The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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. https://fraser.stlouisfed.org 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. https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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...................... ........... 41 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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. https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 https://fraser.stlouisfed.org 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. Northwestern Banker https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 FINGERPRINTS provide a positive find it p ays to use a check paper that proclaims method of identifying the individual. That's why itself as being exclusively your own. » they play such an important role in crime detec len d s distinction to you r ch eck s. A d d s p re s tion and crime prevention. }} » Checks too, can tige. Enhances advertising value. — All, in addi be "individually identiiied". thanks to a special tion to the primary advantage of providing the safety feature developed by George La Monte & utmost in protection against alteration and coun Son. » terfeiting. » » This feature enables you to have your » That » W h y not join the impressive roster trade mark or individual design incorporated — of American Banking and Business Leaders who front and back—in the safety paper on which your use checks are lithographed or printed. their checks. » )) You'll INDIVIDUALIZED La Monte Safety Paper for For sa m p les of La M on te S a iety P apers, s e e y ou r lithograph er or printer —or w rite us direct nriONÄLi u n m i T i ^ ^ paper GEORGE LA MONTE & SON T h e w a v y lin e s a r e a La M on fe t r a d e - m a r k N ote h ow the Individual D esign a p p ea rs on the b a ck of the ch eck in p e riec t r e g ister with the front. The en d orsem en t is p r o tected as w ell as the la c e . https://fraser.stlouisfed.org 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 Des Moines, Iowa ' *•/! “ 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 ^T ^H E S E O B L IG A T IO N S , in m a t u r it ie s n o t A e x c e e d in g fo r p u r c h a s e and to by m o n th s, a re e li g i b le F ed eral R e se rv e B a n k s as c o lla t e r a l f o r th e ir 1 5 -d a y lo a n s m em ber p r o v id e tr u s t s ix b an k s. s e c u r ity and p u b lic T h e d e b e n t u r e s a ls o fo r v a r io u s fu n d s . fid u c ia r y , Issu e d 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 , GARLAND 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 N assau Street N ew Y ork 5, N . Y. 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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. https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 C o u n s e l o n B a n k P u b l i c R e l a t i o n s 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 f B r a s n 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 N o t a O t i 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 a a h l 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. https://fraser.stlouisfed.org 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 Northwestern Banker https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 Northwestern Banker https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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, https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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. https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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. https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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