college. Formerly public school
teacher. Twenty-three years of age and
unmarried. Desirous of position where
steady advancement can be procured by
hard work. Best of references as to
character and ability. Now employed.
Address No. 2706, The Northwestern
Banker—11-12-1.
For Sale:
Three New York vault
doors, size 84 x 34^. These doors have

A real genius, the longer his works
endure, and the more wide they are
spread, the more sincere is the admira­
tion that he meets with.—Hume.
A man does not toil for himself alone,
but for those dearest to his heart; this
for his father, that for his child; and
there are those who, out of the small
pittance of their daily earnings, contrib­
ute to support the needy, print Bibles
for the ignorant, and preach the gospel
to the poor. Here the meanest work
becomes heroism. The man who toils
for a principle ennobles himself by the
act.—Parker.

THE

48

NORTHWESTERN

BANKER

January, 1924

SOLICITING NEW ACCOUNTS
(Continued from page 46)

F. L. MINER, President
PARLEY SHELDON, Honorary Vice Pres.
C. M . SPENCER, Vice Pres, and Secretary

C. S. VANCE, Vice Pres, and Underwriting Mgr
FRANK P. FLYNN, Treasuer

POLICY HOLDERS
W ill Patronize an IOWA Company
Guaranteed by IOWA Capital
Managed by IOWA Men
IO W A BANKERS Recognize the Advantage of Protecting IO W A
CREDIT with IO W A INSURANCE
Reliable Agents Wanted in Every City in Iowa.

Write

Iowa National Fire Insurance Co.
DES M OINES, IO W A

S a v e

3

0

^

On Your Automobile Insurance
Y ou can save 30 per cent on your Automobile Insurance by
placing it with these companies.
W e write—
Autom obile Liability and Property Damage.
Autom obile Fire and Theft.
Autom obile Plate Glass.
— also General Plate Glass Insurance.
Thousands of policyholders can tell you of the savings we
have made possible for them— and of the unqualifiedly square
treatment they have received.
As a banker you should take advantage of the 30% savings.
As a bank you can safely recommend this insurance— and this
company.
— And then— why not “ cash in” on the popularity of these
companies through your Insurance Department.
W rite us about our rates and
our banks agency proposition.

Iowa Mutual Liability Insurance Co.
Iowa Automobile Mutual Insurance Co.
J. W . L O V E L L E T T E
Secretary— General Manager

CEDAR


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

RAPIDS,

IOWA

When such information has been put
into proper form and presented to the
new business head, it may be decided
who would make a good prospect, say,
for the trust department. The matter is
then brought to the attention of the
officer who generally handles the ac­
count, with the request that some par­
ticular form of trust be discussed at
the next convenient opportunity. When
the customer next comes into the bank
and the subject is opened, a trust offi­
cer can be sent for who will carry on
the conversation. One of the large
banks using this method is obtaining
a will a day from the customers of its
commercial department.
The solicitor having no routine duties
to perform, can be on the alert to offer,
whenever possible and within the bounds
of good banking, many little extra serv­
ices that make friends, and these friends
can tactfully be turned into boosters
and business getters for the bank. The
friends of the employees must not be
lost sight o f; a good teller may know
more customers or their representatives
than the president himself, and his ac­
quaintance should be capitalized. This
can only be done by interesting the
teller himself, by explaining in just
what manner he can help, and having
him analyze his list of friends for pos­
sible new business leads. Of course suit­
able commissions should be paid for
any business obtained in this manner.
Almost the first suggestion ordinarily
made for extending the business of a
bank, is by interesting the stockholders
and directors. This sounds like the
easiest and most logical thing to do, but
as a matter of fact it is possibly the
hardest, due to the fact that most of
these gentlemen are extremely busy
managing their own business or affairs.
Of course they will be more than pleased
to help whenever possible, but it is ill
advised to bother them with general sub­
jects.
In closing this article on the new
business department of a bank, there
are one or two thoughts that should be
emphasized.
This department, while
thought to be of extreme importance,
is one of the newest in the banking busi­
ness. Many of the older men in the
profession still regard it with suspicion,
and if it is to prove a success it must
be administrated with extreme tact and
with due regard to the policy of the
bank and the ideas of the heads of the
various departments. If the new busi­
ness department does not receive the
unqualified support of the entire bank­
ing force, it might as well close up shop.
The first effort to be made is to estab­
lish a feeling of confidence and a desire
to cooperate on the part of all hands.

THE

January, 1924

N O R T H W E S T E R N

BAN K E R

49

IN S U R A N C E SEC T IO N

How the Banker Looks at Banking and
Life Insurance
E SEE that those who have
planned the subject of our
program this evening, instead
of endeavoring to separate the interests
of banks and life insurance companies,
have combined the two, in asking that
we discuss our mutual interests, which,
in my estimation, as a banker of many
years in this wonderful state of Iowa,
are parallel propositions, and, really,
taken as a whole, inseparable.
I am just wondering if you have a
clear idea of what banking and prop­
erty interest mean to this, our home
state! It has been rightly said that
Iowa is a tremendous farm, and it is
a fact that farming is our chief indus­
try, and is destined, on account of lo­
cation, to always remain so, therefore,
a few remarks pertinent to our chief
industry -would not be out of place.

W

There are, at the present time, over
two hundred thousand farms in Iowa,
having an average of about 160 acres
to the farm, with a total value of land,
and improvements on these units of
our state organization, it is estimated
of over seven billions of dollars. You
can very easily connect the life insur­
ance companies with this particular
thought as the nearest estimate today
on the mortgage indebtedness of these
farms is something over 500 millions
of dollars, the most of which is being

B y Homer A. Miller
President, Iowa National Bank,
Des Moines

HOMER A. MILLER

carried by the life insurance companies
of this and other states as a part of
their assets.
Right here, as a banker, I am glad
to acknowledge one common interest,
viz., that it is, I believe, a safe estimate
to place upon this mortgage indebted­
ness carried by the life insurance com­
panies, that fully 90 per cent of the
amount, or, at least, over 400 millions
of dollars, represent loans that have
been made by the insurance companies
functioning through the banks of our
state, being a direct source of profit to
our banks, both in the way of taking
care of their .customers, viz., the farm­
ers, which is no small item, and a
small source of profit acquired from the
business.
Naturally from a banking standpoint
one of the chief points of contact or
chief points of common interest between
the banking business and the life insur­
ance business has to do with the financ­
ing or the developing of industries which
have to do with national welfare. A
survey of the statements of your var­
ious companies throughout the United
States will demonstrate to any thinking
man the tremendous part the life in­
surance institutions have taken in the
developing of almost every industrial
business of the country. You men who
are representing large eastern companies

20 Y E A R S ’ PROTECTION FOR $ 2 0 .0 0
Under our 20 P A Y D E C R EASIN G PR EM IU M PO LIC Y, the INSURED lias the O P TIO N of taking
his “ D IV ID E N D ” in advance, at the beginning of the year. (The Annual Premium for $1,000 at age 35
runs from $37.55 for the 1st and 2d years, down to $27.80 for the 20th year.)
Or, he may pay $37.55 for 16 years and receive a PAID-U P P O LIC Y for $1,000,
Or he may pay $37.55 for 20 years and have his choice of a PAID-U P PO LIC Y for $1,000 and
$165.00 in cash, or a PAID -U P PO LIC Y for $1,270.00,
Or he may take his SURR END ER V A L U E of $731.00, thus making his $1,000 of P R O T E C T IO N
cost him

$ 2 0 .0 0 FOR 20 Y E A R S
W e prefer B A N K E R S as our R E P R E SE N T A T IV E S and make our A G E N C Y CO NTRACTS D IR EC T,
paying a “ F U LL -T IM E” first year’s COM M ISSION and R E N E W A L , which, with our own plan of TIM E
and PR EM IU M DEPOSITS, makes our A G E N C Y PR O PO SITIO N to B A N K ER S Particularly Attrac­
tive.
Write For Details

PRAIRIE LIFE INSURANCE COMPANY
Dr. W . R. McGrew, President
H . L. McGrew, Secretary

Roy D. Hart, Agency Manager

OM AH A, NEBRASKA


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Federal Reserve Bank of St. Louis

THE

50

STRENGTH
SECURITY

NORTHWESTERN

FÓIÍR SERVICE
SATISFACTION
SQUARE
V..-

• *Hi

The Whiplash
Service

of

Service is business-

Business is service—just as you like it.
But either way good business is good service.
They go hand in hand—each dependent upon the
other.
That is why Standard Life agents will tell you that
“ Business Is Good.”
This company does give SERVICE.
Good service whips business into line— poor service
lashes back eventually destroying the business.
The Standard Life way—is the way of service that
builds business and success.

THE

NAME

IS

S t Lo u is , M

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

BANKER

FITTING"

is s o u r i

January, 1924

can point with pride to the tremendous
bond holdings of your institutions in
those arteries of commerce which have
had so much to do with the making of
the United States a great industrial
nation, and I refer of course to our
wonderful railroad systems, which, how­
ever, at present unfortunately, we must
admit, are the targets of a certain type
of political mind.
Showing the important functioning
of the banks of our state in the way of
financing this chief industry of ours,
the banks step in in handling the short
time necessities of the farmer made up
of his many demands for feeding cat­
tle, hogs, sheep, all live stock and the
usual expense accompanying the work
and repairs on the farm, until such
time as the farmer is able to market
his products, leaving the long time in­
debtedness for the insurance companies
to finance.
The farms of Iowa represent the one
big interest of our state, but, in addi­
tion, diversity of interests which re­
quire a large amount of financing and
the banks are called upon in this di­
rection.
Just at this place in my thoughts it
might be well to mention another com­
mon interest of vital importance, and I
will illustrate by citing one experience
of our own, viz., we were called upon
to finance a large business in this state
wherein we felt beyond a doubt, that
if the principal person in the transac­
tion lived, he would make a success
of the undertaking, which was quite
an extensive one, and that with him as
a living proposition the security, by
reason of his ability and integrity, was
considered by us as simple; but in the
event of his death this very same se­
curity would lessen to a very great de­
gree, and with these thoughts very
firmly fixed with us, we required that
he carry life insurance to the extent of
100 thousand dollars to cover this con­
tingency, as illustrated, as the situation
is very self-evident that banks are not
equipped to take on a life risk, their
business is not adjusted along such
lines, while life insurance companies
have that as their greatest feature, that
being the purpose of their organization.
One other common interest I have
in mind, and had in mind as a young
banker in a country town, and I have
often wondered why it has not been
practiced to a greater extent, viz., in
connection with my little business I
had many hours during each week that
were not fully occupied, and I put in
much of that time in visiting with those
whom I thought were prospects for in­
surance and found it quite a little com­
pensating feature for our bank, and, at
the same time, I felt I was doing a great
kindness to the individual insured and to
the dependent members of his family.

January, 1924

THE

Right along in this line of thought I
want to say, and with emphasis, in giving
a little.,of my own experience, that after
taking a life-partner, realizing the uncer­
tainty of life as well as the uncertainty of
business, I felt that protection from me
was a sacred duty, so at that time I took
out three small policies; a little later on,
as three children came into our home, I
felt a still greater responsibility and ne­
cessity for more protection and would
have felt that I was committing a cime
not to act, and from that time continued
to increase my insurance holdings as I
felt I could afford it until I was carrying
in the neighborhood of 150 thousand of
life insurance. During all of the time
that I was making these increases I had
only one thought in mind, the possibility
of business reverses, and in this way pro­
tecting in another direction those who
were dependent upon my success, with no
thought whatever, at that period of tak­
ing on insurance for another real presentday necessity, viz.:
The law-makers, both of a national and
state character, have decided, in order to
have more money to spend or squander,
to tax the efforts of the individual on
what he is able to accumulate during his
lifetime, notwithstanding that it is
through the help of economy praticed
by not himself, but his family included,
and these taxes are cold-hearted cash
propositions making it necessary for
those left behind to sell from his invest­
ments to meet these inheritance taxes.
It is bad enough in ordinary times to sell
at a reasonably good figure the invest­
ments that one has selected or accumu­
lated during his lifetime, but in times of
depression the best things that the es­
tates have must go at a forced sale, which
would mean possibly one-half the figure
that the husband or father would have
placed upon them as their value. Per­
sonally, I lay greater stress today on my
life insurance taken out in my younger
days for covering this point—which was
entirely untliought of by me, or in other
words, did not exist—than I do, if it were
possible, the question of protection to
those that I would leave behind. My po­
sition has given me, and is giving me ev­
ery day an opportunity to see the neces­
sity for life insurance to cover this
feature, as so many estates are lacking
in that fortunate situation and have suf­
fered thereby.
Right here I am impressed very forci­
bly with the thought that no man should
ever be ashamed of his work as a life in­
surance salesman. He is really a philan­
thropist, as he is not only doing good to
the individual insured, but is going di­
rectly to his family circle, placing the
family in an independent position rather
than a position of poverty, making good
citizens of his posterity, thereby improv­
ing the condition of both the state and
nation.


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Federal Reserve Bank of St. Louis

NORTHWESTERN

ft

BANKER

51

Peering Into the
Future
It w ou ld be interesting in d eed to peer into
the fu tu re— to see just w hat was in store fo r us.

H o w e v e r, if, as h istory tells, the fu tu re is
b u t a reflection o f the p ast, then great are the
heights to w h ich the State

L ife

Insurance

C o m p a n y o f Iow a w ill clim b.

ft
Steadily growing— expan ding and im p ro v ­
ing, the State L ife has com e to he accepted

ft

as an

ex am p le

of

a

com p an y

that

“ does

th in gs.”

P ro b a b ly no other life insurance com p an y
o f its age and size can rival its record fo r 1 9 2 3 .

A n d 1 9 2 4 loom s up w ith great p rom ise fo r
its agents— fo r State L ife agents are growing
w ith the com p an y.

T h e State L ife agency fo rce is a u n it u n ited
b y service fo r service— and there is ro o m fo r
y ou i f y ou w ill w rite.

»TATE LIFE

In s u r a n c e C
agtucker

President

o m p a n y

-Des Moines

s f Io

w a

w m k o c h

< Vice Pres ident

52

THE

NORTHWESTERN

BANKER

January, 1924

llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

T h e Co m p a n y

of

Co -

The
Symbol
of
Satisfactory
Service

o p e r a t io n

FROM YEAR TO YEAR
o f this co m p an y are w ork in g fo r th em

F ro m year to year as this co m p an y ’ s
agency fo rce grows— and the n u m b er

— and through th em

o f p olicyhold ers m u ltip ly — our great­

holders.

fo r

its

p o lic y ­

est desire is to be o f increasing service.
T h a t, in substance, is this co m p an y ’ s

O u r agents n am ed this com p an y—

creed— and

“ T h e C o m p a n y o f C o o p eration .”
We

w ant th em

to

fe e l

that

it

explains

the

ever

in ­

creasing n u m b er o f agents that are at­
their

p ro b lem s are ours and that the officers

tracted to “ T h e C o m p a n y o f C o op era­
tio n .”

W r ite
A . L . H A R T , President

Des Moines Life and Annuity Co.
‘ ‘

T H E

C

O

M

P

A

N

Y

R E G IS T E R & T R IB U N E BU ILD IN G


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Federal Reserve Bank of St. Louis

O F

C

O

O

P

E

R

A

T

I

O

N

”

D E S M OINES, IO W A

January, 1924

THE

I have in mind one very great common
interest, viz.: It is estimated that forty
million of the people of the United States
are policyholders in some life insurance
company. The estimate also placed at
the present time on those who have sav­
ings accounts in the thirty thousand
banks of our country is about forty mil­
lion people, and I believe if we were able
to secure a check on these figures they
would show largely the same individuals
being both savers in banks and holders
of policies. The thought I wish to con­
vey in connection with this common in­
terest is that when a banker succeeds in
making a savings depositor he is assisting
in making a policyholder because the de­
positor has acquired through this savings
habit the faculty of looking forward to
further protection and the life insurance
company is the natural place for still
further investment and protection; then,
on the other hand, reversing this thought,
the man who has been convinced that life
insurance is a necessity for him has ac­
quired the habit of economy and savings,
finds that he is able to accumulate more
than the amount required for his life in­
surance and his mind goes directly to a
bank account, so that the banker who
succeeds in making a depositor is help­
ing some man who is endeavoring to
write a policy on some life, and the in­
surance man who succeeds in writing a
policy is surely, on the other hand, mak­
ing a bank customer.
Another benefit that the banker re­
receives from the existence of life insur­
ance companies, and I can give our own
experience in this, viz., that we have a
very large number of trusts that have
come to us, and that we know are al­
ready written up with our bank to act as
trustee directly for their life insurance
holdings that they expect some day to
leave to their families. It is so often
the case that the members of the families
are young and inexperienced, or that the
wife may be also without business ex­
perience, and the insured feels that he
wants protection even after death, there­
fore, goes to his banker and places it all
with him that the banker, with his experi­
ence in business transactions may get
the savings of this man’s life time prop­
erly invested for his dear ones and keep­
ing it in that condition.
With the trust thought in mind, and
the husband or father leaving the result
of his life struggle in the hands of the
insurance companies and banks of our
country, how necessary it is, or should be,
that those who have these sacred trusts
imposed in them, be not only men of
ability but of great character and integ­
rity, and with the power to realize the
tremendous importance of their part in
this world of trust and credit, and to you
insurance men here, of whom I see so
many tonight, that are writing insurance,
you have an important part to take in

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Federal Reserve Bank of St. Louis

NORTHWESTERN

53

BANKER

of

Bo s t o n

Massach u setts

Select As the Logical Life Insurance Connection
One of the

Oldest—Largest—Strongest—M o s t Reliable
O rgan ized in

“ The Civil War Period”
1862
Harry S. Haskins, State Agent
...............

.......

701-703 HIppee Building
Des M oines, Iowa

~

Salary Continuance Policy
Pays fifty dollars, one hundred dollars,
one hundred fifty dollars, or two hundred
dollars a month (first payment im­
mediately upon receipt of proofs of the
death of the insured) and continues the
payment of like amount for stated periods
of from six months up to twenty years.

O F F IC E R S

E . M . S E A R L E , Jr.
P re s id e n t
H. E. W O R R ELL

S e c .-T r e a s .

Ask us more about it.

Omaha Life Insurance
Company
OM AHA, NEBRASKA

Personnelity
-— in the case of the North American Life Insurance Co. is merely P E R ­
S O N A L IT Y PLUS.
It means that this organization in the home office is composed of men
that merge together, and work harmoniously, for the benefit of its banker
agents. Bankers know that when they deal with the North American they
are dealing with a company that stands squarely back of every promise
made of co-operation.
The co-operation of the home office officials with its banker agents has
made for the North American Life a long list of Banker Agents who have
profited tremendously thereby.

^NorthAmcricanNationalLiie
IN S U R A N C E

OMAHA,

COM PANY

STRONG AS THE STRONGEST

NEBRASKA.

54

THE

your life, viz., that the average individual
taking out life insurance has but little
and practically no knowledge whatever of
the many different kinds of policies that
are being written. You men should make
a study of the situation, the condition
of the insured, and the lives that he
would be leaving behind, and write him,
not on account of the biggest commission
alone, but the class of policy that would
be best to fit the case of the individual
and his family. To make a successful in­
surance man you must, in my opinion,
have in mind the interest of your client,
as I have indicated above, because you
are then working along right lines and

NORTHWESTERN

BANKER

would soon build up an honorable and
enviable reputation.
There is no question but what one of
the very important things for success in
your work, and I can say in any other
line of work in this world, is to work,
work, work, but haphazard or hit or miss
work will not bring you any special re­
sults—it must be work along intelligent
and well-posted lines. A day might come
when you felt it was simply impossible
for you to meet a prospect in anything
like a satisfactory way, that you were
simply brain tired. I have had such ex­
periences many times, and I have
equipped myself with a sandwich and

Protect Y our Family
From that M ort¿a¿e
You

h ave b ou ght a fa r m

or h om e in

tow n fo r the w ife and kid dies.
fine.

T h e re

is

no

greater

T h a t’ s

satisfaction

than livin g u n d er you r ow n ro o f.

Ask about
our preferred
risk policy

B u t there is a m ortgage on the place.
T h a t’ s n ot bad — ow ing m o n e y prom otes
the saving h abit.

Y o u ’ ll p ay the m o rt­

gage off i f y o u live a fe w years longer and
retain you r h ealth.

B u t death som etim es

com es u n exp ected ly.

P rotect
A rran g e

y ou r

fa m ily

w ith

us

to

against
p ay

adversity.

the m ortgage

if y o u are u n a b le to finish the jo b .

In

all that

is good

Iowa affords the best

Royal Union Mutual Life
Insurance Co.
DES MOINES, IOWA


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Federal Reserve Bank of St. Louis

January, 1924

started for a day’s hike and coming home
with a good appetite, a tired body but a
very much refreshed brain for my next
day’s efforts.
In closing I would ask for nothing
more than that we as insurance men and
bankers have an ever closer union
closer cooperation and a more complete
understanding of what constitutes your
service and our banking service in the in­
terests of those that we serve together.
New Fire Firm
George R. Hess of George R. Hess &
Company of Chicago and Hess Hartnett
Agency of New York, is organizing the
Travelers Home Fire Insurance Company
of Chicago. It expects to start busi­
ness with $100,000 capital and $200,000
net surplus. It will specialize on writ­
ing hotel properties, and it is expected
that a large amount of the stock will
be sold to hotel interests of the west.
The incorporators include Mr. Hess, J.
J. Hartnett of New York, John D. Wiese
and John Dreihs, well known Chicago
adjusters, and several fire insurance
general agents. George R. Hess & Com­
pany, as general agents of the Millers’
Mutual Fire of Alton, have several hun­
dred agents.
Davenport Sales Congress
The Davenport Association of Life
Underwriters is making extensive plans
for a two-day sales congress January
24 and 25, with W. E. Billheimer,
noted life insurance lecturer, in charge
of the congress. Sessions will be held
at the Blackhawk Hotel.
Mr. Billheimer, who has appeared be­
fore numerous sales congresses and has
conducted a great many schools for
agents in the Middle West, has a wide
reputation as a life insurance expert. It
is anticipated that there will be several
hundred underwriters enrolled for the
two-day course of instruction, to be held
at Davenport.
Arrangements for the congress are
being made by the officers of the Daven­
port Association, including A. W. Van
Houten, president, and Leon J. Zoeckler,
secretary, 604 Putnam building, Daven­
port.
Agency Meeting
A district meeting of agents of the
Mutual Life of New York was held at
Burlington, Iowa, at the office of H. C.
Gladfelter, district manager, for the pur­
pose of discussing matters pertinent to
the agency and to report progress being
made in the battle now on for supremacy
which the seven districts o f the Daven­
port area are waging. The contest
closed on January 1st.
Those in conference with Mr. Glad­
felter were Karl H. Hemmy, I. L.
Younker and Miss Claire R. Linnenburger, all of Keokuk; Stanley Miller,

January, 1924

THE

Washington; G. C. Archer, Montrose;
H. F. Glattfelfer, Fairfield; James T.
Whiting, Mt. Pleasant; Walter C.
Schulte, Mrs. Isabelle Wesner and My­
ron Baum of Burlington.
Longnecker Issues Invitation
The Insurance Advertising Conference
has just received a cordial invitation
from John W. Longnecker, president of
the Hartford Advertising Club and ad­
vertising manager of the Hartford In­
surance Company, to hold its 1924 fall
convention in Hartford, conjointly with
the annual convention of the New Eng­
land Advertising Clubs.
Whether or not this invitation can be
accepted is a debatable point as the con­
ference is trying to hold its meetings in
the east and mid-west alternately. The
last semi-yearly meeting was recently
held in St. Louis, which would indicate
a mid-west conference in the fall of
1924.
Des Moines Fire Loss Lower
Information collected recently shows
that the fire loss for Des Moines per
capita is lower than that of most Iowa
cities. For 1921 and 1922 the city’s an­
nual fire loss has averaged under $5 per
capita. Boone, during the year just past,
attained the low record for the state
with a fire loss of less than $1 a per­
son.
Sioux City too made an enviable rec­
ord for the year with losses of only
$186,924 for the entire twelve months.
Sioux City, according to Fire Marshal
J. A. Tracy, has Iow a’s most modern and
comprehensive building code. It is de­
signed to reduce fire hazard in construc­
tion to a minimum.
An ordinance is now formed providing
minimum requirements for proper con­
struction of chimneys, flues and fire­
places, electric wiring and shingle roofs
that Fire Marshal Tracy states will be
adopted at once by one hundred Iowa
towns.
A comparison of the losses in nineteen
of the largest cities in Iowa from fires
during 1922 gives Des Moines a per
capita of less than $5 compared to a
like loss of as high as $26 for other Iowa
cities during 1922.
New York Meetings
The week starting December 2nd was
filled with gatherings of insurance men
in New York City. Among the more
important meetings were the mid-year
meeting of the National Convention of
Insurance Commissioners and the annual
meetings of the Life Presidents Associa­
tion and the Insurance Federation of
America. Other meetings scheduled were
as follow s: The annual meeting of the
Association of Life Insurance Counsel,
the National Council on Workmen’s
Compensation insurance and the Work­
men’s Compensation Publicity Bureau.
The conference committee of the Na-


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Federal Reserve Bank of St. Louis

NORTHWESTERN

55

BANKER

A r e You H andicappedLike
ist
h
T
H a v e y o u w o r k e d h a rd on a p r o s p e c t — c a r e fu lly p la n n e d y o u r c a n v a s s —
s e c u r e d h is a p p lic a t io n , a n d th en r e c e iv e d th e w o r d “ r e je c t e d ’’ fr o m the
h o m e o ffice ?
M e d ic a l L ife a g e n t s d o n ’ t w o r k u n d e r th is h a n d ica p .
T h e y o c c u p y th e Id ea l p o s it io n o f b e in g a b le to w r ite 100% o f th e ir p r o s p e c ts .
W it h the a g e n c y f o r th is C o m p a n y y o u c a n w r it e s ta n d a r d an d s u b -s t a n d a r d
in s u r a n c e — a ls o C h ild ’ s E n d o w m e n t.
T h e m a n w h o d a y in a n d d a y o u t s e lls o n ly o n e p h a s e o f in s u r a n c e is m u ch
lik e a o n e -a r m e d m a n t r y in g to do an a b le -b o d ie d m a n ’ s w o r k . W h y t r y it ?
W r it e f o r o u r a g e n c y p lan .

IN SU R A N C E

COMPANY

W A T E R L O O

OF A M E R IC A
IO W A

I. G. L O S D E R G A N , V ic e P re s id e n t & G en ’I M g r .

E . E . B R O W N , A g e n c y S u p e rv iso r

IO W A S T A T E T R A V E L I N G
M E N ’S ASSO CIATIO N
THOSE ELIGIBLE TO MEMBERSHIP ARE:
all who are over 18 and not more than 55 years of age,
who travel for business purposes any portion of the year
in addition to their other duties.
all men who travel and are engaged in business the duties
of which are not more hazardous than those of a traveling
salesman.
This Association Offers:
Accident Insurance at actual cost
— It has never exceeded $9.00 a
year.
many bankers are members of this association.
have not joined, send for an application now.

If you

H. E. R EX, Sec’ y and Treas.
Fleming Building

• DES MOINES, IOWA

It Opens the Door
The business card of The Lincoln National Life agent bears an actual
photograph of Abraham 'Lincoln on its back.
This likeness of Lincoln impresses the promise that the honorable traits
in the make-up of Abraham Lincoln are to be expected in the business deal­
ings of The Lincoln National Life.
Our salesmen have found that the high service ideals of The Lincoln
National Life have made it pay to
^ IN K U P ^ with THE^UNCOLf^)

The Lincoln National Life Insurance Company
“ Its

N am e

L in c o ln L ife B u ild in g

In d ic a te s

Its

C h a ra c te r”
F o r t W a y n e , In d ia n a

N o w M ore T h a n §2 9 0 ,0 0 0 ,0 0 0 in F o rc e .

56

THE

tional Association of Casualty & Surety
Agents and the International Association
of Casualty & Surety Underwriters, al­
so met during the week.
Hold Meetings in Des Moines
The Iowa Pond of the Order of the
Blue Goose held a meeting in the I. 0.
0. P. Lodge Hall in Des Moines on the
afternoon of December 7th. In connec­
tion with the business meeting there
was an initiatory ceremony and talks
by several men prominent in the pro­
fession.
A dinner was served in the evening at
the Fort Des Moines Hotel after which
the meeting of the Iowa Fire Prevention
Association convened. Richard Vernor,

E

v e r

T

NORTHWESTERN

BANKER

of the fire prevention department of the
Western Acturial Bureau, addressed the
meeting.
To Write Participating Policies
The State Life announces that their
actuarial department is now preparing a
full line up-to-date participating poli­
cies, which will be ready for presenta­
tion to the public through their agency
organization about February 1, 1924.
President Tucker states that in his
opinion, with the values of business the
State Life now has, together with the
volume of business its agency is now
writing, upon entering the participating
field, it will be in a position to ethically
compete with other participating com-

h i n k

o

f

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As a company grows the individual parts that have
helped make that growth possible— GROW W IT H IT.
The Universal Life is growing— its banker agents are
growing with it—and there is plenty of room “ up in
front.”
Already a company that has made rapid strides— it is a
company where personal efforts are not forgotten.
Every possible means of assisting its agents are cheer­
fully given— and we want to hear from men who can see
further into the future than the immediate future.
CHARLES E. W A R D , General Manager

UNIVERSAL

LIFE INSURANCE CO.
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One Great Virtue o f Insurance Lies in
the Peace o f Mind It Gives
B u t th e a c c o u n t in g d a y w ill c o m e . S e le c t c a r e fu lly , th en , th e c o m p a n y y o u r e c ­
om m e n d th a t n e ith e r y o u n o r y o u r p a t r o n s m a y be d is a p p o in te d .

The test is in the Claim Settlements.
IVe B A N K on ours and so may you.
CH O O SE T H E G R E A T W E S T E R N — I T ’S GOOD

Great Western Insurance Company
DES MOINES, IOWA


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

January, 1924

panies and to show satisfactory results
to the participating policyholders.
President Tucker also states that the
management of the State Life has been
considering writing both participating
and non-participating business for some
time, but has postponed the writing of
participating policies until the volume of
business in force and the underwriting
of the agencies would place the company
in a $50,000,000 class before the end of
the second year of its participating
business.
The State Life now has in excess of
$37,000,000 of insurance in force, and is
planning for a celebration of the forty
million dollar jubilee in the early part
of 1924, at which time the company will
hold its annual agency convention and
school of instruction.
Fight Wooden Shingle
J. A. Tracy, state fire marshal in
Iowa, is launching a campaign against
wooden shingles. Statistics show that
these combustibles are responsible for
a great many fires. Mr. Tracy con­
tends that fire-proof roofs can be pro­
vided at a moderate cost and that lum­
ber dealers see in the plan a vast sav­
ing of material that will in a measure
offset the inroads being made upon the
timber supply o f the country and at the
same time save millions of dollars in
reduced insurance rates.
N. Y. Life Agency Meeting
Fifty Iowa agents of the New York
Life, held a one-day agency meeting at
the branch office in Des Moines, Decem­
ber 6th. The meeting was presided over
by D. W. Corley, agency director for
Iowa and by C. F. Adams, agency or­
ganizer.
R. E. Whitney, inspector of agents for
the central department, with Chicago
headquarters, was the principal speaker
at the meeting. The entire party was
entertained at a luncheon at the Fort
Des Moines Hotel.
Deming Agents Set New Record
The Iowa agents for the American
Central Life of Indianapolis, under the
direction of state manager M. M. Dem­
ing, closed their “ Bring Home the Ba­
con” contest for November, with $105,000 of business issued and paid for.
This sets a new production record, for
the Iowa branch has only been in opera­
tion ten months, including November.
The prizes consisted of one pound of
bacon for each thousand written between
November 1 and 30 inclusive. The
names of the winners will not be an­
nounced until December 30th. With the
exception of one man, all the agents
of the American Central, participating
in the u Bacon” contest, are newcomers
in the life insurance business.
This is the eleventh “ Bacon” contest

THE

January, 1924

NORTHWESTERN

57

BANKER

put on by Mr. Deming, since he first in­
augurated the plan, while connected with
the Kansas City Life, eleven years ago.
Celebrate Fiftieth Anniversary
The Ancient Order of the United
Workmen recently celebrated the fiftieth
anniversary of its founding in Iowa.
Pounded in 1873, the order was the
first in its field to issue certificates pro­
viding for cash loan, paid-up and ex­
tended insurance values.
For many
years it operated the current cost plan.
The first premium certificates were
written and put in force January 1, 1912,
after the company had employed Miles
M. Dawson, consulting actuary, to com­
pute a monthly premium that would
put the order on a basis that would in­
sure for all time to come a condition of
solvency.
On January 1, 1923, the society had
insurance in force of over $18,000,000.
After eleven years of operation on a le­
gal reserve basis it had gross assets of
$2,175,273.21.
A Parody
By G. A. Fairly, Iowa Manager,
Great Northern Life
(With Apologies to James Whitcomb
Riley)
Litle OF Tin Lizzie’s
At our house to stay—
’Cause a splinter new one
’1st arrived today.
Soon w e’ll all be goin’
At a pace ’ats hard to beat,

y o u can merchandise!
Thousands o f banks all
over the country are utiliz­
ing the business-building

What Are You
Worth to
Yourself?
W o u ld y o u in s u r e th e c o n t e n t s
o f y o u r v a u lt f o r o n e -fift h o f th e
a m o u n t y o u m ig h t lo s e an d c o n ­
s id e r it e c o n o m y ?
Or
your
$50,000
b u ild in g
a g a in s t fire a t $5,000 a n d fe e l
t h a t y o u w e r e s a v in g m o n e y ?

T h e n h o w a b o u t y o u r s e lf an d
th a t m o s t v a lu a b le a s s e t — y o u r
t im e ?
W e d o n o t h a v e to p a y y o u ten
o r fifte e n d o lla r s e v e r y tim e y o u
c u t a fin g e r o r h a v e a c o ld to
p ro v e th e v a lu e o f g o o d d is a b ilit y
in s u r a n c e .

I f th is p r o p o s it io n a p p e a ls to
y o u r g o o d c o m m o n sen se, w r ite
y o u r n a m e, a g e , o c c u p a tio n , an d
a d d re s s on th e m a r g in o f th is a d ­
v e r tis e m e n t, m a il it to us, an d a
p r o p o s it io n w ill b e s u b m it t e d to
y o u in w r it in g .
N e a r ly T h ir t y Y e a r s in B u s i­
n ess. L a r g e s t D is a b ilit y P re m iu m
In c o m e in I o w a .


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

It is a new, broad step in
banking service which ap­
peals to your present or
prospective depositor in the
most powerful w ay; a final
assurance o f safety for his
c h e c k i n g transactions—
m i n u s the expense of
bothersome, ineffective me­
chanical devices.

O r y o u r $3,500 c a r f o r $500?

G o o d in s u r a n c e c o s t s m o n e y .
R e a l in s u r a n c e a g a in s t s ic k n e s s ,
r e g a r d le s s o f h o u s e co n fin e m e n t,
w o u ld c o s t le s s if s e n s ib le p e o p le
w o u ld in s u r e f o r la r g e r a m o u n ts.
F ir s t, e n o u g h t o c o v e r th e e x ­
p e n se o f a s h o r t illn e s s , in c lu d in g
s u r g ic a l o p e r a tio n s , d o u b lin g th e
am ou n t a fte r tw o w eek s, d o u b ­
lin g a g a in a f t e r f o u r w e e k s , and
a g a in a f t e r t h r e e m o n th s , so th a t
in c a s e o f a rea l p h y s ic a l b r e a k ­
d o w n , t h e r e w ill b e g u a r a n t e e d a
d e fin ite in c o m e .

W hizzin’ ’round the corner
Chasin’ up the street.
A n ’ when we reach the Country
A n ’ settle down to run,
’A t ’s when us little children
’As the mostest fun,

force of checks positively
protected against fraudulent
alteration.

B A N K E R S
A C C ID E N T
INSURANCE CO.
DES

M O IN E S

It is the argument you have
needed, in converting those
“ bank shy” folks who still
prefer a sock— or at best
the safety deposit box.
It enables you to cash in on
our “ P A Y B Y CHECK”
advertising campaign — in
The
Saturday Evening
Post,
Literary
Digest,
American Magazine, Forbes
Magazine, Country Gentle­
man, and other publications.
It brings new deposits—
holds present accounts
m ore surely.
W ill you let us tell you how
. . . . and w hy? W rite
today.

T h e Bankers Supply
C om p an y
Largest manufacturers of bank checks

F. L. M iner, Pres., E. O. Budlong, V . P.
J. A. Klzer, Sec’y
‘ “ You

can

bank

on

the

Bankers”

We have an agency proposition for banks
that will interest you.

in the world
New Y ork
Atlanta

Chicago
Dallas

San Francisco
Denver

58

THE

’Cause Pa he ’ist steps on the gas—
While us kiddies yell an’ shout
Our A uto’ll gitehe
Ef you
Don’t
Watch
Out!
Onc’t when we was riddin’
Out Dan Godfrey’s way,
We came across o l’ Dobbin
Hitched to the family Shay.
A n ’ ’fore o l’ Godfrey knew it,
We rushed right by ’is side,
A hookin’ an’ a chuggin’
’Ith cutout open wide.
A n ’ when we turned the corner—

O LD

NORTHWESTERN

BANKER

All ’at one could see
Was Dobbin in the meadow,
The Shay up in a tree.
A n ’ o l’ Godfrey standin’ on the ground
’Is stuff all strewn about,
The A uto’ll gitehe
E f you
Don’t
Watch
Out!
One fine Sunday mornin’,
We bundled in a load,
A n ’ started up the river
On a shady road.
Soon it started rainin’,
A n ’ the road got awful slick,

L IN E

GUARANTY
Z
ife-Jn su ra n ce ¿Company
DAVENPORT - —-IO W A

Are You Looking
for This?
F YOU are seeking a company whose chief aim
is to keep each one of its agents satisfied and
help them to become really big producers, doing
so by its hearty cooperation ;

I

And a company that strives to give policy-holders
every possible advantage, and is financially strong and
capable enough to do so—then you are looking for
the GUARANTY LIFE.
In all of these the GUARANTY LIFE is the kind
of company every agent is seeking. Strong, progres­
sive, growing rapidly— the GUARANTY LIFE of­
fers a number of progressive men an excellent op­
portunity— everything that means success.
And—if you are an agent of ability, the GUAR­
ANTY LIFE is looking for you. Let’s get better
acquainted—now!

L. kJ. DOUGHERTKSecretan/'Gen. Manager

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

January, 1924

A n ’ all at onc’t we skidded
Right into Miller’s Crick.
Baby started squallin’,
A n ’ Bob begin to yell,
Pa swore somethin’ awful—
But Gosh! I mustn’t tell.
Ma ’ist set an pondered
A n ’ said ’ithout a doubt,
An A uto’ll gitehe
E f you
D on’t
Watch
Out!
But when the day is over,
A n ’ it ’s time to go to bed,
’Ats when I think of teacher
A n ’ all the things she said.
’Bout a Big Black Monster
•’Ith two big glarin’ eyes,
’At slips right up behind you
A n ’ takes you by surprise.
A n ’ how I mustn’t cross the street
’Ithout lookin’ up to see
E f one of them Big Monsters
Was chasin’ after me.
A n ’ ef I wasn’t careful
When I go the street about,
An A uto’ll gitehe
E f you
Don’t
Watch
Out!
Why Accounting Benefits Business
J. E. Cleary, president of the firm of
Cleary and Winzer, Chicago insurance
accountants, was a recent visitor in Des
Moines, on a business trip. Mr. Cleary
is thoroughly sold on the value of an
accurate accounting system for all lines
of business, and for insurance in par­
ticular. He makes the following com­
ment in regard to why some firms fail
while others prosper:
“ The Federal Trade Commission has
stated that the lack of adequate account­
ing methods may be ranked with lack of
capital as one of the chief causes con­
tributing to the failure of business en­
terprises. Officials of that body have
been quoted as saying that an attempt
to conduct any business without a sys­
tem of accounting adapted to its par­
ticular needs represents an effort -that
is about as intelligent as pitching pen­
nies to a crack.
“ In a country where the possibilities
of securing business are dependent only
upon the industry and ability of those
interested in the success of any under­
taking, the chief problem consists of in­
telligently taking care of the business
when it is received with the idea of mak­
ing the largest percentage of profit ob­
tainable. This is particularly true of
the insurance agency business where
competition is most keen and the secur­
ing of business requires a high type of
salesmanship representing familiarity
with all the highly specialized and tech­
nical phases o f insurance.

January, 1924

THE

“ To convert the results secured from
such salesmanship into profits, it is only
logical that a method of recording the
income and expense that is intended for
the business of insurance should be fol­
lowed. Intelligent effort along sales
lines can only be based on the results of
previous efforts and their record of suc­
cess or failure. The status of the busi­
ness should be instantly available at all
times and in a way that is intelligible in
terms of insurance phraseology. In sell­
ing insurance one must have insurance
experience, and in accounting for the
proceeds of such sales the general prin­
ciples of accounting must be applied
from the standpoint of experience with
insurance.
“ It is our experience that the selling
of insurance is not the only factor neces­
sary for success. This organization, in
its insurance accounting service, features
the same degree of specialization that
has been applied to the greater success
of all insurance activities.”
N. Y. Indemnity Announces Promotion
The directors of the New York Indem­
nity Company approved the appoint­
ment of T. Davidson Brown as vice pres­
ident, Thomas L. Bean, as vice president;
Arthur H. Robinson, as treasurer, and
H. J. Lofgren as comptroller.
Mr. Brown will handle the fidelity and
surety affairs of the company. Mr. Bean
has been with the company since it
broadened its activities in the casualty
field, and has done excellent work in
establishing its agency staff. Mr. Rob­
inson has also been active in the com­
pany’s expansion. Mr. Lofgren, who is
also comptroller of the National Surety,
has heretofore been acting as treasurer
of the New York Indemnity. The pro­
motions are well merited recognition of
able services already rendered.
Beckwith Made Vice President
Following a meeting of the board of
directors of the London & Lancashire
Indemnity Company, President A. G.
Mcllwaine announced that Oliver R.
Beckwith, who has been general counsel
o f the company, had been elected vice
president, succeeding William Thomp­
son, who retires from the service of the
company to re-enter fire insurance.
While serving as general counsel Mr.
Beckwith has acted in an advisory ca­
pacity in the underwriting department
also. His advancement is in line with
President Mcllwaine’s policy to promote
men in the organization if possible as
vacancies occur.
Mr. Beckwith has been in the casualty
business for eighteen years. He was
born at Collinsville, Connecticut, in 1877
and was educated in the high school of
that town and in the engineering and
law departments of Cornell University,
from which he was graduated in 1898

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

NORTHWESTERN

BANKER

with the degree of LL.B. In 1905 he
entered the claim department of the
Travelers. After five years with that
company he became superintendent of
the claim department of the Aetna Life,
becoming successively attorney and coun­
sel. He joined the London & Lanca­
shire Indemnity in 1922.
Resigns Presidency
Dr. W. A. Granville, educational di­
rector of the United States National Life
& Casualty of Chicago and of the cas­
ualty department of the National Life of
U. S. A., has resigned as president of
the Insurance Economics Society of
America. The two companies with which
Dr. Granville is connected have recently

59

resigned as members of the Health &
Accident Underwriters Conference.
Maryland Casualty Promotes
The Maryland Casualty Company an­
nounces the appointment of two new de­
partment superintendents.
Stanley M. Ward, Jr., who has been
underwriter of the boiler, engine and
electrical machinery lines, has been given
the title of superintendent of boiler, en­
gine and electrical machinery depart­
ment, and W. L. Francis, who was un­
derwriter for sprinkler leakage and
water damage lines, has been made su­
perintendent of sprinkler leakage and
water damage departments.
The new superintendents started as

The Value of Life
Insurance
Don?t you feel just a little more safe on
------------those notes where you know the
maker has some old line life in­
surance?
W hen an accident occurs in your
----------community, what is one of the
first questions asked? “ How
much life insurance did he
carry?”
A re you doing your share toward en---------- couraging your customers to se­
cure life insurance?

Life and Endowment policies for men, women and children
For particulars address

nsurancGCompany
OF DES MOINES. IOWA

T H E SU CCESSFU L W E S T E R N C O M P A N Y

THE

60

NORTHWESTERN

BANKER

O F F I C E R S

JO H N W . W A D D B N
P r e s id e n t
E U G EN E R E IL E Y
V ic e P r e s id e n t
T H O S. A . W A D D E N
V ic e P r e s id e n t a n d C a sh ie r
W . H . T. P O S T E R
V ic e P re s id e n t
W . I. T H O M P SO N
V ic e P r e s id e n t
C. W . T H O M P SO N
V ic e P r e s id e n t
L. A. G R A Y
A s s is t a n t C a sh ie r

The N ew Year
TIM E when business takes a
new start-a time when it takes
on renewed energy for the twelve
months to come.

A

W e appreciate the opportunity it
gives us to greet each of those whose
friendship we cherish.
May we continue to be of service
to you throughout a brighter, better
New Y ear than ever before.

The

Sio u x F alls N ational
bank

S ioux Falls, S outh D ak ota


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

January, 1924

minor clerks and by intelligent and loyal
work for the company have fairly earned
various promotions leading to the super­
intendency of their departments.
Changes in Hail Business
The advisory committee of the West­
ern Hail Insurance Association met re­
cently in Chicago and recommended the
following changes to the executive com­
mittee : 1. The use of a 10 per cent de­
ductible clause carrying the provision
that the assured must bear the first 10
per cent of every loss, this clause to per­
mit a 10 per cent reduction in rates. 2.
Commissions to be altered so as to pro­
vide : 1 2 ^ per cent on unguaranteed
notes; 15 per cent on guaranteed notes
and certificates of deposit, and 20 per
cent for cash payments. 3. The ad­
visory committee strongly recommends
that both the Western Union and West­
ern Insurance Bureau continue jurisdic­
tion of the hail business.
James B. Cullison, Jr., manager of the
hail departments of the Aetna, North
America and Springfield, presided as
chairman. The changes, the most im­
portant of which is the one relating to
commissions, will be voted on at the an­
nual meeting of the executive committee
on December 12th.
Members of the advisory committee
are as follows: James B. Cullison, Jr.,
chairman, Aetna, Springfield and North
America; Glenn L. Cavanaugh, Agricul­
tural ; W. A. Gordon, American, Fire­
men ’s and Security; Jacob Nelson,
American Eagle, Fidelity-Phenix and
Continental; L. G. Warder, Hartford;
John P. Campbell, Home; L. B. Van DeWall, Northwestern Fire & Marine. W.
J. Otien, representing the Security, and
A. W. Perry of the St. Paul F. & M.,
the two other members of the committee,
were not able to be present.
Do You Solicit All of These?
Solicit the young man who is anxious
to save. The best example of systematic
savings is found in life insurance.
Solicit the man starting in business for
himself; his life insurance will be an
evidence of dependability.
Solicit the managers of a business
corporation; such risks must be covered.
Solicit the newly married man, as he
certainly needs the protection of life in­
surance.
Solicit the merchant working on bor­
rowed capital; life insurance is a big
factor in the business world today.
Solicit the investor needing protection
for his deals; most investors really need
protection.
Solicit the man whose friend, neighbor
or relative has recently died; he will be
in a receptive mood.
Solicit any man who has not fully pro­
tected his dependents by carrying enough
life insurance.— The Ose-li-co.

January, 1924

THE

N O R T H W E S T E R N

61

B A N K E R

News of South Dakota Banks and Bankers
O fficial P u b lic a tio n S o u t h D a k o ta B a n k ers A sso c ia tio n

EXECUTIVE COUNCIL
South Dakota Bankers Association
P r e s id e n t . . . .A . K o p p e r u d , P r e s id e n t S e c u r ity B a n k & T r u s t Co., W e b s t e r
V ic e P r e s id e n t . . .F r e d B. S tiles, V ic e P res. F ir s t N atl. B a n k , W a te r t o w n
S e c r e t a r y ............................................................................................L. J. W e lc h , M itc h e ll
T r e a s u r e r ........... H. C. S n o d g ra s s , C a sh ie r S ta te B a n k o f I n t e r io r , I n t e r io r
E in e r J o h n s o n , G r o u p 1 ..................................C a sh ie r V o lin S ta te B a n k , V o lin
F. M. E n r ig h t , G r o u p 2 ............P r e s id e n t H o m e N a tio n a l B a n k , D e ll R a p id s
J. W . B r y a n t, G ro u p 3 . . V ic e P re s . C o m ’ l T r u s t & S a v in g s B a n k , M itc h e ll
E . R . Z a le s k y , G ro u p 4 .........................P r e s id e n t F ir s t N a tio n a l B a n k , E lk t o n
T h o s. O’ B r ie n , G ro u p 5 ............................. P re s id e n t H o v e n S ta te B a n k , H o v e n
T. E . G a g e , G r o u p 6 ..................................C a sh ie r F a r m e r s S ta te B a n k , G r o to n
C. D. S m ith, G r o u p 7 .........................P r e s id e n t F ir s t N a tio n a l B a n k , L e m m o n
S. J. C la r k e , G r o u p 8 ............................... C a sh ie r F a r m e r s S ta te B a n k , N e w e ll
J. W . S te w a r t, G ro u p 9 .........................P r e s id e n t F a r m e r s S ta te B a n k , D a lla s

Helping Farmers Save Their Pigs
B y H. C. Stevens
B eg in

n ow

to

repair

the

h og b arn fo r a nice c o m fo rt­

Cashier, Kaylor State Bank,
Kaylor, South Dakota

able quarters fo r the b rood
sows that w ill be k ep t fo r the

W H IC H ?

com in g year. I f y o u are short
o f fu n d s fo r this p u rp o se, see

A

poor hog house w hich

u s, as we b elieve it m o n ey
w ell spent.

breeds in fectio n and disease,

TH E K A Y L O R STA TE B A N K

Or

Kaylor, South Dakota

losses.

A good hog house w h ich is
sanitary, saves the pigs and

I

T IS my personal belief that the
average farmer looses enough pigs
to pay for a hog house every year
through cold and wet weather and early
farrowing. I am now speaking for the
territory in which I am located, as we
have a much later spring than Iowa, for
example, but I believe in better hog
houses and for the farmer to try and
keep 20 sows where he formerly kept
five or ten sows. I think that the heavy
losses in the small pigs comes from too
close quarters, improper ventilation, to
early farrowing in the cold and wet
weather and as the sow nurses down, it
is too long before the little pig gets
grass, the good food mother nature pro­
vides for them. I believe that with
better hog houses, a little later farrow­
ing will save many o f the little pigs
that would otherwise be killed by too
early farrowing.
Also I believe in having plenty of
milk for the little pigs. A few good
dairy cows added to each farm will help
pay bills and the food value derived
from the milk will aid the little fellows
in getting a good start in life.
Last fall I placed among the farmers
here seven carloads of Holstein heifers.

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

Have you prepared nice, com­
fortable quarters for that brood
sow who will farrow in cold, wet
weather? Do it now, repair, and
save the little pigs.
Money invested in this way
will bring the largest returns. If
you need funds ask us, the bank
that stands behind the people.
TH E K A Y L O R S T A TE B A N K
Kaylor, South Dakota

m akes the fa rm er a profit by
saving the little pigs.
W e urge every hog raiser
to ask us i f he needs m on ey
to erect or reb u ild his hog
houses this fa ll, as we k n o w it
w ill be m on ey w ell spent, and
w ill brin g every fa rm er big
returns.
W e have p len ty o f m on ey
to loan fo r this purpose.
The
K A Y L O R STATE B A N K
K a y lo r , South D akota

These heifers were picked in Minnesota
and Wisconsin by the writer, and some
very good results were obtained.
When I get to writing on hogs and
dairy cattle or talking to the farmers, I
grow very enthusiastic. I am a “ nut”
on dairy cattle and enjoy handling them
myself.
In regard to the pig weaning con­
test that we put on last winter and early

this spring: There were about 35 farm­
ers that registered. I am very much
surprised that there were so few as it
costs nothing to enter. But from this
contest I have come to this conclusion,
that the average farmer has kept too
many sows for the size of the hog house.
We will soon run the ads shown on
this page, stating that we will loan
money at a little cheaper rate to en­
courage the farmer to erect larger hog
houses and this will save the loss in
the small pigs. The loss this year around
here has been tremendous and it is
mostly carelessness on the part of the
farmer, as for a couple of hundred dol­
lars he could erect a new or repair the
old hog house which would enable him
to save at least 15 per cent more of his
pigs and this in turn would about pay
for the cost of the building.

Old books, old wine, old Nankin blue,
All things, in short, to which belong
The charm, the grace that Time
makes strong,—
All these I prize but ( entre nous)
Old friends are best.—Dobson.

62

THE

N O R T H W E S T E R N

B A N K E R

January, 1924

Cows
and PigS
will make the farmers of
your community more pros­
perous, making it possible
for you to become a greater
institution.
Boost the Good Move­
ment Along.

U. S. Check Book Co.
O m a h a , N ebraska

No Need

Bank. It is reproduced from a bulletin gotten out by the American Live Stock In­
surance Company of Omaha, who recognized in the stunt a very novel idea for
the promotion of pig raising.

to

Worry
about competition if you
are selling Interstate poli­
cies.
There is none.
Interstate men sometimes
are fooled by “ the green
grass on the distant hill.”
But they come back nine
times out of ten — and
that tells the story.
Our policies are imitated
but not equaled—and our
agents’ contracts are the
kind you have been look­
ing for.
Now, then, is the time to
write us.
Chos.V-.Ni<-V>o\ion Pres.
H R -W ood S>o-t.

T H e I N T E © -S T A T E

Sioux Falls Bank Clearings
Business continues to increase tre­
mendously, as shown by the bank clear­
ings ledger of the Sioux Falls, South
Dakota, clearing house. The total amount
of checks which passed through Sioux
Falls banks in November was greater
than for the same month a year ago
and greater than for the month of Octo­
ber. The amount of business in 11
months this year amounts to $8,000,000
more than was done in the entire year
1922, according to the records.
Clearings for the month totaled $13,711,099.97, or about $2,500,000 more than
for November, 1922, when the total was
$11,200,879.03. The increase over Octo­
ber of this year amounted to about $80,000.
The amount of business done so far
this year totals more than $20,000,000
more than for the same period in 1922.
The aggregate clearings for the 11
months this year are $144,683,369.34 and

f

New Building at Belvidere
Another new South Dakota banking
house is being erected at Belvidere, by
the Dakota State Bank. It will be a
fireproof building of brick and tile and
will cost about $6,000. The new build­
ing is to be completed by the first of
the year.
Genius only leaves behind it the monu­
ments of its strength.—Hazlitt.

M R . b a n k e r
of South Dakota:
South Dakota money does South Dakota the most good when
it is kept working in South Dakota. Why not represent a good
insurance company that helps you bring this about?

SURETY Co.
R E O F 'E l D, 8

for the 11-month period in 1922 were
$124,237,980.78.
The trend of business away from the
depression of 1921 and early 1922 is
strikingly indicated by the fact that
the clearings for the 12-month period
ending now are more than $23,000,000
greater than for the 12-month period
ending a year ago. A compilation shows
the clearings total for the past 12
months to be $157,047,415.43 and for the
period ending a year ago as $133,988,209.91.

F I R S T N A T I O N A L L IF E

O.

IN S U R A N C E C O M P A N Y
P IE R R E


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

SOUTH DAKOTA

January, 1924

THE

N O R T H W E S T E R N

B A N K E R

^

n

63

What the Dairy Can Do for
South Dakota
B y W . W . Woodard
Vice President, The Gonde Bank,
Conde, South Dakota
The banks and bankers of South
Dakota should do all they possibly can
to encourage dairying and diversified
farming within our state. We must
get away from the one crop idea of farm­
ing to the successful method of dairy­
ing and diversified farming. The sooner
we adopt the latter method of successful
farming, in such an agricultural and
stock raising state as ours, the quicker
will be our return to a permanent
prosperity.
As a banker, I have been preaching
the good doctrine of dairying and di­
versified farming, the raising of more
corn, hogs, alfalfa and sweet clover, over
the bank counter for the last four years,
and as a farmer, I have been carrying
out in actual practice for the last three
years what I have been preaching over
our bank counter. I have made good
progress during the past three years in
the raising of corn, hogs and alfalfa,
but knew there was one big item missing
to make it a successful farming combina­
tion, and that was the. dairy cow. So on
September 1st of this year, I introduced
the dairy cow on my farm and the follow­
ing results are conclusive evidence that
prosperity will follow the dairy cow :
The milk and cream receipts from seven
cows during the month of September
amounted to $176.55. In October, a few
more cows were milked and the receipts
from milk and cream were $257.12. Last
month, November, twenty cows were
milked and the total receipts from the
sale of milk and cream amounted to
$404.38. And we are going to do a
little better than that in December.
I am vice president and director of
the above bank, having purchased the
controlling interest and moved here in
1919. I live out on my farm, two miles
from Conde and drive back and forth
to the bank each day.
Mobridge Banker Married
Harry 0. Peterson, of the Citizens
State Bank of Mobridge, South Dakota,
was married recently to Miss Anthonia
Thorstenson of the same city. They will
make their home in Mobridge.
Joins Dakota Trust and Savings.
E. C. Sigler, formerly of Leola, has
assumed the duties in connection with
the trust department of the Dakota
Trust and Savings Bank, Sioux Falls.
He will take over the position left va­
cant by the resignation of C. 0. Ulven.
Mr. Sigler was educated in Illinois.
After completing his high school work,
he studied at Dickson and Ewing col
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

x^

fü
SIO U X

iio
FALLS,

a
ß

lJ J ß

Jn

o in p t m

m
d

r Ä
SOUTH

c

e

D AKO TA.

1923
has brought forth more forcefully the strength of
the Policyholder’s, a South Dakota Company, do­
ing business in South Dakota alone.
Bankers
making a connection with a South Dakota Home
Company are assured of increased business in their
bank’s Insurance Department. Get in touch with
the Policyholder’s at once for quick results.

OFFICERS
Guy C.Barton
PR E SID E N T

S.H Wiimer

VICE-PRES.
MGR.AOENTS

H.O Chapman
SECRETARY
TR E A SUR E R

“A SOUTH DAKOTA COMPANY’

Because of our knowledge and experience in handling the accounts
of banks and bankers in South Dakota— because of our familiarity
with the problems in this state— because of the personal attention
and the personal service which we render to all of our customers,
we are in a position to serve you satisfactorily and well.
N. O. MONSERUD, President
TOM COSTELLO, Vice President
CARL G. NELSON, Asst. Cashier
O. A. H AYW ARD, Vice President
ERICK G. HOLDEN, Asst. Cashier
V. H. MASTERS, Cashier
HOLTON DAVENPORT, Trust Officer
C A P IT A L A N D

S U R P L U S , »1 3 0 ,0 0 0 .0 0

Dakota Trust & Savings Bank
Sioux Falls

South Dakota

A Bank f o r Bankers
In O u r
Territory

Security National Bank
SIOUX FALLS, S. D.

Capital, Surplus and Profits, $500,000.00
OFFICERS:
W Z SHARP President
DELMAR O. IX)WE. Assistant Cashier
D." A.' M eCri.bOU GH, Vice President
J. V LOWE Assistant Cashier
TOHN BARTON. Oaahier
OLIVER A. BRAT, Assistant Cashier
F. W. KONEMAN, Manager Farm Loan Dept.
E S T A B L I S H E D 1890

64

THE

N O R T H W E ST E R N

BANKER

S T A T E M E N T OF C O N D IT IO N

The First National Bank
Watertown, South Dakota
SEPTEMBER

14, 19 2 3

R E SO U R C ES

L IA B IL IT IE S

Loans and Discounts. .$931,182.79
O verdrafts...................
1,500.79
Bank
Building
and
Fixtures .................
41,587.41
Stock in Federal Re­
serve Bank . . . . . .
5,250.00
Other Bonds and War­
rants ......................
60,541.34
U. S. Liberty and Vic­
tory B o n d s ............ 244,850.00
Cash, due from Banks
and TJ. S. Tr......... 327,520.62

Capital Stock .............$100,000.00
Surplus
Fund . .$75,000.00
Profits and
Reserves 17,432.60
92,432.60
99,995.00
Circulation .................

Deposits .

$1,612,432.95

. 1,320,005.35

$1,612,432.95

T h e Oldest Bank in Codington County
H. J. F A H N E S T O C K , Pres.

F. B. S T I L E S , Vice Pres.

Capital and Surplus
$7,000,000

We offer our facilities to out-oftown banks and bankers desiring a
complete Chicago correspondent
service in domestic and foreign
banking. An opportunity to ex­
plain the benefits of both our serv­
ice and a strong banking connec­
tion is desired.

CentralTrust
COMPANY OF ILLINOIS
C H IC A G O


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Federal Reserve Bank of St. Louis

January, 1924

leges, graduated as bachelor of science
from Dickson college. Afterwards he
entered the University of Illinois, from
which he graduated as bachelor of laws.
At one time he taught school, and was
principal of the public schools at Kempton, 111., for two years. He partly
worked his way through the university,
by making abstracts for the Champaign
County Abstract Company of Cham­
paign County, Illinois.
He came to
South Dakota in 1909 and located at
Leola, where he commenced the practice
of law, and at the same time was man­
ager of the McPherson County Abstract
Company. In 1911 he was elected county
judge of McPherson county.
Mr. Sigler has conducted a general
practice of law since 1910, specializing
in titles, probate and property laws.
Adds to Chicago Plant
The favorable response of American
bankers to the program of super-safety
insured bank checks, which eliminate
one of the hazards of the banking busi­
ness: i. e., the hazard of fraudulently
altered pen or machine written checks,
up to a thousand dollars for each de­
positor, has been so great, that The
Bankers Supply Company, because of
the great popularity of these checks and
the increased volume of business,
coupled with standardized manufactur­
ing methods, have been able to make
four reductions in prices of these checks.
They are just completing a new one
hundred and fifty thousand dollar addi­
tion to their Chicago factory, which will
provide a factory more than 450 feet
in length, which is the largest ground
floor lithographing plant in the western
country.
In addition to super-safety insured
bank checks, The Bankers Supply Com­
pany manufacture a line of antique
Moorish savings and commercial pass
books, check covers, etc., which are very
distinctive. It has been very interest­
ing to note the development of The
Bankers Supply Company in the past
seventeen years, from a very small con­
cern, with $25,000 capital, with onfe
small factory at Denver, Colorado, to
a national institution with a capital of
over a million dollars and with factories
at Chicago, New York, Dallas and Den­
ver, and sales offices in addition to the
above, at San Francisco and Atlanta,
Georgia.
Mr. Chadwick, who as a part owner,
sold the entire production of the com­
pany in the early days, now directs its
activities. The greater protection of
bank checks for bankers and depositors
has been his hobby for many years.
Treat your friends for what you
know them to be. Regard no surfaces.
Consider not what they did but what
they intended.— Thoreau.

January, 1924

THE

WHAT A. I. B. IS DOING IN NORTH­
WEST TOWNS
(Continued from page 38)
time it has grown until this year it has
a membrship of 94. Out of this number
there are ten standard certificate holders.
At present the following subjects are
being taught: Elementary banking, ne­
gotiable instruments law, political econ­
omy, accountancy and public speaking.
The chapter has the support of the
Sioux City Clearing House and while not
many of the officers of the banks are tak­
ing the work, they are very much in­
terested.

N O K T H W E S T E R N

The Lincoln

The Carpenter

S IO U X F A L L S . S. D .

L IN C O L N , N E B .

1 7 5 Rooms, 1 2 5 W ith Bath
Rates: From $ 1 .5 0

2 5 0 Rooms, 1 7 5 W ith Bath
Rates: From $ 1 .5 0
The Lincoln

The Cataract

SCOTTSBLU FF, NEB.

S IO U X F A L L S , S. D .

1 0 0 Rooms, 6 5 W ith Bath
Rates: From $ 1 .5 0
The Montrose

1 7 5 Rooms, 1 0 0 W ith Bath
Rates: From $ 1 .5 0
The Fontenelle

OM AHA,

S I O U X F A L L S , S. D .

65

B A N K E R

C E D A R R A P ID S , IO W A

NEB.

3 0 0 Rooms, 2 5 0 W ith Bath
Rates: From $ 2 .0 0
The M artin

3 5 0 Rooms, 3 5 0 W ith Bath
Rates: $ 3 to $ 5
The Lincoln

TABLE
Rates:

ROCK.

S IO U X

NEB.

Attractive Sample Rooms In Each

OFFICERS

Howard Blake, Sioux Falls National
Bank, Pres.
Earl Marston, Sioux Falls Trust and Sav­
ings Bank, Vice Pres.
Hazel Roberts, Commercial and ¡Savings
Bank, Sec’y-Treas.

C IT Y , IO W A

3 5 0 Rooms, 3 0 0 W ith Bath
Rates: From $ 1 .7 5

From $ 1 .2 5

Hotel

EPPLEY HOTELS COM PANY
E X E C U T IV E

O F F IC E S ,

Hotel Fontenelle, Omaha, Neb.

“HEADQUARTERS

O F H O S P IT A L IT Y ”

Board of Governors

G. H. Dahl, Sioux Falls National Bank.
M. I. Orms, ¡Security National Bank.
Thomas Wadden, Sioux Falls National
Bank.
Wm. Duffy, Sioux Falls Trust and ¡Sav­
ings Bank.
E. J. O’Bleness, Sioux Falls National
Bank.
Sioux Falls Chapter was organized in
November, 1922, and is now in its second
year of activity. It now has a member­
ship of about 60 all of whom are active.
During the first year elementary banking
was offered to the members, and approxi­
mately 30 certificates were awarded at
the end of the season. This year in addi­
tion to a resumption of that course, one
in commercial law is added and the larger
number of members are registered in
this class. The meetings are held weekly
and take the form of lectures and round­
table discussions. Members are permitted
and in fact encouraged to bring before
the meetings any questions that may come
up consistent with their line of work.
General meetings are being planned at
which time classes will be suspended and
varied entertainment will be substituted.
While the chapter is primarily a Sioux
Falls organization no restrictions are
placed on bankers from outside points.

W I N O N A , M IN N .
OFFICERS

E. H. Johnson, teller, Winona Savings
Bank, Pres.
Tom M. Brown, Assistant Secretary Mer­
chants Trust Co., Vice Pres.
Miss Esther Koetz, bookkeeper, Winona
National Bank, Sec’y.
Earl C. Binkham, teller, Deposit Bank
and Trust Co., Treas.
The Winona Chapter was organized
May 1, 1920, and is now in its fourth

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Federal Reserve Bank of St. Louis

IN A B E R D E E N
we stand ready to serve the
financial and commercial
interests of this territory.

Citizens T ru st &
Bank

Savings

ABERDEEN, SOUTH DAKOTA

D. H. LIGHTNER, Cashier

G. N. HERREID, President

W h y Queen City Agencies Are
Popular
E v e r y w h e r e y o u h e a r p r a is e o f Q u e e n C ity a g e n c y c o n t r a c t s . I t is m a in ly
b e c a u s e Q u een C ity is a m a z in g ly u n s t in t in g in e v e r y b r a n c h o f s e r v ic e .
I t is th is b r is k , b u s in e s s -lik e s e r v ic e t h a t h a s p o p u la r iz e d Q u een C ity
a g e n c ie s ; a n d it is f r ie n d ly c o -o p e r a t io n th a t k e e p s th e ir p o p u la r it y w a rm .
I f a c o m p a n y , w h e r e s e r v ic e in a ll b r a n c h e s is n e v e r c o n s id e r e d c o m ­
p le te u n til e v e r y a n g le h a s b e e n c a r e fu lly g o n e o v e r , m e a n s a n y th in g
in th e w a y o f in c r e a s e d b u s in e s s to y o u , th e n w r it e th e Q u een C ity to d a y .

THE

66

year.
It has ninety-four members.
These include every active officer and
employee of the Winona Banks and
Trust Companies.

Banks
an d b a n k e r s
s e e k in g a n E a s te r n
c o rr e sp o n d e n t or a d ­
d itio n a l fa c ilitie s are
a ssu re d o f a se rv ic e
b a se d upon p r a c tic a l
k n o w le d g e
o f th e ir
n eed s.

THE NATIONAL

SHAWMUT BANK
40

W a te r

S tre e t,

B o sto n

N O R T H W E S T E R N

B A N K E R

The chapter conducts two educational
classes with a combined enrollment of
forty members. The class in elementary
banking meets every Monday evening
from 7:00 to 8:00 p. m., with E. H.
Johnson, instructor. The negotiable in­
struments class meets every Thursday eve­
ning from 7:00 to 8:00 p. m., with Atty.
H. M. Bierce, instructor. It has fifteen
members who have graduated from the
elementary course.
Winona chapter sent delegates to the
last three A. I. B. National Conventions
held in Minneapolis, Portland and Cleve­
land.
The social activities are very prominent

January, 1924

in the work of the chapter. It has held,
during the past seven months, three din­
ner parties with programs, a moonlight
excursion on the Mississippi, a dancing
party, and a joint picnic with Olmsted
County Chapter.
Completes Twenty-five Years of Service
With his re-election as president of
the Marshalltowm State Bank, A. F.
Balch completed twenty-five years as
head of the business and forty years
as an employe and officer. A coincident
that other officers of the bank recall is
that during the twenty-five years Mr.
Balch has been president he has never
missed attending an annual meting.
Although he has been sick, Mr. Balch
was able to come to the bank a short
time Tuesday for the meeting.
In 1883, a year after coming to Mar­
shalltowm, Mr. Balch entered the employ
of the Marshalltown State Bank as
bookkeeper. He was successively as­
sistant cashier, cashier and vice presi­
dent.
Following the death of Fred
Grumme, president, Mr. Balch was
elected to the office for the first time,
December 13, 1898.
“ Selecting a Chicago Correspondent’ ’
The Union Trust Company of Chicago
has just issued a most attractive folder
on ‘ ‘ Selecting a Chicago Correspond­
ent,” in book form, 26 pages. It bears
a beautiful cover and is a clearcut an­
alysis of a bank’s requirements in
choosing a Chicago connection. Start­
ing with an artist’s sketch of the Union
Trust Building, and a word of greeting
from Frederick LI. Rawson, president,
the book goes on to enumerate some of
the requirements as follow s: Chicago
Exchange, payment o f interest, borrow­
ing facilities, collection facilities, invest­
ment policies and services, foreign
items and exchange, credit information,
trust service, new business cooperation,
and miscellaneous services. Each item
is covered very thoroughly and explains
the services that can be rendered by
the Union Trust.
On the last page is a folder, contain­
ing a series of advertisements recently
used by the Union Trust on the sub­
ject of “ The seven essentials of a
Banking Home.” These are listed as:
Safety, spirit, experience, caliber, con­
venience, completeness, and prestige.
The book has been given widespread dis­
tribution.
New Jersey’s white potato crop of
2,000 carloads, one-half what it was in
1922, will yield Jersey farmers more this
year than last. Prices run three times
what they were last year. Meanwhile
Jersey “ sweets” maintain their dry, mealy
excellence, so long the standard of table
quality.— Chicago Journal of Commerce.


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Federal Reserve Bank of St. Louis

•January, 1924

THE

N O R T H W E S T E R N

NEB RASKA

67

B A N K E R

BANK

NEWS

O F F IC E R S O F T H E N E B R A S K A B A N K E R S A S S O C IA T IO N

P r e s id e n t. . . .C. A . M in ic k , V ic e P r e s id e n t F ir s t N a tio n a l B a n k , C r a w fo r d
C h a irm a n E x e c u t iv e C o u n c i l .. .C . A . S m ith, V ic e P re s . T ild e n N atl. B a n k
T r e a s u r e r . . . . H. C. N ic h o ls o n , V ic e P res. P a c k e r s N a tio n a l B a n k , O m ah a
S e c r e t a r y ............................. W m . B. H u g h e s, 908 W o o d m e n B u ild in g , O m aha
G e n e ra l C o u n s e l. . E d w a r d M. M a rtin , B r a n d e is T h e a t e r B u ild in g , O m ah a
E X E C U T IV E

C O U N C IL

H. G. W e ll e n s i e k ......................................................P r e s id e n t H a r v a r d S ta te B a n k
C arl W e i l .......................V ic e P r e s id e n t N a tio n a l B a n k o f C o m m e rce , L in c o ln
H. C. N i c h o l s o n ......................V ic e P r e s id e n t P a c k e r s N a tio n a l B a n k , O m ah a
F r e d K u e n n e t h ......................V ic e P r e s id e n t F ir s t N a tio n a l B a n k , H a s tin g s
S. J. W e e k e s ............................................... .............P r e s id e n t O’ N e ill N a tio n a l B a n k
M a rk S p a n o g l e ..................................................................... C a sh ie r B r id g e p o r t B a n k
D a n V . S te p h e n s ......................................................P r e s id e n t F r e m o n t S ta te B a n k
G e o r g e W . W o o d s ...................................... C a sh ie r L in c o ln S ta te N a tio n a l B a n k
J. H. D o n n e l l y ............................................................ C a sh ie r S ta te B a n k o f O m aha
J. B. G i b s o n ...........................................P r e s id e n t N e b r a s k a S ta te B a n k , N o r fo lk
W a lt e r M. R o d m a n .........................P r e s id e n t A m e r ic a n S ta te B a n k , K im b a ll
P. L. H a ll, J r ...................................... C a sh ie r F ir s t N a tio n a l B a n k , G r e e n w o o d
C. A. S m it h ....................................................V ic e P r e s id e n t T ild e n N a tio n a l B a n k
I. R . A l t e r ........................................ C a sh ie r F ir s t N a tio n a l B a n k , G r a n d 'I s la n d
W . P. R o o n e y .............................................C a sh ier C h a d ro n S ta te B a n k , C h a d ron
F. W . T h o m a s ............................... V ic e P r e s id e n t F ir s t N a tio n a l B a n k , O m aha

Install Protective Devices
A four-dial clock and a new burglar
alarm have been ’ installed by the Ne­
braska National Bank of Hastings.
Several new protective devices have al­
so been installed, costing around seven
thousand dollars.
New Bank at Bushnell
A new bank known as the American
State Bank, has been opened at Bush­
nell, Nebraska, to succeed the Farmers
State Bank of that city. Officers are:
President, W. S. Rodman; vice presi­
dent, W. M. Rodman; cashier, F. M.
Farr. These three men also comprise
the board of directors.
The new bank is capitalized at $15,0 0 0 .0 0 .

banks of Fairbury and banks from Lin­
coln, Omaha, Kansas City, St. Joe and
Joplin.
The new building is modern in every
respect and includes a directors’ room,
private offices for the officers and other
features.
The bank’s officers include the follow­
ing names: Luther Bonham, president;
S. M. Bailey, vice president; J. 0.
Evans, cashier.
Changes at Giltner
J. S. Marvel and A. D. Marvel have
sold their stock in the Citizens Bank of
Giltner, Nebraska, to Mr. and Mrs. C.
W. Wagner. Mr. Wagner, who is in
the insurance business at Grand Island,
will hot become actively connected with
the bank.

Moves in New Building
The First National Bank of Fairbury,
Nebraska, has moved into its new bank
building, work on which was begun last
April. The space occupied by the bank
will be forty by sixty, with additional
vault space. The exterior is of Bed­
ford stone. The interior fixtures are of
Tennessee marble and walnut. One of
the two vaults in the banking room is
for safety deposit boxes.
The First National Bank was organ­
ized in 1883. It was consolidated in
1913 with the Bonham National, and has
enjoyed a fine growth. Combined assets
of the affiliated institutions now total
$1,700,000. Officers are: Luther Bon­
ham, president; S. M. Bailey, vice presi­
dent; J. O. Evans, cashier.

Merger at Creston
The Farmers State Bank of Creston,
Nebraska, has been consolidated with the
Citizens State of the same city, and the
combined institutions will hereafter be
known as the Citizens State. This move
was made when G. W. Phillips, Sheldon
and R. M. Campbell of Columbus, who
own the Citizens State Bank, purchased
the Farmers State stock, the majority of
which was owned by Cashier Sam Ewing.
Through the consolidation the capital
stock of the Citizens State is raised
from $50,000 to $70,000 and deposits will
amount to $435,000. W. H. Hahn, as­
sistant cashier of the Farmers State
takes position with the Citizens. The
Citizens State was organized in 1898.

New Building at Fairbury
Five thousand people were on hands
at the opening of the new banking home
of the First National Bank of Fairbury,
Nebraska. Cigars, flowers, apples, needle
cases, and ‘ ‘ squawkers ’ ’ for the chil­
dren were some of the novelties given
away on this occasion. The floral gifts
included flowers received from other

Is Elected Cashier
J. M. Creamer of Wilsonville, Ne­
braska, has taken the position as cashier
of the Farmers State Bank of Ogallala,
succeeding C. W. Lynn, who retired on
account of ill health. Mr. Creamer is an
experienced banker, having been in that
business for the past twenty years.


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Federal Reserve Bank of St. Louis

Opens New Bank Home
One of the finest banking homes in
the state was opened recently when the
Beatrice State Bank of Beatrice, Ne­
braska, threw open the doors of its
new home to the general public. The
exterior of the bank is of Bedford
stone, with panels of red pressed brick.
The interior is finished in mahogany,
and Tennessee marble. A large amount
of vault space is provided and 250 safety
deposit boxes are already i n . place.
Floral tributes from dozens of friends
and customers were on exhibition in the
bank on its opening day. Vice Presi­
dent Harden, Cashier Hubert Waite and
Assistant Cashier Loren Hobbs, were in
charge of the opening day features.
Richardson County Bankers Meet
The Richardson county bankers asso­
ciation met at the K. C. hall at Falls
City, Nebraska, where they enjoyed a
banquet which was served by the Cath­
olic ladies. The banquet, which is an
annual affair, was attended by the wives
of the members and a number of em­
ployees of the banks. The following
program enlivened the occasion:
Song—Elmer Herling.
Address— Mrs. T. - J. Gist, on “ The
Proper Use of the Flag.”
Songs— Misses Adelle and Ruth Wirth.
Reading— Mrs. W. L. Evans.
Reading— Mrs. Rollin BuelE
Song Group— Mrs. Dan J. Riley.
Buy Interests at Gothenburg
The interests of J. S. Marvel, J. W.
Marvel, and A. D. Marvel in the Farmers
State Bank of Gothenburg, Nebraska,
have been purchased by Glen Price and
H. J. Price, who have been in charge of
the institution for the past eight months.
Resigns at Kearney
Fred Tolbert has resigned as assist­
ant cashier of the Central State Bank
of Kearney, Nebraska.

THE

68

N O R T H W E S T E R N

C o m p le te ba n k in g
and trust service at
th ree im portant
loca tion s.

B A N K E R

January, 1924

O F F IC E R S

D IR E C T O R S

S. H. Burnham
President
H. S. Freeman
Vice President
P. It. Easterday
Vice President
J. H. Burnham
Vice President
A. J. Sawyer
Vice President
W. B. Ryons
Cashier
Leo J. Schmittel
Assistant Cashier
B. O. Campbell
Assistant Cashier

S. H. Burnham
E. J, Hainer
Geo. W. Holmes
H. S. Freeman
A. J. Sawyer
Charles Stuart
F. It. Hall
C. 1! Towle
P. R. »Easterday
E. J. Burkett
W. R. Ryons
J. C. Seacrest
S. C. Waugh
P. H. W oods
Joe L. Burnham

First National B an k
LINCOLN

-»

NEBRASKA

PON the foundation of fifty-four
years experience and growth, the
First National Bank of Lincoln
has developed a highly specialized serv­
ice, applicable to the needs of banks and
bankers.

U

The Seaboard National Bank
of the City of New York
M A IN O FFICE
B roa d and B e a v e r S treets
M E R C AN TILE B R AN C H
11R B r o a d w a y a t C e d a r S t r e e t
UPTOWN BRANCH
20 E a s t 1,5th S t r e e t n e a r M a d i s o n A v e .

W e have the facilities to give the same
efficient and courteous service to new
correspondent banks, that is at present
being enjoyed by banks in many N e­
braska cities, towns and hamlets.
Let us know your requirements.
Capital and Surplus $1,050,000.

Am ple Resources
Broad Experience
Ripened Judgment
Three Qualities that Insure
Satisfactory Banking Service

THE O M AH A N A T IO N A L BA N K
THE O M AHA T R U S T CO M PAN Y
Resources over $35,000,000.00


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Federal Reserve Bank of St. Louis

President
W ALTER

W. H E A D

January, 1924

THE

NORTHWESTERN

BANKER

69

How Children Have Built Up
Our Savings Department
B y T. F. Green
Cashier, Farmers State, Valley, Nebr.
Our bank has been very successful in
obtaining children’s savings accounts.
We commenced with a drive for the
accounts of children. This resulted very
satisfactorily through advertisements in
the newspapers and personal work.
After the bank had a good line of
children’s accounts we could see that the
parents gradually commenced doing busi­
ness here or if they had surplus funds
they put them in the savings department.
We then secured the Bell Savings banks
and used them in window displays at
Christmas time or on Lincoln and Wash­
ington’s birthdays, which were also very
satisfactory.
We have also advertised for savings
deposits until such a time as the amount
would be sufficient to pay on the pur­
chase of a home or to remain in the sav­
ings account until a farm mortgage
could be purchased.
Probably some
banks would not agree with us, but we
think that in the long run if people
can be induced to create savings ac­
counts and then use the funds for the
purchase of good farm mortgages, it is
the best education that can be given to
counteract investments in “ wildcat
schemes. ’ ’
In addition to above we never let up
on advertising and personal work for
savings accounts. Several of our best
and most valuable customers have been
brought to the bank on account of the
children who have had savings accounts
with us.

“The hours of sunset for 1923 have just passed, and on the Eastern horizon
a new sun, bright and full of glory has appeared, indicating a Happy
and Prosperous New Year.
“To all of us, may it bring a full measure of health, prosperity and good
cheer.”

STOCK YARDS NATIONAL BANK of South Omaha
Ford E. Hovey, President
Jas. B. Owen, Vice President
J. S. King, Vice President

O F F IC E R S
F. J. Enerson, Vice President
W . L. Pier, Vice President
W . H. Dressier, Cashier

A T Y O U R D IS P O S A L
Our facilities and experience gained
thru satisfactorily serving our
Correspondent Banks.

LIVE STO CK N A T IO N A L B A N K
UNION STOCK YARDS

Mortgages a Safe Investment
The agricultural situation in the mid­
west is on a sounder foundation than for
many years and farm mortgages are
considered by large insurance companies
as the safest investment, P. C. Waples
of Cedar Rapids, la., president of the
Midland Mortgage Company of that
city, told the Nebraska Farm Mortgage
Bankers Association in their recent an­
nual convention in Omaha.
Farm mortgages were so regarded, he
said, “ in spite of the tendency during
the last three or four years to show
only the gloomy side of the agricultural
situation and of the propaganda to ob­
tain the farmers ’ vote.
“ Most of the agitation which has
caused the limelight to be thrown on
the midwest during the depression of
the last three years has given little
thought to the proper diagnosis of the
situation and a proper analysis of the
comparative status of the farmer with
other industries.
“ The most practical conclusion that
can be obtained is by investigating

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Federal Reserve Bank of St. Louis

H. C. M iller, Assistant Cashier
C. L. Owen, Assistant Cashier
T . G. Boggs, Auditor

OMAHA
Write Us

THE

70

NORTHWESTERN

BANKER

January, 1924

carefully the status and situation of the
mortgages whereby farmers have bor­
rowed on their farms during the last
few years.
“ The bulk of this money is furnished
by the large life insurance companies
of the east, and they have loaned at a
lower rate on agricultural land than
they could have secured if they invested
the funds in other securities. This is due
largely to the fact that in the invest­
ment of insurance funds they desire se­
curity whereby the principal and inter­
est will be taken care of promptly when
due, where the element of safety is fore­
most and the fluctuation of the value
of that security is as small as possible.
‘ ‘ The fact that more money is invested
in Iowa and in the states adjoining Iowa
than in any other section in the United
States by the large life insurance com­
panies is evidence in itself of what they
think of this territory.
“ No other industry has come out of
deflation on the same basis as agricul­
tural interests. I do not know of any
large eastern company that has obtained
title to any land on loans which they
have made even though in some cases
they may have started foreclosure.
“ The midwestern country is wealthy
enough in itself, so that any situation
that might arise with reference to dif­
ficulty regarding the financing of any
farm has been deemed enough of a
bargain for the local people to purchase
the same and pay off the incumbrance.”

The Federal Land Bank
Has Demonstrated —
FIRST:

The economic soundness of amortized farm loans for agriculture.

The salability of bonds secured by farm loans assembled in
groups at a low interest rate.

SECOND:

The benefit to borrowers and the attractiveness to investors
which the cooperative feature adds.

T H IR D :

FOURTH:

Dependable low rate funds.

The best country banker, like the good merchant, sells his customer that
which will in the end benefit the customer most.

FED E R A L LA N D BANKo/O M AH A

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Federal Reserve Bank of St. Louis

Opens New Office
The Fifty-seventh Street Branch of
The Mechanics & Metals National Bank
has opened for business in its new
banking quarters at 143 West 57th
Street, moving from Seventh Avenue
and 58th Street, New York. The build­
ing which the bank has erected is half
way between Sixth and Seventh Avenues
and is diagonally across from Carnegie
Hall and next to the Calvary Baptist
Church. It marks another step in the
development of Fifty-seventh Street as
the center of the uptown business and
shopping district. The building is a six
story structure and the banking office
has been closely modeled after the main
banking rooms of the institution at 20
Nassau Street.
Up to a comparatively short time ago,
none of the National Banks in New
York City conducted their operations
through branches; that type of bank­
ing was confined exclusively to the state
chartered institutions. In 1920, how­
ever, The Mechanics & Metals National
Bank, together with several others, en­
tered the branch field by consolidating
under a special ruling of the Federal
Reserve Board, with institutions that
formerly were state banks and that were
operating branches throughout New
York City. In this way the New York

January, 1924

THE

Produce Exchange Bank, with nine
branches, was merged into The Mechan­
ics & Metals National Bank, and last
year the Lincoln Trust Company, with
three branches, was likewise merged.
At Fremont
A. Gf. Christensen, vice president of
the Union National Bank of Fremont,
Nebraska, has purchased an active in­
terest in the insurance agency of Baldwin-Heckes of that city. Mr. Christensen
will discontinue active work with the
Union National but will retain his title
as vice president and director. He has
been connected with the banks of Fremont
since 1900.
Ray Y. Stocks, assistant cashier Union
National Bank of Fremont, Nebraska,
resigned his position to accept a position
with the California Bank at Los Angeles.
Dan B. Ratekin Resigns
Dan B. Ratekin has resigned as as­
sistant cashier of the First National Bank
of Falls City, Nebraska, and Frank Buchholz has been elected to fill the vacancy.
Is with A. I. B.
Stephen I. Miller, Jr., recently resigned
as dean of the College of Business Ad­
ministration of the University of Wash­
ington to become National Educational
Director of the American Institute of
Banking.
The American Institute of Banking is
the educational section of the American
Bankers association. It has a member­
ship of 55,000 bank officers and em­
ployes in 157 cities of the United States.
Nebraska Banks Assessed
Announcement of a special assessment
to be made for the state guaranty fund
on December 20th, amounting to upwards
of $600,000 in order to bring up the
fund to one per cent of average deposits
as required by law, was given out from
the office of State Trade and Commerce
Secretary Knudson, who administers
the banking department.
This assessment will average about
one-fourth of one per cent on the de­

N O R T H W E S T E R N

71

B A N K E R

January 1st. This will add approximately
$120,000 more. Money is not drawn out
of the banks when assessments are
levied, but they must set aside their re­
spective quotas on their own books and
keep the funds available when the bank­
ing department calls for the cash to pay
depositors in failed institutions.
The $600,000 special assessment now
in prospect is less than half as much
as the one made a year ago on December
15th, which amounted to $1,494,909. It is
more than half a million dollars below
the special assessment of April 16, 1923,

posits in all state banks, but the rate
will vary with the different institutions.
The levy upon each bank will be what­
ever is needed to increase its guaranty
fund reserve to one per cent of its own
deposits. There are 942 banks. A few
whose deposits have been running low of
late are now on the one per cent basis
and will not have to put up anything
more.
Following the special assessment on
December 20th, the regular semi-annual
draft (one-twentieth of one per cent)
will be made for the guaranty fund on

THE

U N IT E D S T A T E S
NATIONAL BANK
THE

U N IT E D S T A T E S
TRUST COMPANY
OMAHA

OMAHA PRINTING CO
PRINTERS-LITHOGRAPHERS
O F F IC E
SUPPLIES

O F F IC E
Fu r n i t u r e

HHHH

m

DESKS
TA B LES

LOOSE

LEAF
DEVICES
FARNAM
AT 13 Hi

CH A I P S

Ww
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F IL IN G
D E V IC E S
S T E E L £ WO OD

PHON
A

H

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DOUGLAS 2 7 9 3

S P E C IA L IZ IN G

B A N K EQ U IPM EN T
American Fixture Company
K an sas C ity , M o .


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

72

THE

NORTHWESTERN

BANKER

lichen a Banker
Is Adm inistrator
Capitol Hill m onum ent in m e m ­
ory of one of Iowa’s prominent
legislators and brother of ex-Governor Boies.

One of the first considerations in an
estate is choosing a fitting memorial to
the deceased.
Bankers now know that they are
doubly safeguarding the interests of
their clients when they advise selecting
the memorial at Capitol Hill.
Free samples and prices
sent upon request

CAPITOL HILL MONUMENT COMPANY
100 E. LOCUST ST.

Established 1888

DES MOINES, IOWA

January, 1924

aggregating $1,134,423. Both of these
big levies, totalling over two and a half
millions were made during the admin­
istration of J. E. Hart as head of the
banking department.
Kansas City Bank Merger
The Commerce Trust Company, Kan­
sas City, Mo., one of the largest finan­
cial institutions in the middle west, took
over the Continental National Bank and
Trust Company by outright purchase.
The consolidation involves the absorp­
tion of more than five million dollars de­
posits, paid up capital and surplus of
$700,000 plus considerable accrued earn­
ings and an 11-story building, appraised
at $700,000.
J. C. Hughes, president of the Conti­
nental Bank, will become a vice presi­
dent of the Commerce Trust Company.
Theodore Gary, president of the Com­
merce Trust Company, was a share­
holder in the Continental Company.
Form Clearing House

A Century of Service
This bank offers to its patrons
the service of an institution
with a history reaching back
more than a century.
Our banking, foreign, invest­
ment and trust departments
offer a complete financial
service to meet the varied
needs of our clients. De­
tailed information of the serv­
ice rendered by any of our
special departments will be
gladly supplied upon request.
Established 1810

TH E M ECH AN ICS & M ET A LS
N a t io n a l B a n k
of the City of New York

Capital, Surplus and Profits, $ 2 7 ,0 0 0 ,0 0 0


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Federal Reserve Bank of St. Louis

At a meeting of local bankers re­
cently the Little Falls Clearing House
Association was organized at Little Falls,
Minnesota. The object of the association
is to protect the banks and their patrons
by avoiding competition. Officers were
elected as follow s:
President, Will
Wilke; vice president, N. J. Peterson;
secretary and manager, C. E. Hennen;
assistant secretary, Warren Gibson;
treasurer, A. A. Barton.
State Bank Loans
Deposits in state banks of Minnesota
are $18,669,439 more this year than last.
The compilation of the results of the
call for condition of all state banks as
of November 1st was given out today
by A. J. Veigel, state superintendent
of banks.
The report, he says, shows a very
healthy condition in the state banks,
despite the closing of a munber of them
during the year.
Of this increase, about $6,500,000 was
in savings accounts, and reserves are
nearly double what the law requires.
The report, Mr. Veigel says, shows the
banks are growing, and more than hold­
ing their own.
There are 1,124 state banks under
Mr. Veigel, 26 trust companies, and
nine savings banks, a total o f 1,159
institutions.
The total deposits at the date of the
call were $456,282,331.
Reserves on
hand were $50,325,200, while the amount
required by law is $27,796,979.
The report on bills payable and dis­
counts, Mr. Veigel points out, shows
the banks are paying off their debts.
They are about $5,562,000 less this year
than last.

January, 1924

THE

NORTHWESTERN

BANKER

73

M IN N E S O T A
B A N K N EW S
O F F IC E R S

C. A. CHAPMAN
P re s id e n t

M IN N E S O T A

BANKERS

A S S O C IA T IO N

C. A . C h a p m a n , P re s id e n t, V ic e P r e s id e n t F ir s t N a tio n a l B a n k , R o c h e s t e r
F P F e llo w s , V ic e P re s id e n t, V ic e P r e s id e n t C a p ita l T r u s t & S a v in g s
‘ B a n k ...................................................................................................................... •-St. P a u l
J . J. M a lo n e y , T re a s u r e r , C a sh ie r F a r m e r s S ta te B a n k ........... H e r o n L a k e
G. H, R ic h a r d s , S e c r e t a r y ..........................................................................M in n e a p o lis

Changes at Wheaton
H. A. Quast has been elected presi­
dent of the State Bank of Wheaton,
Minnesota, succeeding E. C. Tubbs who
has headed the bank for a number of
years. Mr. Quast has.purchased the in­
terest of Mr. Tubbs and will take an
active part in the management.
E. J. Zetterstien, for the past ten
years assistant cashier, resigned on
December 15th, and is leaving for the
west coast.
New Building at Red Wing
The new banking home of the Goodhue
County National Bank of Red Wing,
Minnesota, has been opened to the public.
More than a thousand people thronged
the new quarters on the opening day
when souvenirs were passed out to
visitors.
The new bank building is complete and
modern in every respect. A large safety
deposit vault, directors ’ room, three
coupon rooms and over five hundred
safety deposit boxes are included.


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Federal Reserve Bank of St. Louis

S e c r e ta r y

of America, at their recent meeting held
in Minneapolis. Both are Minneapolis
men.
Mr. Overman has been connected with
the Minneapolis Trust bond department
for thirteen years, serving for three
years as sales manager, later as bond
officer, and now vice president.

Sells Interest at Elmore
J. S. McQuarie, who has been cashier
of the First National Bank of Elmore,
Minnesota, for the past few years, has
sold his interests in the bank of A. F.
Weyer, of Waverly. J. F. McLaughlin
of Blue Earth, has also sold his interests
in the First National to Mr. W eyer’s
father, Carl Weyer. Mr. A. F. Weyer
becomes cashier of the First National
and Mr. Carl Weyer becomes a director
of the bank.
Merger at Hallock
The Citizens State Bank and the
Kittson County State Bank of Hallock,
Minnesota, have been consolidated under
the name of the Kittson County State
Bank. The officers of the consolidated
bank are : President, Martin Boraas ;
vice presidents, E. C. Borley and F. J.
Wickie; cashier, C. A. Yeblen, assistant
cashiers, E. R. Yeblen, A. A. Holmquist,
teller F. C. Erickson. The consolidated
institution is capitalized at $30,000.

G. H. RICHARDS

New Home of Albert Lea State Bank
Opens New Building
The new banking home of the First
National Bank of Montevideo, Min­
nesota, was opened recently with more
than 3,500 visitors present for the open­
ing day features. In addition to flowers
for the ladies and cigars for the men,
over eight hundred children were pre­
sented with tickets to a local movie.
The new building is fifty by eight-four
feet in size, with white terra cotta in
front and the interior finished in Italian
tabernacle clear and tabernacle rose
marble with walnut woodwork.
This
institution has deposits of approximately
one million dollars.
Fergus Falls National
The last statement of the Fergus Falls
National Bank shows total resources and
liabilities of $2,019,544.49 with deposits
of $1,741,397.05.
Joseph Ulland is
president of this institution. The other
officers include: Yice presidents, E. H.
Rich, V. C. Jensen and J. F. Shay;
cashier, Henry G. Dahl ; assistant cash­
ier, C. Arthur Anderson.
Investment Bankers Elect
Irving H. Overman, vice president and
bond officer of the Minneapolis Trust
Company was elected chairman, and
Norman Nelson, of Lane, Piper, Jaffray,
Inc., secretary of the Minnesota group
of the Investment Bankers Association

Form Clearing House
The Little Falls Clearing House As­
sociation of Little Falls, Minnesota,
was formed at a meeting held at the
First National Bank, at which every
bank in the city was represented. Offi­
cers Avere elected as follows :
Chairman, Will W ilke; \dce chairman,
N. J. Peterson; secretary and manager,
C. E. Hennen; assistant secretary, War­
ren Gibson ; treasurer, A. A. Barton.
Duluth School Deposits
Banking deposits of pupils in the pub­
lic and parochial schools of Duluth dur­
ing the month of November amounted
to $13,873.70, or an increase of $2,217.51 over the same month in 1922, ac­
cording to a report compiled by the
Drduth Banks School Thrift Associa­
tion. The deposits for that month were
$1,501.67 less than in October, which
totaled $15,375.37.
The total number of deposits made
aggregated 46,470 compared to 35,883
for November, 1922, and 49,256 during
October. The decrease over October is
attributed to the Christmas season, and
also to the fact that there were but
20 banking days. Eighteen schools each
missed a day because of Thanksgiving
\Tacation. New accounts established in
November numbered 635, adds the re­
port.
Duluth Bank Clearings
An increase of $70,296,740.56 in Du­
luth bank clearings for the first 11
months of 1923 over the same period in
1922, was shown in figures compiled and
announced by the Duluth Clearing
House Association.
The 1923 clearings to date aggregate

74

THE

a sum of $355,974,248.52 compared to
$285,677,507.96 for the same period last
year. The total clearings for 1922 were
$320,557,946.91, statistics show.
That the clearings this year will es­
tablish a record is evident inasmuch as*“
the first 11 months of 1923 surpass the
total clearings of 1922 by $35,416,301.61.
During the month of November the
clearings amounted to $43,317,156.96,
while for the same month in 1922 they
were $38,712,292.36. The last month al­
so establishes a monthly record for the
year.
Following are the total clearings for
each month of 1923: January, $24,973,416.84; February, $20,311,973.61; March,
$22,963,019.31; April, $27,564,135.03;
May, $28,105,874.20; June, $36,475,080.72; July, $32,926,796.82; August,
$33,996,769.38;
September,
$42,365,419.66; October, $42,977,605.99; Novem­
ber, $43,317,156.96.
Steele County Bankers Meet
Farm bureau directors and township
unit directors o f Steele county met with
bankers of that county at Owatonna,
Minnesota, and after a discussion of the
farm home, the bankers renewed their
previous promise of cooperation with
the farmers.
J. F. Reed, president of the Minnesota
Farm Bureau Federation, was the prin­

N O R T H W E S T E R N

B A N K E R

cipal speaker. He discussed farm cred­
its and the question of obtaining more
members.
Other speakers were L. S. Olson of
the First National Bank of Owatonna;
Sam A. Rask, Blooming Prairie First
National Bank; Paul H. Evans, State
Bank of Owatonna, and F. W. Adams,
president of the county farm bureau
board.
Is Elected President
M. D. Fritz, president of the Man­
kato Free Press Company, has been
elected president of the Mankato State
Bank, Mankato, Minnesota, to succeed
George B. Owen, who resigned because
of ill health. Frank G. Thomas becomes
first vice president and V. A. Batzner
second vice president.
Williams County Bankers Meet
Members of the Williams County
Bankers’ Association, meeting at Williston, North Dakota, adopted resolutions
pledging themselves to support each
other and to use every means to investi­
gate and prosecute, if necsesary, persons
responsible for the circulation of false
and malicious rumors concerning the
condition of banks. The bankers as­
serted that in many instances banks
have been closed through false rumors,
malicious remarks and false statements.

January, 1924

Talks to Engineers
Henry Von Der Meyer, vice president
of the Merchants National Bank of St.
Paul, addressed a noonday luncheon of
the Engineer Society of St. Paul. He
talked on the general subject of banking.
Resigns as Counsel
John F. Scott has resigned as general
counsel for the Federal Land Bank of
St. Paul to become president of the Min­
nesota Building and Loan Association.
He is succeeded as general counsel by
J. E. Martin, who has been on the legal
staff of the Federal Land Bank for three
years.
B. O. Stime Resigns
B.
O. Stime, cashier of the Farmers
State Bank of Jasper, Minn., has re­
signed. Mr. Stime has been connected
with this bank for the last six years.
His future plans are not known.
Middle River Bank Reopens
The Security State Bank o f Middle
River, Minn., which was closed on April
13th, has reopened its doors to the pub­
lic.
The bank has been reorganized and
includes in its board of directors, the
following:
A. N. Eckstrom, formerly county at­
torney of Marshall county, H. L. Wood,
president of the First National Bank of

T H IS *

HANOVER
N A T IO N A L
BANK

OF TH E C IT Y OF NEW Y O R K
E stablished 1851

The
N o rth w e ste rn
Banker
“ The Necessary Financial Journal’ ’

is at your

Service—Always
Capital . . . $5,000,000
Surplus and Profits 21,000,000


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

CLIFFORD DePUY
PUBLISHER

January, 1924

THE

Warren, both of Warren, Minn.; An­
drew P. Nelson, merchant and postmas­
ter at Gatzke, Minn.; Richard Sjoberg,
banker and farmer, Middle River, Minn.;
E. P. Modin, banker, Middle River,
Minn.
Officers are: A. N. Eckstrom, presi­
dent; Richard Sjoberg, vice president;
E. P. Modin, cashier, and L. H. Olson,
assistant cashier.
Of the officials elected, E. P. Modin
and L. H. Olson held the same positions
prior to the closing of the bank and their
re-election is taken as an evidence of
confidence both with stockholders of the
bank and Minnesota State Department
of Banking.
W. A. Smith of the banking depart­
ment, was present at a stockholders’
meeting held, and officially restored the
bank to its stockholders for reopening
of the bank on date mentioned.
In reopening the bank under present
times and conditions, the stockholders
gave evidence of their faith in the com­
munity and of the farmer’s eventual
come-back to his own and they feel that
in return they will regain the confidence
of friends and patrons for their institu­
tion.
Heads Soo Line
C. T. Jaffray, president of the First
National Bank of Minneapolis, has been
elected president of the Minneapolis,
St. Paul and Sault St. Marie Railway.
Mr. Jaffray has been in the banking
business in Minneapolis since 1887. He
is a member of the northwest agricul­
tural loan committee of the War
Finance, has been president of the Twin
City Bankers Club, president of the
Minneapolis Clearing House in 1919,
director in the American Foreign Bank­
ing Corporation at one time, and is a
director in the Northwestern Life In­
surance Company, the Wisconsin Central
Railroad and the Soo line.

N O R T H W E S T E R N

B A N K E R

75

American Exchange National Bank

OF DULUTH
Capital, Surplus and Undivided Profits, $3,200,000.00
W e Serve Y ou as W e W o u ld W a n t Y ou to Serve U s
O F F IC E R S
H a m ilto n M. P e y to n , C h a irm a n o f th e B o a r d
W illia m G. H e g a r d t, P r e s .; I s a a c S. M o o re , V ic e P r e s .; J. D a n ie l M a h o n e y , C ash
C o lin T h o m s o n , A s s t. C a sh .; E d w a r d L. P a lm e r, A s s t. C ash .
R o b e r t W . H o t c h k is s , M g r. B o n d D e p a r tm e n t

“Oldest Bank at the Head of the Lakes’’

A Statement of Facilities
The growth of a bank is not only indicated by the amount of
its resources, but also by the development of its facilities.
Resources over 125 million
Commercial Banking, since 1812
Direct Foreign Banking, since 1814
Trust Department, organized 1888

Eight offices in the principal financial, wholesale and retail dis­
tricts of Manhattan and Brooklyn bring to the service of out
of town banks that close and constant contact obtainable in no
other way.

THE BANK
OF AMERICA
ESTABLISHED 1812

New York City

G O O D IMPRESSIONS
Our Endorsement Stamps A ll Make Good Impressions
Send for our newest Bank Catalog “ B ” just off the press— Sent Free.

ST . P A U L S T A M P W O R K S
Established 1870— Oldest in the Northwest
BANK DEPT.

ST. PAUL, MINN.

C O N FIDEN TIAL SERVICE— to those wishing to buy or sell

Is Appointed Advertising Manager
C. S. Yarnell, Jr., of Minneapolis, has
been appointed advertising manager of
the First National Bank of St. Paul.
He assumed the duties of his new posi­
tion December 1st. He has been con­
nected the past year with the Ninth
District Banker, of Minneapolis, and
prior to that was in the advertising de­
partment of the Northwestern National
Bank of Minneapolis. Mr. Yarnell is
a graduate of the University of Min­
nesota.
Is Elected Trustee
Joseph Chapman, of the L. S. Donald­
son & Co., has been elected trustee of
the Farmers and Mechanics Savings of
Minneapolis, to fill the vacancy caused
by the death of the late Oliver C. Wy­
man.


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Federal Reserve Bank of St. Louis

BANKS OR BANK STOCKS
J. W. OVERSTREET COMPANY
801 Metropolitan Bank Building
::
Minneapolis, Minnesota

Dominant Circulation
The Northwestern Banker is the dominant bank­
ing magazine of the great Northwest.
In Minnesota, for instance, it has 188% greater
circulation than any other independent banking
publication with an A . B. C. paid circulation.

THE

76

The Morris Plan Abroad
After
considerable correspondence
with the Industrial Finance Corporation
of New York, a banker at Singapore,
Straits Settlement, Asia, writes that he
and his associates are about to establish
in that city an institution modelled on
The Morris Plan of industrial loans and
investments now in operation in over
100 American cities. No bank of that

N O R T H W E S T E R N

B A N K E R

nature has ever before been established
in Malaya. Letters of inquiry about the
operation of The Morris Plan have
been received from many foreign
countries, including the Argentine Re­
public,' Australia, Canada, Cuba, Ecu­
ador, England, Germany, Iceland, Italy,
Japan, Mexico, the Philippine Islands,
Porto Rico, South Africa, Ukrania and
Uruguay.

January, 1924

New Wabasha Bank Head
Edward A. Conner, president of the
Great Northern State Bank of St. Paul,
has been elected president of the W a­
basha National of that city. He suc­
ceeds Paul M. Reagan, who resigned on
account of ill health. Mr. Conner was
connected with the First National, Algona, Iowa, before going to St. Paul
in 1916.
Moves to New Location
Plans for moving the quarters of the
Hennepin County Savings Bank of Min­
neapolis, from the present location in
the Phoenix building to the First National-Soo Line annex have been made.
The bank will occupy the entire first
floor of the new annex and a portion of
the basement.
The present quarters, which the bank
has occupied since 1895, have proved
inadequate to house additional facilities.
When the institution was moved into its
present location, the capital stock was
$100,000. It has recently been increased
to $500,000.
Many Land Loans
Loans to northwest farmers by the
Federal Land Bank of St. Paul have
passed the $100,000,000 mark, with No­
vember loans alone totaling $1,804,800
to 375 persons. North Dakota drew the
largest amount, a total of $35,260,000 on
9,083 loans, and Minnesota was second
with 7,437 loans for $31,627,500. Total
resources of the bank were $100,604,551.12 on November 30th, with undivided
profits of $302,396.

Commercial Paper
Bank Acceptances
purchased on request for our correspondent banks.
The services of our Banks and Bankers Department and
the advice of the Officers in charge of it are at the dis­
posal of our correspondents.

Jtie N a t i o n a l ( i t y
o f (ÏÎIC A G O
D A V ID

R.

FORGAIM,

R a n k

President.

BAN K S AND B AN K E R S D E P A R T M E N T
F R E D A. C R A N D A L L , Vice President
S. P. JO H N SO N , Ass’t Cashier
R. V. K E L L E Y , Ass’t Cashier


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Federal Reserve Bank of St. Louis

Returns from East
E. W. Decker, president of the North­
western National Bank of Minneapolis,
who recently returned from a three weeks
visit in the east, declared that Minnesota
and the northwest are approaching the
greatest period of prosperity they ever
have experienced and it lies just beyond
a grinding process through which we now
are passing in switching from exclusive
to diversified farming. Unity of action,
a little patience and determination will
bring about this new prosperity “ sooner
than many expect,” he said.
To be happy at home is the ultimate
result of all ambition, the end to which
every enterprise and labor tends, of
which every desire prompts the prose­
cution.— J ohnson.
“ Thoughts of doubt and fear never
accomplish anything, and never can.
They always lead to failure. Purpose,
energy, power to do, and all strong
thoughts cease when doubt and fear creep
in. The will to do springs from the
knowledge that we can do.”

January, 1924

THE

N O R T H W E S T E R N

B A N K E R

77

Linking Up City and Country by Boys
and Girls1 Dairy Clubs
Six hundred boys and girls to enroll in 1 9 2 4 dairy clubs in Olmstead
county, Minnesota
B y Carl F. Schlesselman
Sec’y-Treas. Rochester Loan <£- Trust Co.,
Rochester, Minn.
OYS and girls’ club work has been
firmly established in Olmsted
county, Minnesota, and the re­
turns to our community, in years to
come, can not be measured in dollars and
cents. It means, principally, a better
citizenship and, above all, satisfied farm
boys and girls because they have learned
to look upon farming, not as hard work
and drudgery, but as something, after
all, really worth while.
A few years ago home demonstration
work and pig club work was carried out
in Olmsted county on a small scale, but
without much of a program of work,
with the result that this work was soon
lost.
Early in the spring of 1922 the
Rochester Loan and Trust Company or­
ganized and financed a registered dairy
calf club of twenty-eight members. This
was the real start of our present club
program in Olmsted county. Much care
Avas taken to select the right type of
calves and a great deal of time Avas
given by our local breeders, the agricul­
tural teachers in our county schools, our
county agent as Avell as our officers, to
instruct the club members in the proper
care, feeding and management of the
calves.
We made this a three-year contest,
ending Avith an exhibit at our County
Fair each year, and at the end of the
third year each calf must be shoAvn by
a baby calf by it side. Free registered
sire service was given by the prominent
breeders in our county, such as Grahamholm Farms, Mayowood and others,
AA'hich insured a very high type of off­
spring from the calves in our club. Club
tours, meetings and contests of various
kinds Avere arranged, AAdiich aided much
in keeping up the interest in the Avork.

B

Members of the original dairy calf club founded by the Rochester Loan & Trust
Co., Rochester, Minn.
Dairy judging teams Avere organized,
AAdiich is a most instructive and very
valuable part of all club Avork.
In 1922 tAvo members of our club Avere
sent to the Minnesota State Fair, Avhere
they carried off first honors in club work
and in the open classes. At the 1922
National Dairy SIioav in St. Paul, our
club showed nine calves, which Avere all
in the money Avith first, second and third
prize winners in club and open classes
included. This encouraged our mem­
bers very much and at the end of this
period there Avas such a demand for the
enlargement of this club program that a
paid club leader Avas employed to carry
out the work during 1923. Finances
Avere available through private, county,
state and federal aid and the Avork car­
ried out Avith the direct cooperation of
the extension department of the State

University. Much credit is due to Julius
Ausen, our club leader, for the wonderful progress made in 1923 Avith an en­
rollment of over three hundred and
fifty boys and girls in the various proj­
ects.
Our new dairy calf club consists of
fifty-five members, sheep club of thirty
members, pig club of twenty-four mem­
bers, soav and litter club, six members;
baby beef club of tAventy members, can­
ning club of one hundred fifty members,
and poultry club, recently started, of
six members.
There were twenty boys and girls in
our dairy judging team and ten in our
live stock judging team.
This year twenty-one boys and girls
were sent to the Minnesota State Fair
and the Northwest Dairy Exposition in
the ‘ ‘ T avíii Cities, ’ ’ A\There Ave captured

The daily calf club of the Rochester Loan & Trust Co., Rochester, Minn., has now grown to a very large size.
and their cattle are shown above.


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Federal Reserve Bank of St. Louis

Its members

THE

78

N O R T H W E S T E R N

(fteCONTINENTALam/COMMERCIAL

BANKS
CHICACO

"An Extra Measure o f Service”

January, 1924

B A N K E R

Resources more than $500,000,000

C o n t in e n t a l A n d Co m m e r c ia l
N a t io n a l b a n k O f Ch ic a g o

the county group club prize as well as
many other prizes in the various classes.
To close our activities for 1923 we
arranged a Junior Live Stock Show
where seventy-one boys and girls brought
in their fat live stock. Prizes were
awarded and sixteen winners of the vari­
ous contests were selected to go to the
Junior Live Stock Show in South Saint
Paul.
This was a most interesting
climax to our year’s work. The Olm­
sted County Bankers Association do­
nated $200 in cash for prizes, one hun­
dred merchants contributed one hundred
merchandise prizes, various breeders of
pigs and sheep gave prizes of live stock
and four gold watches were presented
by local boosters to the grand champions
in the baby beef class, pig class, sheep
class and poultry class. In the evening
the Rochester Civic Association gave a
free banquet at our best hotel, at which
over three hundred boys and girls and
their parents and friends mingled with
the members of the Rochester Civic As­
sociation. This was a regular Halloween
party and will long be remembered by
our future farmers.
Four Olmsted
(Continued on page 95)

o ff ic er s

George M . Reynolds, Chairman Board o f Directors
Arthur Reynolds, President
Ralph Van Vechten

Vice-President

Herman Waldeck
William T . Bruckner

Vice-President

Charles Fernald .
Harvey C. Vernon

.
.

.
.

Asst. Cashier
Asst. Cashier

Wilber Hattery

.
.

.
.

Asst. Cashier
Asst. Cashier

.
.

.
.

Asst. Cashier
Asst. Cashier

.

.

Asst. Cashier

.

.

Asst. Cashier

.

.
.

Asst. Cashier
Asst. Cashier

.

Asst. Cashier

.

John R. Washburn

Vice-President
Vice-President

John F. Craddock

Vice-President

H . Erskine Smith
George A . Jackson

Cyrus A . Barr
Wilson W . Lampert

Vice-President

Henry F. Studt .

Vice-President

James R . Leavell .
R. T . Forbes . .

Vice-President

Edward E. Barker
William H . Gilkes

Vice-President
Vice-President

George H . Wilson

Vice-President

Dan Norman .
Reuben G. Danielson
Henry R. Kent

. . Cashier
Asst. Cashier

.

William F. Denny
Hiram R. Castles
Carl A . Birdsall .

Each W ith Bath

Rates
44 rooms
at $2.50
174 rooms
at $3.00
292 rooms
at $3.50
295 rooms
at $4.00

. . Asst. Cashier
Abner J. Stilwell
W m . G. Mackintosh Mgr. Foreign Dept.

¡D aniil
B B jl

333)
33 33Ï3 33 33
3U J 3ÎÎJ 31
13 H i ’ i’ !]

C O N T I N E N T A L and C O M M E R C I A L
T R U S T and S A V I N G S B A N K , C H I C A G O
OFFICERS
George M . Reynolds, Chairman Board o f Directors
Arthur Reynolds, President
.

.

Asst. Cashier

.
.

.

.
.

Asst. Cashier
Asst. Cashier

Henry C. Olcott . . . .
Vice-President Ray L. Junod
.
.
George W . Pearson
. . .
Manager George A . Waldorf

.
.

John Jay Abbott

.

.

John A . Shannon .
Robert J. Hercock .

.
.
.

Vice-President
.
.

Albert S. Martin

Cashier George Allan
.
Asst. Cashier J. S. Macferran .
Bond Department

Walter J. Engle .

.

.

Asst.

Manager Earnest D . Brooks

. Mgr. o f Sales

.

Trust Department
.
Edmund J. Claussen
William P. Kopf
. . . .
Secretary Kinney Smith
.
. .
Everett R. McFadden . . Asst. Secretary
William H . A . Johnson
David R . Lewis . . . .

Vice-President

C H IC A G O

Asst. Manager
Asst. Manager

in the Heart o f the Loop

Convenient to all theaters, ii
£ railway stations, the retail and
wholesale districts, by living at the

. Asst. Secretary
. Asst. Secretary
. Asst. Secretary

THE HOTEL OF PERFECT SERVICE

John P. V . Murphy

. .
.
Manager D . Edward Jones
John E. Shea . . . .
Asst. Manager

1

Clark and Madison Sts.

Savings Department
.

.

Asst.Manager

I


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Federal Reserve Bank of St. Louis

The H o m e ^ t h a

¡Terrace Garden

C H IC A G O ’S WONDER RESTAURANT £

THE

January. 1924

N O R T H W E S T E R N

79

B A N K E R

NORTH DAKOTA
BANK NEWS
O F F IC E R S N O R T H D A K O T A

RANKERS

A S S O C IA T IO N

M.

M. R. PORTER
P r e s id e n t

R . P o r t e r , P re s id e n t, V ic e
P r e s id e n t
S c a n d in a v ia n -A m e r ic a n
B a n k ............................................................................................................................. M in o t
B lan d in g F ish er, V ic e P residen t, P residen t R a m sey C ounty N ational
B a n k ....................................................................................... ........................D evils L ake
R. H. G arm er, T reasurer, P resid en t F ir s t B an k o f F la x t o n .................... F la x to n
W . C. M acfad d en , S e c re ta r y ....................................................................................... F a r g o

Merger at Casselton
The First National Bank of Casselton,
North Dakota, has taken over the busi­
ness of the Peoples State Bank of the
same city and the affairs of the latter
bank will be liquidated. The Peoples
State was organized in 1919 with capital
stock of $25,000. E. A. Stolzman, pres­
ident, becomes a director of the First
National.
The First National, capitalized at
$50,000, has the following officiary:
President, M. J. Ford; vice president,
O. F. Gray; cashier, Wm. Strehlow.
Commend Coolidge
Commendation for President Calvin
Coolidge for his interest in the indus­
trial welfare of North Dakota as shown
in ordering the interstate commerce com­
mission to investigate an alleged rate
conspiracy against North Dakota coal
fields was expressed in resolutions passed
at a recent meeting of the hankers of
Northwestern North Dakota in Minot.
First National Reopens
The First National Bank of Langdon,
North Dakota, has reopened for business.
The bank has been closed about five weeks.
All of the departments resumed their
functions on the bank’s reopening. There
has been no reorganization and C. B.
McMillan will continue as president and
J. H. Bain as vice president in direct
charge of the bank’s operations. The First
National was the last of the Langdon
banks to close and the first to reopen
under the present plans.
North Dakota Deposits
Deposits of North Dakota state banks on
October 31st totaled $89,938,996.51, as
compared to $95,499,227.41 on December
29, 1922, according to an abstract of the
comparative statements of banks and trust
companies issued by the state banking
department. The total reserve on October
31, 1923, is shown to have been $11,553,228.94, as compared to $14,152,649.94 on
December 29, 1922.


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Federal Reserve Bank of St. Louis

Casualty Company Re-elects
The North Dakota Bankers’ Mutual
Casualty company re-elected J. J. Farley,
of Valley City, as its president. The other
officers elected follow : A. L. Bailey, Alice,
vice president; J. J. Nierling, Jamestown,
treasurer, and W. C. MacFadden, Fargo,
secretary.
Urge Credit Changes
The Northwest Group of bankers of
the North Dakota Bankers’ Association,
at a meeting held in Minot, passed reso­
lutions—
“ Urging that the rules of the Inter­
mediate Credit Bank at St. Paul govern­
ing the acceptance of loans from inter­
mediate credit companies in North Da­
kota be amended, urging that the farm
loan department of the Bank of North
Dakota be expanded to enable the
granting of a greater number of loans,
and that an effort be made to impress
upon Congress the desirability of pro­
viding a suitable increase in the tariff
schedules governing wheat and flax, “ to
the end that the farmer may in the fu­
ture become a beneficiary of the tariff
of which he has heretofore always been
a victim.”
The latter resolution is directed to
Congress and endorses the action taken
at a recent meeting of the American
Bankers Association, meeting in Fargo,
requesting an increased tariff on wheat
and flax and that a governmental agency
be created to handle the export surplus,
“ thus creating an American standard
for American consumption of farm
products.”
Since the Intermediate Credit Bank
has no authority to act on the proposal
for modification of its rules, the resolu­
tions urge that the proposition be taken
up with the governing board of the Fed­
eral land banks “ and in case the laws
governing the Federal intermediate
credit banks are such that these banks
are unable to properly function so far
as North Dakota is concerned, that all
of our representatives in Congress be

W. C. MACFADDEN
S e c r e ta r y

informed of the situation and be re­
quested to take steps to have it re­
lieved.”
Resolutions asking for such changes
in rules of Federal joint intermediate
credit banks, “ as would permit the agri­
culturists of the Northwest to secure the
fullest benefit from the operation of the
act,” were adopted without dissent by
the Missouri Slope Group of the North
Dakota Bankers’ Association in session
at Bismarck, December 6th.
Resolutions presented by H. O. Batzer, Napoleon; D. D. McKee, Tappan;
and W. TI. Stutsman, Mandan, declared
that the new rules and regulations of the
Intermediate Credit Banks “ are of such
character that banks of this section are
convinced that they will operate to pre­
vent the farmers and agriculturists of
this section from receiving any assist­
ance in that the bank has determined
not to grant loans upon plain notes, or
upon tenant paper, or chattel mortgages
on cattle or sheep, except that which is
styled self-liquidating, which in effect
would be almost impossible to secure.”
Largest Bank Changes Name
A news item of importance to bank­
ing and financial interests throughout
the union is the change in the title of
the largest banking corporation in the
world. Hitherto knoAvn as the London
Joint City and Midland Bank, Limited,
it will, in the future, carry on its busi­
ness as the Midland Bank, Limited.
The Rt. Hon. R. McKenne, the chair­
man of the bank and an ex-Chancellor
of the Exchequer, is well known in
banking circles in the United States and
was the principal speaker at the Ameri­
can Bankers Convention held a year ago.
The Midland Bank with its affiliations,
the Clydesdale Bank, Ltd., and The Bel­
fast Banking Co., Ltd., has over 2,000
branches.
Unlike the other British
banks it has, however, abstained from
opening branches or establishing subsidaries in foreign countries, preferring
to conduct its overseas business through
local banking organizations.

80

T H E

¡D R O V E R S

N O R T H W E S T E R N

S E R V IC E ]^

B A N K E R

January, 1924

Represents Illinois Merchants
Arthur Wellman, who is now repre­
senting the banks and bankers depart­
ment of the Illinois Merchants Bank in
Iowa and Minnesota, began work with
the Merchants Loan and Trust Company

Looking Ahead
past year has proved
the business building
pow er o f hard work
directed by sound, conservative planning. In­
dications point to an encourag­
ing year o f prosperity in store
for 1 9 2 4 , and T he Drovers sin­
cerely trusts that your activities
will bring you your just share
o f good business. T he friendly,
efficient Drovers Service that
has so often helped our corre­
spondents to please their custom­
ers is available to give you a
Chicago connection w ith every
phase o f modern banking handled
in one place. W e wish you a
happy N ew Year, and w e can
help you make it a prosperous
one as well.
he

U

T IR O V E IIS
U N a tin n n l Bank
U n im i S tu c k lfk rd s- C h icago
D R O V E R S S E R V IC E


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Federal Reserve Bank of St. Louis

ARTHUR WELLMAN
in 1902. Before his election as assistant
cashier of the Illinois Merchants in
July, 1923, he was assistant manager of
the Farm Loan department and built up
a wide acquaintance among bankers in
his present territory.
“ The Making of a Modern Bank”
Arthur D. Welton, publicity manager
for the Continental and Commercial Na­
tional Bank of Chicago, is the author
of an exceedingly well written and at­
tractive book entitled “ The Making of
a Modern Bank,” fifty thousand copies
of which were published.
The book is handsomely bound with
an art illustration on the cover. It con­
tains a complete history, in brief fash­
ion, of the origin and development of
the Continental and Commercial. A
number of artistic cuts add to its ap­
pearance. Concluding with a statement
of condition of the bank, it describes
the present institution as a bank
‘ ‘ Charged with one desire— to serve
financially, Chicago and the country
which made Chicago possible.”
Knowledge is a comfortable and neces­
sary retreat and shelter for pis in an
advanced age; and if we do not plant
it when young, it will give us no shade
ivhen we grow old.— Chesterfield.
Friendship is love without wings.—
French Proverb.

<

THE

January, 1924

I O W A

N O R T H W E S T E R N

B A N K E R

B A N K

81

N E W S

COUNCIL OF ADMINISTRATION
Iowa Bankers Association
A D M IN IS T R A T IV E C O M M IT T E E

C. E. N a re y , P re s id e n t, P r e s id e n t F ir s t N a tio n a l B a n k ..............S p irit L a k e
C arl M. K e c k , V ic e P re s id e n t, V ic e P res. C o m m e r cia l S a v in g 's .W a s h in g to n
F re d S. R ic h a r d s , T r e a s u r e r , C a sh ie r F ir s t N a tio n a l B a n k ........... M cG re g o r
F r a n k W a r n e r , S e c r e t a r y ..........................................................................D es M o in es
G R O U P C H A IR M E N

C. C. J a c o b s e n , C hm . G r o u p 1 ........... P r e s id e n t F ir s t S ta te B a n k , M a p le to n
E. F. K in g , C hm . G ro u p 2 . . P r e s id e n t F ir s t N a tio n a l B a n k , W e b s t e r C ity,
M. C. S w e n e y , C hm . G r o u p 3. .P r e s id e n t M itc h e ll C o u n ty S a v in g s, O sa g e
W m . R e in e c k e , C hm . G ro u p 4 . . . . . . C a sh ie r S tr a w b e r r y P o in t S ta te B a n k
F re d D u rb in , C hm . G ro u p 5 ...........................C a sh ie r M a lv e rn N a tio n a l R a n k
W . C. B e r g m a n , Chm . G r o u p 6. . . .P r e s id e n t F ir s t N a tio n a l B a n k , N ew ton
W . R . F in la y s o n , Chm . G ro u p 7, P res. F ir s t-N a tio n a l B a n k , G r u n d y C en ter
J o s e p h K e ls o , C hm . G r o u p 8 .................. C a sh ie r B a n k o f J. K e ls o , B e lle v u e
D. V . F e r r is , Chm . G r o u p 9 ........... C a sh ie r F ir s t N a tio n a l B a n k , D ia g o n a l
C. D. E v a n s , Chm . G r o u p 1 0 . . . C a sh ie r S ou th O ttu m w a S a v in g s, O ttu m w a
T. R. R ic h a r d s o n , Chm . G ro u p 11,C ash. C o m m e r cia l S ta te B a n k , M e d ia p lo is
A. M. H e n d e r s o n , e x - o f f i c i o ......... C a sh ie r F ir s t N a tio n a l B a n k , S to r y C ity

Des Moines National in N ew Home
ORE than 25,000 p e r s o n s
thronged through the doors of
the new and enlarged home of
the Des Moines National Bank when the
building was thrown open to the public
Saturday. The new banking room was
buried under an avalanche of flowers,
which added much to its beauty on this
occasion. Flowers were distributed to
women visitors throughout the day,
cigars were given to the men and the
children Avere remembered Avith appro­
priate souvenirs. An orchestra, placed
on the rear mezzanine floor, rendered
music throughout the day.
Hundreds of congratulatory telegrams

M

and messages were received by officers of
the Des Moines National from bankers
and friends in all parts of the country.
Among prominent visitors at the bank
on the opening day were Cyrus A. Barr,
vice president of the Continental and
Commercial National Bank, of Chicago,
formerly a vice president of the Des
Moines National; B. A. Wilcox, vice
president of the Omaha National Bank;
R. M. Campbell, vice president of the
Standard Trust and Savings Bank, of
Chicago; Charles McNider, of Mason
City; Boyd Brann, representative of the
Chicago Federal Reserve Bank; S. M.
Leach, president of the Adel State Bank,

at Adel, IoAva, and Jay Clark, of the
Clark National Bank, at NeAvton, Iowa.
Mr. Leach and Mr. Clark, both of
whom opened accounts Avith the Des
Moines National in 1881, the year it
opened for business, and who are still
customers of the institution, were hon­
ored guests at the opening.
The Des Moines National Bank was
opened for business November 7, 1881, in
a small room at Fourth and Walnut
streets. Five years later, in 1886, the
bank Avas moved to Sixth and Walnut
streets, Avhere it has been located since,
its quarters having been enlarged and

\

The new banking home of the Des Moines National. All Des Moines seemed to “Say It With Flowers” on the opening day.

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Federal Reserve Bank of St. Louis

82

THE

N O R T H W E S T E R N

B A N K E R

extended from time to time as the
growth of business demanded.
The new home of the Des Moines Na­
tional, 44 by 132 feet in size, is one
of the largest and finest banking rooms
in the state. Fixtures and equipment
throughout are of marble, bronze and
mahogany.
Two large bronze doors at the main
entrance open upon a vestibule, which
in turn opens on the bank lobby proper.
Just inside the entrance two private
rooms have been provided or the con­
venience of officers, directors and cus­
tomers.
The desks of the officers and the cages
of the tellers extend along both sides
of the lobby to the rear, where a stair­
way leads down to the safe deposit
vaults in the basement. For transacting
business rapidly and efficiently, the bank
has inaugurated a system whereby each
teller both receives and pays out for
all names in a certain section of the
alphabet. The system makes each teller,
with his bookkeeper, practically a bank
in himself. The bookkeepers work di­
rectly behind the cage of the teller they
serve.
Three large chandeliers brilliantly
light the ornamental art ceiling, of beau­
tiful colors, which is one of the most
attractive features of the new banking
room. Ample quarters have been pro­
vided for the new bond department and
Christmas Savings Club.
Officers and directors of the Des
Moines National are justly proud of
their record of more than 42 years of
national banking on Walnut street, and
of the splendid growth their institution
has enjoyed. Capitalized at $1,000,000,
the bank today has assets of more than
$16,000,000 and has more than 20,000
customers.
Officers and directors who were busy
on the opening day shaking hands with
visitors and conducting them through
the new bank, included:
Louis C. Kurtz, chairman of the
board; H. R. Howell, president; John H.
Hogan, vice president; W. J. Murray,
vice president; H. E. Rumsey, vice pres-

B USINESS', in the days of Stephen
Girard, was conducted under un­
certainties and hazards which are un­
thinkable today.
Only the most circumspect care and the
most painstaking precautions in all de­
tails of his business could have produced
success under such circumstances.
The principles of sound management
which Stephen Girard practiced in his
time have governed the affairs of this in­
stitution . since its inception. There is
no substitute for care, foresight and at­
tention to detail.

T he

G ir a r d

N a t io n a l

Ba n k

P H IL A D E L P H IA

F I R S T

N

D IR E C T O R S

W jO T U L T

-Aw.-vat

y

iitavàrH.

B. P. SWISHER
Pickett, Swisher & Farwell
R. J. HOXIE
Secretary Waterloo Fruit &
Commission Co.
A. M. PLACE
Vice President
E. E. PEEK
Vice President Waterloo Bldg.
& Loan Association.
H. W. GROUT
Real Estate
C. A. MARSH
President

-/„ -W


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Federal Reserve Bank of St. Louis

AŸSS

A

T I O

N

A

L

B A N

K

•pHE First National Bank of Waterloo is
equipped to give you the highest degree of
SERVICE, and do it promptly and efficiently
at all times. Fifty-eight years of steady con­
servative growth enables this bank to extend
such service.
O F F IC E R S

C. A. MARSH, President
A. M. PLACE, Vice President
W ILL A. LANE, Cashier
P. W. EIGHMET, Assistant Cashier
R. S. W ALKER, Assistant Cashier
O. L. MORRIS, Auditor
Total

January, 1924

Resources Over $ 2 ,9 0 0 ,0 0 0 .0 0 .

,

^Waterloo, Itowa
D IR E C T O R S

W. W. MARSH
President Iowa Dairy Separa­
tor Co., President Associated
Mfg. Co.
J. T. SULLIVAN
Lawyer.
J. O. TRUMBAUER
Vice President Farmers Loan
and Trust Co.
H. A. MAINE
President H. A. Maine & Co.
WILL A. LANE
Cashier

January, 1924

THE

N O R T H W E S T E R N

B A N K E R

Serving Y our Patrons
Assure your patrons that
when in Des Moines, they
can count on us to serve
them in every possible way.
W e want them to know that
all our facilities are always
at their disposal, that they
will find here the same
friendly spirit of helpful­
ness to which you have ac­
customed them.
A fter all, treating your pa­
trons as if they were our
own is naturally a part of
our duty to you as a corre­
spondent bank.

Ba n

k e r s Tr u s t
Ba n k .

Ga

Cor. 6th.andLocust Sts^DesMoines
Capital $ 1,000,000. Surplus $2oo,ooo.
M em ber Federal Reserve Bank

83

ident; George C. Williams, assistant
vice president; Herbert L. Horton, as­
sistant vice president ; Clarence A. Diehl,
assistant vice president; Walter J. Rob­
erts, assistant vice president; Andrew
J. Huglin, cashier; R. H. Collins, as­
sistant cashier; Edwin F. Buckley, as­
sistant cashier; Carl Hummell, assistant
cashier; George D. Thompson, assistant
cashier, and H. B. Hawley, John H.
Hogan, H. R. Howell, Andrew J. Huglin,
Louis C. Kurtz, Charles A. Rawson,
Ralph E. Rollins, H. E. Rumsey, W. W.
Sears, Fred W. Weitz and Norman
Wilchinski, directors.
Muscatine News
Fred B. Nesper, assistant cashier of
the First Trust and Savings Bank of
Muscatine, Iowa, has resigned that posi­
tion and accepted the cashiership of the
Citizens Savings Bank of Letts, Iowa.
Mr. Nesper is a former treasurer of
Muscatine County, having resigned that
position in May, 1922, to become assistant
cashier of the First Trust and Savings.
B.
C. Benliam, cashier of the First
Trust and Savings Bank, Muscatine,
Iowa, and trust officer of the First Na­
tional Bank, same city, has resigned both
positions, taking effect December 15th.
Mr. Benham expects to spend the next
several months east and south, later re­
turning to Muscatine, and again enter­
ing the banking business elsewhere.
R. K. Smith, active vice president of
the First National Bank and the First
Trust and Savings Bank, Muscatine,
Iowa, who resigned to go west is now
located and in the paving business in
Los Angeles, California.
Hold Annual Meeting
The following directors were elected
at the recent annual meeting of the
Pioneer Trust & Savings Bank of Du­
buque, Iowa. N. J. Schrup, W. S. Dennis,
John E. Moes, C. W. Ziepprecht, Henry
Gehrig, M. H. Czizek and Charles Sass.
The directors elected the following offi­
cers: President, N. J. Schrup; vice
president, W. S. Dennis and cashier,
Charles Sass.

T H E

O L D

L I N

CEDAR R A P ID S
LIFE IN S U R A N C E CO.
General Agency Chances Open
in Four Western States
A Good chance for Bankers with
Ability of Management
CH-JRabbins.

Jirers

CJ3. Suouboda,

Secy.

HOME OFFICE .‘ CEDAR RAPIDS. IOWA

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Federal Reserve Bank of St. Louis

Plan Short Course
The Iowa Bankers Association, in con­
junction with the Extension Department
of the University of Iowa, is making
great plans for the Fifth Annual Short
Course, to be held in Iowa City, January
21st to 25th inclusive. Plans are be­
ing made to secure the best instructors
possible, including several nationally
knoAvn bankers.
In a letter sent out to those who en­
rolled last year for the course, Secre­
tary Frank Warner o f the State Asso­
ciation, urges them to repeat the course :
“ As you will recall the completion of
the classroom work of two successive
Bankers Short Courses, satisfactory to
the University, will entitle each to a
certificate of graduation from the bank-

THE

84

N O R T H W E S T E R N

B A N K E R

K <^X ^X v^X <*£>X <X >:
0

ë

fliÿ

You Will Appreciate
This Investment Service
Y o u can reduce to a m in im u m the resp on sib il­
ity o f bu yin g and selling the p rop er securities
— at the right tim e i f y o u w ill take advantage
o f our investm ent service.
A s a b an k er y o u are n aturally fa m ilia r w ith
investm ent m ethods— bu t y o u do n ot h ave the
o p p ortu n ity o f ST U D YIN G C O N STA N TLY.
1st— T h e intrinsic value and earn­
ings o f in d iv id u a l com panies
w hose securities are offered.
2 n d — T h e adaption o f certain classes
of

securities

to

the

various

types o f investors.
W e have a w ide range o f securities adaptable
to

every req u irem en t— and w e fu rn ish

our

clients w ith m ark et reports, also detailed in ­
fo rm a tio n on specific offerings.
In ad d ition to this w e len d the exp erien ce of
our organization tow ard d evelop in g a profit­
able B o n d B usiness.

Ask our representative to call. He
is often in your community and will
gladly explain our service without
obligation on your part.
F R A N K N . W A R D , M an ager

INVESTMENT DEPARTMENT

Iowa Loan &Trust Company -|
^ B

A

N

K

s -

M EM BER FEDERAL R E S E R V E S Y S TE M
Ca p i t a l , S u r p l u s a n d P r o f i t s # 1
, 000 , 000.00

HIPPEE BLOC., DES MOINES


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Federal Reserve Bank of St. Louis

January, 1924

ing course o£ the State University of
Iowa. The display of such a certificate
in each bank lobby will become more
and more a manifestation to the gen­
eral public and to the depositors of
that bank that the institution displaying
such certificates have associated with
them special trained officers. The Board
of Directors, in making promotions to
their younger officers, will surely give
weight to those juniors officers who can
show this ‘ certificate of graduation.’
‘ 1The coming Short Course will he
composed in an entire week’s classroom
work, with appropriate incidental lec­
tures. This is a further indication that
this Bankers Short Course is a perma­
nent matter and one that will be devel­
oped so that any younger lady or man
engaged in or contemplating taking up
banking, can avail herself or himself of
this special training under our own
great State University. Full details on
this will be given out later. It is the
hope that you will surely enroll in the
coming Short Course and complete the
required course and thus gain a certifi­
cate. Any further inquiries in this con­
nection will be gladly answered by Mr.
Edward II. Lauer, director of the Ex­
tension Division, or Mr. C. A. Phillips,
dean of the School of Banking and
Economics of the State University of
Iowa. ’ ’
Goes to Burlington
Ralph P. Hull, for the past six years
assistant cashier of the Stockport Sav­
ings Bank of Stockport, Iowa, has re­
signed that position and is now con­
nected with the Iowa Trust & Savings
Bank of Burlington, Iowa. Carl 0.
Barnes has been elected to fill the va­
cancy in the Stockport Savings Bank.
Goes to Spirit Lake
C. C. Gravatt, who disposed of his
interests in the First National Bank of
Terril, Iowa, a few years ago, is mov­
ing from Terril to Spirit Lake, where
he has accepted a position as cashier
of the Spirit Lake National Bank, be­
ginning January first.
State Committees Meet
The Banking Department Committee,
Administrative Committee, Legislative
Committee, and the Agricultural Com­
mittee of the Iowa Bankers Association,
held two conferences, one with R. W.
Cassady, secretary of agriculture, in
connection with the new warehousing
act. The other conference was held
with the superintendent of banks, Rob­
ert L. Leach, and with the deputy sup­
erintendent of banks, Carl Foster.
Goes to California
Ross Walker will retire from his posi­
tion as cashier of the Farmers & Mer­
chants Savings Bank of Mt. Pleasant,
Iowa, the first of January. He is busy

January, 1924

THE

closing up the details of his work to
make way for his successor. Mr. Walker
has been with the bank for a number
of years, prior to which he was con­
nected with a bank at New London,
Iowa. He plans to connect with a bank
at Glendale, California.
Changes at DeWitt
Changes in the controlling interests
of the First National Bank and the
Farmers and Citizens Savings Banks of
De Witt, Iowa, will take place soon after
the first of the year.
A. M. Price, president of both banks,
has sold his stock to George Myers of
Carlisle. Mr. Price expects to leave
shortly after the first of the year for
Seattle, where he will become associated
with his brother-in-law, Falcon Joslin,
in the timber and logging business.
Riverside Bank to Open
The Riverside Savings Bank and the
Citizens Savings Bank of Riverside,
Iowa, both of which were closed a few
weeks ago, are soon to be reopened as
the First State Bank. The new bank
will have a capital of $50,000. Acting
officers and directors are. President,
Wm. Tener; vice presidents, R. N.
Kuittler, Jos. W. K iefer; cashier, F. D.
Sargey; assistant cashier, Geo. Struble.
Goes to Riverside
George M. Struble, formerly cashier
of the Security Savings Bank of Well­
man, Iowa, has recently been elected
assistant cashier of the First State Bank
of Riverside, Iowa.
Marshall County Bankers Meet
A1 Sanderman, cashier of the Mel­
bourne Savings Bank, was chosen presi­
dent of the Marshall County Bankers
Association at the annual meeting of
the association at the Y. M. C. A., Mar­
shalltown, Iowa. He succeeds A. A.
Arney, cashier of the Bank of Clemons.
J. A. Small, who was elected vice presi­
dent, is cashier of the Farmers State
Bank, of Gilman, and succeeds H. T.
Stouffer, cashier of the Farmers Sav­
ings Bank of Rhodes.
H. W. Jennings, cashier of the Mar­
shalltown State Bank, was reelected
secretary, and Park Grier, cashier of
the Yancleve Savings Bank, succeeds

N O R T H W E S T E R N

B A N K E R

85

W. J. Whitehill, cashier of the First officers in Des Moines and was unable
National at State Center, as treasurer.
to come to address the meeting.
Special attention was given to Vigil­
Judge B. O. Tankersley spoke on co­
ance committee and its work. The sec­ operation with law enforcing bodies and
retary reported that the organization said that no officer or court could en­
was complete and efficient and that a force the law without the help of the
representative o f the county vigilance people.
committee had won second prize at the
The dinner was served to seventy-five
state shoot for vigilance committee members of the association, including
members held at Des Moines. E. R. officers and employes of member banks.
Dewey, of Rhodes, won second and a
cash prize of $50 at the state shoot in
Iowa Banker Dead
the psitol class, and 0. A. Sweet, of
State Center, made a good showing.
Harvey E. Oldaker, former cashier of
C.
E. Narey, of Spirit Lake, presidentbanks in Marengo and Conroy, Iowa,
of the Iowa State Bankers Association, and former editor of the Marengo
was detained at a conference of state Democrat, died recently following an ill-

For B ank Investment
Trustees o f the Frederick M .
H u bbell Estate 6% Debenture
G o ld Bonds, Series “ B ’\
These bonds are offered in serial
maturities, 1924 to 1933, to yield
6 °/o and for those banks which have
come to regard absolute safety as
the prime consideration, we un­
hesitatingly recommend them as an
ideal bank investment.
A circular, describing this issue
is available to banks and in­

Reed Mass Plan
EMPHATICALLY
BETTER
ADVERTISING

P.

M .

Ér-5 B a n k e r
111 W e s t

R

E

E

6TATE 2481

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Federal Reserve Bank of St. Louis

on

request.

DEPARTMENT

CENTRAL STATE B A N K ,
D

Street

CHICAGO

investors

BOND

Associates

W ashington

dividual

o f

D

e s

M

o in e s

Banking, Trusts &> Investments
Safe Deposit Vaults

Member

F edera l

Reserve

System.

THE

86

N O R T H W E S T E R N

B A N K E R

“ The Bank o f Stability and Progress”

If You Choose

O F F IC E R S

January, 1924

ness of several months. Mr. Oldaker
was sixty-one years old.
Mr. Oldaker was born in Johnson
County, Iowa, in 1862. He was cashier
of the First National Bank of Marengo
from 1907 to 1910 when he resigned to
organize the Conroy Savings Bank, May,
1910.

R . O. H u tc h iso n

P r e s id e n t

the Blackhawk National of Waterloo for your
banking connection, in this territory—you need
not worry about the manner of efficiency in the
handling of your items, nor the matter of service
— because those are the two factors upon which
the Blackhawk National was founded.

Jam es L oonan

V ic e P r e s id e n t
C h a rle s W . ICnoop

C a sh ie r
E . A . S c h a e fe r

A s s t. C a sh ie r

Blackhawk National Bank

L ila M a rc h a m

A u d ito r

Waterloo, Iowa

Our Services at Your Command
W e welcome consultation in financing high grade industrial and
utility bond issues.
W e invite you to take advantage of our bond offerings in select­
ing your safe securities.
Detailed information of the services rendered by any of our
special departments will be gladly given you upon request.
J. R . B U R N S , P re s id e n t
E. R . H o lla n d , V ic e -P r e s id e n t
A . E. R e a d , S e c r e t a r y
J. B. B u rn s, V ic e -P r e s . & T re a s.
D. D. S ta p les, B o n d D e p a r tm e n t

BURNS
BROTHERS
COMPANY
GROUND FLOOR 313 FIFTH STREET
DES M O/NES =====

=====

PEOPLES TRUST & SAVINGS BANK
ESTABLISH ED 1893

CLINTON, IOWA
Capital, $300,000.00

Surplus, all earned, $300,000.00

Deposits, $5,200,000.00

Offers the facilities and services of a live, up-to-date banking
house, fully equipped and amply capitalized to handle in­
telligently and efficiently every branch of legitimate banking.

Com m ercial

Savin gs

Safe D eposits

Trust

Accounts from banks in its territory, and collections receive
the special attention of an officer of the bank.

W. W. COOK

C. F. ALDEN

J. L. BOHNSON

President

Vice President

Cashier

C. S. HARRIS and W. S. GARDNER, Asst. Cashiers


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Federal Reserve Bank of St. Louis

Inwood Banker Dies
G.
M. Anderson, vice president and
manager of the Farmers National Bank
of Inwood, Iowa, died recently from a
stroke of paralysis sustained last Oc­
tober.
Mr. Anderson was sixty-two
years old and had been a resident of
Inwood since 1872. He had been mayor
of the city and was a member of the
Masonic and Odd Fellows lodges.
Is Married
Ralph R. Brubacher, cashier of The Toy
National Bank of Sioux City, Iowa, was
married recently to Mrs. Lucetta M.
Sievers of Mason City, Iowa, at the
home of the bride’s parents, Mr. and
Mrs. C. E. Cameron of Alta, Iowa. The
newly married couple are now at home
in Sioux City.
Help College Endowment
The First National Bank, the Henry
County Savings Bank and the Farmers
and Merchants Bank of Mt. Pleasant,
Iowa, are giving added impetus to the
$1,250,000 campaign for Iowa Wesleyan
College. A letter was recently sent out
by the three banks urging the people
of Mt. Pleasant to get behind the move­
ment and support the campaign to their
highest ability.
Is Elected Vice President
W. F. Powers of Hampton, Nebraska,
has been elected president o f the Se­
curity State Bank of Ansley. He has
been vice president of the First National
of Hampton for a number of years.
Window Display
The First National Bank of Algona,
Iowa, recently had a very attractive win­
dow display featuring a number of Ger­
man marks. Patrons of the bank dis­
played much curiosity in looking at
them, particularly in view of the un­
precedented drop in their value during
the past two years.
Moves to Webster City
R. R. Blair, state bank examiner in
Iowa, has moved his home from Red Oak
to Webster City, Iowa.
In Charge of Closed Bank
A. A. Lysne, of Mason City, has been
placed in charge of the closed Citizens
State Bank of Anita, Iowa, as examiner
in charge for the state department of
banking.

January, 1924

THE

Union Trust and Savings Bank
in New Home
HE completion and opening of the
fine new banking home of the Union
Trust & Savings Bank of Dubuque,
Iowa, was another forward step, not
only in placing Icnva in the lead in bank­
ing vision, but also in the number and
magnificence of its banking buildings.
Thousands of people from Dubuque and
vicinity thronged the new quarters on
the opening day, to share in the favors
offered them and to congratulate the
officers of the bank on their neAV build­
ing.
All of the moving was done before the
opening and one day was spent in ac­
tual business transactions, so that all
the employes might be accustomed to
the new quarters before the opening
day.
The new home of the Union Trust &
Savings is almost a solid pile of granite,
terra cotta, and steel, reinforced with
concrete, making it impervious to fire
and to wear. The superstructure is of
terra cotta with a granite base. Step­
ping into the lobby one passes through
massive bronze and glass doors into the
main banking room, well lighted and
roomy. The officers’ quarters are on the
left, their desks grouped along a long
low marble counter. Behind these is the
president’s office and conference room,
beautifully finished in paneled walnut.
On the right of the entrance is a
public waiting alcove for the convenience
of customers. The lobby also has, in
addition to four wickets for regular
banking transactions, three wickets for
the Christmas Savings Club, the Sav­
ings Department, and Banking and Insur­
ance Savings clubs.
The counters, extending clear around
the lobby, and other trimmings, are of
cream colored Italian marble. This fur­
nished a most pleasing and soft color
effect, with the floor of cork tiling.
The new building has many other
novel features, including the community
room, a massive vault and everything to
make it strictly up to the minute. No
expense has been spared to modernize
it in every respect.
The opening day was the occasion for
a general celebration in Dubuque, fea­
tured by parade, pavement dances, and
the formation of a new Dubuque club
composed of all business firms located
in the Central Avenue district where
the bank is located. An elaborate pro­
gram was staged in connection Avith this
event.
The Union Trust & Savings has now
been organized for thirty-seven years.
Going under the slogan, ‘ ‘ The Bank that
Boosts Dubuque,” it has made great
progress, until it stands today with de­
posits of $3,324,386.74, and capital and

T


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

N O R T H W E S T E R N

87

B A N K E R

CEN TRAL TRUST COMPANY
OF DES MOINES
C A P I T A L ..........................$1,0 00 ,0 0 0 .0 0
S U R P L U S .........................
735,000.00
Will receive and execute T r u sts of every description, acting as
Executor, Administrator, Guardian and Trustee.
The S e c u r ity afforded by the A m p le C apital of this Company,
the constant supervision of its affairs by competent Directors and its
convenience of location render its employment for the purposes
named peculiarly advantageous.
The Company buys and sells bonds, warrants, special assessment
certificates, first mortgages and other investment paper.
O F FIC E R S A N D D IR E C T O R S
SC O T T R A W S O N , P r e s id e n t
C H A S . L . G I L C R E S T , V ic e -P r e s id e n t
L . M . G R IM E S , V ic e -P r e s .— T r u s t s
T A Y L O R G R IM E S , V ic e -P r e s .— L o a n s
R . E . J A C K S O N , A u d i t o r -A s s i s t a n t Sec.
C h a rle s L . G ilc r e s t
M a rk L . J o h n so n
R . E . R o llin s
L . M . G rim e s
L . C. K ijr t z
H . E . R n m sey
T a y lo r G rim e s
H e n r y S. N o lle n
M . S a m lsh
\V. C. H a rb a c h
C h a rle s A . R a w son
W . E . Tone
F . W . H u b b e ll
S c o tt R a w s o n
N . M . W llc h ln s k l

Accommodations to Correspondents
A big feature of our business is represented by the service rendered
daily to correspondent banks.
W e welcome particularly the opportunity of serving the banks of north­
ern and eastern Iowa, and offer them exceptional facilities for collect­
ing checks and drafts ; furnish reliable credit information ; sell short
time investments; and render a complete banking service with every
part of the world.
Select The Commercial National Bank of W aterloo, Iowa, as a de­
pository for your reserve account.

The Commercial National Bank
W A T E R L O O , IO W A
C A P I T A L A N D S U R P L U S O N E -H A L F M I L L I O N D O L L A R S

The City National Bank
of Clinton, Iowa
C apital, Surplus and P rofits $
D e p o s i t s ................................

700,000.00
5,800,000.00

OFFICERS
ALFRED G. SMITH, Chairman
ALFRED C. SMITH, President
HALLECK W. SEAMAN, Vice Pres.
GEORGE L. CURTIS, Vice President
OLIVER P. PETTY, Cashier
JOHN H. NIPSEN, Assistant Cashier
HENRY G. KRAMER, Asst. Cash.
Accounts of Banks, Corporations and Individuals received on most favorable
terms. Correspondence Invited.

88

THE

N O R T H W E S T E R N

surplus totalling more than a half mil­
lion.
C.
H. Berg, president of the bank,
is a former mayor of the city and is
interested in a number of important
financial enterprises. He is one of the
original stockholders and has been com
nected with the bank for thirty years.
A. F. Heeb, vice president, is president
of the Heeb Company and of the Du­
buque Realty Company. He has been
with the bank since its inception and is
well known in that section.
L. H. Brede, vice president, is inter­
ested in several Dubuque concerns, and
has been an active director for a num­
ber of years.
N. C. Gindorff, cashier, has been highly
instrumental in building up the bank’s
status to its present extent. B. J.
Schwind, asssitant cashier, has been
identified with the bank for a number of
years. He was formerly associated with
the Dubuque Brewing & Malting Co.,
in which he was assistant secretary and
treasurer and had charge of the account­
ing departments. R. A. Shannon, as­
sistant cashier, concludes the officiary of
the bank.
The natural instincts of a generous
heart shrink from an inveterate hater
as the child shrinks from the snake in
its path.—Hillard.


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Federal Reserve Bank of St. Louis

B A N K E R

January, 1924

Fortieth Birthday o f Scott County Savings

Scott County Savings Bank, Davenport, Iowa.
HE Scott County Savings Bank
of Davenport, Iowa, celebrated on
December 4th, 5th, 6th, and 7th,
its 40th anniversary. In 1883 on the

T

same intersecting streets of Third and
Brady this bank was organized. During
that period of time it has grown into a
$7,000,000.00 institution and recently

January, 1924

THE

N O R T H W E S T E R N

L

89

B A N K E R

in any line is

e a d e r s h ip

maintained

through

exceh

lence o f service.
Start n ow to enjoy the advarn
tages o f a connection w ith
“ Iow a’s Largest Bank.”

J CAPITAL ?“SSi“l*3000.000V

OFFICERS
H o m e r A . M ille r
C ly d e E . B r e n to n
H . T . B la c k b u r n
G eo. E . P e a r s a ll
A lb e r t J . R o b e r ts o n
J. R . C a p p s
W a l t e r H . M ille r
R . L . C h ase, Jr.
J a n ie s P . H a r t
J. B u rso n
C h as. H . N u tt
S h e rm a n W . F o w le r

P re s id e n t
V ic e P re s.
V ic e P re s .
V ie e P re s.
V ic e P re s.
C a sh ie r
A s s t . C a sh .
A s s t . C a sh .
A s s t . C ash.
A s s t . C a sh .
A s s t . C a sh .
A s s t . C a sh .

DIRECTORS
P . H . L u th e
G eo. N . A y r e s
M . M an d elb aiun
H . T . B la c k b u r n
E . T . M e re d ith
C ly d e E . B r e n to n
H o m e r A . M ille r
H o w a r d J . C la rk
G eo. E . P e a r s a ll
G a r d n e r C o w le s
R a lp h H . P lu m b
J . H . C o w n ie
M . S h lo ss
E . C. P in k b in e
E . R . S to tts
J. B . G reen
O. P . T h o m p s o n
W m . C. H a r b a c h
G. M. V a n E vera

IowaNationalbank
D e s M o in e s Sa v in g s Ba n k an d Trust Co m p a n y
Iowa's Largest Bank. - Dcs M oines ~ Sixtk and Walnut


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Federal Reserve Bank of St. Louis

90

THE

N O R T H W E S T E R N

((?
• p j A V E N P O R T ’ S im p o rtance

in

the

in d u s­

AMERICAN

trial field m akes a satisfac­

COMMERCIAL fi

tory

SAVINGS BANK

D a v e n p o rt

account

particu larly v alu able.

s/*

D A V E N P O R T , IO W A
The A M E R IC A N CO M M E R C IA L A N D S A V IN G S
BANK

is

h an d le

b an k in g

e q u ip p e d

to

transac­

tions o f every type and any
m agn itu de— let us analyze
YOUR

requirem ents.

B A N K E R

January, 1924

erected a fine new building which it at
present occupies.
With resources of about $7,000,000.00
and deposits of $6,157,677.00 this strong
and enterprising financial institution has
taken an important place in the com­
munity’s finance, having been respon­
sible for the erection of thousands of
homes and business institutions. At the
present time it is in the front rank of
Iowa banks in the number of homes it
has loaned money on.
In the forty years of the bank’s
growth it has had but two presidents, the
late I. H. Sears, who served from 1883
to 1912, and J. H. Hass, the present
head of the institution. In the same
time there have been only three cashiers,
C. S. Watkins, who filled the office for
two years, J. H. Hass, and Gustav
Stueben, who has been cashier since
1912. Mr. Hass has been with the bank
since it was organized, beginning as as­
sistant cashier. Mr. Stueben has been
with the institution for twenty-eight
years. In addition to the able services
of Mr. Stueben as cashier, the bank now
maintains two assistant cashiers, Leon
H. Hass, and George L. Hamann.
Of the original board of directors but
one member survives today. He is C. A.
Ficke, who has served continuously as
director from the organization to the
present day. The bank first opened its
doors in the Davenport National Bank.
They later moved to the northwest cor­
ner of Third and Brady Streets and
then to the southwest corner, and today
back again at the northwest corner of
the street at Third and Brady. Fifty
thousand dollars was the original paid
in capital of this bank. This amount
has increased from time to time until
now it is $500,000.00. The deposits
started with nothing on December 1,
1883, and have grown steadily and con­
sistently until, at the present time they
represent $6,157,677.00.
During the four days of the celebra­
tion of the 40th anniversary the exterior
of the bank was draped with American
flags, while the interior was beautifully
decorated for the occasion with ferns,
palms and cut flowers. Sweetly singing
canary birds in gay cages greeted the
thousands of visitors during the .cele­
bration.
Goes with New Bank
Roland S. Conklin, who has been con­
nected with the Commercial Savings
Bank of Des Moines, for the past few
years, has resigned and will accept the
position of assistant cashier of the
Continental Trust and Savings Bank,
Des Moines ’ newest bank which will
open soon after the first of the year.
Most men of action incline to fatal­
ism, and most men of thought believe
in providence.—Balzac.


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Federal Reserve Bank of St. Louis

January, 1924

THE

Citizens State Elects
At the recent annual meeting of the
stockholders of the Citizens State Bank
of Mediapolis, Iowa, ten men were
elected directors to succeed themselves
and Charles J. Walberg Avas chosen to
All the vacancy in the board caused by
the death of Herman Walker. The
board consists of the following: W. C.
Hutchcroft, Robert Eland, J. T. Beck­
man, Peter Vance, W. S. Husted, V. C.
Peterson, M. T. Evans, S. J. Huston,
E. R. Nordstrom, J. E. Berry and C. J.
Walberg.
Officers Avere elected as folloAvs: Presi­
dent, E. R. Nordstrom; vice presidents,
S. J. Huston and W. S. Husted; cashier,
J. E. Berry, and assistant cashier, H.
M. Edwards.
Installs Burglar Alarm
The Security State Bank of Pella,
Io A v a , has installed a new burglar alarm
which rings both inside and outside of
the bank building. The alarm system
is so constructed that even the burning
of any part of the vault will start the
gongs to ringing. The alarm is also
fixed so that it Avill start to ring at a
certain hour if the inner vault door is
not closed.
Goes to Eldon
V. D. Coons, cashier of the Farmers
Savings Bank of Libertyville, Iowa, has
resigned his position Avith that institu­
tion to become cashier of the First Na­
tional Bank of Eldon. The change will
become effective the first of the year.
Enlarges Quarters
The Security Trust and Savings Bank
of Fort Dodge, Iowa, is enlarging its
banking quarters. A three-story build­
ing Avhich adjoins the building noAv
owned and occupied by the bank, has
recently been purchased so that the new
banking room will be about double the
size of the old one.
The Security Trust & Savings Bank
opened for business on October 2, 1915,
and on its eighth anniversary showed
deposits of over $860,000.00.
The president of the bank, Mr. E. G.
Larson, Avas a director of the First Na­
tional Bank of Fort Dodge for many
years. The active officers have been
connected with banks in Fort Dodge
for many years, Ben P. Larson, cashier,
having been with the Fort Dodge Sav­
ings Bank for some eleven years, while
G. P. Allard and A. J. Moe, assistant
cashiers, were connected with the First
National Bank for about thirteen years.

N O R T H W E S T EEN

B A N K E R

the newly remodeled building, more
than a thousand visitors inspected the
quarters and C. M. Whitted, cashier,
reports a number of new accounts opened
since that date.


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Federal Reserve Bank of St. Louis

of Dows, Iowa, all the old officers and
directors were re-elected Avith the ex­
ception of President J. J. Johnson, who
resigned on account of ill health. W ill­
iam Meister succeeds Mr. Johnson as
president, and M. S. Gunderson suc­
ceeds Mr. Meister as vice president.

Peters Elected Cashier
D.
E. Peters has been elected cashier
of the Savings Bank of Brighton of
Goes to Washington
Brighton, Iowa, to take the place left
Grant McPherrin, president of the
vacant by the resignation of W. E. Berry. Central State Bank of Des Moines, was
called to Washington, D. C., for a feAV
Accepts New Position
days to confer Avith Eugene Meyer, Jr.,
Ralph Thorn, assistant cashier the managing director of the War Finance
Clarinda National Bank of Clarinda, Corporation.
Iowa, has resigned that position and ac­
cepted a position as cashier of the Com­
There was once a hen Avho never laid
mercial Savings Bank of Faragut, Iowa. two eggs in the same place. All went
well until she tried to sit. She had her
Changes at Dows
eggs scattered all o\Ter the farm and she
At the regular annual meeting of the tried to hatch them all. The third day
officers and directors of the State Bank
she went crazy.— The Efficiency Magazine.

dtywyear

(Greeting

OFFICERS
P R E S ID E N T
J. K. Deming

M ay the N e w Year
bring to you much
cheer and give to you
the profitable bush
ness you are so dilb
gently working for.

V IC E P R E S ID E N T S
Jas. M . Burch
Geo. W . Myers
SECRETARY
Hermann Eschen
C A S H IE R
Jos. W . Meyer
A S S IS T . C A S H IE R S
John E. W agner
A rth u r P. Melchior
J. J. Sullivan
Albert W harton
J. A. Behnke

Consolidated N ational
BANK OF DUBUQUE
D U B U QU E, IO W A

Remodel Banking Home
The banking home of the State Bank
of Schaller, Iowa, has been remodeled
and new fixtures installed. The work
included the installation of a new steel
vault and a safe. At the opening of

91

THE

92

N O R T H W E S T E R N

January, 1924

B A N K E R

Fairness vs. Concealed Facts
Questionable stock promotion schemes proceed best under
cover. Facts bared to the light would mean exposure.
They shirk fair publicity. Iowa would not have suffered
one-half the $600,000,000 stock promotion loss since 1915 had
proper publicity been given the facts concerning the pro­
moting companies.
A permanent brokerage business, however, thrives best upon
presentation of the real facts. The degree to which fairness
enters into a broker’s business, together with his knowledge
of the business, determines the measure of his success.
The broker— unlike the promoter— makes none of his wares
— neither does he keep that which he buys.
His real position is that of a central clearing house. He sup­
plies facts as to corporate conditions and prospects, so that
both buyer and seller may have real knowledge upon which
to base investment decisions.

Hart Addresses Kiwanians
James F. Hart, assistant cashier of
the Iowa National Bank of Des Moines,
was the principal speaker at a recent
meeting of the Kiwanis Club at Boone,
Iowa. He talked on general banking
subjects.
Patrick Red Cross Chairman
0. R. Patrick, cashier of the Farmers
Savings Bank at Atlantic, Iowa, has
been appointed director of the Ninth
Congressional district of the Iowa Red
Cross, and is in charge of the Red Cross
roll call for his district.
Celebrates 70th Birthday
J. F. Johnson, president and founder
of the J. F. Johnston’s Bank, of St.
Charles, Iowa, recently celebrated his
70th birthday and his 50th year in St.
Charles. He is one of the very early
settlers of Madison county.

Write or Phone
J. A. THOMPSON, President

BONDED STOCK BfROKEFtS,
D E S M O IN E S

“ S AVE Y O U R S A V IN G S ”

D es M oines bu siness
o f Io w a ban k s is invited.
T h e s e ba n k s are th o r o u g h ly
e q u ip p e d in e v e ry d ep a rtm en t

The Beautiful

Valley National Bank

LeClaire

V a l le y S a v i n g s B ank
DES MOINES, IOWA

V alley B an k B u ild in g

at MOLINE

*

AND

M ost accessible point from
which to make all Tri-C ity
business calls.

On car lines

transferring to all Tri-C ity
E s t a b l is h e d 1872

Combined Capital and Surplus

$ 1, 100, 000.00

R. A. CRAWFORD

C. T. COLE, J r .

President

Vice-President

D. S. CHAMBERLAIN

W . E. BARRETT

Vice-President

Cashier

JOHN H. GINSBERG
Asst. Cashier

p oin ts;

economical

taxi

service.

C. M. CORNWELL
Asst. Cashier

Luxurantly
side

guest

furnished

out­

rooms

with

B O T H shower and bath at

O PPO R T U N IT Y —
Salaried position for field man.

$ 2 .5 0

Must furnish reference.

L e C L A I R E HOTEL
Louis Low, Manager.

Write

National American Life Insurance Company
BURLINGTON


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Federal Reserve Bank of St. Louis

-

IOWA

MOLINE, ILLIN O IS

Opened December, 1922.

January, 1924

TH E

N O R T H W E S T E R N

iliiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii[iiiiiiiiniiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiii[ijiiiiiiiiiiiii!j

W o rld -w id e
distributors o f high-grade securi­
ties: Bonds, ShortTerm N otes and
A cceptances. C o r r e s p o n d e n t
Offices in m ore than 5 0 leading
cities.

B A N K E R

CORN EXCHANGE
NATIONAL BANK
O F C H IC A G O
C a p i t a l ...............................$ 5 ,0 0 0 ,0 0 0
S u r p l u s ............................... 1 0 ,0 0 0 ,0 0 0

Bankers o f this section are
invited to use N a tio n a l City C o m ­
pany service through one o f our
fo llow in g conveniently located
correspondent offices.

CHICAGO, DAVENPORT, IA.,
MINNEAPOLIS, ST. PAUL, OMAHA,
ST. LOUIS, KANSAS CITY

The Chase National Bank
of the City of New York
57 Broadway
C A P I T A L ....................................................................................$ 2 0 ,0 00,000
S U R P L U S A N D P R O F I T S ...............................................
23,2 5 0 ,3 5 4
D E P O S IT S (S e p t. 14, 1 9 2 3 ) ............................................ 3 9 0 ,789,470
O F F IC E R S

A L B E R T H. W IG G IN
P r e s id e n t
V ic e P r e sid e n ts

S A M U E L H. M I L L E R
H E N R Y O L L E S H E IM E R
C A R L J. S C H M ID L A P P
A L F R E D C. A N D R E W S
R E E V E SCHLEY
R O B E R T I. B A R R
S H E R R I L L S M IT H
A s s is t a n t V ic e P re sid e n ts

E D W IN A . L E E
W IL L I A M E. P U R D Y
G E O R G E H. S A Y L O R
J A M E S L.
C o m p t r o lle r
TH O M A S R IT C H IE

M. H A D D E N H O W E L L
A L F R E D W . H U D SO N
GEORGE HADDEN
M IL L E R
C a sh ie r
W IL L I A M P. H O L L Y

O F F IC E R S
E R N E S T A . H A M I L L , P re s id e n t
C H A R L E S L , H U T C H IN S O N , V ic e P re sid e n t
O W E N T . R E E V E S , J R ., V ic e P re s id e n t
J. E D W A R D ' M A A S S , V ic e P re s id e n t
N O R M A N J. F O R D , V ic e P re s id e n t
J A M E S G. W A K E F I E L D , V ic e P re sid e n t
E D W A R D F . S C I IO E N E C K , C a sh ie r
L E W I S E . G A R Y , A s s is t a n t C a sh ier
J A M E S A . W A L K E R , A s s is t a n t C a sh ie r
C. R A Y P H I L L I P S , A s s is t a n t C a sh ie r
F R A N K F . S P I E G L E R , A s s is t a n t C a sh ie r
W I L L I A M E . W A L K E R , A s s is t a n t C a sh ie r

D IR E C T O R S

H E N R Y W . CA N N O N
A L B E R T H. W IG G IN
JO H N J. M IT C H E L L
G U Y E .T R I P P
JA M E S N. H I L L
D A N I E L C. J A C K L IN G
C H A R L E S M. S C H W A B
S A M U E L H. M I L L E R
E D W A R D R. T IN K E R
E D W A R D T. N IC H O L S
NEW COM B CARLTON
F R E D E R I C K H. E C K E R

EU G EN E V. R. T H A Y E R
C A R L J. S C H M ID L A P P
G E R H A R D M. D A H L
ANDREW FLETCHER
R E E V E SCHLEY
H. W E N D E L L E N D IC O T T
W IL L I A M M. W O O D
J E R E M I A H M IL B A N K
H E N R Y O L L E S H E IM E R
A R T H U R G. H O F F M A N
F. EDSON W H IT E
A L F R E D P. S L O A N , Jr.

W E RECEIVE ACCOUNTS OF BANKS, Bankers, Corporations, Firms
or Individuals on favorable terms, and shall be pleased to meet or correspond with those who contemplate making changes or opening new
accounts.
Through its Trust Department, the Bank offers facilities as: Trustee
under Corporate Mortgages and Indentures of Trust; Depositary under
reorganization and other agreements; Custodian of securities and Fiscal
Agent for Corporations and Individuals; Executor under Wills and Trustee
under Testamentary Trusts; Trustee under Life Trusts.
F O R E IG N


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Federal Reserve Bank of St. Louis

DEPARTM ENT

D IR E C T O R S
W A T S O N F . B L A IR

CH ARLES H. HULBURD,
P re s id e n t E lg in N a tio n a l
C H A U N C E Y B. B O R L A N D ,
W a t c h Co.
M a n a g in g B o rla n d
P ro p e rtie s
C H A S . L . H U T C H IN S O N ,
V ic e P re s id e n t
E D W A B D B. B U T L E R .
C h a ir m a n B o a rd o f D i­ J O H N J. M I T C H E L L ,
P re s id e n t
Illin o is
M e r­
r e c to r s B u tle r B ro s.
c h a n ts T r u s t C o m p a n y
B E N J A M IN C A R P E N T E R , M A R T I N A . R Y E R S O N
P r e s id e n t G eo. B . C a r­
J. H A R R Y S E L Z ,
p e n te r & Co.
P re s id e n t S elz, S ch w ab A
Com pany
H E N R Y P. C R O W E L L ,
C h a irm a n o f B o ard
R O B E R T J. T H O R N E
Q u a k e r O a ts Co.
CH ARLES H. W A C K E R ,
E R N E S T A . H A M IL L ,
P re sid e n t C h ic a g o
P re s id e n t
H e ig h ts L a n d A s s n .

93

THE

94

In

N O R T H W E S T E R N

B A N K E R

Entertains Central State Folks
Grant McPherrin, president of the
Central State Bank of Des Moines,
Iowa, recently entertained members of
the staff of the Central State Bank and
their wives, at dinner at the Wakonda
Country Club.

Sioux

W e stand ready to
serve the financial
and c o m m e r cia l in ­
terests o f this terri­
tory.

Is Elected President
John Drybread, former vice president
of the First National Bank of Nevada,
Iowa, has been elected president of that
institution.

S EN ACTIOU
R IT Y
NAL BANK I
Capital and Surplus $700,000
W. P. MANLEY, Chairman
A. B. DARLING. President
L. R. MANLEY, Cashier
R, E. BROWN, Assistant Cashier

Y. O. BONESTEEL, Vice President
GEO. C. CALL, Vice President

(Breetirujs

19 2 4

19 24

W e take this opportunity to extend sincere greetings
to the hankers of Iowa, and to express the wish that
all will enjoy health, happiness and prosperity
throughout the new year.

Capital $2 5 0 ,0 0 0

A ssets N early $2 ,0 0 0 ,0 0 0

UNITED STATE BANK
Des Moines, Iowa
Royal Union Life B uilding-Seventh and Grand

The Cedar Rapids National
Bank
W i t h Capital, Surplus and Profits of $ 9 5 0 ,0 0 0 .0 0
and Resources $ 1 5 ,0 0 0 ,0 0 0 .0 0

Invites N e w Business
O F F IC E R S :

RAT,PH VAN VECHTEN
Chairman of the Board
GLENN M. AVERILL
President
GEO. B. DOUGLAS
Vice President
MARTIN NEWCOMER
Vice President
KARL H. REHNBERG
Vice President
GEO. P. MILLER
Vice President


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Federal Reserve Bank of St. Louis

January, 1924

CHAS. O. KUNING
Cashier
PETER BAILEY
Assistant Cashier
MARVIN R. SELDEN
Assistant Cashier
GEO. W. SWAB
Assistant Cashier
ANNA R. SMOUSE
Assistant Cashier
* BERTHA M. WOLF
Assistant Cashier

Heads Country Club
W. H. Arney, president of the Iowa
Savings Bank of Marshalltown, Iowa,
has been elected president of the Elm­
wood Country Club of Marshalltown.
A. II. McFarland, of the First National
Bank of Marshalltown, was elected
treasurer of the club.
Goes to Oklahoma
Leon G. Voorhees, president of the
Anita Bank of Anita, Iowa, left recently
for Ardmore, Oklahoma, where he plans
to establish the First National Bank of
Ardmore, Oklahoma. The new institu­
tion is to be capitalized at $200,000 with
a surplus of $100,000.
Mr. Voorhees announces that there
will be no change in the management of
the Anita Bank, of which he is presi­
dent, but that it will be conducted by
the same official force as heretofore.
Resigns at Letts
E. R. McCormick, vice president of
the Citizens Savings Bank of Letts,
Iowa, has resigned and will devote his
time to loan and insurance work. He
will continue as a director, but will re­
tire from active duty as an official.
Celebrates 25th Anniversary
The Delta Savings Bank of Delta,
Iowa, recently celebrated its 25th anni­
versary. Established in 1898 “ Where
the tall corn grows,” this institution
has made fine progress. Present officers
are: President, J. R. Dunn; vice presi­
dent, Eli Whisler; cashier, F. X. Ken­
dall.
Olin Banker Dies
Harvey W. Flenniken, vice president
and cashier of the Citizens State Bank
of Olin, Iowa, died following an opera­
tion at Iowa City. He was sixty-four
years of age. Mr. Flenniken was one
of the early pioneers of his section of
the state and first entered the banking
business at Delmar, Iowa. After seven
years there he made his home in Olin
and established the Citizens State Bank,
becoming its cashier.
Mr. Flenniken was prominent in pub­
lic life, having been mayor of his town
and a member of the Iowa legislature
for two terms, in 1917-1921. At the

January, 1924

THE

N O R T H W E S T E R N

B A N K E R

95

time of his death he was president of
the Jones County Bankers Association.
Explaining “ Drovers Service’ ’
A unique circular has just been gotten
out by the Drovers National of Chicago,
for the benefit of their correspondent
banks and prospective correspondents,
for display on the country bankers bulle­
tin board. It is primarily aimed at
the stockman or farmer who must ship
his stock to Chicago and depicts “ Dro­
vers Service.” At the top of the cir­
cular is a cartoon series showing Mr.
Stockman as follows: “ Tuesday, John
Jones’ live stock loaded and started for
Chicago. Wednesday, John Jones in the
Chicago Union stock yards negotiating
for the sale of his stock. Wednesday
afternoon, through our complete and
efficient organization, proceeds of live
stock shipments are collected from the
Commission Merchants and an advance
credit forwarded immediately. Thurs­
day, John Jones back home, talking to
home banker who has already received
proceeds of live stock through the use
of Drovers Service.
The entire circular is novel and at­
tractive and has caused much favorable
comment.

M

r

D C T
JLJCli3

i

I O W A S T A T E T> A \ T 1 7
T ru st & Savings

J jA llA

B U R L IN G T O N , IO W A
■iiliilllillilliiiiiiilliliiiiiiiuiiiliililiiiiin

C om bined R esources O ver $ 1 0 ,0 0 0 ,0 0 0

Equipped to handle business of banks and bankers in
Southeastern Iowa
iiHiiiiMiiMiiiiiimiimiiiiiiitminiiitiiii

C O R R E S P O N D E N C E

“THE BANKERS’
BANK”
Here is a bank for banks and bankers
— a strong financial organization

LINKING UP CITY AND COUNTRY
BY BOYS AND GIRLS’ DAIRY
CLUBS
(Continued from page 78)
county boys and girls also won free trips
to the International Live Stock Exposi­
tion to be held in Chicago, the week fol­
lowing December first, for good work
done in various projects of club work.
Our local business organizations and
the Olmsted County Bankers Associa­
tion heartily approved an enlarged pro­
gram for this coming year, which in­
cludes a number of new projects. A
boys and girls’ short course will be held
in Rochester sometime during January,
at which four hundred country boys and
girls will be entertained by the citizens
of Rochester for three days. An alfalfa
club of one hundred members is now be­
ing organized and a number of other
projects are being worked out. Various
clubs already organized will be enlarged
and we expect to have fully six hundred
boys and girls enrolled in club work
during this coming year.
Anyone doubting the value of club
work should check up on Olmsted county
where any doubt will be quickly dis­
pensed with. Much credit for this work
is due to the splendid cooperation which
the promoters have received through the
newspapers of the county, the bankers
and business men in general, and to
the untiring energy of our club leader,
whose sincere interest in the work has
been chiefly responsible for the success
of this work in our county.

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

S O L I C I T E D

backed by a half million dollars in
capital,
surplus
and
undivided
profits.

Our service to correspon­

dents is prompt and painstaking.

Iowa National Bank
Davenport, Iowa
LOUIS G. BEIN, Cashier
HERMAN STAAK, Asst. Cashier

CHAS. SHULER, President
FRANK B. Y E T T E R , Vice Pres.
WM. H. GEHRMANN, Vice Pres.

Will Your Customers
Feed Their Corn?
If so, have you sufficient outlet for

Y O U R FEED ER PAPER?

The Live Stock National Bank
Located at the Stock Yards

Sioux City, Iowa
Is especially well equipped to handle Live Stock Loans

Y O U R A C C O U N T IS IN V IT E D

THE

96
MiiiiiiifiiiiMiiiiiiiiimiiiiiMiiiiiiiiiiiiiiiuiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiimiiiiiiiiiiiiiiiiii

N O R T H W E S T E R N

January, 1924

B A N K E R

iiiiMimiHimimiHmiimiiiiiiimimiiiiiiiimimimMmiiiimiiiiiiiiiiintiiiiiiiHtiiiMiHHiiuiiliMillüMi'HHHWW

IN D E X TO A D VERTISERS

A

A m e r ic a n
C o m m e r cia l & S a v in g s
B a n k ..........................................................
A m e r ic a n E x c h a n g e N a tio n a l B a n k
A m e r ic a n F ix t u r e C o ...............................
A m e r ic a n I n s t it u t e o f B a n k i n g .........

90
75
71
46

F ir s t N a tio n a l B a n k , W a t e r lo o . . . .
F ir s t N a tio n a l B a n k , W a t e r t o w n . .
F ir s t N a tio n a l L ife I n s u r a n c e Co. . .
F is h e r C o ........................................................
F o r e m a n N a tio n a l B a n k ....................
F o r g a n G r a y C o .........................................
G

B
B a n k o f A m e r i c a ......................................
B a n k e r s A c c id e n t I n s u r a n c e C o .........
B a n k e r s S u p p ly C o .....................................
B a n k e r s T r u s t C o., D e s M o in e s . . . .
B la c k h a w k N a t io n a l B a n k ................
B r e n n a n & Co., J o h n H ............................
B r itt o n Co., C. W ......................................
B r o k a w & C o ...............................................
B u r n s B ro s. C o .............................................

75
57
57
83
86
42
41
40
86

C
C a p ito l H ill M o n u m e n t C o ....................
C ed a r R a p id s L i fe I n s u r a n c e Co. . .
C ed a r R a p id s N a t io n a l B a n k ..............
C e n tr a l S ta te B a n k .............................
C e n tra l T r u s t Co., D e s M o in e s .........
C e n tr a l T r u s t Co o f I llin o is ............
C h a se N a tio n a l B a n k ......................
C h e m ic a l N a t io n a l B a n k ....................
C itiz e n s T r u s t & S a v in g s B a n k . . .
C ity N a tio n a l B a n k , C lin to n ...........
C o m m e r c ia l N a t’ l B a n k , W a t e r l o o . .
C o n s o lid a t e d N a t’ l B a n k , D u b u q u e ..
C o n tin e n ta l & C o m m e r c ia l N a tio n a l
B a n k .............................................................
C orn E x c h a n g e N a tio n a l B a n k .........
C r a d d ic k S e r v ic e ......................................

72
83
94
85
87
64
93
35
65
87
87
91
78
93
97

G ir a r d N a t io n a l B a n k ......................... 82
5
G o r d o n V a n T in e C o ...............................
G r a v e s, W m . E llio t t ................................ 31
G r e a t W e s te r n I n s u r a n c e C o ................. 56
G u a r a n ty L ife I n s u r a n c e C o................. 58
G u a r a n ty T r u s t Co., N ew Y o r k . . . 42
H

H a m m o n t P r in t in g C o .............................
H a n c o c k M u tu a l L ife In s. C o., J o h n
H a n o v e r N a tio n a l B a n k .........................
H o t e l L e C la ir e .........................................
H o t e l M o r r is o n ........................._j_............

E p p le y H o t e ls C o ...................................... 65
E r n s t & E r n s t ......................................... 66

I llin o is M e r c h a n ts B a n k ....................
I n t e r -S t a t e S u r e ty C o .............................
I o w a G u a r a n te e M o r t g a g e C orp . . .
Iow a L oan
and
T ru st C om pan y
B a n k .............................................7 a n d
Iow a
M u tu a l L ia b ilit y I n s u r a n c e
C o m p a n y ..........................................
I o w a N a tio n a l B a n k , D a v e n p o r t . .
I o w a N a t io n a l B a n k , D e s M o in e s . .
I o w a N a tio n a l F ir e I n s u r a n c e Co. . .
I o w a S ta te T r a v e lin g M en ’ s A s s n .. . .

K la w it e r ,

F r e d e r ic k

C...........................

36
62
38

O
O m a h a L ife I n s u r a n c e C o .................. 53
O m a h a N a tio n a l B a n k ......................... 68
O m ah a P r in t in g C o................................ 71
O v e r s tr e e t, J. W ...................................... 75

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P
P a c k e r s N a tio n a l B a n k ......................... 69
P e o p le s T r u s t & S a v in g s B a n k . . . .
86
P o lic y h o ld e r s ’ N a t’ l L ife In s. Co. . . 63
P o lk C o r le y & C o .................................... 41
P r a ir ie L ife I n s u r a n c e C o ..................49

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jj

a
Q u een C ity F ir e I n s u r a n c e C o .........65

|
I

S

I

48
95
89
48
55

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1
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76

M

95
32
2
90
76
68
2
2
90

N a tio n a l A m e r ic a n L ife In s. Co. . .
N a t io n a l B a n k o f th e R e p u b lic . . . .
N a t io n a l C it y B a n k , C h ic a g o .........
N a t io n a l C ity C o .........................................
N a tio n a l P a r k B a n k .............................
N a t io n a l S h a w m u t B a n k ....................
N o r th A m e r ic a n N a t’l L ife Ins. C o ...

72
55
37
44

92
33
76
93
33
66
53

\
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T

T h o m p s o n & Co., I n c .............................

92

|

U

I

U n ite d S ta te B a n k ................................ 94
U n ite d S ta te s C h e c k B o o k Co. . . . . .
62
U n ite d S ta te s N a t io n a l B a n k ........... 71
U n io n T r u s t C o ..........................
23
U n iv e r s a l L ife I n s u r a n c e C o ............. 56

\

V

I

V a lle y N a tio n a l B a n k .........................

N

......................................................................................................... .immilli..... ...................................................................................................................................................................................................

|
I
|

St. P a u l S ta m p W o r k s ........................... 75
.............. 68
S e a b o a rd N a t io n a l B a n k
S e c u r ity N a t’l B a n k , S io u x C ity . . . 94
S e c u r ity N a t io n a l B a n k , S io u x F a lls 63
S io u x F a lls N a t io n a l B a n k ................ 60
S ta n d a rd L ife I n s u r a n c e C o ............50
S ta n le y , H e n d e r s o n C o ......................... 45
S ta te C e n tr a l S a v in g s B a n k ............ 35
S ta te L ife I n s u r a n c e C o ........................ 51
S to c k y a r d s N a t’l B a n k , So. O m a h a . 69
S tra u ss & C o., R o b e r t S...................... 34

L

44
29
70

R a n d M c N a lly & C o ............................. 99
R e e d , P. M ...................................... 37 a n d 85
R o y a l U n io n M u tu a l L ife Ins. C o ... 54

84

L in c o ln N a tio n a l L ife I n s u r a n c e C o .. 55
L iv e S to c k E x c h a n g e N a t’ l B a n k . . 70
L iv e S to c k N a t’ l B a n k , O m ah a . . . . 69
L iv e S to c k N a t’l B a n k , S io u x C ity . . 95
L y t le C o ............................................................100

M e ch a n ic s & M e ta ls N a tio n a l B a n k . .
M e d ic a l L ife I n s u r a n c e C o .......................
M e r c h a n ts N a tio n a l B a n k , C ed ar
R a p id s ..........................................................
M id la n d M o r t g a g e C o .................................

F

N o r th e r n T r u s t Co. B a n k .................... 45
N o r th w e s t e r n N a tio n a l B a n k ...........
3
N o r th w e s t e r n N a t io n a l L ife In s. Co. 2

R

K

E


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

91
53
74
92
78

1

D
D a k o t a T r u s t & S a v in g s B a n k . . . . 63
D e s M o in e s D u p lic a t in g C o ................... 34
D e s M o in e s L ife & A n n u it y Co. . . . . 52
D e s M o in e s N a t io n a l B a n k ................
4
D e s M o in e s R u b b e r S ta m p W o r k s . 34
D r o v e r s N a tio n a l B a n k ......................... 80

F a r m e r s B o n d & M o r t g a g e C o ...........
F e d e r a l B a n k & T r u s t Co. . . 2 8 a n d
F e d e r a l L a n d B a n k ..................................
F ir s t I o w a S ta te T r u s t & S a v in g s
B a n k , B u r lin g t o n ................................
F ir s t N a tio n a l B a n k , C h ic a g o . . . .
F ir s t N a tio n a l B a n k , D a v e n p o r t . . .
F ir s t N a t io n a l B a n k , D u b u q u e ...........
F ir s t N a t io n a l B a n k , D u lu th ...........
F ir s t N a t io n a l B a n k , L in c o ln .........
F ir s t N a tio n a l B a n k , O m ah a ...........
F ir s t N a tio n a l B a n k , S io u x C ity . . .
F ir s t N a t io n a l B a n k , S p ir it L a k e . .

82
64
62
88
76
40

92

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W
W a t e r lo o B a n k & T r u s t C o ............. 90
W e s s lin g S e r v ic e s .................................... 24
W e s t e r n L ife I n s u r a n c e C o ............... 59
W h e r e to B u y , P a g e ............................... 47
W h it e P h illip s C o .................................. 41

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January, 1924

THE

NORTHWB STEEN

BANKER

Æ

V/

m

W hen You Plan Your
1924 Advertising!
I

NCLUDE the personal, individual
assistanceof C R A D D I C K S E R V I C E
in your Year’s Advertising Plans.
Whether your bank will spend $200
or $20,000.00 for advertising and pub­
licity this year,—regardless o f the “job”
you have set for your advertising to
accomplish, we will render a personal,
individual service within the limits of
your appropriation and of u iusual
assistance and value to your bank.
Let us “ sit in” with your officers in
making plans for one, two or three

years advertising. We place at your
command our seventeen year’s experi­
ence in building bank prestige, confi­
dence and deposits for banks in all
parts of the U.S.A. and several Cana­
dian provinces.
Write us without delay. W e will
reply promptly. There will be no cost
to you for information—not even the
intrusion of a representative. Tell us
briefly what lines of business you desire
to build up. We will send our recom­
mendations by mail.

W e serve but one bank in a city. Marry o f our clients
have employed us continuously for
ten years and longer.

¿J in a n clcï/yiàlQ cllâlny (Slxc/i^âllo/y
M IN N EAPO LIS


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Federal Reserve Bank of St. Louis

THE

98

NORTHWESTERN

BANKER

January, 1924

Assuring
Better
"Contact
4 N A. B. G. report is a businesslike, deciding authorA
ity that has replaced the old custom of buying
space on certain “ claims” of the publisher.
The publisher with space to sell submits the facts about
his business in the form of a statement to the Audit
Bureau of Circulations. This statement after it is
checked, approved or audited by the Bureau is used to
place the publisher’s wares before the Advertiser who is
buying space.
The Advertiser knowing the thoroughness of A. B. G.
methods safely bases his decision on the Verified Facts
contained in the A. B. G. report.
The Audit Bureau of Circulations has brought together
the Buyer and Seller of Space upon a basis of Mutual
Confidence.
The careful Advertiser knows that the purchase of
space by A. B. G. reports cuts out inflated Waste Circu­
lation and saves money that would otherwise be lost in
paying for unproductive space.
S tu dy the latest A. B. C. report o f
the N orthw estern Banker before
placing your advertising. A copy
will be fu rn ish ed on request.

/"WRITE TO THE AUDIT BUREAU OF CIRCULATIONS, 202 SOUTH STATE A
VSTREET, CHICAGO, FOR A COPY OF “ THE MEASURE OF YOUR MESSAGE” J


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

THE

January, 1924

NO R T H W E S T E R N

99

RANKER

Issued Monthly/
Supplement to?
BankersEquipm
Service Guide

j Has a Use forji
— ^ Heavily G am
which Security Nani
when We Offered
Country as Solving

PAHY
»O N

.ecus

The

W allS treet

of B A N K IN FO R M A T IO N
As all threads of the financial fabric lead to Wall Street, so do
the questions which arise hourly in the banker’s business lead to
R A N D M c N a l l y —the bank information center of the continent.
Through over fifty years the R A N D M C N A L L Y & C O M P A N Y
publications for bankers have answered the queries, Where?
Who? What?—instantly, accurately and completely.
The R A N D M c N a l l y service to bankers is older than fivesixths of the banks of America. The growth of this service has
anticipated, step by step, the evolution of the need which prompted
its inception.
As the bed-rock foundations and aspiring marble columns of
Wall Street symbolize the integrity and vision of the financial
world, so the name R A N D M C N A L L Y guarantees fidelity to the
trust with which it is so closely associated,

R and McNally & Company
Dept. A-29, 536 S. Clark Street
Official Numbering Agent, American Bankers Association

Largest Publishers of Banking Publications in the W orld

Established 1856


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Federal Reserve Bank of St. Louis

Chicago

T h e R a nd M ? N ally
B a n k e r s D irectory
— B lu e B ook
T he B a n k er s
M onthly
K e y to t h e n u m e r i ­
cal SYSTEM OF THE

A . B. A .
B a n k e r s E q u ip m e n t Service G uide
B ankers
E q u ip m e n t
B u l l e t in

f

THE

100

NORTHWESTERN

BANKER

January, 1924

Lytle Company
“ The Capitol”
of

Better Bank Building!

Our Knowledge

Yours
for the Asking
Lytle jobs are new, up-to-the-minute
Hidings and different in design. They
•e all of the pleasing, warm and invitig type and laid out for the up-to-the-

minute banker.

No shop worn

ideas are used by us.

or

borrowed

W e make a continuous

study of this work and every plan is our own
original idea, a great many of which have been
taken as a guide by others.
It does not cost you anything to consult with us,
we are open and above board.
to hide.

W e make no charges

sketches, etc.
asking.

W e have nothing
for

tentative

Our knowledge is yours for the

W e appreciate honesty and believe in

We shall be
pleased to fur­
nish full par­
ticulars w i t h ­
out obligation.

the golden rule.

THE L Y T L E COMPANY
J. A. RAVEN, President
Architects and Engineers of Complete Bank and Office Buildings
SIOUX C IT Y , IO W A


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Federal Reserve Bank of St. Louis