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JANUARY
1944

This month every home in Am erica should display
one of these window stickers

BUY
WAR
BONDS
AND

STAMPS


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

BUSINESS FO R EC A ST FO R ’44
Pages 17, 18 and 19

'r < k -¿ r

^

^

>~i» > » >i> Ì » »

»

^

^4s Mf> Enter the New Year
Throughout 62 years of consistent growth this bank has
enjoyed cordial correspondent relations with banks in Iowa and
the middle west.
W e welcome the establishment of similar connections with
other banks who can profitably use a strong, conservative cor­
respondent in this area, to help them solve current banking
problems.
A CEDAR RAPIDS BANK

CEDAR
R A P ID S

SERVICING A LL IOWA

MERCHANTS
NATIONAL BANK
O F F IC E R S
J ames E. H am ilton , Chairman
S. E. COQUILLETTE, President
H. N. B oyson , Vice President
Roy C. F olsom, Vice President
M ark J. M yers, V. Pres. & Cashier
George F. M iller, V. Pres. & Tr. Officer
M arvin R. Selden , Vice President
F red W . S m it h , Vice President
John T. H amilton II, Vice President
R. W. M an att , Asst. Cashier
L. W . Broulik , Asst. Cashier
Peter B ailey , Asst. Cashier
R. D. Brown , Asst. Cashier
0 . A. K earney , Asst. Cashier
Stanley J. M ohrbacher, Asst. Cashier
E. B. Zban ek , Building Manager

Cedar Rapids
Member Federal

at

A

g " ••

^

Iowa

Deposit Insurance Corporation

-7 - <

Northwestern Banker, published m onthly by the De Puy Publishing Company, at 527 Seventh St., Des Moines, Iowa. Subscription, 35c per copy, $3.00 per year
Entered a* Second Class M atter January 1, 1895, at the Post Office at Des Moines, Iow a, under A ct o f March 3, 1879.


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Federal Reserve Bank of St. Louis

3

The

/

P ublic N ational Bank
and Trust C ompany
tfiNciüyêrb

A n o th er le ad in g b a n k
using
H am m erm ill S a fe ty
We are proud

th a t checks o f

T h e P ub lic N atio n a l B a n k and
T ru st C o m p a n y o f N e w Y o r k are

r

printed

on

H a m m erm ill

Safety.

T h is is one o f the m a n y distin­
g u ish e d

b a n k in g in s titu tio n s

which it is our privilege to serve.
T h e check shown at right is on
Straight Line H a m m e rm ill S afety
with the surface seal o f T h e P ublic

ÂlSfcSSs

The m ain office of The Public
N ational Bank and Trust Com pany of
N ew York at 37 Broad Street,
llggg.
N ew York City.

N a tio n a l B a n k and T ru st C o.


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Federal Reserve Bank of St. Louis

! >0 The IYblicSATioNALtag.ASiïwzn GoMPANY
I)0UA«S I

Northwestern Bunker

Januari] 1944

4

$

I r v in g
T ru st C o m p a n y

\

ONE WALL STREET ♦ N E W YORK
Statement of Condition, December 31, 1943
ASSETS
Cash on Hand, and Due from Federal Reserve Bank and Other Banks . . .
U. S. Government S e cu ritie s................................................................................

$220,548,903.89
613,719,228.56

State, County and Municipal S e c u r itie s .............................................................
Other S ecurities.......................................................................................................
Stock in Federal Reserve B a n k ......................

1,250,000.00
1,971,418.40
3,088,100.00

Loans and Discounts ...........................................................................................
First Mortgages on Real E state............................................................................

207,516,205.57
8,838,483.58

-4

Headquarters B u ild in g...........................................................................................
16,764,000.00
Other Real E s t a t e ...................................................................................................
82,789-65
Liability o f Customers for A c c e p ta n c e s .............................................................
1,762,924.88
Other A s s e t s ............................................................................................................ ............... 3,176,764.68
$1,078,718,819-21
LIABILITIES
$961,205,401.89
2,942,872.34
$4,104,013.16
2,084,040.64

D e p o s i t s .................................................
Official C h e c k s ......................................
A cceptances..............................................
Less Amount in P o r t f o l i o ...................
Reserve for Taxes and Other Expenses
Dividend payable January 3, 1944 . .
Other Liabilities......................................

T
$964,148,274.2 3
2,019,972.52

..................................................................... 4,358,260.57
..............................
7 50,000.00
..................................................................... 551,215.35
..................................................................... 462,169.37
$50,000,000.00
56,428,927.17
106,428,927.17
$1,078,718,819.21

Unearned I n c o m e ..................................
Capital S t o c k ..........................................
Surplus and Undivided Profits . . . .

United States Government Securities are stated at amortized cost. O f these, $131,093,793.76
are pledged to secure deposits of public monies and for other purposes required by law.
M em ber Federal Deposit Insurance Corporation

BO ARO
H A R R Y E. W A R D
Chairman oj the Board
O . L. A L E X A N D E R
President
Pocahontas Vue1 Company
Incorporated

J O H N F. D E G E N E R . Jr.
C. A . Auffmordi & Co.

or

DIRECTORS
W IL L IA M N . E N ST R O M
President

JAMES W . HUBBELL
President
N ew York Telephone Company

H E N R Y P. BRISTOL
President
Bristol-Myers Company

W IL L IA M K . D IC K
A D A M K . LUKE
Chairman, Executive Committee Vice President and Treasurer
National Sugar He fining
W est Virginia Pulp and Paper
Company
Company

W . G IB S O N C A R E Y , Jr.
President
The Yale & Tow n e M fg . Co.

H E N R Y FLETCHER
Fletcher & Broun

H IR A M A . M A T H E W S
Vice President

R EID L. CARR
President
Columbian Carbon Company

G EO RG E F. G EN TE S
Vice President

M ICH AE L A . M O RR ISSE Y
President
The American N ew s Company, Inc.

E D W A R D H. C LAR K
Chairman of the Board
Cerro de Pasco Copper
Corporation

HAROLD A. HATCH
Vice President
Deering Milliken & C o ., Inc.

A U G U S T U S G . PA INE
Chairman of the Board
N ew York & Pennsylvania C o.

Northwestern Banker

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

January

J. W H I T N E Y PETERSON
Executive Vice President
United Stales Tobacco Company
JA CO B L. REISS
President, International
Tailoring Company
FLETCHER W . R O C K W E L L
President, National Lead Company
W IL L IA M SK IN N E R
President
William Skinner & Sons
FR A N C IS L. W H IT M A R S H
President
Francis H . Leggett & Company

y

..

!F TRE JAPS INVADED TOMORROW
S uppose you picked up your newspaper some

That’s why fire prevention, always important,

morning and found that the Japs, in a lightning

is extra important now.That’s why, too, cutting

raid on the Pacific Coast, had fired a California

down fire losses is the concern not only o f every

city— and burned thousands o f people alive!

manufacturer and home owner, but o f every

Suppose that you learned that among them

citizen. A nd there is this final reason to make

were 2,200 children less than nine years old—

fire prevention your concern— over a period o f

w ouldn’t your blood boil?

W o u ld n ’t you be

time the smaller the losses the less the property

roused to a higher pitch o f fighting spirit than

owner will pay for his insurance protection.

you have ever been?

So, now o f all times—

Y et— 2,200 children under nine years o f age

Be extra careful about fires !

are burned to death every year right here in the
United States! But Carelessness, not the Japs, is
the criminal.
A n d — it’s a crime you can help stop.

E IT H E R

CAN

DO

T H E E N E M Y ’S W O R K

Y es, you can help save thousands, tens o f
thousands o f other lives . . . and help prevent
damage to war plants, damage seriously retard­
ing our war effort with losses that mere dollars

* THE HOME *

cannot replace today. And, to make it more

Cc^TU/

tragic, fire losses in 1943 were about 18.3%
above the preceding year.

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

NEW
FI RE

★

AUTOMOBILE

YORK
★

MARINE

IN SURANCE

6

C o n tin en tal I llinois
N atio n al B an k
a n d T rust C om pany
OF C H I C A G O

Statement of Condition, Decem ber 31, 1943

RESOURCES
Cash and Due from Banks................................................................$

482,949,998.21

United States Government Obligations,
Direct and Fully Guaranteed.......................................................

1,402,546,404.49

Other Bonds and Securities...............................................................

63,369,056.48

Loans and Discounts............................................................................

363,163,483.71

Stock in Federal Reserve B ank......................................................

3,600,000.00

Customers’ Liability on Acceptances...........................................

265,543.16

Income Accrued but N ot C ollected...............................................

5,401,213.79

Banking H o u se .......................................................................................

11,400,000.00
$2,332,695,699.84

L IA B IL IT IE S
Deposits........................................................................................................$2,173,955,738.40
Acceptances.............................................................................................

293,322.56

Reserve for Taxes, Interest and E xpenses................................

9,742,995.61

Reserve for Contingencies.................................................................

18,105,492.91

Income Collected but N ot E arned.................................................

191,776.94

Capital S to c k ...........................................................................................

60,000,000.00

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

60,000,000.00

Undivided Profits...................................................................................

10,406,373.42
$2,332,695,699.84

United States Government obligations and other securities carried at
$446,503,319.09 are pledged to secure public and trust deposits and for
other purposes as required or permitted by law

Member Federal Deposit Insurance Corporation

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 19J'i

i

How To Make Larger Bank Loans

On A Safe, Profitable Basis
M any prospective borrowers have an inventory of some kind
on hand.

W h y not have them furnish you with St. Paul W are­

house Receipts covering that inventory as collateral for needed
loans?

You cannot have better security.

St. Paul W arehouse Receipts issued against goods and com­
modities such as seed corn, soy beans, field seeds, wool, canned
goods and wholesale groceries, in fact almost any kind of
inventory, located on the owner's own premises, give you first
security on that inventory and provide control over the proceeds
of its sale.
Write, phone or wire our nearest office for facts showing how
your Bank can safeguard loans . . . and increase profits . . .
through obtaining St. Paul W arehouse Receipts as collateral.
W e are thoroughly responsible and widely experienced oper­
ators of Field W arehouses, and our service helps to solve

7

financing problems.

Consultation is free.

No obligation on

your part.

St . Paul T e r m in a l W arehouse Co.
510 Iowa-Des Moines National Bank Building

Des Moines, Iowa
--------------------------------------------------- -------ST. PAUL


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Federal Reserve Bank of St. Louis

OTHER OFFICES

CHICAGO
PHILADELPHIA
PITTSBURGH

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

NEW YORK
MEMPHIS
SYRACUSE

MILWAUKEE
ATLANTA

CHARLOTTE

DETROIT
BOSTON

ALBANY. GA.

Northwestern Banker

January

THE CHASE
NATIONAL BANK
O F THE CITY O F NEW YO RK
STATEMENT OF CONDITION, DECEMBER 31, 1943
RESOURCES
Cash and Due from B a n k s ................................................ $ 1 ,0 5 0 ,0 1 2 ,1 3 2 .9 6
U . S. Government Obligations, direct and fully
g u a r a n t e e d ....................................................................
2 ,6 0 3 ,1 7 1 ,6 6 2 .3 5
State and Municipal Securities.....................................
7 4 ,3 8 5 ,8 0 3 .5 1
Other S e c u r i t ie s ..............................................................
8 9 ,7 3 7 ,5 1 6 .1 1
Loans, Discounts and Bankers’ Acceptances . .
7 9 1 ,9 7 9 ,9 2 4 .5 9
Accrued Interest R e c e i v a b l e .....................................
9 ,1 1 4 ,0 2 8 .5 0
M o r t g a g e s ..........................................................................
7 ,3 7 1 ,1 4 6 .6 6
Customers’ Acceptance L i a b i li t y ...............................
4 ,5 3 5 ,1 4 7 .9 1
Stock o f Federal Reserve Bank.....................................
7 ,0 5 0 ,0 0 0 .0 0
Banking H o u s e s ..............................................................
3 5 ,7 4 0 ,4 2 0 .2 2
Other Real E sta te..............................................................
4 ,9 9 0 ,6 3 7 .6 7
Other A s s e t s .........................................................................
1 ,8 8 5 ,5 4 3 .0 2
$ 4 ,6 7 9 ,9 7 3 ,9 6 3 .5 0
L IA B IL IT IE S
Capital Funds:
Capital S t o c k ......................... $ 1 0 0 ,2 7 0 ,0 0 0 .0 0
S u r p l u s .....................................
1 3 4 ,7 3 0 ,0 0 0 .0 0
LTndivided Profits . . . .
3 7 ,8 7 8 ,1 3 7 .4 6

V
$

Dividend Payable February 1, 1944 .........................
Reserve for C o n tin g en c ie s............................................
Reserve for Taxes, Interest, etc.....................................
D ep o sits................................................................................
Acceptances Outstanding . . $
8 ,6 9 7 ,0 5 0 .1 7
Less Amount in Portfolio
.
2 ,8 0 8 ,4 5 0 .7 6
Liability as Endorser on Acceptances
and Foreign B i l l s ........................................................
Other Liabilities ..............................................................

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

$ 4 ,6 7 9 ,9 7 3 ,9 6 3 .5 0
United States Government and other securities carried at $735,982,755-00 are pledged
to secure U. S. Government War Loan Deposits of $583,660,010.04 and other public
funds and trust deposits, and for other purposes as required or permitted by law.
M em ber F e d era l D eposit Insurance Corporatiom

orthwestern Banker


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Federal Reserve Bank of St. Louis

January

9

"A Bull for $2.00"
‘ ‘ One o f our old timers who worked in
our vault for some time was in the bank
with a newspaper, The Ulster County Ga­
zette of Kingston, Ireland, published on
January 4, 1800. Was amused at the fo l­
lowing ad which appeared in the paper:
LOST
Strayed — or — Stolen
A one years old bull, two years big,
sometimes white and sometimes black.
Somebody what finds him I gives any­
body $2.00. Down the plank road on
the gee side................ C. N. Cretz.
‘ ‘ Evidently the bulls were a lot cheaper
in 1800 than they are today. With this
black market and everything I doubt very
much if the boys would bring one back for
$2:00 now. ’ ’
F r a n k M . C overt , Assistant
Cashier, Drovers National
Panic, Chicago, Illinois.

"I Miss the Bank"
The following letters were received from Northwestern Banker
readers. Your views and opinions on any subject will be gladly
published on this page.

"All Issues Very Interesting"
‘ ‘ I looked over your September, October
and November issues of the N o r t h w e s t ­
ern B an k e r ,
All of these numbers were
very interesting to me and I was especially
pleased to read the story by our old friend,
Charles B. Mills, entitled, ‘ What 47 Years
Taught M e.’ He, like myself, started his
career in the railroad business which re­
minds me that I had luncheon with Richard
A. Aishton, vice president of the Conti­
nental, and his dear father, former presi­
dent of the Northwestern Railroad. He,
too, is an octogenarian. I celebrated my
80th birthday November 27th, 1943, at my
son W illiam ’ s home in Winnetka and where
I received a cordial letter from my old
friend General John J. Pershing and hun­
dreds o f telegrams, letters and cards from
all sections of the H. S. A. I was very
pleased to receive a telegram from an old
friend, J. Lyman Edwards of Burlington,
and nice letters from D. H. Lightner, vice
president, First National Bank, Mason City;
Leo Stevens; Congressman K. M. Le Compte
of Corydon, and to whom I am sending
page 24 o f the September issue o f the
N o r t h w e s t e r n B a n k e r , Also a good let­
ter from William F. Rieckhoff of Orange
City. I share hi the opinion of our mutual
friend, Guy W. Cooke, of the First National
Bank of Chicago, that it is of great value
to banks to carry advertising regularly in
the N o r t h w e s t e r n B a n k e r .
W . G. E d e n s , 1212 West
North Shore, Chicago 26,
Illinois.

"Lot to Be Thankful For"
‘ ‘ This is the last day of a year that, to
me, has been a happy year, but it would
have been so much better had that dear wife
o f mine lived to see her five children hap­
pily married and with eight grandchildren.
‘ ‘ Cliff, when I think it over I think we
still have a lot to be thankful for.
“ Miles is now a major and due for over­
seas duty.


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

‘ ‘ Carl is in or around Cambridge, Eng­
land, and very happy in his work even if
the country is overrun with fogs.
“ My very best wishes to you and yours
f o r •1944.
‘ ‘ Tell your daughter, Evelyn, I can’t im­
agine how she can be so beautiful with
such a homely dad. ’ ’
C h a r l e s B . M i l l s , Presi­
dent, Past Presidents’ Club,
Iowa Bankers Association,
Moline, Illinois.

‘ ‘ Suppose you will be surprised to hear
from me from Blue Hawaii. Have been in
the Navy about a year now as chief yeoman
and I am having some grand experiences.
I miss the bank, however, and am looking
forward to returning to the bank in Fair-

"Anticipating Foreign Assignments"
‘ ‘ After seven months in Reno with the
Air Transport Command, I am anticipating
foreign assignments shortly. Have a hunch
it is to be the India-China wing. I ’ll be­
lieve it when I am on the plane, as I am
over age but in excellent health. ’ ’
C a p t a in L eo L . M a k .

"Eager Audiences"
‘ ‘ Please excuse the belated note of thanks
for your letter and your fine editorial in
the N o r t h w e s t e r n B a n k e r concerning my
book ‘ ‘ Under Cover. ”
I ’ve been rushing
all through the midwest and south, lectur­
ing.
Have found audiences eager and
hungry for the facts and it is most grati­
fying to see leaders in the various commu­
nities respond so splendidly.
Could you
mail me another copy of the N o r t h w e s t e r n
Banker? ”
R o y C l a r k s o n , Au­
thor o f “ Under Cover,” Ja­
maica, New York.
J ohn

"Honey for Christmas"
“ I am having expressed to you a jar of
North Dakota white sweet clover honey and
with it go my very best wishes for a
Merry Christmas and a happy, prosperous
and healthful year. ’ ’
F . A . I r i s h , President, First
National Panic <$• Trust Com­
pany, Fargo, North Dakota.

Chief Yeoman Edgar Scheips
bury. H ow ’s the N o r t h w e s t e r n B a n k e r ?
I f you have an extra copy of a recent issue
I ’d surely appreciate receiving it. ’ ’
E dgar S c h e ip s , Chief Y eo­
man, United States Navy.

"Internal Collapse of Germany
Due Soon"
“ I still think Hitler has faced three sep­
arate and increasingly serious crises, once
in the early fall of 1942, again in the
spring of 1943 and the third and most
serious crisis in August, September and
October of 1943.
‘ ‘ I think he could and should have been

(Turn to page 60, please)
Northwestern Banker

January 1944

10

CENTRAL
BANK

AND

HANOVER

TRUST
NEW

COMPANY

YORK

Statement of Condition, December 31, 1943
ASSETS

TRUSTEES
Cash and Due from Banks

William A. M. .Burden

.

.

.

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

U. S. Government Securities .

Louis S. Cates
Colby M. Chester

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

State and Municipal Securities .

1 1 ,2 3 1 ,2 0 5 .6 0

Other Securities...............................

I

Stock in Federal Reserve Bank .

5 B 34 , 2 7 6 .3 9
2 ,4 3 0 ,0 0 0 .0 0

John B. Clark

Loans and Bills Purchased.

Jarvis Cromwell

Real Estate Mortgages....................

3 >I 94 , 9 ° 5 -I °

Banking H ou ses...............................

1 3 ,9 5 0 ,0 0 8 .0 0

Bernard M. Culver

2 7 9 * 8 9 5 ,0 1 5 . 1 7

Other Real E s t a t e ..............................

747,o59-6i

George W . Davison

Interest Accrued....................................

Johnston De Eorest

Customers’ Liability Account of Acceptances

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

.

.

.

Total
Thomas Dickson
Walter G. Dunnington

LIA B ILITIE S

William A. Eldridge

C a p ita l..............................................

Robert L. Gerry
William S. Gray, Jr.

$ 2 1 ,0 0 0 ,0 0 0 .0 0

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

6 0 ,0 0 0 ,0 0 0 .0 0

Undivided Profits...............................

2 3 ,1 0 8 ,3 2 3 .2 3

Taxes, Interest, etc.........................

6 ,4 9 4 ,3 6 2 .6 2

Dividend:

John K. Olyphant, Jr.

Payable January
Benjamin O ’ Shea
Eustis Paine

3 , 1944

.

.

1 ,0 5 0 ,0 0 0 .0 0

A cceptances.........................................

1 ,0 6 4 ,5 8 0 .0 8

Deposits...................................................

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

Total

Auguste G. Pratt
Henry P. Turnbull

$ i ,589,935,8 94.76

T h e r e are p le d g e d to secure p u b lic m onies and to q u a lify for fid u cia ry p o w e r s

William Woodward

U . S . G o v e r n m e n t S e c u r i t i e s ......................

M EM BER

Northwestern Banker

$ 1 0 4 ,1 0 8 , 3 2 3 . 2 3

Reserves:

George M. Moffett


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

1 ,0 0 4 ,3 5 0 .4 9
$ 1, 589 , 9 3 5 ,8 9 4 7 6

January i.9D

F E D E R A L D E P O S IT I N S U R A N C E

C O R P O R A T IO N

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

IN T H IS IS S U E
C L IF F O R D D E P U y
Publish er

Editorials
Across the Desk from the Publisher.................... .

12

R A L P H W. M O O R H E A D
Associate Publisher
H E N R Y H, H A Y N E S
Editor
RUTH K IL L E N
Associate Editor
M A R G U E R IT E B R O W N
Office Supervisor

Feature A rticles
Dear Editor—Letters from Our Readers...............
Frontispage-—“ Not Afraid” ...................................
Directors Must Know Their Banks..... ................ ....
Business Forecast for ’44.......................................
Legal Department—The Statute of Limitations. ..
What the Country Bank Commission Wants To Do.
News and Views of the Banking World..................
Let the Farmer Do It........ ......................................

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

9

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

15

J. F. K en n ed y

16

...................... 17, 18, 19

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

20

K . J. M cDonald

21

Clifford De P u y

22

.... Carl O degard

24

H. H. H endren

27

E L IZ A B E T H C O L E
Advertising Assistant
BETTY M IL L E R

Insurance
New Accounts Through Friendly Service...............

Circulation Department

•
527 Seventh Street
Des M oines 9, Iowa
Telephone 4-8163

Bonds and Investments
The 4th War Loan—Letters From State Chairmen
National Cash Register Buys Allen Wales..............
Portable Banking Service.......................................

31
34
36

State Banking News
N E W Y O R K O F F IC E
Frank P. Syms
V ic e President
505 Fifth A v e .
Suite 1806
Telephone MUrray H ill 2-0326

CONVENTIONS
Jan.
19-20,
W iscon sin
M id -W in te r
M eetin g, Pfister H otel, M ilw aukee
Feb. 8-10, A B A
M id -W in te r Trust
Conference,
W a ld o rf-A sto r ia ,
New
York City
Feb. 12, Iow a Group One Annual M eet­
ing, M artin H otel, Sioux City
Feb. 22, Iow a Group Eleven Annual
M eeting, H otel Burlington, B urlin g­
ton
M a y 15-17, M issouri, K ansas City


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Federal Reserve Bank of St. Louis

Minnesota News ......................................... ............
Twin City News.................................................
South Dakota News............... .................................
Sioux Falls News.......................................... .
North Dakota News...... ..........................................
Nebraska News ................. ......................... .... .......
Corn Show In Columbus................. ................
A. B. A. Membership Meeting.........................
Omaha Clearings .............................................
Lincoln Locals ..................................................
Iowa News ............. ......................... ........................
Iowa Group Meetings......................... ..............
Annual Christmas Party...................... ...........

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43
47
48
50
53
54
56
57
59
63
64
76

The Directors’ Room
A Few Short Stories to Make You Laugh..............

82

12

Across the Desk
From the Publisher

jb ea * P a u l jjoAefilt Qoe.lAe.li:
As propaganda minister for Germany, you have
made some of the wildest, some of the most fan­
tastic, some of the most deliberate lies which
were ever poured into the ears of the German
nation, but your “ New Year’s Greeting” was
one of the most “ enlightening” statements we
have read as emanating from your twisted and
distorted mind when you said, “ Nobody in our
midst has the slightest inclination to make this
hour . . . one of mourning. Our men, women,
and even children have been shouldering a mean
and treacherous enemy air terror with heroism
and contempt of death.
“ Today we march with a lightened burden, as
many of us have NOTHING MORE TO LOSE.”

But, Mr. Goebhels, we must agree with you on
one truthful point that you do have “ Nothing
More To Lose” —no, nothing at all, Mr. Goebhels,
except the war, and you are going to lose that
in 1944.

1\bean, jja iep ii S ta lin :
As we enter 1944, Mr. Stalin, we want to give
you 'thanks and praise for paying the greatest
tribute you could have paid to the American sys­
tem of free enterprise—to the American capital­
istic program—to American individual initiative,
when you said, “ Without AMERICAN M A­
CHINES the United Nations never could have
won the war.”

To have a statement like that from you, as

Northwestern Banker


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Federal Reserve Bank of St. Louis

January

head of the great Communist country of Russia,
is a tribute indeed.
We hope eveiw one of our socialist planners
and their communistic brothers will realize that
at least you admire and appreciate the capitalistic
system under which America has grown great.

Jleouasui P . /UjAei:
You were correct in your statement, that our
greatest business asset as we enter the transition
period from war to peace, will be our accumulated
shortages, and these shortages will appear, not
only in our own country, hut throughout the
world.
Obviously, it will be our job and our oppor­
tunity to supply as many of these shortages as
we can and thus furnish employment for millions
of our returning boys.
Your remarks were most interesting when you
said, “ In 1944 we shall take at least one long step
back toward conditions of economic reality.
Germany will be defeated, and the cost of living
will be higher but there will not be real inflation.
“ 1944 will usher in the beginning of the end.
Nevertheless, it will be only the beginning. The
real change-over from the war economy to the
peace economy may be expected to take place in
1945 and not in 1944.
“ Our greatest business assets as we enter the
transition period will be our accumulated short­
ages. There will be demand in this country for
great numbers of automobiles, dwellings, house­
hold furnishings, agricultural appliances and so

13

through a long, long list of needed goods. We
shall have great accumulated money savings with
which such goods can be bought. More than that,
the whole world has been accumulating shortages
during the years of warfare.
Our periods of
transition and postwar reconstruction will also
be periods of opportunity.”

last straw. Is it proposed that we fight the war
without food and ammunition? The railroaders,
we read, are desperately unhappy about their 84
cents an hour. W hy? Because shipworkers get
$1.28. W ill they get mad next because a surgeon
earns more than 84 cents to perform an hour’s
operation?

Certainly, our greatest period of opportunity
as well as our greatest period of economic com­
plexity is ahead of us, but if we can help to win
a world war, we certainly can win the fight on
the financial horizon.
Let’s make the most of our opportunities in
1944.

‘ ‘ The army includes countless union members,
wholly pro-labor before the war.
Those men
are now mad as hell; estranged from their old
companions. Does labor want these men to join
the reactionaries, and worst of all the militant
fascists when they return? The danger is great.
Labor leaders by their opportunism are setting
the course of labor in America back 50 years.”

2 > e a ^ i ty te d s U c M g/ u U i :

Since your return from a 33,000 mile tour of
military camps abroad, we notice that you wrere
prohibited by an Army public relations officer
from discussing with anyone the opinions of
soldiers concerning strikes on the Home Front.
Isn’t that just wonderful—While we talk about
Freedom of the Seas, Freedom of the Air, and
include in the four Freedoms, the Freedom of
Speech and yet deny it to yon, Mr. March, be­
cause the paliticians at Washington are afraid
you will tell what the soldier boys are really
thinking about the strikes back home.
We notice you were asked the question, “ In
your discussion with the soldiers, did any of
them mention the strike situation here in the
States?” , and you were stopped from answering

this question by Captain Fred Driver, who was
stationed at the press conference to give army
clearance on any statements you might make
about your 14 week trip over 5 continents.
So our boys can fight and die and be killed on
foreign soil, but they are not allowed to express
opinions about coal strikes, steel strikes, rail
strikes, and all the other strikes, of which there
were 3,737 during 1943, an all time high.
We are sorry, Mr. March, that you could not
tell what these boys really told you, but plenty
of them are writing and saying in no uncertain
terms what they think about strikes during war­
times, and one such letter received by a promi­
nent authority recently says this, “ AH of us here
were mad enough about John L. Lewis and the
coal strikes, even though recognizing that miners
have, in the past, been underpaid and engaged in
hard and dangerous work. But the currently
threatened railroad transportation strike is the


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Federal Reserve Bank of St. Louis

Not only will the cause of labor be set back
50 years in America, Mr. March, but Freedom of
Speech, which is more valuable than all our Free­
doms, was given a black eye when you were pre­
vented from saying what you heard from our
boys overseas about strikes and other conditions
in the country for which they are fighting and
dying.

^beaSi /induce
As chairman of the board of the Advertising
Federation of America, we quite agree with your
statement that the winning of the war, and es­
pecially the winning of the peace, will be trans­
lated in the minds of millions of Americans ^nly
when they have an opportunity to work and earn
and save.
If soldiers return from the firing line only to
enter the bread line we will not have peace but
only economic upheaval.
You put it correctly when you said, ‘ ‘ Like char­
ity, readiness for peace begins at home.
We
shall most intelligently and realistically take our
part among the nations in seeking lasting inter­
national peace if we learn how to take care of our
own country and its people first.”

And certainly, Mr. Barton, we are not learning
how to take care of our own country when we
allow labor leaders in the coal industry, the steel
industry and railroad industry to be willing to
stop the whole war program for a few dollars
and frequently a few cents an hour, in order to
satisfy their selfish desires.
Yes, indeed, we must have postwar jobs ready
and keep them going or the war will have been
fought in vain.

Northwestern Banker

January

S T A T E M E N T OF C O N D I T I O N
At Close of Business December 31, 1913

"Iowa's frien d ly Bank"

CENTRAL NATIONAL BANK
AND TRUST COMPANY
M E M B E R

F E D E R A L

D E P O S I T

I N S U R A N C E

LIAB IL IT IE S

RESOURCES
Cash and Due from
Federal Reserve
and other banks_$16,268,305.18
United States Gov­
ernment Securi­
ties _____________ 23,202,798.31
O b l i g a t i o n s of
United S t a t e s
C o v e r nmental
A g en cies________
2,030,309.28 $41,501,412.77

Municipal S ecu rities_____________ 4,794,890.15
Market B o n d s______________________
874,739.40
Loans and Discounts---------------------- 12,034,967.07
Overdrafts_________________________
811.19
Stock Federal Reserve Bank---------53,250.00
Accrued Interest Receivable--------153,482.69
Bank Premises and Equipm ent-_
336,632.73
$59,750,186.00

Total

C O R P O R A T I O N

Common S to c k ___$ 1,000,000.00
Preferred Stock ___

250,000.00

$1,250,000.00

Surplus ___________________________

600,000.00

Undivided P r o fits_______________

466,670.73

Reserve for Retirement of Pre­
ferred Stock____________________

250,000.00

Other Reserves___________________

287,918.68

Discount Collected_______________

44,611.49

Deposits :
D e m a n d ________ $42,859,460.77
S a v in g s_________

3,194,349.94

Public Funds ___ 10,797,174.39
Total

56.850,985.10
$59,750,186.00

U. S. G overnm ent and other securities carried at $13,023,095.90 are pledged to secure
Public Funds, Trust D epartm en t Funds and W a r Loan D ep osit A ccount.

DIRECTORS

MARK L. JOHNSON

G. E. BRAMMER
BRAMMER,

BRODY, CHARLTON

P R E S ID E N T , T O W N

P R E S ID E N T
C. T A F T

P R E S ID E N T ,

CO.

O F D IR E C T O R S

R E D F IE L D

B R IC K

& T IL E

CO.

P R E S ID E N T ,

C H E M IC A L

COM PANY

IN S . A S S N .

ESTATE

H U D S O N -J O N E S

AUTO

COM PANY

CHAS. N. PIERCE
V IC E

P R E S ID E N T , L A N G A N

PAPER CO M P AN Y

GROVER C. HUBBELL

WALTER L. STEWART

T R U S T E E , F. M . H U B B E L L E S T A T E

G IB S O N , S T E W A R T & G A R R E T T

^On leave of absence serving in U. S. Armed Forces.

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 19kk

IN S . C O .

JULIAN A. PEVERILL

H. F. GROSS
SE C R E TAR Y, IO W A M U T U A L TO R N A D O

STAN D AR D

REAL

EROBERT K. GOODWIN
P R E S ID E N T ,

D W E L L IN G

WALTER E. MUIR
GEORGE A. PEAK

WM. J. GOODWIN
C H A IR M A N , B O A R D

M UTUAL

GUY E. LOGAN

HARRY GOLDMAN
C.

ESTATE

B. REES JONES

E. F. BUCKLEY
P R E S ID E N T ,

REAL

& PARKER


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Federal Reserve Bank of St. Louis

16

Directors Must

KtìùW

Their Banks

It takes more than just being a successful businessman, more than
being a respected citizen, to advise and counsel a banking institution
FTER the butcher, the baker,
or the candlestick maker has
done a successful job of butch­
ering, baking, or making candles, he
often becomes a hank director. The
qualifications are easily conformed
with, and in practice, the successful
businessman usually fills the vacan­
cies on bank directorates. The selec­
tion is often viewed as a reward to the
thrifty, sturdy citizen, and as a result
his business and that of his following
are secured. Further, his prestige and
status in the community adds to that
of the bank. This is the customary
pattern of selecting bank directors
whether it be the metropolitan center
or the crossroads village. It isn’t the
purpose of this article to take issue
with this method. By far the greater
number of bank directors are capable,
competent men. The only point made
is that these men, after selection, must
be educated to their duties and re­
sponsibilities.
Most newly selected directors have
stability and responsibility, most nec­
essary qualities.
Few have much
knowledge of credit and finance or the
intricacies of the banking business.
After appointment, the director either
becomes a valuable counsellor and ad­
visor, or he becomes somewhat con­
fused, then disinterested, and finally
fills a chair at meetings and takes lit­
tle part.
In medical circles the consultation is
commonly referred to. The doctor
with a complex case, calls in special­
ists. He not only benefits by their
knowledge, but they share his re­
sponsibility. Likewise the managing
officer or group of officers of a bank
welcomes counsel on problems from
the board, who are specialists, per­
haps in agriculture or business of
varied natures. Nothing was ever
more true than the old saying “Two
heads are better than one.” A discus­
sion of a problem among men of varied
occupations and experience does much
toward bringing about a proper solu­
tion. Certainly it relieves the bank
management of much responsibility.

Most bank directors are busy men.
They have a business and an occupa­
tion of their own. In most cases they
cannot devote the time to study and to
concentrate intensely on their bank’s
affairs. Yet they can give sufficient
time to be thoroughly familiar with the
basic and important points of a bank’s
operations. Simply stated, the bank
director must know his bank or he
shouldn’t be a director.

Conversely it is definitely undesir­
able that the management must go to
the board of directors with every sim­
ple problem. If such a situation is
necessary it would seem that the man-

In what phase of the bank’s opera­
tions can the directors’ abilities be
put to the most use? Wherein should
the directors’ efforts be concentrated?
There are of course the obvious items

A

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 19Ü

By J . F. Kennedy
Director
First

Nat i o na l

Bank

N e w Ha mp t o n , I o w a

T e lls

J. F. K E N N E D Y
of Their R esponsibilities

agement is incompetent. The man­
aging officer or officers of a bank must
know their business, must be expert
in handling problems of credit, and
it is their job to operate the bank.
The executive must have sufficient
authority to do business and not de­
lay or impede it. Too close restriction
by an over-zealous board might have
this effect.

such as personnel, income, expense,
and general operation. In general the
assets, and in particular loans and dis­
counts, should interest the director
most. It is in this item that he is
equipped to be of most value to the
management. He knows his commu­
nity and something of the business and
industry of his own territory. On the
other hand, to handle securities is al­
most the job of a specialist, and he
can hardly be expected to have a very
profound knowledge of them.
Assuming competent management,
it isn’t necessary that the director
know the merit of each one hundred
dollar note. Rather he should be con­
cerned with types and classes of paper,
how much his bank has invested in
real estate loans, chattel loans, un­
secured paper, etc. Most important he
should know the volume of doubtful,
questionable or slow loans. A compe­
tent executive officer makes few poor,
new loans. Problems appear more
often in old lines, that have been in
the bank for some time. A review of
the notes should bring forth definite
totals on lines that have been in the
bank too long, lines that have gone
stale and that should be paid or placed
on an amortization schedule. This
check on management is most desir­
able and a competent executive officer
will admit its necessity and welcome
such assistance. A record of slow lines
should be made and progress checked
regularly. The No. 1 good loans need
little attention on the part of the board
other than the routine examination of
larger lines to see that they conform
with the bank’s requirements.
Some might view this reasoning as
unsound, feeling that if loans are care­
fully scrutinized before made there
will never be any poor loans in the
bank. Further, according to this
theory, the board must pass on all
loans before they are made or they
aren’t doing their job. There may be
some truth in this approach to the
problem, yet it must be remembered
that the large percentage of loans are
good when made. It is after they are
made and conditions change with the
borrower, or general economic condi­
tions change, that a good note may
(Turn to page 49, please)

Business Forecast for *44
Bankers in M iddlewest Predict Another G o o d Y e a r for
Industry and Agriculture

—- A Northwestern Banker Survey—
ANKERS of the middle west are
optimistic indeed over the busi­
ness and agricultural prospects for
1944. This feeling is definitely re­
flected in replies to a survey just com­
pleted by the N o r t h w e s t e r n B a n k e r
among bankers in this area, detailed
answers to which appear below.
In the survey bankers were asked
their opinions on a number of ques­
tions: Will the touch of inflation we
have now become more or less evident
in 1944? What will be the trend of
bank loan volume this year? Pros­
pects for business in their communi­
ties, agricultural, industrial and com­
mercial? Will 1944 be as good as
1943?
In the localities depending largely
on farm income, bankers said their de­
gree of prosperity hinged entirely on
the size of the crop realized, and the
prices obtained for grain and live­
stock. Commercial business in most
any town or city depends these days
on what the merchant can obtain to
sell, and how many employes he can
get to help him sell it—the demand
far exceeds the supply in most items.
Replies to the survey indicated that
the merchant would prosper in propor­
tion to the goods he could find to sell,
but that if he fared as well in 1944 as
in 1943, his business would be very
good.
Regarding loan volume in 1944, re­
ports from the bankers replying seem
to be about equally divided—some look
for a gradual increase and others feel
the volume will remain about the same
or perhaps shrink a little.
Detailed replies are as follows:

B

"Business Is Excellent"
CARL MOSTROM
Cashier
F a r m e r s and M e r c h a n t s
C e r e s c o , Nebraska

Bank

I believe the touch of inflation we
have had will become more evident in
1944. The authorities are making de­
termined efforts to control the situa­
tion and with good effect, but it’s a
tremendous job. With the various
groups continually striking a spear­
head into the defense and biting off
advantages, the effect is certain to be
felt by all of us.

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Federal Reserve Bank of St. Louis

We anticipate a marked drop in our
loan volume, due to the very favorable
1943 corn crop and good prevailing
prices. However, the general business
condition in our community is excel­
lent.
I believe that 1944 should prove as
good or better than 1943, with war pro­
duction leveling out to its actual needs
and certain industries slowly convert­
ing to limited industrial production.

"Even Better Than 1943"
H. H. DEYLOFF
Cashier
F i r s t Tr u s t an d S a v i n g s Bank
Au r e l i a, I o w a

It appears that inflation will become
more evident in 1944, perhaps gradual,
but definite. Generally speaking, this
will make 1944 a good year, even better
than 1943, the price of which will be
paid at a later date. This opinion
would be changed, of course, should
the war end suddenly.
Loan volume in our own case is like­
ly to decrease. Former debts are being
paid out of the present good income of
farmers from good farm commodity
prices. Others have more of their own
money to put into their normal feeding
and farming operations and therefore
need to borrow less to maintain their
maximum production goals.
How long the war will last will great­
ly change any prediction for 1944 that
might be made at this time.

"D epends on Size of C ro p "
A. J. BORGERDING
Cashier
No r t h A m e r i c a n S t a t e Bank
Be l g r a d e , Mi n n e s o t a

Regarding the outlook for 1944, I be­
lieve business will be about the same
for the farmer as far as prices are con­
cerned for cattle and hogs. Believe

there will be a gradual decline in the
price of grains as the harvest gets
closer. Look for a gradual increase in
the supply of goods and believe peak
prices have been seen on almost all
commodities, especially if the war
should end, as the army and navy
could release enormous excess supplies
of all kinds of foodstuffs and goods.
With another good harvest I would
expect the price of land to advance
some more to normal levels of say pre­
war (First World War) levels here in
this part of the country. Rather ex­
pect our loans to go down gradually,
although do not think the farmer’s
margin of profit will be as big next
year as the past two years. Much will
depend on the size of the crop.

"Volume of Loans to Remain
S te a d y"
C. A. LOVRE
Manager
N o r t h w e s t S e c u r i t y Nat i o nal Bank
Br ooki ngs , S o ut h Dako t a

If the war continues this year, infla­
tion is almost certain to continue. We
feel a sudden end to the war in Europe
during 1944 would cause prices to take
a sudden drop because of the uncer­
tainty. How long this would last may
depend, to a large extent, on the length
of time the majority of war plants will
need in order to change over to civilian
production and avoid large unemploy­
ment.
Because of the increased operation
costs which no doubt will continue and
even increase during 1944, the volume
of loans should remain fairly steady
throughout the year. The increased
operation costs will be made up largely
of the increased cost of labor, supplies
and taxes. It looks as if more farm
machinery will be available in 1944.
No doubt a certain amount of loans will

Prospects for Business and Agriculture

Very Good
Northwestern Banker

January

18

Forecast

Business

for ;44

— A Northwestern Banker Survey
be made for purchasing. The demand
for farm land will probably continue
in spite of higher prices, and a certain
amount will be eligible for bank loans.
Commercial business should be very
good again next year, provided suffi­
cient merchandise is available to sell.
There is one thing we all, who are
dependent on agriculture, must keep
in mind. We have now had six years
of moisture and an abundance of feed.
Our cattle numbers have increased in
this part of the country to the largest
in history. A dry year and a small
feed crop in 1944, together with the
ending of the European war could
mean great losses for many of our
farmers who would not have sufficient
feed left over from 1943 and would
have to rush a large amount of their
livestock to market at sacrificed prices,
which we have experienced before.

"C on dition s Very G o o d "
THOMAS L. DYER
Cashier
Nat i o nal Bank of Burlington
Burl i ngt on, I o w a

It is my opinion that the touch of
inflation we have had will be more evi­
dent in 1944. We will do well to hold
our present level of loans unless the
war should end sooner than we can
visualize and bring the release of
materials and merchandise for normal
business. Agricultural and commer­
cial conditions in this community are
very good.
It is my feeling that business will
not be as good in 1944 as it was in 1943,
because there will be dislocations
caused by the cancellations of war con­
tracts and then it will take some time
to secure release of materials for civil­
ian use.

"Prices W ill Remain
Favo rab le"
F. A. TfMM
P r e s i d e n t and C a s h i e r
F a r me r s and M e r c h a n t s S t a t e Bank
Bal at on, Mi n n e s o t a

Inflation is serious, it has been for
ten years, and I don’t believe subsidies

are the answer. In my opinion infla­
tion has been promoted by labor’s con­
trol of the administration.
We don’t expect our loans to increase
in 1944. So far the farmers in this
community can buy little machinery.
However, business conditions are good
here, agriculturally and commercially.
The prospects for 1944 are good, be­
cause I think prices will remain favor­
able.

"C o n sid e ra b ly Better
C ircu m stan ces"
B. A. VAN DEVEER
Cashier
A m e r i c a n Nat i o nal Bank
Creighton, Nebraska

It is my opinion in this immediate
locality that loans for next year will
amount to possibly the same number
of dollars as last, but there will be con­
siderably fewer loans, as some of the
smaller ones are paid off and the ones
who borrow money for livestock and
grain must have larger notes on ac­
count of the prices of commodities.
The general run of business for next
year should be very good, providing
the merchants are able to secure mer­
chandise.
As a whole, agricultural people are
in considerably better circumstances
than they were two years ago and a
great many of the farmers who had
rented farms for several years again
own their own homes.

January

C. E. NELSON
Cashi er
F i r s t S t a t e Bank
Au du bo n , I o w a

The tendency toward inflation will
become more evident in 1944 than it
was in 1943, due to several factors, one
of which is the opposition to the sub­
sidy program.
Our loan volume will be increased
during 1944, as we are putting an in­
creased number of loans on our books,
including first mortgage real estate
loans, both farm and city, and also a
greater volume of livestock loans.
Business conditions in our commu­
nity are excellent within the limita­
tions of the rationing program. Farm­
ing conditions are also in fine shape,
and crops during the past year have
been excellent.
The prospects for general business
in 1944 at this time appear all right but,
of course, anything can happen. We
only hope nothing does.

"Excep tio nally W e ll in H an d "
A. H. HAAKENSON
Cashier

"O p tim istic O utlook"

Aust i n, Mi n n e s o t a

LENA SELVIG

Present indications point to a level­
ing off of business volume in 1944 as
migrations to the high pay defense
areas subside and resultant disruptions
approach a more normal condition.
The outlook for the year appears good.
I believe there will be some increase in
our loan volume because more machin­
ery and other types of essential equip­
ment will be made available. Also
there is a considerable amount of land
and homes changing hands. We will
continue to encourage home ownership
to steady and thrifty people. Along
with this, we shall make known and
available existing credit facilities for
farm and home improvements.
Regarding inflation, I feel that just
so long as the United States govern­
ment remains a large borrower, a cer­
tain amount of inflation is inevitable
and that the present trend will not be
reversed. I think a sincere effort is
being made to “hold the line,” but that

Cashier
P eo pl es and E nderl i n S t a t e Bank
Enderl i n, No r t h D ako t a

North Dakota had another good crop
last year. While the yield in this local­
ity was not as great as the year before,
the price was better. There was an ex­
cellent corn crop. Business conditions
are very good and the farmers are pay­
ing off their loans. We do not antici­
pate much of an increase in the volume
of our loans for at least another year.
Deposits are steadily climbing, with
the ratio of deposits to loans about six

Durins 1944
Northwestern Banker

"Loan Volume W ill Increase"

Aust i n S t a t e Bank

Look for Loan Volume to / tiC ÍC d S C


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Federal Reserve Bank of St. Louis

to one. Some land is being sold but
prices are not inflationary as yet. Pros­
pects for both business and agriculture
are very good for this year.

19

Business Forecast for
— A Northwestern Banker Survey
it cannot possibly be definitely checked
under present conditions.
For the postwar era, the local situa­
tion is exceptionally well in hand. The
Hormel Packing Company, Austin’s
number one industry, is preparing to
take back all of its more than 1,300 em­
ployes now in the armed forces. Lo­
cal business will follow this pattern.
Planning is on a practical basis and
Austin definitely will have employ­
ment for its men and women now serv­
ing our country.

"Business Should Be G o o d "
JOE MENGES
Cashier
Al t a Vista S t a t e Bank
Al t a Vista, I o w a

Regarding my views for 1944 busi­
ness, I cannot hep but think that, bar­
ring a crop failure, business should be
good in this section of Iowa. I do not
think we are going to have any run­
away inflation in 1944 and, as prices
for farm produce, grain, stock, etc., are
in most cases fixed, or nearly so, farm­
ers can plan ahead, so they should be
able to make some money.
I believe local loans will continue
to shrink in 1944, unless there is much
more activity in real estate. New first
mortgages might help keep the loan
totals up. However, while the interest
rate is low, I feel that there are good
opportunities to increase bank profit in
a large government bond account for
next year, as less reserve will have to
be carried on account of their liquidity
as compared to local farmers’ loans and
mortgages.
As I see it, everything points to 1944
being as good a business year as 1943.
Even if Germany collapses in the next
six months, as we hope she will, it may
cause a temporary let-down which I
do not think would be severe enough
to hurt business much in this locality.

"To R eflect Farm
C on dition s"
E. E. WIEMER
Cashier
Ci t i z e ns Nat i o na l Bank
Boone, I o w a

Will the touch of inflation become
more or less evident in 1944? The
majority of the people of our nation
will decide this question. From all
appearances their demands will in­
crease inflation and make it more evi­
dent.
Relative to an increase or decrease
in the volume of our loans for 1944, it

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is likely there will be some decrease.
We try to maintain a volume of real
estate loans which, of course, are most­
ly amortized thereby reducing the to­
tal, with difficulty in finding desirable
new mortgage loans. Farmers are re­
ceiving excellent returns from their
operations. Naturally their loans will
be, and should be, liquidated. Mer­
chants will perhaps have difficulty in
maintaining normal inventories, there­
by not needing seasonal loans to the
extent of normal times. We shall try
to maintain as large a volume of loans
as possible. However, they must con­
form to our ideas relative to being
self-liquidating and sound banking
practices.
Business conditions in our commu­
nity, agriculturally and commercially,
are very good and have been very
good for a number of years.
General business for the year should
continue to be good. We are greatly
dependent upon farming conditions.
We have, through the goodness of the
Almighty, had a number of excellent
years for the farmer in our community
which reflects itself in the merchants’
business. I believe if we are favored
with normal weather conditions dur­
ing the crop year we will have business
conditions in our community as good
as 1943. In economics we are all guess­
ing, time tells who is right.

will continue to be reduced and consoli­
dated, possibly at a slower rate than
in 1943.

"A n o th er G o o d Y e a r"

Ci t i z e ns S t a t e Bank

"Looks fo r Very G o o d Y e a r"
RAY HERRON
Cashier
Fi r st Nat i o na l Bank
Bl oomi ng Pr ai r i e, Mi n n e s o t a

I believe that inflation will be much
more apparent during the year if food
subsidies are thrown out and wages are
allowed to rise. Because, to the extent
that more buying power is generated,
we will have that much more inflation.
There will be, in my opinion, no more
civilian goods available than in 1943.
I think the loan volume in our bank
will continue to decrease, unless the
government bond drives come so often
that the people will not have the ready
money to take care of them.
Business conditions in general in this
community are very good, both from
an agricultural and commercial stand­
point, and I believe they will continue
to be good through the year, as there
is plenty of buying power in the coun­
try and the only thing limiting a boom
is the scarcity of civilian goods.

"M o re M oney in Range
C a ttle "
H. D. MILLER
Cashier
C l e a r w a t e r , Nebraska

K. O. SATTRE
Vice P r e s i d e n t an d C a s h i e r
Blue E ar t h S t a t e Bank
Blue E a r t h , Mi n n e s o t a

In our district general business con­
ditions should continue good during
this year. Inflation’s scarcity price
will, no doubt, take a firmer hold.
Business men on Main Street will be
having greater difficulty in replenish­
ing store stocks. Feed shortage and
uncertain marketing conditions will
cause farmers to sell off from their
livestock and additional cash will be
needed to carry the balance. Due to
increased operating expenses the pe­
riod of rapid rise in agricultural depos­
its will taper off this winter. Loans

The touch of inflation we have had
will become more evident this year.
We don’t see any prospects of the
loan volume increasing during 1944,
because there is so much idle money.
Both agricultural and commercial
conditions are good in this community
and we expect general business to con­
tinue to be good throughout the year.
However, 1944 will not be quite as good
as 1943, for we expect only a small mar­
gin on all livestock that is bought and
sold because of higher feed costs. There
will be more money in range cattle
where it isn’t necessary to purchase
feed.
(Turn to page 44, please)

Prices Should Continue

Favorable

Through 1944
Northwestern Banker

January 1944

The Statute of Limitations
A Nebraska bank foreclosed a mort­
gage owned by it on a farm in that
state. The mortgagor took an appeal
from the court order confirming the
sale of the property on the ground
that the price received at the sale was
inadequate. As an incident to the ap­
peal the mortgagor was unable to show
that there was any fraud involved in
the sale or that there was any shocking
discrepancy between the value and the
sale price or that a higher bid could
be obtained in the event of another
sale. Should the order of confirmation
be permitted to stand?
Yes. An order confirming a judicial
sale under a decree foreclosing a mort­
gage on real estate will not be reversed
on appeal for inadequacy of price,
when there was no fraud or shocking
discrepancy between the value and
sale price, and where there is no satis­
factory evidence that a higher bid
could be obtained in the event of an­
other sale.

It is the law in Iowa, as in all other
states, that causes of action based on
contracts are outlawed after a certain
period of time if suit is not filed there­
on within the limitations period. The
Iowa statutes further provide that, if
the party to be charged under a con­
tract signs a written admission of
liability, the cause of action is revived
and the limitations period commences
to run from the time of such admis­
sion. Are such admissions binding
and does the limitations period com­
mence to run from the date thereof
whether they are made before or after
the limitations period has run on the
original liability?
Yes. The Iowa statutes provide that
causes of action founded on contract
are revived by a signed written admis­
sion of the party to be charged. Such
admission may be made either before
or after the statute has run. It op­
erates to waive the defense of the limi­
tations statute.

Clardy, a South Dakota banker,
claimed to own certain timberland in
that state. He filed a quiet title suit
in an attempt to establish definitely
that his title was good. As an incident
to the suit, he obtained service by
publication upon all “unknown per­
sons” claiming an interest in the land.
It so happened that at the time certain
people were in possession and living
on part of the land. These people
claimed an interest therein. They
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January 19bb

These and O th er Tim ely Legai

Should he be sustained in such con­
tention?

Questions A re Answ ered

Yes. The expiration of the time limit
fixed by law for bringing of actions by
carriers for recovery of their charges
does not merely bar the remedy but
extinguishes the right and if therefore
cannot be AA aived by an express agree­
ment Avhich is made before the period
ends. The United States Supreme
Court so held in a recent decision.

By the
LEGAL DEPARTMENT

were not personally served in the suit
to quiet title. Was the judgment there­
in binding upon them?
No. Persons in possession of land,
as to which an action to quiet title is
brought, are not unknown persons
who may be served by publication in
South Dakota. It Avas so held in a
recent South Dakota Supreme Court
decision. In order for Clardy to secure
a judgment binding them, he should
have had them served personally.

Johnson, a minor son of an Iowa
banker, owned a truck he used for
local deliveries. He hired Smith to
assist him in his delivery work. AVhile
Smith was driving the truck in the
course of his employment, he negli­
gently ran into and injured Farrell.
Farrell sued Johnson. Can he recover?
Yes. The lovva statutes provide: “ In
all cases where damage is done by any
car by reason of negligence of the
driver, and driven AAitli the consent of
the owner, the owner of the car shall
be liable for such damage.” It Avas
recently held by the Toavu Supreme
Court that a minor Avho owned a truck
Avas liable under this statute for per­
sonal injuries suffered by a third per­
son by reason of the negligent driving
of the truck by the minor’s employee.

Grant, a banker, owned a stock farm
in North Dakota. As an incident to
such ownership, he caused certain live­
stock to be shipped over a railroad to
Chicago, Illinois. A dispute arose be­
tween him and the railroad regarding
the proper freight charges to be as­
sessed. In the interest of trying to
work out a settlement, Grant agreed
in writing that if the railroad would
withhold filing suit against him, he
would not plead as a defense the stat­
ute of limitations. It developed subse­
quently that an amicable adjustment
could not be arranged and the railroad,
after the statutory limitation had ex­
pired, sued Grant. Contrary to his
agreement, he urged in the suit that
the statute of limitations had run.

Anserson mortgaged his farm in
Iowa to Brown. The mortgage was
due in one year. It was not paid on
the due date, but Brown made no ef­
fort to foreclose. Thereafter Horton
obtained a judgment lien against Anserson’s property. Such lien was jun­
ior to Brown’s mortgage. Brown per­
mitted the statute of limitations to run
as to his mortgage. Thereafter An­
serson and Brown agreed in writing
that the mortgage was revived. In
such circumstances, did the judgment
lien continue to be junior to the mort­
gage?
Yes. In Iowa a mortgagor may revive a mortgage either before or after
it is barred by limitations and upon
revival it will be superior to all liens
to which it A A a s superior when such
liens attached to the property.

Suppose that, in the preceding ques­
tion, Horton had obtained his judg­
ment lien against Anserson’s property
after Brown permitted the statute of
limitations to run as to his mortgage
but before Anserson and Brown agreed
in writing that the mortgage would be
revived. Would the judgment lien be
superior to the mortgage in those cir­
cumstances?
Yes. Here the mortgage Avas not
enforceable at the time the judgment
lien Avas obtained. Since such Avas
the case, the judgment lien attached
to the property ahead of the mortgage
and, AAhen the mortgage AAas revived,
it Avas junior to the judgment lien. The
Iowa Supreme Court so held in a re­
cent decision involving similar facts.

Snow, a banker, died in 1936 leaving
a will providing that his estate of
several hundred thousand dollars
should go to a trustee. The trustee
was charged with providing for Snow’s
widow during her lifetime from the
trust. After her death the property
was to go to a charitable institution.
(Turn to page 59, please)

21

W h a t the Country Bank Commission
W an ts to Do

fût Y OU

Chairm an of the G ro u p Outlines the Aim s and O b je ctive s of This
Important Com m ittee of the A m erican Bankers A ssociation
HE country banks of the United
States constitute 79 per cent of
the banks of this nation. The
areas they serve are mostly rural and
suburban, embracing all activities that
constitute the American way of life.
This is the definition of the term
‘country banks’ adopted at the first
meeting of the Commission on Country
Bank Operations. The second order
of business was a statement of the
scope of our work:
“Except insofar as specifically dele­
gated to the other functional bodies of
the ABA, the principal work of the
Commission shall be directed: (1) to
the consideration of problems of coun­
try banks, (2) to the research and de­
velopment of improved methods of
operation and increased earnings, (3)
to the creation of a means for the ex­
pression and exchange of ideas among
country bankers, (4) to coordinate and
present to the country bank members
all of the work of the ABA which af­
fects them. The commission shall be
a working body representative of and
working for the interests of country
banks.”
Prior to the first meeting the mem­
bers of the commission submitted
statements and outlines of what they
considered the purpose of the commis­
sion. One member pointed out that
when a country banker writes his state
association secretary he starts his let­
ter “ Dear Frank” , or “ Dear Harry” ;
and the answer comes back “Dear
Bill” , or “ Dear Bob” . Significant is
the fact that country bankers con­
sider themselves a part of their state
associations. Significant, too, is the
fact that country bankers do not look
on their state association as a paternal­
istic body organized to do things for
them, but rather as their own organ­
ization through which they can do
things for themselves.
In this sense the first objective of
our commission is to represent the
12,000 country banks of the nation,
that country bankers shall feel that
this is their body through which they
may work for their common interests,

T


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Federal Reserve Bank of St. Louis

By K. J . McDonald
P r e s i de n t
I o w a Tr us t an d S a v i n g s Bank
E st he r v i l l e

M cD o n a l d
Chairman
Com m ission on Country Bank Operations
k

. j.

‘ ‘ These other sixteen country bankers who
make up the commission are a wonderful
and outstanding group of men. I have
never seen equalled the enthusiasm and con­
fidence displayed by any similar group”

whose members themselves are coun­
try bankers, who understand the prob­
lems of country banks.

Who We Are
May I take you into our first meet­
ing held last October in Chicago, and
introduce our commission members to
you? Bill Rempfer is down near the
end of that long table, his coat off and
his shirt sleeves rolled up, arguing
methods for determining country bank
costs, a subject dear to his heart and
on which he has become an outstand­
ing authority. Bill comes from a town
of 1,300, Parkston, South Dakota.
Across the table and arguing the point
of view of the suburban bank sits John

Wetzel from Bayside, New York. John
is to present the objectives of our
commission to the New York confer­
ence of state secretaries. Ted, which
is short for Tedrow, hails from Prince­
ton, Illinois. Ted says he does not be­
lieve in soliciting loans, but admits
that he personally spends the equiv­
alent of a day every week out in the
country looking for good ones. He
gets them, too. John Sloan comes
from Greenwood, South Carolina, a
gentleman in his actions and in his
thinking. Tip Burch, who wrote a
thesis on credit records for small coun­
try banks which was published and
circularized, is from Wewoka, Okla­
homa, and a bank of a million and a
half of deposits. Bob Bezoier, from
Rochester, Minnesota, is a real student
on country bank problems and has al­
ready written studies on service
charges, life insurance policies as col­
lateral, and on service charges to sav­
ings accounts. Glenn Emmons from
Gallup, New Mexico, a bank of two
million in a town of 7,000, is a past
president of his state association. How­
ard Hambleton from Waxahachie,
Texas—we have to ask him each time
how to pronounce the name of his
town—a town of 8,600—is chairman of
his state committee on competing gov­
ernment lending agencies.
Clyde Neumann from Oakland, Ne­
braska, a town of 1,380', is a specialist
on feeder loans, and keeps a chart on
every borrower. There is Eddie Pacot
from Gillette, Wyoming, a town of 2,000, and a bank of two million, a con­
scientious fellow with a will to work.
Claude Pack heads a suburban bank
in Kansas City. His ABA convention
talk on competing government lending
agencies was placed in the Congres­
sional Record. Claude now heads the
State Bank Division of the ABA. Be­
fore Russ Stewart from Yellow
Springs, Ohio, attended our first meet­
ing, he called together a group of
country bankers for suggestions and
instructions. Russ’ town is 2,000, his
bank a million and a quarter. Clyde
(Turn to page 79, please)
Northwestern Banker

January 1944

22

News

and

V iews

OF THE BANKING WORLD
By Clifford DePuy
Going by a theatre in Pittsburgh
the other day, we stopped in to hear
and see Frank Sinatra sob, sigh, sing
and syncopate for $15,000 per week—
and who wouldn’t for that money?
In Washington, D. C., Congressman
Paul Cunningham, who represents the

5th Iowa District, took dinner with us
at the New Statler Hotel, and we dis­
cussed many of the current legislative
problems. Paul is on a number of
committees, including the committees
on roads—territories and world war
veteran’s legislation.
John de Laittre, treasurer of the
Farmers and Mechanics Savings Bank
of Minneapolis, who has been in Wash­
ington for the past year as assist­
ant to the Director of Insular and
Foreign Operations of the American
Red Cross, has returned to Minneapolis
to take up his duties with the bank.
While we were in Washington, we
had a nice visit with John and he told
us of the fine work which Harvey Gibsou, president of the Manufacturers
Trust Company, had been doing as
head of the American Red Cross op­
erations in Great Britain. Mr. Gibson
has been operating the biggest chain
of hotels in the world as well as man­
aging the work of Red Cross Field Di­
rectors, hospitals, Red Cross clubs in
Great Britain where boys can go on
leave, and many other Red Cross ac­
tivities. John says he has enjoyed his
work very much in Washington but
will also be glad to get back into the
banking business again.
The Stork Club in New York has a
“ cub room” , the walls of which are
covered with the original drawings of
famous American artists. The club is
open from noon to four a. m., except
Saturday nights when it closes at three
a. m.

inches wide and the saucers six and
one-half inches wide, and you get your
two cups of coffee all in one serving.
Talking with a British naval officer
one night in New York, he said,
“Winston Churchill is definitely the
man for England while the war is on,
but when peace comes, he may get the
push.” Also, he said, “there is talk
about the Free French, the Free Polish
but no Free British.” He was sur­
prised at the New York newspapers,
some of which carried 48 pages and
sold for 2 cents. The London papers,
he said, were sometimes only two
pages and frequently not more than
four.
One night we were invited to hear
Fred Waring and his orchestra on the

Chesterfield program at the Vanderbilt
theatre, and then after this we were
given a surprise by hearing and seeing
a one hour command performance
which was recorded and the records
sent to the boys in the various Armed
Services through the world. On this
program, we saw and listened to Kate
Smith, Alec Templeton, Phil Baker,
Ilka Chase, Orson Welles, and a num­

Here are a few restaurant signs . . .
Maxwell House Coffee Shop—“As you
ramble on through life, Brother, what­
ever be your goal, keep your eye upon
the doughnut and not upon the hole” .
Schwartz’s Cafe, 54 Broad Street—“A
day without meat will help the Axis
defeat” . Toffinetti Restaurant, 43d &
Broadway— “Today, when the world is
engaged in mortal combat good Mother
Nature provides food from the depths
of the ocean. Day by day, we bring
you the finest fish plucked from the
secret haunts of Neptune. It is full of
vitamins and nutritious values” .
Many parts of Broadway remind us
of Coney Island moved uptown with
fruit juice stands, jewelry junk shops,
and spielers selling trinkets and novel­
ties to any sucker who will fall for
their chatter.

At the Harvard Club in New York,
they have the largest coffee cups and
saucers that we have seen anywhere,
as the cups are four and one-half

At 90 Church street, New York, we
dropped in to see Lt. (j.g.) Richard R.
Rollins, who in private life is better
known as vice president of the Bank­

January

Believe it or not, we attended church
one Sunday at The Cathedral of St.
John The Divine, and it reminded us
very much of many of the cathedrals
in Europe, which we had seen. The
floor was of concrete with no rugs or
carpets, the chairs and benches were
hard, and the heating was so poor that
most of the people kept on their coats.
Maybe churches can’t afford the mod­
ern comforts of the movies but it cer­
tainly would help.
Having lunch at the Waldorf, we did
not observe any butter on the table
and when we asked the waiter about
it, he said, “I have been here seven
weeks and I haven’t seen any butter
yet.”

In the lobby of The Forty-Sixth
Street Theatre, where Rosalinda is
playing, is this sign, “Late arrivals
waltz in
Strauss.

quietly,

please”—Johann

ber of other stars.

On the Pennsylvania railroad diners
they are now rationing teaspoons,
and they only allow you one for use at
any meal—we didn’t know that you
needed points for silverware.

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Federal Reserve Bank of St. Louis

ers Trust Company of Des Moines.
Dick is in charge of the war bond
campaign among Navy men in three
states.
Before you can have the pleasure of
visiting with Lt. Rollins you have to
check your portfolio with the guards
in the front office, tell when you were
born and why, what your grandmother
died of, when you think the war will
end, and what your opinion may be
of the Fourth term propaganda. In
other words, you are checked in and
checked out in a really very efficient
manner.

On each table in the Hotel Astor Bar
is a card headed “An Astor Policy” and
which says, “We ask our male guests,
both military and civilian, to refrain
from “mixing” with unescorted ladies
at other tables. Compliance with this
request will save embarrassment to
you, to us and to the ladies involved.”

Touche
It was during a big bargain sale and
tempers were rising.
“ If I were trying to match polite­
ness,” said the woman customer, glar­
ing at the salesgirl, “ I’d have a hard
time finding it here.”
“Will you kindly let me see your
sample, Madam?” the salesgirl replied.
Expert
Personnel Director: “Yes, we have
two or three positions open. Do you
know anything about figures?”
Applicant: “Do I? Why, sir, I was
a life guard at Sea Breeze beach all
summer.”

23

STATEMENT
OF

CONDITION
December

1943

RESOURCES
Loans and D isc o u n ts....................................................................................................$

15,091,293.96

O verdrafts ...........................................................................................................................

1,383.93

State and M un icipal B o n d s......................................................................................
Other Bonds Bought for In v e stm en t...................................................................
Stock in Federal Reserve B an k ...............................................................................

9,020,465.86

Bank Office B u ild in g ..............................................................
Furniture and F ix tu res..................................................................................................
Incom e Earned but N ot C o llec te d ........................................................................
Bonds of U nited States and Government A g en cies. .$59,626,326.95
Due from Federal Reserve B a n k .......................................... 19,394,847.13
Cash and Sigh t E x ch a n g e........................................................ 21,400,686.40

599,000.00
1.00
295,360.40

2,120,515.18
120,000.00

100,421,860.48
$ 127,669,880.81

LIABILITIES
Capital Stock ....................................................................................................................$

2,000,000.00

Surplus ..................................................................................................................................
Undivided Profits ...........................................................................................................
Reserve for C ontingen cies..........................................................................................

2,000,000.00
839,362.47
415,932.37

Accrued T axes, Interest andO ther E x p en ses.................................................
Dividends D eclared and U n p a id .............................................................................
D eposits ................................................................................................................................

191,716.42
40,000.00
122,182,869.55
$ 127,669,880.81

Member
Federal

D e p o sit In s u r a n c e C o r p o r a t i o n


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Federal Reserve Bank of St. Louis

Northwestern Banker

January 19JJ

24

Let the

farmer D o It

If Allow ed Full Developm ent, Science, Through Farm Chem urgy, C an
G o a Long W a y Toward Solving M any of O ur Econom ic Problems
IN AN effort to establish order out of
the chaos and confusion and welter
of conflicting theories and practices
on the part of Government and farm
agencies, the National Farm Chemurgic Council was organized in 1935
at Dearborn, Michigan. The leaders
of this organization were leading men
in industry, agriculture, and science.
Its objective was to bring about a
closer cooperation between industry
and agriculture by the help of science,
thus promoting a greater consumption
of farm products for industrial pur­
poses. This objective was reached far
beyond the fondest hopes of the or­
ganization and the results of its work
have been more conducive to a per­
manent solution of the disposal of
farm surpluses than the achievement
of all other organizations and govern­
ment agencies combined.
We are now in the midst of a sec­
ond world conflict. Surpluses of farm
products have vanished and the insati­
able appetites of the Gods of War call
for more and more production, greater
and greater expansion of industrial
and agricultural output. But some
day soon, I hope, the war will end,
so will Lend-Lease. Will our ex­
panded industrial and agricultural
plant with its tremendous productive
capacity revive the same problems we
faced following World War I? The
same circumstances will be present
but in greatly enhanced power and
statute. The economic, social, and
political forces released upon the
breaking of the shackles of war must
be so guided as to exert their forces
in building stability in our economic
structure, and diffuse welfare and
prosperity to every element in our
economy in equal degree. I have suffi­
cient faith in the wisdom and confi­
dence in the integrity of our future
leaders and representatives to believe
that this task will be accomplished.
We must first be assured of a pros­
perous agriculture by preserving the
American markets for the American
farmer. Failure to do this following
the last war was the greatest factor
contributing to the postwar depres­
sion. With the buying power of Agri­
culture—which constitutes nearly onehalf of our population—preserved, In­
dustry and Labor will have to stay on
the job in full force to meet the deNorthwestern Banker

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Federal Reserve Bank of St. Louis

January 194-4-

By Carl Odegard
M a n a g e r Huron
Northwest

Security

Bra n ch

N ational

Bank

Huron , Sout h D a k o t a

CARL O DEGARD
T e lls W h a t C hem urgy I s

mand. Our 6,800,000 farms need every­
thing—motorized equipment, electrical
equipment of all kinds, plumbing
equipment, building materials—in fact,
our agricultural population constitutes
a greater source of buying power for
our industrial products than Europe
and Asia combined. Before the war,
only 6 per cent of our manufactured
products found foreign markets. A
prosperous Agriculture, free from for­
eign competition, can and will absorb
this many times over if given a chance.

Solution
Our greatest hope for the realization
of this goal is through farm chemurgy.
Before the war, agricultural exports
dwindled down to an average of 10
per cent of total production. Our chief
exports were cotton, wheat, and to­
bacco. More farm products are being
converted for industrial use today per
year than our total annual exports of
farm products before the war. Fur­

thermore, new crops formerly im­
ported are taking the place of our
surplus crops such as cotton, tobacco,
and wheat and thus gradually reduc­
ing their acreage and consequent pro­
duction. If the program of self-suffi­
ciency now forced upon us is main­
tained, digested, and amplified after
the war, it will tax the production
of all our farm acres, all our labor,
all our industry to supply the needs.
Imports do not supply work for idle
labor or idle land. If Agriculture
must revert to pre-war competition
with foreign-grown goods, a trip to
India, Malaya, Africa, or the East
Indies will give you a picture of what
our farm population is headed for.
America does not need a slave popula­
tion such as Great Britain had in
India and Malaya, and Holland in
the Dutch East Indies to supply them
with cheap raw materials. If De­
mocracy is to succeed, equal standards
of living must be available to every
group. Our national income must be
equitably distributed through equal
returns for equal services and abilities.
If protective tariffs are good for in­
dustrial enterprises, they are equally
good for agricultural enterprises. The
agricultural plant is just as large in
proportion to local demand as the
industrial one is now, or ever was.
The Chemurgic Council has been
active since its inception in promoting
the production in America of products
imported chiefly from Europe and
Asia, and fortunate it is for us that
it did. In the first place, our entire
chemical industry is an outgrowth of
World War I. The Fordney-McCumber Tariff of 1922 protected its growth
from foreign competition and we have
today the greatest, most progressive,
and advanced chemical industry in
the world. The lack of this industry
in World AVar II would have been
fatal.

Substitute Oils
An important factor leading to
Germany’s downfall in the last war
was lack of vegetable oils. Before
this war, we imported over IV2 billion
pounds of vegetable oils annually.
Practically the entire source of this
import is under Japanese control or
blockade. The expansion of our soy
(Turn to page 61, please)

•k

back

the

attack

— BUY WAR BONDS

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Federal Reserve Bank of St. Louis

*^<7

26

After
Inventory
What?
Complete Protection
Fire, Tornado, Plate Glass,
All Types o£ Automobile Coverage
T H R O U G H

WESTERN MUTUAL
Fire Insurance Co.
/ -Frit

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“ O ver a T h ird o f a C e n t u r y o f S a fe t y a n d S ervic e w ith S a v in g s’

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 19't't

New Accounts Through

Friendly Service

Here A re a Num ber of Ideas That H ave Contributed to the Sales
of O thers and C a n Help You
HAVE been very fortunate in the
past few years in having the oppor­
tunity of meeting agents from every
section of California and from other
states, and have enjoyed the privilege
of discussing with them the various
methods and ideas they are using in
the development of their agencies.
All of the ideas I am going to dis­
cuss are being used. Conditions vary
in different localities and in the indi­
vidual make-up of agencies. Some of
you are located in cities, others in rural
districts; some are ground floor housed,
others in office buildings, so these
thoughts may not be practical to all.
The successful agency is giving more
attention now to one phase of its activi­
ties than heretofore, borrowing from
the idea of successful merchandising,
and that is the appearance of the office
and the courtesy extended to the pub­
lic by its office staff.
The customer is influenced by what
he sees, whether either he or you are
aware of it. The up-to-date office is
spending some money in maintaining a
light and attractive appearance. (Re­
cently the head of a large mercantile
firm issued a statement to the effect
that his firm had increased sales 8 per
cent, due to the installation of addi­
tional lighting.)
Emphasis is being placed on' the
manner in which the office staff meets
and handles customers and prospective
customers at the counter and over the
telephone. A friendly, as well as a
courteous, manner are paying divi­
dends.

I

Be Helpful
Insurance agents are particularly for­
tunate, due to their varied contacts in
business, in being the possessors of a
great deal of miscellaneous informa­
tion, all of which some agents are us­
ing to their advantage in fostering
good will.

By H. H. Hendren
Sacrament o,

California

Of particular value is the furnishing
of information and advice in the han­
dling of financing. It is surprising
how uninformed the average person is
on the subject of financing, due, of
course, to the fact that they buy one or
two homes in a lifetime, or an automo­
bile once every four years, and they
welcome and seek assistance along
these lines.
The agents who know the financing
situation in their community and who
are vigorously transmitting it to their
clients, are rendering valuable service
to them and incidentally building their
own volume.
Many requests are received by
agents for information regarding tax
questions, legal service, construction
data, and many other matters.
It is not the practice of the agents to
set themselves up as authorities on
any of these fields, but to know how
and where to go for the best and most
reliable information and to hand it on
to their clients.
Closer attention and insistence upon
prompt and efficient service in the set­
tlement of losses, the follow-up of
changes, rate and coverage, is the sys­
tem by which many agents are gaining
the respect and good will of their
clients.
Some offices are rendering free no­
tary service to their clients and to all
persons in military service. This prac­
tice has brought results. To the client
on the books it is a kindly service; to
the military man, it is not only a pa­
triotic gesture, but pays dividends, as
that is the office he goes back to when
he needs insurance information.

Many agents watch their local news,
and make a practice of sending out con­
gratulatory cards or letters on the occa­
sion of a birth, wedding or any other
special event.
Clients and friends in military serv­
ice are welcoming letters from their
agent.
From time to time insurance offices
have been recommended by satisfied
clients to others, resulting in new ac­
counts. The practice is frequently fol­
lowed of sending, immediately, a cour­
teous thank you letter to the originat­
ing client.

Use Time Wisely
A practice used by some agents is
to take advantage of the lunch hour
by spending it in turn with various
clients or prospects. Most business and
professional men today are so busy
that the lunch time is almost the only
period in the day when an agent can
enjoy an uninterrupted discussion re­
garding their insurance requirements.
(This is denying the special agents, of
course, the privilege and honor of buy­
ing the agent’s lunch.)
The agent’s greatest problem is un­
doubtedly the judicious use of his time.
Under normal conditions a growing
agency eventually reached the period
when it was impossible to personally
contact each client; at present, with
conditions limiting the use of the auto­
mobile, the problem is acute.
One of the answers is—the tele­
phone. One agent has maintained a
closer, more personal contact with his
clientele by systematically and regular­
ly phoning. He calls them regarding
additional coverages and completes
many sales entirely by telephone.
Through this medium he is in closer
contact with his clients than his time
would permit if he attempted to make
personal calls.
Another agent who uses the mails

S carborough ^ C ompany


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Federal Reserve Bank of St. Louis

First National Bank Building, Chicago

Horace A . Smith, Iowa Representative
Des Moines, Iowa

Northwestern Banker

January

28

A p ractice used by some agents is to take advantage
of the lunch hour, by spending it in turn with various
clients or prospects. Most business and professional
men tod ay are so busy that the lunchtime is almost
the only period in the day when an agent can enjoy
an uninterrupted discussion regarding their insurance
requirements
as the medium through which to de­
liver his policies, maintains the per­
sonal contact by phoning his client,
telling him that he is sending out his
policies, and at the same time using
the opportunity to discuss any changes
or questions.
During this critical manpower pe­
riod everyone is forced to use the mails
more freely. This, however, means
the use of more clerical help, which is
almost unobtainable.
Various form letters are being used
to meet this problem but, as we all

know, such letters are usually imper­
sonal.
Recently I received a form letter
from a large publishing house solicit­
ing a subscription to a magazine. It
immediately attracted my attention be­
cause it was personal to the extent that
my name was written in long-hand at
the top of the letter, and I therefore
read a letter which otherwise I might
have discarded.
We are now using this idea in all of
our form letters, the most useful of
which is a policy renewal enclosure,

INCREASED ABILITY TO SERVE YOU
A llied M utual A gen ts are in the enviable position o f su p ply in g m ore
and m ore o f each client’ s needs through one d ependable source.
In ­
vestigate these A llied M utual lines backed by Allied M u tu al’ s proven
loss p aym en t service.

*

Full Coverage Autom obile • W orkm en’s Compensation • Own­
ers, Landlords and Tenants Public Liability • Manufacturers
Public Liability • Contractors Public Liability • Elevator
Public Liability • Comprehensive Personal Liability • Farm
Liability • Residence and Outside Theft • Store Keeper
Burglary and Robbery

^

Allied Mutual Pays

ALLIED MUTUAL CASUALTY COMPANY
Harold S. Evans, President
H ub be ll Building

Des M oines, I o w a

A $5,000 Accident Policy Paid Up in Full to March 15,
1944 for Only $2.00
Bankers are eligible to this Liberal Protection, which includes
up to Two Years of Indemnity on Account of Injuries, at the
rate of $25.00 a week. (Sickness and Hospital policies, also,
at the sam e low rate.)
Write for Information and Application to

MINNESOTA COMMERCIAL MEN S ASSOCIATION
At 26th Street and Pillsbury Ave.
MINNEAPOLIS. MINN.

Northwestern Banker


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Federal Reserve Bank of St. Louis

January

suggested by one of our special agents,
wherein we complete in long-hand the
name (Dear Bill), coverage, continua­
tion date, and a memo at the bottom
for any special comment. We find this
is saving considerable clerical detail
and is being accepted favorably by our
clients.

Guard Credit
Successful agents throughout the
state recognize that laxity in the exten­
sion of too liberal credit surely creates
ill will. Most agents are collecting a
portion, at least, of the premium at the
inception of the new policy, with defi­
nite payment arrangements for the bal­
ance, and usually the same habit im­
planted in the client, carries over to
the renewal.
The fallacy of agents extending the
credit period allowed them by their
companies to the insured is bad busi­
ness practice. Agents who are not lax
in their credit methods have a friend­
lier clientele and have much more time
to devote to the service of their in­
sureds.
Agents are rendering friendly assist­
ance to clients by using the facilities
available through the National Auto­
mobile Club. These are not limited to
roadside services, but also include ex­
tensive road data, maps, appearances
in court for traffic violations and many
other courtesies, helpful to the auto­
mobile operator. The club is being
used twenty-four hours per day, three
hundred and sixty-five days a year to
build good will for the local agents and
the companies they represent.
The ideas I have just passed on to
you are some of the thoughts put into
operation by agents in an attempt to
meet the abnormal conditions preva­
lent.
The world is changing overnight;
conditions, economic and otherwise,
are altering at a pace which is almost
impossible to follow.
Members of the insurance fraternity
must gear themselves to keep up with
these conditions or be left far behind.
Some of our practices have become
out-moded, others must be altered to
meet the requirements of the moment.
We must analyze our actions, the use
of our time, our sales plans, and search
for a place for improvement, and then
make that improvement.
We are part of a great institution—•
we must be worthy of it. We must
render unquestionable service.

Easy
Rookie Jones: “How did you find the
ladies at the Service Men’s dance?”
Rookie Terry: “ I just opened the
door marked ‘Ladies’ and there they
were.”

29

“1943 indicates that NwNL’s
program is a healthy one for
both policyholder and agent”
*

Reports 0. J. Arnold
President,
Northwestern National Life Insurance Company

MORE PEOPLE
ARE "STAYING WITH IT"
Surest sign of wise insurance

Insurance

buying is insurance that stays in

8550,000,000)

in

force

(almost

increased more

force. Lapses by N WN L policy­

than l }/2 times as much as in

holders have steadily declined.

1942, at a rate nearly 5 0 % greater
than the estimated rate of in­

They dropped a further 2 5 % in
1943, to a record low. N WN L

crease for all life companies.

agents, paid not primarily for
sales but for insurance kept in

rate of gain was 2 0 % greater.)

force, did a sound job of selling
and servicing, reducing the

M ore than ever, N w N L ’s gain
came from policies kept in force

waste of lapses— and thus earned
better incomes for themselves.

because they were soundly sold
and properly serviced.

MANAGEMENT COSTS
WHITTLED DOWN

MARGIN OF SAFETY
IS GROWING

Against the tide of rising prices,
and with more policyholders
than ever before to serve, N WN L
in 1943 has actually spent fewer
dollars than in 1942 for expenses
of management — except for
taxes. In part, this reflects con­

Surplus funds for policyholders’

(Excluding group insurance, the

protection— above legal require­
ments— are growing faster than
insurance in force. They provide
a substantial extra margin of
safety. Assets, kept at work in

tinued close control of manage­
ment costs, but in a larger degree
it reflects the increased efficien­

diversified prime securities, now
total well over $100,000,000 —
4 0 % in U . S. Bonds. N w N L ’s
direct purchases of W ar Bonds

cy of N w N L ’s plan of agents’
compensation.

in 1943 virtually equalled its
total premium income.

NWNL'* PROGRAM for giving continually improving service to
policyholders is spearheaded by a unique method of paying
agents. The N WN L agent is paid, not primarily for the amount
of insurance he sells you, but fo r the amount you keep in force.

W hen you lapse a policy, he suffers a penalty in his own
earnings which applies not merely to the policy you lapsed,
but to every dollar’s worth of insurance from which he is


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Federal Reserve Bank of St. Louis

MORE PEOPLE
ARE BEING PROTECTED

receiving an income. Thus, his prime interest is to provide you
with exactly the right kind and amount of insurance, measured
by what you need and can afford.
As in past years, N w N L ’s complete Financial Statement,
issued on New Year’s Day and including all transactions
through December 31, was the first to be published in 1944.
If you’d like a copy, write us.

No r t h w e s t e r n jV a U rm a l L ife
INSURANCE
M i n n e a p o l i s 4,

C O M PAN Y
M in n e s o t a

( T h is is a reproduction o f N wN V s current national advertisement)

Buy War Bonds!

30

C a p ita l Increased

THE . . .

. . .

PH ILADELPH IA
NATIONAL

BANK

Organized l8o3

December 31, 1943

RESO U R CES
Cash and due from Banks

. . . .

U. S. Government Securities

$ 1 9 4 ,9 2 3 ,4 5 6 .9 5

.

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

State, County and Municipal Securities

1 3 ,5 9 1 ,9 8 1 .4 7

Other S e c u r i t i e s ..................................

3 0 ,5 5 1 ,5 0 8 .9 3

Loans and D isc o u n ts.............................

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

Bank B u ildin gs........................................

2 ,2 0 0 ,0 0 0 .0 0

Accrued Interest Receivable

2 ,2 1 6 ,2 7 9 .4 4

.

.

.

Customers Liability Account of Acceptances 1 ,0 4 3 ,5 0 6 .0 0

$768,390,934.11

LIABILITIES
Capital S t o c k ........................................ $

1 4 ,0 0 0 ,0 0 0 .0 0

Surplus

2 1 ,0 0 0 ,0 0 0 .0 0

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

Undivided Profits .

.

.

.

.

.

.

1 4 ,6 8 1 ,2 5 1 .9 6

Reserve for Contingencies . . . .

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

Reserve for T a x e s ..................................

2 ,6 0 5 ,3 6 5 .3 2

Dividend (Payable Jan. 3, 1944)

8 7 5 ,0 0 0 .0 0

Unearned Discount and Accrued Interest

1 6 4 ,7 0 4 .0 6

Acceptances ..............................................

1 ,3 8 2 ,5 2 8 .4 5

Deposits

Last month the stockholders of the
Mercury Insurance Company and the
St. Paul-Mercury Indemnity Company
authorized the directors of the two
companies to increase the capital of
the Mercury from $1,000,000 to $2,000,000 and the capital of the Indemnity
Company from $1,000,000 to $3,000,000,
through the transfer of the necessary
funds from surplus to capital account.
These instructions have been carried
out, the approval of the Minnesota and
Delaware insurance departments se­
cured, and the capital of the two com­
panies is now as shown above.
As of December 31, 1943, the state­
ment as made to directors and stock­
holders of the Mercury shows a capi­
tal of $2,000,000 and surplus of approx­
imately $2,500,000. The statement of
the Indemnity Company shows a capi­
tal of $3,000,000 and surplus of approxi­
mately $5,000,000. All but the direc­
tors’ qualifying shares of the two com­
panies are owned by the St. Paul Fire
& Marine Insurance Company.
These changes in the capital struc­
tures of the two subsidiaries represent
another forward step in their history.
They also serve to establish a proper
relationship between capital account
and the volume of business transacted.

Firms Merge
The North Central Mutual Insurance
Association of Boone has merged with
the Ace Mutual Insurance Association
of Cedar Rapids, Iowa, both businesses
being combined under the new name
of the United Mutual Insurance Asso­
ciation, it has been announced by
Scott McIntyre.
Present officers of the North Central
Company will continue as officers of
the united firm, with McIntyre as pres­
ident and Fred M. Hagen as secretary.
H. E. Lynch, of Ace Mutual, will be­
come vice president of United Mutual.
Admitted assets will total $200,000,
and the surplus will equal $50,000. The
combined company will have about
700 licensed agents in Iowa.

United StatesTreasury $ 8 9 ,1 6 0 ,3 7 2 .3 6
All Other Deposits . . 6 2 1 ,5 0 4 ,8 5 5 .3 9 7 1 0 ,6 6 5 ,2 2 7 .7 5

$7 68,390,934.11
EVAN RANDOLPH, President
M E M B E R OF T H E F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T IO N

Philadelphia, Pa

More Spuds
The colored soldier had been peeling
potatoes until his hands ached. Turn­
ing to a fellow K. P. he said: “What
d’you suppose dat sergeant meant
when he called us K. P.?”
“Ah dunno,” replied his co-worker.
“But from de look on his face, Ah
think be means Keep Peelin’.”
Two Slogans
U. S. Slogan: “Back the Attack.”
Jap Slogan: “Attack the Back.”

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 1944

31

The 4 th War Loan
"M ore Than Anyone Else in His Com m unity, the Banker C a n Intelli­
gently and Fairly A d vise the Purchaser Both as to the Issue He
Should Buy and the Am ount He Should Buy
HE nation and the middle west is
prepared for the launching of the
Fourth War Loan Drive in Janu­
ary. Experience of two previous drives
with the resulting knitting and improv­
ing of state and county war finance
organizations, a better and more wide­
spread understanding of the job to be
done, and lastly and probably most
important, a determination to broaden
the solicitation of prospective purchas­
ers to every farm and city home, office
and workshop, should assure the suc­
cess of this drive.
This latter determination ties in not
only with past experience but also
with the goals assigned. The national
goal of $14,000,000,000 is a billion less
than the September goal, but the
Treasury has asked for an increase of
10 per cent in the purchases by indi­
viduals. The quota for individuals in
September was $5,000,000,000 and that
quota for January is $5,500,000,000.
Surveys conducted after the Septem­
ber drive showed two very important
facts, important from the standpoint
of the drive effort, and important from
the standpoint of the entire war financ­
ing concept. That survey showed that
nationally only a little more than half
the public was personally solicited to
buy bonds. Secondly, it showed that
the percentage of buyers among those
solicited was nearly four times the per­
centage of buyers among the unsolic­
ited. Those figures in themselves pre­
sent a challenge to the solicitors of the
War Finance Committee and to bank­
ers, both as bankers and as key men
in every county organization.

T

The Banker's Part
The banker in this whole effort holds
an enviable and unique position. In
his community he is a man presumably
capable of advising and counseling in
matters of finance and investment. The
public comes to him, his own custom­
ers and the general public. His is the
privilege and the opportunity of urging
a larger purchase where a solicitor has
taken a token order or an order for an
amount inconsistent with the ability
of a purchaser. More than anyone else
in the community the banker can in­
telligently and fairly “write the ticket”
for the purchaser both as to the issue

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Federal Reserve Bank of St. Louis

he should buy and the amount he
These bond drives are a part of the
should buy.
war, they are a part of our present and
And not only that, but the opinion even a greater part of our future eco­
among progressive bankers is so over­ nomic stability. State pride, county
whelmingly along the thought that pride, local pride, all enter into this
the banker is helping himself, his bank, financing effort. Maybe it was pride
his community, and the future of all that made the middle west, and par­
three in taking an aggressive attitude ticularly the states served by the
in this selling campaign, that there N o r t h w e s t e r n B a n k e r , the outstanding
must be a sound background to the area of the nation in the Third War
idea. As an example of this, the rule Loan Drive in September of 1943. May­
of one bank in a larger city in Iowa be with that was a realization on the
is that every prospective purchaser, part of the bankers of that area, that
whether a $25 buyer or a $25,000 buyer, not only do we look forward to a bet­
is interviewed and the order taken by ter peace, a better postwar world, but
an officer of the bank. The actual writ­ we look forward, from an economic
ing or issuance of the bonds, E Bonds, standpoint, to a middle west without
is done by special clerks, but the bank some—at least—of the headaches and
believes so strongly in the opportuni­ heartaches that followed World War I.
ties of building good will and future To a middle west that can meet the
customers, that all interviewing, all problems of the postwar period with
selling, is done by the officers of the a feeling of economic stability and
bank, including the president. There soundness which perhaps has never
are many other banks in Iowa and her before been realized in this area.
neighboring states which are operating
along identical lines. There is certain­
Fourth War Loan statement by R. R.
ly food for thought for every bank, Wolfer, executive director, North Da­
large or small, in that idea.
kota War Finance Committee:
But the banker doesn’t need to, and
“North Dakota is marshalling its
shouldn’t, wait in his office for the War Bond battalions for the Fourth
public to come to him. He has at his War Loan Campaign. Regional meet­
elbow the telephone, at his desk the ings of county war finance chairmen
facilities of the mail, and even with his and county executive committees were
limited supply of gasoline and tires, he held during the week of December
has the responsibility and the privilege 20th at Valley City, Devils Lake, Minot,
of seeking out his better customers or Dickinson and Bismarck. At these
would be customers. In this war our meetings the state staff, including
armies and our navies are not static. State Chairman Fred L. Conklin, State
They do not wait patiently for their Executive Director R. R. Wolfer and
“customers” to come to them. Nor Deputy Director Leroy Pease, dis­
do they give stintingly of their time. cussed the state plan for the campaign
There is no such thing as “over-time” and outlined the essentials of county
in the war fronts. There is no forty- organization needed to get the widest
hour, or forty-eight-hour or even sixty- distribution of individual sales which
hour week on the battle fronts. This is the objective of the Fourth War
bond drive is a battle front as surely Loan. Allen S. King, Grand Forks
as is Italy or New Britain Island, or county war finance chairman, spoke
wherever our men land in Europe.
at the regional meetings and in a bril­
A Part of the W ar
liant address pointed out the vital im­
In the Christmas letter of the portance of the war finance program
Whaley-Eaton Washington letter serv­ to our national economy. Mr. King
ice was a single sentence that had so stressed the great responsibility of the
much meat in it that it would stand county chairmen in the war finance
repeating innumerable times. It was program which he called the number
a practical statement from a political, one home front job. North Dakota is
social or economic background:
divided into seven war finance regions,
“The main concern in the affairs of with a leading banker acting as direc­
all men is the War.”
tor of each region to advise and counNorthwestern Banker

January 1944

32
sel with the county war finance chair­
men and their executive committees.
The seven regional directors are Clarke
Basset of Fargo, Harold Crosby of
Fargo, Fred R. Orth of Grand Forks,
R. A. H. Brandt of Minot, Frank L.
Reardon of Dickinson, Ray Madsen of
Mandan and Evan Saltzman of Bis­
marck.
“These gentlemen who have given a
great service to the war finance pro­
gram were present and spoke at their
respective regional meetings and ar­
ranged for later meetings with their
county chairmen to help complete
preparations for the campaign. With
plans already under way in every coun­
ty of the state to build the organization
and to mobilize the strength needed
for this important task we have every
confidence that North Dakota will meet
its $24,000,000 quota in the Fourth War
Loan Campaign.”

CONDENSED

Fourth War Loan statement by W .
Dale Clark, state chairman, Nebraska
war finance committee:
“Bankers, as financial leaders in
their respective communities, will set
the pattern and tempo of the Fourth
War Loan. As they lead their com­
munities will follow and the response
will be intelligent as well as patriotic
and generous.
“This is a responsibility that auto­
matically and logically rests upon the
banking fraternity. I believe they will
fully meet this war challenge.”
Fourth War Loan statement by O. J.
Arnold, chairman, Minnesota war fi­

nance committee:
“Minnesota faces the Fourth War
Loan drive fully aware of the magni­
tude of the job, but confident that the
state’s fine past record can be main­
tained and perhaps improved upon.

STATEMENT

FIRST N A T I O N A L
IN

BANK

ST. L O U I S

A t the Close of Business, Decem ber 31, 1943

RESOURCES
Loans and Discounts
$ 90,965,398.24
U . S. Government Securities
185,813,445.60
Other Securities Guaranteed by U . S. Government
3,943,540.70
Other Bonds and Stocks
5,437,522.60
Stock in Federal Reserve Bank
462,000.00
Banking H ouse, Improvements, Furniture
and Fixtures
448,335.15
Other Real E state Owned
1,238,567.16
Customers’ Liability a /c Letters of Credit,
Acceptances, etc.
1,010,972.64
Accrued Interest Receivable
878,130.56
Overdrafts
1,581.19
Other Resources
4,463.59
Cash and D ue from Banks
97,496,566.05
$387,700,523.48

LI ABI LI TI ES

“The groundwork has been well laid.
County organizations are in good shape
and are truly representative of all
groups and classes of citizens. Exec­
utive Vice Chairman Harold E. Wood
and Executive Manager Leif Gilstad
agree that in pre-drive work the state
is a full ten days ahead of the last
drive. But there will be no let-down
in efforts of the state office to assist
the county organizations in the impor­
tant task of preparing every last vol­
unteer worker to get the best possible
results from his efforts.
“We do not regard our $200,000,000
quota as the measure of the job to be
done. Our real objective is to better
our record in the Third War Loan,
when the state went 29 per cent over
quota, and especially to step up the
number of individual buyers along
with the total purchases. Our E Bond
quota has been increased by $4,000,000
over the last drive, and we hope to
exceed this higher quota by an even
larger margin than before when we
ranked fifth among the states in E
Bond sales.
“The Minnesota press and radio and
other publicity media have been won­
derfully cooperative in past drives,
under trying circumstances, and we
are confident they will be just as gen­
erous in their support of the coming
drive. We shall not count on public­
ity to do the job, however, but rather
on a thorough, intensive program of
individual solicitation. Where we fail
to contact people we must rely on that
sense of personal responsibility which
every good American citizen has and
which our Minnesota people have dem­
onstrated they have, by their wholesouled support of the war to date on
both the fighting front and the home
front.”
Fourth War Loan statement by Her­
bert L. Horton, co-chairman, Iowa war

$ 10, 200, 000.00
Capital— Com m on
11 .027,384.28
Surplus and Profits
5 00.000. 00
Reserve for Contingencies
2 40.000. 00
Dividend Declared Payable February 29, 1944
769,614.98
Reserve for Taxes, Interest, etc.
112,088.21
Unearned Discount
955,615.00
Liability a /c Letters of Credit, Acceptances, etc.
800.00
Other Liabilities
Individual Deposits
$189,869,507.36
Savings Deposits
35,032,417.23
Bank Deposits
103,198,521.95
Government Deposits
31,897,766.48
C ity of St. Louis and Other
Public Funds
3,896,807.99
363,895,021.01
T otal Deposits
$387,700,523.48

finance committee:
“The citizens of Iowa may justly feel
proud of the showing of their state in
the Third War Loan Campaign—and
no one group contributed more than
the bankers to this accomplishment.
“The Fourth War Loan Campaign,
starting January 18th, will afford the
officers, directors and employes of
banks another golden opportunity to
render vitally important home front
services and I feel confident that to a
man they will welcome and measure
up to this serious responsibility.”

Broadway * Locust *•Olive

New promotional feature of the cam­
paign is a red, white and blue shield
window sticker which will be given to
bond purchasers when they buy extra
bonds in the Fourth War Loan. This
sticker says: “We Bought Extra Bonds

Member Federal Deposit Insurance Corporation

Northwestern Banker

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

January Í.944

<

Y

4

33

—4th War Loan.” Tested in several
localities in the Third War Loan, this
was an asset to the campaign. As the
stickers started to go up in the win­
dows of homes, they proved to be the
incentive for early purchases. Blocks
which had stickers in every window
during the first week were honored.
All ads on the campaign will carry
the window sticker. The Treasury
Department is mailing posters direct
to banks and war finance committee
state offices will have additional sup­
plies available on request. Stickers
will be sent to county offices for dis­
tribution to issuing agents.

International House
A group of business and banking
leaders in New Orleans and the Mis­
sissippi Valley announce the founding
of “ International House” in New Or­
leans. Its purpose is to promote good
will and mutually agreeable trade re­
lations between the United States and
other nations and particularly be­
tween the Valley and our neighbors in
Central and South America.
International House will be located
in a substantial building in the center
of the business district and will be
equipped to provide an attractive place
for entertaining international visitors.

It will establish a center of continu­
ous activity, and will be operated as
a modern club by a membership con­
sisting of executives of New Orleans
and the Valley and representatives of
steamship, barge, air, motor, and rail
transportation, as well as those inter­
ested in the broad program of inter­
national trade, culture, and scientific
advancement. In this club the busi­
ness men of the Valley and the busi­
ness men and representatives from
other nations of the world, especially
the American Republics, may meet
and feel at home under idea! condi­
tions.

In Southwest A rea
In announcing the appointment of
Garland Day as assistant vice presi­
dent of The Public National Bank and
Trust Company of New York, E.
Chester Gersten, president, further
announced that Mr. Day would be

Federal Intermediate Credit Bank
Consolidated Debentures Offer...

Purchase an d Collateral

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A

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fo r p u r c h a s e
and
to

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a re

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F ed eral R e se rv e B a n k s

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fid u c ia r y ,

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under

a u t h o r it y o f th e F e d e r a l F a r m L o a n A c t ,
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as a m e n d e d , th e y m a y b e p u r c h a s e d , w i t h ­

DAY

A ssistan t V ic e President

o u t lim ita tio n , b y n a tio n a l b a n k s a n d b y
b a n k s c h a r t e r e d b y m a n y states» D e n o m i ­

identified with the correspondent bank
division and will devote the major
part of his time to the southwest, in
which territory he is well known.
Mr. Day, who will make his head­
quarters at Dallas, has always been
active in civic and banking affairs. He
was one of the organizers and charter
members of the Dallas Junior Cham­
ber of Commerce and arranged some
of the first debates between Dallas,
Houston and New Orleans Chapters
of the American Institute of Banking,
which activity he continued with the
New York Chapter where at one time
he served as debate chairman.

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

n a t io n s f r o m $ 5 , 0 0 0 t o $ 1 0 0 , 0 0 0 a re o f ­
fe r e d f o r s u b s c r i p t i o n a t r e g u la r in te r v a ls .

THE FEDERAL INTERMEDIATE CREDIT BANKS
F urther p a rticu la rs respecting these desirable
investm ents w ill be sup p lied by

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

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Northwestern Banker

January 1944

34

Because of its vast area and its un­
limited natural and manufactured re­
sources, the great Mississippi Valley
can serve as a “supply base” for much
of the world. To help in the accom­
plishment of this purpose, Interna­
tional House will make a permanent
contribution of inestimable value.

National Cash Register Buys
A lle n W ales

A ssistant S ecretary
Harry E. Ward, chairman of the
board of Irving Trust Company, New
York, has announced the appointment
of Kenneth M. McGhee as an assistant
secretary of that company.
A native of Virginia, Minnesota. Mr.
McGhee is a graduate of the Uni­
versity of Minnesota and of the Whar­
ton School of Finance and Commerce
at the University of Pennsylvania. He
entered the Irving organization short­
ly after graduating from the latter in­
stitution in 1934.
W . J. P I C K E R I N G
He Sold

smaller companies in the adding
machine field but has always been
a m ie s o n
recognized as building a quality pro­
duct.
&
URCHASE of the Allen Wales
In commenting upon the purchase
Adding Machine Company by The S. C. Allyn, president of The National
o m p a n y
National Cash Register Company was Cash Register Company, said, “We
completed in New York, recently.
have long felt the need of an adding
Members
Under the terms of the purchase which machine to round out our line of record
New York Stock Exchange
was approved by federal district court keeping equipment.
Allen Wales
and Other Principal Exchanges
in Cincinnati, National acquires 100 machines are known for their high
per cent of the capital stock of Allen standards of quality and we believe
★
Wales.
will fit in very well with our methods
STOCKS
Through the purchase of Allen of distribution. With broader dis­
BONDS
Wales, National supplements its line tribution it is only natural to expect
of cash registers and accounting ma­ the demand for Allen Wales machines
COMMODITIES
chines with an adding machine and to increase after the war. At the
★
low priced bookkeeping machine. The same time the addition of these ma­
MINNEAPOLIS
FARGO
plant of Allen Wales which currently chines to our line will enable us to
ST. PAUL
GRAND FORKS
employs about 600 people will continue give more thorough coverage from a
DULUTH
SIOUX FALLS
to operate in Ithaca. In terms of distribution standpoint when peace
PRIVATE WIRES
volume of business it is one of the returns.”
The Allen Wales plant is now en­
gaged in war work and is manufactur­
ing adding machines under War Pro­
duction Board restriction. The Na­
tional Cash Register Company is do­
We are pleased to announce that
ing war work and building accounting
machines under War Production Board
restriction. However, both plants will
JACK SPARKS
resume normal productions of their
regular products after the war and
is now associated with our organization
expect an active market for the cash
registers, accounting machines and
adding machines which will then
represent their combined production.
S. C. A L L Y N
He Bought

J

P

C

Ca r l e t o n D . B e h C o
IN V ES T M EN T S E C U R I T I E S
DES MO I N E S BUI L DI NG

] ) i : s M o i m i: s , I

Northwestern Banker


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

January 1944

o w a

One Way
To build up steam, drink lots of
water.

35

Dividends Every Y ear
President Robert J. Richardson of
the Federal Home Loan Bank of Des
Moines announces that the bank’s
board of directors last month declared
a dividend for the past six months
at the rate of IV2 per cent per annum.
Checks on that basis have been sent
to member banks.

MA

. M I A t T

r IE IH E S

TRUST CO M PAN Y
(Condensed Statement o f Condition as at close of business
December 31, 1943
RESOURCES
Cash and Due from R a n k s .....................$401,956,452.50
887,436,947.74
U. S. Government Securities.............
U. S. Government Insured
F. II. A. M ortgages...........................
8,027,541.56
Slate and Municipal R onds.................
21,430,886.55
Stock of Federal Reserve Rank . . . .
2,229,200.00
Other Securities ....................................
26,974,125.22
Loans, Rills Purchased and
Rankers’ A cce p ta n c es.......................
298,950,311.04
13,897,195.28
M o rtg a g e s.................................................
Ranking H o u s e s ....................................
12,129,030.67
Other Real Estate E quities.................
2,039,173.46
Customers’ Liability for Acceptances
3,688,277.14
Accrued Interest and Other Resources
3,597,767.76
$1,682,356,908.92
LIARILITIES
Preferred Stock . . .
Common Slock . . .
Surplus and
Undivided Profits

R O B E R T R IC H A R D S O N
Pres., Federal H om e Loan Bank

The Federal Home Loan Bank of
Des Moines has paid dividends to mem­
bers every year since the bank began
operations in October, 1932, and divi­
dends have now reached a grand total
of $1,456,452.

O perating Results
In the annual report of the City Na­
tional Bank & Trust Company, Chi­
cago, recently submitted to stockhold­
ers, Charles G. Dawes, chairman, and
Philip R. Clarke, president, comment
on operating results as follows:
“The bank has experienced a satis­
factory year. Net operating profits
after absorbing all known losses and
providing adequate reserves for in­
tere st, ta x e s and contingencies
amounted to $605,464.72 or approxi­
mately 15.13 per cent on the capital
stock and 7.10 per cent on the average
capital employed. Out of these pro­
fits were paid dividends aggregating
$160,000 or $4 per share of stock and
the remaining $445,464 was added to
undivided profits.”

Frank Simmonds Retires
With the close of the year 1943, Col.
Frank W. Simmonds, senior deputy
manager of the American Bankers
Association, retires from active ser­
vice. And at the same time he com­
pletes 20 years of activity as a member
of the A.B.A. organization.

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

$ 8.307,640.00
32,998,440.00
48,344,446.37

89,650,526.37

R e serve s....................................................
6,183,421.91
Dividend on Common Stock
(Payable January 3, 1 9 4 4 ) ..............
824,959.50
Dividend on Preferred Stock
(Payable January 15, 1944) . . . .
207,691.00
Outstanding Acceptances....................
4,280.834.76
Liability as Endorser on Acceptances
and Foreign R i l l s ..............................
300,214.02
D e p o s it s .................................................... 1,580,909,261.36
$1,682,356,908.92
United States Government and other securities carried at $165,461,085.31 are pledged
to secure U. S. Government War Loan Deposits o f $133,098,432.17 and other public
fund s and trust deposits, and f o r other purposes as required or perm itted by law.

-D IR E CT O R S
EDWIN M. ALLEN
President, Mathieson
Alkali Works, Inc.

EDWIN J. BEINECKE
Chairman, The Sperry &
Hutchinson Co.

CHARLES FROEB
Chairman, Lincoln
Savings Bank

PAOLINO GERLI

President, A tlantic, G u lf
and West Indies
Steamship Lines

LOU R. CRANDALL
President, George A.
Fuller Company

CHARLES A. DANA
President, Spicer
M anufacturing Corp.

HORACE C. FLANIGAN
Vice-President

New York City

President

JOHN L. JOHNSTON
President,
Lambert Company

OSWALD L. JOHNSTON
Simpson 1 hacher &
Bartlett

CHARLES L. JONES
The Charles L. Jones
Company

SAME EL McROBERTS

President, Scranton &
Lehigh Coal Co.

HAROLD C. RICHARD
Chairman, General Bronze
Corporation

HAROLD V. SMITH
President, Home
Insurance Co.

ERNEST STAUFFEN
Chairman, Trust Committee

GUY W. VAUGHAN
President, Curtiss- Wright
Corporation

HENRY C. VON ELM
Vice-Chairman o f the Board

New York City

JOHN P. MAGUIRE

JOHN M. FRANKLIN

President, Cluett,
Peabody & Co., Inc.

GEORGE J. PATTERSON

President,
E. Gerli & Co., Inc.

HARVEY D. GIBSON
EDGAR S. BLOOM

C. R. PALMER

President, John P.
Maguire & Co., Inc.

ALBERT N. WILLIAMS
President, Western Union
Telegraph Company

Principal Office: 55 Broad Street, New York City
68

B A N K IN G O F F IC E S

IN

G R E A T E R NEW YO R K

European Representative Office: 1, Cornhill, London, E. C. 3
M e m b er F e d e r a l R e ser v e S y stem
M e m b er N e w Y o r k C le a r in g H o u s e A s s o c ia tio n
M e m b e r F e d e r a l D e p o s it In su r a n c e C o rpo ra tio n
Both Common and Preferred shares have a p a r value o f $20 each. The Preferred is convertible into
and has a preference over the Common to the extent o f $50 p e r share and accrued dividends.

Northwestern Banker

January Í.944

36

Portable Banking Service

¿experience
Service
Cooperation
M an n ed by officials w ith years
o f experience, our C orresp on ­
dent Bank D iv isio n renders a
com p lete service, conducted in
an in tim ate and personalized
m anner.
T h e g u id in g policy is one o f
cooperation

in all m atters o f

m u tu al interest.

<T fie

Public National
BANK AN D
COMPANY

OF

TRU ST
NEW YORK

E S T A B L I S H E D

I

X

1908

justM eem ber: N e w Y o r k C learing H oui
m ce
A ssociation , Federal D ep o sit Insurance
Corporation

«
J

When M anufacturers Trust Company, New York, opened its banking office
in the Naval Clothing Depot at Brooklyn, the bank introduced a novel service
feature in the form of portable cage units, shown in this photograph, which
lit into the elevators o f the building. On those days when pay checks are cashed,
namely, every Friday, and on the 5th and 20th days of the month, these units
are rolled into the elevators, which then stop at each floor for the purpose of
cashing pay checks for the thousands of Naval Clothing Depot employes, as
well as N avy personnel stationed in the Depot. These elevator stops are made
during the em ployes’ rest period, so as not to interfere with war work.

O fficial Changes

Federal Home Loan Bank of Des Moines
DES M OINES, IO W A
STATEMENT OF CONDITION, DECEMBER 31, 1943
R E SO U R C E S
Cash .............................................................................................................................................
U . S. Government Obligations and Securities fully guaranteed by U . S.
Advances to Members ......... ..............................................................................................
Accrued Interest Receivable ..........................................................................................
Deferred Charges and Other A sse ts............................................................................
Furniture and Equipment (cost $ 1 0 ,3 6 1 .0 6 )..........................................................

$ 2,173,650.12
10,990,038.97
7,960,873.00
59,730.62
3,845.77

1.00

821,188,139.48
L IA B IL IT IE S A N D C A P IT A L
Deposits— Members and Ap p lican ts........................................................
Accrued Interest Payable ............................................................................
Accounts P a y a b le ...............................................................................................
Dividends Payable— January 5, 1944.....................................................
*Debentures Outstanding ...............................................................................
Capital Stock Subscriptions ........................................................................
Su rplus:
Reserves ..........................................................................................................
Undivided Profits ......................................................................................

$ 1,807,779.45
4,824.65
532.05
83,819.53
7,000.000.00
11,267,600.00
$746,067.17
277,516.63

1,023,583.80

$21,188,139.48
'"Participation in $64,300,000 Consolidated Federal Home Loan Bank Debentures outstanding,
which are the joint and several obligations of the twelve Federal Home Loan Banks.

The board of directors of The Phila­
delphia National Bank announce that
James D. Matthews and E. Lawrence
Worstall have been elected vice presi­
dents; Walter H. Johnson, Gordon S.
Smyth and Augustus L. Raffetto have
been appointed assistant cashiers; all
effective December 31, 1943.

Promotions
The Commercial National Bank and
Trust Company of New York an­
nounces the following official changes,
effective January 1, 1944: John M.
Budinger, vice president, to become
senior vice president; Charles E. Wolff,
cashier, to become vice president and
cashier; R. L. Armstrong, Lauritson
C. Lake, Miller Moore, Charles Sum­
mers, assistant vice presidents, to be­
come vice presidents; and Herbert W.
Tinsley, assistant cashier, to become
assistant vice president.

New O fficials

ENJOY 3

T O 4 %!

Trusts, State Bank Investments, State
Building and Loan, Public Funds, Insur­
ance. Legal in Iowa and Other States.

F e d e ra lly In su red S a v in g s an d Loan C e rtific a te s
Write for lists
of Selected Associations,
with complete service— Gratis

Northwestern Banker


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Federal Reserve Bank of St. Louis

F IN A N C IA L

DEVELOPM ENT

COM PANY

(N ot Incorporated)
105 S. LaSalle

Januari; 1944

Chicago 3

Eugene W. Stetson, president of the
Guaranty Trust Company of New
York, has announced the appointment
of two new vice presidents of the com­
pany, Jere D. Buckley and William R.
Parvin, and eleven other official ap­
pointments and promotions.
Mr. Buckley and Mr. Parvin are as-

37

sociated with the Guaranty Trust
Company’s Fifth Avenue office, at For­
ty-fourth Street.

BALANCED
FINANCING

Bankers Trust Dividend
At a meeting of the board of di­
rectors of Bankers Trust Company,
New York, the regular quarterly div­
idend of 3% per cent (35 cents per
share) was declared on the capital
stock, payable January 3, 1944, to
stockholders of record at the close of
business December 15, 1943.

Dividend Continued
The board of directors of the City
National Bank and Trust Company
of Chicago, at their last meeting of
the year, held December 28th, contin­
ued their policy of declaring a semi­
annual dividend of $2.00' per share, of
which $1.00 will be paid on February
1, 1944, to stockholders of record as
of January 20, 1944, and $1.00 on May
1, 1944, to stockholders of record as
of April 20, 1944.

W ith C arleton D. Beh
Jack Sparks, well known Iowa in­
vestment banker, has become affili­
ated with the Carleton D. Beh Com­
pany, Des Moines investment firm, ef­
fective January first. Mr. Sparks thus
returns to the bond company with

FIELD WAREHOUSING
ty a u x
T V c u tt 7 & £ < v w

7/ùne

J fto tte y ?

Then let your inactive dollars serve to keep private business in even,
well balanced operation. The benefits are reciprocal.
When you provide funds for purchase of raw materials you stimulate
private enterprise. When you release working capital tied up in inven­
tories, you provide the means for further productive activity.
Our Field Warehousing Method of collateralizing inventory for bank
loans is simple and sound. Our bonded warehouse is moved into the
borrower’s premises. We issue Warehouse Receipts on the inventory which
is the basis for the loan.
Under our careful, fully supervised method of Field Warehousing, you
and your borrower at all times have complete inventory control.
W ith

JACK SPAR K S
Carleton D. Beh Co.

which he first became connected after
he graduated from Drake University.
A native of Iowa, Mr. Sparks gradu­
ated from Drake in commerce and
finance, then from Law School and
was admitted to the Iowa Bar in 1927.
He went with the Carleton D. Beh
Company in 1928, remaining with that
firm until 1934 when he helped or­
ganize the municipal bond firm of
Shaw, McDermott and Sparks, Des
Moines. He has retired from that firm
to rejoin the Beh Company.

C h icag o in A p ril
The annual spring meeting of the
Executive Council of the American
Bankers Association will be held in
Chicago at the Stevens Hotel, April
16-19, 1944, it is announced by A. L.

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

Our Warehouse Receipts have collateralized millions of
dollars in bank loans— not one dollar has been lost by a
lending agent, our bonding company or ourselves.

'kJ'wte <7adcuf. jfOA

'Upxm ycuiA, Recfruedt,

our Free Booklet on
Field W arehousing.

our Representative will
g la d ly C a ll.

FIELD

WAREHOUSINGDIVISION

ST. LOUIS TERMINAL WAREHOUSE CO.
G e n e ra l O ffice s •

826 C la r k A v e. • St. Louis (2) Mo.

K A N SA S C ITY • M EM PHIS • CIN CIN N ATI • C H IC A G O
Northwestern Banker

January 1944

38
M. Wiggins, president of the Associ­
ation. Mr. Wiggins is president of the
Bank of Hartsville at Hartsville, South
Carolina.
The Executive Council is the gov­
erning body of the Association, con­
sisting of the officers of the Associ­
ation, the president and vice president
of each of its six divisions and sec­
tions, the chairmen of its various com­
missions, and 83 representatives
elected by the member institutions of
the various states.

M ilitary Promotion
John B. Wright, General Motors Ac­
ceptance Corporation, who was given
a military leave of absence to enable
him to accept a commission in the
Army Air Corps, is stationed some­
where in England and has been pro­
moted to Lieutenant Colonel.

Private Debt Declining
With the federal debt increasing con­
tinuously since America entered the
war, private debt of practically every
character has shown a significant de­
cline, according to a report just is­
sued by The Index, quarterly publi­
cation of The New York Trust Com­
pany, and state and local borrowings
have followed the same pattern. The
total decline of all types of non-federal debt was 3.5 billion dollars dur­
ing 1942, the first full year of business
operations following the country’s dec­
laration of war, the report states, and
preliminary figures indicate that the
reductions were extended even fur­
ther during 1943.

Surplus Increased
The board of directors of The Chase
National Bank on December 22nd au­
thorized an increase of $13,000.000 in

the surplus of the bank, raising it to
$134,730,000.
This is the second time the surplus
has been enlarged during the past
year. On September 22nd last, the
board authorized an increase of $21,460.000 to raise the surplus from $100,270.000 to $121,730,000. These increases
in surplus were made possible as a
result of recoveries, improved earn­
ings, and profits on securities sold
(which profits were largely of a non­
recurring nature).

In the N avy Now
The charming young lady pictured
below, Storekeeper third class Jacque­
line E. Bartling, is the daughter of
Mr. and Mrs. V. L. Bartling of Oak
Park, Illinois. Verne Bartling is as­
sistant vice president of the First Na­
tional Bank, Chicago.
Storekeeper Bartling was sworn in­
to the Navy as a WAVE last year, re-

B O N D S
Public Utility
Industrial
Railroad
M unicipal

A.C.ALLYJSTandc o m p a n y
Storekeeper 3 /c Jacqueline E. Bartling

Incorporated
100 W e s t M o n r o e
N ew

Y ork

R e p r e s e n ta tiv e s :

M ilw a u k e e
W a te r lo o

S tr e e t, C h ic a g o
O m aha

D e s M o in e s

B o sto n
C ed a r R a p id s

The same service to banks will be maintained. Better
envelopes for every business need are still available
and your continued patronage will be appreciated.

^Te n s i o n E n v e l o p e C o h ^
BERKOWITZ ENVELOPE CO.
Albert C. Berkowitz, P re s id en t

1 9 1 2 Grand Ave.
Des M oines 1 4 , Iow a, P hone 4 - 4 1 2 6

Other factories in K ansas City, St. Louis, Minneapolis and New York

Northwestern Banker

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Federal Reserve Bank of St. Louis

January

ceiving her boot training at Hunter
College, New York City, and her basic
training at Milledgeville, Georgia. She
is now on duty in the disbursing office
of the Navy midshipmen’s school at
Columbia University, New York City.
In civilian life Storekeeper Bartling
was interested in dramatic art and
studied the directing and producing
of plays. While at Milledgeville she
assisted with the production of a play
given for the U. S. Naval Training
School graduating class there, and
also at Cochrane Field nearby.

Q uarterly Dividend
The 184th consecutive quarterly div­
idend of The Northern Trust Company,
Chicago, was declared last month by
the directors. This dividend of $4.50
was payable on January 3, 1944, to
stockholders of record December 21,
1943.

39

Com m ittee Chairm en
Chairmen of the Financial Advertis­
ers Association committees for the
coming year are as follows: Finance
committee, Guy W. Cooke, First Na­
tional Bank, Chicago, Illinois; exten­
sion committee, L. L. Matthews,
American Trust Company, South Bend,
Indiana; membership committee, D.
James Pritchard, Society for Savings,
Cleveland, Ohio. General chairman of
the convention will be J. Lewell Lafferty, Fort Worth National Bank,
Fort Worth, Texas. Exhibit commit­
tee, Harry R. Pride, Florida Nation­
al Bank, Jacksonville, Florida; nom­
inating committee, Victor Cullin, Mis­
sissippi Valley Trust Company, St.
Louis, Missouri; resolutions commit­
tee, Rod MacLean of California Bank,
Los Angeles, California. Association
advertising chairman is J. M. Easton,
Northern Trust Company, Chicago,
Illinois; war advertising council, Mer­
rill Anderson, Merrill Anderson Com­
pany, New York, N. Y.; and associa­
tion publicity, Harry B. Winsor, Sec­
ond Federal Savings & Loan Associa­
tion, Cleveland, Ohio.

Banknote Company of Philadelphia,
and of Manufacturers Safe Deposit
Company. He is director and treas­
urer of the Hotel New Yorker, and
also director and treasurer of the 261
Fifth Avenue Corporation.

H eads Finance Com m ittee
Walter J. Hein, vice president of
the Mississippi Valley Trust Company,
has been named chairman of the Met­
ropolitan St. Louis War Finance Com­
mittee for the coming Fourth War
Loan drive, Walter W. Head, state
chairman of the War Finance Commit­
tee, announced.

Hein, active in local banking circles
for many years, is also vice chairman
of the Committee for Economic De­
velopment, and is an honorary colonel
on Governor Donnell’s staff.

To Increase C a p ita l
Edward E. Brown, president of The
First National Bank of Chicago, an­
nounced that at a special meeting of
the shareholders all the stockholders
present, in person or by proxy, rep­
resenting 272,010 shares out of a to­
tal of 300,000, voted for the increase
in the capital stock of the bank from
$30,000,000 to $50,000,000.

B ankers T rust C ompany
NEW YORK

Vice President and
C om ptroller
Charles C. Clough, who has been
comptroller of Manufacturers Trust
Company since 1929, has been elected

CON DEN SED S T A T E M E N T OF C O N D ITIO N ,
D E C E M B E R 31, 1943

ASSETS
Cash and D ue from B a n k s ...................$
U . S. G overnm ent Securities . . . .
Loans and Bills Discounted . . . .
State and M unicipal Securities . . .
O th er Securities and Investments . .
Real Estate M o r t g a g e s ............................
Banking P r e m is e s .....................................
Accrued Interest and A ccounts
R e c e i v a b l e ..............................................
Custom ers’ Liability on Acceptances

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

LIABILITIES

C H A R L E S C. C L O U G H
V ic e President and Com ptroller

a vice president and now holds the
title of vice president and comptroller.
Mr. Clough became affiliated with
Manufacturers Trust Company in
1921, and three years later he was
elected an assistant secretary. In 1929
he was elected comptroller.
Mr.
Clough is a director of the Security

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

Capital . . . . . .
$ 2 5 ,0 0 0 ,0 0 0 .0 0
Surplus .......................
7 5 ,0 0 0 ,0 0 0 .0 0
U ndivided Profits .
2 5 ,3 6 6 ,7 4 7 - 0 3 $ 1 2 5 ,3 6 6 ,7 4 7 .0 3
D ividend Payable January 3 , 1 9 4 4 .
8 7 5 ,0 0 0 .0 0
D e p o s i t s .......................................................
1 ,5 9 4 ,6 9 4 ,0 7 2 .4 8
A ccrued T ax es, Interest, etc..................
4 ,3 9 7 ,1 0 9 .1 5
Acceptances
Outstanding
. . $ 2 ,1 0 8 ,5 0 4 .2 2
Less A m ou n t in
P ortfolio . .
1 1 2 ,3 3 3 -6 7
1 ,9 9 6 ,1 7 0 .5 5
O ther Liabilities
........................................
1 ,4 9 5 ,8 7 6 .3 5
$ 1 ,7 2 8 ,8 2 4 ,9 7 5 .5 6

Securities in the above statement are carried in accordance with the method
described in the annual report to stockholders, dated January 14,1943. Assets
carried at $314,653,613.74 have been deposited to secure deposits, including
$297,799,420.20 o f United States Government deposits, and for other purposes.
M em ber o f the Federal Deposit Insurance Corporation

Northwestern Banker

January 1944

40

S T A T E M E N T OF C O N D I T I O N

First National Bank

Minneapolis

as at December 31, 1943
DIRECTORS

RESOURCES
Cash on H a n d and D ue from Banks

.

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

Henry E. Atwood, Vice President
The B. F. Nelson M fg . Co.
Russell H. Bennett,

U . S. G overnm ent Bonds

.

.

.

1 81 ,6 2 5 ,1 3 8 .9 6

.

6 0 0 ,0 0 0 .0 0

G uaranty F u n d ..................................................

(U. S. Bonds with State Treasurer to
guarantee performance of Fiduciary Duties)

O ther Bonds and Securities .

.

.

Franklin M . Crosby,
Vice President, General M ills, In*.

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

.

O v e r d r a f t s ............................................................

2 9 ,8 9 5 .0 2

Bank B u i l d i n g s ..................................................

4 8 2 ,2 6 7 .3 6

Custom ers’ Acceptance Liability .

1 49 ,2 25 .0 0

Interest Earned but not Collected

6 9 3 ,9 9 4 .2 3
15,9 6 4.18

O th er A s s e t s ............................................................
•

.

J. G. Byam, Vice President
E. L. Carpenter, Retired

(

Loans and D i s c o u n t s ........................................

T o tal Resources

M in in g Engineer

Daniel F. Bull, President,
7 he Cream o f Wheat Corft

(.Direct and Fully Guaranteed)

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

.

Paul V . Eames, President,
Shevlin, Carpenter & Clarke C*.
John H. Hauschild, President,
Chas. W . Sexton Co.
Horace M . Hill, President,
Janney, Semple, Hill & C*.
W . L. Huff,
Vice President and Treasurer,
M inneapolis-Honeywell
Regulator Co.
C. T . Jaffray, Chairman,
M ., St. P. & S. Ste. M . Ry. Ck
John H . M acM illan, Jr.,
President, Cargill, Inc.
Sumner T . McKnight,
President, S. T. McKnight Ck
W . G. Northup, President,
North Star Woolen M ills Co.

LIABILITIES
Capital S t o c k ........................................ *
Surplus

.

.

U ndivided Profits

«

»
.

.

$

i

6 ,0 0 0 ,0 0 0 .0 0

S. G. Palmer, President,
S. G. Palmer Co.
A. F. Pillsbury, Director,
Pillsbury Flour M ills Co.

*

*

»

.

8 ,0 0 0 ,0 0 0 .0 0

.

.

.

.

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

Reserve for Interest, Expenses, T axes, etc.
Interest Collected but not Earned

.

«

6 2 ,0 0 3 .1 2

Letters of Credit and Acceptances

.

*

1 4 9 ,2 2 5 .0 0

O ther Liabilities

.

.

.

.

*

6 3 ,9 2 2 .4 8

.

D e p o s i t s ......................................................................
T o ta l Liabilities

.

.

.

.

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

Lyman E. Wakefield, President
Robert W . W ebb, Vice President
H. R. Weesner, Chairman Board,
Wabash Screen Door Co.
F. B. Wells, Vice President,
F. H. Peavey <2? Co.
C. J. Winton, Jr., President,
Winton Lumber Co.
Sheldon V . W ood, President and
General Manager, Minneapolis
Electric Steel Castings Co.
Edgar F. Zelle, President
Jefferson Transportation Co.

U. iS. Government obligations and other securities carried at $86,099,129.96 in the foregoing statement
ms* deposited to secure public funds and for other purposes required by law.

M em ber Federal D eposit Insurance Corporation

A f f iliated with

Northwestern Banker

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

January 1944

f i r s t

b a n k

s t o c k

c o r p o r a t i o n

41

action of the bank’s directors on De­
cember 31, 1943. After the transfer of
$2,000,000 from undivided profits to
surplus, the bank’s capital account at
the year end showed capital $6,000,000,
surplus $8,000,000 and undivided profits
$3,180,550.

M IN N E S O T A

To H ave Bank

NEW S
H . R. K U R T H
President
Hutchinson

W IL L IA M D UNCAN,
Secretary
Minneapolis

Jr.

Hearing on the final report and ac­
count
of the agents, W. P. Jones and
Alton F. Junge has been made a rep­
resentative in the Country Bank Divi­ H. H. Wicklow, was held before Hon.
sion of the Northwestern National A. B. Anderson, judge of the Fifth
Bank of Minneapolis. Mr. Junge will, judicial district, who approved the ac­
of course, spend considerable time count and directed a final dividend of
traveling among correspondent banks 20 per cent to the depositors.
The present officers of the bank are
throughout the territory. He is quite
well-known in this area since he was J. H. C. Schuldt, who has held the of­
for many years in the investment busi­ fice of president since the organiza­
ness in the Twin Cities and has been tion of the bank in 1915; H. H. Wick­
in the bank’s investment department low, vice president; W. P. Jones, cash­
ier, and Alfred W. Schuldt, assistant
for the past three years.
cashier. The directors are J. H. C.
Schuldt, H. H. Wicklow, Ed. J. Buscho,
Death Takes Bank Founder
H. J. Karsten, Fred Mundt and W. P.
C.
Borgerding, founder of the North Jones.
American State Bank, Belgrade, Min­
nesota, in 1889, president until 1937,
and director until his death, died last C ash ier Leaves
Art M. Lystad, who recently ac­
month at San Diego, California, his
cepted
a position at the Western State
home for the past 24 years.
The final payment of the Trust was Bank, Marshall, Minnesota, as cashier,
made on December 28, 1943. One hun­ has resigned and accepted a position
dred per cent was paid back to depos­ with the Minnesota Sales Co. of Man­
kato. Mr. Lystad will be the district
itors.
manager with headquarters in the of­
fices of Abbott’s Insurance Agency.

M ade a Representative

Replaced by W ife

Russell M. Feig, cashier, Farmers
State Bank of Raymond, Minn., left
December 22nd for Fort Snelling for
active service in the army. His wife,
Frances Feig, will fill his position at
the bank, until he returns.

A D irector
Cashier Clarence H. Ortlip was
elected a member of the board of direc­
tors of First National Bank of Waconia, Minnesota, at a meeting of offi­
cers recently. Eighteen years ago Mr.
Ortlip joined the staff of the First Na­
tional Bank, and during these years he
has witnessed the bank’s progress to
the second largest bank in Carver
county.

Pays Final Dividend
One hundred per cent repayment of
$152,625.84 in trust deposits, with a
small administration expense of $3,326.15 and with no compensation for
the two liquidating agents, is an­
nounced by the First State Bank of
Meriden, Minnesota.

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Federal Reserve Bank of St. Louis

Leaves M ortgage C o m pany
A. P. Lord, who has for the past two
years been associated with the Stock
Yards Mortgage Company, South St.
Paul, Minnesota, has moved to Sioux
City, Iowa, where he will be associated
with the Stock Yards Insurance
Agency.
Mr. Lord was formerly associated
with the Chamberlain, South Dakota,
office of the Northwest Security Na­
tional Bank where he was located for
several years. He went from there to
the Sturgis office of the First National
Bank of Black Hills to operate their
insurance department, and later be­
came field supervisor for the Equitable
Life Assurance Society in the Black
Hills territory. He expects to move
his family to Sioux City as soon as he
is able to locate a place to live.

B. S. W oodw orth Reports
The surplus account of the First Na­
tional Bank of Minneapolis was in­
creased from $6,000,000 to $8,000,000 by

A new banking institution is said
to be in the process of organization at
St. Michael, Minn., which has been
without a bank for some time. The
new institution was to open on Janu­
ary 3rd.

M ankato Banker Dies
John George Brauch, president of
the First National Bank in Mankato,
Minnesota, and a banker in Iowa and
Minnesota for 40 years, died on the
afternoon of Christmas day at the age
of 60. He had been ill for more than a
year.
Mr. Brauch was born at Durant,
Iowa, on March 8, 1883, the son of Mr.
and Mrs. (George Brauch. He gradu­
ated from the Gladbrook high school
in 1899 and attended Iowa State college
at Ames from 1899 to 1902.
From 1902 until 1907 he was em­
ployed as a clerk in the First National
Bank at Gladbrook and then served as
a real estate agent at Hutchinson, Kan­
sas, for a year. From 1908 until 1910
he was assistant cashier at the Jackson
County State Bank at Lakefield, Min­
nesota, and then for two years was
cashier at the State Savings Bank at
Chariton, Iowa.
He returned to Lakefield in 1912 and
was employed at the Farmers State
Bank and in 1931 became vice presi­
dent of the First and Farmers National
Bank at Blue Earth. He came to Man­
kato in 1932 as vice president of the
First National Bank, and in 1936 was
elected president, serving in that ca­
pacity since.

To St. Paul
After completing six years of service
in the St. Cloud State Bank in East St.
Cloud, Minnesota, Woodrow E. Wilson,
assistant cashier, retired and began
as assistant cashier at Western State
Bank in St. Paul.
Mr. Wilson began in the bank six
and one-half years ago as clerk and
bookkeeper and worked up to assistant
cashier. He is the son of the late
Oscar Wilson, who died in 1928, and a
nephew of Irene Wilson, vice presi­
dent of the St. Cloud State Bank.

Custom er's Room
The new addition to the First State
Bank, Isanti, Minnesota, has now been
completed and is already in use. About
half of this space has been given to
Northwestern Banker

January 19bb

42

• M I N N ES OT A N E WS •
last month. He succeeds the late S. A.
Steffen.
A member of the staff of the bank
since 1921, Mr. Chappell is active in
banking, industrial and community
circles in Winona and the Northwest.
In addition to his office of the local
bank, he is president of the Citizens
State Bank at Roseau, Minnesota, and
of the Northwestern State Bank at
Hallock, Minnesota.
He is a past president of the Minne­
sota Bankers Association; a past mem­
ber of the American Bankers Associa­
tion Council and has been active in
local banking organizations.

a huge storage vault for bank files and
records. The other part is devoted to
what H. A. Erickson, president, calls
“a customer’s room” where private
conference, or committee meetings
may be held. He states that any group
is welcome to gather in this room and
encourages that it be used. A presswood floor has been laid and a new
studio couch purchased.

M erchants Bank President
J. R. Chappell, vice president, was
advanced to the presidency of the
Merchants Bank, Winona, Minnesota,
at a meeting of the board of directors

Re-elect O ffice rs

Statement of Condition December 31, 1943
RESOURCES
Loans and Discounts..........................................................$ 1,567,790.60
Vaults and Fixtures............................................................
Other Assets .......................................................................

7,500.00
41,760.06

U. S. Gov't. Bonds................................$8,216,126.67
Other Bonds and Securities..............
721,613.39
Cash and Due from Banks................. 3,086,166.19

12,023,906.25

TOTAL ............................................................................ $13,640,956.91
LIABILITIES
Capital Stock— Common ................... .............................$

250,000.00

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

250,000.00

Reserves and Undivided Profits.....................................

236,633.77

Other Liabilities ...................................................................

52,691.48

Deposits ................................................................................... 12,851,631.66
TOTAL ............................................................................ $13,640,956.91

★

The

★

★

Stock Yards National Bank
South Saint Paul, Minn.
M EM BER

Northwestern Banker


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Federal Reserve Bank of St. Louis

FEDERAL

D E P O S IT

January Í94'f

As chairman of the industrial com­
mittee of the Association of Commerce
he has been active in getting new in­
dustries for Winona.
He is chairman of the city selective
service board; chairman of the Red
Cross finance committee and has been
active in a number of other civilian
war enterprises.
Before coming to Winona, Mr. Chap­
pell was connected with banks and
other business enterprises at Missoula,
Red Lodge and Conrad, Montana. He
also served as deputy superintendent
of banks in Montana.

IN S U R A N C E

C O R P O R A T IO N

The Douglas County Bankers Asso­
ciation held its annual dinner meeting
last month at Interlachen Inn, north
of Alexandria, Minnesota. All banks
in the county were represented.
Following the customary reports,
the president, I. S. Saettre, gave a
resume of the activities of the year,
showing many good things accom­
plished by the organization and its
members.
Present officers were re-elected to
serve another year, including Mr. Saet­
tre, of Evansville, president, George
E. Buscher of Alexandria, vice presi­
dent, and Paul Bergien of Alexandria,
secretary-treasurer. Mr. Saettre was
presented a gift in appreciation of his
excellent leadership, presentation be­
ing made by O. W. Harrison of Bran­
don.

New Hours
Commencing the first of last month
the Security State Bank, Askov, Min­
nesota, changed its banking hours to
be from 9 to 12 and 1 to 4.

Retired C ash ier Dies
Milton L. Erickson, prominent resi­
dent of Lake City, Minnesota, died
last month. Mr. Erickson was cashier
of the Lake City Bank for many years,
then retired. He was a very active
Mason there, and took an active part
in community affairs.

Clearing House O ffice rs
Arthur A. Fossum of the First Na­
tional Bank, Virginia, Minnesota, was
elected president of the Virginia Clear­
ing House Association at a dinner
meeting in Marmas Cafe last month.
He succeeds Martin Stai who has
moved to Chicago.
New vice president is Steven M.
Devich of the First National Bank.
He formerly held the office of secre­
tary-treasurer.

43

Twin C ity News

vice president of Northwestern National
C
Bank and a veteran in trust company
HARLES V. SMITH,

By James K/l. Sutherland
S pecial C o rre sp o n d e n t

and banking circles in Minneapolis,
has resigned his post with the bank
and taken over new duties as assistant
to the president of the Minneapolis,
Northfield and Southern railroad, of
which he has been a director since
1933. He had been with the bank
since 1905.

by as vice president.

Mr. Crosby had
been associated with the bank as an
officer since 1932. He will maintain an
office at 1010 Midland Bank Building
for the time being.
John de Laittre, treasurer of the
bank, who was on leave of absence for
the past year to serve with the Amer­
ican Red Cross in Washington, re­
turned to his duties January 1.
Benjamin H. Woodworth, 76, Min­

Henry S. Kingman, president of
Farmers & Mechanics Savings Bank,
Minneapolis, has announced with re­
gret the resignation of Albert H. Cros-

neapolis grain executive and father of
Ben S. Woodworth, advertising man­
ager of First National Bank of Minne­
apolis, died in December. He was a
director of the former Minneapolis
Trust Company for many years and
since its merger with the First Na­
tional had been a member of the bank’s
trust committee.
Alton F. Junge has changed over
from the bond department to the coun­
try bank department of Northwestern
National Bank, Minneapolis. Mr. Junge
has been in the investment business
in the Twin Cities since 1928.

City National Bank and Trust Company
of Chicago
Condensed Statement of Condition, December 31, 1943
RESOURCES
Cash

LIABILITIES
$

and D ue from Banks

74,401,449.80
151,372,291.82

U . S. G overn m en t Securities

C a p i t a l .........................................................

Undivided Profits
State, M unicipal, and O th er Securities .

$

4,000,000.00
4,000,000.00

S u r p l u s .........................................................
.

.

.

759,489.65

.

6,285,858.33
Reserves for Interest, T a x es, and

L oa n s and D iscounts

.

.

.

.

65,560,189.35

Federal R eserve Bank Stock

240,000.00

A ccrued I n t e r e s t ......................................

386,426.83

1,611,588.32

C o n tin g e n c ie s ......................................
Dividend P ayable February 1, and
M a y 1, 1944

80,000.00

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

L etters of Credit and A cceptances
C u stom ers’ L iability on Letters of

O ther Liabilities
O th er R e s o u r c e s ......................................


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

794,315.19

O u t s t a n d i n g ......................................
792,372.94

Credit and A cceptances

.

.

.

D e p o s i t s ...............................................
$ 299,082,194.79

44,995.33

.

43,605.72

287,791,806.30
$ 299,082,194.79

M e m b e r F e d e r a l D e p o s it I n su r a n c e C o r p o r a tio n

Northwestern Banker

January 1944

44

Business Forecast for x44
— A Northwestern Banker Survey
(Continued from page 19)
the farmer has not been as good as
expected on account of increased cost
of operation. However, farmers are re­
ducing their loans, both as to real es­
tate and personal commitments. The
principal difficulty that they will en­
counter during the marketing season
of the coming winter and spring is the
low ceiling on livestock which is out
of line with their costs. There is a

"G o o d Y e a r in '44
T. L. ASHFORD
P r e s id e n t
Boone S t a t e Bank an d Tru st C o .
Boone, I o w a

W e have experienced but little infla­
tion in our part of the country. It is
true that land values have increased
but not out of line yet. Farm income
has been good but the net return to

trend toward selling more corn and
feeding less cattle and hogs.
Mercantile business has been good
and the outlook is good. Merchants
have had a profitable year even though
there has been difficulty in getting
goods. Generally speaking, we look
for a good year in 1944.

"Pictures Bright Future"
J. A. KUCERA
Cashier
C l a r k s o n Bank
C l a r k s o n , N e b ra s k a

First and American National Bank
Duluth, Minnesota
Condensed Statement of Condition, December 31, 1943
RESO U RCES
Cash and D ue F ro m B a n k s ......................................... $10,819,874.47
U . S. Governm ent S ecu rities......................................

33,196,260.81

M unicipal Securities ......................................................

1,535,107.74

O ther B on ds and S ecu rities........................................

1,682,422.19

L oan s and D isc o u n ts......................................................

8,198,580.27

Federal R eserve Bank S to c k ......................................
Banking H ou se

94,500.00

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

200,000.00

A m erican E xch an ge P ro p e rty ...................................

1.00

Interest Earned but N o t C o lle cte d ..........................

144,403.97

O verdrafts

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

481.54

$55,871,631.99

L IA B IL IT IE S
Capital Stock .......................................$2,000,000.00
Surplus

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

1,200,000.00

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

569,156.76

R eserves

541,410.00

...........

T otal Capital A c c o u n ts ................................................. $ 4,310.566.76
R eserve for Interest, T a x e s

and E x p e n s e s ....................................145,687.80

D iscou n t N o t E a r n e d .........................................................
D eposits

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

32,487.98
51,382,889.45

$55,871,631.99

D U L U T H ’S L A R G E S T A N D O LD E ST B A N K
MEMBER

FEDERAL

D E PO SIT

INSU RA NCE

CORPO RATIO N

Affiliated with Northwest Bancorporation

Northwestern Banker

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

January 1944

The present outlook for business
conditions this year is bright in this
locality. However, it may be affected
seriously by the climatic conditions
and also by the war situation. The
touch of inflation will become more
and more evident in 1944.
The loan volume in our bank will
tend to increase, providing feed is
plentiful and provided there is no fur­
ther roll-back of prices of beef and
pork. There is a moderate scarcity of
prairie and alfalfa hay, and rye and
wheat pasturage is non-existent this
fall and winter, due to the unprece­
dented lack of moisture last September
and October. The corn crop is only
half normal and this condition, cou­
pled with the instability of cattle and
hog prices, has an adverse effect on the
feeding operations.
Business conditions in our commu­
nity are good. Merchants have good
business and it would increase if some
supplies could be obtained for resale.
The farmers find themselves now with
pockets full of cash. The poultry rais­
ers especially have done well the last
year, due to high prices of poultry and
eggs. There is much more poultry
raised here now than in the past and
there are more milk cows in the coun­
try, also. If we had good pastures the
milk cows would increase, but there is
a continuous lack of moisture in this
territory which impedes our full devel­
opment.
After a moderate slump in demand
deposits last October, occasioned by the
heavy purchases of War Bonds during
the Third War Loan Drive, the depos­
its are again rising and the financial
institutions will be well prepared to
meet the demands of the Fourth War
Loan Drive this January.
In my opinion, 1944 will be as good
as 1943 if there is a bountiful rainfall
during the spring months. The sub­
soil moisture is badly depleted and

45

must be restored if we are to get a full
crop. We depend practically 100 per
cent on the agricultural products in
this corner of Nebraska.

" A s G o o d as They H ave
Ever Been"

S ta te m e n t o f C o n d itio n

T

h e

H. C. KNIPS

F

o f

Cashier
A d r i a n S t a t e Bank

N

ir st

Sa

A d r i a n , M in n e s o t a

With continued high prices for farm
products and with a limited amount of
goods to buy we cannot expect to main­
tain our present volume of loans.
There seems to be little interest in buy­
ing up this livestock which appears to
be going to market too light and too
cheap. No doubt a lot of bargains are
being overlooked on account of the
present glut in the market and also the
high cost of feed. It would appear that
about half of the hogs are marketed
but the supply was large and there
should be further increase in deposits.
Business has been very good and
most of the collectible old debts have
been liquidated. A great amount of
real estate has been sold, both farms
and dwellings. The increase in price
has not been more than might be con­
sidered healthy and on farm lands
should be justified by the yields over a
period of years. It does not seem like­
ly that there will be runaway land
sales, such as prevailed during the last
war. Most of the sales made now are
with a large amount of cash and much
less debt remaining.
Bank earnings are as good as they
have ever been, but the source of reve­
nue shows a decrease in interest re­
ceived and a considerable increase in
service charges of various kinds. We
have reduced the rate of interest paid
on certificates of deposit, but hope that
this is only temporary and that we can
call the turn soon enough so as to have
plenty of money to supply the demand
when people can buy all of the things
they want and need that they cannot
buy now.

"Business Is V ery G o o d "
R. H. JOHNSON

Because of good crops throughout
this section the past several years and
an estimated million dollars worth of
potatoes in storage in this vicinity, we
anticipate still higher deposits this
year, with loans reduced to about onethird of normal. Business is very good
and the only complaint of merchants
is the universal one of not being able
to obtain enough goods.

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

P

in t

Ba

n k

a u l

as o f
D ecem b er 3 1 , 1 9 4 3
9
R eso u rces

$67,728,482.55
142,067,888.17

Cash on Hand and Due from Banks
U. S. Government Securities

Bonds and Securities
5 ,7 3 9 ,257-45
57,048,571.38
Loans and Discounts
511,031.09
Interest Earned but not Collected
Customers’ Liability on Account of Acceptances,
208,961.98
Letters of Credit and Foreign Bills
450,000.00
Stock in Federal Reserve Bank
2,700,000.00
Bank and Office Building
$276,454,192.62
L ia b il it ie s

$6,000,000.00
Capital Stock
9,000,000.00
Surplus
Undivided Profits
i ,5 5 0,7 8 7 -4 0
1,208,788.08
Unallocated Reserves for Losses
Reserve for Accrued Taxes, Interest and
893,698.29
Expenses
Reserve of Manufacturers and Others on
131,623.69
Notes purchased from them
Discount Collected but not Earned
59 ,385-79
Acceptances, Letters of Credit and Foreign Bills
208,961.98
D e n o sits
^

(fnclu<fes United States War Loan
Deposit $ 3 5 , 937, 174-25)

2 5 7 ,4 0 0 ,947-39

$276,454,192.62
United States Government obligations and other securities
carried at $ 1 0 0 , 4 1 1 , 4 4 2 .4 0 in the foregoing statement are deposited to secure public fu n d s and f o r other purposes required by law.

C ashier
D r a y t o n S t a t e Bank
D r a y t o n , N o rth D a ko ta

a t io n a l

R i c h a r d C. L i l l y , President
F r e d e r i c R. B i g e l o w , Chairman, Board o f Directors

D e p a r t m e n t of B a n k s a n d B a n k e r s

Alden B. Lathrop, V ice President

Lee A. Sauer, Assistant Cashier

Rodney F. Sturley, Assistant Cashier

Elmer M.Volkenant, Asst. Cashier

Wallace L. Boss, Assistant Cashier

M em ber Federal Deposit Insurance Corporation

AFFILIATED

WITH

FIRST

BANK

STOCK

CORPORATION

Northwestern Banker

January 1944

46

-•MINN ESOTA
"Farm Com m unities Should
Prosper"
C. M. KREBS
P r e s id e n t
N o r t h w e s t e r n S t a t e Bank
A p p l e t o n , M in n e s o t a

The touch of inflation in 1944 will be­
come more evident, in my opinion,
because the total quantity of currency
in circulation is over $20,000,000,000—
almost three times the 1939 level. This,
at the least provocation, will pour into
the commodity markets. These mar­
kets .are already running short of sal­
able merchandise and the stage appar-

NEWS

ently set for a rapid rise of the general
price level. Another threat of inflation
lies in the present high total of nearly
$60,000',000,000 of demand deposits. Sav­
ings deposits are also growing and the
public has accumulated large amounts
of War Bonds.
Loan volume will not increase in
1944, in my estimation. Farmers are
prosperous as they have never been
before and paying off their chattel as
well as their farm mortgage loans and
are becoming debt free in many cases.
General business, agriculturally and
commercially, is very good.

The Live Stock National Bank
SIOUX CITY, IOWA
At the close of business December

3 1 , 1943

RESOURCES

Loans and D is c o u n t s ............................................................... $ 2,626,860.34
United States Bonds and N o t e s ..........................................
10,823,551.12
Municipal Bonds
.....................................................................
332,540.22
Other Bonds and S e c u r i t i e s ................................................
288,786.92
Federal Reserve Bank S t o c k ................................................
16,500.00
Interest Earned, Not C o l l e c t e d ..........................................
47,330.08
Cash on Hand and Due from B a n k s ................................
6,333,161.12
Other A s s e t s ...............................................................................
1,683.87
$20,470,413.67
LIABILITIES

Capital Stock
..........................................................................$
Surplus . ....................................................................................
Undivided P r o f i t s ....................................................................
Reserves for Interest and T a x e s ..........................................
Reserve for C o n tin g e n c ie s .....................................................
Interest Collected, Not E a r n e d ..........................................
Deposits
....................................................................................

300,000.00
300,000.00
34,145.34
65,202.80
96,537.98
14,318.18
19,660,209.37
$20,470,413.67

OFFICERS
C. L. F R E D R I C K S E N , President
M . A . W I L S O N , V ice President
W . G. N E L S O N , A sst. V ice President
W . C. S C H E N K , Cashier

Northwestern Banker

January Í9JJ

"To Equal Banner Y e a r"
BEN R. HASSMAN
P r e s id e n t
F i r s t N a tio n a l Bank
A itki n, M in n e s o t a

I believe that inflation will become
increasingly evident in 1944 arid the
effect of inflation will become increas­
ingly evident until it reaches the peak
in the years following the war.
We do not expect our loan volume
to increase this year, but we do expect
it to retain its present level and confi­
dently feel that 1944 will be equally as
good as 1943, which has been the best
in the history of the bank. Under ex­
isting conditions, with the sale of prac­
tically everything under some restric­
tion, there is nothing to stimulate in­
creased loans.
Business conditions and agricultural
conditions in this section are very
good, 1943 having been a banner year
and the general outlook for 1944 is
equally as good. Many of our summer
resorts reported the best business in
their history, in spite of the gasoline
rationing and other traveling restric­
tions and they are very optimistic
about 1944.
Our bank deposits, like those in
other sections of the country, have in­
creased from $1,100,000 in 1938 to $2,530,000 at the present time.

H . C. L I N D U S K I , A sst. Cashier
C. L. A D A M S , A sst. Cashier
J. S. H A V E R , A sst. Cashier
J A M E S L. S M I T H , Auditor

M em ber Federal D eposit Insurance Corporation


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

General business prospects, I be­
lieve, for this year are going to be
about on a par with 1943. There is a
general demand for farm commodities
such as livestock and dairy products,
and we in the farming community
should be prosperous in 1944 and busi­
ness conditions should be excellent.

Q uarterly Dividend
Frank K. Houston, president of the
Chemical Bank & Trust Company, New
York, announces that the board of di­
rectors have declared the regular quar­
terly dividend of 45 cents per share on
the capital stock of the bank, payable
January 3, 1944, to stockholders of
record December 15, 1943.
The directors also approved the pay­
ment of a bonus on annual salaries to
all officers and employes, amounting to
5 per cent on the first $5,000, with an
additional 3% per cent of the next
$5,000, and an additional 2 per cent on
all salaries above $10,000. This pay­
ment will also be made to officers and
employes in military service. The
Chemical Bank has paid a Christmas
bonus continuously each year, with
one exception, since 1870.

47

Rapid C ity Banker Dies

SOUTH
D A K O T A
NEWS
T. N . H A Y T E R
President
Sioux Palls

Acting Secretary
M I L D R E D S T A R R IN G

G E O R G E M . S T A R R IN G
Secretary-Treasurer
H uron
(In the Service)

J. C. Thompson, president, and Cal
Aurand, vice president of the North­
west Bancorporation of Minneapolis,
attended a get-to-gether meeting and
banquet of the officers and directors
of the First National Bank of the
Black Hills at the Franklin hotel in
Deadwood, South Dakota. Represen­
tatives of the bank’s branches in Deadwood, Lead, Rapid City, Belle Fourche,
Newell, Spearfish, Sturgis and Hot
Springs were in attendance.

Acting in unison with the other 11
banks of the country, the Federal
Land Bank of Omaha, through its
board of directors, has voted a four
per cent “ceiling” on interest rates on
all land bank loans. This action af­
fects all loans written at an interest
rate higher than four per cent.
Effective date of the action will be
July 1, 1944, when congressional legis­
lation extending the temporary re­
duced interest rate of 3% per cent
expires.

D irectors at Large

New Bank O fficials

Circuit Judge Turner M. Rudesill
has been elected a director at large
of the Federal Home Loan Bank, Des
Moines, Iowa.
He is a vice president and former
attorney for the First Federal Savings
and Loan Association at Rapid City,
South Dakota. Notification of his ap­
pointment came from J. Francis
Moore, secretary, Federal Home Loan
Bank Administration, Washington,
D. C.
The appointment is for two years,
starting January 1.

Members of the Hurley community
again experienced the convenience of
a local bank, when the Hurley State
Bank, Hurley, South Dakota, opened
for business recently. Capital for the
new institution has been furnished by
local persons, and they have also pro­
vided the management. Officers are:
R. L. Rayburn, president; Dr. Edw.
Joyce, vice president, and E. G. Breen,
cashier. Directors are M. H. Ruden,
Roy Flyger, Charles W. Sanborn and
Dewey Benson.

Branches Convene

Christm as Spirit

Bank Examiner

Sixty employes of the Northwest
Security National Bank, Sioux Falls,
South Dakota, threw cares aside and
entered into the spirit of Christmas
when they met in the Cataract ball­
room for their annual holiday gather­
ing.
There was a large decorated tree in
one corner of the room which held
gifts for all.
Games passed the early hours. A
turkey dinner was served in buffet
style.

From Stockholm, South Dakota,
comes the news that Verner Berg has
resigned his position as cashier of the
Stockholm State Bank, and will be
affiliated with the state banking de­
partment as a bank examiner, with his
headquarters in Sioux Falls.
Mr. Berg has been cashier of the
Stockholm State Bank the past 10
years. Previously, after completing a
business course at the Mankato Com­
mercial College, he had been employed
for a time in the Berg Bros, hardware
store.

Sealed at 4 Per C en t

'43 Tops '42

An action rivaling the reorganiza­
tion plan in benefits to members over
the eighth district has just been taken
by the Omaha Federal Land Bank,
according to C. P. Grytness, secretarytreasurer of the Miner-Lake National
Farm Loan Association.

In the Mitchell, South Dakota, area,
the volume of business as measured
by bank debits marked a point 33 per
cent above that attained in 1942. Total
bank debits for 11 months of 1943
showed a 38 per cent increase when
compared with similar 1942 figures.


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

Albert S. Halley, 64, a native of the
Black Hills and for many years a
prominent banker and Hills develop­
ment figure, died at his home in Rapid
City, South Dakota, last month.
Albert Halley was born June 28,
1879, at Deadwood, a son of James
Halley, early day Deadwood teleg­
rapher and Rapid City banker, but at
the age of four moved with his parents
to Rapid City.
While attending Oberlin, Ohio, col­
lege, although he was not 18 years of
age, he enlisted in the Fifth Ohio
Volunteer infantry for the SpanishAmerican war. His regiment was held
at Tampa, Florida, instead of going
direct to Cuba and the transport on
which it would have traveled was
sunk.
After the war Halley attended the
School of Mines and was a member
of the first intercollegiate football
team the school had. Later he trans­
ferred to Leland Stanford university,
Palo Alto, California, where he took
mining engineering. He was gradu­
ated with a B. A. degree in 1904.
Returning to Rapid City he entered
the banking business, with a number
of other Black Hills interests, and was
elected president of the First National
Bank in 1920, succeeding his father.
He remained with the bank for several
years. His interests included banking
elsewhere in the Hills, mining, quarry­
ing and railroads.

Talks at School
A. G. Berger, Clear Lake, South Da­
kota banker, addressed the members
of the economics and elementary busi­
ness classes on the principles and gen­
eral rules of banking at one of their
assembly periods last month. The
group participated in the round table
discussion by asking questions which
Mr. Berger answered.

Y e a r's Figures
South Dakota business last month
continued to top its 1942 level but fell
off a bit from the showing of previous
months of 1943, the ninth federal re­
serve district’s monthly survey on the
basis of bank debits showed.
In the Rapid City area, the volume
of business as measured by bank debits
marked a point 4 per cent above that
attained in ,1942. Total bank debits for
eleven months of 1943 showed a 11 per
cent increase when compared with
similar 1942 figures.
Madison ended the year leading all
the cities in the ninth Federal reserve
district in the percentage volume of
business increase, measured by bank
Northwestern Banker

January V.i'ii

48

•

SOUTH

debits. Currently, the increase from
$15,929,000 in 1942 to $24,876,000 in
1943 is a percentage increase of 156 per
cent. Calumet, Michigan, with 149 per
cent, is the closest; Sauk Rapids, Min­
nesota, has 142 per cent; Lisbon, North
Dakota, has 140 per cent, and Mitchell,
South Dakota, has 138 per cent.
Typical figures for other South Da­
kota cities on the year’s basis are in­
creases for Sioux Falls, 123 per cent;
Brookings, 128 per cent; Aberdeen, 130
per cent; Watertown, 126 per cent.
Deadwood, with a decrease, rated 94
per cent; Lead had only 65 per cent.
The state average is 122 per cent.

Sioux Falls News
| NTENSIVE postwar planning was
I launched in Sioux Falls early last
month at a conference conducted by
J. Cameron Thomson, Minneapolis,
president of the Northwest Bancorporation; Cal AV. Aurand, vice presi­
dent; Ronald I). Baker, Minneapolis,
assistant cashier of the Federal Re­
serve Bank; H. C. Timberlake, Federal
Reserve Bank statistician, and J. R.
Pratt, manager of the northwest divi­
sion, U. S. Chamber of Commerce.
Speaking at a joint meeting of the
Sioux Falls Junior and Senior Cham-

DAKOTA

NEWS

bers of Commerce, Thomson urged
planning on a local community basis
to forestall increasing federalization.
Every factor necessary for disastrous
inflation is now present in this coun­
try, C. A. Christopherson, president of
the Union Savings Bank in Sioux Falls,
said at a meeting of South Dakota in­
dustrialists, held in December in con­
nection with a war production confer­
ence.
“ Stringent, unpopular government
action is necessary to avoid this great
danger,” Christopherson said. “We
hear much about the dangers of com­
munism. But communism will not
come upon us from Russia. It will
come only if our financial status as a
nation breaks down, if through in­
flation we become a bankrupt nation
and our people poverty-stricken.”
South Dakota delegates attending
the central states conference of the
American Bankers Association, held in
Chicago, were T. N. Hayter, president
of the South Dakota Bankers Associa­
tion and vice president of the First
National Bank and Trust Company in
Sioux Falls; H. R. Kibbee, Jr., vice
president of the Mitchell National
Bank, and Mildred Starring, acting sec­
retary of the South Dakota Bankers
Association.

FIRST NATIONAL BANK O F THE BLACK HILLS
Rapid City
Lead
Hot Springs
Sturgis

Deadwood
Spearfish

Belle Fourche
Newell

S T A T E M E N T OF C O N D IT IO N D E CE M BE R 31, 1943
RESO U RCES
C a sh on H an d , in F ed era l Reserve B a n k and D ue from B a n k s and B a n k e rs $ 4 , 2 9 4 ,0 4 6 .0 9
U . S . Governm ent O b lig a tio n s......................................................................................... 9 ,6 9 0 ,1 4 5 .2 2
S ta te and M u n icip al B o n d s ...............................................................................................
3 7 9 ,8 1 8 .9 6
O ther Bonds and S e c u r it ie s .................................................................................................
5 8 ,7 4 5 .0 7
$ 1 4 4 2 2 ,7 5 5 .3 4
Stock in Fed era l Reserve B a n k in M in n e a p o lis.........................................................................................
2 5 ,2 0 0 .0 0
O verd rafts
.................................................................................................
1 3 ,0 4 5 .4 8
L o a n s and D is c o u n t s ................................................................................................................................................
4 ,3 2 4 ,2 6 4 .4 0
B a n k in g H ouses, F u r n it u re and F ix t u r e s ..........................................................................................................
1 2 2 ,2 8 7 .1 6
Includes Banking Houses at Rapid City, Deadwood, Belle Fourche, Sturgis,
Spearfish, and Newell, all clear of encumbrances.
R ea l E s t a t e O w ned, other than B a n k in g H o u se s......................................................................................
8 .0 0
In terest E a rn e d but not C o lle c t e d ......................................................................................................................
5 9 ,4 8 8 .6 3
O th e r A s s e t s ....................................................................................................................................................................
1 7 4 .8 5
TOTAL

......................................................................................................................................................... $ 1 8 ,9 6 7 ,2 2 3 .8 6

L IA B IL IT IE S
C a p ita l S to ck , Com m on .......................................................................................................
S u rp lu s ....................... .............. .. ................................................................ ...
U n d ivided P ro fits and R e se rv e s.................................................................................. . .

5 0 0 ,0 0 0 .0 0
4 0 0 ,0 0 0 .0 0
2 6 5 ,0 9 1 .5 4
$

Reserved for In terest, T a x e s, and O th er E x p e n s e s ...................................................................................
In terest Co llected b u t not E a r n e r ......................................................................................................................
D eposits ..................................................... .......................................................... .............. .. ........................................
TOTAL

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

......................................................................................................................................................... $ 1 8 ,9 6 7 ,2 2 3 .8 6
Member Federal Deposit Insurance Corporation

P la n to use an a d vertisin g program o f
w ell w orded m essag es crea ted
by
W e ss lin g S e r v ic e s, D e s M o in e s, Iow a
lJ
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D. R. W ESSLIN G , PR ESID EN T

¿ ^ l\ o L n z ± , LJouera

Northwestern Banker


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

January

•

At the December meeting of direc­
tors of the Northwest Security Na­
tional Bank, held in Sioux Falls, two
assistant branch managers were
elected. They are Guy R. Burkholder,
employed at the Gregory branch of the
bank, and Irene Koepnick, employed
at the Chamberlain branch.
The annual Christmas party for of­
ficers and employes of the National
Bank of South Dakota was held De­
cember 20 at the home of Frank Cinkle,
cashier. Employes and officials of the
Security National Bank held their an­
nual party December 19 at the Cat­
aract hotel, with John Hinman, a teller
at the bank, acting as general chair­
man.
William C. Duffy, vice president of
the Union Savings Bank, has been
elected district chairman of the John
Bradford district, Sioux Council, Boy
Scouts of America. The selection was
made by the district executive board.
Oliver A. Bray, assistant cashier at
the Northwest Security National Bank,
received the 33rd degree of Scottish
Rite Masonry last month at a special
meeting held at Des Moines. At an­
nual elections held during December,
Bray was re-elected treasurer of Sioux
Falls Chapter No. 2, Royal Arch Ma­
sons, and Minnehaha Lodge No. 5,
A.F. & A.M.

At the annual meeting of the Sioux
Empire Fair association, held in De­
cember, new directors were elected
and maintenance work at the fair­
grounds for the coming year was
planned. Frank Cinkle, cashier of the
National Bank of South Dakota, is
treasurer of the association.
B. C. Grangaard, assistant cashier of
the National Bank of South Dakota,
was one of three speakers at a special
meeting of the Sioux Falls Athenian
club, given in honor of George H.
Perry, immediate past president, who
was commissioned in the navy.

Reflecting a general high level of
prosperity in this area, common cap­
ital stock of the First National Bank
and Trust company of Sioux Falls was
increased from $200,000 to $300,000 ef­
fective at the close of business Satur­
day, December 18.
With deposits at a record level of
$14,000,000, the action was taken by
directors of the bank for the primary
purpose of offering additional protec­
tion to depositors, a spokesman said.

49

•

SOUTH

Stock in the First National Bank and
Trust Company is owned by approxi­
mately 40 individuals, the majority of
whom reside in Sioux Falls. Members
of the board of directors are W. W.
Baker, George T. Blackmail, Rush A.
Brown, Louis Caille, T. N. Hayter,
Martin J. Kuelin, Max A. Kuehn, John
J. Larkin and W. E. Perrenoud.

D IR E C T O R S M U ST K N O W
T H E IR B A N K S
(Continued from page 16)
turn sour. A note may be renewed
on misrepresentations of the borrower
or the managing officer may slip, or
ease up momentarily, or simply be
busy or overworked when the line is
up for renewal. Credit, like other busi­
ness, has a tendency to become routine
and the bank officer may miss certain
danger signals in the picture that the
alert director, a bit removed from di­
rect contact with the borrower, would
see instantly. Yet if the board, in the
deliberate atmosphere of the directors’
meeting, has closely scrutinized a situa­
tion and a line is found dangerous, the
attention of the management will be
directly pointed to the line and it will
be carefully handled when it presents
itself. Thus it appears that it is in the
note case that the directors can be of
most assistance. They can best serve
by close attention to loans as a whole
rather than by concerning themselves
entirely with new loans.
The investment of money in secur­
ities presents another problem. Banks
are turning heavily to governments
today, and that, aside from maturity
and yield, presents little to confuse the
average director. The question of Mu­
nicipal bonds is strictly a question of
quality when the matter of maturity
and yield is settled. In the matter of
general market bonds, a most complex
problem is presented for the director,
or for that matter, the executive of­
ficer. Here the board must exercise
very rigid control and must satisfy
themselves that the investment of
funds is being well handled, or the
bank’s policy changed.
It is not so long hence that many a
bank director wished he had never
heard of a bank. He missed a lot of
sleep worrying, attended conferences
far into the night, worried about de­
posit withdrawals, chargeoffs and
losses. Remembering those days, the
smart director should immediately
satisfy himself that his bank is well
managed and in good condition. The
danger signal is out. Everything is in­
flated and prices are high. The loans,
the securities, the credit files, and the

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Federal Reserve Bank of St. Louis

DAKOTA

NEWS

books are at his disposal. He should
make an investigation of his bank and
satisfy himself that things are right.
If they are not right and he cannot get
things changed to what he thinks is
right, he can resign. To sum up the
duties and responsibilities of the bank
director, his duty, in fairness to him­
self and the stockholders, is to know
his bank. His responsibility is to act
on his knowledge.

John H ag ey Dies
John Franklin Hagey, one of the
senior vice-presidents of the First

•

National Bank of Chicago, and former
chairman of the board of the National
Boulevard Bank, Chicago, died last
month. He was 67 years old.
Mr. Hagey had been associated with
the First National Bank since 1901,
when he entered its law department
shortly after his graduation from the
University of Chicago and admission
to the Illinois bar. He became assist­
ant attorney of the bank in 1906, and
four years later was made assistant
cashier.

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

NORTHWEST SECURITY
NATIONAL BANK
of S i o ux Fal l s, South Dakot a
“ South Dakota's Leading Bank"

December

3 1 , 1943

RESO URCES
Cash on H and, in Federal Reserve Bank, and Due from Banks
and Bankers .......................................................... ................................................ $ 6,585,788.44
U . S. Governm ent O b lig a tio n s........................................................................ 16,347,755.14
State and M un icipal B o n d s.................................................................................
Other Bonds and Securities .............................................................................

738,557.78
430,250.30
$24,102,351.66

Stock in Federal Reserve Bank in M in n ea p o lis........................................................

30,000.00

O verdrafts .........................................................................................................................................
Loans and D isc o u n ts....................................................................................................................
Banking H ouses ...........................................................................................................................

948.67
2.990,797.74
318,000.00

Includes Banking Houses at Sioux Falls, Brookings, Chamberlain, D ell Rapids,
Gregory, Huron and Madison, all clear of encumbrance.

Interest Earned but not C ollected ........................................................................................
TOTAL

86,438.00

...........................................................................................................................................$27,528.536.07

L IA B IL IT IE S
Capital Stock— Common ................
Surplus ......................................................
U ndivided Profits and R eserves.

500.000.
00
500.000.
00
304,175.62

Reserve for Interest, T a xes, and Other E x p en ses...............................................................
Interest C ollected but N ot E a rn ed .............................................................................................
D e p o s its :

$1,304,175.62
72,635.85
6,795.07

T im e ..............................................................................................................................
2,882,477.32
Dem and .................................................................................................................... 20,549,294.96
U. S. W a r Loan ..................................................................................................... 2,713,157.25
26,144,929.53
TOTAL

........................................................................................................................................... $27,528,536.07
BRANCHES AT

BROOKINGS, CHAMBERLAIN, DELL RAPIDS,
GREGORY, HURON, MADISON
O F F IC E A T
T E C H N IC A L

SCH OOL,

F E E D H. H O L L IS T E R
Chairman

A R M Y A IR FO R CE S
Sioux F a lls, S. D .

T R A IN IN G

COM M AND

RALPH M. W ATSON
President

United States Depositary
Mem ber Federal Deposit Insurance Corporation

Northwestern Banker

January

50

NORTH
D A K O T A
NEWS
0 . C. W A T T A M
Secretary
Fargo

H . A . F IS C H E R
President
W ashburn

C ap tain to C ash ier
At a meeting of the board of direc­
tors of The National Bank in Wahpeton, North Dakota, recently, the posi­
tion of cashier, made vacant by the
death of Oscar J. Olson, was offered to
Geo. J. Fischer, who has been a vice
president of the bank for the past sev­
enteen years. Mr. Fischer is now a
captain in the U. S. Army, stationed at
Trinidad, Colorado, in charge of a camp
of German prisoners, and the offer was
conditional upon his being released
from the government services.

Com es from C alifornia
Harold Nagel, son of former county
commissioner Adam Nagel, of Lehr,
who has been living in California, has
accepted a position with the Farmers
& Merchants Bank of Lodi, North Da­
kota, as teller and chief auditor. He
has moved his family to Lodi where
they will make their home.
The Farmers & Merchants Bank, of
which C. A. Wishek, formerly of Ash­

ley, is cashier, now has footings of over
$12,000,000. The Lodi country, where
a large number of former Ashley peo­
ple now live, is experiencing a boom
condition as a result of high prices for
grapes.

Alm ont G e ts Exchange
The Almont Exchange, a semi-bank­
ing institution, opened in Almont,
North Dakota, recently, under the
management of John M. Gillis.
This will give Almont some banking
service and will be appreciated by the
people of that community.

56 Million in Deposits
Bank deposits in northwest North
Dakota have reached the record total
of approximately $55,785,911, it was
shown recently in a survey covering
12 counties.
The average amount of the deposits
in the banks of the region was shown
to be $1,859,000' per bank.
Of the 30 banks now operating in

The First National Bank and Trust Company of Fargo
FARGO, NO RTH D A K O T A
Statement of Condition December 31, 1943
RESO U RCES
Lo a n s and D is c o u n ts ...........................$ 1 , 5 7 4 ,8 6 7 .5 0
O verdrafts ...............................................
2 ,4 4 7 .7 4
Stock in Fe d e ra l Reserve B a n k . .
1 9 ,2 0 0 .0 0
B a n k B ld g ....................................
2 4 0 ,0 0 0 .0 0
O ther R ea l E s t a t e ..............................
None
F u rn it u re & Safety D eposit V a u lt s
1 .0 0
In terest E a rn e d Not C o lle c te d . . .
4 1 ,4 2 5 .3 0
Q uick A ssets:
* U . S . Govt.
Bon d s ............$ 8 ,8 5 9 ,0 2 2 .9 1
*IV Iunlclpal Bon d s
3 7 1 ,9 8 7 .0 6
* O t h e r B o n d s. . .
9 0 ,7 8 7 .2 3
Ca sh & Due
from B a n k s . . 3 , 9 6 0 ,6 2 5 .7 5 1 3 ,2 8 2 ,4 2 2 .9 5

L IA B IL IT IE S
C a p ital .......................................................$
3 5 0 ,0 0 0 .0 0
S u rp lu s ......................................................
3 0 0 ,0 0 0 .0 0
U ndivided Profits and
R eserves. .
2 3 1 ,6 7 2 .9 3
Interest C o llected N ot
E a rn e d . .
2 ,5 5 9 .5 7
D eposits ( In c lu d in g
U. S. W ar
L o a n D eposit, $ 4 9 1 , 2 8 0 . 0 0 ) . 1 4 , 2 7 6 ,1 3 1 .9 9

$ 1 5 ,1 6 0 ,3 6 4 .4 9

$ 1 5 ,1 6 0 ,3 6 4 .4 9

* At market or less.

OFFICERS
F.
G.
H.
G.

A . I R I S H ........................................ President
H . N E S B I T .......................V ice President
D. C R O S B Y .....................Vice President
W . J E N S O N . .V ice Pres, and Cashier

G. H . M A Y ...................
R. J. S C H M A L L E N
M. W . L O F F E R . . . .

. Assistant Cashier
. Assistant Cashier
.Assistant Cashier

The Oldest Bank in North Dakota
M em ber of the Federal D eposit Insurance Corporation

Northwestern Banker

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

January 19J'i

these 12 counties, only seven had less
than $1,000,000 of deposits on Novem­
ber 1st. Another group of seven banks
on the list all had deposits on that date
in excess of $2,000,000 each.
It was apparent from the survey that
banks in small communities, as well as
those in the larger centers, have shared
in the influx of new deposits which has
come as a result of three good crop
years in succession.
The county-by-county total of depos­
its is compiled as follows:
$17,389,636.24
Ward
7,181,466.42
Williams
3,790,988.73
Mountrail
Burke
1,388,000.00
3,089,475.00
Divide
1,523,173.62
McKenzie
McLean
4,753,531.57
Renville
1,444,745.09
......... 4,598,742.46
McHenry
Pierce ............ ......... 3,507,714.58
2,705,544.31
Rolette
Bottineau
4,416,893.09
Total

$55,785,911.11

Takes New Position
Mildred Ann Knudson, who has been
city auditor’s clerk, has resigned her
position and began work last month at
the Northwestern State Bank, Hills­
boro, North Dakota, replacing Doris
Norstebon, who left last month for
Indianapolis, Indiana.

Lidgerwood Director
W. J. Parizek, manager of the Farm­
ers Elevator, was named director of the
First National Bank at Lidgerwood,
North Dakota, at a meeting of the
stockholders held last month. Parizek
fills the vacancy left open by Mel
Lindeblad last summer.
“ Bill” Parizek has been manager of
the elevator for 15 years, is a member
of the city council and has served on
the school board.

Makes Change
C. E. Fodness resigned his position
as assistant cashier of the Farmers &
Merchants Bank of Sheyenne and
moved last month to Wimbledon,
North Dakota, where he took over the
position of cashier of the Farmers &
Merchants Bank of Wimbledon.
Miss Alice Kennedy has been pro­
moted to the assistant cashiership of
the bank and O. R. Olson, who has been
with the Detroit State Bank, Detroit
Lakes, Minnesota, for the past eight
years, has also been named assistant
cashier of the local bank.

51

• NORTH
C h am ber Directors Elected
New president of the Fargo Chamber
of Commerce is Clarke Bassett, banker
and civic leader, who has also been ac­
tive in war bond drives, having served
as a director of several counties in
North Dakota. Mr. Bassett is vice pres­
ident of the Merchants Bank and Trust
Company at Fargo, North Dakota, and
was formerly in the banking business
in Bozeman, Montana; Aberdeen, South
Dakota, and Minneapolis.

Mill ion Dollar Bank
Organized in 1917, the Farmers State
Bank of Richardton, North Dakota,
now has total assets of more than $1,000,000, according to a statement re­
leased by bank directors.
The bank has grown steadily from
assets of $90,000 ten years ago to its
present totals.
Officers, directors and stockholders
of the hank are:
Fred Born, president; August Koesel, vice president; Michael Horner
and Fred Birdsall, directors; I. E. Giedt,
cashier; P. M. Burger and Catherine
Niehaus, assistant cashiers; Adeline
Magelky, bookkeeper, and Otto Bre­
mer, St. Paul, Minnesota, and the Aug­
ust Paduck Estate, stockholders.

Founder Dies
William G. Lamb, 75, prominent busi­
ness man and farmer of Michigan,
North Dakota, and one of the founders
of that city, died last month in a Grand
Forks hospital.
Mr. Lamb was born May 9, 1868, in
Marine City, Michigan, and with his
parents, Mr. and Mrs. James Lamb, and
seven brothers, came to Nelson county
in 1882. They resided at Harrisburg
where it was anticipated the railroad
would come through but in 1883 moved
to the site of Michigan which city they
founded.
William Lamb was president of the
J. Lamb Farm Lands Company, a di­
rector in the Lamb elevator and the
Michigan Bank and operated his own
farm near the city.

Bank Em ployes Frolic
Employes of the Dakota National
Bank at Fargo, North Dakota, were
guests of bank officers last month at a
Christmas party in the Elks Club. Ta­
ble appointments carried out a Christ­
mas theme and entertainment included
songs, led by Chris Ethen; a “true or
false” program; talks by William Stern,
president of the bank, and R. H. Butterwick, vice president; exchange of
gifts, cards and dancing. Agnes New­
man and Hazel Brolander were in
charge of arrangements. Bank direc­

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Federal Reserve Bank of St. Louis

DAKOTA

N E WS

tors, Hugh Bachenheimer, Maurice
Kaufman, William Fuller and O. C.
Lindvig, also were guests.

•

crease of 13 per cent in 1943 over that
of 1942, according to figures released by
the Federal Reserve Bank of Minne­
apolis.

Debits Stay Up
In the Grand Forks area, the volume
of business as measured by bank debits
marked a point 37 per cent above that
attained in 1942. Total bank debits
for 11 months of 1943 showed a 31 per
cent increase when compared with
similar 1942 figures.
Business in Devils Lake as meas­
ured by hank debits showed an in­

Assumes Liability
There were no changes in bank ti­
tles, liquidations or closings in North
Dakota during the last month.
The deposit liability of the First
State Bank, Denhoff, North Dakota,
was assumed by the First National
Bank, McClusky, North Dakota, during
the month of December.

Guaranty Trust (ompany of New York
'*
Fifth Ave. at 44th St.

Madison Ave. at 60th St.

Lon don: 11 Birchin Lane, E. C. 3;

Bush House, W. C. 2

Condensed Statement of Condition, December 31, 1943
HESOURCES
Cash on Hand, in Federal Reserve Bank, and
Due from Banks and Bankers . .............................. $
L. S. Governm ent Obligations
Loans and Bills Purchased . . ..............................
Public S e c u r i t i e s .....................
$ 55 ,903,665.64
Stock of the Federal Reserve Bank
7,800,000.00
Other Securiliesand Obligations .
22,543,260.98
Credits Granted on Acceptances .
1,307,171.87
Accrued Interest and Accounts
Receivable
, .
8,481,089.12
Real Estate Bonds and Mortgages .
1,654,511.52

610,781,083.01

97,689,699.13

Bank B u ild in g s ..............................
Other Real E s t a t e .........................
Total Resources .

563.906,253.23

.........................$3.243,371,511.86

LIABILITIES
Capital
. . .
.........................
$ 90,000 ,0 00 .0 0
Surplus F u n d ................................... 170,000,000.00
Undivided P r o f i t s .........................
31,391,853.78
Total Capital Funds .
$
D e p o s i t s ....................
. . $2 ,864 ,7 87 ,0 57 .9 0
Treasurer’ s Checks Outstanding
39 ,006,978.49
Total Deposits . . . .
Federal Funds Purchased .
Acceptances
....................
$ 3,456,733.08
Less: Own Acceptances
Held for Investment
. . . .
2,149,561.21
$ 1,307,171.87
Liability as Endorser on Acceptances and Foreign Bills . . .
96,896.00
Foreign Funds Borrowed . .
152 550.00
Dividend Payable January 3, 1944
2,7 00,000.00
Items in Transit with Foreign
Branches ami Net D ifference in
Balances between Various Offlees Due to Different Statement
Dates o f Foreign Branches .
2,356.675.51
Accounts Payable. Reserve for Expenses, Taxes, etc..........................
14,872,328.31

291,391,853.78

21,485 ,6 21 .6 9
Total Liabilities
Securities carried at $637,497,563.63 in the above Statement are pledged to quali-y for
fiduciary powers, to secure public moneys as required by law, and for other purpose».
This Statement includes the resources and liabilities ol the English liranches a» of
December 26, 1943, French Branches as of October 31, 1942. and Belgian Branch
as of October 31, 1941.
Member Federal Deposit Insurance Corporation

Northwestern Banker

January 7.944

., -, - .. . .-

STATEMENT, DECEMBER 31, 1943
RESOURCES
Cash and Due From B a n k s....
U. S. Government Obligations. .
Municipal and Other Bonds... .
Loans and Discounts..................
Bank Premises .........................
Stock in Federal Reserve Bank
Other Assets ........................... ..

LIABILITIES
Deposits .....................................
Capital Stock ...........................
Surplus .......................................
Undivided Profits and Reserves
Other Liabilities .......................

LIN N P. C A M P BELL, President
Byron Reed Company
SAM U EL L. C O O P E R , President
Orchard &? Wilhelm Company

AR TH U R A . LO W M AN
E. M. M ORSM AN , J R ., Attorney
ROY PA G E, Vice President and General Manager
Nebraska Power Company

EDWIN A . DUFF
...................
.............. Executive Vice President
EDW ARD .FLYNN
Chicago, Burlington 6? Quincy Railroad Co.
RUSSELL J . H O PLEY, President
Northwestern Bell Telephone Co.
JO H N W . H U G H E S , President
Guarantee Mutual Life Company
G LEN N E. JE N N IN G S , President
Wright & Wilhelmy Company

H EN RY W . PIERPONT, President
Standard Oil Company of Nebraska
A B R A H A M L. REED, Chairman of the Board
Byron Reed Company, Inc.
H A RR Y F. REED, President
L. G. Doup Company
ELLSW O RTH M OSER, Executive Vice President
HERBERT M. BU SH N ELL, President

<? l '

U N IT E D
!S T A T E S
Ÿlutionuf B A N K o/(PmaAa
M E M B E R

Northwestern Banker


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Federal Reserve Bank of St. Louis

Januar y íO'i'i

F D I C

53

NEBRASKA
NEWS
R. I. ST O U T
President
Tekamah

Entertains Bankers
Mr. and Mrs. F. F. Mundil enter­
tained the Butler County Bankers
Association in their home in Linwood,
Nebraska, recently. A buffet luncheon
was served, followed by a business
meeting.
Attending were Mr. and
Mrs. V. A. Dolpher, Mr. and Mrs. C. A.
Jones and Paul Kosch of David City;
Mr. and Mrs. Charles Novak, Mr. and
Mrs. L. F. Novak and Mrs. A. K. Smith
of Brainard; Mr. and Mrs. Hershel,
Mr. and Airs. F. M. Bottum of Rising
City; Miss Bessie Wesely and Airs.
Helen Cherry of Linwood.

Bankers M eet
The annual meeting of the Cass
County Bankers Association was held
in Weeping Water, Nebraska, recently.
The business session was held fol­
lowing the dinner and the following
officers were re-elected for the ensuing
year:
President, Charles H. Boedeker,
Murray; vice president, Walter J. Wun­
derlich, Nehawka, and secretary-treas­
urer, Carl J. Schneider, Plattsmouth.
Those attending from Plattsmouth
were: H. A. Schneider, president of
the Plattsmouth State Bank; E. W.
Burdic, vice president; Frank A. Cloidt,
cashier, and Fred Harre.

Bank O fficia l Dies
Charles Edward Brown, 62, manager
of a Scottsbluff, Nebraska, collection
agency and former receiver for Ne­
braska state banks, died in a hospital
recently. Between 1925 and 1933 he
handled liquidation of state banks in
the North Platte valley and for a pe­
riod of years was vice president of the
old America State Bank at Sidney.

Consolidation
The Farmers State Bank of Kramer,
Nebraska, merged with the Crete State
Bank recently. The stockholders of
the Farmers State Bank voted to take
this action after it was determined that
their cashier, Benjamin C. Bilhorn,
found it necessary to leave Nebraska.
Mr. Bilhorn has been connected with

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Federal Reserve Bank of St. Louis

W M . B. H U G H E S
Secretary
Omaha

the Farmers State Bank for over 22
years.
The Crete State Bank offered its
services to the Farmers State Bank,
bought all of the loans and assumed all
of the deposits. A brief survey of the
records reveal that the first Farmers
State Bank of Kramer was founded in
1905 by the Crete State Bank, under
the direction of T. H. Miller, father of
O. G. Miller, one of the present direc­
tors of the Crete State Bank. J. H.
Lohman, in 1911, reorganized the
Farmers State Bank and several of the
family names which were listed among
the original stockholders were still
connected with the present bank at
Kramer.
The Crete State Bank, which helped
the trade territory of Kramer in 1905
by aiding in the establishment of a
banking center, by their merger now
affords continued banking facilities.

Regional M eet
Otoe county bankers held a regional
meeting at Auburn, Nebraska, last
month, it was announced by Edwin
Gardner, president of the Otoe county
group.

Directs York Bank
James A. Boyle, treasurer of York
county for nine years, has resigned,
effective February 1, 1944. Boyle will
become an officer and director of York
State Bank, York, Nebraska.
Boyle was a banker for 17 years be­
fore he was elected county treasurer.
He has served two terms and one year
of a third term, and will be supervisor
for the country banks of the York
State Bank, which already has opened
the Henderson State Bank, and plans
to open the Benedict Bank soon.

Death Com es to Ex-Banker
Albert T. Cassel, 72, retired treasurer
and business manager of Doane Col­
lege, died at his home in Lincoln, Ne­
braska, last month.
In 1894 Mr. Cassel was awarded the
S.B. degree at Doane. He then be­
came night clerk for the M. P. Railway

at Weeping Water. A year later Mr.
Cassell was named assistant cashier at
the Bank of Palmyra. Later he was
assistant cashier of the Farmers Bank,
Nebraska City. For five years he was
assistant cashier of the Anaconda
Mines, Butte, Montana, and for one
year was connected with the Omaha
Packing Company.
He was cashier of the Bank of
Palmyra for nearly 20 years until go­
ing to Doane. He retired a year and
a half ago.
Mr. Cassel was a member of the
Crete Chamber of Commerce, past pres­
ident of Rotary there, member of the
Izaak Walton League, Lodge No. 37 of
the Masons at Crete, 32nd Degree Scot­
tish Rite, Lincoln; Sesostris Temple
and Vine Congregational Church.

To Direct Fourth W a r Loan
E.
C. Austin, cashier of the Beatrice
National Bank, Beatrice, Nebraska, has
accepted the Gage county chairman­
ship for the Fourth War Loan Cam­
paign, having been asked to take the
position by Dale Clark, Omaha, chair­
man of the Nebrska War Finance Com­
mittee. Austin succeeds E. L. Hevelone and C. B. Ellis, who served as
county co-chairmen in the Third War
Loan Campaign in September.

G e t New Banks
The state banking department issued
charters to banks at Kearney and
Allen.
The Platte Valley State Bank of
Kearney opened January 4th with
$60,000 capital and $10,000 surplus. C.
L. Gaston is president; R. S. Johnston,
vice president, and Leo Ryan, cashier.

Banks to A id
Fremont banks have received a mem­
orandum asking them to cooperate
with the Office of Price Administration
in eliminating any attempts to racket­
eer under the gasoline rationing pro­
gram.
Banks can assist in eliminating such
practices by reporting any suspicious
coupons to the district office; by refus­
ing to accept for deposit any gummed
sheet which is not completely filled
out on the face. (In tracing the cou­
pons, the firm name and address of the
dealer collecting the coupons are es­
sential, as well as the depositor’s en­
dorsement); by care in safeguarding
coupons between acceptance for cre­
mation, and by extreme care in the
disposal of the coupons.
It was suggested at least two per­
sons should witness the destruction of
the coupons.
Northwestern Banker

January 1944

54

was vice president for two years.
Eleanor Martin has also been employed
by the association most of that time.
Rolland Chase, who has been serving
as bookkeeper and teller for the past
three years, will continue in that ca­
pacity.

Co rn Show in Columbus

Four Million in Deposits
Effective December, 1943, capital of
the American National Bank was in­
creased from $50,000 to $75,000 by rea­
son of a 50 per cent stock dividend.
On January 1, 1944, the bank’s capital
was $75,000 and surplus, $50,000. Over
a period of two years, December, 1941,
to December, 1943, deposits have in­
creased from a million and a half to
more than four million.

Buys Bank
Each year the Central National Bank of Columbus, Nebraska, sponsors a corn
show for farmers in their trade territory. The lobby of the bank was crowded
with farmers when the above picture was taken. J. O. Peck, president o f the
Central National, w ill be noted standing in front o f one of the racks o f corn in
the left center o f the picture. Speaking of this annual corn show, Mr. Peck says:

“ This particular activity, which we
are proud to sponsor, is one that brings
about an untold amount of good will
for the bank. We usually allow ten
days to two weeks for the farmers to
bring in their exhibits, and after the
corn has been on display in the bank
lobby for a few days, we invite three
people, either from the State Agricul-

tural College, county agents or other
recognized authorities, to come in on
Saturday evening, at which time we
hold open house and judge the corn.”
Mr. Peck goes on to say that in the
event bankers in other sections of the
country are interested in staging a
similar exhibit, he will be glad to sup­
ply any information desired.

Ready for Business

Ellis, president; W. T. Connell, vice
president; Millard M. Martin, cashier,
and Eleanor P. Martin, assistant cash­
ier. All officers have been actively
connected with the Allen Co-operative
Credit Association since its organiza­
tion in December of 1934. W. R. Ellis
was president and Millard M. Martin
was secretary-treasurer during that pe­
riod. W. T. Connell was a member of
the board of directors since 1934 and

Security State Bank is the name of
the new bank which opened for busi­
ness January 3rd at Allen, Nebraska,
to replace the former Allen Co-opera­
tive Credit Association which voluntar­
ily liquidated in favor of the new bank.
The Security State Bank started busi­
ness with $20,000 paid in capital stock,
$4,000 surplus and $1,000 undivided
profits. The officers are: Walter R.

i

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B

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a

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At T h e C r o s s r o a d s
Of O m a h a
Northwestern Banker

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

January i.944

t

k

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m

The First National Bank in Ord, Ne­
braska, announces that Clark Weckbach, formerly cashier of The City
National Bank, Crete, Nebraska, has
recently purchased Ralph Misko’s in­
terest in the bank and has been elected
president of the bank, succeeding Mr.
Misko in that office.
Mr. Misko disposed of his interest
because he is planning on entering the
armed forces soon, and Mr. Weckbach,
who has just been honorably dis­
charged from the army and desiring
again to enter the banking field, pur­
chased the stock.

Eleventh to G e t C h a rte r
The Butte State Bank, Butte, Ne­
braska, chartered by the state banking
department is the eleventh to be organ­
ized in 1943. In 1942 only one state
bank was organized, Director Wade
Martin said.
The Butte bank takes the place of
the First National Bank of Butte which
recently liquidated. With completion
of arrangements with the Federal De­
posit Corporation, the new bank

o

n

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a

Oldest Nati onal Bank
F r o m O m a h a We s t

55

•
opened January 3rd. Its capital stock
is $30,000: surplus, $10,000, and undi­
vided profits, set up by order of the
commission, $2,500. A. P. Anderson of
Butte is president; R. W. Dickerson,
vice president; E. J. Statsman, cashier,
and Vivian Wilson, assistant cashier.

To Lead Drive
J. A. Kucera, cashier of the Clarkson
Bank, Clarkson, Nebraska, has again
been selected to head the Fourth War
Loan Bond drive. The quota for Col­
fax county, of which he is chairman
of the county war finance committee,
was set at $522,000. The quota for the
same county in the third drive was
$668,000 and was nearly reached.

R edecorate Bank
During the past year the interior of
the Farmers and Merchants Bank,
Ceresco, Nebraska, has been complete­
ly remodeled with the low-type fix­
tures, a larger private office and a
change in arrangements to afford in­
creased efficiency in both lobby and
working space. A storage space for
supplies and records has also been
added. The painters have just com­
pleted the redecorating and the bank­
ing room now presents a very modern
and attractive appearance.
The personnel of the bank includes
Carl Mostrom, cashier; Miss Alvena
Larson, with the bank more than a
year, and Miss Dorene Swanson, just
recently joining the bank staff and
formerly at Wahoo, Nebraska.

O ffice rs for Y e a r
The Columbus, Nebraska, Regional
Clearing House Association held its an­
nual meeting last month at the Hotel
Thurston in Columbus. Tax Consult­
ant J. R. Hanson of Fremont discussed
the intricacies of the income tax.
The following officers were elected
for the ensuing year: President, J. A.
Indra, St. Edward; vice president,
Herschel Garhan, Rising City; secre­
tary-treasurer, L. M. Smith, Columbus.
Executive committee, George Worshek, Cedar Rapids; Paul Kosch, David
City; George C. Kumpf, Leigh; C. E.
Pearson, Genoa; Ben B. McNair, Co­
lumbus; D. R. Byers, Osceola, and H.
L. Gerhart, Newman Grove.

Santa A p p ea rs
The Clarkson Commercial Club pre­
sented a Christmas program for 600
youngsters who assembled in the
Clarkson opera house. J. A. Kucera,
treasurer of the Commercial Club,
acted in the capacity of Santa Claus.

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

NEBRASKA

NE WS

•
to increase his advertising space next
year in his home town newspaper.

Takes O ve r
Mrs. John Alden Lewis has accepted
a position with the First National
Bank, Wayne, Nebraska, and began
work last month.

C alifo rnia Bound
Miss Katherine Jones resigned her
position in the First National Bank,
David City, Nebraska, effective the first
of the year. She planned to go to
California.

Praises Newspapers
C. M. Brown, president of the First
National Bank of Cambridge, Nebras­
ka, and who is interested in four other
banks in that vicinity, says: “A live
newspaper is the life of a town.” He
is a great advertiser for his bank in
his community and says he is going

Issued C h a rte r
A charter was issued the Benedict
State Bank, Benedict, Nebraska, by
State Banking Director Wade Martin.

(ommerceyrust (dmpany
18-1
Established 1865
Kansas City, Missouri
Member Federal Reserve System

Statement of Condition at Close of Business December

3 1 , 1943

RESOURCES
Cash and Due from Banks________________________$111,002,751.03
U. S. Obligations, Direct and Fully

Guaranteed. 151,678,066.15

State, Municipal and Federal Land

Bank B onds. 20,176,165.33

Stock of Federal Reserve Bank___________________
Other Bonds and Securities__________

262,680,817.18

360,000.00

3,569,114.67

24,105,280.00

Loans and Discounts_______________________________________________

62,322,413.95

Bank Premises and Other Real Estate Owned___________________

1,897,501.00

Customers’ Liability Account Letters of Credit________________

17,140.59

Accrued Interest Receivable______________________________________

381,227.46

Overdrafts

__________________________________________________________

20,324.82

Other R e so u rces____________________________________________________

926.00

Total R e so u r ce s-----------------------------------------------------------------------

$351,425,631.00

L IA B IL IT IE S
Deposits:
U. S. Government Deposits_____________________ $ 22,608,968.18
Other Deposits --------------------------------------------------- 312,878,737.72
Capital --------------------------------------------------------------------S u rp lu s-------------------------------------------------

6,000,000.00

Undivided P r o fits -------------------------------

3,455,473.02

$335,487,705.90

6,000,000.00

15,455,473.02

Liability Account Letters of Credit_______________________________

17,140.59

Accrued Interest, Taxes and Expense___________________________

465,311.49

Total

Liabilities

---------------------------------------------------------------------

$351,425,631.00

M em ber Federal D eposit Insurance Corporation

Northwestern Banker

January 19bb

56

A . B. A . Membership Meeting

The York county town was left with­
out a bank recently when another bank
liquidated. Capital of the new bank is
$10,000, with surplus of $2,500. Dean
Sack is president; Andrew G. Growhands, vice president, and Elmer Van
Nostrand is cashier of the new insti­
tution.

Continues

Up

George A. Wright, president of the
Bank of Elgin, Elgin, Nebraska, an­
nounces a capital stock increase from
$22,000 to $25,000. The bank originally
started with a $10,000 capital in Aug­
ust, 1935. There also has been an in­
crease in deposits over the same time
last year, 1943 showing $540,000, with
$340,000 the year before.

G ra n t News
A number o f Nebraska members of the American Bankers Association met in
Omaha last month, and the picture above was taken at the meeting. A suc­
cessful drive for new members was instigated at the close of the meeting, by
telephoning various prospects. Those pictured, starting at the left front, and
continuing around the table are J. D. Stocker, Nebraska City; V. E. Dolpher,
David City; J. T. Stewart, III, Omaha; J. E. Conklin, Hubbell; W. M. Mitten,
Fremont; John Lauritzen, Omaha; A. J. Koelling, Hastings; J. D. Milliken,
Fremont; J. R. Domimic, Kansas City, Missouri; R. W. Trefz, Beatrice; Ray
Dunkerley, New York City; Ray Ridge, Omaha; A. J. Hallas, Omaha; S. J. Wirtz,
Omaha; R. I. Stout. Tekamah; A. L. Vickery, Omaha; L. R. G-illett, N orfolk;
and J. O. Peck, Columbus.

|st Hanks
Condensed Statement of Condition

First N ation al B ank
of Saint Joseph, Missouri
and affiliated

First T ru st C o m p a n y
and

First St. Joseph Stock Y a rd s B ank
of South Saint Joseph, Missouri
at th e c lo s e o f bu sin ess D e c e m b e r 31, 1943
RESO U RCES
First National
Bank
Cash and Sight E x ch a n g e ..................................................$10,355,738.20
U. S. Government O bligation s, D irect and
F u lly Guaranteed ............................................................ 11,551,446.98
Other Bonds and S e cu ritie s............................................
1,513,844.55
Capital Stock in Federal Reserve B a n k .....................
25,350.00
Loans and D iscounts ..........................................................
3,389,759.50
Bank B uilding, Real Estate and Other Resources
120,654.10
T otal

...............................................................................$26,956,793.33

First Trust
Company
$ 55,578.85

District Chairm an
F irst St. Joseph
Stock Yards Bank
$ 5,023,044.53

18,502.85

3,842,312.06
618,263.22
9,800.00
904,256.90
27,343.38

$268,115.17

$10,425,020.09

L IA B IL IT IE S
Capital ........................................................................................ $
500,000.00
Surplus and Undivided P rofits....................................
532,654.90
Reserves ......................................................................................
41,895.78
D eposits ...................................................................................... 25,882,242.65
T otal

...............................................................................$26,956,793.33

Com bined Deposits
M em bers

of Federal

-

D eposit

250,000.00
123,977.62
.................... 17,907.63
Trust Business
10,033,134.84
O nly
$ 1 0 0 , 0 0 0 .0 0

168,115.17

$268,115.17

$3 5,91 5,37 7.49
Insurance

Corporation

The directors of the Farmers Nation­
al Bank of Grant, Nebraska, at a 1943
directors’ meeting decided that $10,000
from undivided profits account be
moved to surplus. This makes the
capital, surplus and undivided profits
of the bank $110,000 and, in addition, a
cash dividend of 10 per cent was de­
clared. This bank started business in
1915 with a capital of $15,000. E. E.
Jackman is now the president and has
been connected with the bank con­
tinuously since 1915. Deposits last fall
exceeded $2,000,000.
The bank for the past six months has
been writing its own ads and they are
being read with interest.
Petitions are being filed in the fourth
congressional district of Nebraska,
placing the name of E. E. Jackman on
the ballot as a delegate to the National
Republican Convention from that dis­
trict. He attended the National Repub­
lican Convention at Philadelphia in
1940 as an alternate and says he con­
siders the selection of a candidate for
President one if the biggest jobs in
the country. “ Our problems are great
and we need the ablest executive we
can find.”

$10.425,020.09

Milton Tootle, III, vice president of
the Tootle-Lacy National Bank, St.
Joseph, Missouri, has been named dis­
trict chairman of the war finance
committee in the coming Fourth War
Loan drive, heading activities in Bu­
chanan, Andrews, and Daviess coun­
ties. Mr. Tootle has assigned a num­
ber of duties to various assistants in
his district, and is all set for the drive
kick-off on January 18th.
Y O U R STATE B A N K ER S A S S O C IA T IO N
O F F IC IA L S A F E , V A U L T A N D
TIM E LO C K EXPERTS

F. E. D A V E N P O R T & C O .
OM AHA

Northwestern Banker

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

January 1944

57
Capt. Harry R. Greenway, Omaha
investment banker, who is assistant
operations and training officer of the
Nebraska State Guard, has been gradu­
ated from the regular army adjutantgeneral’s school at Fort Washington,
Md. He attended the school for three
months and returned to Omaha Dec. 14.

The IjiA-e Stock National Bank of
Omaha celebrated its thirty-sixth an­
niversary recently.
Alvin E. Johnson, president of the
Live Stock National Bank of Omaha
and chairman of the Omaha Chamber
of Commerce postwar planning com­
mittee, will speak before the Wahoo,
Nebraska, Chamber of Commerce post­
war planning group at a dinner Janu­
ary 20.
JAMES R. PAXTON, Jr., was not
y j quite 35 when he was elected re­
cently as a director of the Live Stock
National Bank of Omaha, making him
one of the youngest bank directors in
Omaha.
Mr. Paxton became president of the
Paxton-Mitchell
Company,
Omaha
manufacturing concern, in 1937, suc­
ceeding his father, Omaha civic leader.
In January this year he was awarded
the Omaha Junior Chamber of Com­
merce distinguished service award
given to the young business man who
contributed most to Omaha civic de­
velopment and community welfare
during 1942.
W. Dale Clark, president of the
Omaha National Bank, was named
chairman of a campaign to raise ap­
proximately $85,000 in public subscrip­
tions after gifts of $100,000 by The
Omaha World-Herald and $15,000 by
some of its stockholders were an­
nounced toward construction of a $200,000 children’s hospital for Omaha.
The 50-bed hospital, to be called
Children’s Memorial hospital, will be
erected on ground leased from the
University of Nebraska medical col­
lege, but it will be entirely independent
from the state university. The hos­
pital will be operated by a nonprofit
corporation which includes Mr. Clark,
A. A. Lowman, Ben H. Cowdery, David
Goldman, C. Louis Meyer and Linn P.
Campbell. These, with Samuel L.
Cooper, were elected to the executive
board.
Members of the board pf trustees in-

B ANKS

Bought and Sold

Confidentially and with becoming dignity

BANK E M P LO Y EES P LA CED .
38 Y e a rs S a tis fa c to ry Se rv ice

THE CHARLES E. WALTERS CO.

elude Robert H. Hall, executive officer
of the North Side Bank of Omaha.
W. B. Millard, jr., vice president of
the Omaha National Bank now on
leave for military duty, was re-elected
secretary-treasurer of Ak-Sar-Ben at
the annual meeting recently.
James B. Moore was elected vice
president and Robert H. Hall secretarytreasurer of His Majesty’s Council.
E. H. Earhart, managing director of
the Omaha branch, Federal Reserve
Bank of Kansas City, recently appealed
to Omahans, whether they be banks,
merchants or individuals, to turn in
their pennies. There still is a short­
age of pennies, he said.
Every bank in Nebraska has been
sent a circular, urging that all pennies,
which could be spared, be turned in as
soon as possible. Part of the shortage
was believed due to “ Christmas hoard­
ing” in homes, and accumulation of
pennies in stores.

Ralph G. Coad, 54, secretary-treas­
urer of the Coad Realty Company, a
director of the Packers National Bank
of Omaha, former president of the
Metropolitan Utilities District board,
and an Omaha attorney for many
years, died at the veterans’ hospital in
Lincoln, Nebraska. His home was at
306 South 56th street in Omaha.
He was a brother of Arthur L. Coad
of the Packers National Bank and son
of the late John F. Coad, former presi­
dent of that institution. He was a
flier in World War I and helped organ­
ize the Omaha American Legioh post.
His wife and two daughters survive.

A reception was held at Omaha’s
Scottish Rite Cathedral honoring Har­
old T. Randeryou, Omaha investment
banker, recently elected most worthy
grand patron of the General Grand
Chapter, Order of Eastern Star. The
nine Omaha Eastern Star chapters
were hosts.

R E P O R T OF C O N D IT IO N

T H E H A S T IN G S N A T IO N A L B A N K
HASTINGS, NEBRASKA
D EC E M B E R 31, 1943
RESO U RCES
Lo a n s and D isc o u n ts............................................
<c q o q A o n q
O verd rafts
..................................................
S 9 3 9 ’f
Stock in F ed era l Reserve B a n k ...........................
r ann'nn
Bank Bu ild in g
.......................................................................
1 |;§8 8 .0 0
F u rn it u re and F ix t u r e s ........................................................
in n
Interest Ea rn e d but Not C o lle c te d ................................ . . . . . . . I . . . . ....................................................
2 2 6 2 4 81
U n ited Sta te s G overnm ent B o n d s ............................................ ...
¿ 4 9 8 9 6 7 0 .3 4
M u n icip al Bonds and W a r r a n t s ...................................................................................
' 9 4 0 8 9 !4 8
O ther Bon d s ............................................ ..........................................................
8 0 ’3 7 7 '6 2
Cash and S ig h t E x ch a n g e ............................................................................................ 1 , 6 8 8 ,6 3 0 .0 9
6 ,8 5 2 ,7 6 7 .5 3
$ 7 ,8 3 9 ,9 7 5 .3 8
L IA B IL IT IE S
’
C a p ita l A ccou nt
Com m on Stock ..............................................................................................................................................$ 1 2 5 ,0 0 0 .0 0
b u rp lu s
................................................................................................................................................
1 00 0 00 00
U n d ivid ed Profits and R e se rv e s......................................................................................................
1 0 0 2 2 2 !4 3
D eposits .........................................................................................................................................................
L
7 ,5 1 4 ^ 7 5 2 .9 5
$ 7 ,8 3 9 ,9 7 5 .3 8
O F F IC E R S A N D D IR E C T O R S
_
, „
O. A . R I L E Y , Vice President
C H A S . E . D E E T S , Cashier
J. L E O S W IG L E , Assistant Cashier
J O S E P H B A U E R , Assistant Cashier
L. J. M cG D N E , Assistant Cashier
H A Z E L H O R N , Assistant Cashier
C. E. B Y E R S
S T E P H E N S W IG L E
R. R. V A N O E

tt ^
„
.
H . G. P R A I T , President

Member Federal Deposit Insurance Corporation

OM AHA. N EB R A S K A


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

Northwestern Banker

January 19kb

58

• NEBRASKA

NE WS

Mr. Head is national president of the
Boy Scouts.
He devotes 75 per cent of his time to
war activities now, he said. He is state
chairman of the Missouri war finance
committee, chairman of the Missouri
USO committee and president of the
St. Louis USO council. In addition,
he is vice-chairman of the St. Louis
War Chest, which exceeded its $5,267,346 goal.

Among Omahans who recently re­
ceived the thirty-third Scottish Rite
degree at ceremonies in Omaha, after
election in Washington last October,
was Clyde Otis Darner, cashier of the
Omaha National Bank.
Walter \V. Head, former Omaha
hanker and now head of the General
American Life Insurance Company of
St. Louis, spoke in Omaha at the an­
nual banquet of the Covered Wagon
Area council, Boy Scouts of America.

Lt. Richard Mallory, USN, on leave
from his post as vice president of the

AMERICAN NATIONAL BANK
AND TRUST C O M P A N Y
OF CHICAGO
LASALLE STREET . 1 , AT WASHINGTON

-----------------------------------_ .¿âr
M em ber F ed eral D eposit

-------------------;
Insurance Corporation

•
United States National Bank of Omaha,
now on duty at Cincinnati, Ohio, ar­
rived in Omaha December 23 to spend
a 10-day holiday leave with his family.
Miss Mary Mallory, freshman at North­
western University, returned to her
home December 21.
Herbert H. Meile, cashier of the
Douglas County Bank of Omaha, was
elected president of the Benson Com­
mercial club in the suburban Benson
area at the annual election. E. L. Cook,
chairman of the board of the Douglas
County Bank, was elected treasurer of
the club.
Leslie E. Martin, Omaha building
and loan association executive, as act­
ing wise master of Semper Fidelis
chapter,
conferred
the
fifteenth
through the eighteenth degrees, at
the recent four-day reunion of the
Scottish Rite in Omaha at Scottish
Rite Cathedral. It was the 106th re­
union.

"'P

Changes at Pierce
S T A T E M K .M
AT

TH E

CI,OSE

OF

O l

( 0 \ I I I I I 0 \

BU SIN ESS

O E C E M ltE II

31.

1 0 4 3

11 E S O I K C E S
Cash and due from b a n k s .......................................... $ 37,214,168.86
United States Government obligations — direct
and fully guara n te e d ................................................
Municipal and other marketable securities

.

68,770,403.26

.

11,408,592.12

Loans and discounts......................................................

29,226,285.60

Federal Reserve Bank s t o c k ....................................

150,000.00

Accrued interest r e c e i v a b l e .....................................

328,174.95

Real estate o w n e d ......................................................

LOO

Other a s s e t s ...................................................................

40,025.22
$147,137,651.01

C l A It I C I T I E S
Capital s t o c k ...................................................................$

2,000,000.00

S u r p lu s...............................................................................

3,000,000.00

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

520,124.49

Reserve for taxes, interest, contingencies, etc.

.

723,116.83

Unearned d i s c o u n t .......................................................

356,317.63

Ileposits:
D e m a n d ....................................... $124,151,476.57
United States Government .
Other public funds .

Other time deposits

.

.

8,154,106.55

.

3,030.38

. . .

30,000.00
140,538,092.06
$147,137,651.01

United States Government obligations and other securities carried at $23,333,507.66 are pledged
to secure public and trust deposits and for other purposes as required or permitted, by law.

Northwestern Banker

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

January l!)'i'i

Harley R. Bovee, assistant cashier of
the Cones State Bank, Pierce, Nebras­
ka, is now in the United States Navy,
receiving his boot training in Idaho.
Janet Havel and Betty Andersen of
Pierce have taken clerical positions
with the Cones State Bank.
New fluorescent lighting fixtures
have been installed in the bank.

In South Pacific
Lieutenant F l o r e n c e Greenfield,
daughter of J. A. Greenfield, Jr., vice
president of the First St. Joseph Stock
Yards Bank, is a nurse in the U. S.
Army, and now stationed at a base
somewhere in the South Pacific. Mr.
Greenfield says the family in St. Joe
hears from her about once a week.

H ear From Son
Twelve months after they had sent
a Christmas cable to their son, a pris­
oner of the Japanese, Mr. and Mrs.
George E. Porter of St. Joseph, Mis­
souri, learned that the message was
delivered, but a few weeks late. The
message was sent in December, 1942,
was delivered in February, 1943, but
it wasn’t until last month that they
heard from their son, first time in al­
most a year. Mr. Porter is vice presi­
dent of the First National Bank in St.
Joseph. The card finally received
from Captain Porter read, “Keep your
courage up, I’m all right” , and was
sent from prison camp No. 1 in the
Philippines.

59

February 1, 1922, and O. A. Riley, vice
president, has been an officer and di­
rector from its beginning. Chas. E.
Deets, cashier, and J. Leo Swigle, as­
sistant cashier, have been with the
bank since 1923, and the directorate,
other than these officers, has remained
the same throughout its history. This
bank, with assets now near $8,000,000,
is the second largest bank in the state,
outside of Omaha and Lincoln.

L E G A L Q U E S T IO N S
(Continued from page 20)
In computing the federal estate tax
payable, was it in order to take a de­
duction of an amount equivalent to
what the charitable institution would
receive?
QTOCKHOLDERS of the First NaO tional Bank, Lincoln, met to ap­
prove a recommendation by the board
of directors that the capital stock be
increased from a million dollars to
1,500,000.
The increase was made
through the declaration of a stock divi­
dend.
After the stockholders adjourned,
the directors met and increased the
surplus of the bank from $500,000 to
$700,000, creating a capital and surplus
of $2,200,000. This, plus the undivided
profits raises the capital, surplus and
undivided profits of the First National
to $2,500,000.
The board of directors of First Trust
Company, Lincoln, voted to increase
the capital of the company from $300,000 to $400,000 by the payment to pre­
sent stockholders of a stock dividend.
The capital structure following this
move will be: Capital, $400,000; surplus,
$200,000, and undivided profits $100,000.

William W. Cook, Beatrice banker
and flyer, was appointed to fill the
position of Harold Sutton, McCook.
Max Kerr, Lincoln city attorney, was
reappointed as was Donald D. Mapes,
Norfolk, who has served on the com­
mission since last spring following
the resignation of E. J. Robins.
The three will serve four-year terms
beginning January 15.
The other two members of the com­
mission are Harold lessen, Ainsworth,
and Clyde M. Sharrar, Omaha.

25th A nniversary
The Hastings National Bank, Hast­
ings, Nebraska, will celebrate its
twenty-fifth anniversary on February
15, 1944. This bank was organized as
The State Bank of Hastings and opened
for business on that date. Mr. Howard
G. Pratt, its president, has been asso­
ciated as an officer and director since

No. A deduction for federal estate
tax purposes of trust property ulti­
mately given to a charity is precluded
where the trust funds may he invaded
to an undefined extent for a life bene­
ficiary’s benefit. The United States
Supreme Court so held in a recent de­
cision.

Gentry, an Iowa banker, created a
trust for certain members of his fam­
ily in 1938. As an incident thereto,
he gave the trustee a promissory note
bearing interest at a certain rate per
annum. Subsequently, he paid to the
trustee annual sums, purporting to be
interest payments. Were such pay­
ments subject to the gift tax under the
Federal Revenue Act?
Yes. Where a taxpayer gives a trus­
tee of a trust created by him a note
without consideration, the payment to
the trustee of an amount as interest
upon the note constitutes a “gift” and

Employes of the National Bank of
Commerce, Lincoln, held their annual
Christmas party at the Cornhusker
hotel. About 55 persons attended.
The program was informal. Albert
Held presided. Among the features
were group singing of carols and the
humorous presentation of gifts.

r

Progress is being made by attorneys
looking to the seeking of a declaratory
judgment on whether a stockholder,
director or official of a bank or other
financial institution can sit as a mem­
ber of the Lincoln city council, and
the city treasurer deposit municipal
funds in the bank or institution with
which the councilman is affiliated.
Request for a judgment was ordered
by the council a few weeks ago.

Offering a complete, state­
wide service to our correspond­
ents, in Nebraska's Capital City.

C o n t in e n t a l

R a t io n a l

LINCOLN
Governor Griswold filled out the

state aeronautics commission with one
new appointment and two reappoint­
ments.

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Federal Reserve Bank of St. Louis

Member Federal Deposit Insurance Corporation

Northwestern Banker

January

60

• NEBRASKA

NEWS*

not the payment of an obligation. It
is, therefore, subject to the gift tax
under the Federal Revenue Act.

was true, but Maxwell was in com­
fortable circumstances and able to
reasonably care for his boy. Should
custody be awarded to Maxwell?

Maxwell obtained a divorce from his
wife in Nebraska. As an incident
thereto the problem arose of who
should be entitled to the custody of
their small son. It was clearly shown
in court that Maxwell was the fit per­
son to have the custody and that such
was not the case as to his wife. His
wife’s attorney, who was also a
wealthy banker, sought to obtain the
custody of the child and asserted that
he could better provide for him. This

Yes. A parent will not be deprived
of the custody of his child merely be­
cause, on financial or other grounds,
a stranger might better care for him.
The Nebraska Supreme Court so held
in a recent decision.

Inflation
Mary had a little lamb,
She clipped the wool to spin it;
Meat shortage got her in a jam,
And then she had to skin it.

(C o n tin u e d fr o m

p a g e 9)

knocked out o f the war at any one o f those
three times. I hate to admit that I agree
with anything Drew Pearson says, but I
think he did have something when he accused
the state department and the administra­
tion o f being willing to let Russia and Ger­
many bleed themselves white, holding back
action to step in at the last minute and thus
control the political destiny o f Europe.
However, those plans have certainly gone
haywire and Russia is going to emerge from
this war in a better position to dominate
Europe and a substantial part of Asia than
any other country on the globe. I think
we were suckers to play right into their
hands. Politically we certainly are driving
all of those countries in Europe into the
lap of Russia, and maybe that will turn
out for the best.
‘ ‘ I don ’t think it will be such a long
time now before there is an internal collapse
in Germany. I have always felt that it
would take several years to lick Germany if
they wanted to withdraw their armies inside
their own borders and fight it out on a lastditch basis. I have never thought it would
come to that. I have always felt they would
rather be occupied than invaded, and on
that basis they figured that they would
give up when they realized that they could
not split the Allies and could not get a ne­
gotiated peace. Of course, we will get a
negotiated peace because a nation never
surrenders. An individual army could sur­
render unconditionally, but a nation never
has surrendered unconditionally. There are
always peace terms and this will probably
be no exception. You will notice that after
the Churehill-Roosevelt conference with Sta­
lin nothing was said anymore about uncon­
ditional surrender. Stalin is a realist and
he holds that there is no such thing as un­
conditional surrender as far as a nation is
concerned.’ ’
A r t h u r I. B o r e m a n , Pub­
lisher, Dry Goods Journal,
Des Moines.

U. S. National Director
The board of directors of The United
States National Bank of Omaha has
announced the election of Samuel L.
Cooper as a member of the board of
the bank.
Coming to Omaha in 1926, Mr. Coop­
er joined the Orchard & Wilhelm Com­
pany, becoming president in 1938.
Mr. Cooper is closely identified with
business and civic activities in Omaha.
Northwestern Banker


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

January 19b'i

61

• NEBRASKA
He is co-chairman of the finance com­
mittee and a member of the executive
committee of the Children’s Hospital
of Omaha and is actively engaged in
that enterprise.
He is a member of the board of gov­
ernors of the Community Chest and a
director of the United War Fund and

N E WS

tory at Laurel, Mississippi, is now
producing nearly 4,000,000 pounds an­
nually and the acreage is replacing
surplus cotton lint production.

Synthetic Rubber
The largest industry being developed
in this country because of the war is
synthetic rubber production. This in­
dustry is destined to serve the double
purpose of supplying our rubber needs
and at the same time help dispose of
surplus production of grain. For the
production of alcohol used in synthetic
rubber manufacture and other uses,

•
about 200,000,000 bushels of corn or
other grain could be used. This is for
the production of 470,000,000 gallons
of alcohol allotted for production from
corn or grain. The balance of alcohol
needed in the war effort will be made
from petroleum. In South Dakota,
we now have two alcohol manufactur­
ing plants to operate under this
program. The alcohol industry and
corn refining industries can thus con­
sume ten per cent of our corn produc­
tion, leaving 90 per cent for feed on
the farms which is the normal con­
sumption.

iiStmk of A m orim
NATIONAL

s a v in g !

ASSOCIATION

C A L I F O R N I A ’S O N L Y S T A T E W I D E B A N K
Condensed Statement o f Condition December 3 1 ,

S A M U E L L. C O O P E R
Director, United States N ational Bank, Omaha

of Defense Funds, Inc. He has been
active in Omaha Chamber of Com­
merce affairs for many years, is a
member of the waterways committee
and the postwar planning committee.
He is a director of the Associated Re­
tailers of Omaha.

LET T H E F A R M E R D O IT
(Continued from page 24)
bean, flax, peanut, and cottonseed
supply is meeting this deficiency.
Furthermore, we have the beginning
of a tung oil industry in the South
with a production of 8,000,000 pounds
in 1942. We imported about 100,000,000 pounds of this before the war. To
supply us with this deficiency in dry­
ing oils, we are developing the growth
of castor oil which in a dehydrated
form makes a good substitute for tung
oil. We import our requirements now
from Brazil until domestic production
shall be sufficient.
Before the war, we also imported
from the East Indies about 400,000,000
pounds of root starches annually.
Long before the war blockaded us
from the source of supply of this
article, we had learned to make starch
from sweet potatoes, a satisfactory
substitute for tapioca starch. A fac
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1943

R E S O UR CE S
Cash in Vault and in
Federal Reserve B a n k ............................................ S 466,559,087.88
Due from B a n k s .............................................................
265,533,557.09
TOTAL C A S H .......................$ 732,092,644.97
Securities of the United States Government and
Federal A g e n c ie s ........................................................
1,844,553,585.77
State, County and MunicipalB o n d s .........................
187,977,384.12
59,181,752.01
Other Bonds and S e c u r it ie s .......................................
Stock in Federal Reserve B a n k ..................................
3,720,000.00
Loans and Discounts.......................................................
810,660.642.03
Accrued Interest and AccountsReceivable . .
.
10,472,722.41
Bank Premises, Furniture, Fixtures and Safe
Deposit V a u l t s .............................................................
25,883,704.60
Other Real Estate O w n e d ............................................
1,363,620.75
Customers' Liability on Account of Letters of Credit,
Acceptances and EndorsedB ills ..............................
20.898,072.78
Other R e s o u r c e s .............................................................
1,108,545.34
TOTAL R E S O U R C E S ............................................. $ 3 , 6 9 7 , 9 1 2 , 6 7 4 . 7 8

LIABILITIES
DEPOSITS:

D e m a n d ........................................82,261,274,250.67
Savings and Time . . . .
1,236,878,959.20
Liability for Letters of Credit and as Acceptor,
Endorser or Maker on Acceptances and
Foreign Bills
.............................................................
Reserve for Interest Received in Advance . . .
Reserve for Interest, Taxes, etc......................................
Capital:
Common (4,000.000 Shares)
. S 50,000,000.00
Preferred ( 405,146 Shares)* .
8,102,920.00
S u r p l u s ................................. . .
75,000,000.00
Undivided P r o fits ............................
12,051,167.67
Reserve for W ar Contingencies, etc.
13,919,040.87
Other R e s e r v e s ............................
3,209.332.32
Reserve for Increase of Common
Capital
.......................................
3,897,080.00
Preferred Stock Retirement Fund
205,453.65

$3,498,153.209.87

TOTAL CAPITAL FUNDS

21,228,216.77
3.596,650.63
8.549.603.00

166,384,994.51

TOTAL LIABILITIE S...................................................$ 3 , 6 9 7 , 9 1 2 , 6 7 4 . 7 8
* Issued at $ 5 0 ($20 Capital—$ 3 0 Surplus), Annual Dividend $ 2 . Preferred
to extent o f and retirable at issue p r ic e and accrued dividends.

This statement includes the figures of the London, England, banking office.

MAIN OFFICES IN TWO RESERVE CITIES OF CALIFORNIA
SAN FRANCISCO
LOS ANGELES
Branches throughout California united fo r
strength an d service

Northwestern Banker

January 1944

62

. 4 * We S ta r t O u r

3 7 th YEAR OF SERVICE
W e look back with pleasure over our more

a testimony from those we serve that we are

than a third of a century of growth— growth in

fulfilling our responsibilities.

financial strength, in friendship, and in human

Looking forward— during the coming years

relations with those with whom we have come

we hope to go on serving our individual cus­

in contact.

tomers, our correspondents, and our friends in

W e think back to the days in 1907 when, with

every w ay possible, by assisting in the financ­

a capital of $100,000, the Live Stock National

ing of the livestock industry; making loans to

Bank first opened its doors— intent on giving the

new and expanding businesses, and at all times

best possible service.

helping

Along with a constantly

where

possible

with

problems

that

increasing number of new accounts, we are

affect the welfare of our immediate community

still serving m any of our first customers and

and

correspondents, and we believe our growth is

correspondent banks.

the

communities

served

by

our

m any

STATEMENT OF CONDITION, DECEMBER 31, 1943
LIABILITIES

RESOURCES

Loans and Discounts............................................ $ 9,495,453.51

Capital Stock (Common)......................................$

Bonds and Other Securities................................

52,683.37

Surplus (Earned) ..................................................

1,000,000.00

Stock in Federal Reserve Bank.........................

45,000.00

Undivided Profits ..................................................

196,356.37

Banking House and Fixtures.............................

1.00

Reserved for Taxes, Interest,Etc........................

309,831.08

Other Real Estate..................................................

None

Interest Earned Not Collected...........................

Unearned Discount

157,157.47

U. S. Government Securities.. $25,836,771.85
Cash and Sight E x ch a n g e .... 20,200,790.64

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

4,120.47

Dividends Payable January 3, 1944....................

7,500.00

Deposits

46,037,562.49

500,000.00

................................................................... 53,770,049.92
$55,787,857.84

$55,787,857.84

OFFICERS AND DIRECTORS

Alvin E. Johnson

President

Henry C. Karpf

R. H. Kroeger

Paul Hansen

Vice President

Vice President

Cashier

L. V. Pulliam C. G. Pearson H. H. Echtermeyer W. Dean Vogel Earl R. Cherry Tom J. Price, Jr.
Asst. Cashier

Asst. Cashier

Asst. Cashier

Asst. Cashier

Asst. Cashier

W. P. Adkins

H. B. Bergguist

L. S. Burk

Jas. J. Fitzgerald

Chairman

Coal and Grain

Chicago

Pres. Commercial Sav. & Loan Ass'n

Asst. Cashier

T. E. Gledhill
Farmer

Leo T. Murphy

James L. Paxton, Jr.

Herman K. Schafer

Carl A. Swanson

J. L. Welsh

Mgr., Allied Mills, Inc.

Pres. Paxton-Mitchell Co.

Pres. Maney Milling Co.

Pres. Jerpe Com.
& Cold Storage Co.

Butler-Welsh Grain Co.

LIVE STOCK N A T IO N A L BANK
O

M

A

H

A

Member Federal Reserve System and Federal Deposit Insurance Co rp o ratio n

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Federal Reserve Bank of St. Louis

January

1 9 ' i 'i

Join 25 Y e a r C lub

IO W A

V . W . JO H N SO N
President

FRANK W AR N ER
Secretary

Cedar Palls

Des Moines

W ith W a v e s
Geraldine M. Bruns, who has been
employed by Exchange State Bank at
Wesley, Iowa, as bookkeeper and
stenographer for the past two and a
half years, has joined the WAVES and
is now in training at Hunter College,
New York City. Barbara Schrauth,
Wesley, Iowa, has been employed to
replace Miss Bruns.

The only change in official staff this
past year was the loss to the U. S.
war service of Assistant Cashier Carl
M. Evans, who is now presumed to be
somewhere overseas. His wife, Mrs.
Mabel Evans, has taken a position in
the bank.
This March will round out 57 years
of continuous service for President
W. W. McRory with the bank.

158 Per C e n t on Bonds

Like New
Recently the Livermore State Bank
had their fixtures cut down, a new ceil­
ing was put on over the entire bank­
ing rooms and all of the interior was
redecorated.

Issue M ore Stock
Due to the continued increase in de­
posits, the shareholders at a special
meeting of the Union Trust & Savings
Bank, Stanwood, Iowa, voted to in­
crease the capital stock from $30,000 to
$50,000 by issuing 200 shares of com­
mon stock, all of which has been sub­
scribed for by the present stockholders.
The surplus will also be increased by
$10,000, from $20,000 to $30,000. Depos­
its are now $1,350,000.

57 Y ears Service
Deposit growth in the Citizens State
Bank, Oakland, Iowa, has been steady
and present deposits are the highest in
the history of the bank’s existence of
63 years. L. W. Ross, active vice presi­
dent, will as in previous drives, have
charge of the Fourth Loan Bond solici­
tation in east Pottawattamie county.

The stockholders of the Tipton State
Bank, Tipton, Iowa, voted to increase
the bank’s capital stock from $52,500 to
$75,000 by transfers from the surplus
and undivided profits accounts.
The bank now has a capital and sur­
plus account of $150,000, or an increase
of $80,000 during the past two years.
During this period the bank has had an
increase in deposits of $1,000,000 and
has sold its depositors $750,000 worth
of War Bonds. Cedar county met its
September bond quota by 158 per cent.

The Iowa-Des Moines National Bank
and Trust Company held its annual
Christmas party during the holidays
at Younkers Tea Room, where 250 of
the bank’s officers and employes and
husbands and wives enjoyed dinner,
dancing and games. Quite a number
were unable to attend this year on ac­
count of the prevalence of influenza.
Three employes were honored by
being made members of the Iowa-Des
Moines National Bank and Trust Com­
pany 25 Year Club, and to each of the
three was presented the customary
beautiful Longines watch. The three
new members include Miss Gertrude
Mulligan, Robert L. Carson and Geo.
H. McCraven. George is the bank’s
senior porter and is particularly well
known to Iowa bankers from the for­
mer years when he served as porter
on many Iowa group meeting trains.
There is now a total of 24 employes
in the bank’s 25 Year Club.

O fficia l Staff Named
Officers and directors elected at the
annual meeting of the State Bank of
Earlville, Earlville, Iowa, held last
month were: Carl M. Laxson, presi­
dent; William Hunt, vice president,
and Orra D. Laxson, cashier. The di­
rectors included the three already men­
tioned and E. S. Bisgrove, Mrs. Myrna
Bisgrove, Mrs. Floy Laxson and Mer­
ten J. Hunt. It was also announced
that a dividend of 6 per cent has been
paid.

Com m issioned

New Income Source
At the end of the Arthur Trust &
Savings Bank’s first year with farm ac­
counting service, they have heard
much favorable comment, and indica­
tions are that many more farmers in
that neighborhood will enlist this serv­
ice to help them save money on income
taxes and farm operations by giving
them an accurate record of the year’s
business. They are one of the three
banks in Iowa offering this type of
service to their customers and, while
still in experimental stage, it has de­
veloped nicely. Other banks might
find it another source of income.

Harry Edwards, former cashier,
Farmers Savings Bank, Wever, Iowa,
has received a commission of Lt. (j.g.)
in the United States Navy and has re­
ported to Tucson, Arizona, for the in­
doctrination course.

Takes O v e r Post
Malvin C. Ingwersen, assistant cash­
ier with the Onslow Savings Bank,
Onslow, Iowa, for the past six years,
has resigned and his place will be
taken over by Harlan Briggs of Lis­
bon, Iowa.
Mr. Ingwersen may go to California.

S carborough ^.C ompany


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Federal Reserve Bank of St. Louis

¿ y ï î À A f J l C L f t a <•/
First National Bank Building, Chicago

Horace A. Smith, Iowa Representative
Des Moines. Iowa

Northwestern Banker

January

64

Iowa Group Meetings
ROUPS One and Two of the Iowa
Bankers Association are planning
G
their meetings as usual this year, with
Group One meeting in Sioux City on
February 12th, and Group Two in
Burlington, February 22nd.
The Sioux City meeting comes on
Saturday, with headquarters at the
Martin Hotel, and the meeting in Bur­
lington will be on a Tuesday, at the
Hotel Burlington.
G. E. Wilson, vice president of the
Cherokee State Bank, is chairman of
Group One, and Henry Visser, cashier

of the First National Bank, Hawarden,
•secretary.
Group Two is headed by R. J. Mc­
Cleary, vice president and cashier of
the Security State Bank, Keokuk, as
chairman, and secretary of the group
is L. N. Frescoln, executive vice presi­
dent of the First National Bank, Fairfield. Chairman McCleary has ap­
pointed a program committee consist­
ing of H. Lee Huston, cashier of the
Columbus Junction State Bank; V. P.
Cullen, executive vice president of
The National Bank of Burlington; and

nuinam
s
O TTU M W A,

1

J

Christm as Party

IOWA

S ta te m e n t o f C o n d itio n as o f D e c e m b e r 31 , 1943

RESO URCES
L oa n s and D is c o u n ts ................................................................

$ 1,846,552.42

Bank Building ............................................................................

102,500.00

Furniture and F ix tu re s ...........................................................

25,959.17

O th er Real E s ta t e .....................................................................

5,800.00

Stock in Federal R eserve B a n k ........................................

18,000.00

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

4,119.88

U . S. B o n d s ...................................................... $4,360,223.01
M unicipal B o n d s ...............................................

1,973,992.23

O th er M arketable B o n d s ..............................
990,085.83
Cash and E x c h a n g e ....................................... 3,550,497.01

10,874,798.08
$12,877,729.55

Surplus

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

$

300,000.00

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

300,000.00

Undivided Profits and R e se r v e s........................................

102,474.25

Dividend Payable Jan. 3, 1 94 4 .............................................

15,000.00

D e p o s i t s ..........................................................................................

12,160,255.30
$12,877,729.55

O F F IC E R S
F R A N K V O N S C H R A D E R , Chairman of Board and President
H. L . P O L L A R D , V ice President
W . C. M IL L E R , Assistant Cashier
R. W . F U N K , Vice President
FR E D D IM M IT T , Assistant Cashier
M A X V O N S C H R A D E R , Cashier
F R A N K M . P O L L A R D . A sst. Cashier
C. P. G L E N N , Assistant Cashier
C. G. M E R R IL L , Trust Officer

Southern Iowa's Largest Bank
M em b er Federal D ep o sit Insurance Corporation

Northwestern Banker

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

January l!)/i/
i

The annual Christmas party held last
month at the City National Bank, Clin­
ton, Iowa, served not only to celebrate
the holiday, but was also a farewell
affair for Kate Paddock, who has left
her many years of association with the
institution to take a position with the
Schick Hospital, located in Clinton.
The Schick Hospital is now fully oper­
ating in all departments and is now
caring for more than 2,000 patients.

In the Service
Ernest Kosek, who heads the wellknown investment house of the same
name in Cedar Rapids, Iowa, has re­
ceived a navy commission of Lt. (j.g.)
and is attending indoctrination school
at Babson Park, Wellesley, Massachu­
setts.

Leaves Epworth

L IA B IL IT IE S
Capital (C o m m o n )

Banker at C a iro C o n feren ce
An Iowan at the recent Cairo Con­
ference was Capt. Harry W. Schaller,
administrative aid to' Major General
George E. Stratemeyer of the Eastern
Air Command, composed of combat
units of the 10th United Air Force
and R.A.F. Bengal Command.
Capt. Schaller joined the intelligence
division of the U. S. Air Forces in 1942,
and for some months has been sta­
tioned with U. S. Headquarters Staff at
New Delhi, India.
He is still president of the Citizens
First National Bank of Storm Lake,
Iowa, and only on leave of absence for
the duration of the war.

Member of Federal Reserve System

O verdrafts

Ralph Eastburn, president of the Iowa
State Bank & Trust Company, Fairfield.
The other eight groups of the Iowa
Bankers Association are planning to
hold their meetings in May, as usual.

W. B. Brown, who has been con­
nected with the Epworth Savings Bank
for the past ten years, has resigned and
has taken a position with the Lone
Tree Savings Bank, Lone Tree, Iowa.

W ith Uncle Sam
Leslie G. Nieman, assistant cashier,
Randall State Bank, Randall, Iowa,
was drafted into the U. S. Army, re­
porting at Fort Leavenworth, Kansas,
last month. He is now stationed at
Camp Grant, Rockford, Illinois. Doro­
thy Hallam of Tabor, Iowa, and Mrs.
J. S. Zdychnec are the new assistants
in the bank.
Assets of the Randolph State Bank
exceed $700,000' and are $200,000 great­
er than a year ago.

65

STATEMENT

OE

CONDITION

• DECEMBER

31,

1943

es o u r c e s
K

e;

Loans and D iscounts-_______________________ $ 3,313,682.15
Other Bonds and Stocks_________ __ __________
15,000.00
Overdrafts_________ _________________________
130.87
Customer Liability on Acceptances___________ _
16,863.13
Government Obligations Direct
and Fully Guaranteed________ $5,532,650.00
Municipal B onds_______
179,062.50
Cash and Due from Banks
1,822,767.85
7,534,480.35
$10,880,156.50

abilities
Capital Stock— Common
Surplus
_____________ __
Undivided Profits
Reserves _____ ___________ _
Unearned Discount
Bank Liability on Acceptances
Deposits_____________________


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

$

200, 000.00
200 ,000.00

82,470.89
94,140.08
16,787.99
16,863.13
10,269,894.41

F rederick M. M orrison
President
W infield W . Scott
Vice President

$10,880,156.50

J. R. A stley
Cashier
E dward P. K autzky
Assistant Vice President
Roy H uber
Assistant Vice President
F rank M. T hompson
Assistant Cashier
Ra y T hompson
Assistant Cashier

•
Member Federal Deposit
Insurance Corporation

A V IN G
DES MOINES
Northwestern Banker

January Í944

66

- •
Makes Change
The State Savings Bank of Goodell,
Iowa, is now under new management.
Arthur L. Chalstrom took possession
recently. Mr. Chalstrom replaced Owen
F. Conwell, who has been with the
Goodell bank for twenty-five years.
Mr. Chalstrom came to Goodell from
the Griswold State Bank at Griswold,
Iowa. Mrs. Francis J. Dahlstrom ac­
cepted a position as bookkeeper with
the bank at the same time that Mr.
Chalstrom took possession.

Moves

Up

Robert Bennewitz, who started his
bank work in the Walcott Savings
Bank, Walcott, Iowa, on January 2,
1901, retired as assistant cashier of the

I O W A

NEWS

•

Walcott Trust and Savings Bank, Wal­
cott, Iowa. Mrs. Ardyth Christensen,
bookkeeper of the Walcott Trust and
Savings Bank, was promoted to assist­
ant cashier, to take the place of Mr.
Bennewitz. Alice Ruwe, former teach­
er in the Walcott school, accepted the
position as bookkeeper and began her
work last month.

Bank Dressed Up
The Alburnett State Bank, Alburnett, Iowa, has now completed a re­
modeling program for the banking
house. The building has been com­
pletely painted and redecorated, inside
and out, a new tile block floor has been
laid, Venetian blinds installed in all
windows and the interior of the bank

SECURITY NATIONAL BANK

considerably improved for both work­
ing and customer conditions. Many
comments have been received from the
customers and, of course, the bank
force is very much pleased with the
improved facilities.
The official staff of the bank is as
follows:
M. M. Strait, president; H. M. Soper,
vice president; cashier; Charlotte Lil­
lie, assistant cashier, and Edith Hagerman, stenographer.
Total deposits continue to average
between $750,000 and $800,000 daily.

Meeting Results
Recently at a board meeting the
Earlham Savings Bank, Earlham, Iowa,
increased its surplus by $10,000, thus
making the total surplus $75,000. Cap­
ital structure is as follows:
Capital, $25,000; surplus, $75,000, and
undivided profits, $8,000.
Deposits are running in the neigh­
borhood of $800,000.

SIOUX CITY, IO W A

With the Navy

Statement of Condition December 31, 1943

ASSETS
Cash on Hand and on Deposit with Banks
.
.
$ 4,857,741.74
United States Government Securities
. . . .
9,020,774.84
Bonds and S e c u r i t i e s ....................
12,022.00
Loans and D i s c o u n t s ........................
3,221,782.23
Security Bank Buildings, Vault and Fixtures .
.
260,000.00
Federal Reserve Bank S t o c k .............
22,950.00
Custom ers Liability - Letters of Credit . . . .
17,950.00
Other A s s e t s .........................................
1,759.60
$17,414,980.41
LIABILITIES
Capital
......................................................................$
500,000.00
S u r p l u s ......................................................................
265,000.00
Undivided P r o f i t s ........................................................
56,016.73
Liability - Letters of Credit Outstanding .
.
.
17,950.00
D e p o s i t s ...................................................................... 16,576,013.68
$17,414,980.41
M em ber F e d e ra l D eposit In su ran ce C orporation

Charles E. Mackey, assistant cashier,
West Liberty State Bank, West Lib­
erty, Iowa, has been granted a leave of
absence. He is now located at the
U. S. Naval Training Station at Farragut, Idaho. His wife, Loleta M.
Mackey, has been added to the force
at the West Liberty State Bank.

W . E. Briggs Dies
Word has been received of the death
of William E. Briggs, 85, a retired
banker, at his home at Minneapolis,
Minnesota.
Mr. Briggs at one time was assistant
cashier of the Valley National Bank of
Des Moines, Iowa. He was vice presi­
dent of the Northwestern National
Bank at Minneapolis from 1914 to 1931,
when he retired.

Remsen Banks Merge
Two Remsen, Iowa, banks, the First
National and First Trust and Savings,
have merged. The approval of the
state banking department of the con­
solidation has now made it final. The

S carborough ¿ C ompany
^ y r i à i V u t n c i '- '
First National Bank Building, Chicago

Northwestern Banker

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Federal Reserve Bank of St. Louis

January Í.944

Ù ' u h h Ù o j v rß i m k i

Horace Ä . Smith, Iowa Representative
Des Moines, Iowa

67

y

T he
N e w Y o r k T rust
Co m p a n y
X


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Federal Reserve Bank of St. Louis

IO O

BROADWAY

M A D IS O N AVENUE A N D 4 0 th ST.

T E N ROCKEFELLER PLAZA

CO NDENSED STA TEM E N T OF C O N D IT IO N
At the close o f business, December 31, 1943

AS S E T S
Cash on Hand and in Federal Reserve B a n k .................................................. $ 1 0 7 ,9 4 8 ,3 3 5 .5 2
Exchanges, Collections and Other Cash I t e m s ............................................
6 7 ,6 7 3 ,5 51.09
United States Government Obligations — Direct and Guaranteed . . .
Other Bonds and Securities
.............................................................................

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

Loans and D i s c o u n t s ...............................................................................................
Interest Receivable, Accounts Receivable and Other A ssets......................

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

Customers’ Liability for A c c e p t a n c e s ............................................................

7 0 ,1 7 7 .0 9

Real Estate Bonds and M o r tg a g e s .......................................................................
Equities in Real Estate
........................................................................................

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

LIABILITIES
Deposits
.............................................................................$ 6 4 8 ,7 0 1 ,3 3 7 .4 5
Outstanding andCertifiedC h e c k s ..............................
4 0 ,5 0 7 ,1 0 9 .4 6
Dividend Payable January 3, 1944 ..................................................................
Accounts Payable, Reserve forTaxes and Other Liabilities . . . .
A c c e p t a n c e s ...............................................................................................................
C a p i t a l ..................................................................................
1 5 ,0 0 0 ,0 0 0 .0 0
S u r p lu s ..................................................................................
3 0 ,0 0 0 ,0 0 0 .0 0
Undivided P r o f i t s .................................
. . . .
6 ,2 0 3 ,2 5 9 .5 1

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

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

U nited States G overnm ent o blig ation s and other securities carried
at $ 1 0 1 ,9 5 8 ,3 7 9 - 9 0 in the above statement are pledged to secure
U nited States G overnm ent deposits o f $ 9 3 ,1 9 4 ,2 6 1 .4 8 and other
public and trust deposits and for other purposes required bv law.

TRUSTEES
M A L C O L M P. A L D R IC H

FR A N C IS B. D A V IS , JR.

N ew York

Chairman of the Board
United States Rubber Company

G R A H A M H. A N T H O N Y

President, Veeder-Root Inc.
A R T H U R A. B A L L A N T IN E

H O W A R D W . M AXW ELL

N ew York
H A R R Y T . PETERS

RUSSELL H . D U N H A M

N ew York

Chairman of the Board
Hercules Powder Company

Root, Clark, Buckner
& Ballantine

SAM UEL H . FISHER

J O H N E. B IE R W IR T H

President

Litchfield, Conn.

JAMES Ç. C O L G A T E

W IL L IA M HALE H A R K N E SS

Bennington, Vt.

N ew York

ALFRED A. C O O K

H O R A C E H A V E M E Y E R , JR.

Cook, Lehman, Greenman,
Goldmark & Loeb
W IL L IA M F. CUTLER

Vice-President
American Brake Shoe Company

SETON PORTER

President, National Distillers
Products Corporation
M O R R IS SAYR E

Executive Vice-President
Corn Products Refining Co.

Executive Vice-President
The National Sugar Refining Company

V A N D E R B IL T W EBB

B. B R E W STE R J E N N IN G S

M ED LEY G. B. W H E L P LE Y

N ew York

Guggenheim Bros.

N ew York

M em ber of the Federal Deposit Insurance Corporation

Northwestern Banker

January 19'tf

68

• I O W A
name of the new institution and the
personnel have not been announced.
The First National was organized in
1903, and the First Trust and Savings
Bank was organized under the Toy
National Bank of Sioux City, in 1887.
This will leave Remsen with two
banks, the other being the Farmers
Savings Bank.

Association Officials
H. N. McMaster, cashier of the Corn
Belt State Bank of Correctionville,

NEWS

•

Iowa, was elected to the presidency of
the Woodbury Bankers Association
after a dinner in the Warrior Hotel,
attended by about 35 members.

Mr. Wheelock is a former cashier of
the First State Bank in Mapleton.

Sells Bank Interest

B.
M. Wheelock, vice president of the E. T. Rorem has sold his interest in
Security National Bank in Sioux City, the Farmers State Bank at Jewell,
was elected vice president of the bank­ Iowa, to his brother, G. C. Rorem of
ers’ group. H. W. Hays, cashier, First Ellsworth. The Rorem brothers have
Trust and Savings Bank of Moville, is been conducting the bank for the past
secretary-treasurer. W. G. Nelson, as­ several years. Previous to that time,
sistant vice president of the Livestock E. T. Rorem was cashier of the Secu­
National Bank of Sioux City, presided rity State Bank in Radcliffe for a
at the meeting.
number of years.

Give Dividend and Bonus
Officers of the State Central Savings
Bank of Keokuk, Iowa, announced a
dividend to stockholders, as well as
their customary 10 per cent bonus to
all bank employes.
A dividend of 5 per cent has been
declared for holders of common stock,
payable last month.
The employe bonus of 10 per cent is
paid on a basis of salaries for the last
six months.

Moulton Banker Dies
George A. Singley, 87, of Moulton,
Iowa, died last month at his home. He
formerly was president of the Iowa
Savings Bank at Moulton and one time
was president of the Bank of Exline.

Shift Officials
James Nuckolls was elected presi­
dent of the Hardin County Savings
Bank, Eldora, Iowa, at a meeting of the
directors held last month.
Mr. Nuckolls, who succeeds W. K.
Bramwell as president, has been con­
nected with the bank since 1894, when
he entered the bank to learn bookkeep­
ing and banking under the tutelage of
the late C. McKeen Duren.
T.
L. Greenleaf was advanced from
assistant cashier to the vice presi­
dency.
Keith Strothers, who has been in the
bank for three years as bookkeeper,
was made an assistant cashier.
W. K. Bramwell will continue his
connections with the bank as chairman
of the board of trustees.
Other personnel continued in the
management of the bank’s affairs are
Eastman Nuckolls, vice president; S.
R. Dyer, vice president; Howard Calfee, cashier, and Frank Jackson, as­
sistant cashier.

A Personal C ard
It is said that nothing is quite so
personal about an individual as his or
her signature, and this is especially
true in banking where a signature enNorthwestern Banker

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Federal Reserve Bank of St. Louis

January 7944

69

Statement of Condition
DECEM BER 31, 1943

ASSETS
C a s h _______________________________________________$14,227,012.54
LInited States Government Securities------------------ 35,549,319.99

DIRECTORS
V.

O. FIGGE
P resident

Municipal B o n d s --------------------------------------------------

357,546.26

L o a n s _____________________________________________

8,078,725.70

Federal Reserve Bank Stock---------------------------------

72,000.00

Furniture and Fixtures----------------------------------------

25,493.26

Overdrafts________________________________________

2,081.70

J. L. H E C H T
French and H echt, Inc.

$58,312,179.45

J. M . H U T C H IN S O N
Vice P resident and Trust Officer

LIABILITIES

C H A R L E S J. J O H N S O N
Independent Baking Co.

C a p ita l____________________________________________ $

JO S. S. K IM M E L
Republic Electric Co.
F R E D E R IC K H . L A M B
Physician

Gas

and

Electric

1,800,000.00

Reserves and Profits______________________________

1,432,959.14

Deposits___________________________________________ 54,479,220.31

H . E. L IT T IG
Iow a-lllinois

600,000.00

Surplus ___________________________________________

Co.

$58,312,179.45

HERM AN STAAK
V ice P res, and Cashier
K U N O H . ST R U C K
V ice P resident
K A R L P. TESK E
Teske Milling Co.
C A B L E G. V O N M A U R
F etersen-H arned-V on M aur, In c.
T. J. W A L S H
Walsh Construction Co.
C. D. W A T E R M A N
Lane and W aterm an


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Federal Reserve Bank of St. Louis

DAVENPORT BANK
AN D TR U S T ^ ^ C O M
W lem bex J ed w a L

DAVENPORT,

PA N Y

RjvajPtue cVÿifem -

IOW A

M ember Fe d e ra l D eposit In su ra n ce Co rporation

N orthwestern Banker

January i .944

70

•
ters into almost every transaction. In
keeping with this personal idea, the
Iowa-Des Moines National Bank &
Trust Company this last Christmas
mailed to each of its former employes
now in the service a huge Christmas
card carrying across the top the usual
Merry Christmas and an appropriate
greeting from President Herbert Hor­
ton, followed by the signature of all
officers and employes carrying on on
the home front. The list is an impos­

IO W A

NEWS

•

ing one, and conveys a hearty pen-andink slap on the back to the service
folks receiving it.

Marilyn W arner W ed
Announcement was made last month
of the marriage of Marilyn Warner,
petty officer third class of the WAVES,
stationed at Washington, D. C., to Pvt.
R. C. Soule of Springfield, Massachu­
setts, now in an engineers’ training
unit at Oklahoma A & M. Mrs. Soule is

1 9 4 4 Promises lo Be a Year
of Bad News for the Axis
Yes, 1944 promises to be a year of bad news for
our totalitarian enemies. Victory seems more
certain as this new year dawns. It is only a
question of time. But this good news for us
doesn't mean less drive to our efforts now. Far
from it. This is the time to back the attack with
bigger production and more Victory Bond Pur­
chases. Extra effort now can help shorten the
war and save the lives of many United Nations'
soldiers. Your boys and ours are on the battle
fronts. Our extra effort now will help them to
overwhelm the axis more quickly.

DROVERS NATIONAL RANK
DROVERS TRUST & SAVINGS RANK
MEMBERS, FEDERAL

DEPOSIT

U N I O N
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Federal Reserve Bank of St. Louis

January Í.944

INSURANCE

CORPORATION

the daughter of Frank Warner, secre­
tary of the Iowa Bankers Association.

Talks to Students
For the last five or six years Robert
Cornell, vice president and cashier of
the First National Bank, Spirit Lake,
Iowa, and vice president and treasurer
of the Iowa Bankers Association, has
given talks on banking to the econom­
ics classes of the local high school.
Until recently he has given his talk in
a series of forty-five minute class pe­
riods, and then later allowed some time
for questions.
Last year, however, Mr. Cornell tried
out a different plan. He had the mem­
bers of the class submit questions on
banking that apparently were puzzlers
for them, and then he answered the
questions. He says he feels this plan
works out much better, and seems to
increase the interest in the classes.
Here is the list of questions Mr.
Cornell received from the students:
1. If you find yourself in a strange city
with no means of identification, how
could you cash a check or telegraph
for money? 2. Is a check written on
Sunday or a holiday legal? Also for
less than $1.00'? Is a check legal ten­
der in payment of a debt? 3. Will you
please explain the clearing house? 4.
Why are you asked, at times, to wait
for a few days before writing a check
on a deposit you have made by check
from a distant city? 5. What is a cer­
tified check? Bank draft? 6. How do
you, as a member bank, send money to
Chicago? Can you use the Federal Re­
serve Bank at Minneapolis if neces­
sary? 7. Can anyone, no matter what
age, have and use a checking account?
8. Will you explain the necessity of
service charges by a bank?

Christmas Stars
Each month the Central National
Bank of Des Moines sends to its 42
former employes in the service a bul­
letin of bank personalities titled “ Notes
Due.” The bulletin for last month car­
ried a Christmas greeting on the cover
that is worthy of reproducing here.
The greeting reads:
Just as the Star of the East brought
New Light to the world nineteen hun­
dred forty-three years ago . . . so shine
down forty-two starts from our service
flag . . . this Christmas.
Sacred to us are these forty-two stars
. . . symbolical of men . . . men tried
and true . . . guardians of our liberties
. . . protectors of our rights . . . cru­
saders against those evil forces that
would again plunge our world into
darkness.

71
•
This Christmas, 1943 . . . finds them
in rain-soaked slit trenches in Italy . . .
on steamy, heat-ridden jungle islands
. . . standing “watch” abreast the
ocean’s icy roll . . . or doing their tour
of duty in camps, at home and abroad.
One of them has found a haven of
eternal rest beneath a battle-strewn
Tunisian field.
To you, valiant men, we say, “ Each
and every one of you is our Star of
Hope.” Through your sacrifices and
unselfish devotion, you shall again re­
turn us to the simple faith of our fath­
ers . . . you shall guide our hearts into
new-found paths of peace . . . and to a
new, and lasting, era of “ good will
towards men.”
Therefore, on this Christmas, 1943
. . . “God rest ye, and protect ye, valiant
gentlemen.”

Heads Clearing House
Frederick M. Morrison, president of
the Valley Savings Bank, Des Moines,
was elected president of the Des
Moines Clearing House Association at
the annpal meeting last month.
Rolfe O. Wagner was named first
vice president and Herbert L. Horton,
second vice president. F. C. Atkins
was re-elected secretary.

I O W A

N E W S

•

two presidents, the late A. J. Barkley
and T. L. Ashford. The latter has
guided affairs of the bank since 1911.
Beginning with deposits of $70,000 the
bank now has deposits totaling $5,000,000.

Clever Advertising
A clever bit of advertising which will
doubtless bring much comment, both
at home and abroad, during the next
several months was done during the
holidays by the Frankel Clothing Com­
pany of Des Moines.

CO ND EN SED

Frankel’s used an advertisement ex­
pressing Merry Christmas and Happy
New Year to our armed forces in The
London Times; the Sydney, Australia,
Morning Herald; the Evening Empire,
Juneau, Alaska, and the Evening
Times, Anchorage, Alaska.
The advertisement read as follows;
“A Merry Christmas and A Happy New
Year to the A. E. F. from Des Moines,
Iowa. Thousands and thousands of us
back here in Iowa are with you in
spirit through these holidays and every
day . . . doing everything possible to
help bring you home soon victoriously

STATEM EN T

OF C O N D IT IO N

First National Bank in Sioux City
D E C E M B E R 31, 1943
ASSETS
Cash and Due From B anks...............................................
Loans and Discounts..........................................................
U. S. Government B onds...................................................
State, County and Municipal B on ds.............................
Other Bonds and Securities.............................................
Stock in Federal Reserve B ank......................................
Bank Building, Furniture and Fixtures......................
Other Assets ..........................................................................

Finance Corn Loans
The member banks of the Story
County Bankers Association announce
that they are prepared to make loans
to farmers of Story and neighboring
counties, on their corn crop stored in
approved cribs on the farms.
“ Due to the excellent quality of the
corn this year the Story county banks
are prepared to make very attractive
loans to farmer customers who may
find themselves in need of an advance­
ment on their surplus corn,” said a
representative of the association. Gov­
ernment red tape and delay, as well as
the cost of sealing, will thus be elimi­
nated; at the same time hazard insur­
ance premiums will be included in the
cost of the loans.
The banks of the county will con­
tinue to cooperate with the Commodity
Credit Corporation Loan program.
However, they are making this loan
plan available to those producers who
desire to make loans direct from their
own bank.

Sixty Candles
The Boone State Bank and Trust
Company, Boone, Iowa, observed its
sixtieth anniversary with “open house”
for patrons and friends. The bank’s
business has always been transacted in
the same building and it has had only

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

$ 3,690,185.16
2,947,039.66
6,288,177.94
242,453.52
187,656.05
19,500.00
170,000.00
12,425.40
$13,557,437.73

L IA B IL IT IE S
Capital ..................................................................$400,000.00
Surplus ............................................................... 250,000.00
UndividedProfits .............................................
11,755.93
Reserve forContingencies.............................
50,000.00
Total Capital Account...................................................
Reserve for Taxes and Interest......................................
Other Liabilities ...................................................................
Deposits ...................................................................................

711,755.93
28,234.02
57.50
12,817,390.28
$13,557,437.73

MEMBER

MEMBER FED ERAL RESERVE SYSTEM
FE D ER AL D E PO SIT IN S U RA N C E CO R PO R A TIO N

NATIONAL BANK
o c

C o ty m m k

Northwestern Banker

January 19'r'f

72

- •

IO W A

NEWS

• -

in this struggle for world freedom.
F r a n k e 1 Clothing Company, Des
Moines, Iowa, U. S. A.”

000 to $750,000, and all remaining pre­
ferred stock amounting to $100,000, has
been retired.

Satisfactory Year

Paid in Full

B. F. Kauffman, president of the
Bankers Trust Company, Des Moines,
announced that the bank paid an extra
2 per cent dividend to stockholders.
The dividend was in addition to the
regular annual 4 per cent dividend.
Kauffman said the bank has had a
“ satisfactory year” during which its
surplus has been increased from $500,-

The depositors’ trustees of the First
National Bank in Creston, Iowa, an­
nounced payment of a $60,000 dividend
which repays in full all deposits in the
bank prior to its reorganization in
1933 and closes a final chapter on the
10-year period of liquidation of assets
assigned to the trust.
The dividend represents a 15 per

cent payment on the depositors’ trust
certificates and brings to 100 per cent
the total of the nine dividend payments
which have been made during the 10year period, according to the announce­
ment of Judge George A. Johnston,
Arden D. McKee and Frank L. Stream,
the depositors’ trustees.

To Serve Again
E. M. Klapka, secretary of the Home
Building and Loan Association, Fort
Dodge, Iowa, has been re-elected a di­
rector of the Federal Home Loan Bank
of Des Moines for the two-year term.

Stock Climbs

The First National Bank
o f Chicago
Statement of Condition December 31, 1943
ASSETS

Cash and Due from Banks, .

.
.
.
.
.$ 413,323,872.37
United States Obligations—Direct and fully Guaranteed,
U n p le d g e d ,..................................... $675,382,748,
65
Pledged— To Secure Public Deposits and
Deposits Subject to Federal Court Order, 343,307,651. 70

.

To Secure Trust Deposits,
Under Trust Act of Illinois,

.
.

.

26,824,244. 88
517,277. 78 1,046,031,923.01

Other Bonds and Securities,
Loans and Discounts,.....................................
Real Estate (Bank Building),
Federal Reserve Bank Stock,
Customers’ Liability Account of Acceptances,
Interest Earned, not Collected,
Other A s s e t s , ...............................................

64,717,244.60
369,481,670.81
4.146.685.98
2,700,000.00
817,005.16
4.522.704.98
167,247.77
$1,905,908,354.68

.

.

Surplus,
.
.
.
.
Other Undivided Profits,

.

.
.

Election Held
The annual bank meeting of the
Farmers Savings Bank, Colesburg,
Iowa, was held last month and officers
were elected for the current year:
President, Arthur Gull; vice president,
Clifton Klaus; secretary, J. C. Bolsinger; cashier, F. C. Grimes, and as­
sistant cashier, J. R. Grimes. Directors:
Arthur Gull, Edith Hammond, Clifton
Klaus, J. C. Bolsinger, F. C. Wilson,
F. C. Grimes and F. E. Bush.

Joins Humboldt Bank
County Treasurer Royal Bennett re­
signed his position, effective January 1,
1944, to accept a place in the First
National Bank of Humboldt, Iowa. His
resignation was handed to the board of
supervisors some time ago and they
accepted it, and appointed in his place
his deputy, Earl R. Mann, who has
been with Mr. Bennett since he was
elected to office.

Vice President Dies

LIABILITIES

Capital Stock,

The Dallas County State Bank an­
nounces an increase in the capital
stock of the bank to $100,000.
In addition, the bank had surplus
and undivided profits of $31,440.26, or
a total of $131,440.26 in capital funds
as a back log of security.

£

50,000,000.00
4 0 , 0 0 0 ,0 0 0 .0 0

3.190.262.47
Discount Collected, but not Earned,
647,458.85
Dividends Declared, but Unpaid,
900,000.00
Reserve for Taxes, etc.,
6.540.016.47
Liability Account of Acceptances,
937,864.14
Time Deposits,
.
.
.
. $ 200,717,810. 19
Demand Deposits,
.
.
. 1,252,602,598. 71
Deposits of Public Funds, .
.
350,365,460. 74 1,803,685,869.64
. __________6,883.11
Liabilities other than those above stated,
$1,905,908,354.68

Masonic services were held at Dubu­
que, Iowa, for Ralph R. Blair, 60, exec­
utive vice president of the Dubuque
Bank and Trust Company and a for­
mer state bank examiner. Following
the services at Dubuque the body was

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

JAY A. WELCH
BANK BROKER
Haddam, Kansas
“35 Years Practical Banking Experience”

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 19'/b

73

— • I O W A
taken to West Bend, Iowa, his former
home, for services and burial.

Promotions
At a recent meeting of the directors
of the Keokuk Savings Bank and Trust
Company, Keokuk, Iowa, the board
gave recognition to two long-time em­
ployes by making Aubrey V. Allen vice
president, and H. L. Bughman, cashier,
it was announced last month by Ed­
ward K. Johnstone, president of the
bank.
At the same time Mr. Johnstone an­
nounced that he has joined the active
staff and will be in the bank regularly
in his capacity as president.
These changes were brought about
at this time by the resignation of
Walter Thiele as cashier. Thiele is
returning to his former home in
Wheatland, Iowa, where he will enter
business for himself.

NEWS

• -

Davenport, Iowa, and secretary of the
Davenport park board, underwent suc­
cessfully a major operation at St.
Luke’s Hospital.
Dr. Struck had been in ill health for
several months.

10 Per Cent Distribution
Announcement of a distribution of
10 per cent to certificate holders paid
January 4th was made by the commit­
tee for the holders of debenture bonds
of the American Trust Company, Dav­
enport, Iowa.

The distribution totaled $262,042.57.
It represents a total distribution of
85 per cent since the trust company
went into receivership in 1932.
The committee is composed of Fred
A. Kahlke, chairman, and Arthur H.
Ebeling, Fred L. Strieter and H. L.
Wilcken. The distribution is not to be
confused with any action by the Liqui­
dation Corporation.

Bookkeeper Starts
Garnet Stratton has accepted a posi­
tion in the Nevada National Bank,

To Allison
John Kepple, who has been em­
ployed in the Trust & Savings Bank at
Mason City the past two years, has re­
signed his position there and accepted
one as assistant cashier in the State
Bank of Allison.

Exceed Two Hundred Million
Dubuque bank debits for this year
now exceed $200,000,000, according to
the report of Dubuque business condi­
tions released by the Chamber of Com­
merce.
Debits for the first 11 months of
1943 show a total of $200,278,997.52, the
report indicated. Debits for the first
11 months of 1942 were only $168,541,424.29.

Hardin County Meeting
T. L. Greenleaf, vice president of the
Hardin County Savings Bank, Eldora,
Iowa, was elected president of the Har­
din County Bankers Association at the
annual meeting held in Iowa Falls.
Other officers are W. A. Roberts, State
Bank, Iowa Falls; Henry Janssen, as­
sistant cashier of the Farmers Savings
Bank, Steamboat Rock.

U N IQ U E statewide coverage: This bank maintains cor­
respondent contacts with more than 85 per cent o f all
the banks in W isconsin!

Result: Prompt, efficient, economical

collection o f W isconsin checks and drafts — an important service
to other banks throughout neighboring states.

BANKS and BANKERS DIVISION: George T. Campbell... V ice-P resid en t
Richard J. Lawless, Donald A. Harper . . . A ssista n t V ice-P resid en ts

Succeeds Partner
Lester C. Ary, former superintend­
ent of schools, Rock Rapids, Iowa, has
been named a director of the Cherokee
State Bank. He will take the board
position formerly occupied by his part­
ner in the law firm of Herrick & Ary.

Undergoes Operation
Dr. Kuno H. Struck, vice president of
the Davenport Bank & Trust Company,

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Federal Reserve Bank of St. Louis

Member o f the
Federal Deposit
Insurance Corporation'

FIRST WISCONSIN
NATIONAL BANK
OF

MILWAUKEE
Northwestern Banker

January 194-4-

74

Nevada, Iowa, beginning her new
duties in the bookkeeping department
last month.

Tw enty-five Years Ago
Names in Northwestern Banker News From the
January, 1919, Issue

Increase Voted
It was announced by C. S. Johnson,
executive vice president of the First
National Bank of Perry, Iowa, that the
bank’s capital stock has been increased
from $50,000' to $100,000.
Following a meeting of the stock­
holders when the articles of incorpora­
tion were amended, the move was
made by the accumulation of surplus
funds and undivided profits of $90,268.64 for a total of $190,268.65 in captal funds as a backlog of security. De­
posits in the bank totaled $2,855,516.93.

R e y n o l d s , president, Europe about $8,000,000,000, and Euro­
Continental & Commercial Nation­ pean loans privately floated here
al Bank of Chicago, in an article in
amount to something like $2,000,000,000
the N orthwestern B anker said, “Of one additional. Our national debt is far
thing we are certain, and that is that smaller in proportion to our national
the United States emerges from the wealth than any other leading country.
war stronger financially than ever be­ The latest estimate of our national
fore. Our gold holdings in the neigh­ wealth is $250,000,000,000. or within
borhood of $3,000,000,000 are the largest $10,000,000,000 of the combined wealth
in the world. Our government has of Great Britain, France, Germany and
loaned to the Allied governments of Austria-Hungary.”—Homer A. Miller,
president, Iowa National Bank, Des
Moines, said, “ I believe the disappear­
ance of war orders will be largely off­
set by the increases in both domestic
and foreign business.”— The National
City Bank of New York announces the
opening of three additional banking
houses in South America.—J. H. Petti­
grew of the Northwestern National,
won the first annual golf championship
of the Minneapolis Chapter A. I. B.,
ST. LO U IS
defeating J. H. Plum of the Farmers &
Mechanics Savings Bank by one stroke.
Statement of Condition December 31, 1943
—Fisher-Morris Company, of Charles
City, Iowa, large manufacturers of
RESOURCES
bank fixtures for nearly a half century,
changed its name January 1, 1919, to
Cash and Due from B anks......................................$ 40,021,244.85
the Fisher Company.—M. E. HolderU. S. Government Securities.................................. 96,425,504.44
ness, secretary of the Financial Adver­
(Including those pledged $38,643,500.00)
Other Bonds and Securities..................................
10,469,257.74
tisers Association, has moved the cen­
Federal Reserve Bank Stock.................................
tral office to 725 Railway Express
252,000.00
Building, St. Louis—Ernest A. Hamill,
Loans and D iscounts.................................................
45,255,430.91
president of the Corn Exchange Bank
Customers’ Liability on Acceptances and
Letters of Credit......................................................
185,126.10
of Chicago, says, “ Stocks are worth
Real Estate ...................................................................
687,384.18
what they are quoted at currently, par­
Accrued Earnings Receivable ( N e t ) ..................
531,140.10
ticularly the standard railway shares.”
Overdrafts .....................................................................
23,864.52
—George E. Pearsall, manager of the
Other Resources ........................................................
71,258.27
Des Moines Clearing House, says the
deposits of the Des Moines banks have
$193,922,211.11
more than doubled in 10 years.— Thos.
F. Ford, special representative in Iowa
L IA B IL IT IE S
of the Northern Trust Company, Chi­
Capital ............................................................................$
6,000,000.00
cago, covered the state just before
Surplus and Undivided Profits.............................
4,575,253.38
Christmas and reports business as be­
Accrued Interest, Expenses and Taxes Payable
ing very good.— J. B. Forgan advocates
(N et) and Other Reserves.................................
1,062,968.12
a 100 per cent surplus for the Federal
Acceptances and Letters of Credit......................
185,126.10
Reserve Banks.—John J. Large, presi­
Other Liabilities ........................................................
80,257.11
dent, First National Bank of Sioux
Deposits:
City, said “The first consideration of
U. S. Government and Other
business right now is to help finance
Public Funds........................ $ 24,697,705.19
the government for all of its needs.
Other D eposits........................ 157,320,901.21
182,018,606.40
We are not entirely through along that
$193,922,211.11
line.”—Lewis E. Pierson, chairman of
the board, Irving National, New York,
“Among the lessons of the war, none
is more important than that which
89 Years
shows the possibilities of organized
M em ber Federal Deposit
of Banking Experience
Insurance Corporation
industry in times of national stress.
A new era of cooperation between
wage earners, management and stock­
new*
holders or owners of business concerns
is vital to the future of each industry.”
là; .
January 1944
Northwestern Banker

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Federal Reserve Bank of St. Louis

eorge m .

G

75

— •
—S. A. Knapp, cashier of the Union

National Bank of Ames, Iowa, was
elected president at a recent meeting
of the board of directors. He has been
connected with the bank since Janu­
ary, 1912.—C. W. Britton, cashier of the
Security National Bank of Sioux City,
has resigned his position to engage
in the investment business.— A. R.
Thompson, formerly vice president of
the Nebraska National Bank of Hast­
ings, is now president of that institu­
tion. L. J. Siekmann is vice president;
J. H. Lohman, cashier, and H. Welch,
assistant cashier. The deposits are
$1,182,000.—M. H. Weaver is president
of the new Security State Bank of
Shelton, Nebraska.— The Bank of Kim­
ball, Nebraska, has moved into its new
quarters.— The First and Security Na­
tional Bank of Minneapolis has inaug­
urated tours from department to de­
partment for the employes in order
that they may be coordinated into a
more efficient team.—Permit for a char­
ter has been granted to the Farmers
National Bank of Barnesville, Minne­
sota. C. R. Peterson will be cashier of
the new institution.—Frank R. Cun­
ningham was recently elected cashier
of the Lewistown State Bank, Lewistown, Montana.—The Farmers and
Merchants Bank, Britton, South Da­
kota, has moved to their handsome
new building. M. R. Hall is president,
F. A. Stiles and Charles F. Ruh are vice
presidents, and S. M. Banbury is cash­
ier.— Peter L. Klyver has sold his in­
terests and resigned as president of
the Bottineau County Bank, North Da­
kota.— Wesley C. McDowell of Marion,
North Dakota, has been elected a di­
rector of the Minneapolis Federal Re­
serve Bank for a period of three years,
beginning January 1, 1919. Mr. Mc­
Dowell. who is a former president of
the North Dakota Bankers Association,
succeeds J. C. Bassett of Aberdeen,
South Dakota.—W. S. Macfadden, sec­
retary of the North Dakoet Bankers
Association, announces that the farm­
ers account book for 1919 is much more
complete than the 1918 book and will
cost 15c each in lots of 100 or more.

New Employes
Mrs. Eunice Winter, formerly of
Spencer and Sioux Rapids, Iowa,
joined the force of the Dallas County
State Bank, Adel, Iowa.
Howard
Mason of West Union, Iowa, for many
years at Wadena, Iowa, and Barbara
Clampitt of the Capital City Com­
mercial College who both entered the
employ of the bank last month, have
aided in rounding out the personnel
which has been greatly expanded in
the last year due to increased activity.

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Federal Reserve Bank of St. Louis

IO W A

NEWS

• -

Jefferson Stock Up
The capital stock of the Jefferson
State Bank was increased from $50,000
to $100',000.
The decision to make the change
was reached at a meeting of the board
of directors and the articles of in­
corporation were amended for that
purpose.
The increase in capital stock makes
the Jefferson State one of the largest
banks in the state for communities of

this size. In addition to its capital
stock, the bank had undivided profits
of $105,886.88 as further security for
its depositors.
Deposits were $3,385,522.03.
Officers of the bank now include the
following:
President, W. Harold Brenton; vice
president, Alice G. Brenton; vice presi­
dent, G. C. Kelly; vice president, V.
W. Miller; cashier, R. H. Maloney;
assistant cashier, Thelma I. McClure;
assistant cashier, W. A. McDonald;

Live Stock
National Bank
Me

------------------------------------c £
UNION STOCK YARDS • TELEPHO NE YA RDS 12 20

STATEMENT

OF

CONDITION

Close of Business — December 31, 1943
RESOURCES
Cash and due from banks......................................$14,2 15,660.90
U. S. Treasury bills and certificates.................... 22,3 50,000.00
U. S. Government bonds and notes....................
700,400.00
State and municipal securities..............................
320,852.30
Other marketable bonds........................................
778,436.22
Loans and discounts................................................
7,638,223.98
Federal Reserve Bank stock..................................
7 5,000.00
Bank building............................................................
4 0 0 ,000.00
45,241.78
Interest earned, not collected...............................
Current receivables and other assets..................
100,127.73
$46,623,942.91

LIABILITIES
Capital......................................................................... $ 1,000,000.00
Surplus.........................................................................
1,500,000.00
Undivided profits and reserves............................
216,286.71
Unearned discount...................................................
31,287.27
Deposits....................................................................... 43,876,368.93
$4 6,6 2 3,942.9 1

BOARD

OF

DIRECTORS

Frederick H. Prince

Arthur G. Leonard
President, Union Stock Yard
& Transit Co.

Robert J. Dunham

WILLIAM J. O’CONNOR

Investments

,, ,,,,, , ,,„ ■f , „
RICHARD HACK El I

Ass’t General Manager, Union
Sfoci Y a rd & Transit Co.

General M anager, Central
Manufacturing District

RALPH M. SHAW
Winston, Strawn & Shaut

O rvis T. Henkle

THOMAS E. WILSON

Vice-President and General
Manager, Union Stock Y a rd
& Transit Co.

Chairman o f the Board,
Wit son & Co., Inc.

David h . Reimers
President, The hive Stock National Bank o f Chicago

SERVING

AGRICULTURE

AND

INDUSTRY

ffim c e 4 8 6 8
MEMBER

FEDERAL

DEPOSI T

I NSURANCE

CORPORATI ON

Northwestern Banker

January lO't'i

76

Guests at the affair were members
of the Farmers and Merchants Bank,
Burlington, Iowa, of which Mr. Toothacre is president. The party marked
the second annual party given by the
Toothacres for the group.
Supper was served buffet style and
the later hours were spent in games
arranged by Herbert Wittkamp, and
in viewing movies of last year’s party
held at the Union Hotel.

Annual Christmas Party

Takes Elkader Position

The annual Christm as P a rty o f officers and em ployes o f the Live Stock N a ­
tional Bank, Sioux City, was held on D ecem ber 20 in the Corn Room o f the
Elks Club, where the above pictu re was taken. E ntertainm ent consisted o f
m usical num bers by one o f the em ployes, Z ita G alvin, a newspaper g iv in g h igh ­
lights o f the happenings o f the year (im p ortan t and oth erw ise), and an ex­
change o f g ifts.

assistant cashier and Dana manager,
L. H. Kinsey.

Pay Depositors
Depositors of the West Burlington
Savings Bank who hold certificates of
participation issued in 1933, received
the balance due on them on and after
December 31, 1943.
That was the Yule greeting an-

nounced by bank officials. There are
70 certificates outstanding, and their
value at this time is $66,500.
All certificates are being called for
payment in full—100 per cent of the
face value.

Party for Bank
Mr. and Mrs. M. E. Toothacre en­
tertained at a Christmas party.

Opened for Business O ctober 15, 1934

Statement of the

IOWA STATE BANK & TRUST COMPANY
Iowa City, Iowa

DECEM BER 31, 1943
R ESO U RCES
Cash and Due from B a n k s.................................................................... $2,238,753.64
U. S. B o n d s......................................................................................................
Other Bonds and S ecu rities.................................................................

2,191,795.00
129,195.79

C A S H O R I T S E Q U I V A L E N T ...................................................................................................$4,559,744.43
Loans and D isc o u n ts................................................................................................................ 1,463,366.70
O verdrafts .......................................................................................................................................
B anking H ouse .............................................................................................................................
Furniture and F ix tu res.............................................................................................................

120.13
53,300.00
16,000.00
$6,092,531.26

L IA B IL IT IE S
Capital Stock .........................................................................................................................................$ 150,000.00
Surplus and U ndivided Profits ....................................................................................................
110,881.20
Reserve for Interest, T axes, etc...................................................................................................
771.46
D eposits ..................................................................................................................................................... 5,830,878.60
$6,092,531.26

O F F IC E R S
B e n S. S u m m e r w i :l l , President
D r . E . M. M a c E w e n , Vice President.
SW . W . S u m m e r w i l l , V ice President
M . B . G u t h r i e , Cashier
W . F. S c h m i d t , A ss’t Cashier
M . E . T a y l o r , Auditor
* Serving
M EM BER

Northwestern Banker


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Federal Reserve Bank of St. Louis

in

FEDERAL

the

D IR E C T O R S
M. Ma c Ew en
R . J. B a s c h n a g e l
M . B . G u t h r ie
G eorge A . T h o m p so n
Gu y A . S t e v e n s
B e n S. S u m m e r w i l l
* W . W . Su m m e r w il l

Assistant Cashier
H. H. Aamoth of Allison, Iowa, is
the new assistant cashier at the Landmands National Bank in Kimballton.
Mr. Aamoth succeeds F. J. Hannah
at the bank, the latter having accepted
a job in Sioux City.

New Cashier at Leon
Dwight L. Smith of Elkader began
work last month as the new cashier
of the Decatur County State Bank in
Leon.
Mr. Smith has been the cashier of
the Central State & Trust Company
at Elkader for the past ten years. He
has twenty years of banking experi­
ence. Mr. Smith replaces Julian Frost
as cashier.

Former Banker Dies
James T. Whiting, 82, for many years
president of the National State Bank
in Mt. Pleasant, Iowa, died at his home
there last month.
He had conducted an insurance
business the last several years and
had served several terms as justice of
the peace. He formerly was mayor of
Mt. Pleasant.

A t Goose Dinner
A goose dinner at the Horsehead
Cafe was enjoyed by the directors and
employes of the Westside State Sav­
ings Bank, Westside, Iowa. Those at­
tending were L. C. Thiedeman, George
Lawler, J. W. Miller, Jr., of Denison,
Henry Hoffman and Herman Hoffman
of Manning, Frank Hoffman, Miss
Pearl Nickelsen, Miss Ruthana Schoes-

D r . E.

Armed

D E P O S IT

January

J.
E. Shaffer of Strawberry Point,
who has been deputy clerk of courts
for the past three years, resigned last
week to accept the position of assist­
ant cashier in the Central State Bank
and Trust Company at Elkader.

Forces

of

the

IN S U R A N C E

U.

S.

C O R P O R A T IO N

YOUR STATE BANKERS ASSC>CIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. D A V E N P O R T & C O .
OMAHA

77

•
sler and W. H. Noack. Guests were
Ray Moehn and Francis Maher of the
Commercial Savings Bank of Carroll
and V. Stuart Perry of Carroll.

Past President Dies
Ralph J. McElrath, 64, extensive
buyer and feeder of livestock died last
month at his home at Moville, Iowa,
following a lingering illness.
He was past president of Moville
and Lawton banks, past president of
the Woodbury county farm bureau,
served as director of the Sioux City
Interstate Fair Association, a n d
through his efforts the Moville fair
was established. He was a member
of Trail Lodge 532, A. F. and A. M.,
and the Eastern Star of Moville.

Heads Drive
Ed Engelbrecht, cashier of the Waverly Savings Bank, Waverly, Iowa,
has consented to again serve as chair­
man for the 1944 Red Cross war fund
drive.
The Red Cross will ask the Ameri­
can people for a contribution of $200,000,000 of which 140 million will go
for services to the armed forces, the
remainder to carry the expenses of the
local chapters in the United States.
The drive will take place during
the month of March.

Leaves After 14 Years
Don C. Witt, assistant cashier of
the First National Bank, Oelwein,
Iowa, left January 1st to become
associated with the DeKalb Hybrid
Seed Corn Company. Mr. Witt has
been employed with the bank for over
14 years.
With DeKalb, he will be temporarily
located in Oelwein.

IO W A

NEWS

•

He was a prominent member of
Trial Lodge 532, A. F. & A. M., of Mo­
ville and a district lecturer for the
lodge.
He had been associated with the
Moville bank about a year. Previously,
he had been assistant cashier of the
Farmers Savings Bank at Pierson, six
years. Mr. Bush was a native of
Moville.

stockholders, according to R. O. Byerrum, executive vice president. Capital
stock of the institution is $200,000, and
a total of $4,000 will be disbursed.
The First Trust & Savings Bank has
had a most successful year. Capital
stock was increased from $135,000 to
$200,000 during the period, while de­
posits increased by $1,800',000.

Mrs. Martin Appointed
$2 Dividend
Directors of the First Trust & Sav­
ings Bank, Davenport, Iowa, have
voted a dividend of $2 per share to

Mrs. Robert Martin, the former
Frances Schlafke, has accepted a posi­
tion as manager of the Ellsworth of­
fice of the Farmers State Bank. Mrs.

THE NORTH ERN
TRUST COMPANY
C H IC A G O

Statement o f Condition, December 3b 1943
RESOURCES
Loans and D isc o u n ts.......................................................... $ 44,354,665.06
U. S. G overnm ent Securities........................................... 287,002,417.28
Other Ronds and Secu rities.............................................

91,109,561.42

Federal Reserve Rank S to ck .............................................

270,000.00

Bank P r e m is e s ........................................................................

1,400,000.00

C u stom ers’ L iability, Accou n t Letters o f Credit
and A ccep tan ces..................................................................

207,089.32

Other R esources.....................................................................

687,428.00

Cash and Due from R a n k s................................................ 122,531,729.09
T O T A L ..........................................................................................$547,562,890.17
LIARILITIES
Capital S to ck ........................................................................... $

3,000,000.00

Surplus F u n d ..........................................................................

6,000,000.00

To Be Treasurer

Undivided Profits...................................................................

6,218,195.32

Hugh Allen of the Whitney Loan &
Trust Company, Atlantic, was elected
treasurer of the Atlantic Chamber of
Commerce to replace Robert Shannon
at a dinner meeting of the board of
directors of the organization at the
Atlantic Hotel. Mr. Shannon, cashier
at the Whitney bank, resigned as
Chamber of Commerce treasurer, •as
he is entering army service on January
8th.

Reserve for Taxes, Interest, e t c ......................................

12,124,591.19

Dividend Payable Jan. 3, 1944........................................

135,000.00

Letters o f Credit and Acceptances O u ts ta n d in g ..

282,874.46

Other L iabilities.....................................................................

119,737.67

Banker Dies Suddenly
Henry Bush, 45, vice president and
a director of the First Trust and Sav­
ings Bank at Moville, died of a heart
attack at the home of a sister, Mrs.
Tillie Mack.

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Federal Reserve Bank of St. Louis

D eposits:
D e m a n d ..................................$371,779,654.48
T im e ........................................

86,963,568.16

U . S. G ov ern m en t..........

60,939,268.89

519,682,491.53

T O T A L ........................................................................................... $547,562,890.17
United States Government securities carried in the above statement at
$68,831,546.90 are pledged to secure public and other monies, as required
by law; and United States Government and other securities carried at
$540,419.51 are deposited with the State Authorities under the Trust Act.

•

M em ber Federal D eposit Insurance Corporation

B U Y

W A R

B O A R S

Northwestern Banker

January 1944

American T ru st & Savings Bank
D U B U Q U E , IO W A
Organized 1905

Incorporated 1912

STATEMENT O F CONDITION, DECEMBER 31, 1943
RESO U RCES
Cash and D ue from B a n k s ...............$
.

U . S . G overn m ent B o n d s
Fe d e ra l Reserve B a n k

2 , 8 4 4 ,5 8 1 .6 6

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

S to c k . .

..

1 4 ,2 5 0 .0 0

S ta te , C o u n ty and M u n icip al
6 7 0 ,3 3 6 .0 8
B o n d s ...............................
O ther

Bon d s and

S e c u r it ie s ....

Lo a n s and D is c o u n ts ........
O verd rafts
Bank

1 6 3 ,8 6 6 .1 5

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

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

B u ild in g

2 2 1 .6 0

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

5 0 ,0 0 0 .0 0

L IA B IL IT IE S
C a p ita l Stock .................................... _ $
..................................................
S u rp lu s
U nd ivid ed P r o f i t s .............................. $
Reserves ..................................................

2 5 0 .0 0 0 .
00
2 2 5 .0 0 0 .
00
7 0 ,5 9 1 .8 0
5 3 ,0 0 0 .0 0

D eposits:
D em and . . .$ 6 , 0 3 6 , 7 6 4 . 1 8
T im e ............ 3 , 7 7 9 ,8 2 3 .1 7
U . S . Gov.
W a r Lo a n
A c c t ................. 1 , 8 7 3 ,5 3 7 .6 6
1 1 ,6 9 0 ,1 2 5 .0 1

$ 1 2 ,2 8 8 ,7 1 6 .8 1

Member Federal Reserve System.
Member o f the Federal Deposit Insurance Corporation

C IT IZE N S S T A T E BANK
OAKLAND,

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

IOWA

L IA B IL IT IE S
C a p ita l Stock (C o m m o n ) . . . . $
S u r p l u s ................................................
Un d ivid ed P ro fits ............................
D eposits ............................................

$ 1 ,6 9 5 ,6 6 0 .9 3

OFFICERS
W . W . M cR ory, P resident
L. W . Ross, V ice P resident
C. M. Evans,* A ssistant Cashier
D. P. Busse, Cashier
R eid M cR ory, A ssistant Cashier
* On leave of absence with the armed forces.

FIRST NATIONAL BANK
Statement of Condition As of December 31, 1943
LIABILITIES
C a p ita l Stock ........................................$
S u rp lu s, U nd ivid ed Pro fits
and R e s e r v e s ............$ 5 9 ,5 9 9 .2 9
D ivid end s U n paid . . .
1 ,5 0 0 .0 0
Fed era l T a x e s ...............
7 0 .8 3
D ep osits:
U . S . Govern m ent $
6 7 ,1 9 3 .7 5
D em and and T im e 2 ,4 0 1 ,5 5 0 .1 4

$ 2 ,6 2 9 ,9 1 4 .0 1

1 0 0 ,0 0 0 .0 0

6 1 ,1 7 0 .1 2

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

Y. W. Johnson, President
J. B. Newman, Vice President
Edwin L. Unger, Asst. Cashier
TV. E. Brown, Cashier
H. C. Messerer, Asst. Cashier
Member Federal Reserve System
Member Federal Deposit Insurance Corporation

Northwestern Banker

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Federal Reserve Bank of St. Louis

January 19bb

Resignation of Harold F. Martin as
assistant cashier of the Security State
Bank, Keokuk, Iowa, to enter business
for himself was announced by R. J.
McCleary, vice president and cashier.
Martin’s resignation terminates ten
years of service with the bank, dur­
ing the last eight of which he has held
the office of assistant cashier. Prior
to that time he was employed at the
Iowa State Insurance Company.

Thirty-three years in the pay win­
dow of the First National Bank at
Mason City are enough, thinks Harry
C. Fisher, who retired January 1st to
travel to California for the winter,
and then well—probably come back to
Mason City, for he will still be on the
payroll of the bank, with a well earned
pension.
But in 33 years, Mr. Fisher has
seen many important events as well
as three outstanding experiences—the
day he paid out his fastest to avert
a run on the bank, the day he paid his
slowest to stall off a bank robbery
gang—and the day he was asked to
hand over a million dollars and be
quick about it.

Votes Increase

CEDAR FALLS, IO W A

RESOURCES

Resigns

To Vacation Out W est
4 0 ,0 0 0 .0 0
4 0 ,0 0 0 .0 0
1 1 ,5 5 2 .4 9
1 ,6 0 4 ,1 0 8 .4 4

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

C a sh and Due from B a n k s ...............$
8 7 4 ,3 8 4 .7 7
U n ited Sta tes G overn m ent B o n d s. . 1 ,0 1 2 ,1 6 9 .6 5
S ta te and M u n icip a l B o n d s ...............
4 6 0 .6 9 8 .3 3
Stock in th e Fed era l Reserve B a n k
3 ,6 0 0 .0 0
Lo a n s and D is c o u n t s ...........................
2 3 7 ,5 6 6 .7 6
B a n k in g H ouse and F u rn it u re and
F ix t u r e s ................................................
3 1 ,1 2 4 .5 0
1 0 3 7 0 .0 0
O th er A ssets ............................................

It has been announced by Dennis
Countryman of the Brenton State
Bank, Woodward, Iowa, that a room
is now available for meetings at the
bank. The room will easily accom­
modate twelve for public meetings.
The purpose of the room is to
make a place available for group
meetings such as school directors,
township boards, and other organiza­
tions.

1881

Statement of Condition December 31, 1943
RESO U RCES
L o a n s and D is c o u n t s ...................................... $
O verd rafts ...........................................................
B a n k in g H o u se ..................................................
F u rn it u re and F ix t u r e s .................................
Ca sh Reso urces:
U n ited Sta te s B o n d s. $ 4 6 5 ,5 0 0 .0 0
O th er B o n d s .................... 1 6 0 ,6 4 2 .2 3
Ca sh and D ue from C o r­
respondent B a n k s . . 4 9 7 ,5 1 2 .6 4

Open Meeting Room

$ 1 2 ,2 8 8 ,7 1 6 .8 1

C. J. SC H R U P , Chairman of the Board
D. W . E R N S T , President
C. J. K L E IN S C H M ID T , Cashier
R O Y F. G L A B , Vice President
A . L. V O G L , Assistant Cashier

Esta b lish e d

D. B. Lally, who has been temporarily
in charge at Ellsworth, returned to her
work at the Farmers State Bank in
Jewell.

A special meeting of the stockholders
of the Graettinger State Bank was held
in Graettinger to vote on an increase
in the capital stock from 812,500 to
$25,000 to be paid out of the undivided
profits.
According to the last published
statement t h e
undivided profits
amounted to $25,071.18. In the same
statement the capital was $12,500 and
the surplus fund $20,000.
C. A. Jensen is president of the bank,
Max Baumgartner, vice president;
and H. A. Elsenbast cashier. The di­
rectors are C. A. Jensen, Max Baum­
gartner, John Graettinger. George

79

•
Graettinger, and Mike Weinholzer.
Employes of the bank besides the
cashier are Mary McManus, Elaine
Clemenson, and Marjorie Kathman.

IO W A

NEWS

•

relation to our commission, in a sense
it may be said that he is the one who
is bringing the ABA to the country
banks, and the country banks to the
ABA.

What We Hope to Do

W H A T THE C O U N T R Y
BANK C O M M IS S IO N
IS D O IN G
(Continued from page 21)
Harris from Cape Girardeau, Missouri,
is also a member of the ABA Execu­
tive Council on Federal Legislation.
Stan Schafer from Ft. Atkinson, Wis­
consin, a town of 6,000, and a bank of
$2,500,000, is a former commissioner of
banking for his state. Bert Harris,
big in size and ability, is from the Yel­
lowstone Bank of Columbus, Montana,
population 960. Before Bert got back
from our October meeting, he had con­
tacted the president and secretary of
the Colorado Bankers Association.
Since that time he has contacted the
officers of each one of the state asso­
ciations there in the Pacific northwest.
Of the seventeen members, only one,
Bob Eberhardt from Stockton, Cali­
fornia, was not in attendance, and the
only reason he wasn’t there was be­
cause he couldn’t get the necessary
travel reservations. This is the mem­
bership of the Commission on Country
Bank Operations, every member a
country banker.
Next I want to introduce the secre­
tary of our commission, Ed Drew. Ed
insists that the members of the com­
mission determine what work is to be
done. Whatever help is needed he is
there to give it. He is the one who
digs out the information we need, who
coordinates our work, who breaks the
jams we run into. Because of Ed’s

For a future as well as present guide
to our work, we adopted a detailed out­
line of matters to be considered now
and in the future. A few of the high­
lights of this outline are as follows:
1. Matters pertaining to country
bank operations:
A. The further development of in­
come from existing sources such as:
loan income, service charges, interest
paid, safekeeping services and invest­
ments.
B. Other and special services.
C. Internal operations, including cost
studies, audit controls, standardization,
insurance and management.
D. Public relations.
E. Bank planning.
F. Making use of ABA work and
material relating to country banking,
and adapting it to use by country
banks.
G. Special surveys.
2. Presentation of the commission’s
work to members, building up a lend­
ing library of individual studies and
files on subjects pertaining to country
banking, and providing a means for the
exchange of ideas by country bank
members themselves.
But few of these matters can be un­
dertaken this first year, if we are to do
well that which we undertake.

Y E S ! W e Have Safe Deposit Boxes
A ll makes, all sizes, 100 per cent recon ­
ditioned. Com plete w ith custom er boxes,
guard k ey and cu stom ers’ keys. I f you
need safe deposit boxes ch eck you r needs
w ith us. O ver 6,000 boxes to choose from .
W e have sold b oxes to banks in nearly
one-third o f the states in the entire cou n ­
tr y and w e w ill gla d ly g iv e you the names
o f these banks as references. Phone, w ire
or w rite J. E. M urphey, 1800 D yer, St.
L ouis C ounty, M issouri. Phone CHestnut
9000.

MERCHANTS
MUTUAL

BONDING
COMPANY
Incorporated 1933

Home Office
V A L L E Y B A N K B U IL D IN G

Des Moines, Iowa

This is Iowa’s oldest surety company.
A progressive company with experi­
enced, conservative management. We
are proud of our hundred and fifty
bank agents in Iowa.
To be the exclusive representative of
this company is an asset to your bank.

What Wc Are Doing
Let’s take the committee on banking
studies first, composed of Tip Burch,
Eddie Pacot and headed by Bob
Bezoier. This committee has studied
and made recommendations on sixteen

W rite to

E. H. WARNER
Secretary and Manager

ONSLOW SAVINGS BANK
ONSLOW, IOWA
Statement at the close of business on December 31st, 1943
Cash
U. S.
Iow a
Iow a

T otal
N. C. H olst, President
C. M . H olst, V ic e President


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

L iab ilities

met them.

We

have

we can overcom e them again.
Though selections may

............................................................. $806,933.37

L IA B IL IT IE S
Capital Stock (C om m on) .................................................................................................................... $
Surplus Fund ..............................................................................................................................................
U ndivided Profits .......................................................................................................................................
D eposits .......................................................................................................................................................

successfully

our problems today— and with your help,

T otal Cash and Secondary R eserve.................................................................................... $525,909.97
Loans and D isc o u n ts.............................................................................................................................. 281,022.40
O verdrafts ..................................................................................................................................................
NONE
Banking H ouse, Furniture and F ix tu res.......................................................................................
1.00
Total Resources

W e ’ve had our problems in the past, and
w e’ve

R ESO U RCES
and due from B a n k s......................................................................................$284,909.97
Governm ent B o n d s........................................................................................ 170,500.00
Prim ary Road R efunding
B on d s........................................................
14,000.00
M un icip al B o n d s................................................................................................
56,500.00

substitute

not be

m e rc h a n d is e

assured we

large and

d is p l a y e d — rest

are doing our best to serve

your

immediate

same

tim e

requirements— and at the

e n t h u s ia s t ic a lly

support our

country in the " A ll- O u t W a r Effort.''
"B u y U . S . Bonds and Stamps"

20,000.00
20,000.00
20,541.92
746,391.45

.......................................................... $806,933.37

O F F IC E R S
Geo. H. Paulsen, Cashier
C. H . B riggs, A ssistan t Cashier

Grand Ave .

at

Fourth

Northwestern Banker

Des Moines , Ia .

January 19Ü

80

•
of the booklets put out by the Bank
Management Commission of the ABA.
Seven of these have been approved as
being of value to country bankers, four
are not, and five they recommended
be rewritten. Seven speeches for pres­
entation to farm groups have been
edited. Twenty-eight graduate school
of banking theses have been selected
for study, some of which have already
b e e n completed. Recommendations
have been made for a questionnaire.
Four A IB books and one booklet have
been studied. This work they have
done in less than sixty days.

A Sales Manual
Probably the first committee to pre­
sent its work to our membership will
be what we will call our sales manual
committee. Early last summer the
agricultural commission sent a ques­

I O W A

NEWS

•

tionnaire to 30',000 farmers asking them
to list the advantages and disadvan­
tages of bank borrowing, and the ad­
vantages and disadvantages in borrow­
ing from production credit associa­
tions. Two men from the ABA, John
Mack and Merle Selectman, made ex­
tensive trips calling on country bank­
ers who are successfully meeting the
competition of governmental lending
agencies to learn first hand the meth­
ods those bankers are using. Twentyfive hundred county key bankers par­
ticipated in this work.
The result of all this effort is being
presented in a booklet entitled “The
Home Front.” Our sales manual com­
mittee has undertaken the tremendous
job of editing this publication and pre­
senting it to our country bankers. This
naturally is the largest of our commit­
tees, the members of which are Claude

FIRST STATE BANK
Audubon, Iowa
Condition at the close of business, December 31, 1943
R ESO U RCES
Loans and Discounts .........................................................................................................................$
C. C. C. Corn L o a n s ...........................................................................................................................
U. S. Treasury Bonds & N o te s ....................................................................................................
U. S. Treasury B ills & C ertificates...........................................................................................
State, County, City & School B o n d s........................................................................................
Bank Prem ises .....................................................................................................................................
Furniture & F ix tu res...........................................................................................................................
Cash and Due From B a n k s.............................................................................................................

706,065.20
6,153.62
708,278.13
298,000.00
457,098.74
7,500.00
4,865.68
628|994.49

$2,816,955.86
L IA B IL IT IE S
Capital Stock .................................................................................
Surplus ...............................................................................................
Undivided Profits ........................................................................
Reserve for Contingencies .....................................................
United States D e p o s its ...............................................................
A ll Other D eposits ......................................................................

50.000.
00
50.000.
00
10,603.22
25.000. 00
173,152.92
2,508,199.72

$2,816,955.86
O F F IC E R S
H enryetta S. V an Gorder, President
Clark Arnold, Sr., V ic e President
A . A . Kruse, E x. V ice Pres.
C. E. N elson, Cashier
Gay S. Thom as, A sst. Cashier

Pack, chairman; Ted Tedrow, Russ
Stewart, Glenn Emmons and Clyde
Harris. They have already completed
editing the first part of the book, that
part setting forth the information
about government lending agencies
and the results of the farmer question­
naire. The second part relating to
methods now being successfully used
to meet that competition should not
take much longer.

Must Have Action
Are the country banks of the nation
doing the job they can on the home
front? Are they taking full advantage
of their opportunities of service? In
what ways can they sell themselves to
their people? This booklet, “ The Home
Front,” contains many of the answers.
This publication is not a cure-all, but
it is a needed and valuable tool.
As the cable composed of many fine
strands of steel wire in its flexibility is
stronger than the solid steel rod, so
too, is the potential strength and ac­
complishment of our country banks
when united together for their com­
mon good and the good of the people
they serve.
The need and the opportunity exist.
A country banker has created a com­
mission for country banks, and to that
commission he has appointed a group
of hard-headed country bankers, men
who are imbued with the spirit of their
profession. The results may seem to
come slowly, but they will come surely
The interests of those we represent are
paramount to any petty jealousies.
The Commission on Country Bank
Operations shall be a working body,
representative of and working for the
interests of country banks—this is a
country bankers’ commission.

Regular Dividend

CENTRAL STATE BANK
MUSCATINE, TOW A
Statement of Condition, December 31,
RESO U RCES
Cash and D ue from B a n k s . . . . $
U. S. and M u n icip al B o n d s . . .
O th er Bon d s .......................................
Lo a n s and D is c o u n t s .....................
O verd rafts
..........................................
Fed eral Reserve B a n k S t o c k . . . .
B a n k B u i l d i n g ....................................
F u rn itu re and F ix t u r e s ...................
T o t a l ..................................................... $

C. A. Edm onds, Executive
Glen Dow ning, Cashier

1 ,0 4 2 ,9 5 6 .7 9
2 ,6 2 0 ,3 2 2 .3 8
2 0 5 6 3 5 .5 5
7 9 1 ,9 9 0 .7 0
None
6 ,0 0 0 .0 0
1 .0 0
1 .0 0

1913

L IA B IL IT IE S
C a p ita l ..................................................... $
S u rp lu s .....................................................
Un d ivid ed P r o f it s .................................
R eserve for T a x e s, In t ., E t c ...........
D eposits ..................................................
T o t a l ..................................................... S

4 .6 6 6 9 0 7 .4 2

4 ,6 6 6 ,9 0 7 .4 2

Fred Beach, President
V ic e Pres.
L. J. H orst, A ssistan t Cashier
L. D. Krueger, A sst. Cash, and Trust Officer

M em b er Federal D ep o sit Insurance Corporation
MEMBER

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

OF

FEDERAL

RESERVE

SYSTEM

Directors of the Bank of America
N. T. & S. A. have declared regular
dividends for the current semi-annual
period on both the common and the $2
cumulative preferred stock.
Payment was made on December 31
to shareholders of record as of Decem­
ber 15.
The dividend declared on the com­
mon stock was $1.20 for the current
semi-annual period, at the regular rate
of $2.40 per share.
Directors of the Bank of America
have also authorized the transfer of
$13,000,000 from the undivided profits
to surplus account, increasing the
surplus from $62,000,000 to $75,000, 000.

Northwestern Banker

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

January lO'i'i

81

•
G uy Cooke Retires
Guy W. Cooke, assistant cashier of
the First National Bank of Chicago,
retired December 31, 1943, terminating
forty-three years’ service, during the
last thirty-three of which he was in
charge of the bank’s advertising. This
record is longer than that of any other
man in a similar position, and Cooke
was responsible for publishing what

I O W A

NEWS

•

K eep It Quiet
Mistress: “Mary, when you wait on
the table tonight for my guests, please
don’t spill anything.”
Maid: “Don’t you worry, ma’am, I
never talk much.”
WJR.J. FLYNN.Près.
I
A?

Je A à w
A

d

Even Better
Teacher’s comments on report card:
Mary is a good worker but talks too
much.
Father’s answer: Come up and meet
her mother some time.

D.L.DUNGAN, Secy.ÂS
[£ H

2 *
»
v e i4 i s m

INC.

DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION

S in c e
1907

Oldest and Largest in Des Moines

f l
q l o .

411 6th Ave.

P

Dial 4-7119

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

H U B E R T E. J A M E S
A sst. Sec.

FO R Y O U R E N J O Y M E N T . . .
Listen to the

^ ^ r r u r 'ie lla te
L

des

“ W O R L D O F M U S IC ”

M O INES

Ç nèax
7

J

A

28
38
58
78

B

B a n k o f A m e r ic a ...................................................
B a n k e r s T r u s t C o m p a n y , D e s M o i n e s ..
B a n k ers T ru st C om pany, N ew Y o r k . ..
B eh, C a rle to n D. an d C o m p a n y ....................
C e n tra l H a n o v e r B a n k an d T r u s t C o ...
C e n tra l N a tio n a l B a n k an d T r u s t C o m ­
pan y, D es M oin e s ............................................
C e n tra l S ta te B a n k , M u s c a t in e .................
C h ase N a tio n a l B a n k ..........................................
C h em ic a l N a tio n a l B a n k and T r u s t C o ..
C itiz e n s S ta te B a n k — M u s c a t in e ...............
C ity N a tio n a l B a n k an d T r u s t C o m ­
p an y, C h ic a g o ...................................................
C o m m e rc e T r u s t C o m p a n y .............................
C o n tin e n ta l-I llin o is N a tio n a l B a n k and
T r u s t Co., C h ic a g o ..........................................
C o n tin e n ta l N a tio n a l B a n k , L in c o ln . . . .

First National, St. Louis

D a v e n p o r t B a n k and T r u s t C o m p a n y . . . 69
D a v e n p o rt, F . E . and S o n ............................ 5 6-76
D e s M oin e s B u ild in g L o a n an d S a v in g s
A s s o c ia tio n .......................................................... 81
D r o v e r s N a tio n a l B a n k , C h ic a g o ............ 70


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Federal Reserve Bank of St. Louis

C

10
14
80
8
60
78
43
55
6
59

D

F

F e d e r a l H o m e L o a n B a n k o f D es M o in e s
F e d e r a l In te r m e d ia te C re d it B a n k s . . . .
F in a n c ia l D e v e lo p m e n t C o m p a n y ............
F ir s t and A m e r ic a n N a tio n a l B a n k , D u ­
lu th ............................................................................
F ir s t N a tio n a l B a n k o f th e B la c k H i l l s .
F ir s t N a tio n a l B a n k , C ed ar F a l l s ............
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 , M in n e a p o lis ............
F ir s t N a tio n a l B a n k , O m a h a .........................
F ir s t N a tio n a l B a n k , St. L o u i s ....................
F ir s t N a tio n a l B a n k , St. J o s e p h ...............
F ir s t N a tio n a l B a n k , St. P a u l ....................
F ir s t N a tio n a l B a n k , S io u x C i t y ...............
F ir s t N a tio n a l B a n k an d T r u s t C o m ­
p an y, F a r g o ........................................................
F ir s t S ta te B a n k , A u d u b o n ...........................
F ir s t W is c o n s in N a tio n a l B a n k .................

36
33
36
44
48
78
72
40
54
32
56
45
71
50
80
73

G

G u a r a n ty T r u s t Co., N e w Y o r k .................

II

51

H a m m e r m ill P a p e r C o m p a n y ......................
3
H a s t in g s N a tio n a l B a n k , H a s tin g s , N eb. 57
H o m e In s u ra n c e C o m p a n y .............................
5

I

Io w a D e s M o in e s N a tio n a l B a n k and
T r u s t C o m p a n y ................................................. 84

Io w a S ta te B a n k and T r u s t C o m p a n y,
Io w a C ity ........................................................... 76
Ir v in g T r u s t C o m p a n y .......................................
4
J

J a m ie so n and C o m p a n y .....................................

34

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

61
83
39
34

was probably the first full-page bank
advertisement in metropolitan daily pa­
pers—the 50th anniversary announce­
ment of the First National, in 1913. He
was one of the organizers of the Finan­
cial Advertisers Association, served as
its president in 1918, and had been
chairman of its finance committee for
the past sixteen years. He is a life
member of Chicago Chapter, A. I. B.

Directors of the First National Bank
in St. Louis at a meeting last month
voted additional compensation to em­
ployes in service prior to January 1,
1943, equivalent to one-half month’s
salary, and adjusted amounts for
others. This is on the same basis as
in previous years. The directors de­
clared a dividend of $1.00' per share,
60 cents of which is an extra dividend
payable December 22nd to stockholders
of record December 16th, and 40 cents
payable February 29, 1944, to stock­
holders of record February 23rd. The
dividend declared is the same as last
year. Also authorized was the trans­
fer of $200,000 from undivided profits
to surplus, bringing surplus account
to $5,200,000.00.

9 :3 0 -1 0 :0 0 a. m. Sundays

Ç)o ffì^vzrtisdrs

A llie d M u tu a l C a s u a lty C o m p a n y ............
A lly n , A . C. and C o m p a n y ................................
A m e r ic a n
N a tio n a l B a n k and T r u s t
C o m p a n y , C h ic a g o ..........................................
A m e r ic a n
T r u s t and Saving's B a n k ,
D u b u q u e ................................................................
GUY W . COOKE
A ssistan t Cashier, First National Bank of Chicago

K SO , 1460 KC

79

L

G e o rg e L a M o n te and S o n ................................
L e s s in g A d v e r tis in g C o ....................................
L iv e S to c k N a tio n a l B a n k , C h i c a g o . . . .
L iv e S to c k N a tio n a l B a n k , O m a h a ..........
L iv e S tock N a tio n a l B a n k , S io u x C it y . .

25
81
75
62
46

M

M a n u fa c tu r e r s T r u s t C o m p a n y ....................
M e rc a n tile C o m m e rc e B a n k an d T r u s t
C o m p a n y ...............................................................
M e rc h a n ts M u tu a l B o n d in g C o m p a n y . .
M e rc h a n ts N a tio n a l B a n k ................................
M in n e s o ta C o m m e rc ia l M e n ’s A s s n .........
M is s is s ip p i V a l le y T r u s t C o m p a n y ..........
M u rp h ey , J. E . . . ' ...................................................

35
68
79
2
28
74
79

N
N e w Y o r k T r u s t C o m p a n y .............................. 67
N o r th e rn T r u s t C o m p a n y ................................ 77
N o r th w e s t S e c u rity N a tio n a l B a n k .......... 49
N o r th w e s te r n N a tio n a l L ife In s u ra n c e
C o m p a n y ............................................................... 29

«
O m ah a N a tio n a l B a n k ....................................... 23
O n slo w S a v in g s B a n k .......................................... 79

P
P h ila d e lp h ia N a tio n a l B a n k .........................
P u b lic N a tio n a l B a n k an d T r u s t C o . . . .

30
36

S

St. L o u is T e r m in a l W a r e h o u s e C o m p a n y 37
St. P a u l T e r m in a l W a r e h o u s e C o m p a n y .
7
S c a rb o r o u g h and C o m p a n y ................ 2 7 -6 3 -6 6
S e c u rity N a tio n a l B a n k , S io u x C i t y . . . . 66
S to c k Awards N a tio n a l B a n k , St. P a u l. . . 42
T

T e n s io n E n v e lo p e C o r p o r a tio n ...................

38

U

U nion B a n k and T r u s t Co., O t t u m w a ..
U n ite d S ta te s N a tio n a l B a n k , O m a h a . ..

64
52

V

V a lle y S a v in g s B a n k .......................................... 65
W

W a lt e r s , C h a rle s E ..............................................
W e lc h , J a y A ............................................................
“W e s s lin g S e rv ic e s ...............................................
W e s te r n M u tu a l F ir e In s u ra n c e C o .........

Northwestern Banker

57
72
48
26

January 19'Nf

82

IN THE DIRECTORS' ROOM
Rare Disease
“What type of illness caused you to
leave your last job?”
“My boss said he got sick of me.”
The Best
Sophomore: What’s a neckerchief?
Freshman: The president of a soror­
ity.
Definition
Teacher: What is the meaning of
“college bred” ?
Johnny: A four year loaf with fath­
er’s dough.
Definitely
Wife: Oh. John, the woman next
door has a hat exactly like my new
one.
Hubby: And I suppose you want me
to buy you another.
Wife: Well, it would be cheaper than
moving.
Sim pie
Prof.: What is an example of a para­
dox?
Voice from rear: Two M.D.’s.
Have Hope
“My son says he just doesn’t want
to marry.”
“Oh yeah. Just wait ’til the wrong
girl comes along.”
Logic
“Tell the court how you came to
take the car.”
“Well, the car was standing in front
of the cemetery and I thought the
owner was dead.”
K eeps Going
“ It’s nice to kiss in a shady parking
place, but my boy friend doesn’t stop
there.”
“You mean—”
“Yes, he keeps right on driving.”
Fraternity Man
Al: A three letter man at college!
What were they?
Phil: I.O.U.
Webster
“What’s a synonym?”
“A word to be used when you can’t
spell another.”
Northwestern Banker


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

January 19bk

Nosey Business
“What’s a snuff manufacturer?”
“A man who goes around putting
his business in other peoples’ noses.”
Apple Polisher
Co-ed: I don’t think I should get
zero on this exam.
Prof.: I know, but I couldn’t think
of a lower mark either.
Thoughtful Parents
1st Moron: Good thing my name is
Charlie.
2nd Moron: Why?
1st Moron: ’Cause that’s what my
friends all call me.
Countersign
Recruit (on guard after being butt
of many jokes): Halt, who goes there?
Officer: Major Moses.
Recruit: Glad to meet you, Moses,
advance and give the ten command­
ments.
Everywhere
A lad of Norwegian extraction was
taking his intelligence test at an East­
ern camp.
“What?” he was asked, “does R.F.D.
stand for?”
The young Norwegian’s reply was
prompt and proud:—“ Ranklin Felano
Doosevelt.”
Roundabout
Sillyism: The Sergeant sleeps in a
bed. Beds contain flowers. Flours
are made in mills. Mills are run by
rivers. Rivers are dammed! So the
hell with the Sergeant!
Molars
The dude and the hillbilly were both
rear rank privates and occupied ad­
joining bunks in barracks. One day
the dude inspected his toilet kit,
glanced at his neighbor and demanded
sharply, “ Did you take my tooth
paste?”
“No, I didn’t take no tooth paste,”
came the answer, “ I don’t need no
tooth paste. My teeth ain’t loose.”

Delayed
Grandpappy Morgan, a hillbilly of
the Ozarks, had wandered off into the
woods and failed to return for supper,
so young Tolliver was sent to look for
him. He found him standing in the
bushes.
“Getting dark, Grandpap,” the tot
ventured.
“Yep.”
“ Suppertime, Grandpap.”
“Yep.”
“Ain’t ye hungry?”
“Yep.”
“Well, air ye cornin’ home?”
“Nope.”
“Why ain’t ye?”
“Standin’ in a b’ar trap.”
Gave Him the Works
The new office boy had been in­
structed how to answer callers. Just
before noon a man asked, “ Is the boss
in?”
“Are you a salesman, a bill collector
or a friend of his?” the boy inquired.
“All three,” was the answer.
“Well, he’s in a business conference.
He’s out of town. Step in and see him.”
Fish Out of Water
A party of six sat down to dinner.
The waiter took the orders, and later,
returned with the fish. Addressing a
burly gentleman on the right the
waiter inquired: “Are you the fried
flounder, sir?”
“No,” the gentleman replied, “but
I’m a poor lonely sole with an empty
place, and I’m waiting for something
substantial to fillet.”
Com petition
An enterprising young florist, in
order to increase his trade, displayed
this sign in his window:
“We give a packet of flower seeds
with every plant.”
His competitor across the street
promptly sought to meet the competi­
tion by placing in his window the fol­
lowing announcement:
“We give the earth with every
plant.”
Grammar
The president called his office man­
ager and thrust a letter under his nose.
“Look at that! I thought I told you
to engage a new stenographer on the
basis of her grammar!”
The office manager looked startled.
“Grammar?
I thought you said
glamor!”

DIRECTORS
PAUL BEER
President, The Flynn Dairy Co.
DR. O. J. FA Y
Surgeon
J. G. GAM BLE
A ttorney

STATEMENT OF CONDITION

J. W . H OW ELL
Pres., Warfield-Pratt-Howell Co.
F. W . HUBBELL
Pres., Equitable Life Ins. Co. of Iowa

December 31, 1943

J. W . HUBBELL
Pres., F. M . Ilubbell Son & Co., Inc.
E. J. L IN D H A R D T
President, National By-Products, Inc.
E. T. M E R E D IT H , Jr .*
V. P ., Meredith Publishing Co.
SH IRLEY PERCIVAL
Pres., Green Colonial Furnace Co.
RUSSELL REEL
President, Yellow Cab Co.
JOHN D. SHULER
President, Shuler Coal Co.
B. F. K AU FFM AN
President

RESOURCES
Loans and D is c o u n t s .................................................$ 9,686,796.38
Other S ecu rities.........................................................

688,922.72

Stock in Federal Reserve B a n k ............................

52,500.00

6.00

Real E s t a t e .................................................................
Furniture and F ix tu r e s .............................................

47,642.31

U. S. Government Bonds . . . $23,125,042.83

S. C. PIDGEON
Vice President

Cash and E xchange.................

R. R. ROLLINS *
Vice President

Customer Liabilities on Letters of Credit and
Trade A c c e p ta n c e s .............................................

10,415,722.43

33,540,765.26
4,725.00
1,021,357.67

OTHER OFFICERS
C. W . M ESM ER
Vice President
F. C. A T K IN S
Vice President and Cashier
L. N E V IN LEE
Assistant Vice Pres.
F. S. LOCKWOOD
Secretary and Trust Officer
W M . ELLISON
Assistant Cashier
G. A. M O EC KLY
Assistant Cashier
Mgr. Personal Loan Dept.
A. F. ERICKSON
Assistant Cashier
K. L. D e BOLT
Assistant Cashier
Mgr. Mortgage Dept.

LIABILITIES
Capital (Common S t o c k ) ......................................... $ 1,000,000.00
S u r p lu s .........................................................................

750,000.00

Undivided P ro fits.........................................................

513,750.35

Reserve for Taxes and I n t e r e s t .............................

46,527.38

Other R e se rv e s.............................................................
D eposits.........................................................................

339,430.61
41,366,924.33

Bank’ s Liability on Letters of Credit and Trade
A cceptan ces.............................................................

4,725.00
$44,021,357.67

* In Government Service

■ BANKERS TRUST
COMPANY
u rn «


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

6th and
Locust

FQgAICTORY
U N I T F .D
STA TKS

WAR
'BONDS
AND

(STAMPS

Iowa's quota in the Fourth War Loan campaign,
January 18th through February 15th, is $177,000,000.
Included in this total are $66,000,000 in Series "E " War
Bonds to be purchased by individual investors.
Attainment of both these quotas in Iowa is ex­
tremely important to assure success of the 14 billion
dollar Fourth War Loan throughout the Nation.
Every home, every business in Iowa will be urged
to display the patriotic Fourth War Loan shield,
shown here, to indicate investment in extra War
Bonds during the campaign. These, as window stick ­
ers in red, white and blue colors, will be handed to
investors by issuing agents as Bonds are delivered.
Careful planning, teamwork and 'round-theclock effort will be required if the Government's
badge of honor is to show from a window of every
home and business house in our State.
Iowa Banks and Bankers, again mobilized as
"Soldiers of Victory" for
the Fourth War Loan campaign, will do their full
share to make attainment
of that goal possible.

Ml
r’^ r g ^ f fS f EL1 fl {[
i P ' yA
ji "3 '1 T
$ $ 1 [119 * y (f jfl
gUy u P u
T

I owa -D es M oines N ational B ank

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

& TRUST COMPANY
M e m b e r F e d e ra l D ep o sit Insu ra nce C orp o ra tio n